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The Financial Situation
EVELOPMENTS of the past week have con- successful in presenting such proof, and to the extent
vinced the financial community, if it needed that he is successful, he is free from liability in respect
any convincing, that it is face to face with drastic of such changes. Again, the amendments in question
securities markets regulation. Investment bankers introduce certain provisions for the assessment of
and others interested also now have a more definite costs of suit, including attorneys' fees, which many
basis upon which to form opinions concerning pro- informed observers believe will serve to deter those
bable amendments to the Securities Act of 1933. A inclined to indulge in what are known as "nuisance
number of differences, certain of them of some suits." Another change now proposed, to which the
importance, remain between the proposed stock financial community is inclined to attach considerable
market control measure as passed in the House and importance, provides for the transfer of the administhe corresponding bill in the Senate. The House has tration of the law from the Federal Trade Commission
not yet given official consideration to the proposed to a new body to be created for the purpose of
amendments to the Securities Act which Senator administering both the revised Securities Act and
Fletcher a little more than a week ago introduced in the National Securities Exchange Act. The final
adoption of this provision
the Senate as a "rider" to
appears, however,to depend
the Stock Exchange Conlargely upon the decision
trol Bill. But no reason
Protecting the "Suckers"
Congress reaches along these
exists to suppose that the
"You cannot pass legislation to protect
lines on the proposed Nathe suckers of a nation," Senator Hastings
Conference Committee of
told his colleagues on Thursday during the
tional Securities Exchange
the two Houses will have
debate on the proposed National Securities
Act. This is one of the
great difficulty in composExchange Act. What the Senator probably
meant was that the Senate would find it
disputed points between the
ing differences in respect of
difficult if not impossible to frame legisHouse and the Senate, and
stock exchange control, and
lation likely to be very effective in turning
a fool from his folly—particularly if he
there is no way of knowing
the proposed Securities Act
happened to be, as all too many of them
whether the House or the
amendments, with the forces
are, bent upon getting rich by "playing
Senate will ultimately premarket."
the
of the Administration beProbably few would care to dispute the
vail in the matter.
hind them, seem to be
truth of such a generalization. Yet the
scheduled for more or less
duty of the Government in respect of the
The Fly in the Ointment
disclosures of the past year or two center-,
automatic adoption probaing about the securities markets is hardly
bly with only such changes
If changes of approxito be so lightly dismissed. On the contrary, the Government has certain defias final decisions in conmately this nature are actunite responsibilities in the premises. The
nection with the Stock Exally made in the Securities
trouble is that it either has no understandchange Control Bill seem to
ing of these obligations or else is not
Act, and nothing more than
disposed to assume them. The type of
dictate.
is thus indicated can be
direct action now pending is more likely
obtained at this time, the
to penalize useful economic effort than it
Securities Act Amendments
is to punish or prevent the picaresque
financial community can
activity of the market manipulator.
only reply: "For this much
As to the proposed amendThe first duty of the Government to the
gullible investor or speculator is so to shape
relief, many thanks." There
ments of the Securities Act,
its own policies as to promote soundness
is, however, nothing to be
the vast numerical majority
and stability in both industry and the
gained by ignoring or minof them appear to be largely
securities markets. This rule it ought to
apply both to its legislative program and
imizing the fact that many
designed to clarify existing
its own financial and other operations.
provisions of the existing
provisions or to give statuHaving thus healed itself, it could then
consider what ought to be done to intory form to rulings already
law about which there have
duce or compel others to avoid unhealthbeen many and well-warmade by the FederalTrade
ful policies that it itself had carefully
eschewed.
ranted complaints remain
Commission in interpreting
It would then no doubt find that the
untouched. The most imthe Act itself. Three or four
supposed need for drastic regulatory action
portant of these perhaps is
suggested changes, however,
had largely disappeared.
Section 12 which imposes
seem to be of greater significance. The most important
unusual liabilities in conare those that modify the terms of the civil liabilities nection with the use of prospectuses and "oral
imposed in Section 11 of the Act, in respect of faulty communications" in the sale of securities. It is
registration statements. If changes here suggested difficult to understand why the logic that impelled
are placed on the statute book those who sue alleging relaxation in the liabilities imposed in respect of
false statements in or material omissions from faulty registration statements should not with equal
registration statements must prove reliance upon force apply to similar action in respect of
such statements. The law as it now stands seems to liabilities arising out of the use of prospectuses.
enable a purchaser to recover even though he has But apparently it did not, at least so far as the
never seen a registration statement.
drafters of these proposed amendments are conMoreover, under. Section 11 in its present form, cerned.
it is apparently possible to recover for price differences
It is of course difficult to sell a new issue to the pubthat may have had no relation whatever to any fault lic without use of a prospectus. Indeed such a course is
that may be found in the registration statement. not permitted under the law. Failure to amend
The proposed amendments to this section at least Section 12, except to the extent that costs of suit
give the defendant the right to prove that changes including attorneys' fees may under the amendments,
that have taken place in the price of any security in be assessed at the discretion of the court against
question were caused by circumstances unrelated to the complainant,can hardly therefor fail to be seriously
faults found in the registration statement, and if he is disappointing.
D
3142
Financial Chronicle
Stock Market Regulation
O FAR as the probable content of the National
Securities Exchange Act when finally adopted
is concerned, the course of the measure through the
House and the Senate, particularly perhaps the unexpectedly large vote recorded in the Senate in favor
of abolishing margin trading altogether, indicates
plainly enough the unlikelihood of further progress
on the part of opponents in effecting desired changes.
Despite a few optimistic expressions by a handful
who have not even yet reconciled themselves to what
seems to be the inevitable, it appears all but certain
that the measure will carry many provisions not at
all to the liking of the financial community in general. Indeed it is far from clear at the moment of
this writing even whether the Senate plan for a new
Commission to administer the law will carry through
to the statute books. At any rate the measure is
certain to contain ill-defined liabilities to a wide
variety of groups in the business community, and
to present vast possibilities of hampering restrictions and administrative interference not only within the stock market as such but with many other
aspects of our business life only indirectly and incidentally related to stock market operations.
It is not the least disturbing aspect of the matter
that as explicit statutory control over details of
ordinary financial operations have been removed
from the law, the power of the administering authority has pani passu been extended. For this
reason uncertainty will not be eliminated by the
passage of the Act in its final form. On the contrary, the troubles of several groups in the financial
community and even of the corporations whose issues
are traded in the public markets will then just have
begun. It was pointed out for example at the time
that the provisions contained in the original draft
of the proposed law would,in undertaking to prevent
the abuse of options by pool operators, seriously and
damagingly interfere with perfectly legitimate transactions.• The chief change that has been made in
these sections of the measure has been that of inserting the clause: "In contravention of rules and regulations" drawn by the Commission, or words to that
effect. Of course the force of such change is simply
that of transferring to an administrative body the
task of drafting regulations which Congress itself
virtually confessed inability to write effectively.
The same general principles apply to many other sections of the bill as it now stands, no matter whether
it is the Hotise or the Senate draft that is under consideration. If anyone has been harboring hope that
the regulatory body charged with the enforcement
of the law can be induced readily to accept counsel
from the financial district, the repeated reports that
under whatever arrangement finally agreed upon by
Congress the individuals who wrote the Securities
Act and the National Securities Exchange measure
and who have been administering the Securities Act
to date will compose the governing body ought to
dispel such optimism.
S
The Silver Controversy
HE controversy over silver grows more amazing
each day that it continues. We were told in
no uncertain terms when the President returned
from his vacation in southern waters that he was
opposed to all silver legislation that had any meaning, and moreover that he was quite in a position to
make his opposition effective. The demand for ac-
T
May 12 1934
tion though, like Banquo's ghost,* would not down,
and early during the past week dispatches from
Washington led to the apparently warranted conclusion that important silver legislation was definitely
in prospect. By the end of the week the situation
had again seemingly taken a new turn, and he would
be a wise man indeed who could say with precision
just what will and what will not be done during this
session of Congress. The whole matter has taken on
many of the characteristics of opera bouffe, but it
contains too many serious possibilities to be accepted
as light comedy.
NR A in Difficulties
IT IS becoming increasingly apparent that the
problems inherent in the program and policies of
the National Recovery Administration, sketched in
these columns three weeks ago, are making themselves felt in no uncertain way at Washington and
elsewhere. Word comes from the National capital
that the Recovery Administration itself is privately
admitting that it has bitten off more than it can chew
in undertaking to enforce codes applying to bootblacks, small tailoring establishments, barbers and
the like. The authorities are described in Washing.
ton dispatches as having a bear by the tail and in a
quandary as to how to let go. They will, however,
whether they find it embarrassing or not, have to
abandon efforts to control the detailed life and business activity of many groups in the business community.
It is equally as evident that the whole series of
problems, always arising when competition is abolished or severely restricted, is making itself troublesome. The Federal Trade Commission is threatening certain embarrassing exposures in the rayon industry, and the mysterious Darrow document vexes
the Administration. Apparently, President Roosevelt is about as hard put to it to know what to do
with it as President Hoover was to know how to
deal with the Wickersham report on prohibition.
Meanwhile, insurgent Senators grimly demand that
the work of Mr. Darrow's committee be made public.
General Johnson, apparently stung to the quick,
has begun to retort with rather absurd allegations
of failure on the part of our economic "system" and
.
to resort to warning about being thrown back to the
conditions of 1932 and early 1933. But nothing
daunted, this intrepid leader launches an effort to
impose upon the reluctant communications industry
a code which not only would carry the usual and
burdensome labor provisions but would likewise
with reckless nonchalance undertake to regulate
rates and business practices—as though the National
Recovery Administration did not have trouble
enough on its hands already, and as if the National
Recovery Administration was in any way equipped
for public utility supervision. The theory appears to
be that "cut-throat competition" exists in the industry to such an extent that its members, or some
of them, are unable to pay decent wages. Scarcely
less absurd is the provision in this code prohibiting
discrimination against small business enterprises in
the industry. Of course, the authorities do not take
the trouble to explain what the "small enterprises"
are in the business of telegraphic, cable or wireless
transmission.
Meanwhile complaints are heard from several
branches, notably the textile industry, that they are
once more finding it difficult to control themselves
Volume 138
Financial Chronicle
3143
with rigor sufficient to satisfy the monopolists in ment. Obscurantism is hardly an admirable aim for
their ranks. Production, it is said, is outstripping the Treasury and Reserve officials, who now are cosales. Prices are yielding, it is lamented. The operating to render the weekly statements steadily
remedy in a world of privation is to curtail produc- less informative. Nor is there any genuine evidence
tion and force consumers to pay predetermined that use of the stabilization fund and concealment
prices, it is heatedly argued. But even with the of its operations are requirements of the moment,
elaborate organizations recently brought into being since the dollar clearly needs no artificial manipulafor such purposes it is •being found impossible for tion, while the market for Treasury obligations is
industries to impose such restrictions upon them- taking care of itself quite admirably.
selves. Current reports have it that even the iron
A footnote to the current statement discloses that
and steel industry is discontented with its price fix- Treasury deposits with the Reserve banks, heretoing machinery, at the same time that consumers and fore carried simply as "Government" deposits, have
certain public officials are equally as dissatisfied been rearranged so that they will be less readily
with it—but for entirely different reasons.
traceable. Part of the Treasury deposits remain in
No one can well doubt that this part of the so- the old account, which is renamed "United States
called recovery program has fallen upon evil days. Treasurer—General Account," while $100,000,000
It will have more trouble, not less, as time passes.
has been transferred to "Other Deposits." This
change, moreover, has been carried back to the previBusiness Outlook
ous statement for May 2. By this means, GovernTT IS now evident that business has begun a seasonal ment deposits, which were shown on May 2 as $242,I decline. It is almost as clear that the downward 776,000, are now cut down as of the same date to
movement is destined to assume proportions larger $142,776,000, while other deposits of $173,765,000
than can be truthfully ascribed to seasonal in- originally shown on May 2 are now declared to have
fluences. The financial community, now convinced been $273,765,000. The item "Other Deposits" herethat such is the prospect, is busying itself in an tofore has included a melange of non-member bank
effort to foresee just how much more than seasonal deposits, special trusteed deposits of certain banks,
the decline is likely to be, and to gain some insight and presumably the accounts of various Government
into the conditions it is likely to be called upon to agencies. Apparently it is now to embrace also very
face next autumn. Of course business next fall will large and important direct Treasury funds.
The current statement, moreover, is clearly indicabe as good—and as bad—as we make it, which is antive of some unusual transactions with regard to
other way of saying it will be as good as the Governgold. Since the statement for May 2 was issued, the
ment will let it be.
Treasury made no additional deposits of gold cerThere is no reason, barring widespread crop failure
resulting from the rather too well advertised drouth tificates with the Reserve banks, this item, as a
conditions in extended agricultural districts, why in- matter of fact, showing a small loss to $4,585,034,000
dustry and trade should not continue the slow under- on May 9, from $4,586,500,000 on May 2. The sumlying improvement noticeable for a good while past, mary of transactions relating to Reserve credit
if only this improvement has reasonable opportunity shows no increase in the stock of monetary gold.
to proceed. Let it be plainly asserted, however, that Yet the statements covering receipts of the metal
we shall not make satisfactory progress next autumn, from foreign shores indicate that $8,330,000 of gold
or at any other time, if the authorities continue to was received in the week, while additions from dopile Pelion on Ossa in the form of restrictive, burden- mestic production doubtless also were made. No
some, and deeply injurious legislation, and equally sufficient explanation of this matter is available.
as destructive administrative policies. Meanwhile, In some quarters it is surmised that the Treasury
the business community can only manage its affairs is accumulating gold in a special manner, possibly
as carefully and as wisely as it is permitted to do, for eventual use in exchange operations should they
prove necessary. The suggestion also has been made
and hope for the best.
that gold actually is being sold abroad by the Treasury, but the dollar clearly has not been in need of
The Federal Re3erve Bank Statement
support, and it is difficult to credit such thoughts.
HERE have been quite a number of changes of
In other respects, the Reserve statement this week
late in the manner of treating various items is colorless. Borrowings by member banks continue
in the combined condition statements of the 12 Fed- to decline, but the decrease now is proceeding rather
eral Reserve banks, and the statement for May 9 slowly, owing to the exceedingly modest figures
reflects further changes of a very material character. already attained. Discounts fell to $36,574,000 on
The change of greatest importance, now reflected, ap- May 9, against $38,312,000 on May 2. The bill holdparently concerns $100,000,000 of United States Gov- ings also receded again to $6,656,000, as compared
ernment deposits, made with the institutions late to $8,279,000 in the previous statement. United
in April in order to provide ready funds for possible States Government security holdings were virtually
use in foreign exchange stabilization or United unchanged at $2,431,818,000, the figure for last week
States Government security purchases. That the having been only $1,000 more. Member bank deTreasury wishes to have as little as possible known posits on reserve account increased rather sharply
of the operations of this fund has often been made to $3,677,863,000 from $3,570,283,000. Federal Re
plain, and it is evident that the new change in the serve notes in actual circulation were $3,059,927,000
method of treating the item in the Reserve state- on May 9, against $3,058,777,000 on May 2, but the
ment is for the purpose of obscuring the transac- decline in the net circulation of Federal Reserve bank
tions. The advisability of such practices may well notes continued, the item falling to $66,252,000 from
be questioned, since they tend to make the Reserve $70,208,000. The net result of the changes was a very
statement continually less informative, and thus run small increase in deposit and note liabilities, while
counter to the very intent of issuing the weekly state- total reserves were virtually unchanged and the
;
T
3144
Financial Chronicle
ratio of total reserves to liabilities declined very
slightly to 68.7% on May 9,from 68.8% on May 2.
Corporate Dividend Declarations
AVORABLE dividend declarations were numerous the present week, and among the more
prominent ones were the Dome Mines, Ltd., which
on May 8 declared out of its 1933 earnings an extra
dividend of $1.50 a share in addition to a quarterly
dividend of 50c. a share on the no par common stock,
both payable July 20; on April 20 last a quarterly
dividend of 25c. a share and an extra of like amount
were paid on this issue. The Eastman Kodak Co.
increased the quarterly dividend on the no par common stock from 75c. a share to $1 a share, payable
July 2. The Underwood Elliott Fisher Co.increased
the quarterly dividend on its no par common stock
/
by the declaration of 371 2c. a share, payable June 30;
this compares with a distribution of 25c. a share on
March 31 last. J. J. Newberry Co. also increased
the quarterly dividend on its no par common stock
by the declaration of 25c. a share as against 15c. a
share paid previously. In addition, the Hazeltine
/
1
2
Corp. on May 8 declared a special dividend of $2.37
a share on the no par capital stock, payable June 15;
/
1
2
the last distribution, amounting to 12 c. a share,
was made on March 15 1932, and compared with 25c.
a share paid on Sept. 15 and Dec. 15 1931, and 50c.
a share each quarter from May 31 1930 to and including June 1 1931. The Ohio Oil Co. resumed
dividends on the no par common stock by the declaration of 15c. a share on this issue, payable June 15;
this is the first distribution since Dec. 15 1932, when
a dividend of 10c. a share was paid.
F
Government Crop Report
HEprogress of the winter wheat crop, to be harvested in the coming summer, was far from
satisfactory during April. The May report, issued
by the Department of Agriculture at Washington on
Thursday of this week,indicates a decline in the condition of the growing crop, during the past month,
of 3.4 points, and a reduction in the estimated yield
of more than 30,000,000 bushels. For the preceding
15 years only four of them show a lower condition
of winter wheat on May 1 than on April 1, and for
three of these the decline was only fractional. For
the other 11 years there was an advance during
April. Last year, when the yield of winter wheat
was very small, below that for any year back to 1904,
the condition figures at the opening of the spring
growing season were the lowest on record. But there
was an advance during April 1933 of 7.3 points..
The condition figures this year on May 1 are 70.9%
of normal, compared with 74.3% on April 1 last, and
66.7% the May 1 condition on the winter wheat crop
harvested last summer. The estimate of yield for
the 1934 harvest is now placed at 461,471,000 bushels, compared with 491,793,000 bushels indicated on
April 1 this year and 337,485,000 bushels the May 1
1933 estimate for the crop harvested last summer.
The final yield of last year's crop of winter wheat
was 351,030,000 bushels. Of the past 15 years, there
was only one other year beside 1933 (and that was
1925) when the production of winter wheat was
below that now indicated for 1934. In 1925 the
May 1 condition was the highest of the year, at
77.0% of normal. It was 8.3 points higher on May 1
than on April 1 of that year, and at the time of
harvest had declined 11.1 points, on July 1, to 65.9%
T
may 12 1934
of normal, that being the lowest July 1 condition
for winter wheat in the past 15 years, excepting only
1932 and 1933. The harvest of winter wheat in 1925
was 400,970,000 bushels.
Winter killing is now placed by the Department
of Agriculture at 6,782,000 acres. This compares
with 12,889,000 acres, the latter the estimate for
winter killing for last year's winter wheat crop.
The next highest record of winter killing was for
the crop harvested in 1917, when the figures were
12,881,000 acres. The Department estimates the
area remaining for harvest this year at 34,725,000
acres, which compares with 28,420,000 acres harvested last year. There were only two other years
in the past 15 when the area harvested for winter
wheat was below that indicated for 1934, and these
were 1932 and 1925.
Conditions, generally, in the winter and spring
wheat sections of the United States have been very
unfavorable during the past month, and so far there
have been no indications of improvement. Damage
from a severe drouth throughout most of the territory, it is feared, has been irreparable, and this has
been further added to by severe hot winds accompanied by extensive dust storms. Prospects for
spring wheat planting are not very promising, and
other crops have suffered as well. The May 1 condition of rye was indicated by the Department at
67.8% of normal, the lowest on record. The forecast
is for a yield this year of 27,906,000 bushels.
The New York Stock Market
HE New York stock market engaged, this week,
in a series of sharp declines, which were interrupted only briefly on reports that a compromise
had been reached in Washington on silver legislation that would have an inflationary tinge. Liquidation was the rule in all sessions, with the exception
of that on Tuesday, when the Washington reports
were current. Although the trend of grains and
most of the commodities was strong in a majority
of trading sessions, this had little effect on stocks.
Starting with the most severe reaction in recent
months on Monday, prices of equities rallied somewhat on Tuesday, but thereafter declined steadily.
The recessions were general, with all important
groups of issues affected, and in some leading stocks
net losses for the week ranged between 5 and 10
points. Although grains improved in price, the
occasion for the advance can hardly be construed as
favorable, since reports of widespread drouth conditions furnished the impetus for the advance. This
factor doubtless played a part in the persistent downward tendency of stocks. The liquidation was so
general, however, as to induce the belief that many
holdings which constituted "hedges" against inflation were being sold.
Trading volume on the New York Stock Exchange
was materially larger than in recent weeks, but optimism was absent and arrangements were announced
Thursday for the sale of two seats at prices, respectively, of $125,000 and $110,000, and on Friday one
seat at $100,000, as against the last previous sale at
$130,000. Indications on Monday that the bill for
control of stock exchanges probably would pass at
the current session of Congress contributed to the
decline on Monday. When thoughts of monetary in,
flation were revived. Tuesday, along with the rumors
of monetization of silver, prices of stocks rallied to
a degree, but not enough to overcome the losses of
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Volume 138
Finhncial Chronicle
the previous day. The decline was resumed Wednesday, when it was indicated that silver monetization
is not viewed with favor by the Administration at
this time, at least in the form advocated by the
special pleaders for silver. Further recessions' on
Thursday were modified only to a degree by a small
rally toward the end of that session. In yesterday's
trading the trend toward lower values for stocks
was again in evidence.
The bond market showed more stability than the
stock market, but the numerous senior issues with a
speculative tinge tended to follow the trend of equities. In most sessions sizable losses were recorded
in the more volatile bonds. United States Government securities were in good demand at almost all
times, and highest grade corporate bonds also were
well maintained. Indications of business activity
were variable and tended to show that the usual summer decline already is setting in here and there.
Steel-making activities, as reported by the American
Iron and Steel Institute, were estimated at 56.9%
of capacity for the week beginning May 7, against
55.7% last week. But electric power production for
the week ended May 5, reported by the Edison Electric Institute, declined to 1,632,766,000 kilowatt
hours as compared to 1,668,564,000 kilowatt hours
in the preceding week. The American Railway Association reported carloadings of revenue •freight for
the week ended May 5 at 604,205 cars as against
608,654 cars for the period ended April 28, or a decrease of 0.6%. Foreign exchange markets were
quiet. As indicated above, all the leading grains
moved sharply higher, owing to the. damage occasioned by drouth conditions and the poor crop
prospects.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 8838c. as against 79%c. the close on
/
Friday of last week. May corn at Chicago closed
yesterday at 467 as against 46c. the close on
8c.
Friday of last week. May oats at Chicago closed
yesterday at 3512c. as against 30%c. the close on
/
Friday of last week. The spot price for cotton here
in New York closed yesterday at 11.45c. as against
11.30c. the close on Friday of last week. The spot
price for rubber yesterday was 13.75c. as against
15c. the close on Friday of last week. Domestic copper was again quoted at 8 c., the same as on Friday
/
1
2
of previous weeks. Silver the present week closed
higher than on Friday a week ago, and the rise may
be attributed to a certain extent to President Roosevelts apparent friendliness toward the new silver
legislation. In London the price yesterday was 1914
/
pence per ounce as against 185/s pence per ounce on
Friday of last week, and the New York quotation
yesterday was 45.03c. as against 42.90c. on Friday
of last week. In the matter of foreign exchange,
cable transfers on London yesterday closed at
$5.11% as against $5.112 the close on Friday of
/
1
last week, while cable transfers on Paris closed
yesterday at 6.613
4c. as against 6.63c. the close on
Friday of last week. On the New York Stock Exchange 20 stocks reached new high figures for the
year, while 179 stocks touched new low levels. On
the New York Curb Exchange five stocks touched
new high levels for the year, while 92 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 872,920
3145
shares; on Monday they were 2,364,090 shares; on
.
Tuesday 1,858,520 shares; on Wednesday 1,028,360
shares; on Thursday 2,126,120 shares, and on Friday 995,640 shares. On the New York Curb Exchange the sales last Saturday were 125,060 shares;
on Monday 320,065 shares; on Tuesday 247,010
shares; on Wednesday 176,860 shares; on Thursday
258,285 shares, and on Friday 155,425 shares.
As compared with Friday of last week, prices for
the most part receded to lower levels. General
Electric closed yesterday at 1914 against 21% on
/
Friday of last week; North American at 15% against
171%; Standard Gas & Elec. at 91 8 against 1118;
/
/
Consolidated Gas of New York at 32% against
331%; Pacific Gas & Elec. at 17% against 181 8 'bid;
/
Columbia Gas & Elec. at 1178 against 133 Electric
/
4;
Power & Light at 5% against 6%; Public Service
of N. J. at 33% against 3618; J. I. Case Threshing
/
Machine at 5014 against 591 ; International Har/
4
vester at 341 2 against 374; Sears, Roebuck & Co.
/
3
at 4178 against 45; Montgomery Ward &'Co. at 24%
/
against 2712; Coca-Cola "A" at 53% bid against
/
54; Woolworth at 48 against 51; Western Union
Telegraph at 41% against 483 Safeway Stores at
4;
48 against 52%; American Tel. & Tel. at 110%
against 112; American Can at 961 against 991
4
%;
Commercial Solvents at 203 against 24; Shattuck
4
& Co. at 9 against 10%, and Corn Products at 65%
against 68%.
Allied Chemical & Dye closed yesterday at 135
against 1433 on Friday of last week; Associated
4
Dry Goods at 11% bid against 141 ; E. I. du Pont
4
de Nemours at 83% against 90%; National Cash
Register "A" at 1578 against 17%; International
/
Nickel at 27 against 28; Timken Roller Bearing at
29 against 32%; Johns-Manville at 461 against 52;
4
Gillette Safety Razor at 10% against 1078; National
/
Dairy Products at 15% against 16%; Texas Gulf
Sulphur at 32 against 34%; Freeport
-Texas at 38
/
3
4
against 423 ; United Gas Improvement at 1558
4
/
against 16%; National Biscuit at 37% against 391 ;
4
Continental Can at 75% against 79%; Eastman
Kodak at 901 against 91%; Gold Dust Corp. at
4
191 against 2078; Standard Brands at 19 against
4
/
20%; Paramount Publix Corp. ctfs. at 4% against
4%; Westinghouse Elec. & Mfg. at 32 against 37;
Columbian Carbon at 63% against 71; Reynolds
Tobacco class B at 413 against 43%; Lorillard at
4
4
163 against 17%; Liggett & Myers class B at 921
4
against 93%; Yellow Truck & Coach at 4% against
4
5%; Owens Glass at 761 against 82 bid; United
4
States Industrial Alcohol at 41% against 491/ ;
Canada Dry at 22 against 24%; Schenley Distillers
/
at 2678 against 351 8; National Distillers at 2378
/
/
against 2778; Crown Cork & Seal at 25% against 29,
/
and Mengel & Co. at 7% against 9.
The steel shares closed lower for the week. United
States Steel closed yesterday at 42% against 46%
on Friday of last week; United States Steel pref. at
88 against 91%; Bethlehem Steel at 333 against
4
373 and Vanadium at 19% against 23%. In the
4,
motor group, prices, as was the case with the rest
of the market, were conspicuous for their losses the
present week. Auburn Auto closed yesterday at 34
against 41% on Friday of last week; General Motors
at 313 against 35%; Nash Motors at 16% against
4
2012; Chrysler at 3938 against 4578; Packard Mo/
/
/
tors at 4 against 4%; Hupp Motors at 4 against 41
%,
and Hudson Motor Car at 12% against 16. In the
rubber group, Goodyear Tire & Rubber closed yester-
3146
Financial Chronicle
May 12 1934
day at 271 2 against 34 on Friday of last week; B. F. about to be taken to curtail Japanese textile exports
/
Goodrich at 13% against 15%, and United States to the British Colonies occasioned buying of textile
Rubber at 17% against 21%.
shares. The international section was quiet and unThe railroad list continued to record declines for certain. In Tuesday's dealings British funds dethe week. Pennsylvania RR. closed yesterday at 30 clined slightly, but other departments of the market
against 32 on Friday of last week; Atchison Topeka again showed improvement. Textile stocks moved
& Santa Fe at 53 against 64%; Atlantic Coast Line forward briskly on the announcement of quota reat 37 against 43; New York Central at 26% against strictions in the Colonies, applicable mainly to
30; Baltimore & Ohio at 2218 against 26%; New Japanese cotton and artificial silk. Most of the in/
Haven at 1414 against 16%; Union Pacific at 119 dustrial stocks advanced, and gains also were re/
against 129; Missouri Pacific at 3% against 4%; corded in the international section. Wednesday's
Southern Pacific at 20% against 2412; Missouri- market in. London was dominated to some degree by
/
Kansas-Texas at 9 against 10%; Southern Railway profit-taking in rubber company stocks, which deat 23 against 28%; Chesapeake & Ohio at 43% clined. Other departments of the market resumed
against 4618; Northern Pacific at 24 against 3078 the advance. British funds were quiet and not much
/
/,
and Great Northern at 19% against 241 8
/.
changed, but industrial securities had a good tone,
The oil stocks closed lower than one week ago. while international issues also advanced. After a
Standard Oil of N. J. closed yesterday at 421 8 quiet opening on Thursday, quotations again ad/
against 4414 on Friday of last week; Standard Oil vanced, with oil shares in the lead this time owing
/
of Calif. at 3214 against 33%, and Atlantic Refining to an increased dividend by the Burmah Oil Corpo/
%
at 243 against 26%. In the copper group, Ana- ration. Industrial stocks were in general demand,
conda Copper closed yesterday at 133% against 15% but British funds dipped slightly. The international
on Friday of last week; Kennecott Copper at 19% group was quiet and uncertain. A good tone preagainst 2114; American Smelting & Refining at 371 4 vailed at London yesterday. British funds improved,
/
/
against 40; Phelps Dodge at 1512 against 171 8; while demand for industrial stocks continued.
/
/
Cerro de Pasco Copper at 32% against 323 and
%,
The Paris Bourse started the week with a rather
Calumet & Hecla at 41 4 against 478
/
/.
irregular session, in which rentes and most stocks
showed small losses. Some of the leading stocks,
European Stock Markets
such as Bank of France shares, moved contrary to
RICE trends were generally firm this week on the general trend and closed higher. International
stock markets in the foremost European finan- stocks were generally better. Further small recescial centers, and trading also was quite active. On sions were common on the Bourse, Tuesday, and were
the London Stock Exchange sharp spurts occurred attributed to profit-taking after the large gains of
in shares of rubber producing companies and Lan- recent weeks. Dealings were fairly substantial in
cashire textile stocks, owing to the recent agree- rentes and most of the leading stocks, which dipped
ment on rubber production curtailment and the ac- almost without exception. Foreign issues also were
tion taken by the British Government this week for liquidated. In an active market Wednesday, prices
protection of the British textile industry. The advanced generally on the Bourse. Rentes were disFrench Bourse was irregular in early trading of the tinctly better, and improvement also was the rule in
week, but an improved tone was noted later. The bank, metal and rail stocks. The Bourse was closed,
tendency on the Berlin Boerse was good. There was Thursday, in observance of Ascension Day. The
less fear of international currency complications this trend on the Bourse yesterday was favorable, and
week in the European markets, as the stand of Presi- sizable advances were recorded in rentes and in
dent Roosevelt on silver was believed to indicate that equities.
The Berlin Boerse was firm in the initial session
no very great steps will be taken in the United States
toward monetization of this metal. Trade reports of the week, and gains of a point or two were general
in all the leading industrial countries of Europe in the leading securities. Some of the more active
have resumed a distinctly favorable tone, and the stocks improved up to 4 points. The movement was
brighter economic outlook induced a fairly extensive attributed to the belief that the transfer conference
buying movement on the securities exchanges. Pub- in Berlin will result in arrangements that the Gerlic confidence also is growing in countries like man authorities will find satisfactory. Activity inFrance, where the ability of the Government to creased Tuesday, with the trend still upward. Utility
balance the budget and maintain the stability of the stocks were in greatest demand, but heavy industrial
franc was questioned until recently. Reductions in issues also showed sizable gains. Fixed income
the number of the unemployed reflect the business securities likewise reflected improved demand. The
gains. British unemployment figures for April firm tone was maintained in quieter dealings on
showed a reduction of 53,382 to a total of 2,148,195. Wednesday. Most of the leading stocks showed
Official German statistics indicate 2,609,000 unem- small gains, but shipping issues reflected some liquiployed in that country, against 5,331,000 at this time dation. Potash mining stocks were in greatest
last year. French unemployment dropped in April favor, but some of the utilities gained as much as 3
to 334,000, against the maximum of 351,000 recorded points. The Berlin Boerse was closed Thursday,
Ascension Day, in accordance with the traditions of
at the end of February.
On the London Stock Exchange, business was the Continental markets. When trading was restarted Monday in an active and cheerful way. sumed yesterday, slight irregularities developed, and
British funds were firm but attracted only modest most stocks showed small losses.
attention. Activity was concentrated largely in
Intergovernmental Debts
shares of rubber concerns, which advanced sharply
LOSE consideration was given the problem of the
on a steady increase in the price of the commodity.
intergovernmental debts, this week,following a
good features in the list of British
There were many
stocks, while rumors that action was series of rulings by United States Attorney-General
industrial
P
C
Volume 138
Financial Chronicle
Cummings, interpreting the altogether mischievous
Johnson act which bars foreign governments in partial or complete default on their debts to the United
States Government from access to the American
capital market. The rulings by the Attorney-General
were issued in response to specific questions, put by
the State Department. They are subject, of course,
to change in any court test, but apparently will guide
the Administration in its decisions on debt matters.
One result of the Johnson act,it is already plain, will
be that nations making the so-called "token payments" will not thereby escape the .stigma of default. It is now generally surmised that in a situation of this nature the governments that have been
making payments approximating $10,000,000 every
half-year will simply discontinue the practice, with
a very considerable resultant loss to the United
States Government. In other directions, also, the
mischievous nature of the legislation has been revealed by Mr. Cummings's rulings. President
Roosevelt is expected to address a message to Congress within the next 10 days on the subject of these
debts, and further clarification of the problem thus
is in prospect.
The Johnson Act prohibited "financial transactions (by nationals of this country) with any foreign government in default on its obligations to the
United States." Secretary of State Hull asked Mr.
Cummings to rule on what governments and political subdivisions are in default, to what type of transactions the Act applies, and specifically whether the
present Soviet Government, as the successor to previous Russian regimes, is in default. The reply by
the Attorney-General indicates that countries which
have made token payments heretofore, such as Great
Britain, Italy, Czechoslovakia, Latvia and Lithuania
are not to be considered in default at this time,
owing to the declarations by President Roosevelt
that he, personally, did not regard them as in default. But the wording of the Johnson Act leaves
little doubt, it was intimated, that further token
payments will not preserve such countries from the
status of a defaulter under the legislation. No countries were named specifically in the ruling, but it
was noted in Washington reports that there can be
no doubt regarding the positions of countries that
did not make token payments. Finland has met all
payments in full, and thus is in the unique position
of having honored its obligations fully. France, Belgium, Estonia, Poland, Hungary and Yugoslavia
have been for some time in complete default. Political subdivisions of governments in default would not
themselves be affected, according to Mr. Cummings,
provided they are not also in default to the United
States Government. There are no instances of this
nature, and it appears that a French province or
city, for instance, could borrow in this market,
although the French Government could not.
The Soviet Government was held in default by
the Attorney-General, who declared that he "was
aware of no principle in law under which a previously existing default is waived or overcome because of the mere pendency of negotiations with a
view to arriving at the amount of the indebtedness
due." The inhibition of financial transactions was
construed, however, to apply only to the floating of
bonds and similar obligations, but not to dealings
in foreign currency, post office money orders, drafts
and other ordinary aids to banking and commercial
transactions. "It was obviously not the purpose of
3147
the Congress to discontinue all commercial relations
with the defaulting countries," Mr. Cummings
stated. Refinancing of existing indebtedness of a
defaulting government to citizens of this country
would be excepted from the prohibition, Mr. Cummings added, and it was maintained, also, that the
issuance of scrip of "funding bonds" by a defaulting
country would be legal. The State Department was
reported Thursday to have ruled that future token
payments will constitute default, this stand being
taken in reply to queries from diplomatic representatives of countries that have been making token payments heretofore.
President Roosevelt made it known Wednesday,
at a press conference, that the attitude of the Administration on the intergovernmental debt problem remains unchanged. He gave no indications that he
would oppose the intent of Congress, as expressed
in the Johnson measure, it was reported. As in the
past, the debtor nations will always find the United
States Government ready to listen to all representations by the debtors. Only the British Government
so far has availed itself of this attitude, but the negotiations for revision of the British debt settlement
last year were fruitless. Speaker Henry T. Rainey
declared in the House, Monday, that negotiations
n ow are in progress for a full settlement of the Finnish debt, on the basis of a virtual cancellation of all
interest and repayments only of the principal. The
belief was expressed that this might point the way
for similar settlements with other countries, in
which case the aggregate principal and interest payments in the present funding agreements might be
reduced from $21,000,000,000, as provided in the annual instalments over 62 years, to $11,000,000,000.
Alexander Troyanovsky, the Soviet Ambassador, remarked informally on Sunday that the present Russian Government did not consider itself in default
in any sense, as the obligations of the Kerensky and
Czarist regimes never were assumed by the Soviet
regime. There were numerous conferences on the
debt problem all this week, at the State Department,
between officials and the representatives of all the
debtor governments. It was reported that the foreign diplomats in all cases desired further clarification of the status of their countries under the
Johnson Act.
German Debt Conference
HERE were few reliable indications this week
of the course of the conference in Berlin regarding transfers of German debt service, which has
been in progress since April 27. Presumably this
is due to the pledge of secrecy given by all negotiators. Several declarations have been made, however,
by governments of the nationals concerned, and these
are indicative of continued difficulties on the question of discrimination in favor of Dutch and Swiss
holders of long-term German bonds. The State Department announced last Sunday that the United
States Embassy at Berlin had been instructed to
protest against any discrimination against American
bondholders. Opposition of the United States to
such discrimination was expressed,it was said,"with
reference to the efforts of other governments to obtain preferential treatment for their holders of German bonds." Careful consideration of the facts leads
to the definite conclusion, it was added, that Germany has powers to prevent special arrangements
and "cannot escape the responsibility for any pref-
T
3148
Financial Chronicle
erences it may sanction." The Swedish Government
on Tuesday made representations regarding "discrimination against Swedish creditors," Berlin reports stated. There were rumors this week that Germany is preparing to pay bondholders in other countries entirely in scrip for a time, with a permanent
solution again postponed into the indefinite future.
The latest Reichsbank statement, made available
Wednesday, showed a further loss of 21,000,000
marks of gold in the preceding week, and the note
coverage thus was reduced to the record low figure
of 5.4%. It is well understood, however, that the
representatives of British, American, Dutch, Swiss
and Swedish bondholders are not content simply to
accept this as an indication of the German transfer
ability.
Anglo-Japanese Trade Dispute
AILURE of recent negotiations between the
British and Japanese Governments regarding
the serious inroads made by Japanese exporters on
the Lancashire textile industry has resulted in drastic action by Great Britain for curtailment of Japanese exports to the British Crown Colonies. Walter
Runciman, President of the British Board of Trade,
reviewed the negotiations in a lengthy discussion
before the House of Commons, Monday, and concluded with the announcement that quotas would be
imposed on foreign textile exports to the Colonies.
In the Colonies on the West Coast of Africa the new
restrictions will apply only to Japan, but elsewhere
they will apply to imports from all countries outside
the Empire. The arrangements, however, admittedly
are aimed at Japan only. Mr. Runciman carefully
refrained from any suggestions that the self-governing Dominions follow suit, and no action by the
Dominions appears likely at the present time. The
quotas announced Monday, effective immediately,
provide for annual imports equal to the average foreign textile imports by the respective Colonies in
the period from 1927 to 1931,inclusive. The average
of the Japanese exports of cotton and artificial silk
textiles to the Colonies in that period was 87,670,000
yards. In 1932 they increased to 205,000,000 yards,
and last year a further large increase took place,60
that the quotas will mean a heavy diminution of
Japanese exports to the Colonies. Mr. Runciman
warned that similar action soon will be taken on
shoes, cement, bicycles and possibly other products,
unless Japan curtails her exports to the Colonies.
The Anglo-Japanese controversy, which has now
reached the stage of retaliatory action, has been in
progress for a year or more. Representatives of
the textile interests of the two countries conferred
in London for several months recently in an attempt
to reach an agreement for the allocation of markets.
In that discussion the British maintained the matter
should be considered on a globular basis, but the
Japanese stoutly refused to discuss any markets
other than those within the British Empire. The
conference broke down,and the British textile interests appealed to the National Cabinet for aid. Mr.
Runciman conferred on the problem with the Japanese Ambassador, Tsuneo 3fatsudaira, but no progress was made, and the imposition of quotas followed. Every attempt is understood to have been
made in London to keep this controversy from developing into a political dispute with Japan. It
was indicated by Mr. Runciman that there appears
F
May 12 1934
to be no reason for denouncing the existing AngloJapanese commercial treaty, as the home market
can be protected, if necessary, through tariff increases. It is noted, in this connection, that Great
Britain last year exported £4,437,000 of goods to
Japan, while imports from Japan were £7,227,000.
Should the trade dispute become more serious, it is
felt in London that Japan has more to lose than
Great Britain. No objections have been voiced by
any of the Colonies to the quota restrictions imposed
by the London Government, but some concern was
expressed in Singapore regarding the possible effect
of the quotas on the trade of that port.
In his announcement and explanation of the action
before the House of Commons, Mr. Runciman remarked that an impasse was reached when the Japanese Government indicated, at the end of April, that
it had no suggestions to make. "The British Government," Mr. Runciman continued,"has considered
the whole position carefully in the light of this reply.
It is already a year since the Government drew the
attention of the Japanese Government to the serious
position arising from Japanese competition. Unfortunately, there appears to be nothing in the Japanese Government's note to suggest that an early
agreement on the subject is to be expected. Although
the British Government hold the view that the problem is one to be settled satisfactorily by co-operation
in some form between Japan and ourselves, the British Government cannot allow a possible situation to
develop in which negotiations may be protracted indefinitely without any immediate prospect of settlement." He explained that a distinction had to be
drawn with respect to the West African colonies,
owing to treaty obligations which preclude differentiation in favor of British goods. A notice releasing those Colonies from treaty obligations
toward Japan was issued a year ago, however, and
the quota restrictions therefore could be made applicable to the Asiatic country.
In Japanese official and trade circles the British
action was viewed with keen concern, but Tokio dispatches indicate that no especially bitter comments
were made. There was no tendency to rush into
trade reprisals, it was said, but rather a desire to
await the effect of the British measure's before taking counter steps. A close study promptly was
started of the Anglo-Japanese trade treaty and accords with the Colonies, in order to determine
whether the quotas violate any provisions of these
pacts. If any basis can be found for an official
protest,it will assuredly be made, according to Tokio
reports. Foreign Minister Koki Hirota, who evidently was informed of the British intentions, issued
a statement last Saturday in which he pointed out
that Japan has found it necessary to institute trade
control in order to safeguard her commerce. Bargaining arrangements can be made by Japan with
other countries, he added, significantly. Statements by Japanese trade experts indicate that every
effort will be made to develop the commerce of that
country with Latin America. Eiji Amau, spokesman of the Foreign Office in Tokio, made a few
observations on the British quotas, Wednesday. He
expressed great confidence in the ability of Japanese
industrialists to meet competition and suggested
that an intensified struggle for unrestricted markets
may result. Counter measures are under consideration, Mr. Amau admitted, as Great Britain's drastic
Volume 138
Financial Chronicle
3149
action is naturally resented. "Still, in order to as the Italian Government announced on Sunday, a
maintain our traditional friendship, we will en- program for additional naval construction involvdeavor to harmonize our trade relations," he added. ing an outlay of 480,000,000 lire over the next five
years. The Japanese Minister of the Navy, Admiral
European Trade Agreements
Mineo Osumi,declared at Tokio, Tuesday,that Japan
EVERAL important trade agreements recently must throw off treaty restrictions and proceed with
have been concluded between various countries the construction of a navy equal to any.
of the Old World. Supplementing the political pact
Japan and China
arranged at Rome five weeks ago by the Premiers of
Italy, Austria and Hungary, is a commercial agree- IN A GENERAL statement of Japanese policy
ment, also of a tripartite nature, which was contoward China,Foreign Minister Koki Hirota late
cluded in the Italian capital, Wednesday. The gen- last week issued a warning against any concerted
eral agreement of the Premiers called for commercial measures respecting the Far East by the signatories
arrangements, and experts of the three countries of the Nine-Power treaty of 1922. The declarations
finally have finished their consultations. Under the by Mr. Hirota do not seem to clarify to any degree
plan, an Associated Press dispatch states, Italy and the confusion occasioned by the spokesman of the
Austria agree to buy 15,742,000 bushels of wheat Japanese Foreign Office as a result of his "White
from Hungary at a minimum price of 92.6c. a bushel, Hands Off Asia" comments of April 17, and the exwhich is considerably above the current level. The changes between governments that followed: Speaksame principle is applied to the absorption of Aus- ing before a meeting of the Governors of the Pretrian lumber and woodpulp by Italy and Hungary. fectures, in Tokio, Mr. Hirota declared that he is
Italy will gain from an agreement by Austria and willing "to exchange views, if necessary, with each
Hungary to reduce tariffs 10% on products of any individual Power regarding treaty rights and intercountry which go through the Italian ports of Trieste ests in China." He added, however, that Japan disand Fiume. Preferential duties also are to be ex- approved any plan for a general conference of natended by each of the three countries to products of tions on Far Eastern affairs. "In view of the fact
the other two. Earlier this month announcement that on questions of Eastern Asia our views were
was made in Berlin of a new trade treaty between rejected by the Powers at the Geneva meeting of the
Germany and Yugoslavia, which will come into effect League of Nations, which forced our decision to
June 1. It provides for a greater exchange of Ger- withdraw from the League, it would surely be unman industrial products and Yugoslavian agricul- wise to reproduce a situation such as we encountural products. The Reich grants considerable ad- tered at Geneva," the Foreign Minister continued.
vantages for imports of Yugoslavian fruits, vege- "Japan is the principal protector of the stability
tables, tobacco,lumber and oilseed, while Yugoslavia and peace of Eastern Asia." He maintained that
will establish a series of preferential tariffs on Ger- "so-called" assistance given to China by outside
man manufactures.
parties with selfish motives only hampered China's
progress toward unification and prosperity. "Japan
Disarmament Outlook
cannot remain silent when a third party disturbs
VERY week brings fresh evidence that the dis- relations between Japan and China," he declared.
armament negotiations of the European Powers But Japan will respect existing treaties and the
are in a state of utter collapse and that an arma- rights of other Powers in China, Mr. Hirota insisted.
ments race actually is in progress at this time. Ar- In London the view was taken that this speech did
thur Henderson, as President of the General Dis- not alter the Sine
-Japanese situation.
armament Conference, went to Paris Wednesday
Discount Rates of Foreign Central Banks
to discuss forthcoming meetings of the gathering
HERE have been no changes the present week in
with French officials, but it was indicated in Paris
the discount rates of any of the foreign central
dispatches that he appeared to have little hope of
any successful outcome. Some interest was aroused banks. Present rates at the leading centers are
by the arrival in London, the same day, of General shown in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Joachim von Ribbentrop, the newly-appointed German Government expert on disarmament matters.
Pre
PreRate in
Rate In
Country. Effect
Date
Mous
Date
rious
Country. Effect
The purpose of that visit has not yet been made
Mayll Established. Rate.
May11 Established. Rate.
clear. A London dispatch of Tuesday, to the New Austria__ 5 Mar.23 1933 6 Hungary
434 Oct. 17 1932 5
334 India
334 Feb. 16 1933 4
3
York "Times," remarked that the British Govern- Belgium ___ 7 Apr. 25 1934 8 Ireland
June 30 1932 334
3
Jan. 3 1934
Bulgaria..._
3
Dec. 11 1933 314
434 Aug. 23 1932 534 Italy
Chile
ment has virtually decided it would not take further Colombia. 4 July 18 1933 5 Japan
3.65 July 3 1933 4.38
.
Java
434 Aug. 16 1933 5
CzechosioJan. 2 1934 7
steps to revive the armaments negotiations. "As the
vakia__ _ _ 334 Jan. 25 1933 434 Lithuania_ 6
Norway_ _. 334 May 23 1933 4
Danzig_ _ _
. 4
July 12 1932 5
.
Germans apparently have said their last word, and Denmark_ 234 Nov.29 1933 3 Poland_ _ _ 5 Oct. 25 1933 6
England.. _ _ 2
June 30 1932 234 Portugal.... 534 Dec. 8 1933 6
the French are unyielding, there is little hope here Estonia__ 534 Jan. 29 1932 614 Rumania.. 6 Apr. 7 1933 8
Feb. 21 1933 7
South Africa 4
Finland__ 434 Dec. 20 1933 5
1932
Feb. 8 1934 234 Spain
that anything can be accomplished," the report France.... 3 Sept.30 1932 5 Sweden _ _ _ 6 Oct. 22 1933 654
234 Dec. 1
3
Germany _ _ 4
Jan. 22 1931
34
Greece
7
Oct. 13 1933 734 Switzerland 2
added. Concern has been occasioned in France, and
also to some degree in England, by reputed heavy
Foreign Money Rates
purchases of airplanes by German airline officials in
Great Britain. The French Government appears to IN LONDON open market discounts for short bills
have made some inquiries in London regarding this
on Friday were 4%, as against'N% on Friday
7
matter. It was indicated in an Associated Press re- of last week and %@15-16% for three months' bills,
port from London, Wednesday, that the British Gov- as against 15-16% on Friday of last week. Money
ernment is likely to undertake a material expansion on call in London yesterday was %%. At Paris
of its own air forces soon. Increased naval com- the open market rate remains at 2%%, and in
petition also is becoming a more important factor, Switzerland at 13/2%.
S
E
T
1 11,1lonfl
,
01.G
2ent 12 102/
2
3150
Financial Chronicle
Bank of England Statement
HE Bank of England statement for the week
ended May 9 shows a loss of £56,805 in gold
holdings, and as this was attended by an increase of
£281,000 in note circulation, reserves fell off £337,000.
Gold holdings now aggregate £192,085,262 as compared with £186,909,248 a year ago. Public deposits
decreased £360,000 and other deposits £7,518,895.
The latter consist of "bankers' accounts" and "other
accounts," which declined £7,153,150 and £365,705,
respectively. The proportion of reserve to liability
is now 48.07%, as compared with 45.91% last week
and 52.48% a year ago. Loans on Government
securities contracted £7,872,000, while those on other
securities increased £346,637. The latter includes
discounts and advances, which fell £16,109, and
securities, which gained £362,746. No change was
made in the discount rate which remains at 2%. Below
we furnish a comparison of the different items for
five years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
May 9
1934.
May 10
1933.
May 11
1932.
May 13
1931.
May 14
1930.
L
L
E
E
L
Circulation
378,789,000 372,510,311 358,313,746 353,127,520 356,454,998
Public deposits
7,479,000 11,374,050 13.718,750 10,323,631 24,547.936
Other deposits
144,989,344 130,369,691 111,209.484 96,164,679 94,767,978
Bankers'accounts. 109,057,567 87,196,795 78,029,570 62,198.812 58,310.637
Other accounts... 35,931,777 43,172,896 33.179.914 33,965,867 36,457.341
Govt. securities
81.456,209 62.216,127 72,135,906 35,664.684 52,792,629
Other securities
15,471,295 22,859,326 32,384,427 31,705,449 17,392,938
Disct.& advances.. 5,329,699 11,613,407 12,096,188 6,362,032 6,403,528
Securities
10,141,596 11,285,919 20,788,239 25,343,417 10,989.410
Reserve notes & coin 73,296,000 74,398,937 38,171,150 56,876,601 66,892.879
Coln and bullion_ .... 192,085,262 186,909,248 121,484,896 150.003.821163.347,877
Proportion of reserve
to liabilities
48.07%
53.40%
52.48%
56.05%
30.55%
13Ank rata
2%,
254 E
2%
214%
3%
Bank of France Statement
HE Bank of France statement for the week ended
May 4 shows another increase in gold holdings,
the current advance being 420,959,337 francs. Total
gold holdings now stand at 76,176,943,136 francs,
as compared with 80,907,107,737 francs a year ago
and 78,339,831,836 francs two years ago. Credit
balances abroad, bills bought abroad and advances
against securities record increases of 1,000,000 francs,
30,000,000 francs and 107,000,000 francs, while
French commercial bills disounted and creditor
current accounts register decreases of 758,000,000
francs and 292,000,000 francs, respectively. The
Bank's ratio is 77%, compared with 77.99% last
year and 71.51% the previous year. Notes in circulation show a gain of 196,000,000 francs, bringing
the total of notes outstanding up to 81,697,524,100
francs. A year ago circulation stood at 84,798,085,040 francs and the year before at 82,382,036,260
francs. A comparison of the various items for three
years appears below:
T
Gold holdings
Credit bats. abroad
a French commercl
bills discounted_
b Bills bought abr'd
Advs. agst. occurs.
Note circulation. _ _
Cred. curr. accts..
Propor'n of gold on
hAnel tn Richt Ilnh
May 4 1934.
May 5 1933.
May 6 1932.
Francs.
Francs.
Francs.
Francs.
+420,959,337 76,176,943,136 80,907,107,737 78,339,831,838
14,515,032 2,463,469,048 4,594,342,064
+1,000,000
—758,000,000 4,949,801,283 2,957,754,180 3,433,207,431
+30,000.000 1.083,280,273 1.372,131,011 6,759,736,535
+107,000,000 3.123.004.978 2,705,061,8782.842,574.231
+196.000,000 81.697.524.100 84.798,085,040 82,382,036.260
—292,000.000 15.930,748,752 18,938,825,938 27,163,455,703
—0.52%
a Includes bills purchased in France.
77.00%
77.99%
71.51%
b Includes bills discounted abroad.
Bank of Germany Statement
HE Bank of Germany in its statement for the
first quarter of May reveals another decrease
in gold and bullion, the current loss being 21,415,000
marks.. The total of gold and bullion is now 183,583,000 marks, compared with 400,799,000 marks a
year ago and 851,110,000 marks two years ago.
Reserve in foreign currency, silver and other coin,
T
notes on other German banks and investments record
increases of 620,000 marks, 18,869,000 marks, 3,870,000 marks and 7,082,000 marks, respectively.
The Bank's ratio is now 5.4%, as compared with
14.7% last year and 24.7% two years ago. Notes
in circulation show a contraction of 118,228,000
marks, bringing the total down to 3,521,880,000
marks. Circulation a year ago aggregated 3,409,869,000 marks and the year before 3,990,865,000
marks. A decrease of 89,238,000 marks appears in
bills of exchange and checks, while advances fell
50,320,000 marks, other assets 33,655,000 marks,
other daily maturing obligations 27,443,000 marks
and other liabilities decreased 18,516,000 marks.
Below we furnish a comparison of the various items
for three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Assets-Gold and bullion
Of which depos. abr'd
Ree've in torn currency
Bills of each.& checks
Silver and other coin._ _
Notes on oth. Ger. bks.
Advances
Investments
Other assets
Liabilities—
Notes In circulation_ __ _
0th. daily matur. oblig_
Other liabilities
Propor. of gold and for'n
MUT- en note elreultin
May 7 1934. May 6 1933, May 7 1932.
Retchsmarks. Retchsmarks. Retchsmarks. Retchsmarks.
—21,415,000 183,583,000 400,799,000 851,110,000
27,788,000
No change.
18,714.000
89,156,000
7,382,000
+620,000
99,395,000 133,254,000
—89,238,000 3,103,521,000 3,088,175,000 3,155,716,000
+18,869,000 213,204,000 221,006,000 197,797,000
8,734,000
+3,870.000
7,998.000
5,823,000
89,232,000
71,770,000 110,974,000
—50,320,000
+7,082,000 646,213,000 316,797,000 361,561,000
—33,655,000 527,520,000 353,107,000 817,301,000
—118,228,0003,521,880,000 3,409,869,000 3,990,865,000
—27,443,000 487,950,000 359.909,000 362,836,000
—18,516,000 146,789,000 158,208,000 712,409,000
—0.4%
5.4%
14.7%
247%
The New York Money Market
EALINGS in the New York money market were
small this week and rates for accommodation
were unchanged in all departments. The volume
of funds available is virtually at a record level for all
time, when measured by the amount of excess reserves of member banks with the Reserve institutions, but demand does not show much improvement.
Two series of Treasury discount bills were sold
Monday, and former low rates were equalled or
bettered. One series of $75,000,000 bills, due in 91
days, was awarded at an average discount of 0.07%
while a further series of $50,000,000 bills, due in 182
days, was awarded at an average discount of0.15%.
Call loans on the New York Stock Exchange were
again 1% for all transactions of the week. In the
unofficial street market call loans were reported done
every day at 4%. Time loan rates remained at the
3
range of 4@,1% previously noted. Brokers' loans,
3
as reported for the week to Wednesday night by the
Federal Reserve Bank of New York, decreased
$27,000,000 to an aggregate of $947,000,000.
D
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% remained
the ruling quotation all through the week for both
new loans and renewals. Conditions in the time
money market are unchanged .this week, there being
practically no demand for this class of accommodation. Rates are nominal at 4@1% for two to five
3
months, and 1@13.% for six months. There has
been an excellent demand for commercial paper during the week and a good supply of paper has been
available at all times. Rates are 1% for extra
choice names running from four to six months and
134.% for names less known.
D
BANK OF FRANCE'S COMPARATIVE STATEND.NT.
Changes
for Week.
May 12 1934
Bankers' Acceptances
HE demand for prime bankers' acceptances has
been fairly brisk' this week, but the supply of
bills available has dwindled down almost to the van-
T
Financial Chronicle
Volume 138
ishing point. Rates are unchanged. Quotations of
the American Acceptance Council for bills up to and
including 90 days are V
I% bid and 3-16% asked;
for four months, %% bid and Y asked; for five
i%
and six months, IA% bid and /7 asked. The bill
3 0
buying rate of the New York Reserve Bank is IA%
for bills running from 1 to 90 days, and proportionately higher for longer maturities. The Federal
Reserve banks' holdings of acceptances decreased
during the week from $8,279,000 to $6,656,000.
Their holdings of acceptances for foreign correspondents also decreased from $4,261,000 to $4,002,000. Open market rates for acceptances are nominal
- in so far as the dealers are concerned, as they continue to fix their own rates. The nominal rates for
open market acceptances are as follows:
Prime eligible bills
Prime eligible bills
SPOT DELIVERY.
- Days- -150 Days- -120 Days
180
Asked. Bid, Asked. Bid. Asked.
Bid.
%
- Days- -60 Days- -30 Days
90
Asked. Bid. Asked. Bid.
Asked.
Bid.
3.1
M
%
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
Ss% bid
is % bid
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
May 11.
Dale
Established.
Precious
Role.
2
114
234
2
3
3
234
234
3
3
3
2
Federal Reserve Bank.
Feb. 8 1934
Feb. 2 1934
Nov. 16 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Mar. 16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 16 1934
234
2
3
234
31
4
314
3
3
314
334
334
234
Course of Sterling Exchange
TERLING exchange is exceptionally dull and inactivity has been a feature of the foreign exchange market here, in London, and on the Continent. Fluctuations have accordingly been comparatively narrow and while the pound has been steady,
quotations are on average slightly lower than last
week. The range this week has been between $5.104
and $5.133/ for bankers' sight bills, compared with
2
a range of between $5.10 and $5.153.1 last week.
The range for cable transfers has been between
$5.10
and $5.137 , compared with a range of
4
$5.11 and 85.153 a week ago. The sterling-franc
/
rate has also ruled fractionally lower than last week.
The dulness in trading is accentuated this week by
reason of the fact that the Paris market was closed
on Wednesday afternoon, and all the Continental
markets were closed on Thursday, Ascension Day.
The following tables give the mean London. check
rate on Paris from day to day, the London open
market gold price, and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS.
Saturday, May 5
77.19 I Wednesday, May 9
77.32
77.20 Thursday, May 10
Monday, May 7
77.31
77.23 Friday,
Tuesday, May 8
May 11
77.31
LONDON OPEN MARICer GOLD PRICE
Wednesday, May 9_ _1368. 1134d.
136s.
Saturday, May 5
Thursday, May 10_ _136s.
1388. 2d.
Monday, May 7
Friday,
1368. 13411.
May 11__136s. Id.
Tuesday, May 8
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK).
35.00 I Wednesday, May 9
Saturday, May 5
35.00
Thursday, May 10
35.00
35.00
Monday, May 7
Friday,
35.00
May 11
8
35.00
Tuesday, May
3151
Although sterling is easier in terms of francs, as
shown by the London check rate on Paris, forward
sterling commands a premium in Paris which ranged
this week from 13 to 18 centimes for one month and
from 33 to 40 centimes for 90 days. The hardening
of sterling premiums in Paris was a feature of the
market. This is believed to have resulted from
transfers of gold from London to Paris, causing sterling to be bought by the French interests to pay for the
gold in London. Such purchases favor bull speculation in sterling.
As during the past three weeks, the greater part
of the gold taken from the London open market
seems to have been for French account, though it is
also thought that such interests have been drawing
gold from private hoards on deposit in London.
Since April 27 approximately £5,974,110 of gold has
been shipped to Paris from London, the greater part
of it taken from the open market. At this time there
is a seasonal demand for sterling from commercial
sources, and tourist requirements are beginning to
appear,factors tending to give firmness to the pound.
Uncertainties in many parts of the world continue
to make sterling attractive to nervous money, with
the result that the volume of funds seeking employment and safety in London is mounting steadily.
Meantime very little foreign lending is being done
by London, as both political and financial authorities of Great Britain continue, as during the past
few years, to look with disfavor on foreign loans.
The London authorities feel more confident as to
the prospect of steadiness in the United States dollar.
They interpret events here as indicating that inflation will be guarded against and seem confident
that the Washington authorities seem intent upon
holding the dol!ar steady and will not again undertake to depress it. They point to the fact that the
United States Treasury announced a few weeks ago
that there will be no difficulty in securing gold for
shipment abroad at any time that a European gold
currency may move to the upper gold point against
the dollar. It is believed in London that if the
United States stabilization fund has occasion to become operative, it will be directed toward lessening,
rather than increasing, the risks of inflation, and
that it is more likely to support the dollar than to
cause it to depreciate.
It is generally believed here and in London that
thus far the American stabilization fund has not had
occasion to function. Last week it appears that
approximately $200,000,000 was deducted from the
$2,000,000,000 exchange equalization fund, but it is
thought that the deduction represents a transfer
made at this time in order to be prepared to function
with secrecy and dispatch should the necessity arise.
Observers believe that part of the gold was set aside
at this inactive time merely to attract the least
possible attention. It is necessary that the stabilization operations be conducted with the utmost secrecy,
just as the British fund has been managed.
London open market money rates show practically
no change from those prevalent for many weeks. Call
money against bills is in supply at 4%. Two3
months' bills are %%; three-months' bills, %% to
15-16%; four-months' bills, 15-16% to 1%, and sixmonths' bills, 1%. On Saturday, £160,000 open
market gold available; on Monday, £223,000; on
Tuesday, £283,000; on Wednesday, £215,000; on
Thursday, £73,000, and on Friday, £416,000 were
aken for shipment to France. The Bank of England
3152
statement for the week ended May 9 shows a decrease
in gold holdings of £56,805, the total standing at
£192,085,262, which compares with £186,909,248
a year ago, and with £150,000,000 recommended as a
desirable minimum by the Cunliffe committee.
At the Port of New York the gold movement for
the week ended May 9, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$7,191,000, of which $5,514,000 came from India,
and $1,677,000 from Canada. There were no gold
exports. The Reserve Bank reported a decrease of
$350,000 in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended May 9, as reported by
the Federal Reserve Bank of New York was as
follows:
GOLD MOVEMENT AT NEW YORK, MAY 3-MAY 9, INCL.
Exports.
Imports.
$5,514,000 from India
None.
Canada
1,677,000 from
$7,191,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease: $350,000.
We have been notified that approximately $789,000 of gold was received
from China at San Francisco.
The above figures are for the week ended Wednesday evening. On Thursday $1,680,200 of gold was
received from Canada. There were no exports, or
change in gold held earmarked for foreign account.
On Friday there were no imports or exports or change
in gold held under earmark for foreign account.
$406,000 of gold was received at San Francisco from
China on Thursday, and $300,000 more on Friday.
Canadian exchange continues at a slight premium
in terms of the United States dollar. On Saturday
last Montreal funds were at a premium of 9-32 to
5-16%, on Monday at a premium of from % to
5-16%, on Tuesday at from % to 11-32%, on Wed3
nesday at from % to /%, on Thursday at from
to 5-16%, and on Friday at from 3-16 to %.%
3-16
premium.
Referring to day-to-day rates, sterling exchange
on Saturday last was steady in a dull market. Bank%
ers' sight was $5.113 @$5.12;cable transfers, $5.11%
(05.123'. On Monday the undertone was easier.
The range was $5.103@$5.11% for bankers' sight
and $5.103/@$5.12 for cable transfers. On Tuesday
2
sterling was firmer in a slightly more active market.
2
Bankers' sight was $5.10%@$5.123/; cable transOn Wednesday the market
fers, $5.10%@$5.12/.
was firmer. The range was $5.11%@$5.13% for
bankers' sight and $5.12@$5.13% for cable transfers. On Thursday the pound was steady. The
range was $5.10%@$5.11% for bankers' sight and
$5.10'%@$5.12 for cable transfers. On Friday
2
sterling was firm, the range was $5.11%@$5.113/
/
bankers' sight and $5.113 @$5.12 for cable
for
transfers. Closing quotations on Friday were
4
$5.113/2 for demand and $5.115 for cable transfers.
Commercial sight bills finished at $5.113; 60-day
bills at $5.103/2; 90-day bills at $5.10; documents for
payment (60 days) at $5.10M and seven-day grain
bills at $5.11%. Cotton and grain for payment
closed at $5.113.
Continentaland Other Foreign Exchanges
XCHANGE on the Continental countries is
steady, while ruling fractionally easier than
last week. These units were exceptionally quiet this
week as most of the Continental markets were closed
on Thursday, Ascension Day, and in the Catholic
countries there is generally a. lull in business for
E
May 12 1934
Financial Chronicle
several days preceding the holiday. French francs
are especially firm, ruling at fractionally under, and
sometimes at the slightest fraction above, dollar
parity. However, future dollars command a premium on average of one point per month in Paris,
while franc futures in New York are at a corresponding discount of one point a month.
The following table shows the relation of the
leading currencies still on gold to the United States
dollar.
France (franc)
Belgium (belga)
Italy (lira)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity.
Parity.
6.63
3.92
23.54
13.90
8.91
5.26
40.33
23.82
32.67
19.30
68.06
40.20
Range
This Week.
6.61h to 6.63%
23.40 to 23.50
8.52% to 8.5434:
39.48 to 39.70
32.46 to 32.58
67.86 to 68.10
The economic outlook in France continues to show
steady improvement. Public confidence is growing
and hoarded gold is flowing back to the Bank of
France not only from the private hiding places at
home but from depositories in London, and at the
same time French interests are taking the greater
part of all the gold on offer in the London open
market. The improvement in French markets is a
natural consequence of the decisive change in the
political situation. When the new Chamber of
Deputies meets shortly it is expected that they will
ratify various bills, including reorganization of the
railways and fiscal reform, which will definitely restore the national finances. The strength of the
French position is proving helpful to all the gold
bloc countries. The fourth week of remarkable advance has terminated on the Paris Bourse without
any sign of flagging activity, which has now extended from the Rent,es to numerous bonds guaranteed by the Government and even to bank and industrial shares. The suddenness and strength of
the advance amazes even veteran observers, but
apparently indicates that the country has been
awaiting only a strong government able to pursue a
vigorous policy of reform. As noted above in the
review of sterling exchange, the greater part of all
the London open market gold was taken this week
for French account. Since April 27, France has
withdrawn from London approximately £6,000,000
in gold. The current statement of the Bank of
France shows an increase of 420,959,337 francs in
gold holdings. This makes the ninth successive
weekly increase in the bank's gold stock, bringing
the total for the nine weeks to 2,248,743,690 francs.
The total holdings of the Bank of France now stand
at 76,176,943,136 francs, which compares with
80,907,107,737 francs a year ago, and with 28,935,000,000 francs when the unit was stabilized in June
1928. The bank's ratio stands at the high level of
77.00%, which compares with 77.99% a year ago
and with legal requirement of 35%.
The German mark situation continues unsatisfactory and quotations are purely nominal. The
Reichsbank's statement for the week ended May 7
is still more unsatisfactory. Its gold holdings are
down 21,415,000 reichsmarks to a total of 183,583,000
reichsmarks on May 7, which compares with 400,799,000 reichsmarks a year ago. The bank's reserve
ratio has fallen from 5.8% on April 30, to 5.4%.
This compares with 14.6% a year ago.
The London check rate on Paris closed on Friday
at 77.35, against 77.28 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.613', against 6.62% on Friday of last
week; cable transfers at 6.61%, against 6.63, and
Volume 138
Financial Chronicle
commercial sight bills at 6.59, against 6.61. Antwerp
belgas closed at 23.41 for bankers' sight bills and at
23.42 for cable transfers, against 23.47 and 23.48.
Final quotations for German marks were 39.57 for
bankers' sight bills and 39.58 for cable transfers, in
comparison with 39.56 and 39.57. Italian lire closed
2
at 8.513/ for bankers' sight bills and at 8.523/ for
cable transfers, against 8.53 and 8.54. Austrian
schillings closed at 19.03, against 19.05; exchange on
Czechoslovakia at 4.18, against 4.19; on Bucharest
2
at 1.013/, against 1.013/; on Poland at 18.97,
2
4
against 19.02, and on Finland at 2.261 ,against 2.27.
Greek exchange closed at 0.9434 for bankers' sight
bills and at 0.949 for cable transfers, against 0.943/
and 0.95.
during the
the countries
EXCHANGE onno new aspectsneutralthose offirm.
last
from
war presents
Dutch guilder are
week.
The Swiss franc and
Exchange on Zurich is at a slight discount in terms
of the dollar and so is exchange on Amsterdam,though
on several occasions this week the guilder rose a few
points above dollar parity. It will be recalled that
money rates eased off in Amsterdam last week.
On May 10 there was a further reduction, when the
4
private discount rate was reduced from 13 % to
the buying rate on prime
1%%. At the same time
A
guilder acceptances was cut to 134% from 17 %.
The course of the money market in Amsterdam has
been definitely downward since May 1, completely
reversing the trend which had ruled previously since
A
early in November. Money rates have dropped 7 %
since the end of April. The easier money coincides
with the reversal of the Dutch gold movement, which
has resulted in an increase of 11,000,000 guilders of
gold in the holdings of the Bank of The Netherlands
in the past two weeks. It is believed that most of
this gold is being repatriated from private Dutch
hoardings in London vaults, and it is also thought
that private holders of hoarded gold in Holland are
turning in some metal to the central bank. The
Scandinavian units fluctuate with sterling exchange.
Bankers' sight on Amsterdam finished on Friday
at 67.90, against 68.04 on Friday of last week; cable
transfers IA 67.91, against 68.05, and commercial
sight bills at 67.88, against 68.02. Swiss francs
closed at 32.50 for checks and at 32.51 for cable
transfers, against 32.55 and 32.56. Copenhagen
checks finished at 22.84 and cable transfers at 22.85,
against 22.86 and 22.87. Checks on Sweden closed
at 26.37 and cable transfers at 26.38, against 26.39
and 26.40; while checks on Norway finished at 25.69
and cable transfers at 25.70, against 25.73 and 25.74.
Spanish pesetas closed at 13.71 for bankers' sight
bills and at 13.72 for cable transfers, against 13.723/
and 13.
733/2.
on
EXCHANGE to bethe South American countries
continues
only nominally quoted. The
Argentine
Government on Thursday renewed the
-$972,000 loan, due on April 1, which was floated in
New York on behalf of foreign concerns operating in
Argentina. The original amount of the loan was
451,080,000, but the Government agreed to redeem
10%. The new bonds will mature from Oct. 1 1934
to Oct. 1 1938. A recent Buenos Aires dispatch to
-the New York "Times" stated that- American and
other exporters who shipped to Argentina between
Feb. 1 and Nov. 30 last year will receive offers
of payment in 5-year Treasury notes paying 2%
Interest at a rate which represents a 20% loss on
3153
exchange. The only alternative is to purchase currency in the "free" exchange market, which in the
case of dollars means a considerable loss. The
"Times"dispatch is given at some length in our news
columns. The peso is nominally quoted by the exchange control bureau at 34 to 3434, but in the New
York "free" or "unofficial" market the peso had a
range this week of between 22.60 and 23.55.
Argentine paper pesos closed on Friday nominally at 34 for bankers' sight bills, against 34 on
Friday of last week; cable transfers at 3434, against
3434. Brazilian milreis are nominally quoted 81
A
for bankers' sight bills and 8.53 for cable transfers, against 8.55 and 8. Chilean exchange is
nominally quoted 1034, against 1034. Peru is
2
nominal at 22.123/, against 22.25.
on the Far Eastern countries is slightly
EXCHANGEfar astone Chinesesilver are concerned,
units
the
firmer so
in the
market. The
owing to a better
Hong Kong and Shanghai rates fluctuate in harmony
with the London silver market, as buying or selling
exchange on China is equivalent to a transaction in
silver. The Indian rupee fluctuates with sterling
exchange, to which it is legally attached at the rate
of is. 6d. per rupee. Japanese yen show little change
from the last few weeks. Closing quotations for yen
checks yesterday were 30.33, against 30.37 on Friday
of last week. Hong Kong closed at 36%@36 13-16,
against 35.90@36 1-16; Shanghai at 33@33 3-16,
against 323'@32 3-16; Manila at 503, against 503';
/
Singapore at 601 I, against 6034; Bombay at 38A,
against 38.70, and Calcutta at 38,against 38.70.
Foreign Exchange Rates
URSUANT 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:
P
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MAY 5 1934 TO MAY 11 1934, INCLUSIVE.
Country and Monetary
Unit
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
May 5.1May 7. May 8. May 9. May 10. May 11.
EUROPEI
S
$
$
.189191* .189641* .189125* .189425* .189741* .189741*
Austria.sch Ming
Belgium. belga...... .234446 .234338 .234061 .234436 .234253 .234061 •
.013250* .013125 .013250* .013250* .•13250• .013250*
Bulgaria. ley
Czechoslovakia, krone .041831 .041825 .041756 .041821 .041796 .041768
.228483 .228308 .228000 .228958 .228300 .228341
Denmark, krone
England. pound
sterling
5.117833 5.113416 5.108166 5.127916 5.114000 5.113333
022656 .022600 .022575 .022618 .022590 .022565
Finland. markka
066273 .066230 .066106 .066281 .066163 .066118
France, franc
Germany. retchamark, .395514 .395314 .394715 .395753 .396164 .395268
.009468 .009456 .009456 .009468 .009465 .009456
Greece drachma
Holland, guilder
.680157 .679671 .678528 .680314 .679092 .678785
.297000 .297833 .297500* .297625* .297833 .297833*
Hungary. perm,
Italy, lira
085336 .085300 .088195 .085356 .085255 .085211
Norway. krone
.257100 .256900 .256383 .257558 .256900 .256841
189933 .190550 .189466 .189933 .189666 .189566
Poland. zloty
Portugal, escudo
.046800 .046680 .046690 .046805 .046794 .046755
Rumania.leu
.010062 .010025 .010043 .010043 .010043 .010031
Spain, peseta
.137210 .137228 .136942 .137239 .137110 .137071
Sweden, krona
263791 .263625 .263153 .264291 .263750 .263633
Switzerland, franc- .325414 .325257 .324507 .325376 .325000 .324814
Yugoslavia,
.022691 .022733 .022712 .022750 .022712 .022716
ASIAChinaCheJoo (yuan) der .319583 .325416 .324166 .332083 .324583 .327083
Hankow(yuan)der .319583 .325416 .324166 .332083 .324583 .327083
Shanghai(yuan)der .318906 .325208 .323437 .332031 .323750 .326093
Tientsin(yuan)der .319583 .325416 .324166 .332083 .324583 .327083
Hongkong, dollar- - .355312 .362916 .360937 .371562 .363750 .363750
India. rupee
.384735 .384575 .383900 .385300 .384350 .383800
Japan. yen
.302410 .302245 .302200 .303125 .302820 .302700
Singapore (S. S.) der .599375 .599375 .598125 .600000 .598750 I .598750
AUSTRALASIA
Australia. pound
4.076666 4.075937'4.072812.4.082500*4.077187"4.076250'
New Zealand. pound_ 4.086666.4.087812'4.085000'4.094218*4.089375•4.088125* .
AFRICA
South Africa. pound__ 5.059375*5.054500'5.049750'5.070125*5.055250'5.054500'
NORTH AMER.Canada. dollar
1.002421 1.002708 1.002317 1.003307 1.001770 1.001692
Cuba. peso
.999550 .999550 .999550 .999550 .999150 .999150
Mexico. Peso (silver)_ .277333 .277333 .277333 .277166 .277133 .277500
Newfoundland, dollar 1.000125 1.000250 1.000000 1.000750 .999562 .999375
SOUTH AMER.
I .341266* .340833* .340366* .341933* .340933 .340933*
Argentina. peso
Brazil, mIlreLs
.086375* .086375* .086425 .086500* .086400* .086325*
Chile, peso
102375* .102375* .101650 .102475* .102475* .102775*
Uruguay, peso
808333* .807500* .806833 .807166. .807166 .806833*
Colombia, peso
.625000* .625000* .625000 .607000* .641600 I .611600*
Nominal rates; firm rates not avallab e.
3154
Financial Chronicle
May 12 1934
Gold Bullion in European Banks.
HE following table indicates the amount of gold
bullion in the principal European banks as of
May 10 1934, together with comparisons as of the
corresponding dates in the previous four years:
does not trench upon any contractual obligations in
existence before the act became law. Its obvious
purpose is to put pressure upon foreign Governments
or their agencies to pay debts which are in default,
by closing the American market to future loans or
security dealings.
Banks of—
1934.
1933.
1932.
1931.
1930.
In an opinion rendered to President Roosevelt on
—
£
£
£
£
May 5, Attorney-General Cummings held that the
England___
186,909,248 121,484,896 150,003,821 163,347.877
Frances__
647,256,861 626,718,654 444,997,300 343,603,507
Governments which had made "token" payments
Germanyb_
19,091,600
37,806,800 108,111,500 120,781,450
Spain
90,367,000
90,035,000
96,916,000
98,789,000
(Great Britain, Italy, Czechoslovakia, Latvia and
Italy
68,284,000
60,876,000 57,435,000
56,261.000
Netherrds_
75,479,000
75,892,000 37,495.000
35,995.000
Lithuania) were .not in default at the present time.
Nat. Belg.
76,321,000
72,096,000
41,431.000
34,130,000
Switzland_
82,529,000
67,685,000
25,713,000
23,152,000
Sweden
In making this ruling Mr. Cummings gave much
12,090,000
11,441,000
13,320,000
13,519,000
Denmark
7,397,000
8,032,000
9,552,000
9.567.000
Norway-- _
8.380,000
8,133,000
weight to President Roosevelt's statement on Nov. 7
6,561,000
8,144,000
aal week 1,206.969,807 1,274,104,709 1,178,628,350 993,107,621 907,289,834
1933, that he would not regard Great Britain, which
v. week 1.203.689.987 1.280.748.030 1.173.180.352 991.076.821 903.335.015
offered a "token" payment of $7,500,000 for Dec. 15.
These are the gold ho dings of the Bank of France as reported in the new form
tement. b Gold holdings of the Bank of Germany are exclusive of gni
If
eld
as in default, and -to remarks in Congress on the
"the amount of which the present year is £1,389,150.
Johnson bill. Canada, it was also held, was not a
defaulter. The "obligations" covered by the act, it
ar Debts and American Foreign Policy.
was further held, did not include "foreign currency,
The passage of the Johnson bill prohibiting cer- postal money orders, drafts, checks and other orditain financial relations with foreign Governments nary aids to banking and commercial transactions,"
which are in default on their debts to the United since it was "obviously not the purpose of the ConStates, and the British threat of a trade war with gress to discontinue all commercial relations with
Japan, have brought to the front certain aspects of the defaulting countries." Exception was also made,
American international relations in which the poli- for similar reasons, of "any instrument given in
tical and commercial interests of the United States satisfaction or extension of an existing indebtedare vitally involved. It was perhaps inevitable that ness" and of acceptances or time drafts. The GovMr. Roosevelt, absorbed as he has been with the poli- ernment of Soviet Russia, on the other hand, was adcies and controversies of the New Deal, should have judged to be in default for failure to pay the debts
put off to a "more convenient season" whatever in- owed to the United States by the former Kerensky
ternational issues could without much risk be post- Government, it being a recognized principle of interponed, and in general allow foreign affairs to drift. national law that the obligation of public debts is
The Johnson act, however, has an immediate bear- not affected by a change of Government, the situaing upon the war debt situation, not only because of tion in this respect not being changed by the fact
its general provisions but also because of the near that negotiations regarding the indebtedness are now
approach of June 15, when a further instalment of pending.
payments on the war debts will be due, while the
It has been for some time the impression that Mr.
possibility of a trade war affecting the trade between Roosevelt was prepared to negotiate with the debtor
Japan and various parts of the British Common- Governments, upon their request, for a readjustment
wealth raises the question of American commercial of the debt agreements, and a proposal to remit the
policy in general and of tariff policy in particular.
arrears of interest, amounting in the aggregate to
The Johnson act represents the culmination of a some $10,000,000,000, has lately been rumored. While
resentment, long growing in Congress and not re- no changes could, of course, become effective withstricted to party lines, against the failure of Euro- out the consent of Congress, the attitude of the Adpean Governments, with the honorable exception of ministration in the matter is obviously, a factor of
Finland, to honor their agreements for the payment importance. On Thursday, however, the Department
of their war debts to this country, and the apparent of State, presumably with Mr. Roosevelt's approval,
intention of some of them, notably France, to allow ruled that any "token" payments in the future would
default to become repudiation. The act makes constitute default, thereby, in effect, overruling the
it unlawful for any person in the United States, opinion of the Attorney-General and putting all the
whether an American citizen or not, to "purchase or debtor Governments on the same footing. The rulsell the bonds, securities or other obligations of any ing was not a surprise, neither Congress nor the
foreign Government or political.subdivision thereof, President, apparently, having acquiesced in Mr.
or any organization or association acting for or on Cummings's interpretation as a rule for the future.
behalf of" such Government,issued after the passage
The arrival of June 15, accordingly, the next payof the act, or to make any loan to such Government, ment date, will bring the controversy to a head. The
subdivision or organization "except a renewal or possibilities that lurk in the dispute are undoubtadjustment of existing indebtedness" so long as there edly serious on both sides. Opinion in Congress is
is a default in the payment of such obligations "or overwhelmingly opposed to any material reduction
any part thereof." The term "person" is given the of the debts, and outside of some financial and comusual application to partnerships, corporations or mercial circles which at the present moment have
associations as well as individuals, exception being little influence at Washington, the opinion is widely
made of a public corporation created by authority reflected throughout the country. The repeated
of Congress or one in which the United States "has failure of France even to consider payment has
or exercises a controlling interest through stock created an unfriendly feeling toward that country at
ownership or otherwise." The penalty for violation Washington, and the failure of the recent British
of the act is a fine of not more than $10,000, or im- budget to make any provision for debt payment notwithstanding that the budget showed a substantial
prisonment for not more than five years, or both.
be noted, is not retroactive and surplus is reported by Washington correspondents
The act, it will
does not apply exclusively to so-called war debts. It to have left Great Britain with hardly a friend in
0
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00
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Volume 138
Financial Chronicle
either house of Congress. Even among those who
believe that the debts should be reduced or the terms
of payment made easier, the feeling is pronounced
that the "token" payments have been trivial, and
that if the debtors cannot pay all they owe they
should at least pay what they can. London advices,
on the other hand, while indicating marked resentment at the implication of default, show no slightest
disposition to resume payments, the French Government is reported to fear repudiation if it brings the
question before Parliament, and in both countries
American policy is outspokenly denounced. The
ground seems to be prepared for an impasse, the
United States holding its ground and the debtor
Governments, with the exception of Finland, united
in resistance to demands which they mean if possible to escape.
The trade dispute between Great Britain and
Japan, while primarily affecting the two countries
officially concerned, is likely, if the issue is pressed,
to have serious effects upon world commerce generally. The controversy has its origin in the heavy
inroads which Japanese exports, particularly of
cheap products, have made in other countries and
specifically in regions in which British trade has
long been important. The competition has been
specially noticeable in cotton textiles, the large purchases of American cotton in 1932 when the price
was very low having given Japan manufacturers a
marked advantage. On May 3 it was reported that
Walter Runciman, President of the British Board of
Trade, had informed the Japanese Ambassador that
Great Britain was considering the imposition of
quotas upon the imports of Japanese goods into
British possessions, particularly the colonies of
Malaya and West Africa, unless some restriction was
imposed by Japan. On Monday last the quotas were
announced. According to the London correspondent
of the New York "Times," the quota for cotton and
rayon textiles was fixed at the average of all foreign
textile exports to the colonies for the years 1927 to
1931 inclusive, the effect being to cut down Japanese
exports by more than 57%. Similar action, it was
stated, would shortly be taken regarding shoes,
bicycles and cement, while in addition quotas or new
tariffs would if necessary be applied to Japanese
imports into the United Kingdom. For the West
African colonies the restriction applied only to
Japanese goods because of treaty obstacles, but elsewhere it was given a general application.
The basis of the competition which Great Britain
aims to defeat lies in the fact that Japan, with only
about one-eighth of the number of spindles in operation that are operated in Great Britain, is able to
produce as many yards of textiles as Great Britain,
and because of lower paid labor and the absence of
trade union restrictions can produce them cheaper.
A struggle for world markets, aimed on the part of
Great Britain at maintaining its foreign trade at a
high-cost level of production, and on the other hand
engaged in by Japan because its revenues and industrial position are at stake, could hardly go on
without price cutting, and price cutting would seriously affect the foreign market for American textiles. The demand for American raw cotton, it has
also been pointed out, would be affected because of
the Japanese practice of mixing the short staple
cotton produced in the Far East with American
cotton while the British mills use only the long
staple. Great Britain, in other words, is proposing
3155
to take another long step in the direction of high
protection in order to force Japan to abandon a national advantage in production which it enjoys, and
which it has carefully and laboriously developed to
its financial advantage.
The controversy has a direct bearing upon American tariff policy, and particularly upon the novel
and extraordinary Executive power over tariff making which President Roosevelt is pressing Congress
to grant, and to which former Secretary of State
Stimson, in a radio speech on April 29, unexpectedly
gave his endorsement. As far as known, no progress
has yet been made in the negotiation of the reciprocal tariff agreements to which Mr. Roosevelt is committed, and it seems reasonable to conclude that
nothing will be done until Mr. Roosevelt knows
whether Congress will allow him to fix duties at his
discretion within certain broad limits which in practice will hardly prove to be limits at all.
If the United States had a parliamentary form of
responsible government under which the Adminis-,
tration could at any time be called to account by
Congress, there might be something to say for the
practically unlimited tariff power which Mr. Roosevelt desires. The use which the Administration has
made, however, of the extraordinary powers already
granted in connection with the recovery program is
such as to make Congress and the country pause and
reflect. To-day, more than fourteen months after
the inauguration, Administration bills are still being urged upon Congress under the guise of "emergency" measures, the "emergency" National Recovery Administration has been proclaimed as a
permanent policy, extensions of Executive authority
for which it would be difficult to find legal warrant
are being continued, and business and industry are
being further disciplined and regimented notwithstanding widespread criticism of the demonstrated
haste and ineptitude of large parts of the program
that is being enforced. It is more than questionable
whether, under such circumstances, with a tariff
and quota war threatening and foreign trade restrictions continuing where they are not actually being
increased, it would be wise for Congress to divest itself further of its constitutional powers and leave
the President to deal with the entire foreign trade
situation as he and the "brain trust" may think fit.
It is time to curb Executive authority rather than
to increase it.
Railroads Largest Purchasers ofRaw Materials and Products ofBasic Industries
The purchasing power of our railways in connection with their enormous expenditures is of vital
concern to all lines of industry, and any condition,
such as the rising tide of competition from other
agencies of transportation, which threatens their
ability to buy, is bound to further contribute to
the present unstable condition of business. Briefly
stated, the growth in number and use of the private
passenger automobile and the common carrier autobus has whittled down the passenger traffic to approximately three-fifths of the 1920 volume. The
private contract and common carrier motor truck
operates in ever-widening zones, and has introduced
an increasing element of freight competition into the
picture. Additional influences are the growth of
hydroelectric and other power plants, which indirectly tend to reduce coal consumption and coal
movement by rail; rapid expansion in the pipe line
3156
Financial Chronicle
industry, by means of which gasoline and natural
gas, as well as the cruder oils, are now transported;
inland waterway development, fostered by large and
increasing Government appropriations for river and
canal improvements.
These growing factors of competition have already
brought about appreciable declines in railway traffic, and, in turn, the revenue derived therefrom,
which naturally curtails the expenditures of the
railways for the advancement of transportation and
in the long run is bound to be reflected adversely
upon the general public. But even while keeping
this disturbing situation in mind, it is interesting
to note that our railway system to-day represents
one of the largest customers of the basic industries
of the country. They buy annually 23% of the bituminous coal output and about 4% of the anthracite
production. Directly, they consume approximately
17% of the annual iron and steel output and indirectly about 32% through their orders for all kinds
of equipment to equipment manufacturing concerns.
In the case of forest products the railways purchase
directly about 16% of the total timber cut, which figure would be increased to above 20% if indirect purchases were included.
In addition, the railways consume annually about
15% of the copper and brass produced. They also
buy large quantities of tin, lead and zinc, and considerable'cotton in the form of cotton waste. With
respect to cement, statistics indicate that they use
more than 8% of the total output. The proportion
of the fuel oil output used by the railways approximates 19%.
A compilation of the latest statistics from special
reports received by Class I railways shows that a
total of $465,000,000 was spent by them last year
in the direct purchase of fuel and other supplies.
Comparative figures of railway purchases for the
past 11 years are shown below. These figures cover
only purchases made directly by the railroads; they
do not include the value of materials purchased indirectly for the railways by contractors who carry on
construction work, who build equipment, or do other
work for the railways on a contract or flat-rate
basis:
May 12 1934
The railways are adapting themselves constantly
to the conditions of competition that arise. But the
country must recognize that its economic welfare
in the future depends on a modern and co-ordinated
system of transportation, and that an earnest and
intelligent planning of present and future policy
with respect to the several agencies of transportation
will preserve the most effective agencies in full vigor,
thus enabling them adequately to meet the demands
for transportation service.
The Measurement of Value
[By IIorucE ATwoo5.]
The accuracy with which measurements are made
is an index of the stage of development of a people.
In early times a "pole" or a "rod" preserved in a wigwam was sufficiently accurate for measuring land.
A "stone" preserved in a community house was a sufficiently accurate unit for weighing agricultural commodities, and a"hand" and a "foot" were sufficiently
accurate for measuring small distances. These terms
and units are still sometimes used.
As commerce developed, the "stones" of various
communities differed so greatly in weight as to cause
trouble, and eventually the avoirdupois pound was
evolved and maintained as a standard so that all
measurements of weight may be made uniform. Likewise, other units of measurement have been standardized so as to become fixed and definite.
It is to be observed that in the measurement of distance, weight, time or temperature, four things commonly measured,the units of measurement are of the
same nature as the things measured. That is, the foot
is a certain definite distance, the pound has a certain
definite weight, and so on. Characters are measured
by units of like character.
In the measurement of value an entirely different
set of conditions is encountered, and the methods
used in this measurement are wholly dissimilar from
the examples already given.
The value of an object is a subjective quality. An
object, without changing its physical characters in
the slightest degree, may be valuable or valueless according to circumstances. From these considerations it is evident that the method used in measuring
physical characters cannot be used in measuring
EXPENDITURES FOR MATERIALS AND SUPPLIES.
value.
1929
$1,738,703.000
$1,329,533,000
1923
The value of any commodity can be measured only
1924
1,343,055,000
1930
1,038,500,000
1,392,043,000
1931
695,000,000
1925
1,559,032,000
1932
1926
445,000,000
by comparing that commodity with some other desir1,395,928,000
1933
1927
465,000,000
1,271,3',1,000
1928
able commodity. For example, the value of a bushel
The expenditures and percentages enumerated of wheat may be measured by comparing the wheat
above do not include the capital expenditures of the with rye, and the conclusion may be drawn that the
railroads. They include only the amounts expended bushel of wheat is as valuable as two bushels of rye.
in the process of current operations. The purchases In this instance, rye measures the value of the wheat,
of the railways for capital account,'however, during and conversely the wheat measures the value of the
the past 11 years have totaled $7,374,769,000, or rye. Or the value of the bushel of wheat may be measabout $660,434,000 annually, while those for current ured by comparing it with 15 5/21 grains gold nineoperations totaled $12,473,137,000 during the past tenths fine, and the conclusion drawn that the wheat
11 years, representing an annual expenditure of over is worth one dollar per bushel.
$1,133,922,000.
Notice, particularly, that in measuring the value
The amounts purchased for capital account are of any commodity it must be compared with a diflargely determined by the conditions of railroad ferent commodity. This profound difference sepfinances generally. Therefore, it is impossible to arates the measurement of value from the measureoverestimate the importance to the country as a ment of physical characters.
The value of a thing cannot be determined by comwhole of maintaining railroad credit at a point which
will permit a continuation of the capital expendi- paring it with itself, nor can commodities in general
tures, which are essential not only in order that the be valued by comparing them or any of them to a unit
railroads may prove at all times equal in every based on those commodities.
Centuries of experience have shown conclusively
respect to the transportation demands of the country, but also because of the resultant activity re- that gold is the most convenient and stable commodity with which to measure value.
flected on other important industries.
Volume 138
Financial Chronicle
3157
Gross and Net Earnings of the United States Railroads for the Month
of March.
Decidedly the most satisfactory results attained
so far during the present depression are reflected
in our comprehensive tabulation of the earnings of
United States railroads for the month of March.
The improvement shown was inevitable, of course, in
so far as comparison is made with the same month
of last year, when trade activities were brought to
an almost complete standstill by the nation-wide
bank holiday proclaimed by President Roosevelt immediately after his inauguration. Of more significance, for that reason, is the fact that the results
for March extend quite substantially the upward
tendency established in the earlier months of this
year. To a large degree, moreover, the expansion in
the volume of traffic moving over the country's railroads was transformed into net earnings,as the ratio
of earnings to expenses was kept low.
Our compilations show that gross earnings in
March were $292,775,785, an increase of $75,002,520,
or 34.44% over the aggregate of $217,773,265 for
March of last year. With operating expenses (not
including taxes) increased only $33,510,248, or
19.11%, net earnings showed an improvement to
$83,939,285, which is a gain of $41,492,272, or 97.75%
over the total of $42,447,013 recorded for March 1933.
This is, indeed, one of the largest increases on record
for any March, in comparison with the same month
of the preceding year. But too great a degree of
optimism is not justified by this exhibit, as the results in the early part of last year were extraordinarily poor, since they represented the culmination
of four years of large and continuous recessions,
accentuated by the banking moratorium. From 1926
to 1929, inclusive, the gross earnings during March
steadily exceeded $500,000,000, while net earnings in
the same years ranged between $130,000,000 and
$140,000,000. The present showing, therefore, represents only the beginning of that climb back to normal which must take place if the chief traffic arteries
of the nation are to be brought to a healthful state.
The improvement now recorded must be considered
in relation to the precipitate declines in gross earnings from $516,134,027 in March 1929 to $217,773,265
in March 1933, and the declines in net earnings from
$139,639,086 in March 1929 to $42,447,013 in
March 1933.
Month of March—
Mlles of road (147 roads)
Gross earnings
Operating expenses
Ratio of expenses to earnings
Netearnings
Inc. (-I-) or Dec. (—).
1933.
1934.
241,194
—1,966 0.82%
239,228
$292,775,785 $217,773,285 +575.002,520 34.44%
208,836.500 175,326.252 +33,510.248 19.11%
71.33%
80.51%
—9.18%
$83,939,285 $42,447,013 +$41,492,272 97.75%
It would be idle to deny, however, that the results
for March represent a satisfactory movement in the
right direction. The gain comes on top of smaller
advances in the earlier months of this year, and
extends those advances measurably. The March
gross earnings of $292,775,785 compare with $248,104,297 in February, and this improvement far exceeds what might be regarded as a normal gain incident to the more numerous business days of March.
The March net earnings of $83,939,285 make equally
favorable comparison with the total of $59,923,775
for February. The improvement reflects the upward
tendency in the leading trade statistics, notably the
production of iron and steel, and of automobiles.
The make of pig iron in the United States in March
1934 was 1,619,543 tons as against only 542,011 tons
in March 1933; 967,235 tons in March 1932; 2,032,243
tons in March 1931; 3,246,171 tons in 1930, and no
less than 3,714,473 tons in March 1929. In other
words, the output of iron in this country in March
the current year is about three times as great as
in March of last year, but only about a half of what
it had been four years before, in 1930. The gain in
steel production was about the same. As against a
calculated output of steel ingots by all the steel producers of the country of 2,797,191 tons in March 1934,
the production in March 1933 was but 909,886 tons;
in March 1932 it was 1,403,723 tons; in March 1931,
2,993,590 tons; in March 1930, 4,254,331 tons, and in
March 1929, 5,058,258 tons. The mining of coal was
on an increased scale, but not to the same extent,
even though the winter was a severe one, while in
the preceding years the winters were generally mild.
The production of bituminous coal in the United
States reached 38,497,000 tons in March 1934, against
only 23,685,000 tons in March 1933; 32,250,000 tons
in March 1932; 33,870,000 tons in March 1931; 35,773,000 tons in March 1930; 40,068,000 tons in March
1929; 44,668,000 tons in March 1928, and 59,911,000
tons in March 1927. The output of Pennsylvania
anthracite was also considerably larger, being higher
than the production in any month of March since
1926. In March 1934 the quantity of anthracite
mined was 6,418,000 tons; in March 1933, 4,519,000
tons; in March 1932, 4,789,000 tons; in March 1931,
4,745,000 tons; in March 1930, 4,551,000 tons; in
March 1929,4,859,000 tons; in March 1928, 5,398,000
tons; in March 1927, 6,056,000 tons, and in March
1926 no less than 8,732,000 tons.
Automobile production in March 1934 was also
greatly enlarged,335,993 cars having been turned out
in March 1934 as compared with only 118,002 cars
in 1933, 119,344 cars in 1932, and with 276,405 cars
in March 1931. The number of motor vehicles turned
out in earlier years, however, exceeded the present
year's output, 396,385 cars having been produced in
March 1930, and in March 1929, 585,455. For the
three months ending with March the number of new
cars added in 1934 was 732,463, or more than double
the 354,977 turned out in the first quarter of 1933.
This compares with 355,721 in the first quarter of
1932; 668,193 in the first quarter of 1931; 1,003,023
in the first quarter of 1930, and 1,452,910 vehicles in
the first quarter of 1929.
New construction work has also made satisfactory
advance. From the figures compiled by the F. W.
Dodge Corp., it appears that the construction contracts awarded in the 37 States east of the Rocky
Mountains had a money value of $178,534,800, or
about three times that of March 1933, when the
amount was $59,958,500. In March 1932 these contracts were valued at $112,234,500 as against $369,981,300 in March 1931; $456,119,000 in March 1930;
$484,817,500 in March 1929, and $592,567,000 in
March 1928. The activity here is reflected in an
increase in the cut of lumber, although not to the
same extent. The National Lumber Manufacturers'
Association reports that for 620 identical mills the
cut of lumber for the five weeks ended March 31 1934
was 831,044,000 feet, as compared with 481,669,000
feet in the corresponding five weeks of 1933. Production during the five weeks ended March 31 1934 were
73% greater than during the corresponding weeks of
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Financial Chronicle
1933 and 48% above the record of comparable mills
during the same period of 1932.
As far as the Western roads are concerned, these
moved practically the same volume of grain traffic
as in the past two years, even though the movement
was then very small, as compared with recent previous years. Complete details of the Western grain
movement are set out in a separate paragraph farther along in this article, and we will only note here
the fact that for the five weeks ended March 31 1934
the receipts of wheat, corn, oats, barley and rye
at the Western primary markets aggregated 34,198,000 bushels, as compared with 34,145,000 bushels
in the corresponding five weeks of 1933; 35,664,000
bushels in the same five weeks of 1932; 65,175,000
bushels in 1931; 56,158,000 bushels in 1930, and 76,286,000 bushels in the five weeks of 1929.
A sort of composite picture of the traffic of the
railroads as a whole is furnished by the statistics
showing the loading of revenue freight on all the
railroads of the United States; and here is found
evidence of the general increase in the volume of
freight traffic but not to the extent as shown in the
production figures cited above. For the five weeks
ended March 31 the loading of revenue freight comprised 3,059,217 cars in 1934 against 2,354,521 cars
in the five weeks of March 1933; 2,825,798 cars in
March 1932; 3,664,780 cars in March 1931; 4,423,792
cars in the five weeks of March 1930, and 4,795,961
cars in the corresponding five weeks of 1929. It will
be seen that the figures for March this year are over
1,700,000 cars less than in March 1929.
In the case of the separate roads, the feature is
that in our tabulation showing the increases and decreases in excess of $100,000, every road and system
records an increase in both gross and net with the
single exception of the Duluth Missabe & Northern,
which has a decrease in net of $163,967. Of course
this comparison is with March of last year, when all
business and industry was at an almost complete
shutdown following the bank holiday declared by
President Roosevelt immediately after his taking
office. The savings in expenses has also played an
important part in bringing up the increases in gross.
The Pennsylvania shows, for March, $8,849,681 gain
in gross and $3,297,515 gain in net; this, however,
follows a loss of $8,694,250 in gross and $2,434,875
loss in net in March 1933. The New York Central
has $8,127,604 increase in gross and $3,738,012 increase in net, which comes after $8,586,217 shrinkage
in gross and $2,847,646 shrinkage in net. The Baltimore & Ohio has enlarged its gross by $4,198,222 and
its net by $1,588,014, which is after a decrease of
$3,133,166 in gross and $689,329 decrease in net in
the same month of last year; the Atchison has
$2,026,772 increase in gross and $1,726,994 increase
in net, which, however, comes after a loss of
$2,988,267 in gross and $1,845,608 in net in March
1933. The Southern Pacific has $2,688,244 increase
in gross and $1,709,195 in net, after losses of
$3,189,518 in gross and $1,014,926 in net in March
a year ago. The Union Pacific has $2,009,918 gain
in gross and $824,709 gain in net, while in March
of last year this road showed a decrease of $1,986,228
in gross and $864,497 decrease in net. The Southern
Railway makes a very good showing, having to its
credit an increase in gross of $1,683,484 and
$1,042,295 increase in net. In March 1933 this road,
although showing gross earnings reduced in the
amount of $1,196,678, was able to report a gain of
May 12 1934
$27,564 in net earnings, owing to the drastic lowering
of the expense accounts. These illustrations could
be continued almost all along the line, very few
roads showing any loss in either gross or net. In
the following table we show all the changes for
the separate roads for amounts of $100,000 or over,
whether increases or decreases, and in both the
gross and the net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONT
OF MARCH 1934.
Increase.
Increase.
Pennsylvania RR
$8.849,681 Central RR of New Jer__
$478,632
a8.127,604 Mo-Kan-Texas RR Lines
New York Central RR
463,703
4,198,
Baltimore & Ohio BR Detroit Toledo & Ironton
443,272
Chesapeake & Ohio Ry-- 3,033,717 Texas SC Pacific By
357,935
Southern Pac Co(2 rth)_ 2,688,244 Denver & Rio Or Western
349,645
Norfolk & Western Ry__ 2,360,529 St Louis Southwestern
333,922
Ate!' Top & S F By(3 ads) 2.026,772 Los Aug & Salt Lake RP
332,772
Union Pacific RR (4 rd) 2,009,918 Pa-Reading Seashore Lin xi 323,065
nc N 0 & Tex Pac By.
Lou & Nashville RR_ _-- 1,949,310
320,060
Erie RR (3 roads)
1,906,694 Central of Georgia By__
309,840
Missouri Pacific RR_ __ - 1,812,128 Chic St P M & Om Ry_ _
309,830
1,691.550 Chic Great Western RR..
Illinois Central RR
306.233
1,683,484 Minn StP & SSM By.
Southern Ry
303,169
1,677,639 Chicago& Eastern Ill Ry
Reading Company
296,673
NYNH & Hartford RR 1,582,124 Bessemer & Lake Erie RR
286,789
Chic Milw St P & Pac RR 1,516.050 Virginian By
275,665
Chic Burl & Quincy RR- 1,511,162 Nash Chat & St L Ry_
267,037
1,355,228 Western Pacific RR_ ___
Chicago & NW By
263,592
1,050,589 NO Tex & Mex (3 Vs).
Northern Pacific
257.085
Long Island RR
N Y Chic & St L RR__ - 1,039,742
240,793
Pere Marquette By
1,011,070 Monongahela By
239,278
1,003,631 Spok Port Sz Seattle Ry_
Great Northern By
205,856
Chic R I & Pac Ry(2rds) 1,000,873 Det & Tol Shore Line RR
202,108
881,041 Mobile & Ohio RR
Lehigh Valley RR
198,438
Boston & Maine RR-829,014 Maine Central RR
197,574
825,010 Clinchfield By
Wabash By
189,466
809,119 Florida East Coast By.
Grand Trunk West RR180,094
717,507 Chic Ind & Louisv By.._ _
Del Lack & Western RR158,389
699,788 Internet Great Nor RR_
Atlantic Coast Line RR143,213
City Sou By. _
689,868 Kansas
Seaboard Air Line Ry_ -137,230
Delaware & Hudson RR_
648,622 Pitts & West Virginia By
111,811
627,901 Illinois Terminal
St L-San Fran By (3 rds)
109,889
603,596 Ala Great Southern ER.
Pitts & Lake Erie RR_ _ _
108,942
Wheeling & Lake Erie By
542,008 Minn& St Louis RR_ _
106,070
512,759
Elgin Joliet & Eastern By
Total (83 roads)
501,066
Western Maryland By.$72.781,330
a These figures cover the operations of the New York Central and the
-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
leased lines
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie, the result is an increase of $8,731,200.
PRINCIPAUCHANGES IN NET EARNINGS FOR THE MONTH OF
MARCH 1934.
a$3,738,012
New York Central
Pennsylvania RR
3,297,515
Chesapeake & Ohio By.. 1,912,979
Atch Top & SF(3 roads) 1,726,994
Southern Pac Co(2 rdis)- 1,709,195
Norfolk & Western By. 1,588,014
Baltimore & Ohio RR--- 1,373,495
Erie RR (3 roads)
1,371.107
Louisville & Nashv RR
1,283,341
Northern Pacific
1.153,029
1,061,676
Reading Co
Chic Burl & Quincy RR- 1,052,610
Southern By
1,042,295
Chicago & N W By
1,005,559
Chic Mil St P & Pac RR- •955,341
Missouri Pacific RR_ --874,691
Union Pacific RR (4 xis)
824,709
NYNH & Hartford RR
801.816
Great Northern By
746,088
Illinois Central RR
735,306
Pere Marquette By
685,572
675,212
Wabash By
Y Chic & St Louis RR_
668,325
Del Lack & Western RR..
642,964
611,831
Lehigh Valley RR
491,892
Delaware & Hudson RR_
Grand Trunk West'n RR
474,289
426,801
Atlantic Coast Line RR_
375.196
Boston & Maine RR_ __ _
370,391
Chic RI & Pac By(2rds)
St L-San Fran By(3 rds)
366,020
Detroit Toledo & Ironton
324,815
317,952
Pitts & Lake Erie RR__ _
Increase.
Wheeling & Lake Erie By $311,230
Elgin Joliet & Eastern By
30232
Texas & Pacific By
287.547
Seaboard Air Line By
278,942
Minn St P&SSM Ry
1265,158
Los Ang & Salt Lake RR
249,092
Virginian By
240,753
Chic New On & Tex Pac
234,223
Central RR of New Jer_
233,889
Chic St PM & Om By..
228,415
Denver & Rio Or West_
221,200
Chicago & Eastern Ill
209,621
Chicago Great Western.
207,284
WesternPacific RR
191,236
Mo-Kan-Texas By Lines
190,224
Monongahela By
186,559
Spok Port & Seattle By..
182,995
St Louis Southwestern
182,220
Western Maryland By..
172.669
N 0 Tex & Mex (3 rth.)169.848
Det & Tol Shore Line RR
Nash Chat & St L Ry
161:832
Clinchfield By
139,864
Central of Georgia Ry_
121,963
Norfolk Southern Ry_
116,255
Minneap & St Louis RR- P 102,090
Total (72Iroads)
$40,036,777
Duluth Missabe &INor
Decrease.
$163.967
Total Orroad)
$163,967
a These figures cover the operations of the New York Central and the
-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
leased lines
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
cluding Pittsburgh & Lake Erie, the result is an increase:of $4,055,964. In-
When the roads are arranged in groups or geographical divisions according to their location, the
same general favorable nature of the returns in
both gross and net is disclosed, from the circumstance that all the different districts-Eastern,
Southern and Western-as well as all the different
regions grouped under these districts, show gains
in gross and net alike, while in March of last year
the case was just the reverse. Our summary by
groups is as below. As previously explained, we
group the roads to conform to the classification of
the Inter-State Commerce Commission. The boundaries of the different groups and regions are indicated in the footnote to the table:
SUMMARY BY GROUPS.
District and Region.
Gross Earnings
Month of March1934.
1933,
Inc 1+) or Dec.(-)•
Eastern instrta$
$
$
%
New England region (10 roads).... 13,859,464 11,006,276 +2,853,188 25.92
61,782,857 44.168,063 +17,614,794 39.88
Great Lakes region (25 roads)
Central Eastern region (18 roads)_ _ 62.901.704 44,197,178 +18,704,526 42.32
138.544,025 99,371,517 +39,172,508 47.84
T.:ta ,t53 roads)
Financial Chronicle
Volume 138
District and Region.
Month of MarchSnufhprn District
Southern region (28 roads)
Pocahontas region (4 roads)
Total(32 roads)
-Gross Earnings
Inc.(+1 or Dec.(-).
1934.
1933.
S
S
$
%
+9,016,334 29.45
39.628,005 30,611,671
+5,757,315 44.21
18.780,410 13,023,095
58,408.415
43,634,766
+14,773.649 33.86
Western District
Northwestern region (16 roads)____ 29,441,435
Central Western region (21 roads). 43,599,198
Southwestern region (25 roads)_ _
22,782,712
22,725,806
34,250,729
17,790,447
+6,715,629 29.55
+9,348.469 27.29
+4,992,265 28.06
74,766.982
+21,056,363 28.16
Total (62 roads)
95,823,345
Total all districts(147 roads).__ A92,775,785 217,773,265 +75,002,520 34.44
District and Region.
Net Earnings
Month of March-Mileage--1933. Inc.(+)or Dec.(-)
1934.
Eastern District- 1934
$
1933.
$
$
°
New England region_ 7,138
7,268 3,877,430 2,604,794 +1,272,636 48.86
Great Lakes region__ 26,908 27,058 18,789,158 8,433,334+10,355,824 122.80
Central Eastern reg'n 25,047 25,205 17,964,767 10,399.868 +7,564,899 72.74
Total
59,093 59,531 40,631.355 21,437,996+19,193,359 89.53
Southern District
Southern region
7.097,055 +4,925,026 69.40
39,401 39,750 12,022,081
Pocahontas region_
6,042
6,102 8,429,932 4,631,864 +3,798,068 82.00
Taal
Western District
Northwestern region_
Cent. West. region
Southwestern region_
Total
45.443 45,852 20,452,013 11,728,919 +8,723,094 74.37
6,386,232
11,127.710
5,341,975
1,355,062 +5,031,170 371.29
5.452.815 +5,674,895 104.07
2.472.221 +2,869,754 116.08
134,692 135,811 22,855,917
9,280.098+13,575,819 146.29
48,528 48,819
53,382 53.911
32,802 33,081
Total all districts-239,228 241,194 83,939,285 42,447,013+41,492.272 97.75
NOTE.
-We have arranged our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-Thls region comprises the New England States.
Great Lakes Region.-Thls region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
-This region comprises the section south of the Great
Central Eastern Region.
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the Mississippi River to the mouth of the Ohio River, and north of the Ohio River to Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland and by
the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.
-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg,
W. Va., and south of a line from Parkersburg to the southwestern corner of Maryland and thence by the Potomac River to its mouth.
Southern Region,
-This region comprises the section east of the Mississippi River
and south of the Ohio River to a' point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.
-This region comprises the section adjoining Canada 'ying
west of the Great Lakes Region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region.
-This region comprises the section south of the Northwestern Region, west of a line from Chicago to Peoria and thence to St. Louis. and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.
-This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
The grain traffic over Western roads in March
the present year, as already pointed out, was only a
trifle larger than in the month last year, which, in
turn, fell below even the very small movement in
March 1932 as compared with the years immediately
preceding. This is shown from the fact that the
receipts at the Western primary markets of the five
cereals, wheat, corn, oats, barley and rye, combined,
for the five weeks ending March 31 1934 aggregated
34,198,000 bushels as against 34,145,000 bushels in
the same five weeks of March 1933, but comparing
with 35,664,000 bushels in March 1932; 65,175,000
bushels in March 1931; 56,158,000 bushels in March
1930, and no less than 76,286,000 bushels in the corresponding five weeks of 1929. The slight increase in
March 1934 was due entirely to the larger receipts
at the Western primary markets of corn and barley,
the movement of all the other cereals having been
on a reduced scale. Thus the receipts of wheat at the
Western primary markets for the five weeks ending
March 31 the present year were only 11,069,000
bushels, against 14,752,000 bushels in the corresponding five weeks of 1933; the receipts of corn,
14,912,000 bushels as compared with only 11,138,000
bushels; of oats, only 3,469,000 bushels against
5,298,000 bushels; of barley, 4,385,000 bushels as
compared with only 2,313,000 bushels, and of rye,
only 363,060 bushels against 644,000 bushels. The
details of the Western grain movement, in our usual
form, are set out in the table we now present:
3159
WESTERN FLOUR AND GRAIN RECEIPTS.
5 Wks. Ended Flour
Barley
Corn
Wheat
Oats
Mar. 31.
(bush.)
(bush.)
(bush.)
(bush.)
(but-s.)
Chicago
964.000
743.000
1934
457,000 4,757.000 1,085,000
417.000
1933
421,000 4,353,000 1,273,000
833,000
Minneapolis
378.000 1,588,000
1934
3,109,000 1,079,000
1933
743,000 1.131,000
439,000
5,375,000
Duluth
92,000
1934
963.000
16,000
381,000
77.000
1933
1,844,000
28,000
181,000
Milwaukee
1934
64,000
118,000 1,260,000
810,000
23.000
1933
311.000
101,000
9,000
74,000
465,000
Toledo
1934
127,000
340.000
5.000
168.000
1933
529,000
2.000
399,000
197,000
Detroit
88,000
1934
78,000
49,000
76,000
1933
56,000
68,000
17,000
58,000
Indianapolis & Omaha
1934
1,094,000 2,649.000
685.000
1933
767,000 1,976,000 1,453,000
St. Louts
1934
643,000 1,223,000 1,526,000
106,000
520,000
1933
112.000
711.000 1,321,000 1,301,000
582,000
Peoria
1934
79,000 1.328,000
271,000
235,000
202,000
1933
258,000
79,000
189,000
252,000
968.000
Kansas City
1934
55,000 3.051.000 1,531,000
110.000
1933
65,000 3,604,000
814.000
214,000
St. Joseph
1934
215,000
124.000
495,000
1933
192,000
324,000
166.000
Wichita
1934
372.000
2,000
118,000
1933
17,000
532,000
2.000
Sioux City
1934
67.000
11,000
5,000
62,000
1933
21,000
18,000
37,000
86,000
Total All
1934
1933
1,740,000 11,069,000 14,912,000 3,469,000 4.385.000
1,941,000 14.752.000 11,138,000 5,298,000 2,313,000
3 Mos. Ended Flour
Wheat
Mar. 31.
(bbls.)
(bush.)
Chicago
2061,000 1,161,000
1934
1933
838,000
2 087,000
111inneapolis1934
9,306,000
1933
11,961,000
Duluth
1934
2,164,000
1933
3,784,000
Milwaukee
1934
183,000
85,000
1933
123,000
54.000
Toledo
1934
815.000
20,000 2,112,000
1933
Detroit
1934
227,000
1933
250,000
Indianapolis ct Omaha
1934
3,186.000
1933
2,036,000
St. Louis
1934
1 633,000 3,360,000
1933
1 696,000 3,005.000
Peoria
1934
615,000
208,000
1933
463,000
629,000
Kansas City
1934
152.000 6,868,000
1933
167.000 9.370.000
St. Joseph
1934
473,000
1933
395,000
Wichita
1934
1,145,000
1933
1,586,000
Sioux City
1934
239,000
1933
145,000
Total All
1934
1933
Corn
(bush.)
Oats
(bush.)
Barley
(bush.)
Rye
(bath.)
28.000
43.000
141,000
431,000
13,000
121,000
15.000
24.000
6,000
1,000
15,000
19,000
1,000
36,000
4,000
109.000
1,000
1,000
363.000
644,000
Rye
(bush.)
11.374,000 2.772,000 2,673,000
12,633,000 2,478,000 1,095,000
75.000
150,000
3,570.000 1,285,000 4.846,000
1,363,000 1.619.000 2,502.000
637.000
836,000
1,516,000
285,000
360,000
178,000
153,000
306.000
31,000
405,000
2,451,000
1,420.000
442,000 3,353,000
268,000
917,000
63,000
65,000
482.000
681,000
793,000
993.000
22,000
6,000
23.000
2,000
215,000
80,000
228,000
156.000
228,000
164,000
58,000
77.000
7,896,000 1,996,000
7.065,000 3,383,000
19,000
99,000
3,753.000 1,756,000
4,027,000 2,070,000
169,000
239,000
79,000
28,000
4,436,000
3,376,000
694,000
555,000
634,000
356,000
250.000
4,413,000
2,320,000
380.000
626.000
1,733,000
1.326.004)
499,000
547,000
633.000
82.000
41,000
2.000
2.000
2,000
248.000
164.000
10,000
112,000
24.000
48,000
2.000
2.000
4,644,000 29,237,000 42,720,000 11.256,000 12,123,000 4317,000
4,722,000 35,999,000 34,822,000 12,987,000 5,635,000 2565,000
As to the Western livestock movement, this appears to have been somewhat smaller than in March
a year ago. While at Chicago the receipts comprised 9,814 carloads in March the present year, as
against 9,677 carloads in March 1933, and at Kansas
City, 3,207 carloads, against 3,152 carloads, the receipts at Omaha were only 2,707 cars as compared
with 3,350 cars in March last year.
Coming now to the cotton movement in the South,
this was larger than in March last year, both as
regards the overland shipments of the staple and
the receipts at the Southern outports. Gross shipments of cotton overland during March 1934 reached
79,540 bales as against only 26,825 bales in March
1933 and 43,122 bales in March 1932, but comparing
with 88,796 bales in March 1931; 58,147 bales in
March 1930; 80,093 bales in 1929, and 80,532 bales
in March 1928. At the Southern outports the receipts of the staple during March were 322,514 bales
as against 318,080 bales in March 1933, but comparing with 644,554 bales in March 1932; 348,114 bales
in March 1931; 204,092 bales in March 1930; 375,133
3160
Financial Chronicle
May 12 1934
and 1930, there were few complaints on that score, though
In 1931 some heavy snowstorms in the early part of the
month, and again in the closing part, were reported in the
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR THE MONTH OF
Rocky. Mountain areas and the adjoining Prairie States,
MARCH AND SINCE JAN. 1 TO MARCH 31 1934, 1933 AND 1932.
with the Oklahoma Panhandle especially hard hit, and likeSince Jan. 1.
Month of March.
wise heavy snowdrifts at different times during the month
Ports.
1932.
1933.
1934.
in the Adirondacks and northern New York. In 1929 the
1932.
1933.
1934.
drawbacks were only such as followed as the result of the
68,446 127,329 381,443 345,649 688,400
109,199
Galveston
71,824 105,773 148,293 305,831 626.846 735,155
Houston. &o
severe cold and heavy falls of snow experienced by some of
23,862
17,211
11,337
6,792
3,651
2,108
Corpus Christi
7,653
2.470
294
4,325
163
Beaumont
the Far Western roads in January and February. At dif95,368 113,191 240,892 297,544 466,077 856,742
New Orleans
69,655 167,120
ferent times during March of that year there came reports of
21,250
58.808
10,656
5,549
Mobile
19,935
9,998
26,594
5,336
2,236
10,461
Pensacola
snow slides at widely separated points in the section of the
67,988
17,341
19,077
22,938
3,315
Savannah
8.206
5,400
6,744
10,362
1,118
Brunswick
3,854
country referred to-from Colorado, from Dakota, from
27,865
18,181
19,099
13,538
4,584
7.522
Charleston
24,007
15,619
11,622
6,540
2,218
3,777
Montana, from the State of Washington, &c. In 1928 the
Lake Charms
13,042
9,341
4,725
4,183
1,458
1,497
Wilmington
weather was not an adverse influence anywhere. In 1927,
7.524
7,354
7,887
2,989
2,489
2.577
Norfolk
5,276
1,022
2,096
1,473
63
409
Jacksonville
likewise, the weather did not exert any serious adverse
5221114 SIR ORO 1344.554 1.119.161 1613.508 2.649.769
P Tnt41
influence except in several of the Rocky Mountain States,
more particularly in Colorado and Wyoming, where repeated
RESULTS FOR EARLIER YEARS.
snowstorms occurred all through the winter months of 1927,
railroad operations difficult, and where even towards
The present year's increase of $75,002,520 in gross and making
the middle of April an unusually severe spring blizzard
$41,492,272 in net follows a long series of poor or indifferent
was encountered, seriously interrupting traffic. The latter
results in March of the years immediately preceding. In extended also into South Dakota and into western and
March 1933 our tabulation showed $69,022,941 loss in gross northwestern Nebraska. In 1926, too, the winter for the
and $25,256,013 in net, which was on top of $85,983,406 country as a whole did not interfere with railroad operashrinkage in gross and $17,035,708 in net in March 1932, tions to any great extent, temperatures then being mild
advance of the ordinary. In 1924
which came after $76,672,852 shrinkage in the gross and and the season far in
the weather was also mild and the roads suffered no setback
$16,893,267 in the net in 1931, while in 1930 there was $64,on that account. Back in 1923, on the other hand, weather
595,796 shrinkage in the gross and $38,262,064 shrinkage in conditions in March were extremely unfavorable. Morethe net, this last reflecting the first results of the trade col- over, in 1923 the winter was very severe also in January
lapse which came as a sequel to the stock market crash in and February, with heavy snows, making the adverse
the autumn of the preceding year. In March 1929 increases effects cumulative and entailing outlays of great magnitude
appeared, but they were very moderate in amount, namely, on that account. In discussing the severity of the winter
review of March 1923 we pointed out that
$10,884,477 in gross and $7,516,400 in net, and, moreover, weather in our
in nearly the whole of the northern half of the country quite
succeeded heavy losses in gross and net alike in March 1928,
unusual weather conditions had prevailed. Here in the
though the recovery would doubtless have been somewhat East, in the last week of the month, the Weather Bureau in
greater except for the fact that the month contained one less this city on several days reported the lowest March temperaworking day than in the previous year, due to there having ture records during its existence. And the cold persisted
right up to the close of the month. On the night of March 31been five Sundays in the month, whereas March 1928 had
contained only four Sundays. For March 1928 our tables April 1, the latter being Easter, the official thermometer
temperature of as low as 12 degrees above zero.
registered no less than $26,410,059 decrease in gross and registered a
Previously the temperature in this city on March 31 had
$4,034,267 decrease in net. Nor was the showing for
never been below 25. Furthermore, dispatches from WashMarch 1927 anything to boast of, the comparisons then ington, D. C., in that year, reported the coldest first of
having revealed relatively trifling increases
-$432,616 in April ever experienced at many points east of the Missisgross and $1,627,348 in net. It is not until we get back sippi River, with the mercury in Washington down to 15
to 1926 that we strike periods of marked improvement in degrees, seven degrees under the record set April 19 1875,
registered after March 21 in any year
results. In March 1926 the showing was strikingly good, and lower than ever
since the establishment of the Washington Weather Bureau
with noteworthy improvement in gross and net alike. Our
in 1870. But the cold in 1923 was not so much of a drawcompilations for March 1926 recorded $43,668,624 gain in
back as the snowfalls and the snow blockades. Added to
gross, or 8.99%, and $24,561,652 gain in net, or 22%%. the numerous snowstorms in February, which had then so
The fact is to be borne in mind, however, that these gains seriously increased operating costs, more particularly in
in March 1926 followed losses in both the years immediately New England and northern New York, there were, in 1923,
preceding. Thus for March 1925 our statement registered other snowstorms during March, some of these in the West
attaining the dimensions of blizzards. The result was that
$18,864,833 decrease in gross and $5,447,665 decrease in
virtually everywhere outside of the South operating costs
net, while for March 1924 the loss in the gross reached
were heavily augmented. It was because of this that out
$30,628,340, though the loss in the net was no more than of $59,806,190 increase in gross earnings in March 1923,
$2,514,076, owing to the reductions in expenses, reflecting $56,386,866, as already stated, was eaten up by augmented
growing efficiency of operations. This growing efficiency in expenses, leaving only $3,419,324 increase in the net.
It has already been noted that the loss in the net in
operations was a feature at that time, and the further back
1925 and 1924 came after four successive years of increase.
we go the more striking the record becomes in that respect
On the other hand, prior to 1920, March net had been
barring 1923, when weather conditions were extremely unsteadily dwindling for a long period past, until the amount
favorable, and a gain of $59,806,190 in gross brought with
had got down to very small proportions. For instance, in
it an addition of only $3,419,324 to net earnings
-which
March 1919 there was a loss in net of no less than $52,last, however, was the reverse of what happened in 1922, 414,969 in face of an increase of $10,676,415 in the gross
when a gain of $16,059,426 in gross was attended by a earnings and furthermore, March 1919 was the third sucreduction of $38,577,773 in expenses, yielding $54,637,199 cessive year in which the March expenses had risen to such
gain in net, and the reverse also of what happened in 1921, an extent as to wipe out the gains in gross receipts-hence
when though the gross revenues showed a decrease of producing a cumulative loss in net. In the following we
$1,483,390, the net recorded an improvement of $18,656,316. give the March totals back to 1906. For 1911, 1910 and
All this merely indicates that as the country got farther and 1909 we use the Inter-State Commerce figures, which then
were slightly more comprehensive than our own (though
farther away from the period of Government control of the
railroads, with its lavish and extravagant administrations, they are so no longer), but for preceding years, before the
railroad managers once more succeeded in obtaining control Commerce Commission had any comparative totals of its
over the expenditures of the roads and were able to effect own, we give the results just as registered by our own
-a portion of the railroad mileage of the
tables each year
Important economies and savings.
Weather conditions are not, as a rule, a great drawback country being always unrepresented in the totals in these
to railroad operations in March (January and February earlier years, owing to the refusal of some of the roads then
being the bad winter months), and in 1933, as in 1932, 1931 to give out monthly figures for publication:
bales in March 1929, and 333,456 bales in 1928, as
will be seen from the subjoined table:
Mileage.
Year
Preceding.
Inc. (-I-) or
Dec.(-).
$205,700,013 8183,509,935 +322,190,078
238,725.772 205,838,832 +32,887,440
227,564,915 238,829,705 -11,264.790
237,564.332 224,608,654 +12,955,678
249,230,551 238,634,712 +10,595,839
250.174,257 249,514,091
+660,166
238,157,881 253,352,099 -15,194,218
296,830,406 238,098,843 +58,731,563
321,317,560 294.068,345 +27,249,215
362,731,238 312,276,881 +50,484,357
375,772,750 365,096,335 +10.676,415
408,582,467 347,090.277 +61,492,190
456.978,940 458,462,330 -1,433,390
473,433,886 457.374,460 +16,059,426
533,553,199 473,747,009 +59,808,190
504,016,114 534,644,454 -30,618,340
485,498,143 504,362,976 -18,864,833
528,905,183 485,236,559 +43,668,624
529,899,898 529,467,282
+432,610
504,233,099 530,643,758 -26,410,659
516.134,027 505,249,550 +10.884,477
452,024.463 516,620,259 -64,595,796
375,588,844 452,261,696 -76,672,852
289,633,741 375,617,147 -85,983,406
219,857,606 288,880,547 -69,022,941
202 '775 7R5 217 773 965 -1-75 1102 520
Per
Cent.
Year
Year
Given. Preced'g.
223,563
230.263
237,735
238,218
240,510
245,200
246,848
247,363
248,185
230,336
226,086
213,434
234,832
234.986
235,424
235,715
236,559
236,774
237,804
239,649
241,185
242,325
242,566
241,996
240,911
239.228
Inc.(+)or Dec.(-)•
Net Earn ago.
Month.
Of
March,
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
s
1
a
...
0
..404N4 P0150.00N00 00ww,, ,,, ,
,
0400MMOWOV.MMNOOC-NeV0eNNNVNt.WO
IVoaatOrt..
t- 0404000400.00CI0004.4.4000000C
t.00000404
00
0404 COM.P.VC,N.-.0tOMMMMMM .0.0.
NNNNNNNNNNNNNWINNNNNNNNNNN
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
Year
Given.
,...,-.
..
.. .. w
wbow.....
•
a.comown:&pcowrmbowo-paocw.plo!tuo.a.oba
,
, 8io.f.
3
;p.1:04,Mabo.WL.44
&cocAocroo 0A.ww...abot.2=-4-4 co.....imovz
Gross Earnings.
Month
Of
March.
3161
Financial Chronicle
Volume 138
Year
Given.
Year
Preceding.
Amount.
Per Cent.
869,613.713
78,322,811
69,209,357
69,038,987
64,893,146
67.993,951
68,452,432
97,771.590
88,807,466
82,561,336
29,596,482
40,872.775
58,538,958
113,468,843
117,117,122
114,754,514
109,230,086
133,642.754
135.691,649
131,840,275
139,639,086
101,494,027
84,648,242
67,670,702
43.100,029
93039 2R5
855,309,871
69,658,705
78.357,486
68,190,493
69,168,291
64,889.423
67,452,082
68,392,963
96,718,706
87,309,806
82.011,451
27,202,867
39,882,602
58,831.644
113,697.798
117,668.590
114,677,751
109,081,102
134,064,291
135,874,542
132,122,688
139,756,091
101,541,509
84,706.410
68,356,042
42 447.013
3+14,303,842
+8.664,106
-9,048,129
+848,494
-4.275,145
+3,104.528
+1,000,350
+29,378,627
-7,911,240
-4,748.470
-52.414.969
+13.669,908
+18,656,316
+54,637,199
+3,419,324
-2,914.076
-5,447.665
+24,561,652
+1,627,358
-4,034,267
+7,516,400
-38,262,064
-16,893,267
-17,035,708
-25.256.013
+41,492,272
25.86
12.44
11.67
1.24
6.18
4.78
1.48
42.96
8.18
5.44
63.91
50.26
46.78
92.85
3.01
2.47
4.74
22.50
1.21
2.96
5.68
27.46
16.66
20.11
38.95
97.75
The Course of the Bond Market
Moderately reactionary tendencies continued to prevail
among medium and low-grade bonds but gilt edge issues
have remained firm, close to recent record highs. U. S.
Government issues were very strong, breaking through last
week's level by about one-half point in the general average
of eight long-term issues. An increase in member bank
balances of $108,000,000 restored excess reserves somewhere
near their highs of two weeks ago, after an intermediate
decline last week. Short-term money rates remain extraordinarily low.
High and medium-grade railroad bonds held their levels
relatively well during the week, medium-grade issues show-
120 Domestic
Corporate* by Groups.
May 11-- 105.11
10._ 105.25
9__ 105.00
8_ 105.00
7__ 104.91
5_ 104.78
4_ 104.75
3_ 104.68
2_ 104.61
1_. 104.41
Weekly
Apr. 27__ 104.21
20._ 103.65
13._ 104.35
6-- 104.03
Mar.30.- Stook E
23- 103.32
16_ 103.52
9._ 103.06
2__ 101.88
Feb. 23._ 102.34
16-. 102.21
9-- 101.69
2__ 101.77
Jan. 26_. 100.41
19._ 100.36
12__ 99.71
5._ 100.42
Eligh 1934 105.25
Low 1934 99.06
Elfili 1933 108.82
Low 1933 98.20
Yr.AgoMy.11'33 102.68
2 Yes Ago
5a. 1122 0222
98.88
98.88
98.25
97.16
velum
95.93
96.70
95.63
94.88
95.18
95.33
93.99
93.85
91.53
90.55
87.69
84.85
98.88
84.85
92.39
74.15
RR.
P. U. Indus.
106.42
106.42
106.25
106.25
106.25
106.25
106.42
106.07
105.89
105.89
96.85
96.70
97.16
96.85
97.16
97.16
97.00
97.00
97.00
97.00
81.66
82.02
82.62
82.38
82.62
81.90
81.78
82.87
83.11
83.11
98.88
98.88
99.20
99.04
99.36
99.84
99.68
99.52
99.52
99.52
91.96
92.10
92.53
92.39
92.39
92.68
92.53
92.53
92.53
92.39
104.85
104.85
104.68
104.51
104.51
104.51
101.68
104.51
104.51
104.68
112.50 105.89
112.31 105.89
111.92 105.54
111.16 104.68
a Closed.
110.42 103.48
111.16 104.16
110.79 103.15
110.23 101.81
110.23 101.97
109.86 101.47
109.12 100.00
108.75 99.88
107.67 98.41
107.67 97.16
106.25 95.48
105.37 93.26
112.88 106.42
105.37 93.11
108.03 100.33
97.47 82.99
97.31
97.31
96.70
95.78
83.48 100.00
83.60 100.33
82.74 99.84
81.18 99.04
92.53
92.39
91.67
90.27
104.51
104.33
103.65
102.81
94.43
95.18
94.14
93.11
93.28
93.28
92.10
91.81
89.31
87.96
84.85
82.02
97.31
81.78
89.31
71.87
79.68 97.47
80.60 98.41
78.88 97.47
78.66 96.54
79.68 97.16
80.37 97.31
78.88 95.33
78.99 95.33
75.50 92.68
74.36 91.39
70.52 88.36
66.55 85.74
83.72 100.33
66.38 85.61
77.66 93.28
53.16 69.59
89.17
89.86
88.50
87.96
88.36
88.38
87.43
87.04
83.97
82.38
78.44
74.25
92.82
74.25
89.31
70.05
101.81
102.47
101.47
100.49
100.81
100.81
100.00
99.68
98.88
98.73
98.00
97.00
104.85
96.54
99.04
78.44
82.38 101.97
90.69
78.99
65.12
81.66
78.66
87.17
68.30
80.84
62.64
45.28
57.43
74.57
68.85
93.26
nm.
YIELD AVERAGES.,
(Based on Individual Oaring Prices.)
0.3.
120
120 Domestic Corporate*
1934
Gm Domesby Ratings.
Daily
Bonds.
tic.
Averages. " Corp.* Aaa.
A.
Baa.
Aa.
112.88
112.69
112.69
112.69
112.50
112.69
112.50
112.31
112.31
112.50
On the whole industrial bonds held well in the face of an
irregular stock market, and declines were few and small
except in purely speculative situations. Oils were firm,
Texas Corp. 5s, 1944, being up M to 1021%, while Shell
Union 5s, 1947, were unchanged at 98. Among the steels,
4
National Steel 5s, 1956, were up M to 1023 ,while Republic
Iron & Steel 5Ms, 1953, lost 1% points to 88%. Goodrich
6s, 1945, off 43s to 84 and U. S. Rubber 5s, 1947, off 1%
to 851%, were the weakest tire bonds. In the speculative
class Warner Bros. Pictures 6s, 1939, declined to 58, down 4,
4
Childs Co. 5s, 1943, dropped 51% to 521 and Container
Sugar issues took
Corp. 5s, 1943, were 1% lower at
scant notice of President Roosevelt's signature of the Sugai.
Bill.
The foreign list fluctuated within a narrow range this
week. German, Japanese and South American issues lost
some ground. Other groups were for the most part steady.
Polish 7s, 1947, continued their rise, gaining an additional
10% points this week, after last week's net gain of 61%
• points, and reaching a new high of 118.
Moody's computed bond prices and bond yield averages
are given in the tables below.
moonre BOND
MOODY'S BOND PRICES.
(Based on Average Yields.)
98.41
98.41
98.73
98.57
98.57
98.88
98.73
98.57
98.57
98.73
ing a little easier tone than the high-grade bonds. Atchison,
Topeka & Santa Fe gen. 48, 1995, closed at 100%, off fractionally from 101-a week ago and Chesapeake & Ohio gen.
4Ms, 1992, remained unchanged. Second and lower-grade
rail issues were somewhat more unsettled, recessions of
more than five points being witnessed. Baltimore & Ohio
cony. 43/2s, 1960, closed at 64, off 33% points; Chicago,
Milwaukee, St. Paul & Pacific mtge. 5s, 1975, closed at 45M,
1
down 6% since last week; Erie ref. 5s, 1975, at 71% were off
Government's tax claim
4. Pending settlement of the
against the bankrupt Missouri Pacific Railroad, May 1st
interest on the St. Louis, Iron Mountain & Southern, River
& Gulf Div. 4s, 1933, was not paid. These bonds closed at
55 compared with 623/i a week ago.
Irregularity ruled throughout the week in utility bonds
with the exception of those in the highest investment group
which were quite firm. Lower grade issues tended to be
weak but net losses for the most part did not assume large
proportions. Among the weakest were Standard Gas &
Electric cony. 6s, 1935, which were down 6% to 781% since
a week ago, Long Island Lighting 6s, 1945, which dropped
/
4 points to 88, Central States Power & Light 51 2s, 1953,
with a decline of 2% points to 46%, and Laclede Gas Light
5%s,1935, which were off 3 to 67.
120 Domestic Corporals
AU
by Ratings.
1934
120
Daily
DomesSaa.
A.
Aaa.
Aa.
Averages. tic.
4.02
May 11._ 4.85
4.03
10__ 4.85
4.03
9__ 4.83
4.03
8-_ 4.84
4.04
7__ 4.84
4.03
5._ 4.82
4.04
4-- 4.83
4.05
3__ 4.84
4.05
2__ 4.84
4.04
1-- 4.83
Weekly
Apr. 27_ 4.82
4.04
20_ 4.82
4.05
4.07
13-- 4.86
4.11
6-- 4.93
Adar.30__ Stock E xehang e
4.15
23.- 5.01
16-- 4.96
4.11
4.13
9-- 5.03
2_ 5.08
4.16
Feb. 23_ 5.06
4.16
4.18
16-- 5.05
9._ 5.14
4.22
2._ 5.15
4.24
Jan. 26._ 5.31
4.30
19_ 5.38
4.30
12-- 5.59
4.38
5- 5.81
4.43
Low 1934 4.82
4.02
High 1934 5.81
4.43
Low 1933 4.96
4.11
High 1933 6.75
4.91
Yr. Ago
My.11'33 6.01
4.63
2 Yrs.Ago
5.19
Mv.11'32 7.59
120 Domestic
Corporate by Groups.
RR.
tt
30
,.or..
P. U. Indus. signs.
4.95
4.96
4.93
4.95
4.93
4.93
4.94
4.94
4.94
4.94
6.07
6.04
5.99
6.01
5.99
5.95
5.96
5.97
5.95
5.95
4.82
4.82
4.80
4.81
4.79
4.76
4.77
4.78
4.78
4.78
5.28
5.27
5.24
5.25
5.25
5.23
5.24
5.24
5.24
5.25
4.46
4.46
4.47
4.48
4.48
4.48
4.47
4.48
4.48
4.47
7.14
7.16
7.17
7.16
7.17
7.15
7.16
7.21
7.24
7.24
4.40
4.92
4.40
4.92
4.42
4.96
4.47
5.02
Closed.
5.11
4.54
4.50
5.06
4.58
5.13
4.64
5.20
5.19
4.63
5.19
4.66
4.75
5.27
5.29
4.77
4.85
5.47
5.57
4.93
5.04
5.81
5.19
6.04
4.37
4.92
5.20
6.06
4.49
5.04
6.98
5.96
5.92
5.91
5.98
6.11
4.75
4.73
4.76
4.81
5.24
5.25
5.30
5.40
4.48
4.49
4.53
4.58
7.28
7.21
7.20
7.22
6.24
6.16
6.31
6.33
6.24
6.18
6.31
6.30
6.62
6.73
7.12
7.56
5.90
7.58
6.16
9.44
4.91
4.85
4.91
4.97
4.93
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.73
5.75
4.83
7.22
5.48
5.43
5.53
5.57
5.54
5.54
5.61
5.64
5.88
6.01
6.35
6.74
5.22
6.74
5.43
7.17
4.64
4.60
4.66
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.46
4.97
4.60
6.35
7.34
7.23
7.25
7.38
7.49
7.52
7.57
7.55
7.97
8.08
8.33
4.37
4.37
4.38
4.38
4.38
4.38
4.37
4.39
4.40
4.40
6.58
7.14
8.68
7.23
11.19
5.37
6.30
7.73
6.07
6.33
5.83
9.94
6.14
8.04
10.99
8.76
6.71
7.30
14.01
•These prices are computed from average yields on the basis of one "ideal" bond(4R% coupon, ma uring 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.
Financial Chronicle
3162
May 12 1934
Text of Bill Enacted into Law Guaranteeing Principal as Weil as Interest on
Bonds of Home Owners' Loan Corporation.
One of the bills which was recently placed on the statute
b^ok is that which guarantees the principal of, as well as the
interest on,the bonds of the Home Owners' Loan Corporation.
Details of the Congressional action on the bill were given in
our issue of April 28, page 2846, and in our May 5 issue (page
3018) we reported the signing of the bill, on April 27, by
President Roosevelt. •The following is the text of the newlyenacted bill, in the form in which it was approved by the
President:
[PUBLIC—NO. 178-73rd CONGRESS.)
[S. 2999.)
AN ACT
To guarantee the bonds of the Home Owners' Loan Corporation, to amend the
Home Owners' Loan Act of 1933, and for other purposes.
Bt it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That (a) Section 4(c) of the Home
Owners' Loan Act of 1933 is amended to read as follows:
"(c) The Corporation is authorized to issue bonds in an aggregate amount
not to exceed $2,000,000,000, which may be sold by the Corporation to obtain
funds for carrying out the purposes of this section, or exchanged as hereinafter provided. Such bonds shall be in such forms and denominations, shall
mature within such periods of not more than 18 years from the date of their
issue, shall bear such rates of interest not exceeding 4% per annum, shall
be subject to such terms and conditions, and shall be issued in such manner
and sold at such prices, as may be prescribed by the Corporation, with the
approval of the Secretary of the Treasury. Such bonds shall be fully and
unconditionally guaranteed both as to interest and principal by the United
States, and such guaranty shall be expressed on the face thereof, and such
bonds shall be lawful investments, and may be accepted as security, for all
fiduciary, trust, and public funds, the investment or deposit of which shall
be under the authority or control of the United States or any officer or
officers thereof. In the event that the Corporation shall be unable to pay
upon demand, when due, the principal of, or interest on, such bonds, the
Secretary of the Treasury shall pay to the holder the amount thereof which
Is hereby authorized to be appropriated out of any moneys in the.Treasury
not otherwise appropriated, and thereupon to the extent of the amount so
paid the Secretary of the Treasury shall succeed to all the rights of the
holders of such bonds. The Secretary of the Treasury, in his discretion, is
authorized to purchase any bonds of the Corporation issued under this subsection which are guaranteed as to interest and principal, and for such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds from the sale of any securities hereafter issued under the
Second Liberty Bond Act, as amended, and the purposes for which securities
may be issued under such Act, as amended, are extended to include any purchases of the Corporation's bonds hereunder. The Secretary of the Treasury
may, at any time, sell any of the bonds of the Corporation acquired by him
under this subsection. All redemptions, purchases, and sales by the Secretary
of the Treasury of the bonds of the Corporation shall be treated as public-debt
transactions of the United States. The bonds issued by the Corporation under
this subsection shall be exempt, both as to principal and interest, from all
taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States or any District, Territory, dependency, or
possession thereof, or by any State, county, municipality, or local taxing
authority. The Corporation, including its franchise, its capital, reserves and
surplus, and its loans and income, shall likewise be exempt from such taxation; except that any real property of the Corporation shall be subject to
taxation to the same extent, according to its value, as other real property*
is taxed. No such bonds shall he issued in excess of the assets of the Corporation, including the assets to be obtained from the proceeds of such bonds,
but a failure to comply with this provision shall not invalidate the bonds or
the guaranty of the same. The Corporation shall have power to purchase
in the open market at any time and at any price not to exceed par any of
the bonds issued by it. Any such bonds so purchased may, with the approval
of the Secretary of the Treasury, be sold or resold at any time and at any
price. For a period of six'months after the date this subsection, as amended,
takes effect, the Corporation is authorized to refund any of its bonds issued
prior to such date or any bonds issued after such date in compliance with
commitments of the Corporation outstanding on such date, upon application
of the holders thereof, by exchanging therefor bonds of an equal face amount
issued by the Corporation under this subsection, as amended, and bearing
interest at such rate as may be prescribed by the Corporation with the
approval of the Secretary of the Treasury; but such rate shall not be less
than that first fixed after this subsection, as amended, takes effect on bonds
exchanged by the Corporation for home mortgages. For the purpose of such
refunding the Corporation is further authorized to increase its total bond
Issue in an amount equal to the amount of the bonds so refunded. Nothing
in this subsection, as amended, shall be construed to prevent the Corporation
from issuing bonds in complienee with commitments of the Corporation on
the date this subsection, as amended, takes effect."
(b) The amendments made by subsection (a) of this section (except with
respect to refunding) shall not apply to any bonds heretofore issued by the
Home Owners' Loan Corporation under such section 4(c), or to any bonds
hereafter issued in compliance with commitments of the Corporation outstanding on the date of enactment of this Act.
Sec. 2. Section 4 of the Home Owners' Loan Act is further amended by
adding at the end thereof the following new subsections:
"(I) No home mortgage or other obligation or lien shall be acquired by
the Corporation under subsection (d), and no cash advance shall be made
under subsection (f), unless the applicant was in involuntary default on
June 13 1933, with respect to the indebtedness on his real estate and is
unable to carry.or refund his present mortgage indebtedness: Provided. That
the foregoing limitation shall not apply in any case in which it is specifically
shown to the satisfaction of the Corporation that a default after such date
was due to unemployment or to economic conditions or misfortune beyond the
control of the applicant, or in any case in which the home mortgage or
other obligation or lien is held by an institution which is in liquidation.
"(m) In all cases where the Corporation is authorized to advance cash to
provide for necessary maintenance and to make necessary repairs it is also
authorized to advance cash or exchange bonds for the rehabilitation, modernization, rebuilding and enlargement of the homes financed; and in all cases
where the Corporation has acquired a home mortgage or other obligation or
lien it is authorized to advance cash or exchange bonds to provide for the
maintenance, repair, rehabilitation, modernization, rebuilding, and enlargement of the homes financed and to take an additional lien, mortgage, or conveyance to secure such additional advance or to take a new home mortgage
for the whole indebtedness; but the total amount advanced shall in no case
exceed the respective amounts or percentages of value of the real estate as
elsewhere provided in this section. Not to exceed $200,000,000 of the proceeds derived from the sale of bonds of the Corporation shall be used in
making cash advances 'to provide for necessary maintenance and necessary
repairs and for„the rehabilitation, atedernization, rebuilding and enlargement
of real estate securing the home mortgages and other obligations and liens
acquired by the Corporation under this section."
Sec. 3. The sixth sentence of Section 4(d) of the Home Owners' Loan
Act of 1933 is amended to read as follows: "The Corporation may at any
time grant an extension of time to any home owner for the payment of any
Instalment of principal or interest owed by him to the Corporation if, in
the judgment of the Corporation, the circumstances of the home owner and
the condition of the security justify such extension."
Sec. 4. Subsection (g) of Section 4 of the Home Owners' Loan Act of
1933 is hereby amended to read as follows:
"(g) The Corporation is further authorized to exchange bonds and to advance cash to redeem or recover homes lost by the owners by foreclosure ot
forced sale by a trustee under a deed of trust or under power of attorney, or
by voluntary surrender to the mortgagee subsequent to Jan. 1 1930, subject
to the limitations provided in Subsection (d) of this section."
Sec. 5. Section 5 of the Home Owners' Loan Act of 1938 is amended by
adding at the end thereof the following new subsections:
"(j) In addition to the authority to subscribe for preferred shares in
Federal savings and loan associations, the Secretary of the Treasury is
authorized on behalf of the United States to subscribe for any amount of
full paid income shares in such associations, and it shall be the duty of
the Secretary of the Treasury to subscribe for such full paid income shares
upon the request of the Federal Home Loan Bank Board. Payment on such
shares may be called from time to time by the association, subject to the
approval of said Board and the Secretary of the Treasury, and such payments
shall be made from the funds appropriated pursuant to Subsection (g) of this
section ; but the amount paid in by the Secretary of the Treasury for shares
under this subsection and such Subsection (g), together shall at no time
exceed 71% of the total investment in the shares of such association by the
Secretary of the Treasury and other shareholders. Each such association
shall issue receipts for such payments by the Secretary of the Treasury in
such form as may be approved by said Board and such receipts shall be
evidence of the interest of the United States in such full paid income shares
to the extent of the amount so paid. No request for the repurchase of the
full paid income shares purchased by the Secretary of the Treasury shall be
made for a period of five years from the date of such purchase, and thereafter
requests by the Secretary of the Treasury for the repurchase of such shares
by such associations shall be made at the discretion of the Board; but no
such association shall be requested to repurchase any such shares in any one
year in an amount in excess of 10% of the total amount invested in such
shares by the Secretary ,of the Treasury. Such repurchases shall be made in
accordance with the rules and regulations prescribed by the Board for such
associations.
"(k) When designated for that purpose by the Secretary of the Treasury,
any Federal savings and loan association or member of any Federal Home
Loan Bank may be employed as fiscal agent of the Government under such
regulations as may be prescribed by said Secretary and shall perform all such
reasonable duties as fiscal agent of the Government as may be required of it.
Any Federal savings and loan association or member of any Federal Home
Loan Bank may act as agent for any other instrumentality of the United
States when designated for that purpose by such instrumentality of the
United Statea"
Sec. 6. Section 5(1) of the Home Owners' Loan Act of 1933 is amended
to read as follows:
"(I) Any member of a Federal Home Loan Bank may convert itself into
a Federal savings and loan association under this Act upon a vote of 31%
or more of the votes east at a legal meeting called to consider such action ;
but such conversion shall be subject to such rules and regulations as the
Board may prescribe, and thereafter the converted association shall be
entitled to all the benefits of this section and shall be subject to examination
and regulation to the same extent as other associations incorporated pursuant
to this Act."
Sec. 7. (a) The First sentence of the eighth paragraph of Section 13 of
the Federal Reserve Act, as amended, is further amended by inserting before
the semicoln, after the words "Federal Farm Mortgage Corporation Act," a
comma and the following: "or by the deposit or pledge of bonds issued under
the provisions of Subsection (c) of Section 4 of the Home Owners' Loan Act
of 1933, as amended."
(b) Paragraph (b) of Section 14 of the Federal Reserve Act, as amended,
is further amended by inserting after the words "bonds of the Federal Farm
Mortgage Corporation having maturities from date of purchase of not exceeding six months," a comma and the following: "bonds issued under the provisions of Subsection (c) of Section 4 of the Home Owners' Loan Act of 1933,
as amended, and having maturities from date of purchase of not exceeding
six months."
Sec. 8. The Federal Reserve banks are authorized, with the approval of
the Secretary of the Treasury, to act as depositors, custodians, and fiscal
agents for the Home Owners' Loan Corporation.
Sec. 9. The Home Owners' Loan Corporation is authorized to buy bonds
or debentures of Federal Home Loan banks upon such terms as may be
agreed upon or to loan money to Federal Home Loan banks upon such terms
as may be agreed upon but not to exceed $50,000,000 shall be invested or
advanced under this section.
Sec. 10. The first sentence of Section 10(b) of the Federal Home Loan
Bank Act, as amended, is amended by inserting before the period at the end
thereof a comma and the following: "unless the amount of the debt secured
by such home mortgage is less than 60% of the value of the real estate with
respect to which the home mortgage was given, as such real estate was
appraised when the home mortgage was made."
Sec. 11. Section 6 of the Home Owners' Loan Act of 1933 is amended by
adding at the end thereof the following new sentences: "For the purposes
of this section the Secretary of the Treasury is authorized and directed to
allocate and make immediately available to the Board, out of the funds
appropriated pursuant to Section 5 (g), the sum of $600,000. Such sum shall
Financial Chronicle
Volume 138
132.1
137.8
114.1
148.9
78.7
140.4
126.0
New Capital Issues in Great Britain
The following statistics have been compiled by the Midland Bank, Ltd. These compilations of issues of new
capital, which are subject to revision, exclude all borrowings
by the British Government for purely financial purposes,
shares issued to vendors, allotments arising from the capitalization of reserve funds and undivided profits, issues for
conversion or redemption of securities previously held in the
United Kingdom, short-dated bills sold in anticipation of
long-term borrowings, and loans by municipal and county
888g888888888g5
. -
2 weeks ago. Apr. 27
Month ago. Apr. 11
Year ago,
May 11
1933 1114h, July 18
Low, Feb. 4
1934 High, Feb. 16
Low, Jan. 2
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
0000e0000000000
134.4
134.5
136.2
136.4
_135.O
136.4
135.7
Month of
April.
octioi.io6cOccoic;
w=c0c40.0000conoc0
,
Fri.
May 4
Sat. May 5
Mon. May 7
Tues. May 8
Wed. May 9
Thurs. May 10
Fri.
May 11
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Complied by the Midland Bank. Ltd.]
Ot.t..0 000VCVO F. CI00 0NIC
.
.
CONVOiNO6V7..06
.N.,IN .
WV...
Moody's Daily Index of Staple Commodity Prices
Extend:- Rally After Irregular Week.
Primary commodity markets have been highly confused
and irregular during the week in review. The uncertainty
as to the future course of commodity prices in general was
shown both by the fact that prices of individual staples
moved sharply in opposite directions, and by alternate days
of generally advancing and declining prices as measured by
Moody's Daily Index of Staple Commodity Prices. The
Index showed a net gain of 1.3 points for the week, closing
at 135.7.
Seven staples advanced in price during the week, while
four declined and four were unchanged, but the outstanding
changes were in wheat and rubber. A nine-cent advance in
wheat as a result of drouth reports was largely offset by a
1s-cent drop in rubber and a 50-cent decline in steel scrap
prices. The other advances, in cotton, sugar, corn, silver,
silk and cocoa, were all of minor importance, as were the
remaining declines in hides and hogs. Copper, lead, wool
tops and coffee were unchanged.
The movement of the Index number during the week,
with comparisons, is as follows:
authorities except in cases where there is a specified limit
to the total subscription. They do not include issues of
capital by private companies except where particulars are
publicly announced. In all cases the figures are based upon
the prices of issue.
4 Months to
April 30.
Year to
April 30.
£45,935,000
192,812,000
73,115,000
110,374,000
61,917,000
52,058,000
66,954,000
91,526,000
105,213,000
121,968,000
149,014,000
90,735,000
47,073,000
45,008,000
37,173,000
34.533.000
£106,068,000
384,418,000
264,514,000
253.055.000
187.211,000
193,900,000
238.443,000
244,468,000
266.953,000
331,470.000
389,565,000
195.470.000
192,497.000
86,601.000
105,204,000
130.229.000
i
be in addition to the funds appropriated pursuant to this section, and shall be
subject to the call of the Board and shall remain available until expended."
Sec. 12. Subsection (e) of Section 8 of the Home Owners' Loan Act of
1933 is hereby amended to read es follows:
"(e) No person, partnership, association, or corporation shall, directly
or indirectly, solicit, contract for, charge or receive, or attempt to solicit,
contract for, charge or receive any fee, charge, or other consideration from
any person applying to the Corporation for a loan, whether bond or cash except
ordinary fees authorized and required by the Corporation for services actually
rendered for examination and perfection of title, appraisal, and like necessary
services. Any person, partnership, association, or corporation violating the
provisions of this subsection shall, upon conviction thereof be fined not
more than $10,000, or imprisoned not more than five years, or both."
See. 13. Subsection (k) of Section 4 of the Home Owners' Loan Act of
1033 is hereby amended by inserting a new sentence after the second sentence
of such subsection as follows: "All payments upon principal of loans made
by the Corporation shall under regulations made by the Corporation be applied to the retirement of the bonds of the Corporation."
Sec. 14. The eighth sentence of Section 4(a) of the Act entitled "An Act
to provide for the establishment of a Corporation to aid in the refinancing
of farm debts, and for other purposes," approved Jan.. 31 1934, is amended
to read as follows: "No such bonds shall be issued in excess of the asset.;
of the Corporation, including the assets to be obtained from the proceeds of
such bonds, but a failure to comply with this provision shall not invalidate
the bonds or the guaranty of the same."
Sec. 15. If any provision of this Act, or the application thereof to any
person or circumstance, is held invalid, the remainder of the Act, and the
application of such provision to other persons or circumstances, shall not
be affected thereby.
Approved April 27 1934.
3163
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS.
[Compiled by the Midland Bank. Ltd.]
1931.
January
February
March
April
4 months
May
June
July
August
September
October
November
December
Year
1932.
1933.
1934.
£12,332,412
19,606,243
13,446,859
1,687,195
£2,895,798
11,994,734
12,104,130
18,013,115
£8,310,263
7,167,385
13,447.603
8,247.859
£10,853,233
7,007,995
7,081,462
9,590.367
£34,533,057
£47,072,709
£45,007,777
£37,173,110
£11,009,880
12,832,397
5,184,993
1.666.492
1,315,308
2,482,875
4,409,179
2,692,359
£12,296,311
17,467,795
3,312,507
72,500
17,000
19,745,198
10.807.078
4,312,163
£14,614,014
17,541,251
6,001,777
21.208.047
7,164,097
10,026,260
12.786,851
6,353,481
£88.666.192
£113.038.329
£132.868.816
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS.
[Compiled by the Midland Bank, Ltd.]
Untied
Kingdom.
Jan. 1932
Feb. 1932
Mar. 1932
Apr. 1932
4 months
India & Other Brit. Foreign
Ceylon. Countries. Countries.
£ £
t
291,000
2.605.000
9,109,000
78.000 2,805,000
11,072,000 1,032,000
9,572.000 3.516.000 4,925,000
Total.
£
X
2,896,000
3,000 11.995,000
12,104,000
18,013,000
30,044,000 4,626,000 10.335,000
3,000 45.008,000
May 1932
June 1932
July 1932
Aug. 1932
Sept. 1932
Oct. 1932
Nov. 1932
Dec. 1932
8,936,000 1,496,000 1,864,000
15,391,000
2,067,000
3,225,000
60,000
50.000
23,000
10,000
11.851,000
160.000 7,734,000
10.272,000
271,000
4,037,000
48,000
190.000
12,296,000
10,000 17,468,000
27,000 3,312,000
73,000
7,000
17,000
19,745.000
264.000 10,807.000
37.000 4,312.000
Year
83,817,000 6,390,000 22,483,000
348.000 113,038,000
7,875,000
4,917,000
12,287,000
7,283,000
269,000
56,000
30,000 1,727,000
1,000 1,160,000
110,000
493,000
32,362,000
87,000 3,156,000 1,568,000 37,173.000
Jan. 1933
Feb. 1933
Mar. 1933
Apr, 1933
4 months
8,310.000
7,167,000
13,448,000
965,000 8.248,000
May 1933
June 1933
July 1933
Aug. 1933
Sept.1933
Oct. 1933
Nov. 1933
Dec. 1933
241,000
9,328.000 4,753,000
292.000 14.614,000
16,029,000
5,000 1,070,000
437,000 17,541.000
244,000
5,232,000
48,000
478,000 6,002.000
1,285,000
15,589,000 4,334,000 21,208.000
6.738.000
176,000
250,000 7,164,000
6,814,000
11,000 3,016,000
185,000 10,026.000
12,172.000
437,000
67,000
111,000 12,787,000
5,098,000
47,000
867,000
341,000 6.353,000
Year
35.059,000 5,018.000 24,796,000 7,996.000 132,869,000
Jan. 1934
Feb. 1934
Mar. 1934
Apr. 1934
4 months
8,682,000
5,309,000
6,011,000
8,665,000
49,000 1,763,000
221.000 1,433,000
873,000
7,000
850,000
12.000
359.000 10,853,000
45,000 7,008,000
190,000 7,081,000
63,000 9.590.000
28.667.000
290.000 4.919.000
657.000 34.533.000
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
Friday Night, May 11 1934.
Both wholesale and retail business showed improvement
during the week, with weather conditions more favorable.
Reports from most parts of the country showed that retail
sales exceeded those of the same time last year by 12% to
20%. Severe heat and dust storms in the Middle West and
Northwest have retarded business in those sections, and, as
a consequence, sales of farm implements, wearing apparel,
housewares, and hardware have suffered. However, there
was less resistance to price levels. Steel operations were
up to approximately 60% in the Pittsburgh district, and 64%
in the Chicago area. They represent new highs for the
year. There was a seasonal falling off in the use of elec-
tricity, but this was attributed, in a measure, to daylight
saving time. On the whole, industrial gains were well
maintained. In the retail line, home-furnishings and wearing apparel were the most active. There were fewer special
sales at reduced prices. Dry goods sales thus far this year
are larger than those in the same period of 1933. The
demand for new automobiles exceeded output. Sales of yard
goods in cotton, silk and rayon were larger than a week
ago. Dry goods at wholesale were in better demand, and
orders for men's summer clothing showed an increase. Orders from retailers for men's straw hats, in many cases,
were double those of May last year. Hardware was more
active. Cotton showed more activity during the week, and
prices rose sharply under a good demand from the trade,
and foreign interests were stimulated by Washington reports that an agr:Tment bad been reached, in principle, on
silver. A sharp rise in wheat also helped. At times favorable weather led to selling. Grain prices also rose sharply.
3164
and trading was very active. Wave after wave of buying
orders entered the ring, following reports of severe heat
and dust storms in the wheat territory of this country, and
the drouth continued. The dry area in Canada was reported
to have covered the largest area in some years. To-day,
prices declined on reports that dust storms had ceased and
a forecast for showery conditions overnight. The Government report put the winter wheat crop at 461,471,000 bushels, or about 30,000,000 bushels less than a month ago. Secretary Wallace said that a million bushels of wheat a day
are being destroyed in the Middle West, and conditions are
worse for the spring crop than at any time since the famine
harvest of 1894. However, it was reported that even if the
spring wheat crop should fall 65,000,000 bushels below the
normal total of 240,000,000 bushels, there will be a surplus
of about 45,000,000 bushels of wheat. Rye production was
estimated at 27,906,000 bushels against 21,184,000 bushels
last year and 40,639,000 bushels in 1932. The hay crop was
69.9% of normal, compared with 75.3% last year. Pasture
last
crops were 66.2% of normal compared with 71.5%
The report was based on figures as of May 1. Silver
year.
was in good demand, and higher, owing to the reported agreement between the President and the Senate silver bloc, but
Washington reports late in the week were less encouraging.
Sugar was more active and firmer, owing to the signing
2e.
of the sugar bill and a reduction in the Cuban duty from
and followed other commodities
to 1.50c. Coffee was quiet,
upward. Rubber was less active, with traders disappointed
with the action of the London market following the restriction agreement. Hides showed little life, and were dominated largely by the movement of prices in the major commodities. Wool was in poor demand and somewhat easier.
and
It was generally clear and warmer here during the week,
at times. On the 6th inst. the merlight showers occurred
cury climbed to 86 degrees. It was within 1.3 points of the
all-time heat record for that date. The perfect weather
brought out the largest throngs of the year to out-of-door
places, and attendance aggregating more than 1,000,000 was
reported by resorts in the metropolitan area. The number
of cars on the roads and visitors at parks were said to be
the largest ever seen so early in the year. The grain belts
during the week had severe dust storms, and drouth continued. It was also abnormally warm in those sections.
Cumberland, Md., sent reports that prayers offered to save
parching crops and to ease the labors of Civilian Conservation Corps members as fire fighters were answered by a
torrential downpour and somewhat destructive winds on
the 10th inst. An appeal for the prayers was said to have
been made in the Cumberland "News." To-day it was fair
and warm here, with temperatures ranging from 48 to 72
degrees. The forecast was for fair to-night and Saturday.
Sunday, probably fair and warmer. Overnight at Boston it
was 56 to 68 degrees; Baltimore, 64 to 88; Pittsburgh, 50 to
80; Portland, Me., 54 to 60; Chicago, 48 to 74; Cincinnati,
56 to 78; Cleveland, 44 to 78; Detroit, 42 to 74; Charleston,
64 to 76; Milwaukee, 48 to 72; Dallas, 64 to 82; Savannah,
62 to 82; Kansas City, 56 to 78; Springfield, Mo., 54 to 74;
St. Louis, 62 to 78; Oklahoma City, 52 to 70; Denver, 58 to
72; Salt Lake City, 56 to 82; Los Angeles, 66 to 94; San
Francisco, 62 to 84; Seattle, 52 to 74; Montreal, 54 to 76,
and Winnipeg, 18 to 48.
Noted in "Annalist" Weekly
Commodity Prices for Week
-At Highest Point Since Feb. 10 1931.
of May 8
An advance of 1.7 points for the week carried the "Annalist'
weekly index of wholesale commodity prices up to 111.1 on
May 8, the highest point since Feb. 10 1931, when it stood
at 111.8. The advance, the "Annalist" said, was largely
due to higher levels for the farm and food products groups,
the first of which (reflecting higher grains, steers and cotton),
was the highest since April 28 1931, with the exception of
the two boom weeks of last July, while the latter with the
same exception was the highest since Nov. 17 1931. Continuing, the "Annalist" stated:
Increase of 1.7 Points
Index of Wholesale
in rubber, was
The miscellaneous group index, dominated by the rise
the exception of two weeks
the highest price since December 1930. with
advanced with the aid of crude
in the autmn of 1931. The fuels group
with the
petroleum. and that index is now the highest since Nov. 4 1929,
The building materials index
exception of last October and November.
however, were weaker.
advanced also: textiles and the metals,
attained only in terms of our
The foregoing high levels were of course
dollar basis the combined index
depreciated currency. On an old gold
from the 67.2-62.8 zone in which
advanced to 65.7, but failed to break away
Its movements since the current rehas been confined since Nov. 14.
It
effective, indeed, had only been between
valuation of the dollar became
reflecting the current stability of prices
65.0 and 64.0 until the current week,
undisturbed bv monetary suspicions.
May 12 1934
Financial Chronicle
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for seasonal variation (1913=100).
May 8 1934. May 1 1934. May 9 1933.
76.9
90.5
93.6
Farm products
94.1
109.4
107.7
Food products
80.6
0113.9
*113.5
Textile products
102.6
161.4
181.7
Fuels
95.8
112.3
112.4
Metals
106.6
114.2
114.0
Building materials
95.5
100.2
100.2
Chemicals
74.1
91.2
89.5
Miscellaneous
89.3
111.1
109.4
All commodities
65.7
76.2
64.8
b All commodities on old dollar basis_
•Preliminary. a Revised. b Based on exchange quotations for France. Switzerland, Holland and Belgium.
While wheat prices benefited from further world-wide crop deterioration,
cotton from the completion of the recent liquidation and rubber from the
new international agreement, probably the most important single influence
on the commodities as a whole was the renewed prospects of inflation
through silver legislation by Congress. Reports In recent weeks had
Indicated that the President was unalterably opposed to such legislation,
but current reports have again raised doubts as to his stand.
It is doubtless true that the exigencies of politics, as practiced in the
United States, compel the President to avoid antagonizing the diverse
elements in his party that control Congress (a disadvantage from which
the Fascist, Nazi and Soviet regimes at least do not suffer, to the benefit
of effectiveness and consistency, if not of political freedom). But continued uncertainty about our monetary system, the foundation of our
entire economic life, is a high price to pay for political manoeuvring. This
Is the more true when there is widespread conviction that much of the
agitation "for" silver is not disinterested and that most of the rest is of the
rankest sort of sectionalism. It is indeed to be regretted that the President,
who ought to be a tower of strength on fundamental issues, should think
It necessary to leave the country in such uncertainty about his own stand.
DAILY SPOT PRICES.
Moody': Index.
Cotton.
Whew.
Corn.
Hogs.
U. S.
$
Old
9
78.4
132.4
3.62
0.6034
0.9534
10.75
May 1
78.8
3.89
133.1
0.6134
0.9534
11.00
May 2
78.7
132.9
3.71
0.6134
0.9545
11.00
May 3
79.6
3.70
134.4
0.6134
0.9634
11.30
May 4
79.4
0.6234132.4
0.9554
11.20
May 6
.ii
3
.
80.8
136.2
0.6334
1.01
11.45
May 7
80.6
136.4
3.58
0.6334
1.0234
11.65
May 8
-No.2 red, new, oil , domestic,
Cotton-Middling upland. New York. Wheat
-Day's average, Chicago.
New York, Corn-No. 2 yellow, New York. Hogs
Moody's index-Daily index of 15 staple commodities. Dec. 31 1931=100; March 1
1933=80.
Loadings of Revenue Freight for Latest Week Were
14.6% in Excess of Same Period Last Year.
Loading of revenue freight for the week ended May 5 1934
totaled 604,205 cars, a decrease of 4,449 cars, or 0.7% under
the preceding week, but was 77,087 cars, or 14.6%, higher
than in the corresponding period in 1933. It was, however,
a gain of 70,254 cars, or 13.2%, over the comparable week
In 1932. Total loading for the week ended April 28 1934
exceeded the same period last year by 13.0% and was also
9.8% in excess of the week ended April 30 1932.
The first 16 major railroads to report for the week ended
May 5 1934 loaded a total of 261,689 cars of revenue freight
on their own lines, compared with 262,950 cars in the preceding week and 232,935 cars in the seven days ended May 6
1933. With the exception of the International-Great Northern RR., all of these carriers reported increases over the comparable period in 1933. Comparative statistics follow:
,REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Loaded on Own Lines. Receivedfrom Comedian:
Weeks Ended
Atchison Topeka & Santa Fe Ry.
Chesapeake & Ohio By
Chicago Burlington & Quincy RR
Chicago Milw.St. Paul .fr Pae. By
Chicago & North Western Ay
Gulf Coast Lines
International-Great Northern RR
Missouri-Kansas-Texas Lines_ _ _
Missouri Pacific RR
New York Central Lines
N.Y.Chicago & St. Louis Ry-Norfolk & Western By
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash By
May 5 Ayr. 28 May 6 May 5 Apr. 28 May 6
1934. 1934. 1933, 1934, 1934, 1933.
17,913
20,792
14,093
17,072
14,901
2.873
2,585
4.183
12,968
44.413
4,480
18,520
55.374
5,055
21,237
5,250
18.609
20,398
13,995
16,517
15,090
3,129
2,787
4,392
13,340
44,048
4,511
18,182
56,179
5,405
21,253
5,115
17,475 4,637 5,045 4.575
16,687 8,949 8,541 7,410
13,549 5.873 5,969 5.467
16,990 8,369 5,954 6,108
13,991 8,844 8,726 7,577
2,661 1,381 1,374
838
4,640 2,132 2,455 1,934
4,379 2,381 2,744 2.193
11,827 7,841 7,923 7,309
37,202 58,212 57,381 46,613
3,881 8,301 7,587 7,013
13,027 4,097 3,887 3.115
49,130 37,007 33,916 29,715
4,161 5,021 4,911 3,845
18,469
4,866 7.664 7,449 6,559
261,889 262,950 232,935 168,689 163,862 140,080
Total
x Not reported.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Weeks Ended
Chicago Rock Island & Pacific By
Illinois Central System
-San Francisco By
St. Louis
Total
May 5 1934. April 28 1934. May 6 1933.
19,179
24,976
11,717
19,318
25,121
12,120
19.159
21,977
11,859
55.872
gs.isas
59 005
The American Railway Association, in reviewing the week
ended April 28, reports as follows:
Loading of revenue freight for the week ended April 28 totaled 608,654
cars, an increase of 19,201 cars above the preceding week, 69,845 cars above
the corresponding week in 1933, and 54,457 cars above the corresponding
week in 1932.
Miscellaneous freight loading for the week of April 28 totaled 242,360 cars,
an increase of 2,085 cars above the preceding week, 34,614 cars above the
3165
Financial Chronicle
Volume
corresponding week in 1933, and 42,643 cars above the corresponding week
in 1932.
Loading of merchandise less than carload lot freight totaled 165,390 cars,
a decrease of 281 cars below the preceding week, but an increase of 3,063
cars above the corresponding week in 1933. It was, however, a decrease of
19,680 cars blow the same week in 1932.
Grain and grain products loading for the week totaled 26,507 cars, an
Increase of 221 cars above the preceding week. It was, however, a decrease
of 15,116 cars below the corresponding week in 1933, and 6,258 cars below
the same week in 1932. In the Western districts alone, grain and grain
products loading for the week ended April 28 totaled 16,438 cars, a decrease
of 11,289 cars below the same week in 1933.
Forest products loading totaled 24,963 cars, an increase of 1,078 cars
above the preceding week, 6,005 cars above the same week in 1933, and 5,027
cars above the same week in 1932.
Ore loading amounted to 9,414 cars, an increase of 804 cars above the
preceding week, 3,687 cars above the corresponding week in 1933, and 6,418
cars above the corresponding week in 1932.
Coal loading amounted to 115,417 cars, an increase of 14,991 cars above
the preceding week, 37,025 cars above the corresponding week in 1933, and
24,363 cars above the same week in 1932.
Coke loading amounted to 6,160 cars, an increase of 531 cars above the
preceding week, 2,518 cars above the same week in 1933, and 3,142 cars
above the same week in 1932.
All districts except the Southwestern reported increases for the week of
April 28, compared with the corresponding week in 1933, but all districts
reported increases compared with the corresponding week in 1932.
Live stock loading amounted to 18,443 cars, a decrease of 228 cars below
the preceding week, 1,951 cars below the same week in 1933, and 1,198 care
below the same week in 1932. In the Western districts alone, loading of live
.
stock for the week ended April 28 totaled 15,063 cars, a decrease of 1,536
cars below the same week in 1933.
Loading of revenue freight in 1934 compared with the two previous years
follows:
1934.
1932.
1,924,208
1,970,566
2,354,521
492,061
498,182
496,512
538,809
2.266,771
2,243,221
2,825,798
545,623
566,826
562,527
554,197
9,880,479
Total
1933.
2,177,562
2,308,869
3,059,217
557,887
578,837
589,453
608,654
Four weeks in January
Four weeks in February
Five weeks in March
Week ended April 7
Week ended April 14
Week ended April 21
Week ended April 28
8.274,859
9,564,963
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
April 28 1934. During this period 51 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 Chesapeake & Ohio RR., the New York Central RR., the Southern Ry. System, the Louisville & Nashville
RR., the Norfolk & Western By., the Illinois Central System,
the Chicago & North Western Ry., the Chicago Burlington &
Quincy RR., the Missouri Pacific RR., the Southern Pacific
Co. (Pacific Lines), the Reading Co., and the Erie BR.:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF 0UM-WEEK ENDED APRIL 28.
Railroads.
1934.
Eastern District.
Group A
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York, N.H.& Hartford__
Rutland
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
1933.
1932.
1934.
1933.
2,054
2,987
7,655
1,032
2.411
10,742
637
1,762
2,715
7,204
701
2,261
9,727
633
2,117
3,093
7,665
711
2,437
10.878
625
349
4,776
10.411
2,310
2,766
11,608
987
269
4,366
8,644
1,993
2,176
9,810
843
27,518
25,003
27.526
33,207
28,101
6.406
9,863
14,180
281
1,901
9,109
2,058
19,531
2,126
300
320
3,975
7,717
10,166
260
1,445
6.189
1.532
17,819
1,628
294
256
6,478
9,876
12,093
276
1,870
8,928
1,520
18,009
2,121
389
345
6,989
6,326
13,634
1,646
835
7,356
37
28,564
2,047
28
208
5,621
5,608
11,771
1,516
853
6,735
43
21,696
1,799
29
192
66,075
51,281
61,905
67,670
55,863
452
1,194
7,589
24
283
258
1,328
3,371
6,328
2,680
3,857
4,283
3,224
1,075
5,356
2,638
598
1,220
7,557
41
252
226
1,702
2,754
6.155
3,772
4,283
4,495
3,725
824
5,034
2,050
1,010
1,723
10,311
70
113
2,492
1,141
6,553
8.774
194
7,587
4,911
4,772
898
7,449
3,181
841
1,606
8,849
40
67
1,521
643
4,734
6,704
188
6,671
3,569
3,662
667
6,478
2,217
54,344
43,940
44,688
61,179
48,457
147,937
120,224
134.119
162,056
132,421
597
28.801
2,840
227
6,815
614
207
87
771
1,109
56,179
14,387
8,142
93
3,165
377
22,769
1,544
224
4,830
51
164
75
1,203
917
49.992
10,077
3,237
32
2,554
a
26,023
740
149
7,633
55
224
78
1,189
56,500
13,673
3,940
52
3,066
791
12,594
1,639
5
9,745
46
29
15
2,829
1,067
33,916
13,352
2,403
2
4,838
543
11,260
797
8
9,176
36
15
5
2,223
936
29,867
13,193
872
1
3,337
124,034
98,046
113,322
83,271
72,269
20,398
18,182
1,696
3,052
16,578
13,556
1,944
2,293
16.665
13,138
2,018
2,483
8,541
3,887
1,162
669
7,443
4,065
1,070
625
43,328
34,371
34,304
14,259
13,203
Southern District.
Group A9,193
Atlantic Coast Line
1,139
Clinchfield
370
Charleston & Western Carolina
135
Southern
Durham &
42
Gainesville & Midland
1,237
Norfolk Southern
448
Piedmont & Northern
377
Richmond Frederick. & Potom.
• 7,897
Seaboard Air Line
19,392
Southern System
145
Winston-Salem Southbound
9,109
899
407
174
62
1,507
523
298
7,628
18,864
168
8,376
781
357
.136
49
1,552
483
304
7,536
18,909
200
4,474
1,709
1,001
503
168
1,265
949
3,107
3,415
11,793
666
3,963
1,293
1,010
316
98
1,178
734
3,628
3,132
11,064
616
Total
Group B
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario dr Western_
Pittsburgh & Shawmut
Pittsburgh Shawmut& Northern
Total
Group C
--Ann Arbor
Chicago led.& Louisville
Cleve. Cin. Chic. di St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & Bt. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia
Wabash
Wheeling & Lake Erie
Total
Grand total Eastern District
Allegheny District.
Akron Canton & Youngstown..
Baltimore & Ohio
Bessemer dr Lake Erie
Buffalo Creek & Gauley
Central RR.of New Jersey...._
Cornwall
Cumberland dr Pennsylvania
Ligonier Valley
Long Island
b Penn-Read Seashore Lines_ _
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District.
Chesapeake dr Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
603
1,162
6,904
24
232
332
2,181
4,905
9,273
3,674
4,511 •
5.405
5,279
1,354
5,115
3,390
Railroads.
Total Revenue
Freight Loaded.
Total Loads Realisedfront Connections.
1934.
Group 8
Alabama Tenn. & Northern_
Atlantic Birmingham & Coast__
-West.RR.of Ala
Atl.& W.P.
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louis._
TennesseeCentral
Total
1933.
1932.
176
653
603
3.278
284
1,694
861
291
1.446
17,045
16,973
*103
165
1,863
2,973
404
208
681
764
3,630
194
1,564
864
286
1,355
16,693
13,972
118
155
1,881
3,221
330
197
604
671
3,701
217
909
780
266
1,272
16,580
13,763
114
121
2,157
2,975
398
148
748
911
2,205
171
499
1.342
432
664
8,572
3,759
429
223
1.414
2,316
597
157
838
994
2,063
168
502
1,346
377
760
8,903
3,785
411
303
1,506
2,421
508
1934.
1933.
48,812
45,916
44,725
24,430
25,042
Grand total Southern District-.
89,187
85,555
83,407
53,420
52,074
Northwestern District.
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic.St. Paul Minn.& Omaha.
DuluthMissabe & Northern_
Duluth South Shore 4, AtlanticElgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Lake Superior & Ishpeming
Minneapolis & St. Louis
Minn. St. Paul & 8.8. Mule
Northern Pacific.
Spokane & International
Spokane Portland & Seattle....
883
15,337
2,300
16,517
3,321
1,372
963
5,472
329
9,092
466
326
1,701
4,186
7,708
108
1,446
809
13,878
2,326
17,114
3.835
2,788
299
3,621
301
7,731
526
192
1,975
4,217
7,052
95
907
1,176
14,199
2,454
16,207
3,050
411
343
3,206
309
6,794
499
a
1,787
3,940
7.660
a
1,146
1,261
8,726
2,400
6,154
2.722
95
381
4,519
120
2,393
456
78
1,357
2,360
2,087
178
929
1,221
7,390
2,021
5,939
2,670
37
352
3,603
104
2,028
360
49
1,235
1,918
2,183
103
700
71,527
67,666
63,181
36,216
31,913
18,609
2,461
199
13,995
1,072
10,570
2,318
780
1,726
147
1,078
1,874
577
98
15,623
211
301
11,227
115
1,409
19,132
3,172
171
13,741
929
11,905
2,204
759
1,426
152
1,194
1,905
413
102
12,960
306
436
10,778
201
1,045
17.931
3,066
154
14,068
a
11,977
2,087
894
1,558
146
1,092
a
456
174
14,277
241
416
11,233
242
1,496
5.045
1,789
24
5,969
578
5.889
1.978
833
2,162
8
906
962
283
14
3,410
274
981
7,148
4
1,537
4,630
1,363
28
5,453
637
6.118
1,720
620
1,665
5
866
816
183
82
2,882
390
930
5,683
5
1,139
84,390
82,931
81,508
39,794
35,215
196
135
123
164
108
128
3.129
2,860
2,787
3,809
117
76
1,734
1,500
1,154
1,237
166
134
382
109
451 ' 465
133
120
4,347
4,810
13,340
12,420
38
50
196
122
6,945
7,669
1,914
2,095
5,630
6,204
3,841
3,869
1,456
1,967
73
64
167
119
162
3,105
1,638
133
1,395
1,042
a
99
500
72
4,301
12,001
39
75
7.050
1,970
5,417
3,155
1,874
42
3,357
258
198
1,374
2,455
1,230
1,526
787
271
795
698
257
2,744
7,923
11
120
3.453
1,809
MOO
3,716
1,811
49
2,678
343
147
819
2,154
1,085
1,230
658
191
564
350
242
2,465
7,129
20
88
3,260
1,368
2,275
3,472
1,889
37
Total
Central Western District.
Atch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago dr Illinois Midland....
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth dr Denver City....
IllinoisTerminal
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand 'eland__
Toledo Peoria & Western
Union Pacific System
Utah
Western Pada°
Total
Southwestern District.
Alton & Southern
Burlington-Rock island
Fort Smith az Western
Gulf Coast Lines
International-Great Northern_.
Kansas Oklahoma & Gull
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas_ _ _
Litchfield & Madison
Midland Valley
Missouri & North Arkansas....
Missouri
-Kansas
-Texas Lines..
Missouri Pacific
Natchez & Southern
Quantal Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas dr Pacific
Terminal RR. Assn.01St. Louis
Weatherford Min.Wells& N.W.
40,375
39,639
38,082
28,990
27,032
Total
48,251
50,016
44,356
37,242
32,464
•Not available. b Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RR.. ormerly part of Pennsylvania
RR..and Atlantic City RR.,formerly part of Reading Co.; 1932 Utiles included In Pennsylvania System and Reading Co. •Previous week's figure.
Total
Financial Chronicle
3166
Increase in Wholesale Commodity Prices During Week
of May 5 Reported by National Fertilizer Association.
Wholesale commodity prices advanced during the week of
May 5, according to the index of the National Fertilizer Association. This index advanced four points during the latest
week ended May 5. During the preceding week it advanced
one point. The latest index number, 71.2, compares with the
index number of 70.8 a week ago, 71.1 a month ago, and 59.3
a year ago. (The three-year average, 1926-1928, equals 100.)
Under date of May 7, the Association further said:
Eight of the 14 groups in the index were affected by price changes during
the latest week. File groups advanced and three declined. Fuel, grains,
feeds and livestock, metals, fats and oils, and miscellaneous commodities
advanced. Foods, textiles and fertilizer materials declined.
During the latest week there were 23 price advances and 34 price declines
in the list of individual commodities. For the preceding week there were 25
advances and 28 declines. Two weeks ago there were 21 advances and 47
declines. Higher prices were shown for wheat, corn, oats, cattle, butter,
apples, pig iron, finished steel, silver, petroleum, burlap and rubber. The
declining commodities included cotton, cotton yarns, wool, lard, coffee, cottonseed meal, muriate of potash, eggs, potatoes, most foodstuffs, light weight
hogs, heavy melting steel, tin and turpentine. The decline in the price for
cotton was very small.
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
Bach Group
Pears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
1 on n
',duet
Week
May 5
1934.
Group.
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements
All urnilna en rnhInpri
Preceding
Week.
Month
Ago.
Year
Ago.
71.4
69.1
53.0
67.8
70.8
91.3
81.0
84.4
85.6
50.3
93.0
65.5
76.1
92.4
71.5
68.9
52.1
68.5
70.4
91.3
81.0
79.8
85.6
50.2
93.0
66.7
76.1
92.4
71.1
68.1
55.0
71.9
69.6
91.3
80.5
79.2
85.2
50.4
93.0
67.6
75.9
92.4
60.1
50.7
45.5
48.8
60.5
84.9
71.5
69.6
75.9
49.3
87.2
63.2
62.4
90.2
71 9
711 5
71 1
50 5
Federal Reserve Board Reports Little Change in
Department Store Sales from March to April.
Preliminary figures on the value of department store sales
show little change from March to April, when allowance is
made for number of business days,for usual seasonal changes,
and for changes in the date of Easter. The Federal Reserve
Board's index was 76 in April on the basis of the 1923-1925
average as 100, compared with 77 in March and 71 in February. Under date of May 10 the Board continued:
In comparison with a year ago, the value of sales for April according to
preliminary figures was 5% larger. Easter was earlier this year than last,
so that this year's figures include no Easter shopping, while the figures for
last year include two weeks of such trade. Reported increases compared
with last year are shown for eight districts, the largest increases being in the
Atlanta, Chicago and Dallas districts. The aggregate for the first four
months of the year was 22% larger than last year.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
April..
derail Reserve Districts
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
- .:1
+9
+3
+28
+18
+11
-3
+13
+17
+1
Jan. 1
to
April 30.*
+17
+12
+15
+35
+20
+42
+32
+27
+16
+26
+36
+18
Number of
Reporting
Stores.
• 56
54
31
25
48
43
58
39
62
20
20
91
Number
of
Cities.
30
27
15
15
21
24
24
21
47
13
6
33
-1.5
4-22
547
276
* April figures preliminary; in most cities the month had the same number of
business days this year and last year.
Indexes of Business Activity of Federal Reserve Bank
of New York.
In presenting its monthly indexes of business activity in
Its "Monthly Review" of May 1, the Federal Reserve Bank of
New York stated that "no material change in the course of
general business activity and trade during April is indicated
by the limited data now available." The bank continued:
The railroad movement of miscellaneous and less than carload freight.
which is one of the best measures of general business activity, showed a
seasonal increase of at least the usual proportions during the first half of
April, but retail trade in the New York Metropolitan area showed some slackening after the active trade of March.
Among this bank's indexes of distribution and general business activity
the most important change during Mardi was shown in the department store
trade indexes. Sales increased sharply in this district, and rather considerably throughout the country, even after allowance for seasonal factors, including the influence of Easter buying. As is shown in the accompanying
diagram [this we omit-Ed.], the dollar value of department store sales in
the United States, after elimination of seasonal influences, was at a higher
level in March than at any time since the first half of 1932, with the excep-
May 12 1934
tion of a single month last summer. In view of the uneven rise in retail selling prices, it is not definitely ascertainable how much of the increase in
dollar volume of sales in recent months has reflected increased prices, and how
much has represented an increased quantity of goods sold, but in March there
was good reason to believe that the actual amount of goods distributed was
well above a year previous. The broad movement of department store sales
during the past year has corresponded fairly closely with the movements of
the other principal indicators of general business activity.
Among the other indexes of distribution and general business activity,
merchandise imports, retail automobile sales, and sales of chain stores other
than grocery chains showed increases in March. No marked •change occurred
during March in the indexes relating to railroad freight traffic, volume of
check paynrents, wholesale trade, exports, life insurance sales, and sales
of groceries by chain stores, while the index of mail order house sales declined rather sharply.
(Adjusted for seasonal variations, for usual year to year growth,and where necessary
for price changes.)
Mar.
1933.
Primary Distribution
Car loadings, merchandise and miscellaneous_
Car loadings. other
Exports
Imports
Waterways traffic
Wholesale trade
Distribution to Consumer
Department store sales, United States
Department store sales. Second DLstrict,
Chain grocery sales
Other chain store sales
Mall order house sales
Advertising
Gasoline consumption
Passenger automobile registrations
General Business Activity
Dank debits, outside of New York City
Bank debits. New York City
Velocity of demand deposits, outside of N.Y.City
Velocity of demand deposits, New York City__
Shares sold on New York Stock Exchange
Life insurance paid for
Employment in the United States
Business failures
Building contracts
New corporations formed in New York State
Real estate transfers
Jan.
1934.
48
47
39
51
40
81
64
75
59
66r
53
45
71
23
a
a
a
a
59
62
58
76
12
64
42
Feb.
1934.
Mar.
1934.
61
60
52
55
70
93
60
68
55p
539
39
96
60
69
55p
589
70
70
50
80
70
54
83
27p
70
69
49
76
72
559
87
41p
73p
77
49
80
61
57
43
72
53
133
73
73
42
46
65
50
59
49
72
59
150
68
76
43
28
56
46
969
48p
60p
47p
72
54
62
67
79
41
30
56
General price level*
123
133
1369
1369
Composite index of wages.
168
179
1809
1809
Cost of living*
127
136
138
139
p Preliminary. r Revised. • 1913 average=100. a Data not available.
Slight Increase During Week of April 28 Noted In
United States Department of Labor's Index of
Wholesale Commodity Prices.
The wholesale commodity price index of the Bureau of Labor Statistics, United States Department of Labor, showed a
slight advance during the week of April 28, and rose by 0.3
of 1%, according to an announcement made May 3 by Commissioner Lubin of the Bureau of Labor Statistics. In issuing the announcement, Mr. Lubin stated:
Present prices are 73.5% of the 1926 average as compared with 73.3%, the
level maintained for the three preceding weeks, and 73.4% for the week
ending March 31.
As compared with the index of 01.5 for the corresponding week of last
year, the present level is up by 191%. It is 12% above the level for the
/
2
same week of two years ago, when the index was 63.5. The average wholesale price level now stands nearly 4% above that of the first week in
January. It is 21
A% above the high point reached during the year 1933
(Nov. 18), when the index stood at 71.7 and 231 above the low point of
/
2
%
last year (March 4), when the index was 59.6.
Of the 10 major groups of commodities covered by the Bureau, three showed
an increase, six a decrease, and one, foods, remained at the level of the
week before.
Mr. Lubin's announcement of May 3 further said as
follows:
The metals and metal products group registered the largest advance and
rose by 11%. The present index, 88.3% of the 1926 average, is the highest
/
2
that has been reached since September 1930, when the index had declined
to 89.0. The increase was largely due to the 334% advance for the iron and
steel sub-group. Minor fluctuations were recorded for the non-ferrous metals,
with the other subgroups showing no change.
An increase of 1% in the building materials group placed the present index
at 87.1% of the 1926 average, which is the highest level that has been
reached this year. Advances in items comprising the brick and lumber subgroups was largely responsible for the upward movement. Prepared roofing,
wire nails and steel pipes were also among the important items showing
price advances.
Rising prices in bituminous coal, Pennsylvania fuel oil and gasoline were
mainly responsible for the / of 1% increase in the fuel and lighting ma1
2
terials group. The upward movement within this group during the past
few weeks has placed present prices at the level of March 3, when the index
was 73.5.
Continued price declines in cotton, onions, potatoes, wool, wheat, and recent decreases for eggs, hay, hops and other farm products caused this group
to recede by 1% to the lowest level which has been reached since early in
the year. The present index is 59.1% of the 1926 average.
The decrease in the groups of chemicals and drugs, textile products, hides
and leather products, housefurnishing goods and miscellaneous items were
fractional. Important items in these groups showing price declines were
copra, palm kernal oil, menthol, sulphate of ammonia, cotton textiles, raw
silk, jute, burlap, binder twine, calf skins, goat skins, woolen blankets, and
cattlefeed. Crude rubber, however, continued to show a price advance and
rose by 41,4% to a new high for the past four years.
The general average of the foods group remained unchanged. Important
Items showing price advances were butter, rye flour, hominy grits, corn meal,
canned peaches, oranges, lemons, fresh beef, dressed lamb, canned salmon,
lard, edible tallow and raw sugar. Average prices for cheese, wheat flour,
dried beans, cured and fresh pork, cocoa beans, and cottonseed oil moved
downward.
The index number of the Bureau of Labor Statistics is composed of 784
separate price series weighted according to their relative importance in the
Financial Chronicle
Volume 138
3167
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 April 29 1933, April 30
1932, Nov. 18 1933 (high for year), and March 4 1933 (low for year), and
the average for the year 1929:
those plants which do not submit reports is estimated; therefore, the figures
of output and fuel consumption as reported in the accompanying tables
are on a 100% basis.
[The Coal Division, Bureau of Mines. Department of Commerce. cooperates in the preparation of these reports.;
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF APRIL 28
AND APRIL 21 1934, APRIL 29 1933, APRIL 30 1932, NOV. 18 1933,
MARCH 4 1933, and YEAR 1929. (1926=100.0.)
In connection with the figures for the 12 months of 1933,
the U. S. Department of the Interior, Geological Survey,
states as follows:
1Veek Ended
Year
Apr. 28 Apr. 21 Apr. 29 Apr. 30 Woo. 18 Afar. 4 1929.
1934.
1934. 1933. 1932. 1933. 1933.
The Geological Survey's monthly and annual reports of the production
of electricity and consumption of fuel are based on reports of the operation
of about 3,800 power plants which generate electricity for public use The
net output of the following types of plants is included in these reports.
Central stations, both commercial and municipal, electric railway plants,
plants operated by steam railroads generating electricity for traction.
Bureau of Reclamation plants, public works plants, and that part of the
production of electricity by manufacturing plants which is sold. The
number, capacity and output of each of these types of plants at the end
of 1933 were as follows.
59.1
66.6
89.6
75.0
73.5
88.3
87.1
75.3
83.0
69.2
59.7
66.6
89.7
75.2
73.1
87.0
86.3
75.5
83.1
69.3
46.4
58.1
71.8
52.4
62.5
77.6
70.5
72.0
72.3
58.6
48.8
61.0
73.9
56.5
72.0
80.2
72.4
74.4
76.3
64.6
58.7
65.4
88.5
75.8
74.5
83.5
84.7
73.5
82.1
65.4
79.2
78.8
66.2
71.0
77.5
73.5
73.3
61.5
65.5
71.7
All commodities
c7.-1-4-4-mcnoen
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metal and metal products_
Building materills
Chemicals and drugs
Housefurnishing goods.....
Miscellaneous
All commodities other than
farm products and foods
104.9
99.9
109.1
00.4
83.0
100.5
95.4
94.2
94.3
82.6
59.6
95.3
Production of Electricity in March 1934 Exceeded
Same Month in 1933 by 15%.
According to the Department of the Interior, Geological
Survey, production of electricity for public use in the United
States totaled 7,665,426,000 kwh., an increase of 15% over
the corresponding period in 1933, when output was 6,687,462,000 kwh. The current figure also compares with 7,051,621,000 kwh. produced during February 1934. Of the figure
for the month of March 1934, a total of 4,624,245,000 kwh.
were produced from fuels and 3,041,181,000 kwh. by water
power. The Survey's statement follows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT-HOURS).
Total by Water Power and Fuels.
Division.
Jan. 1934.
Feb. 1934.
Total for U
Changes in Output
from Precious Year.
March 1934. Feb. '34. Mar.'34.
+22%
+24%
+14%
+20%
+7%
+12%
+27%
+2%
+8%
+23%
+9%
+15%
+8%
_ 7,631,497,000 7,051,621,000 7,665,426.000 +12%
+15%
New England
561,159,000 520,466,000 556,233,000
Middle Atlantic_ _ 2,111,329,000 2,008,864,000 2,087,211,000
East North Central_ 1,782,899,000 1,652,309,000 1,804,678,000
West North Central_ 466,741,000 431,861,000 455,649,000
South Atlantic_
888,706,000 771,825,000 932.197,000
East South Central_ 308,289,000 288,945.000 299,445.000
West South Central
345,727,000 324,062,000 339,239,000
Mountain
236,160,000 212,515,000 234,209,000
Pacific
930,487,000 840,774,000 956,565.000
-3%
+28%
+5%
+14%
The average dal y production of electricity for public use in the United
States in March was 247.300.000 kwh., a decrease of 1.2% from the average daily production for February. The normal change from February to
March is a decrease of 1.7%.
The average daily production of electricity by the use of water power in
March was 19% larger than in February. All but two or three States
showed an increase in the production of electricity by the use of water
power. The output by the use of fuels was 12% less than in February,
with a corresponding decrease in the amount of fuel used.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE
1934.
January._
February _
March
April
May
June
July
August
September..
October _ _
November
Kilowatt Flours
7,631,497,000
7,051,621,000
7,665,426,000
December._.
Total
Produced by
Water Power.
1933
Oyer
1932.
1934
Om.
1933.
1934.
1933.
Kilowatt flours
6,964,516,000 c8%
6,296,807,000 cb7%
6,687,462,000 c9%
6,478,090,000 c5%
7,012,584,000
5%
7,242,095,000 10%
7,490,718,000 14%
7,687,990,000 14%,
7,349,509,000
9%
7,478,854,000
6%
7,243,360,000
4%
7,469,747,000
4%
10%
12%
15%
____
___
____
____
____
.._ _
.
____
____
-_--
39%
33%
40%
____
____
____
____
____
____
____
____
-
43%
42%
45%
48%
49%
42%
38%
38%
40%
35%
35%
37%
1933.2
85,401,732,000 27%
a Revised. b Based on average daily productions. c Decrease under 1932.
Coal Stocks and Consumption.
Stocks of coal at electric power utilities increased slightly in March 1934.
Bituminous stocks rose from 5,000,789 tons on March 1 to 5,193,872 tons
on April 1, an increase of 3.9%; while the stocks of anthracite rose 1.3%,
standing at 1,308,595 tons on April 1 as compared with 1,292,295 tons at
the beginning of the previous month. The total stocks on April 1 amounted
to 6,502,467 tons, or 3.3% more than on March 1.
Consumption of coal decreased in March. On a daily basis the rate of
bituminous coal consumption shows a decline of 11.9% in comparison with
February, while anthracite consumption declined 17.2%. The total consumption of both hard and soft coal in March amounted to 2,805,378 tons,
as against 2,885,639 tons in February. At the rate of consumption prevailing in March, the stocks of bituminous coal on April 1 were sufficient
to last 60 days, and anthracite stocks were equivalent to 294 days' requirements.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 kwh. or more per month, engaged in generating
electricity for public use, including central stations, both commercial and
municipal, electric railway plants, plants operated by steam railroads
generating electricity for traction, Bureau of Reclamation plants. public
works plants, and that part of the output of manufacturing plants which
Is sold. The output of central stations, electric railway and public works
plants represents about 98% of the total of all types of plants. The output as published by the Edison Electric Institute and the "Electrical
World" includes the output of central stations only. Reports are received
from plants representing over 95% of the total capacity. The output of
Cornpanics.
Totals
Capacity
(Kw.)
Total Output
(Kitt.)
3,673
40
7
11
14
60
33,970,602
1,088,910
294,560
37.977
357,050
289,366
79.983,339,000
2,452,841,000
569,973,000
167,746,000
1,086,762,000
1,141,071,000
.1 527
Central stations
Electric railways
Electric railroads
Bureau of Reclamation
Public works
Manufacturing
Plants.
1,433
29
6
4
11
54
Type of Plants.
91.6
2 ana
RA 11151 Allk
sac 401
729
non
* Includes 88 duplications due to companies operating in more than one State.
The allocation of the power plants into these six groups or types was made
by representatives of the National Electric Light Association and the
"Electrical World." The figures of generated electricity as reported by
the National Electric Light Association, the Edison Electric Institute, and
the "Electrical World" refer to central stations.
The interchange in electricity between the United States and Canada
from 1921 to 1933, and Mexico for 1931 to 1933. Is shown in kwh• in the
following table.
1933.
Imported
from
Canada.
Exported to
Year
Canada.
Jan ___ 41,544,000
Feb.. _ 48,014,000
March. 46,406,000
April_ _ 45,296,000
May __ 35,283,000
June ... 42,871,000
July_ _ 86,668,000
.
Aug _ __ 119,188,000
Sept... 109,531,000
Oct... 122,913,000
Nov__ 127,231,000
Dec.. 106,408,000
272.818
287,519
243,783
226,147
284,616
274,418
179,431
297,130
309,877
239,951
279,821
299,779
TnIfOR 021 222 AAA 2 102
aon
Mexico.
1,875,000
1,554,000
1,065,000
1,632,000
1,292,000
1,366,000
1,873,000
2,153,000
1,746,000
1,376,000
1,500,000
1,402,000
IS 132.1
nnn
Imported
from
Canada.
Exported to
Canada.
Mexico.
1921 885,259,000
1922 976,522,000
1923 1,343,501,000
1924 1,302,317,000
1925 1,285,540,000
1926 1,506,002,000 5,354,000
1927 1,632,614,000 5,020,000
1928 1,587,761,000 5,223,000
1929 1,444,208,000 6,133.00(
1930 1,619,599,0005,757.00f
1931 1,235,288,000 5,447.00€ 21,076,000
1932 667,880,000 3,845,00€ 19,900,000
1933 931,353,000 3,195,00€ 18,834,000
Decrease of 0.1 of 1% Reported in Retail Prices of Food
During Two Weeks Ended April 24 by United
States Department of Labor.
Retail food prices declined 0.1 of 1% during the two weeks'
period ending April 24, as shown by index numbers computed by the Bureau of Labor Statistics, according to an
announcement made May 7 by Commissioner Lubin of the
Bureau of Labor Statistics of the United States Department
of Labor. The Bureau's index number showed a recession
for the third consecutive two-week period, and placed current prices at 107.3% of the 1913 average, as compared with
107.4% on April 10, 108.0% on March 27, and 108.5% on
March 13. The decrease over the six weeks' period was 1%.
In his announcement, Mr. Lubin said:
As compared with the index of 90.4 for the corresponding period of a year
ago, when retail food prices reached the low point for the year 1933, present
prices are up by more than 181%. They are 31 over the level of April 15
/
2
/
2
%
1932, when the index was 103.7.
The decline in the combined index for the 51 cities covered by the Bureau
was caused by decreases in the prices of 17 of the 42 commodities in the
retail price index. Eleven articles in the index showed an increase, and 14
registered no change in price over the two-week period.
The indexes for the individual cities showed decreases for 22 of the 51
municipalities covered by the Bureau. In 25 cities price rises occurred.
There was no change in Bridgeport, Peoria, New Orleans and Omaha.
The largest decline occurred in the dairy product group, where prices fell
by 0.7 of 1%. The index for this group was 99.0% of the 1913 average, or
111
/ above the average prices of April of last year. As compared with
2
%
April of two years ago, the index is up by 1,
/,%. Cereal foods, with an
index of 144.0, showed a decrease of / of 1% beloW the level of two weeks
1
2
ago and 271 above that for April of a year ago, and snore than 17% over
/
2
%
April 1932. The most marked increase occurred in the meat group, where a
rise of nearly 2% brought the index up to 112.6. This level is approximately
14% above that of a year ago, and 5% below the level for two years ago.
Mr. Lubin's announcement had the following to say regarding the index:
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 of 1913 as 100.0. Comparisons of the current index with the
indexes for April 10, March 27, March 13, Feb. 27 and Feb. 13 1934, April 15
1933, and April 15 1932, are shown in the following table:
INDEX NUMBERS OF RETAIL PRICES OF FOOD (1913=1000).
.13
Apr. 24 Apr. 10 ifar.27 Mar. Feb. 27 Feb. 13 Apr. 15 Apr. 15
1934. 1934. 1934. 1934. 1934. 1934. 1933. 1932.
All foods
Cereals
Meats
TIAlry nrrubletA
107.3
144.0
112.6
AO 0
107.4
144.7
110.5
09.7
108.0
144.7
109.7
101.1
108.5
143.4
109.1
102.3
108.1
143.4
107.8
101.8
108.3
143.3
106.7
102.6
90.4
112.8
98.8
88.7
103.7
122.9
118.6
97_4
Financial Chronicle
3168
The largest decline in retail food prices occurred in Butte, where a drop
of 1.7% was recorded. St. Louis, Mo., where prices decreased by 1.1%, was
the only other city where food prices declined more than 1%. Eleven of
the 22 cities showing decreases in prices showed an average decline of less
than
of 1%.
Th largest increase occurred in Detroit, where prices advanced by approximately 2%. Of the 23 cities showing increases, six advanced ½ of 1%, or
more. Food prices in Washington, D. C., advanced 1.1%.
As compared with April 15 of last year, all of the 51 cities covered showed
material advances. Detroit, where food prices have increased nearly 30%,
showed the largest advance. The 10% increase that has occurred in Los
Angeles is the smallest reported for any city during the past 12 months. In
Washington, D. C., the increase has been more than 181
/
2
%.
Compared with the corresponding period of two years ago, 42 of the 51
cities have shown an advance in prices, while eight reported decreases, with
New Haven showing no change in average prices. In the two-year period,
food prices in Washington, D. C., have advanced nearly 5%.
The following table shows the per cent, change which has taken place in
each city, and in the individual food items, between April 10 1934, April 15
1933, April 15 1932, and April 24 1934:
May 12 1934
12 Months Ended March 31
P. C.
Change.
1934.
50,069,063,000
31,148,736,000
Kilowatt-hours Generated (Net)
By fuel
By water power
Total kilowatt-hours generated
Purchased energy (net)
Energy used in elec. ry. & other depts.
Total energy for distribution
Kilowatt-hours sold to ultimate consumers
Energy lost in transmission, distribution, &c
Total revenue from ultimate consumers
Important Factors
Percent of energy generated by waterpower
Avge. pounds of coal per kilowatt-hour
Domestic Service (Residential Use)Avge. annual consumption per customer (kwh.)
Avge. revenue per kwh.(cents)
Avge. ma. bill per domestic customer
1933.
44,399,196,000
30,612,016,000
+12.8
+1.8
81,217,799,000
3,168,464,000
1,937,457,000
82,448,806,000
75,011,212,000
2,664,070,000
2,012,240,000
75,663.042,000
+8.3
+18.9
-3.7
+9.0
67,949,769,000
62,052.594,000
+9.5
14,499,037,000
$1,787,563,300
13,810,448,000
$1,788,793,400
+6.5
-0.1
38.4%
1.45
40.8%
1.49
608
5.44
$2.76
596
5.58
$2.77
+2.0
-2.5
-0.4
CHANGES IN RETAIL FOOD PRICES (BY CITIES).
1934.
1933.
City.
City.
Apr. 15 Apr. 15 Apr. 10
1932. 1933. 1934.
Apr. 15 Apr. 15 Apr. 10
1932. 1933. 1934.
+3.5 +21.8
Atlanta
+6.5 +21.5
Baltimore
Birmingham__ _ -0.2 +16.9
Boston
+3.3 +17.6
+2.9 +18.3
Bridgeport
+1.7 +21.6
Buffalo
-3.0 +12.0
Butte
-1.1 +17.3
Charleston
-4.7 +12.5
Chicago
Cincinnati
+6.9 +19.6
Cleveland
+7.1 +24.0
Columbus
+5.7 +22.6
+1.6 +18.2
Dallas
Denver
+4.0 +13.6
+15.9 +29.6
Detroit
Fall River
+2.8 +21.5
+7.1 +18.7
Houston
+4.1 +25.0
Indianapolis
Jacksonville _ _
+3.5 +19.4
+5.5 +16.4
Kansas City_
+6.9 +23.0
Little Rock__ -Los Angeles____
+0.6 +10.0
Louisville
+8.5 +21.4
Manchester.... +4.3 +18.7
Memphis
+3.7 +21.9
Milwaukee
+1.7 +16.3
+1.1 Minneapolis ___
+0.6 Mobile
Newark
+0.9 New Haven_
0.0 New Orleans_ __
+0.2 N ew York
-1.7 Norfolk
Omaha
-0.2 Peoria
+0.1 Philadelphia_ _ _
-0.5 Pittsburgh
+0.6 Portland, Me__
-0.9 Portland, Ore__
_
+0.6 Providence
+1.9 Richmond
+0.6 Rochester
-0.6 St. Louis
-0.4 St. Paul
-0.2 Salt Lake City_
+1.2 San Francisco
-0.2 Savannah
-0.2 Scranton
+1.5 Seattle
-0.3 Springfield, Ill_
-0.2 Washlon,D.C.
+1.2 United States__
+28.1
+14.5
+22.7
+19.2
+20.8
+20.6
+23.0
+22.1
+15.0
+28.9
+23.3
+13.2
+14.2
+16.1
+23.8
+24.6
+19.5
+25.0
+14.9
+10.6
+21.9
+18.1
+12.3
+14.2
+20.4
+18.6
+7.8
+0.8
+1.5
0.0
+3.3
+4.9
+0.2
+4.3
+3.7
+8.8
+7.1
-2.0
-1.6
+1.2
+6.4
+6.5
+4.0
+6.9
+3.2
-0.5
+6.0
+2.3
-0.8
+2.7
+4.7
+3.5
+0.6
-0.5
+0.4
-0.4
0.0
+0.5
+0.1
0.0
0.0
-0.4
+1.0
-0.4
+1.0
+0.1
+0.4
+1.3
-1.1
+0.2
-0.2
+0.3
-0.1
-0.6
+0.5
-0.8
+1.1
-0.1
BY COMMODITIES.
Per Cent Change on
April 24 1934
Compared with
Per Cent Change on
April 24 1934
Compared with
Article.
Article.
Apr. 15 Apr. 15 Apr. 10
1932. 1933. 1934.
Apr. 15 Apr. 15 Apr. 10
1932. 1933. 1934.
Sirloin steak___
Round steak_ __
Plate beef
Chuck roast...
Ribroast
Ham,sliced_
Pork chops....
Bacon, sliced.._
Lamb, leg of.__
Hens
Salmon, red
Lard, pure
Veg. lard sub
Eggs, fresh
Butter
Milk, fresh
Milk, evap
Cheese
Flour, wheat...
Corn meal
Rolled oats_ _
Corn flakes....
Basic Information as of
March 81.
Per Cent Change on
April 24 1934
Compared with
Per Cent Change on
April 24 1934
Compared with
-9.3
-7.3
-12.1
-9.2
-11.5
-8.0
+12.1
+4.0
+3.1
-24.2
+18.4
-11.2
+17.5
+75
+0 9
-10.7
+1.3
+46.9
+10.3
-11.8
+3.4
+8.2
+9.5
+2.0
+5.3
+4.4
+16.0
+35.4
+23.9
+23.4
+15.9
+16.4
+30.4
+3.3
+27.7
+138
+9.9
+15.5
+12.4
+51.6
+26.5
+19.6
+8.4
+2.4
+3.5
0.0
+1.9
+3.4
+0.3
+1.7
+0.4
+4.8
+0.4
0.0
0.0
-0.5
-2 1
-1.7
0.0
-1.5
-2.1
-2.1
0.0
0.0
-1.1
Wheat cereal___
Rice
Macaroni
Bread, white...
Bananas
Oranges
Potatoes, white
Cabbage
Onions
Raisins
Prunes
Tomatoes,can'd
Corn, canned__
Peas, canned_ -Pork and beans
Beans, navy_ -Oleomargarine _
Sugar
Coffee
Tea
Peaches, canned
Pears, canned
+7.1
+13.0
0.0
+15.9
-5.1
-13.2
+58.8
-45.3
-56.3
-17.4
+17.7
+11.6
+4.6
+26.0
-16.5
+9.6
-18.8
+5.9
-10.2
-4.8
+8.5
+36.8
+7.6
+25.0
-1.3
+9.9
+68.8
-12.5
+40.6
+4.4
+28.4
+24.7
+16.5
+29.9
+3.1
+29.5
+1.6
+5.9
+0.4
+6.5
-0.4
-0.6
0.0
+1.4
0.0
0.0
0.0
+2.3
0.0
-0.9
0.0
0.0
0.0
-1.7
-0.8
--1.8
-0.4
-1.1
-0.6
0.0
Electric Sales to Ultimate Consumers in March 1934
Were 18.8% Higher Than in Same Period Last
Year-Revenue Was Increased by 5.1%.
The following statistics, covering 100% of the electric
light and power industry, were released by the Edison
Electric Institute on May 7
Month of March.
P. C.
Change.
-Steam
Generating capacity (kw.)
Water power
Internal combustion
23,983,200
9,004,800
470,700
24,044,500
8,967,500
457,900
Total generating capacity in kilowatts
Number of Customers
Farms in eastern area (Included with domestic)
Farms in western area (included with coml-Large)
Domestic service
-Small light and power
Commercial
Large light and power
All other ultimate consumers
33,458,700
33,469,900
(506,861)
(205,805)
20,097,087
3,681,696
520,782
67,865
(502,778)
(203,337)
19,730,932
3.657.532
521,427
72,194
24,367,430
23,982,085
Total ultimate consumers
x As reported by the U. S. Geological Survey with deductions for certain plants
not considered electric light and power enterprises.
Electric Production for Week Ended May 5 1934 Exceeded Same Period Last Year by 13.7%, as Against
a Gain of 16.8% in Preceding Period.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended May 5 1934 was 1,632,766,000 kwh., a gain of 13.7% over the corresponding week
in 1933 when output totaled 1,435,707,000 kwh. This was
the smallest percentage increase over the 1933 period recorded since the week of Feb. 17. Production for the week
ended April 28 1934 amounted to 1,668,564,000 kwh., compared with 1,427,960,000 kwh. for the week ended April 29
1933, a gain of 16.8%. The Institute's statement follows:
PER CENT INCREASES (1934 OVER 1933).
Major Geographic
Divisions.
New England
Middle Atlantic
Central Industrial_ _ _ _
Southern States
Pacific Coast
West Central
Rocky Mountain
Mtn! UnItal RtnteA
Week Ended
Week Ended
Week Ended
Week Ended
May 5 1934. April 28 1934. April 211934. April 14 1934.
13.0
10.2
16.3
11.5
15.3
6.5
26.8
16.7
12.3
22.6
x17.2
12.5
10.6
25.2
15.7
13.3
22.4
16.5
13.3
11.2
20.4
16.5
12.5
22.4
15.5
14.3
10.2
16.8
537
16.8
16.9
Ifil K
a Corrected figure.
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and b_
months since and including January 1931 is as follows:
Week of-
1934.
Week of-
1933.
Jan. 8 1,563.678,000 Jan. 70.425,639,000
Jan. 13 1,646,271,000 Jan. 14 1,495.116.000
Jan. 20 1.624,846,000 Jan. 21 1,484,089,000
Jan. 27 1.610,542.000 Jan. 28 1,469,636,000
Feb. 3 1,636,275.000 Feb. 4 1,454,913,000
Feb. 10 1,651,535.000 Feb. 10 1.482,509.000
Feb. 17 1,640,951,000 Feb. 18 1.469,732,000
Feb. 24 1,646.465,000 Feb. 25 1,425,511,000
Mar. 3 1,658,040,000 Mar. 4 1,422.875,000
Mar. 10 1,647.024,000 Mar. 11 1.390.607,000
Mar. 17 1,650,013,000 Mar. 18 1.375,207,000
Mar. 24 1,658,389,000 Mar. 25 1.409,655,000
Mar. 31 1,665,650,000 Apr. 1 1,402,142.000
Apr. 7 1,616,945,000 Apr. 8 1,399.367,000
Apr. 14 1,642.187,000 Apr. 15 1.409,603,000
Apr. 21 1.672,765.000 Apr. 22 1.431,095,000
Apr. 28 1,668,564.000 Apr. 29 1,427,960.000
May 5 1,632,766.000 May 6 1,435,707,000
May 13 1,468,035.000
May 12
May 20 1,483,090,000
May 19
may 27 1,493,923,000
May 26
June 3 1,461,488,000
June 2
June 10 1,541,713,000
June 9
x Revised f gure.
DATA FOR RECENT
1934.
1933.
4,313,961,000
2,815,169,000
3,368,206,000
2,797,897,000
Total kilowatt-hours generated ___
Additions to Supply
Energy purchased from other sources_ _
Net international imports
7,129,130,000
6,166,103,000
+15.6
173,646,000
80,541,000
146,878,000
29,881,000
+18.2
+169.5
Total
Deductions from Supply
Energy used In electric railways depts.
Energy used in electric & other depts.-
254,187,000
176,759,000
61,462,000
99,119,000
+5.5
+21.3
Month of-
Total
Total energy for distribution
Energy loss in transmission, distribution. Ac
Kilowatt-hours sold to ultimate consumers
Sales to Ultimate Consumers (kwh.)
Domestic service
Coml--Small light dr power (retail)...
Large light & power (wholesale)
Municipal street lighting
Railroads-Street & interurban
Electrified steam
Municipal and miscellaneous
185,085,000
7,198,232,000
160,581,000
6,182,281,000
+15.3
+16.4
1,402,329,000
1,304,597,000
+7.5
5,795,903,000
4,877,684,000
+18.8
1,055,511,000
1,046.303,000
2,970,849,000
191,391,000
412,863,000
66,041,000
52,945,000
1,003.801,000
984,337,000
2,221,155,000
196,157,000
361,043,000
54,527,000
56,664,000
+5.2
+6.3
+33.8
-2.4
+14.4
+21.1
-6.6
January
February
March
April
May
June
July
August
September_
October
November.
December
Total sales to ultimate consumers_ _
Total revenue from ultimate consumers
5,795,903,000
$149.780,400
4,877,684.000
8142,487,100
+18.8
+5.1
1932.
1,619,265.000
1,602,482,000
1,598.201,000
1,588,967.000
1,588,853,000
1.578,817.000
1,545,469,000
1,512.158,000
1,519,679.000
1.538,462,000
1.537,747,000
1,514,553,000
1.480,208,000
1,465,076,000
1,480,738,000
1,469,810.000
1,454,505,000
1,429,032,000
1,436,928,000
1, 35,731,000
4
1,425,151,000
1,381,452.000
1,435,471,000
1934 Over
1933.
9.7%
10.1%
9.5%
9.6%
12.5%
11.4%
11.6%
15.5%
10.5%
18.4%
20.0%
17.6%
18.8%
15.5%
16.5%
16.9%
16.8%
13.7%
+43.8
64,844,000
120,241,000
Week ofJan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
June 11
Kilowatt-hours Generated (Net)By fuel
By water power
+28.1
+0.6
Total
1934.
1933.
MONTHS.
1932.
1931.
1934
Over
1933.
7.131,159.000 6,480,897,000 7,011,736,000 7,435,782,000 10.0%
6,608.356,000 5,835,263,000 6,494,091,000 6,678,915,000 13.2%
7.198,232,000 6.182,281,000 6.771.684.000 7,370,687,000 16.4%
6,024,855.000 6,294.302,000 7.184,514,000
6,532.686,000 6,219.554,000 7,180,210,000
...6.809,440,000 6,130,077,000 7,070,729.000
--7.058.600,000 6.112,175,000 7,286,576,000
...7,218.678,000 6,310,667,000 7,166,086,000
-.6,931,652,000 6.317,733,000 7,099,421,000
...7,094,412,000 6,633,865,000 7,331,380,000
...6,831,573,000 6,507.804,000 6,971,644,000
....7,009,164,000 6,638,424.000 7.288,025,000
--
80,009,501,000 77,442,112.000 86.063.960.000
_--Note.-Tim monthly figures shown above are based on reports covering approximately 92% of the electric ight and power industry and the weekly figures are
bused 00 about 70%
Financial Chronicle
V plume 138
Business Activity in Minneapolis Federal Reserve
District Higher in March Than in February
Volume Also Above March 1933.
In its preliminary summary of agricultural and business
conditions in the Ninth (Minneapolis) District, the Federal
Reserve Bank of Minneapolis states that "business in the
district appears to have been somewhat more active in
March than in February, after allowance for purely seasonal
factors." The bank said that "the volume of business in
the district was also larger than the volume a year ago,
but this comparison is of small significance since in March
last year the events of the bank holiday period greatly
hampered the transaction of many kinds of business, and
as a result the total volume of business in that month was
the smallest in any month during the depression years, after
making seasonal corrections." In its summary, issued
April 16, the bank continued:
The index of bank debits, on a seasonally corrected basis, increased from
67 in February 1934 to 61 in March. The country check clearings index
rose from 99 in February to 101 in March. The seasonally corrected index
of miscellaneous freight carloadings increased from 67 in February to 70
In March, but the index of less-than-carlot freight movement declined from
62 in February to 60 in March.
Preliminary retail trade reports for March indicate that the rural areas
continued to experience greater increases over last year than the larger
cities. Thirty rural department stores and general stores reported sales
49% larger in March than in the same month last year, whereas 21 city
department stores reported a 28% increase.
The greatest percentage increase over March last year among the
individual lines of business in this district was in building contracts
awarded, which were more than six times as large in March this year as in
March a year ago. However, upon analysis, it appears that this enormous
Increase was due to the small volume of building contracts in the Northwest last year. As a matter of fact, March building contracts in 1934
were slightly smaller than contracts in March 1932, and were less than
half as large as March contracts in 1931 or 1930. Other increases over
the volume of business in March a year ago occurred in building permits,
freight carloadings of coal, coke, forest products, miscellaneous and 1.c.l.
freight, and marketings of cattle and calves. Decreases from the volume
In March last year occurred in freight carloadings of ore, grain marketings, flour shipments, linseed products shipments, and market receipts
of hogs and sheep. No comparative figures are available for March last
year in the case of bank debits and country check clearings.
The cash income of northwestern farmers from seven major items was
15% larger in March than in the same month last year, owing chiefly to
much higher prices for dairy products and grain. The income from bread
wheat, rye and hogs was smaller in March than a year ago, owing to the
reduction in marketings. These farm income estimates do not include
payments to farmers by the Agricultural Adjustment Administration or loans
to farmers through the Federal Farm Loan System, or through the corn
loan activities of the Reconstruction Finance Corporation. There were only
minor changes in farm product prices from February to March, but in
March prices of all important products in the Northwest were higher
than
a year ago, with the exception of hens and lightweight
feeder steers.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
March 1934.
Bread wheat
Durum wheat
Rye
Flax
Potatoes
Dairy products
Hogs
Total of seven items
Butter production (lbs.)
March 1933.
Per Cent
March 1934
of
March 1933.
81,911,000
525,000
73,000
259,000
3,762.000
10,062,000
4,656,000
82,788,000
512,000
168,000
134,000
2,302,000
7.674,000
4,949,000
69
103
43
193
163
131
94
821,248,000
818,527,000
55.725 (5141
115
41_967.000
55
Upward Trend of General Business in Cleveland District Continued During April, According to Federal
Reserve Bank of Cleveland—Wholesale and Retail
Trade Higher.
The Federal Reserve Bank of Cleveland states that "general business in the Fourth (Cleveland) District increased
in March at a greater than seasonal rate and the upward
movement continued in April, despite the fact," the Bank
said, "that in the latter half of the month the strike situation was disturbing to operations in some fields." In
its
"Monthly Business Review" of April 30 the Bank also said
In part:
The recent increases in the number of interruptions,
however, is merely
a substantiation of the fact that general business has improved considerably, for employees seldom strike so long as operations are contracting
and
people are being laid off from lack of orders. But as business
improves
and men go back to work, labor disturbances usually increase in
number
as they have recently in an attempt to better working conditions and
raise
pay rolls. . .
Department store dollar sales were 72% larger in March in
cities of the
Fourth District than at the time of the bank holiday a year ago when
trade
for a time was almost at a standstill. Several elements made the
gain
unusually large, among them being the fact that all pre-Easter
buying was
In March this year, whereas much was in April last year, but even allowing
for this and seasonal changes, the index of sales was 76.4% of the 19231925 monthly average, as against 68.8 in February. Compared with
1932,
when Easter was in March, sales showed an increase of 17%, a
larger gain
than is accounted for by changes in price level. Other lines of
wholesale
and retail trade also increased.
3169
Third Consecutive Monthly Increase in Ohio Employment During April Reported by Ohio State
University.
Employment increased in Ohio in April for the third consecutive month, and the April index rose to 89.7% of the 1926
level, according to the employment report of the Bureau of
Business Research, The Ohio State University. The April
index, which recorded a gain of 2.6% from March, was 52.0%
above the low point reached in March 1933, and 9.4% above
the high point recorded in September 1933. The report issued May 8 further noted:
Manufacturing employment recorded a March-to-April gain of 2.4%;
non-manufacturing employment, 2.7%; and construction employment,
15.7%. Eight of the 11 major manufacturing groups of industries reported
gains in April from March, ranging from 0.1 of 1% to 6.3%. The other
3 major manufacturing groups recorded declines ranging from 0.2% to
3%. Employment in Ohio in the above groups during April was substantially above April 1933, and for the first 4 months of the year all these
groups, with the exception of construction, recorded decided improvements
from the corresponding levels of 1933. In construction employment, the
increase amounted to only 0.7 of 1%.
All the 8 chief cities, except Toledo, reported employment gains in
April from March. The gains amounted to 1.5% in Akron, 2.3% in Cincinnati, 2.5% in Stark County (Canton), 2.8% in Dayton, 3.8% in Cleveland, 4.5% in Columbus, and 8.3% in Youngstown. In Toledo the MarchApril decline amounted to 1.6%.
Textile Trend Expected to Continue Downward Until
Mid-Summer Says "Textile Organon"—Expects
Activity in July to Reach Low Point of Last
Spring.
Activity in the textile industry is believed to have reached
its peak for the time being in March, and from now until
July a definitely declining tendency is anticipated, probably
back to the range of 75-85, which would be equivalent to the
low point in the Spring of 1933, states the current issue of
the "Textile Organon," published by the Tubize Chatillon
Corp., and issued May 9. In the rayon division,for instance,
it is pointed out, the index on actual shipments, corrected
for seasonal variation, continued the decline which has been
in evidence since January, and actual shipments were at
the lowest point since March last year. Commenting upon
the price reduction announced in April by one of the principal producers of rayon knitting yarns, the "Organon"
says:
Many of the other producers did not believe that this price cut was
necessary or desirable, and they announced publicly that "the price of
weaving yarns will not be changed; the price of knitting yarns will be furnished on request."
The paper also points out that the last price reduction
was announced in April 1933,
-when raw material prices and
labor wages and rates were at their lowest point and when
the profits of the rayon companies had been extremely low
or even negative in the majority of cases. It adds:
Contrast this situation with the present price cut of April 25 1934, when
the "Organon" rayon deliveries index for the first quarter averaged 382
or 35% greater than a year ago, when raw material prices had advanced
considerably, when labor wages paid were approximately 35% higher.
according to the Bureau of Labor Statistics, and when industry profits
In the first quarter were higher in one degree or another than they were
one year before. In these figures there would seem to be food for thought,
If not for action, by the industry.
It is further stated:
In regard to the situation in cotton the "Organon" states that the combination of the "statistical bugs" and the "cotton bugs" should
eventually
result in higher prices "but whether this same result will redound to the
ultimate benefit and position of American cotton in the world's market
is quite another question." The paper further is of the opinion that "while
cotton prices may reach lower levels in the next few months, these prices
will be higher by fall not only because of the effects of the Bankhead bill.
but also because of better demand expected for that season."
Commenting upon the silk market, the paper says that:
"We believe that silk prices will go as low as is necessary, without any
element of control,in order to move silk." The low price for silk is
to result in an increase in consumption, in some instances at theexpected
expense
of other fibers. Regarding wool, the paper anticipates,"a steady to lower
price for wool in the next few months."
New York State Factory Employment Continued
Upward Trend from Mid-March to Mid-April—
Payrolls 1.2% Higher—Employment and Payrolls
in New York City Show Net Decreases.
Employment in New York State factories increased 1.4%
during the period from the middle of March to the middle
of April, continuing the upward movement apparent during
the previous two months, according to a statement issued
yesterday (May 11) by Industrial Commissioner Elmer F.
Andrews. Total wage payments showed a rise of 1.2%
during the same period. These gains, the statement said,
raised the State Labor Department's index number of
factory employment to 73.2, the highest point reached since
September 1931, and the index of total factory payrolls to
59.0, the highest level since November 1931. These index
FACTORY EMPLOYMENT IN NEW YORK STATE.
(Preliminary)
numbers are computed with the averages for the three years
1925-27 taken as 100. Commissioner Andrews' announcement further noted:
Compared with a year ago, employment and payrolls during the middle
of April were 32.4% and 47.1% greater, respectively. Reports from 1.848
representative factories located In various parts of the State. employing
In April more than 360.200 persons and paying out approximately $5,711,500
in weekly wages, form the basis for these statements.
The normal seasonal course of employment and payrolls is downward
metals
during April. This time, however, unusually large advances in the
and machinery group more than made up for losses in those industries In
which seasonal curtailment occurred. The percentage change in employment from March to April in the last 20 years is shown in the following table.
Increases
March to April
1917
1918
1920
1921
1922
1923
No change 1924
1925
+0.6%
1915
+1.7%
1916
+2.8%
1933
1934 (prelimlnary)+1.4%
1919
May 12 1934
Financial Chronicle
3170
Decreases
March to April
-1.5%
-1.0%
-1.3%
-2.0%
-1.3%
-0.3%
-3.2%
-1.9%
1926
1927
1928
1929
1930
1931
1932
-1.4%
-1.4%
-1.2%
-0.5%
-1.7%
-0.8%
-3.8%
Sharp Rise in Metal Factories.
The metal and macninery groups continued to record sharp gains in employment, with reporting manufacturers adding 5,828 persons to their
working forces, a gain of 5.4% over March. All divisions comprising the
group with the exception of cooking, heating and ventilating apparatus
participated in the upward movement. The largest numbers of workers
were taken on by automobile and automobile parts plants and railroad
equipment and repair shops. These two industries accounted for 2.698
of the workers who were added by all reporting metal concerns. Substantial increases occurred in the iron and steel, machinery and electrical
apparatus, silverware and jewelry, brass, copper and aluminum, sheet
metal and hardware, firearms, tools and cutlery, boat and ship building,
and instruments and appliances divisions. Structural and architectural
iron concerns were also increasing their working forces. Makers of heating
apparatus went counter to the general trend and laid off help.
Clothing Concerns Begin Seasonal Layoffs.
Tne slowing up of manufacturing for the spring and summer trade was
reflected in reports from the clothing and millinery industry group. Reporting concerns were operating with 1,225 fewer persons in April than in
March, a decrease of nearly 2.5%. Manufacturers of men's clothing reported the largest number of operatives to be laid off. Good-sized decreases were noted also in the women's clothing and millinery industries.
Makers of women's undergarments and of men's furnishings, and miscellaneous sewing concerns also let go some of their help. Operators of laundries and dry cleaning plants, who usually become busier in April, showed
an increase in employment.
Textile Mills Continue Gains.
Employment gains in the textile industry continued to be registered
during April, due principally to further large increases at knit goods mills.
Slight gains were reported also by manufacturers of silk and silk goods,
and rayon and other miscellaneous textiles. Manufacturers of woolens,
carpets and felts who had reported losses in February and March showed
further reductions in April. Cotton goods mills also reported curtailment
tnis month. For all textiles combined the rise in employment this month
amounted to about 1%.
Net Loss in Food and Tobacco Group.
Many industries in the food and tobacco group had larger working forces
in April than in March, but reductions in a few divisions caused the group
as a whole to show a net loss. Seasonal gains were noted in the canning
and preserving and beverages divisions. Gains were reported also by
tobacco manufacturers and by processors of flour, feed and cereals. Dairy
concerns added a few workers, while meat packers were letting go help.
Seasonal curtailment occurred in candy plants, and in sugar refineries and
other grocery concerns. Bakeries operated with fewer employees than
in March.
Small Net Loss in New York City.
In New York City employment and payrolls registered net decreases in
April, due mainly to seasonal curtailment in the clothing and millinery
and food and tobacco groups. In the apparel industries losses were noted
in all divisions excepting men's furnishings and laundering and dry cleaning.
Gains occurred in some of the food industries, but sharp declines In the
remaining division, principally in candy and in sugar and other groceries,
caused the group as a whole to record a large net loss in persons employed.
Decreased employment was apparent also in furs, leather and rubber goods,
and water, light and power plants. Mixed tendencies were noted among
the printing and paper goods industries. Most industries comprising the
metals and machinery group were increasing their working forces during
April. Net gains occurred also in the stone, clay and glass, wood manufactures, chemicals, oils and paints, and textile groups.
Up-State Cities Report Increases.
Increases in both employment and payrolls were noted in all up-State
industrial centres except Binghamton and Rochester. In Rochester the
number of persons employed showed a small net gain, but wage payments
were below the March total. The Binghamton district reported a net gain
in employment,due principally to enlarged forces in shoe and metal products
factories, but payrolls showed a slight net drop.
In Buffalo large numbers of men were added by iron and steel, automobile
and automobile parts, and railroad equipment and repair shops, with corresponding increases in payrolls. The rise in Syracuse was due largely to
increased activity in plants manufacturing metal products. The AlbanySchenectady-Troy area reported large gains in concerns making electrical
appliances and in railroad equipment and repair shops. Utica showed gains
in imit goods mills and in metal factories.
The percentage changes from March to April in employment and payrolls
in each of the industrial centres are given below.
City.
Albany-Schenectady-Troy
Binghamton
Buffalo
Rochester
Syracuse
Mica
New York City
Employment.
Payrolls.
-1-3.2
+1.6
+5.4
+0.4
+2.4
+3.4
-0.3
+9.6
-0.8
+8.4
-2.4
+3.4
+4.9
-2.7
Percentage Change
March to April 1934.
Induary.
Total State.
Stone, clay and glass products
Miscellaneous stone and minerals
Lime,cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and Jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural Iron
Sheet metal and hardware
Firearms, tools and cutlery__
Cooking, heating, ventilating appliances
Machinery and electrical apparatus
Automobiles, airplanes, etc
Railroad equipment and repair shops
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical Instruments
Miscellaneous wood, &c
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Gloves, bags, canvas goods
Rubber and gutta percha
Pearl, horn, bone, he
Chemicals, oils, paints, (Fe
Drugs and Industrial chemicals
Paints and colors
011 products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tubas
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets, felts
Cotton goods
Knit goods,except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery products
Candy
Beverages
Tobacco
Water, light and power
N. Y. City.
+5.3
+1.2
+4.4
+13.9
+4.8
-15.4
+9.7
+3.4
+7.7
+9.1
+3.4
+11.0
6.0
+2.4
+22.4
+8.0
+11.3
+1.9
-1.8
+0.3
6.9
-5.5
+5.6
+0.1
+1.7
- 12.1
+0.9
-6.0
+5.4
+2.8
+0.6
-7.2
+5.6
+0.4
+5.6
-4.2
+0.4
+4.6
-1.6
+0.2
+1.0
+0.1
-1.6
-4.1
46.7
+0.1
-2.4
-5.2
-0.3
-1.8
-0.9
-4.7
-1.1
+1.8
-1.2
+6.2
4 10.0
-6.9
+0.1
-0.3
-9.2
+8.4
+5.1
+1.1
+16.0
-4.2
+22.8
+15.2
+25.5
-14.4
-2.5
+2.5
+1.4
Total
+12.8
-0.4
--I9i.6
+7.3
+5.8
+7.2
+8.8
+0.6
+1.1
-1-1.8
-4.2
-5.2
+5.2
-1.5
--TY.i
-0.2
+1.9
+0.4
-2.1
+2.9
+1.0
+6.0
+3.7
-2.7
-0.5
No change
+5.0
-1.7
-0.2
+1.7
+0.8
+12.8
-f-Ki
+1.2
-2.1
-3.4
+1.4
-2.3
-1.3
-4.7
-5.9
+1.8
-3.9
No change
-2.3
-11.9
+1.0
-0.8
-11.1
412.1
+4.9
-2.8
-0.3
Lumber Production During the Four Weeks Ended
April 28 Increased 52% as Compared with Same
-Orders
-Shipments Were Up 8%
Period in 1933
Received Were 9% Greater.
We give herewith data on identical mills for the four
weeks ended April 28 1934, as reported by the National Lumber Manufacturers' Association on May 8:
An average of 838 mills reported as follows to the National Lumber Trade
"Barometer" for the four weeks ended April 28 1934:
Production.
(In 1,000 Feet.)
Softwoods
Hardwoods
Total lumber
Shipments,
9rders Remised.
1933. 1934. 1933
1934.
1934. 1933
631,871 426,148 596,806 552,710 590.961 539,237
70,827 35,697 66,73F 60,430 75,054 71,139
-702,6981461.845 663.544 913,140 666.015 610.376
Production during the four weeks ended April 28 1934 was 52% greater
than during corresponding weeks of 1933, as reported by these mills, and
36% above the record of comparable mills during the same period of 1932.
1934 softwood cut was 48% above that of the same weeks of 1933, and hardwood cut was 98% above that of the 1933 period.
Shipments during four weeks ended April 28 1934 were 8% greater than
those of corresponding weeks of 1933, sofewoods showing gain of 8% and
hardwoods of 10%.
Orders received during the four weeks ended April 28 1934 were 9%
greater than those of corresponding weeks of 1933 tend 22% greater than those
received during similar weeks of 1932. Softwoods showed gain of 10% as
compared with similar period of 1933; hardwoods, gain of 8%.
On April 28 1934 gross stocks as reported by 1,750 mills were 5,224,776,000
feet. As reported by 500 mills, stocks were 3,274.061,000 feet, the equivalent of 141 days' average production of reporting mills, as compared with
3,219,514,000 feet on April 29 1933, the equivalent of 143 days' average
production.
On April 28 1934 unfilled orders, as reported by 1,750 mills, were 890,810,000 feet. Five hundred and elevevn mills reported unfilled orders as
597,807,000 feet, the equivalent of 26 days' average production, as compared
woith 463,989,000 feet on April 29 1933, the equivalent of 20 days' average
production.
Changes in Cost of Living of Wage Earners According
to Na•ional Industrial Conference Board-Decrease
of 0.1% During April Noted.
A reduction of 0.1% in living costs occurred in April, ac
cording to the monthly survey of the National Industrial Con
ference Board. Declines in food and coal prices slightly more
than offset advances in rents, clothing, and sundries. The
cost of living of wage-earners in April was 9.7% higher than
AUTOMOBILE FINANCING.
In April of a year ago, but it was 20.9% lower than in April
1929. The survey, issued May 7, continued:
The purchasing value of the dollar was 127.6c. In April as compared with
127.4c. in March, 139.9c. in April 1933. and 100c. In 1923.
Food prices fell 1.1% from March to April, but they were 18.7% above
their April 1933 level, although still 29.2% below the level of April 1929.
Rents continued to advance, rising 1.0% from March to April. Rents were
0.6% lower than a year ago, and 30.86 lower than in April 1929.
/0
Clothing prices as a whole were 0.3% higher in April than in March; the
Increase was due entirely to an advance in men's clothing prices amounting
to 0.6%. Women's clothing prices declined 0.1%. Since April 1933 clothing
prices have risen 28.3%, but they are still 21.2% below the level of
April 1929.
From March to April, coal prices declined 0.9%. In April coal prices
were 4 9% higher than in April of last year and 8.1% lower than in
April 1929.
The cost of sundries advanced 0.2% over the March level and 3.5% over
that of a year ago. Since April 1929 it has fallen 7.2%. The slight rise
since March was caused by increases in the prices of housefumishings and
drugs and toilet articles.
Item.
3171
Financial Chronicle
Volume 138
Index Numbers of the Cost P. C. Inc.(+)
Relative
or Dec.(-)
Importance of Living Average Prices
from
1923=100.
in
March 1934
Family
April 1934. March 1934. to April 1934.
Budget.
-1.1
74.3
Food •
73.5
33
63.1
+1.0
Housing
63.7
20
+0.3
77.7
Clothing
77.9
12
+0.6
80.3
Men's
80.8
-0.1
75.0
Women's
74.9
-0.7
87.1
Fuel and light
86.5
5
84.8
Coal
84.0
0.0
91.6
Gas and electricity
91.6
92.2
+0.2
Sundries
92.4
30
-0.1
78.5
78.4
Weighted avge. of all Items_
100
•Based on food price Index of the United States Bureau of Labor Statistics, as
of April 10 and March 13, respectively.
World Wheat Conference Collapses as Argentina
Refuses to Join in Minimum Export Price Agreement
-Parley Adjourns Until June 27.
Refusal of Argentina to accept an international agreement
restricting the price of wheat sold for export precipitated the
collapse yesterday (May 11) of the World Wheat Conference
in London, which was attended by delegates from 21 countries. When Argentina announced that the minimum price
compact was unsatisfactory the Conference adjourned until
June 27. Failure to conclude an export agreement is expected to result in an international race to capture the world's
wheat markets. Meanwhile a subcommittee of the conference planned to meet on May 14"to consider fully possible
alternative plans to stabilize and improve wheat prices."
Associated Press advices from London yesterday reported
the failure of the Conference as follows:
Shortly after the Conference had adjourned, late to-night, until June 27,
it was learned that some importing countries including Great Britain had
not given their approval to the plan. Delegates had been hopeful, however.
of an ultimate success.
However, to-day, Argentina communicated her refusal to accept the proposition, thereby wrecking the Conference.
The Conference had been troubled for some time by the difficulty of
obtaining co-operation from the South American republic.
The Conference last August set an export quota of 110,000.000 bushels
for this year for Argentina. Grain trade statistics show that Argentina
exported 96.800,000 bushels for the quota year which ended April 29 and
It was said that she probably would exceed her allotment by 20,000,000
bushels by the end of the July 31 quota period.
The other large exporting nations, the United States. Australia and
Canada considered offering Argentina 40,000,000 bushels of their allotment
for the year but that proposal fell through. The three nations concerned
refused the "loan" which had been contemplated as an effort to keep the
Conference from going to pieces.
Year
and
Month.
Retail Financing.
Wholesale
New Cars Financed.
Total.
Financing,
Volume.
Volume
Number
Volume
in Dollars. Number
of Cars. in Dollars. of Cars. in Dollars.
Summary for 456 Identical Orga nizations. a
1934
$36.577,358 109.997 $36,533,359
January
47,623,890
62.551.490 132.485
February*
72,419,777
104,681,339 6195,026
March
35,691 $19,841,711
30,223.621
54.455
86.977 47,645,658
Total(3 months) $203,710,187 437,508 $156,577,026
1933 c
68,522,872
58,793,704 194,552
July
74,813,725
70,705,795 211,708
August_
65,665,515
52,276,214 184,998
September
60,316,106
39,776.604 172.432
October
46.063,578
18,364,889 135,584
November
35,217,934
17,060,916 108,606
December
dSummary for 282 Identical Orga nizations.
1934
$35,879,064 101,700 $34,437,380
January
45,377,552
61,513.896 e124,349
February
69,101,684
102,760,116 183,554
March
177,123 $97,710.890
409,603 $148,916,616
171,595 194,714,283
Total(3 months). $200,153,076
1933
30,133,915
January
27,514,654
February
27,706,336
March
Total(3 months)_
885,354,905
86.926
94,613
80.928
73.002
51,356
33.729
44,691,167
48.860,024
42,166.003
37.940,369
27.077,214
18,486,989
34,426
52,772
84,397
$19,189.736
29,290.038
46,234.509
92,083
87,512
101,456
31,280,101
29,188,663
33,546,689
35.546
32.609
38,329
18.327,630
16,842,415
19.463.540
281,051
$94,015,453
106,484
$54,633,585
Retail Financing.
Year
and
Month.
Used Cars Financed.
Number
of Cars.
Volume
in Dollars.
Summary for 456 Identic at Organfrar ions.a
1934
$15,864,436
71.607
January
16.510.453
75,283
February*
23,396,649
104,152
March
251,042
$55,771,538
Total (3 months)
1933 o103,554
22,538,097
nly
112,917
24,580,709
August
100,265
22,231,578
September
95,947
21,323,104
October
18,116,265
November
81,550
72,279
15,933,279
December
dSummary for 282 Mastic at Organizations.
1934
64,575
14,420,432
January
68,830
15,197.698
February
95,260
21,489,605
March
Total (3 months)
1933
January
February
March
Unclassified.
Number
of Cars.
Volume
in Dollars.
2.699
2.747
3.897
6827.212
889.816
1,377,570
9,343
$3,094,598
4,072
4,178
3.805
3,483
2,678
2,598
1.28808
1,372,992
1,267,984
1,052,633
870.099
797,666
2,699
2.747
3,897
827,212
889,816
1,377,570
228,665
$51,107,735
9,343
83,094,598
54,234
52,796
60,625
12,173.577
11,725,419
13.335,403
2,303
2.107
2,502
778.894
620.829
747,746
12,147,469
6,912
167,655
$37,234,399
Total (3 months)
• Revised. a Of these organizations, three discontinued automobile financing
In March 1934. b Of this number 44.6% were new cars, 53.4% used cars, and
2% unclassified. c Data prior to July not available. d Of these organizations,
eight discontinued automobile financing in January. two in February, and two in
March 1934. e Of this number 46% were new cars, 51.9% used cars, and 2.1%
unclassified.
Lumber Orders Again Below Those of Last Year But
Above Production of This Year.
Reversing the relationship of the last four weeks lumber
orders at the mills during the week ended May 5 1934 were
in excess of production; they were below orders of the two
previous weeks but slightly greater than the average of the
four weeks of April, according to telegraphic reports to the
National Lumber Manufacturers Association from regional
associations covering the operations of 1,462 leading hardwood and softwood mills. Production of these mills was
below any week of the previous seven at 198,765,000 feet.
Shipments were 191,022,000 feet; orders, 207,062,000 feet.
Automobile Financing During March 1934.
week ended April 28
A total of 195,026 automobiles were financed in March, Revised figures for 1,544 mills for the
were production 214,472,000 feet; shipments, 205,738,000
on which $72,419,777 was advanced, compared with 132,485,
feet; orders, 214,673,000 feet. The National Lumber Mann
on Which $47,625,890 was advanced, in February, the Departfacturers Association further went on to say:
ment of Commerce reported on May 7.
All softwood groups reported orders above output except Northern Pine
Volume of wholesale financing in March was $104,581,339, and California Redwood. Total softwood orders were 4% above production.
The hardwood groups, except Southern and Appalachian, reported orders
as compared with $62,551,490 in February.
below output.
Monthly statistics on automobile financing, based on data less than production, total orders being 4% below those of corresponding
As during the previous week, orders fell
reported to the Bureau of the Census by 456 identical organ- week of 1933. according to reports of identical mills. All regions reported
izations, are presented in the table below for January and decrease except Western Pine, Northern Hemlock and Northern Hardwoods.
hardwood orders
softwood orders
February 1934 and for July to December 1933; and for 282 Total31% below theirwere 11% below those of last year; above that of
were
1933 record. Production was 35%
identical organizations for January and February 1934 and last year's week; shipments were 6% above those of the 1933 week.
Unfilled orders as reported by 1,714 mills totalled 875,034,000feet;
for January to December 1933. The increase in the number
gross stocks, 5,216,103,000 feet.
of reporting organizations from July 1933 to February 1934
Forest products carloadings during the week ended April 28 were 24.963
resulted from the inclusion of additional organizations. The cars, the highest of any week so far in 1934 except one week in March.
changes in the number of organizations included have not This was an increase of 1,078 cars over the preceding week, 6,005 cars
above the same week in 1933 and 5,027 cars above similar week of 1932.
greatly affected the totals, as is indicated by comparisons
Lumber orders reported for the week ended May 5 1934 by 986 softwood
mills totaled 182,990.000 feet; or 5% above the production of the same mills.
for the same months appearing in the two summaries:
Shipments as reported for the same week were 163.902,000 feet, or 6%
Automobile Financing (March 1934, Compared with Preceding Months.)
below production. Production was 173,766,000 feet.
1.4
Monthly statistics on automobile financing, based on data reported to the
Bureau of the Census by 456 identical organizations, are presented in the
table below for January, February and March 1934, and for July to December
1933; and for 282 identical organizations for January, February and March
1934 and 1933. The increase in the number of reporting organizations from
July 1933 to March 1934 resulted from the inclusion of additional organizations. The changes in the number of organizations included have not greatly
affected the totals, as is indicated by comparisons for the same months appearing in the two summaries:
Reports from 526 hardwood mills give new business as 24,072,000 feet,
or 4% below production. Shipments as reported for the same week were
27,120.000 feet, or 8% above production. Production was 24,999,000 feet.
Unfilled Orders and Stocks.
Reportsfrom 1,714 mills on May 5 1934 give unfilled orders of875,034.000
feet and gross stocks of 5,216,103,000 feet. The 501 identical mills report
unfilled orders as 571,894,000 feet on May 5 1934 or the equivalent _
25 days' average production.
3172
Financial Chronicle
Identical Mill Reports.
Last week's production of 402 identical softwood mills was 149,977,000
feet, and a year ago it was 114,006,000 feet; shipments were respectively
140.809,000 feet and 131.400,000; and orders received 157.029,000 feet
and 177,393,000 feet. In the case of hardWoods, 205 identical mills reported production last week and a year ago 14,841,000 feet and 8,301,000;
shipments 16,519,000 feet and 16,809,000 and orders 14,806,000 feet and
21,335,000 feet.
SOFTWOOD REPORTS.
West Coast.
The West Coast Lumbermen's Association reported from Seattle that
for 594 mills in Washington and Oregon, shipments were 11% below
production, and orders 8% above production and 21% above shipments.
New business taken during the week amounted to 102,445,000 feet (previous
week, 100,924,000 at 579 mills); shipments. 84,746.000 feet (previous
week, 87,208,000); and production, 95,255,000 feet (previous week, 96.247,000). Orders on hand at the end of the week at 594 mills were 403,109.000 feet. The 184 identical mills reported a gain in production of
27%, and in new business a loss of 17% as compared with the same week
a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for 163
mills reporting, shipments were 2% below production. and orders 6%
above production and 8% above shipments. New business taken during
the ,week amounted to 26,250,000 feet (previous week, 31,834,000 at 193
mills); shipments 24,393,000 feet (previous week, 33,766,000); and production, 24,829,000 feet (previous week, 30,048,000). Orders on hand
at the end of the week at 163 mills were 86,861,000 feet. The 79 identical
mills reported a loss in production of 5%, and in new business a decline
of 31%, as compared with the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
120 mills reporting, shipments were 1% below production, and orders 1%
above production and 2% above shipments. New business taken during
the week amounted to 42,487,000 feet (previous week. 42,295,000 at 134
mills); shipments, 41,758,000 feet (previous week, 42,434,000). and production, 42,260,000 feet (previous week, 48,919,000). Orders on hand
at the end of the week at 120 mills were 111,815,000 feet. The 114 identical
mills reported a gain in production of 51%,and in new business an increase
of 23% as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 16 American mills as 1,565.000 feet, shipments 1,137,000
feet and new business 656,000 feet. Orders on hand at the end of the week
were 6,609,000 feet.
California Redwood.
The California Redwood Association of San Francisco reported production from 18 mills as 6,759,000 feet, shipments 6,095,000 feet and new
business 6,274,000 feet. Orders on hand at the end of the week were 32,588,000 feet. Twelve identical mills reported production 219% above
and new business 17% less than for the same week last year.
Southern Cypress,
The Southern Cypress Manufacturers Association of Jacksonville. Fla..
reported production from 25 mills as 1,267,000 feet. shipments 3,171,000
feet and new business 2,321,000 feet. Orders on hand at these mills at the
end of the week were 4,846,000 feet.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported softwood production from 21 mills as 1,102,000
feet, shipments 1,401,000 and orders 1,301,000 feet, Week-end orders
on hand at 14 mills were 5,106,000 feet. The 13 identical mills reported
a gain of 12% in new business, compared with the same week a year ago.
Northeastern Softwoods.
The Northeastern Lumber Manufacturers Association of New York
reported softwood production from 29 mills as 729,000 feet, shipments
1,201,000 and orders 1.256,000 feet. Orders on hand at the end of the
week were 9,198,000 feet.
HARDWOOD REPORTS.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 346 mills as 20,225,000 feet, shipments 23,275,000 and
new business 21,001,000. Orders on hand at the end of the week at 601
mills were 190,344,000 feet. The 192 identical mills reported production
70% greater, and new business 33% less than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported hardwood production from 21 mills as 2,000,000
feet, shipments 1,541,000 and orders 1,262,000 feet. Orders on hand at
the end of the week at 17 mills were 10,208,000 feet. The 13 identical
mills reported a gain of 229% in production and an increase of 21% in
orders, compared with the same week last year.
The North Central Hardwood Association of Indianapolis, reported
production of 131 mills as 1,353,000 feet; shipments, 1,401,000 feet; orders,
1,215,000 feet; unfilled orders, 8,771,000 feet.
The Northeastern Lumber Manufacturers Association, of New York,
reported hardwood production from 29 mills as 1,421,000 feet, shipments
903,000 and orders 594,000 feet. Week-end orders on hand were 6,579,000
feet.
Farm Exports Index of Bureau of Agricultural Economics for March Below February, but Above
Year Ago.
The index of the volume of farm products exported from
the United States during March is 75, compared with 80 in
February, 93 in January, 67 in March last year, and 111 in
March 1932, according to the Bureau of Agricultural Economics, United States Department of Agriculture. The decline in March was due to smaller exports of cotton and
fruits; exports of other farm products increased. The
1909-14 period equals 100. The Bureau further announced.
as follows, on May 7:
Cotton exports in March, with an index of 82, were the smallest in nearly
a year, with total exports of 583,000 bales, as ecenpared with 616,000 bales
In March last year. Japan continued the most important buyer until March
takings by Germany were stepped up to 127,000 bales compared with 116,000
bales in February. The index in February was 93, and in January it was 109.
The index for wheat and flour was 53 in March, a gain over January and
May 12 1934
February, and also over March last year. Of total exports of 4,733,000
bushels, 2,149,000 bushels went to China and 802,000 bushels to Japan.
Exports of leaf tobacco, with an index of 136, recorded a gain over January
and February and over March in 1932 and 1933. Larger purchases of bright
flue-cured by the United Kingdom and larger shipments of dark fired Kentucky and Tennessee to France were largely responsible for the gain.
Fruit exports recorded the lowest March figure since 1930, being 207
against 298 in February this year and 346 in January this year. The movement of cured pork was limited, and the index for lard was the second lowest
March figure since 1916.
Production of Flour Again Fell Off in April 1934.
General Mills, Inc.,.in presenting its summary of flour
milling activities for approximately 90% of all flour mills in
the principal flour milling centres of the United States,
reports that during the month of April 1934 there were produced a total of 4,959,082 barrels of flour as compared with
5,588,186 barrels in the preceding month and 6,171,406
barrels in the corresponding period last year. In March
1933 production amounted to 5,671,696 barrels.
During the ten months ended April 30 1934 flour output
by the same number of mills reached a total of 52,084,351
barrels as against 56,402,372 barrels during the same period
ended April 30 1933. The corporation's summary follows:
PRODUCTION OF FLOUR (NUMBER OF BARRELS.)
Month of April.
10 Mos. Ended April 30.
1934.
Northwest
Southwest
Lake Central and Southern_ _
Pacific Coast
Grand total
1933.
1934.
1933.
1,266,590
1.726,587
1,609,389
356,516
1,704,278
2.244,452
1,930,762
291,914
13.462,383
18.043,657
17,279.786
3,298,525
14,166,056
19,968,263
19,352,624
2,915,429
4.959,082
6,171,406
52,084,351
56,402,372
Agricultural Department Report on Winter Wheat,
Rye, &c.
The Department of Agriculture at Washington on May 10
issued its crop report as of May 1 1934. This report estimates the abandonment of winter wheat at 15.3%, leaving
the acreage remaining to be harvested at 34,725,000 acres
as compared with 28,420,000 acres harvested in 1933.
Last year the abandonment of winter wheat acreage was
33.4% and the 10-year average )1922-31) 12.2%. The
May 1 condition is placed at 70.9% this year as compared
with 66.7% of normal on May 1 1933, 75.1% on May 1
1932 and no less than 90.3% on May 1 1931, and a 10-year
average condition of 82.0%. The estimated production of
winter wheat is now estimated at 461,471,000 bushels, which
compares with the Department's estimate of 491,793,000
bushels a month ago and with a harvest of 351,030,000
bushels last year and an average five-year (1927-31) production of 632,061,000 bushels. Because of the severe
drouth effects that have continued since the first of May the
crop has suffered further damage. Below is the report:
The crop situation continues highly abnormal and crop prospects are very
uncertain because of inadequate rainfall and a general lack of subsoil
moisture in the north central and western groups of States which ordinarily
have two-thirds of the total crop acreage.
Conditions are most serious in an area that extends on the north from the
Dakotas and the eastern quarter of Montana south to New Mexico and the
upper western counties of the Texas Panhandle. On many farms in this
area the soil is too dry for proper germination of spring grains. Many
farmers have suspended seeding to wait for rain. Some who seeded in the
dust have had their grain blown out by the high winds. In some sections
benefitted by light showers the grain has sprouted but it is in no condition
to survive long if recent hot dry weather continues. Scattered areas throughout this region have had rain enough for current needs but in this area as a
whole crop prospects have declined materially during the last few weeks.
Dry conditions also prevail in other sections of the Corn Belt where reports
indicate that hay crops and pastures need rain quite badly and small
grains are beginning to suffer.
In the western States the winter was mild, pastures have started early
and stock has survived the winter much better than was sxpected, but
rains have been inadequate in most sections except the northern Pacific
slope. There Is less than tne usual snow in the mountains and the prospect
Is that there will be less than the usual supply of water for irrigation.
In the country as a whole winter grains do not show unusual abandonment
but yields per acre seem likely to be not far above the lowest yield per acre of
recent years. Hay crops and pastures have had a poor start and their condition on May 1. as reported by crop correspondents, was substantially
lower than on the same date in any of the past 50 years. The shortage of
pasture is particularly serious in areas that were severely affected by
drouth last season and which are now suffering from an acute scarcity of
feed for all livestock.
Fruit Prospects are
slightly below average for this time of year.
only
No serious injury to the apple crop has been reported thus far and a late
spring has often been favorable to apple production. The apparent failure
of the peach crop from Illinois and Michigan eastward is offset to some extent
by better tnan average prospects in the South. The cherry crop has been
reduced by winter injury in the eastern and central States and by diseases
in California. The condition of citrus fruits as a whole is a little above the
May 1 condition a Year 1403.
The spring work of getting in the crops is now about as far advanced as
usual. In parts of tne drouth area seeding has been much delayed and in the
nortaeast and parts of the southeast and locally elsewhere In the South the
work has been somewhat delayed by the late spring or by frequent rains
but on the other hand, the season has been early in the West and in most
of the Corn Belt the weather has been favorable for preparing the land.
Corn planting is considerably more advanced than usual in the eastern
corn belt and in Kansas and Missouri, but is somewhat later than usual in
Volume 138
Financial Chronicle
3173
1
..
,
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, 1 511CONN.J.00t.Ctt 00ut..1.<011t100,010st..00t C,
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other portions of the belt where it has been delayed by lack of moisture. By
compared with 75.0 on April 1 and with 75.0% on May 1 1933. Cold weather
May 5, about 27% of the acreage had been planted in the 11 leading corn
delayed planting and has retarded the prouress of the crop in many of the
States as compared with 16% planted to the same date last year. Spring
southern areas. In a few instances, April freezes caused some damage but
wheat planting has been seriously delayed in South Dakota by extensive
no serious losses resulted.
drouth and is slightly later than average in North Dakota and Minnesota.
Maple Products.
-The season for the production of maple products was
About 20% of the South Dakota spring wheat had not been seeded by
moderately favorable in the eastern States, but quite unfavorable in the
May 5.
north central States. The total number oftrees tapped was reduced slightly.
There is still time for well distributed rains and seasonable weather to
Production, in terms of sugar, amounted to 20,450,000 pounds in 1934
result in better than average crops but hay and small grains which occupy
compared with 18,776,000 pounds in 1933, and 20.919,000 pounds in 1932.
about half of the total crop area are suffering over a wide area and the
While the season was generally short and the flow of sap light, the effect
need of adequate rainfall is daily becoming more acute. On the whole,
of these adverse factors in the important eastern States was largely offset
crop prospects seem less promising than at this early date in any recent year.
by an unusually high sugar content in the sap.
Winter Wheat.
-The 1934 winter wheat crop is forecast at 461,471,000
WINTER WHEAT.
bushels, as compared with the 1933 crop of 351,030,000 bushels and the
5
-year average (1927-1931) production of 632,061,000 bushels. The present
Produaton
Acreage.
Condition May 1
forecast shows a sharp decline from last month's report, due principally to
(Thousand Bushels)
(Per Cent)
continued drouth conditions in the Great Plains region.
Abandoned (%) Left for
The acreage of winter wheat remaining for harvest is estimated to be
IndtAver.
State.
Harvest Aver.
34,725,000 acres, as compared with 28,420,000 acres harvested in 1933 and
Aver.
.
1934 1922- 1933, 1934. 1927- 1933. cated
the 5
-year average (1927-1931) harvested acreage of 40.050.000 acres.
1934.
1931.
1922- 1933. 1934. (1,000 1931.
The present estimate of acreage sown last fall is 41,007,000 acres, or practi1931.
Acres)
cally the same as that shown by the Board's December 1933 report. It is
New York_ _ _ 3.8 3.5 7.0
4,674 4,388 4,410
252 82 79
estimated that 15.3% of the acreage seeded last fall has been or will be
New Jersey__ 2.4 2.0 2.5
990
940
1.240
47 87 82
abandoned. The average abandonment in the 10 years 1922-1931 was 12.2%.
Pennsylvania. 3.0 2.5 4.5
18,080 15,678 15.947
862 83 83
The condition of winter wheat on May 1 was reported at 70.9% of normal,
Ohio
13.4 2.0 2.5 1,755 76
29,431 34.732 32,468
78
Indiana
10.5 5.0 3.0 1,633 80 77
27.401 22,344 26,128
as compared with 66.7% in 1933 and the 10
-year average (1922-1931) of
Illinois
11.6 3.0 2.0 1,795 79
31,611 26,592 30,515
78
82.0%. With the exception of last year, the present condition is the lowest
Michigan_
3.5 3.0 5.0
15,440 13,332 12,672
768 82
75
May 1 condition reported since 1885. Ordinarily, the reported May 1
Wisconsin
10.6 12.0 23.0
729
464
378
27 84
76
Minnesota
11.0 16.0 42.0
condition is higher than the reported April 1 condition. This year, however,
103 82 69
3,284 2,370 1.442
Iowa
5.6 9.0 5.0
274 87 75
7,422 3,587 4,932
condition declined from 74.3 on April 1 to 70.9 on May 1. Winter wheat
Missouri
8.1 6.0 5.0 1,461 82 76
20,225 16.600 18,993
condition is below average in all parts of the country with the exception
South Dakota 18.6 50.0 60.0
870
508
113 83 66
1,386
of an area extending from Missouri to Ohio, and parts of the Pacific northNebraska
9.8 30.0 10.0 2,630 84
62,866 25,894 34,190
70
Kansas
13.1 47.4 20.0 9,463 81
175,876 57,452 99.362
west. Prospects are far below average in practically all of the Great Plains
55
Delaware_
2.3 4.0 4.0
75 88 84
2,002 1,078 1,425
area. In this area precipitation during recent months was greatly deficient
Maryland
2.6 1.5 2.0
379 83 87
9,375 6,320 7,580
and the moisture situation is still decidedly unfavorable.
Virginia
2.6 2.0 2.5
550 84 85
9.582 7,425 8,250
West Virginia 4.6 1.5 3.0
Production of hard red winter wheat is forecast at 252,636,000 bushels as
134 81
86
1.679 1,798 1,809
No. Carolina_ 3.0 2.0 2.5
426 86 80
3,661 3,714 4,260
compared with 169,720,000 bushels in 1933 and 277,450,000 bushels in 1932.
So, Carolina_ 5.2 4.0 2.0
952
850
85 76 68
546
bushels as
Production of soft red winter wheat is forecast at 163,876,000
10.2 5.0 3.0
712
Georgia
75 76
536
71
505
compared with 146,879,000 bushels in 1933 and 149,425,000 bushels in
Kentucky
13.2 7.0 8.0
289 83 83
2,969 3,240 3,468
Tennessee
7.1 3.5 4.0
299 83 83
1932. Production of fall sown white wheat is forecast at 44.959.000 bushels,
2,950 2,774 2,990
Alabama
8.3 10.0 16.0
34
4 81
42
31
69
as compared with 34.431,000 bushels in 1933 and 48,834,000 bushels in 1932.
Arkansas_
9.3 12.0 4.5
294
31 81
241
216
72
The season so far has been very unfavorable for spring wheat in the
Oklahoma
10.2 30.0 16.0 3,588 79 55
52,641 33,095 35.880
Dakotas, eastern Montana and western Minnesota, where an accumulated
Texas
17.1 56.1 30.0 2,881 74 48
39,653 13,022 25,749
Montana__
25.5 25.0 16.0
deficiency of moisture is still unrelieved. Seeding has been delayed con655 81
9,016 6,166 9,498
66
Idaho
6.0 20.0 10.0
588 90 66
12,950 8.025 11,468
siderably in these States and is especially late in South Dakota.
Wyoming
12.7 50.0 35.0
118 87 65
1,707
808 1.180
Rye.
-Rye production is forecast at 27,906,000 bushels, as compared
Colorado_
25.2 70.0 30.0
657 81
15,491 2,412 8,212
40
with 21,184,000 bushels produced in 1933 and the 5
-year (1927-1931)
New Mexico_ 40.0 45.0 60.0
847
154 73 44
3,421 1.210
Arizona
3.1 2.0 2.0
41 92 84
861
554 1,288
average production of 40,950,000 bushels.
Utah
2.9 5.0 5.0
166 92 80
3,333 2,340 2,324
The average of rye remaining for harvest is estimated to be 2.951,000
Nevada
1.0 1.0 2.0
66
3 94
94
89
48
acres, an increase of 25.5% over the acreage harvested in 1933, and a
Washington_ 16.5 60.0 7.0 1,025 84
29,344 13,090 25,625
58
decrease of 11.1% over the 5
-year (1927-1931) average. The acreage seeded
Oregon
10.0 75.0 10.0
776 90 65
19.286 4,388 15.908
California
17.6 11.0 17.0
563 81
71
11,362 12,118 9,290
last fall was 14.7% above seedings in the preceding fall. Although conditions have been unfavorable for the rye crop, only about the usual loss
United States 12.2 33.4 15.3 34.725 82.0 66.7 70.9 632,061 351,030 461,471
from winter killing and diversion to other use than given has occurred.
RYE.
The condition of rye on May 1 1934 was reported at 67.8% of normal,
the lowest May 1 condition on record. Condition on the same date in 1933
was 75.6% and the 10-year (1922-1931) average was 85.2%. The condition
Production.
Acreage.*
Condition May 1.
(Thousand Acres)
Per Cent.
(Thousand Bushels)
is below average in all parts of the country and is especially low in the
State.
important rye producing States of Minnesota, North Dakota and South
Aver.
/ndiLeft for Aver.
Sown
Dakota.
Harvest 1922- 1933. 1934. 1927- 1933. rated
for All
Purposes. for Grain. 1931.
Oats (Southern States).
-The May 1 condition of oats in the South Atlantic
1931.
1934.
and south central State reported at 72.1% of normal is 7.4 points above the
New York__ _
64
22
86
322
240
319
82
78
figure reported on May 1 1933 and only 1.7 points below the 8
-year (1924New Jersey-72
24
90
83
467
352
408
86
1931) average. Condition of the crop in Texas, which has approximately
Pennsylvania _
150
120
86
83
77
1.572 1,606 1,620
Ohio
119
56
84
83
82
629
688
700
40% of the acreage, is much higher than a year ago, but condition in
Indiana
198
111
85
81
82
1,138
890 1.332
Oklahoma with roughly 30% of the acreage, is several points lower.
Illinois
112
62
778
87
83
84
625
888
Tame Hay.
-The May 1 condition of tame hay. 69.9% of normal, comMichigan
239
160
86
79
72
2,027 1,312 1,920
pares with 75.3% on May 1 1933, 78.3% on May 1 1932. 79.4% on May 1
Wisconsin.. _ _
364
273
87
79
71
2,329 2,260 3,003
Minnesota
582
454
86
77
68
6,269 3,638 5.448
1931 and the 10-year average (1922-1931) May 1 condition of 84.3%. The
Iowa
96
58
90
82
82
688
490
870
condition for this season of the year is the lowest on record,only the western
Missouri
52
13
110
87
79
82
167
82
States show a higher condition than a year ago, when the situation was
North Dakota 1,047
618
81
72
49
13.759 3,712 3,708
unusually unfavorable. The present outlook is for one of the lowest yields
South Dakota
733
330
86
71
50
3,193
760 1,320
Nebraska
375
266
88
72
72
3,234 1,712 3,660
per acre in many years. Wild hay also is likely to give only a low yield
Kansas
48
19
128
171
84
68
67
267
per acre.
Delaware
8
4
89
86
79
76
52
56
Hay stocks remaining on farms on May 1 are estimated at 7,453,000
280
Maryland_ -33
20
258
221
86
86
80
tons or 10% of the 1933 production. They are the shortest at this season
Virginia
600
99
50
86
85
76
574
578
West Virginia_
144
132
19
12
85
84
79
145
for the last 14 years. Only in the South Atlantic and western States is there
472
NorthCarolina
157
420
63
87
82
79
444
more hay on hand than a year ago. In the North Atlantic States there is
South Carolina
22
49
60
7
80
66
74
73
9% less, in the north central States, where stocks are usually about one-half
43
91
Georgia
14
81
72
95
72
77
of the United States total, they are 56% le-s than they were a year ago,
Kentucky__
76
172
132
15
84
86
77
190
117
Tennessee
104
72
18
84
109
79
78
in the south central States 13% less.
and
Oklahoma..
38
48
14
81
6
80
60
64
Pastures.
-Pastures have been suffering severely from drouth. Their
Texas
31
12
30
6
3
74
51
71
condition on May 1, as reported by crop correspondents, averaged only
384
Montana
97
48
85
735
266
78
75
33
48
Idaho
45
9
4
92
75
82
66.2% of normal, this being the first time in 50 years that the May conWyoming....
196
126
42
28
90
262
66
75
dition has fallen below 71. The situation is most serious in the Dakotas
342
Colorado
117
646
52
36
85
52
85
and parts of adjoining States affected by drouth and grasshoppers last
Utah
21
21
3
3
25
92
87
75
year. but pastures are poor in the whole area from the Dakotas and Kansas
100
Washington
84
19
178
10
85
76
85
Oregon
220
300
243
eastward to New York and North Carolina with half of the States in this
69
24
93
74
88
area reporting the lowest pasture condition on record for May 1. Pastures
United Stet.
A 001
C1351
AA 9 78 A A78 an nAll 21 184 27.206
appear to be good in the Pacific northwest, and in parts of New England
•Sown in the fall of 1933 for all purposes and left for harvest for grain in 1934.
and Texas but in no other States is the condition up to the 10
-year average
for May. With pastures poor,feed supplies short and grain prices relatively
high compared with prices of dairy products, milk production per cow on
Foreign Crop Prospects.
May 1 as reported by crop correspondents, was lower than on that date in
The latest available information pertaining to cereal
any of the previous nine years for which records are available.
-Reports from 10 Southern States on May 1 indicate the proPeaches.
crop in foreign countries, as reported by the Foreign Service
bability of a peach crop of 18,950,000 bushels in those States this year
of the Bureau of Agricultural Economics to the'United States
compared with 12,326.000 bushels in 1933. and a 5
-year average (1927-1931)
of 15,785,000 bushels. On May 1 the condition of the peach crop in the 10
Department of Agriculture at Washington and given out
Southern States was reported at 72.7% compared with 73.7% on April 1.
on May 10 is as follows:
-year May 1 (1922-1931)
On May 1 1933. the condition was 45.9%. The 8
average condition is 63.0%.
Wheat.
The uniformly good condition reported throughout the South indicates a
The acreage sown to wheat for the 1934 harvest in the 22 foreign countries
production well above the average in each State except Georgia and Florida.
(excluding Russia) of the Northern Hemisphere for which estimates are
Damage from late spring frosts was light because the cold late spring delayed
available is 139.722,000 acres, compared with 141,312,000 acres for the
blossoming until the critical period for frost damage was past.
1933 harvest. The winter wheat area in Russia is estimated at 29,785,000
Reports from the States north of the Potomac River and east of the
acres compared with 26.703,000 acres last year.
Mississippi River indicate an extremely light peach crop this year. A few
A reduction of about 9% is indicated in the 1934 wheat area in Canada.
scattered orchards having some of the hardier varieties and in the more
The spring wheat acreage, as indicated by reports of farmers' intentions
protected locations report sufficient survival of fruit buds to produce a
to-plant as of May 1, will be 23,319,000 acres. Thirty-nine per cent of the
fall sown area has been abandoned. leaving 385,000 acres for harvest.
moderate crop, most reports, however, indicate heavy bud killing and
If farmers carry out their intentions-to-plant spring wheat, the total 1934
much injury to the wood.
-The condition of early rotatoes improved during April
wheat area will be 23.704,000 acres compared with 25.991,000 acres in
Early Potatoes.
1933 and 27,182,000 acres in 1932. The season is earlier than in 1933, but
and on May 1 was reported to be slightly better than the average condition
he present outlook is much less promising.
for that date from 1924 to 1931. The May 1 condition was 76.9% of norma
3174
Financial Chronicle
In Europe, the winter wheat acreage in 16 countries (excluding Russia)
Is reported at 70,997,000 acres, compared with 72,615,000 acres last year.
Some increase in spring seeding is expected on abandoned winter area and
In countries where unfavorable weather conditions interfered with fall
seeding, but it appears probable that the total winter and spring area for
the 1934 harvest will be about 1,500.000 acres less than the 1933 acreage.
Crop conditions in Europe are on the whole less promising than at tne same
time last year. Smaller crops are expected in Italy, France, Czechoslovakia and the Danube Basin. The International Institute reported the
condition of the crops in Hungary, Bulgaria and Rumania as "precarious"
at present, due to the continued dry weather. Early reports had indicated
a good crop in Spain, but recent unseasonably cold weather has checked
growth. Crop reports from Northern European countries indicate fair to
good conditions. Spring seedings of all grains in Russia are much in advance of last year.
The wheat acreage in North Africa has been reduced as compared with
last year and conditions reported toward the end of April indicated a smaller
harvest except in Tunis, where the crop has been officially forecast at 13.962,000 bushels compared with 9,186,000 bushels harvested in 1932.
The second largest wheat area ion record was sown in India and the production has been officially forecast at 369,563,000 bushels compared with
352,875,000 bushels last year. Reports of unfavorable weather have been
received since this forecast was made and one unofficial source has reduced
Its estimate more than 30,000,000 bushels below the official estimate. The
Shanghai office of the Bureau of Agricultural Economics reported tnat the
winter wheat crop in China is making favorable progress in the important
wheat provinces and the outlook on May 1 was for a harvest equal to or
larger than last year.
Preparation of the land and seeding is now going forward in the Southern
Hemisphere. Weather and soil conditions have been favorable in Argentina and a Buenos Aires trade paper has predicted an increase in area.
An official report from the Union of South Africa stated that a record area
Is expected there. Conditions in Australia have not been favorable for
seeding and a considerable decrease in acreage is forecast.
WHEAT—AREA IN SPECIFIED COUNTRIES, 1931-1934.
••=11•10,..
Year of Harvest.
Country.
1931.
United States-a
Canada_b
Total
Cxechoslovatla-d
England and Wales_b
France_d
Germany_d
Greece_b
Italy_b
Latvia-d
Llthuania_d
Poland_d
Portugal_b
Spain_b
Sweden_d
Total (12)
Bulgarla_d
Hungary..d
Rumania_d
Yugoslavia_d
1932.
1933.
1934.
Acres.
Acres.
Acres.
Acres.
43,080.000 35,276.000 28,420,000 34,725,000
28,201,000 27,182,000 25,991,000 c23,704,000
69,281,000 62.458.000 54,411,000 58,429,000
1,962,000
1,997,000 2,160,000 2.233,000
1,680.000
1,760,000
1.197,000 1,288,000
11,330.000 12,894.000 12,863.000 12,770,000
4,653,000 4,882,000 5,051,000 4,927,000
1,498,000 1,498,000
1,784,000 1,873.000
11,883,000 12,185,000 12,587.000 11,978,000
149,000
173.000
183,000 190,000
379,000
403.000
409,000
393,000
4,137.000 3,885,000 3,741,000 3,711.000
1,271,000 1,483,000 1,423,000 e1,458.000
11,245,000 11,248,000 11,168,000 011,490,000
577,000
592,000
603,000
532,000
50,234,000 52,499,000 53,585,000 53.396,000
3,028,000
4,058,000
7,863,000
5,275,000
3,102,000 2,882,000 2,985.000
3,878,000
3,879,000 (3,706,000
6,517,000 7,110,000 08,215,000
5,142,000 08,159,000 f4,695,000
Total (4)
20,224,000 18,639,000 19,030,000 17,601,000
Total Europe (18)
70,458,000 71,138,000 72,815,000 70,997,000
Africa:
Algeria
Morocco
TIMM
Egypt
Total (4)
3,640,000
2,537,000
1.977,000
1,649,000
3,736,000 3,993,000 3,855,000
2.713,000 3,210,000 2,656,000
2,392,000 1,754,000 e2,150,000
1,762,000
1,426,000 1,435,000
9,803,000 10,603,000 10,383,000 10,098,000
31,582,000 33,689.000 32,323.000 34,925,000
Total, 23 countries
Russia
181,124,000 177.888,000 169,732,000 174,447,000
29,172,000 32,336,000 26,703,000 29,785,000
Estimated Northern Hemisphe e,
winter and spring total, excluabig Russia and China
215.900.000 218.000.000 208,600,000
a Winter area remaining for harvest. b Total wheat area. c Win er area plus
"intentions to plant" spring wheat. d Winter area. e Estimated n the Paris
office of the Bureau of Agricultural Economics. f Estimated In the Belgrade office
Of the Bureau of Agricultuarl Economics. g April estimated
Raw and Refined Sugar Shipments from Puerto Rico
to United States Lower During Week of May 5.
According to cables to the New York Coffee & Sugar Exchange, shipments of raw and refined sugar to the United
States from Puerto Rico amounted to 23,252 short tons
during the week of May 5, against 43,217 tons in the same
week last year. About 47% of the total available for the
United States of the 1933-34 crop has been shipped to date,
the Exchange announced. Under date of May 7 it added:
Raw sugar shipments from Jan. 1 to May 5 totaled 379,742 short tons,
an increase of 7% when compared with shipments of 354,445 during a
similar period last year.
Refined shipments amounted to 51,068, a 25.2% increase over the
40,801 ton total for the 1933 period.
Petroleum and Its Products—Congress Uncertain on
New Oil Measure—Bureau of Mines Reports Heavy
Overproduction—Refiners Curtail Runs to Balance
Stocks with Consumption.
While President Roosevelt has asked for action from
Congress for legislation to control production of crude
petroleum, Washington advices indicate some doubt as to
whether the measure introduced last week by Senator
Thomas"(Dem., Okla.), could be passed during the present
session. The bill was submitted by Senator Thomas at the
request of Secretary of the Interior Harold L. Ickes, Federal
Oil Administrator.
May 12 1934
Senator C. C. Dill (Dem., Wash.), Chairman of the
Senate Commerce Committee, to which the Thomas measure
was referred, has not up to the time of writing, set a date for
a hearing, and is quoted as stating that he would be unable
to call a hearing "for at least a week." Commenting on the
Thomas bill, Senator Dill said: "This thing obviously is
going to take a lot of time, and my opinion is that, if it is
pressed this session, it is going to have to be prolonged
considerably."
The Thomas measure is designed to provide direct Federal
control of overproduction and shipments of crude oil, and
provides effective powers for making operative the orders of
the Federal Oil Administrator, under whose jurisdiction
enforcement of the law would lie. Leading interests in the
oil trade favor the measure, which they believe would provide a definite and lasting control over hot oil production,
and would carry on regulatory action after the expiration of
the present NRA code for the petroleum industry.
The position of the Administration in support of the
Thomas measure, it is felt, makes it possible that some action
will yet be taken on the bill before the adjournment of
Congress. It is felt in Administration, as well as trade
circles, that legislation of this type is es.sential for the speedy
and complete recovery of the petroleum industry, present
co-operative efforts with respect to regulation of crude oil
production having proved only partially successful.
According to a report issued by the petroleum economics
division of the Department of the Interior during the week,
the production of crude petroleum in the United States
during March 1934 totaled 75,548,000 barrels. This represents a daily average of 2,437,000 barrels, which is 99,000
barrels above the daily average of the previous month and
8,000 barrels over that for March a year ago. The majority
of the States showed a gain in daily average production in
March, with the four leading States, Texas, Oklahoma,
California. and Kansas accounting for all but 7,000 barrels
of the increase over February. The daily average output in
Texas in March was 1,022,000 barrels, the first time since
October 1933 that the 1,000,000-barrel mark has been
exceeded. Production in the East Texas field rose to 500,000
barrels daily from an average of 470,000 barrels in February.
The increases in production in Oklahoma and California
were well distributed throughout the various producing
districts. Daily average production in Kansas increased to
131,000 barrels from 115,000 barrels in February, which, on
a percentage basis, represents the largest increase of any
important producing State.
The trend in stocks of refinable crude, which had been
downward, was reversed in March, when the total for such
stocks increased approximately 2,400,000 barrels, compared
with a decrease of about 2,000,000 barrels in February. In
general, this change was a reflection of the increases in production not compensated by a comparable gain in refinery runs.
The report disclosed that the percentage yield of gasoline
in March (42.6%) was practically the same as in February,
hence the decline in crude runs was reflected in a decrease
in the daily average production of motor fuel of from 1,108,000 barrels in February to 1,076,000 barrels in March. The
daily average indicated domestic demand for motor fuel for
March was 959,000 barrels, an increase of 5% over a year
ago. Exports of gasoline continued to increase, the total
for March, 2,540,000 barrels, being 7% above exports of
March 1933. Stocks of motor fuel on a revised basis totaled
66,986,000 barrels on March 31; of this amount 63,060,000
barrels was finished gasoline and 3,926,000 barrels was
natural gasoline. These data indicate a net gain of 1,082,000
barrels in motor fuel stocks in March.
The March statistics for the minor products indicate a
continued high consumption in fuel oil, further material
reductions in fuel-oil stocks, and further increases in stocks
of wax.
According to the Bureau of Labor Statistics, the price
index for petroleum products during March of this year
was 48.7, compared with 50.3 in February and 33.1 in
March 1933.
The refinery data of the above report were compiled from
refineries with an aggregate daily recorded crude oil capacity
of 3,440,000 barrels. These refineries operated during
March at 67% of their capacity, given above, which compares with a ratio of 69% in February.
Refiners operating in the East Coast territory, as well as
in other parts of the country, have curtailed their crude runs
during the past two weeks in an effort to avoid the accumulation of further surplus stocks, and it is indicated that
Volume 138
Financial Chronicle
closer control over refinery runs will be witnessed on the
part of the major companies during the summer season,
as it is realized that production of motor fuel must be
balanced more closely with consumption if the recent price
increases in various parts of the country are to be sustained.
Interest in the foreign oil situation was heightened to-day
by the return of Walter C. Teagle, resident of the Standard
Oil Co. (N. J.) from Europe, with W. S. Farish, another
official of the Jersey Standard Co. Messrs. Teagle and
Farish, along with•other officials of Standard of New Jersey
and affiliated companies, as well as leading executives of
a number of other major American companies, attended a
series of meetings in Europe to discuss plans for stabilization
of world markets. It is understood that the question of
continued price cutting on Rumanian gasoline at Constanza,
Rumania's oil exporting port, in competition with United
States Gulf markets, came in for some discussion. Both
Standard of New Jersey and Royal Dutch-Shell are prominently identified with producing and refining operations
in Rumania and both of these companies are interested in
the protection of the price basis at the United States Gulf.
The major problem discussed at the foreign conferences,
however, dealt with the allocation of crude petroleum from
Iraq, it is understood. The $25,000,000 pipeline construction project of Iraq Petroleum Co.is now nearing completion,
and it is expected that this line will start running oil late in
the second quarter of the current year, or early in the third
quarter. The line bifurcates after crossing the desert,
one branch leading to the British-controlled port of Haifa
(Jerusalem) with the other division terminating at the
French-controlled port of Tripoli. It is understood that crude
oil from Iraq will go principally to refineries in France and
England, replacing to some extent crude supplies now
drawn by these plants from the United States and the
Caribbean area. Standard Oil Co. of New Jersey, Gulf
Refining, Atlantic Refining and Socony-Vacuum Corp. are
all interested in refineries in France, and it is expected that
the American share of Iraq's production will largely go to
these plants, while the French share will likewise go to
France for refining. Royal Dutch-Shell's percentage will
probably go to England and Far Eastern plants of this international group.
A slight improvement in the technical position of the market was recorded by the weekly report of the American
Petroleum Institute, which showed daily average gross crude
oil production in the United States for the week ended May 5
of 2,429,500 barrels, compared with 2,450,250 barrels daily
in the preceding week,a decline of 20,750 barrels. A drop
of 51,000 barrels per day was shown by Oklahoma, but this
curtailment was largely offset by gains in other producing
areas, including an increase of 14,200 barrels daily in Texas
output. Aggregate production was 63,300 barrels per day
in excess of the Federal allowable, with the four leading
producing States, Oklahoma, Kansas, Texas,and California,
all exceeding their quotas. Motor fuel stocks, including
unfinished gasoline in naphtha distillates, held in the United
States at the close of the week totaled 68,135,000 barrels,
compared with 68,827,000 barrels at the close of the previous
week, a decline of 792,000 barrels. Gasoline stocks at refineries fell off 433,000 barrels, standing at 37,365,000 barrels, with stocks of unfinished gasoline 420,000 barrels
lower at 8,146,000 barrels. Gasoline held at bulk terminals,
"in transit" and in pipelines showed a gain of 111,000
barrels to 18,324,000 barrels, and stocks of "other motor
fuels" were up 50,000 barrels at 4,300,000 barrels.
The reporting refineries, representing 89.7% of the
total refining capacity of the industry, operated at 64.4%
of capacity during the week, as compared with 68.2% operations during the preceding week. Crude runs to stills
averaged 2,172,000 barrels daily, against 2,285,000 barrels
per day in the previous week. Cracked gasoline output
decreased 5,000 barrels daily to an average of 443,000
barrels.
Stocks of gas and fuel oils as of May 5 totaled 103,076,000
barrels, as compared with 103,766,000 barrels at the end
of the previous week. The continued decline in fuel oil
stocks has been one of the major problems of the industry
for many months past, and has resulted in a series of substantial advances in prices for bunker fuel oil. These
increases have so increased operating costs of steamship
lines that serious concern is expressed regarding a possible
revision to coal as a bunker fuel by many vessels in the
event that the advance in heavy fuel oil prices continues.
At present there is but a narrow price spread between
3175
the two fuels, judged by price versus power-generating
efficiency, although the margin is still in favor of oil.
Reports from the fields during the week indicated continued strength in the position of crude oil, and it was
expected that some further slight price gains might be
witnessed in the near future in the event that further progress
is made in bringing crude production under control.
The House of Representatives on Tuesday defeated a
resolution calling for a Special Committee investigation
into the method pursued by the Oil Code Administration
in allotting production quotas, thus defeating an attempt
to initiate the first investigation into a phase of the."New
Deal" policy of the Administration. The vote was 179
to 134, with party lines giving way on the balloting.
Representatives from some of the oil producing States,
during the course of debate on the measure, charged that
various States were being favored under the allocations
made by Administrator Ickes and that administration of
the industry's code of fair trade practices had been conducted largely in the interest of the major companies.
Washington was the scene of another interesting sidelight in the battle to restore the industry to a sound basis
when it was disclosed that a number of gasoline retailers
in that city, in direct defiance of rulings of the NRA, were
continuing to sell gasoline below posted price levels. Discounts running as high as 1% cents per gallon were reported
being given by these dealers.
Under the terms of the code the offending dealers are
liable to penalties running up to $500 fine and two years'
imprisonment, but the price cutting continued with the
offending dealers apparently unperturbed over probable
action by NRA.
The discounts offered by the price-cutting dealers brought
the price at the pump down to 11 cents per gallon, giving
distributors 8 cents per gallon and leaving but a small
margin for the dealer. This practice, other service station
operators declared, allows the price cutters to sell below
cost, making them violators of the code. Under the code
authority ruling, a dealer may sell at any price he posts,
but must not sell below such posted price. The majority
of the independent gasoline stations in the Capital were
reported selling their gas in posted prices, although in some
instances such dealers were selling motor fuel at reduced
prices.
Welcome news for Southwestern refiners was contained
in an announcement by the Mexican Ministry of Finance
on Tuesday of a 50% reduction in duties on gasoline imported into Mexico through Sonora State border points
and destined for local consumption in Sonora. The redilation was made, the Ministry declared, to enable the
Government to reduce vigilance costs and at the same time
gain a larger revenue, as large quantities of gasoline were
being bootlegged over the border. The reduction will
make bootlegging just half as profitable as formerly, and
give the legitimate shippers a chance to regain much lost
gallonage.
There were no price changes reported on crude oil during
the week.
Quotations follow:
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$2.55 Eldorado, Ark.. 40
$1.00
Corning. Pa
1.32 Rusk, Tex., 40 and over
1.08
Illinois
1.13 Darst Creek
.87
Western Kentucky
1.13 Midland District. Mich
.90
Mid-Cont., Okla., 40 and above... 1.08 Sunburst, Mont
1.35
Hutchinson, Tex.. 40 and over
1.03 Santa Fe Springs. Calif..40 and over 1.30
Spindletop. Tex., 40 and Over
1.03 Huntington. Calif.. 28
1.04
Winkler. Tex
.75 Petrolla, Canada
2.10
Bradford. Pa
Smackover. Ark.. 24 and over
.70
REFINED PRODUCTS—GASOLINE ADVANCED IN NEW YORE
AS COMPETITIVE SITUATION SHOWS IMPROVEMENT—
PRICES HIGHER IN OTHER SECTIONS—FEDERAL AGENTS
INVESTIGATING CODE VIOLATIONS.
Improvement in retail gasoline markets developed diring
the week, with a one-cent advance in Metropolitan New York
on Thursday standing as the feature of the week. This increase marked the definite ending of the price war which has
disturbed the market in Greater New York for some weeks
back. In connection with recent price slashing in Brooklyn, it was reported that a number of Federal agents are
conducting a careful investigation into oil marketing operations in that borough, with a possibility that some interests
will be called upon to explain violations of the oil industry's
code in the sale of gasoline below cost of production.
Gasoline was advanced one-half cent per gallon in Pennsylvamia and Delaware during the week, and a corresponding increase was made effective throughout Ohio, with scat-
Financial Chronicle
ChiCago
$04140474
N.Y.(Bayonne):
N .Y.(Bayonne):
New Orleans__ .0514
Shell Eastern Pet.$.06
Standard Oil N.J.:
Los Aug., ex .._ 05-.06
Motor, U. 8.....$.0614 New York.
Colonial-Beacon__ .061 Gulf ports-. .05)i-.06
62-63 octane.-- .0614
.04)5-.0434
z Texas
0514 Tulsa
Stand. 011 N. Y__ .061
.essi Pennsylvania- .06)1-.0614
Gulf
*Tide Water 011 Co .0585
Republic 011
.063j
:Richfield 011(Cal.) .0635
Sinclair Refining .06
Warner-Quin. Co. .061
x Richfield "Golden." z "Fire Chief," $0 07. • Tydol. 50.0635. y "Good
Gulf." $0.634.
Crude Oil Production Off 20,750 Barrels per Day During
Week Ended May 5 1934, but Continues to Exceed
Federal Allowable Figure-Inventories of Gas and
Fuel Oil 690,000 Barrels Lower.
The American Petroleum Institute estimates that the daily
average gross crude oil production for the week ended May 5
1934 was 2,429,500 barrels, a decrease of 20,750 barrels
as compared with the preceding week, but exceeds the
Federal allowable figure, which became effective on April 1,
by 63,300 barrels. The current figure also compares with
a daily average production of 2,440,050 barrels during the
four weeks ended May 5 and with an average daily output of
2,648,850 barrels during the week ended May 6 1933.
Further details, as reported by the American Petroleum
Institute,follow:
Actual Production.
Federal
Agency
Allowable Week End. Week End
May 5
Effectire
April 28
1934.
April 1.
1934.
476,400
122,100
Oklahoma
Kansas
Average
4 Weeks
Ended
May 5
1934.
Week
Ended
Mali 6
1933.
481,350
130,850
532,350
129,900
511,100
129.800
407,100
117 050
57,850
55,750
26,600
143,650
49,200
464,850
52,200
49,000
58,750
55,950
26,350
138,350
48,900
462,150
50.050
48,900
56,100
56,450
26,450
139,600
47,150
460,900
50,000
48,600
47,000
51,300
22.800
161,250
58,600
807,750
54,500
50,250
117,950
Panhandle Texas
North Texas
West Central Texas
West '1 eras
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Tess', (not including Conroe)
113.450
114,350
115,450
Total Texas
980.700 1,017,050 1,002.850
North Louisiana
Coastal Louisiana
25,550
53,200
25,900
49,000
999,600 1,386,900
25,950
50,100
28,400
41,150
72,400
78,750
74.900
76,050
69,550
Arkansas
Eastern (not lnci. Mich.).
Miclikian
32,300
99,600
31,300
30,550
99.550
31.100
30,500
97,650
27,100
30,600
98,500
29,100
30,100
91,700
16,600
Wyoming
Montana
Colorado
32,400
7,700
3,000
30,950
7,250
2,850
30,200
6,950
2,600
30,350
7,100
2,700
30,950
5,900
2,400
Total Louisiana
43,100
41,050
39.750
40,150
39,250
45,800
462,500
Total Rooky Mtn.States
New Mexico
California
46,150
473,100
45,450
469,800
45,400
479,750
36,000
472.600
Total United States2,366,200 2,429,500 2,450,250 2.440.050 2,648,850
Note.
-The figures indicated above do not include any eat mate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS. FINISHED AND UNFINISHED GASOLINE AND
-WEEK ENDED MAY 5 1934.
GAS AND FUEL OIL STOCKS
(Figures in Thousands of Barrels of 42 Gallons Each.)
Crude Runs
to MM.
Stocks •Stocks
of
of
FintinDaily P. C. ished finished
Reporting.
Aver- Oper- Cato- (lassTotal. P. C. age. ated, line.
line.
Daily Refining
Capacity of Plants.
District.
PotenOat
Rate.
East Coast__
582
Appalachian.
150
Ind.. III., Ky
446
Okla., Kan.,
Missouri__
461
Inland Texas
351
Texas Gulf._
566
La. Gulf......
_168
No. La.
-Ark.
92
Rocky Mtn_
96
California.__
848
Totals week:
May 5 1934
Anr. 28 1934
582
140
422
386
167
552
162
77
64
822
ime4b
May 9.
-Standard Oil Co. of Ohio advanced all grades of gasoline
one-half cent per gallon for tankwagon and service station delivery.
-Atlantic Refining Co. advanced tankwagon and service station
May 9.
gasoline prices one-half cent per gallon throughout Pennsylvania and
Delaware. Standard Oil Co. of Pennsylvania and other companies met the
Increases.
May 10.-Socony-Vacuum Corp. advanced tankwagon and service
station gasoline prices one cent per gallon in Metropolitan New York and
one-half cent per gallon in Westchester.
May 11.-Hartol Products Corp. advanced tankcar gasoline one-half
cent per gallon at Bayonne. Other refiners are expected to follow this
action.
May 12.
-Standard Oil Co. of New Jersey advanced tankwagon, tankcar,
and service station gasoline one-half cent per gallon throughout its territory,
May 12.
-Standard Oil Co. of Louisiana advanced tankcar, tankwagon,
and service station gasoline one-half cent per gallon in Louisiana and
Arkansas.•
Gasoline. Service Station. Tax Included.
$.19
Detroit
New Orleans
$.19
New York
$ 165
18
Philadelphia
2.14
.22
Houston
Atlanta
Jacksonville
22
San Francisco:
Boston
165
Los Angeles:
Third grade-----16
17
Buffalo
Above 65 octane- .1734
Chicago
158
Third grade--- - .1134
Standard
13
Premium
Cincinnati
19
1914
Premium
15
St. Louis
145
.19
Cleveland
174
z Less taxes.
.17
Minneapolis
Denver
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery.
North Texas
5.0314 New Orleans, ex.S.0411-05
New York:
Tulsa
0314-.0314
$.0514 Los Ang.,ex__ .0414-.05
(Bayonne)
Fuel Oil, F.O.B. Refinery or Terminal.
$1.15
Gulf Coast C
California 27 plus D
N.Y.(Bayonne):
1.30
$1.00-1.10 Phila. bunker C
$1.30
Bunker C
1.15
Diesel 28-30 D____ 1.95 New Orleans C
Gas OIL F.O.B. Refinery or Terminal.
5.02)5.-02%
I Chicago:
N. Y.(Bayonne):
Tulsa
28 plus GO $.04M-.0434 I 32-36 0..9.0214-.0214
(Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
U. S. Gasoline. Motor
May 12 1934
Imports of crude and refined oil at principal United States ports totaled
1,450.000 barrels for the week ended May 5, a daily average of 207,143
barrels, compared with a daily average of 98,571 barrels in the preceding
week and a daily rate of 128,429 barrels over the last four weeks.
1
•4
Receipts of California crude oil at Atlantic and Gulf ports totaled 280,000
barrels for the week ended May 5, a daily average of 40,000 barrels, compared with a daily average of 74,429 barrels for the preceding week and a
daily average of 69,929 barrels over the last four weeks.
Reports received for the week ended May 5 1934 from refining companies
owning 89.7% of the 3.760,000 barrel estimated daily potential refining
capacity of the United States, indicate that 2,172,000 barrels of crude oil
daily were run to the stills operated by those companies and that they had
in storage at refineries at the end of the week, 37,365,000 barrels of finished
gasoline: 8.146.000 barrels of unfinished gasoline and 103,076,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
amounted to 18,324,000 barrels. Cracked gasoline production by companies owning 95.1% of the potential charging capacity of all cracking
units, averaged 443,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTIoN.
(Figures in Barrels)
CO§
tered price mark-ups reported from other sections of the
country during the period.
Reports from refining centers indicated that the market had
steadied following the price recessions of the previous fortnight, and quotations were higher at a number of points,
with indications that bottom had been touched and that the
price trend over the summer season would be toward higher
levels on most grades.
Wholesale distributors are still rather dubious as to the
near term outlook, however, and the volume of business for
refinery shipment remained rather light. Warmer weather
had,stimulated gasoline consumption substantially, however, and distributors were obliged to keep their storage at
least partially full and a few tank cars "rolling" at all times
for replacements.
Reports from the Gulf and California ndicate that there
is some inquiry in the markets at those points for lowoctane gasoline for shipment to the Atlantic seaboard in
tanker-lots, and it is expected that a substantial volume of
business in this direction will be witnessed during the next
few weeks. Most of the inquriries specified second-half
June-July lifting, reports in trade circles stated.
The Planning and Co-ordination Committee, meeting in
Washington during the week,adopted a resolution suggesting
that established refining companies buy part of their gasoline
requirements from refineries other than their own, to relieve
the surplus gasoline situation in some parts of the country.
The Federal Trade Commission, in a report to the Senate
on Thursday, estimated that the National Recovery Administration oil code has cost American motorists $160,550,000 between July 11933, and Jan. 31 1934. The report
showed gasoline prices averaged a net increase of 1.04 cents
a gallon during the period. The survey was in response to
a resolution by Senator William E. Borah, R., Idaho, on
Feb. 2.
Lubricating oil showed continued strength during the week.
Price changes follow:
C000c0010.0O
OCOWQ-4..7W
zL43;o.61:*L4
3176
b Stocks
of
Other
Motor
Fuel.
440 75.6 17,433
90 64.3 1,789
293 69.4 9,358
1,317
303
1,178
197
145
51
195
82
487
108
45
21
411
829
306
2,804
206
50
160
903
Stocks
of
Oat
and
Fuel
Oil.
573
302
200
50.5 5,598
49.1 1,357
88.2 4,709
66.7 1,299
58.4
267
32.8 1,415
50.0 12,464
6,900
832
2,747
2,112
1.757
4,838
992
31
503
711
43
2,758 80,884
-
3,774 89.7 2,172 64.4 d55,689 8,146 4,300 103,076
3 350 89.7 2.285 68.2 c56.011 R Mtn A 9R/1 log TAR
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated.
Includes unblended natural gasoline at refineries and plants, also blended motor fuel
at plants. c Includes 37,798,000 barrels at refineries and 18,213,000 barrels at bulk
terminals, in transit and pipe lines. d Includes 37,365,000 barrels at refineries
and 18,324,000 barrels at bulk terminals, in transit and pipe line,.
3,760
3.736
Crude Oil Output Continued at a Higher Rate During
March-Inventories of Crude Petroleum Increased
2,426,000 Barrels.
According to reports received by the Bureau of Mines,
Department of the Interior, the production of crude petroleum in the United States during March 1934, totaled 75,548,000 barrels. This represents a daily average of 2,437,000 barrels, which is 99,000 barrels above the daily
average of February and 8,000 barrels above March a year
ago. The majority of the States showed a gain in daily
average production in March, with the four leading States,
Texas, Oklahoma, California, and Kansas, accounting for
all but 7,000 barrels of the increase over February. The
daily average output in Texas in March was 1,022,000 barrels,
the first time since October 1933, that the 1,000,000-barrel
mark has been exceeded. Production in the East Texas
field rose to 500,000 barrels daily from an average of 470,000
barrels in February. The increases in production in Oklahoma and California were well distributed throughout the
various producing districts. Daily average production in
Kansas increased to 131,000 barrels from 115,000 barrels
in February, which, on a percentage basis represents the
largest increase of any important producing State. The
Bureau,in its report,further went on to say:
3177
Financial Chronicle
Volume 138
The trend in stocks of refinable crude, which had been downward, was
reversed in March, when the total for such stocks increased approximately
2,400.000 barrels, compared with a decrease of about 2,000,000 barrels
In February. In general, this change was a reflection of the increase in
production not compensated by a comparable gain in refinery runs.
The percentage yield of gasoline in March (42.6%) was practically the
same as in February, hence the decline in crude runs was reflected in a
decrease in the daily average production of motor fuel of from 1.108.000
barrels in February to 1,076,000 barrels in March. The daily average
Indicated domestic demand for motor fuel for March was 985,000 barrels.
an increase of 8% over a year ago. Exports of gasoline continued to
Increase, the total for March, 2,540,000 barrels, being 7% above exports of
March 1933. Stocks of motor fuel on a revised basis totaled 66,191,000
barrels on March 31: of this amount 62.265,000 barrels was finished gasoline
and 3,926.000 barrels was natural gasoline. These data indicate a net gain
of 287,000 barrels in motor fuel stocks in March.
The March statistics for the minor products indicate a continued high
consumption in fuel oil, further material reductions in fuel-oil stocks, and
further increases in stocks of wax.
According to the Bureau of Labor Statistics, the price index for petroleum
products during March 1934, was 48.7. compared with 50.3 in February
and 33.1 in March 1933.
The refinery data of this report were compiled from refineries with an
aggregate daily recorded crude-oil capacity of 3,440,000 barrels. These
refineries operated during March at 67% of their capacity, given above.
which compares with a ratio of 69% in February.
SUPPLY AND DEMAND OF ALL OILS.
(Thousands of barrels of 42 gallons.)
Mar.
Feb.
Jan.
1934.
1934.a
1934.a
Jan-Mar, Jan-liar.
1934.
1933,
New Supply
-
Domestic production:
Crud (petroleum
Daily average
Natural gasoline
BenzoLb
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average
75,548
2,437
3.019
159
78,726
2,540
65,450
2,338
2,795
132
68,377
2.552
71,976
2.321
3,024
130
75.130
2,424
212,974
2,366
8.838
421
222,233
2.469
200,329
2,226
8,190
271
208.790
2,320
c2,410
1,193
82,329
2,656
c3,031
635
72,043
2.573
c2.800
1,244
79,174
2,554
8,241
3,072
233,546
2.595
3,971
4,478
12.194
86,074
2,777
76.014
2,715
83,652
2.698
245,740
2,730
217.102
2,412
2,582
6.771
2,511
5,423
2,288
5,281
7.381
17,475
5,960
16.214
30,528
4.218
32,377
1,643
78
736
512
317
3,429
193
2 690
25.048
4,154
29.734
1,302
83
805
359
151
3,050
147
3,247
29,416
4,245
32,712
1,440
89
1,056
402
165
3,457
41
3.060
84,992
12.617
94,823
4,385
250
2,597
1,273
633
9.936
381
8,997
78,049
9,905
83,139
3,103
258
2,595
1,420
262
9,506
336
6,355
Total domestic demand
Daily average
76,721
2,475
68,080
2,431
76,083
2,454
220.884
2,454
194,928
2,166
Crude petroleum
Natural gasoline
Refined products
354,067 351,641 353,642
3.926
3,785
3,906
232,026 238,338 240,187
354,067
3,926
232.026
341,708
3,548
247,840
Total, all oils_
Days' supply
590,019 593,764 597,735
219
222
212
590.019
216
593,096
246
Jan.
-Mar.
1933.
1934.
1933.
810
94
286
496
57
291
2,650
282
897
1,664
215
890
1 957
IWO
March
1934.
930
78
279
011
Gas
Dry
February
1934.
1 190
844
3.829
2.769
Decrease In stocks, all oils
Demand
-
Stocks
-
a Revised. b From Coal Division. c Receipts of foreign cruds as reported to
Bureau of Mines. d Increase.
PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAI.
FIELDS.
(Thousands of barrels of 42 gallons.)
March
Total.
Arkansas
California:
Huntington Beach__,,_
Kettleman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California_
Colorado
Illinois
Indiana
Kansas
Kentucky
Louisiana:
Gulf coast
Rest of State
Total Louislana..
Michigan
Montana
New Mexico
New York
Ohio:
Central and Eastern
Northwestern
Total Ohio
Oklahoma:
Oklahoma City
Seminole
Rest of State
Total Oklahoma
Pennsylvania
Tennessee
Texas:
Gulf coast
West Texas
East Texas
Panhandle
Rest of State
Total Texas
West Virginia
Wyoming:
Salt Creek
10151 01 State
Total Wyoming_ _ _
IT a
tntnl
1934.
Feb. 1934.
DailyAo.
Total.
Jan.March
DatlyAo.
Jan.
March
1934,
1933.
918
29
853
31
2,727
2,713
1,244
1,702
1,930
1,299
8,535
14,710
81
394
70
4.064
378
40
55
62
42
276
475
3
13
2
131
12
1,089
1,394
1.606
1,157
7,348
12,594
83
337
52
3,217
330
39
50
57
41
263
450
3
12
2
115
12
3,528
4,693
5,342
3,739
24,165
41,467
251
1,124
194
10.688
1,070
2,154
5,252
6,013
4.675
22,888
40,982
249
874
146
9,336
1,154
1,337
798
2,135
870
214
1,341
313
43
26
69
28
7
43
10
1.230
766
1,996
813
207
1,186
246
44
27
71
29
7
42
9
3,918
2,416
6,334
2,505
643
3,846
865
3,083
2,539
5,622
1,269
464
3.202
765
280
85
365
9
3
12
225
56
281
8
2
10
774
230
1,004
800
239
1,039
5,402
3,278
6,771
15,451
1,222
174
106
218
498
40
4,600
2,890
6,005
13,495
952
I
164
104
214
482
34
15,591
9,479
19,094
44,164
3,326
2
13,632
9,863
17,496
40,991
2.887
1
4,913
4,090
15,514
1,671
5,485
31,673
364
159
132
500
54
177
1,022
12
4,484
3,601
13.167
1,471
4,900
27,623
291
160
129
470
53
175
987
10
14,310
11,685
42,670
4,468
15,849
88.982
995
11,963
14,511
38,452
4,142
15,1167
84,935
842
665
420
985
18
13
31
510
383
893
18
14
32
1,599
1,188
2,787
1,865
993
2,858
75 5411
9 427
as
9 SIR
919 G74
9nn zon
as
Jan. Mar
a From "Oil & Gas Journal" and California office of the American Petroleum
Institute.
Daily Average Production of Natural Gasoline in March
100,000 Barrels Lower Than in Preceding Month
Inventories Higher.
According to the United States Bureau of Mines, Department of the Interior, the daily average production of natural
gasoline during March 1934, was 4,090,000 gallons, a decline
of 100,000 gallons below the revised daily average of the
previous month. Production in the Texas Panhandle increased in March but the daily average output in the
remainder of Texas declined. The production in the East
Texas field totaled 2,500,000 gallons; this represented the
same total as in February but was lower on a daily average
basis. Daily average production in California was approximately the same as in February, a decline at Kettleman
Hills being compensated by increases elsewhere. Stocks of
natural gasoline held at the plants on March 31 1934, totaled •
44.,918,000 gallons, an increase of nearly 800,000 gallons
over stocks on hand March 1. The Bureau further reported
as follows:
d4,987
Total demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand:
Motor fuel
Kerosene
Gas oil and fuel oil
Lubricants
Wax
Coke
Asphalt
Road oil
Still gas (production)
Miscellaneous
Losses and crude used as fuel
March
9.003
4.296
222,089
2,468
3,745
NUMBER OF WELLS COMPLETED IN THE UNITED STATES
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS),
Production.
March
1934.
1934.
Stocks End of Mo.
Jan.
March
March
Feb.
1933.
1934.
1934.
6,000
6,200 18,100 18,700
800
2,400
2,300
800
31,500 28,900 91,800 84.000
2,300
6,200
2,200
6,900
36,300 a33,000 104,500 83,600
3,500
3,500 10.500 10,200
1,100
3,200
1,000
3,800
4,800
4,600 14,100
14,100
40,600 37,100 119.700 121.100
6,103
627
19,486
819
10,215
907
186
1,186
3,389
5.293
504
18.605
564
11,065
672
182
1,243
2,994
126,800 al17,400 371,200 344,000
Total
4,090
4,190
4,120
3,820
Daily average
3,019
2.795
8,838
8,190
Total (thousands of bbls.)_
91
97
100
98
Daily average
42,918
41,122
Appalachian
Illinois and Kentucky
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
Feb.
Jan.
March
1934.
1:022979
a Revised.
World Zinc Production Increased During March.
World production of zinc during March was at the rate
of 3,545 tons daily, against 3,468 tons daily in the month
previous, and 2,708 tons daily in March last year, according
to figures released by the American Bureau of Metal Statistics
and given in "Metal and Mineral Markets." Output by
countries, together with stocks held here and by the Cartel,
in short tons, follows:
Production in
Month of
United States
Mexico
Canada
Belgium.a
France
Germany
Italy
Netherlands
Poland (a)
Rhodesia
Spain
Anglo-Australian
Elsewhere_b
Total
Stock at End of
United States
Foreign Cartel
Feb. 1934.
30,172
2,444
8,691
14,210
5,151
4,948
2,098
1,742
7,471
1,567
705
8,517
9.200
97,116
1934.
109,793
147,936
Feb.
March
1934.
33.721
3,178
11,183
15,836
5,363
5,822
2,433
1,973
8,951
1,792
787
9,245
9,600
109,884
1934.
110,761
136,485
March
a Includes salable zinc dust. b Partly estimated: includes Norway, Yugoslavia,
Czechoslovakia, Russia, Judo-China, and Japan.
Copper Market Quiet as Work Progresses on Code
Regulations-Lead in Fair Demand.
"Metal and Mineral Markets," in its issue of May 10,
reported that both lead and zinc sold in fair volume during
the last week, but that extreme quiet prevailed in other
major non-ferrous metals. The quiet in copper was explained by the uncertainty that still preVails over the
marketing of domestic production, though the work of
clarifying the provisions of the code is making rapid progress.
Silver came in for extra attention on the announcement from
Washington that legislation may be enacted at the present
session of Congress providing for further use of the metal
as a metallic reserve for the United States. The silver
legislation is expected to be permissive. Platinum was
reduced in price on May 9 to the extent of $2 per ounce,
establishing the market at $36. With gold at $35 per ounce,
platinum producers hope to expand the market greatly for
Copper Price Holds Firm.
Despite the quiet that prevailed in the domestic market for copper, the
price situation remained firm in all directions. No change occurred in the
official quotation for "Blue Eagle" metal. Total sales in the domestic
market for the week that ended on May 9 amounted to a little more than
2.000 tons. All the business was placed on the basis of 8.60c. per pound,
Connecticut Valley. The quiet was attributed to the uncertainty over the
exact meaning ofsome of the provisions of the marketing section of the code,
together with a "partly cloudy" condition of the busines soutlook for the
third quarter of the year. The action of the security markets was held by
some traders to be a factor.
Though the foreign market for copper was not as active as earlier in the
year, business in that field was larger in volume than most reports indicated.
Prices eased moderately, business passing as low as 8.075c., c.i.f. European
Ports, on May 8. The average price paid on business reported to this
publication yesterday was 8.15c., c.i.f. basis. This compares with 8.25c.
a week ago.
Germany's import restrictions on copper have been extended to May 21.
Committees at work on setting up regulations for marketing copper under
the code were engaged last week in defining "Blue Eagle" copper and establishing quotas for the custom smelters. From present indications copper
other than "Blue Eagle" copper will not be sold in the domestic market.
It is held that the production quotas have been established at a point
sufficiently low to make it possible for consumers to absorb a little additional output without disturbing the marketing plan. Domestic consumption of copper over the second quarter of the year will probably exceed
30,000 tons a month,so the industry really faces no great problem in marketing current production.
Steady Demand for Lead.
The steady rate at which consumers have been buying lead continued last
week for the third consecutive week, sales during the seven-day pefriod
exceeding 3.700 tons. Prices were unchanged at 4.25c., New York, the
contract settling basis of the American Smelting & Refining Co.,and 4.10c.,
St. Louis. Demand was well diversified among the various consuming
interests, with corroders placing probably a somewhat heavier share of the
total business than any of the other purchasers. The price structure of
the metal was held to be firm, and general opinion in the trade seemed to
be that early action on the code for the industry would provide additional
strength in this direction.
Sales of lead for April shipment, according to statistics circulating in the
industry, totaled about 28,600 tons; sales for May shipment stand at about
26,000 tons; sales for June shipment have reached about 6,300 tons. This
last figure is said to indicate that consumers are considerably underbought
for their June requirements, and that therefore continuation of the current
steady demand for lead is probable.
Zinc Sells at 4.35c.
Offerings of Prime Western zinc at 4.35c., St. Louis, increased last week,
notwithstanding the fact that most operators still regard the situation as
firm. The reason given for the unsettlement in the market is that large
consumers could not be interested in taking on additional metal except at
concessions. Ore producers in the Tri-State expect to restrict production
this month and bring about a firmer situation in that sector. Unfilled
orders for zinc at the end of April amounted to 27,396 tons, against 21,976
tons a month previous.
The April zinc statistics, issued by the American Zinc Institute, showed
no important change in the stocks held by United States producers. The
shipments to consumers were smaller than in March, and a reduction in
output of 3.159 tons resulted in a net decline in stocks of only 1,386 tons.
A summary of the statistics for the last two months,in short tons,follows:
April.
March.
30,562
33,721
Production
1.019
1,088
Production, daily rate
31,948
32.753
Shipments
109,375
110,761
Stock at end
Tin Market Quiet.
The domestic tin market was relatively quiet all of last week, with
prices moving within a narrow range. No further action has been taken
by the International Tin Committee in connection with the plan to create
a buffer pool, although the understanding prevails generally that formation
of the pool is to be effected by authorization of an additional increase of
5% in production quotas.
Something else new came out of Washington during the latter part of
the week in the form of a proposal to investigate the possibilities of accepting imported tin in partial exchange for war debts owed the United States.
Secretary of State Hull supported the proposal in a letter read on May.9
before the Rules Committee of the House of Representatives.
Chinese tin, 99%, was quoted nominally as follows: May 3, 53.150c.:
May 4, 53.100c.; May 5, 53.000c.; May 7, 53.200c.; May 8, 53.225C.;
May 9, 53.475c.
World Gold Production Higher in March.
World production of gold for the month of March amounted
to 2,057,000 ounces, against 1,919,000 ounces in February,
according to estimated figures released by the American
Bureau of Metal Statistics and given in "Metal and Mineral
Markets" in its issue of May 10. The Bureau's estimates
follow (in ounces):
Totals
Fe5. 1934.
176,000
223,000
55,000
127,000
50.000
25,000
135,000
0,000
52,000
34.000
826,000
20,000
54,000
30,000
1200,000
1106,000
March 1934.
227,000
237,000
155,000
130,000
53,000
26,000
135,000
17,000
155,000
37.000
874,000
22,000
57,000
32,000
1200,000
1110,000
1 919,000
2,057.000
but nearly complete. c Includes
a Includes Philippines. b Principal mines, Siberia. e Includes West Indies,
Chiefly
New Zealand and New Guinea. d and African lands not separately reported.
Asiatic
Central America. Europe and
f Conjectural.
Shipments of Slab Zinc Exceeded Production in April
-Inventories Declined.
1934
Production of slab zinc in April 1934 was again exceeded
by shipments. According to the American Zinc Institute,
Inc., there were produced during this month a total of 30,562
short tons of slab zinc, as compared with 33,721 tons in
March last and 21,467 tons in April 1933. Shipments totaled
31,948 short tons as against 32,753 tons in March 1934 and
19,399 tons in April of last year. Inventories were reduced
to 109,375 short tons at April 30 1934 from 110,761 tons at
March 31 1934. A year ago there were on hand 141,364
tons of slab zinc. The Institute's statement follows:
SLAB ZINC STATISTICS (ALL GRADE5)-1929-I934.
(Tons of 2,000 Pounds.)
Retorts
(a)
Stock at Shipped Operating
End of
End of
for
Period. Export. Period.
Average Unfilled
Retorts Orders
During End of
Period. Period,
Produced
During
Period.
Shipped
During
Period.
631,601
52,633
602,601
50,217
75,430
8.352
529
57.999
88,491
18,885
504,463
42,039
438,275
38,358
143,818
198
18
31,240
47,789
28,851
300,738
25,082
314,514
28,210
129,842
41
3
19,875
23,099
18,273
22.471
21,474
22,448
20,576
18,805
18,423
14.718
13,811
13,280
15,217
18,078
18,853
22,404
21,851
22,503
18,032
18,050
14.971
12,841
18,380
20,838
19,152
15,970
15,745
129,909
192,532
129.477
132,020
132.575
134,027
135,902
133,153
125,774
121.840
121.948
124,858
81
22.044
21,752
22.018
20.798
20.850
18,742
18,295
14,514
14,915
17,389
19,753
21,023
21,001
20.1329
21,078
19.489
20,172
19.870
17.552
15.067
13.809
15.901
17.990
20,372
24.232
23,118
23,712
20,821
19,637
18,118
18.949
18,017
18,028
10.333
8,840
8,478
Total for year. 213,531
17,794
Monthly aver_
218.517
18,210
1929.
Total for year.
Monthly aver_
1930.
Total for year_
Monthly aver_
1931.
Total for year,
Monthly aver_
1932.
January
February
March
April_
May
June
July
August
September
October
November _ _ _.
December_ ___
1933.
January
February
March
April
May
June
July
August
September,.,.
October
November _ _ _ _
December
18,887
19,881
21,808
21.487
21.518
23,987
30,885
33.510
33,279
35,141
32,582
32,022
15,182
14,885
15,889
19,399
27,329
38,847
45.599
42.403
34.279
37,981
28.783
27.885
Total for year. 324,705
Monthly aver_ 27,059
344,001
28,887
2
3
2
2
2
2
17
1
128,581
133,357
139,298
141,384
135,551
122,891
108.157
99,284
98.284
95.424
101,223
105,580
40
0
0
45
o
44
22
22
0
44
0
22
18,580
ON0000.^WV.C.00
the metals in the platinum group, added "Metal and Mineral
Markets," which further reported as follows:
Month ofUnited States.a
Canada
Mexico
Colombia
Other South America
British India b
Japan_ b
Queensland
Western Australia
Other Australasia c
South Africa
Belgian Congo
Rhodesia
British West Africa
Rumia_d
Elsewhere_e
May 12 1934
Financial Chronicle
,
totobabawNzimeowwww
-4comm..amiapbabawro
atotoa
mo.t.a..wmg 0.4 m
3178
239
20
21,970
22,500
21,883
21,528
22,154
224590
24.127
25.988
25,019
25,819
27,159
28,318
8,313
8,502
8,581
18.072
21,058
27.142
35,788
25,594
27,783
23,388
20.833
15,978
23,653
1934.
44 28.744 28,975 28.717
28,532 111,982
32,954
January
0 30,783 27,779 28.878
32,381 109,793
30,172
February
3 28,952 28,818 21.978
32,753 110,781
33,721
March
0 28,892 25,349 27.398
31,948 109,375
30,582
April
Included in total shipments.
a Export shipments are
-These statistics include all corrections and adjustments reported at the
Note.
year-end,
Gold and Copper Production in Mexico Increased in
-Silver and Lead Output Lower.
1933
Production of metals and minerals in Mexico in 1932
and 9133, according to figures released by the Mexican
Department of Mines, and given in "Metal and Mineral
Markets" of May 10 (in kilograms) was:
Calendar YearsGold
Silver
Copper
Lead
Zinc
Antimony
Graphite
Arsenic
Quicksilver
Tin
Molybdenum
Selenium
Bismuth
Cadmium
Aluminum
1933.
19,838
2,118,229
39,825.424
118,893,024
89,339,408
1,949,810
2,685,439
4,897,083
154,390
124,558
88,188
287
48,877
1,291,887
918
1932.
18,171
2.155,018
35,255,110
137,400,868
57,211,240
1,337.839
2,045,137
3.788,988
252.731
751,430
5,223
593
17,444
88,174
Steel Production at Highest Rate Since September
-Scrap Prices Weaker.
1930
Steel production has risen two points to 60% of capacity,
the highest rate since September 1930, but scrap prices continue to recede, and automobile production has apparently
passed its peak, reports the "Iron Age" of May 10, which
further adds:
Scrap first turned weak some weeks ago, when the appearance of open
weather resulted in a sudden increase in the available supply. Latterly, however, prices have suffered because of the determination of steel producers to
liquidate their scrap inventories by July 1. Reflecting declines at Pittsburgh and Chicago, the "Iron Age" scrap composite has dropped to $11.92 a
ton, compared with $12.17 a ton last week and $13 a ton in the second week
of March, its peak for this year.
The changed outlook in the automobile trade is ascribed to a combination
of causes, not the least of which is the series of labor disturbances which
harassed manufacturers at the height of their sales campaign. Although
recent strikes have been settled, there continues to be an uneasy atmosphere
In the industry, and lost momentum has not been recovered. One automobile maker, now asking for prices on tools and dies, intends to place the
orders outside of the Detroit district, being unwilling to take the risk of
having the work tied up by strikes.
Other explanations offered for the recession in car sales are the recent
increase in retail prices, the suspension of the OWA program, and the drouth
Financial Chronicle
Volume 138
in the Central West, which seriously threatens the purchasing power of a
large section of the country.
The continued rise of steel output in the face of a leveling off of motor
car production is accounted for in part by the desire of consumers to take
advantage of contracts made prior to recent price advances. However, most
of the stocking that has taken place so far has been on the part of the mills.
Non-integrated producers have accumulated large supplies of semi-finished
steel, and pipe, tube and wire mills have built up stocks in warehouses for
shipment next month. In sheets and strip, shipments have been more closely
In line with production.
Mills continue to warn customers to enter their specifications early so
that delivery can be made before June 30, when all shipments against second
quarter contracts must be completed. Producers of certain grades of sheets
are already close to the point where they will have to close their books.
However, some sheet consumers complain of their inability to anticipate their
exact requirements until they have orders for which the sheets are to be used.
If the response of consumers to mills' pressure for specifications has not
been what had been expected, the threat of a steel strike will probably supply
the needed impetus. An ultimatiim to be presented to steel producers on
May 26 by the Amalgamated Association of Iron, Steel and Tin Plate Workers
will expire June 20, or shortly before the close of the quarter. While it is
not believed likely that a strike to unionize the steel industry could succeed,
it is conceded that operations at certain plants might be seriously crippled
for a time.
Aside from business done on a quarterly basis, the industry has considerable
railroad and structural tonnage which will carry well into July and August.
Chicago rail mills are running at 40% of capacity, and Pittsburgh rail production is expected to continue at a steady rate of 20,000 tons a month until
September. Output of tin plate, another product not restricted to quarterly
contracting periods, has receded to 75% of capacity after holding at 80% for
two months. Shipments have failed to come up to expectations, with the
result the producers' warehouses are heavily stocked.
The announcement of General Johnson that the steel code would be extended
with "slight" amendments beyond its present expiration date of May 31,
conforms with opinion in the iron and steel industry. Modifications now
under consideration include the creation of additional basing points, recognition of water rates in arriving at delivered prime on finished steel and
the establishment of quantity discounts on purchases of large tonnages.
Stainless steel strip (18 and 8) has been advanced Sc. a pound, but the
recent $3 a ton increase on sheet steel piling has been withdrawn. The "Iron
Age" composite prices on finished steel and pig iron are unchanged at 2.222c.
a pound, and $17.90 a ton.
Steel output during the week increased two points to 49% at Pittsburgh,
three points to 64% at Chicago, three points to 46% in the Philadelphia district, one point to 63% in the Valleys, and seven points to 65% in the South.
Operations dropped two points to 65% at Cleveland, and two points to 68%
at Buffalo. Detroit output is still at 100% of capacity.
THE "IRON AGE" COMPOSITEJPRICES.
Finished Steel.
May 8 1934, 2.222o. a Lb.
Based on stee. bars, beams, tank plates:
One week ago
2 222o. wire, rails, black pipe and sheets.
One month ago
2.0280. These products make 85% of the
One year ago
1.8670. United States output.
High.
Low.
1934
22220. Apr. 24
2.0286. Jan. 2
1933
2.036e. Oct. 8
1.887e. Apr. 18
1932
1.977e. Oct. 4
1.9280. Feb. 2
1931
2.027e. Jan. 13
1.9450. Dec. 29
1930
2.2730. Jan. 7
2 0180. Dec. 9
1929
2.217e. Apr. 2
2.2730. Oct. 29
1928
2.286e, Dec. 11
2.2170. July 17
1927
2.212c. Nov. 1
2.4020, via 4
Plp Iron.
May 8 1934. 317.90 a Gross Ton.
(Based on average o basic Iron at Valley
One week ago
317.901 furnace foundry irons at Chicago.
One month ago
16.901 Philadelphia. Buffalo. Valley, and BitOne year ago
14.331 mingham.
Hight
$17.90 May 1
16.90 Dec. 5
14.81 Jan. 5
15.90 Jan. 6
18.21 Jan. 7
18.71 May 14
18.59 Nov. 27
19.71 Jan. 4
1934
1933
1932
1931
1920
1929
1928
1927
Low.
$16.90 Jan. 2
13.56 Jan, 3
13.56 Dec. 6
14.79 Dec. 15
15.90 Dec. 16
18.21 Dec. 17
17.04 July 24
17.84 Nov. 1
Steel Scrap.
May 8 1934. $11.92 a Gross Ton.
Hued on No. 1 heavy melting steel
One week ago
$12.17 quotations at Pittsburgh, Philadelphia.
One month ago
125S and Chicago.
One year stio
9.83
High.
Low.
1934
$13.00 Mar.13
311.33 Jan. 2
1933
12.25 Aug. 8
6.75 Jan. 3
1932
8.50 Jan. 12
.42 July 5
1931
11.33 Jan. 6
8.50 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 8
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan, 11
13.08 Nov.22
The American Iron and Steel InAitute on May 7 announced
that telegraphic reports which it had received indicated that
the operating rate of steel companies having 98.1% of the
steel capacity of the industry would be 56.9% of the capacity
for the current week, compared with 55.7% last week and
47.4% one month ago. This represents an increase of 1.2
points, or 2.1% over the estimate for the week of April 30.
Weekly indicated rates of steel operations since Oct. 23 1933
follow:
1933Oct. 23
Oct. 30
Nov. 6
Nov.13
Nov. 20
Nov.27
Dec. 4
Dec. 11
31.8%
26.1%
25.2%
27.1%
26.9%
26.8%
28.3%
31.5%
1933Dec. 18
Dec. 25
1934Jan. 1
Jan. 8
Jan. 15
Jan. 22
Jan. 29
193434.2% Feb. 5
31.6% Feb. 12
Feb. 19
29.3% Feb. 26
30.7% Mar. 5
34.2% Mar. 12
32.5% Mar. 19
34.4%
37.5%
39.9%
43.8%
45.7%
47.7%
46.2%
46.8%
1934
Mar.26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7--
45.7%
43.3%
47.4%
50.3%
54.0%
55.7%
56.9%
"Steel," of Cleveland, in its summary of the iron and steel
markets, on May 7 stated:
With the largest structural steel awards in 12 months and an increase in
general specifications on second quarter contracts, further strength was
imparted last week to steel demand, which lifted the steelworks operating
rate 3 points to 60%, highest since June 1930.
3179
Seasonal construction work came to the front vigorously, placing 43,414
tons on mill books, well distributed throughout the country, and including
substantial tonnages for industrial buildings.
Although automobile production schedules this month are slightly lower
than in April, so far there has been no diminution in releases from inanufacturers, evidently endeavoring to accumulate stocks. Strikes in this industry are clearing up; however, the labor outlook in steel is obscured by
threat of Amalgamated Association of Iron, Steel and Tin Workers to strike,
and an actual walkout of 8,000 iron ore miners in the South.
Railroad equipment builders, rail mills aA track accessory manufacturers
are heading into a busier period, while new buying by them, as in other directions excePt structurals, is negligible. Of the 700,000 tons of rails and
300,000 tons of track fastenings awarded in conjunction with the Government's co-operative plan and already financed, less than 10% has actually
been produced, with deliveries mandatory before Aug. 31-against a national
annual rail capacity of 3,500,000 tons.
Pennsylvania RR. is releasing 31,000 tons of tie plates, at the rate of 25%
per month. Freight car awards in April -800-give for the first four
months this year a total of 20,707, largest for the comparable period
since 1930.
A relatively small margin of steel that was due to be delivered on contract
quotas for April was canceled by consumers. On the other hand, considerable
tonnage was released too late for shipment last month, and for another week
at least will be an important factor in sustaining mill operations.
The steel code prescribes that practically all the second quarter tonnage
except railroad-must be delivered before July 1, and producers are sending
letters to customers warning them of this provision. In certain lines production is nearing capacity, and with a scramble for material expected in
June, releases are to be taken in the order they are received-steelmakers
fearing they will be unable to cope with a flood of late specifications.
Chicago district steelworks operations last week advanced 3% points to
6254%; Pittsburgh, 2 to 48%; Youngstown, 3 to 61%; eastern Pennsylvania, 3 to 44%%. Detroit was unchanged at 94%; New England, 89%;
Cleveland, 80%; Wheeling, 79%; Birmingham, 52%, while Buffalo was
down 2 to 66%. At 60%, the national average now is believed to be at or
near the top of the present rise.
Further price advances last week included $3 a ton on rail steel reinforcing bars, and iron bars. Mill quantity extras on plates and shapes are likely
to be announced shortly, with changes in existing quantity extras on commercial steel bars. The recent $3 a ton increase on steel piling has been
recalled at Chicago. German piling is offered about $6 a ton under the new
domestic price in the East. The effect of the announced advances in steel
pipe has been partially nullified by mills permitting warehouses to sell out
of stock this quarter at former prices.
Steel mills are taking heavy shipment of scrap, but lack of new buying
and pressure of supplies again reduces "Steel's" scrap composite, 30c. to
$11.70, lowest since the second week in February. Pig iron shipments continue upward. The Ford Motor Co. has acquired 50,000 tons of iron ore
from a Lake Superior producer. Last year's ore prices are being quoted in
the open market.
Daily average pig iron production in April-57,873 gross tons
-was 10.3%
over March, and the highest since last August. Total production for April
1,736,217 tons-brought the output for the four months this year to 5,858,240
tons, 3,570,769 tons more than in the period last year. Stacks active at the
close of the month numbered 109, a net gain of 12.
"Steel's iron and steel price composite holds at $34.77, and the finished
steel index, $54.80.
Steel ingot production for the week ended May 7 is placed
at a fraction under 57%, according to the "Wall Street Journal" of May 8. This compares with a shade over 55% in the
previous week, and with 53% two weeks ago. The "Journal"
adds:
U. S. Steel is estimated at a little over 43%, against 42% in the two
preceding weeks. Independents are credited with a rate of a little under
68%, compared with 66% in the week before, and a shade under 62% two
weeks ago.
The following table gives the percentage of production for the nearest corresponding week of previous years, together with the approximate change from.
the week immediately preceding:
Industry.
U. B. Steel,
3234+4
1933
1932•
1931
1930
1929
1928
1927
2734+334
47 -134
7834-1
97 -4
8534+ 34
RI --I
Independents.
49 -1
80
100 -8
90
50 --I
3831+634
48
73
96
81
7.1
-134
-2
-4
+1
--I
Not available.
Steel Shipments Higher in April.
Shipments of finished steel products by the subsidiaries of
United States Steel Corp. in April amounted to 643,009
tons, an increase of 54,800 tons over March, when 588,209
tons were shipped. The tonnage shipped in April last year
was much lower, amounting to but 335,321 tons. Below
we show the shipments by months since January 1930:
TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTHS FOR
YEARS INDICATED.
Month.
January
February
March
April
May
June
July
August
September
October
November
December
Year 1930, Year 1931. Year 1982. Year 1933. Year 1934
1,104,168
800,031
426,271
285,138
331,777
1,141.912
762.522
413.001
275,929
385,500
1,240,171
907,251
388.579
256,793
583,209
1,188,458
878.558
895,091
335,321
643.009
1.203,916
764,178
338,202
455.302
984,739
653.104
324,746
603,937
946,745
593,900
272,448
701.322
947,402
573,372
291,688
668,155
767,282
486,928
316,019
575,161
784,648
478,032
310,007
572.897
676,016
435,697
275,594
430,353
579,098
351,211
227,576
600,639
Yearly adjustment. 5(40,259)
mmtd On. ',oar
11 ROAN)/
a Reduction. b Addition.
a(6,040)
7 A7A 7,14.
a(5,160) 6(44,283)
A 07.1 flA2 A R9K 925
Steel Ingot Output Shows Further Increase.
The American Iron and Steel Institute, in its latest monthly
report, places steel ingot output by all companies in April at
2,935,631 tons, an increase of 138,437 tons over the preceding
month, when there were produced 2,797,194 tons. For the 25
working days in April the approximate daily output of all
companies was 117,425 tons and per cent. operation 54.19%,
while in April 1933, with the same number of working days,
the average output per day was 54,514 tons and the rate
25.08%. Below we publish the report as given out by the
Institute for the months since January 1933:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1933 TO
-GROSS TONS.
APRIL 1934
Reported for 1933 by companies which made 96.57% and for 1934 by companies
that made 98.10% of the open hearth and Bessemer steel ingot production
in 1932.
Month.
Calculated No.of Approx. Per
Monthly
Cent.
Monthly Work- Daily
Output.
Companies. Output AU fag Output OperaBessemer.
Reporting. Companies. Days. AU Cos. Noma
OpenHearth.
1933.
Jan
Feb
Mar
Apr
885.743
922,806
784,168
1,180.893
109,000
126.781
94,509
135,217
994,743
1.049.587
878.677
1,316,110
1,030.075
1,086.867
909,886
1.362,856
26
24
27
25
39,618
45.286
33,699
54.514
18.23
20.83
15.50
25.08
4 mos
3,773,610
465,507
4,239,117
4,389,684 102
43,036
19.80
1.716,482
2.211,657
2,738.083
2,430,750
1.991.225
1,847.756
1,331,091
1.624.447
216,841
296.765
355.836
370,370
242.016
191.673
158,939
132,787
1.933,323
2,508.422
3,093,919
2,801,120
2,233,241
2,039.429
1,488.030
1,757.234
2.001.991
2.597,517
3,203.810
2.900.611
2,312,562
2.111,866
1,540,882
1,819,648
27
26
25
27
26
26
26
25
74.148
99.904
128.152
107.430
88,944
81,226
59,265
72.786
84.11
45.96
58.95
49.42
40.92
37.37
27.26
33.48
19,665.101 2.428.734 22,093.835 22.878,571 310
73.801
33.95
May
June
July
Aug
Sept
Oct
Nov
Dec
Total
1934
Jan
Feb
Mar
AprU
4 not...
May 12 1934
Financial Chronicle
3180
1,786.467
•1,993.638
2.540.143
2,822,372
8,942,620
809,748
73.959 34.13
*92.147 *42.53
103.600 47.81
117,425 54.19
27
24
27
25
172,489 1.958,956 1,996,897
175.873 *2,169.511 .2,211.530
203.904 2.744.047 2,707.104
257,482 2,879,854 2,935,631
9,941,252 103
9,752,368
96,517
44.54
•Revised.
a The figures of "per cent of operation" are based on the annual capac ty as of
Dec. 311932. of 67,386,130 gross tons for Bessemer and Open Hearth Steel Ingots.
Production of Pig Iron Increased 10.2% in April.
Production of coke pig iron in April totaled 1,726,851
gross tons, compared with 1,619,534 tons in March, stated
the "Iron Age" of May 10. The daily output in April,
at 57,561 tons, showed a gain of 10.2% over the March
daily rate of 52,243 tons. The "Age" added:
There were 110 furnaces in blast on May 1, making iron at the rate of
63,270 tons a day, compared with 96 furnaces on April 1, operating at the
rate of 53,720 tons a day. Sixteen furnaces were blown in during April
and two blown out or banked, making a net gain of 14 furnaces. The
Steel Corporation blew in six furnaces, independent steel companies put
in eight furnaces and merchant producers blew two in and took off blast.
Among the furnaces blown in are the following. One Carrie, one Edgar
Thomson furnace, Carnegie Steel Co.; one Monongahela, one Lorain,
National Tube Co.; one Gary and one Chicago (new), of the Illinois Steel
Co.; one Donnor, one Haselton, Republic Steel Corp.; one Cambria. Bethlehem Steel Co.; one Aliquippa and two Eliza furnaces, Jones & Laughlin
Steel Corp.; one Otis. Otis Steel Co.; one Toledo furnace, of Pickands,
Mather & Co.; the Jisco furnace, of the Jackson Iron & Steel Co.. and one
Madeline furnace, of the Inland Steel Co.
Furnaces blown out or banked include the Niagara furnace, of the Tonawanda Iron Corp.. and the Hamilton furnace, of the Hamilton Coke &
Iron Co.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
-GROSS TONS
STATES BY MONTHS SINCE JAN. 1 1928
1929.
January
Februfb y
March
April
May
June
First six months.
July
August
September
October
November
December
12 mos.average-.
1930.
1931.
1932.
1933.
111.044
114,507
119,822
122.087
125.745
123,008
119,564
122,100
121,151
116,585
115.745
106,047
91,513
115,851
91.209
101,390
104,715
106,062
104,283
7,804
100,891
85,146
81,417
75,890
69.831
62.237
53,732
86,025
55,299
60,950
65,556
67,317
64,325
54.621
61,356
47,201
41.308
38,964
37,848
36.782
31,625
50,069
31,380
33,251
31.201
28,430
25,276
20,935
28,412
18.461
17,115
19.753
20.800
21,042
17,615
23.772
18.348
19,708
17,484
20,787
28,621
42,166
24,538
57,821
59,142
50,742
43,754
36,174
38,131
36,199
1934.
39,201
45 131
52,243
57,561
SE
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANE
(GROSS TONS).
Pig fres.:
1934.
January
February
March
April
May
June
Half year
July
Atigliat
September
October
November
December
1933.
1.215,226
1.263,673
1,619.534
1,726,851
568.785
554.330
842,011
623.618
887,252
1,265,007
4,441,003
1,792,452
1,833,394
1,522,257
1,356.361
1,085,239
1,182,079
Ferronsanganess.y
1934.
11,703
10,818
17,605
15,418
1933.
8,810
8,591
4,783
5,857
5,948
13,074
47,063
18.661
16,953
13,339
16,943
14.524
9,369
136,762
13,212,785
The 1932 production of this
do not include charcoal pig iron. tons In 1931. y Included In
a These totals
against 46,213 gross
iron was 15,055 gross tons as
Pig iron figures.
Year
Preliminary Estimates of Coal and Beehive Coke Production for the Month of April 1934.
According to the U. S. Bureau of Mines, Department of
the Interior, preliminary estimates show that for the month
of April 1934 there were produced a total of 24,977,000 net
tons of bituminous coal, as against 38,497,000 tons in the
previous month and 19,523,000 tons in the corresponding
period last year. Anthracite output was estimated at
4,837,000 net tons, compared with 6,418,000 tons in March
last and 2,891,000 tons in April 1933.
The average production of bituminous coal per working
day was estimated at 1,032,000 net tons as against 1,426,000
tons in March 1934 and 790,000 tons in April last year.
Average output of anthracite per working day during April
1934 was figured at 201,500 tons, compared with 237,700
tons in the preceding month and 120,500 tons in the fourth
month of last year. The Bureau's statement follows:
Totalfor
Month
(Net Trnia).
April 1934 (Preliminary):
Bituminous coal
Anthracite
Beehlve coke
March 1934 (revised):
Bituminous coal
Anthracite
Beehive coke
April 1933:
Bituminous coal
Anthracite
Raaht VIA enka
Number of Average per Cal. Year to
Working Working Day End of April
(Net Tons). (Net Tons).
Days.
24,977.000
4.837,000
61,400
24.2
24
25
1,032,000
201,500
2,456
38.497.000
6,418,000
149,700
27
27
27
1,426,000
237.700
5,544
19,523,000
2,891,000
49.800
24.7
24
25
790,000
120,500
1,992
128,360,000
23,332,000
426,000
97,402,000
15,492,000
324.300
-All current estimates will later be adjusted to agree with the result of the
Note.
complete canvass of production made at the end of he calendar year.
Anthracite Shipments Declined in April, but
Continued Ahead of Same Period in 1933.
Shipments of anthracite for the month of April 1934, as
reported to the Anthracite Institute, amounted to 4,173,110
net tons. This is a decrease, as compared with shipments
during the preceding month of March, of 1,182,498 net
tons, or 22.08%, and when compared with April 1933, shows
an increase of 1,713,185 net tons, or 69.64%. Shipments by
originating carriers (in net tons) are as follows:
Month of-
Apr. 1934. Mar. 1934. r.4 pr. 1933. xMar.1933.
060.802
556,416
368,253
544.906
498,103
421,151
412,394
211,251
199,834
1.220,234
851.799
408.772
672,631
599.185
558,750
486,379
1
270,704
287,154
462.587
393,910
189,216
280,282
273,376
284,278
258,610
195,409
124,257
747,337
508,857
309.250
479,049
390,207
492,645
359,295
272,058
171,106
4,173.110
Reading Company
Lehigh Valley RR
Central RR. of New Jersey
Dela. Lackawanna A Welt. RR.
Delaware & Hudson RR. Corp__
Pennsylvania RR
Erie RR
N. Y. Ontario de Western Ry___.
Lehigh at New England RR_
5.355.608
2.459.925
2 519 501
x Revised.
Stocks of Bituminous Coal in Hands of Consumers
Off 6.7% During First Quarter of 1934, but Exceeded the Total on April 1 1933 by 26.8%-Industrial Consumption of Soft Coal Declines with the
Arrival of Milder Weather.
According to the U. S. Bureau of Mines, Department of
the Interior, commercial stocks of bituminous ccial declined
during the first quarter of 1934 and on April 1 the total
reserves in the hands of industrial consumers and retail
dealers stood at 28,424,000 tons. During the first two
months of the year production fell considerably short of
market requirements and 5,740,000 tons were withdrawn
from reserves. The trend was abruptly reversed in March
when the prospect of labor troubles and price increases resulted in heavy purchases for storage. The net reduction in
stocks during the first quarter was 4,416,000 tons, or 13.4%.
The Bureau's statement continues:
Although present stocks are less than at tho beginning of the previous
quarter, they are still substantially higher than on April 11033, when the
total commercial reserves amounted to 23,843.000 tons. This, however,
was obviously subnormal, being less than at the corresponding season of
any year since 1920. Moreover, the increase that has occurred in the past
year is accounted for entirely by larger reserves in the hands of industrial
consumers. Retail stocks of bituminous coal are still slightly below the
level of a year ago.
In making comparisons of stocks on different dates it is necessary to take
into consideration the highly variable factor of consumption. For this
reason the best measure of reserves is to express them in terms of the number of days they would last at the current rate of consumption. At the
rate of consumption prevailing in March, the total stocks on April 1 were
sufficient to last 25 days. On the corresponding date of last year, despite
the fact that the actual quantity on hand was 4,581,000 tons less than at
present, the stocks were equivalent to 27 days' requirements.
In addition to the tonnage of bituminous coal in the hands of industrial
consumers and retail dealers, there was 3.043.000 tons of soft coal on the
commercial lake docks on April 1 and 1,151,000 tons standing in cars unbilled at the mines or In classification yards. A year ago the stocks on the
lake docks amounted to 3,028,000 tons and the unbilled loads stood at
1,814,000 tons.
Volume 138
Financial Chronicle
SUMMARY OF COMMERCIAL STOCKS OF BITUMINOUS COAL,
INCLUDING STOCKS IN RETAIL YARDS.
Incese or Decese.
April I
1934.b
March 1
1934.a
Jan. 1
1934.a
April 1
1933.
From
Precious
Quarter.
Consumers Stocks -c
Industrial, tons__ _ 24,024,000 22,200,000 25,740.000 18,943,000 -6.7
Retail dealers, tons 4,400,000 4,900,000 7,100,000 4.900,000 -38.0
From
Year
Ago.
+26.8
-10.2
Total tons
28,424,000 27,100,000 32,840,000 23,843,000 -13.4 +19.2
Days' supply. total 25 days
21 days
-7.4
32 days
27 days -21.9
Coal in Transit11nbIlled loads
1,151,000 1,053,000 1,533,000 1,814,000 -24.9 -36.5
On Lakr• dneks
3 043 000 4 143 OM IS Ron non il 020 WI -53.8 -16.1
a Revised. b Subject to revision. c Coal in the bins of householders is not
included.
Industrial Stocks and Consumption.
The outstanding feature of the coal market during March was the contraseasonal increase in industrial stocks of bituminous coal. Ordinarily,
consumers tend to clean up their winter reserves before contracting for
additional tonnage. This year, however, the prospect of labor disturbances
and an advance In prices induced many consumers to replenish their reserves
earlier than usual. As a result nearly 2,000.000 tons were added to industrial reserves during March.
Most of the increase in industrial stocks during the month was accounted
for by the railroads, whose reserves rose from 4,260,000 tons on March 1
to 5,595,000 tons on April 1. a gain of 31.3%. Relatively sharp increases
were likewise reported by the cement mills and by-product coke ovens,
but the not increase for the other major classes of consumers was not significant. In fact, stocks at steel works fell off slightly during the month.
The decline in stocks at steel plants is largely accounted for by the fact
that most of the large steel companies operate their own coal mines and
were not alarmed by the threat of rising prices to the same extent as other
consumers less favorably situated.
With the arrival of milder weather, Industrial consumption of soft coal
has declined: In March the total consumption was 24.618,000 tons, or
an average of 794.000 tons per day. Compared with daily rate prevailing
in February, this is a decrease of 3.3%. Although sharp increases were
reported in the rate of consumption at steel works, coke ovens and cement
mills, these gains were more than offset by reduced consumption by the
electric utilities, railroads and general industrials.
INDUSTRIAL CONSUMPTION AND STOCKS OF BITUMINOUS COAL IN
TIIE UNITED STATES, EXCLUDING RETAIL YARDS.
(Determined jointly by F. G. Tryon, Coal Statistics Section, U. S. Bureau of Mines,
and Thomas W. Harris Jr., Chairman, Coal Committee. National Association
of Purchasing Agents.)
March 1934
(Preliminary)
Feb. 1934
(Revised)
Net Tons.
5,211,000
5,268,000
5,064,000
4,796,000
962,000
967,000
401,000
394,000
248,000
278,000
6,456,000
6,324,000
5,595,000
4,260,000
+1.1
+5.6
-0.5
+1.8
+12.1
+2.1
+31.3
24,024,000
22,200,000
+8.2
2,725,000
4,341,000
236,000
1,209,000
220,000
250,000
8,253,000
7,384,000
2,735,000
3,645,000
187,000
1,089,000
208.000
184,000
8.204,000
6,736,000
-0.4
+19.1
+26.2
+11.0
+5.8
+35 9
.
+0.6
+9.6
Total Industrial consumption
Additional Known Consumption
Coal mine fuel
Bunker fuel, foreign trade
24,618,000
22,983,000
+7.1
346,000
101,000
287,000
78,000
+20.6
+29.5
Days' Supply on Hand atElectric power utilities
By-product coke ovens
Steel and rolling mills
Coal gas retorts
Cement mills
Other industrial
Railroad fuel (Class I)
60
36
25
57
34
24
23
Days' Supply.
days
53 days
days
37 days
days
25 days
days
53 days
days
38 days
days
22 days
days
18 days
+13.2
-2.7
0.0
+7.5
-10.5
+9.1
+27.8
Total Industrial
30 days
27 days
+11.1
a Collected by the U. S. Geological Survey. b Collected by U.
S. Bureau of
Mines. c Estimates based on reports collected jointly by
the National Association
of Purchasing Agents and the U. S. Bureau of Mines
representative manufacturing plants. The concerns from a selected list of 2,000
consumers and afford a satisfactory basis for estimate. reporting are chiefly large
d Collected by the American Railway Association,
Anthracite, Coke and Retail Bituminous.
In marked contrast to the trend of industrial stocks of bituminous coal,
heavy draft on stocks of domestic fuels continued during
the
March.
Compared with March 1, stocks of soft coal in retail yards on
April I
show a decrease of 10.2%. retail stocks of anthracite a decrease of
8.0%,
and retail stocks of coke a decrease of 16.3%. Stocks of hard coal in producers' storage yards and on the upper lake docks were also reduced in
March and stocks of coke at merchant by-product plants on April 1 were
less than at any time since early In 1929. The available Information on
stocks of domestic solid fuel on April 1 and on comparable dates in the
past is summarized below.
-SUMMARY OF STOCKS OF DOMESTIC ANTHRACITE AND COKE.
Per Cent of Change
March 1
1934.
Jan. 1
1934.
April 1
1933.
From
Precious
Quarter.
From
Year
Ago,
-
Retailers' stocks,
a Not available.
336.255
453.237
a
-31.8
a
19
71,652
34
105,808
a
a
-50.0
-43.3
a
a
20
25
a
-32.0
a
315.689 1,106,085
514,571 -72.1
--40.1
179,521
295,786 -40.3
-48.1
as, 041 1 4061 6517 1 Sigg 073 -59 1
--Al 1
257,356
b Calculated at current rate of deliveries to customers.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended.
Apr. 28
1934.c
Apr. 21
1934.d
Apr. 29
1933.
Calendar Year to Date.
1934.
1933.
1929.
131tum. coal a
Weekly total 6,317.000 5,878.000 4.824,000 126,888.000 97,402,000 176,602,000
Daily aver_ _ 1,053,000 980,000 804,000 1.265,000
965.000 1,749.000
Pa. anthra.:b
Weekly total 1,485.000 1,273.000 675.000 23,076,000 15,492,000 24,139,000
Daily aver. _ 247,500 212,000 112,500
231,900
155,700
242,600
Beehive coke:
Weekly total
13,700
12,900
10,100
423.400
306,200 2,038.200
Daily aver__
2.283
2.150
1,683
4.151
3,002
19,982
a Includes lignite, con made in o coke, local sales, and colliery fuel. b Includes Sullivan County, wsshery and dredge coal, local sales, and colliery fuel.
c Subject to revision. d Revised.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
Per Cent
Change.
Total industrial stocks
Industrial Consumption by
Electric power utliities_a
By-product coke ovens _b
Beehive coke ovens.b
Steel and rolling mills_b
Coal gas retorts.b
Cement inills.b
Other industrial c
Railroad fuel (Class I)d
selected dealers Anthracite, net
309,303
tons
Anthracite, days
17
suPPIY.1,
59,970
Coke, net tons
Coke. days' sUP17
ply - b
Anthracite in producers' storage
308,080
yards
Anthracite on Lake
153,582
docks
By-product coke at
.....
617.1 1174
Bituminous Coal and Anthracite Output Higher.
According to the U. S. Bureau of Mines, Department of
the Interior, the total production of soft coal during the
week ended April 28 1934 was estimated at 6,317,000 net
tons, an increase of 439,000 tons or 7% over the preceding week and a gain of approximately 31% over the output
in the corresponding weeks in the last two years. Production of soft coal in the week ended April 21 1934 totaled
5,878,000 tons and in the week ended April 29 1933 was
4,824,000 tons.
Anthracite production during the week ended April 28
1934 was estimated at 1,485,000 net tons, an increase of
212,000 tons or 16.7% over the preceding week, and also
compares with 675,000 tons produced during the corresponding week in 1933.
During the calendar year to April 28 1934 a total of 126,888,000 net tons of bituminous coal and 23,076,000 tons of
anthracite were produced, as compared with 97,402,000 tons
of bituminous coal and 15,492,000 tons of anthracite during
the calendar year to April 29 1933. The Bureau's statement
follows:
Week Ended
-
State.
Stocks, End of Month atElectric power utilities_a
By-product coke ovens _ b
Steel and rolling mills b
Coal gas retorts_ b
Cement mills.b
Other industrial c
Railroad fuel(Class 1)d
April 1
1934.
3181
April 21
1934.
April 14
1934.
Alabama
Arkansas and Oklahoma
Colorado
Illinois
Indiana
Louisiana, Kansas and Missouri
Kentucky-Eastern
Western
Maryland
Michigan
Montana
New Mexico
North Dakota
Ohio
Pennsylvania (Bituminous)
Tennessee
Texas
Utah
Virginia
Washington
West Virginia-Southern_a
Northern_b
Wyoming
Other States
30,000
7,000
66,000
614,000
215,000
117,000
598,000
145,000
25,000
5,000
25,000
19,000
19,000
322,000
1,775,000
69,000
13,000
28,000
186,000
19,000
1,410,000
100,000
70,000
1,000
80,000
10,000
71,000
580,000
254,000
115,000
518,000
120,000
22,000
9,000
26,000
20,000
21,000
298,000
1,825,000
65,000
13,000
31,000
175.000
20,000
1,430.000
102,000
74.000
1,000
Total bituminous coal
Pennsylvania anthracite
5,878.000
1,273,000
5,880,000
999,000
April 22
1933.
147,000
12,000
73,000
502,000
199,000
125.000
370,000
103.000
22.000
1,000
25,000
17,000
14,000
217,000
c
58,000
12,000
39,000
117,000
22.000
972,000
c
63,000
2,000
4,634,000
569,000
April 23
1932.
151,000
13,000
55,000
56,000
125.000
136.000
383.000
146,000
25,000
9,000
23,000
23,000
15,000
77.000
1,595,000
60.000
10,000
27,000
120,000
25,000
1,177,000
479,000
65,000
3,000
4,799,000,
1,421,000
Total coal
7.151.000 6,879,000 5,203,000 6,220,000
a Includes operations on the N.dr W.;C. A; 0.; Virginian; K.& M. and B. C.& G.
b Rest of State. including Panhandle and Grant, Mineral and Tucker counties.
c Original estimates were in error.
NRA and Tire Prices-Montgomery Ward Officials Estimate 10% to 30c: Increase in Catalog Rate to
0
Line Up with Minimum.
From the "Wall Street Journal" of May 7 we take the following, from Chicago:
Officials of Montgomery Ward dr Co. estimate that to get present catalog
tire prices in line with the published NRA minimum tire prices the company
would have to increase third line tires 30% to 40%, second line times 12% to
20%, and first line tires about 10%. As prices of tires sold through the
stores run somewhat higher than catalog prices, the difference from NRA
prices in the case of the stores is somewhat less than in the case of the
catalog.
Ward officials declined to comment further on the situation or to indicate
their probable course of action.
Sears, Roebuck & Co. officials are studying the matter, but have as yet
reached no decision.
Tire prices of the two companies, while approximately the same in some
instances, show differences of varying amount in others.
Sears, Roebuck & Co. in 1933 sold 1,842,724 tires, of which 444,550 were
sold through the catalog and 1,398,174 through the stores.
Minimum Retail Tire Prices Effective May 14 as General
Johnson Declares "Emergency" Under Code.
Minimum retail prices for automobile tires and tubes will
become effective May 14, as the result of an order issued
May 4 by General Hugh S. Johnson, Recovery Administrator,
declaring the existence of an "emergency" in the retail tire
and battery trade. This order was issued under the provisions of the code of fair competition for the trade, which
will also become effective May 14. The principal provisions
Financial Chronicle
3182
of that code were given in our issue of May 5, page 3033. On
May 2 the NRA announced that any objections to revisions
in the code must be filed before to-day (May 12).
General Johnson's order provides that during the emergency, tire dealers will not be permitted to sell at "less than
the lowest reasonable cost" as defined in schedules issued
with the order. It also forbids the use of any guarantee except the customary 90-day insurance against defects in material and workmanship. The announcement issued May 4 by
the NRA says:
The emergency will become effective on May 14, the effective date of the
code, and during the period, dealers will not be permitted to sell tires or
tubes at "less than the lowest reasonable cost" as determined in schedules
issued with the emergency order, which likewise bans the offer, use or extension of any warranty or guarantee applicable to the sale of tires or tubes
May 12 1934
except the customary 90-clay guarantees against defects in material and workmanship.
So-called "floor prices" fixed in the schedules for the sized tires and tubes
most commonly used are as follows:
Class A
Each.
$6.70
1.48
14.20
2.70
30.30
4.20
Automobile balloon casings, 28x4-75-19
Automobile balloon tubes,4.75-19
Truck and bus casings, 32x6.00
Truck and bus tubes, 32x6.00
High pressure casings-truck and bus, 32x6
High pressure tubes-truck and bus, 32x6
Increase (+) or Decrease (-)
Since
May 9 1934. May 2 1934. May 10 1933.
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
37,000,000
7,000,000
2 432,000,000
9,000,000
TOTAL RES'VE BANK CREDIT_ _2,484,000.000
7 756,000.000
Monetary gold stock
Treasury and National Bank currency2,380,000,000
-1.000,000
-1,000,000
-301,000,000
-106.000,000
+595,000,000
+3,000,000
+187,000,000
+3,730,000.000
+77.000.000
--1,000,000
5,352,000,000 -7,000,000 -253,000,000
Money in circulation
3,678,000,000 +108,000,000 +1,589,000,000
Member bank reserve balances
Treasury cash and deposits with Fed3,098,000,000'
0
-79,000,000 +2,699,000,000
eral Reserve banks
Non-member deposits and other Fed-41,000.000
492.000,000 *-23,000,000
Reserve accounts
eral
• May 2 figures revised. See note on consolidated statement.
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full state_nent of the member banks, which latter will not
be available until the coming Monday. The New York
City statement also includes the brokers'loans of reporting
member banks, which for the present week shows a decrease
of $27,000,000, the total of these loans on May 9 1934
standing at $947,000,000, as compared with $331,000,000
on July 27 1932, the low record since these loans have been
first compiled in 1917. Loans 'for own account" decreased
from $802,000,000 to $777,000,000, loans "for account of
out-of-town banks" from $163,000,000 to $162,000,e00
and loans "for account of others" from $9,000,000 to $8,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 0 1934.
Loans and investments-total
Loans-total
On securities
All other
Investments total
U.S. Government securities
Other securities
May 2 1934. May 10 1933.
8
7,055,000,000 7.142,000,000 6,790,000,000
3,284,000,000 3,290,000,000 3,305,000,000
1 714 000,000 1,729,000,000 1,711.000,000
1,566,000,000 1,561,000,000 1,594,000,000
3,771,000,000 3,852,000,000 3,485,000,000
2,727,000,000 2,699,000.000 2,357,000,000
1,044,000,000 1,153,000,000 1,128,000,000
Class C
Each.
$5.20
1.11
____
Among other things, the emergency regulations state:
Notwithstanding the provisions of Article VII, Section 20, of the code, no
member of the trade shall dispose of any obsolete or discontinued design
tires or tubes during the period of the emergency at a net realized price less
than the lowest reasonable cost set forth in Exhibits A to F without first
obtaining the approval of the Administrator for such disposal by application
through the Code Authority or its duly constituted agency.
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 May 9,as reported by the
Federal Reserve banks, was $2,484,000,000, a decrease of
$6,000,000 compared with the preceding week and an
increase of $136,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On May 9 total Reserve bank credit amounted to $2,484.000,000, unchanged from last week An increase of$108,000,000in member bank reserve
balances was offset by decreases of $79,000,000 in Treasury cash and
deposits with Federal Reserve banks, $23,000,000 in non-member deposits
and other Federal Reserve accounts and $7,000,000 in money in circulation.
The System's holdings of bills discounted and of bills bought in open
market declined $1,000,000 each, and of United States Treasury notes
56.000,000, while holdings of Treasury certificates and bills increased
36,000,000.
The statement in full for the week ended May 9 in comparison with the preceding week and with the corresponding
date last year will be found on pages 3231 and 3232.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
May 9 1934, were as follows:
Class B
Each.
86.10
1.23
12.80
2.25
20.70
3.50
L
May 9 1934.
$
May 2 1934. May 10 1933.
$
Reserve with Federal Reserve Bank_ _ _ _ 1,257,000,000 1,194,000,000
Cash in vault
39,000,000
37.000,000
$
797,000,000
38,000,000
Net demand deposits
Time deposits
Government deposits
5,985,000,000 5,975,000,000 5,425,000,000
670,000,000 668,000,000 723,000,000
575,000,000 588,000,000 112,000,000
Due from banks
Due to banks
78,000,000
83,000,000 • 81,000,000
1,593,000,000 1,522,000,000 1,251,000,000
Borrowings from Federal Reserve Bank Loans on secur. to brokers & dealers;
777,000,000
For own account
For account of out-of-town banks.._ _ 162,000,000
8,000,000
For account of others
802,000,000
163,000,000
9,000,000
541,000,000
17,000,000
6,000,000
947,000,000
974,000.000
564,000,000
677,000,000
270,000,000
706,000,000
268,000,000
422,000,000
142,000,000
Total
On demand
On time
Chicago.
Loans and investments
-total
593,000,000
On securities
All other
595,000,000
634,000,000
292,000,000
303,000,000
335,000,000
299,000,000
841,000,000
Investments
-total
U. S. Government securities
Other securities
Reserve with Federal
Cash In vault
1 439,000,000 1,433,000,000 1,147,000,000
289,000,000
309,000,000
Loans
-total
Reserve Bank_
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
838.000,000
513,000.000
551,000,000
290,000,000
547,000,000
291,000,000
313,000,000
200,000,000
387,000,000
41,000,000
380,000,000
40,000,000
179,000,000
45,000,000
1,280,000,000 1,274,000.000
365,000,000 364,000,000
30,000,000
31.000,000
852,000,000
352,000,000
9,000,000
172,000,000
391,000,000
165,000.000
385,000,000
204,000,000
253,000,000
Borrowings from Federal Reserve Bank -
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements of the New York and
Chicago member banks are now given out on 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 System for
the week ended with the close of business on May 2:
Condition of Weekly Reporting Member Ranks ist Lending Cities.
The Federal Reserve Board's condition statement of weekly reporting member banks in 91 leading cities on May 2 shows decreases for the week of
$51,000,000 in net demand deposits, $23,000,000 in time deposits, $122,000,000 in Government deposits, $191,000,000 in reserve balances with
Federal Reserve banks, and $9,000,000 in loans and investments.
Loans on securities increased $54,000,00 at reporting member banks in the
New York district, $6,000,000 in the San Francisco district, and $61,000,000
at all reporting member banks. "All other" loans declined $35,000,000 In
the New York district, $6,000,000 in the Chicago district, and $45,000,000
at all reporting banks.
Holdings of United States Government securities declined $20,000,000 in
the New York district, $15,000,000 in the Boston district, $7,000,000 in the
Dallas district, and $27,000,000 at all reporting member banks, and increased
$10,000,000 in the Chicago district, $8,000,000 in the San Francisco district,
and $6,000,000 in the St. Louis district. Holdings of other securities show
a net increase of $2,000,000 for the week.
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 $1,009,000,000, and net demand, time and Government deposits of $1,146,000,000 on May 2, compared
with $1,005,000,000 and $1,196,000,000, respectively, on April 25.
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 charges for the week and the year ended May 2 1934. follows:
Financial Chronicle
Volume 138
Increase (-I-) or Decrease (—)
Since
May 2 1934. April 25 1934. May 3 1933.
$
Loans and investments—total_ __17,462,000,000
—9,000,000 +1,174.000.000
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
Due from banks
Due to banks
Borrowings from F. it. banks
8,136,000,000
3,577,000,000
4,559,000,000
+16,000,000
+61,000,000
—45,000,000
—268.000,000
—121,000,000
—147,000,000
9,326,000,000
—25,000,000 +1,442,000,000
6,255,000,000
3,071,000,000
—27,000,000 +1,346,000,000
+96.000,000
+2,000,000
2,588,000,000
231,000,000
—191,000,000 +1,124,000,000
+24,000,000
—11,000.000
12,221,000,000
4,454,000.000
1,055,000,000
—51,000,000 +1,873,000,000
—23,000,000 +124,000,000
—122,000,000 +797,000,000
1,536,000,000
3,593,000,000
—34,000,000
—2,000,000
+319,000,000
+970,000,000
6,000,000
—1,000,000
—123,000,000
TextTof Ruling by United States Attorney-General
Cummings on Status of Debts Owed United States
by Foreign Governments—Conclusions as to Defaulters Within Meaning of Johnson Act.
Elsewhere in this issue we refer at length to the ruling
of United States Att,rney-General Cummings bearing on
the applicabillty of the Johnson Act, to foreign governments
indebted to the United States. The Act, as explained in the
other item, in which we make extended mention of the
ruling, is designed to bar loans to nations held to be ill
default on their loans. According to the Attorney-General,
the Soviet Government is regarded "as in default within
the meaning of the statute." The ruling, as made public by
the State Department, follows:
The Secretary of State has received an opinion upon various questions
pertaining to the Act of April 13 1934, entitled "An Act to Prohibit Financial Transactions With Any Foreign Government in Default of Its Obligations to the Urited States," known as the Johnson Act. The Department
of State concurs in the interpretation of the Act expressed in the Attorney.
General's opinion.
Following is the full text of the Attorney-General's opinion:
Department of Justice,
Washington, May 5 1934.
Sir: I have the honor to refer to your letter of April 17 requesting my
opinion upon various questions under the Act of April 13 1934, entitled "An
Act to Prohibit Financial Transactions With Any Foreign Government in
Default on Its Obligations to the United States," which reads as follows:
"That hereafter it shall be unlawful within the United States or any place
subject to the jurisdiction of the United States for any person to purchase
or sell the bonds, securities or other obligations of any foreign government
or political subdivision thereof or any organization or association acting
for or on behalf of a foreign government or political subdivision thereof,
issued after the psssage of this Act, or to make any loan to such foreign
government, political subdivision, organization or association, except a renewal or adjustment of existing indebtedness while such government, political
subdivision, organization or association is in default in the payment of its
obligations, or any part thereof, to the Government of the United States.
Any person violating the provisions of this Act shall, upon conviction thereof,
be fined not more than $10,000 or imprisoned for not more than five years,
or both.
"Section 2. As used in this Act, the term 'person' includes individual,
partnership, corporation or association other than a public corporation created
by or pursuant to special authorization of Congress, or a corporation in
which the Government of the United States has or exercises a controlling
interest through stock ownership or otherwise."
Your questions, M the order in which they are set forth, and my views
thereon, are stawd below:
"(I) What gs aernments, political subdivisions, or associations are in
default on their obligations to the United States?"
"Default" is a common word which conveys at once a known meaning,
but as applied to particular situations, it is often a matter of uncertainty
whether or not or when a "default" has occurred. Concerning it, Chief
Justice Eyre declared in Doe v. Dacre, 1 B. & P. 250, 258; 126 Reprint 887,
891, "I do not know a larger or looser word that 'default'; but as to civil
liability, the following definitions are enlightening:
"As used in such an instrument (a contract), it can mean only the nonperformance of a contract—a failure upon the part of one of the contracting
parties to do that which he had contracted to do." (Sixteen Hundred Tons
of Nitrate of Soda v. McLeod, 61 Fed. 849, 851.)
"In one sense, sny failure is a default, whether it arises from the omission
to perform a contract, or from a neglect of duty. In many reported cases,
the omission to pay a debt or to perform a contract is spoken of as a default."
(Burrill v. Grossman, 69 Fed. 749, 752.)
However, the word cannot safely be accepted as importing so inclusive
a significance when it is used as a penal statute, as pointed out by the
Supreme Court of Nebraska in State v. Moores, 52 Neb. 770, 787, upon consideration of a cosstitutional provision which rendered ineligible to public
office "any person who is in default as collector and custodian of public
money or property," which the Court declared to be "penal in its nature."
Lipman v. Equitable Life Assur. Soc. of the United States (58 F. 2d) 15
and Hartsuff V. Hall, 58 Neb. 417, each dealing with written instruments
providing for payment at a stated time with grace, reached contrary conclusions upon consideration of the context and probable intention as to
whether "default" occurred at the time specified for payment, or at the end
of the grace period, thereby indicating that no absolute or rigid meaning
is to be assumed in a civil case, and a fortiori in a criminal case.
President Roosevelt's Views—Great Britain Not in Default.
In view, therefore, of the flexibility of the term, and bearing in mind that
a penal statute is to be strictly construed against the imputation of criminality to an act wbich is not snalum in se, I think it is required that we seek
carefully from mithorized sources the probable intent of Congress. In connection therewith, your letter indicates particular concern as to Great
Britain and other countries which have made so-called token payments, and
as to the Soviet Government, which has not yet, as you informed me, recog.
3183
nized as binding upon it the obligations incurred by prior governments in
Russia. I shall, therefore, indicate, to the extent that I properly can, my
views in these irstances.
On Nov. 7 1933 the President issued the following statement:
"For some weeks representatives of the British Government have been conferring with representatives of this Government on the subject of the British debt
to this country growing out of the World War. . . .
"It has, therefore, been concluded to adjourn the discussions until certain
factors in the world situation—commercial and monetary—become more clarified.
In the meantime, I have as Executive noted the representations of the British
Government. I am also assured by that Government that it continues to acknowledge the debt without, of course, prejudicing its right again to present the matter
of its readjustment, and that on Dec. 15 1933 it will give tangible expression of this
acknowledgment by the payment of 37,500.000 in United States currency.
"In view of these representations, of the payment, and of the impossibility, at
of the
this time, of passing finally and justly upon the request for a readjustmentBritish
debt. I have no personal hesitation in saying that I shall not regard the
Government as in default."
Partial Payments Are Recalled.
On the same day the Chancellor of the Exchequer addressed the House of
Commons to the same effect, concluding with the President's statement that
he would not regard the British Government as in default.
A statement of similar import had been made by the President in June
1933, shortly before certain instalments upon the debts were due. It is
unnecessary to repeat here the statement then made or to treat further of
later statements 1-y the President and their acceptance in good faith, except
to say that Great Britain and certain other countries made partial payments
on instalments due in June 1933 and in December 1933, with the expectation
and belief that they would thereby avoid a default.
In his annual message to Congress, delivered at a joint meeting of the
two houses, on Jai.. 3 1934, the President stated:
It "I expect to report to you later in regard to debts owed the Government and
People of this country by the Governments and peoples of other countries. Several
Nations, acknowledging the debt, have paid in small part; other Nations have
failed to pay. One Nation—Finland—has paid the instalments due this country
in full." (Congressional Record, V. 78, D. 5.)
It does not al pear, however, that any further report in regard to these
debts was transmitted to Congress prior to the enactment of the statute.
I find no record of the expression of any views in the Senate upon the
meaning of the word "default" when the bill was under consideration, but
the matter was considered in the House, as indicated by the following excerpts from the "Congressional Record":
"Mr. Bankhead: Under this bill, what would be the status of governments like England, that made a so-called 'token payment,' but has defaulted
in the main?"
"Mr. McReynolds: The President of the United States, as I understand it,
has held that they are not in default." ("Cong. Rec.," Vol. 78, page 6192.)
"Mr. Britten: Does the gentleman agree with the gentleman from New
York [Mr. Fish] that those governments which have made a small token
payment will not be held in default by our Government?"
"Mr. Johnson of Texas: I am not so sure about that." ("Cong. Rec.,"
Vol. 78, page 6194.) . . .
"Mr. Johnson of Texas: Yes; the language is broad and comprehensive,
but the question of what constitutes a default is one that will have to be
determined by the terms of the original contracts supplemented by any
subsequent agreements that may have been lawfully made." ("Cong. Rec.,"
Vol. 78, page 6195.)
"Mr. Kloeb: Since that time we have beheld the spectacle of all these
debtor countries, save one, either actually defaulting in the payments of the
instalments as they became due or making a. so-called 'taken payment' in
order to avoid the ugly word 'default"? ("Cong. Rec.," Vol. 78, page 6197.)
"Mr. Britten: Mr. Speaker, I am going to vote for this bill because I
have, to my own satisfaction at least, concluded that any nation of Europe
in default of any portion of its indebtedness, interest or principal, to us is
included in the intention of the bill.
"I realize that in the following statement I am disagreeing with the Chairman of the Committee, and probably with the ranking member on this side,
but on page 2, in speaking about the indebtedness it says, 'while such government is in default in payment of its obligation or any part thereof.' I fail
to see why Englar,d, with a surplus this year of $160,000,000 in her treasury, or France, mith countless millions of gold in her treasury, more gold in
her treasury per capita than we have, and governments of that type should be
excluded from the provisions of this bill, and France is not, I realize, just
because they made more insignificant token payments on account of their
vast obligations to us.
"If the State Department were to exclude those nations from the provisions
of this bill, then Czechoslovakia, Great Britain, Greece, Italy, Latvia, Lithuania and Rumatiia would be excluded because they have all made some
small payment. . . .
"My contention is that the State Department should not act that way, nor
has it the authority to presume that because an infinitesimal payment has
been made on an indebtedness of billions it takes that nation out of one
class and puts it into a preferred class." ("Cong. Rec.," Vol. 78, pages
6197-6198.)
Other Nations Regarded as Not in Default.
Mr. McReynolds was in charge of the bill during its consideration by the
House, and, therefore, under the rules applied by the courts in considering
such proceedings, his apparent View that Great Britain and other countries
similarly situated were not to be deemed in default, is entitled to especial
weight.
Moreover, the l'resident, by signing the bill, participated equally with
the houses of Congress, and his view as to the meaning of words employed
in it is of great significance. I cannot assume that he believed Great Britain
to be in default, within the meaning of the word as used in the bill, in
view of his express statements on the subject; and from such information as I
now have before me, it would appear that Czechoslovakia, Italy, Latvia and
Lithuania fall in the same category with Great Britain. I conclude, therefore, that these five countries are not, at the present time, in default under
the terms of the Act in question.
Beyond this, a specific answer as to what governments, political subdivisions, organizations or associations are in default on their obligations to
the United States would seem to require a survey of data not immediately
available to this office, but in general it may be said, in the words of the
statute, that a "foreign government, political subdivision, organization or
association is in default" if it has failed "in the payment of its obligations,
or any part thereof, to the Government of the United States," according to
its promise or undertaking to pay a fixed amount at a definite time, unless
such default has been postponed or waived in some competent manner or by a
transaction havire: that effect in law or good morals.
Should any authoritative statement, in harmony with this opinion, be
issued, in the form of an administrative declaration that named countries
are or are not in default, I should be inclined to follow it in so far as the
Department of Justice is charged with the responsibility of instituting
3184
Financial Chronicle
prosecutions in cases of violation, thereby removing misapprehension and
uncertainty to those who desire to avoid conflict with the statutory interdiction; and should the question come before the courts, it is reasonable to
believe that they would honor any such administrative determination.
With regard to the status, under the Act, of a political subdivision of a
defaulting country when the subdivision itself is not in default, attention is called to the fact that, while explaining the bill in the House of
Representatives, Mr. McReynolds stated that in such a case the political
subdivision, such as a city in a defaulting country, would not came within
the inhibitions of the bill if the city itself were not in default. ("Cong.
Rec.," Vol. 78, page 6200.)
I approve this view, not only because of the presumption arising from
Mr. McReynolds's explanation, but because a reasonable interpretation of
the'statute itself supnorts the conclusion that the default of a foreign government would not be imputed to a political subdivision thereof, e.g., a municipality, so as to prohibit the purchase or sale of bonds or securities of the
latter, if the municipality is not itself in default.
It has also been asked whether or not Canada, a member of the commonwealth of nations which compose the British Empire, is to be regarded as a
political subdivision of Great Britain. The question should properly be
answered in the negative, and this conclusion was suggested in Congress
("Cong. Rec.," Vol. 78, page 6195), but it appears to be immaterial in
view of my conclusion above stated, concerning the intention of Congress as
applied to the obligations of political subdivisions. Canada, I believe, is
not in default.
Commercial Paper Exempt From Provisions of Act.
"(2) To what types of transactions does the Act apply?"
The Committee reports (S. Rept. 20 and House Rept. 974, 73rd Cong.)
recite that the bill was introduced following an investigation by the Senate
Committee on Finance and the revelation therein that "billions of dollars
of securities . . . offered for sale to the American people" were overdue and unpaid ; that some of these "foreign bonds and obligations . . .
were sold by the American financiers to make outrageously high profits" ; and
stated a purpose "to prevent a recurrence of the practices which were shown
by the investigation to be little less than a fraud upon the American people
. . . to curb the rapacity of those engaged in the sale of foreign obligations . . ."
This, I think, is indicative of a purpose to deal with such "bonds" and
"securities" and with "other obligations" of like nature, observing the rule
of ejusdem generis—that is, obligations such as those which had been sold
to the American public to raise money for the use of the foreign governments
issuing them—not contemplating foreign currency, postal money orders,
drafts, checks and other ordinary aids to banking and commercial transactions, which are "obligations" in a broad sense but not in the sense intended. It was obviously not the purpose of the Congress to discontinue all
commercial relations with the defaulting countries.
"(3) What constitutes a renewal of an existing credit?"
Your legal adviser has concluded, in the memorandum transmitted with
your letter of April 23, that:
"It would seem that any instrument which would be issued for the purpose of replacing the evidence of any existing indebtedness would constitute
a renewal or an adjustment of an existing indebtedness. If new bonds were
issued to replace old ones, it would seem that such a transaction would be
permissible. Any instrument given in satisfaction or extension of an existing
indebtedness would, it is believed, come within this exception."
In general, I approve this statement, but obviously it will he a question
of fact in each case whether or not what is done amounts in good faith to the
mere "renewal . . . of existing indebtedness."
"(4) Does the Act apply to acceptances or time drafts?"
This question appears to be sufficiently answered by the comments under
Question No. 2, supra. It appears proper to add, however, that such
transactions must be conducted in good faith, in order to be within the law,
and
not as mere subterfuges to circumvent its purpose.
Russia Considered in Default.
"(5) Is the present Soviet Government, as the successor to prior governments of Russia, to be regarded as in default, in view of the fact that no
payment has been made on the bonds issued to the Government of the United
States by the Provisional Government, on account of loans made to that Government by the United States during the period of the war, the Provisional
Government having been the immediate predecessor of the Soviet Government?"
The proceedings in the House of Representatives indicate acceptance of
the view that our Government regards the Soviet Government as responsible
for the obligations incurred by prior Russian governments. ("Cong. Rec.,"
Vol. 78, page 6192.) The position of our Government in this respect accords
with accepted principles of international law, as illustrated by the following
authorities:
Moore, Int. Law Digest, v. 1, sec. 96, quoting Secretary of State
Adams
(Aug. 10 1818):
"No principle of international law can be more clearly established
than
this: That the rights and the obligations of a nation in regard
to other
States are independent of its internal revolutions of government. It
extends
even to the case of conquest. The conqueror who reduces a
nation to his
subjection receives it subject to all its engagements and duties toward
others,
the fulfillment of which then becomes his own duty."
Halleck, Int. Law (3rd Ed.) v. 1, p. 90:
"Public debts, whether due to or from the revolutionized State,
are neither
canceled nor affected by any change in the constitution or
internal govern•
ment of a State."
The same rule is stated, in substance, in Kent's Commentaries (12th
Ed.),
V. 1, p. 26, and in opinion of Attorney-General Griggs, 22, Op. A. G. 583, 584.
In connection with, and in support of, these statements,
the authors cite
1 Whart. Int. Law Dig., Sec. 5 ; Hall, Int. Law (4th Ed., pp.
104, 105);
Rivier, Principes du Droit des Gens, I, pp. 70-72; United States
v. MacRae,
L. R. 8 Eq., 69; Vattel, Droit des Gens„ Liv. II, Ch. XII,
Sections 183-197;
Grotius, De Jur Bel, lib. II Cap. II, Section 8.
This view, in fact, was stated in Congress ("Cong. Rec.," Vol.
78, page
6192) to have suggested the insertion of the provision in Sec. 2 of the
statute
excluding from its operation public corporations controlled by the
United
States, which are permitted to engage in the transactions prohibited to
individuals and private corporations, if administratively determined
to be
desirable. I, therefore, regard the Soviet Government as in default, within
the contemplation of the statute.
"(6) However, the last question may be answered: Can the Soviet Government be considered in default to the Government of the United States
pending negotiations that are being had with a view to arriving at the
amount of the indebtedness due from the Soviet Government to the Government of the United States?"
May 12 1934
Bearing in mind what I have just stated in response to your fifth question,
I am aware of no principle of law under which a previously existing default is
waived of overcome because of the mere pendency of negotiations "with a
view to arriving at the amount of the indebtedness due," assuming that there
is any uncertainty in this regard, although, of course, the matter might be
affected by the outcome of any such negotiations.
"(7) Would the issue and sale in the United States of 'scrip' or funding
bonds in part payment of outstanding obligations be in violation of the Act?"
This question appears to present only a detail of the matter treated generally under Question No. 3, and the same answer is applicable. In other
words, such "scrip" or "funding bonds" are authorized if issued in the
bona fide "renewal or adjustment of existing indebtedness."
It is made unlawful, as I have said, "to purchase or sell the bonds, securities, or other (similar) obligations of any foreign government . . .
issued after the passage of this Act, or to make any loan to such foreign
government . . . except a renewal or adjustment of existing indebtedness." The word "renewal" needs no definition by me—it is frequently used
and commonly understood in banking business and commercial transactions—
and the word "adjustment," relating to accounts or claims, has been used in
our statutes since the formation of the government. (See the Act of Sept. 2
1789, 1 Stat. 65, and the Act of March 3 1817, 3 Stat. 366.)
It is used, I think, in the sense of compromising or determining how much is
to be paid, when and where, upon what terms, and the like. Thus an adjustment of an existing indebtedness within the meaning of the Act is any lawful
arrangement entered into in good faith between the debtor and the creditor
which comprises or determines the amount to be paid by the debtor to the
creditor, and it may include other details of composition or settlement.
Respectfully,
HOMER CUMMINGS, Attorney-Genera/.
The Honorable, the Secretary of State.
Statement of Bank for International Settlements for
April—Total Assets April 30, 669,712,690 Swiss
Gold Francs, Against 667,625,920 March 31.
In wireless advices from Basle, Switzerland, May 4, tl the
New York "Times" of May 5, it is noted that the monthly
statement of the Bank for International Settlements, issued
May 4, shows a continuance of the slow increase in funds
which totaled 669,712,589.91 Swiss gold francs on April 30, a
rise of more than 2,000,000 francs. The advance comes from
increased central bank deposits and has apparently gone entirely to strengthen the cash position, according to the advices, which said that there is no other significant change in
the statement, and it is noteworthy that for the first time
this year sight deposits in gold bars have failed to increase,
remaining stable.
The statement of the bank, as of April 30, contained in
Associated Press accounts from Basle, follows. (Figures In
Swiss gold francs at par):
ASSETS.
A pril.
Marrh.
Gold in bars
28,176,330.05
Cash on hand and on current account with banks 4,611,858.82 28,176,330.05
2,757,222.93
Sight funds at interest
11,763,306.64 14.447,209.47
Rediscountable hills and acceptances:
1 Commercial 1Ills and bankers' acceptances.160,986,052.18
157,718,741.07
2 Treasury bills
195.248,892.69 192,103,471.25
----Total
356,234,944.87
V Time funds at interest—Not exceeding 3 months 38,617,030.28 349.822,212.32
41.211,301.00
VI Sundry bills and investments:
1 Maturing within 3 months:
(a) Treasury bills
20,190,523.78 18,344,085.19
(13) Sundry Investments
63,631,805.65 64,029,952.83
2 Between 3 and 6 months:
(a) Treasury bills
64,466,639.26 39,265,881.40
(b) Sundry investments
31,457,519.18 31,490,293.18
3 Over 6 months:
(a) Treasury bills
4,804,962.94 31,605,935.13
(b) Sundry Investments
35,959,628.39 36,408,553.41
Total
220,511,079.20 222.044,201.14
VII Other assets
9,798,040.05 9,067,383.07
Total assets
669,712,589.91 667,525,919.98
LIABILITIES.
Paid-up capital
125,000,000.00 125,000.000.00
II Reserves:
1 Legal reserve fund
2,021,691.48 2 021 691 48
2 Dividend reserve fund
3,894.823.45 3:894:
:
823 45
3 General reserve fund
7,789,646.89 7,789,646.89
Total
13,706,161.82 13,706,101.82
III Long-term deposits:
1 Annuity trust account
153,640,000.00 153,546,250.00
2 German Government deposit
76,820,000.00 76,773.125.00
3 French Government guarantee fund
40,439,788.02 40,903,395.15
—
Total
270,899,788.02 271,222,770.15
IV Short-term and sight deposits (various currencies):
1 Central banks for their own accounts:
(a) Not exceeding 3 months
106,063,380.65 108.125,973.66
(b) Sight
45,804,050.05 42,608,682.07
Total
151,867,430.70 150,734.655.73
2 Central banks for the account of others: Sight 9,335.404.12
9,417.830.74
3 Other depositors' Sight
.044,303.17 1,071,194.66
Sight deposits (gold)
28,176,330.05 28,176,330.05
VI Miscellaneous items
69,683,172.03 68,196,976.83
Total liabilities
669,712,589.91 667,525,919.98
I
It
III
IV
Canadian 10% Gold Tax Replaced by Levy
of 25% on
Amount Above $20.67 an Ounce—Various
Exceptions Listed in New Regulations.
Premier R. B. Bennett of Canada announced
May 2 to
the House of Commons that the recently promulgated
10%
tax on the price of gold sold at the mint would be replaced
by a tax of 25% on the premium, or the amount received by
the producer above $20.67 a fine ounce. Under the new
regulations no tax whatever will be collected when gold
is
selling for less than $30 a fine ounce, nor will it be collected
from companies which failed to pay dividends in 1032 and
Volume
138
Financial Chronicle
1933. Exceptions will also be made for companies which
are not paying dividends at the present time and for placer
mine production. The original 10% tax had been vigorously
opposed by Canadian mining companies, and the change
ordered by Mr. Bennett was said to meet with general approval. Reference to the 10% tax was made in our issue of
April 28, page 2830. An Ottawa dispatch of May 2 to the
Toronto "Globe" summarized the principal provisions of
Premier Bennett's announcement as follows:
The following constitute the highlights of Premier Bennett's announcement to-day on behalf of his Government of a change in the proposed gold
taxation.
Flat 10% tax on price of gold to be replaced by a 25% tax on the "unearned increment," the difference between the current price and the basic
price of $20.67 per ounce.
This tax not to apply on gold from mines which did not pay a dividend
prior to Jan. 1 1933. though they may now be paying dividends.
It will not apply on gold derived from placer mining.
Gold to be exempt from taxation if it falls to $30 per ounce or lower,
and the tax not to operate to bring the net price to the producer below
$30 per ounce.
Corporation income tax payable this year by dividend-paying mining
companies to be applied on the "unearned increment" tax, amounting to
an exemption from the income tax.
About $1,000,000 More Paid in Dividends by Canadian
Corporations During April Than in April 1933,
According to Toronto Stock Exchange.
Dividend payments distributed by Canadian corporations
as shown in the Toronto Stock Exchange "Bulletin" for
April reveal an increase of slightly over $1,000,000 payable
to shareholders during the month, compared with the corresponding period of 1933. The "Bulletin" said in part:
April dividends officially declared by 71 companies totaled $10,207,816
against $9,200,399 in April a year ago, bringing the total payments by
companies listed on the Exchange for the year to date to $41,489,574.
This figure is also an increase over the $40,706,222 shown in the corresponding period of 1933.
The net increase for April in the aggregate amount disbursed was a
result primarily of the added bonuses and increased dividends paid by the
mining and a couple of industrial issues, which more than offset the reduced payments of the financial companies and several of the utilities.
Large Increase in Net Earnings of 107 Canadian Companies During 1933 Noted in "Bulletin" of Toronto
Stock Exchange.
An analysis in the Toronto Stock Exchange "Bulletin" for
April indicates that of 107 listed corporations so far reporting earnings for 1933, 68 showed improvement and 39
reduced earnings and deficits greater than the previous
year. The analysis, based on the annual statements of the
corporations, further noted:
Of the 68 to show improvement 39 reported net in excess of the preceding period, 12 had net earnings where deficits were reported a year ago
and 17 managed to reduce deficits. Of the 39 whose earnings did not
equal those of the preceding period, 30 reported a reduction in net and
nine recorded larger deficits. Total net earnings of 81 corporations for
1933 amounted to $89,163.439, contrasted with $66,231,659, after deduction of delficits of $4,019,583 record by 12 for 1932 year. The net
deficits of 17 companies for 1933, who also sustained losses in 1932, were
$8,053,423, a decrease from $16,455,307 in preceding period. There were
nine companies to report deficits greater for 1933 than for 1932, with the
total aggregating $1,831,707, contrasted with net deficits of $173,315 for
1932. Of the nine recoading deficits for 1933,six reported net profit for 1932
Canadian Business at Highest Level Since Early Part
of 1931, According to S. H. Logan of Canadian
Bank of Commerce.
In his review of business conditions throughout Canada,
S. H. Logan, General Manager of the Canadian Bank of Commerce, stated that "the renewed upturn in industrial operations has been extended to the second quarter of the year."
He said "although the available reports on activity in April
indicate a smaller increase than occurred in March, when the
gain in certain industries was abnormal, the gencral level of
business activity rose to its highest point since the early part
of 1931, and was only about 10% below the average for 1926,
the best post-war year for purposes of comparison." We also
quote the following from Mr. Logan's review, dated May 4:
One of the most influential factors in this latest improvement was a further
increase in the volume of construction contracts awarded, which was 50%
greater than in March of this year and one-third above that of April 1933.
Preliminary reports indicate a further advance in the production of newsprint, lumber, automobile and machinery, as well as the continuation of steel
and textile mill operations on about the same satisfactory scale as in the
preceding month. Furthermore, the improvement in Canadian industry has
continued to spread over a wider field to include manufactures, such as merchandising equipment, for which there was formerly an exceptionally limited
demand.
With complete data before us, we are able to state that the March record
for the major industries was the most impressive in several years. There
was a marked increase in steel production, which was 26% over February of
the current year and about six times greater than in March 1933. Automobile production was not only two-thirds greater than in February, 114% above
that of the like month of last year, and the largest of any month in nearly
three years, but actually tell short of current demand, notwithstanding that
the output for the domestic market was practically doubled. The output of
newsprint rose 20% above February and 53% above March 1933, reaching,
in fact, the highest point since May 1930.
3185
The employment of a greater volusne of money in the form of checks on
bank deposits is additional evidence of a quickening of the pace of business.
These bank debits increased about 20% during March, and their ratio to
deposits, denoting the turnover of this fund of money, about 18%.
Election of Directors of Bank of England.
As was recently noted in these columns (April 21, page
2658), Montagu Norman was re-elected Governor of the Bank
of England on April 17, and at the same time Sir Ernest Musgrave was re-elected Deputy Governor. The election of directors of the bank was reported as follows in the London "Financial News" of April 19:
At a Court of the Bank of England, held yesterday at the bank, the following directors were elected for the current year:
Sir Alan Garrett Anderson, K.B.E.
Sir Basil Phillott Blackett, K.C.B., K.O.S.I.
George Macaulay Booth,
Basil Gage Catterns.
William Henry Clegg.
Patrick Ashley Cooper.
Sir Andrew Rae Duncan.
Albert Charles Gladstone.
Kenneth Goschen.
Edward Charles Grenfell.
Charles Jocelyn Hambro.
Colonel Lionel Henry Hanbury, C.M.G.
Edward Holland-Martin.
Lord Hyndley of Meads.
Sir Robert 3folesworth Kindersley, G.B.E.
The Hon Roland Dudley Kitson, D.S.O., M.O.
Cecil Lubbock.
Robert Lydell.= Newnion.
Edward Robert Peacock.
The Hon. Alexander Shaw.
Sir Josiah Charles Stamp, G.B.E.
Frank Cyril Tiarks.
Walter Kennedy Whigham.
Arthur Whitworth.
The only change on this occasion Is the election of B. G. Catterns in place
of H. A. Trotter, who retired.
Mr. Calternee Appointment.
Mr. Catterns, who is Chief Cashier, is the fourth official of the bank to be
elevated to the Court. It is understood that he will be appointed an "executive director," under the scheme inaugurated two years ago, by which the
Court is empowered to appoint from its number one or more directors to
devote the whole of their time to assisting the Governors in the administration of the bank.
At present, there is only one executive director, Edward Holland-Martin.
In its issue of April 20 the same paper said:
The Bank of England announces that the following appointments have been
made consequent on the election to the Court of Directors of B. G. Oatterns,
the Chief Cashier:
K. 0. Peppiatt, the Principal of the Discount Office, to be Chief Cashier.
E. N. Travers, the Principal of the Branch Banks Office, to be Principal
of the Discount Office.
London Readjusts Gold Price Basis—Bullion Market
Reverts to Practice of Fixing Quotation in Relation to Paris.
In a London message April 28 to the New York "Times"
it was stated that because of the decline of the dollar, the
London bullion market has reverted to the practice of fixing
the price of gold on the basis of London-Paris exchange.
It was observed that daily quotations consequently were
well above the New York price, and it was again profitable
to send gold to Paris. In part the account also said:
Bank Position Same.
The position of the Bank of England regarding the buying of gold remains
what it was at tne time of departure from the gold standard. Although the
Bank does not sell gold, it has complete freedom of buying the metal, but
price it may pay is limited by the statutory figure of 84s. 11 1-32d. Per
ounce.
This, of course, is some 60% below the market price, and the large
quantity bought last year was obtained at the statutory price from the
exchange equalization fund. It must not be supposed, however, that the
exchange fund, which paid for the gold at the market price and turned it
over to the Bank at the statutory price, thereby took any loss.
Although the gold was taken into the Bank's account at the statutory
price, it will be revalued at a much higher figure when the gold standard Is
restored and the profit will go to the Treasury.
British Government Imposes Quotas on Colonial
Purchases of Japanese Cotton and Rayon Textiles
—Threatens to Restrict Other Products—Commercial Treaty Not Renounced.
The British Government acted May 7 to effect a sharp
reduction on Japanese exports of cotton and rayon textiles
to British colonies by imposing a number of import quotas,
effective immediately. Walter Runciman, President of the
British Board of Trade, explained to the House of Commons
on May 7 that the basis of apportioning the quotas would
be the average of the foreign textile exports to the colonies
from 1927 to 1931 inclusive. The Japanese average in that
period was 87,670,000 yards of piece goods, but in 1932 they
increased sharply to 205,000,000 yards and last year were
substantially higher. The action of the British Government
followed the delivery of a memorandum on May 3 by Mr.
Runeiman to the Japanese Ambassador to London, Tsuneo
3186
Financial Chronicle
Matsudaira. In the memorandum Mr. Runciman proposed
partition of world markets, and said that unless an accord
to divide the markets was reached immediately quotas
would be imposed on Japanese goods.
Newspaper advices from London termed the British action
the opening of a "trade war" with Japan. Dispatches from
Tokio, however, said that Japanese officials apparently were
unconcerned at the decision to place quotas upon colonial
imports. A London dispatch May 7 to the New York
"Times" described the new British program in part as
follows:
Similar action will be taken soon with reference to shoes, bicycles and
cement unless Japan voluntarily curtails her exports of those commodities
to the colonies. In addition, quotas or new tariff rates will be imposed
on Japanese goods sent to the United Kingdom if necessary. That is looked
upon as a possibility for the near future, because as Japan has no colonies
comparable with those of Great Britain in which to Impose retaliatory
quotas,she may restrict British exports to Japanese on the Asiatic mainland.
Last year Britain exported to Japan £4,437,000 worth of goods, but
Japan sent Britain £7,227,000 worth, so the Asiatic country has more to
lose than Britain if the trade dispute becomes more serious than it now is.
The Governors of the colonies affected already have received instructions
to put the new system into effect forthwith, and thus far there have been
no protests received from inhabitants of these outlying regions of the empire
against a system that must deprive them of quantities of cheap goods.
Little Benefit Enjoyed.
One reason for this acquiescence probably is that white business men in
the colonies get little or no benefit out of the cheap cotton trade because
the Japanese have been doing all the middle-man business themselves,
selling direct to the natives.
Despite the new British action, Mr. Runciman told the Commons he
saw no reason for terminating the general commercial treaty between
Britain and Japan, which has been in force for 20 years. If Japan wishes
to denounce the treaty she must give 12 months' notice. Within that
period Britain hopes to reach an amicable settlement of the present difficulties.
In explanation of his haste to bring the quotas into effect Mr. Runciman
told the House:
"It Is proposed that the regulations will be reckoned as commencing
retroactively from to-day, to that no attempt at forestalling will be allowed
to frustrate the policy and the intentions of the measure under contemplation."
From Mr. Runciman's explanation of the special case of the West African
colonies it Is evident the Government has had the quota device in mind
for a year in anticipation of a possible breakdown in the trade negotiations.
Distinctions Impossible.
"In the most important of the West African colonies," he said, "there
are treaty obligations which preclude differentiation in favor of our own
goods. It was for this reason that last May notice was given to release
these colonies from their obligations under the Anglo-Japanese treaty,
and the action there will be limited to Japanese goods."
Mr. Runciman closed his statement by warning Japan of similar restrictions on other commodities, and even passed the buck to that country as
tar as starting new negotiations was concerned.
"While the Government cannot longer refrain to safeguard trade interests," he said, "we shall be ready at any time to give most careful consideration to any proposals which the Japanese Government may desire
to make toward solution by mutual agreement of the difficult problem.
A solution of this kind ought to be possible where the Governments of
both countries are, as I am sure they are, anxious to agree."
May 12 1934
advices March 22 from Copenhagen it was stated that the
present charter of the Bank, under which it is the note
issuing institution of Denmark, expires in 1938. Further
advices (Exchange Telegraph) from Copenhagen April 11
to the London "Financial News" said:
A bill authorising the establishment of the new note-issuing bank, called
the Danmarks Bank, was introduced in the Folketing this afternoon by
the Minister for Trade. This is the bank which is to take over on May 1
all assets and liabilities of the present Danish National Bank in accordance
with the scheme approved by the shareholders of the National Bank
yesterday.
It was stated that the obligation of the new bank to redeem notes in
gold is covered by clauses in the bill, which contains all the laws of the
National Bank with certain exceptions. One of them is that dealing with
the suspension by the National Bank of its gold redemption obligations
so that no new bill to that effect will be necessary.
In its April 5 issue the same paper had the following to say:
The shareholders will be offered 4% Government-guaranteed bonds to
twice the nominal amount of toe shares they hold, which are to become
redeemable from 1949. For the current year, the shareholders will receive
in dividend and bonus 10%.
After the war, there was a tendency towards reducing the influence of
Governments in central banks. All the countries which were reconstructed
under the auspices of the League of Nations had to undertake that the
Government's holding in their central bank would be placed with the
public. This tendency has apparently been reversed. While Denmark
is, so far, the only country in which the change has taken place in the form
of placing the bank openly under Government control, in most other
countries the influence of the Government in the central bank has increased
since the crisis. The main reason for this in many countries—though not
in Denmark—is that the extent to which banks required assistance was
beyond the capacity of central banks, and the Treasuries had to be called
upon to supplement the latter's resources.
Bulgaria to Pay 32 2% of Interest Coupon Due May 15
on 7% Stabilization Loan of 1928—Rulings on
Bonds by New York Stock Exchange.
Speyer & Co. and J. Henry Schroder Banking Corp., as
American fiscal agents, have been informed by the trustees
of the Kingdom of Bulgaria n4% stabilization loan of 1928,
that the Bulgarian Government has transferred sufficient
sums in foreign exchange to provide for payment of 3214%
of the interest coupon due May 15 1934, it was announced
May 11. As directed by the trustees, Speyer & Co. and
J. Henry Schroder Banking Corp. will be prepared to pay
to the holders of the May 15 1934 coupons of the dollar
bonds on or after that date, $12.19 for each $37.50 coupon
and $6.09 for each $18.75 coupon, upon surrender of such
coupons at either of their offices accompanied by a letter of
transmittal, forms of which may be obtained at the office
of either of the above.
Ashbel Green, Secretary of the New York Stock Exchange, issued the following announcement on May 10
indicating rulings adopted regarding the bonds:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Laying of Cornerstone of New Building of German
Reichsbank—President Schacht Invokes Spirit of
Frederick the Great in Elaborate Ceremony.
Before an assemblage of 10,000 and in the presence of the
rulers of the Third Reich, led by Chancellor Adolf Hitler,
Dr. Hjalmar Schacht on May 5 laid the cornerstone of the
new Reichsbank building, which will cover thirteen acres
and cost more than 40,000,000 marks. From a Berlin account
to the New York "Times" from which we quote, we also take
the following:
An elaborate ceremony had been arranged for the occasion. Storm troops
marched, bands played, banners waved, delegations of Nazi organizations
from all parts of the land stood at attention and the crowd shouted
"Heil I"
The dedication speech was delivered by Dr. Schacht. He invoked the
spirit of Frederick the Great as a guide for the work of the Reiahsbank,
for Frederick, he said, had not only been characterized by "noble militarism" but had also been the first organizer of the German currency
system. The old Prussian spirit of unerring frugality and the sacrifice
of the individual to the welfare of the State must continue to rule the
Reichsbank's policy.
Firm Against Inflation.
At the same time, the President of the Reichsbank drew from Frederick's financial policy two lessons he held applicable to the present situation. One was the necessity for a stable currency unadulterated by coin
debasement or inflation. The other was the rejection both of a forcible
lowering of interest rates and subsidies for business as being detrimental
to public confidence.
Since "breaking the interest slavery" is Nazi dogma and subsidies for
business are Nazi practice, Dr. Schacht's words on such an occasion to such
a company may have had a calculated purpose. They were heard with
special interest by the creditors' delegates from the debt conference. Dr.
Schacht's own drive for a reduction of the interest rates on Germany's forcign debt is one of the topics before the conference.
Danish National Bank Converted Into State
Institution.
An agreement between the Danish Covernment and the
Danish National Bank whereby the latter is to cease as a
joint stock bank and become a Government controlled
institution was recently reached. In Exchange Telegraph
May 10 1934.
Notice having been received that payment of $12.19 Per $1,000 bond
will be made May 15 1934 on surrender of the May 15 1934 coupon on
Kingdom of Bulgaria 73i% stabilization loan 1928 dollar bonds, due 1968:
The Committee on Securities rules that beginning May 15 1934 the
bonds may be dealt in as follows:
(a) "With Nov. 15 1932 ($18.75 paid). May 15 1933 ($1687 paid),
Nov. 15 1933 ($9.38 paid) and subsequent coupons attached."
(b) "With Nov. 15 1932 ($18.75 paid), May 15 1933 ($16.87 Paid).
Nov. 15 1933 ($9.38 paid), Nov. 15 1934 and subsequent coupons attached,"
That bids and offers shall be considered as being for bonds under option
(a) above unless otherwise specified at the time of transaction; and
A
That transactions in the bonds shall besIlantE.1
GREEN, Secretary.
Irving Trust Co., New York, Appointed Special Agent
to Carry Out Scrip Payment Procedure for Interest
Coupons on Bonds of Oldenburg, Germany.
The Irving Trust Co., New York, N. Y., has been appointed special agent to carry out scrip payment procedure
for interest coupons, due Nov. 1 1933, of Free State of
Oldenburg, Germany, 7% external serial gold bonds, dated
Nov. 1 1925, it was announced May 7. This appointment
has been made in connection with the registration statement,
as amended, of the Conversion Office for German Foreign
Debts (Konversionkasse fur deutsche Auslandsschulden)
filed with the Federal Trade Commission, effective Feb. 7
1934. Reference to the filing of the statement was made in
our issue of Feb. 10, page 957.
Mortgage Moratorium in Trinidad.
Canadian Press accounts from Port of Spain, Trinidad,
May 6 to the New York "Times," said:
A five-year moratorium on mortgages has been granted by the government for tne benefit of hurricane-stricken areas ,of Southern Trinidad.
Many applications from sufferers led to the measure, which was passed to
permit re-establishment of plantations and homesteads. Under it mortgagees may be restrained from suing or foreclosing.
Volume 138
Financial Chronicle
Annual Convention of Mexican Bankers' Association—
Move Toward Further Development of Country's
Financial Structure—American Bankers' Among
Speakers.
The Third Annual Conference of the Mexican Bankers'
Association closed its sessions on April 30, after five days of
discussions in Guadalajara. Those attending it is stated evidenced their desire to still further develop and stabilize the
Mexican financial structure and the Mexican Government,
.
through its Minister of Finance, Sr. Marte R. Gomez and its
Director of Credit of that department, Sr. Pascual Gutierrez
Roldan, offered its full co-operation.
The under current of thought in the papers read and their
discussions is reported to have been the desire of "humanizing" the banks to modern social needs and to help growing
industry and commerce. The canceling of obsolete, restrictive banking and mortgage laws and the necessity of improved legislation were likewise among the proposals advocated at the Convention. The part that the insurance companies play in the financial life of the country and their growing strength was also emphasized, as well as the need for
more trained bankers and likewise the education of the business man to modern banking practices. The banks outside of
Mexico City made a plea for a lower discount rate in order to
operate with a reasonable profit and extend ample credit.
Incidentally we quote from an April 27 cablegram from
Guadalajara to the New York "Times":
One of the principal points indicated in the future financial program Was
the necessity that banking legislation mold itself more closely to the diverse
necessities of credit and permit the creation of specialized credit institutions in various economic centres. It was also suggested that the Bank of
Mexico, the Republic's only bank of issue, which controls discount and exchange rates, place no limit on the interest rates charged by private banks
on operations likely to be subject to rediscount. . . .
Discussing suggestions to improve Mexican credit, Ignacio Albo, manager of the Mercantile Bank of the City of Monterrey, made the following
proposals: To stimulate rediscount by reduction of the Bank of Mexico's
rates: provide funds for its branches to assist private banks in financing
agricultural, cattle and other productive industries; the creation within the
Bank of Mexico of an export department to assist Mexican exporters.
The same paper in a later cablegram (April 30) said:
One resolution adopted pledges the bankers to co-operate in the formation of a statistical department to make clearer to Mexico her balance of
trade.
Salvador Ugarte, Director of the Bank of Commerce, after reading a
paper on "Banking Personnel," presented resolutions which were unanimously adopted. One provides support for a Mexican school for bankers, another for an organization to gather information regarding banking staffs and
a third for a study of plans to establish a National reserve fund for employees' pensions.
It is stated that the recent withdrawal of several foreign
bank branches from Mexico gave interest to the remarks of
Minister Gomez who said he was not moved by any discourteous spirit in advocating the nationalization of credit in
Mexico. To allow, however,foreign banks to drain the Mexican deposits would he contended, contribute toward maintaining a high rate of interest, to the disadvantage of Mexican
Industries and agriculture. Director of Credit Gutierrez Roldan, who took an active part in the proceedings as the representative of the Minister, spoke on the acquisitive value of
Mexican currency. He said, among other things, that exchange must go according to balance of trade and not by the
intrinsic value of currency. He also said that the banking
world should stand behind the Bank of Mexico in its effort to
regulate exchange.
An international aspect was given to the convention by the
presence of American bankers whose institutions have Mexican connections. Among them, Herman G. Brock, Vice-President of the Guaranty Trust Co. of New York, delivered an address in Spanish on "The Crisis of 1933 and After";
Joseph C. Rovensky, Vice-President of Chase National Bank
In New York City, spoke on international exchange, While E.
Leuenberger, Assistant Vice-President of Wells Fargo Bank
& Union Trust Co., San Francisco, read a paper in Spanish on
gold as a final basis for international transaction; William
H. Schroeder, Vice-President of the Citizens National Bank
of Los Angeles and L. L. Lentz, Vice-President of the First
National Bank of San Antonio also attended.
It may be noted that Agustin Rodriguez, General Manager
of the Banco de Mexico (Bank of Mexico) is President of
"Asociacion de Banqueros de Mexico" (Mexican Bankers'
Association); Lic. Guillermo Obregon, a leading lawyer and
attorney for several member banks, is the Secretary-General.
The Board of Directors, in addition to the foregoing, is composed of William B. Richardson, Manager of the National
City Bank of New York in Mexico, who has charge of invitations and credentials; Luis Y. Legorreta, General Manager
of the Banco Nacional de Mexico (National Bank of Mexico)
3187
and Salvador Ugarte, General Manager of the "Banco de
Comercio" (Bank of Commerce). The Secretary-General is
Lic. Guillermo Obregon.
Treasury Notes Offered by Argentina as Payment to
Exporters Making Shipments to That Country from
Feb. 1 to Nov. 30 1933—Offer Said to Represent
20% Loss on Exchange—Proposal Reported Opposed by American Chamber of Commerce and
Others.
American and other exporters who shipped to Argentina
between Feb. 1 and Nov. 30 last year will receive offers of
payment in five-year Treasury notes paying 2% interest
at a rate which represents a 20% loss on exchange, said a
cablegram May 6 from Buenos Aires to the New York
"Times," which also had the following to say:
The only alternative is to purchase currency in the free exchange market,
which in the case of dollars means a considerable loss. It is estimated the
arrangement will give the Government a further loan of 150,000,000 pesos
in addition to the 320,000,000 pesos it obtained from bonds issued late in
1933 in exchange for funds blocked previous to Feb. 1 1933.
The scheme was outlined in an official statement published to-day
announcing that Italian importers have accepted this method of payment
that is to be offered importers of all other nationalities.
The statement says that the exchange likely to be available this year
scarcely suffices to cover imports admitted under prior license permits
and there is little probability of granting exchange permits applied for pervious to Nov. 28 1933 when the Government instituted its present system
of exchange.
Remittances Were Prohibited.
In October last year the Government prohibited remittances for payment
of imports prior to Feb. 1. Then it arranged not to block these funds by
-year 2% Treasury
-year 4% bonds. The Americans took 15
issuing 20
notes instead of bonds.
In November the Government instituted its import license system,
under which importers could apply for exchange permits and wait until
they were issued before ordering goods. On November 28 exchange was
unpegged for importers who were willing to buy exchange in the free market.
Minister of Finance Federico Pinedo has on various occasions explained
he was working toward freedom of exchange operations at whatever rate
Is fixed by supply and demand.
Government Stresses Problem.
Referring to the scarcity of exchange available for imports, the Government's statement says:
"To try under such conditions to amortize a considerable part of earlier
applications by means of exchange permits would not solve the problem.
The only result would be to transfer the arrears in a remittance to later
requirements. That is precisely what the Government intended to avoid
with measures adopted from Nov. 10 onward."
The Director of the Exchange Control Bureau of the Finance Ministry
declared that there was an accumulation of 150.000,000 pesos' worth 'of
applications for exchange permits covering imports between February 1
and November 28. He blames this large block of frozen funds for the
recent heavy decline of the peso in the free exchange market.
The Government's statement says the Treasury notes will be issued on
a basis of peso exchange rates which are 20% lower than those of November
28, the date on which the Government issued its decree of depreciation
of the peso. That means that Americans can have the notes at the rate
of 300.54 pesos per $100. Yesterday's rate in the free market was 454
pesos per $100.
Americans at Disadvantage.
A prominent banker close to Senor Pinedo told your correspondent:
"American exporters wlll have to become reconciled to selling their
goods at prices determined by the free exchange market. The day of
permits at official exchange rates is definitely passed."
This places Americans at a distinct disadvantage compared to the
British, whose heavier purchases of Argentine products create a large
amount of sterling exchange from which the Government is freely issuing
permits for remittances at official rates about 25% lower than the rates
ruling in the free market.
President Augustin P. Justo's message at the opening of Congress showed
the Treasury had on hand 200.000.000 pesos of the 320.000,000 obtained
from previous unblocking operations. The present operation is expected
to increase that amount to 350,000,000 Pesos, which the Government
ntends to spend on its public works program.
—P7On7a
Aires cablegram May 8 we take the
Buenos -
following:
The Argentine Government's proposal to offer importers five-year 2%
ITreasury notes in payment for goods landed here between February 1 and
November 30, last year, was not formally taken up by the American
Chamber to-day. But it was almost exclusively the topic of conversations
before and after the meeting.
The consensus of opinion was clearly opposed to acceptance of the offer.
This is in accord with the opposition to the proposal expressed at a meeting
of representatives of foreign chambers of commerce here last night, to
which the Americans were not invited.
Open market quotations, especially on dollars, dropped sharply on the
Government's announcement that Italian importers had agreed to accept
Treasury notes in payment for their blocked credits and that a similar
offer would be made to other importers. Saturday's dollar quotation was
445 pesos for 5100. To-day it dropped to 420, which makes the peso worth
23.75 cents, as compared with 22.25 on Saturday.
The May 8 cablegram contained a reference to the annual
report of the Board of Governors of the American Chamber
of Commerce, as to which it said in part:
American exporters, according to the Governors' report, took between
60,000,000 and 65,000,000 pesos in Argentine long-term Treasury notes
in exchange for their blocked credits last year. Many, however, it was
pointed out, were not in a financial position to take advantage of this
arrangement for meeting the obligations due to them.
"Exchange rates for imports having previously been allotted," continues
the report, "remittance permits came into force in November and brought
with them the additional hardship of an appreciable loss to importers in
general, although the situation was relieved to some extent by the establishment of an open exchange market."
3188
Financial Chronicle
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
March 31 1934 and show that the money in circulation at
that date (including, of course, what is held in bank vaults
of member banks of the Federal Reserve System), was
$5,393,689,530, as against $5,354,446,245 on Feb. 28 1934
and $6,319,514,854 on March 31 1933, and comparing with
$5,698,214,612 on Oct. 31 1920. Just before the outbreak
of the World War, that is, on June 30 1914, the total was
only $3,459,434,174. The following is the full statement:
e "is'
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Ansi. Held in Reade Againut
Trust Against (hated States
Gold & Silver
Notes
Certiflcates
(and Treasury
Treas'y Notes
Notes
01 1890).
1890).
MONEY HELD IN THE TREASURY.
t
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.
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rFig11.1,9 SP.
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8
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4
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OD
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Total.
MONEY OUTSIDE OF THE TREASURY.
.."
18- --. 41,288 1,357,951,728
751,13--
t,'•
§
3..Ai gi MM
uSzigia
8 .O. 0:;1°Ig.0 A4
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. 7.1.4M.........0...
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at •4 • g-1
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•Revised figures.
a Does not Include gold other than that held by the Treasury.
b These amounts are not included in the total since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 Is Included
under gold, standard silver dollars and silver bullion, respectively.
$1.580,000 secured by silver bullion held in the Treasury (Act May 12 1933).
d This total includes $32,748.472 deposited for the redemption of Federal Reserve
notes (51.2011,975 In process of redemption).
e Includes $39,895,988 lawful money deposited for the redemption of National
bank notes ($21,098,125 in proems of redemption, including notes chargeable to
the retirement fund), $9,085,500 lawful money deposited for the redemption of
Federal Reserve bank notes ($2,359,041 in process of redemption, including notes
chargeable to the retirement fund), $1,350 lawful money delimited for the retirement of additional circulation (Act of May 30 1908), and $80,574,408 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 continental limits of the United States.
-Gold certificates are secured dollar for dollar by gold held in the Treasury
Nate.
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 secured dollar for dollar by standard silver dollars held in the Treasury: these
noted are being canceled and retired on receipt. Federal Reserve notes are obliga-
May 12 1934
tions of the United States and a first lien on all the assets of the issuing Federa
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.
Argentina Renews Loan of $972,000
-Notes Held by
Companies in United States to Be Paid in Four
Years.
The Argentine Finance Ministry announced on May 9
a renewal of the Treaury notes for $972,000 held by corporations in the United States which made the loan to
General Oriburus's provisional government following the
revolution in 1930, which overthrew the Irigoyen regime.
Advices May 9 from Buenos Aires to the New York "Times"
regarding the renewal of the loan continued:
The notes have been renewed several times and small amounts paid off.
A total of $1,080,000 outstanding fell due on April 1. The Government
will redeem 10% and issue nine series of new notes for $108,000 each, falling
due at six-month intervals.
The series due on Oct. 1 this year and April 1 next year pay 2%% interest. Those due in October 1935 will pay 2%%; April 1936. 3%; October
1936, 3si %; April 1937, 33.5%; October 1937, 3U%,and April and October 1938, 4%. The Armour and Swift companies each hold $252,000 of
the new notes, the Spanish-American Electric Co.of Buenos Aires,$225,000;
the International Harvester Co.. $135,000; Wilson Packing Co., $63,000.
and the Singer Machine Co.. $45,000.
Finance Minister Pinedo announced that when he sends $108,000 to
New York to take up 10% of the outstanding notes he will also remit the
interest due on April 1 on all Treasury notes held in New York. Brown
Brothers Harriman & Co. were appointed paying and fiscal agents for the
new issue, with j of 1% commission. The New York Trust Co. was
appointed to authenticate the notes with a fee of 25 cents for each note.
The new issue is free of all Argentine taxes, present or future.
Legislature Votes to Inaugurate
Independence Jan. 1 1935.
The Philippine Legislature adjourned May 5 after approving a proposal to make Jan. 1 1935 the inaugural date of the
Independent Philippines Commonwealth. The Legislature
had previously given its unanimous approval to the TydingsMcDuffie Independence Act, as noted in our issue of May 5,
page 3012. Senator Manuel L. Quezon was appointed by the
Legislature to go to Washington to ask President Roosevelt
to accept the self-Government program by Aug. 31. United
Press advices from Manila, May 5, added the following:
Philippine
Filipino voters will elect delegates to a constitutional convention on
June 26. On July 4 the convention will open. The leaders hope to have the
draft ready by July 31 and to obtain the President's approval within the
following month. On Sept. 15 the proposed constitution, if finally approved,
will be submitted to the people for ratification. If that step is hurdled successfully, officers of the commonwealth will be elected Dec. 29. Three days
later the dream of thousands of islanders will be achieved in the inaugural
of their own self-government.
Under the terms of the Tydings-McDuffie Act, the commonwealth status
will prevail for 10 years. After the trial period, the United States is expected to grant the Philippines complete freedom.
Passage By House of Securities Exchange Bill Providing
for Federal Regulation of Stock Exchanges.
The House on May 4 completed its action on the "Securities
Exchange Bill of 1933"
-the bill providing for Federal
regulation of stock exchanges, and the measure is now undergoing revision at the hands of the Senate. In another
item in this issue we refer to the progress of the bill in the
Senate. While press advices from Washington a week ago
indicated that the vote whereby the bill went through the
House was 280 to 84, the "Congressional Record" shows that
the bill was adopted by a vote of 281 to 84. The action of
the House in passing the bill was noted in our May 5 issue,
page 3016. Before the final action of the House a motion
by Representative Merritt to recommit the bill to the
Committee with instructions to substitute therefor the Bulwinkle bill which would remove the administration of the
bill from the Federal Trade Commission to an independent
commission, was rejected by the House by a vote of 278 in
opposition to 83 in favor. With regard to the House bill
Associated Press advices from Washington May 4 said:
The fundamental provisions of the measure would:
Require the registration of all stock exchanges with the Federal Trade
Commission.
Empower the Federal Reserve Board to fix minimum margin requirements for brokerage accounts and loans on securities by Reserve member
banks.measure also would prohibit "manipulative devices" including pools
T
The
and other practices intended to create artificial securities prices.
per
Give the Trade Commission power to regulate, or abolish short sales
and options.
Give the Commission power to open specialists' books to public inspection.
Direct the Commission to study the feasibility of prohibiting floor trading
and the divorcement of the functions of broker, dealer and specialist.
Volume 138
Financial Chronicle
Require annual and quarterly reports by corporations with listed stocks
showing earnings sales and other information of value to its stockholders.
Give the Trade Commission power to pass upon new issues of securities
before they could be listed.
Provide civil redress for persons buying or selling stocks as the result
of wilfully misleading advice, with the burden of proof placed upon the
defendant to show good faith.
Impose minimum penalties of two years and $10,000 for violations of
the Act or of regulations issued under it for individuals and $500,000 fine
for exchanges.
In a Washington account May 4 to the New York "Herald
Tribune" it was stated that Representative Sam Rayburn,
Democrat, of Texas, Chairman of the Inter-State and
Foreign Commerce Committee, who was in charge of the
bill, successfully resisted all efforts to change its terms.
No amendment to which he offered objection was adopted
during the four days of debate. In part, the account
continued:
The bill now goes to the Senate, where consideration of the legislation
will begin early next week. The Senate already has before it the Fletcher
bill approved by its Committee on Banking and Currency. It is expected
that the Senate will substitute the Fletcher bill for the Rayburn bill,although
there may be close votes on some of the differences in the two measures.
The framework of the Rayburn and Fletcner bills is largely the same,the
two outstanding points of difference having to do with the administrative
bodies and margins.
The Rayburn bill as passed by the House empowers the present Federal
Trade Commission to administer its provisions, increasing the membership
from 5 to 7. Authority over margins is vested in the Federal Reserve
Board, both as to brokers' loans and bank loans.
Under the Fletcher bill a new commission of five members appointed by
the President is created. This commission would have general administrative authority, including control over margins on brokers' loans and
loans of non-member banks. Control over margins on stock market loans
by member banks of the Federal Reserve System is retained in the Federal
Reserve Board, which already has power under the Banking Act of 1933 to
restrain the using offunds of the System for speculative purposes. . . .
The Bulwinkle bill, which was rejected by the House in Representative
Merritt's motion to recommit, provided for the creation of an independent
commission to supervise the operation of stock exchanges. Under the
terms of the bill, however, a large measure of self-government would be
Permitted. There would be no such drastic prohibitions of various practices
or margin standards as in the Rayburn bill. . . .
Cooper Amendment Beaten.
Among other amendments which had considerable support was one by
Representative John G. Cooper, Republican, of Ohio, ranking minority
member of the Inter-State and Foreign Commerce Committee, removing
from criminal offenses under the bill violations of rules and regulations of
the Federal Trade Commission. This amendment also was rejected. In
opposing it, Representative Rayburn said that broad authority had been
vested in the Commission in response to criticisms against more specific
provisions in the original bill. To adopt the Cooper amendment would
mean, he said, to repeal four-fifths of the measure.
An amendment by Representative Carl Mapes, Republican. of Michigan,
to strike out the paragraph authorizing the Federal Trade Commission to
employ attorneys, examiners and other special experts without reference
to civil service laws, was defeated by a voice vote.
Representative Jed Johnson, Democrat, of Oklahoma, who said he would
like to put the stock exchanges out of business, proposed an amendment
to impose a tax of 10% on the transactions on exchanges. It went out on
a point of order. Another amendment by Mr. Johnson to increase the fee
to be paid by exchanges was defeated.
In connection with the section for the payment of a fee equal to one
flve-hundredths of 1% of the aggregate dollar amount of the sales of securities during a year, it was stated by Representative Bulwinkle that this
would amount to from $500.000 to $600,000 annually for the New York
Stock Exchange and an aggregate of about $300,000 for other exchanges.
An amendment by Representative J. W. Wadsworth, Republican, New
York,to strike out the fee section was rejected. Mr. Wadsworth contended
it was bad policy to assess the exchanges for the cost of their regulation.
At the instance of Representative W. P. Cole, Democrat, of Maryland,
the House accepted an amendment which gave the President rather than
the Federal Trade Commission the power to divide the Commission into
divisions, one of which would administer this Act. Mr. Cole said that
the original bill had given the power to the President. but that it had been
changed in committee. Mr. Rayburn consented to the amendment.
Several amendments by John B. Hollister, Republican, of Ohio, which
were designed to give greater latitude with respect to appeals to the courts
from decisions by the Commission were rejected.
The Rayburn bill as passed is a far-reaching measure with plenty of
"teeth," according to its sponsors, but considerably less drastic than in its
original form. Whereas the first draft of the bill contained many specific
prohibitions and rigid margin requirements, the present measure is more
flexible and vests greater discretion in the administrative bodies.
Chief Provisions of Bill.
The chief probisions of the bill are grouped under six hearings. One
relates to control of credits: a second to control of manipulative practices.
A third deals with provisions for adequate and honest reports to securities
holders by registered corporations. A fourth has to do with control of unfair
practices of corporate insiders. The fifth relates to control of exchanges
and over-the-counter markets. The sixth deals with administration.
Margin Requirements.
For the purpose of guiding and protecting the Board from undue speculative pressure in the exercise of its discretion, the bill includes as a standard
for the rules and regulations of the 'oard a limitation of credit on the
Initial granting of loans to 55% of the current market price of the securities
offered as collateral or 100% of the lowest market price of the preceding
three years, whichever is the greater. The 55% loan limit means that the
borrowers must advance a margin of 45%.
With a view to avoiding any deflationary effects upon existing loans on
securities, all such loans and renewals and extensions thereof are exempt
from the application of the margin section until Jan. 1 1939.
The Purpose of the margin provisions is not to increase the safety of
security loans for lenders, but avowedly is to provide an effective method of
reducing the aggregate amount of the nation's credit resources which can
he directed by speculation into the stock market and away from ordinary
commerce and industry.
The bill gives the Board power to fix margins for banks as well as for
brokers, with the idea of preventing evasion of restrictions on brokers'
margins through loans by banks, to increase the powers of the Board over
3189
speculative loans by its member banks and to give the Board an effective
power over speculative loans by non-member banks.
Manipulative practices of all kinds on national exchanges are prohibited
under the bill. Wash sales, matched orders, pools and other such devices
are banned.
False and misleading statements designed to induce investors to buy when
they should sell and sell when they should buy are penalized.
Corporations Must Report
The corporate reporting sections of the bill have been the subject of
probably the most general attack from business interests. It has been held
that under these sections the Federal Trade Commission would be able to
extend a bureaucratic control over the activities of corporations.
The bill provides that corporations registering securities with stock
exchanges shall file annual reports and such quarterly reports as the Commission may prescribe.
According to the sponsors of the bill, the corporate reporting sections
will not give the Commission an undue control over corporations, but
will be a step toward making public the sort of information which investors
should have. These sections were strongly recommended by the Federal
Trade Commission on the basis of its experience in the public utility investigation.
What is known as the "anti-Wiggin" section of the bill requires the dig-,
closure of the corporate holdings of officers and directors and stockholders
owning more than 5% of any class of stock and prompt disclosure of any
changes that occur in their corporate holdings. The purpose is to restrict
corporate insiders from using their position in a way detrimental to other
stockholders.
Floor Trading Curbed.
The bill gives the Federal Trade Commission broad powers over the
exchanges. To prevent the artificial stimulation of the market that comes
from excessive speculative trading unrelated to investment the Commission
is given power to regulate or prevent floor trading. The Commission is
given further power to prevent excessive trading by members off the floor.
The so-called segregation section applying to the functions of brokers,
dealers and specialists has been the subject of much controversy, but in
Its final form is much less objectionable than as first drafted. The Commission is given power to control the activities of specialists. The dealerbroker is required to disclose to his customer the capacity in which he was
acting and to refrain from taking into margin accounts new securities in the
distribution of which he has participated during the preceding six months.
The Commission is empowered to order changes in rules of exchanges
after due notice and hearings.
The Commission also is given control of the over-the-counter markets.
Apart from its credit phases, administration of the bill is in the hands of
the Federal Trade Commission. In providing for an enlargement of the
members of the Commission from five to seven,it is provided that a division
of three members shall be designated to administer both the stock exchange
bill and the securities Act of 1933.
Penalties for willful violation of the Act or of any rule or regulation are
a fine of not more than $10,000 or imprisonment for not more than two years
or both, except that when the violation is by an exchange a fine of not to
exceed $500,000 may be imposed.
The Act is to take effect upon its enactment, except that certain provisions, including those for registration of exchanges and securities, are to
take effect on July 1 1934, while certain other provisions, including the
margin requirements, are to take effect on Aug. 1 1934.
While it was reported in press accounts from Washington
May 4 that the margin section of the bill required 45%
margin, we give elsewhere a letter addressed on May 7 to
members of the Exchange by Secretary Green in which he
asserts that"the margin would be 45 divided by 55,or 81%."
Ruling by New York Stock Exchange Requires Members
to Obtain Permission for Wireless Connections.
The Governing Committee of the New York Stock Exchange at a meeting held May 9 amended the first paragraph
of Section 3 of Chapter XIII of the rules to read as follows:
No member shall establish or maintain wire connection of any description
whatsoever or permit wireless communication between his office and the
office of any non-member corporation, firm or individual, without having
first obtained the approval of the Committee on Quotations and Commissions therefor.
The New York "Journal of Commerce" of May 10 had
the following to say regarding the amendment:
The rule had formerly been qualified to refer to non-members engaged in
the banking or brokerage business. It WM stated at the Stock Exchange
that this was merely a clarification of the ruling and that It has been followed in practice as it reads in revised form.
Senate Action on Bill Providing for Federal Regulation
of Stock Exchanges—Senator Fletcher's Reply to
Letter of National Committee for Modification of
Industrial Section of Act.
On May 7 the Senate began debate on the bill providing
for Federal regulation of stock exchanges (the Securities
Exchange Bill of 1933), the measure having been placed
before that body for consideration on motion of Senator
Fletcher, Chairman of the Senate Banking and Currency
Committee. As we indicate in another item in this issue,
the House passed the Rayburn bill on May 4. A report on
the bill of the Senate Banking and Currency Committee was
filed in the Senate by Senator Fletcher on April 28, a reference thereto having appeared in our issue of April 27, page
2835. It was reported last night that early passage of the
stock market control bill in the Senate was assured yesterday
as Minority Floor Leader MeNary announced he would
support and vote for the measure. United Press adviees
from Washington (May 11) in indicating this also said in
part:
Senator McNary said also that he would oppose a move to send the
bill to committee for consideration of amendments to liberalize the se-
Financial Chronicle
3190
curities Act of 1933. offered by Chairman Fletcher (D., Fla.), of the Senate
Banking Committee.
Senator Kean (R.. N. J.) spoke against the bill. He said that as a
result of the legislation bucket shops are already springing up all over
the country.
Convening early in the hope of passing the measure to-day, the Senate
at once adopted an amendment which would free the railroads from periodic
reports of condition to the administrative body, since they already report
to the Inter-State Commerce Commission.
The chamber rejected, however, an amendment which would free public
utilities from reporting.
In Associated Press accounts from Washington yesterday,
it was stated:
The amendment was offered by Senator Steiwer (R., Ore.).
Mr. Steiwer argued that the railroads should not be required to make
the reports demanded of other corporations because the carriers are already
compelled to make detailed reports to the Inter-State Commerce Commission.
Another Steiwer amendment, to exempt telephone, telegraph and pipe
line companies from the reporting provisions of the bill, subsequent to
the registration of their stock, also was adopted.
These companies, Mr. Steiwer said, were required to file reports with
the Inter-State Commerce Commission, but that Commission did not
have a veto power over their security issues as it did over those of the
railroads.
Advices from Washington May 7 to the New York "Herald
Tribune" thus reported the Senate developments that day:
There was running discussion of details and the adoption of Committee
amendments was begun.
Fraud Clause Modified.
One of the amendments adopted to-day. proposed by Senator Fletcher.
fixed at one year instead of two as in the original bill, the time in which, in
case of fraud, a suit shall be maintained to enforce liability after discovery
of the facts. It also limited any action under this section to five years
after the violation instead of six as in the original bill.
Senator Robert J. Bulkley, Democrat, of Ohio, proposed an amendment
to be taken up later which would abolish margin trading.
Controversy arose over the recommendation of the Banking Committee
to create a new commission or agency to administer the proposed law.
Senator Edward P. Costigan, Democrat, of Colorado, raised the question
of why the administration of the proposed law was not intrusted to the
Federal Trade Commission. Senator George W. Norris, of Nebraska. is a
Trade Commission supporter. Some of the friends of the Trade Commission see a purpose to hamstring it and put it out of business.
Senator Fletcher warned opponents of the bill, who he said are flooding
the country with propaganda against it, that they will not be able to block
the legislation. He advised them the tide of public opinion for the bill was
Irresistible.
In the advices from Washington May 7 to the New York
"Times", it was stated:
The main opposition to the bill is expected to centre on the Glass separate
commission amendment. Senator Robinson of Arkansas, the Democratic
floor leader, said to-night that he expected a brisk fight to restore the Federal Trade Commission as the administrative agency. This would make
the administrative provisions conform to the bill as passed by the House.
There also may be some opposition to the margin requirements. The
general impression is that the separate commission and margin requirements, of both of which Senator Glass is the author, will be retained and
that the harmonizing of the Senate and House bills will have to be worked
out in conference.
It was pointed out in a Washington dispatch May 8 to
the "Times" that advocates of stock exchange regulation
showed their strength in the Senate on that day on two test
votes, one to lessen the penalties provided for violation, and
the other an amendment to strike out the "catch all" provision in the section dealing with the registration requirements for securities. In part the dispatch added:
Both amendments were proposed by Senator Steiwer, Republican, of
Oregon. The first was rejected by a vote of 44 to 27, and the amendment
to eliminate the "catch all" provision by 51 to 17.
The votes came after an all-afternoon battle in which Senator Steiwer,
who is listed to vote for the bill, argued for modification of the penalty
clauses and the elimination of the provision vesting in the Commission
power to call for "any further financial statements" it may consider "necessary or appropriate for the protection of investors."
Under this provision, the authority of the Commission to delve into the
affairs of business would be practically without limit, Mr. Steiwer declared.
Fletcher Repulses the Attack.;
Meanwhile Chairman Fletcher of the Senate's Banking and Currency
Committee issued a sharp reply, in a formal statement, to an attack on
the bill by the National Committee for Modification of Industrial Sections
of the Securities Exchange Act. The group made public on Sunday a letter
to Senator Fletcher and to Chairman Rayburn of the House Committee on
Inter-State Commerce in which they urged the modification of the industrial
provisions in the interest of more than 450,000 American corporations,
which they contended, would come under the "strangling regulation"
of a Federal bureau if the bill were enacted without further amendment.
"The assertion," said Senator Fletcher, "that this bill subjects 450,000
corporations in the United States to 'strangling regulation' through a
Federal commission is simply a terroristic exaggeration to frighten little
business into pulling out of the fire the chestnuts of big business and the
New York Stock Exchange."
The first Steiwer amendment sought to reduce the penalties in cases of
persons adjudged willful violators of any provision of the proposed law.
Under the bill as revised in committee, the penalty in the case of an individual would be a fine of not to exceed $10,000 and of an Exchange a fine
of not more than $500,000.
Defeated Penalties Amendment.
As drawn the provision was entirely too severe, said Senator Steiwer,
and did not sufficiently differentiate between those who willfully and
those who unwittingly violated the Act. . . .
Senator Fletcher, supported by Senators Byrnes and Barkley, urged rejection ofthe amendment. The bill had been carefully drawn and the penalties fixed were those a majority of the Committee considered necessary to
meet the situation, Mr. Fletcher said.
May 12 1934
Eight Democrats for Amendment.
On the roll-call, 8 Democrats joined with 19 Republicans In support of
the amendment, while seven Republican Progressives joined with 36
Democrats in voting to reject.
The Democrats who voted for the amendment were Senators Adams,
Bachman, Bailey, Byrd, Clark, Coolidge, McGill and Reynolds. The
Republicans who voted against the amendments were Senators Capper,
Couzens, Frazier, Johnson, La Follette, Norris and Nye.
On the second roll-call, to eliminate the "catch-all" provision, Senators
Bachman, Bailey, Byrd, Coolidge and McGill returned to the administration lines.
Senator Fletcher proposed a minor amendment to the penalty clause.
Adopted without a roll-call, it altered the provision to make it read "any
person who willfully violates any provision under this act" instead of "any
provision of any rule or regulation under this act." as it read in the bill as
rewritten in committee.
Further efforts will be made to modify the industrial sections of the bill,
and there will be a hard battle to restore the Federal Trade Commission as
the administrative agency of the act.
Senator Walcott made clear that, in his opinion, the industrial sections
needed revision and that amendments would be offered to that end.
The letter of the National Committee, to which reference
is made above, is given in another item in this issue.
On May 9 the Senate defeated by a vote of 48 to 30 an
amendment to the bill proposed by Senator Robert J.
Bulkley, Democrat of Ohio, intended to prohibit margin
trading. From the advices that day from Washington
to the "Herald Tribune" we quote:
The action was taken after a prolonged and spirited discussion in which
Senator Bulkley denounced margin trading as "fundamentally wrong" and
attacked it as a form of "gambling" which the Government should not
encourage or even permit. . .
.
Senator Carter Glass, Democrat of Virginia. and Senator George W.
Norris, insurgent leader of Nebraska, both supported the Bulkley amendment. On the other hand, the influence of the Banking Committee, of
which Senator Duncan U. Fletcher of Florida is chairman, was thrown
against the Bulkley amendment and to the support of the Committee
proposal which is that the commission in charge of the administration of
.
the proposed law shall regulate marginal requirements. . .
New Commission Opposed.
Senator Edward P. Costigan, Democrat of Colorado, proposed amendments to put the administration in the hands of the Trade Commission,
He declared no other agency of the Government was so well fitted to deal
with it. The Senate reached no decision on the matter and will take it
up again to-morrow.
The Costigan amendment to place authority for the Administration of the bill was rejected on May 10 by a vote of
51 to 29. The Washington account that day to the "Herald
Tribune" stated in part:
The effect of the Costigan amendment would have been to change the
Fletcner bill to conform in this respect to the provisions of the Rayburn bill
as passed by the House. As the situation now stands the bill will bo to
conference with the question of an independent commission as against
administration by the Federal Trade Commission, one of the major points
of difference.
Reynolds Amendment Lost.
The Senate rejected by a vote of 47 to 22 an amendment by Senator
Robert R. Reynolds, Democrat. of North Carolina. to provide that Information called for by the Administrative Commission from corporations
should be only such as to protect purchasers of securities.
An amendment by Senator A. H. Vandenberg, Republican, of Michigan,
to exempt from the section giving control of over-the-counter markets unregistered securities, the market for which is predominantly intra-State
was adopted without opposition.
The votes on the Costigan and Reynolds amendment made it evident
that the bill will go to conference in substantially the form in which it was
reported from the Banking and Currency Committee, The Committee
majority has demonstrated its ability to resist all hostile amendments.
Passage of the bill is expected to-morrow. The Senate, at the instance
of Senator J. T. Robinson, of Arkansas, majority leader, entered into a
unanimous consent agreement to limit debate, commencing at 2 o'clock
to-morrow, to 15 minutes for each Senator on the bill and 15 minutes
on any amendment. While there are 30 or more amendments remaining
to be acted upon most of them will be rejected without roll calls.
Besides providing for an independent commission, the other major
point on which the Senate bill differs from the bill passed by the House is
Its omission of any statutory rule for the determination of margins. The
Senate bill authorizes the proposed Federal Securities Exchange Commission to determine margins on loans by brokers and by non-member
banks, allowing the Federal Reserve Board to control margins on stock
market loans by member banks of the Federal Reserve system.
Customers Margins Under House Bill Providing for
Federal Regulation of Stock Exchanges Figured at
81% by Secretary Green of New York Stock
Exchange.
Answering reports to the effect that the margin section of
the Stock Exchange Control bill requires a 45% margin,
Ashbel Green, Secretary of the New York Stock Exchange,
in a letter to members dated May 7 points out that the bill
does not fix a margin requirement but limits the loan value
of a security—the amount of this limit being 55% of the
current market price of the security; his letter goes on to
state that assuming the market price of the security to be
$100, the debt would be $55, the customers' equity would be
$45, "therefore the margin would be 45 divided by 55, or
81%." Mr. Green's letter follows:
To the Members of the Exchange.
NEW YORK STOCK EXCHANGE.
Office of the Secretary.
May 7 1934.
To the Members of the Exchange.
The following paragraph from the market letter of a member firm
indicates the importance of correcting a general misapprehension with
Financial Chronicle
Volume 138
respect to the loan values prescribed in the National Securities Exchange
Act, as passed by the House of Representatives.
"House approved margin section of the Fletcher-Rayburn Bill requiring
45% margin . . ."
The bill does not fix a margin requirement, but limits the loan value of a
security. The amount which may be loaned is "55% of the current market
price of the security." It is true that at the time of purchase the customer's equity interest in the security would be 45% of the purchase price.
It is, however, wholly untrue and misleading to state that the customer's
margin would be 45%. Margins are calculated as percentages of the debt.
The debt in this instance, assuming the market price of the security to
be $100, would be $55; the customer's equity would be $45; therefore the
margin would be 45 divided by 55, or 81%. It is of the utmost importance
that customers of Stock Exchange houses should u4derstand precisely the
effect on their accounts of the requirements of the bill.
Faithfully yours,
ASHBEL GREEN,Secretary.
New
York
Produce
Exchange
50 Years.
in Present Quarters
Celebrating the 50th anniversary of the opening of the
present quarters of the New York Produce Exchange, 750
members and their guests held a dinner-dance May 8 aboard
the S.S. Washington. The principal speaker of the evening,
Samuel Knighton, President of the Exchange, was introduced by William Beatty, a former President. Peter B.
Carey, President of the Chicago Board of Trade, also
delivered a short address. In opening his address Mr.
Knighton said:
It is a pleasure and a privilege to welcome you all to the celebration of
the 50th anniversary of the opening of the present New York Produce
Exchange Building.
The cornerstone of this home of which we are so proud was laid with
appropriate ceremony on June 6 1882. Our forbears in their wisdom
Inscribed on that stone the word equity. Equity has always been the
watchword, the guide, and the aim of our Exchange
Mr. Knighton reviewed the Exchange briefly as follows:
The business activities of the members of the New York Produce Exchange
comprise a very large part of the business life of Metropolitan New York.
The commodities dealt in consist of grains, flour, meats, feeds, fats, oils
and others; the members deal in securities and operate steamships and
railroads and handle insurance and foreign exchange and many related
services.
The securities market was opened on Dec. 19 1928. In the short period
of five years it has reached a high rank in volume of business transacted
and is now the fourth largest securities market in the country.
Ours is the largest grain export market in the world and its members
buy, sell and ship grain to all parts of the universe.
The Grain Inspection Department passes on the quality of from 90 to
100,000.000 bushels of grain annually, and the certificates of the Exchange
are accepted as standard throughout the world. On this Exchange is conducted a futures market in cottonseed oil—an American farm product
of unusual value—large quantities of which are used for food purposes.
Organization of Western Mining Exchanges'Association
at Salt Lake City.
Organization of the Western Mining Exchanges' Association was completed at Salt Lake City on April 17, with adoption of a constitution and by-laws by seven representatives of
exchanges at Salt Lake City, San Francisco, Spokane, Seattle,
Denver, Los Angeles and New York City. Salt Lake City was
designated as the Association's headquarters,it was indicated
in Associated Press advices from Salt Lake City, Which also
said:
Before adjournment to-night the meeting decided to investigate further the
proposals that stocks listed on one of the seven exchanges within the new
Association's jurisdiction be called on all other exchanges and that exchanges
advance a legislative program which would result in compulsory listing on
recognized exchanges all shares of companies authorized to sell stock by State
Securities Commissions.
Modification of Stock Exchange Control Bill Urged
By Industrialists in Petition to Congress—Contend
Provisions Go Far Beyond Regulation of Exchanges.
Modification of the bill providing for Federal regulation
of Stock Exchanges is urged in letters addressed to Chairman
Fletcher (Dem.) of Florida, of the Senate Banking and
Currency Committee, and Chairman Rayburn (Dem.),
Texas, of the House Inter-State Commerce Committee, by
the National Committee for the Modification of the Industrial Sections of Securities Exchange Act, the Chairman of
which is W.B. Bell of New York, President of the American
Cyanamid Co. The Committee consists of 28 prominent
industrialists.
The letter points out that "the bill in the form presented
by both committees [of the House and Senate]retains many
provisions which extend its scope far beyond the regulation
of Exchanges and speculation," and it argues that "there
is no justification for subjecting the more than 450,000
corporations of the United States to regulation by the
Federal Government through a commission under the
powers granted by the bill." Of these 450,000 corporations
it is added "only a few hundred have securities listed on
any National Exchange." Changes in the bill which it
deems desirable are outlined by the Committee, whose
letter, dated May 4, was made public May 6 as follows:
3191
NATIONAL COMMITTEE FOR THE
MODIFICATION OF THE INDUSTRIAL SECTIONS
OF THE SECURITIES EXCHANGE ACT.
Washington, D. C., May 4 1934.
Hon. Sam Rayburn, Chairman,
House Committee on Inter-State and Foreign Commerce.
Washington, D. C.
Dear Sir: The undersigned committee represents the corporations of
which they are executives and many other business corporations and
commercial and industrial organizations of this country who share their
opinion. We are sending this letter to you to express the conviction, which
we all have, that a serious mistake has been made by your Committee
in failing to give heed to the statements which have been presented to
you urging further modifications of the provisions of the National Securities
Exchange Act of 1934 which affect corporations, in addition to those made
by your committees before reporting this bill to the Senate and the House
of Representatives.
The bill in the form presented by both Committees retains many provisions which extend its scope far beyond the regulation of Exchanges
and speculation. The business corporations of this country are no part
of the Stock Exchanges. The latter may be the proper subject matter
for regulation by Congress in order to prevent in the future the abuses of
the past and to control harmful speculation by the public. But there
Is no justification for subjecting the more than 450,000 corporations of
the United States to regulation by the Federal Government through a
Commission under the powers granted by this bill. Of these 450.000
corporations, only a few hundred have securities listed on any National
Exchange.
We recognize that both of the Committees, particularly the House
Committee, have made a number of constructive amendments to the
bill. We also recognize the helpful results which have been accomplished
through the efforts of many of the members of the Committees, who have
realized the dangers to business corporations of the country from the
drastic provisions of the bill in its earlier forms. However, it is apparent
that a majority of the members of the Committees have failed to consider the effect of many of the sections of the bill in its present forms.
and to realize that in order to relieve such corporations of unfair burdens
it is essential to make further amendments.
The sections referred to below all require further amendment in both
drafts of the bill in order to meet the objections which are expressed in
the comments referring to each section. The specific amendments required to each draft to accomplish this purpose will be different, since
some of the changes which have been made by one or the other Committee
partially meet certain of our objections.
(1) Registration Requirements for Securities and Periodical and Other
Reports (Sections 12 and 13, Senate Bill; Sections 11 and 12, House Bill).
These sections impose burdens on corporations by requiring information
which is not necessary to protect investors and much of which is of a confidential and competitive nature, which may become public under the
later section which relates to the public character of information. The
power given to the Commission to dictate the form and detail of the reports required by these sections is too broad and unless greatly limited
will result in burdensome regulations which would add excessive costa to
business enterprises. A corporation should have the unqualified right
to withdraw its securities from registration on reasonable notice.
(2) Proxies (Section 14, Senate Bill; Section 13, House Bill).
Paragraph (a) of this section does not in any way relate to speculation
or regulation of security exchanges. It gives the Commission a broad
power to regulate stockholders' proxies and so to interfere in the conduct
of business corporations.
(3) Over-the-Counter Markets (Section 15 Senate Bill; Section 14,
House Bill).
This section affects more than 450,000 corporations which have no
listed securities. Thus thousands of small companies everywhere which
do not depend on the general public for financing will have an excessive
and indefensible expense saddled upon them. It gives the Commission
power to require registration of such securities. It therefore subjects
to the Commission's control every corporation whose securities are sold
through dealers or brokers on any market no matter how limited or how
local. This section should be omitted.
(4) Directors, Officers and Principal Stockholders (Section 16, Senate
Bill; Section 15. House Bill).
This section should not apply to stockholders. It is unwise to discourage large investments in stocks of industrial corporations. Such
stockholdings create interest in corporate affairs which is both a check on
and an aid to management. In the Senate bill the provision, Subsection
(b), imposing liability is unfair and should be omitted.
(5) Liability for Misleading Statements (Section 18. Senate Bill; Section
17. House Bill).
The liability under this section should be limited to false statements.
Liability for misleading statements, not made in bad faith, in the cases
covered by this section Is unwarranted. The provision in the Senate bill
in regard to omissions is particularly dangerous.
(6) Liability of Controlling Persons (Section 20, Senate Bill; Section 19,
House Bill).
This section should be substantially modified. Liability of a controlling
Person should be limited to cases where the controlling person makes
use of other persons in order to evade the Act.
(7) Public Character of Information (Section 23, Senate Bill; Section
23, House Bill).
This section should be more strictly limited. The Commission should
only have power to disclose information which is essential to protect investors. In no event should it have power to reveal information which
will damage the business of the corporation through disclosure of confidential information to its competitors, both domestic and foreign. Such
disclosure is certain to result in loss to investors.
(8) Validity of Contracts (Section 28, Senate Bill; Section 28, House
Bill).
The provisions of paragraph (b) of this section may render any number
of commercial contracts void with disastrous results on innocent parties.
The effect of the Act on contracts made in violation of its provisions should
be governed by ordinary common law principles.
(9) Penalties (Section 30, Senate Bill; Section 32. House Bill).
These provisions are unnecessarily severe. Congress assumes a serious
responsibility when it gives to a Commission extraordinary power to
make rules and regulations the violation of which is made a criminal offense punishable by excessive fines and imprisonment. In effect the
bill gives the Conunission power to write a criminal code.
In a letter of this kind we have limited our comments to the more important provisions of the bill, but additional changes in the wording of
other sections are required to make them conform to the purpose of the
changes proposed above, the details of which cannot adequately be set
forth herein. _1106.
3192
Financial Chronicle
These proposed changes in the bill will not weaken those provisions of
the bill which are appropriate and essential to the proper regulation of
the Stock Exchanges of the country and speculative trading on these
Exchanges. They will, however, relieve the business corporations of
the country from those burdens which would increase substantially the
cost of their operation. In its present form the bill sets up a barrier to
the free flow of private capital into industrial enterprise, so essential to
re-employment of labor and to the furnishing of capital for immediate
recovery. We urge the passage of amendments necessary to accomplish
our objectives.
In order that the members of the Senate and the House of Representatives, before whom the drafts of the bill are now pending, may be fully
Informed concerning the point of view with reference to them, we are
sending a copy of this letter to each member of Congress.
With respect, we are
Very truly yours,
Chairman, W. B. Bell, President, American Cyanamid Co., New York,
N. Y.
George M. Laughlin, Chairman, Jones & Laughlln Steel Co., Pittsburgh, Pa.
Edgar M. Queeny, President, Monsanto Chemical Co.. St. Louis, Mo.
W. C. McFarlane, President. Minneapolis-Moline Power & Implement
Co., Minneapolis, Minn.
F. C. Rand. Chairman, International Shoe Co., St. Louis, Mo.
H. S. Wherrett, President, Pittsburgh Plate Glass Co., Pittsburgh, Pa.
John H. Wiles, Chairman, Loose-Wiles Biscuit Co.. Kansas City, Mo.
Louis K. Liggett, President. United Drug Co., Boston, Mass.
James F. Bell, President, General Mills, Inc., Minneapolis, Minn.
Donald Ciomer, President, Avondale Mills, Birmingham, Ala.
Theodore Swann, President, Swami Corp., Birmingham, Ala.
Thomas H. McInnerney, President, National Dairy Products Corp.,
New York, N. Y.
S. Bayard Colgate, President, Colgate-Palmolive-Peet Co.. Chicago,
III. (105 Hudson Street, Jersey City, N. JO.
F. W. Lovejoy, President, Eastman Kodak Co.. Rochester, N. Y.
E. M. Allen, President, Mathieson Alkali Works, New York, N. Y.
Frank Phillips, President, Phillips Petroleum Corp., Bartlesville, Okla.
Charles R. Bottorff, President, Belknap Hardware & Manufacturing
Co., Louisville, Ky.
Rolland J. Hamilton, President, American Radiator Co., New York,
N.Y.
Daniel Peterkin, President, Morton Salt Co., Chicago, Ill.
Edward Clark,President, Cerro de Pasco Copper Corp., New York, N.Y.
George E. Scott, American Steel Foundries, Chicago, Ill.
Samuel W. Rayburn, President, Associated Dry Goods Corp. of New
York, New York, N. Y.
R. S. Shainwald, President, The Paraffine Cos., Inc., San Francisco, Cal.
Charles Bancroft, President, United Shoe Machinery Co., Boston, Mass.
W.F. Rockwell,President, The Timken-Detroit Axle Co., Detroit, Mich.
C. A. Liddle, President, Pullman Car & Manufacturing Co., Chicago, Ill.
Sewell Avery, President, United States Gypsum Co., Chicago, Ill.
F. A. Merrick, President, Westinghouse Electric & Manufacturing
Co.. New York, N. Y.
k T. R. Girdler, President, Republic Steel Corp., Cleveland, Ohio.
House Committee Files Report on Bill for Federal Regulation of Commodity Exchanges.
A formal report on the bill for the regulation of commodity
exchanges was filed by the House Committee on Agriculture
on May 10. The Committee voted on May 4 to report the
bill, Associated Press advices May 4 stating:
Turning deaf ears to the pleas of commodity market operators that legislation be withheld until the recently effective grain exchange code had
been given a trial, the Committee, by a 21 to 2 vote, recommended a commission should be set up to limit the futures trading in wheat and other
grains, and to put a stop to such practices as "wash sales," indemnity
trading and "bucket shops."
Regarding the report filed on May 10, the Washington
correspondent of the New York "Journal of Commerce,"
said:
The Committee said that the fundamental purposes of the bill are to
insure fair practice and honest dealing on the commodity exchanges, and
to provide some measure of control over which these forms of speculative
activity which too often disrupt the markets to the damage of producers
and consumers.
"This type of legislation should have been passed many years ago,"
it was declared. "While it is not a part of the so-called 'recovery program,'
it is nevertheless essential to effective and permanent recovery."
Deposits in New York State Mutual Savings Banks
Increased $24,371,704 During First Quarter of
Year, According to Savings Banks Association—
Number of Depositors Rose by 72,384.
The mutual savings banks of New York State showed
appreciable gains both in deposits and in number of depositors
during the first quarter of the year, according to statistics
compiled by the Savings Banks Association of the State of
New York. Total deposits on March 31 1934 stood at
$5,110,649,204, a gain of $24,371,704 for the three months.
Number of depositors had risen 72,384 to a total of 5,792,203.
An announcement to this effect was made April 14 by Henry
R. Kinsey, President of the Association and Vice-President
of the Williamsburg Savings Bank, who also said:
The reason for this growth is not altogether clear. The rate of increase
has accelerated greatly as the quarter moved on, the increment in March
being four times that of January. This is the more startling in that the
latter part of the quarter saw a great many more banks placing restrictions
on the amount of deposits, until on March 31 there were 23 banks, all in
Greater New York City, which had restrictions on deposits.
Throughout the rest of the country where increases in bank deposits
have been noticeable,it has been attributed in large measure to the guaranty
of deposits law which went into effect on Jan. 1. Our experience in New
York State does not necessarily bear out that conclusion. We are inclined
to believe that It is rather due to re-employment, which is going on at a
faster pace, and perhaps to upward salary and wage adjustments which
iontinue to put away such money as they can save
permit the thrifty ti ,
May 12 1934
from their current budgets. This view might seem to be borne out by
the relatively greater increase in deposits in the larger and more thickly
populated centres where industries are again beginning to pick up, and
where more workers are being employed at better wage rates.
The savings bankers of the State take considerable satisfaction particularly in the increase in the number of savings bank depositors which
has been consistently upward since last September. The present gain in
amount of deposits continues a movement which became evident the latter
part of December.
Ruling Against St. Louis Federal Reserve Bank by
Mississippi Supreme Court—Decision Bears on
Re-opening -of First National Bank of Corinth,
Miss.—Case to Be Retried.
The Mississippi Supreme Court at Jackson, Miss.,reversed
on April 30 a series of three suits appealed from decisions of
the Alcorn County Chancery Court, which had given the
Federal Reserve Bank of St. Louis judgment against B. C.
Dilworth and others. The Dilworth case, which ruled in
the other two oases, drew a lengthy opinion, and like the
other was sent back to the Chancery Court for retrial on
reversal. Regarding the opinion of the Mississippi Supreme
Court Associated Press accounts from Jackson, April 30,
said:
The ruling case involved a note signed by Dilworth for the First National
Bank of Corinth, given Oct. 30 1931, due in 90 days and to draw interest
at 8% until paid. It was agreed,in the note, that if not paid when due any
money on deposit to the credit of Dilworth was to be applied at once to the
note. The First National Bank, before the note became due, sold it to the
Federal Reserve Bank. The suit was first filed in Circuit Court, but
transferred to Chancery Court when it was pointed out that Dilworth had
"a substantial credit in the First National Bank" when the bank closed.
From the Jackson "News" of May 1 we take the following
bearing on the Court's conclusions and a dissenting opinion
by Justice Griffith:
The allegations of the pleadings, if true, present a case of fraud on the
part of the plaintiff. It is alleged that while the First National Bank of
Corinth was largely indebted to it, and was, in fact, insolvent and a run
had begun on it by its depositors, an agent of the Federal Reserve Bank
was in the bank and knew its condition and yet represented to the public
that it was perfectly solvent and urged that they not withdraw their
deposits and represented that the Federal Reserve Bank was behind the
First National Bank of Corinth. That, by means of such representations,
the Corinth Bank was reopened and the people had confidence it in, and
the appellant here (Dilworth) not knowing its insolvent condition,continued
to do business with it after its reopening and executed the note in question
shortly before it closed permanently.
It was further alleged that the plaintiff, the Federal Reserve Bank, after
getting the First National Bank of Corinth to reopen, having full knowledge
of its condition and without advancing any more capital, got all the securities and assets of the First National Bank of Corinth to further secure its
debt to the Federal Reserve Bank.
. The facts as pledged show strongly fraud on the part of the Federal
Reserve Bank and if these facts be true, it was highly equitable to permit
the plaintiff to get the advantage of other parties in such transactions.
Consluding, the majoirty opinion says: "On the facts alleged in the case
at bar, we think the defendant (Dilworth) is entitled to his equities and the
judgment of the court below is therefore reversed and the cause remanded
to the chancery court for a new trial."
In his dissenting opinion, Justice Griffith says:
"If the opinion in chief in this case had rested entirely upon its main
feature, namely, that the Federal Reserve Bank, under the present facts
before us, was not a purchaser in good faith, for value, before maturity, I
might have been in accord with the holding of the court; but from that
part of the opinion which seems to go further and to say that, even if a
purchaser in good faith,for value, before maturity, the doctrine of marshalling of assets may be enforced by its debtor against such a purchaser, I
dissent."
Proposed Reduction in Interest Rates on Savings Accounts from 234 to 2% Approved by Member Banks
of Chicago Clearing House Association.
By an unanimousTvote membernanks of the Chicago
Clearing House Association on April 27 approved the proposal
to reduce interest ratesiontsavings accounts from *4 to 2%,
recommended Thy the-Clearing House" Committee of the
Association'on April 19. The 2% rate-will become effective
July 1. The 24% rate had been in effect since Jan. 1 1933,
at which time it was lowered from 3%. Reference to the
recommendation of the Clearing House Committee of April
19 was given in our issue of April 28, page 2836.
Secretary Morgenthau Opposed to Proposal to Defer
for Another Year's Time within Which Banks Are
Required to Drop Affiliates.
Opposition was voiced on May 10 by Secretary of the
Treasury Morgenthau to the proposed legislation postponing for one year the effective date of provisions of the GlassSteagall Banking Act requiring the divorcement of security
affiliates from commercial banks and prohibiting private
banking concerns from continuing the business of accepting
deposits. The Washington correspondent of the New York
"Journal of Commerce" in reporting this on May 10, said
that without explaining his reasons for opposing the legislation, Secretary Morgenthau advised Chairman Fletcher
(Dem., Fla.) of the Senate Banking and Currency Committee, that he believed the provisions should become operative
Volume 138
Financial Chronicle
July 16 next, as provided by the Act... From the same paper
we quote further as follows:
Would Grant Further Time.
Amendments to tne Glass-Steagall Banking Act had been introduced in
the Senate by Chairman Fletcher, Senator Walsh (Dem., Mass.). and
Senator Reynolds (Dem.. N. C.). The amendments were designed to
give the banks sufficient time to adjust their affairs without causing a vast
liquidation of securities and the discharge of a large number of employees.
Secretary Morgenthau's Letter.
In his letter to the chairman, Secretary Morgenthau said:
"The Banking Act of 1933 provided that commercial banks should
divorce their investment affiliates within a year which expires July 16 1934.
Senate bill S. 3422, introduced by yourself would postpone the time for
such divorcement for one year and Senate Bill 3134 introduced by Senator
Walsh, would allow another year if the Secretary of the Treasury is satisfied that the banks have been diligent and require more time.
Gives Views on Affiliates.
"It is my belief that affiliates should be divorced when and as provided
In the Banking Act of 1933 and it seems no useful purpose would be served
by further postponing the consummation of this reform.
"The other matter involved in the proposed amendments to the Banking
Act of 1933, which have been submitted to the Treasury Department for
comment is Section 21, prohibiting firms handling investment securities
from receiving deposits subject to check or repayment upon presentation
of a pass book, certificate of deposit, or other evidence of debt, or upon
request of the depositor. Both S.3422. introduced by yourself and S. 3316
Introduced by Senator Russel would postpone the effective date of these
provisions of Section 21. It is my view that postponement of the operations of these provisions of law is not advisable."
Governor Lehman of New York Holds Public Hearing
on Stephens Bill, Which Would Permit Limited
Branch Banking in State.
Governor Lehman of New York held an open hearing on
May 10 to receive testimony from proponents of the Stephena
bill and those opposing the measure, which would permit
branch banking in the State within limited areas. Passage
of the bill by the State Senate and the Assembly was noted
in our issue of April 28, page 2839. Those who urged the
Governor to veto the bill included George V. McLaughlin,
President of the State Bankers' Association; Perry Wurst
of Buffalo, a Member of the State Banking Board, and a
group of small bankers. Among those who supported the
bill were Joseph A. Broderick, Superintendent of Banks;
Assemblyman Stephens and representatives of several upState communities which have not had banking facilities
for several years. An Albany dispatch, May 10, to the
New York "Times" described the arguments at the hearing
in part as follows:
These spokesmen for the up-State communities where banks have been
closed said that their only hope of early relief is through the Stephens
bill. Governor Lehman expressed a desire to find some method of aiding
these communities, but insisted that he was compelled to look at the problem
from a State-wide point of view.
The Governor at the same time made clear that his questions should not
be taken as any indication on the final action he would take on the bill. . .
McLaughlin Opposes Plan.
Mr. McLaughlin told of a poll on the bill taken by the State Bankers
Association. It showed, he said, that 198 banks were opposed, with 128
favoring it.
"Drawing on my experience as a State Banking Superintendent and my
other experience," said Mr. McLaughlin, "I can't say that extension of
branch banking has in the past promoted sound banking. It did promote
reckless competition.
"I can't see at this time either that branch banking will promote sound
banking. Leave us alone for another year anyway."
Chase National Bank of New York Completing Plans
to Sever Ties with Chase Corp. and Chase Harris
Forbes Corp.—Good-will of "Harris Forbes" to
Be Taken Over By First Boston Corp.—First
National Bank of Boston Adopts Plan for Divorcement of Security Affiliate.
Announcements of plans for divorcing their security
affiliates, in accordance with the Banking Act of 1933,
were made on May 10 by the Chase National Bank of
New York and the First National Bank of Boston. The
Chase bank said that it is proceeding with the divorcement
of its affiliate formerly engaged in the securities business,
irrespective of whether Congress decides to extend the
time limit for such action beyond the date of June 16 1934
as fixed under the Banking Act as it stands at present.
The steps taken thus far, as well as the steps that remain
to be taken, are outlined in a letter from Winthrop W.
Aldrich, as Chairman of the board of the Chase Corp.,
being sent to the shareholders. The various steps, as
contained in the letter dated May 10, are summarized as
follows:
(1) The securities business of the Chase Corp. which had been carried
on through its subsidiaries, the Chase Ilarris Forbes companies, was
terminated on May 16 1933 when the stockholders took the formal action
required to effect that purpose.
(2) The assets of the Chase Harris Forbes companies have been in
process of liquidation for about a year. The net proceeds will be transferred to the Chase Corp., the sole stockholder in those companies.
(3) An agreement was concluded to-day (May 10) with the First Boston
Corp. whereby the latter acquired the right to take over the name "Harris
Forbes," its good-will and the custody of its records.
3193
(4) The shareholders will be asked to terminate the existing arrangement for the joint transfer of shares of stock in the Chase National Bank
and the Chase Corp., respectively, and to provide instead for the separate
transfer of such shares. A meeting of the shareholders of the Chase Corp.
is being called for June 14 to take this final action. After the date when
this action is taken and other legal requirements connected therewith
are complied with, the identity of stock holdings between the Chase Corp.
and the Chase National Bank will disappear.
Allan M. Pope, President of the First Boston Corp.,
made the following statement as to its future policy incident
to the announcement by the First National Bank of Boston
with respect to the disposition of First Boston Corp.:
There will be no change of policy in any respect from that maintained
over a period of years. The First Boston Corp. will continue its conservative policies in the distribution of United States Government and
other high grade securities in the same manner as heretofore. While in
Boston and New York, where the executive offices are located, this corporation will continue to maintain local sales offices for the purpose of
distribution of securities to corporate and individual investors, there is
no intention of increasing the sales force in the remaining 20 offices for
the purpose of increasing the distribution of securities to the individual
investor. This is a continuation of a definite policy of co-operation with
local investment houses.
The announcement of May 10 of the First National
Bank of Boston said:
Complying with the spirit and letter of the Banking Act of 1933 under
which banks must dispose of their security affiliates on or before June 16
1934, The First National Bank of Boston has adopted the following plan
to divorce its affiliate. The First Boston Corporation. The capital of
The First Boston Corporation is $5,000,000 and its surplus $4,000,000. a
total of 59.000,000, represented by 500,000 shares of stock of a par value
of $10.00 each.
Right to subscribe at the rate of $18 per share for 222,500 shares of the
corporation is to be offered to the stockholders of The First National Bank
of Boston of record May 22 1934. on the basis on one share of corporation
stock for each 10 shares of bank stock held.
Similar right to subscribe at the rate of $18 per share for 222,000 shares
is to be offered to stockholders of The Chase Corporation of record on the
same date on the basis of one share of Corporation stock for each 33 1-3
shares of Chase Corporation stock held. Notices will be sent to stockholders
within a few days.
The balance of toe stock it is planned to sell at the same price to the
personnel of The First Boston Corporation who are neither officers, directors nor employees of The First National Bank of Boston, to several
members of the Harris Forbes group and to others who in the opinion of
the officers of the corporation will lend strengtn to the organization, but
these must certify tnat they are buying for bona fide investment and not
to redistribute.
Subscription warrants will be mailed after the close of transfers on May
22. The First National Bank of Boston will not undertake the purcnase
and sale of warrants for stockholders.
Under the Banking Act the corporation management and control must
be divorced from toe bank and stockholders holding a stock control of the
bank may not own or control, directly or indirectly, a majority of the stock
of the coporation. This is accomplished under toe above plan.
The corporation, which is authorized to do a general securities business,
maintains 22 offices in the principal cities throughout the United States
and is staffed by about 675 officers and employees. It performs an important function In the security field and its continued existence is desirable.
For the present it will continue to operate all its offices, mainly trading in
Government, State, municipal and corporate bonds.
The roster of officers and directors of the corporation will be as follows:
Directors, H. M. Addinsell, *James Coggeshall, Jr., Eugene I. Cowell,
*Nevil Ford, Duncan R. Linsley, John R. Macomber, *Allan M. Pope,
*William H. Potter, Jr., George Ramsey, *Artnur C. Turner, George D.
Woods.
Officers: Chairman of me Board, John R. Macomber; President, *Allan
M. Pope; Chairman of Executive Committee, H. M. Addinsell; VicePresidents: *James Coggeshall, Jr., *Eugene I. Cowell, *William Edmunds,
*Nevil Ford, *R. Parker Kuhn, Duncan R. Linsley, L. Meredith Maxson.
*Louis G. Mudge, *William H. Potter, Jr., George Ramsey. Frank Stanton.
*Winthrop E. Sullivan, *Arthur Turner. A. H. Wenzel!, *Herbert T. 0.
Wilson, George D. Woods; Treasurer, A. A. Gerade; Secretary, *Arthur
B. Kenney."
Officers and directors whose names are preceded by an asterisk are
Present officers; the other names have hitherto been identifed with Harris
Forbes interests.
$356,107,000' in Tenders Received to Two Issues of
Treasury Bills Offered to Total of $125,000,000
or Thereabouts—Bids of $75,114,000 Accepted for
-Day Bills at Average Rate of 0.07%, and $50,91
-Day Bills at Rate of 0.15%.
173,000 for 182
Of tenders aggregating $356,107,000 received to the offer-day Treasury bills, dated
ing of two series of 91-day and 182
May 9, Henry Morgenthau Jr., Secretary of the Treasury,
announced on May 7 that $125,287,000 were accepted.
The bills were offered to the total amount of $125,000,000
or thereabouts, and the tenders to the same were received
at the Federal Reserve banks, and the branches thereof,
up to 2 p. m., Eastern Standard Time, May 7.
As stated in the announcement of the offering, made on
May 3 by Secretary Morgenthau (referred to in our columns
of May 5, page 3021), the 91-day bills maturing Aug.8 were
offered to the amount of $75,000,000 or thereabouts, and the
182
-day bills maturing Nov. 7 to the amount of $50,000,000
or thereabouts. The tenders for the 91-day series totaled
$156,841,000, of which $75,114,000 were accepted, while
the 182
-day issue brought tenders of $199,266,000, of which
$50,173,000 were accepted.
In his announcement of May 7 Secretary Morgenthau
said that the bids for the 91-day bills were accepted at an
average rate of about 0.07% per annum on a bank discount
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Financial Chronicle
basis, which rate equals the lowest at which Treasury bills
ever sold. The 182-day bills sold at an average rate of about
0.15% per annum. The last previous offering of bills
(dated May 2) brought average rates of 0.07% per annum
for 91-day bills and 0.18% for 182-day bills. The 0.07%
rate was established by an offering of 91-day bills dated
April 11. An issue of 182-day bills bearing the same date
sold at an average rate of about 0.18%. Details of the result of the offering dated May 9 follows:
91-Day Treasury Bills, Maturing Aug. 8 1934.
For this series, which was for $75,000,000 or thereabouts, the total
amount applied for was $156,841,000, of which $75,114,000 was accepted.
The accepted bids ranged in price from 99.987, equivalent to a rate of
about 0.05% per annum, to 99.980, equivalent to a rate of about 0.08%
per annum, on a bank discount basis. Only part of the amount bid for
at the latter price was accepted. The average price of Treasury bills of
this series to be issued is 99.983 and the average rate is about 0.07% per
annum on a bank discount basis.
-Day Treasury Bills, Maturing Nov.7 1934.
182
For this series, which was for $50,000,000 or thereabouts, the total
amount applied for was $199,266,000. of which $50,173,000 was accepted.
The accepted bids ranged in price from 99.935, equivalent to a rate of about
0.13% per annum, to 99.925, equivalent to a rate of about 0.15% 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 99.926 and the average rate is about 0.15% per annum
on a bank discount basis.
Government Securities in Amount of $5,001,500 Purchased by Treasury Department During Week of
May 6.
In a statement issued May 7 by the Treasury Department
it is noted that the Treasury purchased $5,001,500 of Government securities in the open market during the week of May
5, for the investment accounts of various Government
agencies. Since the inception of the Treasury's support to
the Government bond market last November, reference to
which was made in our issue of Nov. 25, page 3679,the weekly
purchases have been as follows:
$7,089,000
58,748,000 Feb. 17 1934
Nov.25 1933
1,861,000
2,545,000 Feb. 24 1934
Dec. 2 1933
10,208,100
7,079,000 Mar. 3 1934
Dec. 9 1933
6,900,000
16,600,000 Mar. 10 1934
Dec. 16 1933
7,909,000
16,510,000 Mar. 17 1934
Dec. 23 1933
37,744,000
11,950,000 Mar.24 1934
Dec. 30 1933
23 600,000
44,713.000 Mar. 31 1934
Jan. 6 1934
42,369,400
33,868.000 April 7 1934
Jan. 13 1934
20,580,000
17,032,000 April 14 1934
Jan. 20 1934
30,500,000
2,800,000 Apr1121 1934
Jan. 27 1934
4,885,000
7,900,000 April 28 1934
Feb. 5 1934
5.001,500
*22,528,000 May 5 1934
Feb. 13 1934
bonds held by the Treasury as collateral
*In addition to this amount $638,400 of
security for postal savings deposits purchased Feb. 9 by the FDIC.
-Day
New Offering of $100,000,000 or Thereabouts of 91
and 182
-Day Treasury Bills—Each Series to Be
Offered in Amount of $50,000,000 or Thereabouts
and Dated May 16 1934.
A new offering of $100,000,000 or thereabouts of two
series of Treasury bills, maturing in 91 days and 182 days,
respectively, and to be offered in amounts of $50,000,000
or thereabouts each, was announced on May 10 by Henry
Morgenthau, Jr., Secretary of the Treasury. Each series
will be dated May 16 1934, the 91-day bills maturing Aug. 15
and the 182-day bills Nov. 14. The face amount of the bills
of each series 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. m.,
Eastern Standard Time, Monday, May 14. Tenders will
not be received at the Treasury Department, Washington.
Both series will be sold on a discount basis to the highest
bidders. Secretary Morgenthau stated that bidders will be
required to specify the particular issue for which each tender
is made. An issue of Treasury bills amounting to $75,008,000 will mature on May 16, and the new offering will
be used in part to retire the same. The Secretary's announcement of the offering also 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 May 14 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
May 12 1934
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 May 16 1934.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
Silver Purchases by Treasury During Week of May 4
Totaled 647,223.59 Fine Ounces.
Receipts of silver by the various United States mints
amounted to 647,223.59 fine ounces during the week of
May 4, according to a statement issued by the Treasury
Department on May 7. The silver was purchased by the
Treasury in accordance with the President's proclamation
of Dec. 21 1933 authorizing the Department to buy at least
24,000,000 ounces annually. Since the issuance of the
proclamation, which was referred to in our issue of Dec. 23,
page 4440, the weekly receipts by the mints are as follows
(we omit the fractional part of the ounce):
Week Ended—
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Ounces.
1,157
547
477
94,921
117,554
375,995
232,630
322,627
271,800
Week Ended—
Mar. 9
Mar. 16
Mar.23
Mar. 30
April 6
Apr1113
Apr1120
Apr1127
May 4
Ounces.
126,604
832,808
369,844
354,711
569,274
10,032
753,938
436,043
647,224
$919,459 of Hoarded Gold Received During Week of
May 2—$124,599 Coin and $794,860 Certificates.
During the week ended May 2, figures issued by the
Treasury Department on May 7 indicate the Federal Reserve
banks and the Treasurer's office received $919,458.51 of
gold coin and certificates. Total receipts since Dec. 28 1933,
the date of the issuance of the order requiring all gold to be
returned to the Treasury, and up to May 2, amount to
$83,913,645.11. The total receipts are shown as follows:
Received by Federal Reserve banks:
Week ended May 2
Received previously
Total to May 2
Received by Treasurer's Office:
Week ended May 2
Received previously
Gold Coin, Gold Certificates.
5123,398.51
1779,960.00
27,438,892.60
53,837,900.00
827,562,291.11
854,817,860.00
$1,200.00
244,794.00
$14,900.00
1,472,600.00
5245,994.00
Total to May 2
81,487,500.00
Note:—Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
List ofCompanies Filing Registration Statements with
Federal Trade Commission Under Federal Securities Act.
More than $7,000,000 in security issues filed for registration were announced April 27 by the Federal Trade Commission in making public a group of 10 registration statements. Approximately $4,000,000of the total was for industrial issues, including mining, oil and drug issues. The
total also included certificates of deposit for refinancing
of companies with a face value of $990,000 and reorganization plans totaling more than $2,000,000 face value. A
Philadelphia investment company accounts for about $180,000. Two of the reorganization issues are for waterside
terminal companies. One is in Ecorse, Mich., a Detroit
industrial suburb. The other is in Jacksonville, Fla. In
the industrial group, the drug issue was for an exchange of
stock and note obligations. Companies filing the statements have headquarters or operate in the State of Sinaloa,
Mexico; in Oregon, San Francisco, Philadelphia, New York,
New Rochelle, N.Y., Troy, Mont., Ecorse, Mich., Wilmington, Del., Wichita Falls, Texas, and Jacksonville, Fla.
The registrations (830-839) were listed as follows
on April 27:
Managed Estates (2-830). Philadelphia, a Pennsylvania corporation
organized June 28 1933 to deal in investments, proposing to issue 16,805
shares of common stock and 5% secured bonds of a combined aggregate
value of $179,991.80. the proceeds to be used entirely for investment, the
requisite amount of funds or investments to be pledged as security for the
bonds under the trust indenture. No amount is to be underwritten, aocording to the registration statement. but "in the event of a sale arising
through a dealer and his salesmen, their commission is t be provided for
out of the over-all 9% added to the liquidating value in the case of stock
and (or) provided it of the over-all five points in case of bonds." Among
officers are: Robert H. Griffin, President; Charles T. Hill, Secretary
Treasurer, ad Haro`d H. Budd, Vice-President, all of Philadelphia.
Mecca Metals Co. (2-831), Troy, Mont., a Montana corporation proposing
to develop a mine in Montana and to offer $100,000 capital stock, paying
a 25% commission to salesmen on first $25,000 sold. Among officers are.
John B. Crutcher, Kansas City, Mo., President, and Earl B. Angell, Troy,
Mont., Secretary-Treasurer.
Calton Crescent, Inc. (2-832), 420 Lexington Ave., New York- City, a" New
York corporation owning and operating Calton Court Apartment/4in
New Rochelle, N. Y., proposing to issue $268,750 of debentures and 5,375
shares of stock, having purchased from the protective committee for holders
of certificates of Empire Bond & Mortgage Corp., secured by first mortgage
on Calton Court Apartments, its bid for the property on foreclosure of the
mortgage. The issuer, Calton Crescent, Inc., agreed to pay for the prop.
Volume 138
Financial Chronicle
erty by paying the fees and expenses of the committee, in excess of amounts
availaole for this purpose from funds received. The issuer also exPects
to 1E18110 to each depositor with the committee one share of stock and $50
in debentures for each $100 of certificates deposited, the stock and debentures filed for registration to be issued solely for that purpose. The issuer
has also made the first mortgage of $135,000 to cover its expenses in organizing and completing its purchase, and the second mortgage of $25.000
to cover fees and ecpenses of the Committee assumed by it. Based on the
assessment and appraisal value of the property, the offering is said to
cover a maximum aggregate of $333,555. Among officers of Calton Crescent, Inc.. are: Richard Kelly, President; William H. Hays:Vice-PresideA,
Edward A. Keeler, Secretary, and William F. Soy, Treasurer, all of New
York City.
Stephen G. Duncan, and Others (2-833), 1529 Walnut St., Philadelphia,
a committee calling for deposits of $990,000 (market value $227.700),
first mortgage 53 % gold bonds, series A, of Frank Cadwalader, described
as the nominal issuer, whose present whereabouts are unknown, and of
1900 Rittenhouse Square, Philadelphia, Inc., designated the real issuer, a
Pennsylvania real estate corporation. The committee reports that because of loss of income due to the depression, the company has been unable
to pay Instalments of interest due on the above bonds totaling $990.000.
In order that the above bonds as well as $350,000 subordinated 6% sinking
fund gold bonds, series B, for which payments are also in default, might
be the bonds of an individual, the property was conveyed June 1 1928, to
Fronk Cadwalader, who executed the bonds and mortgage securing it and
reconveyed the premises to 1900 Rittenhouse Square. Phila., Inc., which
assumed all obligations. Members of the protective committee are. Stephen
G. Duncan and Homer Reed Jr.. investment bankers and John L. Clawson,
merchant, all of Philadelphia.
Nicholson Terminal & Dock Co. (2-834), Ecorse, Mich., owning and
operating a dock and transfer terminal handling bulk tonnage between
rail and water carriers and other services, proposes a reorganization or
readjustment plan involving bond, and note issues totaling $1,030,565.98
face value, also an issue of 4,355 shares of common stock.
New bonds are proposed to be issued in two series, totaling tne amount
of the outstanding bonds which have a face value of $672,500 and a stated
market value of $134,500. The new bonds will have reduced interest
rates, the loss of interest to be taken care of by a third series of bonds
which will be payable at maturity of the issue in 1944. Refunding notes
amounting to $58,765.98 will be issued to pay for past due interest over
and above 25% of this interest; the 25% to be paid in cash. As a further
Inducement to make the exchange, the bond holders will receive six shares
of common stock for each $1,000 bond.
Strengthening of the company's cash and quick assets is the purpose of
the plan. Captain William Nicholson, Chairman of the Board and VicePresident, will subscribe for $50,000 principal amount of Series B bonds,
Paying that amount in cash upon consummation of the plan. He will
also purchase the requisite number of common stock shares at $1 each from
E. H. Rollins & Sons, Inc., and donate same to the company for delivery
to the bondholders.
Besides Captain Nicholson, officers of the company are: William F.
Deane, President, Assistant Secretary and Assistant Treasurer, and Walter
S. Brown, Secretary-Treasurer, both of River Rouge, Mich.
Mining and Development Corp. (2-835), Wilmington, Del.. a Delaware
corporation owning property in Oregon and New York, organized Feb. 27
1934 to mine ores, metals and minerals and to organize and assist other
corporations engaged in the mining business. The company expects to
issue 650,000 shares of common stock, the aggregate amount not to exceed
$3.250,000. Proceeds will be used for acquiring properties and organization expenses. Bartley & Co., Inc.,70 Pine St., New York City,the underwriters, will receive 20% commission on sales. Among officers are August
Heckscher, New York, Chairman of Board; Thomas F. Cole, Pasadena,
Calif., President; Rodman Wanamaker, Philadelphia ,Vice-President;
G. Maurice Heckscher, New York City, Vice-President; Floyd de L Brown,
New York City, Treasurer, and George F. Thompson, New York City,
Secretary.
W. R. Duke (2-836). Wichita Falls, Texas, an individual prospecting for
oil and gas, selling specified interests in described properties and proposing
to issue 1,400 undivided interests in an oil lease and well in an aggregate
amount not to exceed $2,800. Of the estimated net proceeds of $2,000,
$880 is to be paid for interest in the property and $120 for clerical and
other help. The issuer reports that interests are to be given away in consideration of helping him build up his business, the recipient of each interest to donate $2 to the expense fund incident to the transaction.
Llewellyn Laboratories, Inc. (2-837). 1341 Brandywine St., Philadelphia,
a Delaware corporation manufacturing and selling drugs, and proposing
an exchange of 7% non-cumulative preferred stock for the present 7%
cumulative preferred stock and outstanding note obligations and accumulated preferred dividends and note interest to Sept. 11933,the issue amounting to $221,980.50. Among officers are: Sylvester W. Leidich, President;
Jesse G. Stump, Secretary, both of Philadelphia, and Ralph Morgan,
New York, Treasurer.
Commodores Point Terminal Corp. (2-838), Jacksonville, Fla., proposing
under a reorganization and readjustment plan to issue first mortgage
bonds of a par value of $702,500 and no par value common stock of $1,000.
The company owns an industrial subdivision and industrial sites, including
wharf and terminal property, offering such sites for sale and lease and
engaging in a general terminal, warehousing and storage business. A
bondholders' protective committee, formed May 9 1933, to represent
holders of 6% 1st mortgage gold bonds of the Commodores Point Terminal
Co., under a decree of foreclosure, bid for and purchased the mortgage
property for $640,000, of which $56,796.60 was paid in cash, the balance
In the 6% first mortgage bonds of Commodores Point Terminal Co. Among
officers are: Arthur G. Cummer, President; J. M. Baker, Vice-President
and General Manager and S. W. Marshall Jr., Secretary-Treasurer, all of
Jacksonville.
Sinaloa Premier Mines Co. (2-839), 220 Montgomery St., San Francisco,
a Nevada corporation organized Jan. 7 1930. to develop mining claims
-acre tract owned in fee by the Exploradora de Sinaloa, S. A.,
on a 30,000
in the Rosario Mining District, State of Sinaloa, Mexico. The company
expects to issue 339,010 shares of common stock at 40 cents each, including
warrants therefor, and 812,998 shares at 50 cents each, in an aggregate
amount of $542,103, the proceeds to be applied to debts and used as working capital. A commission of 10 cents a share will be paid on the 812,998
shares sold to the public by F. E. Yoakum of Oakland, Calif. Among
officers are: R. K. Neill, Spokane, Wash., President; Alfred J. Wohler,
Mazatlan, Sinaloa, Mexico, Treasurer, and E. A. S. Whittard, San Francisco. Secretary and Assistant Treasurer.
Ten registration statements covering issues of more than
$10,000,000 filed with the Federal Trade Commission under
the Securities Act were made public May 3. These include
almost $1,000,000 for industrial and commercial projects,
an industrial reorganization matter of approximately $2,-
3195
000,000, a $5,000,000 investment company, and about
$2,000,000 in certificates of deposit in refinancing projects.
Among types of business represented are a distillery, a
brewery,a Western drainage area,a mining and milling enterprise, real estate and a religious education association.
The Commission at the same time announced the refiling of a statement by New Deal Mining Co. (2-372),
Las Vegas, Nev., for 250,000 shares of common stock at an
aggregate price of $250,000. Because of incomplete information the company, on the Commission's permission, withdrew its previous statement Nov. 7 1933. Companies or
committees filing statements have headquarters or operate
in New York, New Orleans, Havana, San Francisco, Baltimore, St. Louis, Riverside and Glendale, Calif., Idaho
Springs, Colo., Cerro Gordo Co., Iowa, and Northampton,
Pa.
Statements filed for registration (840-849) were announced
as follows May 3:
Pan-American Distilling Corp. (2-840), New Orleans, a Louisiana corporation organized March 31 1934. to engage in production and sale of
alcohol and the buying, selling and distributing of black strap molasses.
The company proposes issuing 998 shares of class A preferred stock, 3,000
shares of class B preferred stock, and 23.988 shares of common stock, in
an aggregate amount of $402,198. the proceeds to be used for plant constuction, working capital and organization expenses. Among officers are:
Walter J. Trautman, President, and Irving R. Seal, Treasurer, both of
New Orleans.
Schuyler Corp.(2-841)
.70 Pine St., New York City,a Delaware corporation,
an investment trust proposing to issue 1,050,000 trust share certificates
known as "Schu5ler Trust Shares" at an aggregate offering price of $3,517.500. Among officers are: Kenneth F. Nash, President; Charles A.
Stevens, Vice-President and Treasurer, and John W. Donahey, Secretary
and Assistant Treasurer, all of New York City.
Protective Committee for Association of the Religious Community of the
Company of Jesus of Bethlehem College of Havana, First Mortgage Six-year
Gold Bonds Due Feb. 1 1934 (2-842). 509 Olive St., St. Louis, calling for
deposits of the above association, an educational enterprise, of a face value
of $1,400,000. In lieu of a stated market value, the filing fee paid the
Commission is based on one-third of the face value or $466,666.67. The
Issue was due Feb. 1 1934. Interest payments are past due. The Committee deems it advisable that "bondholders' interest be represented, and
that the borrowing association be contacted with the view of bringing
the loan to a current position, either by insisting that principal and interest
be paid, or that proper adjustments be made to meet existing conditions."
Members of the Commitee are: L. E. Mahan, Charles H.Stix, Meredith C.
Jones, Fred M. Switzer Jr., and J. H. Farish, all of St. Louis, and Robert
L. Smart of New Orleans.
John L. Etheridge (2-843), Riverside, Calif., an individual dealing in Investments, proposing to issue 2.000 certificates of beneficial interest in an
investment trust known as "Kettleman Hills Syndicate of North Dome
Royalties," the aggregate offering price to be $2,000,000.
Northampton Brewery Corp. (2-844), Northampton, Pa., a Pennsylvania
corporation organized April 2 1934. pursuant to a reorganization plan of its
Predecessor, Northampton Brewery Corp. (Delaware), proposing to manufacture and sell malt beverages, and to issue 400,000 shares $2 par value
convertible preferred stock and 1,000,000 shares $1 par value common
stock, at an aggregate price not to exceed $1,800,000. the estimated net
proceeds of $461,010 to be used principally for reduction of the predecessor
company's obligations and for working capital and plant expansion.
Out of the 400,000 convertible preferred shares, 126,600 will be issued
to Northampton Brewery Corp. (Delaware), the predecessor company,
which has contracted to sell its assets to the issuer, while 279,400 shares
will be offered to the public at $2 a share through the underwriters, who
will receive 35 cents a share commission and who may re-allow 25 cents
a share to retail dealers. Profits are to be divided among the underwriters
In the following proportions: Presser & Lubin, 120 Broadway, New York
City, the principal underwriters, 40%; James M. Johnston & Co., Washington,45%,and Clokey & Miller, New York City, 15%. As a condition
to the underwriting agreement, underwriters were required to lend, or
cause to be loaned. $50,000 bearing interest at 6% a year in advance.
In this connection certain principal stockholders delivered to the lenders
and to James M. Johnston & Co., 3,625 shares of their common capital
stock in the predecessor company and granted options to purchase 2,500
shares thereof at $8 each for two years from April 9 1934.
Of the 1,000,000 shares common stock, 500,000 will go to the predecessor
corporation; 400,000 will be held in the treasury for exercise of conversion
privilege by preferred stockholders, and 100,000 shares will remain for
Issuance for future corporate purposes.
The issuer and its predecessor have been engaged in this business since
April 1933.
The company owns real and personal property in Pennsylvania. Its
subsidiary, Tru-Blu Beer, Inc., a New York corporation, owns personal
Property in New York State while another subsidiary, Northampton Delivery Corp., a Pennsylvania corporation, owns personal property in
Pennsylvania.
Among officers are: Irvin S. Chanin, New York City, President; Aaron
Chanin, Brooklyn, Treasurer and Vice-President,and Benjamin F. Crowley,
Broiaxville, N. Y., Secretary. Promoters are listed as follows: Irvin S.,
Aaron and Samuel W. Chanin, the latter a Vice-President: Benjamin F.
Crowley and Herman Neaderland, the latter also a Vice-President.
Kinner Airplane and Motor Corp., Inc. (2-845), Glendale, Calif., a California corporation proposing to develop, manufacture and sell airplane
engines, airplanes and parts, expecting to issue 399,680 shares of common
capital stock, the estimated proceeds of $199,840 to be used to liquidate
Indebtedness, to purchase materials and labor and for working capital.
The company was incorporated Nov. 29 1919. The issue is to be offered
to stockholders pro rata at 50 cents a share net to the corporation. Among
officers are: Robert Porter, Pasadena, President; Roy D. Bayly, Pasadena.
Secretary-Treasurer, and W. G. Milne, Glendale, Assistant Secretary and
Assistant Treasurer.
Bondholders' Protective Committee for Drainage District No. 31, Cerro
Gordo Co., Iowa (2-846), in care of William A. Simonton, Chairman,
Minneapolis, and Albert Wharton, Secretary. Dubuque, Iowa. The
committee is calling for deposit of $228,000 now unpaid and outstanding
of an original issue of $571,921.79 drainage bonds issued under the laws
of Iowa. In lieu of a stated market value, the Commission's registration
fee is based on one-third of the $228,000 face value. The bonds are payable
from assessments made on the lands benefited. The committee reports
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Financial Chronicle
that due to the business depression, "the landowner is unable to pay his
drainage assessments with which the bonds are retired, and it becomes
necessary to refinance and refund said bonds."
Citizens Discount Corp. (2-847), Baltimore, a Delaware corporation,
engaged in a general mortgage, finance and commercial loan business, including small loans, proposes issuing 40,000 shares class A and class B
capital stock at an aggregate price not to exceed $270,000. the proceeds
to be used as working capital. Commissions and discounts for sale of
stock are not to exceed 20% of the selling price. Among officers are:
Joseph B. Reilly, President; Hugh It. Hoffman, Vice-President and
Treasurer. and Katherine Inwold, Secretary, all of Baltimore.
Sacramento Medico Dental Building First Mortgage Bondholders' Committee (2-848). 1500 Balfour Bldg., San Francisco. calling for deposits of6%%
first mortgage gold bonds dated May 1 1927, of Sacramento Medico Dental
Building, Inc.. San Francisco, of an original amount of $450,000. now
reduced to $416,500. The amount on deposit with the Committee March 26
1934, was $227,600 the amount of bonds for which call for deposit will be
made is $188,900 face value of the issue. The market value is stated as
approximately $79,338. The Committee reports that "by reason of defaults
under the first mortgage trust indenture, the trustee declared the interest
and principal of all bonds to be immediately due and payable and the
Committee intends to request the trustee to sell the property under the power
of sale contained in the trust deed. At the trustee's sale the property will
be sold to the highest bidder." A reorganization plan is proposed. Members of the Committee are: T. C. Tilden, San Francisco banker; William H.
McCarthy. postmaster of the city and county of San Francisco; Edward
Hohfeld, attorney, and Colbert Coldwell, realtor, both of San Francisco.
Gold Center Mining & filling Co. (2-849), Idaho Springs, Colo., a Coloredo corporation organized April 9 1934 to do a general mining and milling
business, proposing to issue $100,000 in ore warants redeemable from ore
stipments and 10,000 shares of capital stock of a stated value of $10,000.
Both securities are expected to be offered Jointly on a unit basis of a $10
ore warrant and one share of class A stock for $10 and in units or multiples
of $10. "Thus," the company explains, "if the purchaser invests $10 he
will receive an ore warrant of the face value of $10 and also one share class A
common stock, or if he invests $100 he will receive an ore warrant of the
face value of $100 and 10 shares class A stock." According to arrangements with Midland Finance Corp., Idaho Springs, Colo.,the underwriter,
each unit sold shall net the issuer $7 or 70 cents on the dollar. Among
officers are: Frank A. Gustafson, President; C. W. Gustafson, Secretary
Treasurer, and James A. Gustafson, Vice-President, all of Idaho Springs,
Colo.
It was stated by the Commission on May 7 that 10 had
registration 6tatements covering issues of about $9,500,000,
filed with it under the Securities Act. More than $5,000,000
of this total is for investment companies, almost 23/i million
for certificates of deposit in financial readjustment projects
and more than 1% million in industrial issues. Of the
latter, the largest issue is one of $1,200,000 proposed by a
malt products company. Companies and committees filing
these issues have headquarters or operate in New York,
Boston, Philadelphia, Pittsburgh, Los Angeles, San Francisco, San Diego County, Calif., Reno, Nev., Las Vegas,
Nev., Cedar Rapids, Ia., and Greenfield, Wis.
Statements filed for registration (850-859) were listed as
follows on May 7:
Crown Consolidated Mines Co. (2-850), Reno, Nev., a Nevada corporation
organized Feb. 8 1934 and proposing to mine gold and silver at its property
10 miles south of Golconda, Nev. The company expects to issue 1.250,000
shares of common capital stock at approximately 35 cents each or $437.500
in the aggregate. Proceeds will be applied to purchase of equipment and
working capital. The stock will be sold to the underwriter for a total of
$250,000, or 20 cents a share net to the company. The underwriter is
Frank C. Bramwell, Portland, Ore. Among officers are. W. J. Loring,
Virginia City, Neb., President, and H. 0, Hall, Vice-President and Treasurer, Reno, Nev.
San Diego Dome Drilling Fund, Inc. (2-851), /as Vegas, Nev., a Nevada
corporation organized Feb. 20 1934 "to drill wells for the purpose of prospecting for and obtaining oil, gas and other hydro-carbon substances . . .
The company expects to issue
in San Diego County, Calif. . . ."
$125,000 common stock, the proceeds to be used for operating purposes.
C. A. Averts, Dallas, Tex., the underwriter, intends to offer for sale 10,000
shares of the issuer's common stock at $10 a share, according to the registration statement. A commission of 20% or $2 a share is to be paid by
the issuer for each share of stock sold. Among officers are. Chester A.
Everts, President, and Clifford T. Everts, Vice-President, both of Dallas,
Tex.
Froedtert Grain & Malting Co., Inc. (2-852), Greenfield, Milwaukee County,
Wis., a Wisconsin corporation incorporated originally Feb. 111888, engaging in the manufacture and sale of malt and malt products and proposing
to issue 80,000 shares of common stock at $15 a share, or an aggregate of
$1,200,000. the proceeds to be used for the account of existing private
owners of securities. Dealers in and distributors of securities will receive
"normal discount to be entirely paid out of principal underwriter's gross
profit." The underwriter is Hammons Sz Co., Inc., 120 Broadway, New
York City. Among officers of the issuer are. Ktutis R. Froedtert, Chairman of the board of directors; Leon B. Lamfrom, President, and Waiter
A. Telpel, Vice-President, Treasurer and General Manager. A prior
registration statement (2-394) filed Oct. 26 1933 and now effective, covered
an issue of 80,000 shares of preferred and 60,000 common stock.
Arcady Apartment Hotel First Mortgage Bondholders' Committee (2-853),
541 South Spring St., Los Angeles, calling for deposits of first mortgage
bonds of the above-named hotel in the amount of $1,293,000 outstanding
and unsubordinated, having a reported market value of $232,740. The
committee reports that out of an authorized issue of $1,325,000, a total of
$1,313.000 is outstanding; $1.293,000 outstanding and unsubordinated,
and $20,000 outstanding and subordinated. The committee consists of
H. H. Cotton, John Treanor. J. B. Van Nuys and Charles C. Irwin, all
of Los Angeles. The committee has adopted a plan of reorganization.
Bondholders' Protective Committee of the Pittsburgh Water Heater Co.(2-854).
826 Oliver Building, Pittsburgh. calling for deposits of first closed mortgage
6% sinking fund gold bonds amounting to $1,037.500 outstanding of an
original $1,200,000 issue. Market value for the outstanding bonds is given
as $166,000. The committee consists of Grant Curry, lawyer, Pittsburgh;
Dean B. Copeland, bankers, Braddock, Pa.. and W.P. McJunkin, investment broker, Pittsburgh.
2100 Pacific Avenue First Mortgage Bondholders' Committee (2-855). 1500
Balfour Building, San Francisco, calling for deposits of first mortgage 6%
gold bonds of Pacific-Laguna Co., operating an apartment, the issue
May 12 1934
amounting to $112,400. No market value is given, but the registration
fee paid the Commission is based on one-third of the face value or $37,466.67
in lieu of a market value. The original issue was $425,000, of which $369.500 is outstanding. There was on deposit with the committee as of April 16
1934 $257,100. Members of the committee are. T. C. Tilden, banker;
William H. McCarthy, Post Master of the City and County of San Francisco, and Edward Honfeld, attorney, all of San Francisco. The committee has adopted a plan of reorganization.
The Bradley Trust (2-856). 60 State St., Boston, a Massachusetts trust
organized Jan. 20 1934 and proposing to "use funds subscribed for the purchase or acquisition by other means, and improvement and management
of real estate in the United States, or any interest therein, including shares,
obligations or interests issued by or in any corporation, trust or association
whose principal business is the ownership, improvement or management
of any such real estate." The trust expects to issue 20,000 shares of capitat
stock at $100 a share or an aggregate of $2,000.000. Among officers are.
Charles Francis Adams, Concord, Mass., trustee; Richard M. Bradley,
Milton, Mass., managing trustee; Frederick T. Fisher, New Canaan.
Conn., trustee; Oswald W. ICnauth, New York, trustee; Theodore L.
Storer, Cambridge, Mass., trustee and Treasurer, and Allen Potter, Milton, Mass., Secretary.
Distributors Group, Inc. (2-857). 63 Wall St., New York City, an investment trust dealing in an unincorporated investment trust known as "North
American Bond Trust," in 3,404 interests of an aggregate amount of $3.000.000. Among officers are. John Sherman Myers, Chairman of the
board; Chase Donaldson, President, and Kenneth S. Gaston, Vice-President
and Secretary, all of New York City.
Rutter Fund, Inc. (2-858), 1500 Walnut St., Philadelphia, a Delaware
corporation organized Aug. 3 1933 to deal in stocks and bonds, proposes
to issue 2,500 shares of first preferred stock at $100 per unit consisting of
one share of this preferred and one share common stock as bonus in an
aggregate of $250,000. Among officers are. William M. Rutter, President;
E. D. McCauley, Vice-President, and Edward P. Street, SecretaryTreasurer, all of Philadelphia.
Iowa Electric Co. (2-859). Cedar Rapids, /a., calling for deposit of Iowa
Electric Co.'s first mortgage gold bonds amounting to $1,168.800 face
value. Market value is not reported, but in lieu thereof the registration
fee paid the Commission on this issue is based on one-third of the face value
or $389.600. Among officers of the company are. Isaac B. Smith, President. and C. S. Woodward, Secretary-Treasurer, both of Cedar Rapids;
James A. Reed, Kansas City, Mo., Vice-President, and'Sutherland Dows.
Cedar Rapids, Vice-President, Assistant Secretary and Treasurer.
In making public these lists the Commission says:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits of the
Issue or that the regulation statement itself is correct.
The last previous list of registration statements appeared
in our issue of April 28, page 2842.
Johnson Bill, Limiting Utility Rate Contests to State
Courts, Goes to President Roosevelt After Senate
Concurs in House Amendment—House Passed
Measure 219 to 19.
The Johnson bill, which would compel utility companies to
argue rate contests in State rather than Federal Courts, was
sent to the White House on May 10 after the Senate had concurred in a minor amendment adopted by the House. The
House passed the bill on May 9 by a vote of 219 to 19. The
amendment to which the Senate agreed on the following day
would prevent Federal District Courts from acting on appeal from "rate making bodies of any political subdivision"
of the United States. Appeals from decisions of State Courts
could be made only to the United States Supreme Court.
A Washington dispatch May 9 to the New York "Times"
described the House debate before final action on the bill in
part as follows:
Most of those who objected to the measure did so on grounds that the
measure would tear down the judicial system of the Nation.
They argued for an amendment introduced by Representative Lewis of
Colorado, giving the right of appeal to a State or Federal Court, but not
to both tribunals.
The Lewis substitute was approved by the Judiciary Committee by an
11 to 10 vote, but the House vote on substituting the original Johnson
measure was 112 to 27.
The amendment to allow the provisions to apply to any ratemaking
body, offered by Representative Miller of Arkansas, was approved on a
viva voce vote.
None Defends Utilities.
In the arguments none of those speaking against the measure took sides
with the utility corporations that would be affected by the act.
"Corporations have got to get along with the people with whom they
are doing business, and the sooner they do it the better for them," Representative Summers, Chairman of the Judiciary Committee, said in concluding debate.
"It will also be better for the investors, when the corporations use real
old-fashioned horse sense. Free people don't have to go to courts to regulate themselves."
The Committee report, discussing both the Johnson and amended measures, admitted that abuses had been found in Federal Courts, but said that
the defects were not in the Federal Judges but in the Federal judicial code.
"Under the present practice," the report said, "after a full hearing on
rates has been had before the State Administrative Board or Commission,
the utility may and sometimes has applied to the United States District
Court for an injunction, alleging that rates fixed by the State Board or
Commission are confiscatory, that is to say, that such rates deprive the
utility of its property without due process of law in violation of the
guarantees of the Fourteenth Amendment to the Constitution of the United
States.
Cost Held Block to Public.
"Citizens complaining of rates alleged to be excessive have sometimes
been unable, because of limited funds, properly to present their case a
second time in the United States Court after having already presented it
once fully before the Board or Commission, with the result, so it is claimed,
that efforts to secure relief from extortionate rates have had to be
abandoned.
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Financial Chronicle
"The mere threat by the utility company that it would seek an injunction in a United States Court, involving the prospect of great additional
expense and delay, has sometimes been sufficient to force a compromise
unfavorable to the public interest."
Suit to Compel Treasury to Redeem Gold Certificates
with Gold Coin Dismissed by District of Columbia
Supreme Court.
The mandamus suit of Halsey K. Davis of New York
to compel the Secretary of the Treasury to redeem a VC
gold certificate with gold coins was dismissed on May 10
by Justice Jennings Bailey of the Supreme Court of the
District of Columbia. Advices to the New York "Times"
from Washington reported:
Mr. Davis claimed that the Treasury had no right to refuse to redeem
the certificate with gold coin, because, he held, the President's proclamation and the Act of Congress which authorized it constituted an illegal
delegation of legislative powers to the Chief Executive. The action of
the Treasury under the proclamation violated his rights under the Constitution, depriving him of his property and its use without his consent,
he argued.
Denying that any of the petitioner's property had been taken without
his consent. Government counsel argued that because Mr. Davis was
not the original depositor of the gold dollars in the Treasury he had no
title to any particular coins in the Treasury vaults.
It was further declared by Government counsel that Congress had
the power to impair the obligations of a contract and that the Act under
which the President proceeded was a valid exercise of authority of Congress and did not transcend constitutional limitations.
Justice Bailey's decree disposing of the case read as follows:
"The claim of the plaintiff is at least one for breach of contract on the
part of the United States. The Secretary of the Treasury does not hold
any specific coins as a special deposit or in trust for the holder of a gold
certificate.
':The plaintiff's right of action, if any, is against the United States,
and he cannot obtain relief through mandamus proceedings against the
Secretary of the Treasury."
J. W. Hester Warns of Dangers in McLeod Bill, Providing for Payment of Depositors in Closed Banks—
Counsel for RFC Points to Establishment of
Precedent Which Might Lead to Call for Payment
of Investors in Building and Loan and Various
Other Securities.
A warning against the McLeod bill for paying off deposits
in closed banks was given on May 8 by John W. Hester of
the legal department of the' Reconstruction Finance Corporation, according to the New York "Times," which notes
that he asserted that the Government might just as well
pay off losses of investors in building and loan associations,
securities and even pari-mutuel gambling. The "Times"
quotes Mr. Hester as follows:
This bill, under the rules, comes to a vote in the House on May 14,
and it may be thwarted, if at all, only by a Presidential veto, and, in an
election year, it may even hurdle the veto obstruction.
But it is well for the people to understand what this redemption proposition involves and what it means to the redeemer, the taxpayers of the
Nation. Briefly, this bill provides that all deposits in all the closed banks
of the country, National. State and private, that have closed since Jan. 1
1930 shall be paid in full up to $2,500. irrespective of whether the banka
has been reorganized and reopened or deposit waivers obtained. It is to
be a full and complete redemption of all losses sustained in banks that
have closed since Jan. 1 1930, and the fact that contract waivers exist
will be no bar to full participation, that is, up to the $2,500 limitation.
RFC to Be Instrument.
The RFC will be the instrumentality through which this redemption is to
be effected. As security for the funds made available for the great redemption, the RFC will obtain from the depositor an assignment of his
right to participate in the liquidation of the remaining assets of the closed
bank proportioned to his claim in and to such assets to the amount paid by
the RFC on the ratio that the aggregate deposit liability thus redeemed
bears to the total assets of the bank, with no assortment allowed the RFC
as security—just the plain "run of the mine" assets being available as
security.
Upon further analysis, it is seen that it is immaterial if the bank involved
closed its doors more than three years ago and all of the Class A assets
have been realized upon, leaving only the B and more inferior assets,
mostly the latter, generally known as the "cats and dogs," upon which
to make recovery; nevertheless, the remaining unpaid deposit liability up
to $2.500 must be paid. It is seen furthermore that there is no differentiation as to depositors in these banks. Some may have been demand
deposits, others time deposits made for the earnings involved, and others
may have been bearing interest on an average daily balance, being both
demand and income-yielding deposits; yet all are treated alike. And that
Is not all. There is no distinction as to banks as such. A savings bank
representing an investment enterprise exclusively is placed on a parity
with the simple deposit and discount bank doing both a commercial and
savings business. Nevertheless, all banks, whether National, State or
private, commercial, savings or mixed, are scrambled together and handed
over to the general Government as the great redeemer.
Holds Bill Inconsistent.
Of course, the indIstriminate and incongruous provisions of the bill
show that it represents no logical or consistent thought, but merely a simple
desire to have the general Government bail out the losses of a great number
of people. Its only sensible provision is the one providing for the payment
of deposits in excess of $2,500, in which the RFC is authorized to make
loans at 3% interest up to 85% of the present value of the remaining assets
of the closed banks. Of course, the margin of safety is rather close, but
no great loss may be anticipated as to this provision of the bill. However,
great caution must be exercised even here in determining the present value
or the margin and more may be eaten up in liquidation costs, especially
as it is intended that the liquidation is to be over a period of six years, if
needs be.
But the grounds upon which the proponents of the bill base their argument warrant particular attention. They contend that there is an implied obligation on the part of the general Government to pay off these
3197
depositors because the Hoover Administration advised the people to keep
their money in the banks, just banks, which justifies theinclusion of the
State and private along with the National banks; that false reports as to
the condition of the banks were made either with the actual or implied
knowledge of the Administration agencies; that securities owned by the
banks were not marked down in keeping with their actual worth and the
stockholders required to make good the resultant insolvency of many of
the banks; and, finally, that the Roosevelt Administration closed all the
banks, thereby actually ruining many otherwise solvent banks.
Banks Larked Money.
The answer to all this sophistry and fantastic argument is a very simple
one:'That the banks, being more than mere depositories, did not have on
hand the money belonging to the depositors and could not pay them off.
and this was true, as it was and would have been had the Hoover Administration advised the people that the banks were insecure and that they
should get their money out—except we would to-day be listening to the
converse of the present argument, viz., that the Hoover Administration
ruined all the banks and for that reason the general Government should
make good or bail out the losses resulting therefrom.
Of course, this sort of argument means that the general Government
should bail out the business losses generally arising subsequent to such
advice. And, if supervision is the criterion of an implied obligation,
we run then right jam into the obligation to pay off investors in building
and loan associations, railroad securities, public utilities and (yes) losses
sustained in pari-mutuel gambling places, and more recently the losses
sustained in the stocks subjected to regulation by the Federal Trade Commission under the Securities Act and such as will hereafter inevitably be
sustained under the administration of the Stock Market Control Act.
Of course, it's a foolish and absurd argument.
House Passes Bill Appropriating $84,170,577 for State,
Commerce Justice and Labor Departments—
Amount Approved Contrasts with Current Allowances of $104,569,494.
The House of Representatives on Feb. 6, without a record
vote, passed a bill appropriating $84,170,577 for the State,
Commerce, Justice and Labor Departments, and sent the
measure to the Senate. As originally reported to the House,
Jan. 31, by the Appropriations Committee, the bill carried a
total of $90,667,000, and this sum was cut by more than
$6,000,000 while the measure was being debated on the floor.
Current funds allowed for these four departments of the Government total $104,569,494. Associated Press Washington advices, Feb. 6, gave the following data included in the bill as
transmitted to the Senate:
Representative William P. Connery Jr., Democrat of Massachusetts, Chairman of the Labor Committee, led the efforts for adoption of his amendment to
add the $2,110,000 to the $1,590,000 allowed for the Labor Department employment service. He said the veterans' employment branch of the new
co-operative labor service with the States was not filling the demands. Miss
Frances Perkins, Secretary of Labor, had sought $4,000,000 for the employment service.
Mr. Cormery's amendment was lost, 87 to 99, and the bill was passed on a
voice vote after Representative John Taber, Republican of New York, had
failed in an attempt to have it sent back to committee for reduction in allowances for the consular service.
Funds for the State Department's foreign service were raised by the House
by $488,305, including $17,500 for the salary of William C. Bullitt, Ambassador to Russia, and funds for the Alcatraz Island, Calif., prison, recently transferred to the Justice Department from the War Department, were increased
The bill carries $32,240,321 for the Commerce Department, $28,521,878
for the Justice Department, $11,920,805 for the Labor Department, and $11,487,573 for the State Department. It was to have carried a $7,000,000 item,
asked by the President for relief of foreign service employees hard hit by
fluctuating currencies and reduced salaries, but that was taken out by the
Committee after an objection by the Foreign Affairs Committee that this
would be legislation in an appropriations measure. A separate bill to take
care of that situation is being drafted.
Only $225,000 was left in the bill for alcoholic beverage administration by
the Justice Department, compared with $8,440,000 of prohibition funds
allowed for the current fiscal year and $1,856,630 asked for 1935. On the
other hand, the appropriation for crime detection and prosecution was raised
to $2,880,000 from the $2,589,000 available this year and $2,840,670 requested.
Senate Passes Bill Providing for Establishment of
Federal Credit Union System—Sheppard Measure
Would Make Advances to Those of Small Means at
Nominal Interest.
Without debate the Senate on May 10 passed a bill to
establish a Federal Credit Union System for the extension
of credit to persons of small means at nominal interests
rates. United Press advices May 10 from Washington the
New York "Journal of Commerce" said:
The Credit Union plan was sponsored by Senator Morris Sheppard
(Dean., Tex.). It was reported favorably by the Senate Banking Committe, which urged its adoption on the ground that it would aid recovery by
putting into the channels of trade the billions of dollars now paid in high
rates of interest for short term emergency loans.
The bill provides for a Federal organization to supervise operations of
credit unions, described as a co-operative society enabling its members to
save money in good times and borrow money at low interest in times of
emergency.
Senate Passes Corporation Bankruptcy Bill—Measure,
Already Approved by House, Goes to Conference—
Agreement Reached by Conferees.
The Corporation Bankruptcy Bill was passed by the Senate
on May 4 without a record vote. The measure, which was
designed to extend relief to financially distressed corporations
through permitting reorganization without the necessity
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Financial Chronicle
of bankruptcy or receivership proceedings in the courts,
has already been passed by the House, and is now in conference for adjustment of minor differences. Before approving the bill May 4, the Senate by a vote of 37 to 11
defeated an amendment by Senator Frazier designed to
assiat bankrupt farmers. Senator Long delayed the vote
by a filibuster of more than six hours. A Washington
dispatch May 4 to the New York "Times" summarized the
chief provisions of the bill as follows:
Various amendments will make it necessary to send the bill to conference with the House, which has already passed it. A companion to
the Municipal Bankruptcy Bill, which passed the Senate a few days ago,
the bill would allow readjustment of the debts of corporations through
consent of their creditors, who would agree upon a program of reorganization and refinancing, subject to Federal Court approval.
Through the bill, corporations may apply for readjustment of their
debts outside of actual bankruptcy proceedings if consent is gained from
25% in amount of any class of creditors and 10% in amount of the holders
of all claims.
Likewise, this application may be made if the debtor is not found insolvent and consent is obtained from 10% in amount of stockholders who
would be affected.
•
However, the actual compromise on the debts could not be approved
by a court without written consent of two-thirds in amount of such class
of creditors as well as a majority in amount of each class of stockholders.
Just before the bill was passed, the Senate adopted an amendment
by Senator Norris, which changed the provisions affecting receiverships
in bankrputcy. As passed by the House. the bill stated that Judges should
use discretion in appointing receivers so as to prevent a monopoly.
Senate and House conferees reached virtual agreement on
the bill yesterday, after accepting practically all Senate
amendments, including that requiring approval of 51% of
the bondholders to institute debt reorganization through
the Federal courts.
Regarding Senator Long's filibuster the same account
said in part:
Senator Long's fight was double-barreled. He sought to drive the
farmers' amendment into the bill and to stave off all legislation until a
vote was assured on the Thomas amendment to the Glass Industrial Loan
bill. . . .
He spoke almost continuously from shortly after noon until 5.15 p.m... .
At 5.15 o'clock, Senator Long yielded the floor to Senator Frazier.
The two tried to force an adjournment or recess until to-morrow, but
Senator Robinson, the Democratic leader, demanded a quorum call.
This revealed first only 36 and then only 45 Senators, although 49 are
necessary for a quorum.
The sergeant-at-arms was directed to summon absentees, who slowly
trickled in until the requisite number were present.
Senator Frazier and Senator Shipstead. another supporter of the farm
amendment, began speeches, and it seemed that the Senate was in for
a long session. Suddenly, however, the dam broke, and a vote was taken
on the Frazier plan, which would have allowed bankrupt farmers to have
their property appraised and to buy it back in six and one-half years at a
low interest rate.
Although Senator Long used parliamentary tactics in an effort to have
the adverse result on the amendment reversed, he was quickly shut off
by Senators Robinson of Arkansas and Clark. When the bill was passed
immediately afterward by a viva voce vote, Senator Long attempted to
have this result overturned, but Senator Robinson obtained an adjournment until Monday.
United Press advices May 4 to the New York "Journal of
Commerce" said:
The measure, an amendment to the Bankruptcy Act, exempts from the
operation of the Securities Act, issues of stocks or bonds in connection
with corporate reorganization. Courts are given strict control over reorganization management costs.
Corptations may apply for reorganization themselves or a petition may
be filed by creditors with aggregate claims of more than $1,000.
The Corporation Bankruptcy Bill was passed by the House
in June of last year.
Senate Approves Bill Directing Federal Trade Commission to Investigate Salaries of Heads of 40
Corporations—$50,000 Fund Provided.
The Senate on May 10 approved the Costigan bill which
would authorize a Federal Trade Commission investigation
to obtain information regarding the salaries of officers and
directors of corporations whose securities are listed on the
New York Stock and Curb Exchanges. The measure provides a fund of $50,000 to cover the expenses of the investigation. It was favorably reported by the Senate Banking
Committee May 7. The bill supplements an earlier resolution, under which the Commission sent out questionnaires
which were answered by about,900 corporations. Forty
corporations either did not answer the questionnaire or
declined,it is stated to give the complete information sought.
The bill approved by the Senate this week is aimed at these
companies. Of the 40, four filed incomplete returns, while
13 claimed that they did not operate in inter-State commerce
and therefore were exempt and 19 did not report at all.
Associated Press Washington advices May 7 mentioned
some of the companies that might be affected as follows:
Among the companies which may be affected are General Electric. which
gave partial data only on the ground that publication was unwarranted
because it might arouse jealousy among officials, and the Burroughs
Adding Machine Co., which said disclosure of specific salaries was "a violation of the privacy of each person affected."
May 12 1934
Exemptions Claimed.
The Allied Chemical and Dye Corp. conteneded it was exempt because
it was a holding company not engaged in inter-State commerce. Koppers
Gas & Coke Co. declined for the same reasons, the basis of which, the
Commission said, is "neither clear nor in any way convincing."
General Aviation Corp., American Can Co., General Motors Corp. and
the Studebaker Corp. made point blank refusal. General Aviation said it
could find no legal justification, as did General Motors. The Commission
wrote both companies citing several legal precedents, but the companies
did not reply, Commission officials said.
American Can said the information sought was not relevant to any
matter before Congress or the Commission, and also did not reply to the
Commission's letter cting precedents. Studebaker Corp. asked for further
data on the resolution, but did not reply after it was sent.
Timken-Detroit Axle Co. refused on the ground that the Commission
"Is not entitled to this information unless every single concern in the country
is required to report." General Refractories Co. sent in a schedule, but
asked its return for revision and then did not send a revised report.
United Drug Co. filed an incomplete return. Other companies claiming
they were not in inter-State commerce were American I. G. Chemical
Corp., Delaware & Hudson Co., Hudson Coal Co., M. A. Hanna Co.,
Newmont Mining Corp., Ludwig Baumann & Co., Exchange Buffet
Corp., United Dry Docks, Inc., Pantepec Oil Co.of Venezuela, Venezuelan
Petroleum Co. and Penn Mex Fuel Co.
Others which refused or neglected to reply were Chrysler Corp., Bendix
Aviation Corp., Columbian Carbon Co., Congress Cigar Co., Porto Rican
American Tobacco Co., Waitt & Bond, Inc., Consolidated Retail Stores,
Inc., Dodge Bros., Inc., General Mills, Inc., Howe Sound Co., National
Biscuit Co., National Department Stores, Sloss-Sheffield Steel Co., Stein
Cosmetics Co., Union 011 Co. of California, Yellow Truck Manufacturing
Co. and Cleveland Tractor Co.
Secretary of Agriculture Wallace Indorses Proposal for
Federal Trade Commission Investigation of Milk
Prices—Fiesinger Bill Before House Committee
Would Provide for Federal Fixing of Retail Milk
Prices.
Secretary of Agriculture Wallace on May 7 expressed his
approval of a resolution pending in the House of Representatives which would direct the Federal Trade Commission to
investigate the milk distributing industry, comparing costs
and profits. The measure is sponsored by Representative
Koppelman. Another bill which would impose Federal
restrictions upon milk prices is that introduced by Representative Fiesinger, which is being considered by a subcommittee of the House Committee on Agriculture. A. H.
Lauterback, head of the dairy section of the Agricultural
Adjustment Administration, told this subcommittee on
May 3 that legislation providing for fixing of retail milk
prices should be safeguarded by a requirement for the regulation of milk distribution, rates of return, service and capital
investment, and should contain a recapture provision for
recovery of any excess profits and the distribution of such
funds back to the farmers.
A Washington dispatch May 3 to the New York "Journal
of Commerce" summarized the testimony at this hearing
as follows:
Withholding Administration sanction of the Fiesinger bill requiring the
Secretary of Agriculture, upon request of a majority of producers and
primary distributors to fix retail prices, Mr. Lauterback declared that if the
milk distribution industry is to be treated as a public utility, it should be
treated entirely as such instead of limiting the application of public utility
practice to consumer prices.
"With such a recapture provision, and with the additional authority to
regulate profits along with prices, the bill would not be nearly so objectionable as in its present form," he said.
Fiesinger Makes Plea.
The legislation which Is being sponsored in the House by Representative
Fiesinger (Dem., Ohio) is the outgrowth of recent conferences of dairy
State members in the House and Senate, estimated to number more than
100. The bill is designed to freeze the original AAA policies respecting
price fixing into law, which were abandoned on Jan. 8 after having proven
unworkable.
Urging enactment of his bill, Representative Fiesinger declared that the
bureaucratic control setup in the new licenses of the AAA "constitutes the
most series danger which has threatened the efforts of the dairy farmers to
improve their conditions through co-operative marketing. The inevitable
result will be the scrapping of a governmental policy of favoring the cooperative movement in agriculture which for almost 15 years Congress has
consistently supported."
Mr. Lauterback told the committee that without the safeguards he
suggested to the bill, the Administration would be entirely opposed to its
enactment. He pointed out that in cases of railroad rates, electricity and
water charges and street car fares. the Government, whether it be Federal,
State or municipal, when regulating charges upon consumers also invariably
regulates the intermediate steps.
"The Government does not force the public to pay a specified price," he
said, "unless at the same time it determines that the price is fair, the profits
are reasonable and the service is efficient. Regulation of service generally
means the elimination of over lapping service, and in many cases monopoly
under Government supervision."
U. S. Supreme Court Will Again Pass Upon New York
Milk Control Law—To Hear Arguments Next
October—Earlier Decision of Supreme Court
Upheld Price-Fixing Provisions of New York Law
—Vote 5 to 4 Represented Identical Alignment as
in Minnesota Mortgage Moratorium Case.
The New York State Milk Control Law will again come
before the United States Supreme Court for a decision as to
its constitutionality, when arguments will be heard in the
cash of the Hegeman Farms Corp. against the New York
Volume 138
Financial Chronicle
Milk Control Board. The Supreme Court agreed April 30
to hear arguments on Oct. 8 1934. Two months ago the
Court, upheld the constitutionality of the law in the case of
Leo Nebbia, a Rochester grocer, who protested against the
price control provisions. Associated Press Washington
advices April 30 outlined the Hegeman case as follows:
Purchasing its milk from producers throughout the State, the Hegeman
Farms Corp. attacked an order of the New York Milk Control Board which
threatened to cancel its license as a milk dealer until it paid $23.000 to
approximately 400 milk producers. The board held the corporation had
been purchasing milk from the producers at a price lower than it had fixed.
The corporation contended the spread between the price the board had
set as the minimum was not sufficient to give it a fair return on the present
value of its property and, therefore, deprived it of constitutional rights.
A three-Judge Federal District Court in New York City sustained the
Milk Control Act.
The U.S. Supreme Court,in a five to four decision handed
down March 5, upheld the New York State Milk Control
Law, ruling that a State is not prohibited by the Federal
Constitution from fixing the price of milk. The decision
of the Court was generally interpreted as second in importance only to that in the Minnesota mortgage moratorium
case, and as again indicating that the Court was likely to
sustain much of the recovery legislation on the ground that
it was motivated by public welfare in an emergency. The
majority opinion was written by Justice Roberts, and was
concurred in by Chief Justice Hughes, and Justices Brandies,
Stone and Cardozo. The dissenting opinion was witten by
Justice McReynolds, who was joined by Justices Van
Devanter, Sutherland and Butler. The identical alignment
of the Court wad recorded in the decision on the Minnesota
mortgage moratorium law.
The most important feature of the New York case was the
fact that the Court upheld the authority 4 Federal and State
governments to fix prices. In the case in question, Leo
Nebbia, a Rochester grocer, had been fined $5 because on
April 19 1933 he sold two quarts of milk and a loaf of bread
for 18 cents, when the New York Milk Control Board had
fixed the minimum price of milk alone at 9 cents a quart.
In so doing he violated a law which, according to John J.
Bennett Jr., New York Attorney-General, had been enacted
"in the supposed interest of the deiry business and public
welfare generally." His conviction in a Rochester City Court
was upheld by the Monroe County Court and the New York
Court of Appeals. The decision of the latter tribunal was
sustained by the Supreme Court March 5.
The majority decision was based chiefly upon the contention that in times of emergency public good is paramount.
Justice Roberts wrote that neither property rights nor contract rights are absolute, and that no citizen may be premitted to exercise property rights to the detriment of his
fellows. He held that with respect to the contention that
property had been confiscated without due process, in violation of the 14th Amendment, that Amendment does not
prohibit governmental regulation for the public welfare.
"An industry," Justice Roberts wrote, "is subject to control
for the public good," "So far as the requirement of due
process is concerned," he added,"and in the absence of other
constitutional restriction, a State is free to adopt whatever
economic policy may reasonably be deemed to promote
public welfare, and to enforce that policy by legislation
adapted to its purpose. The courts are without authority
either to declare such policy, or, when it is declared by the
legislative arm, to override it."
"With the wisdom of the policy adopted, with the adequacy or practicability of the law enacted to forward it, the
courts are both incompetent and unauthorized to deal,"
the decision continued. "The Constitution does not secure
to any one liberty to conduct his business in such fashion as
to inflict injury upon the public at large, or upon any substantial group of the poeple. Price control, like any other
form of regulation. is unconstitutional only if arbitrary,
discriminatory, or demonstrably irrevelant to the policy
the Legislature is free to adopt, and hence an unnecessary
and unwarranted interference with individual liberty."
Justice McReynolds, in writing the minority opinion,
declared that while it has been possible to regulate evils by
legislative action, price-fixing had not so been classified.
He said price-fixing was equivalent to "deprivation of the
fundamental right which one has to conduct his own affairs
honestly and along customary lines."
"The Legislature," Justice McReynolds added, "cannot
lawfully destroy guaranteed rights of one man with the prime
purpose of enriching another, even if for the moment this
may seem advantageous to the public. And the adoption
of any 'conception of jmisprudence' which permits facile
disregard of the Constitution as long interpreted and re-
3199
spected will inevitably lead to its destruction. Then all
rights will be subject to the caprice of the hour—Government by stable laws will pass. The ultimate welfare of the
producer—like that of every other class, requires dominance
of the Constitution. And zealously to uphold this in all
its parts is the highest duty intrusted to the courts."
Another ruling affecting the validity of "New Deal" legislation was handed down Mar. 16 by a statutory court, sitting in New York City, which decided that minimum prices
fixed by the New York State Milk Control Board are legal
and constitutional, despite the fact that some concerns may
be forced out of business because they are unable to operate
profitably under these regulations. The case which elicited
the ruling was that of the Hegeman Farms Corp., which contended that minimum prices fixed by the Milk Control Board
for the purchase and sale Of milk were illegal because they
damaged the business of some companies. The court consisted of Judge Learned Hand of the United States Circuit
Court of Appeals and Judges William Bondy and Robert
Patterson of the District Court. In dismissing the corporation's application for an injunction against the State Board,
Judge Hand said that although the United States Supreme
Court recently upheld the law creating the State Milk Control Board, this was the first occasion when s Federal court
had an opportunity to pass on the question of the constitutionality of specific rates.
The New York "Herald Tribune" of Mar. 17 quoted from
the Statutory Court's decision as follows:
The Hegeman concern complained that it had been threatened with the
unconstitutional forfeiture of its property rights through the loss of its
permit in the event of failure to conform with the court's orders.
The opinion, apparently a broad canmentary upon conditions generally
under the New Deal, noted that "all sorts of regulations may affect the
price of materials on machinery."
Beyond this, Judge Hand wrote: "The elimination of fire hazards may
require high rents and these may not be obtainable. The observance of sanitary regulation in factories may be expensive, more than the market will
bear. Conformity with prescribed standards of quality and packing may
turn a living profit into a loss. The buyer cannot always be made to absorb
the added costs and the added load may drive out some producers. Workmen's compensation or a change in employer's liability may prove the straw
which breaks the camel's back.
Police Power Is Extended.
"If the plaintiff be right, in any case the validity of the regulation would
depend upon whether the addition to the cost resulted in the elimination of
some of the producers. Legislation could scarcely go on at all if its indirect results, its final incidence, roust be so nicely adjusted. Nor does it
follow that it ought to be. Surely, it is a mild assumption that the more
vital interest in the end may demand that there be less goods sold at higher
prices rather than that all existing manufacturers should remain in business.
He would be a hardy exponent of non-interference who should assert the
opposite to-day, if, for instance, the rise in cost was due to improvement in
working conditions, or in the hygienic quality of the product.
"The purpose served by fixing the price of a raw material may be as
imperative as either of these. Certainly it is not the function of a court
to set the hierarchy of social values. In the past, it is true, there were, at
times, expressions in the books which seemed to say that one kind of governmental purpose would justify interference when another would not. The
'police power' sometimes was spoken of as though it concerned only 'health
and safety.' That mode has disappeared.
Supreme Court Appeal Planned.
"The purpose of the State of New York to preserve its dairy industry may
involve remote repercussions as mortal to some individuals as its purpose
to abolish sweatshops. It is dangerous to deal in universals, especially in
constitutional law, and it might be too much to say that no minimum
price could be too high, even though it ruined the whole of other industries
and was quite unnecessary to the protection of that for which it was fixed.
This bill lays no such case. It merely alleged that the plaintiff cannot
make any money by selling milk bought at the minimum price fixed by
the Board. Just as it is exposed to the rules of competition in what it buys
on an uncontrolled market and must make such fetch to adjust as it can, Bo
it must accommodate its dealings to a price fixed, as we now hear, in the
plenitude of municipal power.
"That power, once granted, its transmitted disturbances the Fourteenth
Amendment does not neutralize."
The court dismissed the application for injunction against the State Milk
Control Board and an order to show cause why injunctions should not be
.
granted.
Henry S. Manley represented the Board, and Samuel Rubinton appeared
for the plaintiff before the Statutory Court. Counsel for the plaintiff
announced that an immediate appeal would be taken to the United States
Supreme Court, this procedure being provided in the formation of a special
Statutory Court.
Eight Anti-Crime Bills in Conference After Approval
by Senate and House—Two Additional Measures
Passed by House to Aid Federal Government's
Fight on Bandits.
Ten and-crime bills, designed to facilitate the elimination
of bandit gangs, were passed by the House of Representatives
May 5. Eight of those measures have already passed the
Senate, seven of the bills having been approved by the Senate
March 29. After minor differences are adjusted in conference it is expected that the bills will be signed by President
Roosevelt. The legislation is based on recommendations
made by the Copeland Committee, which studied modern
criminal methods and racketeering during the last Congres.
Financial Chronicle
3200
sional recess. Attorney-General Cummings, advocating passage of the bills, said that they were needed to make the Federal Government's fight on organized crime a success. Mr.
Cummings said on May 3 that he was seeking to obtain an
increase in appropriations to equip the Department of Justice
for fighting crime, and would like to add about 270 men to
the Division of Investigation.
A Washington dispatch, May 5, to the New York "Times"
summarized the principal provisions of the measures before
Congress as follows:
House bills which the Senate must pass on are one inspired by the failure
to capture John Dillinger, which offers a $25,000 reward for a "public
enemy, dead or alive," and another punishing fraudulent claims against the
Government.
The bills to check crime are divided into four classes.
First, there are the measures aimed at desperadoes like those of the Dillinger gang, which make it a Federal offelde to kill or assault a Federal officer
or rob a Federal bank.
Second are the bills inspired by the Lindbergh and other kidnapings which
make it a Federal offense, punishable by death, to transport kidnaped persons
from one State to another. Another bill makes it illegal to extort by radio,
newspapers or other means.
Third, there are the measures that bring under Government jurisdiction
those who flee from one State to another and extend the automobile theft
law to securities taken from one State to another.
Last are the bills that would punish officers who permit prisoners to
escape and would make it impossible to quash an indictment pertnanently on
technical grounds. There is also a bill making it an offense to attempt to
blackmail the Government by lodging obviously illegal claims against it.
166 Corporations Report Profits of $153,814,000 for
First Quarter of 1934, According to Compilation
by Eastman, Dillon & Co.
The extent to which business has recovered from the depression is illustrated by the quarterly reports of earnings
issued by corporations thus far in the new year. A compilation of the first quarter statements of 166 corporations shows
that these companies, in the aggregate, reported net earnings
of $153,814,934, as compared with only $16,180,815 reported
for the first three months of last year, according to a study
made by the investment research department of Eastman,
Dillon & Co. Thus, while many people still look forward to
the possibility of a general recovery in business, the extent
to which their hopes have already become a reality, states
the firm, appears to be overshadowed by the course of events
which center about the nation's capital. With respect to the
study, it is stated:
As was to be expected, based upon trade advices, the automobile companies
recorded the greatest improvement among the industrial classifications, having increased their net income from $220,000 in the first quarter of 1933 to
over $24,222,000 in the first quarter of the current year. Automobile accessory companies show a similar, though less spectacular trend, having converted an aggregate loss of over $1,500,000 last year to a profit of over
$4,000,000 in the current year.
Next to the automobile companies, the oil and chemical groups make the
best showing. The nine petroleum companies included in the compilation
report net income of $4,740,000 as compared with a deficit of $8,174,000 in
the first quarter last year, while the 10 chemical companies reported net
income of $22,192,000 against $9,485,000 a year ago.
Irregularities naturally prevail in every period of recovery, and these are
clearly evident when one compares the showing of the various industries.
Thus, while the automobile, chemical and oil groups registered a healthy
recovery, as did many other industries, there are numerous groups which
were able to do no more than reduce the size of their deficits. In the heavy
industries group, for instance, represented by the building, machinery, steel
and railroad equipment divisions, the machinery group was the only one able
to work into black figures.
The performance of the food companies is particularly interesting. This
group suffered less from the ravages of the depression and, as a result,
profited less from the recovery. Fifteen companies included in this group,
an excellent representation of the industry, showed net profit of $19,898,000
for the first quarter of 1934 as compared with $17,385,000 for the first
quarter of 1933.
The earnings of the 166 companies, as compiled by Eastman, Dillon tiz Co..
for the first quarter of 1934, as compared with the corresponding period last
year, grouped as to industries, follow:
No. of
Cos.
Advertising
Automobiles
Automobile parts
Building
Chemicals
Coal
Containers
Electrical equipment
Food products
Household products
Machinery
Medicine, drugs
Metals
Office equipment
Oils
Financial companies
Miscellaneous
Railroads
Net Income—First Quarter
1934.
1933.
d Deficit.
$1,998.767
24,222.820
4,179,394
d259,650
22,192.851
d 177.622
435.774
2,460,052
19,898,238
5,293,626
52,827
2,051,874
1,809,284
2.675,947
4,742,401
3,976,835
4,067,924
9,970.176
d587,737
d9,674
d7,945,590
734.305
24,507
555,291
51.632,714
$794,905
220,106
d 1,558,607
d 1,793,034
9,485,358
d5,562,723
d134,118
d1,629,740
17,385,327
3,289,856
d 1.726,018
1,734,221
d4,810,986
1,072,363
d8,174,803
3,424.795
19,584
d7,386,597
d55,713
d2,810,204
d33,788,334
167,034
d213,211
306,527
47,714,827
166
Railroad equipment
Retail trade
Steel
Textiles
Theatres
Tobacco
Utilities
5
6
11
5
10
6
2
3
15
6
7
5
6
3
9
4
6
18
3
7
13
3
1
3
10
153.814,934
$16,180.815
May 12 1934
The firm points out that while the number of companies
Included in the tabulation is small in comparison with the
total number of corporations listed on the New York Stock
Exchange,the study does give some idea of the progress which
has been made within the past year.
American Iron and Steel Institute Increases Directorate from 30 to 32-10 Retiring Directors
Re-elected.
The board of directors of the American Iron and Steel
Institute will be increased from 30 to 32 members, it was
decided at the annual meeting of members of the Institute
held in New York May 7. The two new directors will be
elected later. The 10 directors whose terms expire in 1934
were all re-elected for three yott- They are:
E. R. Crawford, George G. Crawford, Harry G. Dalton, W. J. Filbert'
L. E. Geohegan. W. W. Holloway, Frank Purnell, W. F. Detwiler, George
M. Verity and Homer D. Williams.
Selected Income and Balance Sheet Items of Class I
Steam Railways for February.
The Bureau of Statistics of the Inter-State Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of February. These figures are subject to revision and were compiled from 144 reports representing 149 steam railways.
The present statement excludes returns for Class I switching
and terminal companies. The report in full is as follows:
TOTALS FOR TFIE UNITED STATES (ALL REGIONS).
For MonM of February. For the Two Months of
1934.
1933.
1934.
1933.
Income Items—
Net railway operating income_ __ 829.281,012 $10,133,779 $60,209,884 $23,718,785
Other income
12,093,856 13,078,128 25,761,781 26,842,298
Total income
Rent for leased roads
Interest deductions
Other deductions
541.374.868 823,211,905 $85,971,885 $50,561,083
10,988,371 10.798,621 21,941,718 21,584,584
43,223,991 44,018,605 86,841,600 88,248,463
1,753,208 1,869,434 3,573,037 3,949,960
Total deductions
555,965,570 556,686,660 8112356 353 $113763007
Net income
d14,590.702 d33,474,755 d28,384,688 d63,201,924
Dividends declarations (from income and surplus):
On common stock
11,959,707 11,749,056 13,824,036 12,434,382
On preferred stock
2.853,878 2.495,546 3.296.100 2,775,458
Balance Sheet Items.
Balance at End of February.
1934.
1933.
Selected Asset Items—
Investments in stocks, bonds, arc., other than those
of affiliated companies
744,080,227
766,396,588
Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors_
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets
295,294,637
36,827,296
48,236,558
31,336,729
7,477,728
52,096,375
44,453,226
138,091,986
295,161,334
40,751,730
2,122,257
4,366,300
275,416,159
33,097,299
22,462,808
25,781,708
10,721,180
44,351,058
40,521,830
133,493.328
313,054,615
37,172,004
2,458,063
9,585,447
996,216,158
948,115,499
Total current assets
Selected Liability Items—
Funded debt maturing within six months a
Loans and bills payable_b
Traffic and car-service balances payable
Audited accounts an wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
266,574,919
227,011,531
334,589,696
68,364,248
204,153,229
46,462,573
235,832,315
4,638,582
111,277,937
23.879,939
113,025,621
31,598,570
16,556,325
309,738,667
61,000,626
200,008,372
58,394,503
170,471,214
4,828,838
53,872,795
20,054,956
111,352,850
29,877,733
11,189,000
Total current liabilities
1,188,379,033 1.030,789.644,
a Includes payments which will become due on account of principal
and long-term
debt (other than that in Account 764, funded debt matured
unpa d) within six
months after close of month of report. b Includes
obligations which mature lass
years after data of 'sane. d Deficit.
than two
Silver Proponents Seek Legislation
Nationalizing
White Metal, with 25% Currency Basis—Draft
Bills After Conference with President Roosevelt
and Secretary Officials—President Still
Opposes
"Mandatory" Measure.
Passage by the present session of Congress of "permissive"
but not mandatory legislation remonetizing silver appeared
a
possibility this week,following conferences between Senators
advocating silver rehabilitation and President Roosevelt and
Treasury officials. A number of silver leaders in the Senate
conferred with the President on May 5 and again on
May
and at the latter meeting discussed the nationalization 8,
of
silver and its maintenance in a proposed new monetary
system as a currency base at a ratio of 25% to 75% of gold.
The President was reported to have indicated that he would
not oppose such legislation of a "premissive" nature, but he
was also said to have remarked that he did not consider
Volume 138
Financial Chronicle
silver legislation in the "must" classification of bills to be
passed before Congress adjourns.
The President's concessions failed to satisfy many members of the Senate silver bloc, however. Senator Borah, for
example, said on May 9 that legislation proposed by the
Treasury would actually do little to raise the price of the
metal, and added that he preferred to wait and let the
citizens of the United States express themselves on this
issue during the next six months, and thus force "direct and
mandatory" legislation. The President at a press conference
on May 9 indicated that he is willing to consider a compromise silver bill so long as it does not actually force the
Administration to act before it wishes to do so. A Washington dispatch May 9 to the New York "Times" noted the
views of the President and of silver leaders in Congress in
part as follows:
At the same time, however, the President told the newspaper correspondents in his office that silver legislation is not on the urgent list of
business for this session of Congress.
He said there was no talk of mandatory legislation, but only permissive,
at a conference yesterday between himself and the silver group. The discussion then, he added, revolved around the possibility of Congress stating
an utlimate objective of national policy.
In a sense, such a declaration, he conceded, would be mandatory, but
he Pointed out that such a bill would be permissive if it did not state a
time or the means within and with which such action should be taken.
He stated with some emphasis that there is nothing new in the question
of using more silver in the metallic reserve of currency; that these reserves
now approximate about 12% and were much larger in the administrations
of McKinley and Theodore Roosevelt.
The new action now undertaken, the President explained, is the canvassing of the desirability Or the necessity of giving to himself or to the Treasury
Department the same authority to take over silver as was used in the taking
over of gold. He added that the administration does not think it has the
authority to take over silver.
Several measures came forth to-day in the effort by silver Senators to
draft a bill that would satisfy alike the President and their own group.
The most drastic was one by Senator Borah, which would require the
nationalization of silver and the immediate establishment of the 25% silver
reserve.
Senators Thomas and Pittman submitted new bills which would authorize
such steps while declaring them national policies.
These bills were turned over to Secretary Morgenthau.
The Secretary arrived with the draft of a bill which he declared embodied
the points of agreement reached by the administration and the Senators
in their White House conference yesterday. The 15 sections were described
by participants as entirely permissive and not acceptable to those who
thought the President had agreed to mandatory powers to nationalize the
metal.
Senator Borah, in declaring that the administration draft was unsatisfactory to him, suggested that the time had come to carry the question
into the Fall elections in the hope that the people would call for mandatory
legislation.
"Note Interested, Says Borah.
"The Administration proposal is purely permissive in character and not
mandatory," he said. "I am not interested in it at all. What I think
should be done is to abandon efforts to persuade the Administration to take
something it does not approve. The American move would be to discuss
the matter before the people in the next six months and see if we cannot
get something by a mandate of the people that would be direct and
mandatory."
As the Republican independent left the conference the Democrats continued to wrestle with the question. Herman Oliphant, general counsel of
the Treasury Department, who accompanied Mr. Morgenthau, was given
the different suggestions and requested to rewrite the measure in accordance with the views expressed, if they were acceptable to the Administration.
Senator King, leader of the silver group, said:
"A number of Senators submitted proposed drafts of silver legislation.
Secretary Morgenthau also read his bill. These drafts were discussed in
detail and Mr. Morgenthau took the suggestions with him for consideration
and will report to the chairman to-morrow.
"Another meeting will be held for consideration of the measure he may
submit. In addition to his drafts Senators King, Pittman, Borah and
Thomas submitted drafts."
Late yesterday (May 11) it was reported that members of
the Senate silver bloc and Secretary Morgenthau had
virtually agreed on the language of a silver bill which will be
presented to President Roosevelt early next week for his
perusal and criticism.
Senator Pittman of Nevada on May 9 submitted to Herman Oliphant, General Counsel to Secretary of the Treasury
Morgenthau, a bill to authorize and direct the Secretary of
the Treasury to establish and maintain a metallic reserve of
which 25% would be silver. The proposed bill provides that
silver shall be made a primary monetary basis of currency.
It also contains a provision that if at any time the world
price of silver exceeds $1.29 a fine ounce the Secretary of the
Treasury shall sell silver and replace the metal later when he
can do so without disturbing world monetary,conditions.
Other Senators who advocated remonetization and nationalization said this week that they would seek to have the
Government take over all silver stocks in the country in the
same manner as it did the gold, and pay the holders of the
silver a price of 50 cents an ounce.
After a conference at the White House on May 8 a statement issued there said:
At a conference between a number of Senators, the Secretary of the
Treasury and the President, there was further discussion of two points
3201
relating to the further use of silver as a metallic reserve for the United
States.
More specifically, the possiblity of nationalizing silver in the same manner
In which gold has already been nationalized through the purchase of existing free stocks at a limited price was explored.
The meeting also explored the utihnate objective or national policy of
having 25% of the monetary value of the metallic reserves of the country
In the form of silver.
President Roosevelt Signs Sugar Control Bill and
Cuts Import Duty 25%—Processing Tax Limited
to Amount of Tariff Reduction—Statement by
President Roosevelt.
President Roosevelt on May 9 signed the Costigan-Jones
sugar control and allotment bill, making sugar a basic commodity under the Agricultural Adjustment Administration
and levying a processing tax on all sugar consumed in the
United States. At the same time the President proclaimed
a reduction of one-half cent a pound in the tariff on imported
sugar, marking a duty reduction of 25%. The processing
tax must not exceed the amount of the tariff reduction.
In a statement issued at the time of signing the bill the
President said that this means "that the processing or compensatory taxes will not increase, in themselves, the price
to be paid by the ultimate consumers." House and Senate
.
approval of the conference report on the sugar bill representing the final Congressional action, was reported in our
issue of April 28, pages 2843-44. In hisstatement of May9
the President said:
On Feb. 8 last I sent to the Congress a message setting forth certain
facts and problems pertaining to the sugar industry. I said then that "the
problem is difficult but can be solved if met squarely and if small temporary
gains are sacrificed to the ultimate general advantage.
I have to-day signed H. R. 8861 which, I am advised, will permit a
rapid approach to the solution of the many vexing and difficult problems
within the industry.
I wipe that this Act will contribute to the economic improvement in
Hawaii, Puerto Rico, the Virgin Islands, the Philippines, Cuba and among
continental sugar producers. These are the objectives outlined in my
message to the Congress last February.
Under the terms of the Act the rate of the processing tax shall not exceed
the amount of the reduction of a pound of sugar raw value of the rate of
duty in effect on Jan. 1 1934, as adjusted by our commercial treaty with
Cuba.
Acting upon the unanimous recommendations of the United States
Tariff Commission, I have to-day signed a proclamation, under the secalled flexible tariff provisions of the Tariff Act of 1930. reducing the rats
of duty on sugar.
-degree Cuban sugar as the unit of measure, this results in a
Using 96
reduction of the duty from two cents to 1 j cents a pound on that sugar.
The rate of the processing tax must not exceed the amount of the radix:,
tion as adjusted to this unit of measure.
This means that the Processing or compensatory taxes will not increase.
In themselves, the price to be paid by the ultimate consumers and at
the same time our own sugar producers will have the opportunity to
obtain, in the form of benefit payments, a fairer return from their
product.
To co-operate with the Secretary of Agriculture in carrying out the
provisions of this Act I have designated an informal Committee from the
Cabinet.
This Committee includes the Secretary of Agriculture; the Secretary
of the Interior, who is charged with the administration of Hawaii and the
Virgin Islands; the Secretary of War, who is charged with the administration of Puerto Rico and the Philippine Islands, and the Secretary of State.
who is charged with the conduct of our negotiations with Cuba.
Those engaged in this industry have an opportunity to improve their
economic status through operation of this Act. I urge their co-operation
in carrying out its provisions.
A Washington dispatch of May 9 to the New York "Times"
summarized the chief provisions of the sugar bill as follows:
1. The total prospective consumption of sugar in the United States from
the 1934 crop is estimated at 6,452,000 short tons. Allotment of this total
among producers is authorized as follows.
2. To the beet-sugar industry in continental United States a quota of
1,550.000 short tons and to sugar-cane growers in the United States.
principally in Louisiana and Florida, 260,000 short tons.
3. The Secretary of Agriculture is authorized to allocate the remainder
of the total production at his discretion among producers in Cuba, Hawaii,
Puerto Rico, the Philippines and the Virgin Islands.
4. After thirty days a processing tax shall become effective on all sugar
manufactured in the United States to provide funds for the payment of
benefits to domestic growers in return for acreage restrictions.
Present when President Roosevelt signed the bill on
May 9 were Secretary of Agriculture Wallace, Rexford G.
Tugwell, Assistant Secretary of Agriculture; Senators Costigan, O'Mahoney and Thomas of Utah; Oscar L. Chapman,
Assistant Secretary of the Interior; Representative Cummings
of Colorado, and Marvin Jones of Texas. Four pens were
used by the President in signing the bill.
While Senator Costigan, a former member of the Tariff
Commission, praised the President's action in reducing the
duty on sugar as the first import use of the flexible tariff
provisions of the Tariff Act of 1930 to reduce a schedule, it
was pointed out in a Washington dispatch May 9 to the
New York "Herald Tribune" that Senators Arthur H.
Vandenberg, Republican of Michigan, and Huey P. Long.
Democrat of Louisiana, bitterly assailed the tariff reduction.
Senator Vandenberg said the action violated Mr. Roosevelt's campaign pledge not to reduce tariff protection on
agricultural products. From United Press advices from
3202
Financial Chronicle
Washington to the New York "Journal of Commerce" we
quote the following:
The tax is expected to be Mc. per pound, to yield about $60.000,000.
Orders Tariff Cut.
Offsetting at least partially this levy, Mr. Roosevelt, as he signed the
bill, reduced the tariff on Cuban and other foreign sugar, effective June 8.
On basic raw sugar from Cuba, which supplies about one-fourth of
United States needs, the tariff will be lowered from 2 cents per pound to
13i cents. Other foreign raw sugar hereafter will pay 1.875 cents instead
.
of 2.5 cents. . .
It was noted the President said the taxes (in themselves) would not
increase prices.
Many sugar men expressed belief the quota system laid down by the act,
restricting imports, would tend to work toward higher price levels. Also it
was pointed out that the expected processing tax will apply to all sugar,
while the tariff reduction affects only imports. The New York market,
however, showed little change to-day.
See Return of $6.50 a Ton.
Continental producers for the most part are pleased over the new plan,
which is effective for three years. The act guarantees Western beet
growers an annual quota of 1,550,000 tons. Tne Florida and Louisiana
cane quota is 260,000 tons. Government benefits, It is estimated will
bring returns on this year's crop to about $6.50 per ton. Growers had
feared otherwise they might have gotten only about $4.20.
Cuban, Hawaiian, Puerto Rican and Philippine import quotas are to be
fixed by Secretary of Agriculture Henry A. Wallace. Producers in these
areas complained they were treated unfairly in not being given a fixed
quota in the act.
To reassure them, Cabinet members who have charge of relations with
the insular regions were named by Mr. Roosevelt as an informal committee to co-operate with Secretary Wallace in fixing quotas and supervising
the act.
Added consolation to insular growers also was given by Secretary Wallace
and Assistant Secretary of Agriculture Rexford Tugwell, who said that
because of the Western drouth they doubted beet growers could fill their
quota this year. In that case, insular production would receive added
allotments.
On May 9 Associated Press advices from Honolulu stated:
Signing of the sugar production control bill by President Roosevelt to-day
was received here as a blow to the Hawaiian sugar industry. Commenting
on the President's action and tariff proclamation, Richard A. Cooke, Vicepresident of the Hawaiian Sugar Planters' Association, said.
"I can not see how the Jones-Costigan act 'will contribute to economic
betterment of Hawaii.' If the processing tax equals the reduction in the
Cuban tariff, and if this were all returned to us, then we would be as we
were and there would be no betterment—this is provided we were to have
no crop restriction.
"However, the processing tax may be less than the reduction in the
Cuban tariff. We probably shall not receive all of the processing tax collected on our sugar, and we most certainly are going to be subjected to
crop restrictions."
53% of Sugar Produced During 1933-34 Season Under
Restriction Programs, According to Lamborn &
Co.—Jones-Costigan Bill to Control 19% of
World Output.
Effective with the signing by President Roosevelt of the
Jones-Costigan bill, more than half of the world's sugar crop
will be regulated by restriction programs, according to
Lamborn & Co. World sugar production during the 1933-34
season, the firm said, is estimated at 25,694,000 long tons,
raw sugar value, of which 13,625,000 tons, or 53%, will be
controlled by Government regulation or association action.
The firm further announced:
Under the International Sugar Agreement (commonly referred to as
the Chadbourne Plan) approximately 6,062.000 tons, or 24% of the world's
output, is under a restriction plan. Nine countries (Cuba,Java, Germany,
Czechoslovakia, Poland, Hungary. Belgium. Yugoslavia and Peru), are
controlled by this international agreement.
Under the Jones-Costigan Act, approximately 4.995,000 long tons, raw
sugar value, over 19% of the world's production, .will be under United
States Government direction. This figure includes production in Puerto
Rico, Hawaii. Philippines, Virgin Islands and Continental United States.
Cuba, which is a member of the International Agreement, is not included
in this figure.
Other countries, principally in South and Central America, make up the
balance of 2,568,000 tons, or 10%.
Plans Being Formulated by Secretary Wallace for
Sugar Crop Control Program and Administration
of Jones-Costigan Bill—Stocks on Which There
Is No Floor Tax.
Plans for the crop control program for sugar beets and
sugar cane and for the administration of the Costigan-Jones
Act, signed May 9 by the President, are rapidly taking
definite form it was announced by Secretary of Agriculture
Henry A. Wallace. A proclamation that rental and(or)
benefit payments will be made was signed by Secretary
Wallace. An announcement issued May 9 by the Agricultural Adjustment Administration further said:
Special attention is now focused on the pending control program for
domestic sugar beets. which is closely patterned after the control programs
In effect on other basic agricultural commodities, such as wheat, cotton,
and tobacco. The Act provides that the Secretary shall within 30 days
'proclaim that rental or benefit payments with respect to those commodities
will be made and the processing tax shall be in effect in 30 days.
It is estimated that proceeds from the processing and compensating
taxes which cannot exceed ji cent per pound. 96 degree raw sugar basis.
will amount to $63,000,000 a year, of which approximately $20,000,000
will be distributed as benefit payments among the growers of sugar beets
and sugar cane in continental United States who participate in the control
program. Out of the remaining $43,000,000. the taxes arising out of the
processing of sugar cane produced in the insular areas are available for use,
reduction in cane acreage or
for the benefit of agriculture generally or for
May 12 1934
sugar production in those areas, at the discretion of the Secretary of Agriculture, with the approval of the President.
The processing tax attaches upon the final production of direct-consumption sugar. For example, in the case of a domestic refiner importing
raw sugar, the tax will be paid upon the production of the refined sugar
and other final products, such as refiners' sirups. If direct-consumption
sugar is imported, a compensating tax equal to the processing tax is paid
upon its importation.
As beet sugar is made in the course of three or four months and then
marketed throughout the entire year, in order to alleviate any possible
hardships, Congress provided that the tax on floor stocks, except retail
stocks, shall be paid for the month in which the stocks are sold or used in
the manufacture of other articles under rules to be prescribed by the Bureau
of Internal Revenue.
There is no floor stocks tax on:
(1) Cuban and other foreign sugar which paid the rate of duty existing
on Jan. 1 1934 (instead of the reduced duty now to go into effect);
(2) Sugar stocks of manufacturers or converters for use in the production
of any article except sugar and stocks of sugar to be delivered to such
manufacturers under contracts entered into prior to April 25 1934; and
(3) Articles processed from sugar such as, for example—preserves, condensed milk, confectionery, &c.
Sugar beets, in a number of areas, have already been planted, while
in other areas planting operations are just about to begin. It is therefore
desirable that both the growers and the beet sugar companies know immediately what their allotments will be in order that they may make their
plans accordingly. It is expected that the basis for individual farm allotments will be announced shortly by the AAA, the Secretary added.
Tne average price paid to the beet growers for the 1933 crop, he pointed
out, is estimated at $5.32 per ton, whereas the prospective return for the
next crop under the Administration's program is likely to average $6.50
a ton.
President Roosevelt to Send War Debt Message to
Congress Shortly—European Governments Said to
Have Been Advised by State Department That
"Token" Payments Will Not Remove Them from
Default Class.
President Roosevelt is expected in the near future to send
a message to Congress, reviewing the present status of the
war debt situation, particularly with reference to so-called
"token" payments, according to newspaper advices from
Washington late this week. It was unofficially reported that
the President would announce that token payments would
no longer be acceptable in satisfaction of larger obligations
due from debtor Nations. The President was said to believe
that these Nations might still present their cases and ask
for revision of their debts, if they desired to do so when the
next payments are due on June 15.
Reports to the effect that European debtor governments
have been informed by thq State Department that, while
token payments will be acceptable on June 15 when the next
instalments on the war debts are due, such payments will
not prevent them from being in default within the meaning
of the Johnson Act. A dispatch from Washington May 10
to the New York "Times" from which we quote, also had the
following to say in part:
This information, conveyed orally as diplomats inquire at the Department concerning the effects of the Johnson Act, has already been given to
the Ambassadors of France, Italy and Belgium, and to the Minister of
Czechoslovakia.
It is understood that it has not been communicated to Great Britain and
other debtor governments because their diplomatic representatives have not
made inquiries.
That this definition of the Johnson Act had been officially vouchsafed was learned to-day after Ambassador il9680 of Italy and the Czechoslovakian Minister, M. Veverka, had conferred with the Under-Secretary of
State, Mr. Phillips. Their calls were informal and not prompted by instructions from their governments. Neither did they bring any proposals
bearing on the debts. They sought merely to learn the present status with
reference to the Johnson Act.
Ambassadors de Laboulaye of France and May of Belgium inquired
yesterday about debts and received the same information.
White House Word Expected.
No announcement was made by the State Department, but it was understood that President Roosevelt might say something definite on token payments at his press conference to-morrow. The President indicated yesterday
that the issue would be dealt with as each case arose. It was apparent
that the State Department considered that such cases arose when the informal diplomatic inquiries were made. .
A Washington dispatch May 9 to the New York "Herald
Tribune" said in part:
The President was cautious to-day about taking the stand publicly on
token payments which he has communicated privately to Capitol leaders.
Although the President agrees that the intent of Congress in the Johnson
Act tends to restrain him from assuming responsibility for absolving debtors
of default because of token payments, he does not wish at this point to
add to the embarrassment of the token payees. For this reason, too, he is
represented as being under same pressure not to announce his policy on
such partial payments in his message to Congress. Although the President
has told members of Congress he is against exempting the token donors
hereafter from the effects of the Johnson Act, he might yet develop some
other formula, if necessary, to salve the pride of the debtors, should general
total defaults otherwise impend.
At his press conference to-day, the President refused to commit himself,
declaring that circumstances would have to govern his course on token payments. lie explained that when the question of such payments came up
last June he took the position that he personally did not consider it a default. In November and December, when the situation arose again, he decided similarly. As to this coming June, the matter had yet to be brought
up, the President said. He would decide on the circumstances as they
arise; they have not yet arisen, he said.
Volume 138
Financial Chronicle
President Roosevelt Signs $417,000,000 Revenue Bill—
Expected to Ask Congress to Amend Section Imposing 3
-Cent Tax on Philippine Cocoanut Oil—
Principal Provisions of New Legislation.
President Roosevelt on May 10 signed the $417,000,000
revenue bill. Detailed provisions of the measure, which is
designed to "plug loopholes" in the present income tax law
and which at the same time revises the normal and surtax
brackets and levies additional taxes, were given in our issue
of May 5, pages 3022-23. One of the most important changes
made in the tax structure by the new law is, its limitation
of consolidated income tax returns. It was reported from
Washington on May 10 that the President would transmit
a special message to Congress within a few days, expressing
his dissatisfaction with the tax imposed on cocoanut oil,
most of which is imported from the Philippines. It was
anticipated that the President would ask Congress to amend
the section of the law imposing a three-cent tax on each
pound of Philippine cocoanut oil, and would point out that
as the provision now stands it would work hardship on one
of the principal industries of the Philippines.
The President affixed his signature to the bill in the
presence of Congressional leaders and Treasury and Internal
Revenue officers. According to press accounts from Washington, Senator Harrison of Mississippi and Representative
Doughton of North Carolina, the Chairmen of the Senate
Finance and House Ways and Means Committees, who
steered the legislation through Congress were present,
together with other Committee members and Secretary of the
Treasury Morgenthau. The bill does not carry the 10%
Couzens super tax on incomes. .Associated Press accounts
from Washington summarized on May 10 features of the
newly enacted legislation said:
The new law provides:
Heavier taxes on higher incomes, gifts, estate transfers, corporations
and personal holding companies.
Partial income tax publicity.
Elimination of consolidated corporation returns.
Repeal of the 8% normal tax on individual net incomes above $4,000,
with surtaxes to start at $4,000 instead of $6,000.
A three-cent-a-pound tax on Philippine cocoanut oil, the revenue to be
returned to the Island Treasuty.
Experts estimated the full effect of the law will not be felt until 1935.
They counted on only $167,000,000 by the end of the next fiscal year on
June 30 1935.
A one-tenth of 1% tax on the declared value of corporation capital stock
and a 5% levy on earnings above 1254% of that capital were estimated
to raise $95,000,000 annually for the largest single item in the act.
These taxes were imposed to finance the public works program, but went
out automatically with repeal.
New Income Tax Schedules Consolidated Returns
New levies on the transfer of estates after death ranged from 1 to 60%
as compared with the old range of 1 to 45. Credits on State inheritance
taxes are not allowed on the increase.
Only railroads henceforth may file consolidated returns for themselves
and subsidiaries. The privilege is abolished for other corporations.
The new income tax schedules levy a flat 4% normal rate on the first
$4,000 of individual net income. They retain the $1,000 exemption for
single persons, $2,500 for married and $400 for each minor dependent,
which may be deducted from net income to give the taxable income.
A 10% credit is allowed for all earned net income up to $14,000, thereby
reducing payments on small incomes.
The old 8% normal tax on net Incomes above $4,000 is eliminated, but
surtaxes now begin at $4,000 instead of $6,000.
These surtaxes start at 4% and swell through 29 brackets to 59% on
excesses over $1,000,000. Previously the rate started at 1% on the excess
between $6,000 and $10,000 and rose through 53 brackets to 55% on those
over $1,000,000.
A new capital gains and loss provision was a direct result of Senate
testimony that partners in New York banking houses paid no income
taxes in some of the depression years. From now on, capital losses may be
deducted from taxable income only to the extent of capital gains, with
the exception that 12,000 ofany excess loss may be charged offfrom ordinary
income.
For tax purposes, capital gains are measured at 100% if the asset is
held less than one year, 80% if from one to two years, 60% from two to
five, 40% from five to ten, and 30% if more than ten years.
Partnership allowances for losses are limited to curtail deductions to
the extent of gains from the sale of capital assets.
A new gift tax schedule runs exactly three-quarters of the estate taxes.
Charge-offs arising from exchanges of stock and corporate reorganizations are limited.
New language will seek to insure that gasoline and oil taxes are paid
by the original producer. Though not in the law, the Treasury expects
to raise as much as $85,000,000 by more rigid administration of depreciation allowances.
Publicity Provision—Repeal of Check Tax.
The new publicity provision will open to public inspection a separate
statement to be filed by income tax payers giving the gross and net income
total deductions and credits and the tax payable.
Taxes on candy and soft drinks, furs valued up to $75 and jewelry not
worth more than $25 are repealed. The five cents a $100 tax on the sale
of produce for future delivery is slashed to three cents. January 1 is set
as the date for repealing the bank check tax.
From the Washington account May 10 to the New York
"Times" we quote:
The chief revenue increase in the law will come through the re-establishment of the 0.1% tax on the declared value of all corporate stock, and
the companion excess-profits levy to compel its compliance. This tax,
exacted from going business concerns, is expected to yield at least $95.
-
3203
000,000 annually in new revenue. It demonstrated that earning capacity
when in force in financing the $3,300,000,000 public works program.
Second in importance among the increases is the new estate tax, with
rates ranging from 1 to 60% and calculated to yield 190,000,000 annually
in new revenue.
The new income tax structure, applicable to incomes for this calendar
year and returnable next March 15, aims to shift the burden partly from
the "earned income" class to those whose Incomes come from "unearned"
sources, such as stock dividends and partially tax-exempt securities.
President Roosevelt Vetoes Two Private Relief Bills as
Establishing Unwarranted Precedents.
President Roosevelt on May 9 vetoed two bills, each of
which was designed to furnish private relief, and in his
messages to the House of Representatives declared that the
measures established unwarranted precedents. One veto
disapproved a bill which would have provided a payment
to the widow of a Foreign Service Officer who was retired
at the time of his death, while the other was applied to a
measure which would have restored citizenship to a man
dishonorably discharged from the Navy. Associated Press
advices from Washington May 9 noted the President's
disapproval of the two bills as follows:
He disapproved a measure granting a full year's pay to the widow of a
foreign service officer who died after being placed on the retired list. Sfle
was Mrs. Corinne Blackburn Gale.
"I deem it inadvisable," he said,"to establish a precedent of approving
payments of this character."
Tne President also refined to change the rating of John Thomas Simpkin,
formerly of the Navy, from dishonorably discharged to honorably discharged because the Navy man later had been committed to an insane
hospital. Simpkin was twice convicted of overstaying leaves of absence.
"Where a man violates the obligations of his enlistment," said Mr.
Roosevelt, "and thereby debars nimself from the rights belonging to those
who faithfully and honorably serve their country according to the terms
of their enlistment, I feel that something more definite tnan the presumption of mental incompetency shown in this case is demanded to support
a change in the record."
President Roosevelt Plans to Ask Congress for Law
Enabling Federal Promotion of Housing Program—
Hopes to Induce $1,500,000,000 of Private Capital to
Enter Construction Work—Government Liability
Limited to $200,000,000.
•
President Roosevelt will request Congress to enact legislation authorizing a housing program, financed by Federal
funds, and designed to stimulate private building and
construction activities, according to statements made at a
White House press conference May 2. It was reported from
Washington that the program will seek to promote the use
of $1,500,000,000 of private capital in home modernization
and construction.
Senator Robinson of Arkansas said May 3 that the Federal
guarantee on housing loans would be limited to about 20%
of the total liability, and that the aggregate Government
liability under the program probably would not exceed
$200,000,000. A Washington dispatch May 3 to the New
York "Times" quoted Senator Robinson as follows:
The Democratic Senate leader characterized the program as "complicated." and contemplating "a form of insurance, the premiums to be
paid by the borrowers."
This conference related to the suggestion for legislation dealing with
the repair of homes and the building of new homes," he said. "It contemplates a process by which the expenses may by financed from private
sources rather than governmental agencies.
"It is expected that as to the funds being expended in repairs and improvements, the Government may enter into a limited guarantee, the object
being to make available private funds at reasonable rates."
Another one of the conferees called the plan "a move to stimulate private
capital."
We quote from a Washington dispatch to the "Times" on
May 2 regarding President Roosevelt's views on the proposed housing program:
The President's advisers are studying the possibility of offering a partial
guarantee on mortgages issued against such construction, combined with
comparatively small expenditures of Public Works funds. It is believed in
some quarters that the Treasury will guarantee 80% of the face value of
this paper and that It will carry 5% interest.
President Roosevelt gave out that surveys which had taken two months
had made it clear that there is a need in practically every part of the country
for better housing.
He said that the program planned would have the'double benefit of
filling this need and of reducing unemployment in the building trades.
which have been slower than other industries in recovering.
Mr. Roosevelt said that he had hoped to put the plan into operation
without requesting new legislation, but that it would be necessary to
obtain permissive laws.
Asked who would head the new organization, the President offered no
name, but it is expected that Harry L. Hopkins, Federal Relief Administrator, will assume the responsibility of leading this recovery effort.
4
The housing program is considered in official quarters a further step
to bring private capital into construction begun through Public Works
funds. It is related to the refinancing of home and farm mortgages,with
bonds guaranteed by the Treasury.
ns040111
The plan is considered in official quarters as a lever with which it is
hoped that capital ordinarily put into building operations may be pried
out of hiding places where it has lain for more than four years. ip
sn A
There is a further hope that once this impetus has been given, the plan
will go forward of its own momentum, extending to commercial structures
and to slum clearance work in virtually every large city.
3204
Financial Chronicle
President Roosevelt Asks Congress to Authorize
Return of Historic Canadian Mace, Captured in
War of 1812.
President Roosevelt, in a special message to Congress on
May 4, asked that body to authorize the return of the mace
of the Parliament of Ontario, Canada. The mace was
captured during the War of 1812, and is at present held as a
trophy at the Annapolis Naval Academy. The President
called attention to the fact that on July 4 a memorial tablet
to United States troops killed in action will be unveiled at
Toronto, and said that the suggestion has been made "that
it would be a gracious act for the United States to return this
historic mace to Canada at the time of the unveiling of the
tablet." The text of the President's message follows:
To the Congress of the United States:
During the War of 1812 the mace of the Parliament of Upper Canada, or
Ontario. was taken by United States forces at the time of the Battle of
York, April 27 1813. That mace, which had been the symbol of legislative
authority at York (now Toronto) since 1792, has been preserved in the
United States Naval Academy at Annapolis.
tablet
On July 4 1934, there is to be unveiled in Toronto a memorial
erected by the United States Daughters of 1812 to the memory of General
forces who were killed in action. The
Pike and others of the United States
Mayor and Council of Toronto are providing the site for the memorial.
The suggestion has been made that it would be a gracious act for the
United States to return this historic mace to Canada at the time of the
unveiling of the tablet.
The mace is a token of representative government established at York
nearly a century and a half ago. It symbolizes the orderly rule of such
government in Canada, continuing from that day to this.
Since the agreement of 1817 the two countries have by common accord
maintained no hostile armaments on either side of their boundary, and every
peoples of
Passing year cements the peace and friendship between the
Canada and the United States.
Congress the
I heartily recommend to the favorable consideration of the
enactment of a joint resolution authorizing the return of the mace to the
Canadian Government.
FRANKLIN D. ROOSEVELT.
The White House, May 4 1934.
May 12 1934
It was estimated that this action would result in an annual
saving of $45,000.
The Executive Order was transmitted with an accompanying message to Congress, which read as follows:
To the Congress:
Pursuant to the provisions of Section 16 of the act of March 3 1933
(C. H. 212, 47 Stat. 1517), as amended by Title III of the act of March 20
1933 (C. H.3, 48 Stat. 16), I am herewith transmitting an executive order
transferring to the U. S. Civil Service Commission the duties, powers and
functions now vested in the Veterans' Administration pertaining to the
administration of the civil service retirement act and the Canal Zone
retirement act.
The administration of laws governing the retirement of civil employees
of the Government is logically and properly a function of the Civil Service
Commission, and the transfer effected by this order will permit a more
efficient administration of the activities involved. The Director of the
Bureau of the Budget has informed me that the transfer will result in an
annual saving of approximately $45.000.
N'RANKLIN D. ROOSEVELT.
Private Companies Resume Transportation of Air Mail
Under Temporary Contracts—Senate Passes BlackMcKellar Bill—Newton D. Baker Named Head of
Army Air Corps Investigating Committee.
The air mail was once more carried by private aviation
companies this week, as the United States Army on May 8
began the task of turning over the mail to commercial lines
under temporary contracts awarded May 3 by PostmasterGeneral Farley. Contracts were awarded on 15 of 21 routes
recently advertised by the Post Office Department. These
contracts went to some of the leading concerns which had
been carrying the mail prior to the cancellation of contracts
last February, but they had meanwhile reorganized to meet
requirements of the Administration and had dispensed with
certain officers Who had been connected with the awarding
of contracts in 1930.
Meanwhile the Senate, on April 28, approved the McKellar-Black Air Mail bill, under which the PostmasterPresident Roosevelt Withdraws Nomination of W. L. General would let contracts for one year, and during that
Thorp as Head of Bureau of Foreign and Domestic
period a bipartisan commission,appointed by the President,
Commerce.
would study the air mail situation and then recommend a
President Roosevelt on May 9 withdrew the nomination
next Congress. Senate approval was
of the Bureau of Foreign broad policy to the
of Willard L. Thorp to be Director
given the measure without a record vote. The House
and Domestic Commerce of the Department of Commerce, Post Office Committee, however, on May 1 decided not to
taking this action shortly after the Senate Commerce Com- consider the Senate bill, and instead agreed to pass its own
mittee had voted 11 to 5 against confirming the Amherst bill, with a slightly higher maximum rate of compensation
Professor of Economics. The White House announcement specified than that mentioned in the Senate measure.
did not state any reason for withdrawal of the appointment.
Principal differences between the House and Senate bills
Friends of Mr. Thorp said that Senator Stephens, Chairman were noted as follows in Washington Associated Press
opposed the nomination beof the Commerce Committee,
advices May 1:
cause at one time Mr.Thorp had registered as a Republican,
Both House and Senate bills let the Postmaster-General make one-year
told reporters the matter had been air mail contracts on a competitive bid basis. The Senate, however, fixed
but Senator Stephens
qualifications maximum compensation at 30 cents an airplane mile for loads not over
delcided solely on the question of Mr. Thorp's
-cent rate.
300 pounds, while the House bill proposes a 35
for the position.
The Senate would reduce air mail postage from 8 cents for the first and
Rail Control Act Extended—Emergency Law Will Run
Until June 16 1935, Under Direction of Co-ordinator
Eastman.
President Roosevelt announced, on April 27, his intention
to extend Title I of the Emergency Railroad Transportation
Act to June 16 1935, the maximum period for which the Act
provides. The action is in accordance with recommendations by the Transportation Co-ordinator, Joseph B.Eastman.
In making known this decision, the President said: "That
also extends Mr. Eastman for another year."
Office of Alien Property Custodian Abolished by
President Roosevelt, with Work Transferred to
Department of Justice.
President Roosevelt, in an Executive Order of May 1, abolished the office of Alien Property Custodian, transferring its
functions to the Department of Justice. The order becomes
effective 61 days after signature. A Washington dispatch,
May 1, to the New York "Times" said that the President's
action will make no actual difference in the work still remaining as the result of seizure of enemy property during the
World War. The dispatch then continued:
The Alien Property Custodian, appointed first by President Wilson under
authority of the Trading With the Enemy Act, at one time held in trust
property valued at billions of dollars.
In 1923 the Act was amended to permit the return of seized property of a
value not exceeding $10,000 to any individual, corporation or other private
owner whose assets in the United States had been confiscated.
Executive Order Transfers Part of Veterans' Bureau
Work to Civil Service Board.
President Roosevelt, in an Executive Order signed April 8
aboard the yacht Nourmahal, where he had been spending a
vacation, transferred certain retirement functions of the
Veterans' Administration to the Civil Service Commission.
10 cents for each additional ounce to a flat 6 cents.
fix the charge at 5 cents.
The House bill would
A Washington dispatch May 3 to the New York "Herald
Tribune" described the temporary air mail policy of the
Post Office Department as follows:
The total air-mail system now envisioned by the Post Office Department,
according to Mr. Farley, will embrace a route mileage 3,300 miles in excess
of the mileage covered at the time of the annulment of the old contracts.
He estimated that the cost to the Government for the new system will be
$10,000,000 less than the cost for air mail in the fiscal year 1933 and $M.000,000 less than the cost in the fiscal year 1934.
The daily scheduled trip mileage, however, will be less under the new
system by some 19,000 miles. It will be approximately 78,198 miles, it
was announced, as compared with 97,076 miles prior to the annulments.
The difference is due to the less frequent schedules on some of the routes.
According to Mr. Farley, a number of routes under the old system were
flying more schedules than were required for the service.
Route Mileage Increased.
The Postmaster-General said that when contracts are let on all routes
heretofore advertised and those to be immediately advertised the total
mileage of the air-mail system will be approximately 28,548 miles as compared with 25,218 route miles flown under the old contracts. "This increased route mileage to be flown over the new system will serve 4 additional
States and 21 additional cities which have not heretofore had air-mall
service." the Post Office Department stated.
Mr. Farley estimated that the new system, embracing approximately
28,548 route miles and 78,198 trip miles will cost the Government less than
$9,000,000 as compared with $19.454,980.53 in the fiscal year 1933 and
814,000.000 in the fiscal year 1934.
Newton D. Baker, Secretary of War under President
Wilson, was appointed April 10 by Secretary of War Dern
as Chairman of the Army Air Corps investigating committee. At the same time Mr. Dern announced the acceptances of five other civilians to assist Army Generals in
making an aviation inquiry.
Associated Press Washington advices April 10 added the
following regarding the investigating committee:
Secretary Dern said the following civilians, in addition to Mr. Baker,
had accepted places on the committee of 11:
Dr. Karl Taylor Compton, President of Massachusetts Institute of
IkTechnology.
Volume 138
Earlier developments in the air-mail situation were
described in some detail in our issue of March 24, pages
2009-11. On March 26 the House of Representatives
accepted a conference report on a bill authorizing the temporary transportation of the air mail by army pilots, and
releasing subsistence allowances for these men. The
bill was signed by President Roosevelt March 27. On
March 23, Senator McKellar introduced a new Administration air-mail bill in the Senate, while on March 26 Senator
McCarron introduced a substitute bill for a permanent airmail system. The McKellar-Black bill, however, was
reported out of the Senate Post Offices and Post Roads
Committee March 28 and was passed by the Senate April 28.
as noted above.
Ruling by United States Attorney-General Cummings
on Status of Debts Owed United States by Foreign
Governments—Conclusions as to Defaulters Within Meaning of Johnson Act—Soviet Russia Considered in Default—Great Britain and Five Other
Nations Not in that Category.
A ruling bearing on the applicability of the Johnson Act
to foreign governments indebted to the United States was
submitted to Secretary of State Hull by Homer S. Cummings,
United States Attorney-General on May 5. The act is
designed to bar "financial transactions with any foreign
government in default on its obligations to the United
States." The measure was signed by President Roosevelt
on April 13, and in giving its text in our issue of April 21,
page 2658, we indicated that the President had called upon
Secretary Hull for an intepretation of its provisions. Seven
questions were submitted to the Attorney-General for determination, one of which was as to whether the present
Soviet Government, as successor to prior governments of
Russia, was to be regarded as in default. The AttorneyGeneral in answer thereto indicates that he regards "the
Soviet Government as in default, within the contemplation
of the statute." As to the status of other countries, the
Attorney-General in his ruling refers to the fact that Mr.
McReynolds was in charge of the bill during its consideration
in the House and, said the Attorney-General, "under the
rules applied by the courts in considering such proceedings,
his[Mr. McReynold's] apparent view that Great Britain and
other countries similarly situated were not to be deemed in
default,is entitled to especial weight. The Attorney-General
continued:
Moreover, the President, by signing the bill, participated equally with
the Houses of Congress and his view as to the meaning of words employed
in it is of great significance. I cannot assume that he believed Great
Britain to be in default, within the meaning of the word as used in the bill,
In view of his express statements on the subject; and from such information
as I now have before me, it would appear that Czechoslovakia, Italy.
Latvia and Lithuania fall in the same category with Great Britain. I
conclude, therefore, that these five countries are not at the present time in
default under the terms of the act in question.
Great Britain and the four other nations which as indicated
above are not regarded as in default have made token
payments on their indebtedness; Finland was not made
subject to the ruling since it has met in full the instalments
on its war debts. The seven questions as to which the Attorny-General ruled were:
1. What governments, political subdivisions, or associations are in default
on their obligations to the United States?
2. To what types of transactions does the act apply?
3. What constitutes a renewal of an existing credit?
4. Does the act apply to acceptances or time drafts?
5. Is the present Soviet Government, as the successor to prior governments of Russia, to be regarded as in default, in view of the fact that no
payment has been made on the bonds issued to the Government of the
United States by the provisional government on account of loans made to
that government by the United States during the period of the war, the
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Financial Chronicle
Dr. George W. Lewis, Director of Aeronautical Reserach for the National
Advisory Committee on Aeronautics.
Clarence D. Chamberlin, noted trans-Atlantic flyer.
Major James H.("Jimmy") Doolittle, widely-known flyer and aeronautical
engineer.
Edgar S. Gorrell, President Stutz Motor Car Co.
The military members of the committee, who already compose the
"Drum board" for the continuous study of the Air Corps needs, are headed
by Major-General Hugh A. Drum, Assistant Chief of Staff, who will
serve as Vice-Chairman, and include Major General Benjamin D. Foulois;
Chief of Air Corps; Major-General George S. Simonds, Commandant of the
Army War College; Major-General John W. Gulick, Chief of the Coast
Artillery, and Brigadier-General C. E. Wilbourne, Assistant Chief of
Staff, in charge of war plans.
When Secretary Dern made his first announcement of the committee
three weeks ago he invited Colonel Lindbergh and Orville Wright in addition
to Mr. Chamberlin to serve as members. Colonel Lindbergh refused,
sending two telegrams in which he bitterly attacked President Roosevelt's
action in canceling commercial air-mail contracts and designating the
Air Corps to carry the mail. Mr. Wright declined to serve because of illness.
The manner in which the Air Corps transported the air mail and the deaths
connected with these emergency activities will play a part in the Commission's studies. The survey, however, is designed by Secretary Dern to
be of wide scope and to make recommendations which will make the Air
Corps as near as possible the best in the world.
provisional government having been the immediate predecessor of the Soviet
Government?
6. However, the last question may be answered: Can the Soviet Government be considered in default to the United States Government pending
negotiations that are being had with a view to arriving at the amount of
the indebtedness due from the Soviet Government to the Government of
the United States
7. Would the issue and sale in the United States of "Scrip" or funding
bonds in part payment of outstanding obligations be in violation of the act?
With reference to the ruling of the Attorney-General a
Washington dispatch May 5 to the New York "Times"
said in part:
Mr. Cummings's rulings were interpreted at the State Department to
mean that future token payments would not permit any foreign government to escape being considered in default under the Johnson Act, although
past considerations of this kind were sanctioned as being within the "probable intent of Congress" in passing the measure.
The Attorney-General made no mention of Rumania and Greece, both
of which have made,from time to time, small payments on their indebtedness. He said the Department of Justice would follow "any authoritative
statement, in harmony with this opinion, issued in the form of an administrative declaration that named countries are or are not in default."
Bars Waiving Old Defaults.
The Attorney-General, in holding the Soviet Government in default,
said that "I am aware of no principle in law under which a previously
existing default is waived or overcome because of the mere pendency of
negotiations 'with a view to arriving at the amount of the indebtedness due.'
assuming that there is any uncertainty in this regard, although of course.
the matter might be affected by the outcome of any such negotiations.". . .
The trustees of the Export
-Import Bank made it known that they were
ready to proceed with financing exports to the Soviet Union as soon as a
debt settlement satisfactory to Preadent Roosevelt had been reached.
The Bank could take such action without awaiting formal Congressional
approval of the debt settlement. It was with this end in view that there
was added to the Johnson Act its Section 2, which exempts from its proprohibitions "a public corporation created by or pursuant to special authorization of Congress, or a corporation in which the Government of the United
States has or exercises a controlling interest through stock ownership or
otherwise."
President Roosevelt Cited on Britain.
In answering the question as to which governments are in default,
the Attorney-General considered the case of Great Britain in detail. He
decided that the following facts had to be taken into consideration:
1. That President Roosevelt, in agreeing on Nov. 7 1933, to accept
a token payment from the British Treasury amounting to $7,500,000,
on account of the instalment due on Dec. 15 1933, stated specifically
that he did not consider the British Government in default because the
full amount would not be met.
2. That Representative McReynolds of Tennessee, Chairman of the
House Foreign Affairs Committee, in directing the passage of the Johnson
Act through the House, consistently took the view that Great Britain was
not in default, and that the majority of the House membership seemed to
concur in this view.
3. That President Roosevelt, in signing the bill, gave his tacit agreement to this view, which was repeatedly expressed in Congress.
Prom the considerations weigning in the review of the British case,
Mr. Cummings held the other four token payers were not in default.
Explanations by Mr. McReynolds, during the House debate, were also
used as a basis for the Attorney-General's opinion that "political subdivisions" such as municipalities, which themselves are not in default,could
be permitted to market their securities here even if their parent government should be in default.
Canada was held not to be in default and was considered as not a political
subdivision of Great Britain.
In answering Mr. Hull's second question, as to the type of transaction
covered by the act, the Attorney-General took, in the opinion of State
Department legal experts, a broad view, with the intention of offering
no obstruction to ordinary every-day, commercial transactions in international business.
Quoting the report of the Senate Finance Committee, which held that
"billions of dollars of securities offered for sale to the American people were
overdue and unpaid," Mr. Cummings said in his opinion:
"This, I think, is indicative of a purpose to deal with such 'bonds' and
'securities' and 'other obligations' of like nature, observing the rule of
ejusdem generis—that is, obligations such as those which had been sold
to the American public to raise money for the use of the foreign governments
issuing them—not contemplating foreign currency, postal money order,
drafts, checks and other ordinary aids to banking and commercial transactions which are 'obligations' in a broad sense, but not in the sense intended.
"It was obviously not tne purpose of the Congress to discontinue all
commercial relations with the defaulting countries."
Mr. Cummings approved the opinion by Green H. IIackworth, legal
adviser to the State Department, defining a renewal of an existing credit
as intended under the Johnson Act. Mr. Ilackworth had said:
"It would seem that any instrument which would be issued for the
purpose of replacing the evidence of any existing indebtedness would
constitute a renewal or an adjustment of existing indebtedness. If new
bonds were issued to replace old ones, it would seem that such a transaction
would be permissible. Any instrument given in satisfaction or extension
of an existing indebtedness would, it is believed, come within this exception."
The Department of Justice several days ago, in a preliminary ruling,
exempted from the Johnson Act governmental drafts such as are ordinarily
used by foreign governments in paying the expenses of thier diplomatic
establishments in this country.
Certain New York:banks had refused to cash drafts drawn on the treasuries
of defaulting nations to pay their consular officers in New York, under
the apprehension that such transactions might be considered dealing in
the "obligations" of a defaulting government.
In to-day's opinion this position was extended to cover all forms of
ordinary commercial paper, and the Attorney-General said that Mr. Hull's
fourth question was answered in the opinion given in reply to his second
question.
Mr. Cummings's opinion that the Soviet Government is in default confirmed the action of the board of trustees of the Export
-Import Bank,
originally created to promote trade with the Soviet Union, in passing a
resolution declining to lend money on Soviet business deals until a debt
settlement is reached.
The issuance and sale in the United States of "scrip" of "funding bonds"
by a defaulting country would be legal, the Attorney-General held, "if
issued in the bona fide renewal or adjustment of existing indebtedness."
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Financial Chronicle
This method of financing has been suggested by Dr. Hjalmar SchachtPresident of the Reichsbank, as a means of making available to American
holders at least portions of "blocked exchange" German interests pay,
ments due to them.
Alexander A. Troyanovsky, Soviet Ambassador to
United States in Answer to Ruling of AttorneyGeneral Cummings Contends Russia Is Not in
Default on Debts.
Alexander A. Troyanovsky, the Soviet Ambassador,
took issue on May 6 with the ruling of United States Attorney-General Cummings that the present Russian Government is in default on debt payments to this country. The
Ambassador's views were indicated in an interview at Bryn
Mawr College, where he and Mme.Troyanovsky were guests
of honor at a reception, and in a Philadelphia dispatch that
day to the New York "Times" he was quoted to the follow.
ing effect:
He thought perhaps in view of the "very important" statement by
Mr.Cummings his Government now would publish its argumentsin defense
of its refusal to accept the obligations incurred by the preceding Kerensky
regime.
"I think," said M. Troyanovksy, "that we do not consider ourselves
defaulters. We signed no obligations to pay these debts. If the knowledge
of the real situation about these debts were better known In your country,
I believe we would not be regarded as in default.
"I think that not many of the details as to the real situation are known
to you but I believe that the real situation should be better known. We
did not assume any obligations to pay the debts but we now are in consultation on them to determine whether we Shall assume these obligations.
Soviet May Publish Arguments.
"This statement of Mr. Cummings was only published to-day. It is
very important and may be our Government will decide to publish its arguments."
The Ambassador declined to specify any of the details of the arguments
indicating that he was not at liberty to reveal them without authorization
from Moscow. He said that while negotiations were under way it had been
thought better to withhold publication of the Soviet arguments "in order
to make the negotiations smoother and not create a bitter atmosphere."
Asked how the Attorney-General's ruling would affect trade relations
between the two countries the Ambassafor said it was his understanding
that "private credits will not be affected."
"The Export
-Import Bank," he declared, "made a statement when the
Johnson bill was under discussion in Congress saying that it did not want
to start any business transactions with Russia until the President found
that our negotiations on our mutual claims were in a satisfactory situation?'
Ambassador Troyanovksy conferred with President
Roosevelt on April 30 on the Russian debt question, accordng to Washington advices on that date from Washington
to the New York "Times", which also said:
Mr. Troyanovksy stated that he left a letter with the President from
Soviet Foreign Commissar Litvinoff.
The conference was also attended by Secretary of State Hull and Assistant Secretary Moore,
Secretary Hull declared that it was a preliminary discussion, mainly on
debts but that nothing of major importance was determined.
Views in Russia on Attorney-General Cummings
Ruling That Soviet Government Is in Default
Under Johnson Act.
Regarding Attorney-General Cummings' ruling that
the Soviet Government is a defaulter under the Johnson Act,
an Associated Press account from Moscow May 6 said in
part:
Sentiment has already crystallized into actual retaliatory steps in theform
of a recommendation that all Soviet economic organizations refrain from
planning any orders from America with the exception of such items as
icannot be had elsewhere.
This recommendation was made recently by the organ of the commissariat
of heavy industry and, it is understood, already has been put into effct.
Soviet-American trade, for the time being, is in a state of deadlock
because of such action and the Soviet's protestations that it cannot be
held to have defaulted the Kerensky debt to the United States.
American business men who have had a chance to gauge reaction of
high economic authorities here to the new law describe it as one of mingled
surprise and bitter indignation.
That some concern for new Soviet enterprises, planned on expectations
of large American credits, is not unmixed with this feeling is evidenced
by the fact that Peter Bogdanoff, head of Amtorg, Russian trading organization, was summoned to Moscow after passage of the bill to report personally on it to Kremlin authorities.
He is returning to New York shortly.
A possible explanation of the Soviet attitude—which is summed up in
the press with the statement that the Government will not be coerced into
a Kerensky debt settlement—lies in the fact that if it consents to negotiate
the question with America it will be compelled under the Rapallo treaty
to consider German claims for payment of pre-Bolshevik debts to that
country on a basis of equal terms.
Meanwhile, the sending of a trade delegation to America and the establishment of American consulates in Vladivostok and Odessa have temporarily been held up due to the stalemate.
Resolutions Adopted by United States Chamber of
Commerce Urge Removal of Restrictions Preventing
Normal Banking Operations—Also Urges Modification of Securities Act and Stock Exchange Control
Bill — Favors International Silver Agreement —
Finds New World Valuation of Dollar Impetus
to Export Trade.
The modification of legislation "to permit commercial
banks, as part of their normal banking operations, to participate in the underwriting of capital issues" was urged in the
May 12 1934
resolutions adopted by the Chamber of Commerce of the
United States at the concluding session, on May 4, of its
annual convention, held in Washington. As to the bill fur
Federal regulation of stock exchanges, the Chamber refers
to the legislation originally proposed as having gone "far
beyond the exchanges and their members, extending . . .
to every investor in any corporate security." While noting
the measure has been modified, the Chamber observes that
"much additional improvement should be made in the pending legislation."
In another resolution, Congress is urged to adopt as soon
as possible in the present session amendments to the Securities Act"which will overcome its effect in retarding the legitimate transactions in securities." Stating that implied approval of President Roosevelt's reduction of the dollar's gold
content was given in a resolution on promotion of export
trade, a Washington dispatch, May 4, to the New York
"Times" added:
The resolution referred to the "new world valuation of the dollar in more
appropriate ratio to other currencies."
The Chamber approved the Administration's program of reciprocal trade
agreements with foreign countries, and urged passage of the Tariff Bargaining bill, but recommended "due regard for the essential principle of reasonable protection for American industries."
All agencies expending public money under the emergency program should
be brought under one central control, another resolution recommended.
The Chamber said there should be legislation requiring "the same truthfulness in advertising, with respect to foods, drugs and cosmetics, as in the
labeling of articles to which Federal labeling laws apply," but pointed out
that "the value of proper advertising as an economical and efficient means
of distribution should be maintained as in the public interest."
Observing that the delegates to the convention closed their
appraisal of the New Deal with a firm declaration against
regimentation of American life and infringement of traditional individual liberties, United Press advices from Washington, May 4, to the New York "Journal of Commerce," in
part, continued:
With this generalized exception, the findings of the United States Chamber
of Commerce, embodied in more than a score of resolutions adopted at the
final session, avoided criticism or approval of basic Roosevelt Administration policies.
The resolutions pleaded for fairer taxation, modification of the Securities
Act, strengthening of the bankruptcy laws, prevention of Government competition with business, and abolition of the permanent bank deposit insurance plan. Of the fundamental principles of NRA, AAA and other keystones
of the recovery program, there was no general criticism.
Pursues Middle Course.
The Chamber's findings thus held to a middle course between the views of
its leading spokesmen, who in addresses through the week had lauded and
assailed Roosevelt policies. The President's message last night, warning
that the people "will be impatient of those who complain and of those who
hold out false fears," may also have influenced the moderate tone of the
resolutions.
In part, the declarations of the Chamber follow:
Banking Legislation.
The problems before banks, their depositors, and all who use their facilities
are of immediate public importance. Their proper solution will confer wide
benefits. We mention specifically some of the steps which should promptly
be taken through legislation.
Insurance of Bank Deposits.
We urge the immediate passage of legislation which will extend the operations of the temporary plan for insurance of deposits under which more than
95% of the depositors in insured banks now receive full protection upon their
accounts. The present law providing for a so-called permanent plan should
be repealed. It is unsound and desttructive in its character.
Removal of Restrictions.
It is in the interest of business recovery that recent legislation should be
modified to permit commercial banks, as part of their normal banking operations, to participate in the underwriting of capital issues as well as to allow
such banks to make short-term advances in connection with underwritings.
The enforced liquidation of security affiliates of banks by June 16 1934 is
productive of unnecessary losses, is deflationary in character, and should be
postponed for a reasonable time to permit of its more orderly accomplishment. There should be careful redefinition of the term "affiliate" so as to
exclude such accidental affiliate relationships of banks as are acquired for
temporary purposes or result from casual holdings of bank stock by other
corporations not engaged in banking. Present requirements for the submission and publication of unnecessary reports of affiliates should be modified.
In order that men of integrity and sound business judgment may not be
compelled to relinquish positions in institutions where their counsel is
needed, the Federal Reserve Board should be given authority to permit, in
its discretion, an officer or director to act as such in both a bank and a
business enterprise which may in connection with its nortnal business operations have occasion to make some loans.
Provisions for cumulative voting by shareholders of a National bank should
be repealed in the interest of equitable and orderly procedure, and such a
bank should be permitted to vote shares of its own stock held by it as
trustee. In order that all bank stock may carry the same liability, there
should be legislation to eliminate double liability upon all shares of National
bank stock and State governments should consider similar action with respect
to all shares of State banks.
Corporate Securities.
Reasonable regulation of securities exchanges, and their members, this
Chamber has not opposed. We emphasize, however, that the public interest
requires recognition in such legislation, and in its administration, of the
necessity of permitting the public exchanges to operate usefully in performing functions of the widest public importance.
Legislation which was originally proposed in Congress, however, transgressed these principles, and went far beyond the exchanges and their mem-
Volume
138
Financial Chronicle
hers, extending to banks everywhere in the country, to every corporation,
large and small, although the owners had never thought of listing securities
upon an exchange, and to every investor in any corporate security. After
extensive hearings, the measure has been modified, although the scope of its
provisions has not yet been made clear.
That such legislation should not be extended into fields where there is no
clear justification should be axiomatic, and that it should not contain provisions which are not definite and understandable by legislators and the
public would seem obvious. However, much additional improvement should
be made in the pending legislation, the importance to the Government and
the public of proper administration makes appropriate a Federal agency devoted entirely to the supervision of matters relating to securities. Upon
the earnings of business corporations the Government depends for a large
part of its tax revenues, and a great part of the savings of the country are
dependent for their security. Upon the increased acstivitiea of these corporations the country depends chiefly for re-employment. Recovery depends
largely upon freedom of issue and distribution of sound corporate securities.
Securities Act of 1933.
The fact that normal means of financing legitimate business enterprises
are made unavailable through governmental action furnishes no justification
for resorting to public funds provided through public agencies for the financing of such private interests. The logical step and the only one consistent
with the public interest is to remove existing impediments to honest enterprise.
It has been amply demonstrated that such impediments have been caused
by provisions of the Securities Act of 1933 that are aside from and unnecessary to those essential remedial purposes of the statute which are praiseworthy and merit the support of the business world.
The Securities Act of 1933 is so restrictive as to make practically impossible much financing that is necessary for economic recovery and for the
orderly conduct of business enterprises of high integrity, while laying, at the
same time, a heavy burden of expense and delay upon the issuance of permissible securities. This measure, originally introduced "to afford protection
to the public with the least possible interference to honest business," has
affected adversely industries of the country not engaged in the business of
dealing in or creating securities, as well as those related to financing
facilities.
Congress should adopt as soon as possible in the present session amendments to the Act which will overcome its effects in retarding the legitimate
transactions in securities necessary to provide for the continuance and further development of those facilities of production and distribution through
which a large proportion of the population receives its gainful employment
Such amendments should provide, with other things, for the modification
of the nature, extent, and duration of the liabilities, civil and criminal, which
the Act imposes upon officers, directors, underwriters, and experts not only
for their own acts, but for the acts of others and for conditions beyond their
control, and thus relieve normal business practices and prudent and efficient
management from the impracticable requirements and unnecessary punitive
features of the present Act. Time-honored defenses of good faith and proper
Intent, employment of ordinary business caution, and reliance upon reports
of qualified experts should be definitely sanctioned as applicable in civil
and criminal proceedings authorized by the terms of this statute. Requirements as to registration statements and prospectuses should be simplified,
unnecessary provisions eliminated, and emphasis placed upon essential facts
having a proper relation to security values.
Silver.
This Chamber has steadily maintained that only international action can
successfully deal with silver in its monetary uses. The unquestioned benefits
of the two international agreements
of the past year confirm the soundness
of this position with respect to metal existing in large
a
supplies. In these
international agreements the United States had a leading part, and it is now
proceeding to carry out its obligations in a manner which gives our own
silver producers a price more than twice the price which
prevailed in the
recent past. The progress which has been made through previous
conferences
augurs well for the possibilities of further international
agreements.
Individual Rights.
Legislation is coming forward in Congress which raises fundamental
questions. As yet this legislation has been formulated with
respect to several
fields of agriculture, and is based upon penalizing taxes
for those who, whatever their circumstances, use their lands for production,
even production for
local consumption, contrary to official decisions. Such
legislation, if attempted in one field, may very well be extended to all
parts of agriculture,
all forms of business enterprise,
and even to occupations and employment.
The difficulties of some of the problems with which
the Federal Government has undertaken to deal cannot justify legislation
of this kind, whether
It is represented as temporary or as permanent.
The rights which are guaranteed to American citizens, and which
they cherish, should always assure them
protection in their lawful occupations and lawful enterprises
upon the fallible judgment of persons in official positions. from reliance
It is this protection which has permitted, that initiative, that
ambition, and that effort
which has characterized our life and which has given us
our distinctive standards, our high level of general welfare,
and our national wealth.
Promotion of Export Trade.
Our Government should continue
active support of our foreign trade. The
endeavors of our business houses
and citizens in finding new markets for the
products of American agriculture and industry should
h..onstantly supplemented by efforts of our Government representatives
abroad, especially in
the direction of removal of restrictions bearing heavily
or with discrimination upon Atnerican products and with respect
to existing barriers preventing
prompt payment for our overseas shipments.
The new world valuation of the
dollar, in more appropriate ratio to other
currencies, has given impetus to our export
trade. Stabilization of the
dollar, which will permit long-term international
trade contracts, will be
of further assistance. The efforts of the Department of
State, looking to the
conclusion of reciprocal tariff agreements, should be
continued, with due
regard for the essential principle of reasonable protection for
American industries. The pending legislation, which would confer new powers
upon the
President to enter into trade agreements, can have beneficial results
if the
provisions already added, including opportunity for interested
industries to
be heard before their situation is changed, are supplemented with
a provision
assuring our industries that they will not be placed at disadvantage
in their
home market.
In the interest of American foreign trade, as well as for purposes of
national defense, the support which the Government is according
to the
American merchant marine should be continued. Any withdrawal of the
support which permits the present standards of efficiency and service would
be contrary to the public interest and would militate against the economic
recovery for which all efforts should be marshaled.
3207
Federal Taxation.
The essential characteristic of a revenue Act passed by Congress should be
provision of an adequate amount of revenues through fair and equitable levies.
It should reflect no discriminations based merely on the forms of business
organization or on type of income. The income tax should always be levied
upon real income in the ordinary and generally understood meaning of the
term. Taxation of gains should be accompanied by corresponding opportunity for deduction of losses. Accepted accounting and business practice
agree that real net income of a group of closely affiliated corporations utilized
in the conduct of a business is the net income of the group as a whole, and
this income should be the basis for tax liability. Denial of the right to file
consolidated returns would result in harassment and unfairness to taxpayers
and increase in administrative difficulties for Government officials, with no
ultimate increase in revenues. No such denial should be put into effect with
respect to any part of a taxable year which has passed. If every other
consideration with respect to such returns is ignored, there at least should
be prompt action by Congress to prevent the denial from being effective as
to the current taxable year.
Wheat Processing Tax.
Experience with the exemption from the processing tax paid on wheat to
farmers who exchange their wheat for flour has demonstrated that unexpected
and unintended consequences are resulting from this exemption. These consequences have effects in such disturbance of marketing of grain and marketing of flour that the exemption should be repealed. The inadvisability of
exemptions from a tax, if a tax is to be levied, has again been evidenced.
* Government Competition.
This Chamber has long advocated that our Federal, State and local governments should refrain from entering any field of business which can be successfully conducted by private enterprise. Increased employment and purchasing power an best be attained by affording industry and business every
legitimate facility and opportunity to pay adequate wages and to earn reasonable profits without competition from Government agencies.
Government agencies engaged in competition with private enterprises
should refrain from every form of unfair competition. Operation without
knowledge of true costs is, on the part of a Government agency, not only
unfair to private competitive industry, whether the competition is direct or
is by comparison, but causes aggravated detriment to the public through unjustifiable expenditures and all of the evils which result. There should be
Immediate legislation requiring governmental agencies engaged in competition with private enterprise to use established cost-accounting methods under
all circumstances in which they would be used in accordance with the established practices of private management.
Railroad Rate Policies.
Simplification and unification of classification ratings should be worked
out by the railroads in co-operation with shippers and with the assistance
of the Inter-State Commerce Commission. Greater flexibility in railroad
rates should be secured through due recognition of competitive and market
conditions as well as distance or cost of service. Greater responsibility for
railroad rates should be placed upon the railroad managements. The regulating authorities should recognize the propriety of varying rates as may be
shown to be reasonably necessary to meet competitive or market conditions
or competition of other forms of transportation without unfair discrimination
against intermediate localities. The fourth section of the Inter-State Commerce Act should accordingly be restored to the form which it had between
1910 and 1920, with suitable provisions to assure prompt decisions by the
Commission. The statutory period for advance notice before the effective
date of new rates should be reduced. The law should be amended to permit
simplification and expedition of procedure in rate cases, and the maximum
suspension period should be reduced to not more than three months.
Railroad Consolidation.
Congress should adhere to a policy which contemplates the maintenance
of railroad transportation as the central part of our transportation system
and which encourages only voluntary consolidation of railroad properties BB
consolidation is justified through increased economic efficiency.
Group Asks Change in Long-Haul Rule—Men Representing Traffic, Labor and Railroads Ask the
Aid of President Roosevelt—Revision of Law
Sought.
Modification of the long and short haul provisions of
the Inter-State Commerce Act to permit a greater flexibility
of railroad rates for the purpose of competing with highway
and water transportation was recommended to President
Roosevelt on May 4 by a committee of factors in railroad
transportation, according to the New York "Times" which
further stated:
The railroads are not prevented by the Act from charging less for long
hauls than the aggregate of rates to intermediate points within the longhaul territory, without specific authorization by the Inter-State Commerce
Commission.
A memorandum handed to the President on behalf of
the group by Fred M. Renshaw of Buffalo read:
p The major question involved is whether or not, in order to meet competition, railroads shall be permitted to make rates lower for the movement
of traffic for long hauls than for shorter intermediate hauls—this only to
be done when necessary to meet the competition. This is necessary in order
that railroads may meet the competition of water and highway competitors
without needless sacrifice of revenue.
At present the carriers are unable to make such rates, except that in
special cases the Commission may authorize exceptions to this rule, but
it has to determine that the rate is reasonably compensatory, and has
besides the cumbersome and unnecessary limitation in comparing the
short with the longer routes..
The committeeTwhich called ruponYthe President with
the recommendations consisted of the following:
P Representing the National Industrial Traffic League.—William P.
Libby of North Plymouth, Mass.; J. P. Haynes, Executive Vice-President,
Chicago Association of Commerce; Fred M. Renshaw, Traffic Commissioner, Buffalo Chamber of Commerce.
10 Representing Railway Labor Executives Association.—John T. Corbett,
National Legislative Representative, Brotherhood of Locomotive Engineers; B. M. Jewell, President, Railway Employees Department; George
M. Harrison, President, Brotherhood of Railway Clerks; W. D. Johnson.
3208
Financial Chronicle
Vice-President and National Legislative Representative. Order of Railroad Conductors; James Farquharson, National Legislative Representative,
Brotherhood of Railroad Trainmen; A. J. Lovell, Vice-President and
National Legislative Representative, Brotherhood of Locomotive Firemen
and Engineers.
Representatives of Railroad Managements.—Paul Shoup, Vice-President,
Southern Pacific, and S. T. Bledsoe, President of the Atchison Topeka
& Santa Fe Ry.
President Roosevelt Receives Check for One Million
Dollars to Be Used in Caring for Infantile Paralysis
Victims—Money Represented Proceeds of Birthday Balls.
President Roosevelt received on May 9 a check for $1,003,030.08, which will be used in caring for sufferers from
infantile paralysis. The check represented the proceeds of
more than 5,000 balls which were held throughout the
United States on his birthday anniversary on Jan. 30 of
this year under the auspices of the National Committee for
the Birthday Ball of the President. The celebration was
described in our issue of Feb. 3, pages 787-788. In accepting the cheek on May 9 the President spoke in acknowledgment and described three uses to which"the money would
be put under the auspices of the Warm Springs Foundation.
A Washington dispatch May 9 to the New York "Times"
reported the President's speech as follows:
In his speech the President repeatedly thanked those Nato contributed
to the fund on behalf of sufferers from infantile paralysis, whose total he
estimated at 200,000, and said that messages to him showed that interest
aroused by the ball caused many other persons to assist local orthopedic
institutions.
He apologized for reading a prepared address, but said that since his
remarks would be read in newspapers throughout the country he did not
wish to rely on an extemporaneous address.
"Modern medical science has advanced so far," he said, "that a very
large proportion of those who for one reason or another have become crippled
can be restored to useful citizenship. It remains, tehrefore, only to spread
the gospel in every part of the nation to enable us to make the same relative
progress that we have already made in the field of tuberculosis."
With this aim in view the Warm Springs Foundation, established seven
years ago, had worked not only as an individual institution devoted solely
to victims of infantile paralysis, but also to co-ordinate the work in fighting
this disease, which accounted, he said, for probably a third of all persons
crippled, aside from those injured in accidents.
To further the campaign the President established as a first separate
fund from the check's proceeds $100,000 to stimulate co-ordination.
As a second he ordered the setting up of a $650,000 fund for "the furtherance of the present work of Warm Springs," and the remainder of the check,
$253,030.08, was set aside "for building, maintenance and contingencies
of the foundation."
Secretary of State Hull Calls Upon United States to
Lead Fight Against War—In Address Before Cumberland University Alumni He Cites "Volcanic
Conditions" in Many Countries.
The United States should lead the nations of the world in
the promotion of international peace, Secretary of State Cordell Hull declared May 5 in an address in Washington, before
the Alumni Association of Cumberland University, of which
he is a member. Mr. Hull said that many nations are "feverishly arming," and are taxing their citizens to pay for huge
military madhines which may lead to war. He added that
while there are no signs of immediate war, "seriously volcanic conditions exist in many parts of the world." College
students in this country, he said, should pave the way in promoting peaceful doctrines. We quote below in part from his
address:
The late war was supposed to have been waged to make the world safe for
democracy. It is paradoxical to observe that since the war political systems
on which popular government has rested have been toppling in every part
of the world, while dictatorships have sprung up overnight in their stead.
Nations everywhere are steadily narrowing their visions, their policies, and
their programs.
The entire political, economic, social and moral affairs of most parts of
the world are unquestionably In a more or less chaotic condition. Most standards of conduct, both individual and international, have been seriously neg.
lected and impaired.
In my judgment, this nation will continue as in recent months to offer
wise, sound and efficient leadership with suitable programs for political, economic, social and moral rehabilitation.
We must revive some of the spirit of hardihood and determination which
sustained those who came to this continent, conquered the wilderness and
erected our marvelous free institutions. It becomes all-important to this end
that the nation restore its humanitarian, moral and spiritual values.
Chief Justice Hughes Issues Rules Designed to Speed
Criminal Cases and Keep Offenders in Jail.
Chief Justice Charles E. Hughes of the United States
Supreme Court on May 7 promulgated new rules of Federal
court procedure designed to insure the speedy arrest and
imprisonment of criminals and to keep them in jail pending
trial. The new rules supplement bills before Congress which
were also drafted to enable the Federal Government more
effectively to fight organized crime and banditry. United
Press advices from Washington May 7 summarized the new
rules of procedure as follows:
The new Federal court rules require that when a criminal is convicted
of one of these or any other Federal offense, sentence must be imposed
May 12 1934
at once, with a bare allowance of time for the authorities to look up his
record.
All motions for a new trial or arrest of judgment must be made in three
days after conviction, and notice of appeal filed in five days after such
motions are decided.
Moves for a retrial on the ground of new evidence, a valuable trick in the
legal bag, must be made in 60 days after final judgment.
While this maneuvering is going on, the criminal must remain in jail
unless the trial judge thinks he has raised a meritorious question in his
appeal.
Circuit Courts of Appeal, generally slow moving, hereafter will operate
under instructions to give the right of way to criminal cases. These courts
may consider the appeal on a motion for dismissal on five days' notice
after the appeal has been filed.
Internal Revenue Collections for First Nine Months
of Fiscal Year $1,962,339,156—Increase of $797,917,249 Over 1932-33 Period—Revenues from Beer
and Liquor Showed Sharpest Rise.
Internal revenue receipts for the first nine months of the
current fiscal year amounted to $1,962,339,156, an increase
of $797,917,249 over receipts for the nine months ended
March 31 1933, according to figures made public by the
Treasury Department April 26. Increases were general
throughout the various tax classifications, but were most
marked in miscellaneous internal revenue, including the
liquor, beer, wine and excise taxes. Income taxes also
showed an advance.
Tobacco taxes formed the chief source of miscellaneous
internal revenue, amounting for the nine months to $308,869,680, an increase of $25,697,381 over the total in the
corresponding period of the preceding fiscal year. Stamp
taxes brought $55,170,100, a gain of $14,932,705; the manufacturers' excise tax $298,933,569, a gain of $120,081,615,
and miscellaneous taxes $72,250,060, an increase of $6,270,382. Liquor and beer taxes totaled $172,066,010, a gain
of $165,845,601. The comparative totals of all internal
revenue .receipts for the first nine months of the current
fiscal year and changes as compared with the ,corresponding
period of the previous fiscal year follow:
Receipts
Increase or
Jury 1-March 31
Source—
Decrease.
2280,741,114 —222,080,172
Corporation tax
305,272,118
Individual Income tax
43,044,346
686,013,232
Total income tax
20,984,173
1,123,234,040
Miscellaneous internal revenue
523,841,992
253,091,083
Processing taxes
253,091,083
Comparisons for the stamp, manufacturers' excise, miscellaneous and processing
classifications follow:
Stamp Taxes (Not Elsewhere Enumerated).
July 1 1932 to Mt,1 1933 to
March 11933, March 31 1934.
Source—
Bonds of indebtedness,Issues of capital stock, deeds
of conveyance,&c
812,180,224.87 $11,944,265.33
.
Capital stock and similar Interest sales or transfers 2^,
Sales of produce (future delivery)
3,210,150.10
Playing cards
3,628,710.18
190,590.44
Use of yachts and boats (domestic and foreign)...
160,457.83
17104:70 1213:271:11
Total
240,234,394.76 $55,170,100.61
Manufacturers' Excise Taxes.
Lubricating oils
3,617.40 218,354,934.44
Brewers' wort, malt, grape concentrates. &o
4,224,908.62
2,644,988.87
Matches
1.577.477.36
5,579,675.08
Gasoline
93,243,898.48 163,130,816.49
Electrical energy
20.269,153.81 25,283,292.66
Tires and inner tubes
10,030,615.58 21,384,443.71
Toilet preparations. arc
6,945.114.24
8,140,927.93
Articles made of fur
8,532,626.76
6,582,476.47
1:179 964:83
Jewelry(watches,clocks,opera and field glasses,are.) 2 348:2 64
3 53:4921:08
3:0729 98 69
Automobile trucks
Other automobiles and motorcycles
7,788,687.83 19,460,733.68
Parts of accessories for automobiles
2,702,043.94
3,997,575.40
Radio sets, phonograph records. &e
1,791,782.27
2,530,189.33
Mechanical refrigerators
Sporting goods
Fire arms, shells and cartridges
564,042.32
1,808,723.57
Pistols and revolvers
27,529.03
Cameras and lenses
125,925.37
Candy and chewing gum
3,065,535.55
3,717.8472..24
2353 380.431
9; 93 2
Soft drinks
3,116,178.19
3,732,408.51
111002 M2;:titg:
Total
8178,851,954.19 8298,933.5037
Miscellaneous.
Telephone, telegraph, radio and cable facilities,
leased wires, 2th
$10,549,346.49 214,698,342.39
Transportation of oil by pipe line
5,174,727.57
7,743,109.40
10.9es of safe deposit boxes
1,717.480.59
2,078,238.82
Checks, drafts or orders for the payment of money 29,322.245.81, 30,810,234.98
Admission to theatres, concerts, cabarets, dre
12,429,967.12 10.882,387.20
Club dues and initiation fees
5,031,789.58
4,290,1371.85
Adulterated and process or renovated butter, mixed
flour and filled cheese
13,096.11
12,083.28
Oleomargarine, Including special taxes
1,047,179.84
1,174,833.66
Narcotics,including special taxes
234,465.07
272,682.31
Collections on account of prohibition enforcement,
including penalties, fines, offers in compromise, 2th
412,053.05
273,245.13
Delinquent taxes collected under repealed laws
43.880.03
516.42
Receipts from other miscellaneous sources
4,254.72
18,562.98
Total
865,980,485.98 872,250,888.40
Agricultural Adjustmeat.
Import compensating floor and processing taxes
Wheat
885,643,277.78
Cotton
113,440,098.40
Tobacco
11,664,282.16
Field corn
2,911,088,02
Hogs
32,676.231.47
Certain paper and jute fabrics
5,221,213.62
Unclassified processing, dzo.,, collections
1,334,892.00
Total
8253,091,083.45
The total of internal revenue collections for the month of
March was $390,352,847. This compared with $242,464,384 in March 1933. Income taxes in March brought $228,525,628 against $176,259,368 in March 1933.
Volume 138
Financial Chronicle
Vast Amounts of Unemployed Capital Awaiting Opportunity For Re-investment Seen By J. S. Bache
& Co.
Vast amounts of unemployed capital await the opportune
time for reinvestment and at the best rate of return possible,
according to J. S. Bache & Co. who, in a discussion entitled,
"Money Eventually Goes Back to Work," state that with
increasing funds available for investment, lower yields than
those now obtainable appear inevitable. "We venture to
prophesy that such return will be much below the yield
obtainable were the money invested at the present time,"
says the firm, which goes on to say:
England preceded us in going off the gold basis by 134 years, with the
net result to-day that England has reduced by one-third the carrying
charges on her National debt; in the same way her railroads, utilities and
industrial corporations have effected great savings in interest charges due
to the fact that England was flooded with idle funds that eventually had
to be reinvested—and then at a lower rate of Interest.
The facts to keep in mind are that United States investors will not
reinvest in foreign securities, which formerly took billions of dollars out
of the country, and will only invest in sound domestic enterprises that are
ably managed.
Better operations and the outlook for increased corporation profits have
already stimulated dividend disbursements with the indication that such
a tendency will reach considerably larger proportions. With a plethora
of funds available for investment, with new financing still at a minimum,
with new monies distributed in the form of dividends and interest steadily
mounting, what return can capital look forward to as the years progress?
Already the return available on bank deposits is negligible. An evernarrowing yield has rewarded the search for high-grade investments during
the past half year. It is a reasonable assumption that this tendency will
continue,spreading in orthodox steps from one class of security to another.
Ultimately, a yield of 3% will seem relatively attractive, with money
eventually compelling investments in sound equities where a suitable
return can be received.
Factors Expand Facilities—James Talcott, Inc.,
Announce Affiliation With Barnard, Phillips
Factors, Inc.
It is announced that James Talcott, Inc., factors since
1854, have consummated arrangements for taking over
the entire business of Barnard, Phillips Factors, Inc.,
specialists in the factoring of textile accounts. The latter
organization, it is stated, will continue to operate as a separate unit, looking toward a possible closer relationship.
J. Frederick Talcott, President, in commenting on this
development, said:
Our policy since inception, has been to provide a personalized service to
the textile and allied industries through the functioning of a complete and
efficient organization for checking credits and financing accounts receivable.
The past year has been profitable as a whole in the textile industry and has
also evidenced a milestone of progress in the factoring business. We look
with optimism to the future and herald the extension of our facilities resulting from the new relationship with Bernard, Phillips Factors, Inc., as an
epoch in our business history.
Benjamin Ernstein, President of Barnard,Phillips Factors,
Inc., discussing the new arrangement, said:
The affiliation will not entail any change in the policies, personnel or
method of operation. We have for many years been factors in the silk and
woolen industry, and have among our clients some of the most prominent
manufacturers and merchants in the country. Our volume each year runs
into many millions of dollars. The affiliation and co-operation of James
Talcott, Inc., to our firm should resultin a continued growth and expansion
of our business.
John McHugh, Chairman of Board of Discount Corporation, Named to Newly Created Position of Chairman of Executive Committee—Other Officers
Advance.
Announcement was made on May 10 by the Discount
Corporation, New York, that John McHugh,former Chairman of the Board, has become Chairman of the Executive
Committee, a newly created post. Mr. McHugh is succeeded as Chairman of the Board by Ernest C. Wagner,
formerly President. Dudley H. Mills, who was VicePresident and Secretary, has been elected President, and
Herbert N. Repp, formerly Assistant Treasurer, has been
made Secretary.
Federal Grand Jury Clears Former Secretary of the
Treasury Mellon of Charges of 1931 Income Tax Evasion.
A Federal Grand Jury, after a hearing in Pittsburgh, on
May 7 and 8, refused to return an indictment against former
Secretary of the Treasury Andrew W. Mellon, who had been
charged by Attorney-General Cummings with attempted evasion of 8710,144.27 in income taxes for the year 1931. The
Jury deliberated five hours, and heard the testimony of five
witnesses, including three Government accountants and tax
experts and two banking officials, and then returned the
charges with the notation, "Not a true bill." Mr. Mellon
himself, in a statement issued May 4, in which he said: "I
owe the Government no additional taxes. I have overpaid,
not underpaid, my taxes." After the Grand Jury had announced its finding, Mr. Mellon issued the following statement, on May 8:
3209
I am, of course, gratified that I have been exonerated by a jury of my
fellow citizens.
The fact that the Grand Jury reached a sound conclusion, notwithstanding
the unusual methods pursued in my case, is proof of the good sense and fairness of the American people.
The Government, in its charge, asserted that Mr. Mellon:
Unlawfully, willfully, knowingly, feloniously and fraudulently did attempt
to defeat and evade an income tax upon his net income for the calendar
year 1931.
Mr. Cummings on May 8 made the following comment when
informed of the Grand Jury's failure to indict:
It was for the Grand Jury to say whether or not the facts disclosed, and
fairly and impartially submitted, required further proceedings. Evidently
they reached the conclusion that there was not sufficient evidence of improper motive to warrant an indictment. This was a function entirely within
their province and there is no disposition to challenge the result.
Very few people, I imagine, were seriously misled by Mr. Mellon's statements, which were evidently timed so as to be current while the Grand Jury
had his case under consideration. There is no reason, however, to believe
that these highly improper assertions affected the result.
The simple truth is that he was treated like anyone else in a similar
bituation.
Associated Press advices, May 8, from Pittsburgh, listed
the figures furnished the Grand Jury by the Government as
follows:
The jurors had figures before them showing Mr. Mellon paid a personal
income tax of $645,703 on a net income of $5,552,874.56.
A table purporting to show his gross income for 1931 was presented by
the Government. It follows:
Salaries, wages, commissions, &c., United States Government, $15,000.
Interest on bank deposits, notes, corporation bonds, &c. (except interest
on tax-free covenant bonds), $1,187,854.93.
Interest on tax-free covenant bonds upon which a tax was paid at source,
$72,601.58.
Rents and royalties (loss), $139,421.02.
Loss from sale of real estate, stocks, bonds, &c., $552,968.56.
Taxable interest on Liberty bands, &c., $1,965.63.
Dividends on stock of domestic corporations, $6,102,497.05.
Other Income.
Refunds, $2,226.40.
Foreign interest, $57,184.21.
Improvement leases, $11,768.90.
Gross income (exclusive of capital net loss claimed), $6,758,707.12.
Items of Deduction.
Interest paid, $672,432.58.
Taxes paid, $99,453.32.
Contributions, $340,079.37.
Other deductions authorized by law, $93,867.29.
Total deductions, $1,205,832.56.
Mr. Mellon, in the statement issued May 4, denounced the
Government's action as "unprecedented and unwarranted,"
and said it was an effort "to discredit me in connection with
either my administration of the Treasury or my tax affairs."
He characterized the m..ve as "an attempt to regularize a
campaign of terrorism with the tax law as a weapon." Mr.
Mellon's statement read as follows:
I am advised that my tax affairs are to be brought before the Federal
Grand Jury here next week, but I am as much in the dark as ever as to
any grounds which the Attorney-General can possibly have for such extraordinary action in my case.
The Attorney-General has announced that he is acting under a new tax
policy of sending to the Federal Grand Juries income tax cases which under
long-settled practice and in accordance with Acts of Congress would have
been disposed of in the Treasury Department.
Later he announced that voluntary offers of settlement had been accepted
in a number of cases, based on payment of deficiency tax, interest and penalty,
and that Grand Jury proceedings in these cases had been dropped.
In so far as I am concerned, I wish it to be clearly understood that I have
made no such offer of settlement and never intend to make one. I owe the
Government no additional taxes. I have overpaid, not underpaid, my taxes.
Under the circumstances, I should lose my self-respect if I submitted to
an unjustifiable tax merely to avoid having my case sent to the Grand Jury
by officials who have refused so far to give me any hearing or even to
acquaint me with the grounds for Grand Jury proceedings.
If there is such a Federal tax policy as the Attorney-General has announced,
it is nothing more than an attempt to regularize a campaign of terrorism
with the tax law as the weapon, and most assuredly it does not excuse the
action of the Attorney-General himself, who for months has been issuing
public statements about my tax affairs, regardless of the gross impropriety
of thus attempting to prejudice the ease of a taxpayer under investigation for
later trial by the courts. . . .
As previously stated, I am still completely at a loss to know what possible
grounds there can be for sending my tax affairs to the Grand Jury.
More than two weeks after the Attorney-General first announced that he
was taking such action in my case, the Treasury sent. me a letter, asserting
that an additional tax of $1,319,080.90 and a penalty of $659,540.45 are due
from me, in addition to the quite substantial amount of tax already paid
for the year 1931.
Not only was this amount arrived at in the most arbitrary and capricious
manner, but the Treasury's letter did not state any reasons which would
justify Grand Jury proceedings. . . .
I am taking an appeal to the United States Board of Tax Appeals and
expect to eseablish not only that there is no additional tax due but that / am
entitled to a refund of part of the taxes I have already paid. Under the course
which the Attorney-General has taken it is impossible for this appeal to be
determined until after my case is brought before the Grand Jury.
Furthermore, under Grand Jury proceedings, I am not allowed to be represented by counsel or to present evidence to controvert any charges which
the Attorney-General may choose to make.
By such tactics an attempt is being made to indict me for not paying a
tax that has never been assessed or legally determined. The unfairness, not to
speak of the animus, of such a procedure is obvious.
I want no adjustmant of my taxes that is not entirely within any legat
rights. But, most important of all, I want an end put to the long campaign
3210
Financial Chronicle
of vilification that has been carried on and my name cleared of the unwarranted charges which the Attorney-General has seen fit to bring against me.
Samuel Insull, Extradited from Turkey, Held Under
$200,000 Bail on Charges Alleging Use of Mails to
Defraud-Former Utilities Operator Denied Writ
Defraud-Former Utilities Operator Released After
Furnishing Bail.
Samuel Insull, former mid-Western utilities operator who
remained for almost two years in exile abroad, returned to
the United States May 7 under extradition from Turkey.
tie was brought back to this country in custody and immediately after the arrival of the vessel in Quarantine was
taken off in a Government cutter and escorted to Chicago.
There he was arraigned on May 8 before Federal Judge John
P. Barnes,charged it is stated with using the mails to defraud
incident to the collapse of his utilities properties. Judge
Barnes held Mr. Insull in $200,000 bail, and when his
attorney was unable to provide this amount Mr. Insull was
imprisoned in Cook County jail. His attorney claimed that
the bail set was excessive, and appealed for a writ of habeas
corpus. Judge William M. Sparks, of the United States
Circuit Court of Appeals in Chicago, on May 10 denied the
writ, remarking, "I do not want to make this Court of
Appeals attractive for such petitions." Forrest A. Harness,
Special Assistant Attorney General, said on May 10 that
the- Government would show that frauds involving $100,000,000 were committed in the mail fraud case and that the
sum of $2,000,000,000 was involved in alleged mishandling
of assets in anticipation of bankruptcy.
Yesterday (May 11) Mr. Insull provided the required
$200,000 in bail and was released from custody, but was
immediately rearrested on charges preferred by the State
of Illinois. He was released on these charges after furnishing
bail in the amount of $50,000.
Mr. Insull, on his arrival in New York May 7, issued a
formal statement in which he said that he had made "errors
of judgment, but not dishonest manipulations." He declared
that when he has told his story in court "my judgment may
be discredited, but certainly my honesty will be vindicated."
Mr. Insull's statement follows:
I am back in America to make the most important fight of my life-not
only for freedom but for a complete vindication.
Two years ago when I left this country there were no charges against me.
When I left, companies which over a period of 40 years I had helped
build were in the process of reorganization. The terrific stresses of the
depression and the mistakes which I made in an honest effort to protect
the companies and the investors in them made a reorganization necessary.
Arbitrarily, I had been instructed to resign as the head of these companies
which I had built and which I had tried to protect.
I was told that I was no longer needed. Tired from the fruitless struggle
to save the investment of thousands of men and women, discouraged in my
attempts to defend the investment of my friends and associates, as well as
everything I had, I got out.
I wanted to rest. I knew that the work of reorganization by the new
management of the companies from which I had been asked to resign would
be hampered if I remained. Policies and administrative plans were being
altered to meet conditions I had not foreseen. The new management was
entitled to a free hand, unembarrassed by any suggestion from me.
No charges were brought against me until I had been away for three
months. My return at that time would have further complicated the
problems of the reorganization of the companies.
Charges against me grew out of my business operations. My trial, I felt,
prior to a reorganization and readjustment of the companies' troubles,
would hinder this reconstruction. This, to me, was far more important
than my fate, because It affected the investment of thousands of people.
Then, too,from my own point of view, I was confident that my trial would
be simplified if all the facts about the companies were known first and their
reconstruction was well under way before I was forced to face charges
which had been placed against me.
I have erred, but my greatest error was in underestimating the effect of
the financial panic on American securities and particularly on the companies I was working so hard to build.
I worked with all my energy to save those companies. I made mistakes,
but they were honest mistakes. They were errors in judgment, but not
dishonest manipulations.
The whole story has not yet been told. You only know the charges of the
prosecution. Not one word has been uttered in even a feeble defense of me.
And it must be obvious that there also is my side of the story.
kb When it is told in court,my judgment may be discredited, but certainly
my.honesty will be vindicated.
George F. Baker Left Gross Estate of $77,520,652
Security Holdings of Banker Were Worth $75,863,302 at Time of His Death in 1931-Present
Market Value Estimated at $52,095,761.
George F. Baker, founder of the First National Bank of
New York, who died May 2 1931, left gross assets of $77,520,652, it was revealed by a 'transfer tax appraisal made
public May 4. The net estate at the time of Mr. Baker's death
was $73,209,683, and upon this amount the State of New York
will collect a tax of $11,180,989, while the Federal Government receives the remainder of a tax of $13,728,583. The bulk
of the net estate was bequeathed to Mr. Baker's son and two
daughters. The daughters, who each received $5,000,000, are
Mrs. Evelyn S. St. George and Mrs. Florence Loew. The son,
May 12 1934
George F. Baker Jr., received the residue and personal effects
valued at $656,000. The chief assets of the estate consisted
of stocks and bonds, which were valued at $75,863,302 as of
the date of Mr. Baker's death. Real estate was valued at
$772,000; mortgages, notes,cash and insurance at $98,745, and
other miscellaneous property at $786,604.
The New York "Times" of May 5 estimated that the securities in Mr. Baker's estate have shrunk more than $23,000,000
in value since the time of his death, and published the following table showing the securities held, their appraisal value
as of the date of Mr. Baker's death, and their market value
on May 4 1934:
STOCKS.
Appraisal
Current
Value.
Mkt. Value.
Shares.
$3,450
$8,050
1,150 Alieghany Corporation
137,500
143,750
10,000 American Radiator
9,623,191
6,250,962
54,833 American Telephone & Telegraph
9,000
450
90 American Woman's Realty Corp., preferred
311,875
132,500
5,000 Baltimore & Ohio, common
92,875
35,062
500 Central RR. of New Jersey
86,250
161,250
5,000 Cerro de Pasco Copper
256,750
294,937
6,500 Chesapeake & Ohio
100,925
37,400
1,100 Consolidated Gas of New York, common
20,845
57,859
2,875 Continental Oil
1,787,500
820.625
32,500 Delaware Lackawanna & Western
161,334
34,611
2,233 Detroit Bankers, common
23,875
21,000
1,000 Erie, common
299,545
76,450
695 First National Bank, Chicago
40,601,000 23,460,000
14,000 First National Bank & First Security Corp
198,750
198,750
10,000 First National Bank Stock Corporation
15,000
15,000
100 Florida National Bank
450,100
255,000
15,000 Glen Alden Coal
558,000
410.750
31,000 Great Northern Ore Properties
57,250
24,625
1,000 Great Northern Railway preferred
3,189.600
3,267,000
9,000 Guaranty Trust Co
1,500
1,500
Jekyl Island Club
1
471,530
300,000
10,000 Lackawanna Securities, common
16,500
98,235
4,400 Lehigh Valley Coal Corporation
75.000
600
150 Metropolitan Opera & Real Estate Ob
13,625
27,250
1,000 Montgomery Ward & Co
125,000
225,000
5,000 New Jersey General Security Co
2,259,375
6,656,250
75,000 New York Central
17,500
17,500
250 Nightingale School Realty Corporation, A---413,437
533,250
13,500 Northern Pacific
49,888
7,367
1,684 Northwest Bancorporation
125,000
877,500
162,500 Passaic Holding Co
88,800
114,000
1,200 Pittsburgh & Lake Erie RR
8,312
1,625
500 Pittston Co., common
9,312
13,500
250 Pullman Co
30
14
1 Rutland RR., Preferred
5,200
5,200
1 Searingtown Corporation
55,937
25,625
2,500 Frank G.Shattuck Co
385,000
308,000
11,000 Southern HY,common
7,200
7,200
80 Tuxedo Bank
12,120
12,120
202 Tuxedo Securities Corporation
50,125
5,500
1,000 United Corporation
5,363,875
2,173,750
47,000 United States Steel, common
209,125
175,437
3,500 F. W. Woolworth Co
Total stocks
BONDS.
-Hudson River Bridge Ss, due 1953
$50,000 Bear Mtn.
2,000,000 Liberty 30,due 1947
Grand total
873.057,199 $49,973,261
42,500
2,038,750
42,500
2,080,000
$75,138,449 $52,095,761
Death of W. Arthur Cunningham, Comptroller of the
City of New York.
W. Arthur Cunningham, Comptroller of New York City,
died suddenly May 5 after a heart attack suffered while
horseback riding near Northport, L. I. Funeral services were
held in New York, May 8. Mr. Cunningham was 39 years
old, and had assumed office last January, following his election on the Fusion ticket. He was formerly connected with
the Textile Banking Co.
Mr. Cunningham was born in New York City in 1894. He
studied law and was admitted to the bar in 1916. When the
United States ehtered the World War he enlisted and served
as an officer overseas, returning to this country with the rank
of Major. After his return from France he was appointed
counsel to the Textile Banking Co., and was later named VicePresident. He had had no previous experience in politics
when he took office as City Comptroller, on Jan. 1. The New
York "Times" of May 6 commented on his record in that
position, as follows:
Early in February Mr. Cunningham made public full details of the city's
financial condition in a statement so clear and complete that anyone who
took the trouble to read it could be fully informed.
He found that the budget deficit totaled $30,131,331.40, and he estimated
the cost of running the city departments for 1934 at $344,715,154.16. Ile
set the tax rate at $2.56-25 points higher than in 1933, but three points
below the 1932 rate of $2.59.
Mr. Cunningham revealed that assessments totaling $28,750,000 for local
improvements had been pigeonholed by previous Administrations.
Until,his nomination on the Fusion ticket last fall, Mr. Cunningham was
virtually unknown in politics. He had made enviable records, however, as a
lawyer, banker and soldier. In the latter field he had known Major
LaGuardia, and the two understood each other well.
Mr. Cunningham did not seek office; the office sought him. He was a
dark horse in the election, and his chief opponent, Frank J. Friel, had a very
strong following.
Mayor LaGuardia, in paying tribute to the late Comptroller, said:
The loss of Comptroller Cunningham is a great loss to the City of New
York, and certainly an irreparable personal loss to me. One just would not
be human not to be tempted to disclose the fact this is a shock to me. We
will carry on.
Thomas W. Lamont, member j. P. Morgan & Co., thus
voiced his sense of loss suffered in Comptroller Cunningham's
death:
Volume 138
Financial Chronicle
In his brief administration as Comptroller, Mr. Cunningham had already
shown the qualities which had commended him for that important office to
the voters of the city. Mayor LaGuardia's Administration has suffered heavy
loss and the community a patriotic and devoted citizen.
--....—.
Special Committee to Investigate Dr. Wirt's Charges
Against"Brain Trust" Reports to House—Majority
Holds Charges Untrue But Minority Says Inquiry
Should Have Been More Thorough.
The special committee appointed by the House of Representatives to investigate charges made by Dr. William A.
Wirt, of Gary,Ind., that certain members of the "brain trust"
were working to undermine the present social order in the
United States, on May 2 made its formal report to the House.
The majority of the Committee, comprising the three Democratic members, found that Dr. Wires allegations were "untrue" and recommended that the investigation be dropped.
The two Republican Representatives on the Committee, however, disagreed with this finding, and in a minority report
they asserted that the Committee had "deliberately refrained" f
obtaining any valuable information from Dr.
Wirt, t1that the hearings it had conducted were futile.
_....._
vestment Bankers Code—Summary of Fair Practice
Provisions.
The Investment Bankers Code Committee, which was organized Feb. 12 1934 to administer the investment bankers
code under the NRA, has recently issued its first publication
—a document consisting of the code, complete with all its
amendments, official orders, and letters of transmittal, and
with a descriptive analysis of the code's fair practice amendment and a history of its preparittion. The book,of 100 pages,
was published primarily to distribute to more than 2,000
security dealers who have assented to the code, but owing to
the code's general economic importance the Educational Department of the Investment Bankers Association of America
has obtained copies for distribution to the press, to educators,
colleges and libraries and other public institutions.
It is proper to state that the code, as approved by President
Roosevelt on Nov. 27 1933, was modified by Administrative
Order on Feb. 1 1934, in order to change the number of the
Investment Bankers Code Committee from 5 to 21—this constituting the only change made in the code.
Reference to the fair practices provisions, approved on
March '23 by President Roosevelt (and adopted as supplemental to the code), was made in these columns, April 21,
page 2667; these amendments became effective April 23. Interest in the book centers chiefly in the fair practice amendment, more generally known as the fair practice provisions,
which constitutes the backbone of the investment bankers
code, and in the comprehensive explanatory comments
thereon by B. Howell Griswold Jr., Chairman of the Code
Committee; Robert E. Christie Jr., President of the Investment Bankers Association of America, and Joseph C. Hostetler, of counsel for the Code Committee.
Owing to the length of these provisions and the commentaries we are able to make room for only a summarization of
them. We may state that no abridgement could be all inclusive of so far-reaching a document. Mr. Christie, in supplying us with the following concise summary of the fair practice provisions, furnishes an able presentation of their
Import:
•
Summary of the Fair Practice Provisions.
The purpose of the code may be summarized in few words. They are:
1. To eradicate past abuses. 2. Establish fair principles and practices in
security transactions. 3. Provide effective enforcement of such principles
and practices. 4. Re-establish the greater usefulness of investment banking
as an essential part of the country's productive enterprise.
The means adopted by the code to achieve these purposes cannot
be summarized so briefly in detail, but in plain generalities they are: 1.
Specific
rules and general principles that prohibit unfair dealing. 2. Positive rules
and general principles that prescribe right dealing. 3. Prompt and direct
enforcement through a policing body of 16 regional committees headed by
a
National Code Committee under the supervision of the NRA and the
authority
of the NIRA. 4. A system of dealer registration to support the fair practice
provisions and to provide further self-discipline and self-government.
A first step in a working analysis of the fair practice provisions may
divide the document into two parts, specific rules and general principles.
The code employs both in order to cover all investment banking transactions
as fully as possible. Where specific and definite rules apply they are used.
Where rules cannot be broad enough to cover varied and different situations,
general principles are used. The code is notable in the number and force
of its positive rules, rules that direct and require certain procedure and practices. It is a frequent characteristic of laws that they are in a sense negative; they forbid what is wrong but they do not prescribe what is right.
This code does both.
The Eleven Articles of the Fair Practice Provisions.
The fair practice provisions of the code consist of 11 articles with more
than a hundred sections and subsections. Article I embraces the formal
adoption and interpretation provisions. Article II consists of definitions of
the principal terms of the business. Article III is devoted entirely to general
principles, which serve as a guide to the Code Committee in the interpretation
3211
and administration of the rules and as a guide to investment bankers where
rules cannot fully provide for contingencies. For example, it is impossible
to define exactly what constitutes proper business conduct in every situation,
or to say just what may constitute adequate investigation of an issue by an
originator. These general principles endeavor to extend the spirit of right
dealing beyond the limited scope of rules. They apply, among other subjects,
to the character of investment recommendations made by a securities dealer,
the practicability of sinking funds, the compensation of salesmen in a
manner to encourage high standards of business conduct, the requirement
that an investment banker keep himself informed as to the financial condition of an issuer and endeavor to cause the issuer to meet his obligations
to the investor.
Article IV—Origination of New Issues.
The rules, which are positive and definite, begin in Article IV, which is
devoted primarily to origination of new issues. The first rule requires that
an investment banker shall not originate an issue of more than $100,000 unless
the issuer agrees to provide periodic information to investors as long as the
issue is outstanding. This information, which must be made public and also
supplied to each holder of the issuer's securities on request, consists chiefly
of comprehensive annual financial statements, including income statement,
surplus statement, summary of changes in reserves, and balance sheet. This
information is specified in great detail and definite requirements are made in
inter-company accounting to prevent misconceptions.
In this, the first rule of the fair practice provisions, to provide for continuing information for investors during the life of an issue, the code goes,
further than the National Securities Act. The Act requires information only
cnce, at the time the security is registered. The Act exempts from registrs-„,
tion certain securities which are chiefly those of the United States Govern::
ment, the States and their taxing subdivisions, railroads and banks. Thus the
Act does not require information to be filed on these securities. The continuing-information rule of the code also exempts these securities, but it requires that certain extensive and essential information be provided by
municipalities and other taxing subdivisions when an issue is offered. The
reason this requirement was not made continuous as to municipal bonds was
because there was no available way of making such an agreement effective.
The code does not require continuous information on railroad securities because that information is already available to the public, while bank securities are issued under governmental sanctions.
Other requirements of Article IV are safeguards as to stock dividends, Dig'
treatment of surplus of a subsidiary, inter-company profits, accounting'
changes, independent registrars and trustees, specifications as to interim
certificates, correctness of titles of issues, disclosure of inter-relations between'
issuers and originators.
Article V—Distribution of New Issues.
Article V provides for one price for all investors in connection with they
distribution of new issues. The price paid the issuer must be disclosed tor
the investor. The activities of selling syndicates and selling groups are carefully prescribed and proscribed. The object is to provide disclosure of facts
to investors and to further the most economical and equitable methods of
distributing new issues. Dealers who may participate in the distribution of
an issue must receive information on the securities at least three days before
they are publicly offered. The purpose here is to provide time for more
deliberate judgment. Down payments of 5% are required with subscriptions for allotment on new issues both by investors and dealers. The object
Is to deter speculation and the padding of subscriptions. A member of a
distributing group may not confirm a sale unless he has reasonable ground
to believe that the purchaser is bona fide and responsible, that the sale'd6es
not violate the rules of the code or the distributors' agreement, that a pros-.
pectus, if any, has been delivered to the investor or accompanies the con- ,
firmation.
Other provisions of Article V recite that no investment banker may be a
member of a selling syndicate in which an officer of a bank or trust companyi
is a member as an individual. Selling syndicates may not be prolonged beyond
the original period without the consent of a 75% interest in the syndicate.
If a director or officer of an issuer is a participant in a selling syndicate that
'
.
fact mast be disclosed to the investor. If the manager of a distributing+,
group has a right to buy the securities in the open market that fact must'be
disclosed. The rules also provide for disclosure in cases where outstanding
securities of an issuer are purchased by the issuer or by certain other interested persons within 10 days before the public offering of a new issue byll
the same issuer.
Article VI—Retail Sales and Purchases.
The eight sections of Article VI pertain chiefly to retail sales and yam- .
chases, and particularly to over-the-counter transactions in outstanding securities, whether listed or unlisted. Here the code's requirements broaden to
encompass not only information on the securities and the issuer, but still
further information about the dealer's part in the transaction. Is he
acting as a principal or an as agent of the investor? He must make his
/
position plain to the investor. If acting as agent, his written memorandum \
for the customer on or before completion of the transaction must so state,-. v
together with the commission charged, and if another broker was employed,
the amount paid to him. The memorandum must recite or offer to-provide
on request of the customer the name of the person from or to whom the dealer
bought or sold securities for the customer, and the day and the hours between
which the transaction took place. The Article forbids an investment banker
to agree to repurchase a security or to guarantee that the market value of
the security will be maintained or that the issuer will be successful in
earning profits or that the issuer will meet its obligations. Certain shortterm credit instruments, such as bankers' acceptances, chiefly of interest to
financial institutions, are exempt from these two latter provisions.
Article VII—Salesmen.
An outstanding provision of Article VII, which is concerned chiefly with
salesmen, is the requirement that responsible executives supervise the sales
efforts and correspondence of salesmen. Any sale by a salesman, other than
to another investment banker, shall be approved by written endorsement of
such an executive and must be made a permanent part of the investment
bankers' records for at least three years. The Article also provides for the
qualifications of salesmen, as to age, character and experience. Solicitation
at residences is forbidden, unless on written permission. This
provision does
not apply to solicitation of retired persons, farmers, business or
professional
persons.
Article VIII—Investment Companies.
Article VIII relates entirely to investment companies (trusts). Its provisions are aimed chiefly at disclosures in transactions, either in the sale or
purchase of securities or in relation to management service, and also disclosures of inter-relations between investment companies and investment
bankers.
3212
Financial Chronicle
Article IX—Miscellaneous Provisions.
Under Article IX an important group of miscellaneous rules are assembled.
Among these are provisions prohibiting false quotations, fictitious bids and
offers, and the giving of gratuities commonly known as commercial bribery.
This Article also makes certain requirements in relation to investment management, discretionary accounts and segregation of agency funds.
Article X—Registration.
The registration provisions in Article X are one of the most interesting
and resourceful marts of the code. They provide for voluntary registration
of investment bankers under the Investment Bankers Code Committee. Investment bankers electing to register agree to support the code and to accept
the jurisdiction of the Code Committee. Thus the Code Committee may
punish registered investment bankers for infractions of the rules by a money
fine, or by suspension or expulsion from registration. Dealers who elect to
remain unregistered do not come under this punitive jurisdiction of the Code
Committee. Infractions of the code by such dealers may be punished through
court action under the NIRA.
The code makes a sharp distinction between registered dealers and unregistered dealers. Registered dealers may not grant the customary trade discounts to unregistered dealers. They may not admit unregistered dealers to
participation in distribution groups. In fact, the registered dealer must
treat the unregistered dealer on the same terms as an investor. The purpose
of registration is to maintain high standards in security transactions, so
that admission to registration becomes a valuable privilege that dealers will
seek and will guard by meticulous conduct. The registered dealer submits
himself to prompt and speedy justice under the Code Committee, in the
case of infractions. The unregistered dealer is under court action which may
he long and tedious. Clearly, registration by a dealer means a definite declaration of adherence to fair practices and to the organized effort to maintain
such practices.
Article XI—Administration.
Administration of the code, Article XI, provides for a National Code Committee of 21 investment bankers, under the NRA. Under this Committee are
16 Regional Committees, elected by the investment bankers in 16 different
districts into which the country has been divided. The Regional Committees
act as fact-finding bodies. They afford convenient means for investors or
investment bankers to make complaint concerning a securities transaction.
The committees may institute investigations on such complaints, on their own
initiative or on instructions from the Code Committee. The Rregional Committees report their findings and recommendations to the Code Committee,
which has authority to act under the NRA. All investment bankers, whether
ornot they have assented to the code, whether or not they are registered or
unregistered, come under the authority of the Code Committee and the NRA.
The text of the code, as approved by President Roosevelt,
was_given in these columns, Dec. 9 1933, page 4130; the slight
modification under the Administrative Order, Feb. 1, is indicated above.
Guaranty Trust Co. Sees Country Facing Most Crucial
Question of Recovery Program—Concerns Method
and Extent of Ability of Private Business to Resume Normal Functions and Permit Withdrawals of
Government from Emergency Activities—Sees Need
(or Money Stability.
The crucial test of the whole recovery program will come
when.the Federal Government withdraws its support from
the.many millions of persons who have been wholly or partly
. dependent on it and the burden must be assumed by private
• business, states the Guaranty Trust Co. of New York in the
current issue of the "Guaranty Survey," its review of bustmess and financial conditions In the United States and abroad,
published April 30.
"The termination of emergency employment under the
CiVII Works Administration and the apparent tendency of
the Administration to avoid further drastic emergency legislation have brought the country face to face with perhaps the
most crucial question of the entire recovery program—how
and,to what extent private business will be able to resume
its normal functions and permit the Government to withdraw
gradually from the economic field," the "Guaranty Survey"
adds. It continues:
The question does not apply to the CWA alone. It covers the whole range
of..emergency activities whereby the Government has undertaken to relieve
thi conditions resulting from the depression.
A Critical Problem.
The critical nature of the problem is only too obvious. The announcement of the plan for "demobilization" of the OWA was followed by a storm
of:protest, not only from CWA beneficiaries but also from local officials
astd_social workers who saw themselves faced with a set of serious problems
after the withdrawal of Federal aid. The situation furnishes one more illustration of the well-known fact that it is much easier for a government to
embark on paternalistic schemes than it is to escape from them later on.
Transition Period Ahead.
It is evident, nevertheless, that the country's ecoromic structure is being
permeated with a vast and complicated network of governmentally sponsored
activities in industry and finance, and that these activities will sooner or
later entail a process of transition whereby the Government will gradfially
retire and permit its place to be taken by private business. Many milMons
of:persons have been wholly or partly dependent on the Federal Government
foil their current support; and, when this is withdrawn, the burden must be
assumed by private business. That transition will bring the crucial teat of
the whole recovery program. If it is successfully accomplished, the main
objective of the "New Deal" will have been achieved, as far as Its recovery
aspicts are concerned. If not, the Government will have no choice but to
,
car'the burden for an indefinite period.
In such an event, the ultimate outcome defies prediction. On the supposltIon that some means could be found to make the program pay its own
way; the logioal result would seem to be a semi-socialistic regime in which
the. Government would carry on those activities from which it had been
unable. tq, withdraw. If, on the other hand, no means should be found to
May 12 1934
meet the enormous scale of expenditure that such a program would involve,
it would become impossible to avoid direct currency inflation and financial
chaos.
Neither State socialism nor uncontrollable inflation is desired. Hence,
It is of the utmost importance that everything possible be done to extricate
the Government from the economic system before it is too late. The longer
the present situation continues, the more difficult it will be to effect the
transition.
Threats to Earning Power.
If recovery is to proceed in a normal way, it is absolutely essential that
business concerns be allowed to earn reasonable profits—that is, profits sufficient to meet their obligations, to attract new capital, to offer an incentive
to enterprise, and to provide adequate reserves against future contingencies.
At present, the earning power of many business concerns is being threatened
from two directions. First, there exists in some quarters great enthusiasm
for the idea of a "redistribution of income," with the redistribution to be
effectetd, apparently, at the expense of business enterprises. The codes
adopted under the Recovery Act, for example, provide for minimum wage
rates and maximum hours of labor; and an effort was made recently to bring
about a sweeping revision of the rates and hours in order to increase consumers' purchasing power and to "spread the work." The difficulty is
that the vast majority of concerns are in no position to assume such additional
burdens; and the effect of arbitrary action of that kind can only be to
bring about financial difficulties, discourage the investment of new capital,
and stifle the spirit of enterprise that must provide the motive force in any
normal recovery.
The second great threat to business profits lies in the possibility of
excessive increases in governmental expenditures and in the public debt.
The present plans of the Administration contemplate a level of Federal
expenditure in coming months that is without precedent in times of peace,
and an advance in the public debt to a total of several billions of dollars in
excess of the post-war peak of 1929. In the face of such a prospect, the credit
of the Government can be maintained only if the Administration adheres
rigidly to its plan to bring the budget into balance by the end of the coming
fiscal year. Otherwise, the Government, to maintain its solvency, must
impose upon business a tax burden that will defer the return of prosperous
conditions for an indefinite period.
Need for Monetary Stability.
A foundation has been laid for credit expansion more than sufficient to
finance any conceivable business recovery and to support a price level high
enough to satisfy the most enthusiastic advocates of "reflation." Nevertheless, agitation persists in some quarters for the issue of additional paper
money, the remonetization of silver, and other inflationary measures, as
well as a permanent policy of currency "management" by periodic or occasional changes in the gold content of the dollar. One of the most imperative
needs of business is a scrupulous avoidance of further experimentation with
currency and credit. The aim from now on should be to attain monetary
stability at home and to participate in co-operative efforts to promote
stability abroad.
Finally, it is necessary to avoid new legislation that would tend to discourage enterprise and investment. Unduly severe restrictions on the operations of security exchanges, for example, would reduce the volume of security
transactions, diminish the liquidity of investment securities, and make it
much more difficult for business to finance itself and for the people to find
satisfactory investments for their savings. The payment of a cash bonus to
war veterans, whether with newly-issued paper money or with the proceeds
of further Government borrowing, would bring a threat of serious financial
disorders. In these and numerous other directions, unsound proposals have
been made in and out of Congress and have received sufficient support to
fill business men with uncertainty and to indicate the need for great caution
lest hasty and ill-considered action should check the long-awaited business
revival.
A comparison of present conditions with those of a year ago leaves no room
for doubt that considerable progress has been made toward recovery. The
most disquieting feature of this situation is that muds of the progress has
been achieved through public, rather than private, initiative. The difficult
transition from public to private enterprise is yet to be made, and it can
succeed only if certain elemental requirements are observed.
The principal necessity of the situation can be summarized in one word—
confidence. There is an abundance of idle capital and labor seeking employment; but capital and labor can unite productively only in the form of a
business enterprise, and a business enterprise can be undertaken and operated
with a reasonable expectation of surviving and prospering only in an environment suited to its needs. To furnish such a background is the present task
of the Government—for, in the final analysis, business must he placed in a
position to generate its own recovery, if prosperity is to be restored and sustained. Lasting recovery can be achieved only on the solid foundation of the
earning power of capital and the productive capacity of labor, not through
Government spending.
National City Bank of New York Views Price-Declines
in Farm Products as Implying That Efforts of
AAA to Adjust Supply to Demand Are Ineffective
—Gains in Industrial Operations. P'
"Taken as a whole," says the National City Bank of New
York, in its May "Monthly Review," "industrial operations
have increased by more than the usual seasonal percentage,
according to the preliminary figures. This," says the bank,
"is the fifth successive month of improvement, and such a
showing, with all that it signifies in the way of increased
employment and satisfactory consumer demand, naturally
generates optimism." The bank goes on to say:
Farm Price Weakness.
On the other hand, the reappearance of weakness in prices of the chief
farm products, including the grains, cotton and hogs, is a counterbalance to
the good industrial reports. It is the more disturbing because it comes at
a time when the prices of the goods offered for sale to the farmers are
mounting rapidly. Within the month further wage increases and price
advances have been put into effect, not only in steel, but in coal, automobiles,
and other industries. Steel and coal are basic materials, whose higher prices
will have multiplied effects upon costs and prices of finished products of
all kinds. Eventually all these increases will have to be paid by farmers
and other consumers.
The aim of all the efforts that have been made on behalf of agriculture,
and Indeed of the general policy of advancing commodity prices, has been
not only to raise the actual prices of agricultural products, but to advance
•
Volume 138
Financial Chronicle
them relative to other prices, so that the farmer can buy more of other
goods with his produce. But the trend in the past month has been against
the farmer on both sides of the account, and hence toward restriction of his
buying power.
Moreover, the price declines in products wherein tremendous efforts have
been made by the AAA to adjust the supply to the demand, carry the implication that these efforts are ineffective. They tend to keep alive fears that
further attempts to raise prices by monetary measures will be demanded, or
at best that Government bounties to agriCulture and high processing taxes
upon farm products will be indefinitely continued. It is in order to point
out that the declines themselves are evidence of the inability of monetary
influences to uphold prices when the factors of supply and demand in each
market take an unfavorable turn.
Senate Banking and Currency Committee Favorably
• Reports Bill to Allow RFC to Lend $250,000,000 to
Industry—Measure Is Supported by President
Roosevelt.
The Senate Banking and Currency Committee on May
7 favorably reported the Fletcher bill which would authorize
the Reconstruction Finance Corporation to make loans to
industry up to $250,000,000. The bill, designed to promote
activity in smaller and medium-sized industries, was introduced at the suggestion of Jesse H. Jones, Chairman of
the RFC. The action of the Committee was similar to that
in favorably reporting the Glass bill, which would provide
for industrial loans by Federal Reserve Banks, and would
make available a total of $280,000,000 for that purpose.
If both measures are passed by Congress, therefore, loans of
more than $500,000,000 could be made to industry as a
result. Speaker Rainey of the House of.Representatives
said on May 10 that Eugene Black, Governor fo the Federal
Reserve Board, favors direct loans to industry by the RFC
rather than by the Federal Reserve System.
In a letter to Senator Fletcher on May 7 Mr. Jones said
that President Roosevelt desired enactment of the RFC
loan bill. The measure limits the amount of loans to any
one borrower to $1,000,000, and provides that authority to
make loans shall end on Jan. 31 1935, or earlier if the President so directs.
The text of Mr. Jones' letter to Senator Fletcher follows:
Washington. May 7 1934.
Dear Senator:
I am authorized by the President to say that he favors the RFC being
given authority to lend to industry, and that he especially wants the smaller
and medium-sized industries given a full chance to survice on equal terms
with larger industries.
In advocating that the RFO be authorized to make such loans it is not
with a view to duplicating any similar authority given to the Federal
Reserve banks, but to supplement that authority and keep open, as many
avenues for such credit as possible.
There is undoubtedly a need for credit for small and medium-sized
industry, and while some of the loans will carry more than the usual credit
risk, unless the demand is met out relief problems will continue to multiple.
A dollar loaned is certainly better than one given in relief, and such loans
can be made with little ultimate loss.
The RFC has been dealing with all kinds of credit problems for more
than two years, and while we have no desire to continue lending a moment
longer than is necessary, there seems no good reason why our experience
and facilities should not be made available to this class of our citizenship
until credit is actually being otherwise extended.
a I am heartily in favor of the Glass bill for the added reason that it provides
for rediscounting long-time paper at the Federal. In my opinion, this
should be made permanent, for the reason that it will permit member
banks to more freely make loans that need to be carried longer than the
customary 90 days to four months.
Sincerely yours,
JESSE H. JONES, Chairman.
An item bearing on this proposed legislation appeared in
our issue of May 5, page 3028.
Textile Industry Mortgage Corporation Formed to
Extend Loans to Textile Industries—Funds To Be
Obtained Through RFC.
The Textile Industry Mortgage Corporation has been
organized under the laws of Delaware for the purpose of
making loans to industrial companies engaged in textile and
allied businesses, according to announcement by Snelson
Chesney, Secretary and Treasurer. The Corporation has
established headquarters at 55 Madison Ave. In the New
York "Herald Tribune" it was stated that:
The funds to be loaned by the Corporation will be obtained through the
repledging with the Reconstruction Finance Corporation of mortgages or
other obligations taken by the Textile Mortgage Corporation under Circular
No. 11 of the RFC.
All moneys loaned by the Mortgage Corporation will be procured by It
from the RFC and the entire capital of the Corporation will be furnished
by those companies which procure loans through the Mortgage Corporation.
The same paper stated:
Joseph S. Maxwell, Vice-President of the New York Trust Co., is President of the Corporation; George B. Bacon. Vice-President of the Merchants
National Bank of Boston, is Vice-President, who, with A. G. Myers, President of the Citizens National Bank of Gastonia, N. C., will constitute the
Board of Directors. Additional persons will be elected directorsfrom time
to time to represent companies which make loans through and acquire stock
of the Mortgage Corporation, it was announced.
The capital of the Corporation consists of 20.000 shares without par value,
all of one class, which it is intended shall be sold at a price of not less than
8100 a share. a _total of $2,000.000. It is intended that the Mortgage
3213
Corporation will continue to receive applications for loans from any companies engaged in the textile or allied businesses without limitation and if
necessary the authorized stock may be increased from time to time.
C. W. Carson Asks Government* to Halt Extension of
Public Lending Activities—Tells New Mexico
Bankers Federal Competition in Making Loans
Causes Prospective Borrower to Avoid Private
Lending Agencies.
That the Federal Government cease its expansion of
money-lending activities, and that instructions be issued to
lending agencies already in existence that they are not
created to supplant "but to supplement privately owned
businesses whose tax money they actually loan," was urged
before the recent convention of the New Mexico Bankers
Association in Albuquerque by C. W. Carson Jr., President
of the First National Bank in Albuquerque. Mr. Carson,
speaking on "The Banking Business and Public Lending
Agencies," listed the principal Federal lending organizations
and their potential lending power or the amount of their
loans outstanding, beginning with the Reconstruction
Finance Corporation and ending with the Production Credit
Corporations. The total, he said, is $9,850,000,000. In
comparison Mr. Carson pointed out that as of June 30 1933
the capital and surplus of all the National banks in the United
States amounted to $2,450,000,000, while their total loans
and deposits amounted to $8,100,000,000. Their total of
bonds and securities held, including Government bonds, was
$7,300,000,000, he added.
"In other words," Mr. Carson said, "the lending power
of our public lending agencies already exceeds the total
loans and discounts of the entire National Banking System,
and is two-thirds of the investment of the entire National
Banking System in both loans and discounts, and bonds and
securities."
Mr. Carson charged that the Government has extended its
lending facilities so widely that the natural inclination of a
prospective borrower is to turn to the public lending agency
rather than a private one. Questioning recent assertions by
Government officials that the banks are failing to extend
sufficient credit to business and industry, he said that one
of the principal reasons is that the borrower is obtaining it
from a public lending agency. In conclusion he said:
I realize that although I have not said anything to you that you did not
already know, some of these figures may have been startling to you, as
they were to me,and it occurs to me for that reason that it would be proper
for the Bankers Association of this State to make it clear to the New Mexico
delegation in Congress that, although we appreciate the helping hand that
has been extended to us, we do not want that hand, which has now become
the Government in business, to become so far reaching that it will absorb
all individual business, and initiative and independence of action. Specifically, I believe we should say to them that the Government has gone far
enough already in the money-lending business, and that not only no further
lending agencies should be established but that instructions should be issued
to those already in existence that they are not created to supplant but to
supplement privately owned businesses whose tax money they actually
loan; and that banks, insurance companies and other financial institutions
should be assured that their re-entry into the lending field is welcomed and
urged; and they should be instructed further that inasmuch as the Government of the United States has already invested one billion dollars in the
capital stock of six thousand banks and has sponsored the depositors'
money in 99% of the banks of the country to the extent that 97% of their
50.000.000 depositors are already fully insured, it follows that the Government is morally obligated to those banks not to impair their earning power
by depriving them of their natural fields for investment. It follows further
that it would be a short-sighted policy to continue the operation of lending
agencies wholly owned by the Government in competition with an honest,
capable, efficient service already being extended.
Cash Advances by RFC from Feb. 2 1932 to April 30
1934 Totaled $5,139,430,378 for all Purposes—
Repayments During Period Amount to $1,382,828,921—Banks and Trust Companies Advanced
$1,552,919,903 in Cash, of Which $925,459,565 Has
Been Repaid.
A report made public on May 3shows that the Federal Government has made cash advances through the Reconstruction
Finance Corporation of $3,795,390,386.54 (excluding $1,344.064,991.89 disbursed to other Government agencies and for
relief of destitution as required under provisions of existing
statutes) since that agency began operations on Feb. 2 1932
to close of business April 30 1934. Total disbursements, according to the report, amount to $5,139,430,378.43. The report
said:
Excluding allocations required under the provisions of existing statutes
to be made to other Government agencies and for relief of destitution. the
Corporation has authorized loans and other advances of funds totaling $5,274,645,283.99 since it began operations. Of this amount, $437,635,070.20 was
canceled or withdrawn, and $1,041,619,827.25 remain to the credit of the
borrowers.
In addition to the above authorizations, the Corporation had conditional
agreements, outstanding on April 20, to make loans and other advances of
funds in the amount of $301,380,290.64. Authorization of these commitments
is awaiting compliance with conditions.
3214
Financial Chronicle
According to the report, repayments amounting to $1,382,828,921.45 have been received. The balance outstanding (excluding allocations to Government agencies and for relief of
destitution) as of April 30 1034 aggregates $2,413,648,170.09.
The report also noted:
Banks and trust companies were the largest class of borrowers. Loans
authorized to 7,080 institutions aggregated $1,995,061,938.17. Of this
amount, $233,810,926.83 was canceled or withdrawn, $208,331,108.73 remain
to the credit of the borrowers, and $1,552,919,902.61 has been disbursed in
cash, of which $925,459,565.06, or 60%, has been repaid. In addition to
these authorizations, the Corporation has made conditional agreements to
loan $21,002,167.39 to banks and trust companies.
Since the passage of the Emergency Banking Act, the Corporation has
authorized or made conditional agreements to purchase $659,380,000 of preferred stock in 3,278 banks and trust companies, of which $20,871,218.33
was canceled or withdrawn and $394,283,991.67 has been disbursed. Retirement of preferred stock aggregates $412,300. A conditional agreement
has been made to purchase $100,000 preferred stock in one insurance company.
The Corporation has authorized or made conditional agreements to purchase $165,799,000 of capital notes in 183 institutions, of which $405,000
was canceled or withdrawn, and $105,915,500 has been disbursed; and $225,811,050 of debentures in 2,452 institutions, of which $6,438,000 has been canceled or withdrawn, and $139,833,800 has been disbursed. Retirement of
capital notes and debentures aggregates $110,000.
The Corporation has authorized or made commitments to make loans,
secured by preferred stock, aggregating $35,897,550, of which $3,608,000
was canceled or withdrawn, to 764 borrowers for the purchase of preferred
stock in banks and trust companies, and $20,575,000 to eight borrowers for
the purchase of preferred stock in insurance companies.
The Corporation has authorized loans, or made conditional agreements to
make loans, for the reorganization or liquidation of closed financial institutions aggregating $762,487,050.50 to 2,028 institutions. Of this amount,
$48,583,981.06 was canceled or withdrawn, $222,307,370.07 remains to the
credit of the borrowers, $491,595,699.37 has been disbursed, and $145,352,593.53 has been repaid.
Under Section 36 of the Emergency Farm Mortgage Act of 1933, providing
for loans to refinance the indebtedness of drainage, levee and irrigation districts, the Corporation has authorized loans to 189 districts, aggregating
$33,713,361.67, of which $64,489.21 has been canceled or withdrawn.
For the purpose of assisting business and industry in co-operation with the
?RA program, the Corporation has authorized to banks, trust companies and
mortgage loan companies 62 loans totaling $10,122,750 to 24 institutions,
of which $982,000 was canceled or withdrawn and $1,093,727.77 has been
disbursed. In addition to these authorizations, the Corporation has made conditional agreements aggregatirg $5,293,000 to 73 institutions. Authorization
of funds on these conditional agreements is awaiting compliance with con.
ditions.
Cash advances, as shown by the report, were as follows:
To Government Agencies under provisions of existing statutes:
Secretary of the Treasury to pay for
Capital of Federal Home Loan Banks
$80,445,700.00
Capital of Home Owners' Loan Corporation
69,000,000.00
Farm Loan Commissioner to make loans
To Farmers
145,000,000.00
To Joint Stock Land Banks
2,600,000.00
Federal Farm Mortgage Corporation
55,000,000.00
Secretary of Agriculture for
115,000,000.00
Crop loans to farmers (net)
40,500,000.00
Governor of Farm Credit Administration
Regional Agricultural Credit Corporations:
44,500,000.00
Capital
4,973,539.73
Expenses
487,060,753.16
Federal Relief Administration (1933 Act)
To States, territories and political subdivisions
of States for relief purposes under the Emer299,984,999.00
gency Relief and Construction Act of I932
$1,344,084,991.89
To the following classes of borrowers under Section 5 of the RFC Act:
$1,552,919,902.61
Banks and trust companies
Railroads402,506,101.49
251.750,042.91
Mortgage loan companies
193,618,000.00
Federal Land Banks
170,543,125.62
Regional Agricultural Credit Corporations
114.132,053.07
Building and loan associations
89,326,758.59
Insurance companies
15,196,548.06
Joint Stock Land Banks
12.668,733.05
Livestock Credit Corporations
9.250,000.00
Federal Intermediate Credit Banks
5,887,715.88
State funds for Insurance of public moneys
5,261,130.27
Agricultural Credit Corporations
578,887.41
Credit unions
Processors or distributors for payment of pro14,150.38
ceasing tax
2,823,653,149.34
394,283,991.67
Purchase of preferred stock in banks and trust companies
105,915,500.00
Purchase of capital notes in banks and trust companies
139,833,800.00
Purchase of debentures in banks and trust companies
Loans secured by preferred stock:
$17,241,500.00
Banks and trust companies
15,875,000.00
Insurance companies
33,116,500.00
3,300,000.00
To the Secretary of Agriculture for purchase of cotton
For refinancing drainage, levee and irrigation districts under
2,642,898.44
Section 36, Emergency Farm Mortgage Act
To aid in financing self-liquidating construction projects (Including
$8,244,884.80 for repair and reconstruction of buildings damaged
86,604,429.52
by earthquake, fire and tornado)
To aid in financing the sale of agricultural surpluses in foreign
12,851,263.88
markets (Section 201-c)
To finance the carrying and orderly marketing of agricultural com7,395,529.14
modities and livestock produced in the United States (Sec. 201-4)
To the Commodity Credit Corporation for
$98,995,171.93
Loans on cotton
86,798,152.62
Loans on corn
185,793,324.55
Repayments were as follows:
By borrowers under Section 5 of the RFC Act:
$925,459,551.06
Banks and trust companies
153,825,637.05
Regional Agricultural Credit Corporations_ _ _
63,742,014.84
Mortgage loan companies
63,333,358.39
Building and loan associations
57,572,337.04
Railroads
50,752,227.99
Insurance companies
10,949,597.88
Livestock Credit Corporations
9,250,000.00
Federal Intermediate Credit Banks
4,358,322.30
Agricultural Credit Corporations
4,578,835.85
Joint Stock Land Banks
3.123,741.28
insurance of public moneys__ _
State funds for
89,576.45
Credit unions
Processors or distributors for payment of pro5,428.00
ceasing tax
$1,347,040,642.13
3,300,000.00
Agriculture
By the Secretary of
1,086,705.00
By borrowers for relief purposes (1932 Act)
3,938,473.29
borrowers--self-liquIdating projects
By
May 12 1934
By borrowers to finance the sale of agricultural surpluses in foreign
markets (Sec. 201-c)
By borrowers to finance the carrying and orderly marketing of
agricultural commodities (Sec. 201-d)
By the Commodity Credit Corporation (Sec. 201-4)
By borrowers on loans secured by preferred stock of banks and
trust companies
By retirement of preferred stock in banks and trust companies___ _
By retirement of capital notes in banks and trust companies
By retirement of debentures in banks and trust companies
521,125.13
3,138,251.90
22,715,634.84
565,789.16
412,300.00
40.000.00
70,000.00
The loans authorized to each railroad, together with the
amount disbursed to and repaid by each are shown in the
following table (as of March 31 1934):
Aberdeen & Rockfish RR.Co
Alabama Tennessee & Northern RR. Corp_
Alton RR. Co
Ann Arbor RR.(receivers)
Ashley Drew & Northern Ry. Co
Baltimore & Ohio RR. Co
Birmingham & Southeastern RR. Co
Boston & Maine RR. Co
Buffalo-Union Carolina RR. Co
Carlton & Coast RR. Co
Central of Georgia By. Co
Central RR. Co. of New Jersey
Authorized.
$127,000
275.000
2,500,000
634,757
400,000
72,125,000
41,300
7,569,437
53,960
549.000
3,124,319
500,000
Chicago dr Eastern Illinois By. Co
5,916,500
Chicago & North Western By. Co
35,094,133
Chicago & Great Western RR
1,289,000
Chicago Milwaukee St. Paul St Pac. By. Co. 8,000,000
Chicago No. Shore & Milwaukee RR. Co
1,150,000
Chicago Rock Island & Pacific By. Co
13,718,700
Cincinnati Union Terminal Co
10,398.925
Disbursed.
$127,000
275,000
2,500,000
634,767
400,000
72,125,000
41,300
7,569,437
*53,960
477,037
3,124,319
464,298
60,000
53,500
8,300,000
13,403,000
3.000
717,075
227,434
1.5,000
10,539
1,061,000
354.721
6,000,000
13.915
520,000
13,863,000
Lehigh Valley RR.Co
Maine Central RR. Co
Maryland & Pennsylvania RR. Co
Meridian .14 Bigbee River By. Co
Minneap. St. Paul & St. Ste Marie By. Co.
Mississippi Export RR. Co
Missouri Pacific RR. Co
Missouri Southern RR. Co
Mobile & Ohio RR. Co
Mobile & Ohio RR. Co. (receivers)
Murfreesboro-Nashville By. Co
New York Central RR. Co
New York Chicago & St. Louis RR. Co__ _ _
New York New Haven & Hartford-RR. Co_
Pennsylvania RR. Co
6.500,000
2,550,000
100,000
1,488,504
6,843,082
100,000
23,134,800
99,200
785,000
1,070.599
25,000
27,499,000
18,200,000
700,000
29,500,000
Pere Marquette By. Co
Pioneer & Fayette RR. Co
Pittsburgh & West Virginia By. Co
Puget Sound & Cascade By. Co
St. Louis-San Francisco RR. Co
St. Louis Southwestern By. Co
Salt Lake & Utah RR. (receiver)
Sand Springs By. Co
Southern Pacific Co
Southern By. Co
Sumter Valley By. Co
Tennessee Centrality. Co
Texas Oklahoma & Eastern RR. Co
Texas & Pacific By. Co
Texas South-Eastern RR. Co
Tuckerton RR. Co
3,000,000
10,000
3,975,207
300,000
7,995,175
18,790,000
200,000
162,600
23,200,000
14,751.000
100,000
147.700
108.740
700,000
30,000
45,000
Wabash By.(receivers)
Western Pacific RR. Co
Wichita Falls & Southern RR. Co
Wrightsville & Tennille RR.Co
VN:Mg 1:g1,:82
400,000
400,000
Total
230,027
f464,300
1*35,702
155,632
2.972,000
838
5,916,500
34.687,633
1,289,000
8,000,000
1,150,000
13,718,700
155,736
8,300,000 f 8,300,000
1.2,098,925
*60,000
53,500
7,712,300
500,000
13,403,000
2,189
*3,000
627,075
*90,000
227.434
Columbus & Greenville By. Co
Copper Range RR. Co
Denver Sr Rio Grande Western RR. Co_
Erie RR. Co
Eureka Nevada By. Co
Florida East Coast By. (receivers)
Ft. Smith & Western Ry. (receivers)
Fredericksburg & Northern By. Co
Gainesville Midland By.(receivers)
Galveston Houston & Henderson RR. Co
Georgia & Florida By.(receivers)
Great Northern By. Co
Green County RR. Co
Gulf Mobile & Northern RR. Co
Illinois Central RR. Co
22,525
Repaid.
$4,000
*10,539
1,033,000
354,721
6,000,000
13,915
520,000
6,346,333
6,000,000
915
520,000
5 50,000
1*16,667
5,500,000 *1,000,000
2,550,000
37,879
100,000
'*744,252
6,843.082
468,152
100,000
23,134,800
99,200
785,000
785,000
1.070,599
193,000
25,000
25,078,737
18,189.360 2,688,413
578,224
28,900,000 f 28,900,000
I *600,000
3,000.000
3,975,207
300,000
7,995,175
18,672,250
200,000
162,600
22,000,000
14,751,000
2,805,175
790,C00
246,000
147,700
*108,740
700,000
30,000
39,000
f
81
1*(1.000
1,303,000
22,525
$420,699,930 $ 02.506,101 $57,572,337
4
Denotes amount canceled or withdrawn Instead of repayment.
Total cancellations, 84,827,784.
PWA Has Spent More Than $1,250,000,000
-Allotments
to Federal and Non-Federal Projects Total $2,160,459,143-PWA Employment at Between 750,000 and
800,880 Man-Months Expected at Summer Peak.
The Public Works Administration has expended more
than $1,250,000,000 in construction contracts and in projects
which have already been started by day labor, Secretary of
the Interior Ickes announced May 6. Of the original
$3,300,000,000 set aside for the PWA,there has been awarded
$1,132,737,045, either by legislation, Executive Order or
special allotment for the cost of other Government activities.
On April 21 contracts awarded or force account work begun
amounted to $1,240,874,005, and on the same date PWA
work aggregating $191,093,873 was being advertised. Most
of the total of contracts and force work is represented by
allotments to Federal and non-Federal projects which amount
to $2,160,459,143. A PWA announcement May 6 added
the following details:
Twenty-two hundred contracts have been prepared In the
Washington
offices of PWA and sent out to recipients of allotments. More than 1,500
contracts covering non-Federal allotments have been executed by both the
administrator and the non-Federal body to which the allotment was made.
Because of the large number of changes In allotments recently,
Secretary
Ickes to-day announced a complete list of allotments as of April 30. This
recapitulation showed that as of that date executive and legislative allotments amounted to $1,122,746,900; special allotments, $9,990,145; Federal
projects, $1,381,867,245, and non-Federal projects. $778,591,898.
Included In the compilation were allotments for 15,688 Projects, of which
13,200 were Federal and 2,488 non-Federal. scattered throughout the
country.
Although all of the original $3,300.000,000 had been allotted for workcreating projects by the end of last year, many changes were made sub-
Volume 138
Financial Chronicle
sequently. Many public bodies have had their original allotments of loans
and grants changed to grants only because they decided to sell their bonds
in the open market or privately rather than to the PWA. Other recipients
of allotments have been given increased amounts, while some allotments
previously made have been reduced.
The $778,591,898 for non-Federal projects in to-day's list included
$426.905,978 for States and municipalities, $114,451,033 for other public
bodies, $23,129,600 for housing (loans to limited dividend corporations),
$199,607,800 in loans to railroads and $14,497,487 in loans for private
projects.
PWA grants, representing 30% of the cost oflabor and material employed
on the project, and loans adequately secured with interest at 4% are made
to States, municipalities and other public bodies for projects which meet the
standards set by PWA.
The loans listed to limited dividend housing corporations are for 12 lowcost housing and slum-clearance projects in eight different cities. In
'addition the Public Works Emergency Housing Corporation, organized
under the National Recovery Act to expedite the housing program, has
$123,000,000 of PWA money at its disposal for housing operations.
The corporation already has started a slum -clearance and low-cost housing project for Negroes in Atlanta, Ga., where the Government has instituted
condemnation proceedings to acquire the necessary land. A number of
other projects are under consideration.
As of April 30, nearly $200,000,000 had been loaned by PWA to railroads for rails, fastenings and equipment. These loans are aiding the hardpressed heavy industries by putting men to work quickly."
The PWA may provide direct employment equivalent to
between 750,000 and 800,880 man-months when it reaches
its peak between June and August, Secretary Ickes, Public
Works Administrator, predicted April 7. Mr. Ickes said
that the 1934 total probably would approximate 7,276,000
man-months. These figures, he said, were based on a statistical study which excluded all estimates of indirect or
industrial labor.
Mr. Ickes's forecast with regard to the probable peak of
employment under the PWA was noted as follows in Washington advices April 7 to the "Times":
A man-month of direct employment is the work required to keep a
qualified man employed in economic construction for a month under the
PWA 30-hour week rule. In practice, the actual number of names on PWA
payrolls each month invariably exceeds that period's man-month, due to
shifting personnel.
As excavators finish their labors, concrete workers come on the job.
In succession the bricklayers, carpenters, plumbers, steamfitters, roofers,
and other types of workers take over their tasks, complete them,and make
way for other crafts.
This constant shifting, in addition to normal labor turnover, lifts the
figure of men employed (for which authoritative estimates are not available) well over the man-month figure.
"This study does not represent a pledge or a forecast but is merely a
carefully considered indication of what might be a possibility," Secretary
Ickes said. "PWA has and will make no advance promises and intends to
raise no false hopes, no matter what statements are made by persons not
connected with PWA and no matter what misinterpretations are placed
upon such statements."
Statisticians calculated that the average monthly direct employment
under Federal and non-Federal allotments in 1934 would approximate
slightly more than 600,000 man-months per month.
Starting in January, they estimated a steady rise in direct, on-the-site
construction employment to a peak of 883,000 man-months during July,
with both June and August indicated as the next best employment months
in the PWA program.
This employment will dwindle in the fall and winter ,when bad weather
will interfere with construction, to less than 300,000 man-months during
December.
3215
Unemployment Decreased 500,000 in March, According
to American Federation of Labor—Total Placed
at 10,905,000.
The total number of unemployed in the United States at
the end of March was estimated at 10,905,000 by the American Federation of Labor in its Inonthly business survey
made public April 27. This represented a decrease of more
than 500,000 from the total of 11,467,000 reported for February. The survey said that trade union reports for the first
part of April showed a further gain in employment. Despite
demobilization of the Civil Works Administration, unions
announced a decrease in their unemployment from 21.3%
of their membership in March to 20.8% in April. President Green said:
This gain in employment is an important mark of progress toward recovery, but it is a small gain, indeed, compared with the large number
who still have no jobs.
It is significant that while business activity in March was more than
9% above the October 1933level,according to the New York"Times"index,
unemployment in March was considerably greater than in October. Last
October only 10,122,000 were out of work, while in March those who had
no jobs numbered 10,905,000. These figures show that something more
than an increase in business activity is needed to put men back to work.
The contrast is particularly striking in the manufacturing industry,
where from October to March production increased 7.9% while employment rose only 4.1%.
Clearly, the effort to put men back to work in industry has slackened
and employers are more interested in increasing workers' productivity
than in creating jobs.
From February to March, according to Government indices, the greatest employment gains were in manufacturing, 190,000;retail trade. 100.000,
and building, 58,000. Trade union figures for the first part of April show
the largest gains in manufacturing, railroads, water transportation and
street transportation. In building, unemployment has increased because
of layoffs from CWA. Large increases in unemployment in building,
probably due largely to these layoffs, were reported in Birmingham, Cleveland, Denver, Detroit, Milwaukee, Minneapolis, Omaha and St. Louis.
The survey classified by cities showed that employment
was increasing in 12 and was decreasing in 10, while there was
no significant change in two cities. The Federation said
that figures on relief "record no progress whatever in eliminating destitution." It further said:
We still have from 3,000,000 to 4,000,000 families who are wholly dependent on public funds. Have employers any justification for resisting
a decrease in work hours while these millions must be supported by the
public and millions more are denied the chance to work, dependent on relatives and friends?
A further report, based on the same monthly survey, was
made public by the Federation on May 5. It stressed the
fact that unemployment had actually increased between
October of last year and March 1934, despite the fact that
industrial production had increased in the same period.
"The individual worker in industry made no gain whatever in 'real
wages' from March 1933 to March 1934," the survey said. "His weekly
average increased 9.7%, but this was completely offset by a 9.3% increase
in the cost of living."
The table below shows the Federation's monthly estimate of unemployment since the peak in March 1933:
Total Unemployment. Trade Union Unemployment.
Persons Employed by New Deal Agencies of Federal
Month.
Government Totaled About 60,000 in February,
Estimate of Total Per Cent of MemberNumber Unemployed ship Unemployed
Part
According to National Industrial Conference
in United States.
(Weighted)
Time.
Board—Federal Employees Numbered 611,752.
13,689,000
26.6
22
The total number of persons employed by the various 1933—March
April
13,256,000
26.1
21
May
12,896,000
25.8
20
New Deal agencies of the Federal Government was about
June
12,284,000
24.5
21
July
11,793,000
24.1
21
60,000 in February, 1934, according to an analysis of official
August
10,960,000
23.7
20
figures published by the National Industrial Conference
September
10,108,000
22.4
21
October
10,122,000
22
21.7
Board on May 3. In the same month, says the Board, the
November
10,651,000
22
22.0
December
10,769,000
22.8
22
total number of Federal employees, within and outside of 1934—January
*11,774,000
23
22.6
February
*11,467,000
22.0
the District of Columbia, was 611,752, as compared with
22
.March
*21.3
22
:10,905.000
578,231 at the end of June, 1932.
April
s20.8
__
As classified by the Conference Board, the New Deal
* Revised.
x Preliminary.
agencies include not only those governmental divisions
that have been established since March, 1933, but also such CCC Extends Maturity Date of Loans to Producers
Under 10
-Cent Cotton Plan to Feb. 1 1935—
agencies as the Inter-State Commerce Commission, the
Cotton Pledged as Security Not to Be Sold Prior
Federal Trade Commission and the Reconstruction Finance
to That Date-360,806,424 Advanced to Producers
Corporation, because their powers have been greatly enUp to April 30.
larged by the various legislative Acts passed since March,
No cotton pledged as security for producers' loans under
1933.
The number of persons employed by some of the principal the Government 10-cent cotton loan plan will be taken
departments or agencies of the Federal Government at the over or sold by Commodity Credit Corporation prior to
Feb. 1 1935, except as provided under the terms of the loan
end of June, 1932, and February, 1934, was as follows:
agreement, e. g., when middling 7 spot cotton reaches
A
June 30 1932. February 1934.
15 cents per pound on the New Orleans market, it was
State Department
4,836
4,300
Treasury Department
52.638
47.664
announced May 8 by Lynn P. Talley, President of the
Commerce Department
20,971
14.603
Department of Agriculture
27,351
32,493
Corporation. The Executive Committee of the CCC, he
Office Department
Post
279,436
267,772
Reconstruction Finance Corporation
stated, has extended the maturity on all the 10-cent loans
1.273
3,312
Farm Credit Administration
7.422
from Aug. 1 1934 to Feb. 1 1935. Mr. Talley further
Tenni3S9B0 Valley Authority
5,026
Public Works Administration
3,394
announced:
National Recovery Administration
2,524
Home Owners' Loan Corporation
National Labor Board
Federal Co-ordinator of Transportation
Federal Surplus Relief Corporation
Civil Works Administration
Federal Emergency Relief Administration
10,014
114
146
241
390
160
Loans upon eligible cotton under the 10
-cent cotton loan plan will be
available to producers until July 31, but the corn loan program under
which farmers were enabled to borrow 45 cents per bushel on ear corn
stored and sealed on the farm according to State law terminated May 1.
and no further extension will be made.
3216
Financial Chronicle
Extending the maturity of the 10
-cent cotton loans means that producers
who have obtained 10-cent loans may make repayment, obtain the release
of pledged cotton warehouse receipts, thus obtaining the advantage of any
market rise between now and Feb. 11935. It must be understood that the
extension of the maturity of producers' loans under the 10
-cent loan plan
in no way affects the obligation of CCC to purchase eligible producers'
notes held by banks and other lending agencies, if tendered on or before
June 30 1934 at any loan agency of Reconstruction Finance Corporation
designated to handle such loani.
As of April 30 1934 the Corporation had disbursed to producers in cotton
loans a total of $60,806,423.93 upon approximately 1.175,000 bales, and
repayments on the same date amounted to $21,090,086.06, representing the
release of approximately 407,000 bales. The balance of the loans outstanding at April 30 totaled $39,716,337.87, secured by approximately
767,000 bales of cotton.
Reports indicate that banks and other lending agencies made loans which
were not tendered to the Corporation for purchase totaling approximately
$60,000,000 on approximately 1,200,000 bales. The total cotton loans
made both by the Corporation and banks and other lending agencies were
approximately $121,000,000 on approximately 2,400,000 bales of cotton.
Accurate figures as to the amount of loans repaid to banks and other lending agencies are not available, but reports indicate that approximately
one-third of the total amount ofloans has been repaid,leaving loans in their
hands of approximately $40,000.000 on about 800,000 bales.
Applications for Emergency Crop Loans to Be Received
up to May 15.
The period in which applications for emergency crop loans
may be received has been extended to the close of business
May 15, according to a statement issued at Washington,
April 26, from the Production Credit Division of the Farm
Credit Administration. All applications in all States must
be received not later than May 15, the statement said. Loans
which are approved will be paid out as soon as possible, either
before or after May 15, but no new applications will be received after that date. The statement added:
The extension in the time limit has been granted, due primarily to the
late season in many parts of the United States this year.
Loans from the emergency crop loan fund of $40,000,000, appropriated by
the Congress for the present season, are made only to applicants who are
unable to obtain credit from other sources, who do not have a means of livelihood other than farming and who are otherwise eligible. The minimum
amount of an emergency crop loan is $10; the maximum, $250.
Eight Members Named to Serve on Code Authority
for Code of Real Estate Brokerage Industry.
Announcement was made at Chicago, on April 20, by the
National Association of Real Estate Boards of the appointment of the eight members to be chosen by the Association as
members of the code authority for the code of fair competition
for the Real Estate Brokerage Industry, which went into
effect April 19.
The Code Authority is to consist of 11 voting members
selected from members of the industry truly representative of
Its various interests. Eight of such voting members are to be
selected by the Association. Three of the voting members are
to be non-members of the Association. In addition to the
above membership there may be one and not more than three
members, without vote, to be appointed by the Administrator.
The eight Code Authority members appointed by the Association, all of whom have accepted the appointment, are:
Hugh Potter, Houston, Tex., President of the Association.
H. L. Gianetti, Pasadena, Calif., Chairman of the Code Committee of the
California Real Estate Association.
Paul E. Stark, Madison. Wis., member of the Executive Committee of the
Association.
J. Soule Warterfield, Chicago, Ill., member of the Executive Committee
of the Association and of its Code Committee.
Guy W. Ellis, Miami, Fla., who served during 1933 on the Executive Committee of the Association.
H. Clifford Bangs, Washington, D. C., immediate Past Chairman of the
Brokers' Division and member of the Code Committee of the Association.
Joseph Laronge, Cleveland, Ohio, member of the Executive Committee of
the Association.
Joseph W. Catharine, New York and Brooklyn, N. Y., President of'the
Real Estate Association of the State of New York.
The appointment of the above members was announced by
Mr. Potter as President.
The three industry members of the Code Authority who are
to be non-Realtors have not as yet been chosen.
The approval of the code for the real estate brokerage ind-stry was noted in our issue of April 21, page 2687.
•
Committee of 25 Named to Aid AAA in Drafting Cattle
Adjustment Program.
A committee of 25 representatives of the cattle producing
industry has been selected to work with the Agricultural
Administration in developing and proposing an adjustment
program of benefit to the beef producers of the country, it
was announced May 5 by Chester C. Davis, Administrator
of the Adjustment Act. As to the appointment of the
advisory committee the announcement said:
Appointment of the committee follows the recommendation of representatives of the beef Industry who attended a National conference called
by the Adjustment Administration in Chicago on April 26. Resolutions
adopted at this conference requested the beef cattle section of the Administration to appoint such an advisory committee, composed of cattle breeders
and feeders.
May 12 1934
The committee includes representatives from every cattle producing
section of the country. The range men of the West. the breeders and feeders
of the Corn Belt, and producers of the East and South will all have a voice
in the development of the proposed National program. The close relationship between dairying and beef production is recognized in the selection
of the committee.
The cattle adjustment program which is developed by the Administration
and the special advisory committee will be referred back to the producers
of the country for their approval. A series of regional conferences will
provide opportunity for full study and discussion, and for expressions.on
acceptance of the adjustment plan which is to be formulated.
In his announcement Administrator Davis stated:
With cattle now a basic commodity, the centralizing powers of the
Agricultural Adjustment Act are made available to beef producers, and the
way is open for the development of a sound adjustment plan. Current and
coming difficulties in cattle production can be met if a practical, effective
program is built up, and we are confident that the producers' advisory committee will help us formulate such a program.
NRA Issues Order Covering Procedure for Obtaining
Modifications and Exemptions of Approved Codes.
General Hugh S. Johnson, Recovery Administrator, announced on May 7 various rules and regulations concerning
amendments to modifications and stays of,exceptions to, and
exemptions from approved codes of fair competition. An administrative order, issued as follows by General Johnson,
'described in detail the method of applying for such modifications and exemptions:
The first section of the order defines (1) "Modifications" as including
"amendments and all rulings whereby a code is amended by adding a provision thereto or changing or omitting any provision thereof." (2) "Exemptions" as including "exceptions and stays and all rulings whereby an individual group or class is released from the full operation of a provision of a
code." (3) "Code Authority" as including "any analogous agency, and the
term 'Administration Member' shall mean the member or members of the
Code Authority rapresenting the Administrator."
The second section of the order, "Applications for Relief," says:
AR "The code authority for the code in question, or the Administrator, or any one
or more members or representatives of an Industry or anyone whose affairs are
seriously affected by the provisions of such code may propose a modification thereof
or.exemption therefrom. Such proposals may,be filed‘with„the.eodkauthority or
the Administrator."
The third section of the order details procedure.
With reference to modification proposals filed with Code Authorities (1)
the Authority shall, if the proposal merits attention, forthwith send notice
containing a fair and accurate statement of the proposal to each trade association known to be interestad and to each member of the industry whose name
and address is filed with the Code Authority.
(2) Within 10 days the Authority, through the Administration member,
shall forward to the NRA a statement of the percentage of members of the
Industry by number and by volume, if possible, who have in writing approved
or disapproved of said petition, together with the Code Authority's racommendation.
It is provided, however, that where applicants show themselves truly representative of the trade or industry, or where the code authorizes the Authority
to propose modifications to be effective when duly approved, then notice of
the proposal need not be sent to trade associations and members of the industry, but the Authority shall, within 10 days, forward to the NRA, through
the Administration Member, a complete record of the matter, together with
tha Authority's recommendations.
(3) If the Authority determines that the proposal does not merit approval
it shall so notify the parties involved and certify such determination, with a
complete record of the matter, to the NRA, through the Administration Member, for such action as it deems appropriate.
The Administrator may approve any proposed modification, and the same
shall thereupon be effactive if it shall appear to his satisfaction that the
modification has been properly applied for and assented to by an association
group or Code Authority properly representative of the trade or industry,
and that the modification properly complies with the Recovery Act.
With reference to exemptions, the order says: "All Proposals for exemptions filed with the Code Authority shall be considered by it and forwarded,
togethar with its recommendations thereon, and with reasons for such recommendations, to the NRA, through the Administration Member, at the earliest
possible moment, and in any event, within 10 days, for such action as may
be found appropriate.
"The Administrator may approve any such proposal when it appears to
his satisfaction that such exemptions will tend to effectuate the policies of
said Title of said Act."
Sixteen Regional Code Committees Appointed to Facilitate Administration of Investment Bankers Code
83 Investment Bankers Chosen in 16 Districts—
New York Group Consists of Seven.
Announcement of the election of 16 regional code committees throughout the United States, to facilitate the administration and enforcement of the Investment Bankers Code,
was made at Washington, May 6, by Rollin A. Wilbur,
managing director of the Investment Bankers Code Committee. In all, 83 committeemen were elected in 16 districts,
with five additional committeemen, in as many districts, yet
to be appointed by the code committee because of tie votes
in those districts. The New York group, designated district No. 8, and which includes investment bankers in the
States of New York, New Jersey and Connecticut, was
elected as follows:
William H. Howell of Howell, MacArthur dr Wiggin, Inc., Albany,
Frank C. Trubee. Jr. of Birge, Wood & Trubee, Buffalo.
George S. Stevenson of Stevenson, Gregory & Co., Hartford, Conn.
Julius S. Rippel of J. 8. Rippel & Clo., Newark, N. J.
Ralph T. Crane of Brown Brothers Harriman & Co., New York City.
Nevi' Ford of First of Boston Corporation, New York City,
Oliver J. Troster of Holt, Rose & Troster, New York City.
Volume 138
Financial Chronicle
In his announcement of May 6, Mr. Wilbur said:
Each of the newly elected committees has been requested to immediately
organize itself s.o as to facilitate the procedure relating to the registration
of the investment bankers of the company, as provided for in the code.
The registration provisions of the code become effective June 1 1934, and
at an early date official application forms will be mailed by the code committee to all dealers on its mailing list.
p. The regional code committees Just elected will act as agencies of the national committee, and will be the liaison between that committee and the
investing public, and between the public and investment dealers generally.
Investment Bankers Association Files Schedules Showing Budget of $134,486 for Administering Code.
Schedules showing a total budget of $134,486 for administering the investment bankers' code from Nov. 27 1933 to
July 31 1934 were filed with the NRA on May 3. A proposal
for basic contributions by investment banking firms, ranging from $25 to $300, to cover these costs, has been submitted
for the approval of the NRA, according to the latter's announcement, issued as follows, May 3:
One of the first applications by an industry, trade or business operating
under a code for approval of its budget and a proposed basis of contribution
to the expense of administration of its code has been filed with the NRA by
the Investment Bankers' Code Committee, it was announced to-day.
Under the Presidential Executive Order authorizing the collection of contributions from employers subject to codes, the reasonableness of proposed
budgets and the fact that the basis of contribution is fair and equitable,
must be determined by the Administrator before collection may be undertaken.
Formal notice of the application and of the two weeks' period, expiring
May 17, for filing of objections, was accompanied by schedules showing a
total budget of $134,486.39 for administering the code from Nov. 27 1933 to
July 31 1934, and a proposed basic or minimum contribution of $25 with a
maximum of $300. Contributions would be collected from employers in the
investment banking business on the basis of the number of employees in the
Individual firms, with firms employing five or fewer persons paying the $25
minimum and those with more than 200 employees paying the maximum
of $300.
An exception to the contribution plan provides that employers classed as
"originators" of substantial issues of securities may be called on to pay the
maximum contribution regardless of the number of their employees.
The plan would classify employers in the investment banking business according to the number of their employees, as follows:
Total
Total
No. of
No. of
Personnel
Personnel
Reported.
Class—
Class—
Reported.
1
76-100
7
1- 5
2
101-125
8
6-10
3
126-150
9
11-15
4
151-175
16-25 10
176-200
5
26-50 11
201 or more
6
51-75 12
Employers in Class I would be requ'red to pay the $25 minimum contribution; employers in Class II twice the minimum, or $50; employers in Class III
three times the minimum, or $75, and similarly for each higher class until
employers in Claw XII would pay 12 times the minimum, or $300.
In determining contributions toward future budgets, the plan would fix
the basic minimum for Class I employers by dividing the total amount to be
raised "by an amount equaling the sum of the number of Class I employers,
as reported for the assessment then in process, plus twice the number of
Class 2 employers, so reported; plus three times the number of Class 3 employers, so reported; plus four times the number of Class 4 employers, so
reported; plus five times the number of Class 5 employers, so reported; plus
six times the number of Class 6 employers, so reported; plus seven times the
number of Class 7 employers, so reported; plus eight times the number of
Class 8 employers, so reported; plus nine times the number of Class 9 employers, so reported; plus 10 times the number of Class 10 employers, so
reported; plus 11 times the number of Class 11 employers, so reported; plus
12 times the number of Class 12 employers, so reported."
Exhibits attached to the application for approval indicate that in addition
to the $134,486.39 spent or to be spent from Nov. 27 1933 to July 81 1934,
the Investment Bankers Association spent a total of $23,441.29 in connection
with the preparation of the code before its approval—an amount which is
not to be charged.
Other expenditures made or proposed to be made, as included in the budget,
are listed as follows:
1. Administration expenses incurred to date and advanced by the
following:
(a) Investment Bankers Association of America (Ex. A)
(b) Out-of-pocket expenses of individual members of Code com- 823.499.02
mittee (Ex. II)
2. Expenses incurred for counsel and professional advice incident to 10,113.45
preparation and presentation of Fair Practice Provisions (Ex. C)
51,417.25
3. Estimated amount for National Committees operations for ensuing
three months (Ex. D)
25,456.67
4. Fatinuited amount for 16 Regional Committees at 81,500 each
24,000.00
5134,486.39
Estimated receipts from assessment after allowing for an increase of SOO
in the number subject to assessment and a realized 90% collection_3137,997.00
In a Washington dispatch, May 3, to the New York "Times"
It was stated, in part:
The budget showed that the law firm of Newton D. Baker received a fee
of $35,000, and the publicity firm of Ivy Lee and T. J. Ross $7,500 in connection with the preparation of fair trade practice provisions. . . .
Prior to the approval of the wage and hour provisions, the Investment
Bankers Association bore all expenses, totaling $23,441.29, incident to the
code preparations.
The payment to the publicity firm was made for "professional analysis and
advice on proposed fair practices amendments from the standpoint of public
interest."
In addition to the fee paid to the firm of Baker, Hostetler, Sidle & Patterson, another fee of $7,500 was paid to Paul V. Keyser, Washington attorney.
Court Holds New Jersey Code Authority Has No PriceFixing Powers Under State Recovery Act.
Price-fixing by the New Jersey State Code Authority was
declared illegal on May 4 by Vice-Chancellor John 0. Bigelow
of Jersey City, who denied an application by the State Attor-
3217
ney-General to restrain a laundry from charging prices less
than those prescribed as the minimum in the State code of
fair competition. The opinion said that there was some doubt
as to whether the Legislature had intended to grant pricefixing powers to the Code Authority when it passed the State
Recovery Act. The New York "Times" of May 5 summarized
the decision as follows:
The application was directed against the Crown Laundry Service, Inc., of
Jersey City, which charges for a special "thrift service" Sc. a pound for
washing and ironing, although the Code Authority ruled that the minimum
charge should be 10c. a pound.
Grant of Power Doubted.
The Code Authority, composed of laundry operators and directors of the
New Jersey Laundry Owners' Association, was vested with the price-fixing
power by the Legislature last year. Its findings are submitted to Governor
Moore for ratification.
In his opinion, Vice-Chancellor Bigelow stated: "It will not be presumed
in the absence of explicit, unambiguous language, that the Legislature intended to grant to the Governor or to any subordinate body such as the Code
Authority, power to fix prices below which business men cannot sell their
goods or services." He pointed out that the power to make laws is vested
exclusively in the Legislature, and expressed doubt whether Chapter 372 of
the State laws gave the Legislature power to delegate authority to
another body.
J. Raymond Tiffany, Deputy Attorney-General, commenting on the decision, said the code as it now stands would be enforced until a further interpretation of the statute has been obtained. He said 13 similar injunctions
had been granted by other Vice-Chancellors in the State.
No Mention of Authority.
"If the statute does not authorize the creation of a Code Authority," Vice.
Chancellor Bigelow said, "or if it does not empower the Code Authority to
fix prices, then the very foundation of the bill crumbles. It appears that
there is no mention of such a body as a Code Authority. No common law
right has been more firmly established or more treasured than the right of
the individual to sell his goods or his services at whatever price he and the
purchaser might agree upon.
"Indeed, a few years ago every court in the land would have held that a
statute abrogating that right, except in the case of business or property
affected with a public interest, would deprive the individual of his property
without due process of law and therefore be void."
Western Union Telegraph Co. Protestsv
fProposed NRA
Code for Communications Industry—Urges Clients
to Oppose Pact at Hearings Starting May 16.
Hearings will be held in Washington, beginning on May
16, on a proposed code of fair competition for the telegraph
industry. The code is opposed by the Western Union Telegraph Co., which, in a statement sent to customers May 11,
alleged that the proposed pact is "clearly based upon a draft
submitted by the Postal Telegraph & Cable Corp." General
Hugh S. Johnson, Recovery Administrator, has threatened
to impose a National Recovery Administration code upon the
industry if agreement is not reached. The Western Union
Co. in its statement drew attention particularly to clauses
in the proposed code which prohibit sharing of leased wire
facilities by two or more organizations, as well as the requirement of charges for call-box installations, pickup service and
printers and similar facilities installed in customers' offices.
The company suggested that protests against the code be
made either in person or in writing at the public hearing
starting May 16. Leighton H. Peebles, NRA Deputy Administrator in charge of the proposed code, said yesterday
(May 11) that he had received 61 telegrams of protest against
the section forbidding discriminatory rates for various classes
of communications service. Most of these telegrams came
from brokers.
Sosthenes Behn, President of International Telephone and
Telegraph Co., testifying yesterday before the House Interstate and Foreign Commerce Committee on the Rayburn
bill, urged the inclusion of a provision permitting merger of
communications companies in any communications legislation.
NRA Permits Strikes and Picketing, According to
New Jersey Court of Errors and Appeals—Ruling
Holds Labor Unions Are Lawful and Essential.
The New Jersey Court of Eerrors and Appeals, in an
opinion handed down May 4, ruled that a strike is legal and
Is not forbidden by the National Industrial Recovery Act.
The Court held that the collective bargaining provisions of
the Act, and the sections providing for the organizing of
labor, also include peaceful picketing and orderly strikes.
The decision said that former Vice-Chancellor John J. Fallon
"was clearly in error" in granting to the Bayonne Textile
Corp. a temporary injunction against representatives of the
American Federation of Silk Workers, an affiliate of the
American Federation of Labor, restraining employees of the
company from striking, and prohibiting them and operatives
of the union from picketing activities. The injunction was
accordingly modified.
A dispatch from Trenton, May 4, to the New York "Herald
Tribune" quoted from the decision as follows:
3218
Financial Chronicle
"The NRA confers on employees the right to bargain collectively through
representatives of their own choosing, which connotes the right to strike,"
the Court held.
"A construction which would deny to the employees the privilege of striking to enforce what they conceive to be but a just demand for a wage increase would emasculate and devitalize the clause conferring the right to
organize and bargain collectively. The denial of this long-established right
to strike would, in effect, compel acceptance of the scale of wages fixed by
the employer. The Act does not provide compulsory arbitration in any form
of wage controversies."
Injunction Held "Too Sweepings."
Vice-Chancellor Fallon's injunction was "too sweeping," the Court held,
because it enjoined "not only unlawful conduct but also that which has hitherto been regarded as lawful. It enjoins not only the intimidation or
coercion of complainants' employees by violence, threats, annoyances and
other unlawful practices but the conduct of the strike itself. It prohibited
the defendants from participating, promoting, encouraging, directing or being
in any wise engaged in any strike against or picketing of the complainant."
The Court remarked that the Vice-Chancellor proceeded on the assumption
that the NRA outlawed strikes, "but in this he was clearly in error. We do
not find expressed in the NIRA a Congressional purpose to deprive the employees of the right to strike where, as here, their demand for a wage increase
Is not complied with."
The Bayonne plant, employing 110-workers, was operated on an open shop
basis under the cotton textile code, and contended that its employees were
being interfered with by organizers of the American Federation of Silk
Workers.
Sees A. F. of L. Outlawed.
Dealing with another phase of the Chancery Court order, which mentioned
arbitration only by members of the striking employees, the Court said that
such an interpretation would outlaw the American Federation of Labor.
"Labor unions, when instituted for mutual help and co-operation, and the
attainment of legitimate ends, are lawful," the Court said. "They are a
necessary part of the social structure. They are a vital force in our industrial
system, and essential for the advancement of public welfare."
General Johnson Charges That Enemies of NRA Seek
to "Scuttle Whole Recovery Program"—In Ohio
Speech He Denies NRA Oppresses "Little Fellow"
in Business.
A charge that enemies of the NRA are seeking "to scuttle
the whole recovery program, made the Blue Eagle walk the
plank, hoist the Jolly Roger on the Ship of State, and sail
back to the good old piracy that brought the crash of 1929,"
was made on May 4 by General Hugh S. Johnson, speaking
before a mass meeting at the Ohio State Fair Stadium in
Columbus, Ohio. General Johnson's speech was construed as
a reply to criticisms of the NRA that had been made before
the annual convention of the Chamber of Commerce of the
United States in Washington last week. He warned that supporters of NRA must not allow themselves to split into quarreling groups, but must present an undivided front to the
opposition.
General Johnson said that the principal dangers to the
NRA are:
The reluctance of benefited groups to assume burdens with benefits, the
possibility of loss of necessary solidarity through the aid thus given enemies,
to use group discontents to destroy in detail what they would not even have
dared to attack on a solid front.
He said that the opponents of the NRA are now using the
slogan: "Take off the brakes." This, he said, means "back
to 1928" and "Let us alone." While conceding that the NRA
Is an experiment, General Johnson said that it is under complete governmental control and has absolute flexibility. He
declared that it is far too early to talk at this time "about
returning to a system which has demonstrated its futility for
nearly half a century, ending in ruin." Every one of the 400
industries now under codes would refuse voluntarily to give
up its code, he asserted, and then added, in part:
But, alas, here the great national concert of purpose falters. Codified Industry, organized labor, farmers and consumers all sing the same song in
varying words: "Keep NRA but cut out its objectionable features"; "Keep
the codes but cut out their restrictions"; "Keep Section 7A of the Act, but
Impose no responsibility on labor."
Partisan political leaders have sought to attack NRA by saying that it
"oppresses the little fellow." That phrase is a humdinger for a demagogue.
Oppression is always vile and all hearts beat in sympathy with the "little
fellow." The vital questions are, however: "Who is the little follow?" and
"What is the oppression?"
Is a sweatshop a "little fellow," and is it oppression to run it out of
business?
Is a gaunt child in a cotton mill the "little fellow," or is the "little fellow" the small employer who seeks a competitive advantage by coining her
childhood? And does the "oppression" lie in releasing her from bondage or
in taking away his inhuman competitive advantage?
I know the body of the "little fellow" trouble East, West, South and
North, and I solemnly assure you that the burden of paying bare subsistence
wages makes up 85% of the complaint. The bulk of it is of having to pay
$12 to $13 for a 40-hour week of human labor. As I have had earlier occasion
to say of these protests: "Men have died and worms have eaten them—but
not for paying $12 for 40 hours of adult human labor."
In so far as there is "little fellow" trouble due to higher wages, of course
both "little fellows" and "big fellows" have been burdened, but this country
has got to spread employment and raise wages or sink into a new depression
worse than the last—with God knows what at the end of it. The benefit of
living wages comes to the whole country but every class must accept its
burdens with its benefits.
General Johnson denied that the chief objectors to the NRA
are the so-called "little fellows" in business, and said that
May 12 1934
instead its principal detractors are the chains and mail order
houses. Incident thereto he said:
Monopolistic low prices—prices below cost to all except the mighty—are
what destroys the "little fellow" in business. When the coal code raised coal
prices, literally thousands of small mines reopened. The cotton code saved
hundreds of small mills from threatened extinction. The retail code will
save from destruction by chain and mail order houses thousands upon thousands of small retail stores. The rubber tire code will prevent wholesale economic slaughter on the retail front. The chief protestants of this NRA policy
are the chains and mail order houses and not the "little fellows," and if
these schemers and agitators would take the trouble to inform themselves
they might be guilty of less of human degradation and ruined hope.
Various Phases of Federal Securities Act and Stock
Exchange Bill to Be Discussed at Annual Meeting
of New York State Society of Certified Public
Accountants in New York City May 14.
Banking, legal, accounting and corporate phases of the
Federal Securities Act and the proposed National Securities
Exchange Act will be discussed at the thirty-seventh annual
meeting of The New York State Society of Certified Public
Accountants, which will be held at the Waldorf-Astoria on
May 14 and will consist of an afternoon and evening session
and a dinner meeting. Election of officers and directors will
be held at the evening meeting.
Samuel W. Reyburn, former director of the Federal Reserve Bank and President of the Associated Dry Goods
Corp. of New York, will discuss the securities acts from the
standpoint of a corporate executive; Hugh Knowlton,
partner of Kuhn, Loeb & Co., will discuss investment banking under these acts; H. Theodore Sorg, senior partner of
Sorg, Duncan & Bailey, will speak from the legal viewpoint,
and C. Oliver Wellington, will discuss the relation of accounting practice to these acts. Mr. Wellington is a partner
of the firm of Scovell, Wellington & Co. and a member of the
American Institute of Accountants and The New York State
Society.
In announcing the plans for the session, Henry A. Horne,
Chairman of the Committee on Meetings, pointed to the
fact that "the trend of affairs and the spirit of the times,
demands a clear expression of the nature of assets, liabilities, incomes, expenses and income deductions. Professional
accountants have the ability to make the informed analyses
that will meet this demand."
Walter A. Staub, President of the Society, will present
his annual report at the meeting and discuss the future of
the profession of accounting. Wm. J. Forster, Secretary,
will also present a report.
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of May 5 (page 3033),
with regard to the banking situation in the various States,
the following further action is recorded:
FLORIDA.
Announcement was made on May 2 by C. H. Bancroft,
receiver of the defunct City National Bank on Miami,
Mimi, Fla., that an immediate distribution of $350,000
in dividends would be made to depositors of the institution
Tgough a loan by the Reconstruction Finance Corporation
and collections on assets, according to advices by the Asso_ _
ciated Press from Miami, which went on to say:
The &ink
—closed in December 1930 with deposits of approximately
$6.000,000 and was placed in the hands of receiver.
Checks now ready for distribution will bring to 40% the amount of dividends made available to depositors.
Stockholders of the closed First National Bank & Trust
Co., Orlando, Fla., have been assessed 100% on their
r:ofdings, according to an announcement issued on May 4
0. Overstreet, the receiver. The assessment will
m•regate 3200,000. There are 22 stockholders. The
nk closed its doors March 4 1933, and failed to open after
the national bank holiday. A dispatch from Orlando to
Te
—"Florida Times
-Union" on May 4, from which this is
re117— furthermore said:
ned,
According to Mr. Overstreet, the order was issued by J. F. T. O'Conner,
M.
Comptroller of the Currency at Washington.
The order directs that the shareholders pay the 100% assessment by
June 6 1934. and in case of the failure of such payment that the receiver
proceed immediately to bring suit in civil courts.
Mr. Overstreet expressed the belief that considerable of the assessments
would be paid at an early date. The order does not affect the present
First National Bank at Orlando, which opened recently in the same location. A dividend of 30% has already been paid the depositors of the closed
bank.
ILLINOIS.
—
-VVe learn from the St. Louis "Globe-Democrat" of May 3
that the First National Bank of East St. Louis, Ill., closed
since March 4 1933, was to reopen on May 9 under the title
of the First National Bank at East St. Louis. Alva G. Elam,
President of the reorganized bank, was quoted as saying:
The bank will have no liabilities save those to its depositors. No preferred stock has been issued. When the bank opens May 9 there will be
$1,749,307.75 available to depositors. This represents 50% of their accounts In the former bank, the balance having been waived as part of the
reorganization plan.
Is The bank will insure its deposits as made possible by the Federal Government. Deposits up to $2,500 are insured by this system, which, in our
case, means 95% of the accounts carried.
The paper mentioned added:
The staff of the bank will be materially decreased, Mr. Elam said.
A. C. Johnson, President of the former bank, will serve the new bank as
Vice-President.
Guy Hitt, who has been conservator of the former bank since last June,
severed his connection Saturday(May 5).
IOWA.
Advices from Ashton, Iowa, on May 5 to the Des Moines
"Register" stated that an initial payment of 55% was being
made by the receiver of the First National Bank in Ashton
of that place. The dispatch added:
This is said to be one of the largest first payments made by any bank in
northwest Iowa.
LOUISIANA.
•
Concerning the affairs of the closed Commercial Bank Sz
Trust Co. of Alexandria, La., advices from that city on May
1 to the New Orleans "Times-Picayune" contained the
following:
Announcement was made here to-day (May 1) by Dr. W. D. Haas,
Chairman of the Board of Directors of the Commercial Bank & Trust Co.,
which is in liquidation, that the Reconstruction Finance Corporation has
approved a loan to this bank to the amount of $506,684, which, it is said,
will permit the institution to pay "frozen" accounts to the extent of between
50% and 60%.which will be an initial liquidation dividend. The remainder
of the "frozen" accounts are to be liquidated over a period of years, under
Government supervision. The bank will not reopen. Application for the
loan was made six weeks ago.
The reorganization committee of the Calcasieu National
Bank in Lake Charles, Lake Charles, La., has announced
thpt it has depositors' waivers of $3,275,000, which is the
amount required by the Comptroller of the Currency in
connection with the bank's reorganization plans. Lake
Charles advices on May 3 to the New Orleans "TimesPicayune," from which this is learned, added:
The committee also has the required percentage of stockholders' "consent" to the plan—and all the other details are being worked out as rapidly
88 possible.
NEW JERSEY.
Regarding the affairs of the Edgewater Trust Co. of
Edgewater, N. J., which is being operated on a restricted
basis, the "Jersey Observer" of May 5 carried the following:
A rumor current in Edgewater last night (May 4) was to the effect
that an order of the State Deputy Commissioner of Banking had been
given to close the Edgewater Trust Co. April 30, that date being the deadline of the last extension of time granted under which it Might conduct
business on a restricted basis. But, according to the rumor, Herman
Grover, acting as Chairman of the depositors' committee, and some others
Interested in the reopening of the bank,interceded and succeeded in having
the closing order countermanded, and obtained a new formal extension
of time to June 1. A reorganization plan is said to be awaiting approval
of the Commissioner.
In regard to the affairs of the closed Citizens' National
Bank of New Brunswick, N. J., advices on May 2from that
place to the Newark "News" contained the following:
Eugene Viereck, receiver of the Citizens' National Bank of New Brunswick, has announced the bank will pay a first dividend of 15% to-day
to depositors whose claims were filed previous to Dec. 31 1933, with the
exception of those who have signed the depositors' agreement for formation
of a new bank sponsored by Joyce Kilmer Post, American Legion.
The bank was closed Feb. 14 1933.
OHIO.
With reference to the affairs of the two large Cleveland,
Ohio, banks—the Union Trust Co. and the Guardian Trust
Co.—both of which went into liquidation after the banking
holiday last year, Joseph R. Nutt (former Treasurer of the
Republican National Committee), four other bankers and
a former county official were indicted in Cleveland on May 9
by a Federal Grand Jury on alleged charges involving the
collapse of the two institutions. The indictments are based
on alleged "window dressing" of statements of condition of
the two trust companies. Advices from Cleveland to the
New York "Times" on the date named, authority for the
above, went on to say:
Mr. Nutt, former Chairman of the Board of the Union Trust Co., and
Wilbur M. Baldwin, former President, are charged with selling and reselling $10,000,000 in Liberty bonds owned by the Van Sweringen brothers,
railroad owners, to make it appear that the bank owned more Government
securities than it actually did.
Pleas of not guilty were entered for both in the Federal Court this afternoon (May 9) and they were released on $5,000 bond each.
J. Arthur House, former President of the Guardian Trust Co.. and
A. R. Frazer and Harry C. Robinson, former Vice-Presidents, were indicted with Alex Bernstein, former County Treasurer, on charges arising
out of the use of county funds to bolster the bank's financial statement.
Mr. House and Mr. Frazer are accused of receiving four "fictitious"
cheeks, each for $500,000,from Mr. Bernstein, then Chief Deputy County
Treasurer, as a purported deposit of $2,000,000.
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Volume 138
Federal investigators said the checks were drawn on a Cleveland bank
In which the County had a deposit of only $661,000.
Mr. Robinson was not charged with making a false financial statement, but was named in five counts of using the mails to defraud.
The transaction of which Mr. Nutt and Mr. Baldwin are accused is the
one on which a County Grand Jury recently returned indictments against
them and 0. P. Van Sweringen. The latter voluntarily appeared before
the Federal Grand Jury, waiving immunity, to explain his part in the
transaction, and was not named in the Indictments to-day.
Mr. Nutt and Mr. Baldwin are charged in the indictment with "pretending" to purchase the Liberty bonds from the Van Sweringen corporation and then reselling them to the corporation within 10 days. After
the County indictments were returned Nutt. Mr. Baldwin and Mr. Van
Sweringen insisted that the sale and resale were bona fide transactions.
The "window dressing" occurred in a statement on Dec. 31 1931, according to the indictment. This statement was sent through the mails
to other banks and business firms, the Government contends.
PENNSYLVANIA.
The National Bank of Narberth, Narberth, Pa., a new
institution which replaces the Narberth National Bank which
has been in the hands of a conservator since the banking
holiday in March 1933, opened for business on May 9. The
new institution, which was financed by capital obtained from
residents of Narberth and vicinity, has assumed 50% of
the $400,000 deposit liability of the old institution. The
Philadelphia "Inquirer" of May 9,from which the foregoing
is learned, continuing said:
The 50% will be made available to depositors of the old bank on the
books of the new bank, which has been established without assistance from
the Reconstruction Finance Corporation. The new bank holds membership in the Federal Reserve System and in the Federal Deposit Insurance
Fund.
Assets of the old bank not taken by the new institution will be liquidated
as quickly as possible and dividend payments made on account to depositors of the old bank.
E. C. Griswold, Philadelphia business man, who resides in Narberth,
has been elected President of the new bank. J. L. McCrery, Cashier of
thefold bank, has been named Vice-President of the new institution and
Carl B. Metzger, Jr., Assistant Cashier of the old bank, is Cashier of the
new one. He is a son of Carl B. Metzger. president of the Narberth National Bank and who has acted as conservator since March of last year.
The National Bank of Narberth has $50,000 capital and $10,000 surplus.
Additional Banks Licensed to Resume Operations in
Second (New York) Federal Reserve District.
The Federal Reserve Bank of New York issued the following announcement on May 9, supplementing its statement of April 25 (given in our issue of April 28, page 2865),
showing additional banking institutions in the Second (New
York) District which have been licensed to resume full banking operations:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1382, May 9 1934.)
MEMBER BANKS—NEW JERSEY.
Newark—Clinton Trust Co.
h. Passaic—Peoples Bank& Trust Co.
NEW YORK STATE.
I Fair Haven—The Fair Haven NationallBank.
NEW MEMBER BANK.
The following State bank, previously licensed to resume full operations
isTirate a=r York, has been=
—
mit=to membership in the Federal Reserve System:
NEW YORK STATE.
Sayville—The Oystermen's Bankj& TrustiCo. (Merger of The Oyster
me" s'National Bank of Sayville into the Community Trust Co.).
GEORGE L. HARRISON,
Governor.
gm;sum
-
idenra
-n-rasST
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made for the transfer of three New
York Stock Exchange memberships. Two of the transactions took place on May 10, one at $125,000 and the other at
$110,000; the third sold on May 11 at $100,000. The transaction previous to the May 10 sales was at $130,000, on
May 2.
William H. English, a director of several New York banks,
died at New York Hospital on April 29, following a brief illness. He was 71 years old. Mr. English's banking connections were the Irving Trust Co., director; the Lawyers'
County Trust Co., director; the Brooklyn Savings Bank,
trustee, and the Brooklyn Trust Co., trustee. He was also a
director of a number of corporations, and was President and
Treasurer of the Elm Duane Corp., real estate operators, and
Chairman of the Board of the Paramount Publix Corp.
John Greenough, retired banker and honorary President of
the American Geographical Society, died of pneumonia, on
May 4, at his home in New York City. On March 25 last he
was 88 years old. Mr. Greenough graduated from Harvard
in 1865, following which he served as a clerk with Grinnell
Minturn & Co., New York. In 1878 he became a member of
the firm of Wilder & Greenough. He turned to banking in
1884, and until 1898 was a partner in Poor & Greenough, a
banking house which engaged mainly in railroad financing.
3220
Financial Chronicle
John Saunders, who retired on Jan. 1 as a partner in the
New York Stock Exchange firm of Billings, Olcott & Co., New
York, died in the Hackensack Hospital, Hackensack, N. J., on
May 4. Mr. Saunders was 75 years old. A native of England,
was brought to New York at an early age, and began his
financial career as office boy and runner in the old Stock
Exchange firm of John H. Davis & Co. When the firm reorganized, about 14 years ago, under the name of Billings, 01cott & Winsmore, now Billings, Olcott & Co., Mr. Saunders
was made a partner.
Chauncey Blair Spears, independent stock broker and a
member of the New York Stock Exchange since February
1911, died on May 4 in the New York Hospital. He was 55
years of age. Mr. Spears maintained an office at W. H.
Goadby & Co.
On May 2 the New York State Banking Department approved certificate of reduction of the par value and amount
of capital stock of the Pavilian State Bank, Pavilion, N. Y.,
from $50,000 at a par value of $100 a share to $25,000 at a par
value of $50 a share.
A meeting of the board of directors of the Farmers National
Bank & Trust Co. of Rome, Rome, N. Y., was held May 1,
at which time the official staff of the institution was announced as follows:
George G. Clarabut, Chairman of the Board;Carl H. Simon, President:
C. W. Williamson Jr., Vice-President & Trust Officer; E. Converse Jones,
Cashier; H. Daniel Schilling, Assistant Cashier & Assistant Trust Officer:
Harold F. BurkelAssistantleashier.
At a meeting of the directors of the First National Bank
of Boston, Mass., L. Sumner Pruyne was elected an Assistant
Vice-President of the institution, according to the Boston
"Transcript" of April 28, which added:
Mr. Pruyne was formerly connected with the First of Boston Corp., in
charge of its investment supervision. In his new capacity he will devote
his attention to investment matters for the bank.
The proposed merger of two Danielson, Conn., banks.
the Windham County National Bank and the Danielson
Trust Co., through the sale of the latter to the National
Bank, was announced on May 10. The consolidation will
become effective May 22. Danielson advices to the New
York "Times," authority for the above, went on to say:
The trust company was formed a year ago through a reorganization.
All the directors of the trust company will become directors of the bank,
according to a statement given out by Nathan Dyer Prince, President of
the bank, and former President of the Hartford (Conn.) Trust Co.
Frederick A. Powers, President of the trust company, will become
Chairman of the Board of the merged banks.
Frederick G. Burkhardt, who has beenTconnected with
the Half Dime Savings Bank of Orange, N. J., for more than
20 years, has been appointed Treasurer of the institution,
according to advices from Orange on May 9 to the New
York "Times." He succeeds his brother, John A. Burkhardt, who resigned because of ill health, the dispatch said.
As of April 17 last, the Tea- neck National Bank, Teaneck,
N. J., went into voluntary liquidation. The institution, which
Is capitalized at $50,000, was absorbed by the People's Trust
Co. of Bergen County of Hackensack, N. J.
A charter was issued on May 4 to the Commercial National
Bank of Latrobe, Latrobe, Pa. The new bank is capitalized
at $154,000, consisting of $77,300 preferred stock and $77,300
common stock. B. M. Watkins is President and 0. A. Holsinger, Cashier, of the new institution.
Announcement was made on April 27 by Rolfe E. Bolling,
President of the Liberty National Bank of Washington,
D. C., of the election of John M. O'Brian as an Assistant
Cashier of the institution, according to the Washington
"Evening Star" of April 28, which added:
Born in Washington in 1909, Mr. O'Brien attended St. Patrick's Academy
and Gonzaga College. He entered the employ of the bank as a runner
Feb. 1 1928, and has been employed in various departments since that
time.
Steps to carry out plans for expansion of its business, made
several weeks ago, when the Citizens' Trust Co. of Toledo,
Ohio, moved to ground floor and basement quarters in the
Ohio building, were taken at the meeting of directors of the
Citizens' Trust Co., on April 25. Henry M.Corbett, President
of the institution, said he could not understand where the
information that the directors would ask for a $10,000,000
loan from the Reconstruction Finance Corporation, based on
assets of the Ohio Savings Bank & Trust Co., had come from.
May 12 1934
"Certainly it did not come from this meeting," he said. "We
have nothing to do with any such application. We have
promised the State our full co-operation from the beginning."
The Toledo "Blade" of April 26, authority for the foregoing,
continued:
It was a part of the original plan by which the Citizens' Trust Co. will
purchase some of the prime assets of the Ohio Savings Bank & Trust Co. to
ask a loan from the RFC. But the amount never has been determined. It was
indicated several weeks ago that a loan of as much as $7,000,000 might be
asked.
But there is no application for such a loan before the RFC, William B.
Konzen, Deputy Superintendent in charge of the liquidation of the Ohio
Savings Bank & Trust Co., said to•day, and, in fact, he is opposed to a large
loan because of its cost. Mr. Konzen said he would favor a reasonable loan.
"We are getting our greatest help through the Home Owners' Loan Corp.,
and this help will shortly make another payment possible," Mr. Konzen said.
Clinton B. Ewill, of the Vick Chemical Co., New York, and a former Virginia and North Carolina banker, was named as Assistant Secretary-Treasurer
of the Citizens', to begin his duties May 1.
Directors of the bank adopted a resolution to change the name of the bank
to the Ohio-Citizens' Trust Co., as had. previously been announced, and to
increase capital $50,000 to $100,000 par value. Up to the present time the
stock of the bank has been sold at twice its par value to provide for surplus
and reserves.
The State instructed William M. Konzen, Deputy Superintendent in charge
of the liquidation of the Ohio Savings Bank & Trust Co., to apply for the
loan three months ago, and a study of assets preliminary to an application
has been under way since that time. It was said Thursday (April 26) that
it will require several weeks more to complete preparations for the loan.
The Citizens' Trust Co. opened in March 1932, replacing
the Commercial Savings Bank & Trust Co., which, with three
other Toledo banks, of which the Ohio Savings Bank & Trust
Co. was one, closed its doors in August 1931.
The First National Bank in St. Marys, St. Marys, Ohio, was
granted a charter on May 3 by the Comptroller of the Currency. It succeeds the First National Bank of the same
place, and has a capital of $60,000, half of which is preferred
stock and half common stock. Albert Herzing is President
and A. J. Weber,Cashier.
As of May 1 1934, the Central National Bank of Chillicothe,
Chillicothe, Ohio, capitalized at $100,000, went into voluntary
liquidation. There is no successor institution.
On May 4 the Comptroller of the Currency issued a charter
to the First National Bank of Carthage, Carthage, Ill. The
new bank replaces the Hancock County National Bank of that
place, and is capitalized at $50,000, consisting of $25,000 preferred stock and $25,000 common stock. R. J. Roath heads
the new institution, and F. J. Reu is Cashier.
The directors of the Detroit Trust Co., Detroit, Mich.,
on May 5 announced the appointment of Oscar L. Buhr
as a Vice-President and of Alfred B. Connable Jr., and Noble
D. Travis as Assistant Secretaries, all of whom had been
with the bank for several years. The Detroit "Free Press"
of May 6,from which this is learned, further said:
A graduate of the University of Minnesota, Mr. Buhr spent three years
as Assistant to President Burton at Minnesota and Michigan,and has been
connected with the Detroit Trust Co. since 1921. Mr. Connable is a University of Michigan graduate with the class of 1925. Continuing his studies
in the Harvard Graduate School of Business Administration, he came to the
trust company in 1928. Also a University of Michigan graduate, Mr.
Travis joined the Detroit Trust Co. in the spring of 1929.
Announcement was made on May 2 by Joseph M. Dodge,
President of the Detroit Savings Bank, Detroit, Mich.,
of the appointment of Ralph J. Romer as a Vice-President
of the institution. Mr. Romer will speicalize in commercial
loans and credits. The Detroit "Free Press" of May 3,
from which this is learned, added:
Mr. Romer received his early banking experience at the St. Henry
Bank, St. Henry. Ohio. In October 1917, he was appinted Assistant
State Bank Examiner in the State of Ohio, and in 1920 received his commission as an examiner, serving in that capacity until January 1923, when
he was appointed first assistant to Mark A. Wilson, Examiner for the
Detroit Clearing House Association. In December 1928, shortly after
the physical merger of the People's State Bank and the Wayne county
& Home Savings Bank, he was appointed Vice-President of the People's
Wayne County Bank, in charge of credits.
The Citizens' National Bank of Marshfield, Marshfield,
Wis., was chartered by the Comptroller of the Currency on
April 30. It replaces the American National Bank of Marshfield, and is capitalized at $100,000, of which $25,000 is preferred stock and $75,000 common stock. Louis A. Hartle
heads the new institution, while J. L. Stauber is Cashier.
Effective 4 p. m., March 26 last, the First National Bank
of Soldiers Grove, Wis., capitalized at $25,000, went into voluntary liquidation. There is no successor institution.
The Farmers' & Merchants' National Bank of Winterset,
Winterset, Iowa, was granted a charter by the Comptroller of
Volume 138
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Financial Chronicle
the Currency on May 2. It is capitalized at $50,000, made up
of $35,000 preferred and $15,000 common stock, and replaces
the Citizens' National Bank of Winterset. D.P. Egy is President and N. E. Kelley, Cashier, of the new bank.
The Wallace National Bank of Exeter, Exeter, Neb., capitalized at $50,000, was placed in voluntary liquidation on
April 27. It has been replaced by the First National Bank in
Exeter.
The Comptroller of the Currency on May 3 chartered the
First National Bank of Antlers, Antlers, Okla. The new organization succeeds the First State Bank of the same place,
and has a capital of $70,000, consisting of $40,000 preferred
stock and $30,000 common stock. C. E. Stephenson is President, and James A. Halt, Cashier, of the new bank.
The Camptroller of the Currency on May 1 chartered the
South Side National Bank in St. Louis, St. Louis, Mo., which
succeeds the South Side National Bank of St. Louis. The
new organization is capitalized at $700,000, consisting of
$300,000 preferred stock and $400,000 common stock. Frank
J. Wiget and A. Etling are President and Cashier, respectively, of the new organization.
--s—
Advices from St. Louis, Mo., on April 28 1934, to the "Wall
Street Journal," stated that the Farmers' Bank of Windsor,
Mo., has been closed by its directors, according to announcement by 0. H. Moberly, State Commissioner of Finance.
The plan to sell $500,000 of prefereed stock of the Boatmen's National Bank of St. Louis, Mo., to the Reconstruction Finance Corporation and to reduce the common stock
by 8500,000, was approved at a meeting of the stockholders
on May 4. In indicating this, the St. Louis "Globe-Democrat" of May 5 added:
As outlined in the plan,the par value ofthe common stock will be changed
from $100 to $20 a share, and four shares of the new stock will o given
for each share of the present stock. This will make possible the reduction
In common stock from $2,500,000 to $2,000.000.
Capital that will be released by the reduction will be used to write down
depreciated assets. It has been planned that on the retirement of the
preferred stock, $500,000 of new common stock will be issued as dividends
to stockholders. All banks in St. LOUIS have made plans to sell preferred
stock or capital notes to the RFC.
Two years and nine months after they were convicted of
charges alleging conspiracy incident to the failure of the
$17,000,000 Central Bank & Trust Co. of Asheville, N. C.,
Colonel Luke Lea (former United States Senator from Tennessee) and his son, Luke Lea, Jr., entered the Central
Prison in Raleigh, N. C., on May 10 to serve terms of six
to ten years and two to six years, respectively. In a Raleigh
dispatch, May 10, to the New York "Times," it was stated:
of $100,000, divided into $50,000 preferred stock and $50,000
common stock. H. L. Smoak is President, and M. H. Whet
sell, Cashier.
Election of Mrs. Alfred I. duPont, wife of the Chairman
of the Board of Directors of the Florida National Bank of
Jacksonville, Fla., to the directorate of the bank, was announced on May 2 by George J. Avent, President of the
institution, following a brief meeting of the directors. The
Florida "Times-Union" of May 3,from which this is learned
went on to say in part:
Mrs. duPont is the lone woman bank director in Florida, Mr. Avent
pointed out in the announcement. Since establishing her home at San Jose
and while in this area. Mrs. duPont has taken a very active part in the
management of the Almours Securities, Inc., and in Nemours, Inc.. the
former a company having large holdings throughout the United States.
the latter a Florida corporation with extensive business interests in Delaware. . . .
According to advices from Lakeland, Fla., on May 8
to the"Wall Street Journal," a dividend of between ni
and 10% will be distributed to the depositors of the closed
Lakeland State Bank & Trust Co. of that city in about 60
days, according to Charles Clements, liquidator of the institution. Dividends of 5and 10% had been paid previously,
it was stated.
_R. C. King, Cashier of the Bank of Commerce of Greenwood, Miss., since its organization in 1904, on May 4 was
appointed President of the institution to succeed the late
Dr. T. R. Henderson, according to Associated Press advices
1=11. that place on May 5. J. H. Peebles (formerly Assistant Cashier) was elected Cashier, it was stated.
On April 30 the Comptroller of the Currency issued a charter to the First National Bank of Edinburg, Edinburg, Tex.,
with capital of $50,000, of which $30,000 is preferred stock
and $20,000 common stock. It replaces the First National
Bank of Edinburg. W. P. Smith and Ralph M. Love are
President and Cashier, respectively, of the new bank.
On April 30 the Citizens' National Bank in Groesbeck,
Groesbeck, Tex., was chartered by the Comptroller of the Currency; it is capitalized at $50,000, half of which is preferred
stock and half common stock, and succeeds the Citizens' National Bank of the same place. T. J. Holton is President, and
A. G. Easterling, Cashier, of the new organization.
The First National Bank of North Bend, North Bend, Ore.,
capitalized at $100,000, was placed in voluntary liquidation
on April 24 last. The North Bend National Bank is the successor institution.
Their last attempt to evade prison, which had followed a course through
the Courts of North Carolina and Tennessee and had been three times
before the United States Supreme Court, ended in failure to-day when
Governor Ehrinchaus declined to enterain a request for a 30
-day reprieve
for young Lea that he might attempt to raise the $25,000 fine imposed as
an alternative sentence.
THE WEEK ON THE NEW YORK STOCK:EXCHANGE.
For the review of the New York Stock _Market, see
editorial pages.
The elder Lea, through his attorney, L. E. Gwinn of
Nashville, who accompanied the prisoners to Raleigh, issued
the following statement:
THE CURB EXCHANGE.
We enter prison sustained by the consciousness of innocence and firm
in the belief that when the exultations from legal victory are over and
the passions and prejudices resulting from the failure of a bank, for which
we were not responsible, have passed away, even those responsible for our
conviction will be ready to make amends as far as possible, for the injustice
of the court decision that brings us to a North Carolina prison.
In its Raleigh advices on/May 10 the,"Times" also said
in part:
•
Luke Lea was born at Nashville, April 12 1879. . . .
Colonel Lea and his son, Luke Lea, Jr., were indicted by State Grand
Juries in Nashville and Asheville, N. C., and a Federal Grand Jury in
ICnoxville returned a bill against the father. The Leas were tried in North
Carolina in 1931 and were convicted of defrauding the Central Bank &
Trust Co. of more than $1,300,000.
The detailed charges set forth that Colonel Lea, with the connivance
of the President of the bank, borrowed $825,000 on improper and worthless collateral; that he kept $214,000 of the bank's bonds without making
settlement; that he deprived the bank of the proceeds of $45,000 from a
City of Asheville note issue, and that he fraudulently obtained $300.000
of the bank's certificates of deposit.
Colonel Lea was sentenced to six to ten years in the North Carolina
State prison. His son received the alternative of paying $25,000 in fines
and costs or serving two to six years.
There followed numerous appeals on extradition and other matters.
Within four years the United States Supreme Court heard four pleas in
the case. On April 30 the Court refused a review, clearing the way for
the sentences to be carried out.
A charter was granted by the Comptroller of the Currency
on May 4 to the Southern National Bank of Orangeburg,
Orangeburg, S. C. The new organization, which succeeds the
Southern Bank & Trust Co. of the same place, has a capital
Lower prices prevailed on the Curb Exchange during
most of the present week, and while there have been occasional rallies that boosted prices slightly higher, the gains
were not maintained for any lengthy period. Trading has
been in comparatively light volume, and price movements
were generally irregular, with a goodly part of the trading
interest centered around the specialties and industrials.
Considerable selling pressure has been in evidence throughout the week, particularly in the alcohol group, which was
forced sharply downward. Specialties and some of the industrial issues Showed spasmodic periods of strength, but
the gains failed to hold. This was also true of the mining
shares.
On Saturday fresh selling was -apparent,following a fairly
steady opening. The tone of the market was moderately
heavy, though there were a few of the more active issues
among the specialties that showed an inclination to move
against the trend. Mining stocks made little change either
way, and there were some very modest gains among the
specialties, especially Montgomery Ward A and National
Container. The public utilities were soft, particularly
American Gas & Electric, and Electric Bond & Share, both
of which recorded substantial losses. Most of the miscellaneous industrials were lower, Great Atlantic & Pacific
Tea Co., Aluminum Co. of America, Pittsburgh Plate Glass,
Sherwin-Williams and American Cyanamid B losing from
fractions to 2 or more points. Alcohol stocks continued to
sink as both Hiram Walker and Distillers Seagrams again
3222
Financial Chronicle
yielded fractionally. Gold mining shares suffered with the
rest of the list, though the changes, for the most part,
were small.
Curb market activity slowed down to the minimum on
Monday, and many of the more active stocks moved within
a narrow range. Alcohol shares led the downward swing,
Hiram Walker extending Saturday's loss by about three
points, while Distillers Seagram was off a smaller amount.
Public utilities and specialties were under heavy pressure
most of the time, and closed with fractional losses. This
was true also of the industrial group, where stocks like
Aluminum Co. of America and Pittsburgh Plate Glass were
the weak spots. Oil issues were soft, and the metal stocks
were down fractionally, particularly Lake Shore Mines and
Pioneer Gold. Toward the end of the day selling gradually
diminished, and some moderate recoveries from the low
spots of the day were recorded, but the improvement was in
no wise general.
Trading was somewhat more active on Tuesday, and some
moderate gains were recorded during the morning among
the public utilities, alcohols and miscellaneous industrials.
Trading was quite active on the rise, but speculative interest
petered out during the afternoon, and the market again
sagged. in the utilities group, Electric Bond & Share rebounded about a point, and there was a fairly steady demand
for American Gas & Electric, American Superpower, and
Niagara Hudson at fractionally higher prices. Alcdhol
shares showed moderate gains, and oil and mining stocks
shared in the recovery. Sherwin-Williams, Standard Oil of
Indiana, Creole Petroleum and a few others among the miscellaneous stocks recorded slight declines, but the activity
in these issues was small.
Specialties and industrial stocks attracted some speculative attention on Wednesday, but the public utilities, as a
group, showed small declines all along the line. The turnover was comparatively light, and the movements in the
general list were irregular and without special significance.
Changes in the public utilities group were largely frac.
tional, and most of the oil shares were easier, though Humble
Oil recorded a small gain. In the specialties list, Montgomery Ward A made a 3
-point gain during the early trading, and advances of a point or more were scored by Pittsburgh Plate Glass, Sherwin-Williams, and Pan-American
Airways. Shiff & Co., Aluminum Co. of America, American
Cyanamid B, Standard Oil of Indiana, Swift & Co., and a
number of other prominent issues slipped back fractionally
or held unchanged from the previous day. Alcohol stocks
were irregular, Hiram Walker yielding about a point, while
Distillers Seagrams and Canadian Industrial Alcohol were
fractionally higher. Ford of Canada, Ltd., broke into new
high ground during the morning trading, but later in the day
moved fractionally lower. Mining shares recorded only
small variations, mostly on the side of the decline.
Price movements were again on the downside during most
of the session on Thursday. Industrial shares, alcohol
Issues and metal stocks were the weak points, and many
prominent issues in these groups lost a point or more. Pressure was strongest against the specialties, and a number
of the outstanding leaders in these sections failed to recover
their early losses. Public utilities were easier, and only
narrow movements were apparent in Electric Bond & Share
and American Gas & Electric. Niagara Hudson was fairly
steady, and United Light & Power moved within narrow
limits. Mining shares gave way all along the line, Newmont
slipping back about 3 points, while Pioneer Gold and Lake
Shore Mines were down about a point. Aluminum Co. of
America was also off on the day, and slipped back around 3
points. Specialties like Pittsburgh Plate Glass, SherwinWilliams, American Cyanamid B, Pan-American Airways,
International Petroleum and Wilson-Jones were down from
fractions to a point. Greyhound Corp. was one ef the strong
features, and moved forward about a point on a fairly large
turnover. Trading was unusually quiet, and some of the
most popular of the trading favorites failed to appear on
the tape until afternoon.
The curb market moved around within a comparatively
narrow range on Friday, and while a number of the more
active stocks moved a little higher during the opening hour,
most of the gains were erased as trading dwindled. Greyhound Corp. was the strong stock of the opening hour, but
Its advance was not maintained, and it lost a good part of
Its early gain. Public utility and specialty stocks moved
fractionally higher during the morning, and some of the
more active of the industrial group followed a similar course,
May 12 1934
but most of the gains were cut before the session ended.
Mining shares and oil issues were without noteworthy movement. The volume of dealings was again small, and trading continued at a slow pace throughout the day. As compared with Friday of last week, many of the leading issues
were lower, Aluminum Co. of America closing on Friday at
68% against 72% on Friday of last week; American Gas &
Electric (4) at 23% against 24; Atlas Corp. at 10% against
12%; Central States Electric at 1y against 1%; Cities Serv4
ice at 2% against 2%; Commonwealth Edison (4) at 52
against 55%; Cord Corp. (K25c.) at 5% against 6; Creole
Petroleum at 12% against 12%; Electric Bond & Share at
13% against 14%; Gulf Oil of Pennsylvania at 60% against
64; Hudson Bay Mining & Smelting at 12% against 13%;
Humble Oil (new) at 41% against 43; International Petroleum at 26% against 26%; New York Telephone pref. (6%)
at 115% against 115%; Niagara Hudson Power at 5%
against 6; Parker Rust Proof at 55% against 64%; Pennroad Corp. at 2% against 3; Standard Oil of Indiana (1) at
26 against 26%; Swift & Co. (%) at 15% against 16%;
/
Teel( Hughes (.60) at 6 against 618; United Gas Corp. at
1
2% against 2%; United Light & Power A at 3 against 34;
United Shoe Machinery at 65 against 66%, and Utility
Power at 1 against 1%.
A complete record of Curb Exchange transactions for the
week will be found on page 3252.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
May 111934.
Stocks
(Number
of
Shares).
125,060 $2.555,000
320.065 5,574,000
247,010 5,788,000
176,860 4,932,000
258,285 4,819,000
155,425 3,685,000
Saturday.
Monday
Tuesday
Wednesday
'Thursday
Friday
Total
Bonds (Par Value).
Foreign
Foreign
Domestic. Government Corporate.
1,282.705 527,353,000
$522,000 PI$371,000 $28,246,000
Week Ended May 11.
Sales at
New York Curb
Exchange.
1934.
Total.
$26,000 $2,669,000
71,000 5,742,000
30,000 5,922,000
71,000 5,068,000
85,000 4,098,000
88,000 3,847,000
$88,000
97,000
104,000
65,000
94,000
74,000
Jan 1 to May 11.
1934.
1933.
1933.
2,404,510
Stocks
-No,of shares_
1,282,705
Bonds.
Domestic
$27,353,000 $23,398,000
522,000
532,000
Foreign government _ _
779,000
371.000
Foreign corporate
32,561,927
19,312,286
$455,459,000
16,715,000
14,153,000
$312,683,000
12,267,000
16,878,000
$28,246,000 $24,709,000
$486,327.000
$341,828,000
Total
COURSE OF BANKSCLEARINGS.
Bank clearings this week will again show a satisfactory
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, May 12) bank exchanges for all cities of
the United States from which it is possible to obtain weekly
returns will be 15.7% above those for the corresponding
week last year. Our preliminary total stands at $5,223,372,241, against $4,512,846,857 for the same week in 1933.
At this center there is a gain for the five days ended Friday
of 9.2%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended May 12.
1934.
1933.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans'
$2,815,291,425
179,188,544
244,000,000
161,000,000
52,770,151
50,400,000
76,440,000
68,272,316
51,176,956
43,351,076
42,372,928
21,117,000
$2,577,620,784
+9.2
155,564,081 +15.2
175,000,000 +39.4
136,000,000 +18.
4
39,786,775 +32.6
43,600,000 +1
"
67,701,000 +12.9
52,392,511 +30.3
6,195,477 +726.0
30,119.577 +43 9
.
28,378,395 +49.3
8,699,892 +142.7
Twelve cities, 5 days
Other cities, 5 days
$3,805,380,396
547,429,805
$3,321,058,492
379,027,010
+14.6
+44.4
Total all cities, 5 days
All cities, 1 day
$4,352,810,201
870,562,040
$3,700,085,502
812,761,355
+17.6
+7.1
$5,223,372.241
54.111254R RAT
-S- 1 A
Total all cities for week
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 fruther below, we are able to give final and complete
results for the week previous
-the week ended May 5. For
that week there is an increase of 22.7%, the aggregate of
clearings for the whole country being $6,167,112,759, against
$5,026,123,708 in the same week in 1933.
Outside of this city there is an increase of 30.8%,the bank
clearings at this center having recorded a gain of 19.1%. We
group the cities according to the Federal Reserve districts
in which they are located and from this it appears that in the
New York Reserve District, including this city, the totals
record a gain of 19.1%, in the Boston Reserve District of
3.1% and in the Philadelphia Reserve District of 37.7%.
In the Cleveland Reserve District the totals are larger by
45.2%, in the Richmond Reserve District by 40.3%, and
in the Atlanta Reserve District by 48.1%. The Chicago
Reserve District records an expansion of 45.5%, the St.
Louis Reserve District of 24.4%, and the Minneapolis Reserve District of 20.6%. In the Kansas City Reserve
District the totals show an improvement of 28.2%, in the
Dallas Reserve District of 22.8%, and in the San Francisco
Reserve District of 30.9%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. May 5 1934.
1933.
1934.
Total
112 cities
Outside N.Y. City
6,167,112,759
2,009,411,347
32 cities
474 857.916
1932.
1931.
5,026,123,708 +22.7 5,879,384,711
1,535,766,947 +30.8 2,010,958,60
8,470,493,298
2,758,766,263
295,492,664
448.724,109
351.806.801 +35.0
We now add our detailed statement, showing last •week's
figures for each city separately for the four years:
Week Ended May 5.
Clearings at
1934.
1933.
Inc.or
Dec.
$
$
%
First Federal Reserve Dist rid -BostonMe -Bangor.
380,248 +51.3
575,420
Portland
1,085,613 +73.3
1,881,285
Mass.
-Boston _ 214,312,005 211,560,147 +1.3
Fall River. _589,199 +17.5
692,517
Lowell
238,429 +21.0
286,017
New Bedford
619,542 -19.0
501,947
Springfield_
2,892,013 -3.1
2,802,910
Worcester
1,160,249 +34.2
1,556,746
Conn.
-Hartford
8,766,855 +28.5
11,093,496
New Haven...
3,674,034 -8.4
3,366.547
It.I.-Providen
8,225,300 +16.3
9,568,100
N.H.-Manches'
576,245 +3.0
593,545
Total(12 cities)
247,230,535
239,765,874
+3.1
1932.
$
1931.
$
551,871
2,573,339
257,592.046
724,990
299,004
679,853
3,808,706
2,279,059
9,905,039
6,602,961
9,584,300
673,403
687,033
3,266,111
400,955,885
897,473
487,163
920,506
4,144,443
3,254,063
10,754,678
6,510,396
10,105,300
546,474
295,274,571
Total(12 cltli* 4,257,266,272 3,575,629,429 +19.1 3,979,820,922 5,836,337.078
Third Federa Reserve DI,trice-Phila delphi aPa.
-Altoona. _
315,025 +35.0
565,300
425,304
Bethlehem _ _ .
b
b
b
b
Chester
382,409 -4.9
468,509
363,664
Lancaster
821,992
762,357 +7.8
1,502,846
Philadelphia_ . 315,000,000 227,000,000 +38.8 279,000,000
Reading
.
1,146,893 +13.2
1,298,694
2,785,587
Scranton
•
2,573,248
1,856,975 +26.4
2,347,285
Wilkes-Barre •
1,521,262
1,830,387 -18.9
2,091,280
York
1,593,060
1,139,460 +46.0
1,664,074
N.J.
-Trenton_
2,731,000
2,438,000 +12.0
4,357.000
Total(9 cities)
326,173,275
236,871,486 +37.7
294,936,630
624,786
b
879,816
2,640.063
388,000,000
3.287,788
4,720,944
2,928,177
1,919,751
3,679,000
408,680,325
c
c
41,548,471
64,431,077
9,297,600
938,990
b
86,382,762
c
c
57,763.325
96.329,848
14,364,100
1,701,203
b
143,843,198
150,568,864 +45.2
202,598,900
314,001,674
Fifth Federal Reserve Dist rict-Richin ondW.Va.-Hunt'to i
188,297
66,870 +181.6
Va.-Norfolk_ .
2,307,000
2,550,000 -9.5
Richmond. .
25,702,906
22,854,254 +12.5
S. C.-Charlesto 1
887,471
711,093 +24.8
59,284,404
Md.-Baltimore •
37,998,603 +56.0
D.C.-Washing'
15,387,659
9,748,868 +57.8
482,054
3,621,967
26,403,801
928,582
69,743,137
21,709,702
541,117
4,143,000
33,908,983
1,850,003
74,388,519
26.328.120
•
Total(5 cities) •
Total(6 cities)
218,585,591
103,757,737
73,929,688 +40.3
122,889,243
141,159,742
Sixth Federal Reserve Dist rict-Atiant a2,443,109
3,994,661 -38.8
Tenn.-Knoxvill
12.914,818
9.021.456 +43.2
Nashville.....
28,400,000 +36.3
Ga.-Atlanta.... 38,700,000
1,061,834
1,120,660 -5.2
Augusta
595,708
641,878 -7.2
Macon
14,261,000
7.898,928 +80.5
Fla.-Jack'nville
Ala.-Birmham_
15.238,224
9,709,337 +57.0
•
906,271 +1.6
921,000
Mobile
b
b
b
-Jackson •
Miss.
130,858
107,854 +21.3
Vicksburg
23,336,916
12,221,492 +91.0
La.-NewOrleaTl
2,629,353
9,739,461
33,000,000
886,641
705,951
9.776,626
8,968.671
983,733
b
152,103
28,545,677
1,500,000
12.520,819
38,082,891
1,317,580
847,774
12.795.183
14,423,319
1,358,273
b
135,995
40,398.250
74,022.537 +48.1
95.388,216
123,380.084
Total(10 cities
109,603,467
-Week Ended May 5.
1934.
1933.
Inc. or
Dec.
1932.
1931.
$
$
$
3
%
Seventh Fede • al Reserve D !strict-Chi cago
204,450
is..
120,224
74,509
-Adrian _
Mich.
782,738
908,930
543,308 -14:1
466,909
Ann Arbor..._
21,168,600
71,467,695
7,273,602 +1008.0
80,591,940
Detroit
4.539,321
3,120,628
1,076,553 +43.8
1,548.195
Grand Rapids •
4,230,165
1,393,400
1,102,824
270,800 +307.2
Lansing
3,022,950
1,426,489
497,652 +37.0
681,617
Ind.
-Ft. Wayn
20,130,000
14,865,000
10,818,000 +15.1
12,456,000
Indianapolis_ _
2.480,710
1,351,816
446,826 +132.9
1,040,733
South Bend..
5,310,739
3,121,495
2,749,457 +33.2
3,663,247
Terre Haute...
26,105.439
15,330,108
11,214,186 +16.3
13,039,013
Wis.-Mtlwauk i
2,733.781
b885,616
381,598
Ia.-Ced. Rapid
8,377.046
6,324,392
12,050,665 +19:5
14,373,230
Des Moines...
4,486,573
3,335,878
3,665.712
2,189,203 +67.4
Sioux City
.
b yawl
b
b
b
b
Waterloo
1,484,356
1.311,281
541,135 +17.1
633,560
Ill.-Bloomingto 1
• 238,918,349 204,591,331 +16.8 273,484.306 426.158,598
Chicago
1,122,063
988,051
558,226 -3.1
540,919
Decatur
4,155,042
3,283,398
2,595,816 +30.3
3,381,247
Peoria
2,774,571
909,254
1,549,708 -38.5
953,454
Rockford _ _ _ _
2,286,348
2,230,953
1,195,664 -18.6
973,374
Springfield _ .
260,162,132 +45.5
405,858,914
541,553,490
Eighth Feder ii Reserve Dis trict-St. Lo ulsb
is
b
Ind.
-Evansville.
Mo.-St. Louis_. 69,400,000
56,800,000 +22.2
17,068,755 +33.6
Ky.-Louisville.
. 22,803,573
12,036.436
9,982,689 +20.6
Tenn.-Memph s
b
b
b
Ill.-Jacksonvills
385,813 +48.8
Quincy
574,000
b
63,100,000
18,076,645
9,580,768
is
733,445
b
89,500,000
22,185,016
12,853,243
b
1,061,978
84,237,257 +24.4
91,490,858
125,600,237
Ninth Federai Reserve Dist rict-Minne apolis2,419,828 -12.0
2,373,861
2,130,258
Minn.
-Duluth_.
49,499,792
55,019,658
48,508,830 +13.4
Minneapolis_ _ _
21,204,352
14,157,607 +49.8
15,986,340
St. Paul
1,456,349 +7.4
1,766,007
N. D.
1,563.903
-Fargo_ _ _
497,977 -10.1
638,304
S.D.
447.496
-Aberdeen _
376.049
248,812 +51.1
372,520
Mont.
-Billings _
1,956,862
.
2,389,339
1,614,746 +46.7
Helena
4,431,811
64.362,635
19,016.050
2,023,581
867.131
581,188
2,410,865
378.486,430
Total(4 cities). 104,814,009
72,593,686
93,693.261
Tenth Feder I Reserve Dis trict-Kane as City.
70,129
62,421 +12.3
264,599
Neb.-Fremont_
84,265
208.092
astIngs
2,437,325
1,953,341 +2
b4:i
2.530,945
Lincoln
19,410,546 +30.8
24,403,021
25.392,480
Omaha
1,503,798 +17.7
2,025,081
.
1,769,695
Kan.
-Topeka _
4,328,476
2,133.850
2,005,714 +6.4
Wichita
69,318.544
71,547,014
55,149,391 +29.7
Mo.-Kan. City _
2,780,936
2,394,724 +16.1
2,801,231
St. Joseph _ _ _ _
569,487 -18.9
858,692
.
461,831
Col.
-Col. Spgs
900,271
441,517
507,372 -13.0
Pueblo
.
Total(7011168)
83,111,055
68.904,149 +20.6
363,178
436.110
3,385,918
36.627,895
2,894,999
4,989,239
84,429,280
4,409.681
1,142,485
1,278,230
442,529.525
Second Fede al Reserve D istrict-New YorkN. Y.
-Albany.
6,665,440
6,664,373
8,075,881 +1.7
6,180.335
981,235
Binghamton._
905,912 -5.3
857,574
820,551
Buffalo
24,027,538
36,312,270
22,736,995 +17.3
26,679,382
Elmira
952,450
970,051
559,245 -13.6
483,321
744,314
Jamestown._ _
1,102,157
383,485
286,759 +33.7
New York
4,157.701,412 3,490,356,761 +19.1 3,868,426.109 5,711,727.035
Rochester
9,168,034
10,646,465
6.828,179 +6.3
7,255,041
Syracuse
4,645,406
4.743,424
3,481,213
3,164,358 +10.0
Conn.
-Stamford
3,117,375
4,055,772
2,458,578 +25.9
3,095,921
N. J.-Montolal
729,599
492,044 -42.1
685,036
*285,000
Newark
25,425,431
17,266,281 +18.5
28,486,866
20.452,978
Northern N.J
35,098,675
29,962,394
24,498,436 +24.1
30,410,610
Fourth Fede al Reserve D istrict-Clev elandOhio-Akron. _ _
. c
c
c
Canton
•
C
c
c
Cincinnati...
43,115,889
33,885,407 +27.2
Cleveland
.
61,033,030
38,699,361 +57.7
Columbus_ _ ,
7,976,900 +24.2
9,908,900
Mansfield
.
1,107,776
823,977 +34.4
Youngstown_ _
b
b.
b
Pa.
-Pittsburgh
103.419,996
69,183,219 +49.5
I .
Clearings at
-
Total(19 cities 1
Inc.or
Dec.
$
$
Federal Reserve Diets.
%
i
8
295,274,571
442,529,525
239,765,874 +3.1
1st Boston_ _ _ _12 cities
247,230,535
2nd b.ewYork _12 "
4,257,266,272 3,575,629,429 +19.1 3,979,820,922 5,836,337,078
291,936,630
408,680,325
236,871,486 +37.7
3rd Philadelpla 9 "
326,173,275
202,598,900
314,001,674
150,568,854 +45.2
4th Cleveland__ 5 "
218,585,591
141,159,742
122.889,243
73,929,688 +40.3
5th Richmond _ 6 "
103,757,737
123,380,084
74,022,537 +48.1
95,388,216
6th Atlanta____10 "
109,603,467
405,858,914
551,553,490
260,162,132 +45.5
7th Chicago -._19 "
378,486,430
91,490,858
125,600,237
84,237,257 +24.4
8th St.Lottis.__ 4 "
101,814,009
72,593,686
93,693,261
68,904,149 +20.6
9th Minneapolis 7 "
83,111,055
107,638,952
139,956,995
83,556,792 +28.2
10th Kansas Clty10 "
107,119,042
50,877,047
35,955,960
32,454,533 +22.8
11th Dallas
39,866,783
5 "
252,723,840
174,937,859
146,020,967 +30.9
191,098,563
12th San Fran_ _13 "
Canada
3223
Financial Chronicle
Volume 138
Total(10 cities)
83,556,792 +28.2
107,638,952
-Da IlasEleventh Fed D ral Reserve District
768,892
784,915 -2.0
Texas-Austin _
23.637,664 +30.3
30,793,869
Dallas
4,659,756
4,458,130 +4.5
Ft. Worth__.
1,707,000
1,390,000 +22.8
Galveston_ _ _ _
.
1,937,266
2.183,824 -11.3
La.
-Shreveport
1,068,598
24,881,131
5,516,579
1,806.000
2,683.652
1,740,078
35,997,744
7,730,667
1.892,000
3,516,558
32,454,533 +22.8
35,955,960
50,877,047
Franci sco-+17.8
22.889,029
+97.4
5,715,000
+71.3
506.485
+24.1
20.943.764
+41.7
9,266,114
+3.0
3,199,550
+3.0
3.390,792
+94.9
6,143,862
+31.4
97,666,803
+29.6
1,860,974
+18.0
1.216.103
+13.2
1,068,236
+38.9
1,071,147
29,894,147
8,388,000
908.092
29,306,885
13,646,532
5.522,043
5,189.793
8,625,558
143,165.666
2,744,242
1,952.521
1,535,561
1.844.800
.
Total(5 cities)
107,119,042
39,866,783
Twelfth Feder al Reserve D istrict-San
22,432,897
19,037,631
Wash.
-Seattle _ _
6,377,000
3,230,000
Spokane
260,121
445.670
Yakima
15,676,601
Ore.
-Portland . 19.460,707
10,797,771
7,618,314
Utah-S. L. Olt r
2,947,C07
2.861,234
Calif.
-Long BcI
_
2,711,058
2.631,202
Pasadena _
5,108,229
2,620,970
Sacramento -_
87,992,517
San Francisco _ 115,651,803
_
1,934,443
1,492,594
San Jose
'1,049,872
889,851
Santa Barbara
751,759
851,360
Santa Monica _
_
958,173
1,330,746
Stockton
139,956,995
Total(13 cities1 191,098,563 146,020,967 +30.9 174,937,859 252,723,840
Grand total (11 2
.6,167,112,759 5,026.123,708 +22.7 5,879,384,711 8,470.493,298
cities)
Outside New Yor k 2,009,411,347 1,535,766,947 +30.82,010.958,602 2,758,766.263
Week Ended May 3.
Clearings at
1934.
Canada-
1933.
1,60.07
Dec.
$
$
%
1932.
1931.
$
'3
Montreal
193,339,722
99,977,684 +93.4
Toronto
126,979,669 107,771,187 +17.8
Winnipeg
85,153,142 +8.8
92,605,469
Vancouver
17,602,337
12,928,610 +36.2
Ottawa
4,732,681 -4.2
4,534,618
4,682,064 -24.3
Quebec
3,543,704
Halifax
2,295,449
2,403,310 -4.5
Hamilton
3,783,302 +13.1
4,279,167
Calgary
5,256,710 -20.7
4,168.680
St. John
1,700,735 +6.5
1,811039
Victoria
1,388,172 +17.3
1,628,368
London
2,779,243
3,007,774 -7.6
Edmonton
3,537,056 +9.2
3,861,033
Regina
2,692,323
3.951,276 -31.9
Brandon
333,640
314,520 +6.1
Lethbridge
428,491
334,844 +28.0
Saskatoon
1,201,466
985,221 +21.9
Moose Jaw
552,002
5.55,231 -0.6
Brantford
785,735
783,636 +0.3
Fort William....
594.52
608,236 -2.3
New Westminter
560,359
460,429 +21.7
Medicine Hat_
176,300 +22.2
215,409
614,421 +15.9
Peterborough.
712,251
Sherbrooke
635,410 +5.2
668,553
Kitchener
1,190,251
865,996 +37.4
Windsor
2,416,196
2,373,403 +1.8
Prince Albert_ _ -..
255,948 +17.2
299,918
Moncton
655,491
622,949 +5.2
Kingston
573,820 -1.7
564,033
Chatham
442,618
426,835 +3.7
Sarnia
412,003
421,400 -2.2
Sudbury
524,499 +34.3
704,158
91,589,740
89,295,966
48,933,644
13.855,374
5,084,286
4,509,357
3,194,658
5,137.563
4,643,350
1,991,510
1.602.056
3,111,557
3,962,025
4,877,585
401,815
367,920
1,488.453
666,254
696,740
686,968
634,988
202,072
677,594
595,558
1,134,697
2,780.680
325,664
827,833
704.886
560,267
422,132
529,472
167,073,041
143,070,855
46,411,890
17,696.636
10,073,442
7,427,690
3,658,652
6,693,140
8,554,527
2,861,816
2,450,752
3,892,811
4,852,060
4,070,355
501,577
438,958
2,915,821
1,301,729
1,168,975
875,227
771,970
289,409
959,355
891,358
1,312,134
4.071,306
470,101
948,181
967,224
705,210
655.427
814,480
351.806,801 +35.0
295,492,664
448,724.109
Total(32 cities)
474,857.916
is No clearings available. c Clearing House not functioning at present.
• Estimated.
Financial Chronicle
3224
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 25 1934:
GOLD.
The Bank of England gold reserve against notes amounted to £191,170,551 on the 18th instant, showing no change as compared with the
previous Wednesday.
Fair amounts of gold have been available in the open market. Owing to
-New York cross rate, prices have been fixed on
the decline in the Paris
the basis of the London-Paris exchange and well above that of New York.
Business has been general, but speculators have been rather less in evidence.
Following the trend of the Paris-New York rate referred to above, the
question arose as to whether it would be permitted to export gold from
New York, in which connection a statement was made that the United
States of America would sell gold for consignment to countries on the gold
standard at $35 per fine ounce plus X% handling charges.
Quotations during the week:
IN LONDON.
Equivalent Value
Per Fine
of £ Sterling.
Ounce.
12s. 6.75d.
1358. 3d.
April 19
12s. 6.80d.
1358. 230.
April 20
12s. 6.29d.
1358. 8d.
April 21
12s. 6.33d.
135s. 7%cl.
April 23
12s. 6.01d.
1358. lid.
April 24
12s. 6.43d.
135s. 6)4(1.
April 25
128. 6.44d.
1355. 6.42d.
Average
imports and exports of gold
The following were the United Kingdom
registered from mid-day on the 16th instant to mid-day on the 23rd instant:
Exports.
Imports.
£12,155
£16,266 France
Germany
7.652
549,292 Switzerland
France
10,800
390,422 Austria
Switzerland
221,831 United States of America 1,327,565
China
777
684,621 Other countries
British India
40.928
British Malaya
1,070,276
British South Africa
101,391
British West Africa
109.507
Australia
32.186
New Zealand
39,410
Peru
24,055
Venezuela
8.165
Canada
39,401
Other countries
£1.358,949
£3,327,751
Gold shipments from Bombay last week amounted to about £1,065,000.
"Ranpura" carries £458,000 of which £333,000 is consigned to
The SS.
London and £125,000 to New York; the SS. "President Van Buren" has
£605.000 consigned to New York and the SS."Britannia" 12,000 consigned
to London.
The following are the details of United Kingdom imports and exports of
gold for the month of March 1934:
Imports.
Exports.
E166,013
British West Africa
6,338,713
Union of South Africa
422,346
Southern Rhodesia
6,876,414
British India
180,368
British Malaya
596,877
Australia
103,766
New Zealand
1,260
12,790,143
Germany
105,466
1,168,504
Netherlands
74.550
5,450
Belgium
535,440
13,469,493
France
1,943,000
Rumania
1,909,449
32,113
Switzerland
105,617
Austria
559,965
China
228,281
Hongkong
7.102
25,249,006
United States of America
659,000
Colombia
360,000
Bolivia
55,788
Peru
27,828
Venezuela
48,366
Cuba
9,300
295,265
Other countries
£46,338,231
£27,986,652
SILVER.
The market has shown a weaker tendency during the past week and there
have been sharp downward movements in prices.
President Roosevelt's opposition to further silver legislation for the time
being would seem to have lessened the prospect of any official action being
taken in the near future, and the disappointment of holders was evidenced
by heavy offerings of silver from New York. Although there was at times
a fair demand from various quarters, it was unable to,withstand the pressure and, on sales by New York, the market closed weak on most afternoons. The Indian Bazaars and speculators have given support, but there
has also been some liquidation of bull contracts by both these quarters.
In the absence of support, prices yesterday fell 9-16d. and ;id. for cash
and two months delivery respectively: a further fall to-day of 9-16d.
brought quotations down to 18,id. and ,18d. the lowest fixed since
December last.
The market is somewhat uncertain at the present level and is dependent
on the attitude of holders of silver to developments in Washington.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 16th instant to mid-day on the 23rd instant:
Exports.
Imports.
£1,450
E78,608 Sweden
Soviet Union (Russia)
3,396 France
290
France
x60,000 Syria
41,438
Irish Free State
20,739
United States of America- 66,958 Persia
31,690 French Possessions in India- 6,000
Mexico
9,291 British India
6,975
British India
15.918 Guatemala
4,970
Australia
3,507 Other countries
3,566
New Zealand
3,251
Canada
5,166
Other countries
\
E277,785
£85,428
x British coin at face value.
Quotations during the week:
IN NEW YORK.
IN LONDON.
Bar Silver per Or. Std.
(Per Ounce .999 fine.)
Cash.
2 Mos.
Apr. 18
194d.
19 15-16d.
Apr. 19
Apr. 19
20d.
45 c.
197 d
Apr. 20
A
Apr. 20
45
19 1-16d. 193id.
Apr. 21
Apr. 21
19 15-16d.
45 c.
19 N d.
Apr. 23
Apr. 23
19 7-16d.
443c.
19 5-16d.
Apr. 24
l87d.
Apr. 24
43c.
lnid.
Apr. 25
19.656d.
Average----19.562d.
of exchange on New York recorded during the period
The highest rate
from the 19th instant to the 25th instant was $5.17X and the lowest
$5.12.
INDIAN CURRENCY RETURNS.
Apr. 7. Mar. 31.
Apr. 15.
(In Lacs of Rupees)17,675
17,708
17,721
Notes in circulation
9,749
9,782
9,799
and bullion in India
Silver coin
4,156
4,156
4,152
Gold coin and bullion in India
2,936
2,945
2,945
Securities (Indian Government)
834
825
825
Securities (British Government)
May 12 1934
The stocks in Shanghai on the 21st instant consisted of about 132,500,000
ounces in sycee. 373,000.000 dollars and 22.800.000 ounces in bar silver
as compared with about 133.800,000 ounces in sycee, 371,000,000 dollars
and 22,000,000 ounces in bar silver on the 17th instant.
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:
May 5 May 7
1934. 1934.
Francs. Francs.
12,800
Bank of France
1,520
Banque de Paris et Pays Bas__ _
192
Banque d'Union Parisienne _
262
Canadian Pacific
18,800
Canal de Suez
2,465
Cle Distr d'Electricitie
1.930
Cie Generale d'Electricitie
Cie Generale Transatiantique__.
-ii8
Citroen B
1,065
Comptolr Nationale d'Electricitle
160
Coty S A
317
Courrieres
778
Credit Commercial de France_
2,160
Credit Lyonnais
2,700
Eaux Lyonnais
715
EsIrgie Electrique du Nord _ _
916
En angle Electrique du Littoral
629
Kuhlmann
Hall800
L'Alr Liquide
1,029
day
Lyon (P L M)
1,442
Nord RI
910
Orleans Ry
74
Pathe Capital
1,140
Pechiney
78.20
Rentes, Perpetuel 3%
85.80
Rentes 4% 1917
85.00
Rentes 4%, 1918
90.40
Rentes 434% 1932 A
89.20
Rentes 4%%,1932 B
113.75
Reines 5%. 1920
1,620
Royal Dutch
1,348
Saint Gobain C & C
1,659
Schneider & Cie
60
Societe Francaise Ford
80
Societe Gcnerale Fanciers
2,680
Societe Lyonnaise
532
Societe Marseillaise
143
Tubize Artificial Silk pre!
791
Union d'Electricitie
93
Wagon-Lits
May 8
1934.
Francs.
12,500
1,502
183
254
18,800
2,435
1,910
29
181
1,055
160
308
758
2,160
2,640
701
906
813
780
990
1,410
910
72
1,116
77.00
84.00
83.90
89.10
87.60
112.50
1,590
1,332
1,660
56
78
2,640
530
140
775
92
May 9
1934.
Francs.
12,600
1,511
186
259
18,800
2,390
1,870
29
185
1,055
160
316
761
2,170
2,580
690
882
620
780
1,012
1,447
900
72
1.120
77.60
84.70
84.80
69.75
83.30
112.75
1,600
1,335
1,860
58
73
2,570
529
141
754
92
May 10 May 11
1934. 1934.
Francs. Francs.
12,700
-254
18,800
Ili!!
27
.iiii
-2,.540
2- 6
_.
Hallday
-ioii
----666
-_ _ _
78 65
-.
86.00
85.90
91.00
89.50
114.25
110
0
ii L
-i_
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
May May May May May May
5.
7.
8.
9.
10.
11.
Per Cent of Par
148 149 150 150
Reichsbank(12%)
150
85
85
Berliner Handels-Gesellschaft(5%)
85
85
85
40
40
41
42
Commerz-und Privet Bank A 0
42
51
Deutsche Bank und Disconta-Gesellachaft„ 52
53
54
56
58
58
62
Dresdner Bank
59
61
112 112 113
Deutsche Reichsbahn (Ger Rya)pref(7%)-112
113
Allgemeine Elektrizitaets-Gesell(A E0)- 23
24
27
26
25
128 129 132 133
Berliner Kraft u Licht(10%)
133
119 123 125
Dessauer Gas(7%)
125
Hall- 126
96
Gesfuerel(5%)
97
90
99
day 99
114 115 116
Hamburg Elektr-Werke(8%)
115
132 133 133 132
Siemens & Habke(7%)
132
I G Farbenindustrie(7%)
128 129 132 132
133
Salzdetfurth (734%)
136 137 139 140
142
219 218 220 220
Rheinische Braunkohle(12%)
220
109 111 113 114
Deutsche Erdoel(4%)
113
63
Mannesmann Roehren
64
66
65
64
Hapag
21
22
23
22
21
Norddeutscher Lloyd
24
26
27
26
25
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Friday
May 11 1934:
Bid.
131
Anhalt 78 to 1946
Argentine 5%. 1945, $100
92
pieties
/27
Antioqula 8%, 1946
AustrianDefaultedCoupons 1100
Bank of Colombia. 7%,'47 /19
Bank of Colombia. 7%.'48 119
f4012
Bavaria 835/3 to 1945
Bavarian Palatinate Cons.
130
Cit. 7% to 1945
Bogota (Colombia) 1334.'47 117
f 812
Bolivia 6%,1940
128
Buenos Aires scrip
Brandenburg Elec. Os, 1953 143
Brazil funding 5%, '31-51 58
158
Brazil funding scrip
British Hungarian Bank
158
734s, 1962
Brown Coal Ind. Corp.
162
6345. 1953
Call (Colombia) 7%. 1947 113
Callao (Peru) 735%. 1944 f71,
8
Ceara (Brazil) 8%. 1947.. _
Columbia scrip Issue of '33 135
/33
Issue of 1934
Costa Rica funding 5%.'Si f48
145
Costa Rica scrip
City Savings Bank, Budapest, 7s. 1953
/8312
Dortmund Men (Jill 68,'48 f61
f30
Duisburg 7% to 1945
Duesseldorf 7s to 1945.- -- 131
East l'russlan Pr. 88, 1953_ f51
European Mortgage 84 Investment 734s. 1966_ -- 16712
French Govt. 534s. 1937_. 183
FrenchNat. Mail M.69.'52 158
f32
Frankfurt 7s to 1945
German AU Cable 713, 1945 /49
German Building & Landbank 8M %. 1948
15012
German defaulted coupons. 185
/1912
German scrip
German called bonds
/37
70
Haiti 6% 1953
Hamb-Am Line 8 Ms to '40 186
Hanover Hari Water Wks.
13512
6%. 1957
Housing & Real Imp is,'46 /44
Hungarian Cent Mut 78.'37 /48
Hungarian Dlsoount & Exchange Bank 7s, 1963
14212
Flat price.
Asks
34
32
2012
4112
34
20
812
20
4512
5912
5912
5912
141- 2
9
10
37
35
64
34
35
53
69
189
162
36
5012
5312
-1
2
43
89
3812
47
50
4412
Bid. Mk:
/90
84
181
31
33
/38
40
/63
6512
73
./70
Leipzig Oland Pr.834s,'46 /65
1498 11 4
1
4
Luine ilvigrg Pl wernanI.c.08 t011t_943
teLan zbe TBrkahi&euVF i, L18h_'75
pd
d.o separsa1 ; 51
a ese fr w58 9444 1.
l aa 777 g 9.
.44
/57
60
59
/56
Munichaa7nMunicipalaufeeran9arylL: 4
lr
:o .
7al; 'n r&snv8
a
;id
7
7
/3612 3812
/31
34
7e0Gas k 6 8.. 8
5 1:Corp
E
3
53
150
Nassau
15812 6012
Nati. Bank Panama 655%
/4112 4212
Savings14,94i d
s 13k o
:
157
59
Hungarian
Mtge.7%,1948
/83
65
Oberpfalz
/3212 3512
Oldenburg-Free State 7%
to 1945
34
/31
Porto Alegre 7%,1968_
19
/17
Protestant Church (Germany), 7s, 1948
45
/42
Prov Bk Westphalia 85,'33 /5212
Prov Bk Westphalia 65.'36 15112 141
;
Rhine Westph Else 7%,'38 177
80
Rio de Janeiro 6%, 1833
/24
26
Rom Cath Church 634s,'413 /6212 84
R C Church Welfare Is,'46 14312 45 2
,
Saarbruecken M Bk 88 '47 iso
85
Salvador 7%, 1957
2912
/28
Salvador 7% etf of dep '57 12312 25
Salvador scrip
/14
17
Santa Catharine (Brazil),
8%, 1947
/2314 2414
Santander(Colom) is, 1948 /1112 1312
Sao Paulo (Brazil) 6e, 1943 122
2312
Saxon State Mtge.(ts, 1947 167
70
Serbian Is, 1956
31
33
Serbian coupons
J38
40
Slam & Halske deb 68, 2930 /330 350
Stettin Pub Util 7s, 1946
14812 50
Tucuman City is, 1951
39
f37
Tucuman Prov. 7s, 1950_ 158
81
Pesten Elea Ry 78, 1947._ /28
31
Wurtemberg Ti to 1945
88
/30
Hungarllinkm defaulted coups
7,fRecuaanhniokBeian
m
,g
Hungarian Ital Bk 734s,'32
Jugoslavia 5s, 1958
Jugoslavia coupons
Kabob 6345. 1943
,
:
3225
Financial Chronicle
Volume 138
PRELIMINARY DEBT STATEMENT OF THE
UNITED STATES APRIL 30 1934.
The preliminary statement of the public debt of the United
States April 30 1934, as made upon the basis of the daily
Treasury statement, is as follows:
GOVERNMENT RECEIPTS AND EXPENDITURES.
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for April 1934
and 1933 and the ten months of the fiscal years 1933-34
and 1932-33.
Bonds
2% Consols of 1930
2% Panama Canal Loan of 1916-36
2% Panama Canal Loan of 1918-38
3% Panama Canal Loan of 1961
3% Conversion bonds of 1946-47
2A% Postal Savings bonds(7th to 46th series)
—Month of April— —July 1 to April 30General & Special Funds.
1932-33.
1933-34.
Receipts—1934.
1933.
$
$
Internal revenue:
il
583,176,280
605,378,952
19,124,317
15,164,834
Income tax
658,192,366
69,331,741 1,220,485,201
101,974,848
Miscell. internal revenue_ _ _
270,014,046
32,008,138
Processing tax on farm prod's_
207,291,278
271,556,233
17.400,063
23,792,233
Customs
Miscellaneous receipts:
-owned seProceeds of Govt.
curities:
394,175
31,567,200
Principal—torn obligations
67,184,087
19,869,636
Interest—foreign obligains_
11,552,327
36,469,691
521,647
1,441,058
All other
18,853,989
21,169,211
2,266,930
2,508,767
Panama Canal tolls, &c
58,133,414
42,645,943
5,066,730
2,388,488
Other miscellaneous
$599,724,050.00
48,954,180.00
25,947,400.00
49.800,000.00
28,894,500.0)
78,030.240.00
$831,350,370.00
First Liberty Loan of 1932-47:
% bonds
$1,392,226,350.00
4% bonds (converted)
5,002,450.00
4%% bonds (converted)
535,981,500.00
$1,933,210,300.00
4%% Fourth Liberty Loan of 1933-38 (called
and uncalled)a
Treasury bonds:
4q% bonds 01 1947-52
4% bonds of 1944-54
3%% bonds 091946-90
36% bonds of 1943-47
34% bonds of 1940-43
334% bonds of 1941-43
334% bonds of 1948-49
3% bonds of 1951-55
334% bonds of 1941
43.-3%% bonds of 1943-45
3%% bonds of 1944-46
4,469,170,450.00
6,402,380,750.00
$758.983,300.00
1,036,834,500.00
489,087,100.00
454,135,200.00
352,993,950.00
544,914,050.00
819,096,500.00
755,481,350.00
834,474,100.00
1,400,570,500.00
1,037.185,050.00
Total receipts
8,483,755,600.00
15,717,486,720.00
Total bonds
Treasury Notes —
3% Series A-1934, maturing May 2 1934
23.4% Series 88-1934, maturing Aug. 1 1934
3% Series A-1935, maturing June 15 1935
143 Series B-1935, maturing Aug. 11935
23.4% Series C-1935, maturing March 18 1935_
23.4% series D-1935, maturing Dec. 15 1935._
3h % Series 8-1936, maturing Aug. 1 1936
234% Series B-1936, maturing Dec. 15 1936_
2 A % Series 0-1936, maturing April 15 1936_
3%% Series A-1937, maturing Sept. 15 1937
3% Series 14-1937. maturing April 15 1937
3% series 0-1937, maturing Feb. 15 1937
234% Series A-1938, maturing Feb. 1 1938
2%% Series 54-1938. maturing June 15 1938
3% series C-1938, maturing Mar. 15 1938
9,899.800.00
345,292,600.00
416,602.800.00
353,865,000.00
528,101,600.00
418,291,900.00
364,138,000.00
357,921,200.00
558,819,200.00
817,483,500.00
502,361,900.00
428,730,700.00
276,679,600.00
618,056.800.00
455,175,500.00
6,451,420,100.00
4% Civil Service Retirement Fund. Series
1934 to 1938
4% Foreign Service Retirement Fund. Series
1934 to 1938
6% Canal Zone Retirement Fund, Series 1936
to 1938
233,300,000.00
2,377,000.00
2,214,000.00
6,689,311,100.00
Certificates of Indebtedness—
% Series T.1-1934. maturing June 15 1934._
13450, series TS
-1934, maturing Sept. 151934..
% series TD-1934, maturing Dec. 15 1934_
$174,905,500.00
524,748,500.00
992,496,500.00
Total
$1,692,150,500.00
4% Adjusted Service Certificate Fund Series,
maturing Jan. 1 1935
122,000,000.00
1,814,150,500.00
Treasury Rills (Maturity Value)—
Series maturing May 2 1934
Series maturing May 9 1934
Series maturing May 16 1934
Series maturing May 23 1934
Series maturing June 20 1934
Series maturing June 27 1934
Series maturing July 3 1934
Series maturing July 11 1934
Series maturing July 18 1934
Series maturing July 25 1934
Series maturing Aug. 8 1934
Series maturing Aug. 15 1934
Series maturing Aug. 29 1934
Series maturing Sept. 5 1934
Series maturing Sept. 26 1934
Series maturing Oct. 3 1934
Series maturing Oct. 10 1934
Series maturing Oct. 17 1934
Series maturing Oct. 24 1934
150,320,000.00
125,493,000.00
75,007,000.00
74,955,000.00
100,110,000.00
50.091.000.00
50,151,000.00
50,257,000.00
75,047,000.00
75,325,000.00
50,078.000.00
75,044,000.00
75,088,000.00
100,236,000.00
50,525,000.00
50,096,000.00
50,225,000.00
50,033,000.00
50,040,000.00
1,378,121,000.00
Total Interest-bearing debt outstanding
Matured Debt on Which Interest Has Ceased—
Old debt matured—issued prior to April 1 1917
4% and 434% Second Liberty Loan bonds of
192742
% Third Liberty Loan bonds 01 1928
334% Victory Notes 01 1922-23
% Victory Notes 01 1922-23
Treasury notes, at various interest rates_ - _
Ctfs. of Indebtedness, at various Int. rates.—
Treasury bill
Treasury Savings Certificates
25,599,069,320.00
1,513,090.26
1,635,950,941
282,384,660
28,541,510
67,374.149
59,769,705
1,918,346,600
16,402,651 1
28,403,209
40,118,471
176,525,905
202,992,575
415,946,423
50,000,003
100,030,000
10,865,198
5,089,994
240,041,362
25,117,801
3,537,863
3,383,007
196,985,043
a25,776,945
a5,821,147
33,909,447
1,011,368
1,073,731
2,615,507
235,464
786,804
4,811,407
845,112
872,664
11,661,757
41,002,253
622,202
17,002,999
6,994.219
10,150,759
45,595,640
87,247,954
9,227,752
a1,737,780
163,686,612
300,000,000
20,850,030
292,700
5,700,000
616,948,680
416,000
7,775,000
559,368.877
351,976,000
139,077,018
a242,545
20,850,000
418,764.000
30,977,000
357,850
604,799,329
2,909.650
15,000
1,000
337,723,157
2,057,250
2,591,838,460
3,221,576,439
400,005,000
3,323,933
17,499,000
17,291,255
9,017,068
1,959,091
48,070
18,895,439
80,355,864
63,915,210
24,489,000
197,052,329
52,444,728
14,442,351
50,000
98,951,345
283,233,723
111,929,553
152,732,492
725,666
3,253,496
10,151,629
25,615,648
52,564,974
4,767,888
61,231,952
49,170,382
260,691,922
1,339,919,774
109,006,641
10,018,478
1,780,287
4,852,079
1,002,221,268
35,054,891
5,959.245
36,410,087
167,300
270,800
174,635
149,795,632
369,623,465
109,006,641
3,230,588,751
1,002,221,268
974,422,794
446,729,798
5,822,427,211
4,223,797,707
792,144,428
333,018,350
3,334,444,123
2,587,846,766
Summary.
Excess of expenditures
Less public debt retirements
792,144,428
300,001,000
333,018,350
3,334,444,123
352,348.850
2,587,846,766
454,707,900
333,018,350
2.982,095,273
2.133,138,866
Excess of expenditures (excludig
492,143,428
Public debt retirements)
Trust A: contributed funds and
increment on gold, excess of
receipts(—)or expends.(+)A-1,992,516,675
270,512,232.00
2,038,655.49
Total excess of expenditures
2,484,660,103
Increase(
+)or decrease (—)In
—2,523,889,042
general fund balance
3,315,601.76
466,508,417.22
Total gross debt
$26,118,280,752.48
a Includes amount of outstanding bonds called for redemption on April 15 1934,
on which interest has ceased.
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statements.)
Atto. 311919.
'When War Debt
April 30 1933,
Mar. 31 1917.
a Year Ago.
Pre-1Par Debt,
Was at Its Peak.
Gross debt
1,282,044,346.28 26,596,701,648.01 21,441,209.176.46
74,216,460.05 1,118,109,534.76
240.752,591.92
Net balance in general fund_
s
Gross debt less net balance in general Nfld.._ 1,207,827,886.23 25,478,592,113.25 21,200,456,584.54
Mar, 311934.
Last Month.
April 30 1934.
26,157,509,691.96
4,817,870,615.36
26,118,280,752.48
2,293,981,573.12
Gross debt, less net balance in general fund 21,339,639,076.60
23,824,299,179.38
I •
2,487,983,088
Excess of receipts
Excess of expenditures (note 4)_
$190,641,927.97
Gross debt
Net balance in general fund
113,711,448
Total expend's (note 4)
$346,681,016.00
156,039,088.03
Deposits for retirement of National bank and
Federal Reserve bank notes...
Old demand notes and fractional currency-Thrift and Treasury savings stamps, unclassified sales, &o
Emergency (see note 3):
Federal Emergency Administration of Public Works:
Civil Works Administration
Loans and grants to States.
municipalities, &c
Loans to railroads
Public highways
River and harbor work
Boulder Canyon project_
Emergency Housing Corp
All other
Civil Works Administration
Federal Emergency Relief Administration
Administration for Industrial
Recovery
Agricultural Adjust. Admin
Farm Credit Administration
Emergency Conservain Work.
Reconstruction Finance Corp_
Federal Farm Mtge. Corp.
bonds, prin, and interest_
Tennessee Valley Authority
Federal Land banks (subscrins
to paid-in surplus. &ie.)Federal Says. & Loan Assins
(subscrIp'ns to pref. shs.)
Federal Deposit 1nsur. Corp.
(subscriptions to stock)
182,278,366
Total
2,075,450.00
3,342,100.00
11,100.00
852,950.00
2,214,350.00
19,879,150.00
22,350,000.00
464,825.00
52,703,015.26
Debt Bearing No Interest—
United States notes
Less gold reserve
Expenditures—
General:
Departmental (see note 13_ .._
Public bldg. construction and
sites, Treas. Dept.(note 1) _
River and harbor work(note 1)
National defense (note 1)___ Army
Navy
Veterans' Admin. (note 1)
Adjusted service at fund__
Agricultural Adjustment Administration (note 1)
Farm Credit Admin.(note I).
Agricul. marketig fund(note 2)
Distribution of wheat and
cotton for relief
Refunds of receipts:
Customs
Internal revenue
Processing tax on farm prod.
Postal deficiency
Panama Canal
Subscription to stock of Federal Land banks
Civil Service retirement fund
(Government share)
Foreign Service retirement
fund (Government share)..
Dist. of Col.(Govt.share)_
Interest on the public debt_
Public debt retirements:
Sinking fund
Purchases and retirements
from foreign repayments_
Received from fibrin govts.
under debt settlements
Estate taxes, forfeitures,
gifts. &c
+)or dee.(—)in pub. d't _
Inr•(
Trust and Contributed Funds
and Increment on Gold.
(See note 5)
Receipts—
Trust and contributed funds____
Increment resulting from reduction in weight of gold dollar__
—39,228,939
16,590,822
—2,099,466 —834,263,433
—2,487,548
2,147,831,84
0
2130,651,318
—252 173,885 +1,431,776,352
—176,444,586
330,918,884
. . 732
+78,744,999+3,579 608,192+1 954 .
,
16,840.621
132,125,818
129,090,495
2,810,863,442
409,052
Total
16,999,874
Expenditures—
Trust and contributed funds
9,516,549
Chargeable against increment on
gold:
2,000.000,000
Exchange stabilization fund
16,840,621
2,942,939,260
129,090,495
14,741,154
108,725,826
126,602,948
2,009,516,549
14,741,154
Total
2,000.000,000
2,108,725,826
126,602,948
834,263,434
2.487,547
2,099,467
Excess of receipts or credits_
Excess of expenditures
1,992,516675
a Excess of credits (deduct).
Note 1.—Additional expenditures on these accounts for this month and the fiscal
year 1934 are included under Emergency Expenditures, the classification of which
Financial Chronicle
3226
will be shown In the statement of classified receipts and expenditures appearing on
Page 4 of the daily Treasury statement for the 15th of each month.
Note 2.
-On and after May 27 1933, repayments of loans made from Agricultural
Marketing Fund-Federal Farm Board, and interest thereon, are reflected as credits
In the expenditures of the Farm Credit Administration.
Note 3.
-Emergency expenditures for the fiscal year 1933 (except Reconstruction
Finance Corporation) are included in general expenditures, the classification of
which emergency expenditures Is not available for comparison with emergency
expenditures for the fiscal year 1934. Therefore neither the totals of general expenditures nor the totals of emergency expenditures for the two fiscal years are
comparable.
Note 4.
-Total expenditures and excess of expenditures for the fiscal year 1933
Include expenditures made by the Reconstruction Finance Corporation, whereas
In last year's daily Treasury statements Reconstruction Finance Corporation expenditures appeared on page 3.
Note 5.
-The classification of receipts and expenditures on account of contributed
• funds prior to the fiscal year 1934 Is not available. Such receipts and expenditures
were classified as special funds and are included in the receipts and general expenditures under General and Special Funds for the fiscal year 1933.
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Thurs.,
Tues.,
Sat.,
Frt.,
Wed.,
Mon.,
May 7.
May 8.
May 5.
May 9. May 10. May 11.
Silver, per oz__ Mid.
19 3-16d. 19 3-16d. 194d.
19 1-16d. 1934d.
Gold, p.fine oz. 1366.2d. 13623.2d, 136s.134d. 1359.11S4d. 1363.
1368.1d.
Consols, 2K% 7911-16
795-16
78 15-16
78K
79K
79K
British 355%w. L
103
103
103
10234
102I
10231
British 4%1960-90
113%
113g
113K
113%
113%
11334
French Rentes
(in Parts)3% fr. Holiday.
Holiday. 78.90
77.00
77.60
78.20
French War L'n
(in Paris)5%
1920amort_ _ Holiday. 113.75
112.75 Holiday. 114.25
112.50
The price of silver in New York on the same days has been:
Silver in N. Y.,
per oz. (eta.) 423-1
4334
4331
4534
4434
4434
NATIONAL BANKS.
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTERS ISSUED.
Capital.
April 28.
-First Nat. Bank in Charleroi, Charleroi, Pa
$100,000
Capital stock consists of $50.000 common stock, and $50,000
preferred stock. President: W.C. Clark. Cashier: C. S. Bateman. Willsucceed No.4534, The First Nat.Bank of Charleroi.
April 30.
-First Nat. Bank in Edinburg. Edinburg, Texas
50,000
Capital stock consists of $20,000 common stock and $30,000
preferred stock. President: AV. P.Smith. Cashier: Ralph M.
Love. Will succeed No. 13315, The First National Bank of
Edinburg.
April 30.
-The Citizens Nat. Bank of Marshfield, Marshfield, Wis, 100,000
Capital stock consists of $75,000 common stock and $25,000
preferred stock. President: Louis A. Hartle. Cashier: J. L.
Stauber. Will succeed No. 5437, The American National
Bank of Marshfield.
April 30.
-Citizens Nat. Bank in Groesbeck, Groesbeck, Texas
50.000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President: T. J. Holton. Cashier: A. G.
Easterling
Easterling. Will succeed No. 6461, The Citizens National
Bank of
May 1.
-First National Bank at East St. Louis. East St. Louis, Ill. 200,000
President: A. G. Elam. Cashier: R. F. Reader. Will succeed
No.11596, First National Bank in East St. Louis.
May 1.
-South Side National Bank in St. Louis, St. Louis, Mo.... 700,000
Capital stock consists of $400,000 common stock and $300,000
preferred stock. President: Frank J. Wiget. Cashier: A.Etling.
Will succeed No. 13264, South Side Nat. Bank of St. Louis.
May 2.
-The Farmers & Merchants National Bank of Winterset,
Winterset, Iowa
50,000
Capital stock consists of $35,000 common stock and $15.000
preferred stock. President: D.P. Egy. Cashier: N.E. Kelley.
Will succeed No. 2002, The Citizens Nat. Bank of Winterset.
May 3.
-First National Bank in Marion, Marion, Wis
50.000
President: E. 8. Byers. Cashier: J. E. Arndt. Will succeed No.
12286, The First National Bank of Marion.
May 3.
-First National Bank at Antlers, Antlers, Okla
70,000
Capital stock consists of $30,000 common stock and $40,000
preferred stock. President: C.E. Stephenson. Cashier: Jas. A.
Holt. Will succeed First State Bank of Antlers.
May 3.
-First National Bank in St:Mary's. St. Marys,Ohio
60.000
Capital stock consists of $30,000 common stock and $30,000
preferred stock. President: Albert Herzing. Cashier: A. J.
Weber. Will succeed No. 4219, The First National Bank of
St. Marys.
May 4.
-The Commercial Nat. Bank of Latrobe. Latrobe, Pa
154.600
Capital stock consists of $77,300 common stock and $77,300
preferred stock. President: B. M. Watkins. Cashier: 0. A.
Holsinger. Primary organization.
May 4.
-First National Bank of Carthage, Carthage, Ill
50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President: R. J. Roath. Cashier: F. J. Reu.
Will succeed No. 1167, The Hancock County Nat. Bank of
Carthago.
May 4.
-The Southern Nat. Bank of Orangeburg, Orangeburg, 8. C
100.000
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President: H. L. Smoak. Cashier: M. H.
Whetsell. Will succeed Southern Bank & Trust Co.of Orangeburg.
VOLUNTARY LIQUIDATIONS.
-The First Nat. Bank of Newton, Newton, Ill
April 30.
50.000
Effective April 25 1934. Liq. Agent: 'Wm. E. Schackmann,
Newton, Ill. Succeeded by "First National Bank in Newton,"
Charter No. 14074.
-The Teaneck National Bank,Teaneck,N.J
May 1.
$50,000
Effective April 17 1934. Lig. Agent: Godfrey Budin, care of the
lie. bank. Absorbed by the Peoples Trust Co. of Bergen
County. Hackensack, N. J.
-The First National Bank of Soldiers Grove, Wis
May 1.
25,000
Effective 4 p. m. March 26 1934. Lill. Agent: C. J. Niedfeldt,
care of the lie. bank. No absorbing or succeeding bank.
100,000
-The First Nat. Bank of Fairfield, Fairfield. Iowa
May 1.
Effective April 26 1934. Liq. Agents: W. H. Bangs and R. F.
Wilson, Fairfield, Iowa. Succeeded by "First National Bank
in Fairfield," Charter No. 13991.
50,000
-The Citizens National Bank of Belle Plaine, Iowa
May 1.
Effective April 23 1934. Liq,Agent: W.0.Brand,care of the lie.
by "The Citizens National Bank at Belle
bank. Succeeded
Plaine," Charter No. 14069.
May 12 1934
May 1.
-The Greenville National Bank, Greenville, Ohio
250.000
Effective April 9 1934. Liq. Committee: Lottle Leas, L. J.
George and A. A. Suter, care of the liq. bank. Succeeded by
"Greenville National Bank," Greenville, Ohio, Charter No.
13944.
May 1.
-The Metuchen National Bank,Metuchen, N.J
100,000
Effective April 25 1934, Lie. Agents: Milton C. Mook and
Harry S. Platt, both of Metuchen, N. J. Succeeded by the
Metuchen National Bank," Metuchen, N. J., Charter No.
13916.
May 1.
-The First Nat. Bank of Elberton, Elberton, Ga
120,000
Effective, April 25 1934. Liq. Agent: H. B. Payne, Elberton,
Ga. Succeeded by "First National Bank in Elberton," Charter
No, 14061.
May 1.
-The First Nat. Bank of North Bend, North Bend,Ore__100,000
Effective, April 24 1934. Liq. Agent: John G. Mullen, North
Bend, Ore. Succeeded by "The North Bend National Bank,'
North Bend, Ore., Charter No. 14054.
May 2.
-The First National Bank of Stanford, Stanford, Ky
50,000
Effective May 1 1934. Liq. Agent: J. B. Foster, Stanford, Ky.
Succeeded by "First National Bank in Stanford," Charter
No. 14039.
May 2.
-The Central Nat. Bank of Chillicothe, Chillicothe, Ohio. 100,000
Effective, May 1 1934. Liq. Committee: Edward L. Spetnagel,
Albert C. Spetnagel, W. Allen Scott, Mary A. Kilvert and J.
M.Brown,all of Chillicothe, Ohio. Liq. bank not absorbed or
succeeded by any other banking association.
May 3.
-The First National Bank of Lenox, Lenox,Iowa
50,000
Effective, April 30 1934. Liq. Committee: M.S. Connor, John
Eberle and W. H. Madden, care of the liquidating bank.
Succeeded by the "First National Bank in Lenox," Charter
No. 14040.
May 4.
-The First Nat. Bank of Marshall, Marshall, Mich
100.000
Effective, May 11934. Liq. Committee: J. D. Wright, Royal F.
Grant and Garrett M.Casey,care of the hg. bank. Succeeded
by "First Nat. Bank in Marshall," Charter No. 14009.
May 4.
-The Wallace National Bank of Exeter, Exeter, Neb
50,000
Effective, April 27 1934. Liq. Agent: Lesher T. Slouch, Exeter,
Neb. Succeeded by the "First National Bank in Exeter,"
Charter No. 14073.
BRANCH AUTHORIZED.
May 3.
-The Merchants Nat. Bank of Indianapolis, Indianapolis,
Ind.
Location of branch: Southwest Corner of 38th and Salem Streets,
Indianapolis, Ind. Certificate No. 983A.
AUCTION SALES.
• Among other securities, the following, not actually dealt
in at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston,Philadelphia, and Buffalo on Wednesday
of this week:
By Adrian H. Muller & Son, New York:
Shares.
Stocks.
$ per Share.
3 Tennessee Electric Power Co. (Md.), 1st Pref. 5% cum., Dar $100
as
1 Harrison-Rye Realty Corp.(N. Y.), par 3100
$2,000 Westchester County Club. Inc.(N. Y.) second mtge. partle. certif $30 t
$55
50 Brand's Restraurant Control Corp. (Del.), par $5
$3 lot
50 Grade Garage Corp. (N. Y.), no Par
$1,000 lot
25 Landay Bros., Inc.(N. Y.), Common, no par
$1 lot
Adrian1H. Muller & Son, Jersey:City, N
Bonds.
42 $1,000 two-year 6% mtge. gold bonds of Kentucky Natural Gas Co. du 10 10
:-;
April 1 1933
64 $1,000 two-year 8% mtge. gold bonds of Kentucky Natural Gas Co.
due April 1 1933
8 $1,000 two-year 8% mtge. gold bonds of Kentucky Natural Gas Co.. due ot
l
April 1 1933
$ lot
58 $1,000 two-year 6% mtge. gold bonds of Kentucky Natural Gas Co.,10
due April 1
0 lot
10 $1,000 two-year 6% mtge. gold bonds of Kentucky Natural Gas Co.,
19331
8
due April 1 1933
$10 lot
21 $1,000 two-year 6% mtge. gold bonds of Kentucky Natural Gas Co., due
April 1 1933
$ lot
40 $1,000 two-year 6% mtge. gold bonds of Kentucky Natural Gas Co.,
10
due April 1 1933
$10 lot
By R. L. Day & Co., Boston:
Shares.
Stocks.
$ per Share.,
100 National Shawmut Bank. Boston, par $25
23
75 United States Trust Co., Boston. par $10
7
2 Ludlow Manufacturing Associates ex-div
95
5 United Elastic Corp
15
1 Massawippl Valley Road. par $100
76
50 Wolverine Tube Co., common; 100 Velvetla 011 Co., common, par $1,200
Lake Copper Co., common, par $5;5 Collapsible Rim Corp., preferred, Dar
$100; 5 Collapsible Rim Corp., common, par $100; 1 T. L. R. Products Co.,
class A preferred, par $10; 100 Puritan Gas Tank Co.. common, par $5:
500 The San Francisco Co., common, par $1; 100 Pullman 011 St Refining
Co., common, par El; 100 Educational Projector Corp., common, par $10
100 Bohemia Mining Co., common, par $25; 50 Methow Valley Development Co., common, par $10; 30,000 Consolidated Mining Corp. of America,
common, par El; 10,750 New England-Wyoming Oil Co., common. par $1;
10 Radial Hydrocarbon Processes, Inc., common: 3300 Irvine Oil Co. of
New York, 7% gold notes; 32 Irvine 011 Co. of New York, common: 200
Tonopah North Star Tunnel & Development Co., common, par $1; 5 The
Automatic Time Stamp Co., common, par $10; 25 The Automatic Time
Stamp Co.. preferred, par $10; 25 Marsh Oil Burners, Inc., common; 20
U. S. Gasoline Manufacturing Corp.. common, par $25; 1 Knox Oil Mining
Corp., preferred. Par $100 1 Knox 011 Mining Corp., common, par $100;
:
65 The El Porvenir Rubber Plantation Co., common, par $25; 400 Ramsey
Comstock Extension, Inc., common, par $1; 125 Producers Development
Co.,common, par Si; 30,000 Cunningham Pass Mines Co.,class A,common,
par $1; 400 The Brewster Orchards Co., common, par $10; 100 Emery
Rubber Heel Co., preferred, par $10; 250 Emery Rubber Heel Co.,common,
par $10; 10 Associated Broadcasters, Inc., common, par $10; 10 The Maine
Acres Corp., preferred, par $100; 15 The Maine Acres Corp., common; 25
Ucan Safety hair-Cutter Corp., common, par $10; 8,040 Unity Orchards
Co., preferred, par $10
50 International Match Corp., preferred certificate of deposit. par $32_231 "
_5° lot
3 American Soda Fountain Co., $15 cash and 3 shares United American Soda
Fountain Co., paid in distribution, par $100: 5 Chicago & Alton RR. Co..
4 prior lien preferred, par $100; 3 Wm.Cramp dc Sons Ship & Engine Building Co., par $100; 3 United American Soda Fountain Co., 7% pref., par $20;
15 J. R. Whipple Corp., common; 10 J. R. Whipple Corp., 1st pref., par
$100; 20 Cohasset National Bank, par $100
C ,
5
perat-per$ et?
Bonds
34,000 Security Operating Co.,7% participating certificate 8 Security 0
;
Ins Co., stock Delaware Corp
$5 lot
By Crockett & Co., Boston:
Shares.
Stocks.
6Industrial Trust Co.,Providence. R. par 3100
2 Naumkeag Steam Cotton Co.. Par $100
8 Quincy Market Cold Storage & Warehouse, common, par COO
2 New England Power Association, common
10 Garfield Land Co
10 Robert Gair Co.. preferred
6 United Cape Cod Cranberry, common
25 Great Northern Paper Co., par $25
Bonds
$200 Baugh MachinelTooCCo.48%1Sept.1111936
17a1re.
$ per 8/1
47
9
1231
2131
15
24
st....
934 flat...
Financial Chronicle
Volume 138
3227
By Barnes & Lofland, Philadelphia:
Shares.
Stocks.
10 Philadelphia National Bank. par $20
75 Frankford Trust Co., par $10
50 Real Estate-Land Title & Trust Co., par $10
25 Integrity Trust Co., par $10
20 Fire Association of Philadelphia. par $10
5 Public Safety Building & Loan Association. Camden.
58 Philadelphia Newtown & N. Y. RIL common
$ per Share.
58
2811
1134
414
48)(
200
500
By A. J. Wright & Co., Buffalo:
Shares.
Stocks.
25 Angel International Corp., common
$ per Share.
$1 lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
26c
Abbott Dairies, Inc.,corn.(quar.)
June 1 May 15
1st and 2nd preferred (quar.)
June 1 May 15
Agnew Surpass Shoe Store, Ltd., pref.(quer.)_ _ $1 X July 3 June 15
Alabama Great Southern RR. Co., preferred
Aug. 15 July 14
Allegheny Steel, pref.(quar.)
June 1 May 15
$3
1
American Radiator & Standard Sanitary Corp.
Preferred (quar.)
$1 X June 1 May 21
American Thread Co., pref. (s.
-a.)
1214c July 2 May 31
Andian National Corp., Ltd.(coup. No.71)--- - ux$1 June I May 15
Argonaut Mining Co
250 May 23 May 18
Atlantic Refining Co. (quar.)
260 June 15 May 21
Atlas Corp..$3 preference ser. A (guar.)
750 June 1 May 19
Automotive Gear Works,pref.(guar.)
4114c June 1 May 20
Bangor Hydro-Electric Co.,7% pf.(qu.)
July 2June 15
6% preferred (quarterly)
July 2 June 15
Bankers National Investing Corp. corn.(quar.)
Sc May 25 May 14
Common class A & B (quarterly)
32c May 25 May 14
Preferred (quarterly)
15c May 25 May 14
Baton Rouge Electric, pref. (guar.)
$1 X June 1 May 15
Birmingham Water Works,6% prof.(quer.).
$1 X June 15 June 1
Belden Mfg. Co.,(quarterly)
50c May 15 May 10
Boots Pure Drug,ord. register (extra)
5%
Buckeye Pipe Line Co.,capitalstock
75c June 15 May 31
Burmah Oil Co., Ltd., corn. (final)
=15
Common, bonus
zw2
Common, bonus
e33 -3%
Butler Water,7% prof.(quar.)
June 15 June 1
$1
Canfield 011. 7% pref. (quar.)
June 30 June 20
$1
Celanese Corn.of Amer.,7% 1st pref.(quar.)--June 1 May 18
Central Arkansas Pub. Service Corp., pref.(qu.) $1
June 1 May 15
Central Miss. Valley Elec. Prop., pref.(quar.)-- $1
June I May 15
Central Tube
10c May 21 May 10
Chicago Corp.. preferred (quar.)
250 June 1 May 15
Citizens Gas of Indianapolis. pref.(guar.)
$13.1 June 1 May 19
City Ice & Fuel Co., com.(guar.)
50c June 30 June 15
Preferred (quarterly)
June 1 May 19
$I
Coca-Cola Co., common (quar.)
July 2 June 12
$I
Class A (sem -annual)
July 2June 12
$1
Collins & Alkman,pref.(guar.)
June I May 18
$1
Color Pictures,Inc.(liquidating)
p60c May 16
Columbia Pictures Co., preference(quar.)
750 June 1 May 17a
Oompania-Hispania Americana de Electric—
Amer. dep. rec. series E bearer (s.
4s. fr
-a.)
Compo Shoe Machinery Corp., corn.(guar.)*--- 12 Xc June 1 May 21
Compressed Industrial Gases ulu%)
50c June 15 May 31
Congoleum-Nairn. Inc., corn. (quar.)
32340 June 15 June 1
Consolidated Diversified Stand. Security—
preferred (semi-annual)
250 June 15 June 1
Continental Casualty (Chicago, Ill.) (quar.)150 June 1 May 15
Corporate Investors (guar.)
40 May 15 Apr. 30
Corw's Nest Pass Coal (s.
$2 June 1 May 10
-a.)
Dennison Mfg. Co.,debenture stock
May 28 May 18
Dome Mines, Ltd. (guar.)
Extra
$1,15
Driver-Harris Co., 7% pref. (guar.)
July 1 June 20
$1
Dunlop Rubber Co.. A.m. dep. rec. ord.reg
ale
June 1 May 15
Durham Hosiery Mills,6% pref
June 1 May 15
h5
Eastman Kodak, corn, (euar.)
$1 July 2 June 5
Preferred (quarterly)
$13.4 July 2 June 5
East St. Louis & Interurban Water7 preferred (quarterly)
$1,4 June 1 May 19
6% preferred (quarterly)
811 June 1 May 19
El Paso Electric. pref. (guar.)
$114 July 16 June 29
Essex Co.(semi-annual)
June I May 11
Ewa Plantation (quar.)
60c May 15 May 5
Falconbridge Nickel Mines
Sc July 2 June 15
Firestone Tire & Rubber Co., pref.(quar.)
June I May 15
First Common Stock
May 15 May 5
Franklin Simon & Co.. pref.(quar.)
June I May 17
Gates Rubber,7% pref.(quar.)
June I May 16
General Motors Corp., corn. guar.)
250 June 12 May 17
65 preferred (euarteriy)
$1 31 Aug. 1 Jury 9
Glens Falls Ins. Co.(quar.)
400 July 2 June 15
Golden Cycle Corp. (quar.)
40c June 10 May 31
Great Northern Paper Co.(quar.)
25c June I May 19
Gulf States Utilities Co., $6 pref. (quar.)
June 15 June 1
$1
$53.4 preferred (quarterly)
June 15 June 1
Hazeltine Corp. (special distribution)
June 15 June 1
Hawaiian Sugar (quar.)
60c July 15 July 5
Hecla Mining Co
100 June 15 May 15
Helena Rubinstein. $3 pref. (quar.)
250 June 1 May 21
Home Insurance Co. (quar.)
d25c May 1 Apr. 13
Extra
Sc May 1 Apr. 13
Huntington Water,7% pref.(guar.)
$IN June I May 19
6% preferred (quarterly)
June 1
Indianapolis Water Co.. 5% pref. ser. A (guar.) $1% June 30 May 19
$1%
June Ila
International Milling Co.
1st preferred, original series (quar.)
$15( June 1 May 19
6% 1st preferred A stock (guar.)
$134 June 1 May 19
International Nickel Co. of Canada, corn
10c June 30 May 31
Ironwood & Bessemer Ky. & Light, pref.(quar.)
June 1 May 15
Jantzen Knitting Mills, 7% pref. (guar.)
June 1 May 25
$1
7% preferred
June 1 May 25
h$1
Kaufmann Dept. Stores, pre. (quar.)
July 2 June 9
$1
Kentucky Utilities, 7% Junior preferred
May 29 May 17
2
Keokuk Electric. 6% preferred (quar.)
$1 X May 15 May 10
Keystone Custodian Funds. series H °kW
$19.07
Lake Superior District Power Co.
7% preferred (euarterly)
$1 X June 1 May 15
6% preferred (quarterly)
$1 Si June 1 May 15
Laura Secord Candy Shops, Ltd. (guar.)
75c June 1 May 15
Lincoln Stores, Inc., corn. (quar.)
25c June 1 May 25
Preferred (quarterly)
$131 June 1 May 25
Tin Corp., 7,X% part. pref
London
10s June 19
May Hosiery Mills, Inc.. pref
$1 June I May 17
McGoldrick Bond & Mtge.Corp.,7% prof.(8.-a) $33.4 May 25 May 15
McGraw Electric,corn.(special)
250 June 1 May 22
Middlesex W ater(quarterly)
75c June 1 May 25
Motor Finance (quarterly)
20c June 1 May 24
Mt. Diablo Oil Mining & Development
June 1 May 24
Muncie Water Works,8% pref.(quar.)
June 15 June I
Murphy (G. C.) Co., corn. (quar.)
400 June 1 May 22
Nashville & Decatur RR.. 7X% guar. (8.-a.)-- 93
July 2June 20
National Industrial Loan Corp. (guar.)
May 15 Apr. 30 •
National Sugar Refining Co. of N. J
50c July 2 June 1
Nebraska Power,7% pref.(guar.)
$1.
June 1 May 15
6% preferred (quarterly)
June 1 May 15
$1
sitg
$1g
ant
Ii
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Newberry (J. J.) Co.. corn. (quar.)
260
N ow Castle Water,6% pref.(guar.)
$134
Newmarket Mfg.Co
$IX
New York Power & Light.7% pref.(quar.)
$1 X
$6 preferred (quarterly)
North Pennsylvania RR.(guar.)
Ogilvie Flour Mills, pref.(quar.)
$131
Ohio Oil Co., common
15c
Preferred (guar.)
$114
Ohio Public Service Co., 7% pref. (monthly)
58 w
,
6% preferred (monthly)
50e
5% preferred (monthly)
41 2-3c
Oshkosh Overall Co., pref.(guar.)
50c
Patterson-Sargent, common (guar.)
12Xc
Penick & Ford Co., Ltd.(quar.)
50c
Pennsylvania Gas & Electric, class A
3734c
$7 and 7% preferred (quarterly)
$131
Pfandler, preferred (quar.)
$134
Philadelphia Traction
50c
Certificates of deposit
50c
Pittsburgh Bessemer & Lake Erie RR.
6% preferred (semi-annual)
3%
Ponce Electric,7% pref. (guar.)
$134
Portlant & Odgensbury By.,6% pref. (guar.) - $13.4
53.4% preferred (quar.)
$114
6% preferred (guar.)
$114
Prentice-Hall, Inc., corn.(quar.)
35c
Preferred (quar.)
750
Procter & Gamble Co.. 5% prof.(guar.)
$131
Public Electric Light,6% pref.(quar.)
$114
Public Service Co. of Colorado. 7% pref.(mo.). 58 1-3c
6% preferred (monthly)
50c
5% Preferred (monthly)
41 2-3c
Reliance International Corp., $3 pref
h50c
Rutland & Whitehall RR.(quar.)
$114
San Caries Milling. Ltd.(monthly)
200
Second Twin Bell Syndicate (monthly)
20c
Singer Mfg., Am.dep. rec. ord. reg
zw3%
Southeastern Cottons, Inc.. cl. A & B (Within-10c
Standard Coosa-Thatcher (quar.)
12 Xc
7% preferred (quar.)
$1 X
Standard Oil Co. of Indiana (quar.)
250
Stout(D.C.) Airlines, Inc., corn.(liquidating)_
2c
Swedish Ball Bearing Co.—
American shares, Coup. No. 5
$2.11
Preferred (quar.)
$1 X
Tex-O-Kan Flour Mills. 7% prof.(quar.)
$134
Toledo Edison Co.,7% pref.(monthly)
58 1-3c
6% preferred (monthly)
50c
5% preferred (monthly)
41 2-3c
Toronto Elevators. 7% prof.(guar.) _
$131
Trinidad Leaseholders. Ltd—
Amer. dep. rec. for ord. reg
zw5%
Trust Shares of America (coupon)
9c
Registered
90
Twin Bell Oil Syndicate (monthly)
$2
Underwood Elliott Fisher Co.,common (quar.)- 373.4c
Preferred (quar.)
$131
Unilever N.Y.(ordinary)
2%
Union Pacific RR., common
$1 X
United Elastic Corp. (quar.)
20c
United States Freight Co.(guar.)
250
United States Gypsum Co., corn.(quar.)
25c
Preferred (guar.)
$1 li
Van Raaite Co., Inc., 1st pref.(quar.)
31 X
Virginian Railway, preferred
hil%
Welch Grape Juice.7% pref.(guar.)
$1 X
West Jersey & Seashore RR.,6% special gtd(s-a) $114
Westland Oil Royalty, A (monthly)
10c
Western Real Estate Trustee (Boston (s.
-a.)
$3
Wheeling Electric, 6% pref.(quar.)
$114
Williams (J. B.)(guar.)
Extra
250
Woolworth (F. W.). Ltd.(interim)
vole 8d
$13.4
July 1 June
July 2 June
Mali 15 May
July 2 June
July 2 June
May 25 May
June 1 May
June 15 May
June 15 June
June I May
June I May
June I May
June I May
June 1 May
June 15 June
June 1 May
July 2 June
June 1 May
May 10 May
May 10 May
June
July
June
June
June
June
June
June
June
June
June
June
June
May
May
June
June
July
July
June
Apr.
16
15
10
15
15
14
22
19
4
15
15
15
21
15
1
21
20
20
8
8
I May 15.
2 June 15
1 May 12
I May 12
1 May 12
I May 21
I May 21
15 May 25
1 May 18
1 May 15
1 May 15
1 May 15
1 May 21
15 May I
15 May 2
5 May 31
May 11
I May 15
1 June 20
15 July 15
15 May 15
16
May 11
June 30 June
June I May
June I May
June 1 May
June 1 May
July 16 July
12
15
15
15
15
3
May 15
May 15 May 9
June 2 May 31
June 30 June 12
June 30 June 12
May 15
July 2June 1
June 23 June 7
June I May 19
July 2 June 15
July 2 June 15
June 1 May 16
June 1 May 15
May 31 May 15
June 1 May 15
May 15 May 1
June 1 May 22
June 1 May I
May 15 May 8
May 25 May 8
Below we give the dividende announced in previous weeks
and not yet paid. This list does not include dividends announced this week,these being given in the preceding table.
Name of Company.
Acme Gas & Oil
Affiliated Products, Inc.. corn.(monthly)
Alabama Power Co.. $7 pref. (quar.)
$6 preferred (guar.)
$5 preferred (quar.)
Albany & Vermont R.R. Ca.
Allen Industries $3 preferred
Allied Laboratories preferred (guar.)
Aluminum Mfg.(quar.)..
Quarterly
Quarterly
7% preferred par.
7% preferred (quar.
7%, preferred (war.
American Arch (quer.
American Business Shares (quar.)
American Can Co. corn. (quar.)
American Capital Corp., $53.4 pref.(quar.).
American Chicle (quarterly)
American Envelope,7% pref. (guar.)
7% preferred (quar.)
7% preferred (guar.)
American Factors. Ltd.(monthly)
American & General Securities class A common_ _
$3 series cumulative preferred
American Hardware Corp.(quar.)
Quarterly
Quarterly
American Home Products Corp.(monthly)
American Investors. Inc.,$3 pref.(guar.)
American News (bi-monthly)
American Re-Insurance Co.(quar.)
American Smelting & Refining, 7% 1st pref_
American Steel Foundries, 7% pref. (quar.)
American Tobacco Co.corn. & corn. B (quar.)-Archer-Daniels-Midland Co., corn. (guar.)
Artloom Corp. cumulative preferred (quar.)_ _
Associated National Shares
Atlas Corp..$3 pref. A (quar.)
$3 preferred guar.)
$3 m eferred (quar.
Atlas Powder Co.. corn.(guar.)
Bamberger (L.)& Co.634% pref.(guar.)
Bandini Petroleum (monthly)
Bangor & Aroostook RR.Co.corn.(quar.)
Preferred (guar.)
Bankers National Investing (Del.) (quar.)---Class A and B (quarterly)
Preferred (quarterly)
Barber(W.Li.) & Co..pref.((mar.)
Preferred (quar.)
Preferred (guar.)
Beacon Manufacturing Co.6% preferred (guar.)
Belding-Corticelli, Ltd., pref. (guar.)
Best & Co. common (quar.)
Bigelow-Sanford Carpet. pre
Birmingham Electric. $7 preferred
$6 preferred
Per
When Holders
Share. Payable. ofRecord.
2c
Sc
S131
$114
May 15 May 5
June 1 May 17
July 2 June 15
July 2 June 15
$ix Aug. 1 July 16
$13.4 May 15 May 1
h75c June I May 31
8734c July 1 June 26
500 June 30 June 15
50c Sept.30 Sept.15
50c Dec. 31 Dec. 15
5131 June 30 June 15
$131 Sept.30 Sept. 15
$131 Dec. 30 Dec. 15
260 June I May 21
2c June 1 May 15
$1 May 15 Apr. 244
$1.14 June I May 15
760 July 2 June 12
$134 June I May 25
$lt Sept. 1 Aug. 25
$131 Dec. 1 Nov.25
100 June 9 May 31
714c June 1 May 15
750 June I May 15
25c July 1
25e Oct
1
Jan 1'35
200 June I May 140
750 May 15 Apr. 30
250 May 15 May 5
50c May 15 Apr. 30
14434 June I May 14
50c June 30 June 15
5131 June I May 10
250 June 1 May 21
14131 June 1 May 15
9.594c May 15 Apr. 30
760 June 1 1%,•Uy 19
75c Sent. 1 Aug. 20
750 Dec. 1 Nov.20
50c June 11 May 31
$154 June 1 May 15
Sc May 20 Apr. 30
62c July 2 May 31
5131 July 2 May 31
Sc May 25 May 14
32c May 25 May 14
150 May 25 May 14
$134 July 1 June 20
$131 Oct. 1 Sept.20
$131 Jan 1'35 Dec. 20
$1 14 May 15 May 1
$131 June 15 May 31
250 May 15 Apr. 25
$2 June 31 May 10
hi.334
May 1
553
May 1
Financial Chronicle
3228
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
$3 June I May 15
Blackstone Valley Gas & Elec. Co., pref. (s.-a.)..
25c May 15 May 1
Blaumer's, Inc., common (quar.)
75c May 15 lay 1
Preferred (quar.)
373.c May 15 May 11
Block Bros. Tobacco (guar.)
37c Aug. 15 Aug. 11
Quarterly
37c Nov. 15 Nov. 11
Quarterly
June 30 June 25
$1
Preferred (guar.)
.
$13 Sept 30 Sept.25
Preferred (quar.)
Dec. 31 Dec. 24
$1
Preferred (mar.)
June 1 May 5
Blue Ridge Corp.,$3 optional cony. pref.(quar.)
40c June 1 May 15
Borden's, common (quar.)
$I May 15 Apr. 30
Boss Mfg. Co., common
$2.125 July 2 June 20
Boston & Providence R.R. Co.(quar.)
$2.125 Oct. 1 Sept. 1
Quarterly
$3 June 15 June 1
Boston Woven Hose & Rubber Co. preferred-- _
.
25c May 21 May 15
Bourjois, Inc., corn. (guar.)
68%c May 15 May 1
Preferrei (quar.)
25c July 20 July 1
Bower Roller Bearing Co., (quar.)
10c June 1 May 12
Brach (E.J.)& Sons,common (quar.)
60c June 30 June 15
Bridgeport Gas Light (quar.)
I5c July 2 June 15
Brill° Mfg. Co.. Inc., corn. (guar.)
50c July 2 June 15
Class A (quar.)
50c June 1 May 10
Bristol Myers Co.common (quar.)
10c June 1 May 10
Extra
$2 June 1
Brooklyn Edison (quar.)
$1% July 2 June 1
Brooklyn Union Gas Co.(quar.)
75c June I May 21
Brown Shoe Co., common (quar.)
75c June 15 May 31
Buckeye Pipe Line (quarterly)
12c May 15 May 1
Buck Hill Falls (quar.)
10c June 5 May 5
Burroughs Adding Machine Co. (quar.)
12Ac May 15 May 5
Byron Jackson
40c July 1 June 15
Calamba Sugar Estates (quar.)
35c July 1 June 15
7% preferred (quar.)
w2%% June 4 Apr. 20
Cables & Wireless. Ltd., preference
May 15 May 3
$2
Cabot Mfg.(quarterly)
37c June 15 May 31
California Packing Corp
May 15 Apr. 30
$1
California Water Service Co..6% pref.(quar.)
373c June 15 May 31
Canada Malting, Ltd. (quarterly)
50c May 15 Apr. 30
Canadian Converters. Ltd., corn. (guar.;
Canadian Hydro Electric Corp., 1st pref. (qu.)_ r$1A June I May 1
12Ac May 15 May 1
Canadian Oil Co., Ltd., corn (quar.)
$2 July 1 June 20
Preferred (quar.)
$1% July 2
Carnation Co. preferred (quar.)
1
Oct. 2
Jan
il
Preferred (quar.)
$
Preferred (guar.)
$2A July 2 June 23
(quar.)
Carolina Tel. & Tel.
SI% May 22 May 10
Catawissa RR., 1st & 2nd preferred (s.-a.)
12 Ac May 31 May 15
Caterpillar Tractor Co
75c May 15 Apr. 30
Cedar Rapids Mfg.& Power (quar.)
12 Ac May 15 May 5
Central Cold Storage (quar.)
Central Franklin Process, 1st & 2nd pref. (qu.)_ $1% July 2 June 30
$1,A May 15 Apr. 30
Central Mass. Light & Power 6% pref.(quar.)
Central Vermont P. Service Corp.,$6 pref.(qu•) $1 A May 15 Apr. 30
10c May 15 May 5
Centrifugal Pipe Corp. (guar.)
10c Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 5
Quarterly
$1% June 1 May 19
Century Ribbon Mill, Inc., preferred (quar.)
10c May 15 May 1
Chain Belt Co. (quarterly)
May 15 May 10
Champion Coated Paper Co., corn. (quar.)_ _ _ _ $1
$13 July 1 June 20
1st and special preferred
Champion Fiber Co., pref. (quar.)
$1% July 2 June 20
15c May 15 Apr. 30
Champlain Oil Products, pref. (guar.)
$14 June I May 1
Chartered Investors, $5 pref. (guar.)
50c May 10 Apr. 30
Chase(A. W.),6% preferred
$33 July 1 June 8
Chesapeake & Ohio R.R. preferred (semi-ann.)
38
$1/ May 15 May 5
Chester Water Service, preferred (quar.)
75c June 4 May 20
Chestnut Hill RR.(quar.)
25c Juno 30 June 20
Chicago Flexible Shaft Co., corn. (quar.)
25c June I May 21
Chicago Yellow Cab (quar.)
25c June 30 June 1
Chrysler Corp. corn. (quar.)
25c June 30 June 1
Common extra
July 1 June 20
$I
Cincinnati Union Terminal.4% pref. (quar.)
Oct. 1 Sept.20
$1
407 preferred (quar.)
$l 3j JanV35 Dec. 20
4% preferred (guar.)
20c June 15 May 29
Clark Equipment Co.. corn. (quar.)
$155 May 15 May 5
Clear Spring Water Service. pref. (quar.)
87 Ac June 1 May 10
Cleveland & Pittsburgh, reg. gtd. (quar.)
87Ac Sept. 1 Aug. 10
Registered guaranteed (quar.)
871c Dec. 1 Nov. 10
Registered guaranteed (quar.)
5 c June I May 10
Special guaranteed par.)
5 c Sept. 1 Aug. 10
Special guaranteed (quar.)
50c Dec. 1 Nov. 10
Sepcial guaranteed quar.)
.f12Ac May 15 Apr. 20
Columbia Gas & Electric Corp., common •
$13 May 15 Apr. 20
cumulative & convertible pref. (quar.)
507
$134 May 15 Apr. 20
6% preferred (quarterly)
75c June I May 15
Columbian Carbon Co.(quar.)
Apr. 2
0
5
30
$lif May 15 Jun 3
Concord Gas preferred (quar.)
June 30
Confederation Life Association (quar.)
$1 Sept.30 Sept.25
Quarterly
$1 Dec. 31 Dec. 25
Quarterly
Connecticut Light & Power,63 % pref. (quar.)_ $I% June 1 May 15
$14 Juno I May 15
5 A % preferred (quar.)
62Ac June I May 15
Connecticut Power Co.. corn. (quar.)
$1.125 May 15 Apr. 30
Connecticut Ry.& Lighting (quar.)
$1.125 May 15 Apr. 30
4A % preferred (quar.)
$1% June 1 May 16
Consolidated Cigar Corp.. pref. (quar.)
50c June 15 May 11
common (quar.)_
Consolidated Gas Co. of N.Y.
$2 May 15 May 1
Consolidated Oil Corp.8% pref. (guar.)
15c June I May 21
Paper
Consolidated
$14 July 2 June 15
Consumers Power Co..$5 pref.(quar.)
$1.65 July 2 June 15
6.6% preferred (quar.)
$1 A July 2 June 15
7% preferred (quar.)
50c June I May 15
6% preferrd(monthly)
50c July 1 June 15
preferred (monthly)
607
550 June I May 15
preferred (monthly)
550 July 1 June 15
6.6% preferred (monthly)
$1% May 15 Apr. 30
Cosmos Imperial Mills Ltd.. 7% pref
75c May 15 Apr. 25a
Continental Can Co.. Inc., corn. (quar.)
3c May 15 Apr. 30
Cresson Consol. Gold Mining & Mill Co.(quar.)
_ 68c June 15 May 31a
Crown Cork & Seal Co., Inc., pref. (quar.)_
h37Ac June 1 May 14
Crown Zelierbach Corp.. $6 cl. A ex B cum
Crum & Forster Insuranceshares Corp.—
15c May 31 May 21
Class A & B (quarterly)
10c May 31 May 21
Class A & B (extra)
$13( May 31 May 21
707, preferred (quarterly)
$2 June 30 June 20
8% preferred (quarterly)
SI% June 15 June 1
Cuneo Press. Inc.. preferred (quar.)
25c June 1 May 15
Cushman's Sons, Inc., corn. (quar.)
S1( June I May 15
7% preferred (quar.)
$2 Juno I May 15
$8 preferred (quar.)
50c June I May 19
Dayton Power & Light Co.,6% pref.(monthly)
h5c June I May 15
Deere & Co.. preferred
50c July 1
Denver Union Stockyards (guar.)
50c Oct. 1
Quarterly
50c Jan. 1
Quarterly
$1% June I May 20
7% preferred par.)
$1% Sept. I Aug. 20
rr
7% preferred (quar.)
$1% Dec. 1 Nov. 20
7% preferred (quar.)
2A % July 2 May 15
Deposited Bank Shares of N. Y.(8.-a.)
$2 July 7 June 20
Detroit Hillsdale & Southwestern (semi-ann.)—
250 June 1 May 15
Diamond Match Co. common (quar.)
$2 June 1 May 18
(guar.)
Dictaphone Corp.,preferred
$1% May 15 Apr. 30
Diem & Wing Paper pref. (quar.)
15c June 1 May 15
Pepper Co.(quar.)
Doctor
15c Sept. 1 Aug. 15
Quarterly
15c Dec. 1 Nov. 15
Quarterly
r50c May 15 Apr. 30
Ltd., common (quar.)
Dominium Bridge Co..
$13I July 3 June 15
Dominion Textile Co., Ltd..common (quar.)__ _
July 16 June 30
$I
Preferred (quarterly)
July 2 June 16
e50
Dow Chemical
c May 15 May 1
Quarterly
S1% May l5 May I
Preferred (quarterly)
Name of Company.
Dunlop Rubber Co., common
East Mahanoy RR.(s. a.)
Eastern Gas & Fuel .Associates. corn. (quar.)
Prior preferred (quarterly)
$6 Preferred (quarterly)
Eastern Shore Public Service $63.4 pref. (quar.)_
$6 preferred (quar.)
Eastern Utilities Assoc., corn. (guar.)
Eaton Manufacturing (quar.)
Electric Household Utilities Corp., corn. (quar.)
-a)
Elizabeth & Trenton (s
5% preferred (s-a)
Emre& Bay State Teleg.,4% guar.(quar.)
4 guaranteed (quar.)
4 q guaranteed (quar.)
Empire Capital. series A (quar.)
Empire Gas & Electric,6% pref.(guar.)
7% preferred C(quar.)
6%, preferred D (quar.)
Employers Reinsurance (quar.)
Eopens, Smith (semi-annual)
Erie & Pittsburgh RR.. 707 guaranteed (quar.)_
Escanawba Power & Traction,6% Pref.(quar.)6% preferred (quar.)
European Electric Corp., Ltd.. Cl. A & B comFaber Coe & Gregg (quarterly)
Quarterly
Quarterly
Quarterly
Fair (The), 7% preferred
Farmers & Traders Life Insurance Co.(quar.) Quarterly
Federal Light & Traction Co., pref.(quar.)
Ferro Enamel Corp., corn. (quar.)
Common (extra)
Fire Association of Philadelphia (semi-annual)_ _
Fitz-Simon's & Connell Dredge & Dock—
Common (quarterly)
Florida Power Corp., pref. (quar.)
Food Machinery 654% pref. (monthly)
634% preferred (monthly)
6 % preferred (monthly)
Ford Motor Co. of Canada. Ltd.. class A.& B
Freeport Texas Co.(quarterly)
6% preferred (quar.)
General Cigar Co., Inc., preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Generale d'Electricite
General Foods Corp.(quar.)
General Italian Edison Electric Amer. Shares
Globe Dem Publishing, pref. (quar.)
Godman (II. C.), 1st preferred (guar.)
Goodyear Tire & Rubber Co..7% pref. (quar.)_
Gottfried Baking Co., Inc., preferred (quar.)_
Preferred (guar.
Preferred (quar.
Grace(N.R.)6% irst pref. (semi-annual)
6% first preferred (semi-annual)
Grand Rapids & Indiana Ry.(semi annual)
Grand Union Co., pref. (quar.)
Great Atlantic & Pacific Tea Co. of America—
Common (quar.)
Extra
7% preferred (quar.)
Great Lakes Dredge & Dock Co.(quar.)
Great Western Electro-Chemical (quar.)
Green & Coats Street Phila. Passenger Ry., prof_
Preferred
Guggenheim & Co., 1st pref. (quar.)
Hackensack Water Co.common (serniann.)_
7% preferred class A (auar.)
Hale Bros. Stores,Inc.(guar.)
Quarterly
Quarterly
Harbauer Co.. 7% preferred (quan)
7% preferred (quar.)
7% preferred (quar.)
Harbison-Walker Refractories common
Preferred (quar.)
Hardesty (R.) Mfg..7% pref.(quar.)
7% preferred (quar.
7% preferred (quar.)
Hartford Times. Inc., $3 pref. (q_usx.)
Hawaii Consolidated Ry.. Ltd..7% pref. A_
Hercules Powder Co., preferred (quar.)
Hershey Chocolate Corp., corn. (quar.)
Convertible preferred (quar.)
Hibbard,Spencer. Bartlett & Co.(quar.)
Quarterly
Hires (Chas. E.) Co., class Acorn.(quar.)
Hobart Manufacturing Co., corn. (quar.)
Hollander (A.)& Son, Inc.. common
Hollinger Consolidated Gold Mines (monthly)_ _
Extra
Homestake Mining Co.(monthly)
Extra
Honolulu Gas(monthly)
Monthly
Hooven & Allison Co. 7% preferred (quar.)
Hormel(Geo. A.)& Co..common (quar.)
Class A preferred (quar.)
Horn & Hardart Co. of N. Y.. pref. (quar.)___ _
Household Finance, pref.(quar.)
Quarterly
I. G. Farbenindustrie (conpar No. 12)
Illuminating Power Security. 7% pref. (quar.)_ _
Imperial Chem.Ind. Amer.dep.rec.for ord.she.
Deferred shares
Imperial Life Assurance (quar.)
Quarterly
Quarterly
Imperial Oil(s-a)
Extra
Indiana Hydro Elec. 1st pref. (guar.)
Indiana Pipe Line
(qr.)
Industrial Cotton M ills(R.11..8.0.).7%Pf.
Industrial & Power Security (Io.(quar.)
Ingersoll-Rand Co.. corn. (guar.)
International Harvester Co. preferred (quar.)__ _
-a)
International Petroleum (s
Extra
Interstate Hosiery Mills (quar.)
Quarterly
Quarterly
Investment Corp. of Phila
Iron Fireman Mfg. Co.. corn. (quar.)
Common (quar.)
Common (quar.)
Kalamazoo Vegetable Parchment Co.(quar.). _
uarterly
uarterly
tor of Canada. Ltd.s 7% prof. (guar.)._
Kendall Co., partic. pf.ser. A (quar.)
Partic. preferred series A (partic. div.)
Keystone Custodian Funds. sec E-1
Series F
Reystone Steel & Wire Co., 7% pref
Klein (D.Emil) Co.. common (quar.)
Kroger Grocery & Baking, common (quar.)_ _
6% preferred (quarterly)
7% preferred (quarterly)
Klina
May 12 1934
When Holders
Per
Share. Payable. of Record
xw8% May 25 May 5
$151 June 15 June 5
15c June 1 May 15
$1.125 July 1 June 15
$134 July 1 June 15
$1% June 1 May 10
June 1 May 10
$1
May 15 May 7
2
25c May 15 May I
25c May 15 May 7
Si Oct. I Sept. 20
Oct. 1 Sept. 20
si June 1 May 22
Sept. 1 Aug. 22
Dec. 1 Nov. 21
bc May 31 May 21
Si 3.4 June 1 Apr. 30
4
1
$1; , June 1 Apr. 30
June I Apr. 30
40c May 15 Apr. 30
$2 Aug. 1 July 25
8734c June 1 May 31
Aug. 1 July 27
$I
Nov. I Oct. 26
May 15 May 4
Si
25c June 1 May 15
25c Sept. 1 Aug. 15
25c Dec. 1 Nov. 15
25c 3-1-35 2-15-36
May 15 May 5
h$3
July I June 10
$2
Oct. 1 Sept. 10
$255
$13.6 June 1 May 15a
10c June 20 June 9
Sc June 20 June 9
$1 May 15 Apr. 27
17 c
525.5c Juno 1 May 21
June 1 May 15
50c May 15 May 10
50c Juno 15 June 10
50c July 15 July 10
0
5c
r50 May 28 May 8
June 1 May 15
Si A Aug. 1 July 12
June 1 May 23
114 Sept. 1 Aug. 23
$1% Dec. 1 Nov.22
80 fr.
45c May 15 May I
$ 14
3
5.39
June I May 19
$1 A June 1
SI July 2 Juno 1
h% July 2 June 20
4% Oct. 1 Sept.20
1,
15.1% Jan. 2 Dec. 20
$3 June 30 June 28
$3 Dec. 29 Dec. 27
$2 June 20 June 9
75c June I May 10
Si 34
25c
$14
z25c
$1
$1 A
$134
514
7
43%c
15c
150
I5c
11
$13.1
25c
%
$%
1i
$1%
$1%
75c
20c
$1%
75c
$I
10c
10c
50c
25c
12Ac
r5c
r5c
$1
$1
15c
15c
June I May 4
June 1 May 4
June 1 May 4
May 15 May 5
day 15 May 5
July 7 June 22
Oct. 6 Sept.22
May 15 Apr. 29
June 1 May 16
June 30 June 18
June I May 15
Sept. 1 Aug. 15
Dec. 1 Nov. 15
Aug. 1 July 21
Oct. 1 Sept.21
Jan 1'35 Dec. 21
June I May 22
July 20 July 10
June I May 16
Sept. 1 Aug. 15
Dec. 1 Nov. 15
May 15 May 1
June 30
May 15 May 4
May 15 Apr. 25
May 15 Apr. 25
May 25 May 18
June 29 June 22
June I May 15
June 1 May 18
May 15 Apr. 30
May 21 May 4
May 21 May 4
May 25 May 19
May 26 May 19
May 20 May 12
June 20 June 12
June 1 May 15
May 15 Apr. 28
May 15 Apr. 28
June I May 12
2g
$
Si A
Sly
$1.05
750
17
$131 May 15 Apr. 30
June 8
June 1
July 3
$3
$33.1 Oct. 1
$3% fan.1 '35
r 25c Juno 1 May 15
r15c June
May 15
$13.4 June 1 May 1
15c May 15 Apr. 27
Aug. 1 July 27
150 June 1 May 15
37 Ac June 1 May 7
$1% June 1 May
r56c June I May 15
r44c Juno 1 May 15
50c May 15 May 1
50c Aug. 15 Aug. 1
50c Nov. 15 Nov. 1
50c June 15 June I
20c June 1 May 10
20e Sept. 1 Aug. 10
20c Dec. 1 Nov. 10
15c June 30 June 20
16c Sept.30 Sept. 20
15c Dec. 31 Dec. 20
$1% May 15 May 5
$13.4 June I May 10a
92c June I May 10a
82c May 15 Apr. 30
23.4c May 16 Apr. 30
551% May 15 May 5
250 July 2 June 20
25c June 1 May 10
$1 A July 2 June 20
$1% Aug. I July 20
104;
Financial Chronicle
Volume 138
Name of Company.
Landers.Frary & Clark.corn.(guar.)
Common (quar.)
Common (quar.)
Landis Machine, pref.(guar.)
Preferred (quar.)
Preferred (guar.)
Langley's, 7% preferred
Lanston Monotype Machine Co. (guar-)
Lehigh Coal& Navigation
Lehigh Power Security Corp.(guar.)
Lehn & Fink Products,corn.,(guar.)
Libby-Owens Ford-Glass (quar.)
Life Savers Corp. (quar.)
Liggett & Myers Tobacco Co.,corn
Common 13 (quarterly)
Lincoln Nat. Life Ins.(Ft. Wayne)(quar.)
Quarterly
Link Belt Co.. common (guar.)
Preferred (quar.)
Little Miami RR.special guaranteed (quar.)Original
Loblaw Groceterlas Co., Ltd., class A & B (qu.)
Class A and B (bonus)
Loew's, Inc., $6% preferred (quarterly)
Loew's London Theatres, Ltd., 7% pref
Loose Wiles Biscuit
pref. (quar.)
Lord & Taylor preferred (quar.)
Co..
Los Angeles Gas & Electric Corp., prof. (guar.)
Ludlow Manufacturing Association guar.)
Lunkenheimer Co.. common (quar.)
6% preferred (quar.
6
0 preferred (quar.
6% 0 preferred (quar.
Luzerne County Gas az El. $7 1st pref.(quar.)__
$6 1st preferred (guar.)
Lynch Corp. (quar.)
Lyonnaise dos Eaux
MacMillan Co.(guar.)
$6 preferred (quar.)
Macy (R. H.)& Co.(quar.)
Magnin (I.) & Co.. preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Managed Investment (guar.)
Manhattan Shirt Co., corn. (quar.)
Manufacturing Casualty Insurance (quar.)--- Mapes °ousel Mfg.(quar.)
Marconi's Wireless Teieg. Co., Ltd., corn
Matson Navigation Co.. (guar.)
May Department Stores, corn. (quar.)
McCiat,chy Newspapers,7% pref.(guar.)
McColl Frontenac Oil Co., common (quar.)___ McIntyre Porcupine Mines (quar.)
Bonus and extra
Meadville Telephone Co.(quarterly)
Mercantile Stores Co.. 7% pref. (quar.)
Metal Textile Corp.. partic. pref. (quar.)
Metro-Goldwyn Pictures Corp., pref. (quar.)_ _
Mid-Continent Petroleum
Milland Grocery 6% preferred (semi ann.)
Midland Royalty, $2 Preferred
$2 preferred
Minneapolis-Honeywell Regulator Co.. COM-Mobile & Birmingham RR., 4% gtd (s-a)
Monmouth Consolidated Water. 7% pf.(qu.)-Monsanto Chemical Works(guar.)
d Montreal Light, Heat & Power Co.
Moody's Investors Service, panic. pref. (quar.)
(quar.)-Moore Dry Goods Co.(quar.)
Quarterly
Quarterly
Morris 5 & 10c. Stores. 7% pr.(quar.)
7% preferred (quar.)
Morris Plan Ins. Soc.(quar.)
Quarterly
Quarterly
Morse Twist Drill & Machine Co
Muskogee Co., 6% cum. pref. (quar.)
Mutual Chem. of America, pref.(guar.)
Preferred (quar.)
Preferred (guar.)
Mutual Telephone (Hawaii) (monthly)
National Automotive Fibers 7% preferred
National Biscuit Co., pref. (guar.)
National Bond & Share Corp
National Casket Co.. corn. (s.
-a.)
National Container Corp. common (initial)- --Preferred ((mar.)
Preferred
Preferred (guar.)
Preferred
Preferred (guar.)
Preferred
National Enameling & Stamping Co
National Lead Co., class A pref. (guar.)
National Power & Light
National Transit Co.(semi annual)
Newberry (J. J.) Co., preferred (guar.)
New Rochelle Water,7% pref. (quar.)
New York Steam Corp.common
1900 Corporation, class A (quar.)
Class A. (quarterly)
Class A (quarterly)
Class B (quarterly)
Norfolk & Western icy. common (quar.)
Adjustment preferred (quar.)
Northam Warren Corp.cony. pref.(guar.)
North American Edison
pref. (guar.)
North River Insurance Co. (quar.)
Co..
Extra
Northern RR.of N. J.4% guaranteed (quar.)__
47 guaranteed (quar.)
0
40/ guaranteed (quar.)
Northwestern Public Service Co
7% cumulative preferred
•
6% cumulative preferred
Norwalk Tire & Rubber Co. pref.(quar.)
Norwich Pharmacal Co. (quar.)
Quarterly
Quarterly
Nova Scotia Light & Power,6% pref.(quar.)_ _ _
Oahu Ry. & Land (monthly)
Oahu Sugar, Ltd. (monthly)
Ohio Power Co.. 6% pref. (quar.)
Onomea Sugar Co. (monthly)
-a.)
Ontario & Quebec Ry., deb. (s.
Semi-annual
O'Sullivan Rubber
Owens-Illinois Glass Co.. corn. (guar.)
Pacific Gas & Electric. 6% pref. (quar.)
% preferred (quarterly)
peeffic -Lighting Corp., corn. (guar.)
Pantheon Oil (quarterly)
Parker Rust Proof Co., common (quar.)
Common (stock dividend)
l'referred (semi-annual)
Pechiney Chemicals Co
Ponder (David) Co., class A (guar.)
peninsula Telephone Co.. 7% pref. (quar.)___ _
70/ preferred (quar.)
Penman's. Ltd.,0% preferred (quar.)
Penn State Water. $7 pref. ((mar.)
When Holders
Per
Share. Payable. ofRecord.
37%0 June 30
3734c Sept.30
37%C Dec. 31
June 15 June 5
Sept. 15 Sept. 5
$112 Dec. 15 Dec. 5
/41% May 15 Apr. 30
May 31 May 21
$1
25c May 31 Apr. 30
25c June 1 May 19
50c June 1 May 15
30c June 15 May 31
40c June 1 May 1
$I June 1 May 15
$I June 1 May 15
30c Aug. 1 July 26
30c Nov. 1 Oct. 26
10c June 1 May 15
$1% July 2 June 15
50c June 9 May 25
$1.10 June 9 May 25
r25c June 1 May 14
r15c June 1 May 14
$1% May 15 Apr. 28
h35c May 15 May 5
$1% July 1 June 18
$1% June 1 May 17
$1 A May 15 Apr. 30
$1% June 1 May 5
1235c May 15 May 5
$1% July 1 June 22
SI% Oct. 1 Sept.21
Si 34 Jan. 2 Dec. 22
$1% May 15 Apr. 30
$1% May 15 Apr. 30
50c May 15 May 5
100fr.
25c May 15 May 15
$134 May 8 May 8
May 15 Apr. 20
May 15 May 5
Si
Aug. 15 Aug. 5
$1
$1
Nov. 15 Nov. 5
5c May 15 May 1
lbc June 1 May 15
3735c May 15 May 1
75c July 2 June 15
zw6
Si 34 May 15 May 10
40c June I May 15
435ic May 31 May 30
r20c June 15 May 15
25c June 1 May I
25c June 1 May 1
3734c May 15 Apr. 30
31% May 15 Apr. 30
81%c June 1 May 21
Iigra June 15 May 25
l
May 15 Apr. 11
2
$3 July 1 June 20
h50c May 15 May 5
/a25c June 15 June 5
50c May 15 May 4
July 2 June I
$2
$1% May 15 May 1
25c June 15 May 25
$2 May 15 Apr. 30
75c May 15 May 1
$1% July 1 July 1
$1% Oct. 1 Oct. 1
Jan. 1 Jan. 1
$1
July 1 June 20
$1
Oct. 1 Sept. 20
1 June 1 May 26
Si Sept. 1 Aug. 25
$1 Dec. 1 Nov. 26
50c May 15 Apr. 26
June 1 May 19
$I
June 28 June 21
$1
Sept.28 Sept.20
$1
134 Dec. 28 Dec. 20
May 20 May 5
/41% June 1 May 15
$1% May 31 May 17a
25c June 15 May 31
$1 May 15 Apr. 28
50c June 1 May 10
50c June 1 May 15
h50c June 1 May 15
50c Sept. 1 Aug. 15
h50c Sept. 1 Aug. 15
50C Dec. 1 Nov. 15
h50c Dec. 1 Nov. 15
50c June 30 June 4
$1% June 15 June 1
20c June 1 May 7
40c June 15 May 25
Si 34 June 1 May 16
$1% June 1 May 20
30c June I May 15
50c May 15 May 1
50c Aug. 15 Aug. 1
50c Nov. 15 Nov. I
25c May 15 May I
$2 June 19 May 31
51 May 19 Apr. 30
75c June 1 May 15
$1% June 1 May 15
15e June 11 June 1
Sc June 11 June 1
$1 June 1 May 21
$1 Sept. 1 Aug. 22
$1 Dec. 1 Mar.21
87%c
75c
87%c
$1
$1
51
$1
15c
10c
Si 34
20c
234a
10c
75c
3734c
3434c
7
2
7
e10%
35c
30 fr
87%c
$1
$1 ri
Si
$1
June 1 May 21
June 1 May 21
July 2 June 22
July 2 June 20
Oct. 1 Sept.20
Jan 1 35 Dec. 20
.
June 1 May 16
June 15 June 11
May 14 May 5
June I May 7
May 20 May 10
June 1 May 1
June 1 May 1
June 30 May 31
May 15 Apr. 29
May 15 Apr. 30
May 15 Apr. 30
May 15 Apr. 20
May 28 May 18
May 21 May 10
May 21 May 10
May 21 May 10
June 1 May 19
May 15 May 5
Aug. 15 Aug. 6
May 15 May 5
June 1 May 20
Name of Company.
3229
When Holders
Per
Share. Payable. ofRecord.
Pennsylvania Power Co.,$6.60 pref.(monthly)55c June 1 May 21
$1% June 1 May 21
$6 preferred (guar.)
Peoples Telephone Corp., 7% pref. (quar.)
$1% June 1 May 31
Piedmont & Northern (quarterly)
75c July 10 June 30
Philadelphia Suburban Water Co.. pref. (quar.) $134 June 1 May 120
Phillips Petroleum Co
25c May 14 Apr. 12
Phoenix Finance, pref. (quar.)
50c July 10 July 1
Preferred (guar.)
50c Oct. 10 Oct. I
Preferred (quar.)
50c Jan. 10 Jn 1 '35
Phoenix Hosiery Co.. 7% bet pref. (quar.)
87 A c June I May 19
Pillsbury Flour Mills. Inc., corn. (quar.)
40c June 1 May 15
Pittsburgh Bessemer & Lake Erie R.R. (s.-a.)_ _
75c Oct. 1 Sept.15
Pittsburgh Fort Wayne & Chicago.R.R.(quar.)_
July 3 June 11
Quarterly
$134 Oct. 2 Sept.10
Quarterly
$134 1-1-35 Dec. 10
preferred (guar.
$1 34 July 3 June 11
7 preferred (quar.
$1% Oct. 2 Sept. 10
7 preferred (guar.
$1% 1-1-35 Dec. 10
Pittsburgh Suburban Wat. Serv.,$534 pf.(qu.)_ $1% May 15 May 5
Pittsburgh Youngstown & Ashtabula PLR.—
7% preferred (quar.
$1% June 1 May 21
7% preferred (quar.
707
$1% Sept. 1 Aug. 20
preferred (guar.
$134 Dec. 1 Nov.20
Pleasant Valley Wine Co. (initial)
15c June 1 May 15
Pollock Paper & Box Co.. pref. (guar.)
$1%, June 15
Preferred (quarterly)
S1%, Sept. 15
Preferred (quarterly)
$1% Dec. 15
50c May 31 Slay 21
Portland & Ogdensberg Ry. (quar.)
Potomac Electric Power,6% pref. (quar.)
June I May 12
$1
JI1O0 I May 12
$1
534% preferred (quarterly
Powell River, 7% preferred
$134 June 1
7% preferred
$1% Sept. 1
7% preferred
% Dec. I
Procter & Gamble. cool. (quar.)
37%c May 15 Apr. 25
Public Service Corp. of N. J.. % pref. (mo.)__
50c May 31 May I
Pullman Inc. (quar.)
75c May 15 Apr. 24
Purity Bakeries Corp., common (quar.)
25c June I May 15
Quaker Oats Co 6% preferred (quar.)
$1% May 31 May I
Quebec Power Co.(quarterly)
r25c May 25 Apr. 25
Railways Corp
e2% May 15 Apr. 30
Reading Co. 1st preferred (quar.)
50c June 14 May 24
Reeves(Daniel)(quar.)
25c June 15 May 31
634% preferred (quar.)
$1% June 15 May 31
Republic Insurance,Texas(quar.)
20c Aug. 10 July 31
Quarterly
20c Nov. 10 Oct. 31
Republic Supply Co. (quar.)
25c July 5 July 2
Quarterly
25c Oct. 5 Oct
2
Reynolds Metals Co.(Del.)
m25c June I May 15a
Rich's. Inc. (quar.)
30c May 15 May 1
634% preferred (quar.)
$1% June 30 June 15
Rochester Gas & Electric Corp.—
Class B 707 preferred (quar.
$1% June 1 Apr. 27
Class0& D 6% preferred (quar.)
$1% June 1 Apr. 27
Rolland Paper 6% preferred (quar.)
$1% June 1 May 15
Rolls-Royce. Ltd., ordinary register
=12% May 23 Apr. 11
American depositary receipts, ord. register
=12% May 31 Apr. 11
Royalite Oil Co., Ltd
50c May 31 May 18
Rubber Plantations Invest. Trust common
=2%%
Savannah Electric & Power 8% pref. A (quar.)__
$2 July 2 June 15
734% preferred B (guar.)
$1% July 2 June 15
7% preferred C (quar.)
SI% July 2 June 15
634% preferred 13-(quar.)
$1% July 2 June 15
Scotten Dillon Co
30c May 15 May 7
Seaboard Ins. Co. (Bait.) (quar.)
15%c May 15 May 5
Second Investors $3 preferred (guar.)
75c June 11May 15
Second Investors Corp.(R.I.), pref.(guar.)-. 75c June I May 15
Shawinigan Water & Power Co. common (quar.) rlSc May 15 Apr. 25
Shenango Valley Water 6% preferred (quar.)_
June I May 20
Sherwin-Williams Co., corn. (quar.)
isle May 15 Apr. 30
Preferred AA stock (quar.)
$134 June 1 May 15
Sierra Pacific Electric 6% preferred (quar.)___ _ $1% June I May 20
Sioux City Stockyards Co., pref. (quar.)
$134 May 15 May 14
Preferred (guar.)
$1% Aug. 15 Aug. 14
Preferred (quar.)
$1% Nov. 15 Nov. 14
Smith (8 Morgan) Co.(quar.)
$1 Aug. 1
Quarterly
51 Nov. I
Smith (A. 0.) Corp. preferred (quar.)
$1% May 15 May P1
Socony Vacuum Corp
15c June 15 May 11
Solvay American Invest. Corp.,
May 15 Apr. 16
% pf. (qu.)
South American Gold & Platinum Co_
$104 May 29 May 18
Southeastern Cottons
$4 July 1
77 preferred
0
$3% July 1
Southern California Edison Co., Ltd.corn
2% May lb Apr. 20
77 series A preferred (quar.)
134% June 15 May3.19
67 series B preferred (guar.)
°
,,
1%7a, June 15 Mayk19
Southern Calif. Gas Corp..$634 cum. pf.(qu.)_ _ $1% May 31 Apr. 30
Southern Canada Power Co., Ltd., corn. (quar.)
20c May 15 Apr, 30
Southern Pacific Golden Gate Co., A & B (quar.) 3734c May 15 Apr. 30
6% preferred (guar.)
$134 May 15 Apr. 30
Stamford Water Co. (guar.)
$2 May 15 May 5
Standard Corp. (quar.)
4c May 15 Apr. 20
Standard Oil of California (quar.)
25c June 15 May 15
Standard Oil Co.of Kansas(quar.)
50c July 31 July 2
Standard Oil of Nebraska (quar.)
25c June 20 Slay23
Standard Oil of New Jersey $25 par (s.
50c June 15 may .16
-a.)
$100 par (semi-annual)
$2 June 15 May 16
Stanley Works, 6% preferred (quar.)
3734c May 15 May 5
Sterling Products, Inc. (guar.)
95c June I May 15a
Strawbridge 6z Clothier. pref. A (quar.)
$134 June 1 May 16
Sun Oil Co., common (quar.)
25c June 15 May 25
Preferred (quar.)
$1% June I May 10
Superior Oil of California preferred
May 20 May 1
h2
Susquehanna Utilities 6% pref. ((plan)
$1.58 June I May 19
Syracuse Storage,8% pref.(quar.)
$2 May 15 Apr. 20
634% preferred (quar.)
$1% May 15 Apr. 20
6% preferred (guar.)
$1% May 15 Apr. 20
Tampa Electric Co., common (quar.)
56c May 15 Apr. 30
Preferred, series A (quar.)
$1% May 15 Apr. 30
Telephone Investment Corp.(monthly)
20c June 1 May 20
Monthly
20c July 1 June 20
Tennessee Elec. Power Co.5% pref.(quar.)_ _ Sly July 2 June 15
67 preferred (quar.
0
$1% July 2 June 15
$1% July 2 June 15
7% preferred (quar.
7.2% preferred (quar.)
$1.80 July 2 June 15
60/ preferred (monthly
50c June 1 May 15
6% preferred (monthly
50c July 2 June 15
7.2% preferred (month y)
,
60c June I May 15
7.2% preferred (monthly)
60c July 2 June 15
Texas Gulf Producing (monthly)
234% June 16 May 18
Thatcher Mfg. Co.. cony. pref.(quar.)
90c May 15 Apr. 30
Thompson (John R.) Co
12),4c May 14 May 5
Tide Water Oil Co.,5% pref.(quar.)
$1% May 15 May 10
Tide Water Power Co
June 1 May 10
h$1
Timken Detroit Axle Co., pref.(quar.)
$1% June I May 20
Timken Roller Bearing Co
25c June 5 Slay 18
Tobacco Securities Trust Co., corn. (interim)-_ _ wz5% May 22 Apr. 24
Toburn Gold Mines, Ltd
2c May 22 Apr. 28
Troy & Greenbush. RR. Assoc. (semi-ann.)---- $1% June 15 June 1
Union Tank Car Co., corn.,(quar.)
30c June I May 15
United Biscuit Co.of Amer.,corn.(quar.)
40c June I May 9
Preferred (quarterly)
$1% Aug. I July 16
United Carbon Co., common (guar.)
44c July 2 June 16
Preferred is.-a.)
$334 July 2 June 16
United Companies of N. J.(quar.)
$2% July 10 June 20
United Gas Improvement Co.common (quar.)
30c June 30 May 31
Preferred (quar.)
$131 June 30 May 31
United Light & Rys.(Del.).7% prior pref.(mo.)153 1-3c June I May 15
7% prior preferred (monthly)
53 1-3c July 2 June 16
6.36% prior preferred (monthly)
53c June I May 15
6.36% prior preferred (monthly)
53c July 2 June 16
6% prior preferred (monthly)
50c June 1 May 15
sox prior Preferred (monthly)
50c July 2 June 16
May 12 1934
Financial Chronicle
3230
Name of Company.
When Holders
Per
Share. Payable. of Record.
$255 July 10 June 20
United N. J. RR.& Canal (quar.)
Quarterly
$234 Oct. 10 Sept. 20
Quarterly
$2.55 1-10-35 Dec. 20
3c May 15 Apr. 30
U.S. Electric Light & Power Shares B
lc June 10 June 5
U.S.Petroleum Co.(quar.)
lc Sept. 10 Sept. 5
Quarterly
lc Dec. 10 Dec. 5
Quarterly
July 20 June 30
12
H. S. Pipe & Foundry Co., corn. (quar.)
Common (quar.)
1234c Oct. 20 Sept.29
1234c Jan. 20 Dec. 31
Common (quar.)
30c July 20 June 30
Preferred (quar.)
30c Oct. 20 Sept.29
Preferred (quar.)
30c Jan. 20 Dec. 31
Preferred (quar.)
25c July 2 June 20
United States Playing Card (quar.)
United States Steel Corp. pref.(quar.)
% May 29 May 1
8134c June 15 May 25
United Stores Corp.. preferred (quar.)
$134 May 15
Upper Michigan Pow.& Lt.pref.(quar.)
6% preferred (guar.)
$134 Aug. 15
$134 Nov. 15
6% preferred (guar.)
2-1-35
6% preferred (quar.)
110$ May 15 May 1
Utica Gas & Electric Co.. 7% pref. (quar.)_
$14 June 1 May 15
Utility Equities Corp.$534 prior stock
25c May 15 May 5
Vanadium Alloys Steel Co
h$334 June 10
Vapor Car Heating Co., Inc., 7% pref
h$3.4 Sept. 10
7% preferred
x5%
Venezuela Oil Concessions, Ltd., corn. (final)_
50c June 1 May 16
Vick Chemical Co., common (quar.)
10c June 1 May 16
Common (extra)
25c June I May 15
Virginia Coal & Iron (quar.)
62 Mc July 2 June 15
Vortex Cup Co.. class A (quar )
1.i/S? July 20 July 10
Vulcan Detinning Co., preferred (guar.)
o Oct. 20 Oct. 10
Preferred (quar.)
2 c May 20 May 15
Wailuku Sugar(monthly)
Walker (H.), Gooderham & Worts, Ltd.—
25c June 15 May 30
Preference (quarterly)
June 1 May 17
$3
Washington Ry. & Electric (guar.)
$1)1 June 1 May 17
preferred (quarterly)
5%
June 15 May 25
Washington Water Power, $6 pref. (quar.)
$1 May 15 May 15
Watab Paper 8% preferred (quar.)
$1 June I May 15
pref. (quar.)_
Wesson Oil & Snowdrift Co., Inc.,
$155 May 19 May 1
Western Cartridge Co.6% pref. (quar.)
$134 May 15 Apr. 20
West Penn Electric Co.,6% pref. (quar.)
.
$1 8 4 May 15 Apr. 20
7% preferred (guar.)
10c June 1 May 15
Westvaco Chlorine Products Corp.,corn. (quar.)
,
$1.)5 May 15 May 1
Co. pref.(quar.)
West Virginia Pulp & Paper
6234c June 30 June 20
Wilcox-Rich Corp., class A (quar.)
May 15 May 1
Class B stock (guar.)
10c May 15 May 1
Will & 13aumer Candle Co., Inc., common
June 1 May 20
Williamsport Water $6 pref. (quar.)
Aug. 1 July 15
$1
Winstead Hosiery (guar.)
$134 Nov. 1 Oct. 15
Quarterly
f10% Sept.30 Sept. 15
Woodley Petroleum Co
60c June 1 Apr. 23
Woolworth (F. W.) Co. (quar.)
May 15 May 1
Worcester Salt.6% preferred (quar.)
June 1 May 19
(Wm.) Jr. Co. (monthly)
Wrigley
25c July 2 June 20
Monthly
25c Aug. 1 July 20
Monthly
25c Sept. 1 Aug. 20
Monthly
25c Oct. 1 Sept. 20
Monthly
I The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until furtner notice.
3 The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on tills date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
Payanle in common stock. g Payable in scrip. h On account of accumulated dividends. I Payable in preferred stock.
k I. G. Farbenindustrie dividend Is payable against surrender of coupon
No. 12 partly in cash and partly in scrip.
m Reynolds Metals Co. declared an extra dividend payable in capital
stock of the corporation at the rate of 1 new share for each 4 shares held
(subject to approval of listing application by New York Stock Exchange).
p Color Pictures, Inc., portial liquidating div. of 2 common shares of
Technicolor. Inc. and 60c. in cash, for each share held.
r Payable in Canadian funds,and in the case of non-residents of Canada.
a deduction of a tax of 5% of the amount of such dividend will be made.
s The Blue Ridge Corp. has declared a dividend on its optional $3 convertible preference stock, series of 1929. at the rate of 1-32nd of one share of
the common stock of the corporation for each share of such preference stock,
or at the option of such holders (providing written notice thereof is received
by the corporation on or before May 15 1934) at the rate of 75c. per share
inkash.
u Payable in U. S. funds. o A unit. w Less depositary expenses.
z Less tax. y A deduction has been made for expenses.
z G. L. D. & D. Co. stock books will be closed from May 6 to 15. both
dates inclusive.
WEEKLY RETURN OF THE NEW YORK CITY
CLEARING HOUSE.
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR TIIE WEEK ENDED SATURDAY, MAY 5 1934.
• Surplus and Net Demand
DeposUs,
Undivided
Average.
Profits.
• Capital.
Clearing House
Members.
Time
Deposits.
Average.
$
6,000,000
20,000,000
127,500.000
20.000,000
90,000,000
32.935.000
21.000.000
15,000,000
10.000,000
50,000,000
8
$
88,001,000
9,685,400
306,719,000
31,931,700
35,561,900 a930,022,000
307,799,000
47,510,600
177,660.100 1)974,134,000
238,569,000
10,297,500
511,834,000
61,291.500
16,083,700 182,859,000
379,749,000
73,717,000
369,363,000
57.612,800
$
10,627,000
31,333,000
158,496,000
24,139,000
50,428,000
100,918,000
45,253,000
22,301,000
14,164,000
8,127,000
4,000,000
Continental Bk dr Tr Co_
e150.270,000
Chase National Bank
500,000
Fifth Avenue Bank
25,000.000
Bankers Trust Co
10,000,000
Title Guar & Trust Co_..
5,000,000
Marine Midland Tr Co
12,500.000
New York Trust Co.__
7,000,000
Comm'i Nat Bk & Tr Co
8,250,000
Public Nat Bk & Tr Co.
26,068,000
3,467.400
e59.526,800 1,224,848,000
41,546,000
3,148,900
60.610,800 d552,471,000
19,386,000
10,655.800
45.795,000
7,314,700
205,753,000
21,490.900
48,487,000
7,572.600
46,905,000
4,860,600
2,436,000
84,655,000
852,000
37,090,000
305,000
4,971,000
17,757,000
2,927,000
33,412,000
Bank of N Y dr Trust Co
Bank of Manhattan Co..
National City Bank _ ___
Cnem Bank dr Trust Co..
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Each Bank Tr Co.
First National Bank
Irving Trust Co
614.955.000 700.200.700 6.500.308.000 650.191.000
Totals
Includes deposits in foreign branches as follows:(a)$222,133,000: (b)$59,464,000:
(c) S69.279,000: (d) $15,869,000.
*As per official reports: National, March 5 1934: State, March 31 1934: trust
companies. March 31 1934; e as of March 15 1934.
The New 1ork "Times" published 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 May 4:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITII TIIE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MAY 4 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Cash.
$
Manhattan-23,020,304
Grace National
Trade Bank of N. Y. 2,861,331
$
113,255
135,935
$
1,708,145
622,758
Brooklyn—
Peonies National_ _ _. 5.130.000
85.000
306,000
Gross
Deposits.
$
$
1,554,852 21,731,691
309,562 3,268,972
45.000
4.816,000
TRUST COMPANIES—AVERAGE FIGURES.
Loans.
DISC. and
Invest.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Cash.
Gross
Deposits.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
$
$
$
61,333,000 .3,937.900 8,000,700
447,925
72,698
6,700,987
399.112
*536,143
8,833,759
311,500
17,239,600 *2,063,100
458,600
30,500,000 *4,636,800
65,110,340 6,466,667 16,387,125
$
$
1,314,900 62,443,500
327,495 5,934,939
64,340 7,875,019
137,500 14,920,200
32,883,900
59,832,815
Brooklyn—
Brooklyn
,
1{111.2 1 enuntv
93,432,000
25 210 1125
2,866,000 22,836,000
1 744 947 9.579.450
248,000 103,048,000
29.955.869
* Includes amount with Federal Reserve as follows: Empire, 82,715,500; Fiduciary, $309,649; Fulton, $1,922,900: Lawyers County. $3,932,800.
Condition of the Federal Reserve Bank of New York.
In
The following shows the condition of the Federal Reserve Bank of New York at the close of business May 9 1934,
previous week and the corresponding date last year:
comparison with the
Assets—
Gold certificates en hand and
from U.S.Treasury (a)
Gold
Redemption fund—F. R. notes
Other cash
due
May 9 1934. May 2 1934. May 10 1933.
$
$
$
1.502,440,000 1.503,219,000 272,435,000
650,066,000
9,898,000
2,071,000
1,966,000
63,604,000 97,951,000
63,004,000
1 567,410,000 1,568.894,000 1,030,350,000
Total reserves
1,600,000
2,327,000
2,096.000
Redemption fund—P.R.bank notes....__
Bills discounted:
31.921,000
4.204,000
3,544,000
obligations-__
Secured by 13.8. Govt.
47,028,000
12,944,000
12,366,000
Other bills discounted
78.949,000
17,148,000
15,910,000
Total bills discounted
17,985,000
2,285.000
2,275,000
Bills bought in open market
securities:
U.S. Government
148,619,000 149,331,000 188,224,000
Bonds
394.084,000 398,347.000 232,513,000
Treasury notes
239,052,000 239,077,000 309,637,000
Certificates and bills
Government securities._ 781,755,000 786,755,000 730,374,000
Total U.S.
4,782,000
40,000
40,000
Other securities (see note)
Total bills and securities (see note).
Gold held abroad
Due from foreign banks (see note)
F. It. notes of other banks
Uncollected items
Bank premises
Federal Deposit Insurance Corp.stock
All other assets
Total assets
799,980.000
806,228.000
1,194,0c0
5,348,000
114,249,000
11,434,000
42.529.000
28.309,000
1.352.000
5,367,000
88,675,000
12,818,000
Total deposits
Deferred availability items
Capital paid In
Surplus
Reserves (F. D. I. C. stock, self insurance,&c.)
All other liabilities
Total liabilities
1,621,642,000 1,621,107,000 1,001,813,000
99,437,000
59,718,000
45,217,000
112,563,000
59,712,000
45,217.000
86,325,000
58.497,000
85,058,000
47,266,000
14,771,000
47,266,000
14,396,000
1,667,000
5,431,000
2,559,947,000 2.580,512.000 1,993,997,000
832,090,000
1,197.000
4,725,000
101,315,000
11,434,000
42.529,000
29,261,000
May 9 1934. May 2 1934. May 10 1933.
Liabilities—
630,817,000 638,514,000 725,744.000
P. R. notes in actual circulation
29,462,000
41,737,000
41,079.000
F. It.. bank notes in act, circulation net..
acol.._ 1,457,308,000 1,420,459.000 961,336,000
Deposits—Member bank reserve
13,212,000
122,220,000 162,508,000
Government
6,473,000
2,512,C00
2,842,000
Foreign bank (see note)
20,792,000
45,628.000
39,272,000
Other deposits
21,745,000
2,559,947,000 2.580,512,000 1,993,997,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
69.6%
69.4%
59.6%
Contingent liability on bills purchased
for foreign correspondents
1,192,000
1,451,000
13,862,000
Reserve bank notes.
•"Other cash" does not include Federal Reserve notes or a bank's own Federal In order to show separately the amount of balances held abroad and amounts due
NOTE.—Beginning with the statement of Oct. 17 1925, two new items were added
to
earning assets," previously made up of Federal Intermediate Credit bank debentures, was changed the
to foreign correspondents. In addition, the caption "All other
as a more accurate description
Total earning assets" to "Total bills and securities." The latter term was adopted It was stated are the only Itemsof the total of
"Other securities." and the caption, included therein.
the provisions of Sections 13 and 14 of the Federal Reserve Act. which
discount acceptances and securities acquired under
over from the Reserve Banks when the dollar was on Jail. 31 1934 devalued from 100 cents to
x Thew are certificates given by the U. S. Treasury for the gold taken the difference itself hsving been appropriated as profit by tha Treasury under the provisions
difference,
69.06 cents, these certificates being worth less to the extent of the
of the Gold Reserve Act of 1934.
3231
Financial Chronicle
Volume 138
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 10,and showing the condition
Of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 9 1934.
Slag 9 1934. May 2 1934. Apr. 25 1934 Apr. 18 1934. Apr. 111934. Apr. 4 1934. Mar.28 1934. Mar.21 1934. May 10 1933.
$
$
$
3
$
$
S
$
4,535,034,000 4,586,500,000 4.490,358,000 4,476.979,000 4,386,837,000 4.309,575,000 4,281,197,000 4,270,695,000
ASSETS.
Gold ctfs. on hand & due Or. U. B.(a)
Gold
Redemption fund (F. R. notes) -Other cash •
30,631,000
234,299,000
31,498,000
241.262.000
31,144,000
232,267,000
31,498,000
224,832,000
33,749,000
215.178.000
32,988.000
225.771.000
32,911,000
220,886,000
3
958.860,11110
2,425,641,011e
57,633,000
33,668,000
220,181,000 315,910,000
4,849,964,000 4,849.911,000 4,763,118,000 4.733,309.000 4,645,596,000 4,558,502,000 4.534,994,000 4,524,444,000 3,758,044,000
Total reserves
9,038,000
10,868,000
4,518,000
13.592,000
38,987,000
11, 05,000
,
39,807,000
72,082,000
266,159,00e
51,412,000
47,529,000
40,473.000
43.251,000
52,579,000
36,574,000
40.313.000
38,312.000
33.250,000
26,045,000
29,359.000
13,499,000
17,059,000
6,659,000
8,279,000
10,163,000
407,860,000 407,858,000 406.204,000 406,277,000 431,225.000 442,795,000 442,928.000 442.865,000
1,237,039,000 1,242,591,000 1,221,099,000 1.207,603,000 1.179,906,000 1.222,681,000 1,214,246,000 1,224,043,000
338,241,001
112,607,000
421,595,000
588,922,000
764,987,000
826,676,000
Redemption fund-F. R. bank notes_ --Bilis discounted:
Secured by Ti, S. Govt. obligations
Other bills discounted
5,791,000
13,277,000
30,297,000
Total bills discounted
Ills bought in open market
.S. Government securIttee-Bonds
Treasury notes
Spacial Treasury certificates
Certificates and bills
786,869,000
Total U. S. Government securities
her securities
6,022.000
7.768.000
8.226.000
8,362,000
7.388.000
30,924,000
7.903,000
32,410.000
1,8,441,000
b32,032,000
9,276,000
33,975,000
781,370,000
802.870.000
816,384,000
8,513,000
12.244,000
35,285,000
820.848,000
766,286,000
774,712,000
2,431,818,000 2,431.819.000 2,430,173,000 2,430,264,000 2,431.979,000 2,431,762,000 2,431,886,000 2,431,895,000 1,837,193,000
5.464,0011
563,000
562,000
563.000
747,000
562,000
563,000
747,000
548.000
2,475,795,000 2.479,157,000 2.481,197,000 2,434,793,000 2,492.851,000 2,505,899,000 2,514,387,000 2,517,120,000 2,293,505,00*
Total bids and securities
Wold held abroad
3,662,000
3,132,000
3,130,000
3.130,000
3.131.000
3,134,000
3,131,000
3,131,000
3,131,000
Due from foreign banks
14.831,000
17,637.00*
15,005,000
17.340.000
16.551,000
15.876,000
16,260,000
16,846,000
17,317,000
Federal Reserve notes of other banks.-403,394,000 456.805,000 429,684,000 493,347,000 418,780,000 427,938,000 395,844,000 449.448.000 316,398,000
Uncollected items
52,431,000
54,250,000
52.556.000
52,556,000
52,569,000
52.569,000
52,558,000
52,503,000
52.432,090
Bank premises
69,650,000
69,650,000
139,299,000 139,299,000 139.299.000 139,299.000
69,650,000
69.650,000
Federal Deposit Insurance Corp. stock
44,490,000
41,879.000
48,984,000
45,581,000
52,677,000
49.910,000
44,668,000
43,078,000
51,349,000
All other resources
7,994,787.000 8.048.408.0007.936.150,000 7.972,449,000 7,760,942.000 7,694,038,000 7.645,262,000 7,690,908,000 6,492,504,000
tel assets
LIABILITIES.
3.059.927,000 3,058,777,000 3,030,216,000 3,029,647.000 3,025.812,000 3,032,016,000 2,997.036,000 2.984,943,000 3,349,753,000
F. R. notes In actual circulation
62,835,000
83,102,000
88,336.000 108,552.000 122,743,000 143.877.000
66,252,000
77.767.00(1
70,208,000
F. It. bank notes to actual circulation__ - Depoelts-Member banks•re4erve account 3,677,863,000 3,570.28.3,000 63743,597.000 3,669.177,000 3,560,025,000 3,449,803,000 3,438,948,000 3,449.269,000 2,089.115,000
42,467,000
68.977,000
29,395,000
60,115,000 142,776,000
56,443,000
24,009,000
17,644,000
66,883.000
U. S. Treasurer-General account_a
23,021,000
4.565,000
4,623,000
7,378.000
5.019.000
6,138.000
8,585,000
5,347.000
Foreign banks
6,915,000
22,347,000
24,106,000
Special deposits-Member bank
1 20.998,000
9,958.000
10.952.000
11,036,000
Non-member bank
249,983,000 273.765,000 b161.916,000 158,178.000 143,705.000 1104,109.000 121,924,000 111.838,000 154,938.000
Other deposits
Total deposits
3,994,878,000 3.993.409.000 3,929.504,000 3,900,897,000 3.737.748,000 3,656.799,000 3.656.752.000 3,627.636.000 2,309,541,000
Deferred availability Items
401,661,000 454.807.000 427.495,000 488,075,000 422.619.000 427,984,000 394,469.000 482,158,000 316.346,000
Capital paid In
146,279.000 146,300.000 146,449,000 146.383.000 146,389.000 146,273,000 145.586.000 145,731,000 150,229,000
Surplus
138,383,000 135.383,000 138,383,000 138.383.000 138,383.000 138.383.000 138,384,000 138,383.000 278,599,000
12,205,000
Reserves (F.D.I. C.stock,self ins. &c.):
161,831,000 161,831,000 161.829,000 161,829,000 161,829,000
69,650,000
69.650.000
69,650,000
Paid
69,650,000
69,650,000
69.650,000
Called for payment April 15
12,996,000
24,133,000 b39,826.000
48,880,000
25,507,000
46,730,000
50,993,000
All other liabilities
24,693,000
20,578,000
Total liabilities
7.994,787,0008,048.408.000 7,936,150.000 7.972.449,000 7,760,942.000 7,694.036,000 7,645.262,000 7.690,908,000 6,492,5114,000
Ratio of total reserves to deposits and
66.4%
68.3%
68.2%
F. It. note liabilities combined
68.4%
68.7%
68.2%
68.4%
63.8%
68.7%
contingent liability on bills purchased
41,340,000
4,935,000
4.669,000
4,669,000
for foreign correspondents
4,771.000
4,935,000
4,669,000
4,002,000
4.261,000
Maturity Distribution of Bills and
Short-term Securities
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-93 days bills discounted
Over 90 days bills discounted
$
s
I
s
$
$
s
s
$
24,950,000
2,813,000
5,777,000
2,460,000
574,000
23,001,000
3,177.000
5.930,000
978.000
223,000
30,146,000
1,880,000
6.814,000
1,251,000
222,000
29.822.000
3,028.000
4,818,000
2.569.000
236.000
30,600,000
4,600,000
3,036.000
4,725,000
240,000
32,998,000
4,160,000
4,792,000
5,330.000
249.000
37,565,000
2,854,000
5,081,000
6,782.000
297,000
36,605,000
2,964,000
4,757.000
6,774.000
312,000
215,315,010
22.711,000
28,606.000
64.701,001
6,908,001
Total bills discounted
1-15 days bills bought In open market.-16-30 days bids bought In oven market...
31-60 days bills bought In open market.-61-90 days bills bought In open market.-Over 90 days bills bought In open market
38,574,000
2,218,000
191,050
437,000
3,810,000
38,312,000
3,238.000
910.000
272,000
3,859,000
40,313,000
4,111,000
2,048,000
298,000
3,706,000
40.473,000
9,127,000
3,371,000
823.000
178,000
43.251,000
11,427.000
3,365,000
2,206,000
61,000
47,529.000
13,193,000
7,894.000
3,442,000
1,526,000
52,579,000
13,712,000
6,634,000
7,381.000
1.632.000
51,412.000
9,374,000
12,346,000
7,677,000
3,853,000
338,241,000
75.017,0011
28,705,000
3,819.000
5,016,000
50,000
Total bills bought in open market
1-15 days U.S. oortificates and bills- - - 16-30 days U.S. certificates and bills
31-60 days U. S. certificates and bills.61-90 days U.S. certificates and bills- Over 90 days U.S. certificates and bills
6,656,000
43.975,000
8,279,000
62,180,000
21,325,000
117.621.000
21,070,000
559,174.000
13,499,000
10,163,000
115,530.000 116,831,000
62,180,000
43,975,000
99,308,000
103,361,000
42,210.000
21,830,000
518.174,000 495,857.000
17,059.000
90,229,000
115,530,000
38,975,000
117,466,000
453,648,000
26,045,000
65.338.000
107,179,000
55.075.000
116.816,000
421,878,000
29,359,000
61,190,000
76.578.000
129,575,000
112,861.000
394.508.000
33.250.000
90,095.000
65,339,000
137,939,000
106,816,000
364.808,000
112,607,000
95,500,000
70.750,000
120,975,000
72,100,000
467,351,000
816,384.000
509,000
820,849,000
500,000
9,0000
766,286.000
510,000
774,712,000 764.987.000
510.000
510,000
17,000
36,000
17,000
36,000
17.000
36,000
826,674,000
5,201,000
51,000
152.000
10,000
50,00*
130,466,000
17,725,000
594,703,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 (lays municipal warrants
Over 90 days municipal warrants
786,869,000
499,000
8,000
5,000
35,000
781,370,000 802.870,000
499,000
508,000
8,000
5,000
5,000
35,000
35,000
53.000
53,000
Total municipal warrants
5,464,000
547,000
547,000
563.000
548,000
562.000
562,000
563.000
563,000
_
Federal Reserve Notes.
belied to F. R. Bank by F, It. Agent-.-. 3,345,138,000 3,323,359,000 3,310,532,000 3.309,708,000 3,304,860.000 3,310,969.000 3.250,398,000 3,249,829.000 3,613,316,001
Held by Federal Reserve Bank
285,211,000 264,582,000 280.316,000 280,051,000 279,048,000 278,953.000 253,362,000 264.880,000 263,563,046
In actual circulation
3,059,927,000 3,058,777,000 3,030,216,000 3.029,647,000 3,025.812,000 3,032,016,000 2,997,036,000 2.984,943,000 3,349,753,000
=...
____
Collateral Ile171 by Agent as Security for
Notes Issued to Bank
Gold Ws.on hand & due from U.S.Tress
By gold and gold certificates
3,013,771.000 2,983,271,000 2.989,271,000 3,003,471,000 3,042,896,000 2,924.345,000 2.875,218.000 2,884.152.000
Gold fund-Federal Reserve Board
11326 835.000
18,875,000
22,151,000
25,296,000
By eligible paper
29,332,000
56,471,000 292,811.000
34,418,000
47,068,000
54.148.000
349,300,000 355,400,000 331,400,000 313,400.000 275,400,000 376,000,000 351,700.000 346.700.000 633,400,000
U.S. Government securities
i0379924,000
,
r,,tal rnlirttpral
.1 221 019 non 3 san 499 non 2 2/5 or, nnn 1 110 999 nnn .2 959 .71 A nnn• n.•. nnn n no• •,... nnn n non nog nnn 1 ca,!VT A nnn
In
• 'Other case does not include Federal Reserve notes or a bank's own Federal Reserve bask notes. b Revised.
a These are eertifloatee given by the U. S. Treasury for the gold taken over from the Reserve Banks when the dollar was on Jan. 31 1934 devalued from 100 cents to
sem@ oents, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as prodt by the Treasury under the provisions
the Gold Reserve Act of 1934.
of
a Caption changed from "Government- to "U. S. Treasurer-General account" and $100,000,000 included In Government deposits on May 2 transferred to 'Other
deposits."
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
Two Ciphers (00) Omitted.
Federal Reserve Bank of-
Total.
Boston. New York.
Phtla.
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 9 1934.
Cleveland. Richmond Atlanta.
ASSETS.
$
3
$
$
3
S
$
Gold certificates on hand and due
4,585,034,0 385,357,0 1,502,440,0 263,831,0 353,111,0 210,973,0 126.802,0
Irom U. S. Treasury
1,966,0 3.051,0 3,073.0
30,631,0 2,517,0
797,0 3,274,0
Redemption fund-F.It. notes
63,004,0 35,373,0 12,439,0 9,074,0 11,605,0
234,299,0 16.815,0
Other cash
m...r.1 rostArv02
4.840.964.0 404.689.0 1.567.410.0 302.255.0 368.623.0 220.844.0 1416910
Chicayo.
$
St. Louts. Ifinseap. Kan.Cisy. Dallas. San Fran.
S
$
S
$
$
934.687.0 188,621,0 97.879,0 149,579,0 91,294,0 280,460,0
6,841.0 1,125.0
1,343,0
627,0 4,855,0
1,162.0
35,164,0 9,388,0 11,254.0 10,054,0 6,559.0 13.570,0
976.692.0 199.134.0 110 476 n IRO 795 0 04.480.0 298_895.0
Financial Chronicle
3232
May 12 1934
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) Omitted.
Total.
Boston. New York.
$
1,215,0
278,0
748,0
3,544,0 1,229,0
12,366,0 10,970,0
505,0
1,431,0
131,0
1,127,0
228,0
623,0
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
1,026,0
456,0
15.910,0 12,199,0
630,0
2,275,0
1,936,0
578,0
1,258,0
243,0
851,0
224,0
$
250,0
6.277,0
30,297,0
$
2,096,0
$
$
St. Louis. Minneap. Kan.City. Dallas. San Fran,
Chicago.
Cleveland. Richmond Atlanta.
Phila.
$
858,0
$
5,791,0
36,574,0
6,656,0
RESOURCES (Concluded)Redem. fund-F. R. bank notes_
Bills discounted:
See. by U.S. Govt. obligations
Other bills discounted
3
134,0
$
16,0
1,150,0
156,0
63,0
10,0
487,0
1,166,0
798,0
219.0
173,0
497,0
106,0
$
$
3
$
474,0
764,0
263,0
18,0
277,0
162,0
792,0
263,0
170,0
295.0
451,0
954,0
552,0
407,860,0 22,989,0
1,237,089,0 82,218,0
786,869,0 52,473.0
148,619,0 25,603,0 30,247,0 14,709,0 12,342,0
394,084,0 86,788,0 111.570,0 54,238,0 45,152,0
239.052,0 54,729,0 71,208,0 34,616,0 28,817,0
66,780,0 13,663,0 15,762,0 14,799,0 18,729,0 23,618,0
216,766.0 48,551,0 30,405,0 48,006,0 32,196,0 87,115,0
148,797,0 30,986,0 19.404,0 30,639,0 20,550,0 55,598,0
Total U. S. Govt.securities_ 2,431,818,0 157,680,0
Other securities
747,0
Total bills and securities
2,475.795,0 159,162,0
Due from foreign banks
237,0
3,134,0
Fed. Res, notes of other banks..._
312,0
16,260.0
Uncollected items
406,394,0 44,288,0
Bank premises
52,569,0 3,224,0
Federal Deposit Ins. Corp.stock_ 139,299,0 10,230,0
All other resources
877.0
45,581,0
781,755,0 167,120,0 213,025,0 103,563,0 86,311,0
200,0
507,0
40,0
432,343,0 93,200,0 65,571,0 93.444,0 71,475,0 166,331,0
799,980,0 180,456,0 215,539.0 105,064,0 87,586.0
119,0
109,0
1,197,0
342,0
301,0
998,0
864,0 1,487,0
4,725,0
486,0
101,315,0 30,735,0 38,100,0 35,053,0 13,021,0
11.434.0 4.133,0 6,788,0 3,128,0 2,372,0
42,529,0 14,621,0 14,147,0 5,808,0 5,272,0
1.456,0
1,979,0 2.600,0
29,261,0 4,618,0
434.307,0 93,592,0 66.174,0 93,877,0 72,221,0 167,837,0
7,0
10,0
88,0
88,0
222,0
414,0
369,0
1,028,0
864,0
3,044,0
248,0 1,835,0
56,044,0 18.276,0 11,249,0 22,396,0 13,957,0 21,960,0
7.382,0 3,121.0 1.657,0 3.485.0 1,755,0 4,090,0
19,749,0 5,093,0 3,510,0 4,131,0 4,359,0 9,850.0
328,0 1,199.0
502,0 1,036,0
1,057,0
668,0
7.994,787,0 623,269,0 2,559,947,0 538,504,0 647,033,0 373,482,0 253,639,0 1.498,689,0 320,552,0 194,641,0 286 302,0 192,618,0 506,111,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 3,059,927,0 244,475,0 630,817,0 246,060,0 307,369,0 142,542,0 132,043,0 777,663,0 134,962,0 96,405,0 106,767,0 39,396,0 201,428,0
1.188.0
2,843,0
263.0
F.R.bank notes in act'l circurn
41,079,0 6,621,0 12,600,0
66,252,0 1,658,0
Deposits:
Member bank reserve account- 3,677,863,0 292,325,0 1,457,308,0 192.464,0 228,785,0 166,661,0 78,406,0 584,458,0 130,637.0 66,820,0 139,122,0 114,712,0 226,165,0
122,0
929,0 1,709.0 6,184,0
11,869,0 2,441,0
1,632,0
U.S. Treasurer
22,220.0 2,870,0 5,316,0 1,743,0
-Gen acct.-60,115,0 3,080,0
143,0
174,0
174,0
442,0
206,0
785,0
Foreign bank
598,0
237,0
218,0
648,0
2,842,0
448,0
6,915,0
1,570,0 16,760,0
9.655,0 17,275,0 9,119,0 4,605,0
Other deposits
249,983,0 4,401,0 139,272,0 14.149,0 11,218,0 10,731,0 11.228,0
Total deposits
3,994.876.0 300.254,0 1,621.642,0 210,131,0 245,917,0 179,372,0 91,484,0
Deferred availability items
99,437,0 29,023,0 37,268,0 34,306,0 12,356,0
401,661,0 44.562,0
,,apical paid in
59,718,0 15.520,0 12.643,0 4,968,0 4,372,0
146.279,0 10,693,0
3urplus
45,217,0 13,352.0 14,090,0 5,171,0 5,145,0
138,383,0 9,610,0
leserves: FDIC stock, self insurance Jec
47,266,0 17,121,0 16,447,0 6,963,0 7,851.0
161,831.0 11,283.0
MI other liabilities
699,0
160,0
388,0
676.0
14.771,0
25,578,0
734,0
606.767,0 150.559,0 76,204,0 144,830,0 118.165,0 249,551,0
54.947,0 18.621,0 10.794,0 21,965,0 15,695,0 22,687,0
12,537,0 4,031,0 3,008,0 4.157,0 3,947,0 10,685,0
20,681,0 4,756,0 3,420.0 3,613,0 3,683.0 9.645,0
22.718,0
3.376,0
5,946,0
489.0
4,535,0
275,0
4,747,0
223,0
5.489,0 11.465,0
3.400,0
387,0
7,994,787,0 623,269,0 2,559,947,0 538,504,0 647,033,0 373,482,0 253,639,0 1,498,689.0 320,552,0 194,641,0 286,302,0 192,618,0 506,111,0
Total liabilities
Memoranda
iatio of total res. to dep.& F. R.
note liabilities combined
:Iontutgent liability on bills purchased for torn correspondents
68.7
74.3
69.6
66.3
66.6
68.6
83.4
70.5
69.7
64.0
63.9
62.5
66.3
4,002,0
309,0
1,192.0
447.0
413,0
163,0
151,0
541,0
142,0
99,0
120,0
120.0
305,0
•"Other cash" does not include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Boston. New York.
Total.
Federal Reserve notes:
$
$
Issued to F.R.13k. by F.R.Agt. 3,345,138,0 264,679.0
Held by Fed'I Reserve Bank___ 285.211,0 20,204,0
In actual circulation
3,059,927,0 244,475,0
Collateral held by Agent as security for notes issued to bks:
Gold certificates on hand and
due from U.S.Treasury
3,013,771.0 266.117,0
Eligible paper
18,875,0 1,020.0
U. S. Government securities
349,300.0
Total collateral
2 221 We n 907 1970
Phila.
Cleveland. Richmond Atlanta.
Chicago.
$
728,393,0 262,007.0 320,871,0 151,827,0 151,118,0
97,576,0 15,947,0 13,502,0 9,285.0 19,075,0
$
$
$
$
s
818.825,0 140,255,0 101,076,0 114.007,0 44,148,0 247.932,0
41,162,0 5,293,0 4,671,0 7,240,0 4.752,0 46.504,0
630.817,0 246,060,0 307,369,0 142,542,0 132.043,0
777,663,0 134,962.0 96,405,0 106,767,0 39,396,0 201,428.0
733,706,0 214,000.0 261.931,0 152,340,0 94,385,0
9,494,0 3,517.0
1,223,0
731.0
658.0
45,000,0 60,000,0
57,000,0
747,513,0 132,936,0 75.115.0 97,290,0 44,675,0 193,763,0
146.0
261,0
177.0
314,0
604,0
730,0
75,000,0 8,000,0 26,300.0 20,000,0
58.000,0
712 200 0 909 017 11 299 101 0 102 071
822 R27 n 141_107 0 101.561.0 117 467 0 45 270 n
s
FEDERAL RESERVE
•svo (-loners ((10) (4011/144.
Federal Reserve Agent at-
Total.
Boston. New York.
Phila.
$
2,411.0
753.0
S
$
s
43,030,0 16,035,0 12,935,0
1,951,0 9,414,0
335,0
In actual circulation-net_•
Collat, pledged asst. outst. notes:
Discounted & purchased bills__
U. S. Government securities__
66,252,0
1,658,0
41,079,0
5,000.0
tn7 747 n
0 nnn
n
n 159 0420
Cleveland. Richmond Atlanta.
3
81,939,0
15,687,0
Teter enlIntwettl
$
909 402 0
BANK NOTE STATEMENT.
Federal Reserve bank notes:
Issued to F. R. Bk. (outstdg.):
Held by Fed'I Reserve Bank...,
9.0
107,774,0
St. Louis. Minneap. Kass.City. Dallas. San Fran,
s
$
s
$
Chicago.
St. Louis. Minneap. Kan.City. Dallas, San Fran.
s
$
$
s
s
a
$
1,534.0
346,0
3,540.0
697,0
2,454,0
2,191,0
6,621,0 12,600,0
1,188,0
2,843,0
263,0
44.274,0 16,500,0 15.000,0
9,0
5,000.0
7,000,0 15,000,0
nnn n
5 0119 0
7 nnn
AA 973 A
100000
10
n
IK III, A
• Does not include 393,360.000 Of Federal Reserve bank notes for the retirement of which kederal Reserve banks have deposited lawful money with the Treasurer of
the United States.
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and'liabilities of the reporting member banks 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.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other basks ani bills of exchange of drafts sold with endorsement" and include
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were Included with loans, and some
of the banks included mortgages in investments. Loans secured by 1.7. S. Govern neat obligations are no tooter shown seeirAtely. oaly the totAl 01104,11 0111 securities being
given. Furthermore, borrowing at the Federal Reserve Is not any more subilvided Co show tne amount secured by U. d. obligations and those secure I by co n nerclal paper,
Only a lump total being given. The number of sePortina banks formerly covered 101 leading cities, but 19.1i reitioe 1 to 90 cities after the declaration of bank holidays or
moratoria early 10 March 1933. Publication or the weakly returns for the reduced number of cities WOO omitted In the weeks from March 1 to May 10, but a summary of
them is to be found in Die 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 MAY 2 1934 (In Millions of Dollars).
Federal Reserve DistrictLoans and investments-total
Boston. New York
$
3
17,462
1,162
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. ban Fran.
$
8,061
8
1,041
$
1,169
346
331
$
1,805
$
$
1
1
$
3
.506
335
546
396
k
1,764
8.136
On securities
All other
666
3,805
501
431
170
178
754
208
160
200
186
877
3,577
4,559
Loans
-total
258
408
1,951
1,854
235
266
204
227
59
111
61
117
347
407
76
132
39
121
62
138
61
125
224
653
9,326
Investments
-total
U.S. Government semuitles
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
rime deposits
Jovernment deposits
Due from banks
Due to banks
31..........1.... 4,....••• ...
Total.
17 Ilenlr
496
4,256
540
738
176
153
1,051
298
175
346
210
887
6,255
3,071
324
172
2,877
1,379
298
242
544
194
125
51
101
52
711
340
201
97
119
56
235
111
159
51
561
326
2,588
231
12,221
4,454
1,055
1,536
3,593
A
222
48
845
340
96
133
210
1,270
47
6,416
1,085
621
142
1,588
5
114
11
658
320
53
139
221
119
18
604
456
45
102
177
1
46
10
216
135
8
81
91
26
5
166
133
22
80
79
414
49
1,505
488
44
231
475
70
8
335
165
25
90
141
36
4
199
122
6
73
97
79
10
406
169
20
169
219
68
8
272
121
44
129
119
124
13
599
920
71
167
176
Volume 138
Financial Chronicle
Ore
Tamintrfu'
3233
United States Government Securities on the New
York Stock Exchange.
-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
ittr 44Einanrid
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
Including Postage12 Mos.
6 Mos.
United States, U. S. Possessions and Territories
$10.00
$6.00
In Dominion of Canada
11.50
6.75
South and Central America (except Argentina), Spain,
Mexico and Cuba
13.50
7.75
Great Britain, Continental Europe (except Spain), Asia,
Australia, Africa and Argentina
15.00
8.50
The following publications are also Issued:
COMPENDIUMS-.
MONTHLY PUBLICATIONS
PUBLIC UTILITY-(semi-annually)
BANE AND QUOTATION RECORD
RAILWAY & INDU8TRIAL-(f0UL' a year)
MONTHLY EARNINGS RECORD
STATE AND MuNictrat-(semLann.)
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Railroad and Miscellaneous Stocks.
-For review of the
New York Stock Market, see editorial pages.
The following are sales made at the Stock Exchange this
week (May 5 to May 11 inclusive) of shares not represented
in our detailed list on the pages which follow:
STOCKS.
Week End. May 11.
Sales
for
Week.
Range for Week.
Lowest.
RailroadsPar Shares.
Chi Ind & Loulsv pt.100
10
Chi St P & Om prof 100
SO
Cleve & Pittsb spec.50
50
Guaranteed
50
20
Duluth S S & AtI___100
600
Pieferred
100
600
Erie & Pittsburgh_50
30
Havana EIRO RY p1100
10
Hudson & Manh Pt. 100
800
z I It T ctfs of dep___•
300
Int Rya of Cent Am....•
170
Preferred
100
30
Market St Ry
100
100
2d preferred
100
30
z N On Tex & Mex_100
10
New York Cent rts.... 303,600
I
$ per share.
6 May 11
734May 10
4334MaY 5
7634May 11
1 May10
13jMay 8
59 May 7
5%May 7
18 May 7
6%May 11
6 May 9
22%MaY 9
1%May 8
2%May 10
15 May 7
1%May 8
Highest.
Rance Since Jan. 1.F
Lowest.
Highest.
$ Per share. $ per share.$ per share.
6 May 11 5
Apr 7
Apr
7%May 10 5
Jan 11% Feb
43%MaY 5 38
Jan 44% Apr
76% Alay 11 74% Apr 76% May
1%1\10,3 7
,
% Jan I% Apr
Jan 2% Apr
1.61Way 5 1
59 May 7 50
Jan 60
May
Jan 8% Apr
stiMaY 7 3
18%May 8 18
Jan 26% Jan
7%May 5 6% May 10
Jan
6 May 9 3
Jan 7
Apr
22%May
7% Jan 22% Apr
1%May 7
% Jan 2% Mar
2%May 10 1
Jan 43.4 Apr
15 May 7 11% Jan 25
Feb
1%May 5 1% May 2% Mar
Indus. & Miscall.Abrah'm At Straus p1100
20 106 May 5 106 May 5 89
Jan 107% Apr
Am Mach & Meta Ws.. 5,300 7 May 5 9%May 11 4% Jan
9% May
Amer Radiator & Stand
Sanitary pref. _100
10 120%May 11 120%May 11 111% Jan 1204 May
Andes Copper Mining..
100 6 May 8 6 May 8 6
May 10% Apr
Art Metal Construct.10
920 7%MaY 11 774MaY 9 5
Jan 934 Apr
Atl0& W I SS L p11
100 20 May 10 20 May 10 20
Jan 24
Apr
Austin Nichols prior A
30 60 MaY3 7 60 May 7 3934 Jan 64
Apr
Bloomingdale 7%_100
30 98 May 5 98 May 5 88
Jan 100
Mar
Blumenthal & Co p1100
100 43%May 10 4734May 5 4354 May 5634 Feb
Bon Ami class A
•
200 7834May 11 79 May 10 78
Apr 83
Apr
Briggs & Stratton....'
800 21%May 11 2434May 5 15
Jan 2434 Apr
Burns Bros class R._ _.•
100 2 May 7 2 May 7 134 Apr 354 Feb
Checker Cab Mfg Corps
300 10 May 7 10 May 7 10
May 1634 Mar
Chicago Yellow Cab • 1,2001 13 May 7 1354May 10 11% Apr 1434 May
Collins & Allman p1100
140i 89 May 7 90%May 5 79
Jan 94
Apr
Colonial Beacon 011Co•
300I 6%May 5 6%Mar 5 6% May 9
Feb
Col Fuel & 1r pret__100
30
ay 10 20 May 10 1034 Jan 32
Feb
Conde Nast Publica _* 1,2001 9%May 8 10 May 7
734 Jan 1354 Apr
Consol Cigar prat(7)100
10 50 May 7 50 May 7 31
Jan 59
Apr
Prior pret X-wars100
65 50 May 10 52%May 5 49
Feb 59
Apr
Cushm Sons pf (7%)100
30 90 May 10 90 May 10 80% Mar 01
May
Devoe & Ray 1st p1100
10 110 May 5 110 May 5 99
Feb 110
May
Duplan Silk
800 17 May 7 1734May 7 1634 Jan 23
Feb
Fed 14 & Smelt pre(_100
100 85 May 7 85 May ; 7 70
Jan 95
Apr
Florsheim Shoe cl A •,
100 22 May 7 22 May 7 15
Jan 25
Apr
Fost Wheel $7 cony Did.;
30 71%MaY 9 713%MaY 7 60
Jan 80
Mar
Guantanamo Sugpfd100:
40 24113May 7 24%May 7 7% Jan 31
Feb
Kan City Pit L prof B
140/108 May 9 110 May 5 97% Jan111% Apr
Kresge Dept Str pfd 100,
130 37 May 10 45%May 5 19
Jan 55
Apr
Mackay Cos prat....100
20 32 May 8 32 May 8 29
Apr 33
May
Maytag Co prof x-war.•1
20 26 May 11 26 May 11 9
Jan 26% Apr
Mexican Petroleum 100,
100 50 May 10 50 May 10 50
May 6334 Jan
Norwalk T & It peel _50:
30 34%May 7 34%May 7 3454 May 37
Jan
Omnibus Corp pret_100;
100 89 May 10 89 May 10 89
Feb 95
Jan
Outlet Co
20 42 May 10 46 May 9• 30
Feb 45
Apr
Peoples Drug Stores *
•1
600 40 May 10 44%Muy 7 21
Jan 4554 Apr
6)4% cony pret__100
20 107 May 7 107 May 7 86
Jan 107
May
Revere COD 13 Br ptd100
110 80 May 10 83 May 11 46
Jan 85
Apr
Southern Dairies Cl A •
20 81411.1ay 7 8%May 7 7% Mar 934 Mar
The Fair pre(
100
30 78%May 7 80 May 10 50
Jan 83
Apr
United Amer lloseh....•
450 11
May 8 13
May 5 10
Jan 17
Feb
United Dyewood p1.100
20 70% May 7 73
May 7 5954 Mar 7554 May
S Express
100
May 5
100
% Mar ly Apr
% May 5
S Tobacco prof...100
100142% May 8 14234 May 8 126
Jan 142% May
Univ Leaf'rob pret_100
10123)4 May 912334 May 91 11254 Jan 12314 May
Unlv Pipe & Rad p1.100
40 16% May 7 1834 May 5 4% Jan 24
Apr
Vadsco Sales prof...100
May 7 20
300 20% May 8 21
Jan 2134 Apr
Wilcox-Rich el A cony •
M 10 30
200 30
May10 2734 Jan 32
Feb
• No par value. z Companies reported In receivership.
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, May 11.
Maturity.
Int.
Rate.
June 15 1934_
Sept. 15 1934 --Mtg. 1 1935_
Aug. 1 1934.__
Dec. 15 1934._
Mar. 15 11(35...
Dee. 15 1035...
Feb. 1 1938.nAfl. 15 1936...
34%
154%
13-4%
234 %
234 %
244%
25.'4%
234%
214%
Bid.
Asked.
100.132
10113,
1011.22
1013.3
a,
1010
102.3,
103
102022
103.set
1001.3,
100.
0,,
101022
100.13,
100.3,
102.8,
102..3,
1022113
1031.3,
Maturity.
Apr. 15
June 15
June 15
Feb. 15
Apr. 15
Mar. 15
Aug. I
Se94. 15
1936.1938.1935_
1937...
1937._
1938_
1936.-1937 - --
Int.
Rate.
Bid.
23-4 %
214%
3%
3%
3%
3%
3'4%
33.4%
Askcd.
10311,3
103022
103.3,
103.."
103.14
103 "
0
104022
1041 2
.
,
103,5,
103",
103.3,
1.03021
103son
1031.21
10402,
104122,
U. S. Treasury Bills-Friday, May 11.
Rates quoted are for discount at purchase.
Bid.
May 16 1934
May 23 1934
Juno 20 1934
June 27 1934
July 3 1934
July 11 1934
July 18 1934
July 25 1934
Aug. 1 1934
.... 51 IRRA
Acted.
0.15%
0.15%
0 15%
0.154,
0.15%
0.15%
0.15%
0.15%
0.15% '
015%
Bid.
Aug. 15 1934
Aug. 29 1934
Sept. 5 1934
Sept. 26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934
Nov. 71984
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Asked.
Daily Record of U. S. Pond Prices. May 5 Ifay 7 May 8 May 9 May 10 May 11
First Liberty Loan
High
344% bonds of 1932-47__ Low_
(First 3% )
Close
,
Total sales in 81.000 units__ _
Converted 4% bonds ofilligh
1932-47 (FIrst
Close
Total sales In $1,000 units ___
Converted 434% bondsIHigh
of 1932-47 (First axe) Low_
Close
Total sales in $1,000 units.Second converted 4 q%{11Igh
bonds 01 1932-47 (First Low_
Second 44s)
Total sales in $1,000 units___
Fourth Liberty Loan
High
434% bonds of 1933-38._ Low_
(Fourth 434s)
IClose
Total sales in $1,000 units._ _
Fourth Liberty 1 oanHigh
I
4 4‘% bonds (20 called)_ Low_
nds
close
Total sales in 41.000 unitsTreasury
{High
454s 1947-52
Low.
Close
Total sales in 51,000 units ___
(111gh
4s. 1944-54
(Low_
(Close
Total sales in $1,000 units...
{High
4)4s-3443.1943 45
Low_
Close
Total sales Cr, $1,0013 units__
{111gh
354s, 1948-58
Low_
Close
Total sales in $1,000 units...
(High
31425, 1943-47
Low_
Close
Total sales in $1,000 units___
{High
3s, 1951-55
Low_
Close
Total sales in $1,000 units__
{141gh
33.4s. 1940-43
Low_
Close
Total sales in 51.000 units__
{111gt
3348, 1941-43
Low.
Close
Total sates in $1,000 units__
{111gh
3%,1948-49
Low_
Close
Total sales in $1,000 units__
{111gh
3%8, 1941
Low.
Close
Total sales in $1,000 unf's .._
(High
351s. 194446
Low_
Close
Total sales in 51,000 units._
Federal Farm Mtge
(High
3%s 1964
1, Low_
(Close
Total sales in $1,000 units
Home Owners Loan
(high
(1 ow_
4s 1951
',Close
Total sales in $1,000 units__ _ _
-- ------- ------ -- -101u33 1041133 1011033 101." 101.22 104.21
101.32 101.33 104.33 104733 101.3: 104.31
104.33 101.33 101.33 101.33 104.32 104.31
17
15
43
18
1
99
----------------- -------------------------------------104.22 104022 101.22 101." 101.22 104722
104 33 101.31 101 33 10032 101.33 101.33
,
,
101'22 105022 101'22 104.22 101.22 104.22
9
41
15
25
53
a
1021.2 1020 1021222 102." 1021032 102.12
"
1021.3, 1021.32 102.33 102.33 10243 102.31
1321.3, 1021222 102022 102.22 102.22 102 22
,
15
119
40
43
40
22
111 1.3, 111.
.3, 111.1,, 112
03, 1112
1121 n
.
1110 111022 1110 111,2
"
22
" 11112,, 11122,,
1111.33 1112032 1112033 111 4, 112
,
112'33
36
303
171
58
536
175
107."33 109
109,
32 109
103'33 103 33
,
107.32 1073133 107".32 1072.33 107 " 109
0
107'233 1072.33 103'33 107 "33 103.33 105
,
81
50
21
146
586
190
102ns, 103.22 103.22 103.22 103.22 103021
102(
1,32 102":3 103 3: 103
,
103.32 103.3,
102.. 103.,, 103.22 103.22 103.22 103.22
13
117
22
136
123
24
105." 105512 1050 105022 1011 " 105"n
"
.
105
103 33 1031033 109..3: 103,033 1051.31
,
105.22 105." 1050 105042 105022 1050e
"
25
182
29
6 2,413
73
103 " 103022 103022 10302 101.22 104."
0
103 32 103022 1030 103",,103". 104
0
"
103.
03, 103..,, 103..3, 103..3 101.2, 104
1
67
34
157
101
41
100 33 100"3, 100,, 10002 10022" 100.
,
,,
02;
100." 100." 100°22 100.3: 100,,31 100"31
100 3, 100"32 100"33 100 .32 100"n 1002,3•
,
,
168
439
197 1.658
319 1.418
103022 10022 101'32 104232 101.32 101.12
103 " 103..,, 103.
0
022 103 " 104
0
104',,
103
022 103022 104122 101',, 101.22 104.22
1
16
6
6
174
ill
103
022 103022 10022 103022 101.22 104.22
1030133 1032.3, 103..3, 103 " 103022 104'"
0
1032132 103..,, 103.
03, 103022 104." 104."
23
37
30
116
9
31
101 1.32 101,13, 101,232 101.132 101..3, 102
101'232 101°',, 101",, 1011232 10122,g, 10122,
101022 101022 101,
"33 101"33 101 033 101 .3
,
4
48
185
126
213
651
1031.3, 103.113, 103203- 103 " 1030 103
0
"
02
103°',, 103,233 103,533 103,032 1032.33 1032.3
1031.32 103..3, 103.73 103
022 1030 103 1
"
0
I
74
48
53
121
217
1021.3, 102..33 1021.3 1021.3, 102"3, 102..3
102113, 1021.32 10202 102022 102" 102
0
02
102,333 102,332 102 933 102,933 102.32 10233,
59
121
166
542 2,427
68;
102134 1021133 1021.32 1021.32 1021.32 102173
102'22 102'22 1020 102
"
102.3, 10273,
102.33 1021,3, 102024 1020 1020
"
:2 102'22
41
165
26
260
128
9
100 " 100
0
022 100 " 1002,32 1002233 100"2
0
100032 100022 100,133 100,134 100,133 100111
100,633 100 .33 100 "3: 1002033 1001,33 100111
,
,
104
394
215
599
249
20
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
30
34
6
1
2
3
4
1
1
5
First 3ga
Fourth 4ga (uncalled)
Fourth 4 sis(2nd called)
Treasury 4%s
Treasury 4s
Treasury 341(s
Treasury 35-4s, 1913-47
Treasury 314s, 1940-43
Treasury 3145
Treasury 3s
103 "to 103 "
0
0
101.32 10 101',,
102.3, to 102113,
50112
112
1072.3, to 108
106
to 106
103",,to 103.."
,.... _103113310 1031133
101.132 to 1010
"
100303, to 100..33
The Week on the New York Stock Exchange.
-For
review of the New York Stock Market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
May 111934.
Stocks,
Railroad
State.
Number of and Miscall. Municipal &
Shares.
Bonds.
Fern Bonds.
Satut day
Monday
Tuesday
Wednday
Thursday
Friday. _ _ _. _.
872,920
2.364.1100
1.858.520
1,025,360
2,126,120
995,640
54,417,000
8,982,000
8,788,000
7.497,000
8,834,000
6,606,000
$1,242,000
2,456,000
2,219,000
1,336,1)00
1,560,000
1,324,000
United
States
Bonds.
5567.800
2,240,000
1,156.300
4,006,200
7,650,100
4,820,400
Total
Bond
Sales.
$6,226,800
13,678,900
12,163,300
12.839,200
18.053.100
12,750,400
flOSS amn 540 104 nnn ••2•1 IA0 nnn eon A A 1 Inn e, '711 71111
0
"
1%***1
Sates at
New York Stock
Exchange.
Week Ended May 11.
1934.
1933.
Stocks-No. of shares.
9,245,650 22,062,270
Roads.
Government bonds.. 520.441,700 $12,105,50
11
State & foreign bonds_
10,146.000 19,027,000
Railroad & misc. bonds 45,124,000 61,561,000
Total_
0.05%
0.03%
0.05%
0.05%
0.05%
0.05%
--- - 104
104
1031,33 1031,33 1031031
____ 1031°31 1031,33 1031,33 1031133 1031131
_.__ 103"" 103022 103,03, 103"22 1031131
16
12
--- 14
52
36
_- ---------------
.
Jan. 1 to May 11.
1934.
1933.
185,024,431
157,269,052
0231,615,100
292.921,000
1,100,674,000
$218,908,800
271.216,000
647,700,900
e75,711,700 592,693,500 51,634,210,100 51.137,885,700
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 3222.
A complete record of Curb Exchange transactions for the
week will be found on page 3252.
May 12 1934
3234
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.
NOTICE.
-Cash and deferred delivery sales are disregarded in the day's range, unless they are the: only transactions of the day. No aecount Is taken of such
.
sales in computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 5.
Monday
May 7.
Tuesday
May 8.
Wednesday
May 9.
Thursday
May 10.
Friday
May 11.
Sales
for
the
IVeek.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1933
Lowest.
Highest.
$ Per share i per share $ per share
Par $ per share
Railroads
$ Per share $ per share $ per share $ per share $ per share 3 per share Shares
4
3453 Feb 804 July
563 47,100 Atch Topeka & Santa Fe__100 63 May 11 733 Feb 5
8
6214 643
4 5812 63
583 6112 5758 6014 54581 5753 53
4
50 Apr 79 4 June
3
100 7018 Jan 5 8734 Apr 27
Preferred
82
8218 7853 8014 1,600
843 85
4
82
82
834 *8013 8312 81
1612 Feb 59 July
100 37 May 10 544 Feb 16
4.400 Atlantic Coast Line RR_
38
4 37
4213 4253 3913 42
40
413
4 agis 42
37
383
814 Feb 377 July
851ay 10 3412 Feb 5
8
100 215
4
8
4
4 215 2314 21/ 223 44.000 Baltimore & Ohio
2514 27
213 254 223 243
4
8 2114 243
1
4
8
91: Apr 3914 July
100 2413 Jan 9 373 Feb 6
Preferred
*2612 2812 3,100
2813 28
2834 2614 28
265 2912 27
8
.3012 31
20
Jan 413 Dec
4
50 3912 Jan 9 4618 Feb 1
42
4012 4013 4112 413
*4112 42
41
4 1,000 Bangor & Aroostook
8
.43
44
415 43
685 Jan 110 Aug ,
8
100 9518 Jan 5 110 Apr 20
20
Preferred
8
8
8
8
*106 1087 .106 1087 106 108 .106 1087 *106 1087 .105 1087
8
191 Feb 5
:
6
Apr 30 July 1
100 11 Jan 11
Maine
12
300 Boston dr
14
*11
14
11
1112 *10
•12
12
*12
1412 12
8
313 Mar
93 July
3
47 Jan 8 8 3 Feb 7
2
200 Brooklyn & Queens Tr_No par
512 612
8 .55
8 612 *512 612 *513 614
613 612 .512 57
353 Apr 6018 July
4
No par 41 Jan 18 584 Apr 26
300
Preferred
53
53 .46
53 .46
53
*48
5412 50
5014 .48
.50
2114 Feb 4114 July
4
NO Pal 2814mar 27 39587.1ay .5
4 36
373
8 3312 367
8 343 36 47,600 Bklyn Manh Transit
8 367 393
8
8 3618 373
3813 395
64 Mar 8312 June
900
$6 preferred series A_No par 821s Jan 4 9434 Apr 2S
3
9018 897 9012
.903 9314 .9034 9314 913 914 9112 915
4
4
8 90
712 Apr 207 July
8
25 1214 Jan 2 1814 Mar 12
8 157 1618 41,300 Canadian Pacific
8
8
4
8
8 157 1612 1513 157
1612 163
4 153 1613 157 163
5014 Apr 7912 July
Caro Clinch & Ohio stpd__100 70 Jan 6 88 Mar 14
95
95 .87
95 .87
.87
95
*87
.88
89 .88
91
38
Apr 122 July
900 Central RR of New Jersey_100 65 May 8 92 Feb 3
65 65
75
65
65
65 65
.68
•65
75
70
70
2453 Feb 4914 Aug
8
25 3912 Jan 5 477 Apr 12
8
4418 4518 4412 4518 4318 4412 4313 443 23,800 Chesapeake & Ohio
453
4514 4618 44
12 Apr
8 July
7 Feb 17
25 Jan 15
8
tChlo & East III fly Co__100
.4
5
.4
5
.4
5
*4
5
*413 5
*4
5
812 July
8 Feb 16
13 Apr
14 Jan 9
312 312 1.400
100
6% preferred
312 3 8
7
4
4
37
8 38
37
8 4
43
4 43
4
7 8 July
3
138 Apr
512 Feb 1
27 Jan 3
2
100
313 312 2,800 Chicago Great Western
*33
4 4
33
4 33
4
312 33
4
313 312
312 312
213 Apr
147 July
2
8
100
6, Jan 4 117 Feb Ill
4
818 818 3.200
Preferred
9
9
4
8
9
712 814
9
9
73
4 83
4
111 July
1
Apr
812 Feb 5
Jan 2
414
44 418 9.600 Chic Milw SIP & Pao__No par
43
4 54
514 512
414 54
4,
2 5
513 54
1814 July
112 Feb
8
67 Jan 8 1314 Feb 5
100
712 73 25,500
4
Preferred
714 8
74 83
4
8
85
8
77
8 812
83
4 94
16 July
114 Apr
64 Jan 3 15 Feb 5
913 43,900 Chicago & North Western_100
9
914 1014
4
1013 1112
9
103
8
93 103
4
3
83
4 93
2 Apr 243 July
4
100 1314 Jan 3 28 Feb 16
Preferred
16
1713 1612 1714 4.000
1738 187
8 18
1914
.1912 2112 1718 19
2 Apr
1018 July
614 Feb 7
23 Jan 3
4
4 3.800 :Chicago Rock Isl & PacIfIc100
313 334
312 33
33
4 4
33
4 33
4
312 313
4
33
4 33
1912 July
313 Apr
95 Feb 6
8
45 Jan 3
8
100
578 618
53
8 513 1,600
7% preferred
618 614
614
514 54
•6
7
6
15 July
24 Apr
8 Feb 41
2
100
37 Jan 2
500
8
5
5
.43
4 5
43
4 43
4
6% preferred
43
4 47
*47
8 512
5
5
154 Feb 51 July
100 27 Jan 4 4033 Feb 1
32
200 Colorado dr Southern
34
33
33
32
35 .32
3212 31
3313 3313 34
4
124 Apr 423 July
20 Jan 4 3314 Feb 9
100
23
4% 1st preferred
23
23
23
23
80
25 .23
25
23
.25
26
25
10 Mar 30 July
100 20 Jan 12 30 Feb 3
4% 2d preferred
*2112 24
*1014 24
*2112 24 .2113 24
8
.2113 25 .215 24
114 Feb
105 June
2
63 Feb 5
4
218 Jan 6
4
4
4 1,800 Consol RR of Cuba pref.__100
33
4
43
8
4
418
4 33
.4
47
8
34 4
3
33
212 Jan
16 June
314 Jan 15 1012 Jan 23
100
64 *6
8
90 Cuba RR 6% pref
712
712 77g
6
•612 74 .618 712 .6
3733 Feb 9314 July
100 624May 10 7312 Feb 1
7.000 Delaware & Hudson
54
57
5412 5613 5212 54
5212 53
5512 59
59
60
1714 Feb 46 July
8May 10 334 Feb 5
2114 2218 24.000 Delaware Lack & Western_50 205
8 204 22
235 26
8
2114 245
8 224 234 224 237
2 Feb
194 July
3
5 4 Jan 19 1314 Mar 28
4 2.400 Deny &Rio Or West pref 100
812 85
8
712 818
7
73
4
75
8 812
812 93
9
9
3 4 Apr 254 July
3
8
100 134 Jan 8 247 Feb 5
1838 6,000 Erie
193
4 1912 1912 17
1812 18
18
1914
2014 18
19
412 Apr 2912 July
100 16 Jan 3 2814 Apr 26
22
2,800
First preferred
22
24
2218 2212 2314 2314 2112 23
22
2413 25
21: Apr 2314 July
100 12 Jan 3 23 Apr 21
22
200
Second preferred
22
*1412 19 .15
197 .16
8
8
*1518 197 *18
20
20
453 Apr 333 July
4
2
100 185 Jan 4 3212 Feb 5
223
4 2012 2214 195 213
8
3 1912 2114 53,300 Great Northern prof
2314 21
23
2412 20
114 Mar
1112 July
54 Jan 10 1614 Feb 20
401 Gulf Mobile & Northern 100
912 10
13
*II
12
11
11
8
115 115 .11
8
*113 13
4
212 Mar 2312 July
3
100 15 Jan 11 35 4 Feb 21
Preferred
2612 23
23
23
23
1,000
.25
2714 2412 25 .23
2813 284
3 Dec
113 Jan 23
214 June
7 Feb 13
8
1
1
200 Havana Electric By Co No par
114
114 .1
*1
114 .1
1
1
.1
118
612 July
19 June
100
712 Jan 2 1218 Feb 7
713 712 2.400 Hudson dr Manhattan
712 8
8
8
722 8
73
4 812
8
8
813 Apr 504 July
387 Feb 5
2
100 2334May 11
2514 2738 2418 2512 233 254 20,600 Illinois Central
4
27
254 285
8 2514
287 30
8
16 Mar 6018 July
100 35 Jan 13 50 Apr 26
42 42
200
6% pref series A
45
47 .38
47 .41
47 .41
*40
.41
47
31 Mar 60 July
100 484 Jan 5 66 May 2
60
Leased lines
8
64 .6453 6512 645 6458
4 6414 6414 64
*6312 654 *6414 653
412 Apr 34 July
170
RR See Otis series A 1000 1614May 11 2414 Feb 6
17; 1614 1614
17
18
18
18
18
8
185 1858
•184 21
712May 11 133 Jan 2
4
414 Feb
133 Dec
4
3.800 tInterb(ro RapidTran v t a 100
81
,
712 8
8
813 8'2
812 81
8
83
4 87
87
8 94
4
613 Feb 247 July
8
100 11 Jan 8 193 Apr 21
4 13
1314 1.900 Kanzar City Southern
143
4 1314 133
141
14
14
1412 14
1513 j5t
4
100 153 Jan 6 2713 Apr 21 s12 Mar 3414 July
Pref. rred
21
200
.18
.18
23
20
20
20
223
4 20
(.21
23 .20
83 Feb 273 July
8
4
50 13 Jan 4 2114 Feb 5
1414 1518 1412 1518 7.500 Lehigh Valley
161
165 1712 1412 16's 1434 1614 16
8
2114 Jan 6713 July
51
5218 2,300 Louls%11 e & Nashville____100 4814 Jan 4 6212 Apr 20
56'g 54
513 53
4
551
5
14 55
.5618 584 54
Oct
12 Mar 28
20 :Manhattan fly 7% guar _100 20 Jan 3 3212Mar 29
26
*24
26
2912 26
2913 .26
*26
27
2913 27
.27
8
6
195 Jan 12
Jan 20
Oct
100 1412'May II
7,000
Mod 5% guar
1412 15
153
1512 i5s 15
154 16
154 161
1614 17
8 June
17 Mar
8
472 Jan 16 1214 Apr 24
300 Market St fly prior pref..._ 100
.8
104
812 81
8
83
4
4
O's
8 *914 1038 .83 103
.913 103
14 Mar 28
12 Jan 11
214 July
Is Jan
1
700 :Minneapolis dr St Louis 100
*7
8
1
*78
1
4
*7i1
1
7
*3
7
8
1
353 Feb 6
13 Mar
54 July
17 Jan 2
8
Minn St Paul & SS Marle_100
25
8
25
8 .2
258 .2
25
8 *2
8 *2
25
25
8 *2
.2
518 Apr 20
4
3 Apr
4
812 July
100
13 Jan 8
*313 512
100
7% preferred
334 33
4 412
4 412 *33
. .33
*33
4 51
*33
4 5
713Mar 10
213 Dec 1413 July
312 Jan 2
100
100
4% leased line ctfs
*312 5
54 51
518 04
*57
8 64
514 514
*512 618
8
5 3 Jan
4
174 July
-Kan-Texas RR __--No par
8 Jan 2 147 Feb 5
3 9,300 510
84 93
83
4 94
834 97
8
912 934
938 103
8
978 1014
3433 Feb 6
1112 Jan
3714 July
100 1734 Jan
Preferred series A
2218 4,500
2318 22
24
2614 2312 241, 2312 2418 22
.2512 .26
6 Feb 5
14 Apr
3 Jan 2
1014 July
100
3,100 :Missouri Pacific
313 4
358 37
8
334 4
44
418
314 4
4
93 Feb 7
4
15 Apr
8
412 Jan 3
1514 July
100
Cony preferred
10,300
512 6
513 618
65
8
6
8
53
4 65
612 63
4
53
4 622
13
Jan
57 July
150 Nashville Chatt & St Louis 100 32 Jan 2 46 Jan 24
35
35
35
35
42
3314 3314 .35
42
42 .32
.32
214 Feb 23
Ill Jan 22
18 Ma
312 June
590 Nat Rye of Me: 1st 4% pf.100
8
114 14
13
114
13
3
114
13
8 14
114
114
*114 14
I Mar 7
3 Jan 5
8
100
14 June
18 Jan
2d preferred '
600
5
8
*12
12
12
4
•13
53
.12
4
4
1
8
14
100 261451ay 11 4514 Feb 5
Feb $813 July
8
2853 2614 285 104.900 New York Central
2914 27
8 2718 2918 28
285 3012 2718 293
8
8
24 Jan 2752 Aug
100 15 Jan 3 267 Apr 24
N Y Chic & St Louis Co
1812 3.400
18
1712 1814 163 18
4
18
183
4 17
2112 17
20
25 Apr 3414 July
8
100 1713 Jan 3 4314 Apr 23
Preferred series A
3212 8,000
31
33
33
30
32
8
4
324 3412 313 3418 315 34
60 108 Jan 2 139 Feb 1 100 Mar 15834 June
230 N Y & Harlem
12012 12012 .121 132
121 123
120 122
121
12014
•121.1 127
4May 10 2418 Feb 5
1118 Feb344 J1113
100 133
,
14
147 20,900 N Y N LI & Hartford
8
8
8
8 1414 1512 145 154 13$4 145
8
4 137 157
154 163
18
:
100 231 Jan 6 3752 Feb 5
Apr 56 July
Cony preferred
2614 2612 4,800
2812 2614 28
2718 2814 28
2714 29
283 29
4
73
8May 8 1153 Feb 5
712 Dec 15 July
100
712 712 3,300 N Y Ontario & Western
18
713 8
8
8
73
8 8
712 8
73
4 8
13 Jan 16
4
No par
1 Mar 21
312 July
18 Mar
500 N V Railways pref
13
4
.7
3
.7
8
134
1
14
1
114
*7
8 14 *1
.1
418 Apr 20
114 Jan 3
100
47 July
8
12 Apr
213 212 1,000 tNorfolk Southern
213
213
27
8 27
8
3
3
27
8 24
314
318
100 161 Jan 5 182 Apr 19 11113 Mar 177 July
000 Norfolk & Western
173 173 .173 175
17612 17612 175 175 .175 177
.17618 180
74 May 8712 Sept
100 82 Jan 8 9412 Apr 10
Adjust 4% pref
290
8
93 .9214 967
.9318 9678 93
934 93
94
93
93
93
100 2118 Jan 6 364 April
95 Apr 347 July
8
8
4
263 37,400 Northern Paciflo
4 24
8
8 2714 2914 245 273
8 27
297
295
27
2914 31
63 Mar 14
8
10
2 Jan 4
1
Jan
7 July
Pacific Coast
4
*3
*3
4
4
*3
412 *3
4
8 *3
47
*3
No par
33 Jan 19 1114 Apr 20
4
15 Feb
8
10 July
1st preferred
.612 _ __ .612 812 *612 _ __ ______
*612 _ _
_
.612 _ __ .613 _
2 Jan 3
612 Mar 14
1
7 July
No par
Feb
51
2d preferred
- 2
512 *
-5
5 *__„
8
53-58
2
*334 512 .212 -2 *312 - 4 *21
2
50 2914 Jan 4 377 Feb 19
134 Jan 4214 July
307 39,900 PennsYlvarda
8
8 30
8
3114 3212 2912 305
313
4 303 32
3114 3218 30
4 Jan 16
8 Feb 17
100
9 July
7 Feb
3
Peoria & Eastern
*34 618 •338 612
*314 612
6
.213 612 .34 612 *3
100 1612 Jan 10 38 Apr 24
37 Mar 37 July
8
700 Pere Marquette
27
4 2312 26 .22
281; 2814 2612 275
8 2612 2612 2614 263
IGO
18 Jan 13 5112 Apr 23
6
Jan 4413 July
Prior preferred
700
373 373
8
8
383 39
4
40
*3914 40
4014 .38
38
41
41
100 1612 Jan 10 43 Apr 23
413 Feb 3812 July
Preferred
300
34
•22
.3112 33 .274 33
34
34
33
*27
35
32
3 Feb 8
6 Apr 25
2 June
54 July
60 Philadelphia Rap Tran Co__50
4
44 53
414 414 .
5
418 44
518 54
518 .4
.4
412 Jan 12 16 Apr 24
50
3 Dec 10 July
7% preferred
900
1214 1014 1012 10
10
1012 12
912
4
113 113
4
1214 1214
64 Apr 3514 July
Pittsburgh & West Virginia 100 15 Jan 3 27 Feb 21
300
20
*1818 2212
20
.2014 2518 2014 2014 2012 2012 *1814 35
8
50 43 Jan 2 563 Feb 5
2312 Apr 6212 July
900 Reading
454 454 4312 45 .4414 48
45
4712 45
46
.4713 49
7
25 Apr 38 July
50 33 8 Feb 7 4018 Apr 23
1st preferred
*38
40
4014 .38
40
404 *38
.373 4014 .3713 404 *38
8
2313 Mar 37 July
50 2912 Jan 11 3918May 3
2d preferred
3812 .37
3812 .37
3812 .37
3812
37
393 '
4 ,
393 *37
4
.36
100
8 Jan 4 15 Feb 7
6
Jan
1812 July
300 Rutland RR 7% pref
.913 13
10
10
1212 .912 1214 .913 14
1112 .10
11
44 Feb 6
24 Jan 2
93 July
8
7 Jan
2
314
312
27
8 24 2,200 tSt Louis-San Franc:N0..100
312
318 34
318
3
3
312 34
214 Jan 4
618 Apr 4
914 July
100
1
Apr
1st preferred
4 6,100
4
4
3 8 37
5
8
3 8 33
5
334 4
34 418
8
413 45
100 1212 Jan 19 20 Mar 8
514 Mar 22 July
100 St Louis Southwe4tern
22
22 .13
22 .13
22
.13
*13
18
18
22
.18
2 Feb 6
1 Jan 2
3 July
14 Jan
114 6,600 tSeaboard Air Line____No par
118
lis
113 114
114
11 1
114
114
114
114
114
318 Feb 21
3 Mar
8
44 July
13 Jan 11
4
100
Preferred
1,100
212
2
2
2
23
8 *2
212 212
212 212
,
•25
8 23
4
1118 Feb 383 July
4
100 1813 Jan 5 333 Feb 5
2012 217 77.700 Southern Pacific Co
8
8 203 221
8
2338 213.1 235
8 21
8 2012 235
2318 247
100 23 May 1(1 3612 Feb 5
44 Mar 36 July
243 40,800 Southern RallwaY
8
243
4 23
2714 2418 2612 2453 2612 23
2812 25
27
4
57 Jan 49 July
8
100 273 Jan 6 4114 Apr 26
Preferred
283 3013 11,600
4
4 3338 3413 2914 32
343
33
4
343 3512 3218 35
4
8
Jan 4014 July
Mobile & Ohio stk tr ctfs 100 39 Jan 19 473 Apr 20
200
43
43 .4212 45
45
454 *43
4
*4212 453 .42
46
.43
15 Apr 43 July
100 184 Jan 3 4314 Feb 1
100 Texas & Pacific fly Co
26
32 .26
3O's 26
32 .27
*24
32
.2618 32 .26
814 Jan 12
418 Feb
6 Mar 1
121s June
100
600 Third Avenue
61
618 618
614
614 614 .614 613 .614 612
614 614
813 Apr 24
Jan 10
43 June
4
3 Dec
4
2,000 Twin City Rapid Trans No par
5
5
5
5
514 514
514
5
518
8
5
, 512 53
413 Dec
15 June
6 Jan 12 39 Apr 24
100
Preferred
40
40 .23
*23
40
.24
40
*24
40
40 .20
.30
6114 Apr 132 July
100 11012 Jan 4 1334 April
6.100 Union Pacific
119 12112
12012 122
12812 12812 12412 12712 12312 12512 12212 12413 8012 8114 8012 8012
4
56 Apr 7512 July
100 713 Jan 18 84 Apr 26
800 Preferred
.8113 83
82
82
814 82
83
712 July
*82
47 Jan 30
8
1 12 Jan
214 Jan 5
100
314 314 1,100 :Wabash
314 312
35
8 353
358 334
35
8 358
312 312
83 Apr 26
8
94 July
118 Apr
10
34 Jan 2
Preferred A
1.800
6
6
55
8 6
612
6
614
6
53
4 61.
634 64
16 July
4
Feb
83 Jan 2 174 Feb 20
4
100
9.400 Western Maryland
1212 1153 1218 1112 12
12
1112 1318 1112 1212
1912 July
1314
54 Jan
13
100 12 Jan 9 23 Feb 2(
2d preferred
1613
600
*1514 17 .14
15
15
15
15
17
16
Apt
912 July
18
812Mar 29
1
.17
100
23 Jan 2
4
44 44 2,600 Western Pacific
414 44
8
4 47
43
4
414 43
5
414
514
*5
17 Mar
8
16 July
45 Jan 5 1712Mar 28
8
100
Preferred
8
93 107 10,800
4
4
912 103
8
4
1013 1112 103 115
8 1014 12
1114 .113
5.:e....11 ,
.0.
Ex-rights.
.
ICOMpanleS reported In receivership. a Optional sale. c Cash sale. 3 Sold 15 days. .r Ex-dividend. y
•Bid and.asked Prices, no sales on tills day.
tar FOR SALES
New York Stock Record-Continued-Page 2
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 5.
Monday
May 7.
3235
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
Tuesday
May 8.
Wednesday
May 9.
Thursday I
Friday
May 10.
May 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
Ors basis of 100-share lots.
Lawest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per share $ Per share $ per share $ per share Shares.
industrial & Miami. Par $ Per share
5 per share $ per share $ per share
77
75
85
8 8
/
1
4
77
8 812
77
3 83
8
812
8'
71.. 8
21,600 Adams Exprees
Vo par
8
8
63 Jan 6 117 Feb 5
8
3 Feb
1314 July
*743
4 --- .743
4
_ *773
8 _ _ *773
_ *7738
. .773
8
8
. __ _ ___
Preferred
100 7014 Jan 25 7712 Apr 19
39
Apr 71 June
2912 2438 - - 28
2712 25 - -31
2614 2412 --25 - .
26
2512 2514 --- 12,700 Adams minis
2834
8
No par 16 Jan 5 347 Apr 5
8 Apr 215 July
8
918 10
9
95
8
9
9 18
93
8 9
/
1
4
8 8 913
7
8
4
83
10
4 83
73 Jan 5 113 Feb 6
4 4,400 Address MuItigr Corp
513 Apr 1213 June
51 51
/
4
/
518 512
4
51 51
/
/
4
512 512
4
51 513
/
4
514 514 1,200 Advance Rumely
No par
/
1
4
7 Feb 5
/
1
4
5 Feb 10
13 Feb
4
9 8 July
3
14
712 712
2 *7
74 7,
712 *714
/
1
Affiliated Products Ino_No par
1.900
7
71,
7
74 7
/
4
95 Feb 6
8
61 Jan 13
5 July
/
1
4
111 May
/
4
101 1023
4 9778 10112 973 10014 9812 9912 9558 9914 98
4
98
10,900 Air Reduction Ino
N0 par 93341Mar 27 10614 Jan 24
4712 Feb 112 Sept
23
4 3
/
1
4
25
8 23
4
258 258
23
4 23
8 1,500 Mr Way Elea Appliance No par
4
2
/ 2
1
4
/ *24 27
1
4
/
4
33 Apr 26
8
11 Jan 3
12 Feb
4 May
185 1912 1712 187
8
1712 19
8
1778 1878 1712 185
8 173 185 60,600 Alaska Juneau Gold Min___10 1712May 7 23 8 Jan 15
8
4
7
1113 Jan 33 Aug
.7
9
8
8
53
4 53
512 512 *5
4 .512 7
7
300 A P W Paper Co
No par
5 Jan 13
77 Apr 24
8
1
Jan
9 July
/
1
4
3
23
4 3
3
23
4 27
8 3
23
8
4 27
23
4 27 24,500 Allegheny Corp
27
8
8
54 Feb 1
No par
23 Mar 16
4
814 July
4 Apr
134 14
1214 1318 123 14
4
133 14
4
1212 1312 13
1312 5,600
Fret A with $30 warr___100
5 8 Jan 4 1618 Apr 10
7
1
Apr 211 July
/
4
1 124 1312 1112 1112 111 123
/
4
4 1313 1358 *1112 1212 *1114 1312
800
Prof A with $40 warr___100
8
55 Jan 3 145 Apr 10
8
118 Apr 21 July
12
12
1112 1112 107 107
8
4
1118 113
8
123 13
4 1218 1214 1,600
Fret A without warr___100
8
514 Jan 6 143 Apr 9
114 Mar 20 July
.18
21
*17
21
*17
21
21
'17
21
.17
Allegheny Steel Co____No par
/
4
1712 Jan 2 231 Feb 23
5 Mar 28 July
/
4
14212 14512 1381 14334 1383 1403 13758 141
8
4
133 13718 135 137
12,400 Allied Chemical & Dye_No par 133 May 10 1603 Feb 17
4
70 4 Feb 152 Dec
3
.1241 127 *124 12712 *125 12712 .125 12712 126 126
/
4
12712 12712
200 Preferred
100 12213 Jan 16 12914 Apr 5 115
Apr 125
Oct
163 1712 15
4
1714
1512 163
4 1512 1612 1412 1512 1434 155 16,000 Allis-Chalmers Mfg____No par 1412May 10 233 Feb 5
8
8
6
Feb 263 July
3
141 1418 14
/
4
14
1313 1318 .134 14
13
/ 1318 1318
1
4
1314
800 Alpha Portland Cement No par 123 Jan 2 2018 Feb 5
4
53 Jan 24 July
4
43
4 43
44 45
8 *412 5
4
438 44
4
4 13 .378 5
800 Amalgam Leather Co
7 4 Mar 12
3
4 Jan 15
/ Feb
1
4
1
94 JU.19
3313 35
33
33
*3114 3212 3212 3212 3114 3114 .30
333
4
500
7% Preferred
5 Feb 40 July
50 25 Jan 6 45 Mar 13
.5018 511
485 5038 4812 50
8
49 49
50
5012 5114 49
4,100 Amerada Corp
No par 4112 Jan 4 5334 Apr 5
184 Mar 4753 Nov
/
1
3212 3318 3218 33
311 3214 3112 3212 313 33
4
/
4
32
/ 34
1
4
11,800 Amer Agrio Chem (Del) No par 2514 Jan 4 36 Jan 24
714 Mar 35 July
204 2214
/
1
1912 21
193 2112 1912 2118 18
4
/ 1953 184 1912 13,500 American Bank Note
1
4
/
1
10 1412 Jan 4 2514 Apr 27
8 Mar 2812 July
47
48
4612 47
/ 467 461 *4713 5014 4718 4714 .471 5014
1
4
3
/
4
/
4
Preferred
270
50 40 Jan 4 5012 Apr 27
34 Apr 49 June
/
1
4
1114 1114
9
/ 11
1
4
914 1013 1014 1012
4,600 American Beet Sugar__No par
10
9 4 10
3
/ 10
1
4
712 Jan 4 1234 Feb 3
1
Jan
163 July
4
65
65
60
6312 6014 63
60
583 6012 5912 5912
61
8
960
7% preferred
100 4912 Jan 4 71 Apr 12
23 Jan 64 Sept
4
285 283
8
4 25
273
4 264 261 271 2853 26
/
4
/
1
/
4
2718 '26
273
4 1,500 Am Brake Shoe & Fdy_No par 25 May 7 38 Feo 6
918 Mar 4212 July
'10118 107
106 106 *10414 107 *106 107
106 106
107 107
60
Preferred
100 96 Jan 10 11012 Apr 18
60 Mar 108 Aug
9818 993
9514 99
9558 9914 96
9712 9418 963
4 9512 963 24,800 American Can
4
4
25 9418 Jan 5 1073 Feb 15
4912 Feb 10012 Deo
01101 143 *142 143
/
4
143 143 *141 143
14112 1423 *14012 143
4
Preferred
300
100 12812 Jan 8 14512 Apr 13 112 Feb 134 July
241 25
/
4
2112 2414 2112 23
2112 1913 203
211 22
/
4
20
3 9,500 American Car & Fdy_No par
19I2M3y 11 33 Feb 5
/
1
4
814 Jan 393 July
4
45
45
4012 451 3938 405
/
4
8 41
41
40
3914 4012 40
2,400
Preferred
100 3814 Jan 8 5612 Feb 5
15 Feb 59 July
/
1
4
*814 912 .
84 912 *814 83
814 814 *718 83
100 American Chain
/
4
1
4 *718 84
1214 Feb 27
No par
612 Jan 11
15 Mar 14 July
8
.28
333 .28
4
3334 .26
333 *26
4
33 4 *26
3
334 •26
/
1
7% preferred
333
4
3 Mar 3112 July
100 2012 Jan 10 40 Apr 24
/
1
4
5/15 *544 585
.
8
55
8 58
57
58
57
57
*544 56
/
1
57
300 American Chicle
No par 464 Jan 8 60 Apr 20
34 Mar 5114 July
4
/ 458
1
4
/ 514 *414 5
1
4
512
5
41 43
/
4
8 *3
53
8 .4
300 Amer Colortype Co
10
612 Feb 5
33 Jan 29
8
2 Feb618 June
393 4412 373 4012 381 411 39
4
4
/
4
361 '3912 3734 39
/
4
/
4
41
20.200 Am Comml Alcohol Corp 2
3818Niay 10 6212 Jan 31
13 Feb89 July
/
1
4
3
3
24 2
/
1
213 212 3,500 Amer Encaustic Tiling_No par
/
1
4
8
/
212 25
1
4
2
/ 2
1
4
4
212 23
23 Jan 6
8
5 Feb 16
Jan
1
8 June
•133
4 8
*64 74 *63
718 *63
4
4 *614 67
4 73
63
4 63
8
8
100 Amer European Sec's__No par
6 Jan 3 1012 Feb 3
3 Apr
/
1
4
13 July
8
8
/
1
4
8 813
712 813
87
75
75
8
8 8
8
818
7
31,800 Amer & For'n Power___No par
7 Slay 10 133 Feb 6
4
37 Feb19 June
4
53
2012 205
3 191 2014
/
4
/
1
193 204 2018 2114 20
195 20
4
20
8
Preferred
2,000
No par
17 Jan 4 30 Feb 7
714 Apr 4474 June
12
1212 11
113
8 11
1118 .1012 11
113
1,500
4 104 1113 11
2nd preferred
No pa.
9 Jan 4 1712 Feb 6
/
1
4
4
/ Apr
1
4
274 June
1712 1712 17
17
17
17
*1612 1712 *1612 17
17
17
$8 preferred
400
No par
12 Jan 4 25 Feb 6
818 Apr 3538 July
16
1614 1512 1618 155 154 155 153
4 151 4 1514 143 143
8
8
/
1
4
4 1,700 Amer Hawaiian S S Co____10 143
4May 11 22 Feb 16
/
1
4
418 Jan
2112 July
7I8
714
7
73
8
61 718
/
4
6
/ 712
1
4
612 612
8 2,400 Amer Hide & Leather_No par
63
4 73
812Nlay 10 1012 Feb 5
212 Mar
16 June
32
32
317 32
8
31
3118 3118 2914 303
31
4 2912 2912 1,500
Preferred
100 291451ay 10 4214 Mar 15
134 Feb 574 June
31
31
3214 3314 33
3212 3213 311 33
33
/
4
x3212 3212 2,000 Amer Home Products
1 2613 Jan 5 3638 Apr 26
243 Dec 4212 May
4
83
8 812
712 838
714 7,2
73
8 73
4
No par
714 73
4 6,700 American Ice
714 8
818 Jan 4 10 Feb 5
3 4 Feb
3
1712 June
.42
45
4213 4213 .41
45
*4114 46
40
/ 4013 4014 4014
1
4
6% non-cum pref
300
100 3514 Jan 8 4514 Mar 26
25 Feb 577 June
3
7
/ 818
1
4
73
8 8
718 712
712
7
6
/ 718
1
4
6
/ 718 11,500 Amer Internal Corp___No par
1
4
812 Jan 8 11 Feb 6
414 Feb
1518 July
*7
8
1
7
8
7,
*7
8
.7
8
1
1
7
8
1
700 Am L France & Foamite No par
112 Apr 4
0 Jan 5
4
7
8
7
8
14 Apr
312 June
•7
712
7
712
7
*7
Preferred
7
712 .7
7
8
130
7
100
4 Jan 18
8 Apr 3
14 Jan
12 June
.29
30
26
29
2512 2712 2718 2718 2412 2512 2512 2512 2,800 American LocomotIve__No par 2412May 10 383 Feb 6
4
57 Jan 3918 July
8
9612 13612 61
65
01
61
6114 8114 *59
60 •55
Preferred
100 50 Jan 8 745 Mar 13
500
593
4
8
174 Jan 63 July
154 16
144 1512 1412 15
15
1512 1412 154 15
13 Jan 4 19 Feb 5
1534 5.500 Amer Mach & Fdry Co_No par
/
1
4
8
83 Feb 223 July
4
712 8
714 8
712 81
/
4
8
813
8
314 Jan 3 1014May 11
1
918
914 1014 12.400 Amer Mach & Metals__No par
Jan
6 June
2318 2314 2018 23
23
/ 2012 234 191 211 20
1
4
21
/
4
/
1
/
4
215 11,700 Amer Metal Co Ltd___No par 18 Jan 4 275 Feb 15
8
318 Feb 23 July
8
/
1
4
85
85
85
85
•81
8518 *81
86 .81
86
.81
200
86
100 73 Jan 2 91 Feb 15
8% cony preferred
1512 Jan 757 Nov
8
.2712 2812 2714 2712 27
27
27
2614 27
28
2618 2712
21 Jan 3 343 Mar 13
280 Amer News Co Ine____No par
4
17
Jan 3012 July
7
73
4
63
8 67
8
614 71
/
4
7
712
61 718
/
4
83
4 714 23,600 Amer Power dr Light__No par
/
1
4
5 Jan 4 124 Feb 6
4 Feb
197 July
8
22
2218 2114 2112 21
2212 22
/ 22
1
4
/ 20
1
4
4 2114 215
/ 213
1
4
8 2,000
$6 preferred
No par
8
133 Jan 6 297 Feb 6
4
94 Apr 4118 July
/
1
1912 1912 1812 20
194 20
/
1
20
/ 201 1812 1912 19
1
4
/
4
19
2,200
No par
$5 preferred
127 Jan 5 264 Feb 7
8
9 Apr
35 July
1414 1434 135 144 1312 1414
8
133 1414 1234 133
4
4May 10 17 Feb 1
4 121 1314 65,100 Am Rad & Stand San'y No par
123
/
4
/
1
4
4 Feb
/
1
4
19 July
2113 2212 181 2112 19, 2012 193 20,
/
4
8
8
177 1812 41,600 American Rolling Mill
2 174 10
8
25 1718MaY 10 2814 Feb 19
53 Mar 311 July
4
/
4
.4912 54
49
4912 4912 50 .50
4912 50 .50
51
1,200 American Safety Razor No par 36 Jan 13 543 Apr 26
54
2018 Apr 473 July
4
4
.418 412
3
/ 4
1
4
3
/ 4
1
4
41
.4
4
4
*4
800 American Seating•I o.blo par
414
34 Jan 10
738 Feb 19
7 Ma
8
718 July
15
8 11
/
4
112
11
112 11
/
4
113 3,100 Amer Ship & Comm___No par
112
112 1'2
11_
13
8
1 Jan 4
238 Jan 30
/ Apr
1
4
412 June
254 24
25
2412 22
2314 2412 2412 23
2312 2312
23
450 Amer Shipbuilding Co_No par
1914 Jan 4 30 Jan 30
1113 Mar 363 June
4
39
403
8 3718 404 373 411 383 411
/
1
4
/
4
/
1
353 384 3714 38
/ 54,100 Amer Smelting & Refg_No par 3534MaY 10 5114 Feb 15
1
4
4
10 4 Feb 5312 Sept
3
.116 119 '114.5311512 11414 11458 *114 119 .114 116 *114 116
200
Preferred
100 100 Jan 2 123 Apr 12
31
Jan 9912 Dec
.89
92
*89
91
91
91
92
.88
88 .81
88
2nd preferred 6% cum
200
90
100 7114 Jan 2 944 Apr 11
2012 Jan 73 July
/
1
.58
58
55
/ 5613 55
1
4
5514 55
58
/
1
544 544 *53
/
1
/ 8612 1,100 American Snuff
1
4
25 483 Jan 5 58 Apr 27
4
3212 Jan 5114 Sept
.111
.. *119
_ . 119 119 *11518 119 *11513 119
119 119
20
Preferred
100 108 Feb
12312May 3 10213 Jan 112 July
183 _4 1li
154 18
/ - -53 1712 171 1714 1712 1612 17
1
164 1678 4,400 Amer Steel Foundries__No par
/
4
1612May 10 2612 Feb 5
4 Feb 27 July
/
1
4
*7312 754 73
73
71
71
.87
71
73
68
71
73
170
Preferred
100 68 Jan 4 81 Jan 30
37 Mar 85 July
/
1
4
*421 43
43
43
*4213 427 *4214 427
8
8 4214 4214 *42
43
300 American Stores
No par 37 Jan 3 444 Feb 7
30 Feb47 July
/
1
4
51
527
8 5012 5212 5114 5278 524 53
/ 5112 533
1
4
/
1
4 51
52
10,000 Amer Sugar Refining
100 46 Jan 3 61 Feb 6
2112 Jan 74 July
.1111 1143 11412 11412 .1127 113 *1133 11414 1127 1127 113 113
/
4
4
8
8
3
/
1
4
8
300
Preferred
100 10312 Jan 3 11518 Apr 23
Jan 11214 July
80
163 1712 1538 1613 1558 1613 1514 1612 1334 15
8
1418 1412 4,600 Am Sumatra Tobacco__No par
1334Slay 10 2053 Mar 13
6
Jan 28 July
110 11214 10814 11114 109 112
10912 1117 10914 113
8
11018 112
/ 70,400 Amer Telep & Teleg
1
4
100 107 Jan 4 1254 Feb 6
/
1
4
8612 Apr 1343 July
4
70
70
6712 69
69
68
x69
69
684 89
8712 68
4,000 American Tobacco
25 654 Jan 6 82 Feb 6
/
1
4
49 Feb907 July
8
71
72
6912 7114 270
6918 71
6812 70
71
6914 6934 12,900
Common class 1.5
25 67 Jan 8 8412 Feb 5
50 4 Feb94 July
3
/
1
4
122 122
122 122
121 121
121 121 *12014 12212
121 121
Preferred
700
100 1074 Jan 3 12312 Apr 10 102 Mar 120 July
/
1
4
8
8
.7
8
614 7
612 714
53
4 6
512 53
4 2,200 :Am Type Founders___No par
4 Jan 3 13 Feb 21
/
1
4
218 Dec 25 July
1814 19
18
1812 1734 1812 18
19
17
17
15
500
Preferred
1853
100
7 4 Jan 6 283 Feb 21
3
4
7
Oct 37 July
/
1
4
1812 1914
17313 19
173 1812 174 184 1718 11114
4
1718 17
/ 19,900 Am Water Wks & Eleo_No par 5163 Jan 4 273 Feb 7
1
4
3
4
107 Apr 4314 July
8
.7014 75
7412 7412 7312 7312 *73
74
7312 7312 .72
80
400
1st preferred
No par 54 Jan 3 80 Feb 5
35 Mar 80 June
1114 1212 1114 12
123
8
12
117 12
3
103 1114 104 111 6,200 American Woolen----No Par
4
/
1
/
4
313 Mar
4May 10 1718 Feb 5
17 July
103
6612 67
6212 6714 6318 65
65
6513 625 65
8
.6212 6412 3,000
Preferred
100 613 Jan 4 83 4 Feb 7
8
8
3
225 Feb 6712 Dec
24 27
8
212 234
21 25
/
4
8
212 27
8
/
1
4
24 2
218 214 8,800 Am Writing Paper
1
11 Jan 10
/
4
h Feb
418 June
414 Mar 14
1112 113
4 1014 113
4
812 94
818 104
94 912
712 812 4,300
Preferred
No par
514 Jan 6 1712 Apr 23
144 July
/
1
/ Feb
1
4
63
4 7
63
4 634
64 7
/
1
/ 6
1
4
/
1
4
6
612 612 *613 7
2,100 Amer Z1110 Lead & Smelt_1
214 Feb
101 July
9 Feb 16
/
4
5. Jan 4
13
.42
50
*40
4712 .40
5014 *404 5014 *39
45 .39
45
Preferred
25 3712 Jan 4 5018 Feb 16
Feb 66 July
20
144 153
4
14
153
8 133 15
8
8
133 1412 133 1418 83,300 Anaconda Copper Mining..50 1312 Jan 8 174 Apr 11
1414 1514
4
5 Feb 227 July
8
.1114 12
1112 1112 II
*1078 1312 .11
11
1312 *1112 1312
300 Anaconda Wire A CableNo par
1512 June
914 Jan 12 124 Apr 26
418 Jan
21
21
20
214 20
203
8 203 2012 1912 20
8
1812 19
3,100 Anchor Cap
3914 July
Jan
No par
18 Jan 8 2434 Jan 31
8
•997 100
8
997 100
8
9978 997
/
1
4
99
8 99 100
99 .93 100
190
$6.50 cony preferred_No par 84 Feb 5 100 Apr 17
6212 Jan 90 June
32
32
30
324 3014 3112 30
/
1
8 2912 3012 293 301 3,900 Archer Daniels MidI'd_No par 2614 Jan 9 34 Apr 23
/ 317
1
4
4
/
4
9 4 Mar 2914 July
3
*1123 _- _ *1123
4
4
. 1123 1124 .1123 120 *1123 120 .11234
4
4
4
10
7% preferred
95
Feb 115 July
100 110 Jan 24 115 Apr 12
•86
92 .87 91 .87 91 *88 92 88 88 .88 121
91
100 Armour & Co (Del) pref 100 7614 Jan 2 934 Apr 26
41
Jan 90 July
614 85
8
5
/ 658
1
4
53
4 614
55
8 61 4
512 57
8
53
4 61 38,400 Armour of Illinois: class A..25
/
4
414 Jan 3
7 June
/
1
4
118 Feb
8 Apr 13
24 3
/
1
24 27
/
1
8
25
8 24
/
1
23
4 27
2
/ 234
1
4
8
2
/ 23 21.500
1
4
4
Class 11
214 Jan 6
25
5 July
37 Apr 12
8
3 Feb
4
67
6818 6518 6812 63
/ 6612 8353 66
1
4
59
/ 63
1
4
604 621 20,300
Preferred
7 Feb 93 July
100 55 Jan 3 754 Apr 13
/
1
512 51
518 51
/
4
41 512
/
4
/ 514 *518 5¼ 3,500 Arnold Constable Corp
1
4
,
54 5 2
,
4
118 Jan
7 July
84 Feo 9
33 Jan 10
8
5
*73
4 8
*73
4 77
8
74 814 *74 8 2
,
74 74
8
8
500 Artloom Corp
No par
414 Jan 5 1012 Apr 21
2 Mar
912 June
2
2
11 2
/
4
11 218
/
4
11
/
4
112 112
13
4
11 15
/
4
8 1,100 Associated Apparel Ind No par
54 June
312 F .1315
1 Jan 9
3 AD
4
4 1214 1312 123 1312 13
134 133
8
134 1214 127 *1134 124 3,300 Associated Dry Goods
8
1118 Jan 3 184 Feb 6
312 Feb20 July
I
*6412 75
6412 6412 .60
7412 •13018 741 60
/
4
60 .50
65
200
6% 1st preferred
100 50 Jan 1 7712 Apr 20
18 Feb8112 July
•5612 5914 *5612 594 •45
5712 *45
5712 •5513 60
*5518 60
7% 26 preferred
100 50 Jan 4 644 Apr 20
Jan 51h July
15
/
1
.3814 41
*3814 39
*3814 39
3814 384 3814 3814 3814 3814
80 Associated 011
25 2912 Jan 5 4013 Apr 25
6h Mar 3512 July
.16
22
16
16
*13 7 22
*13
20
*12
20
*12
20
100 At 0 & W 1 SS Lines__No par
1214 Jan 2 16 Apr 12
44 Mar 26 July
2614 263s 2514 2812 251 2618 254 2614 244 254 243 25
/
4
/
1
/
1
/
1
4
16,900 Atlantic Refining
25 2438May 10 3514 Feb 5
123 Feb 3212 Nov
8
44
48
464 44
47
/
1
454 444 45
/
1
4134 4-13
4 43
43
/ 4,000 Atlas Powder
1
4
No par
354 Jan 8 5512 Mar 13
/
1
9 Feb 3918 July
99
100 100
99
100 100
100 100
98
99
1003 1003
8
8 1,300
Preferred
100 83 Jan 9 10112 Apr 17
Apr 8318 Sept
60
113
*10
4
83 10
8
•8 0
912 912 *912 10
*918 10
800 Atlas Tack Corp
No pa
712 Jan 15 1614 Mar 14
112 Feb 34 4 Dec
3
3913 42
3613 404 364 3812 3614 3818 3412 3612 333 3513 28.300 Auburn Automobile
/
1
/
1
4
No par 3334May 11 573 Mar 13
31
Oct 8414 July
8
13
1312 1212 127
8 13
1313 124 13
1114 1114
1178 12
1,700 Austin Nichols
No par
7 Jan 4 165 Mar 5
/ Feb 934 July
1
4
8
634 7
/
1
4
612 7
63
8 6
/
1
4
63
4 7
813 63
4
64 6
/
1
/ 48,000 Aviation Corp of Del (The)_5
1
4
5 Feb 10 10 4 Jan 31
/
1
4
163 July
8
3
512 Feb
113 1214 1012 12
4
103 113
8
8 103 113
4
8
9 8 11
7
1014 107 47,400 Baldwin Loco Works No par
8
/
1
4
97
8May 10 16 Feb 5
17 July
3 Apr
/
1
4
.5113 52
48
5112 4814 50
46
50
43
48
43
45
3,300
Preferred
100 35 Jan 8 643 Apr 21
4
912 Apr 60 July
*97
98
97
98
97
98
•9612 9812 97
9713 98
9812
490 Bamberger (L) & Co pref _100 8612 Jan 9 99 Feb 23
684 Feb 997 Aug
8
*43
8 54
418 44
414 41.
414 414
414 414
412 412
900 Barker Brothers
No par
3 Jan 2
714 June
612 Feb 5
3 Jan
3
*325 33
8
30
325
8 2913 30 - 30
31
2918 30
*24
30
460
634% cony preferred____100 161$ Jan 9 3812 Apr 12
51 Apr 2414 July
/
4
8
83
8
7
/ 84
1
4
7
/ 8
1
4
7
/ 83
1
4
8
712 74 27,400 Barnsdall Corp
753 8
/
1
3 Mar
11 July
5
10 Jan 22
712May 11
30
31
2614 2918 23
2612 2712 30
2618 27
26
271 4,200 Bayuk Cigars Inc
/
4
No par 23 May S 39 Feb 5
314 Jan 5212 July
*9312 05
*901 944 943 95
/
4
4
*903 95 .903 95
4
4
*903 95
4
50
1st preferred
27
100 89 Jan 15 98 Mar 16
Jan 100 July
151 18
/
4
143 154 141 144 1412 143
/
4
/
1
4
4 1312 1413 1418 145
/
1
8 3,000 Beatrice Creamery
7 Mar 27 June
25 103 Jan 6 183 Apr 21
4
8
.84
8712 .84
8712 .84
87:2 *84
871 .84
86
•84
86
Preferred
45 Feb 85 May
100 55 Jan 13 864 Apr 21
/
1
.6213 664 6212 6312 *6313 65
6312 63,18 *62
/
1
6814 •63
65
400 Beech-Nut Packing Co
Jan 7012 June
45
20 58 Mar 2 67 Apr 23
13
134 124 123
8 12
1214
1238 121, 1112 1214 114 1113 11,900 Belding Heminway Co_No par
8 Jan 3 1514 Apr 24
/
1
4
1212 July
312 Feb
•115 117
1163 1161
4
/
4'1183 118 *117 118 .117 118 *117 118
4
100 Belgian Nat Rys part pref___
,
62 4 Apr 10114 Nov
9512 Jan 9 11914 Apr 24
16
17
143 11314
4
1434 157
8 15
157
134 1514 1418 154 27,e00 Bend!: Aviation
84 Feb2114 July
8May 10 23 Feb 1
/
1
4
5 137
17
1713 le
17
16
164 164 163
/
1
/
1
18
163
8 18
l5's 12,400 Beneficial Indus Loan__No par
1314 Sept15 Aug
1218 Jan 3
1918 Apr 26
•1816 and asked prices, no sales on this day. 0 Companies reported in
receivership. a Optional sale. c Cash sale. x Ex dividend. y Ex-rights.
3236
New York Stock Record-Continued-Page 3
May 12 1934
rir FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING
WHICH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT,
Saturday
May 5.
Monday
May 7.
Tuesday
May 8.
Wednesday
May 9.
Thursday
May 10.
Friday
May 11.
Sales
for I
the I
Week. I
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share $ per share $ per share $ per share 3 per share Shares. Indus. &Macon.(Con.) Par
33
33
32
33
31
32
313 32
8
2958 3014 30 3018 3,200 Best .12 Co
No par
3612 38
3412 3714 343 363
4
4 3512 37
3314 3514 3312 3514 53,200 Bethlehem Steel Corp No par
70
70
69
703
4 663 6814 673 6812 65
8
4
3,900
100
6712 6614 67
7% preferred
30 30
2912 2912 29
2912 *2812 30
02812 30
130 Bigelow-Sant Carpet Inc No par
*2812 30
12
1218 1013 12
103 1114 11
4
12
11
1114 1114 1114 2,800 Blaw-Knox Co
No par
•18
25
*18
25
*18
25
*18
25 "18
25
*18
25
Bloomingdale Brothers_No par
.595 603
8
4 5712 593
4 563 58
4
5612 57
.5
5314 5514 527 54
8
8,800 Bohn Aluminum dr Br
235 243
8
4 2314 2414 22
237
8 227 2312 22
8
2312 2313 243 30.200 Borden Co (The)
8
25
233 2412 223 24
8
4
223 233
4
4 23
233
4 2112 223
4 22
10
225 11,600 Borg-Warner Corp
8
*112 218 *112 2
*112 218 *112 218
112
100 :Botany Cons Mills class A_50
112 112 *114
17
1712 155 17
8
157 167
s
8 1612 17
1518 1612 16
163 36,700 Briggs Manufacturing_No p...,
4
3414 3412 34
3412 3312 34
2333 3418 3312 333
4
5
4 333 333
s
4 4,300 Bristol-Myers Co
62
6078 6118 6112 6112 613 6213 6213 6212 1,500 Brooklyn Ualon Gas___No par
62 62
61
8
*55
58
55
55
*53
593
4 54
54
*53
593t 53
400 Brown Shoe Co
No par
53
'81z 83t
63
4 812
718 8
*77
1 8
Vs 712
8 712 2,900 Bruns-Balke-Collender_No par
73
*618 7
57
8 612
512 618
57
8 6
53
4 6
55
8 53
4 2.000 Bucyrus-Erie Co
10
1112 1112 1012 1118
97 103
8
8 1014 1014
912 1014
Preferred
5
9 4 97s 3,200
3
*6312 673
4 6414 6414 *623 673 *623 673 *623 67
4
4
4
4
4
*623 67
4
10
7% preferred
100
63
8 63
4
6
612
6
No par
612
3 4 6513
3
53
4 618
6
63 18,000 Budd (E G) Mfg
8
*34
373 *34
8
34
*2912 3418 30
3712 34
30
3112
600
7% preferred
100
30
33
4 37
8
322 37
8
312 312 6,000 Budd Wheel
4
418
334 4
334 378
No par
*512 6
512 512
5
53
4
6
6
518 53
8 05
512 1,400 Bulova Watch
No par
012 10
914 10
913 10
93
4 93
4
912 912
912
912 2,900 Bullard Co
No par
*3
4
*3
4
27
8 3
*238 3
*2
3
*2
3
200 Burns Bros class A__ No par
*65
8 9
*658 9
*534 9
*6
9
712 8
20
7% preferred
100
614 614
1412 1412 133 1412
8
1312 1418 133 1414 1312 1414 1333 14
4
11,800 Burroughs Add Mach__No pa,
5214 3
214 212 *112 2
*112 2
0112 13
4 *112 2
200 :Bush Term
No par
*4
5
4
4
*212 6
*212 414 *3
4
*3
4
300
Debenture
100
1214 1214 1214 1214 *10
12
*10
12
*10
12
10
10
130 Bush Term BI gu pref ctfs_100
158 *112 158
0112 15
8 *112 15
8 0112
113 112
112 112
200 Butte & Superior Mining__10
218 218
2
2
2
238 *218 238 *2
218
2
2
1.600 Butte Copper .I2 Zino
6
3
33
8 *234 314
25
8 258
314 314
27
234 27
No par
8
2's
8 1,000 Butterick Co
24
24
2013 23
203 2313 22
4
2278 195 2118 21
8
No par
22
10,100 Byers Co (A M)
*601/ 62
1
58
61
5814 5814 *58
59
58
58
*5418 6178
120
100
Preferred
3114 323
4 30
3214 30
32
4
_ _No par
3114 323
303 3213 18,100 California
4 30
32
78
7
8
7
8
7
8
7
8
7
8
1
7
8
7
8
1
2.600 Callahan Zino-Lead
10
7
13
1
Packing43
4 5
412 47
8
414 434
412 458
4
412
414 414 9.300 Calumet 04 Hecla Cons Cop_25
*1114 12
1012 11
10
1018 1014 1012 10
1018
912 93
4 1.900 Campbell W & 0 Fdy __No pa,
2318 243
4 21
233
4 2218 23
2258 23
2134 23
22
2213 10,300 Canada Dry Ginger A1e____5
34
34
3314 3314 33
33
*3218 333 *32
No par
4
3312 *321s 3312
600 Cannon Mills
83
4 83
4
1
8,
2 81.2
600 Capital Adtninis el A
77
734 08
814
75
8 75
8 *712 10
8
3512 3512 35
3514 *33
35
Preferred A
10
323 343
4
4 3212 3212 3312 3312
360
543 5934 523 57 8 55
4
8
,
5712 55
100
58
26,400 Case (J I) Co
5012 5412 5014 53
Preferred cortiricates
7114 73
7114 7114 *72
100
76
87114 76
100
7114 7114 •7114 76
2812 295
8 2712 2938 2818 293
4 2858 29
265 285
8
8 27
28
17.500 Caterpillar Tractor___No par
283 3018 27
4
293
8 2714 2918 2814 3012 2618 2918 2658 2838 39,600 Celanese Corp of Am__No par
No par
800 iCelotex Corp
314 314 *318 314
318 31s
3
3 1s *27
8 318
8 3 2 *27
,
*234 318
No par
23
4 23
4
Certificates
23
4 23
214 214 *218 23
4
300
4 *212 23
4
100
1513 1512 15
1518 1214 1412 1212 14
430
Preferred
1218 13
1212 13
2734 28
2634 27
2634 267
8 273 2812 2733 28
4
2712 2712 3,600 Central Aguirre Asso_.No par
1014 1012 10
913 912
93
4 93
1018
4 1,700 Century Ribbon Mills_No pa,
97 1018 10
8
1034
100
Preferred
*83
93
*83
93
*83
93
*83
93
*83
90
*83
90
8
3112 3338 31.200 Cerro de Pasco Copper_No pa,
33
313 345
8
8 317 3412 305 33
8
3112 3212 31
45
8 518 8,400 Certain-Teed Products_No par
53
4 6
5
5 13
518 514
5
512
412 5
100
28
28
*2613 27
500
7% preferred
*2612 27
27
27
2612 2612 *25
31
No par
203 20 8 2014 203
4
,
4 2018 2012 21
21
4 3,300 City Ice 42 Fuel
20'8 2013 2012 203
100
84
8418 8318 8318 82 82
Preferred
*82
83
*8214 8312
100
82 82
No par
4413 4614 41
4414 4258 4312 4214 44
6,600 Chesapeake Corp
42
41
411
8 41
758
718 712
658 63
7
4
714
65
8 63
4 2,700 Chicago Pneumat Tool_No pa?
7
7s
3
Vs
Cony preferred
No par
2312 233
4 2112 23
22
233
8 2218 2212 20
22
213 213
8
8 3,800
10
1,700 Chickasha Cotton Oil
*253 2714 2518 2614 25
4
2538 2514 2514 25
26
25
*24
No par
2,900 Childs Co
7
7
63
4 7
7
7
63
4 718
7 4 714
,
71s 7'4
25
*1218 15
30 Chile Copper Co
•13
1712 *13
153 *1212 15
4
1512 1512 *1312 15
5
8 4214 4412 423 445
4278 3938 4112 2s2,900 Chrysler Corp
443 465
4
8 4214 455
4
8 40
No par
114
114
118
114
118
118
118
1,
4
18
,
118
lls
113 3,600 City Stores
12
12
12
12
12
5
8
12
5
2
12
12
12
12 1.900
Voting trust certifs No par
Class A
No par
8 414
*33
8 47
8 *333 47
8 *35
8 47
8 *33
8 47
8 •35
8 47
8 *35
Class A v t c
No par
100
*35
8 4 4 *1
,
414 *3
414
31, 312 5314 4
*312 414
No par
*16
19
15
1511 *16
19
1618 1618 "14
1612 *13
15
500 Clark Equipment
2,000 Matt Peabody dr Co No par
*363 39
4
35
3614 35
36
37
3712 3412 37
*35
37
Preferred
100
__ *100 116 *100
_ *100 116 *100__ _ _.___
*100
__ *100
116 116
116 116
2,400 Coca-Cola Co (The)___No par
11714 fis
11612 11714 116 11612 116 lid
No par
*537 54
8
854
54
54
Class A
*533 54
4
55312 54
*5312 533
4
100
*537
19,900 Colgate-Palmolive-Peet No par
8
1512 1418 1514 143 1538 1334 1412 1312 14
1512 1618 14
8
100
*90
9058 90 90
*80
8918 *80
883 080
4
883 *81
4
885
200
6% preferred
8
16
1814 1612 173 10,900 Collins & Aikrnan
2012 185 20
No par
2118 213
4 1812 21
19
4
518 518
413 514
418 434 3,100 :Colorado Fuel <4 1ron_No pa?
43
4 43
4
43
4 47
8
45
8 47
8
641s 673
69
7114 6814 70
4
4 6312 6614 16,200 Columbian Carbon v to No par
683 7012 673 69
4
28
29
2612 2712 277 28
8
2712 28
25
2612 2512 2a3
4 3,900 Columb Pict Corp v t o../Vo par
1112 1214 113 1214 57,000 Columbia Gas & Elec No pa?
117 137
8
8 115 123
8
8 113 123
4
4 1218 13
4
100
71
74
Preferred series A
7412 7412 *71
745
8 72
72
7012 7012 7012 71
800
100
5% preferred
*___ _ 70 *____ 70 *____ 70
66
66
66
66
*6412 67
30
10
30
313
4 27
30
2712 2914 2812 2912 2612 2814 27
2734 23,200 Commercial Credit
25
*2838 2812 283 2812 *2713 2812 2812 281 *2818 2912 2811 2832
8
170
7% 1st preferred
50
48
48
*4618 477 *455 47
*455 47
8
100
Class A
*4614 49
*4618 49
8
8
Preferred B
25
*2712 2812 "2712 2812
240
29
2812 2812 2814 283
4 283 2914 29
4
220
634% first preferred____100
104 105
104 1043 104 104
8
104 104
105 105
105 105
553
8 5312 5518 5414 5414 5012 5314 5012 513
5512 5614 53
4 9,900 Comm Invest Trust___No par
_
*10512 107 *10518 10612 10612 107 *1061
.•1067 _ _ *10612
8
8 2213 2 2-- 12 20 8 228 203 - - 5
3
,
4
3
4 218
2312 243
8 2214 233
8 213 233
212 23
8
214 213
21s 233
23
s
218 214
214 212
21it
4313
4 42
46
4613 433 4612 4318 4412 44
41
433
8
45
26
25
2634 25
2514 2512
26
2612 253 27
4
2412 26
4
*1138 12
8
*1114 12
1118 1114 *103 12
*12
1212 113 12
8
933
914 95
1018 1012 10
10
93 10
4
10
1018
9
5014 51
*5014 55
*5014 54
*5014 54
*5014 54
55
55
4
4
4
314 4
5
4
4
4
3 8 33
s
33
4 33
33
4 37
4
16
16
15
153
4 1538 153
1612 1612 1512 1614 1512 16
3218 33
8
8
33
333
4 315 3318 315 3312 3314 337 x3214 33
8
8
9018
9012 9012 903 9012 9018 9012 893 9018 9014 9034 90
4
8
212 23
4
23
8 23
4
23
212 25
27
8 27
8
4 23
4
,
233 2 8
113 117
8
8 1058 1112 1012 1118 1012 1114
912 1012
97 1014
8
4
*111 1113 *111 11134 *109 1113 111 111 *10978 11112 *10814 11118
4
1
1
1
1
Ila
1
118
1
118
118
114
1
8
1.05
11
11
10
1114 1018 11
4 10
1012 1118 10's 103
414 438
4
414
4
418
4
4 18
4
4 18
37
8 4
3
93 10
8
93 10
4
9
012 *9
94
912 1012
97 10
s
15
8 15
8
112 15g
112 15
8
112 15
8
112
15
8
112 15
8
60 60
*59
61 18 *59
62
61
61
*60
6212 603 61
4
76
7818 763 7818 743 763
8
8
4 7533 757
8
7814 8018 7618 79
914
9
9
9
812 83
8
9
914
812 812
83
4 83
4
31
3012 31 8 29 4 30313 30
,
3
30
3318 3312 3012 3314 31
138
14/1
114
P2
1,
2 1 12
1'4
IA
114
11 1.
PS
114
19
19 8 1938 20
,
1818 1918 1818 19
20
1918 2012 19
66
66 12 673
8 6418 663
673 683
4
8 6512 6612
4 13418 6612 64
14313 14312 14312 14312 *14212 145 *14212 144
*143 145 *143 145
53
4 614
6
614
618
53
4 6
512 53
4
57
8 6
6
323 327
8
8 317 323
8
8 313 323
4
4 3212 327
8 31
323
8 3114 32
1212 1212 12
1214 1212
1214 1214 13
13
1318 1212 13
285 285
8
8 26
29
2514 2531
2612 267
8 2612 2712 2414 26
40 4012 40
40
*3912 40
3913 395
*4014 43
8 40
40
514 53
4
518 53
8
514 83
8
5
53
8
518 514
53
8 53
4
23
2812 2812 2514 273
4 24
26
26 14 2614 2112 2414 22
*63
70
63
63
*60
70
*60
70
60
60
*53
67
218
15ti 2
134 2
112 17
8
13
4 17
8
2
*17
8 2
741
712
63
4 738
634 758
7
712
678 714
714
7
45
45
46
42
4512 *4412 47
44
453
4 42
453 47
4
44
4434 443
42
4 4114 44
42
s
4614 4612 443 4612 44
2414 2312 2414 2212 233
23
2314
s 21
2414 2518 2318 25
75
7712 7612 77
7312 77
*74
7512 7918 75
79
79
312 33
4
314 33
8
314
314 312
314 312
312
33
8 312
8
8 93
8
83
4 912
83
8 83
4
812 87
8
83
814 87
8
83
4 93
15
1512 16
16
15
15
"143 16
4
15
167
8 15
16
200
73,800
67,400
7,200
9,800
500
3,500
20
3,500
3,600
55,300
1,500
1,700
65,000
100
18,900
7,000
7,700
3.300
8,700
400
13,200
1,200
5,700
7,100
45.100
12,000
20
5,100
5,800
2,600
5,600
90
6,700
3,200
200
2,600
6,300
560
2,800
9.500
3,400
34,400
17,700
1.700
Cony preferred
No par
Commercial Solvents No par
No par
Commonvelth dr Sou
No par
56 preferred series
Congoleum-Nairn 11u3....No par
No par
Congress Cigar
No par
Consolidated Cigar
100
Prior preferred
1
Consol Film Indus
No par
Preferred
No par
Consolidated Gas Co
No par
Preferred
Consol Laundries Corp_No par
No par
Consol 011 Corn
100
8% preferred
Consolidated Textile_ __No par
20
Container Corp class A
No par
Class B
Continental Bak class A No par
No par
Class B
100
Preferred
20
Continental Can Ina
5
Cont'l Diamond Fibre
Continental Insurance_ __2.50
No par
Continental Motors___5
Continental 011 of Del
Corn Products Refining__ __25
100
Preferred
No par
CotY 1110
Cream of Wheat etre_ No par
No par
Crosley Radio Corp
No par
Crown Cork & Seal
No par
$2.70 preferred
Crown Zellerback v t o_No par
Crucible Steel of Amerlea....100
100
Preferred
No par
Cuba Co (The)
Cuban-American Sugar ____10
100
Preferred
Cudahy Packing
50
Curtis Pub Co (The).......No par
No par
Preferred
1
Curtiss-Wright
1
Class A
Cutler-Hammer Inc_..No par
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
Lowest.
Lowest.
Highest.
3 per share
5 Per share 5 per share $ per share
2612 Jan 8 3414 Apr 10
9 Mar 3318 Aug
3314May 10 4912 Feb 19
1018 Mar
4914 July
65 May 10 82 Feb 19
2514 Feb 82 July
27 Jan 4 40 Feb 5
618 Apr
2912 June
1012May 7 1614 Jan 30
313 Feb
1914 July
18 Jan 12 26 Feb 7
65 Feb 21 July
8
8May 11 643 Jan 24
527
4
913 Mar 5812 Dec
197 Jan 6 2712 Feb 5
8
18
Feb 3712 July
203 Jan 3 283 Feb 5
4
512 Feb 2214 Dec
3 Feb 9
1 Jan 2
412 July
3 May
8
12 Jan 6 193 Apr 26
8
25 Feb
8
143 July
8
8
26 Jan 4 373 Apr 26
25 Dec 3814 Sept
607
8May 8 8012 Feb 6
60 Dec 8812 June
5014 Jan 5 61 Feb 16
2813 Mar 531 July
8
4May 7 107 Mar 17
63
8
134 Mar 1812 June
938 Feb 5
2 Feb
5121lay 8
127 June
8
9127'14y hi 1412 Apr 24
23 Feb
4
195 June
8
6312 Jan 9 75 Jan 16
2012 Mar 72 June
97 July
5314 Jan 3
73 Apr 25
4
3 Apr
4
3 Mar
25 Jan 2 44 Apr 25
35 July
33 Jan 6
8
5321 Jan 30
1
Feb
53 July
4
27 Jan 9
8
612 Apr 28
7 Mar
g
5 June
73 Jan 4 1513 Feb 16
4
212 Feb
1314 July
6 Feb 21
12 Apr
5 June
158 Jan 26
13 June
4 Jan 9 1512 Feb 20
134 Jan
133
8May 7 2193 Feb 1
8
618 Feb 207 July
8
37 Feb 9
8
218 Jan 2
1
Apr
8 June
6 Mar 8
312 Jan 20
1
Apr
912 June
4
418 Deo
8 Dee
518 Jan 3 153 Feb 23
218 Feb 16
1
Feb
27 June
8
112 Jan 13
3 Feb 16
13 Mar
414 June
2 Jan 2
114 Apr
43 Feb 1
4
712 June
218 Jan 2
195
8May 10 323 Feb 7
4
812 Feb 4314 July
8
3018 Mar 80 July
4714 Jan 15 677 Apr 23
734 Mar
3434 July
183 Jan 4 3412 Apr 30
4
134 Jan 23
214 June
7 Jan 9
s
14 Jan
2 Feb
65 Feo 5
8
93s June
4 Jan 3
8
2 Feb
1614 July
912 Jan 4 157 Feb 23
713 Feb 4112 July
21 Ma.y 7 2912 Apr 24
14
Fe1 35, July
2
2812 Jan 4 38 Apr 2
414 Oct
1212 July
53 Jan 2 10 Apr 13
8
251tt Jan 3513 Jul,
283 Jan 24 39 Apr 20
4
4
3012 Feb 10312 July
5014May 11 863 Fen 6
41
Feb 8614 July
68 Jan 5 8412 Feb 6
8
512 Mar
293 July
4
2313 Jan 4 333 Apr 21
8
2618May 10 447 Feb 5
e
412 Feb 587 July
45 Apr 12
8
13 Mar
57 July
8
214 Jan 9
4 Apr 12
114 Jan 9
8
43 July
1 Feb
1
612 Jan 18 2232 Apr 13
112 Jan
123 July
4
14
24 Mar 22 3218 Feb 5
Jan
41 July
8
2 Apr
73 Jan 16 123 Feb 19
4
115 July
8
82 Mar 31 95 Jan 2
52 Feb 100 Dee
57 Jan
8
4434 Sept
303
851.Y 1 40'4 Feb 15
734 Apr 5
314 Jan 2
1
Jan
73 July
8
4 Mar
1712 Jan 19 35 Apr 5
3014 July
1714 Jan 5 2438 Jan 30
718 Mar 25 June
45 Apr
67 Jan 3 86 Apr 23
72 July
34 Jan 4 487 Apr 21
8
147 Jan
8
5212 July
97 Feb 5
8
218 Mar
614 Jan 6
12. July
18
1812 Jan 12 2834 Apr 24
512 Feb 2514 June
1914 Jan 8 3034 Feb 5
6 Mar
34 July
8
2 Feb
6 Jan 6 115 Feb 19
1018 July
6
13 Jan 13 1738 Apr 9
Apr
2112 July
3938Sfay 11 603 Feb 23
8
73 Mar 575 Dec
4
8
Da Feb 6
7 Jan 5
8
14 Feb
35 July
8
114 Feb 6
18 Mar
12 Apr 20
218 July
812 J uly
Feb 6
112 jai,
334 Jan 9
55
8
518 Feb 21
3 Nov
3 Jan 12
4
514 July
834 Jan 5 213 Mar 5
4
5 Mar
1414 June
28 Jan 3 45 Apr 7
10
Jan
4112 July
90
95 Jan 17 115 Apr 23
Jan 100 June
9514 Jan 2 127 Apr 24
7312 Jan 105 July
5018 Jan 11 54 Apr 16
44
Apr Si
Deo
93 Jan 3 1818 Mar 13
8
7 Mar 223 July
8
49 Apr 88 Aug
6813 Jan 8 9214 Apr 18
3
16 May 10 2812 Feb 19
Apr
26 Sept
834 Feb 6
8
27 Dec
8
35 Jan 2
175 July
8
58 Jan 8 7714 Apr 23
2318 Feb 7112 July
65 Mar 28 Nov
23 Jan 6 31 Apr 6
8
9 Mar 2818 July
1118 Jan 4 1914 Feb 6
52 Jan 5 7618 Feb 27
60 Dec 83 June
40 May 7412 June
41 Jan 9 71 Apr 24
4 Feb
185 Jan 4 3518 Apr 21
8
1914 Dee
2312 Jan 5 29 Mar 3
1812 Mar 25 Sept
16
38 Jan 3 50 Mar 9
Feb 3912 Aug
24 Jan 3 30 Mar 3
1818 Mar 2618 Sept
9112 Jan 3 106 Apr 30
70 Mar 957 Sept
8
35 4 Jan 4 593 Apr 11
3
4
18 Mar 4312 July
91 Jan 3 10813 Apr 14
84
Jan 977 Jan
8
4
9 Feb 5714 July
20345111y 11 363 Jan 30
334 Feb 6
134 Jan 2
114 Dec
618 June
2112 Jan 2 5234 Apr 23
173 Dec 6012 June
3
23 Jan 9 3114 Feb 16
73 Jan 275 July
8
8
93 Jan 12 1413 Mar 5
4
612 Feb
18 June
514 Jan 2 1338 Mar 17
313 Apr
193 June
4
4514 Jan 2 60 Apr 11
31
Apr 65 June
212 Jan 2
5 4 Feb 15
3
13 Jan
4
53 May
4
103 Jan 2 1712 Feb 15
8
57 Mar 143 May
8
4
315
8Nlay 7 4738 Fel) 6
34 Dec 6418 June
82 Jan 4 9214 Feb 6
8118 Dee 99
Jan
43 Feb 7
8
218 Jan 8
112 Dec
512 Jan
912May 10 1414 Feb 13
5 Mar
153 July
4
108 Feb 9 11112 Apr 28
9512 Mar 108
Oct
7 Jan 4
8
218 Feb 7
34 Mar
314 July
618 Jan 5 1334 Apr 23
1 18 Jan
1014 July
23 Jan 2
8
53 Apr 18
8
14 Feb
412 June
7 Jan 8 1458 Jan 24
3 Mar 1814 July
1 Jan 1
238 Feb 7
12 Jan
313 July
4614 Jan 6 64 Feb 9
38
Jan 64 July
743
8May 10 8314 Apr 21
3514 Feb 7838 Des
71s Jan 5 1134 Feb 6
312 Feb
1718 July
233 Jan 8 3512 Apr 20
8
1012 Mar 3612 illlY
118 Jan 2
23 Feb 21
8
1 Mar
4 June
1612 Jan 13 223 Apr 21
4
478 Mar
195 Sept
8
64 Slay 8 8412 Jan 26
453 Feb 905 Aug
8
8
135 Jan 4 145 Apr 25 11712 Mar 1453 Jan
4
33 Jan 2
4
97 Fen 5
8
2 8 Mar
3
712 June
28 Jan 3 35 Jan 31
23 Feb 3912 July
8 Jan 2 1518 Apr 13
214 Mar
143 June
4
241:Slay 10 3614 Feb 1
1414 Feb 65 July
3512 Jan 2 4114 Apr 20
2412 Feb 3812 July
37 Jan 6
8
65 Apr 27
8
1
Apr
812 July
213 Jan 4 383 Feb 19
8
8
9 Mar 3712 July
48 Jan 12 71 Apr 19
16
Feb 603 July
s
318 Feb 9
1 Jan 2
12 Feb
43 June
8
312 Jan 10
97 Feb 8
8
118 Jan
1112 May
2018 Jan 9 473 Feb 8
4
10
Jan 68 June
3
37 Jan 2 50 4 Feb 16
203 Feb 5912 June
4
1313 Jan 8 293 Apr 12
8
612 Mar 3214 June
4312 Jan 3 841 1 Apr 13
30 Feb 66 June
212 Jan 2
514 Jan 31
112 Feb
43 July
8
514 Jan 3 1214 Apr 2
2 Mar
8 JillY
11 Jan 4 2112 Feb 21
414 Jan
21 July
• Bld and asked prices, no sales on this day. :Companies reported In receivership. a Optional sale. c Cash sale.
Highest.
PER SHARE
Range for Freyains
Year 1933.
x Ex-dividend,
y Ex-rights.
New York Stock Record-Continued-Page 4
or FOR
3237
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
'PER
SHARE
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Sales
STOCKS
Range Since Jan .1.
for
NEW YORK STOCK
On basis of 100-share Mts.
Saturday
Friday
Monday
Wednesday Thursday
Tuesday
EXCHANGE.
the
May 7.
May 5.
May 8.
Lowest.
May 9.
May 11.
Highest.
May 10.
Week.
PER SHARE
Range for Precious
Year 1933.
Lowest.
Highest.
5 per share $ per share $ per share $ per share 8 per share Shares. Indus.& MIscell.(Con.) Par $ per share
i Per share $ per share 5 per share
814 Feb 5
5
6 Jan 10
300 Davega Stores Corp
•51
. 7
8 *612 7
15 Feb
0
67
8 67
624 624 *612 7
854 July
2118 2438 22
17,500 Deere & Co
2312 2118 223
22
237
8 22
4 21
243 July 49 July
No par 21 May 11 3418 Feb 1
8
614 Feb 183 June
i4
133 1414 137 137 *133 1414 133 133
1,100
4
4 14
Preferred
.20 1114 Jan 2 1512 Jan 30
8
4
8
4
8
48
77
500 Detroit Edison
77
7712 *77
77
Apr 9112 July
100 6311 Jan 5 84 Feb 23
76
79
76
*77
78
4714 49
46
2,700 Devoe & Raynolde A__No par 29 Jan 6 5518 Apr 25
47
10 Mar 3378 Aug
44
477 48
8
47
4812 .45
2212 2318 223 2312 223 23
1712 Feb 2912 July
224 225
No par 2212May 7 2812 Jan 16
4
223 23
8 3.000 Diamond Match
4
4
2818 Feb 31 July
Participating preferred___25 2514 Mar 27 3112 Jan 24
3014 3014 *3012 3114 3014 3014 30
2912 2912
30
600
8
3618 3714 3614 3818 3714 377
12 Feb 3912 Sept
No par 32 Jan 25 407 Apr 2
4
8 3012 3714 3612 373 45,900 Dome Mines Ltd
19 Feb 10 23 Mar 10
20
1022 Feb 28 8 July
1.300 Dominion Stores Ltd No par
2014 2010 2018 *2014 203
3
2018 197 2014
8
4 20
1414 Jan 2 2812 Jan 31
1014 Feb 1814 July
8
184 2014 1814 1912 1812 193
175 1914 35,300 Douglas Aircraft Co Inc No par
8
4 177 19
*11
63 Feb 18 June
4
914 Jan 10 19 Feb 17
100 Dresser(SR) Mfg cony A No par
1612 *11
1618
1618 *13
*10
163 *10
4
14
8
712 Jan 16 115 Mar 14
218 Mar 103 June
Convertible class B No par
4
500
812 812 0818 1012
*812 94
73
4 73
4 *74 8
78 Apr 143 July
4
8
612 Jan 13 113 Mar 26
8
1
3 2.400 Dunhill international
8
4
8
*714 83
714 812
812 812
110 Duquesne Light let pref_100 90 Jan 16 10338 Apr 14
85 Nov 10218 June
4
103 103 *1023
102 10214 103 103
1023 103
4
4
118 Mar 10 July
518 Jan 3 123 Feb 19
8
812
73
4 84 *73
818 814
4 914 3,700 Eastern Rolling Mille_No par
73
8 814
8738 90
46
Apr 893 July
7,800 Eastman Kodak (N J)_No par 79 Jan 4 9614 Apr 20
4
873 8814 8912 9012 88
4
904 9014 91
136 138
6% cum preferred
140
100
136 136 .138 140 *138 140 *135
100 120 Jan 16 140 Slay 4 110 May 130 Mar
1618 177
318 Mar
16 July
1314 Jan 3 2212 Apr 19
8 1612 177
No par
1618 1718 1653 1718 15,900 Eaton Mfg Co
8 174 1814
8514 893
3218 Mar 963 Dec
8
4 8412 883
8
4 831 8514 56,800 El du Pont de Nenioure____20 8318Slay 10 1037 Feb 16
4 86
88
8318 853
.1215 123
8
12178 122
9712 Apr • t17 July
6% non-voting deb
10( 115 Jan zy 12214May S
'
122 12214 122 12218 12112 12112 12112 12112 1,100
*13
1312 *121 13
1914 mar 6
115 Jan 30
8
300 Eitingon Sebild new__No pa/
*1214 1312 1212 121* 1214 1238 *1214 1212
225 233
8
4
1914 2222 2012 2214 2118 224 193 2112 20 4 217 44.000 Hee Auto- Lite (The)
fo Apr -2712 July
8
1818 Jan 9 3133 Feb 21
3
.1
4
*97
75
Preferred
Oct 8812 July
9712 97
30
100 80 Jan 5 101 Apr 6
*7322 9812 ____ 9812
97
97
*97
9812 97
53
8 512
712 Jan 29
1
Jar
33 Jan 8
43
8
4 538
3
8
814 July
43
4 5
5
518
412 44
422 45 11.300 Electric Boat
818 83
91851ay 8
8
414 Jan 3
8
812
1
Fel
858 918
71.700 Elec & Slue Ind Am *hares_
412 Dec
822 9
8 3 910
3
84 9
514 558
55
8
5
538 6
558
53
34 Fel
514 512 17,900 Electric Power & Light No pa/
8 618
5
95 Feb 7
0
154 June
412 Jan 3
15
1512 1438 15
712 Apr
Preferred
145
8 6,400
3612 June
814 Jan 3 21 Apr 18
1518 14
No par
4
1418 1512 143 1512 14
14
14
4
56 preferred
1234 1312 1212 127
1318 133
8 Jan 2 193 Feb 7
4 13
612 Apr
No pa/
8 3,700
323 June
4
1312 135/L 14
*4212 4512 4212 4212 41
41 May 8 52 Jan 24
500 Elec Storage Battery___No par
21
Fel
54 July
4112 4112 4112 *4012 4112 *4014 4112
58May 11
17 Feb 21
8
500 :Elk Born Coal Corp__No pal
*88
78
*7
18 Jarr,
8
1
78
1
*8
8 1
78
4 June
7
8
1
8
3
8
*112 17
58 Apr
3 4 Feb 23
3
8
*112 17
112 112
8 *112 17
8
6 June
114 Jan 10
800
6% part preferred
112
50
17
8 *112 2
*53
5414 53
8
26 Fel
5212 5212
5414 52
50 515 Jan 4 63 Feb 16
627 July
53
*
900 Endicott-Johnson Corp
53
5214 5214 *52
*12514 126 *12524 126 *12514 126 •12514 126
Preferred
20
100 120 Jan 3 126 Mar 20 107 Fel 123
126 126 *12524 126
Oct
4142s1ay 11
*412 53
8
5
5
83 Feb 7
4
.50C Engineers Public Serv_No pm
33 Dec
4
458 45
1434 June
8 *414 45
414 414
8
412 412
1512
115 Jan 3 2312 Feb 6
8
*1412 16
11 Dec 47 June
$5 cony preferred____No par
1612 1612 1412 1412 14
153 *14
600
4
*14
14
14
•16
1414 1412 14
11 Jan 8 2422 Feb 5
1,100
11 Dee 497 June
No POI
15
1718 15
15
1718 15
$535 preferred
15
8
36 preferred
1412 Jan 2 2512 Feb 5
*1712 19
No par
1512 1512 1518 1518 1.000
12 Dec 55 June
1712 1712 1612 17
153 16
4
6125lay 10 103 Jan 22
612 Mar
0
612 67
133 July
8
8
63
4 67
622 64 5.200 Equitable Office Bldg_No pal
8
724 74
64 724
67
8 7
3 Apr
1018 4.700 Eureka Vacuum Clean
718 Jan 8 1438 Feb 19
113 11$8 103 1122 10
8
8 1018 1024 10
I
103
1814 July
4 1014 105
4
2114 225 29,000 Evans Products Co
8
9 Jan 3 2714 Apr 27
233 243
7 Mar
8
4
8 204 23
1
8 213 2414 213 237
10 Nov
8 2214 235
4
4
612 678
780 Exchange Buffet Corp_No par
312 No; 1112 July
6
758
63
8
4 Jan 9 1012 Apr 2
8
67
712
7
7
73
4
722 8
Fairbanks Co
23 Apr 17
8
*34 218
158Mar 9
"4 218
7 May
8
21
.118 218
*3
4 228
*3
4 218
25 June
*3
8
4 218
110
1
Preferred
1212 Apr Is
100
414 Feb 19
Feb
822 *7
*712 822 •7
814 June
11 24
7
812 *718 8
73
4
7
7 Jan 6 18 Feb 18
1438 1434 1312 1412 3,900 Fairbanks Morse & Co_No par
1312 14
212 Mar 1114 June
13
1518 14
4
147
8 143 15
Preferred
250
14 5212 5212
•5214 5312 51
10 Feb 4212 Nov
100 30 Jan 10 58 Apr 24
5112 52.
52
*5212 53
54
52
7 Slay 10 1114 Apr 3
8
43 Apr 1412 June
4
8
lb
712 77
714 3,900 Federal Light & Traci
714
4
7
7
714 712
714 714
*52
33 Dec 5912 July
Preferred
50
55
344 Jan 12 62 Mar 13
55
10
•____ 58
57
No par
*45
58
*46
57 .52
100 Federal Min & Smelt Co_100 75 Slay 10 107 Feb 14
85
.75
*75
15 Mar 103 Sept
85 .75
75
90
90
75
*80
*80
90
4
64 614
6
64
6
6 14 2,200 Federal Motor Truck No Par
6 Mar 1
7
5 Mar
4
7
83 Jan 30
4
113 July
63
4
4 73
8
612 62
*33
4
318 314
4 4
8
322 312
5 8 Feb 23
3
338 33
2 Jan 13
1.200 Federal Screw Worke No par
312 33
8
312 35
44 July
3 Feb
4
212
4 Feb 6
212
13 Jan 5
2
4
214
138 Dec
2
218
23
8
8
218 214 *214 23
214 1,700 Federal Water Serv A No par
63 June
4
*20
223 Jan 8 31 Mar 6
4
100 Federated Dept Stores_No par
*22
712 Feb 30 July
25
25
*22
25
25
25
*21
*22
27
25
31
323
8 31
4
1014 Mar 36 July
29 4 293
3
29
4 2,800 Fidel Pben Fire be N Y_ 2.50 233 Jan 5 35 Apr 20
30
32
30
30
3012 31
120 Fifth Ave Bus Sec Corp.No par
058 Nov
7 Feb 15 11 Jan 3
5 Mar
*73
4 8
*73
4 8
73
712 73
4 812
4
74 77
8 *712 8
.224 30
Filene's (Win) Sons Co_No par 25 Feb 1 2812 Apr 10
*2114 30
9 Apr 30 July
*2114 30
*2214 30
*2214 30
*2214 30
*1045 105
8
100 87 Jan 10 105 Apr 25
8
50
8
81
65.5 % preferred
Apr 95 Sept
1043 1045 102 102
1045 1045 •1045 105 *10433105
8
8
8
2012 2114 19
4 19
11) 18 Jan 6 2514 Feb 19
918 Apr 3112 July
1924 7.300 Firestone Tire & Rubber
205
8 1918 2012 1912 2012 1814 193
.84
Preferred eerie, A
86
84
400
*8318 833
100 71 Jan 9 86 Apr 21
84
4
8422 85
42 Mar 75 June
85
*815 8412 *83
8
6312 6312 63
5414 Jan 5 6712 Apr 23
62
43 Mar 703 July
61
613
62
4 2,300 Fleet National Stores_No par
62
4
61
63
*617 63
8
213 Feb
93 10
4
25,200 Follansbee Bros
No par
8
5 May 10 173 1 eb 21
84 93
19 June
4
524 6
83
8 9
74
5
712 9
19
1914 17
2,100 Food Machinery Corp_No pat
1012 Jan 9 21 Slay 4
18
*1712 19
612 Apr
16 July
1812 17
187
8 175 1818 18
8
16
17
1414 147
412 Feb 23 July
8 8.800 Foster-Wheeler
13 Jan 9 22 Feb 16
No par
1414 15
15
16
16
1514 1624 15
113 1212 10
4
912May 10 1714 Jan 30
No par
2 Feb 233 July
8 6,300 Foundation Co
1018 105
8
12
10
8
9,2 11
1112 1014 113
*223 2212 22
8
1,400 Fourth Nat Invest w w
135 Mar 2614 June
8
1
194 Jan 5 2712 Feb 5
2212 213 213
4 2214 2214 2122 2112 •2118 2178
4
1514 157
13,100 Fox Film class A new__No par
12
Oct 19 Sept
8 1414 1514
4
124 Jan 5 1712 Feb 26
1458 154 145 1514 133 1433 1412 15
8
*494 55
524 525
*49
SO Fkin Simon & Co Ins 7% pf100 3628 Jan 12 63 Feb 7
8 523 523,
12
52
4
Jar, 50 Aug
55
52
49
49
4134 4214 4018 423
4
8
4
10 383 May 11 5038 Feb 19
4012 383 393 14,100 Freeport Texas Co
1618 Feb 4938 Ncv
413 423
4
8 3912 42
8 39
.29
32
130 Fuller (G A) prior pref_No par
294 32
1612 Jan 19 3312 Apr 26
2514 *2418 28
9
25
*2314 29
29
Jan 31 lime
29
16
16
13
130
13
36 2d pref
No par
8
9 Jan 4 195 Apr 26
13
4
14
Jan 23 June
13
1414 15
1422 14
14
*214
23
4 234
238 1,200 Gabriel Co (The) Cl A No par
212 23
214
4
218 23
43 Mar 12
8
214
8
24 238
1
218 Jan 12
Feb
5 4 Aug
,
1814 1814 1712 1812 1712 183 .18
210 Gamewell Co (The), No Par
612 Jan 207 Aug
185 183 *177 185*
8
1112 Jan 18 20 Feb 19
4
19
8
4
8
94 914
8
824 4,200 Gen Amer Investors. No par
888 9
4
818 83
7 8 Jan 4 1112 Feb 6
3
25 Feb
8
84 84
85
8 83
12 June
4
8412 8412 *80
*SO
Preferred
85
85
200
No par 79 Jan 29 87 Mar 13
*80
42 Feb 85 July
85
*80
85
*80
85
3812 3918 3658 38
8 6,800 Gen Amer Trans Corp
4 37
3758 3512 3012 3624 365
3618 373
8
5 3318 Jan 4 433 Feb 19
133 Feb 434 July
4
20
2112 184 20
8
8
10 1518 Jan 4 2312 Apr 24
1812 1918 1612 1814 163 185 13,900 General Asphalt
45 Mar 27 July
8
1818 19
113 1112 103 113
8
8
3
1014 1014 10 8 0,100 General Baking
8
1022 Dec 207 July
4 10
5 10 Slay 10 143 Feb 5
8
8 1012 103
4 105 103
8
•10012 103
120
100 101
58 preferred
No par 100 Slay 8 10812 Feb 7
10012 10012 100 10014 100 101 .100 101
993 Mar 10814 Sept
4
77
8 824
7 8 712 3,900 General Bronze
3
5
5 4 Jan 9 1018 Mar 9
3
4
218 Feb
714 73
1012 July
722 8
77
8 74
712 8
412 412
2,500 General Cable
43
8 412
33
No par
4 4
618 Feb 1
33 Jan 4
8
114 Mar 1112 June
4
4 12
418 44
334 4
Class A
8
No par
8
8 14
714 814
6 Jan 4 12 Feb 1
8
800
83
8 83
214 Feb 23 June
84
818 818
*23
*818--26
23
23
*21
23
23
25
23
500
7% cum preferred
23
100 1412 Jan 9 33 Apr 20
2312 .23
612 Mar 48 June
.3512 357
35
35
35
8 35
35
3518 3518
35
3534 35
No par 27 Jan 2 3712 Apr 24
900 General Cigar Inc
244 Dec 485 June
8
*106 108 *106 108
180
4
100 97 Jan 8 110 Apr 28
7% preferred
10812 1083 10812 10812 .108 1083 10812 10812
4
90 July 112
Jan
2012 215
8 193 21
1918 20
8
4
1914 197 119,200 General Electric
21
20
1012 Feb 3014 July
No par
195 21
8
1812 Jan 4 2514 Feb 5
*1212 125
8 123 125
8
8 1212 1212 1212 123
8 5,500
8 1212 1212 1212 125
Special
10 :43 Jan 2 123 Feb 26
4
8
104 Apr 1214 July
333 3418 33
8
4 324 3312 3258 3314 12,300 General Foods
333
4 33
No par 323851ay 10 367 Jan 30
4 3314 333
21
4
333
Feb 397 Sept
8
12 Dec
4
4
4
7
8 6,500 Gen'l Gas de Elec A
3 Jan 2
4
7
8
7
No par
8
7
8
13 Feb 6
7
8
4
7
8
7
8
7
8
1
24 June
.12
14
13
13
13
*1212 13
1318 1318 13
Cony pref series A No par
*13
14
300
614 Jan 2 19 Mar 13
318 Apr 1622 June
•_ ___ 17 .____ 17
1714 *14
*1412 1714 .14
37 pref clam A
17
17
12 Jan 29 21 Mar 13
10
No par
63 Dec 1812 June
4
1724
•_ _ __ 25 •
*15
26
21
•15
25
•15
*15
26
25
$8 pref class A
No par
14 Jan 19 22 Mar 12
5 Apr 20 June
•533 _.. - *51
_ *5114 - _
_ _ *503
8
•5112
. ._ Gen Ital Fawn Elec Corp___
__ .505
_ _
4
50 Jan 24 6114 Feb 16
2414 Jan 55 4 Nov
3
85512 - - 553 557
8
56 - - s 554 56
4 56
063
4,400 General Mills
5G12 547 -- 4 56
8 553
8
3512 Mar 71 June
No par 537 Mar 20 6412 Jan 15
*10818 109 *10838 109
•10824 11018 109 109
200
9212 Mar 10612 Sept
Preferred
109 109 *10812
100 103 Feb 27 109 Apr 30
343 36
8
3218 35
8 343
313 323 312,400 General Motors Corp
4
3212 3414 327 - 0 3112 33
4
10 3112May 10 42 Feb 5
10 Feb 35 4 Sept
3
10118 10112 101 101
101 10112 10012 1003 10012 10012 1,700
4
101 101
$5 preferred
6512 Mar 95 July
No par 893 Jan 6 103 May 1
4
173 173 *1412 187 *144 174 •14
4
4
*14
174 *14
17
8
1770
No par
83 Jan 5 21 Apr 14
4
100 Gen Outdoor Adv A
518 Jan 24 June
614
4 614 •5
*04
4 614 *43
514 514 *43
614 *43
Common
4 53
4
100
212 Mar 1010 June
8
35 Jan 2
8
No par
63 Apr 20
*185 194 184 19
8
4 1712 174 1712 1712
8
4
187 1878 183 183
260 General Printing Ink
No par
314 Jan 17 June
1012 Jan 3 2512 Apr 23
*85
89 .85
89
86
86
*86
*86
89
*86
89
89
20
31 Mar 82 Aug
36 preferred
No par 7312Mar 10 88 Apr 24
34 310
•
3
3
3
324
318 34
318
3
3
34 2,100 Gen Public Service
53 Feb 7
8
211 Jan 8
2 Apr
824 June
No par
3712 3712 3512 357
4
8 3512 36
35
32
3512 323 33
3234 2,000 Gen Railway Signal
4912 July
1314 Jan
No par 32 Slay 11 453 Mar 3
4
17
8 2
13
4
17
8
13
4
17
8
13
4 14
154
17
8
14
17
8 8,200 Gen Realty & Utilities
34 Jan 30
1
15 Jan 3
8
4 Feb
1
45 June
8
*18
20
*1712 20
1712 1712 1814 1814 *1612 1012 .1612 19
200
$6 preferred
16 Jan 8 263* Jan 30
4
512 Jan 223 June
No par
17
1612 17
17
157
8 1512 1512 1,600 General Refractorles
16
16
1612 1612 15
212 Feb
No par
8
4
193 July
1018 Jan 3 233 Feb 23
1512 14
164 17
1012 174 1538 1614 153 161
. 14
14
3,900
4
714 Sept 18 June
Voting trust certife-No Par
1214 Jan 22 1912 Feb 21
43
43
40
40
*28
44 ._ 40 - *____ 40 ._
40
20 Gen Steel Castings pref No PG? 3012 Jan 13 4812Mar 15
94 Feb 3812 June
8 1014 107
8
103 107
8
4
8 10
97 103
8
8 103 107
1014
1018 103 19,800 Gillette Safety Razor No par
_8
7 0 Dec 2014 Jan
5
812 Jan 6 1212 Feb 6
6012 6022 59
5912 *5712 61
60
58
5912 593 593
4 57
4
900
4512 Dec 75
Cony preferred
No par 47 Jan 11 62 Apr 23
Jan
412 422
414 422
413 414
4
4
4
414
4
44 2,700 Glmble Brothers
8
4 Stay 8
No par
3 Feb
4
63 Feb 5
73 Jun.
8
25
*23
2314 2314 .24
23
2314 23
23
25
*2314 25
300
Preferred
514 Mar 33 July
100 1614 Jan 8 30 Feb 5
243
243 2512 22
0
4 2212 2412 2312 2412 22
234 223 233 28,300 Glidden Co (The)
4
0
4
33 Mar 20 July
No par
8
155 Jan 4 283 Apr 26
8
.10012 10114 10012 10012 10014 10014 99
993 100 100
4
9918 98
220
Prior preferred
Apr
48
100 83 Jan 19 103 Apr 27
9112 Aug
612 73
8
74 712
63
8 74
718 73
As 68 8,600 Gobel (Adolf)
8
63
8
912 Feb 27
3 Feb
5
16 July
512 Jan 2
204 204 1912 204 1914 2014 193 2014 19
194 1914 193 13,400 Gold Dust Corp v t c_ __No par
8
4
12 Feb 274 July
183 Jan 11 23 Apr 23
4
*107 1093 *105 1097 107 107 *109 1094 *109 1097
4
4
.105 1093
8
8
300
$6 cony preferred___No par 9612 Jan 6 110 May 1
9612 Dec 105 July
143
8 1234 14
1338 1518 14
1518 153
4 144 16
1314 133 27,500 Goodrich Co(B F)
4
3 Mar 2112 July
123 Jan 8 18 Feb 19
8
No par
56
56
5514 5514 5214 54
53
50
52
53
50
5012 1,500
Preferred
9 Feb 63 July
4
100 40 Jan 5 623 Apr 21
3314 3412 3012 3424 31
333
8 303 3212 264 30
4
2712 3014 32,300 Goodyear Tim & Rubb_No par 263
8May 10 413 Feb 19
8
914 Feb 4712 July
78 .75
8012 8012 80 8014 7812 7914 *78
7914 *75
76
500
1s1 preferred
273 Mar 8014 July
No par 75 Jan 2 8614 Feb 19
4
8
812 9
822
73
4 84
74 8
3
812
75
8 8
3,900 Gotham Silk Hose
No par
4
7 Jan 4 113 Feb 5
612 Oct 1712 June
*5812 64
64
*58
60
*58
5614 58
56
5614 *56
60
Preferred
100
41
Apr 73 July
100 4922 Jan 22 7112 Apr 26
318 318
3
31,8
3
318
3
3 18
27
8 3
27
8 3
12,600 Graham-Palge Motors
412 Feb 1
1
284 Jan 4
1
Apr
5 0 July
3
918 1018 10
10
9
*978 10
1014
83
4 914
9
94 3.600 Granby Cone M Sm dr Pr__100
8
37 Mar 15 8 June
8
8 Jan 2 133 Feb 16
5
6
6
55
8 6
534 614
53
4 64
4
63
53
4 63
4 5 4 4.600 Grand Union Co tr Ws
3
3 8 Mar 10 8 June
5
83 Jan 31
1
4
4 Jan 8
5
38
38
x373 374 365 364 *3614 363
38
4
37
3914
8
.38
8 1,100
Cony pref series
No par 23 Jan 6 40 Apr 24
8
20 Sept 363 July
*283 3012 *2822 3012 *2822 3012 28
4
30
28
*26
30
28
300 Granite City Steel
1118 Mar 305 July
No pa? 23 Jan 15 31 18 Apr 25
8
3418 3418 33
34
3312 *3212 334 2,200 Grant (W T)
3514 3312 3412 33
35
3
No par 33 Slay 8 40 8 Feb 19
153 Feb 3612 Dec
4
123
8 113 12
123
4
4 12
4
1214 1214 7,300 Gt Nor Iron Ore Prop No par
1314 1312 123 1314 12
11 Jan 2 1518 Feb 19
54 Feb
163 July
4
8 2758 Mg 13,300 Great Western Sugar No par
2912 2714 283
2918 29
2714 2914 28
2818 30
344 Jan 20
257 Mar 21
8
67 Jan 414 Sept
8
11012 11012 110 4 1103 *1103 111
3
11012 11012 *11012 111
4
4
*11012 111
Preferred
80
7212 Jan 110 Sept
100 102 Jan 2 111 Apr 26
*178 2
238 23
214
13
4 2
8
17
8 2
214
*2
214
4
312 Feb 8
412 May
3 Jan 2
14 Jan
SOO Guantanamo Sugar-___No par
35
*29
38
35
*28
25
25
*25
367 .28
8
38
.30
100 Gulf States Steel
63 Feb 38 July
4
Vo par 24 Jan 2 42 Mar 13
73
*73
7312 7312 73
*73
75
75
73
74
73
73
Preferred
200
1614 Jan 64 June
100 47 Jan 8 83 Apr 20
$ per share
. 8 714
67
2314 25
133 133
4
4
*78
80
4712 4812
2312 2312
.297 3018
8
3712
37
2014 2014
193 207
4
8
14
14
94 928
812 83
4
*1024
87 -9
89
91
139 139
1818 1812
8814 903
4
• Bid and asked prices, no sales on this day.
I Companies reported In receivership.
a Optional sale. c Cash sale. r Ex-dlvidend. y Ex-rights.
New York Stock Record-Continued-Page 5
3238
May 12 1934
THIS LIST, SEE.FIFTH PAGE PRECEDING.
4.3r FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday
May 5.
Monday
May 7.
Tuesday
May 8.
Wednesday
May 9.
Thursday 1
May 10.
Friday
May 11.
Sales
for
the
Week.
$ per share 3 per share $ per share $ per share 3 per share $ per share Shares.
400
26
•25
26
26 .25
.25
26
25 .25
2.:
26
.25
10
2
4 293 293
3
4
*2914 293 *2914 293
*2914 30
*2914 30 '2914 30
8
53 22,000
5
51, 6
512
.5
4
8 53
53
512 614
8
4 63
53
4 1,100
383
3812 374 37
40
38
42 - 42
42
42
45
45
8 3,500
83
733
8 714 . 4 67
67
714
4 714
63
712
614
5
78 8
200
4
'63 10
8
.87 10
.712 10
8
*67 10
8
912 .83 10
9
90
62
*50
50
50
51
.51
50
50
50
50
52
"50
230
91
92 .9112 9312 9112 9112 91
9112 91
91
92
92
1614 164 7,100
174 1812 1514 17
19
2014 18
8
203 2012 19
.514 512 *514 6
*514 6
.514 6
514 6
8
514 57 .
.
70
38
39 "56
8
4
4
8 553 553 *555 5912 *56
8
8
'563 5912 557 563
8 312 8,400
33
314 353
8
8 37
33
8
34 35
34 3 4
44
4
3
1,300
89
8
S97 .87
8 87
8
897 897
89
9214 89
8 90
9253 925
100
8
10712 10712 '10712 112 .10712 114 '10712 115 *10712 1117 .10712 115
700
Ills
1012 "8
*8
912 10
912 912
912 912
10
10
64 6412 2,500
68
8
8818 687 6738 65
6818 6818 66
71
.69
190
118 118
4
•11712 1183 11714 11712 117 11714 11812 11812 118 118
6312 2,600
6313 (13
64 .62
8 84
647
63
6112 62
82 82
400
9214 924
92
92
93
93 .92
*91
92 92
94
.91
8 818 • 4,900
77
8
712 77
8
8 83
77
8 8
75
758 818
8 858
85
4 1,300
4 83
83
9
9
914
914
914 912
94
9
4
98
'9
800
355 350 35118 .34.5 375
348 3544 355
348 351
'35012 384
1714 1712 1,400
18
184 1814 184 1814 18
18
18
20
.18
5,100
4
414 45
4
4 14
4
8
8
43
4
8
438 45
4 478
43
400
5112 5212 .5111 34
8
8
5112 5112 515 515 •5212 53
.5112 54
4 1918 2014 4,000
4 1812 203
4
213 213
22
2312 21
22
24
24
4 44 9,100
33
8 4
37
418 415
44 414
44 43;
8
438 43
29,100
4734 4614 48
4 44
473
45
47
4 43
453
42
8
445 47
8
8
125 137 57,500
8
8 125 14
8
4 133 145
143
8 124 1514 13
163
15
14,600
34 4
4 4
33
418
4
4 4
33
3 418
37
44
4
3
7414 73 4 7414 5,900
73
75
74
75
72
75
4 70
763
75
2,200
5412 5412 5334 54
58
4 56
5312 573
5912 6012 5314 57
1,200
43 '4014 4112 4118 4118 .4014 41
4212 42
42
43
43
412 4
414 414 2,800
4
34 43
4
4 43
43
4
4 5
43
'8 54
5
600
*373 4
*373 4
4
4
4
4
4
4
412
•4
4 3.300
4 43
43
434 5
5 12
5
518 512
2
514 57
8 57g
55
2.000
*64 7
7
7
7
7
612 7
4 7
63
7'2
714
314 5,400
3
318 314
312 312
312
3
5
34 3 8
312 34
400
24
2414 2414 24
26
*25
23
25
26
26
29
.28
4
1403 139 139 *138 13912 1,000
140
140 140
140 140
142 143
8 2,700
712 77
4 8
73
818 814
814 814
812
8
8
'812 87
7,600
23
8 23
224 235
8
5
8 23 8 2412 235 24
8
255 2614 2414 255
8
343 3612 3412 3512 25,900
3514 37
3712 3812 3514 3812 3518 37
800
8
1254 1253
.1
8
4
12414 12512 •1203 127 .121 1253 1233 124 *121 147
818 64 *614 612 11,200
8
61 1 67
.54 7
612 7
71g
7
44 .418 412 3,300
4
438 .4
4
42
438 438
412 4'2
4
4 263 2714 121,900
8
8 263 273
8
273 2838 274 283
4
273 2818 274 28
"120 125 .120 125 *120 123 .120 125 *12012 123 .12012 123
160
'2014 234
21
4 21
23 233
21
4 21
2012 203
.204 23
2 1,300
412 43
3
*412 43
5
5
432 438
2
412 47
514
5
212 214 4,200
214 214
214 21 1
4
4 *214 23
214 *214 23
214
3 17e 7,500
17
134 2
134 2
2
2
4 2
13
8 2
17
14.500
19
4
193 2112 1912 204 1714 1912 18
1914 21
4
193 211.
900
13
18
4 1712 18
*1812 193
19
1912 1912 1912 1914 19
130
80 80
80
80
80
7912 794 80
80
80
80
•78
300
28
8 264 2612 *25
4
263 *2612 277
4
263
27
27
28
.27
1.700
4212 4112 42
4284 423
.1 42
4312 4312 43 43 14 4212 43
1,200
32
32
30
3312 30
3112 3012 3312 33
4
323 3234 31
160
75
70 .67
7412 7412 70
75
74
75
75
80
"75
4
8 113 1232 79,200
124 1312 1138 1318 1112 124 1212 1313 1112 123
9,400
4
1214 1314 1112 1212 113 12
1112 13
4
4
123 134 1112 123
600
74 712 '712 812
74 812
,
812 812
8 82 .
73
712. 74 '
700
26
4 2712 2712 2614 2614 26
8
2758 275 *2612 2714 2612 263
700
47
461s .45
46
47 47
46
4512 4512 46
48
.44
4 464 4914 26.300
51'2 4714 493
8 50
4
3014 5212 4812 8114 483 517
1
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basto of 100-Mare tots.
Lowest.
Indus. & StWell.(Con.) Par
25
Hackensack Water
25
7% preferred class A
Hahn Dept Storea____No par
100
Preferred
10
Hall Printing
Hamilton Watch Co___No par
100
Preferred
Hanna(M A) Co $7 pt_No par
Harblson-Walk Refrao_No par
Hat Corp of America Cl A...1
100
63.i% preferred
2
Hayes Body Carp
25
Hazel-Atlas Glass Co
25
Helme (0 VV)
No par
Hercules Motors
No par
Hercules Powder
100
$7 aura preferred
Hershey Chocolate____No par
No par
Cony preferred
No par
Holland Furnace
5
Hollander & Sons (A)
100
Homestake Mining
Boudaille-Hershey CIA No par
No par
Class B
Household Finance part pf_30
Houston 01101 Tel tern ctfa100
Voting trust etre new____25
5
Howe Sound v t o
Hudson Motor Car____No par
10
Hupp Motor Car Corp
No par
Industrial Rayon
No par
Ingersoll Rand
No par
Inland Steel
Inspiration Cons Copper___20
1
Insuraruthares Ctts Inc
Intercont'l Rubber..._.No par
No par
Interlake Iron
No par
Internal Agricul
100
Prior preferred
Int Business Machines_No par
1
Internal Carriers Ltd
International Cement.. No par
Internal Harvester____No par
100
Preferred
25
Int Hydro-El Sys el A
Int Mercantile Slartne.No par
Int Nickel of Canada__No par
100
Preferred
100
Internal Paper 7% pref
Inter Pap & Pow Cl A_No par
No par
Class B
No par
Class C
100
Preferred
Int Printing Ink Corp_No par
100
Preferred
No par
International Salt
No par
International Shoe
100
International Silver
100
7% preferred
Inter Telep A Teleg___No par
Interstate Dept Stores_No par
No par
Interty pa Corp
I
Island Creek Coal
No par
Jewel Tea Inc
No par
Johns-Manville
Highest.
PER strARE
Range for Previous
Year 1933.
&MCA.
100
Preferred
90
4
1113 112
112 112
Jones & Laugh Steel pret_100
70
•60
70
'60
1.300 Kaufmann Dept Stores $12.50
,
4 *7 2 814
4 73
73
3
8,500 Kayser (J) & Co
16
16
154 111
5
4 5,500 Kelly-Springfield Tire
8 23
25
4
24 23
No par
6% preferred
700
12
12
14
.12
____._ Kelsey Hayes Wheel conv.c1A1
.511 7
•512 7
1
Class II
412 .4
*4
412
No par
3
163 34.900 Kelvinator Corp
2
153 1614 16
40 Kendall Co pt pf ser A_No par
8514 8514 8312 83 2
,
4 1914 194 98,800 Kennecott Gopper._ No par
4
183 193
No par
200 Kimberley-Clark
1612
1612 .16
'16
No par
2 572 1,100 Kinney Co
553
6
6
No par
Preferred
400
3018 3018
*304 35
10
1712 23,700 Kresge (88) Co
17
4
163 18
100
7% preferred
30
110 110 *110 111
No par
100 Kress (S H) & Co
,
'5712 60 .5712 53 2
No par
11,600 Kroger Groo & Balt
2718 2811 2812 29
80 Laclede Cas Lt Co St Louts 100
3712 3713
*3712 40
100
5% preferred
10
51
'42
51
*42
2512 4.700 Lambert Co (The)____No par
3
243 2512 25
No par
400 Lane Bryant
8
*1114 117 *1114 13
5
6,500 Lee Rubber & Tire
8 104 11
3
10 4 113
1,000 Lehigh Portland Cement___50
14
"11
14
4 14
173
1412 1512 1418 15 '14
.154 18
7% preferred
100
*7413 85
*7412 85
*7412 85
"7412 85
85 .7412 85
'81
314 312 2,800 Lehigh Valley Coal____No par
314 314
,
4 3 2 *34 34
3
4
312 33
4
,
3 2 33
50
Preferred
2,200
11
11
3
4 1012 10 ,1
113
3
10 4 1112 .11
4
1212 1212 103 12
8
*675 6812 4,500 Lehman Corp (The)......No par
664 68
4 68 68
683
874 6914 68
71
71
5
2212 2112 2112 211g 2118 1,600 Lehn & Fink Prod Co
2212 22
2112 21
2212 21
.21
4
293 3012 23,600 Libby Owens Ford Glass No par
4 2914 31
3212 3312 3014 3212 3012 3212 3114 323
5
2,500 Life Savers Corp
.2018 21
20 • 21
21
21
8
3
20 4 2114 205 21
8
217 22
25
100 Liggett & Myers Tobacco__25
*9112 9212
90
90
92
93 .90
.9112 04
.91
4
923 '90
Series 13
0,000
4
913 93
9014 92
8
913 92
92
91
8
915 94
94
93
100
Preferred
100
143 143 '143 145
•14213 146 *143 146 *143 148 *143 146
:1,600 Lily Tulip Cup corp__No par
1914 1812 19
2014 19
2012 20
2112 20
4 20
8
205 203
2333 2312 2,400 Lima Locomot Works__No par
2212 23
*2412 2614 2312 2418 234 234 234 24
No par
700 Link Belt Co
16
1614 16
*16
16
4 164 1614 16
163
4 18
1612 163
No par
2914 14.300 Liquid Carbonic
27
4 2712 20
303
4 29
8
4 2812 3012 285 303
8
297 303
92,400 Loew's Incorporated...No par
303t 2914 3118
29
4
8
8
8 305 334 305 3212 303 32
3218 333
No par
Preferred
300
7
2
8 937 93 8 9312 9312
8
5934 95 .9414 953
4 9414 9414 *937 947
No par
218 213 4,000 Loft Incorporated
214
8 *2
23
2
218
2
8
214 23
8
8 23
23
8 1,000 Long Bell Lumber A No par
15
158
8
15
8
15
8
15
8
15
8
15
8
15
14
14
8
15
8
15
25
4 1,700 Loose-Wiles Biscuit
403
.1 39
.4014 403
4
4 403 41
8 4018 403
403
40
41
41
100
7% let preferred
10
•12114 12512 *12114 12512 '12114 12512 12512 12512 •12114 12512 *12114 12512 11,100 Lorillard (P) CO
10
4
4
8
8 165 174 174 1712 163 1714 163 184
4
163 175
1714 1712
100
7% preferred
300
4
1093 110 .110 112 *110 112 .110 112 .110 112
111 111
No par
1,000 Louisiana 011
2
2
2
2
218
218 24 *2
2
2
24
*2
100
Preferred
40
19
20 .14
•451, 17 .1518 17
20 '14
*17
17
14
2,200 Louisville Gas & El A_No par
4
164 183 17
4 16
4
164 I618 163 163
17
16
164 17
I
Steel
1412 1212 13$8 1314 1314 3,600 Ludlum
8
4
8 143 1518 133 1414 14
1512 155
No par
Cony preferred
200
86
•75
86
86 .70
•78
5*8
"80
84
84
86
88
10
700 MacAndrews & Forbes
334 3314
34
33 '3212 3412 '33
33
*3312 3412 3212 34
100
6% preferred
_ *10214 ___ *10214 _ . _ - _ .-__ .10214
'10218....1024 __ •103
No par
_- 4
253 11,700 Mack Trucks Inc
8
263
2512 --- 4 235 2512 25
8 27
2 277812 267 - : 255 - 2 2
273 -No par
4 5,200 Macy (R II) Co Ine
423
4
4414 423 4314 42
44
4414 4412 4314 4414 4312 44
4 4,400 Madison:Sq Gard v I a_No par
4 63
68
8
4
65* 67
64 63
4
64 63
8
84 65
4
,
6 2 63
10
2,200 Magma Copper
1818 •1814 21
18
4 1831 19
8
8 173 183
8
194 1912 183 193
2,000 Mallinson (II R)& Co_No par
8 3
8 •27
5
2 8 27
7
4 278 .2 8 3
23
4 3
23
318
3
100
o preferred
35
*15
35
3.5 .15
•1514 35 .154 35 .15
35
*17
100
200 IManati Sugar
4
214 214 *218 212 .214 23
*24 212 *218 214
2
2
100
Preferred
8 11 412 812 *412 812
.412 94 .412 85
9
8 94 *5
*45
No par
'200 Mandel Bros
64
8 *512 612 *54
4 53
5
4
4 63
63
63
• 4 7513
4 8
.63
25
600 Manhattan Shirt
*1412 15
8
4
143 144 *143 18
15
1514 154 15
17
•16
200 Maracaibo 011 Explor_No par
8
,
214 2 4 *214 25
*214 258 .214 24
5214 24 *214 3
5
8 2,000 Marancha Corp
412 45
4
8 43
45
4
4 43
43
4
4 43
43
8
4 47
*43
5
4
*43
5
11,100 Marine Midland Corp
8 7
67
s 714
67
714 738
714 712
7'2
718
,
712 7 2
No par
900 Marlln-Rockwell
23
23
23
254 23
244 244 •24
*2613 2712 254 26
No par
154 1418 1514 1418 144 8,800 Marshall Field & Co
4
1612 143 1512 15
1618 15
16
713 814
714 1,300 Martin-Parry Corp._ No par
714
812 812
4
: 83
88
914
9
0914 101,
a Optional sale. c Cash sale. a Sold 15 days. z Ex-dividend,
Companies reported In receivership.
• Bid and asked prices, no sales on this day. :
112 112 .112
112 112
•11112 118
75 '60
70 .65
*6713 75 .60
*8
8 8
712 812
*813 9
16
4
153 1614 154 16
18
16
8
27
4 3
28
4 318
23
3
3
4
1212 133 *1314
•1212 1412 •1214 14
'512
'512 8
*512 8
.512 8
412 *4
418 *4
412 *4
*4
1612
3
174 1712 1514 1712 153 163g
87 .8514
87
93
*87
93
87
07
194 2 8 195*
4
8 183 21
8
205 215
17
8
164 185 '1612 17 .1612 17
612
3 6
57
4 612
53
8
.818 63
3218 3218 •3018
32
3212 32
3212
1818 18
8 17
8
4
183 194 173 185
111
.108 111 '108 111 .108 111
g
581g 5812 5577 60 •5712
•5712 60
8
8
2 2814 3014 2814 293 x283
3014 307
*3712
*374 42
40
40
40
40
•42
51
52 .45
8
8
513 .513 .48
2514 2512
2412 2512 24
244 25
4
8 103 104 12
8
•113 1314 114 113
8
8 113
4
113 123
13
12
13
13
125
75
9
16
3
144
7
412
4
163
93
8
205
17
618
40
1812
111
60
29
40
51
3
257
12
12
Highest.
$ per share $ per :Aare 3 per snare
$ per share
15 Mar 2311 July
2011 Jan 9 26 Apr 18
Apr 287 Jan
25
8
27 Jan 4 30 Apr23
Ds Feb
814 Feb 15
912 July
3 Jan 5
9 Apr 3812 July
4
2514 Jan 9 523 Apr 21
318 Feb 1012 July
4
93 Feb 14
312 Jan 8
8
117 Apr 20
212 Apr
9 July
8
35 Jan 26
15 Feb 33 July
25 Jan 15 5312 Apr 25
454 Jan 85 Aug
84 Jan 8 96 Apr 4
4
84 Feb 2513 July
:
141 Jan 2 243 Feb 21
612 Apr 13
8
7 Mar
712 June
24 Jan 2
512 Apr 30 June
194 Jan 4 59 May 2
4
63 Feb 15
34 July
14 Jan 2
4
3 Feb
66 July 9712 Dee
8
4
863 Mar 28 967 Apr 23
6912 Jan 105 Dee
101 Jan 9 10712May 5
3 Mar 17 July
9 Jan 4 1218 Mar 15
15 Feb 685 Deo
8
59 Jan 4 75 Apr 24
83 Apr 11018 Dec
111 Jan 4 120 Apr 17
3518 Mar 72 July
8May 8
4812 Jan 13 647
6484 Apr
83 Feb 16 94 Apr 21
90 July
312 Jan
518 Jan 3 1014 Apr23
1012 June
214 Mar
8
1012 June
3
3 4 Jan 2 107 Feb 6
Jan 373
Oct
310 Jan 4 388 Mar 29 143
:
41 Apr 15 June
IL Jan 8 234 Jan 30
1 Mar
64 Jan 26
4
63 June
8
3 4 Jan 2
43 Nov 5114 Jan
43 Feb 5 54 Mar 12
4
84 Mar 38 July
1812Stay 10 293 Feb 5
5
5 8 Apr 6
8
17 Feb
73 July
8
312 Jan 8
8
512 Jan 383 Dec
334 Jan 3 5512 Apr 9
3 Feb 183 July
8
1258511,y 7 2414 Feb 5
8
15 Mar
714 Jan 30
451ay 8
4
73 July
33
24
Apr 85 Dec
8
70 May 7 963 Jan 24
1918 Feb 78 July
5314M3y 7 7384 Feb 3
12 Feb 457 July
4
8
404 Jan 3 493 Feb 21
2 Feb
8
67 Feb 5
912 June
8May 10
35
114 Mar
414 Apr 25
37 June
8
24 Jan 2
44 July
8May 4
57
14 Mar
214 Jan 13
21a Mar 12 July
8 Jan 3 1114 Feb 19
2
7 Feb
618 Feb 5
533 July
2 Jan 8
5
Jan 2712 July
15 Jan 8 3714 Feb 3
3
75 4 Feb 15314 July
132 afar 27 14914 Jan 30
8
27 Jan
8
107 July
1218 Feb 21
5
6 8 Jan 11
618 Mar 40 July
4
85l0y 10 373 Feb 3
227
8
135 Feb 46 July
8
8May 10 467 Feb 5
343
Jan 11918 Aug
80
8May 11
1154 Jan 13 1253
3 Jan 8
24 Apr 137 July
Feb 7
8
918
44
8
6 Jan 24
67 June
1'4 Jan
34 Jan 2
83 Feb 234 Nov
4
21 Jan 4 294 Apr 27
2IMay 11
72
Jan 115 Deo
4
1153 Jan 13 1253
213 Jan 2134 July
104 Jan 5 25 Apr 24
12 Apr 10 July
612 Apr 20
4 Jan 4
312 Apr 21
54 July
184 Jan 4
14 Apr
4
23 Apr23
14 Jan
4 July
s
13 Jan 4
8
2 Apr 2212 July
1014 Jan 8 247 Apr 23
312 Feb
Oct
14
9 Jan 13 25 Apr 21
35 Apr 71 Aug
68 Jan 2 86 Apr 21
1384 Mar 2784 July
21 Jan 3 3012 Apr 11
244 Jan
y
4112Slay 11 504 Jan 26
78778
4
94 Feb 5912 July
30 May 10 453 Feb 13
July
2412 Mar
39 Jan 4 8412 Apr 9
4
Ws Feb
2134 July
8NI
113 ay 7 173 Feb 6
113 Mar
8
87 July
312 Jan 4 164 Apr 20
114 J uly
178 Jan
5
38 Jan 3 10 Feb 8
11
Feb 32 July
244 Jan 29 28 Feb 21
23 Feb 45 July
33 Jan 9 52 Apr 20
1214 Mar 6312 Dee
8
4614May 11 663 Jan 30
42 Apr 10618 July
Jan 4 112 Apr IS
101
35 Feb 91 July
62 Jan 2 77 Jan 23
8
24 Mar
81: Jan 3 103 Apr 13
3
9 8 June
84 Feb
1912 July
137a Jan 4 1812 Apr 20
412 alar 12
8
7 Mar
214 Jan 3
618 July
6 Feb 3118 June
11 Jan 2 20 Jan 30
2 Feb
4 Jan 13 10 Feb 16
8 May
112 Deo
713 Feb 18
3
2 s Jan 2
4
83 June
318 Feb 154 Sept
8
117 Jan 4 2114 Mar 14
30
Jan 73 July
6518 Jan 18 8812May 4
8
78 Feb 26 Sept
4Mar 27 23 Feb 5
173
8
57 Apr 25 8 July
12 Jan 2 184 Apr 12
3
714 Apr 13
1
Apr
614 June
3 Jan 16
45 Feb 30 July
8
134 Jan 8 41 Apr 26
4
311 Mar 167 July
134 Jan 2 223 Feb 5
8
83 Apr 105 June
101 Jan 4 111 Mar 16
27
Jan 444 July
38 Jan 3 61 Apr 27
8
144 Feb 354 July
2314 Jan 8 335 Apr23
30 Nov 80 June
3718M11y 11 6312 Feb 13
3712 Apr 61
4212 Jan 17 60 Feb 9
Jan
8
1
/
194 Deo 414 July
2214 Jan 4 313 Feb 5
3 Feb
5 Jan 6 1414 Apr 19
1013 June
8 Jan 3 1412 Apr 26
4
33 Mar 123 July
8
1313 Jan 3 20 Feb 23
s
57 Jan 27 June
34
734 Feb 23 81 Apr 26
Feb 78 Sept
5 Feb 21
212 Jan 8
1
Jan
8
63 July
213 Apr 12 June
5 Jan 3 144 Fob 21
374 Feb 793* J1111
654 Jan 4 78 Feb 6
1634 Jan 23 2312 Apr 19
14 Feb 2314 June
7
2914Slay 10 43 8 Jan 19
484 Mar 373 July
8
1558 Oct 2218 Sept
1718 Jan 8 24 Apr23
27412 Jan 6 96 Apr23
49 Feb 98 Sept
Jan 8 97 Apr 18
4914 Feb 994 Sept
129 Jan 13 143 Apr 30 121 Mar 14018 Sept
18 Jan 13 2312 Apr 18
13 Apr 2112 May
2212May 10 3614 Feb 5
10
Jan 3134 July
8
1214 Jan 3 193 Feb 6
4
63 Apr
194 July
2012 Star 1 354 Apr23
104 Feb 60 July
4
253 Jan 8 3518 Apr 12
84 Mar 3812 Sept
Apr 24
72 Jan 2 9714
33 Apr 7818 July
3 Jan 31
8
13 Jan 2
14 Deo
44 June
284 Feb 20
114 Jan 12
512 June
12 Feb
4
1914 Feb 443 Dec
3812 Feb 26 1443 Jan 17
4
4
1193 Jan 11 128 Apr 14 11312914y 120
Jan
8 1912 Feb 5
4
153 Jan
8
103 Feb 254 July
102 Jan 28 113 Apr 1 1
8712 Feb 106 Nov
3
3 8 Apr 4
114 Jan 10
4 July
5is Jan
714 Jan 2 2312 Apr 4
313 Feb 29 July
15 Jan 9 21 Feb 7
137 Apr 258 June
8
4
1212alay 10 1912 Feb 20
4 Feb 2018 July
84 Slay 7 97 Feb 20
8
143 Mar 9518 Deo
30 Jan 3 3453 Apr 28
94 Feb 313 Dec
4
95 Jan 13 101 Apr 16
74 Apr 96 Nov
235891ay 10 413 Feb 6
4
1312 Feb 463 July
8
42 May 11 8218 Jan 30
2414 Feb 853 July
4
5
2 8 Jan 2 7
Apr 27
7 June
8
15 Mar
8
53 Mar
154 Jan 17 22 Apr 16
8
195 July
44 Apr 24
,
17 Jan 2
514 June
8
7 Feb
8
3 Feb 264 July
753 Jan 9 331 Apr 24
4
33 Jan 23
1 Jan 8
4
53 July
4 Jan
914 Apr 26
8
4
13 Jan 3
97 July
4
1
/ Jan
812 Jan 26
:
11 Jan
414 Jan 23
94 June
513 Apr 23 July
1214 Jan 4 2038 Feb 1
8
33 Feb 17
4 June
184 Jan 10
Is Jan
532 Feb 5
41251ay II
47 Nov
54 Nov
8
9 Feb 6
5 Dec 1112 Jan
3
5 4 Jan 5
8
2112 Jan 8 32 Jan 25
Feb 2314 Deo
8
414 Jan
8
183 June
1211 Jan 4 195 Apr 11
8
3
77 Dee
612 Jan 24 123 Mar 3
12 Jan
y 'ix-rights.
New York Stock Record-Continued-Page 6
3239
12IrFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
1
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
May 5.
Monday
May 7.
Tuesday
May 8.
Wednesday
May 9.
Friday
May 11.
Thursday
May 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per Mars
S per share S per share $ per share Shares. Indus.& Mlscell. Won.) Par $ per share
4
4
14 Feb 465 Nov
2918 3014 10,300 Mathleson Alkali Work8No par 2814May 10 403 Jan 24
31
315
8 2814 31
93 Feb 33 Bent
4
37
3734 2,600 May Department Stores___10 30 Jan 2 4438 Apr 23
3634 38
*375 39
8
83 Feb 21
4
43 Jan 2
3
813 July
118 Apr
No par
64 612 *612 7
1,200 Maytag Co
8 7
*63
318 Apr
10 Jan 2 2812 Apr 26
1514 Aug
No par
Preferred
1,600
*25
26
26
26
2512 26
Oct
15 Apr 58
49 Jan 3 9212 Apr 3
Prior preferred
No par
120
*76
78
76
76
*76
77
13 Mar 3014 Seri
No par 24 Jan 11 32 Apr 13
2614 28
1,200 McCall Corp
27
27
*273 28
4
412 Feb 6
8 Apr
8
118 Jan 8
212 238
47 June
3
214
212
214 24 4,500 :McCrory Stores claseANo par
6
Jan
414 Feb 6
13 Jan 4
8
113 Dec
Class B
No par
23
8 233 •212 25
212 212
800
8
Jan
213 Mar 21
514 Jan 2 2534Mar 17
Cony preferred
100
*1818 19
1818 1818 1,100
18
18
3 Apr
4 Jan 4 1012 Apr 21
84 June
9
9
300 McGraw-Hill Pub Co_No par
*8
*9
912
10
18 Mar 483 Oct
24,500 McIntyre Porcupine Minee__5 3812 Jan 25 5014 Apr 2
8
8
4
4312 4414 413 4318 417 43
4
444 Jan 953 Aug
85
8518 1.800 McKeesport Tin Plate_No par 83 May 10 944 Feb 21
*83
893
4 83 83
94 Apr 10
13 Mar 1312 July
4
658 678 21,100 McKesson dr Robbins
412 Jan 2
5
612 7
618 712
35 Mar 25 July
8
3
Cony pref series A
2514 28
2712 29
50 117 Jan 2 3412 Apr 27
27
274 14,000
53 Mar 17
3
1 Jan 6
33 July
8
No par
34 33
14 Feb
33
8 3 4 20,300 :McLellan Stores
314 33
4
4
1
8
24 Jar 227 July
8% cony pref ser A
48
50
50
50
912 Jan 2 56 Apr 27
100
2,000
48
48
83 Feb 284 Oct
4
*3114 3218 31
26 Jan 2 36 Apr 25
No par
800 Melville Shoe
3219
3114 .31
2 Mar 20 July
62 Jan 13 11 Jan 22
4
1
74 8
718 714 3,800 Mengel Co (The)
714 73
4
22
Jan 57 July
41
7% preferred
100 30 Mar 21 52 Apr 19
120
40
42
423
4 39 39
7 Feb 21 Sept
5 1612 Jan 4 30 Feb 19
2318 2414 217 2318 2112 2112 3,300 Mesta Machine Co
8
1313 Mar 22 Sept
100 Metro-Goldwyn Pict pref__27 21 Jan 5 26 Apr 18
*2512 2618 *2512 2618 *2512 2618
984 June,
138 Mar
612 Feb 16
4 May 11
458 5
5
4
4 14 4,700 Miami Copper
418 413
4
85.1ay 10 143 Feb 5
33 Mar 16 July 1
4
113
12
1212 1138 12
113 1218 10,100 Mid-Continent Petrol__No par
4
173 July
4
3 Mar
12 May 11 2173 Feb 19
12
1244 4,400 Midland Steel Pr.21____No par
14
1418 1214 13
26 Mar 72 Sept
8% cum 1st prof
100 7012 Jan 12 8514 Apr 21
82
82
200
85
82
82 .75
3
13 Apr 363 Dec
*4112 4212 4112 4214
3912 43
1.200 Minn-Honeywell Regu_No par 36 Jan 4 52 Feb 1
54 Jan 30
53 July
4
24 Jan 4
4 Feb
6,600 Minn Moline Pow Impl No par
3
3
234 318
3
3 14
30 July
6 Feb
171s Jan 11 3534 Feb 1
Preferred
No par
200
*19
27
*25
27
25
25
7
Jan 22 July
20 1213 Jan 4 2233 Apr 21
4,600 Mohawk Carpet Mills
18
1814 1612 1714
1653 17
25 Mar 83 Dec
10 4112May 10 24612 Apr 30
42
4238 4112 423
8 3,800 Monsanto Chem Co
4 4112 417
8
85 Feb 287 July
8
8
4
2614 2712 2412 2814 2418 253 172,700 Mont Ward & Co Ino__No par 214 Jan 4 355 Feb 15
4313
Jan 58 July
25
-el
No par 37 Jan 4 5114 Apr 13
*46
700 Mon (J) & Co
43
46
473
4 45
3
218 June
14 Feb 8
4 Jan
5 Jan 8
1
8 3,500 Mother Lode Coalition_No par
3
4
7
3
4
3
4
34
4
874 Dec
714 Jan 6 12 Feb 21
14 Jan
.1
811 5,800 Moto Meter Gauge & Ed...
814
7 4 814
7
812 813
73 Mar 3614 Sept i
4
26
27371 233 2512 2314 244 9,500 Motor Products Corp No par 2314May 11 4.484 Feb 15
4
8
112 Mar 115 July i
9 Jan 5 1612 Feb 16
5
107 12
8
9,100 Motor Wheel
10
10 4 1014 103A
3
112 Mar 103 July 4
514 Jan 12 1538 Apr 23
4
No par
5,000 Mullins Mfg Co
1012 11
11
1112 1212 10
5 Mar 25 June
1218 Jan 12 46 Apr 21
Cony preferred
No par
400
32
32
30
30
*30
40
3
5 Mar 183 June
133 Jan 6 2514 Apr 13
4
No par
800 Munsingwear Inc
1914 1914 191 4 1914
20
20
8
153 Feb1112 July
618 Jan 9 115 Feb 16
10
7
74 23,600 Murray Corp of Amer
7
712
712 77
8
8
Jan
2012 July
15le Jan 2 2134 Feb 21
No par
200 Myers F & E Bros
*1414 17
*1414 17
*1412 17
Ills Apr 27 July
1614May 10 3214 Jan 30
No par
8
8 165 1712 33,100 Nash Motors CO
18
187
8 1614 175
9 4,90( National Acme
878 Feb 23
3
1
414 Jan 9
118 Feb7 4 July :
4
512 5 3
7
6
523; 53
618Y 512 53
4
933 Dcc 1018 Dec
75 Feb 13 1314 Jan 31
8
878 938 *812 87
8 1,4005 National Aviation Corp.No par
8
813 854
83
8 812
814 814 *818 83
8 *67
3 7
97 July
3
7
658 67
3 Jan 6 1234 Mar 19
14
114 Jan
658
7
1,500 :National Hellas Hess pref_100
6
618
6
*7
85
8
3113 Feb60 8 June
3
10 3714Nfay 10 494 Jan 16
39
395
8 3814 393
3714 3813 3714 3754 18,600 NatIonal Biscuit
4 383 l'918 3818 39
3
100 131 Jan 3 148 Apr 2 118 Mar 145 Aug
4
4
4
200
7% cum pref
.14212 15318 14212 14318 "1423 148 "1423 146 "1423 146 •14234 1453
4
8
518 Mar 2353 July
15,000 Nat Cash Register A. _No par
4May 10 233 Feb 6
164 173
8 153 163
1
143
8
4 1512 163
8 1512 1638 14 4 154 1512 16
4
13 Jan 4 18 Apr 21
1012 Feb253 July
Vo par
16
163
4
1512 1638 153 16
153 16
8
8
1514 153
4 1512 1614 39,400 Nat Dairy Prod
1 Jan 9
3 Mar 16
18 Mar
212 June
2
2
13
4
17
8
158
17
8 *15
8 14
15
8 15
8
14 112 1,200 :Nat DepartmentStoresNo par
100
5 Jan 17 2212 Apr 18
114 Feb10 June
18
18
1612 1738 17
4 1612 1653
460
Preferred
17
1712 173
4 1512 163
14
204 Dec33 Nov
2614 28
8 233 2514 103,800 Nati Distil Prod new___No par 2314 Jan 3 3153 Feb 1
2418 27
245 2612 25
263
8 2312 253
4
8
1612 Jan 6 324 Apr 24
5 Feb194 Dec
28
2713 2913 2912 2912 29
2912 29
2912 1,700 Nat Enam dr Stamping_No par
29
2912 28
434 Feb140 Nov
*141 155
142 142
500 National Lead
100 135 Feb 10 16012 Apr 18
141 141
141 142
13912 13912 *142 146
*14012 144 *14012 144 '140'2____ •14012 144
200
Preferred A
10 122 Jan 16 143 Apr 18 101 Mar 12814 Nov
14012 1431 *14011 1424
,
75 Feb 10913 July
100 10012 Jan 9 108 Mar 16
•109 1165 *109 11653 *110 1165 *110 11659'110 1165 *110 1164
8
8
Preferred B
8
8
813 Jan 4 1512 Feb 6
67 Apr 2012 July
1018 103
8
958 1014
93 10
8
95 1013 14,400 National Pow & Lt____No pa
8
912 1014 1018 1012
Feb 5518 July
47
25 4212May 10 5814 Feb 5
15
4712 4514 48
4213 45
4312 4312 6,700 National Steel Corp
443 454 4412 46
8
4
Apr
285 June
8
25 1112 Jan 10 2118 Apr 24
153 16
4
14
1512 143 1514 3,200 National Supply of Del
4
164 1714 16
17
157 1614
4
51
51
280
Preferred
100 3312 Jan 4 GO Apr 23
17
Feb 6059 June
50
*54
5812 *50
5112 50
50
5112 50
54
1214May 11
183 Feb 1
4
84 Jan 27 July
1312 135
8 123 13
4 6,200 National Tea Co
No par
4
1312 124 13
1214 123
127 1313 13
8
112 Jan
124 June
204 2214 19
No par
64 Jan 4 3014 Apr 13
22
20
3,000 Nelsner Bros
2012 20
2012 22
2012 2013 20
4212 44
8
4212 44
42
43
43 43
42
4212 *4112 4212 2,200 Newberry Co (J J)....No par 4113 Apr 2 497 Apr 10
*103 105 *103 104 *103 104 *103 104 *103 104 *103 104
100 100 Apr 3 104 Apr 10
7% preferred
6 Jan 10 13 Mar 6
18 Mar Ifs; July
3
1
93 10
4
9
97
8
854 82
4 2,800 Newport Industries
84 914
814 8
34
912 912
618 Apr 2312 July
19
19
15 Jan 5 243 Feb 7
4
1713 1812 1714 1714 *1718 19
17
17
.17
1814
1,200 N Y Air Brake
No par
*2
6
8,4 Mar 19
23 Dec 114 June 4
*3
*4
6
412
412
400 New York Dock
100
3 Jan 11
53
6
*3
6
*318 6
8
Oct 22 June
*13
1412 13
100 Preferred
100
8 Jan 8 20 Mar 13
13
13
*10
1212 *10
1212 *1014 1112
*10
8 Dec
8
12 Jan 2
114 Feb 7
23 June
4
4
54
5
8
5
8
52
58
5
8 2,900 2N Y Investors Ina__ _.No par
5
8
5
8
12
5
8
12
1612 163
4 1513 17
14
1.5
1413 15
115 Jan 3 224 Feb 1
8
13 Jan 2212 Aug
4
1514 163
8 1518 10
8,000 NY Shipbldg Corp part etk__1
8312 8312 83
Jan 90 June
83
31
83
*82
84
*82
82 82
*75
83
110 7% preferred
100 7312 Jan 2 8934 Apr 13
09712 98
3
70 Nov 1017 Aug
*9712 98
*97
No par 82 Jan 5 9912 Apr 10
*9712 98
97
98
98
97
97
SON Y Steam $6 prof
*109 1094 *109 1097 109 109
83 Nov 110
Jan
No par 90 Jan 15 109 May 9
109 109 *10812 1094 10812 10812
40 97 1st preferred
8
393 393
4
4 383 395
173 Jan 384 Sept
8
No par 3314 Jan 4 4412 Apr 9
3
8 38
40
393 4012 384 4012 394 4013 18,300 Noranda Mines Ltd
4
133 Jan 9 254 Feb 6
8
1214 Dee 3613 July
1538 165
8 153 1634 1518 1614
4
1512 1618 42,000 North American Co
No par
1612 173
8 1514 167
8
413 42
8
Jan
31 Dec 46
4018 4112 *40
42
50 34 Jan 9 45 Apr 20
443
4 3912 3912 *3918 4434 *40
700 Preferred
5
538
4
Feb
9 July 1
434 514
412 47
8
1
418 Feb 10
8, Feb 1
412 5
47
8 514
43
4 47 15,600 North Amer Aviation
8
67
67
79 July
67
70
*6612 70
4712 Jan 4 74' Apr 28
3
39 Nov
673 *6512 73
*64
400 No Amer Edison pref__No par
4
*6612 70
*4218 4312 *4218 4312 *4218 431 *4218 4312 4213 421 *40
263 Apr 43 June ,
4
42
10 Northwestern Telegraph-50 34 Jan 9 43 Apr 26
212 3
118 Feb
57 July
8
2 8 Jan 8
3
412 Feb 19
314 34
3
312
3
3
1,700 Norwalk Tire St Rubber No par
31_
*3
314 *3
12
1212 12
1112May 10 157 Feb 5
1212 12
124 1112 1214
8
43 Feb 174 July
4
125
8 12
1112 12
37,100 Ohio 011 Co
No par
33
4 4
312 418
l's Feb
83 July
4
4
358 4
7 Feb 5
312 37
8
4
33
4 334 7,200 Oliver Farm Enuip
No par
312May 7
1914 197
1713 1618 1612 1,800 Preferred A
314 Feb 303 June
4
8 184 184 1812 187 *1712 1818 16
8
No par 12 Jan 8 273 Feb 5
8
.43
4 5
43
4 43
*414 478
500 Omnibus Corp(Thelyto No par
43
4May 10
64 Jan 2
12 Mar
4
83 July
4
5
5
5
5
5
5
1112 1112 10
1012 10
11
1012 115
8
912 ¶112 10
10
2,200 Oppenhelm Coll & Co No par
718 Jan 4 143
8Mar 31
212 Feb
15 June
15
1518 1414 15
14
15
1412 1478 1413 15
1414 1412 12,900 Otis Elevator
14 May 8 193 Feb 16
8
1018 Feb 254 July
No par
9312 Apr 106 July
*9912 993 *9912 993 *9912 993
4
4
8May 11
4 993 100
4
*9912 100
100 1015
100 92 Jan 18 1013
8
190 Preferred
514 53
4
412 512
114 Mar
43
44 Jan 4
914 June
4 518
5
5 18
418 .5
8 Feb 19
412 43
4 8.900
No par
20
20
*1812 1912 1813 1912 *1818 1834 18
214 Feb 21114 June
1818 *1714 1512
Prior preferred
100
9 Jan 2 25 Feb 20
600
81
82
79
964 July
8012 7712 78
3112 Mar
*7812 79
7614 78
7614 7612 3,800 Owens-1111nois Glass Co_ -__25 7614May 10 94 Jan 30
18
1814 1718 18
18
18l2 173 183 '1718 175
8
8
15 Dec 32 July
8 1714 1712 8,400 Pacific Gas & Eleetrle
25 1512 Jan 6 2312 Feb 7
3212 3314 3112 3214' 3114 323
1
315 323
8
22 Dec 433 Jan
8 3034 313
3112 4,700 Pacific Ltg Corp
4 31
No par 2312 Jan 2 37 Feb 7
26
2612 2518 26
25
25
*2312 255 *23
6 Feb 29 July
8
2538 23
23
900 Pacific Mills
100 23 May 11 34 Feb 5
8113 80
*80
803
4 80
4
81
8112 8112 81
65 Mar 943 July
81
80
81
210 Pacific Telep & Teleg
100 72 Jan 11 8512Mar 13
.10912 112 *11014 112 *10912 112 *10912 112
9914 Nov 11112 Sept
10912 1094 *108 112
30
6% preferred
100 103 Jan 3 11212 Apr 26
912 Sept
*713 712 1,700 Pat Western Oil Corp_.No par
53 Dec
4
712 712
718 714 *714 75
714
87 Apr 25
8
612 Mar 19
718
8
8
75
8 72
412 458
414 45
414
8
4
67 July
8
414
13 Mar
4
4
4
414 412
418 60,600 Packard Motor Car _No par
65 Feb 23
8
34 Jan 4
"103 11
4
.103 1118 11
4
11
107 107 *103 1118 *103 1114
8
8
8 June 14 July
4
4
600 Pan-Amer Petr & Trans ____5 103 Jan 9 1112 Jan 30
4
2512 2512 24
2413 2312 2312 22
25
24
8
23
21
Jan 363 Oct
6
2113 2,300 Park-Tilford Inc
1 21 May 11 3513 Feb 6
*118
13
8
114
3 July
14 *114
138
118 118 *118
3 Mar
8
1 14 *114
114
2 Feb 5
300 Parmelee Transporta'n.No par
1 Jan 11
15
8
153
15
8
15
8
14
112
112
158
112 112 *13
8
414 June
112 1,000 Panhandle Prod & Ref _No par
212 Apr 6
4 Apr
114 Jan 2
18
1312 16
*16
16
16
20 June
1414 1414 *1412 18 .14
53 Jan
4
163
4
50
8% cony preferred
100 12 Jan 3 2112 Apr 6
43
8 5
418 5
43
8 47
3
412 478
414 43
4
24 June
43
8 45 80,300 :Paramount Publis ctle____10
8
'8 Apr
4
57 Feb 16
8
13 Jan 2
37
8 418
37
8 438
378 458
414 43
414 July
4
37s 414
64 Feb 15
3 Jan
4
4
1
3 Jan 11
14
418 31,500 Park Utah C 51
23
4 23
4
238 24
2,2 234
213 24
238 258
212 23 14,100 Patbe Exchange
212 July
414 Mar 2
14 Jan
4
No par
112 Jan 4
212 2212 2013 2134 197 2114
4
8
1978 2118 1818 20
1414 Dec
185 20
8
114 Jan
25,300
Preferred class A__ No par
1012 Jan 4 2418 Apr 23
174 18
17
18
163 1712 163 1714 1618 1714 1612 1612 9,200 Patin° Mines & Enterpr No par
4
8
25 Nov
54 Jan
1618May 10 2112 Jan 2
37
8 37
8
334 34
33
4 34
35
8 33
4
3 Feb918 July
4
34 33
4
35
.3 33
4 3,900 Peerless Motor Car
458 Apr 23
3
2 Jan 2
57
57
56
5614 56
5634 56
56
56
56
4
56
56
1,300 Penick & Ford
No par 56 May 7 64 Jan 30 12512 Feb603 Dee
5912 5934 5514 58
553g 58
5712 5814 5519 5714 56
5634 8.900 Penney (J C)
56 Dec
194 Mar
No par
5112 Jan 4 677 Mar 3
4
8
•1073 10812 11073 10812 *10738 10812 *1075 10812 108 10812 108 10812
8
8
Jan 108 Aur
90
Preferred
100 10512Mar 8 108 Feb 19
4
4
*312 5
"312 43
4
*312 47
8 •318 5
*313 5
95 July
8
3 Feb
4
100 Penn Coal & Coke Corp_ _ _ _50
218 Jan 9
514 Apr 26
*514 53
8
413 5
459 458
44 458
43
8 412
412 412 3,500 Penn-Dixie Cement.__No par
94 Jure
14 Jan
34 Jan 6
4
73 Feb 5
2812 .24
2812 *24
27
*24
*24
2812 *22
25
*20
418 Mar 32 July
23
Preferred aeries A
100 13 Jan 8 32 Apr 24
2912 3034 3112 3113 291g 30
32
3213 2914 31
291g 30
Jan
2,600 People's 0 L & C (Chic)_ -100 27 Jan 4 437 Feb 6
25 Dec 78
8
13
14
*1214 14
•1314 14
*13
14
*13
15
*13
1514 June
15
64 Feb
300 Pet Milk
No par
914 Jan 3 15 Feb 23
8 11
1112 11
1114
11
1112 115
1114 103 11
4
15 July
45 Jan
8
1058 107 11,000 Petroleum Corp of Am
8
5
9 Jan 5 1414 Feb 3
8 153 1718
4
8 154 173
163 17
8
17
173
1512 1614
1512 1618 19,200 Phelps
412 Jac
184 Sept
-Dodge Corp
25 145 Mar 27 187 Apr 26
8
8
33
*32
33
*3112 33
3318 33
33
3112 3112 *2918 3212
36 July
800 Philadelphia Co
pref
50 2414 Jan 2 37 Feb 9
2112 Nos
*0018 6412 *---- 6412 *---- 6412 *-___ 6412 •____ 62 *____ 6212
3814 Dec 62 July
No par 49 Jan 12 643 Feb 17
56 preferred
4
4
43
8
413 412
413 412
418 412
4
414
4
418 6,700 Plilla & Read C & I. No par
912 July
34 Jan 4
634 Feb 21
212 Feb
8
4 175 18
8
4 175 173
173 184 1713 172
4
1712 174 175 175
8
8 2,800 Phillip Morris & Co Ltd___10 1112 Jan 3 2014 Mar 26
8
Feb
147 June
8
16
*14
16
*1514 1612 1518 1518 *14
14
14
•13
15
200 Phillips Jones Corp
3
Feb
163 July
4
No par
9 Jan 5 21 Apr 2
*5114 7212 *58
71
7212 *50
7212
•55
7212 *484 7213 *50
7% preferred
35 June 35 June
8
100 58 Feb 27 747 Apr 7
1812 1918 1714 1812 1718 1814 1712 18
1634 177
8 17
172 31,100 Philips Petroleum
4
183 Sept
4
4
43 Jan
4
No par 1512 Jan 9 x203 Apr 11
14
*712 818
712 7'2 *714 818
714 7
7
7
.514
7
173 Dec
4
3G0 Phoenix Hosiery
153 Mar
5
7 May 10 1312 Feb 3
338 353
319 35
8
31g
33
8
33
8 312
31s 34
713 Nov
3 Dee
3
314 15,600 Pierce-Arrow Mot Car Co__ _5
2 Jan 18
612 Feb 19
14 June
*3
4
7
8
31
54
54
7
8
34
3
4
5
8
3
4
3
8
5
8 3,300 Pierce 011 Corp
5gMay 10
14 Jan
25
118 Jan 30
714 712 *714 912
•1112 12
712 7'2
134 June
711 714
800
Preferred
7 May 11
1034 Feb 14
37 Feb
2
7
7 1s
100
112
112
112
112
112
8
112
13
8
112
138
2 4 June
3
15
112 5,8)00 Pierce Petroleum
5 Jan
3
112
2 Feb 6
114 Jan 13
No par
26
26
2518 255.
3 2512 253
2514 26
2512 2512 2512 26
4 2,200 Pillsbury Flour Mille ___No par
,
94 Feb 267 June
1812 Jan 8 2738 Apr 27
*734 75
76
*7214 7412 *7312 76
*74
3
*723 76
4
333 Apr 75 Nov
*7314 75
Pirelli Cool Italy Amer shares 7014 Jan 22 8412Mar 24
*12
14 .12
14
14
12
*11
12
11
11
4 Feb 23 July
*113 13
4
200 Pittsburgh Coal of Pa
100
913 Jan 9 1812 Feb 9
36
33
33
*30
Jan 48 July
*33
36
*30
17
36
*30
35
*32
35
100
Preferred
100 30 Jan 8 4212 Feb 1
S per share S per share $ per share
3012 32
30
32
32
33
38
3712 373
4
39
3018 39'
4 7
63
65
8 7
7
7
2512 2518 2518
253 2612 25
4
77
76
*7612 77
76
76
28
2812
2812 29
283 29
4
212 258
212 234
27
8 27g
214 214
213 25
214 214
8
19
4
20
2012 183 184 18
838 83
8
812 812
*73
4 94
4418 4512 4112 4414 42
44
8318 8412 8318 8412
*8412 91
63
4 714
63
4 75
8
75
8 77
8
2812 3012
32
335
8 2912 32
312 378
314 37
8
312 33
4
51
5112 5112 4812 5012 48
32
32
32
3358 335
8 32
73
4 814
7 8 84
3
812 918
40
417
8
42
*40
427
8 42
2314
243
4 23
25
2514 23
257 257 *2512 264 *2512 2618
8
8
414 45
8
412 458
434 43
4
4
123
4 113 1214
123 123
4
4
4 1312 1414
1414 1412 1212 143
*82
85 .82
*82
83
85
423 423
4
46
4
.4312 447 *42
8
3
318
3
314
338 312
*26
26
26
*26
28
273
4
1812 1714 1812 1712 1712
18
4
4378 437
423 43
4
8 433 44
3 2514 2714
2614 274 244 273
.46
48 .46
"46
48
477
8
34
*4
4
7
8
14
7
8
8
81
72
4 83
4
*918 9'2
27
287
8
29
2724 2914 27
1113 1018 1118
10
1138 12
8
8
105 1258 105 lllz
123 13
4
3218 3218
*25
44
*31
41
8
2012 207
22
22
22
22
678 8
8 812
65
84 83
8
*143 17
8
17
'17
1812 17
194 174 19
1913 203
8 18
63, 612
612 632
9
Otte steel
6%
• Bld and asked prices, no sales on this day. 1 Companies reported in receivership. a Optional sale. c Cash sale. s Sold 15 days. z E3-dIvidend. y Ex-rights.
New York Stock Record-Continued-Page 7
3240
May 12 1934
3dIr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 5.
Monday
May 7.
Tuesday
May 8.
Wednesday
May 9.
Thursday
May 10.
Friday
May 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan, 1.
On basis of 100-share lots.
Lowest.
Highest.
$ per share 5 per share $ per share 3 per share $ per share $ per share Shares Indus. 8c Miscall.(Con.) Par $ per share
$ Per share
73
85
8 9
7 Jan 5 113 Apr 4
85
8
8
714 73
4
73
.1 83g
4 6,700 Pittsburgh Screw & Bolt No par
713 75
3
75s 73
3015 .31
3712 30
30
33
29
32
29
32
*24
130 Pitts Steel 7% cum pref___100 29 Slay 11 43 Feb 21
29
3
3
*214 314
312 Feb 21
200 Pltts Term Coal Corp
214
100
212 *2
214 *212 338 *2
2 Jan 19
3
1512 13
1312 *1112 14
120
1212 1212 *10
•15
100
6% preferred
818 Jan 4 1712 Feb 23
13
14
13
*313 37
8 *313 312
5 Feb 19
200 Pittsburgh United
*212 3
. 3
29
214 Jan 2
3
*21
3
313 3%
3
4812 4812 4712 4712 *463 48
4
Preferred
*463 48
4612 4634 •4512 48
50
100 37 Jan 2 597 Feb 19
5 Feb 21
*112 4
Pittston Co (The)
*214 4
*112 4
4
*112 4
*13
8 4
*112 4
No par
13 Jan 4
8 113 125
113 1233 105 1112 11
4
4
12,400 Plymouth 011 Co
8 1112 12
4
1212 125
11
6 1058Slay 10 163 Jan 30
*93 10
8
$5
8May 7 147 Feb 5
8
No par
83
4 9
9
85* 914
9
1,200 Poor & Co class B
9
9
83
4 9
43
43
8
44 43
3 Jan 12
614 Jan 30
700 Porto Ric-Am Tob cl A_No par
44 41s *33
4 4
4
353 35
33
4 33
2
Class B
2
*15
2
34 Jan 30
No par
112 Jan 3
500
"13
17
*
2
218
2
13
4
13
4 *15
2018 21 12 185 2014 19
2012 19
1734 1834 6,200 Postal Tel & Cable 7% pref 100 171254aY 11) 293 Feb 6
8
2012 1712 19
23
512 Feb 16
3
17 Jan 5
8
23
4 3
No par
23
4 3
353
23
4 3,500 :Pressed Steel Car
3
25
3
3 18
100
1413 1518 1314 147
Preferred
68 Jan 5 22 Feb 17
7
1418 1418 *12
1,000
14
*10
14
1353 14
No par 33341.lay 7 4114 Jan 23
3334 3518 344 3514 34
3412 343
4 333 35
3412 3418 3412 4,000 Procter & Gamble
*108 10912 *108 10912 108, 10912 1
6% pref (ser of Feb 1 '29)100 10212 Jan 22 10912May 8
130
2
.0914 10914 "1094 10912 109 10912
3
8
12
38
4 ------------------------ 9,600 :Producers & Refiners Corp..50
114 Mar 15
14 Jan 2
38
*53
118May 2
1,
6% Feb 19
840
2
Preferred
214
2
2 14 *218 253 -----------------------50
3514 36
3312 353
15,900 Pub Ser Corp of N J___No par 3314Ni:1y 8 45 Feb 6
4 3314 34
5 3312
34
35
34
345
3
No par 67 Jan 2 84 Feb 6
*81
55 preferred
82
8013 8011 *797 8112 *797 8112 703 793
8
300
4 8013 8012
4
100 79 Jan 8 0614 Apr 27
9412 9412 0412 *911. 945* *9114 9412
*92
*933 957 *923 95
4
3
4
100
6% preferred
100 90 Jan 8 106 Feb 21
*101 104 *10112 10414 *101 104 *1004 104 *10018 1035* *100 1031
7% preferred
.
100
*11812 121 *115 11914 115 115
100 105 Jan 12 11912 Feb 17
8% preferred
311218 11818 *112 117
200 Pub Ser El & Gas pf S5.No par 90 Jan 10 103 May 4
10213 10212 *10212 103
*100 104 "102 103 *102 103 *10212 103
3
3
No par 48 May 10 593 Feb 6
51
523
4 53
8
5314 48
5012 4912 5014 9,200 Pullman Inc
5353 5912 503 53
912 97 23,700 Pure 011 (The)
8May 10 147s Feb 16
No par . 93
1013 1118 103 1053 1014 103
8
4
11
8
1114
93 1018
3
4
100 583 Jan 9 80 Feb 6
8% cony preferred
510
7214 7214 7114 7214 693 71
4
;
7013 7012 6918 6918 671 6818
4
1214 Jan 6 193 Feb 5
No par
133 145
147 153
4
8 143 145
3 14
3
1411 8.800 Purity Bakeries
15
3 131. 1412 14
75
73
612 Jan 4
94 Feb 6
No par
753
714 778 149,800 Radio Corp of Amer
78
7
814
712 77
714 8
381, 393
363 373
50 2314 Jan 4 41127,tay 11
Preferred
4 36
4
3814 3612 40
4 363 3914 383 41 12 10,700
4
3
Preferred B
Na par 15 Jan 4 35 8May 11
2913 3114 2818 3012 2853 3253 301.. 3253 2912 3314 323 353 107.500
2
4
414 Feb 17
214 Jan 9
17,800 fRadlo-Kelth-Orph__ __No par
314
27
318 31.1
313
2% 3
3
3
34
23
4 3
3,100 P.aybestos Manhattan_No par
18
16 Jan 9 23 Feb 5
1734 18
178 1813 17
1753 1814 173 18
1814 1814
4
10
9
853 Jan 9 14 Feb 6
9
9 18
1,800 Real Silk Hosiery
85
3 9
9
*812 9
93
4
9
093 10
4
220
Preferred
53
52
100 45 Jan 23 6014 Apr 26
56
5412 *52
5612 5612 5612 5612 5612 53
58
6 Apr 2
218 Jan 5
4
33
3 3
314 3 8
33
4
,2 *312 33
5
3N
312 312
318 33
4 1,600 Reis (Robt) te Co____No par
1st preferred
"23
19
29
26
600
2012 22
*23
*2512 29
100 1312 Jan 3 3834 Apr 2
25
19
24
9
912
9
9% 16,900 Remington-Rand
1
10%
93 10
8
9
1014
8% 93
10
653 Jan 6 1353 Feb 23
4
600
131 preferred
.1 60
56
57
56
60
57
6612 57
.58
100 3253 Jan 6 6912 Mar 14
57
623
*50
58
60
54 .52
*50
100
.56
100 30 Jan 8 67 Mar 14
60
2d preferred
60 •50
57
*48
54
5
35
512 Feb23
4
34 Jan 2
418
33
4 4
4 8,800 Reo Motor Car
37*
3
4
312 3
14
312 33
8May 10 253 Feb 23
4
161.1 1814
61.800 Republic Steel Corp___No par 155
1612 177
1712 19
3 1714 18% 155 173
17
3
3 16
5112 50
39 Jan 4 6712 Feb 23
53
cony preferred
474 53
48
5214 4653 4914 47
7,000
49
100
52
6%
1014 *1014 113
5 Jan 8 1412 Apr 11
1,000 Revere Copper & Brass
*1114 1218 11
5
12
*1013 117
1112 *10
8 10
400
*2314 2518 '2314 2314 2314 2314 *2112 2512 21
10 11 14 Jan 29 2812 Apr 11
21
Class A
*2014 25
4
2412 2512 2338 243
243 2518 233 2518 233 25
4
4
24% 10,100 Reynolds Metal Co __No par 1512 Jan 2 273 Apr 26
8 22
12
612 Jan 9 1312 Feb 25
11
113 117
1012 2,000 Reynolds Spring
8
11
1012 103
No par
11
12
1114
4 10
4214 4314 91 12 425
8 4153 4253 421s 427
4
41 12 423i 413 428 16,000 Reynolds (It J) Tob class B_10 3934Mar 21 4512 Jan 9
7 Jan 3
Class A
057
(30
60
60
57
20
*57
*57 • 60
10 67 Jan 5 59
57
60 •57
*57
9 Jan 17 1312 Feb 8
*814 11
10
200 Ritter Dental Mfg
No pa?
9
11
9
12 • 10
*818 11
*8
•10
26% Jan 3 331x Apr 26
2,400 Roan Antelope Copper Mines_
*303 3112 30
3
3014 295 2953 *297 3012 30
8
3014 3018 307
77
77
4 78
814 812
6
4 Jan 3 1014 Feb 6
15
8 77
84 814
8 2.900 Rossia Insurance Co
73
4 8
73
3513 354 345* 348 *3458 3512 3434 35
800 Royal Dutch Co (N Y shares) 33 Apr 30 394 Feb 19
"3512 38
345 345
8May 10 277 Feb 5
1712 183 11,900 St Joseph Lead
4
193 2018 173 1912 1812 205* 19
10 173
8
4
205* 1753 19
5213 528 497 52
5112 5012 51% 49
49
6,800 Safeway Stores
No par 44 Jan 5 57 Apr 23
49
5012 48
4
10314 1033 10212 104
1033 1033 1034 104
4
,
650
•1033 104
100 843 Jan 3 10434 Apr f4
6% preferred
4
103 103
111 111
110 111
110 4 112
Ill 111
10C 9812 Jan 15 112 Apr40
3
111 11112 1105 111
390
7% preferred
814 854 *8
6 Jan 13 1214 Feb lo
8
8
960 Savage Arms Corp__No par
814
8
*83
84
4 878
7% 75
28
313
8 28
5 2514May 10 388 Apr 11
33
8 2514 28
66,700 Schenley Distiller,, Corp
31
2634 28
2953 2712 293
47
8 Feb 5
1
514
3 4 Jan 4
538
3
47
8 5
514
418 43
43
4 5
412 45
6,800 Schulte Retail Stores
22
*22
26
490
2112 22
.2313 24
100 15 Jan 2 30% Apr 16
Preferred
235* 2214 2214 2212 23
47
47
*46
*47
47
49
110 Scott Paper Co
45
No par 41 Jan 10 50 Apr 5
047
47
49
45
45
313 3312 13,400 Seaboard 011 Co of Del_No par
4
3
345 3453 3112 3418 32
8
33
32
334 29 4 32
2538 Jan 6 388 Apr 11
47 Feb 7
5312 4
*312 4
*312 4
200 Seagrave Corp
312 31_
253 Jan 18
*312 4
312 312
No par
447
8 415 433
ja
8
8 43
4418 4512 4218 4514 427 447
417 43
67,600 Sears, Roebuck & Co No par 4012 Jan 4 5114 Feb 5
2
2 Slay 10
214 214
214
214 *24 212
214
1
24 "17
214
212
414
600 Second Nat Investors
4518 Feb 2
Preferred
1
32 Jan 8
*3813 4213 *3812 421 *3812 4218
*3812 44
*3812 44
.3812 44
2 Jan 22
1 Jan 5
113
113
1,000 :Seneca Copper
No par
118 1%
•118
114
114
114
114
113
lls •118
45 Jan 8 9
Apr 24
7
68 74
714 41,100 Servel Inc
63
4 72
714 712
7
1
712
713 77
953 1018
93 10
8
1013 103
4
63 Jan 2 137 Mar 9
4
8
9
No par
87
8 93
953 14,900 Shattuck (F G)
95* 1018
77
77
1314 Feb 23
800 Sharon Steel Hoop
54 Jan 11
No par
,
712 8
912 *812 9 2
912 97
3 •
9
*97 10
77 Feb 5
2
13,400 Sharpe & Dohme
484 Jan 2
No par
*63
4 7
612 614
618 613
53
4 6
613 6 2
,
501 618
48
48
Cony preferred ser A_No par 3814 Jan 8 49 May 3
48
4814 "47
*4714 48
48
*4713 48
474 48
700
77 Jan 3 1112 Jan 27
85
8 9
85
8 9
85
8 93
812 834
87
918
812 85 12,400 Shell Union Oil
No par
7512 754 7518 73 73
*72
72
72
Cony preferred
7012 7012
400
*7312 79
100 68 Jan 2 89 Jan 26
15 May 7 2418 Feb 5
15
15
NO par
1714 1814
4
163
8 158 1612 20,500 Simmons Co
175* 153 1714 1618 17
91
8
953 98
91, 93
4
914
10
10
9 Jan 4 1112 Feb 5
913 918 3,900 Simms l'etroleum
10
98 95
77 Jan 10 114 Apr 25
10
10
10
958 9 3
25
1018 10
7
912 98 5,300 Skelly 011 Co
97 1053 10
3
67
400
65 65
*6618 67
Preferred
*6412 67
4
66
664 6553 6512 *65
100 543 Jan 9 6818 Apr 26
*1853 25
*19
25
25
25
*1833 25
*18
*18
29
29
100 Sloss-Sheff Steel & Iron100 15 Jan 9 2712 Feb 17
*30
38
38
*30
*30
*30
100 2312 Jan 2 42 Apr 23
38
7% preferred
374 *3014 36
3818 *30
1514 16
634 Jan 3 17 May 5
4 1314 143
15
154 1412 153
4 1312 143 15,000 Snider Packing Corp__No par
144 16
8
8May 10 197 Feb 5
8
8
z147 1553 1478 153 61,900 Socony Vacuum Corp
1513 1531 153 16
8
25 x147
. 1514 157
3
153 161
4
4May 2
400 Solvay Am Invt Tr pref__100 86 Jan 6 1013
*101 10112 10112 10112 *100 10112 *100 10112 *100 10114 100 100
303
4 3112 317
3012 3,100 So Porto Rico Sugar__ _No par 30 May 7 3933 Feb 5
3112 30
30
1
31
3112 30
3153 30
10
100 115 Jan 16 130 Mar 20
Preferred
130 130 *126 130 •126 12912 •126 130 *126 130
*12814 130
3 1612 1653 7,300 Southern Calif Edison
25 1514 Jan 4 2213 Feb 7
1714 173
8 164 17,
165 17,
3
,
4 1638 162
4
1633 1714
/
*1033 113
5 4 Jan 10 13 Apr 21
3
600 Spalding (AG)& Bros_No par
10
11
93 10
1012 1012 10
4
4 1014 1014 *10
50
100 3014 Jan 11 74 Apr 21
1st preferred
58
*58
60
58
•60
68
60
60 60
*60
65
60
8
7 Jan 22 153 Apr 23
40 Spang Chalfant &Co Ina .Vo par
9
9
12
10
*9
1112 *914 1212 *9
10
*1012 1214
Preferred
50
100 30 Jan 23 62 Apr 24
60
*50
60
60
.50
*50
50
50
*50
5012
60
*50
8 Feb 21
3 Jan 6
53
65
8
6
65
8
618 612
6
654 618
612 63
6741 618 18,600 Sparks Withington__No par
2 Jan 3
73 Apr 18
3
No par
*438 6
*438 5
20 Spear & Co
*41
8 6
4
_
53
4 53 ____
*47
6
3.100 Spencer Kellogg & Sons No par
19
1534 Jan 5 2112 Feb 23
*16
10
20
19 120
914 1914 1914 19
2012 19
1
Ws Jan 5 118 Apr 2
85
812 63,700 Sperry Corp (The) v to
9
8
83
4
8
8
87
8
77
8 853
8 4 912
3
8 Jan 10 13 Feb 7
No par
Spicer Mfg Co
11
*818 1118
*8
*818 1112 *813 1112 *813 12
*812 12
2184 Jan 2 3113 Feb 20
Cony preferred A_No par
100
28
29
29
2812 2812 28
28
2812 29
30
29
*29
19 Jan 4 6713 Apr 25
43
5114 40.800 Spiegel-May-Stern Co_No par
58
4812 57
4612 51
5212 5812 54
5 2 59
4,
19 May 10 2514 Feb 1
No par
194 19
4
1953 70,900 Standard Brands
8
2012 203
4 193 2012 1914 2014 193 2014 19
17
8 Mar 13
4 Jan 9
553 2 800 Stand Comm Tobacco_No par
4N
6
514
614
5
514 53
5 34
1
54 57
658 Jan 4 17 Feb 6
18,000 Standard Gas & El Co_No par
91. 10
918 10
918 97
8
912 1014
93 1118
4
98 1012
Vs Jan 8 17 Feb 6
No par
Preferred
8,900
1012 11
;
117
8 105 1112 1114 1112 105* 11
1112 1214 11
16 Jan 10 33 Feb 6
$6 cum prior pref___ _No par
2213 1,600
2312 20
25
24
23
23
2312 *23
24
25
25
1711 Jan 4 3812 Apr 24
$7 cum prior pref __ No par
2,700
27
2712 29
8 2914 2914 2714 28
26
28
283
4 2712 275
17s Jan 5
7 Jan 13
8
8 1,200 Stand Investing Corp_ _No par
8 .11 4
13
112
13
8 *118 13
114
114 5114
114
*153 112
10912 1093 10912 1093 10913 110 *10954 1103 1093 110
10912 10912 2,400 Standard Oil Export pref__100 9612 Jan 2 110 Slay 8
4
4
4
No par 32 May 10 4278 Jan 30
3214 335* 3212 3314 3314 3331 32
323 21,100 Standard Oil of Call!
3
32
3312 34
333
4
700 Standard 011 of Kansas.. _10 333 Feb 13 41 Apr 21
8
5393 404 *393 40
4
4
3914 3914 3912 395
*393 40
4
3912 393
424 425 40,500 Standard 011 of New Jersey_25 42 Stay 10 50,3 Fe r,
8
43
4212 4414 4258 4312 427 4312 42
A pb 17
438 443
6 Jan 15 1414
600 Starrett Co (The) L S No par
11
11
11
11
4
.11
12
1114 113
*114 12
*113 12
4
4
10 4714 Jan 4 613 Apr 21
593
4 58
3
4 5712 594 5714 5914 59
581I 693
59 4 5912 6013 9.000 Sterling Products Inc
1% Jan 2
3 Feb 0
4 .15
8 2
112 153 *112 13
8 13
3
14
4 1,800 Sterling Securities cl A_No par
13
4 •15
17
17
3 Jan 3
7 Feb 6
No par
Preferred
1,400
412 453 *412 5
4 513
4 *43
43
4 43
514
5
514 5
4
4
Convertible preferred____50 30 Jan 12 363 Feb 1
1,300
35
*34
30
36
35
*34
35
36
*34
35
35 35
10
614 Jan 8 105 Feb 21
8
-Warner
678 714
74 73
7
733 75
74 8
718 10,100 Stewart
813
8
6 Jan 6 1314 Feb 6
No par
718 8
712 814
7
813
78
7
8
75
3
74 712 15,000 Stone & Webster
43 Jan 2
8
914 Feb 21
5
512
28,700 :Studebaker Corp(The)No par
412 5
412 54
43 5
7
514
5
47
5
100 1912 Jan 2 47 Feb 19
Preferred
500
26
26
27
24
27
26
*25
27
24
274 274 26
No par 5112 Jan 2 62 Apr 21
700 Sun 011
563 5712 563 563
4
*5712 59
4
4 5612 574 *5612 61
60
•58
100 100 Jan 17 11312 Apr 23
Preferred
160
112 112 *11012 112
111 111
112 112
112 112
*111 112
15 Jan 6 2514 Feb 5
300 Superheater Co (The)__No par
18
18
17
1812 18
18
*15
*18
18
18
20
*18
4
3 Feb 1
1
18 Jan 3
214
218
214 24
214 5,500 Superior 011
213 218
218
8
213 23
23
8
23
3
97 1014
8 May 10 15 Feb 19
100
2,200 Superior Steel
8
1112 *914 1012
03 1013
4
9
*812 9
*10
7
5 4 Jan 26
3
314 Jan 9
300 Sweeta Co of Amer (The)_ -_50
413 412 *3
4 *373 47
412
8 *3% 43
*45
8 5
45* 45
78May 11
212 Feb 19
No par
13
8
000 Symington Co
138 •114
112 *118
1
7
s 1
118
112 *118
*118
3May 8
53 Feb 23
Class A
27
1,400
3
No par
3
3 13
27
*314 312
8 3
314
27
8 3
3
333 353
3
1,100 Telautograph Corp
5 10 4 Jan 2 1514 Feb 1
107 11
8
11
11
11
11
11
8 11
1114 115
*1112 12
6% Feb 19
413 Jan 8
5
4 4,600 Tennessee Corp
14 513
412 43
453 5
54 514
513
513
512 54
5
4May II 2953 Feb 5
25 223
243
23
237
8 24
223 2312 20,700 Texas Corp (The)
3
2514 243 2514 237 245
25
8Slay 10 4314 Feb 6
4 3133 337
32
3212 16.400 Texas Gulf Sulphur ---No par 313
3
34
3414 317 3312 3212 3334 334 333
37
612 Apr 4
37
34 Jan 8
8,200 Texas Pacific Coal & 011_10
373
418
4
418
44
38 418
4
438 453
75
65 Jan 6 12 Apr 2
4
73 19,000 Texas Puffin Land Trust.„1
4
712 8
814
814
8
77
8,4
77
8
814
10 Jan 4 1512 Jan 30
No par
1112 *107 1234 1,300 Thatcher Mfg
8
11
1114 1112 *1112 13
1214 *1114 1112
12
No par 39 Jan 16 44 Jan 29
53.60 cony pref
42
200
423
4 42
4
*4014 423 *4012 4234 *42
41
4314 41
041
• Bid and asked prices, no sales on this day. :Companies reported in receivership. a Optional sale.
c Cash sale. z Ex-dividend.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share S per share
17 Feb
8
11% July
1014 Jar, 383 May
4
12 Feb
673 July
4
Jan 2312 July
612 July
54 Feb
153 Feb 64 July
% Apr
7 June
6% Feb
175 July
8
134 Apr
133 July
4
153 Mar
8 June
118 Feb
4 May
4
Feb 405 June
618 June
53 Jan
3 Jan
18 June
195 Feb 4712 July
8
97
Apr 1103 Nov
4
14 Jan
27 June
8
2 Nov
13 June
3253 Nov 5713 June
g
597 Nov
8812 Jan
75 Dec 1013 Jan
3
84 Dec 11212 Jan
99 Nov 125
Jan
837 Dec 10312 Jan
*
18 Feb 5818 July
213 Mar
1553 Sept
30 Mar 697 Sept
8
57 Feb 25 8 July
3
3
3 Feb 12% July
1314 Fel
40 May
612 Feb 27 July
1 Mar
53 June
4
5 Feb 205 Sept
8
512 Feb 207 June
3
25
Jan 60 May
14 Jan
412 July
118 Jan
1812 June
213 Feb
1114 July
712 Feb 3712 July
8 Feb 35 4 Dee
3
13 Feb
3
63 June
3
4
Feb 23 July
9 Feb 5412 July
114 Jar
12 June
214 Mar 25 June
6 Feb 2112 June
112 Feb
153 July
4
2612 Jan z5414 Sent
60
Jan 625 Jan
612 Fel, 163 June
4
233 Nov 2612 Nov
8
2 Apr
107 June
8
175* Mar 393 Nov
4
613 Feb 313 Sept
4
28 Mar 6253 July
72 Apr 9413 July
8014 Feb 105 Sept
214 Apr
12 July
24 Nov 4514 Aug
5 Mar 1014 July
8
318 Apr 3514 July
28
Jan 447 JillY
8
15 Fel, 433 Sept
14 Feb
43 July
4
12,2 F b
1 14 e
467
June
24 Feb 48 July
35 June
18 Mar
112 Feb
712 July
6 4 Apr
3
1314 July
112 Feb
12 July
212 Feb
853 June
2114 Mar 417 July
312 Feb
1153 July
2812 Mar 61 July
45* Feb 31 July
47 Feb
123 June
8
3 Feb
9% June
22 Feb 5712 July
7 Jan 35 July
814 Feb 42 July
5 Mar
8
93 July
4
6 Mar 17 Nov
68 Feb 92 July
157 Jan 4833 July
3
112
Jan 132 July
144 Nov
Jan
28
4
Jan
11% July
2513 Mar 61 June
412 Feb
1512 July
1712 Feb 50 June
3 Fel
4
8 JUII8
13 Jan
512 June
712 Apr 22 July
213 May
712 July
5
Jan
16 June
1184 Mar 3212 Jur a
1
Feb2112 Deo
133 Mar 3753 July
4
93 Aug
1
Jun
54 Mar 2212 June
684 Dec 257 June
3
15 Dec 01 June
10 Dec 60 June
27 Julie
12 Mar
9212 Mar 1023 Sept
4
1912 Mar 45 Nov
1234 Apr 397 Dee
17,
2233 Mar 4112
4 Feb
June
4538 Dec 603 Sept
4
53
112
211
213
512
112
9
35
89
712
114
2
I
13
14
84
133
1084
1514
13
8
312
5
275
y Ex rights.
Jan
37 June
8
Feb
73 June
4
Mar 3614 July
1112 July
Feb
Dec
1914 July
Mar
8% June
Apr 3818 June
Feb 59 Nov
Mar 103 July
Feb 27 July
Jan
413 July
Feb 223 Judy
8
Mar 10 July
Apr
3 June
Apr
514 July
Feb
16% July
Feb
74 Aug
Feb 3013 Sept
Feb 4514 Nov
Mar
612 May
11 18 June
Mar
Feb 2218 July
Feb 44 July
New York Stock Record-Concluded-Page 8
3241
rir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 5.
Monday
May 7.
Tuesday
May 8.
Wednesday
May 9.
Thursday
May 10.
Friday
May 11.
I Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.& MIscell. (Cond.) Par $ per share
9
9
10
No par
9
93*
*85
9 18 .9
8 912, *85
9
6 Jan 6
500 The Fair
8 914
57
57
512 57
512 578
5
514 512
538
5 May 8
514 512 4.800 ThermoId Co
1
.16
187
1712 1712 *1518 18
100 Third Nat Investors
*1512 1712 *1512 1712
1 1312 Jan 2
.155 18
8
8
8
*75
8 77
8
75
•7
25
8 77
8
8 .7
712 Jan 18
300 Thompson (J R)
814
163 17
4
153 163* 1512 16
4
4,700 Thompson Products Inc No par 134 Jan 4
15
*143 147
1512 137 15
4
8
3 Jan 3
32
4
3,2 37
3
3
318 9,700 Thompson-Starrett Co_No par
3
3 12
3
314
314 312
*19
21
.19
21
19 Mar 31
*19
$3.50 cum pref
No par
19
20
19
21
100
.19
21 .19
o
1212 1318 113 13
4
117 123
8
4 1212 122
No par
4 115 1214 117 1214 27,800 Tidewater Assoc 011
8
812 Jan 4
84
84
8212 8412 8214 8214 82
Preferred
*80
8214 8012 82
100 6412 Jan 4
8114 1,300
*35
403 .35
4
403 *35
Tide Water 011
4
40 .33
31 Mar 26
38 .32
38
No par
38
*32
*93
96
93 93
*883 91
Preferred
*9114 9414 *882 93 .883 91
4
200
100 80 Jan 11
4
4
37 Jan 4
84 718
74 74
6% 67 17,700 Timken Detroit Axle
10
63* 7
63
4 7
6'2 67
3112 32
297 3112 3014 32
2912 10,900 Timken Roller Bearing_No par 29 May 11
302 3112 2912 3012 29
4
612 63
614 63*
6 May 10
814 65
618 25,800 Transamerica Corp_ _ __No par
8
614
614 6%
6
6
*83 103
4
8
812 83
4
7 4 83
3
8
612Slay 10
818 814
63
4 714 2,000 Transue & Williams St'l No par
612 818
45
8
43
4
412 4%
412 45
8
45
8 43
4
4145tay 10
4% 412 7,900 Tri-Contineotal Coryi__No par
414 412
7714 7714 *7312 77 .731 77 .7312 76% *7312 763 *7312 7o
8% preferred
;
100
No par 6014 Jan 9
4
371. 3712 375 375 .374 3812 372, 373t 3612 3712 *3612 3714 1,800 Trico Products Corp
8
8
No par 33 Jan 8
23* 25*
25
8 25
8
No par
212 212
212 212
15 Jan 3
8
212 23*
24 252 2,100 Truax Traer Coal
53
47 Jan 4
612 612
8
612
51. 6
55
8 53
4 7,200 Truscon Steel
614
614 6%
10
27
3
*23
4 3
284 27
25; 318 *212 3
900 Ulen & Co
No par
4
8
2 8 Jan 5
3
23
4 22
43
43
4134 413
4 405 42
41
41
2,000 Under Elliott Fisher Co No par 36 Jan 5
4112 4112 401. 41
5258 5312 4912 5314 4912 51
4812 48
4912 3.200 Union Bag & Pap Corp_No par 43 Jan 8
51
5212 48
2
42
4318 397 4314 4018 417
40
34,700 Union Carbide A, Carb_No par 38 May 11
38
403* 41% 3814 40
1614 163
153 1614 157 1612 157 167
4
8
4 8,400 Union 011 California
8
8 153* 1618 1512 153
25 15387.t1Iy 19
*19
19% 18
19
1912 1913
*1812 1912 19
184 19
1552 Jan 9
900 Union Tank Car
19
No par
207 223* 1912 2112 195 21
8
8
191s 2012 193 2013 86,000 United Aircraft & Tran_No par
173* Feb 13
2012 211
2612 27
2512 27 .253 28
4
2512 251 .2512 26
23 Jan 8
630 United Biscuit
No par
*2512 27
*11418 1147 *11418 11412 *11418 11412 11418 11418 *11212 115
11212 11213
8
30
Preferred
100 107 Jan 9
4212 423* 407 43
8
3912 41
41
394 401
425
8 41
9.800 United Carbon
42
No par 35 Jan 4
47
8
5
558
53
47
514
8 S's
412 Jan 4
5
5 14
No par
53*
48 5 62.700 United Corn
3112 32
3014 3112 3018 314 31
31
31
31
3,100
Preferred
3112 31
No par 243 Jan 3
1534 14112 143 16
4
1518 1614 154 163* 1412 1524 153 153 25,600 United Drug Inc
5
914 Jan 8
97
*9
87
*7
8
400 United Dyewood Corp
2
8
87
8 .812 93
10
8
4
33 Jan 2
812 812
43
4 43
4
412 412 *412 5
412 42 1,200 United Electric Coal___No pa
4311 41
*412 5
34 Jan 10
69
70
691
6712 68
672 70
9,200 United Fruit
4
71
No par 59 Jan 5
68
67
70
69
1618 163* 154 1612 153 1618 18
1552 16
4
21,900 United Gas Improve
1612 153 161g
No par
144 Jan 4
4
No par 86 Jan 8
Preferred
,
800
*9 3 a7., 9712 973 *9712 9814 •97% 98, 9713 98'4 9712 9713
6
4
'214
214
214
21
24 3
*214 3
100
214
12 Feb 13
400 tUnited Paperboard
4
214 214
8
812 812 .7
*7
81
300 United Piece Dye Wks_No par
4 912
83* 914 •83
7 Jan 8
.
914 10
*50
5712 *45
*50
57 .50
20
5712 *50
50
100 49 Jan 12
57
5712 50
6% preferred
3
44 43
3
8
312 41
4
4
43
8
4
4
44
314 Jan 11
38 3,800 United Stores class A__No par
*60
*60
Preferred class A ___ _No par 5418 Mar 21
66 .60
66
66
*60
66
68 .60
*60
66
4734 472
4 45
45
45
44
2,000 Universal Leaf Tobacco No par 4014 Feb 26
45
44
44
463
4 4512 46
43 43
40 40
43
*36
35
.36
43
*36
45 .36
8
30 Universal Pictures 1st pfd.100 167 Jan 8
218 218
2
218
2
2
212
2
212
218
218
2
1
5.800 Universal Pipe & Rad
114 Jan 2
235 2512 2118 2412 22
8
223 24.100 US Pipe & Foundry
20 18 Jan 4
8
223 234 1912 2218 21
24
.1812 19
No pa?
1812 Jan 11
1812 1812 .1812 187
lot preferred
8 1812 1812 1812 1812 1814 1814 1,000
*112 27
8 *112 27
US Distrib Corp
112 Jan 5
No par
.114
212 *112 212 .112 212 *112 212
21
21
19
19 May 7
1,100 U S Freight
20
19
19
No par
20
19
19
20
20
19
104 1024 1014 1012 1018 1018 10
1018
No pa?
914 9 4 .93 1018 1,400 US & Foreign Secur
814 Jan 2
3
*72
86
.72
72
400
86 .72
70 70
Preferred
86
No par 6314 Jan 5
72
*72
86
38
38
36
36
20 3512Slay 10
3,000 US Gypsum
8 36
38
3614 3612 3512 357
3612 39
131 131
131 131
129 130
390
7% preferred
129 130 .125 130
100 115 Jan 10
12912 130
93* 94
43* Jan 9
8
2,500 U S Hoff Mach Corp
83
8 *818 9
5
814 87
83
2 858
858 94
44
4914 403* 45
4
4114 4412 437 448 4112 4414 413 4212 13,800 U S Industrial Alcohol_No par
40141 Hay 7
*85 10
8
Vo par
75
73* 9
8:May 7
818 814 2.200 U S Leather v t o
7 4 73
3
73
4 818
814 82
*1418 1512 133 1414
1314May 11
* 1314 133
Class A v t o
No par
1414 145
1312 145
4 3.500
8 1412 15
60 60
*5912 693 *5812 693 *5812 693 *5812 693 05812 693
4
Prior preferred v t o
4
100 6512 Jan 5
4
100
4
4
75
618
719 732
634 712
712 734
734
84
73 13.900 U S Realty de lmpt___No par
8
7
618May 11
2118 22's 1912 22
3
173 1914 71,300 U S Rubber
No par
4
14 4 Jan 5
193 213
1912 214 1712 1914
5218 54
51
52,300
543* 52
1st preferred
100 2418 Jan 8
5414 503 5312 443 4914 4518 48
4
114 117
112 11812 114 12112 11418 11912 111 11814 113 118 40,300 U S Smelting Ref & Min___50 983* Jan 13
6318 634 62
.83
6418 6314 644
64
62
64
Preferred
64
514 5412 Jan 13
84
600
4518 47
431, 46
444 423 44 114.800 US Steel Corp
8
437 46
100 42 May 10
4418 4618 42
5
9012 917
8912 91
88
89
7,400
8918
Preferred
8838 9012 8914 90
100 88 Jan 9
83
101 101 *10012 102
1,000 13' S Tobacco
101 102
4
No par 99 Jan 5
10014 10014 .10012 1013 10014 102
3
23* Jan 5
3
3
318
3 18 7,900 Utilities Pow & Lt A
3
I
34
3
3
314
34 33*
13*
13
14
1 18
114 3,200 Vadsco Sales
14
118
15
No par
114
114
13
8
1 Jan 2
114
2214 233
4 203 223
8
4 2012 23
8 183 20% 1912 204 15,900 Vanadium Corp of Am_No par
4
1S31May 10
21% 225
*1018 103
97
8
95 104 10
8
412 Jan 2
912 1,200 Van Raalte Co Inc
5
94 912 .9
10
98
*712 7212 72
4
72
74
7212 723 *71
450
72
72
7212 73
7% 1st pre:
100 x5414 Mar 1
3312 333* 33
3234 33
3,700 Vick Chemical Inc
3314 33
33
33
34
' 247 Jan 4
1
3312 33
33* 3%
3
27
8May 8
3
318 4,000 Virginia-Carolina Chem No par
3
3 14
35
8
34 314
23* 314
*194 21
173 1914 18
17
4
.1712 19
18
1712 1712 1712 1,000
6% preferred
100 1412 Jan 3
•70
_ _ *70
70
69 69
75
•70
70
75 .70
200
7% preferred
100 593 Jan 8
4
*74
754 -71.14 76I4 7514 7412 74, .74
7612 75
7512
2
75
50 Virginia El & Pow $8 pf 510 par 65 Jan 2
*612 7
614 614
878
60 Virginia Iron Coal & coke.100
614 614 *5
47 Jan 11
8
64
WI *814 9
884 87,
663
634 66
2 6512 68
64
6412 6714 66
65
1,010 Vulcan DetInning
100 52 Jan 4
53 Jan 2
612 612 *614 612
614 614 *614 612
618 614
600 Waldorf System
6
6
No par
2514 2514 24
2514 24
25
234 2518 25
247
8 25
No par
257
8 8,300 Walgreen Co
2214 Feb26
•103 1054 .103 105 .103 105 *103 105 *103 105 *103 105
6 yi 7 preferred
100 8412 Jan 4
0
43
4 47
8
4
412
412 43
8
4
4
414 412
23 Jan 4
No par
4.700 Walworth Co
434 43
0812 10
*812 1038 *8
8i2 _ .
*8
1018 •8
10
1018 *8
Ward 13akIng class A No pa
64 Jan 5
212 212
258 212
214 2 4
24 214 2,100
Class B
214
,
214
214 23*
No par
24 Jan 11
31
3112 30
30
29
29
•28
2912 2718 2719 .28
32
Preferred
100 271851ay 10
500
612 67
53
4 63*
55
57 59,400 Warner Bros Pictures
8
6%
53
4 614
512 6
47 Jan 6
8
5
28
28
*25
29 .25
28
285 .25
8
25
25
*20
26
200
33.85 cony pref
No par
1812 Jan 19
023* 23*
24 214 .214 243
214
212
214 25
23* 258
8
800 Warner Quinlan
No par
15* Jan 4
1018 10'z
94 1018
93*
93*
914 10
812 914
10,700 Warren Bros
812May 10
No par
85* 9
*2218 . . 21
2112 20
2113 20
20
1918 193 .19
4
194 1,200
Convertible pref
No par 16 Jan 8
235* 238 2312 2312 22
22
22
22
195* 294 1912 1912 4,700 Warren Fdy & Pipe
No par
1912May 11
33
412 412
412
33
4 4
37
8 4
•33
4 5
.4
5
2,100 Webster Elsenlohr
No par
33
4May 7
.114
14 .
114 5112
114
17
8
114
178
114
17
8
112
112
70 Wells Fargo .2: CO
1
I Jan 17
.213 2212 2012 2112 20
4
21
20
21
20
211
21
203
4 3.500 Wesson 011 & Snowdrift No par 15 4 Jan 4
3
584 5814 55
057
56
*58
59
57
57
*57
69
60
500
Cony preferred
No par 6212 Jan 5
453 4812 4234 47
4
42: 46'2 4312 46
8
433
41
4118 43
25,700 Western Union Telegraph_100 41 May 10
3118 3112 29
3114 2958 303
4 294 293
4 2718 2912 28
2814 7.830 Westingh'se Air Brake_No par 263 Jan 5
4
36
3712 323* 363* 3318 354 3312 3514 3112 3334 3134 334 44,300 Westinghouse El & Mfg___50 3112Slay 1(1
.883 90
88
8834 .88
90 .88
90
88
88
88 88
140
1st preferred
50 8312 Jan 17
*1114 124 11
11
*103 11
4
1112
.11
54 *10
972 10
11
600 Weston Eleo Instruml_No par
67 Jan 3
8
.24
_ .24
_ *22
_ . .22
_ _ •21
- *21 ----------Class A
No par
18.8 Jan
64 - - 64
- - *60 63
6i
61 - 61. 6112 II12 62 62
160 Wein Penn Elec olasa A_No par 4412 Jan 8
70
71
68
7018 683 69
4
683 693
4
685 69
6
812 6812
370
Preferred
4
100 513 Jan 8
*6414 643
4 04
6414 64
061
04
*61
64 .61
84
64
120
6% preferred
100 45 Jan 3
*10812 10912 *10812 10912 109 109 .109 10912 109 10912 .409 11024
50 West Penn Power pref
100 8912 Jan 2
101 101
100 10018 100 100 .100 101 .100 101
100 101
120
6% preferred
100 783 Jan 10
4
35* 33*
33* 35
8
312 3
,2
34 3,2'3's 313
3
1.300 West Dairy Prod ol A_ _No par
3
3 Jan 10
114
1 14 .114
13
8
114
114 *114
13
14
114 *118
114 1,200
Class 13 v t a
No par
118 Jan 3
20
2012 194 20
1918 20 .19
204 18% 19
19
1914 2,500 Westvaco Chlorine Prod No pa
147 Jan 12
24 .21
*22
2312 *21
2214 .21
2214 204 203 .20
2112
200 Wheeling Steel Corp_No par
19 Jan 5
*52
55
49
52
50
50
•48
55
*48
55
.48
55
400
Preferred
100 38 Jan 4
183 1918 •183 21
4
.1918 22
4
183 183 *183 2012 183 143
4
4
4
4
4
80 White Motor
50 1852 Jan 8
2712 2712 251s 27
2518 253
4 26
2612 2514 2514 *253 2614 1,400 WhiteRkSlinSpr ctfnewNo par 24 Jan 4
8
23
25
.2% 23
4
214 214 .214 3
214 214 *214 27
8
700 White Sewing Machine_No par
112 Jan 8
7
10
912 .712 934
0
*812
9
103* .712 9
914
94
400
Cony preferred
No par
518 Jan 12
4
418. 312 4
312 3%
33* 33
4
312 33
4
312 33
4 5,500 Wilcox 011 *8 Gas
31,Slay 7
5
63* 7
7
7
63
4 7
67
8 7
612 63
4
614 612 3,500 Wilson & Co Inc
No par
4.4 Jan 8
3.
20
20
22
204 21
2112 2018 21
133 2038
8
1914 2014 21,900
Class A
No par
1214 Jan 9
75
7512 76
78
7312 77
7312 74
72
73
74
75
5,000
Preferred
100 63 Jan 8
491 5158 473 505* 485 504 4812 50
8
4712 493
4 48
494 31,500 Woolworth (F W) CO
10 4114 Jan 3
23
21
2214 224 2014 21
2314 21
2418 25
21
214 2,800 Worthington P.8 W
100 20145135' 10
4512 45
45 45
45
44
.44
46
44
44 .433 46
4
320
Preferred A
100 34 Jan 10
3512 3512 3412 35 .3412 37
.323 37
4
•33
37
*3234 37
300
Preferred B
100 30 Jan 10
49% 48
505
5112 5112 48
8 48
50
45
47 *41
46
350 Wright Aeronautical___No par
8
167 Jan 8
63
6212 6212 6112 6214 82
64% 6418 63
64
64
6214 1.500 Wrigley (Wm) Jr (Del)No par
5412 Jan 11
20
20
.1812 20 .18
*1812 20
19
1714 18
173 174
8
400 Yale & Towne Mfg Co_ __25 14 Jan 5
47
43* 514
518 514
5
412 5
412 47
412 43* 9,400 Yellow Truck & Coach cl44 Jan 2
B_10
45
45
45 45
4214 4214 *4214 45
424 4214 *40
45
130
Preferred
100 28 Jan 2
1812 1918 175* 1814 18
183
8 174 173 167 1714 17
17
1,600 Young Spring & Wire.No par 15 Jan 8
235
2212 2414 21
8 2118 23
2112 223
4 1812 2114 19
21
25,709 Youngstown Sheet de T_No par 1812May 10
312 312
3,4 358
31s 34 5314 3
,2
314
314
3 4 31 4 1,300 Zenith Radlo Corp_ __No par
,
3 Jan 12
614 63*
5
63
8
54 6
514 6
53* 6
512 55 20,800 Zonite Products Corp
8
5 May 7
1
• OM ft, tI nalenrt rI,Inna
nn an In.a es, thla An.,
5 r•nr,r,It.ina wnn..• A I..nn i ......., . „ I
...
1
... ,I...tnnnI a on
,
',al, a. In
Highest.
PER SHARE
Ram's/or Previous
Year 1933.
Lowest.
Highest.
$ per share 3 per share $ per share
22 Mar 1212 May
1218 Feb 16
1
Feb 1012 July
918 Feb 19
1938 Feb 6
10 Mar 2114 July
11 Feb 5
6 Dec
1512 June
2014 Feb 16
53* Jan 204 Sept
12 Mar
512 Jan 29
912 June
12
2412 Jan 30
Jan 30 June
1438 Apr 23
318 Jan
113 Sept
4
8518 Apr 30
2312 Apr 6514 Nov
40 Apr 27
914 Apr 26 Dec
45 Feb 80 Dec
9612 Apr 27
812 Apr 24
112 Mar
814 June
13 Feb 3512 July
54
41 Feb 5
25 Mar
8
812 Feb 5
93 July
8
27 Mar 1712 July
1312 Feb 17
23 Feb
4
4
63 Feb 3
8% July
41
Apr 275 May
78 Apr 20
40 Feb 3
2018 Feb 38% July
312 Feb 23
54 July
4 Apr
95 Feb 19
8
2 Mar 122 June
4
4 Jan 16
614 June
54 Jan
914 Feb 3912 July
5112 Jan 20
512 Jan 60 July
607 Feb 23
8
19% Feb 517 July
507 Jan 19
8
812 Mar 233 July
2012 Feb 5
8
21 Feb 5
4
1012 Feb 222 June
37% Feb I
1812 Mar 48% July
1312 Feb 273* July
2914 Apr 26
115'2 Apr 27
92 May 111 Dec
1014 Feb 38 Dec
453 Apr 25
4
87 Feb 7
8
4 Dec
1412 June
2218 Nov
3778 Feb 7
40% June
618 Dec 12 Sept
1814 Apr 28
8
107 Apr 26
67 June
s
3 Feb
4
1 Mar
8 Apr 25
87 July
,
77 Apr 21
2314 Jan 68 Aug
2018 Feb 6
139 Dec 25 July
9812 Apr 27
Jan
8212 Dec 100
512 July
4 Jan
33* Feb 19
217 July
312 Mar
8
133 Feb 20
4
35 Dec 85 July
68 Feb 21
6 Apr 20
3
4 Feb
714 July
45 Mar
66 Apr 16
66 Jul/
2112 Apr
503* Apr 24
5112 July
35 June
10
Apr
4612 Apr 11
3 Feb 16
4 Apr
33* July
618 Mar
33 Feb 7
2218 July
19 May
123 Apr
4
193* Feb 23
1
Oct
4 Jan 31
6 June
7 Feb 293* July 1
2712 Feb 5
4
1514 Feb 5
173 July ,
318 Feb
3612 Mar 84 July ,
78 Feb 26
18
Feb 5312 July
5012 Jan 24
132 Apr 26 10114 Jan 121 Sept
15 Apr
1018 Apr 24
117 June
8
1312 Feb 94 July
843 Feb 9
4
23* Mar
1714 July
117 Jan 24
8
198 Feb 1
414 Feb 278 July
Feb 784 Sept
80 Jan 30
30
1234 Feb 2
1412 July
212 Feb
24 Apr 21
27 Feb 25 July
8
512 Feb 437 July
6114 Apr 20
1312 Jan 1053* Sept
13512 Feb 16
3912 Jan 58 Sept
0418May 11
238 Mat 8712 July
698 Feb 19
53 Mar 10512 July
9912 Jan 5\
Jan 10912 Dec
69
110 Feb 8
5 8 Feb 6
3
8% June
1% Apr
17 Jan 25
8
318 July
311 Jan
7 8 Mar 3614 July
5
315 Feb 19
13* Slay
10 July
113* Apr 18
2012 May 65 Sept
98 Feb 5
3434 Apr 23
2318 Dec 31 Sept
538 Jan 23
5 Feb
8
758 July
26 Feb 5
33* Mar 2612 July
3538 Mar 8312 July
7312May 1
60 Dec 85% Jan
78 Jan 3(1
218 Feb
9 Feb 23
15 May
128 Feb 67% June
4
79 Mar 9
87 Feb 20
518 Dec 12 July
2834 Apr 4
75
10534 Apr 30 Apr 9012 Sept
7 Apr
8
83* June
63* Feb 1
218 Mar 20 July
12 Feb 5
5% July
5 Apr
8
33* Feb 5
1112 Apr 447 July
36 Jan 24
814 Feb 5
9% Sept
1
Feb
414 Feb 2412 Oct
318 Apr 24
47 June
37 Feb 16
58 Mar
212 Feb 223* June
133* Jan 24
712 Feb 355 June
8
287 Apr 23
8
5 Feb 30 Dec
31 Jan 20
Jan
8 July
1
7 Jan 25
312 June
Is Apr
214 Jan 23
7 Mar 3712 July
272 Feb 21
40 Mar 63 July
60 Feb 23
1714 Feb 7744 July
867 Feb 6
8
8
111 Jan 355 July
38 Feb 8
474 Feb 5
193* Feb 585 July
6012 Feb 98 July
92 Jan 30
134 July
312 Feb
14 Feb 5
224 July
10 Ma
23 Mar 27
Apr 73 June
30
88 Apr 26
Apr 773 June
4
37
77 Apr 20
3312 Apr 6912 July
67 Apr 16
8812 Dec 110% Jan
10912May 10
80 Dec 101
Jan
10112 Apr 21
212 Apr 11% June
614 Jan 30
78 Mar
414 June
212 Jan 30
5 Mat 2012 July
2714 Feb 8
74 Jan 35 July
29 Feb 21
57 Feb 26
2812 Feb 19
3112 Apr 19
37 Feb 8
1114 Apr 20
52 Apr 5
9 Apr 11
26% Apr 13
8412 Apr 11
547 Apr 21
318 Feb 5
53 Jan 24
42 Jan 24
75 Jan 27
65 Apr 26
22 Apr 24
714 Feb 19
4712 Apr 26
22 Feb 19
333 Feb 19
4
434 Feb 5
73 Feb 19
• Calle! 7 ilavy
15
14
23
4
118
2
%
4
19
2518
8
14
14
6
3412
7
24
18
312
712
12
35*
1 VII-diVidend.
Feb
Jan
Oct
Jan
Jan
Mar
Jan
Jan
Mar
Apr
Mar
Mar
Feb
Apr
Feb
Jan
Mar
Mar
Mar
Feb
Feb
Feb
Ti
67 July
2612 July
Oct
29
45 July
1012 July
512 June
11 June
22 June
7212 July
50% July
397 July
8
51 June
47 June
24 May
5714 Dec
23 June
73 July
42 July
19% July
375* July
5 Dec
812 July
Ex-rights.
3242
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and enteresr—except for Income and defaulted bonds.
NOTICE.—Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside of tile
regular weekly range are shown in a footnote in the week in which they occur. No account is taken of such sales in computing the range for the year.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 11.
Prke
Prick,
May 11.
Week's
Range or
Last Sale.
SW
U. S. Government.
Ask Low
High No.
First Liberty Loan-334 of '32-47 3D 1033132 Sale 10322n 101
115
•D
Cony 4% of 1932-47
100",,J'34
in 104132 Sale 10142 101"1/ 184
Cony 414% of 1932-47..
in 101331104133 1027731A93131
26 cony 43j% of 1932-47
Fourth Lib Loan 41 % of '33-38 AG 101132 Sale 1011,1 1011011 127
4
411% (2d called)
102131 Sale 102733 102"11 251
Treasury 4112
1947-1952 AO 112132 Sale 1111131 112133 1240
Treasury 43(s to Oct 15 1934,
thereafter 334%
1943-45 A0 103132 Sale 102314110314a 433
Treasury 48
Sale 1071133 103733 1033
1944-1954 J D 108
1051132 Sale 105
1063131 2717
Treasury 31(8
1946-1956 M
Sale 10311132 1013n 417
Treaaury 3Hs
1943-11147 in 101
•S 1001133 Sale 1001 1001141 4300
Treasury 32—Sept 15 1951-1955
n
Treasury 3348 June 15 1940-1943 J o 104132 Sale 103173a 101133 203
Treasury 3348 Mar 15 1941-1943 MB 101133 Sale 1031333 1044: 240
1168
Treasury 3328 June 15 1948-1949 3D 1011132 Sale 1011%2102
A 10314s Sale 103133e 103113, 560
'
Treasury 33(s
Aug 1 1941
Treasury 3Ha _ _ _ _ _ _1944-1946
1021313 Sale 102113310211n 3819
1
Fed Farm Mtge Corp 314s_..1984 14- 10213, Sale 102133 1021143 185
Home Owners Mtge Corp 48_1951 J J 1001131 Sale 1002213100ra 1553
State a Clty—See note below.
Foreign Govt, B. Municipals.
1947 A 112212
Agrio Mtge Bank f 6a
Feb 1 1934 erubseq coupon-2314 Bale
Sinking fund 68 A—Apr 15 1948 * 0 224 _ _
221s 24%
With Oct 15 1934 coupon-.Akershus (Dept) ext Se
1983 MN 80 Salo
1112 Bola
Antloquia (Dept) coll 78 A1945
'1118 113
External 8 f 78 eter B
1945 J
4
External 2 f 78 ser "LI
1945 S i A1112 Sale
Ill% 1212
1945
External a t 72 Der D
8
1957 * 0 11105 1112
External a t 72 let see..
External MO f 78 2d aer 1967 A0 21012 111134
External sec 8f 78 3d ear_ _1957 * 0 a 1018 Sole
Antwerp (City) external 52_1958 ▪ D 28912 Bala
Argentine Govt Pub Wks 68_1960* 0 17518 7811
7812
Argentine 132 of June 1925_1959 D 75
Ertl t 6s of Oct. 1925
1959 * 0 7513 Sale
External a t 60 series A__ _1957 MS 7512 Salo
External 6s series B_Deo 1958• 1:1 7514 Sala
Mal a f 6s of May 1926-1960 MN 7518 Silo
External s t 62 (State Ry)_1980 MS 7512 Sale
Exti Els Sanitary Works......1961 L A 754 Sale
Ertl 62 pub wka May 1927 1961 MN 7512 Sale
Public Works ext1 5348_1982 A 684 Sole
1945 MS 893
Argentine Treasury 58 5
81-9514
9514 Sale
Australia 30-yr 58__ _July 15 1955 J
11 9514 Sale
External 58 of 1927..Sept 1957
External g 4348 of 1928......1956 MN 93 Sala
1943 in 10012 Sole
Austrian (Govt) s t 78
8
Internal sinking fund 78._1957 J J 745 77
1
Bavaria (Free State) 83(s_.1945 A
1949 l'al
Belgium 25-yr extl 63(8
External f as
1955 J
-year of 78...A955 in
External 30
N
Stabilization loan 78---- _1956
Bergen (Norway)58_001 15 1949 *0
External sinking fund 52_1960 MS
Berlin (Germany) at 6 Hs...1950 A0
External a f 6s._.June 15 1958 in
1945 * 0
Bogota(City) extl sf88
Bolivia (Republic of) extl 88_1947 MN
External secured 75 (flat)_1958 23
External a f 78 War)
1989 MS
Bordeaux (City of) 15-yr 88_1934 MN
Brazil(US of) external 88__ _1941 J D
External St 634s of 1926..1957 * 0
External 8 6%a of 1927...1957 A0
78 (Central RY)
1952 1 D
Bremen (State of) extl 7s_.-1935 MS
1957 MS
Brisbane (City) s 1 58
Sinking fund gold 58
1958 L A
-year 2 f 82
20
1950• D
Budapest (City) extl s f 88_19E12 J o
Buenos Aires(City) 1334s 2B 1955 ii
External a f Ils ser 0-2
1960 * 0
Externals f es ser C-3___ _1960 * 0
Buenos Aires (Pros') extl 62_1961 M
Stpd (Sep 1 '33 coup on)1981 MS
1981 L A
External 2 f 81413
Stpd (Aug 1'33 coup on)1961 P A
1907 ii
Bulgaria (Kingdom)s f 7s
Stabil'n s t 7%s__Nov 15 1988 MN
2
Caidaa Dept of(Colombia)7543'46
Canada (Dom'n of) 30-yr 48_1960 AO
N
1952
Si
1936 L A
414s
1954 ii
Carlsbad(My)sf 82
Cauca Val (Dept) Colom 7348'46 * 0
Cent Agri° Bank (Ger) 79._1950 MS
Farm Loan if Ets__July 15 1980 ii
Farm Loan
68__Oct 15 1960 A0
Farm Loan 6s ser A Apr 15 1938 * 0
Chile (Rep)—Ext1 of 78____1942 MN
External sinking fund 6/1_1980 * 0
,Feb 1961_ L A
Ext sinking fund 6e.
Jan 1981 iJ
Ry ref ext s 62
Ext sinking fund 68__Sept 1981 MS
External sinking fund 82_1962 M
External !sinking fund 82__1983 MN
Chlle Mtge Bk 6342 June 30 1957• D
f 6348 of 1928—June 30 1961 J D
Apr 30 1981 A0
Guar a f 88
1982 MN
Guar s f 68
1980 MS
Chilean Cons Muni° 72
Chinese(Hukuang Ry)52 1951 J D
Christiania (Oslo) 20-yr s f 85'54 MS
•B
Cologne(City)Germany 81481950
Colombia(Rep)68 of'28 .Oct'61
Oct 1 1933 and sub coupons on. AG
Apr 1 1934 and sub coup's on
Eater 88(July 1'33 coup on)'61 32
With July 1 1934 coupon on._
Colombia Mtge Bank 13118 of 1947 * 0
Sinking fund 7s of 1926_1948 MN
1947 L A
Sinking fund 78 of 1927
1962 in
Copenhagen (City) 58
N
1953
-year g 4%a
25
(City) extl i 1 72 _1957 L A
Cordoba
External s f 72---Nov 15 1937 MN
Cordoba(Prey) Argentina 78 1942 J
Costa Rica (Republic)
7s Nov 1 1932 coupon on_1951 M
7s May 1 1938 coupon on_1951
Cuba (Republic) ts of 1904...1944 MS
External 5s of 1914 ser A 1949 L A
1949 A
External loan 434,
Sinking fund 530 Jan 15 1953 J J
Public wks 5344 June 30 1945 in
1959 MN
Cundinamarca 61411
P4
404i
224 May'34 _
18
24
2234
25
25
24 May'34
14
80
79
1112
2
1112
5
1114
11
4
10%
1112
4
10%
1112
1134 Apr'34
101,
1
02
1012
2
1018
9118 17
8912
75
7612 50
7634 68
7412
98
77
8
753
7418
7612 65
75
7812 40
754
7612 30
7418
7612 73
7612 66
74%
8 40
767
7412
58
69
6712
9318 11
9312
944
954 243
94%
9512 69
94 444
9212
9978 10012 43
77
75
44
Range
Since
.fan. 1.
High
Low
10043 1041n
1001114000as
1014,10411n
10214310210n
10134110410n
102%31020n
041132 11211,
0714310311n
101141 108%,
100132 106123,
98141 1141,3
931411001331
981183 104131
98142 104112
95142 112
9727,40321.,
101n 102243
10111n10215a
,
10012321002 33
188 25
20
25
153 2512
16
25's
8812 8158
84 1784
17
9
938 17
818 1714
818 1434
8
8
145
1458
8
824 9912
5312 7812
53% 78%
78%
53
78%
53
53% 7812
5384 7812
53i2 7814
5258 7812
5252 7812
4712 7112
80% 99
8812 97%
8
89 973
83 95
914 10012
77
50
BONDS
N. Y. STOCK EXCHANGE
Weak Ended May 11.
Pries
Friday
Afay it.
Week's
Rank Of
Last Sale.
Foreign Gist. & Mail..(Con)
81d
Ask (.110
if108
Oseohoslovakia(Rep of) 88..1951 * 0 100 Sale 99
100
1952 * 0 9914 Sale /994
Sinking fund 88 ser B
9914
.•
) 971 Silo 97
11242
Denmark 26-year 5x11 68_
8
9512
External gold 5341
1955 L A 9214 Bale 91%
9212
External g 4 Ks...Apr 15 1962 * 0 83 (311a 8212
8312
Deutsche Bk Am part ott 62_1932
Stamped extd to Sept. 1 1935_
67
83 63
68
Dominican Rep Cast Ad 5942'42 MS 61 Sale 63
64
let ser 514s of 1926
1940 * 0 58 Bale 55
58
2d series sink fund 5348.__1940 40 543 5712 5144
4
514
N
Dresden (City) external 78-1945
5132
5138
Dutch East Indies anti 68_1947 ii 111- Sale 161
165
•S 16118 13113 161
1962
-year external 6s
40
184%
-year ext1 5143____Nov 1953 MN 163
30
1632
4 1834
-year ext 534s___Mar 1953 M
30
18212 -- 161
16114
El Salvador (Republic) 85 A..1948 ii 5618 _
522: Apr'34
J
4912 Certificates of deposit
51 50
51
1
Estonia (Republic of) 72-1967
75
76
74
75
Finland (Republic) ext 88—.1945 MS 984 Salo 964
974
External sinking fund 78._1950 MS 99 Bale 99
100
External sink fund 6348_1956 MS 964 977 9718
8
4
973
External sink fund 5948-1958 L A 91% Sae 91
91%
Finnish Mun Loan 834s A..1954 A0 9112 Bole 9412
914
9414 9312
External 614,aerial B__111154 * 0 91
95
Frankfort(City of) 21634s-1953 MN 3114 34 32
2
357
French Republic eat! 730_1941 • D 182 Sala 181% 1823
4
J D 18112 8113 183
External 78 of 1924
18512
German Government Interna1949
47
Mona'35-yr 5145 of 1930_1985 J o 45 Sale 4312
German Republic art! 78_1949 AG 7034 Sae 69%
7312
German Prov & Communal Bks
41%
(Cone Africa Loan)6318 A-1958 J D 40 Bile 39'14
83
1954 MN 88 Bale 87
Gras (Municipality) Be
62 Apr'34
_
Only unmatured coupons on...
EU1a- 1812 120
GS Brit & Ire (12 K of)5%5_1937 L A
1'4% fund loan opt 1980_1990 MN a1164 Sole 1164 116%
N 294 32
2812 Apr'32
Greek Governments f ser 72_1984
2378
25 2212
51 sac EN Aug'33 eau pow._1968 L A 23
Haiti (Republic) a 1 62 ser A _1952 AO
1913 AO
Hamburg (State) 68
Heidelberg(Gorman)extl 730'59 J J
10
Heisingtors (City) 1113i 6348_1980 * 0
Hungarian Mania Loan 730 1945 ii
Only unmet coup attached... 2.1
External 2 t 75 (coup)
1948 j
Hungarian Land M Inst 7348'61 MN
Sinking fund 7345 ser B
1981 MN
Hungary (King of) e f 7342_1944 L A
Irish Free State eat! s t 58...1960 MN
Italy (Kingdom of) eat' 72_1951 J o
Italian Cred Consortium 78 A '37 M
1947 MS
External see s f 78 eer B
Italian Publio Utility ext172.1952 J J
Japanese Govt 30-yr f H2.1951 FA
Eat!sinking fund 5342
1965 MN
Jugoslavia (State Mtge Bank)
Secured 2 t g 78
1957 * 0
78 with all unmet coup _1957
Leipzig (Germany)s f 75_ _1917 L A
Lower Austria (Prov) 7341_1950 Jo
Only unmatured coups attaoh'd
L9008 (City of) 15-year 68._1934 MN
Marseilles (City of) 15-yr 68.1934 MN
Medellin (Colombia) 6123_1954 3D
Mexican Irrig Asstng 410_1943 MN
Mexico (US) esti 52 of 1899 5'45 Q
1945
Assenting Ss of 1899
Assenting Ss large
Assenting 58 small
Assenting 4s of 1904
1951
Assenting 48 of 1910
Assenting 4s of 1910 large
Assenting 48 of 1910 small
Tress 65 of'13 assent(large)'33 F -1
Small
Milan (City, Italy) extl 6342 1952 AO
Minas Gernes (State) Brazil
External o f 1334s
1958 MS
Ext see 634, series A___1959 MS
Montevideo (City of) 7s.. —1952 3D
External a f 88 series A
1959 MN
New So Wales (State) extl 58 1957 L A
External 8 f Ss
Apr 1958 A0
Norway 20
1943 A
-year ext Gs
-year external 68
20
1944 A
40
30-year external 62
J O
0
4 -year s f 534s
5
8
External s f 5s---Mar 15 19 3 MS
91152
D
Municipal Bank exile 52_1987
of
Municipal Pank n815158.1970 3D
1953
Nuremburg (City) extl 68_1952 A
•B
Oriental Devel guar 62
Elul deb 5313
1958 MN
Oslo (City) 30-year s f 1118._ _1955 MN
4314 41
9
4112
4014 5912
1024 Sale 102
1024 16
95 105
100 Sala 100
10114 47
94 10412
4
1063 Sala 10612 10714 21
99 109
104% Sale 10414 105
37
9572 106%
1
8018 85 81
81
8212
88
1
80
8034
8114 80%
6612 8212
38 Sale 36
31
38
324 52
3413 Sala 327
3618 54
3012 49%
19% Sale 19%
19%
174 24
8
9 Sale
912 24
4
83
4
64 113
7% 814 7%
534 1012
8
84
718
718 Sale
818 22
5% 1012
16918 1893 169
170
4
23 149 17014
3134 Sole 3114
317
12
2214 3612
2614 Sale 2614
2634 33
204 32
27 A Sae 26
2014 32
27
67
28 I Sala 2714
204 32
28
25
55% Sala 5l3
56
15
534 634
8312 Sale 8313
85
9
73% 89
St Sao 81
85
7
8778
73
93
93% 93
4
94
83 95%
43
44% 4314
4512
9
3112 4612
65
8814 6512
8612
464 681e
7
60 Apr'34 —
8 _
605
47 60
604 — 61
61
1
4514 53
444 4614 45
4612
3014 48
3
38 Sale 3714
38% 58
2614 4418
46 Sale 46
48
3 3158 4812
40 Solo 40
4014
27 42
9
2112 Sae 2112
2212
1878 24
8
2312 Sala 23
24
2612
23
7
134 Solo 1312
15
4
1032 183
8
994 Sole 9912
9934 134
92 997
10812 Silo 077
10812 72 10314 10534
103% Sole 0378 104
91 100% 10418
1
784 793 79%
79%
4
6712 8012
1212 1512 12%
1412 13
1034 19
5712 Sale 56
73
55
5712 94
4912 Sala 483
4
4 84
493
484 89
4934 Sole 43%
4612 69
4 74
493
57 Sale 584
494 70
5784 101
1312 14% 13%
7
1534
16
9
13% Solo 1234
154 99
718 16 Panama (Rep) extl 531s____1953 J O
Esti s f 58 oar A__.May 15 1963 MN
13 Sala 13
1538 52
1534
7
12% Sale 127
Stamped
1538 45
4
153
7
s
1314 Bale 1314
734 1534 Pernambuco (State of) extl 75 '47 MS
15% 40
S
8
133 1412 1312
1514 16
74 1558 Peru (Rep of) external 78_1959
Nat Loan extls 16, let ser 1980 J o
12% Sale 1278
15% 87
74 16
, Nat loan exti at 6s 26 ser..1961 AO
1358 Sale 13%
1512 13
94 151
1814 Poland (Rep of) gold 81_ _1910 AO
10
1514 16% 1514
1634
8
Stabilization loan s f 7s...1917 AG
134 Sale 13%
1538 11
818 1512
External sink fund
_1950 J J
1312 14
13%
1518
15
8
28
9 3104 103
12 Porto Alegre (City of) 8s___1981 J o
8
7
8
1012
2
Extl guar sink fund 730_1966
2
27% 427
37 Sale 37
3712
6
ED% 93 Prague(Greater City) 7141_1952 MN
924 93 90 Apr'34
_
50 Prussia (Free State; ext1 614s '51 MS
31
31
34% 3212
8
3514
AG
External s f as
52
19
2
294 31
2112 35% Queensland (State) onto f 78 1941 AO
30%
3112
L A
25-year external as
27% Bole 261
4
18% 3212
273
4 76
1917
2912 304 3018
3534 Rhine-Main-Danube 78 A...195') MS
4
31
21
2734 Solo 261s
1812 3218 Rlo Grande do 8111 extl s f 88_1918 * 0
4 51
273
Apr'32-Oct'33-Oct'34 cpn 03
22 8318 2112
24
15
22
10
1512 24
External sinking fund 8s 1968 /15
2013 23 2212 May'34
External a f 72 of 1928_ _1985 MN
2011 22% 2218
28
23
15
3
External s 72 munlo loan _1967 3D
7812 Sole 7812
8313 84
17
80
-year If 82_1948 AG
74% 75
74
7 594 7815 Rio de Janeiro 25
7612
External a t 13342
1953 L A
34 Sale 33% 13414 28
144 3514
1952 * 0
37 40 37 1 '37
2978 37 Rome (City) extl 6349
1
4314 4812 484 May'34
2518 53% Rotterdam (City) ext1 68_1984 MN
Roumania(Monopolies) 78_1959 P A
1953 ii
35
35 Saarbruecken (City) 6s
30
35
10
2178
_ 2178
1834 22 Sao Paulo(City) at 82__Mar 1952 MN
4
213
9
747 95
External s t 6144 of 1927..1957 MN
9214 Sole z9214 ' 79214
3
95 I •Apr'34
at
_
93 95 San Paulo (State) actin 85_1936 J J
External sec s f 8.1
3 82 8 78
1950 32
7
7612 Sale 7612
7612
External of 72 Water L'n_1956 MS
4
79
6178 8418
7614 81 4614
23
4172
External 8 f 65
34% 53
1968 32
34 Sale 32
Secured sf7e
1940 A0
15
'
10% 1934
31
1312 Sale 1312
ig
Range
Since
Jan. 1,
No. Low
if
4
88 101
7
90 101
142
8612 9812
60
4
833 954
87
71
87
9
13
5
1
1
11
57
2
8
3
4
4
21
15
27
5
4
25
31
11
68
7714
434 65
57
36
374 57
5812
46
150 165
15112 185
151 16412
15112 165
48% 60
55
38
5778 78
4
973
79
8212 10014
784 99
%
76 931
77
9512
7512 95
3
29 4 48
1544 18314
160 18512
368
173
404 (1312
844 874
53
11
10
38% 714
574 53
62 82
8
1115 12412
109 11712
2.1
3312
18% 31
75
79
2
76
38
8
367 33
40
33
3
37 324
Sole 94
944 13
43 1
5
1012
0
35 2714 May'34
41
40 43 41
20
48 _
018 May'34
0
12 504 May'34
48
3818 4012 3918
40
13
112 11712 14 May'34 _
9914 Sale 99% 10014 28
93 10012 99
7
9914
97
98
97% 98
1
9212 Sale 292
9234 17
9034 Sale 8912
9312 103
7912 Sole 7912
82
65
7412 81
33
58
act 44
4
721 95
2852 4414
2714 2714
30% 45
3312 5018
31
5018
3112 4214
11018 116
8
993 102
95 100
9112 100
884 934
9612
86
7312 86
42
42
27 Apr'34
8178
634
8118 Apr'34
_- -- 50 Feb'34
16914 Sale 169
170
16918 169% 169
170
12
114 Sale 1118
314 54 514 Apr'34
4 Sept'33
_— 25
712
74 8'4 74
94 Apr'34
74
718
412 5 4 5 Mar31
3
414 Mar'33
54 6
—
54
5%
5
5
32
4212
23
27
37% 6314
811s
60
50
63
149 170
149 17014
7
8 4 16%
41s 7%
24
51
75
3412
25
9414
38
374 42
1812 27
634 Sale
89
•
Sale
18
13
7
2
27
3
22
74 Tr
712 1114
715 8
44 74
54
434
8%
8%
24
•
8532 9172
19
17
1912
7
35
7
30
15
9312 100
9312 51
100114 29
10114 29
100
16
94
58
8 20
907
9018
1
908
2
3512 33
72% 38
70% 26
9214
6
21
17
17% 2312
2714 35
2614 31
85
98
854 9518
9112 10118
904 10114
894 100
83% 9512
8012 92
8312 91
91
81
3134 5518
7712
65
62% 74
7612 93
8812• 8913
1818 Sal' 1818
1818 1914 1814
35 34
34
2918 35% 2934
9212 93 93
9212 9312 93
4
1003 Sale 100
100 101 10014
4
991 Sala 90
93 S ao 92
90% Salo 90
9018 Sole 904
9018 9012 904
4
333 Sale 3214
7114 7212 71
70% Sallo 70
914 93 29214
"si
10212 10312 10234 10312 19
98 10313
35% 381 36
4
3718
9 291s 44
8
397
_- 3922
29% 44
13 Bole 13
13
2
1022 1812
1418 8113 1418
1418
2
84 17
8113
1014
11
958
75
52s 11,
4
9% 10'4 914
614 Ws
8
4
101
7818 8113 764
7812 14
7812
59
4
1/77 Bale 10518 118
249
88 118
83 Sale 854
90
33
6914 90
171s 19
18
19
11
18
24%
1612 Salo 16%
1812
2
8
167 2412
95 100 99 Apr'31
83 100
33 Bale 38
3914 as
374 5812
38% Sao 384
3
33 4 80
364 571a
103% Salo 1024 10134 20 102 10612
1001a 1027 101
8
103
11
944 103
5114 Sao 514
8 33
541
8712
50
21
21% 2134
2314
28
20
5
1814 22
19 May'34
13
19
1712 1812 17%
19
14 . 175 24
8
19 Sale 18
1913 16
24
18
18
19
18
1812
8
2414
18
2018 Sole 0018
1712 227
2014 14
8
204 Salo 2018
2018 88
1712 22
91 Sae 90
91
32
8712 92
118 Sao 11614 118.38 11 112 134
2818 Sala 2618
28
78
234 40
4
781 81
79 May'34
6818 79
25 Salo 25
25
2 2314 30
22 Bale 22
23
29
17% 24
2812 3114 30
3012 22
33
18
1913 21% 20
4 39
221
13% 25
214 1858
19
20
3
1312 24
1812 1934 18%
1912 20
2
125 22
7818 Silo 78
79
65
864
65
For footnotes see page 3247.
.—s
NOTE
ales 02 Raze 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 saourities, will be found on a subsequent page under the genera! heed at "Quotations for Unlisted Securities."
May 12 1934
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 11.
•
iI
t
2.; 3,
New York Bond Record-Continued-Page 2
b
Price
Friday
May 11.
3243
•
i
;
Week's
Price
BONDS
Week's._, Range
Range
...g:2
Since
Range or
Friday
t
N. Y. STOCK EXCHANGE
Since
Range or
3
Jan. 1.
all
Last Salt.
.,o. May 11.
May 11.
Week Ended
Jan. 1.
riir
Last Sale.
High
High No. Low
Ask Low
Bid
(Cowl.:
Foreign Govt.&Munk.
1812 3613
3612 49
Santa Fe (Prov Arg Rep) 78_1942 NI S 36 Sale 33
53
55% 67
64
Sale 6214
4
Saxon Pub Wks(Germany) 7s '45 F A 633
48
21
e50
60%
49
1951 MN
Gen ref guar 6348
5634 71
1
59
59
61
Saxon State Mtge Bast 7s_1945 J D 57
564 70
7
60
Sinking fund g 6148__Deo 1946 3 D 59 Sale 59
2118 28
3512 16
25
Serbs Croats & Slovenes 8s 1962 MN 2514 26
22
18
4
1718 193 19 May'34 ___
All unmatured coupon on__ ____
134 15
1312 May'34
4
133 18
Nov 1 1935 coupon on
2514
18
2312 14
2313 Sale 23%
MN
sec 75 ser B
1962
External
5
1234 20
16 Sale 16
__ ---_
November coupon
17
11
Apr'34 ____
13
17
78 Nov 1 1935 coupon on1982 -- - 13
on__-523 71
27
71
1958 1 b 71 Sale 6714
Sileela (Prov of) exti 78
69
50
6
4
543
4
Silesian Landowners Assn Os 1947 F A 543 Sale 54
3 150 171
171
Solasons (City of) esti 6s
1938 MN ____ 173 171
80
55
3
8312
8312 Sale 83
Styria (Prov) external 78_1948 F A
105% 48 102 1094
Sweden external loan 5148_1954 N1N 10512 Sale 105
93
80
9113 16
1955 F A 9012 Sale 9012
Sydney (City) at 5145
4
613 734
8
694
6713
69
Taiwan Elea Pow s f 5148_1971 1 J 67
664 7312
2
67
67
Tokyo City Is loan of 1912_1952 Ni 5 654 70
4
4
613 733
130
70
19131 A 0 6918 Sale 08
External of 53413 guar
1112 17
4
114
4
113 Sale 1112
Tolima (Dept of) sill 7s
1947 MN
67% 8714
831
834 33
1
M N 82
Trondhjem (City) 1st 5348_1957
86
62
,
87 4 86 May'34 ____
1945 1 D 83
Upper Austria (Prey) 7s
76
74
Apr'31 ------- 74
71
Only unrnatured coups attch - _
484 7512
5
7513
-_ 7513
External a 1 614s_June 15 1957 1 b
3412 46
39 May'34 ---45
38
Uruguay (Republic) esti 88_1946 F A 7538- 4018
33
5
3412
34 Sale 3314
Aug 1 1934 couponon
42
30
364 11
3
1980 M N 3318 36, 32%
External 8 f 6a
2712 40
3314 50
32 Sala 31
Nov 1934 coupon on
1960 -- _
2914 42
___- 34 May'34 ---N 331s
External s f 6s____May 1 1984 M 2712 40
5
3112
3113 Sala 30
Nov 1934 coupon on_ 1964- _
2
1014
97% 109
_-__ 10114
Venetian Prov Mtge Bank- '52 A 0 101
is
9012
3 Sale 89%
58
9012 25
Vienna (City of) esti a f 6s 1952 NI N 89
76
50
1
70
Unmatured coupons attached. M N - - - - 76.
684
53
35
63
Sale 654
bile 65's
OS
Warsaw (City) external 78._195g F A
77
66
4 10
743
Yokohama (City) esti 6E8_1961 I D 737 Sale 7312
High
High No. Low
Ask Low
Bid
Railroads (Continued)Ches 3.: Ohio (Conc.)
13
101
9714 10112
R & A Div 1st con g 48__1989 J J ---- ---- 101
8713 99
1989 1 3 9818 ____ 9412 Apr'34 2d consol gold As
991.
99
____ 9912 Jan'34 ___Warm Spring V let a 5s 1941 M S 103
8
667
15
8
513 704
.
Chic & Alton RR ref g 311_1949 A 0 66 Sale 66
99%
88
77
993
8
943
8
Chic Burl & Q-111131y 310_1949 J .1 993 Sole
97 1044
10
1949 3 J 101 Sale 10313 101
Illinois Division 4s
1017
8 81
9212 10214
1958 M S 10114 Sale 10114
General 4s
8
88, 102
31
1013
8
1977 F A 1013 Sale 1004
1st & ref 410 sec B
8
96 1073
10714 44
4
1971 F A 10714 Sale 1063
1st & ref Is ser A
2
8118
53
80
76
1934 A 0 7512 90
Chicago & East III lst Os
2512
10
4 99
173
1514 Sale 1514
:C & E Ill Ry(rteto co) gen 58 1951 M N
93 21
4
1313 ____ 173 Apr'34 ---Certificates of deposit
8
91 108,
108
6
Chicago & Erie 1st gold 50_1982 M N 10712 Sale 10712
3512 59
5314 122
Chicago Great Weet 1st 48_1959 M 5 48 Sale 48
33
474
42 May'34 -_374 41
J J
:Chlo Ind & Loulsy ref 88__1947
26
2
424
37
4112 37
1947 J 1 36
Refunding gold 55
41
36
4
36
36
40
1947 J J
Refunding 4s series C
8
12% 237
1913 19
17 53.13 17
1968 MN
lst & gen 58 series A
25%
13
4
194
17
_ 18
1st & gen Os series B_May 1906 J J
2
934
71
93
1 J 914 914 93
1956
Chic Ind & Sou 50
-year 4s
6
99 10514
10514
Chic L S & East let 414s_1969 J D 1054 Sole 10434
8
604 747
7312 50
Chi M & SIP gen 18 ser A_1989 J J 69 Soh 69
71
53
6712 6312 May'34 _-__
Gen g 310 ser B___May 1989 1 J 66
8912
64
4 40
773
4
713 Sole 714
Gen 4348 ser C
May 1989 J J
6312 81
76% 50
71 Bile 71
May 1989 J J
Gen 414s ser E
84
65
8
754 797 82 May'34 _-_Niay 19893 J
Gen 44seer F
3712 5813
524 907
Chic Milw SIP & Pao 5s A__1975 F A 4512 Sole 45
123 2'3%
4
174 959
Jan 1 2000 A 0 137 Sole 137
Cony ad) Is
70
53
s 22
683
8
.1
3345_1987 3 N 65, Sole 654
Chic & No West gen g
5713 77
10
76
7512 7512
73
1987 NO N
General 4s
73
58
Stpd 48 non-p Fed Inc tax '87 64 N ____ 7512 78 May'34 _-_6313 82%
9
SO
7812 Sole 7312
Oen 434e stpd Fed Inc tax_1987 Ni N
8
873
68
31
86
81 sale 83
Gen Is etpd Fed Inc tax -..1987 NO N
6012 62
Jan'34 ---1987 M N -------- 62
434s stamped
93
21
79
94
Sole 90
1930 M S 9
15-year secured g 814e
sol e 55
6212 40
4314 654
1st ref g Is
May 2037 J D 55
Railroad.
8
697
39
517 128
let & ref 4348 stpd_MaY 2037 1 D 4712 Sun 4712
94 10312
5
103%
Ala (It Sou let cons A 58_1943 J D 1034 Sale 10318
38% 61
55% 61
1st.* ref 434s ser C May 2037 J D 43 Sole 48
99
96
98
93
1
4
D 973 93
1943 J
let cons -laser 13
2914 5312
47% 899
414 Sole 414
1949 Ni N
Cony 44e series A
974
85
974 10
All Ar Susq let guar 3148_1916 A 0 964 9712 9(112
51% 7312
7214 124
69 Sole 63%
1988 1 J
733 8812 :Chic RI & PRY gen 4s
83
88,2 Apr'34 ---1993 k 0 85
Alleg & West let gu 48
73
65
73 May'34 ____
__ 65
Certificate. of deposit ___
102
9
96 10312
1942 M S 102 Sale 10112
klieg Val gen guar g 4s
•
155i A:i5 -- .
gold 4s
Refunding
_
Apr'34 __ _
60
29
55
56
I Ann Arbor 151 g 45-- -JUlY 1995 Q. J 50
29
20
1
2414
2414
26
Certificates of deposit ____ -,-• 22
120
101
93 102%
1004 Sala 100
Atoll Top &El Fe--Gen g 413_1995 A 0
4
2012 323
27% 47
:
1952 M S 25 Sale 241
Secured 434s series A
8
9112
1
957
84
9118 944
Adjustment gold 48--July 1995 Nov 93
28
22
964
83
19
Certificatee of deposit -_-- -,, 2113 ____ 2712 Apr'34 ---95
July 1995 M N 9413 Sale 93
Stamped
1412 50
838 135
13 Sole 1212
1900hili
Cony g 434s
94%
3
9152
824 9514
-Cony gold 4s of 1909____1955 1 D 9118
15
33 106
Ch St L & N 05s_June 15 1951 1 D 105 Sale 10112 106
97
80
9512
7
Cony 48 of 1905
1955 1 D 9514 Sale 9514
6312 Sept'33 -----------Gold 314s
June 15 1931 1 D 79
7812 95
3
91
1980 1 D 94 Sale 94
Cony g 48 issue of 1910
4
8314 863
83
1
833
Memphis Div 1st g 4s____1951 1 0 82 - - 4 83
9514 105
Cony deb 43-4s
1948 1 D 1024 Sala 10212 1034 71
5513 80
26
75
7312
997 Chic T II & So East 1st 118_1960 J D 72% 75
99% 50
82
Rocky Mtn Div 1st 48_1965 1 1 98 Sale 93
17
4412 82
55
Dec 119611 Ni 8 534 Sole 5318
Ino gu Is
8 103
9514 10314
103
12
Trans-Con Short L let 45_1958 3 J 101 1027
10512 16 100% 1064
Chic Ula Stan let go 43.46 A_1963 J J 105,2 1064 10514
IS
95 105
104
8
Cal-Ariz let & ref 4,10 A.I962 M 5 101 Sala 103)
s
1963 3 3 1034 103'4 109 May'34 -.-- 1054 109,
let Is series 13
993 103
AU Knox & Nor 1st it 58_1946 J D 103% ---- 994 Jan'34 -- -.
974 107
4
1941 J 0 10513 Sole 10512 106
Guaranteed g Is
30
: 102
86% 102
All & Clanl A List 434s A 19-14 1 J 101-_ 1011
11412 22 1113 115
4
4
let guar 634s series C,... 1903 J 1 11412 Sole 1133
83 10514
10114
6
let 30
-year be Mice 11_ _1944 J J 104 106 101
4
7214 914
903 136
90 Sole 894
19523 J
Chic & West Ind con 4a
90
75
90 May'34 ---92
Atlantic City 1st cons 4s_1951 J J 90
843, 104
10238 48
8
1962 M S 1023 Sole 10012
1st ref 5348 series A
9412
82
9812 74
4
All Coast Line let cons 45 July'52 M 5 973 934 9712
62
51
Feb'34 ____
8
597 60
Choo Okla & Gulf cons 5s1952 /91 N
92
8
74
89, 111
General unified 4).4s A_ 1964 1 I) 884 Sale 884
994
96
9312 Feb'34 ---1937 1 J 10013
Chi II & D 26 gold 434s
85
27
68
82
L & N coil gold 413_ -__ Oot 1952 NI N 8014 8118 804
99 1014
1
____ 101% 101%
8
39
2
4934
534 C I St L& C Ist g 4s__Aug 2 1930 Q F 1013
43
Atl & Dan Rd g 48
1948 3 J 474 49
. 934 Apr'34 _--96
85
9314
Cin Lob & Nor 1st conga 4.9_1942 NON
4
47
35
42
41
43
264s
1848 J 3 4()
12 10012 107
107
CM Union Term 1st 4)45_2020 J J 10612 lici 106%
84
48
3
82
3
1949 A 0 603 62 61
All & Yad let guar148
7 104% 11014
109
4
2020 J 1 10314 110 1033
1st mtge 5s series B
7914 92
5
9112
Austin & N W let V111'58_1941 .1 3 91 Sale 91
49 10412 110'3
110
8
1957 M N 1034 Sole 1031
let mtge g 5s series C
96% 9838
8813 10014 Clearfield & Mah 1st gu Is. _1943 1 J 83 10014 96% Feb'34 ____
8
Halt he Ohio let g 4e_ _ _July 1948 A 0 997 Sale 994 10014 181
4
754 953
4 18
933
Cleve Cin Chi & St L gen 48_1993 .1 D 93 Sale 92
179
6734 86
82
79% Sale 7914
Refund & gen 68 series A_1995 J D
9212 100
Apr'34 _-_
19933 D 101___ 100
series B
General Is
984 107
let gold 5s
July 1948 A 0 106,2 Sole 10512 10618 70
100
5 so
994
1941 1 J 994 Sole 9914
Ref & Met 158 ser C
974
77
4
8 7
Ref &gen 65 series C
937
9
1995 J 13 903 Sale 904
5
744 91 12
8812 16
1963 J J 85 sol o 85
Ref & inapt 58 ser 13
9412
98
8
72
85
P L E & W Vs Sys ref 4s 1941 M N 973 Sale 9714
82
64
778 104
7312 Sib 73
1977 1 J
Ref & lmpt 4341 ser E
99
74
8313 1004
Southwest Div 1st 5s_
19S0 J J 99 Sale 9712
10114
1
92 10112
_ 10114
19393 J 10013
Cairo Div 1st gold 48
8613 16
83
66
Tol &CM Div let ref 4B-A_1959 J 1 86 Sale 854
90
68
1
87
& Ni Div let g 48_1991 J J 87 S013 87
Cin W
106
Si
8518
87
Ref & gen 5s scrim D_ _2000 M 8 78 Sala 78
3
93
77
8
93
St L Div let coll Ira 4s_1990 M N 93 Sole 92
4
6712 331
723
61 Sala 61
57
1960 F A
Cony 414e
99
92
Apr'34 _-_-- _ 99
Spr & Col Div 1st g 4s.....1940 M 5 99
31
8
857
149
6712
Ref & gen Ni 58%er F
1996 M S 78 Sale 78
7 87
73
Apr'34 _--- 87
95
1940 1 .1 87
W W Val Div 1st a 4s
4
____ 106 May'34 --- 101 1083
Bangor & Arooetook let 5s 1943 1 J 106
95
51
95
75
Sale 9413
Con ref 4s
9414
1951 J J
4
9912 102
101%
Cleveland & Mahon Val g Is 1938 1 J 101% ____ 101%
1
60
65
65
Battle Crk & Stur 1st gu 38_1989 J 0 65 Sale 65
994 994
____ 9912 Feb'34 ____
Clev & Mar 1st gu it 4 34s,...1935 M N 101
4
8
90 101
Beech Creek 1st 1111 g 4s
19311 J 1 1004 1007 21003 100% 23
Clef, & P gen gu 434s ser B 1912 A 0 10152 ____ 93 June'33 ____ ____ ____
4
994
26 tam a Is
92
1936 J J 981.1 ____ 993 Apr'34 ---Jan'33 _-_- ____ _ _ __
____ 86
1942 A 0 95
Series 13 3348
83
83
____ 83 Mar'31 ---Beech Creek ext 1st a 334s 1951 A 0 81
19423 3 101% ____ 1004 Dec'33 ____ ____ ____
Series A 4 3.4s
_ ____ _
_ ____
Belvidere Del cf.,. 2.1 3348_1943 J J
____ ____
____ 91 Aug'33 ____
1948 Ni N 92
Series C 3148
101
4
92- _.78 - --95 101
--Big Sandy let 48 guar
1944 1 D 101 102 1003
____ ____
Oct'32 ____
83
1950 A F 92
Series D 3341
9018
8 56
73
867
8
B a.ton & Maine let Be A C.1967 M S 867 Sale 85
04 91 Sept'33
-1977 F A 9712 10
Gen 410 8er A
844 10
,st NI 58 Series!!
7315 90
1955 Al N 8814 Sale 874
82 10112
10113 10012 10112 31
824 27
68
8414 Cleve Sho Line 1st gu 4148_1981 A 0 1014
1961 A 0 81 Sala 81
1st g 43(8 ser yy
8412 10112
50
101
,
70
22
734 Cleve Union Term 1st 5148_1972 A 0 101 Sole 99
51
Boston & NY Air Line let 481955 F A 70 Sale 684
82
9512 46
9614
1973 A 0 91 Sole 93
B
1st s f 511 series
10014
6
8
887 10014
Bruns & West 1st gu g 48_1938 .1 J 10014 --- - 10014
75
9012 45
917s
1st 13 f guar 4148 series C1977 A 0 834 Sole 8318
104
13
97 1044
Buff Roch & Pitts gen 8058_1937 61 5 101 Sale 103%
95 101
Apr'34 _-__
1945 J D 100 102 100
S.ola 734
8034 Coal River Ry let gu 48
60
75
51
Comm'4 yfe
1957 M N 7312
2
977
84
7 Sole 957k
9713 53
•
•
Colo & South ref & ext 4;45_1935 al N 95
•
Burl C R & Nor let & coil 58_1931 A 0
814
65
22
76
74 Sole 74
General mtge 4 .4s ser A__1940 M N
Apr'34 _--40
40
34
36
35
_-Certlficatetqof deposit
98 102
1
102
1948 A 0 101% Sole 102
V lot ext g 4s
Col & II
97 103
1955 F A 101 104 10212 Apr'34 ____
Col & Tol 1st eat 45
104
5
92 106
Canada Sou cons gu Is A_ __1902 A 0 10312 104 1034
.
____ 77 June'33 ---- ____
4 13
1033
8
9818 1017 Conn & Passum Ely let 4s 1943 A 0 92
Canadian Nat guar 434s._1954 NI S 10318 10312 10318
5912
43 --3
4
573
Sole 5512
4S
Conseil Ry non-cony deb 4e 1954 J J 5512
107
10614 Sale 1054
9812 107
-year gold guar 4345___1957 J
30
54
50
53 Mar'31 -._1955 J J ____ 63
Non-cony deb 413
10618 23
9912 10618
J 0 10618 Bale 105'4
Guaranteed gold 4348_ _1968
2
1955 A 0 ____ 574 59 Mar'31 - - 443 59
Non-cony deb 48
32 105 112
Guaranteed g 65
112
3
Jul,1969 3 1 112 1311e 111
1
5412
44
56
56
1950 1 J _-_- 60
103 10472 113
4 113
Non-conv deb 48
Guaranteed s as
Oct 1969 A 0 113 Sale 1113
194 39
49
34
s
1942 1 13 317 Sole 317
8 Cuba Nor sty 1st 534e
8 36 105 1123
4
/ 1125
Guaranteed g 5s
1970 F A 112% Sale 1111
18
324
2738 10
2618
11014 50 10218 10014 Cuba RR 1st 50
-year 58 g_1952 3 3 27 Sole
Guar gold 4618---JUne 15 195.51 D 1104 sale 10913
1614 30
2
2618
24
1930 .1 0 224 27
108
1st ref 7148 series A
17 100 108
4
Guar g 044
1958 F A 1073 Sole 10714
29
15
2
22
2012
22
1938 J D 20
43 1004 108
1st lien & ref 13s ser B
108
4
Guar g 434s
Sept 1951 NI S 1073 Sala 1074
4 33 105 1094
Canadian North deb St 7s._1940 J D 10812 Sale 10812 1033
8014 95
256
95
1943 al N 9114 Sale 91
117
22 1083 1184 Del & Hudson 1st & ref 4e
Sala 11614
11613
4
25
-year of dele;6342
1946 3
97 102,2
9
1024
1935 A 0 102 Sole 102
8
be
4 29 10011 103
10-yr gold 430_ _ _Feb 15 1935J 3 10212 1027 10212 1023
8
92 104,
10334 109
1937 10 N 103 Sala 103
4
823 350
4
Gold 5148
824 Sole 813
131
8
827
Canadian Pao Ry 4% deb stock__ --994 101%
____ 101% May'34 ---48_1936 F A 102
9612 63
1946 Ni S 95 Sale 95
D RR & Bridge 1st gu g
4
743 97
Coll tr 4148
3512 6113
103
57
5114 Sole 5114
1938 1 J
1053
4 21
994 106
1914 3 1 10512 Silo 105
Den & R G 1st cons g 4s
158 equip tr ctfe
63
42
10
61
1936 J .1 ____ 554 554
10014 123
7714 1004
Consol gold 445
Coll Sr g 68
Dec 1 1954 J D 994 Sala 99
12 32
17
125
23
7118 93
927 153
Den & R 0 West gen 55 Aug 1955 F A 20 Sue 20
Collateral trust 434s___1960 J J 91 Sale 91
2312
23
2313 May'31 --_- -_- 20
A•0ented (sub., to plot,) _ ___
324 3712
1949 1 J 4112 _-_- 3712 Mar'31 ---Car Cent let cone g 413
23% 4912
4413 106
__1054 23
Ref & Inapt 533 ser B__Apr 1978 A 0 40 Sole 40
953 1054
4
Caro Clinch &0 let 30-Yr 513_1938 J D 105 sole 105
812
4
7
7
612
7 Sole
21
904 107 :Dos Ni & Ft Dodge 4s 0E8_1935 .1 J
1
lot A eons C Os ear A-Deo 15'52 J 1. 10512 Sale 10512 106
71
65
Feb'34 --_71
90
83
Des Plaines Val let gen 43.0_1947 M S 78
2
70
84
1981 J 0 82 Sole 82
Cart & Ad let gu g 4s
20
2312
2112 May'31 ---25
1955 J D 20
53
21
29
Det & Mao let lien g 411
54
Cent Branch U P let g 4s 1948 1 D 51 Sale 51
1118 12
12 May'34 -- _1018 20
1995 1 D
60
8
60
Second gold Is
41
62
65
:Central of Oa 1st g 58_Nov 1945 F A 60
84 10212
3
102
4
. 3413
341
Detroit River Tunnel 410_1981 151 N 1014 102 1013
35
2
22
38
1945 NON 31
Consol gold 58
8
---- 1037 10374
1911 J .3 1054 ____ 1034 Jan'31
8
2112
Dul Missabe & Nor gen 5s
9
2
127 26
Ret & gen 534s series B1959 A 0 ___ 227 13
2 10212 100,
2
10612
22
6
1937 A 0 10812 Sole 10612
912 184 20
1215 26
Dul & Iron Range let 5s
1959 A 0
Ref. & gen 1503 series C
234 4913
3
4412
8
353
2
18
Sale 4412
3413 35%
37
DM Sou Shore & All g be
1937 J J 4112
Chatt Div Mar money g 48_1951 J 13 28
894 98
Apr'34 ---East Ry Minn Nor Div 1st is'48_ A 0 984 ____ 95
Jan'33 ---ec Nor Div let g 58_1946 1 J --------35
Mae
1054 1
6
,
91 105%1
_ 105 8
Jan'34 ---220 --1 13 East T Va & Ga Div let 5s 1956 Ni N 10538
Mid Ga & AU Div pun m 58'47 1 J --------21
9412 103
--28
Elgin Joliet & East let g 09_1941 M N 10212 103 10212 May'34 ---35
3414 May'34 --- 1946 1 J ..._. 37
Mobile Div let 8 fis
814 9112
9
9112
90
93
1965 A 0 89
833 El Paso & SW 1st 5e
4
65
4
834 28
1901 1 3 824 833 82
Cent New Eng1110 {CU 48_
944 08
Feb'34 -___
96
53
7212 Erie & Pitts g gu 314* ser 13_1940 J .1 904 99
60 May'31 ___
,2 75
Cent RR & Bkg of Ga coil Is1937 M N 67
974
95
974 Apr'3I --._
1910 J J 93% ___
Series C 334s
95 1063
1061
4
9
4
1987 J J 106% ____ 1053
Central of NJ gen 8 5s
794 94%
61
917
8
Erie RR let cons g 4s prior 1996 J J 917 Sole 93%
95
78
26
95
1987 J J 95 Sale 95
General 45
8614 79%
7714 62
744 Sale 745
let consul gen lien a 4s_1996 1 J
7512 95
943 183
8
Cent Pao let ref gt1 g 'Is-.- _1949 F A 91 Sale 933
994 100
Penn colt trust gold 45_1951 F A 10114 ___ 9318 Apr'34 ---734 93
5
92
92
Through Short List gu 48_1954 A 0 6114
6238 774
7612 63
50-year cony 4s series A _1953 A 0 71% Sole 74%
63% 87
71
85
1960 F A 834 Sale 83
Guaranteed g Eso
77
63
754 18
1953 A 0 71% Sole 744
1 103 10418
Series B
10118
1st 713_1936 1 J 10118 Sale 10118
Charleston & Say'h
75
62
Apr'34 -___
73
1953 A 0 ____ 75
Gen cony 4s series D
8
110,
1094 61 1054
Ches & Ohio let con g 5(1_1939 M N 109% 110 1094
604 797
7018 213
Sole 7112
714
1907 MN
51
98% 109
109
4
Ref & Inlet 5s of 1927
1992 NI S 10713 Salo 1063
General gold 434s
60
7914
75% 177
1975 A 0 714 Sole 7112
20
Ref & inapt 56 of 1930
102
8818 10212
102 10114
1993 A 0 101%
Ref & Impt 43.4s
96 111 14
10
11114
Erie &Jersey 1st of 68._ 1955 J J 104'3 Site 10338
102
83
884 1024
1995 1 I 101% Sale 10118
Ref & MOE 448 ser B
97 1103
4
5
4
1103
4
Genessee River 151 e f 6s._1957 J 1 107 1104 1103
4
4
9712 1023
Craig Valley 1s1 58__May 19403 J 1034 105 1023 Apr'34 ---46
34
5
46
46 Sole 46
904 9812 Fla Cent & Pen 1st cone g 5• 1913 J J
_ _ 934 Apr'34 - -_ Potts Creek Branch let 48.19463 J 93
F" fnetnetee see page 3247.
3244
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 11.
New York Bond Record-Continued-Page 3
Price
Friday
May 11.
Week's
Range or
Last Sale,
to
Range
Since
Jan. 1.
BONDS
N. Y. STOCI{ EXCHANGE
Weak Hailed May 11.
0
May 12 1934
Price
Friday
May 11.
Week's
Ratios or
Last Sale.
Range
Since
Jan, 1.
Railroads (Continua)
Bid
Ask Low
Hien No. Low
HOS
Railroads (Confinued)Bid
Art Low
Moe
Low
:Florida East Coast lat 430.1959 J D 6214 Sae 813
Mon
22
64
4
64
59
14111 Spar & NW let gu 44
1917 1311 13 70 8119 70
21
74
let & ref 54 series A
5678 7512
1974 M
1014 E1113 1014
81
12
4111w & itate Woe bt 3444 1911 J 3 72
101 19
/
4
7014 Mn'31
Certificates or deposit......
7014 75
103 Sala lots
3
50
11
103s 1712 :Minn A St Louis 5s ans.-1931 MN
6 -113; 918 Apr'34
I Fonda Johns & Cloy 4345_1952
4
94
/
1
412 .5
3111 A refunding gold is..,..194) m S
41 May'34
/
4
Proof of claim flied by owner__ 141 N
2
/ 5
1
4
/
1
4
6
15
12 May'34
712 13
1983 Q F
Ret A est 50-yr 52 set A
3
/ 6
1
4
3
3
/
1
4
(Amended) 1st cons 2-48 1982
3
/
234 414
1
4
Q F
Certificates of deposit
2
414 2
2
5
Proof or claim flied by owner M N
118 434
7
10% 8 May'34
313 15
M St P & S3 1.1 eon g 48 lot gu'33 1 3 4213 Sao 42
4512 68
Fort St LT D Co 1st g 430_1911 3 J 88
3414 49
9712 83 Fab'34 _-_83 85
lst cons 53
3314 417 4014
8
1
4914
Ft W & Den C 1st g 5 Ms__ _1981 J D 10414
334 4212
/
1
103 Mar'34 ___. 7 % 15414
1
6
let cons 51 gu as to int-193 .1 . 43 52 50
9
5 01
331 3. 11j
521 20
/
4
38
56
let & ref 85 series A
1914 3 3 2318 33 36
2
37
Gal, Hous & Rend 1st 5343 A '33 A o
20
3714
90
90
5
25-year 514s
"8 2) silo 29
1949
30
2
Ga A Ala RI let COM 53 Oct 1945 J
1612 34
22 25 24 Apr'34
1812 28
1st ref 5 Mi set B.
7712 silo 7712
3 60
78
(la Caro & Nor 1st gu g 5s 1929
80
1st Chicago Terms t 43-1871 I k
1918 M W
85 Jan'34
Extended at6% to July 1 19343 1 27
85
88
50 30
30
5 2014 30
allnissippl Central 1st 58-1919 J J
77 Apr'34
Georgia Midland let 3s
7612 771s
1946 A o 52
5612 561
/
4
1
581
/
4
40
60
Gouy & 05wegatchie let 58_1942 J D 85 100 00 Jan'33
iMo-Ill RR let 53 set 4_1957 1 3 2018 21
201
/
4
21
14
GrR&Iextlstgug4j4,_,.j9453 J 1011s -- 0018 Mar'34
14
28
9514103', Vie Kan & rex lit gold is.-199 1 1 0 8)% 91
90
9014 12
Grand Trunk of Can deb 73_1940 A 0 10312 5113 0812 10314 28
754 9214
/
1
105 109
alo-K-T RR tor lien 5s see A.1962 1 I 8118 Sao 8413
8712 37
15-year a f 63
70
9112
1938 M S 107 aa.3 0812 107
53 102% 107
40-year 44 series B
1993 3 5 7514 731 741
/
4
4
76% 18
Grays Point Term let 5s___ _1947 J
611 79
/
4
98 Ma.r'30
Prior lien 4!.4s s...v 0.
1973 3 3 7813 804 78
/
1
78
2
Great Northern gen is ser A_1938 J J 94 Silo 94
6318 83%
/
1
4
/
1
4
9813 415 "tie iiii
cum adjust Ss ear A_Jan 1947 A 0 5114 55% 5414
5814 59
let & ref 414s series 4-1961 J J 97% ao 97
4412 6212
98
61
78
991s 2510 Pao 1st & ref & see 4-1985 F A 31
3313 48
32
General 5344 series B
2513 39
1952 J I 911 8113 9112
/
4
9614 52
764 99
/
1
so
Clertlfloates of deposit....-34 May'34
General 53 ieriel C
22
35
1973 1 J 88 Sao 87
9114 44 681 924
/
4
/
1
General Is
1973 Iii -5 kr, sib 14
16
135
General 434s series D
111a 2034
1978 J
78 8113 78
8012 33 67 8714
let & ref & series F.
1977 131 a 31 Sob 3012
3314 179
3314
General 43443,1'1es E
24
19777
78 sib 78
8214 110
8812 8812
Certificates of deposit
3112 e32
3018 3
Green Bay & West deb otta A..-- Feb 33 48 32 Apr'34
26
33
let & ref 55 set Gi -..._ _1973 ii A 3012 Silo 3012
33
31
Debentures ctts B
Feb
43
4 63
/
1
4
s 5 May'34
Certificate, of deposit
51
4 8%
- 334 34 May'31
24945 3 54
229
Greenbrier Ry 1st gu 4s
334
8
1940 44 N 10014 ---- 0014 Apr'34
4itiR 1113 Silo 1012
9312 1031
Cony gold 5)0- ___ _191)
1214 81
Gulf Mob & Nor let 634s B.1950 A 0 84 8113 81
8
1612
84
6212 8612
let ref g Se series El .......1933 A 0 31
33 32
3314 86
24
let mtge 5s series C
3812
1950 A 0 72
7713 771
/
4
7812 27
81
59
Centfloatel of deposit
_
3314 321 May'31 _ /
4
Gulf & S I 1s3 ref & ter 53Feb 1952
14 3412
2 33
67 Feb'34
57
70
lst A ref 5i ser I._ _ ......1981 lei 31 Sao 31
3312 .85
Stamped (July 1'33 coupon on) 3 3
70 55 Dao'33
Certificates of
33 34 May'31
26
34
Hocking Val 1st cons 4343_1999 J 3 i55;4
105
105% 15 -- Mo Pao 3d 7s est atdeposit 1414 RR 84
08
53; 1
4% July
85 85
877
8
5
7214 89
Housatonic Ry cons g Sc.---1937 141 N 99 111i 99% 100
16 82 100% Mob & Sir prior lien g 51-1911 3 J 83 91
85 Mar'34
85
91
R &T C 1st g 5sInt guar
1937 J
1021 104 10314 10314
4
2 97 104
1 1 81
Eho ill
93
83 May'34
83 90
Houston Belt & Term let 53_1937 J J 1001 10t5 1001 May'34
4
4
a m 101
let 3.4 gold 4s
SUM.19151 I 40
3
70 60 Jan'34
43 60
Had & Manhat let Sneer A_1957 F A 857 8113 857
3
3
83
56
72 83%
80 Fab'3
80
55
Adjustment income 53 Feb 1957 A 0 4113 Sale 4113
44
47 32
501 :Mobile A Ohio ten gold 11_1931 34 9
/
4
/
1
94% 934 Jan'34
9912
99
Muotgom try Div 1st g 51_11917 F 4 2318 25
2318
2318
3
191 27
/
4
Illinois Central let gold 48_1951 3 J 100
100
100
4
924 109
/
1
Ref Alm)t 414e
1413 1713 Ma'y'31
13
2138
1st gold 334,
10
19513 J 93
92 //tior'34
83
9213
See 5% notes.
14
15
17
171
/
4
2
23
Extended 1st gold 3345_1951 A o 92
14
93 I 2Mar'34
921 93
/
4
34111 A Mil tst gu gold Is
1 VI
/
/
1
1
18) \S
119874 o:
9 7 MS 824 83 814 Apr'31
let gold 33 sterlla g
1951 41 El 7618
_ 73 Mar'30
Mont C Let gu 61
/
4
1024 sal 10214 1021 17
Collateral trust old 4s...._1952 A o 8114 flib 811
/
4
82
71
6114 85
let guar gold 5s ..___ 11 17. j1 loos sa3 100% 101% 28
-7
1 1
1
Refunding 4s
871'42 1 1:
1 1E1
1955 M N 84 8312 8514
8713 11
74 8314 Morris & Elias let gu 3341- 3)1 1 1 0 87 Silo 87
83
81
Purchased lines asp
74% 8912
1952 J
80 83 82 May'34
63 82
cooler 84 Is ler A.
1011 28
/
4
19Si SIN 10113 Silo OD
Collateral trust gold 43_1953 Itf N 78 Sib 78
77 1013
4
78
/ 39
1
4
624 791
/
1
/
4
Cons& Itt 1141 ger B
1951 SIN 94 Bab 94
42
95
Refunding 53
73 95
1955 MN 984 1903 96
/
1
984
/
1
9
tit
9812
15
-year secured 6443 g____1936 J J 102
- 102
102
7 90 1021 Nash Chatt A St L 41 set A 1971 F A 92
/
4
4321 9413
9512 94
/
4
944 12
/
1
40
-year 434s
Aug 1 1988 F A 681 8.113 65
/
4
71
305
534 76 a :g Fla A S lit gu g 54._ _1937 r A
/
1
103
4 99 1044
/
1
4
Cairo Bridge gold 45
/
1
1950 J D 9814
9814 Apr'34 _- 87 9314 Nat RY of alit pr lien 444i19571 1 103 103 103
---- 18 July'23
Litchfield Env 1st gold 3s 1951 3 J 791 _._. 8214 May'31
/
4
75 8218
Assent cash war rat N)4 on
2l 414
Loubv D1v & Term g 33411953 J 1 85
314 31
4 314
31
/
4
871
/
4
87%
1
78 871
/
4
Guar 41 Apr '14 eoupoo _197/ I
. ____
()
121 July'3I
/
4
Omaha Div 1st gold 33.___1951 F A 7212 75 78 May'34
3 78
Assent cash war rot N) oi ---5
3
413 4 Apr'34
St Louts Div & Term g 38_1951 J J 73 78 78 May'34
21s 4
66
78
Nat RR Met pr Hen 434s ) '2i
n
Gold 334,
19511 J 85 8113 85
85
4 69
85
Anent cash war rot No 4 os
4
4% 412 Apr'34
Springfield DIY lat g 330_1951 S J
2% 5
80 Mar'34
67 80
let 000lol is
_1951 :CZ _-_- -- 22 A pr'23
Western Lines 1st g 48_1951 F A
8814
8814
1
75
8612
Assent cosh war rot No, 4 on
3
/
4
418 31 May'31
DI Cent and Chic St L & N 0
2
5
Naugatuck RR lit g 11.....195i ;I R 63
82 7112 Nav'32.Joint let ref 5s series A
1963 J D 7913 Sob 79
/
1
4
82
98
68
87
New England RR coos 51_1913 1 5
83
83
1 "55 84 let & ret 4345 series C
1963 J D 7213 75 753
8
7 62 81
7814
Cumiol guar is......._._1945 I 3
82 Apr'34
&I
8212
N J lunation RR g Jar lit to 1933 F A 87
91.7 87
87
8
2 8212 87
Ind Bloom & Wen let en 48194() A 0 98
.
95 Feb 31
95 9712 New 0 1 Great Nor 51 A .....1933 I 1 70
,
72 69
711 13
/
4
Ind III & Iowa let g 4s
571 77
1959 I J 95
/
4
_- 94%
95
14
75 95
NO & NE lit rettimot i m • Ala 1 3 724 7414 7413
7412
/
1
6
Ind & Louisville let gu 43
1959 J J 17 -.
54
7513
25 2$ Feb'31 _
25 25
New 0-leoni T wm Let 14-195I I J 81
8512 854
/
1
8712
8
Ind Union Ry gen 68 see A 1985 3 J 10314 8113 103% 10314
62% 8712
9312 101% iN 0 rex A Mx no Ina 51.1935 4 0 17
2178 25
/
1
4
251
/
4
2
Gen & ref 51 series B
16
29
1985 3 J 1031
/
1
4
Mar'34
,1
10) 103
- 103
lit 55 series
fio 2112 Silo 2112
2112 11
:Int-Grt Nor let 6s ear A_1952 J J 35, Silo 35
19
/ 32
1
4
9
38
11
2344 41'2
1st 54 series 0
.
1911
;A 2113 Silo 2312
231
/
4
2
Adjustment 60 ear A_July 1952 A o 101 Sib 1012
20% 33
4
1118 52
9
1314
194 1 41 series D
A 17
21
23
2112
4
1st 5s series B
1714 3112
1958 J
33 Ebb 311
/
4
33
15
25
401
/
4
1s1 5145 series A
9 Sj
/
4
54-191: o 211 Silo 211
11 :
4
23
5
let g tis series C
2018 33
1958 J J 3018 34 3213
3211
3 25
41
13 &0 13141 gem guar 11344-19
/
1 10)4 10213 0112 Moy'34
Int Rye Cent Amer 1st 558 1972. MN 6518 67 6$4
97 10112
/
1
68
3 454 6812 N YBAMB lstoong
/
1
3544 0 1021
/
4
017 Mar'34
8
10114 102
72 73
73
3
"
1 9911 trust 6% g notes_1911 M N 70
491 7412
/
4
let lien & ref 8)4,
1917 F A 63 63 65
65
1
4312 6518 NT Cent RR opay deb 69_1935
N 99% Bolo 99% 100
23
:Iowa Central 5s otts
1933 J D 101 silo 10
83 101
/
4
10%
4
44 11 1
/
1
8
Cooled Is trial A
I934 P A 83 sa3 88
8913 114
Ist & ref g 43
73% 9012
1951 M S
314 Sala
334
413 23
21 513
/
4
Ref A Inapt 4
40631 A 2)L1 40 6512 sal 681
/
4
701 87
/
4
6014 75
Ref & ICIID1 51 series 0
2)13 40 7214 9113 7214
78
181
James Frank & Clear lit 45_1959 3 D 8813 do 814
67
8314
/
1
87
28
8918 8314 N Y Ceat A Hal Riv 84134,193753 9114 Silo 8)13
9114 58
Hal A AG it let gu g 53
7912 9114
1933 J 3 - 105 03 Mar'31.3l•year downtime 41...._1911 .1
9312 Silo 9513
931 43
/
4
Kan & M let tug 4s
8018 98
1990 A o 55 sito 93
93
1 "fa' 13
-Rat A Met 4 mi iler
2)1.3
63 Sao 68
7014 227
K C Ft SAM RY ref g 43_1936 A 0 4313 Sib 4313
60
75
4312 44
5454
38
Lake Shore coil gold 3144 1934 FL 8214 8312 8212
834 30
/
1
Certificates of deposit
6918 8378
A 0 44 S113 41
43
43
354 52
Mien Cent coil gold 3 tii 191.1 FL 8114 £103 811
/
4
821
8 11
Kan City Sou let gold 351950 A (3 7818 Silo 781
71
84%
/
4
771
3 63 62 2 7712 N Y Ono & 9t L Lstg $e._._1937 40 9718 9)13 9)
8)14 38
Ret & impt 58
8512 9)114
Apr 19503 J 7812 ado 761
/
4
8014 34
6713 84
Refunding 5141 verbs A 1971 * 0 73 8113 724
/
1
771 51
/
4
Kansas City Term let 45____1980 3 .1 997 8113 9314 10314 83 9312 101
5513 8012
8
Ref 445 series 0
1973 1.1
62 8113 602
654 2)7
Kentucky Central gold 4e___ 19875 J 9312 100 93
4714 70
10314
9
9015 10112
3-yr 8% gold notes
1931 P.O 7214 8113 71%
78
105
Kentucky & Ind Term 430_1961 3 J 87
49
80
-- 89
8)
8' 73 89 NY Con teat 1st gu 4141 A 1953 P A 101 Sob 104
101% 25
Stamped
96 104%
1981 3 J 831 4 9314 8814 Apr'34
80
let guar & series B.
883
4
1953 P A 107
103 Apr'34
Plain
101 106
1961 J J 8814 ---- 89 Apr'30
N Y Erie lit Ott gold 11._1917 MN
10114 10114
3
9334 102
31 extended 4144
.1933 118
103 Mar'34
Lake Erle & West 1st g 53_1937 I J 10014 1037 100
100 100
3
100% 17
8312 1013 N Y Grange id L tug 53._1313 M
3
8512
8312
3 68
2d gold 5s
88
19113 J 9212 13113 924
/
1
9212
4
70 95
N Y & Harlem gold 3144_,..231) M
93 Apr'34
Laken A allelo So g 3,0_1997 P D 93 13113 9579
92
86
93
15 81
93
N Y Leak & Wret 434 B....1971
N
100 Felo'34
100 100
Lehigh & N Y let gu g 45_1915 14 S 81
8112 8112
3 57
83
83
N VA Long Braalbglcl 4s..1911
S
98
93
1
Leh Val Harbor Term gu 53.1951 F A 9912 Sao 9313 10114 14
9512 97
82 10113 N YANEB oit Term 18_193) * 0
/
1
4
9513 June'23
Leh Val NY 1st gu g 4343....1910 J J 9718 9314 97
973
4 38
/
4
831 99
N Y N El & H n-to deb Is...1917 MS 65
72 65 Apr'34
Lehigh Val(Pa) eons g 45.....2003 M N 6112 13113 5119
-517 65
,2
611
70
47 68
Non-con, debenture 3 34,
60 Sib 5914
.1917 48
60
9
General cons 4444
51
6012
2003 41 N 69 Sao 6312
72
22
53
7412
Non-cony debenture 314 1_1951 * 0 51
511 54
/
4
55
II
General cons 5s
45
58
2003111 N 7913 861) 78
80
22
54 83
Non-cony &Denture _1955 13 63 Silo 6212
64
38
Leh V Term Ity 1st
547 6413
8
g 59_1911 A 0 10514 Sib 104% 10314
5
94 10514
NO0-030Y debenture is .1931
N 62 Sao 62
oils 23
Let A Ent let 50-yr 5.3gu..1965 A 0 1053 -- 1054 1051
52 64
8
/
4
/
1
6
91 10538
Cony debenture 3144
31 51
1953
53
5518 May'34 ____
Little Miami gen 4s series A_1982 MN 981 9312 97 Fab'34
/
4
/
4
95 971
/
4
Cony debenture 81
1914'I 81 Silo 84
sue 92 454 591
Long Dock coma g 65
711 S71
/
/
4
1935 A 0 10314
- 103 May'34
99 10313
Collateral trust 61
191)* 0 8318 Sits 88%
8312 43
Long Island
71
891
/
4
Dobenture Is
1957 MN 52 Sao 52
55
33
General gold 43... ___1933 3 D urns _-_- 103
44
53
103
1
9914 103
1st & ref 1141 set of 1927_1987 J
68 Silo 68
6) 117
12
Unified gold Is
5712 7012
1949111 El 93 1031 10314 1037
/
1
4
4
8 11
95 10378
Harlem RA Pt Mei lit 441951 MN 93 Silo 934
/
1
934 90
/
1
Debenture gold Si
834 11938
/
1
1931 3 D 9578 101 10318 Apr'34
10318 102
N YOA W ref g is---June 1992 'IS 62 tido 62
65
31
20
-year p m deb 5s
5713 71
1937 MN 1021 103 102 14 10214 15
8
/
4
931 103[2
General is
.
D 55 Silo 55
1955
62
13
Guar ref gold 43
50
194941
6813
10312 Silo 10312 101
33
9212 10114 NY Providen & B oiton 19 1912 * 0 9119 -- 90 Jan'34
Louisiana & Ark let Si set e_1969 J J 6518 Sao 6513
90
90
6314 83
501 641 N Y & Putnam lit oon ita 11_1993 40 834 8314 83
/
4
/
4
8714
4
Louts &Jeff Bdge Co 51 g 4s 1915 111 S 9314 Bib 9314
717 8714
s
9313 33
85 103
N Y Sulu & West 1st ret 51-1937
J 57
74
73
74
12
Louisville & Montville 54____1937 41 N 1017 _--- 10$
50
75
8
10$
1 102 1031s
24 gold 44,
1937 FL 51
70
5812 May'31
Unified gold Is
43
5613
1940 J J 10214 Sill 102
102% 73
9113 10314
General gold 5..
1919 P A 5213 13133 521
/
4
5312
5
1s4 refund 5141 series A.._2003 A o 105 Silo 10113 103
38% 5813
51
921 105
/
4
Tarlatan tit gold 61
1913 MN 951
/
4
98 May'34
let & ref 53 series B
82
/ 973
1
4
2003 A o 10114 Sao 10114 1011
4
/
4
6
90 1021 N V Wench A B let ser I 4 Ms'48 S i 53 Bab 53
/
4
57
50
let & ref 4341 owl& C
42
5914
2003 A o 934 Sao 9214
/
1
911 76
83 97
/
4
Gold 5s
1911 A 0 10512 107 10312 105 8
,
3 10112 108
Nord Ry est sink fund 6345_1959 A0 157% 153% 15613 16113 137
Paducah A Ann Div 4e..1918 F A 93
128 16112
9714 9314 Apr'34
82 9314 :Norfolk South lit & ref 51-1981 FA
•
•
St Louts Div 2d gold 3s....1930 M S 701 75 7014 May'31
/
4
60% 71
Certificate, of deposit
17 .
2113 2138 May'34
714 22
Mob & !Monte 1st g 430_1915 MS 102
10212 10212
1
9812 10212 IN obit & South let g 58- -1911 M N
•
South Ry joint Monoo 43_1952 J
8312 8218 8312
8312
3
811 83
/
4
N A W Ry lit co& g is
1993 A 0 10112 Stlo 10414
10512 23
98% 10518
All %oozy A On Div 4s 1955 41 N 934 13113 93
/
1
991 10
/
4
9913
85
Dly'l 1st lien Agent
Wit J J 105 Silo 10414 105
18 1001 10612
/
4
Poosh C & C joint ts
1911 J D tors 4113 10313 101
13
9934 10412
Mahon Coal RR let 53
19341 J 10018 10012 10014 May'34 _- 10914 101
North Cant geo A ref 55 4-1971 111 S 10114
98 0.ot'33
Manila RR (South Lion)43_1939 M N 62 6) 75 May'34
5718 75
Geo A ref 4 MI series 4_1971 M
lOOls 105
991 Falo'34
/
4
-55r2 1--1
02;
1st en 4s
1959 M N 72 Silo 72
72
1
65 7214 IN wth Ohio 1st guar g 5e
1915 A 0 53
70 591 May'31
/
4
35
60
Manitoba S W C0100121'11 & 1931 J D 10113 Ebb 10412 105
99 105
37
He tor 33-an'33- kora t(vit. _--- 55
.
62 64 May'34
3514 64
Mao GBANW 1,t 344s.._.1941 S I 67
70 Mar'34
71
59% 70
St 0.31 1313 sale of Aprl, Oat
Met Internal let Is asstd.... 1977 M S
112 _--- 2 Mar'34
2
2
/
1
4
11933, de kpr 1'21 catbois
434 53 52 Apr'34
/
1
34% 52
Michigan Central Detroit & Bay
Noll Pacific prior lien 49-1947 Q
9314 81.13 934
99
210
91)
83
City Air Line 41
1910 3 J 10313 102 9314 Apr'34
91 102
Gin Ileo ry Aid g 34 Jan 2117 Q F 6312 13113 6313
7018 32
71
60
Laos & Sag 3341-1951 MS
May'28
Jaek
79
Ref & Mot 4 M4 seri& A _2017 J
83
8312 8313
8912 16
731 9014
/
4
let gold 3341
9514
1952 M N 95 Silo 94
7 -t
Sr 9514
Ref & Imin Os series B
2017 J
9314 do 9314
10014 205
8818 103
Ret A impt 434 see C____1979 J J 92
9278 92
9212 11
7314 9318
,
Ref A Inlet 5s series 0_2917 J 1 9313 8113 927
3
98
16
7614 9712
Mid of N J 1st en 53 ____1910 A 0 82 811 841
/
4
85
/
4
4
62 8518
Ref A Met Unties D
2047 J J 921 Sib 9214
/
4
95
25
7511 97
lan A Nor let est 4144(1833)1931 J D 9112 9112 921
924
/
4
784 98
/
1
3
No- By of Calif guar it 55._1933 A 0 00
00
Jan'34
100 100
Cons est 4145(1884)--1931
I) 9113 917 9138
8
18
92
65
93% Og &Latina 1st ga g 41.-1918 J J 6113 657 68 May'34
8
72
51
For footnotes see page 3247.
221
New York Bond Record—Continued--Page 4
3245
E-4 Price
Week's
..1 •
Range
BONDS
4. .
Range
BONDS
'1.4
Price
Week's
ta Friday
ta Friday
since
d'-'1.
Range or
h
5.
41
Since
N. Y. STOCK EXCHANGE
Range or
N. Y. STOCK EXCHANGE r. h
oo
2'.;4';', May 11.
Last Sale.
iniQ
Jan. I.
Week Ended May 11.
Jan. 1.
Week Ended May U.
..:-. e: May 11.
Last Sale.
04
—
High No. Low
Bid
Ask Low
Railroads (Concluded)—
High
High
High No. Low
Ask Low
Railroads (Continued)—
BM
46
687
8
3
6612
67
_ Tenn Cent let (is A or B____1947 A 0 6712 69
____ 07 Mar'32 ---_ ____
Ohio Connecting RY let 48__1943 M S 100
10618 21 1003 10614
s
-- 8
1936 J D 1023 -___ 102 May'34 _-_- 100 1023 Term Assn of St L let g 440_1939 A 0 10618 ____ 106
4
Ohio River RR let g Es
4
8
1073
4 10 1013 108
1944 F A 1073 Sale 10714
let cons gold 5s
89 10212
General gold be
3
1023
8
_ 10214
1937 A 0 10214
82
93
56
OS Sale 9614
98
Gen refunds 1 g 45
1953 1 J
92 1023
8
Oregon RR SE Nay corn it 45_1046 1 D 10112 102 10112 102
8
75' 97
4
24
95
8
Texarkana SE Ft 9 let 545A 1950 F A 9014 935 94
1093
6 10414 111
4
____ 10912
Ore Short Line let Cone g 58_1940 J J 109
64
90
1
8812
893 8812
4
Tex & NO con gold 50
1943,3 J 86
8 10412 112
112
Guar stpd cons be
1946 2 J 111 Sale 11012
9114 108
5
s
103
20002 D 10818 11034 1073
8312 9818 Texas & Pac let gold 58
9818 160
1961 J J 9714 Sale 9718
Ore-Wash RIt & Nay 45
834 85 May'34 ---/
1
64
87
Gen & ref 5a series B
1977 A 0 81
8714 10012
4 10012 50
Pee RR of Mo 1st ext it 4s 1938 F A 10012 Sale 993
65
8614
4
8414 28
8312 823
1979 A 0 80
Gen & ref Se series C
84 10012
6
10012
2d extended gold be
1938 J. -I 9314 100 100
65
8612
31
85
1980 J D 8212 Sale 8212
Gen & ref be series D
4
2 1003 10314
9712 ----10212 10212
Paducah & Ills lets f it 440_1955 J .1
67
9014 20
9014 89
9014
Tex Pac-Mo Pac Ter 548 A_1964 NI 5 88
Paris-Orleans RR ext 540 1968 M S 15112 Sale 14912 152
45 12314 152
9412 1031z
10312 11
8
Tol & Ohio Cent lot gu 5s1935 J J 1015 10312 1021a
75
75
50
75 May'34 ---Paulista Ry let ref 8 f 7e_ _ 1942 M S Go
5
10214
9712 102,
4
Western Div let it 68
1935 A 0 102 10212 102
85 1007
s
1003 138
8
Pa Ohio & Bet 1st dc ref 440 A'77 A 0 997 Sale 997
8
8
90 101
8
101
1935 1 D 101 Sale 101
General gold 5s
Pennsylvania RR coos g 48 1943 M N 1033
103 May'34 --,, 101 103
8
853
4
5
673 8612
4
Congo' gold 48
1948 M N 103 1047g 10414
1044 18 100 10514 Tol St L & W 50-year g 4s1950 A 0 7258 8612 8558
/
1
_
_
_
___ 9618 Apr'31 -Tol WV & 0 gu 40 ser C
1942 M S 100
9978 105
8 27
48 ster1 stpd dollar May 1 1948 M N 103 10478 104
1047
94
-i --f3
95
213
95
95
10812 49 103 10512 Toronto Ham & Buff let R4s 1946 J D 94
Consol sinking fund 440_1960 F A 1073 _--- 108
4
883 1023
8
General 4%s series A
4
4 10134 237
1965 ./ D 1013 Sale 1003
4
1045 166
8
993 105
4
8
Gereral 5e aeries B
,
1988 3 D 10614 Sale 10512 10614 87
97 2 10712 Union Pac RR let & Id gr 48 1947 J J 1045 Sale 10314
89 10014
9912 256
4
4
let Lien A ref 48
June 2008 M S 9918 Sale 9812
15-year secured 8145
1065 162 1033 1003
8
1936 F A 1061 Sale 10658
/
4
893 10112
4
51
101
8
Gold 440
1967 J J 1007 Sale 10014
40-year secured gold 5s
911 103
/
4
72
103
1964 IM N 1023 Sale 102
8
20 10212 112
112
let lien & ref 5s
June 2808 M S 111 Sale 11012
7814 92
157
91
Deb it 44e
1970 A 0 8838 Sale 88
95
106
8
8212 95
/
1
4
40-year gold 0
1968 1 D 945 Sale 9418
4
8312 963
965 138
8
General 441e series 1:1
/
1
4
1931 A 0 9614 Sale 95
4
1944 M S 104 105 102 Mar'34 ---- 10012 1023
7834
7812 6 57 8134 U N J RR & Can gen 4s
7634 78
Peoria & Eastern Islet as 4e_1940 A 0
99 102
1
101
1914 Vandalia cons g 4s series A 1955 F A 101__ 101
7
125
8 27
Income 4s
10
11
April 1990 Apr 10
9718 101
Apr'34 ---Cons 4 f 4s series B
1957 MN 101 102 101
8512 10114
11
Peoria & Pekin Un let1110_1974 F A 10012 102 1004 101
/
1
212 5
4 May'34 ____
312 ____
Vera Cruz & P asst 4 40
1933 J J
Pere Marquette let Bet. A 5s 1956 J .1 84 Sale 8358
5812 38
75
83
9814 10218
5014 7812 Virginia Midland gen 5s
1930 M N 102__ 10218 May'34 ---6
7718
let 4e series B
7614 7614
19.56 J 1 75
757 90
8
90 Mar'34 ---07
5147958 Va & Southwest let gu 5s_2003 J .1 91
7912 127
S 76 Sale 757
series C
8
let it 44e
1980 M
4
14
67
87
1958 A 0 3018 83
1st cons bs
29 10012 105
105
Fhlle Bait Jr Wash let it 4s 1943 M N 105 Sale 105
9918 108
8
10714 95
8
Virginia Ry 1st Is series A 1962 M N 1065 Sale 1065
6 100 109
109
General 514 serleof It
1974 F A 109 Sale. 108
90 102
18
8
102
let mtge 448 series B
1962 M N 101 102 1015
9214 103
71
103
General it 44e series C
8
1977 1 J 1023 Sale 102
2311 3114
29
27
27 Sale 26
Philippine fly let 30-ore f 481937 J
74
95
9212 48
:Wabash RR 1st gold 5s__1939 M N 9
0 Sale 89
5618 8312
24
/
1
79
7514 Sale 754
2d gold 55
1939 F A
5 10114 10614
10618
10614
P C C& St L gu 440 A
1940 A 0 1061g
60 60
Feb'34 ---8
let lien 50-ye.ar g term 4s 1951 1 2 ---- 697 60
11 102 10612
106
Series B 4 0 guar
1
1942 A 0 10318 ____ 10518
70 92
9112 Apr'34 ---96
Del & Chic Ext let 5s
1941 S .1 89
Belief' C 410 guar
1942 MN 10514 _--_ 10412 Mar'34 ____ 103 10412
55
4
45
553
55 Sale 55
4
Des Moines Div let it 4e 1939 J J
9918 101
7
2100
____ 100
Series D 4e guar
1945 MN 100
1
45
53
55
53
1941 A 0 5112 56
Omaha Div let it 340
__
8912 Aug'33 _-__ ____
F A
961
/
4
Series E 44e guar gold
1949
_
_
Toledo & Chic Div it 4s 1941 M 9 7318 ____ 63 Dec'33 -99 -- ,
99 4
Scrim F 45 guar gold
1953 J D 10034 ____ 9914 Apr'34 ---I T -2 2
2512 50
98 10214 Wabash fly ref & gen 54s A 1975 M 9 22 Sole 22
14
10214
Felice CI 4e guar
1957 M N 10214 Sale 10214
1412 25
25
Apr'34 ---_ ____ 24
Certificates of deposit
_
_
_
98 Nov'33 --__
Series H cons guar 45
1960 F A 1001
/
4
2812
15
2514 20
2218 Sale 2218
1 1003 1073
105
Ref & gen 5e(Feb'32 coup) B'76 1-A
4 --- 4
Series Icons guar 440
1(163 F A 105 Sale 105
16
2414 Apr'34 ____
24
2414
Certificates of deposit
Apr'34 —__ 10158 106
____ 106
!Series 2 cone guar 448__1964 M N 105
1511 2812
2112
2112 82
A 0 2112 Sale
Ref & gen 414e series C1978 --4
94 1063
10612 12
1970 1 D 10512 Sale 10518
General NI be series A _
2512
16
23 May'34 ____
_ ____ 23
Certificates of deposit
8
943 10612
9
8 1063
8
8
Gen mtge guar be ear B
1975 A 0 1063 Sale 1055
15
28
33
25
Ref & gen 5s series D
1980 lb 22 Sale 22
8434 10034
1003
4 76
Gen 44e series C
4
1977 J 1 1003 Sale 10014
23il
14
Certificates of deposit..__ r - --_- ____ 2312 Apr'34 ---Pitts McK di V 2d gu 6s__1934 J J --------101 Sept'33 ---- _-_- _--_
76
76
1
76
76 Sale 76
-2000 FA
Pitts Sh & L E let g be
1940 A 0 10212 ____ r10112Dec'33 --__ ____ ____ Warren 1st ref pug 34s_
79
79
Apr'34 --_79
____ 79
let consol gold be
1943 J J --------100 Mar'33 ____ ____ ____ Washington Cent 1st gold 4s1948 Q M
Apr'34 ___93
9812 __ _ 97
9758
Wash Term 1s2 gu 340
1945 F A
94 Oct'33
Pitts Va & Char 1st 48
1943 MN 9912
____ 95 Nov'33
let 40-year guar 45
1945 F A 100
80
56 Pitts &W Va let 448 sor A.1958 J D 76
80 May'34 ---80
7( . - 2 iiiii
)1
8412 119
7918 Western Maryland let 411_1952 A 0 83 Sale 83
56
17
78
let M 440 aeries B
1958 A 0 77 Sole 77
45
94
91 Sale 9312
80
let & ref 549 series A_1977 J J
967
8
80
58
1st M 440 series C
7754 13
1900 A 0 7612 sale 75
/
1
4
40 102 106
106
1937 1 J 106 Sole 10518
West NY & Pa let g be
9414 100
2
100
Pitts V di Ash let 4s eer A 1948 J D 100 102 100
85 1003
4
10018 64
8
General gold 4s
8
1913 A 0 997 10012 993
2 101 106
106
106
let gen Is eerie* B
1962 F A 104
4
375 110
8
4
_ Western Pac 1st 55 ser A
30
__ _
461
/
4
1946 M 5 353 Sale 353
Providence Secur deb 4s
50
____ 7134 July'33 ____
1957 M N
853
8 63
687 86
8
9111 1 J 8518 Sale 8412
9112 West Shore lot 48 guar
8112 --Providence Term 1st 48
9112 Apr'34 _
1956 M 13 87 2
,
8238 41
8
6512 823
8
2361 1 .2 8112 823 81
Registered
10
97
85
9718
4
82
973 Wheel & LE ref 410 ser A I966 M 5 97 Sale 97
961 20
/
4
Reading Co Jersey Cent coil 48'51 A 0 96
964 9618
/
1
10
101
9312 1011
4
86 103
76
/
4
Refunding Is series B
1966 M 5 99 1003 1007g
103
Gen do ref 440 series A
1997 1 J 103 Sale 10118
18
971g
98
99
8614 100
RR 1st cense' 40
1949 M 5 97
8612 1023
4
4 64
Gen & ref 44e series B
4
1997 1 J 1023 Sale 10112 1023
3938 597
8
16
8
56
8
1942 1 D 5112 573 537
Rensselaer & Saratoga 6s1911 MN --------113 Oct'30 _-__ ____ ____ Wilk & East let pug 5s
5 100 1013
101
4
-_ Will & 9 F let gold 65
1938 .1 D 100 101 100
Rich & hlerch let g 4s
40 July'33 ---50
1948 MN
90 100
3
100
/
1
4
8
1960 3 .1 98 100 100
99 1015 Winston-Salem 9 14 let 4s
2
8
Mehra Term fly let gu 58
/
4
4
1952 J J 1013 ____ 1011 1015
2
153
8 18
1414 22,
145 Sale 145
8
z
tWis Cent 50-yr 1st gen 4s 1949 J J
73
95
17
Rio Grande June let gu 58_1939 J D 95 Salo 9412
95
1112
10
1
____ ____
114 (paw ____
1112 Sale 1112
sup & Del div & term 1st 45'36 MN
____
17,
2
1
:Rio Clrande Sou 1st gold 48_1949 J J
____ 66
66
66
10
66
____
__ Wor & Conn East 184 448 1943 1 J 65
314 July'33 ---- ____
2
Guar 45 (Jan 1922 coupon)1940 J J
68 -- 8
937
30
Rio Orande West 1st gold 48_1939 J .1 92, Sale 9118
92
4412 697
18
1st con & coil trust 4s A 1949 A 0 6112 6312 61
8
INDUSTRIALS.
62
*
*
*
•
/ Abitibi Pow & Pap let 5s _1953 1 D
•
•
IR I Ark & Louie let 448_1934 M 9
47
72
4
Abraham & Straus deb 543_1943
61
Itut-Canada let gu g 48
5512 62 60
1949 J J
10312 61
A 0 10314 Sale 103
14
93 104
With warrants
8
5312 785
Rutland let con 440
5
73
7318
75
1941 J .1 68
62
83
16
83
Adams Express coll tr it 48___1944i 111 9 80 Sala 80
1
9418 110
108
8
1
Adriatic Elec Co ext17s
1952 A 0 1007 10814 108
86
98
St Joe & Grand Ield lot 4e
98
98
9858 100
1947 1 .1
56
2
67
6812
Albany Perfor Wrap Pap 135_1913 A 0 66,8 6712 66
90
St Lawr & Adr let g be
77
5
90
__ 8912
1996 I J 881
5118 74
7012 91
683 Sale 63
4
1945 F A
2d gold 6s
Allegany Corp coil tr 53
797 88
8
88 May'34 -4 89
21996 A 0 867 44
8
6412 72
8
69,2
Coll & cony Is
St Louis Iron Mt & Bon—
1949 1 D 625 Sole 625
4312 355
25
46
My & 0 Div 1st g 48
Coll & cony bs
•
1950 A 0 3912 Sale 38
•
•
1933 M N
3812 39
11
39
- 3814 4018 3812
It L Peor & N W let gu 68_ _1948 J J 74 Sale 74
Certificates of deposit ___
5712 82
7812 22
9012 9914
4
9918 84
98 Sale 973
M N
Allis-Chalmers Mtg deb 58_1937 --163 28
4
63
23
:A fl-San Fran pr lien 48 A.1950 J J 2012 Sale 2012
763 Apr'34 ---4
5614 764
17
26
13
21
2012
Certificates of deposit --- -- 20
Alpine-Montan Steel let 76_1955 M S S018 93
22
/
1
Prior lien be series B
24 May'34 ---.
24
177 30
8
20
-19/4 2 J
9812 21
71
987
8
Amer Beet Stvrar6s
18
28
2
2114
22
Certificates of deposit __-- ---1935 F A 9812 Sale 9812
2114 24
80
817
8
F A 8612 9312 80 May'34 ---Con NI 4%s serial A
6.9 extended to Feb 1 1940_
1411 2512
2014 91
1978 M s. 1814 Sale 18
28
87
Hit 2.02 American Chain 5
64
9058
Ctfe of depos stamped ____
102
19
. 1712 Sole 1712
-pr 6o_....1938 A 0 81 Sale 84
It L SW 1st ft 4e bond etts 1989 MN
9312 10314
34
8
103
1942 A 0 103 Sale 1027
6412 8114 Amer Cyanamid deb 55
8114 45
8012 Sale 8014
_2s p45 Inc bond Ms_ _Nov 1989 J .1 _.
330
55
35
6012
6112 10
62
5912
Am & Foreign Pow deb 5s_2030 M S 5112 Sale 5118
42
/ 63
1
4
74
62
7934
4
74
75
1st terminal & unifying 56_1952 1 J
74
1953 1 D
48
691z American Ice of deb 5a
22
113 Sole 6283
8378 99
39
99
Gen & ref e toleer A
43
5812 Amer I G Chem cony 540_1949 M N 93 Sale 93
8
5512 18
1990 J 2 537g Sole 537
z3612 19
6718 87
St Paul & K C fib List 440_1941 F A
24
373 Am Internist Corp cony 5 48 1919 1 l 85 Sale 85
4
291 17
/
4
28 Sale 23
1 105 10712
4
1063
4
SIP & Duluth let con g 45 1968 1 D
8
Amer Mach & Fdy of 65_ 1939 A 0 1067 ____ 1063
95
84
1
95
__ 95
At Paul E Or Trk let 440 1947 J J 88-953 11612
4
341
,
4
63
7612 Am Rolling mill cony 55__ _1938 NI N 1023 Sale 102 2 107
7612 May'34 ____
7212 75
At Paul Minn & Manitoba—
9912 104,2
10114 60
Am Sm di R 1st 30-yr Is ser- '47 A 0 10114 Sale 103
A
4
,
10612 11 10414 1063
2
1931. 1 J 106, Sale 106 4
97 10612 Amer Aug Ref 5-year 68
50
106
Cons M Is ext to July I 1943_ — _ 10578 Sale 10514
4 10158 10413
4
103
5
Am Telep & Teleg cony 4B
1938 M 8 103, ---- 1028
94 101
9
!
Mont ext let gold 48
1937 1 13 low sale 10012 10078
73 10518 109
109
Pacific ext en 4a (fterling)_1940 1 J 9699
30-year roll tr Ss
1946 J D 10318 Sole 108
89
99
5
99
110 10314 10812
St Paul Un Dep let & ref 68_1972 1 J 10714 Sale 10714
4 103
1960 1 J 108 Sale 1073
10814 35 101 10814
35-year St deb tal
8
115 1057 111
111
20
-year 8 f 5%a
1943 M N 11014 Sale 11018
31 107 113
109
9 A & Ar Pass 1st gu g 4e
.1 10858 Sale 108
1943 J ..1
1939.3
843 Sale 84
8
6012 854
/
1
8514 95
Cony deb 414s
161 10318 103
Santa Fe l'res & l'hen 1st 58_1942 NI 5 1051 10614 1063
103
4
4
1965 F A 1073 Sale 1073
97 1063
1
4
1063
4
/
4
Debenture 5s
4
35
50
Apr'34 _-40
Scioto V & N E let gu 48._ 1989 MN 1034 10412 102
37
32
:Ana Type Founders 60 ctfs_1910 _-__
/
1
9712 102
rAPr.31 ---r
5
:Seaboard Air Line let g 48.1950 A 0
Am Water Works & Electric—
746 10218 111
Certificates of deposit iiiii Iii 22
106
20 2218 May'34 --._
2012 2312
10-yr 58 cony coll tr
1944 M S 10218 Sale 1021s
*
r
Gold 4s stamped
6414 90
8
8512 51
Deb it 6s series A
1975 NI P4 8112 Sale 813
Certifs of deposit staniped_ A 0 23 Sale 23
23
10
15
25
Adjustment be
40
/ 62
1
4
5214 86
512 712 Am Writing Paper 1st it 88_1947 J .1 471g Sale 46
7
5
614 6
Oct 1949 F A
6
r
.
5
Refunding 48
5
173
4
36
14
1959 A 0
1214 Sole 12
Anglo-Chilean Nitrate 75_1945 M N
8314 90
1
8712
Certificates of deposit ____ -__
914 10
93
4
93
4
897 8712
8
718 13
9
Ark & Mem Bridge do Ter 58_1964 M S 85
141
12
let & cone 6e series A
1945 ,M 5 1012 Sale 1012
8712 9912
9334 247
912 1612 Armour & Co (III) let 440_1939 1 D 984 Sole 973
4
Certificates of depoelt __-- ---82
96
9518 137
8 97
84 117
812 1458 Armour & Coot Del 5%.,l943 1 J 9114 Sole 9414
8
104 20
/
1
/
1
*
r
9812
86
At]& Iiirrn 30-yr 1st g 48..1933 M 5
9814 112
Armstrong Cork cony deb 5s 1940 J D 9818 Sale 93
:Seaboard All Fla 6s A ctfs_1935 A 0
5
412 47
8 414
4
712 Associated on 6% g oet
40
10412
8
es
1935 M S 1037 10412 10112
8
8
5 1023 1047
35 Sale
Series It certificates
35
8
8
1935 F A
95 95
95 Mar'34 ---3
/
1
4
4
31 7, Atlanta Gas L lot 55
/
4
4
,
1947 J D 97 2
50
6112
34
_ 10312
60
10312
19313 F A 10278
1 10058 10312 A tl Gulf & W I 99 coil tr 5s.. _1959 1 J 60 Sole 5312
So & No Ala eons gu if 54
Gen COR8 guar 50-year 6s.._1963 A 0 10312 10i 107 May'31 ----Atlantic Refining deb 5
91 107
8__1937 J .1 10614 Sale 106
8
10614 28 1035 107
723 112
8
So Pee coil 45(Cent Pao coil) 1949 J D 6712 Sale 6712
56
747ti
lat 448(Oregon Lines) A _1977 M 9 82 sale 811
6312 8414 Baldwin Loco works let 58_1940 M N 10718 1073 10718 1071e
/
4
837 156
8
9 102 10712
4
1934 J D 100 Sale 100
100
6
20
-year cony be
10512 72 10258 116
9212 10058 Batavian Petr guar deb 440_1942 J 2 106 110 104
/
1
/
4
6714 60
Gold 440
1968 M S 614 Sale 6412
5312 72
Bell Telep of Pa 5s series B 1948 1 J 11014 Sale 10912 1101 27 106 11012
68
11334 40 106 113 4
120
Gold 44s with warrants 1969 MN 6412 Sale 64
53
72
,
let & ref 5s series C
4
1980 A 0 1133 Sale 11314
1981 M N 63 Sale 63
84 108
5212 71
6712 193
Gold 4%e
10512 32
Beneficial Indus Loan deb 64 1946 M 9 1037 1053 10314
8
4
8
9818 119
827 908 Berlin City Elec Co deb 640 1951 J D ____ 535 513
8
5312 48
44 2 653
,
4
San Fran Term let 4s__1950 A 0 9818 Sale 973
4
8
103 Mar'34 _ __ 101 103
4312 67
4812 40
Deb sinking fund 6 Me----1959 F A
130 l'ao of cal let COD pug 58_1937 NI N 1041
4714 Sale 47
4---42
8
1937.0 1 995 9978 99 Mar'34 ____
424 8514
/
1
48
99
99
So Pao coast 1st pug 48
Debentures 6a
1955 A 0 47 Sale 4518
4014 74
9014 123
1955 J .1 8914 Sale 89
5014 35
70
9014 Berlin Elec El & Underg 8%i 1956 A 0 5014 Sale 493
4
So Pat RR 1st ref 45
__ Beth Steel let di ref 55-guar A '42 M N 10914 Sale 10918
997 115 s
11112 33
8
3
Stamped (Federal tax),_ 1955 J 2 --------9212 May'30 ____ ____
86 104
-1023
4 86
99 103
30
39
-year p m & impt s t 58_1939 J J 103 Sale 10214
103
Southern fly let cone g 5s 1991 J J 10212 Sale 102
30
30
Apr'34 ____
571 7334 Bing & Bing deb 6%s
/
4
69
/ 103
1
4
__ 30
hovel & gen 4s series A _ _1956 A 0 66 Sale 66
1950 M 9 3014
75
95
:Botany Cons Mills 640_1931 A 0
8814 68
1956 A 0 8514 867g 85
•
Bevel & gen 65
8
20
3
89
/
1
4
95
1712
1712
17
Certificates of deposit
78
973
4
1956 A 0 91 Sale 90
A 0 15
Devel & gen 648
803 100
4
7
100
Bowman-Blit Hotels 1st 7s....1934
1990 J J 99 Sale 99
Mom Div ist g 68
•
Strnp as to pay of $435 pt red
*
6614 8612
,
1951 J ..I 8114 8712 86 2 May'34 ---St Louis Div 1st g 45
M S
•
84 102
3
102
"
:13'way & 7th Ave 1st 5s____1943 J D
East Tenn reorg lien it 513_1933 NI 5 102 Sale 10112
72
86
14
86
4
7514 853 8512
Brooklyn City RR let 58._ 1941 J J
56
81
77 May'34 ____
Mobile do Ohio coil tr 48
1938 NI 5 7218 78
/
1
12 1051/ 1094
109
Bklyn Edison Inc gen 58 A__1949 J J 10712 Sale 107
93 17
4
3
1212
13
1218 14
:Spokane Internet let g 58._1955 J J
24 10514 110
_
Gen mtge 55 series E
1952.3 .J 108 Sale 10712 109
Staten Island Ity 1st 440 1943 .1 D --------60 May'32 ____ ____
9314 102
327
102
_-- Bklyn-Manh R T sec (is_
1968 J J 10114 Sale 10114
Sunbury & Lewiston let 48 1936 J 1 --------100 Feh'34 ____ 100 100
For footnotes see page 3247
New York Bond Record-Continued-Page 5
3246
z.
,•g
BONDS
N. Y. STOCK EXCHANGE zit
Week Ended May 11....Ir.
Price
Friday
May 11.
Week's
Range or
Last Sale.
1,
a
ea
Range
since
Jan.!.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 11.
n
t
...,a.,
May 12 1934
Price
Friday
May 11.
Week's
Range or
Last Sale.
4. .
gn
n
4.1
Range
Since
Jan. 1.
Industrials (Continued)High No. Low
Bid
Bid
Ask Low
Industrials (Continued)High
Ask Low
High
High No. bow
Bklyn Qu Co dr Sub con gtd 58'41 M N
65
57
60 7 Inland Steel 1M 444s
57 Mar'34 ---70
1978 A 0 9712 Sale 974
9914 72
86
9914
let 5e stamped
1941 J 1 71
98 Sale 97
let Met 444s ear B
573 573
4
4
573 Feb'34 4
1981 F A
9812 126
8.54 9812
Bklyn Union El let g 5s
1950 F A
92 Sale 917
tInterboro Rap Tran 1s1 58.1968 J J 6714 Sale 67
7512 96
934 16
8
6914 197
6512 7214
Bklyn Un Gas lot cone g 58_1945 MN 11034 1114 1113
•
•
10
-year Os
1932 A 0
4
8
3 1063 1117
4 1117
8
1st lien & ref 6e series A..1947 PA N 117
1 1104 11712
117
___ 117
Certificates of deposit ____ -,-- _ __ ____ 3212
..
3212
2
32
3813
Cony deb g 5145
*
•
1936 J .1 --------158 Feb'34 _-__ 158 158
10
-year cony 7% notes_ 1932 NA S
•
Debenture gold 515
1950 1 D 10212 104 1023
7214 Sale 7214
98 10414
4 1034 11
CertIfIcates of deposit
7412 23
674 75
let lien & ref series B
11 1043 1033 Interlake Iron lot 5s B
1957 MN 108 Sale 10712 108
1951 MN 71
4
4
8
7212
74
77
60
7718
Buff Gen El 440 series B 1981 F A 1043 10514 1043
17
99 1053 Int Agile Corp let & coil tr 6.1
8
105
4
4
:Bush Terminal lot 4s
52
55
1952 A 0 52
50
60
3
53
8312 29
Stamped extended to 1942____ M N 8312 Sale 794
82
8312
20
18
Consol 5s
91
1948 MN 894 Sole 894
1218 2612 Int Cement cony deb 5s
4
1955 J J
193 Sale 1914
112
7978 91
Bush Term Bldgs 55 gu tax ex '30 A 0 4414 Sale 4414
1944 A 0 6312 Sale 62
4414 6012 Internet Hydro El deb 6s
13
47
140
05
404 693
8
Inter Mere Marine it 88_1941 A. 0 5714 58
5714
5914 21
614 88
8312 14
BY-Prod Coke let 534s A...1945 MN 8314 Sale 83
44
6313
Internet Paper de ser A & B.1947 J J 754 Sale 7514
18
7918
5712 8212
Cal0& E Corp lint dr ref 5e_1937 NI N 1064 ---- 1063
Ref 8 f 8s series A
9 10318 107
6734 72
1955 M 14 6212 Sale 6212
8 107
383 73
4
8
Cal Pack cony deb 5s
5612 Sale 5512
5914 85
8612 10112 Int Telep & Teleg deb g 4445 1952 .1 J
1940 J J 31003 Sale 31007 10138 34
8
4814 693
4
Cal Petroleum cony deb e f 5039 F A 10212_ - 1024 103
6
Cony deb 4345
964 103
66
1930 J 1 6338 Sale 62
5712 7312
168
Cony deb a f g 534s
994 10312
5
- -18
139
64
Debenture 58
1955 F A 6112 Sole 6012
1938 MN 10212 103 1023
4 103
52
693
4
Camaguey Sugar 7s ctfs_ _1942
Investors Equity deb 55 A._1947 J 13 97 Sole 9612
24 12
7
6
6
5
97
6
7
823 98
8
10
32
1813 333
A0 3138 Sole 314
8
4
Canada SS L let dr gen 8s 1941 -8
1948 A 0 967 Sole 967
9673
Deb 55 ser /3 with warr
2
88
98
Cent Dist Tel let 30-yr 521_1943 .1 D 10712 Sale 10612 10712
1948 A 0 97 Sale, 97
4 1043 1074
Without warrants
9712
8
3
877 98
8
Cent Hudson 0 & E 5s_Jan 1957 54 S 107 108 10714
1 10418 1074
10714
Cent Ill Elec & Gas 1st 55_ _ _1951 F A
8
62 Sale 61
8
4512 697 K C Pow & Lt let 434e ser B 1957 1 J 1053 10612 1053
8
106
59
66
8 10011 106,
3
8
Central Steel let got 88
1941 NI N 112 115 110 May'34 - -,- 10113 110
lO63
i 27 1003 10712
1st mtge 43.48
1961 F A 1063 Sole 10614
3
Certain-teed Prod 5345 A. _1918 M S 60 Sole 60
96
5218 717 Kansas Gas & Electric 4143.1980 J D 96 Sole 954
8
98
0514 59
7212 96
31
Chesap Corp cony Bs May 15 '47 MN 10412 Sale 104
4114 31
Karetadt (Rudolph) let 88..1943 MN 29
96 110
10614 348
19
31
8
_
Ch 0 L & Coke let gal g 5s..1937 .1 J 10412 Sale 10414
25 Sole 2412
25
Certificates of deposit
9814 105
1047
8 32
49
1613 25
(Chicago Railways 1st 50 Mod
694 43
Keith (B F) Corp lot 6a____1946 PA X 6818 Sole 674
61
72
F A
5
•
Aug 1 1933 25% part pd
5314 15
Kelly-Springfield Tire 821_1042 A 0 49 Sole 49
•
48
59,2
43
65
8
5812 30
Child's Co deb 55
Kendall Co 554s with warr_1148 M X 927 Sole 924
1943 A 0 5214 Sale 5214
93'l 24
7418 9512
Chile Copper Co deb 5s
7312 793
4
APr'34 ....
78
793 78
4
Keystone Tole') Co lot 58___1935 J .1
56
83
8014 79
1947 1 J 80 Sale 7912
1004 72
92 101
8
Kings County El L & P 56_1937 A 0 10612 107 1067
Cln 0& E lst M 48 A
107
1968 A 0 10013 Sale 100
3 104 107
1997 A 0 136 145 13434 AM.34 --7, 122 135
_
___ 38 Apr'33 -___ ____
Clearfield 13It Coal jet 4s
Purchase money 65
I940 J I 43
Colon Oil cony deb Os
75
4 82
8728 05
Kings County Elev let g Is....1949 B A 874 Sole 874
583 _-4
1938 J .1 584 Sole 583
5
583
4
8728
108
30
59
20
55
/Colo Fuel dr Sr Co genet 5s 1913 F A 51 xi Sale 51
Kings Co Lighting lot 65_1954 J / 108 Sole 103
1 10314 108
117
2912 69
2514 257 253
Col Indus let dr coil 58 gu_1934 F A
First and ref 814s
1954 .1 J 110 117 116
1712 331 2
4
3
8 108 120
69
99
8878 Kinney(OR)dr Co 734% notee'36 J D 99 100
62
00
1
87
Columbia G dr E deb 58 May 1952 M N 85 Sole 8414
8112 100
AR
98t
5
Kresge Found'n coil tr 6s
70
88
8718
Debenture 55
Apr 15 1952 A 0 36 :.--- 854
1938 1 D 9714 Sole 9714
823 100
4
-.''
1812 77
IKreuger dr Toll al A 58 ctfs_1059 M S 1614 174 1714
6612 84
8512 65
Debenture 58
Jan 15 1961 1 J 83 Sale 83
1214 2134
9514 14
4
73
954
ColembuaflyP&L1st434s 1957.2 .1 943 954 9478
1942 A 0 10412 10434 10412 10412
97 10614
12
1057
8
4
9014 1044 Lackawanna Steel 1st 5e A 1950 M 81 1053 107 1054
6
Secured cony g 530
*
•
Laclede G-1- ref dr ext 5e
1931 A 0
93
85
3
8912
90
8612 93
15 10112 103
8 102
Commercial Credits f 534s....1035. 1 1014 10214 1015
2
Certificates of deposlt_
6514 73
Comne'l Invest Ti deb 5 ais_1949 F A 10714 Sole 10712 108
A 6312 Sole 6314
Coll & ref 8 Sis series C
49 101 108
19.53 i50
693
8
661
10
6312 (3 Ile 6312
____
Conn Sty & L lot & ref g 440 1951 J J 981
1966 F A
--- 9814 Nov'33 --__
50
6934
Coll dr ref 54 Redo' D
,
173 230
8
4Stamped guar 4445
14 Sole 14
54 1912
97 16- 4 Lautaro Nitrate Co Ltd 8s._1951 J .1
- 33
1951 J J 10312 10412 10312 May'34 -- -Consolidated Hydro-Elec Works
81
9912
8
98
Lehigh C & Nav of 4 As A...1951 1 J 9712 9812 9714
39
60
4
4
9714
3
Cons sink fund 440 set C_1951 1 J 973 99
43
of Upper Wuertemberg 75_1956 J J 423 454 4212
974
7
80
9914
8912
07
207 1914
8912
88
90
12
8
Cons Coal of Mdlst & ref 55 _1960 J D 20
3
2514 Lehigh Val Coal 1st dr ref it fos '44 F A
7918 91
1812 22
6218
62 Sale 62
1114 24
1st de ref 8 f 5.8
1951 F A
32
21
Certificates of deposit
19
4
4()
6218
.,
5312
4 41 10112 10712
Coneol Gas(NY)deb 5345_1945 F A 1063 Sole 106
1063
581
let & ref is f 5s
1964 F A 5813 60
1
4213 59
54
54 Sole 51
9038 10113
Debenture 41411
1951 J D 10018 Sale 100
1974 F A
10014 130
3
1st dr ref s f 58
40
55
9514
8
Debenture 5s
.1 944 Sole 9414
9713 1013
1 J 10338 Sale 1033
Secured 6% gold notes_1938 /
8 10418 63
1957
6
8118 07
3 100 1064 Liggett & Myers Tobacco 711_1914 A 0 12514 127 12614
3
Consumers Gas of Chilean 5s1930 J D 1044 105 10488 1043
,
39 nets 12812
127
1951 F A 11112 Sole 111
112
4
Consumers Power lot 5s C1952 SIN 1063 10714 10612 1077
58
8
44 106 112
6 1004 108
Container Corp 1st 6e
64
21
93
70
9612 Loew's Inc deb e t 6s
1946 J D 90 Sale 90
1941 A 0 10014 Sole 10012 101
85 102
98
15
-year deb 541 with w822_1943 2 O 7312 Sale 73 4
52
8114 Lombard Eloo 75 sir A
7514 24
29
1952 J D 9712 Sole 9718
,
8538 98
4
1201
293
28
Copenhagen Telep Si Feb 16 1954 F A (1933 Sole 02
37 11212 12012
1944 A 0 120 121 120
7518 93
Lorillard (P) Co deb is
__ _ 1053
Crown Cork & Seals f 6e_ 1947 J D 104 Sole 1033
4
25
108
104
13
58
1951 F A 105
974 104
4
994 108,3
933
4
4
Crown Willamette Paper 63_1051 .1 J 9312 94
104
21
7912 953 Louisville Gas dr El(Ky) 58_1952 MN 1034 Safe 1023
954 11
8
88 104
crown Zellerbach deb Saw w 1940 M 8 9314 95
833
4
90
8514
Lower Austria Hydro El 834,1944 F A 81
0212
854
70
96
51
14
95
9
•
•
t Cuban Cane Prod deb 68.. 1950 J .1
Comb T & T 1s1 & gen 56_1937 J J 107 Sale 10611
10718 17 10312 10718 :McCrory Stores deb 534s_ _1941
62
26
- 5712 6012 60
Proof of claim flied by owner__
50
66
1
9414 1034 McKesson & Robbins deb 5445'50P. N 80 Sole 80
1
Del Power & Light lot 4448_1971.5 J 103 10312 103
103
8233 133
„.,5812 863
4
•
lit & ref 4345
•
8933 102
34
1969 J .1 1013*.__ 101 May' --/Menet! Sugar let s f 714_1942 A 0
let mortgage 4345
94 104
1969 J J 10112 104 10312 May'34 --__
Certificates of deposit ____
,. 16
..
184 May'34 ---20
10
20
Den Gas Ae El List & ref a f 58'51 M N 102 10212 10212 10212
I
Stamped Oct 1931 coupon 1942 ._86 1027
8
A0
•
Feb'34 ___
Stamped as to Penna tax. 1951 M N 10212 Sole 10212 10212
1812 20
873 10234
4
1
3
Certificates of deposit ______ -8
20
•
4 27
Detroit Edison 513 ser A
963 1074
Flat stamped modified _ _ --4
1949 A 0 10714 Sale 1064 1073
•
1.
Gen & ref 58 series B
50
5
1955 J D 10614 10714 10614 10714
A0 48 Sole 48
964 10714 (Manhet Ily(NY)cons g 4;1990 -_40
423 514
4
_
17
Gen & ref 50 series C
4112
411
4012 42
107
1962 P A 10614 Sole 10614
9638 1071.
5
Certificates of deposit
,
37
46
35
35
Gen & ref 4448 serlee D1981 F A 10214 Sale 1013
__2d 49
80 10212
2013 1 0 33
4 1024 64
30
40
4
35
Gen & ref 5s series E
1952 A 0 10618 10612 10618
1064 12
97 10714 Manila Elec RR & Lt of 5s_1953 M S 82
95 Mar'34 ---90
9312 97
Dodge Brea cony deb Os.......1940 M N 10512 Sale 10434 10512 163
9814 10512 Mfrs 'Fr Co cite of panic in
Bold (Jacob) Pack let 6s
1
9114 93
7973 93
1942 MN
72
7712 72 May'34A I Namm & Son 1st 68_1943 1 D
93
93
60
773
4
06
Donner Steel let ref 75
50
51
9612 101
54
Marion Steam Shovels f 83_1017 A 0 50
91 102
1942 J J
5
98
61
; 44
9112 19
Duke-Price Pow let 638er A.1986 PA N 9414 Sale 9334
Market St Sly loser A_April 1910 Q J
7412 96
943
4 40
91 Sole 9
68
9112
04
7814 31
Duquesne Light let 444s A 1967 A 0 10014 Sale 106
1063
4 35 10134 10818 Mead Corp let Os with warr_1945 M N
7814 Sole 77
53
81
1st M g 444e series 11
1957 M S 108 ---- 108
Meridional@ Elea ltrt 76 A1957 A 0 105 10814 107
8 10212 109
10814
94 116
20
108
9611
Metr Ed 1st & ref 59 ser C 1953 1 J 9612 Sole 95
77
9
9612
8814 20
•
•
East Cuba Bug 15-yr 5 f g 744s'37 M S
lot g 4 As series 13
•
1908 M g 8814 Sole 854
71
88 14
Ed El III Bklyn 1st eons ls_1939 1 J 1043*-.. 1033
10412 11 10018 10412 Metrop Wat Sow & Dr 6 tis_1950 A 0 91 Sole 90
91
4
80
9219
9
•
•
5 110 121
Ed Elea(NY) let cons g 50.19953 .1 11914 124 121
Met West Side El (Chic) 43_1938 F A
121
.1
5112
54
4512 8912 5.1lag 51111 Mach let s 1 78_1956 J D
5214 14
El Pow Corp (Germany) 65.0 '50 M S 5214 Sale 5112
50
5112
50
78
3
Sole 513
4
1st elnking fund 644e
47
7
4
6914 Midvale St 54 0 cell trot 53_1936 lel S 10218 Sole 102
52
1953 A 0 513
1021
69
9718 10212
Ernesto Breda 7s
Milw El Sly AC Lt let Si 11_1961 1 D 8413 Sole 83
8712 8614
1954 F A 85
85
834 89
3
8614
21
57
85
Federal Light & Ti let 58_1942 M 8 81 Sale 79
let mtge 55
1971 1 J 8314 Sole 8113
64
81
10
81
837
46
56
834
75
7712 Montana Power let 5s A
53 International serles_1942 M S 7918 __-- 76 May'34 __
1943 J .1 9712 Sole 0712
99
49
794 99
81(8
8
1st liens f 55 stamped_ _1942 M 0 7918 Sale 7912
7612
Deb 58 series A
6013 814
1962 1 D 7412 75
77
19
53
814
Sole 81
let lien (is stamped
Montecatini Min & Agile
84
83
1942 M £4 83
8
83
1937 J J 97
98
97
8
30-year deb 65 ecriee B
D
Deb g 74
5113 6718
1954 J D 657 ____ 67 May'34 ____
9712
96
9811
7
8
Montreal Tram let & ref 58.1941 I J 100 1001 10018
105
10014
2 101 105
Federated Metals s t 78
1939 .1 I) 105 Sale 105
18
9512 101
4
Gen A ref 51 55 series A I955 A 0 813 8312 8214 Apr'34 ___
1 10038 102
4
Fiat deb of g 75
1003
4
1048.3 1 1003 Sale 1003
4
8214 8214
74 Feb'34 ......
4
11 1024 109
Gon & ref a f 58 series B 1955 A 0 813 86
Framerican Ind Dev 20-yr 740'42 J J 10714. Sole 10612 10714
74
74
76
68 Nov'33
Gen & refs 14340 series C.1955 A 0 75
19
41
1
8
:Francisco Sug let 5 f 7340-1942 MN ___ 327 30
30
4
85 Mar'34 ____ 16- --Gen dr ref of 58 aeries D 1955 A 0 813 85
86
963 Sale 963
4
1939 J J
93
Gannett Co. deb 82 ser A
1943 F A 92
8
7914 9312 Morris & Co let a f 434s
5
9234
93
07
41
8413 973
8
____ 403 Dec'32 .._
Mortgage-Bond Co 4s ser 2_1966 A 0 31
8
Gas& El of Berg Co cons g 581949 1 D 103 ---- 104 Feb'34 ____ 104 104
•
1031 J D 96 Sole 944
Murray Body let 634s
•
Gelsenkirchen Mining .._ _1034 M S
97
25
66
1- i8- 105,
9
Fuel Gas let gu g 5s_1917 NI N 10318 105 105 May'34 _ _
Mutual
Gen Amer Investors deb Is A1952 F A 95 Sale 95
7912 97
30
96
6s5
8
10434 17 102 1053 Mut Un Tel gtd fie act alit% 1011 M N 103 10312 10312 Mar'34 ___
Gen Baking debit 5348._
1940 A 0 104 Sale 104
4
97 10312
Gen Cable 1st a f 5445 A
1947 J 1 7212 Sole 7212
59
773*
27
73
Gen Electric deb g 344s_ __ _1942 F A 1023 --- 10214 Apr'34 ____ 100 1023 Namm (Al)& Son See Mfrs Tr .
4
4
62
a52
5238 a52
5912
1951 1 J 60
10
Gen Elm (Germany) 7s Jan 15'45 1 J 4912 484 65
6212 11
Nassau Elec gu g 4s stpd
5314 6234
____ 80 May'34 ____
1942 3 D 53
St deb 63411
48
8312 Nat Acme 1st s f 68
27
1010 3 D 52 Sale 50
52
6512 86
9412 Bala 9412
20
-year it deb 60
1948 al N (24914 Sale 4812
4534 834 Nat Dairy Prod deb 548.....1949 F A
5014 41
9538 159
7$12 96
4
1956 A 0 1023 Sole 10214
Gen Petrol let sink I'd 58_1940 F A 10412 1047 10412 105
Nat Steel let coil 55
17 1034 106
8
103
91 103
190
Gen Pub Serf deb S3
19393 .1 9418 Sale 94
9412 Newark Consol Gas cons 58.1948 J D 10812 11012 110 May'34 ____ 1033 110
76
9412 17
-4o
8
6818 8914 Newberry (Li) Co 544% notes '40 A 0 103 Sole 103
33
86
4
Gen Steel Cast 5 lie with warr '49 J .1 853 Sale 8538
8814 1014
10312 49
•
1952 J D 11134 11214 1113
•
:Gen Theatres Equip deb 68_1940 A 0
New Eng Tel & Tel 55 A
112
12 1054 1123
4
4
1st g 4445 series B
1961 MN 10818 Sale 10714
1134
Certificates of depoedt_ _ __-3
8
, 84 Sale
10814 26 101 10814
94 51
4 %13 843
-Good Hope Steel & Ir sec 75_1945 40 584 6112 59
59
554 6318 NJ Pow & Light 1st 4345_1960 A 0 833 5 14 614
6
0614 41
85
41
6913 854
411 9 6
47
4
Goodrich(BF)Co'M8343_19 J 1 10418 Sole 1034 10412 20
95 1043 Now Oil Pub Ser v 1st 5s A 1952 A 0 6114
1945 1 D 84 Sole 84
First & ref 50 series 13
1965 1 D 62 Sale 613
Cony deb 8s
00
72
67
88
4
647
8 79
4034 65
3
4
1951 F A 603 623 49
Goodyear Tire& Rubb let 501957 M N 9812 Sole 9812
8914 10014 N Y Dock lot gold 4a
9931 187
49
49
87
1
1938 A 0 43 Sole 47
Serial 5% notes
Gotham Silk Hosiery deb 88_1936 J D 803 95
91 May'34 ____
8
89
95
49
24
37
58
•
•
NY Edison 1st & ref 6148 A.1941 A 0 114 Sole 11312 11412 47 10913 11412
:Gould Coupler 1st 1 f 88_1940 F A
let lien & ref 5a series B 1944 A 0 10714 1073 10718
4
8112 11
GI Cone ElPow (Japan)7e 1944 F A 8112 Sale 81
8814 87
108
27 1054 1 /04
lot de gen s f 6lis
1st lien & ref 55 series C_1951 A 0 108 10812 1073
7812 34
1950 3 .1 78 Sale 78
6518 794
4
10814 36 1054 109i2
NY Gas El Lt li & Pow g 531948 J D 11314 Sole 1123
89
Gulf States Steel deb 5Hs_1942 1 D 8714 Sale 8612
4
71
8712 24
11314
11 107 1133
4
Purchase money gold 4s_ _1949 F A 10.5 Sale 105
10512 20
9912 105,
2
9214 95
Hackensack Water 1st 48_1952 3 .1 10112 Sale 10112 10112
96 10112 NY L E & W Coal & RR 5345'42 M N
2
95
7512 95
Apr'34 _
NY L E & W Dock & Imp Is '43 J J 903 102 100
8
3914 56
8
533
4 15
Hansa SS Lines 88 with warr_1939 A 0 53 Sole 527
87 1014
1
100
70 Sole 6514
N Y Rye Corp Inc 8e___Jan 1965 Apr
70
7 Sale
53
31
70
Harpen Mining 66 with warr_1949 I J
7
73
4 15
7
94
3414 45
35 May'34 ____
1952 F A
Prior lien ile series A
1915 1 J 66
2912 36
67
65
Havana Elec consol g 5s
63
70
Apr'34 ____
6
8
7
93 NY dr /Whin Gas let Os AI951 MN 10514
4
Deb 5448 merles of 1928_1951 M S -------- 8
_ 10514
96 106
1054 10
•
•
INT Y State Rye 434o A ctlis.1962 ---tHoe(R) dr Co lot 6445 ser A 1934 A 0
418 _44 412
15
5
14 5
4
93 39 Dea•33 ------------6 op series B certificates1062 --8
4
43
8 44
Holland-Amer Line tis (flat)_1947 NI N
212 44
47
8 14
8114 Sale 8114
NY Steam (is series A
1
87
8
1947 MN 10812 Sole 10812 1083
Houston Oil sink fund 5345._1940P4 N
3 10214 110
4
51
4314 85
1st mortgage 58
39
.4
1951 M N 1043 Sale 1043
Hudson Coal let 13 f 5s ser A_1962 J 13 4112 Sale 41
8
4
983 106
1043
4 10
1949 MN 109 11112 108
let mortgage be
110
4
1956 MN 1033 Sole 10318
3 1054 III
Hudson Co Gas lot g 55
973 105
3
10412 27
10512 43 10318 10512 NY Telep 1st & genii 434s 1939 MN 1063 Sole 10612 107
8
4
74 103 107
Humble 011& Refining 58-1937 A 0 1054 Sale 1041
4
1083
8 13 1053 11013 N Y Trap Rock let (Is
1916 J D 5612 Sole 5612
3
83
51
6018 18
Illinois Bell Telephone 55_1956 J D 1083 Sale 10818
8 10212 10612 Nlag Lock & 0 Pow 1st tis A 1955 A 0 10214 Sale 1013
1057
8
8
1940 A 0 10518 Sole 10512
00 1025
8
1024
9
Illinois Steel deb 4945
4534 Sale 453
60
1950 M N 6718 Sale 67
413 5913 Niagara Share deb 5348
4
3
4
46
7'218
Ilseder Steel Corp mtge 81_1918 F A
683* 38
101
5334 Sole 533
Norddeutsche Lloyd 20-yrs(68'47 MN
94 101
8
1936 MN 101 Sale 100
4
553
4 31
451.5 73
Ind Nat Gas dr Oil ref Se
Certificates of deposit
4912 Sate 4912
483 577
4
4
50
5
.
-
For footnotes see page 3247.
New York Bond Record—Concluded—Page 6
N
BONDS
Y STOCK EXCHANGE
Week Ended May 11.
(.."3
.g. h
...,Z
Prite
Friday
Slay 11.
Week's"* .
,
Range or
g :2
Last Sale. os
Industrial% (continued)—
Hid
Nor Amer Cern deb 648 A.1940 M S 3118
North Arntr Co deb Si
1961 F A
8914
No Am Edison deb Si ser A 1957 M S 85%
Deb 54s ser B._ A ug 15 1963 F A
9112
Nov 15 1969 MN 82
Deb be ser C
Nor Ohio Trae & Light 68._1947 M 8 10018
Nor States Pow 25-yr 5e A._1941 A 0 102
let & ref 5-yr 68 ser B._ _ _1911 A 0 106
Norwesi Hydro-El Nit 546.1957 Ni N
7934
Ohlo Public Service 7)is A__1946 A 0 1017
8
let & ref 78 series B
1917 F A 101
Old Ben Coal let (Se
1914 F A
1814
Ontario Power N II' let 50_1943 F A 108
Ontario Tranamtssion lit 58_1945 M N 105
Oslo Gas & El Wks esti be _ _1963 M 13 82%
Otle Steel let rage 86 Her A_1941 M S 57
Pacific Coast Co let g 5a.. _ _1946 J D
Pacific Gas & El gen & ref 5s A '42 J J
Pacific Pub Sera, 5% notes _1936 M S
Pacific Tel & n I lit 56._ 1937 1 J
Ref mtge Si eyries A
1952 MN
(Pan-Am Pet Co 1 Cal)cony 68403 0
Certificates of deposit
Paramount-B'way let 5348.1951 J J
certificates of Ilepoolt
_
:Paramount Fama, Lasky 6(4.'47
Proof of claim filed by owners_
Certificates of deposit
3 0
:Paramount Public Corp 5413'50 F A
Proof of claim flied by owner__ --Certificates of deposit__
_ ---Park-Lea 6 48 Ws
1953
_Parmelee Trane deb (Se
1944 A 0
Pat & Passaic (1 & E cone be 1949 M S
Pathe Each deb 76 with warr 1937 M N
Pa Co au 34s roll tr A reg_ _1937 NI S
Guar 3 ais roll train eel' 13_1911 F A
Guar 34e trust rtfe C____1942 1 D
Guar 334e trust rtfs D____1944 3 0
Guar 46 sec E trust etfe___1952 M N
Secured gold 4%8
1963 MN
Peno-Dixle Cement 1st 68 A 1941 M S
Pennsylvania PA L let 4 aie 1981 A 0
Peop Gaa L & C 1st cons 6i.1943 A 0
Refunding gold be
1947 M s
Phila Co sec Si series A . _ _1967 J D
Phila Elec Co let & ref 44e 1967 MN
_let & ref 4e
1971 F A
Phila dr Reading C & I ref be 19733 3
Cony deb fia
1949 M S
Milts Petrol deb 5%a_ _1939 3 0
Pillsbury Flour Mille 21)-yr fin '43 A 0
Pirelli Co (Italy) cony 7e_ _19,5- M N
2
Pocah Con Collieries let s i 56 '57 J J
Port Arthur Can & Dk (is A _14/53 F A
let mtge fle series B
1953 F A
Port Gen Else 181 434eser C 1960 51 S
Portland Gen Elea let 56_1935 3 3
Porto Rican Am Tob cony 6819-12 1 J
Poeta] Teleg & Cable coil 58_1953 J 1
:Pressed Steel Car cony g 58_1933 J J
Pub Sera El AG let & ref 4 48'67 J D
,
let & ref 4 411
1970 F A
let & ref 4s
1971 A 0
Pure 011 a f 514% notes
1937 F A
S154% notes
1940 M S
Purity Bakerlee e? deb 50..1948 .1 3
:Radlo-Keltia-Orpheum pt pd ctfs
for deb 6s & coin elk (65%
-Debenture gold 6e
pd).- D
1941 J
Remington Arms lit if f 68_ .1937 M N
Rem Rand deb b ais with warr '47 MN
Repub I & S 10-30-yr be a f.1940 A 0
Ref & gen 54e series A 1953 1 I
Revere Cop & Bram 66 ger A 1948 Ni el
Ithelnelbe Colon s f is
1946 3 3
Rhine-Ruhr Water serlee 6 1953 J 3
Rhine-Westphalla El Pr 78_1960 MN
Direct mtge 6s
1952 M N
Cone mtge 88 of 1928-1953 F A
Cons hi 6e of 1930 with warr '55 A 0
:Richfield 011 of Calif 6a
1944 M N
Certificates of deposit
MN
Rims Steel late f 78
1955 F A
Roch G&E gen Ni 5%e see C '48 M S
Gen mtge 4 411 eerles D__1977 M S
Gen mtge be series It. _1962 M 8
Royal Dutch 48 with warr_ _1045 A 0
Ruhr Chemical 6 f fis
1948 A 43
St Joeeph Lead deb 5348
1941 55 N
St Joe By Lt lit & Pr let 58 1937 hi N
St L Rocky Mt & P Sostpd.1955 3 1
St Paul City Cable cons 581937 3 J
Guaranteed &a
1937 1 1
San Antonio Pub Sera lit 85 1952 3 3
&Mac° Co guar 6146
1946 1 J
Stamped (July 1933 coup on) - _
Guar if 8348 Berle@ 11_1946 A 0
Stamped
Sharon Steel Hoop if 5448_1948 F A
Shell Pipe Line of deb 58_1952 hi N
Shell Union Oils f deb be___1947 1111 N
Deb 58 with warrants1949 A 0
Shinyetau El l'ow let 6346_1952 J D
Siemens & lialehe *1 7e____1935 1 J
Debenture if 6 lis
1951 M 5
Sierra & San Fran l'ower 56_4949 F A
alleala Else Corp it I 630_1916 F A
Ellleelan-Am Corp coll tr 78_1041 F A
Sinclair Cone Oil 15-yr is.. _1937 al H
let lien 844e series B
1938 1 D
Skelly 011 deb 5)4.
1939 re 81
BOUM Bell Tel & Tel let if 5e '41 1 1
s'weet Bell Tel lot & ref 56_1951 F A
Southern Colo Power 6e A 1947 J 3
Stand Oil of NJ deb 5s Dec 15'48 F A
Stand 01101 N Y deb 4146_1951 J d
:Fatevens Hotel lit fie miles A '45
(Studebaker Corp 8% g Dotes'42 3 D
Certificates of deposit
Syracuse Ltig Co. let g 5g.. _1951 J D
Tenn Coal Iron & RR gen 58,1951 J 3
Tenn Copp & Chem debar)13 1944 PA S
Tenn Elea Pow let 8a
1947 3 D
Texas Corp cony deb Ss_.1944 A 0
Third Ave By let ref 48
1960 1 J
Aril Inc 50 tax-el N Y_Jan 1960 A 0
Third Ave RR 1st g be
1937 1 J
Tobacco Prods (N 1) 6 413_2022 Ni N
Toho Elec Power let 7s
1955 M 13
Tokyo Elec Light Co Ltd—
1953 1 D
let es dollar scram
Trenton 0 & El let g 58_ __ _1949 M 8
Truax-Traer Coal cony 6 49.1943 NI N
1940 Ni N
Trumbull Steel lit if 65
Twenty-third Si fly ref 5s 1962 J J
Tyrol Hydro-Elec Pow 7sio_1955 MI N
1952 F A
Guar eec e 17e
Ask Low
36
36
Sale 89
87
8412
Sale 903
4
Sale 82
Sale 10018
Sale 102
Sale 10512
Sale 79
Sale 1043
4
Sale 100
19
1812
Sale 107.8
5
10912 106
8514 838
Sale 56
High No. Low
High
36
7
2212 40
6312 91
901 1 81
863
4 21
61
87%
92
58
62
9418
84
19
56% 86
1003
4 12
747 102
2
10214 36
8912 1021e
136
10
941c 106
80
7
79
90
105% 13
89 107
10212 21
78 1023
4
1914 14
15
23
108
3 101 108
106
2 101 106
86
14
8912 86
58
120
28
53
384
363 38
6
36
1053 Sale 105
8
105% 62
83% 8512 85
86
5
107 Sale 1065
8
107
25
10918 Sale 10812 10918 33
•
448 May'34 _ __
4234 Sale 4234
47
110
4314 46
4414
47
26
e
47
497
•
48%
52
•
*
4814 Sale 4818
5212
15
20
16
16
29 Sale 29
311
1083 _ — 1083 Niay'34
4
4
9512 /tale 94
9614
10014 ____ 9912 Apr'34
941 ____ 947 Apr'34
8
9358 ____ 86
Jan'34
4
- 863 Feb'34
93
99
95 - - .12 9112
94'!
10012 Sale 100
101
72 Sale 72
7412
953 Sale 95
4
953
4
10912 113 110
11018
101 sale 1003 102
3
8758
853 Sale 8514
10618 ____ 106
100,
8
102 Bale 10158 10214
61
58
59
59
4518 Sale 45
49
100 Sale 9912 100
1067
1067 Sale 106
8
8
101_ .101
Jan'34
86 Sale 86
88
88 Sale 88
894
8612 Apr'34
88
95
47 Sale 4612
4812
93%
95
9312 95
4412 Sale 4412
4712
49 Sale 4812
5312
•
•
1053 Sale 1054 10612
4
106 Sale 10512 106
10218 Sale 10112 10214
9878 Sale 981.1
100
97 Sale 9614
983
8
9314
9212 Sale 9212
___
Range
Since
Jan. 1.
25
40%
10012 106
,4
67
86
10414 107%
10518 1107
8
•
28
46%
30
47
30
47
129
•
281, 5414
329
1
4
____
21
____
____
____
____
1
167
17
216
12
72
100
2
95
24
60
168
15
____
5
11
____
136
45
88
261
•
'29
5412
93 2212
2318 3512
103% 109
85
9858
94
9912
943 943
4
4
86
86
863 86%
4
85
953
4
85% 101
(pitl 77
79
9534
1007 111
3
83 10258
633 88
4
1013 1064
4
9314 10214
503 69
39
5518
8912 100
105 109
101 10112
6758 85
89
95
70
8612
39
575
78
9512
3212 5712
4712 63
14
3
22
67
72
18
___
10012
100
93
901s
87
7814
10617
10634
10212
1001,
9812
9612
35
37
36% Apr'34 __ _
*
•
10218 Sale 10112 10218 14
9012 Sale 90,
8
9158 59
9912 Sale 9912 10018
14
8812 Sale 8812
90
40
9612 Sale 96
96 2
,
3
4434 48 a4458 a45
5
40 Sale 37%
40
29
8358
6314 643 6358
4
3
637 63
8
63
83741 17
6314 Sale 6318
64
24
6314 Sale 63
63 5
8 59
•
a323 Sale 3214
331! 38
8
5414
543 Apr'34
8
107 10718 10712 10712
3
9918 101
9912
9912
1
105 Sale 104
105
35
132 Sale 128
1363
4 93
72 Apr'34
____ 89
98% 103
76
92
85 10018
74
90
80 10114
43
73
3618 5612
81
73%
5514 71
553 71
5612 71
*
20
3510
5414 56
997 1073
86 101
94 105
10212 14214
5212 7412
107 1087 108
110
21
96
9512 Sale 95
14
61 Sale 61
61
2
68
80
82 Apr'34 ____
68
__ . 80 May'34
963
9658 Sale 9558
4 19
38
__ _ 3912
3912
1
41 Sale 41
45
2
36_ _ 41
41
4
50
41
41
42 2
74
6312 7118 66%
20
9914 Sale 98
995 167
8
98 Sale 98
98
'4 51
98 Sale 98
9818 35
733 Sale 733
733
4 14
65
89% 6712
68
3
59 Sale 59
60
22
100 10012 10012 10012
5
___ 46
45
4514
9
5312 Sale 527
54
8
1033 Sale 10314
10418 123
10411 Sale 10412 105
24
95 Sale 94
9518 62
10812 Sale 10812
109
19
10814 Sale 108
1085
8 18
8512 88
85
86
8
106 Sale 1053
4
10612 190
10312 Sale 10312 10458 83
•
*
8
4614 Sale 46
50
55
HI Sale 111
11112
4
10858 109 109
109
1
87 Sale 86
88
16
79 Sale 78
80
40
10214 Sale 102
1023 212
8
53 Sale 5218
5412 70
2812 Sale 28
3014 156
98 Sale 98
9914
13
10512 Sale 105
1067 102
8
90 Sale 89
90
22
105 114
44
72
9614
353 61
45% 82
45% 80
71
9812
351 41
30
45
32
41
30
41
38
76
891: 1C014
89% 9984
893 993
8
6458 7618
66
81
5814 89
8634 101
4311 6810
373 58,
4
4
102% 104%
101 10512
841, 961 2
105, 109
8
10518 110
63% 86
10412 107
100 10110
•
•
34
67
10334 I i li2
104 109
65% 88
57
54
96% 1o234
41
5514
253 3113
8
88 100
10118 10714
80
9414
11618 Sale
108
____
50 Sale
9512 Sale
•
7412 Sale
72
__ --
837j 733
102 1085
8
37
515
8
8312 953
•
48
7514
45
73
6512
67
186
1085 Apr'34 __
8
50
z515
8 16
9518
953
4 25
7318
73
7514
73
8
1
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 11.
22i',
44;
3247
Price
Friday
May 11.
Week's
Range or
17
4
Last Sate.i?'.
Range
Since
Jan. 1.
Industrials (Concluded)—
Rid
lit Low
High No Low
High
Uagawa Elec Power s f 7s_ _ _1945 M 8 82% Sale 82
82% 15
7312 87
Union Elec Lt & Pr(Mo) 58_1957 A 0 10512 Sale 053
8
1033
4 64 • 9612 105 4
,
Un E L & P (III) let 85 4s A 1954 1 J 106% 10712 107
107
8 102 107
Union Elea By (Chic) 58.___1945 A 0
*
•
•
Union (111 30-yr Si A_May 1942 F A 11214 113 11218
113
17 10712 113
Deb Si with warr
aor 1945 J D 10214 Sale z10214 10214
14
941 103
4
United Blecult of Am deb 68 1942 MN 1053 106 1053
4
4
106
10 1023 107
4
United Drug Co(Del)5s____1953 m 8 8312 sale 83
8412 139
60
65 4
3
United Rya St L 1st g 48____I934 J J
18
207 1918
8
1918
1
17
2012
US Rubber let & ref 5a aer A 1947 1 .1
853 Sale 841
4
8712 154
68
91
Unitedla S Co 15
95
9912 98 May'34 ____
-year 80,__1937 M N
90% 98
Un Steel Works Corp 6346A 1951 1 D 4212 Sale 41,
4212 31
4034 6658
4
Sec.if 6 4s series C
4212 Sale 4212
1951 1 D
4212
1
403 66%
Sink fund deb 614s ser A 1947 1 J
43 Sale 41%
43
22
404 67
flo Steel Works(laurbach)7211951 A 0 11412 11912 1193 Apr'34 ---- 107 120
4
Universal Pipe & Bad deb Si 1936 .1 D
27 Sale 27
23
16
13
29
Unterelbe Power & Llght 68_1953 A 0 ____ 547 55
Apr'34 ___,
47
73%
Utah Lt & Tree lit & ref 58_1944 A 0 72 Sale 72
5712 7512
745
8 16
Utah Power & Light lit 56_1944 F A
76 Sale 76
777
6012 81
e 55
Utica Eler LA P let if g Si 1950 .1 J 10518
100 alay'33 ----------Utica 0a & Elec ref& eat Si 1957 J 1 11018 ile 11018
s
110%
1
1 18
QUI Power & Light 5 46
3612 156
1947 J I) 31 Sale 3212
2218 91
Deb Si with warranta
3112 Sale 3012
1959 F A
3312 346
1812 3
"s
Vanadium Corp of Am cony Si'41 A 0 82 Sale 82
84
12
62
8912
Vert1entes Sugar 7s etfs
7 Sale
1942 _ _.
4
358 14
7
8
Victor Fuel let if be
18
30
1818 May'34
1953 J 1
18121 1818
Va Flee ar Pow cony 5148_1942 NI S 10512 Sale 10512
10618 33
1/6 1061.8
Va Iron Coal & Coke let g Si 1949 M 8 63
75
6514 Apr'34 ____
60
6510 .
Va B..4 Pow lit & ref 5._ _1934 .1 J 100 102 10012 10012
3
99 110
Certificates of depoilt
110 Sale 10912 11018 69 10834 11C18
Walwortb deb 6 ais witn warr '35 A 0 37 Sale 37
37
8
1212 4412
Without warranta
A 0 --------37 May'34 ---15% 37
let sinking fund Si ser A__1945 A 0 433 Sal
42
4
465 124
8
21
50
Warner Bros Pict deb e8____111311 M 5 58 Sale 573
63
4
350
40% 67
Warner Co 1st mtge 6s
1941 A 0 2314 Sale 2314
2312
2
20
25
Warner-Quinlan Co deb 68 1930 M 14 44 Sale 44
46% 44
30
48%
Warner Sugar Rain lit 78_1941 J D 10758
- 10714
10714
5 10512 10758
Warren Bros Co deb fle
55
1941 M S 53 --- 53
5414
19
42
63
Wash Water Power if Si —.1939 J 1 105_ 105
105
1
981s 105
Westcheeter LB: 58 stpd gtd 1950 J I:1 111 1
-1112 111
111
4 105 112%
West Penn Power ser A 58_19413 M 5 108 Sale 107
108
10 1038 10812
lit 58 aeries E
1963 M S 11114 Sale 1103
111 14 31 104 112
let sec 58 series0
1958 J D 107 Sale 107
107
1 104 10812
Western Electric deb Si_.._19l4 A 0 1025 Sale 10212 103
8
_
1914
74
9714 1114
Western Union coll trout 58_1938 1 1 101 Sale 10012 101
35
9158 102
Funelrg & real eat e 4 4e_195 , 11 N 8814 Sale 8814
/1
90
14
74% 9C1e
15
-year 6 ais
1936 F A 10112 Sale 101
102
51
96 102%
25-year gold Si
8912 Sale 8912
791k 9514
943
4 54
1951 J D
30
-year be
19611M S 90 Sale 8912
94's 111
79
94%
Westphalia Un El Power 6s..195.3 I J
5112 Sale 504
515
8 60
423 fie%
4
Wheeling Steel Corp 1st 5 4e 1948 3 1 91 Sale 91
97
35
8214 97
1st & ref 434s series B__1953 A 0 825 Sale 8212
8
8512 41
72
874
White Sew Mach as woth warr '311 .1 3 .5618 75 a4212 Oct'33
_
.
Without warrants
61 18 67 67
3 J
68
i 45 - 4
6
Partle it deb 6s____
505 ____ 48% Mar'34 ____
8
1940 NI N
48
52
:Wickwire Spencer St'l let 78 ..'35
.Ctf dep Chase Nat Bank ___ _ ._ .
9
10
11, 10
4
4
7
1412
Ctfe for col & ref cone ls A 1935 MN
912 13
812 Sale
412 14
8,4
Wilson & Co. Isle f fis A__ _1941 A 0 105 Sale 1043
8
10518 52
973 106
4
Youngstown Sheet & Tube Se '78 1 3 83% Sale 837
8
8.318 180
7412 892
4
lit mtge iris nor B
1970 A 0 8418 Sale 833
4
85
115
7412 8912
Matured Bonds
(Negotiability Impaired by Maturity)
1 :.
MATURED BONDS.
. 3Price
1
N. Y. STOCK EXCHANGE...,..Friday
Week Ended May 11.
Z.' °... afa v II.
Foreign Govt. 8 Municipals.
bleat o Tress 68 assent large '33 J
small
'
1
J
J
Railroad.
Burl C R & Nor lot & coil 5s_1931 A 0
:Chic RI dr Par ref 4s
1931 A 0
:Norfolk & South 1st g 56._1941 Si N
(Norfolk South 1st & ref 55._ i uri i F in
(RI Ark & Louts 1st 444s___1934 51 S
St Louis Iron Mt & Southern—
ROI dr G Div let 84e
1933 NI 5
:Seaboard Air Line let g 48_1950 A 0
Gold is stamped
1950 A 0
Refunding 4s
1959 A 0
All & Birm 30-yr let g 48_1933 51 S
Week's
Range or
Last Sale.
.,3
,
ga
Range
Since
Jan. 1
Bid
Ask Low
High No Low
High
712 117
8 9
Apr'34 ____
812 II
____ ____ 1112 Feb'31 ____
712 II':
36
2412
2118
19
163
Sale
Sale
35
Sale
1818
55 Sale
23___
2212 24
934 Sale
20
2312
8
35
37
2612 95
2412
22 May'34 ____
1812
217
e 71
19%
18
18
35
20
1414
14
15
4814
3112
40
25
25
154
55
62
2518 Apr'34 __ .
2212
2314
16
93
1012 32
2018
2018
4
4712
20
1712
758
1418
64
27
27
14
2514
Industrials.
:Abitibi Pow & Paper let 5s_1959 1 II 44 Sale 433
4718 181
4
1812 4854
:Botany Coos Mills 648_1931 A 0 13
21
1818
10
1758
12
25
Bowman-13ln llotels 181 7s_ _1931
Stmp as to pay of $435 pt red__ M S
3
_ _
412 May'33 ____
__ - - .
(B-way & 7th Ave let cons 591943 1 D
93 if
4
93 May'34 ____
9
-58 - -78
4
9
soak Rye be stpd 25% part paid. F A 5314 Sale 5314
4 50
47
564
563
(Cuban Cane Prod deb 66_1950 I J
33 Sale
4
312
4 4 80
,
23 8
,
%
East Cuba Sug 15-yr if g 748'37 Si S
15
14 Sale 13
12
714 2212
Gelsenkirchen Mining 6s____1934 NI S 6312 Sale 60
5412 80
6312
9
:Gen Tbeatres EQUIP deb 68_1940 A 0
812
318 13
812 Sale
1058 66
:Gould Coupler let 8 f 6s...1941) F A
15
87s 1912
16
143 18
4
13
(Hoe (R)& Co let 6 14s Fier A 1934 A o ____ ____ 32
1
25
32
40
:Interboro Rap Tran 6e___1932 A o 3312 Sale 3312
31% 42
353 31
10-wear 7% naafi_
Pan 51 S 7514 Sale 7412
7612 21
7 , 7754
04
Laclede G
-L ref & ext 5s
1934 A 0 8914 9014 8914
79
10
913
951 2
:Marian Sugar 1 a f 7148-1942 A 0 1612 2112 21 May'34 ___
9
233
4
Strarel Oct 1931 coupon 1942 A 0 16_ 20
Apr'34 ____
10
20
Flat stamped modified
20
15
Feb. ____
15 - - -12 20
34
27
Nlet West Side El(Chic) 4s__1938 F A
1214 18
Apr'34 ____
1014 1112 13
:Pan-Am Pet Co (Cal) cone 8840 1 0 a4314 Sale z4418
45
15
2558 471 2
:Paramount Fain Lasky 66_1947
Proof of claim filed by owner._ J D 50 Sale 50
2918 55
53
74
:Paramount Publis Corp 5 4t1 '50
Proof of claim filed by owner__ F A
53
493 sale 49
4
119
2914 55
:Pressed Steel Car cone g 5s_1933 1 J
5012 55
56
23
55
51112 Ws
(Radio-Keith Orpheum 68_1941 1 11 31
1814 41
353 32
1
8
32
:Richfield 011 of Calif 8s__ _ _1944 Rd N
33 Sale 32
335 102
8
2114 36
:Stevens Hotels series A..1945 J .1 2312 27
28
25
16
2814
28
tatudebaker Corp fl% aotes _11142 1 la 473 Sale 4512
51
4
120
35% 6
8%
Twenty-third St By ref 5,1_1962 J J 285 _ __ 28 Aug'213 __ _ _ - _ -- _
8
Union Elec By (Chic) 5e,,_1945 A 0 1114 18
1
18
17
24
18
r Cash sale not included In Year's Range.
a Deferred delivery sale not include I in Year's Range.
" Look under list of Matured Bonds on this page.
t Accrued Interest payable ax excha ice rate of 84.8865.
:Companies reported in receivership.
e Cash sale* In which no account Is taken In computing the range are given below:
Saxon Pub. Wks. 64s 1951, May 8 at ro. Pac. 54 ser. F ctfs., May 10 at 33.
504,
z Deferred delivery sales In which no account is taken in computing the range,
are given below:
Amer. Internat. 54e 1949, May Sat 87. Italian Pub. Util. 78 1952, May 8 at 91.
Argentine bs 1945 May 7 at 92
Oslo 65 1955, May 10 at 91.4.
Beech Creek 45 1938, May Sat 1004.
Pan Amer. Pet 6s 1940, Slay 11 at 4311.
Belgium 6148 1949, May 8 at 10141.
Pitts C. C.& St. L. 48 ger D 1945, May
Calif. Packing 5s 1940, May 11 at 1004.
Sat 1004.
Copenhagen Tel 5s 1954, May 11 at 933-4. Truax-Traer Coal 645 1943, May 7 at
Cuba 5s 1944, May R at 914.
524.
Czechnslovak 89 1952, May 11 at 991.
Union 011 5s w w 1945, May 10 at 102!I,.
Co. Brit. & Ire. 4s 1990, May 7 at 116.
3248
Financial Chronicle
May 12 1934
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, May 5 to May 11, both inelusive, compiled from official sales lists:
stocks woottottest)
Friday
Sales
ban Wears Range for
Salo
ofPrices.
Week.
Par Pricy. Low. High. Shares.
Butler Brothers
934
10
Friday
334
Canal Coast Co cony wets
Sales
Central Ill PS prei
Range Since Jan. 1.
Last Week's Range for
• 1934
Week.
Sale
ofPrices.
Central Ill SecurStocksCommon
Par Price. Low. High. Shares.
1
Low.
High.
8
Cony preferred
•
RailroadsCentral Ind Pow pref _100 1034
May Cent Public Serv class A 1
Boston de Albany
100 135
52 10934 Jan 139
135 137
Boston Elevated
Apr Cent SW Util common_ •
Jan 70
10(1 68
240 55
8736 69
•
Boston & MainePreferred
Prior lien nref
Prior preferred
• 1534
100 31
35 234 Jan 4234 Feb
30
3434
•
Jan Chain Belt Co corn
Mar 10
Preferred stamped_ _100
7
6
8
8
43
Class A lot pref atpd lie.
934 Jan
1634 1.rb Cherry-Burrell Corp Cora *
1234 1234
234
834 Jan 1334 Feb Chicago Corp common__•
33
Class A 1st pref_ __ _100 10
10
10
• 26
Feb
Jan 21
9 10
Class B 1st prat stpd _100
Preferred
17
17
Apr Chic Flexible Shaft corn S
Jan 19
10 10
Class C 1st pret stpc1.100
17
17
Feb Chicago Mall Order com_5 13
Class C 1st prat
100
25 1034 May 15
1034 1034
Feb. Chle & N WRY com_ _ 100
Mar 25
9
Class D let pfd stpd _100
10 19
20
20
May Chic Rivet & Mach com__* 1334
13 1434 Apr 15
Class D 1st pref
100
15
15
Chic Towel cony pref_
•
Chicago Jet By & U1909
51) 8634 Jan 10034 May Chicago Yellow Cab cap _.• 144
Stockyards prel
100
10034 10044
Cities Service Co com. ___•
234
East Mass St RyJan
1
205
2
Common
100
234 Jan Club Alum Utensil com •
134 2
1634 May Commonwealth Edison 100 5134
631 Jan
675
100 1634 1234 1634
1st preferred
7
Mar Consumers Co corn5
1% Jan
440
544
Preferred B
100
534 534
3
Feb
134 Jan
6% prior pref A
100
187
234 3
3
Adjustment
100
Mar 144 Feb Continental Steel com_
7
*
58
Maine Central com
734 8
100
734
15 2234 Feb 2734 Mar Cord Corp cap stoat
23
23
54
5
Preferred
100
Feb Crane Co common
8%
1334 1634 - 1,213 1334 May 24
25
NY N Haven&Bartford100
May
Preferred
Feb 115
7 100
100
115 115
Norwich Worcester p1.100
92 7834 Jan 101% May Dexter Co (The)com_ „5
101 101%
Old Colony RR
100
Feb Eire liou*ehold UtlicaP--5
50 3034 2934 3234 1,288 2734 Jan 39
Pennsylvania RR
Gardner Denver Co com__• 20
General Candy Corp al A 5
Miscellaneouseg
834 Feb Gen Household UM awn.
4% Jan
• 12
329
74 8
8
American Cont'l Corp
•
336 Jan Godchaux Sugar Inc Cl B.
236 May
100
234
Amer Pneu Service com_25
•
254 2%
50
534 May 1031 Jan Goldblatt Bros Inc com_ •
65
634 634
Preferred
Jan Great Lakes Aircraft A__ •
May 28
33 20
20
20
First preferred
50
100 11134 10834 1124 5,210 10734 Jan 12534 Feb Great Lakes D& D
•
Amer Tel & Tel
6
May 1034 Feb Greyhound Corp new cam • 1534
430
Amoekeag Mfg Co
6
7
63-4
•
Jan 86
15 79
Feb Hall Printing comrnon_10
Bigelow Sanford pref_.100
854 854
1234 Feb Hart
934 Jan
120
11
1134
Boston Personal Prop Tr_•
-Carter cony pref__ _•
16
5
Jan
Apr Houdaille-Hershey Cl B_ •
14
290
Brown Co 6% cum pref... 1334 12
• 1734
534 May
334 Mar
12
Continental Secur Corp..5
Class A
5% 534
134 Feb Illinois Brick Co
31 Jan
25
1
1
10
25
East Boston Co
East l;ati & Fuel AWLInclep Pneu Tool vtc corn.
• 26
*
Jan 1034 Feb Interstate Power $7 pref_.•
5
625
8
9
Common
Jan 8834 Apr Iron Fireman Mfg v t a_ •
308 45
6534 87
8% cum pref
100 67
Apr Kalamazoo Stove com-• 2234
Jan 72
213 55
704 71%
434% prior preferred 100
1044 Feb Katz Drug Co com nion_ _ 1
7% Jan
395
9
Eastern Steamship corn_•
834 934
3435
184 Apr Ken Util jr cum pref.__ _50
Feb
18
18
75 16
Economy Grocery Stores.*
485 125% Jan 1543-s Feb Keystone St & Wire coin •
100 133% 13334 13831
Edison Elec Ilium
124 Feb
74 Jan
435
Employers Group
Preferred
100
1134 1134 1134
Feb Kingsbury Brew r'0 cap .1
Jan 26
15 20
21
21
General Capital Corn__ • 21
544
German Cr & Invest Corn
Kuppenhelmer cl B cora_ _5 12
Apr llg Apr La Salle Ext Univ com___5
38 10
25% 1st preferred.....
1034 1134
34 Jan
556
123n Jan
934 11
Gillette Safety Razor......
Libby McNeil & Libby _10
554
136 Apr Lincoln Printing Co com *
134
134
200 65c Mar
Helvetia Oil Co (T C)__1
Apr Lindsay Light corn
Mar 25
64 19
Hygrade Sylvania Lamp_•
10
2034 2034
914 Feb Lindsay-Nunn Pub $2 prf•
434 Jan
135
International Hydro-Elec •
64 7
734 AM' Lion 011 Ref Co corn
4% Feb
7
•
534 534
Libby McNeil Libby
May
1
234 Feb Loudon Packing com
950
1
134
134
Masa UtilitieS ASSOC V t 0-•
•
2434
71 2334 Apr 274 Feb Lynch Corp e,ommon____11 30
24
Mergenthaler Lyno Co_ •
Jan 9634 Apr
598 83
New Eng Tel & Tel_ _ 100 9134 91
9434
Jan 3436 Feb McGraw Electriccam_ __.• 10
98 25
22
2634
100 22
Pacific Mills
3
May McQuay-Norris Mfg cam.*
2
Jan
350
231 3
Reece Folding Mach Co_10
934 Fen McWilliams Dredging Co •
634 Jan
130
8
834
Shawmut ASEW tr Ws__ •
1334 Feb Manhatt-Dearborn com *
5% Jan
63-6 836 1,338
Stone & Webster
•
19
Jan
Feb Mapes Cons Mfg cap stk.
509 14
151
4 1634
25 16
Swift dz Co
•
Apr Marshall Field co•nrrion • 1434
727 4914 Jan 62
Torrington Co
• 5334 5834 5934
15
Apr Mer de Milo Sec cl A corn.]
8
Jan
10
15
15
.
Union Twist Drill Co_ _5 15
14 Feb Mickelberry'sFdProdcom I
44 Jan
237
Dir
4
4
United Founders coin- 1
145
64
8634 2,328 56 34 Jan 8834 Apr Middle West UM com___•
25 65
44
U Shoe Mach Corp
•
Mar
135 324 Jan 36
34
$6 cony prat A
Preferred
25 3331 33
Midland United corn
Venezuela Mexican 011
•
5
Jan
2
May
35
2
2
10
Convertible preferred •
Coto
814 Feb Midland Util 7% pr lien100
531 Jan
50
134
634 634
Waldorf System Inc
•
Jan 66
May
15 45
55
55
100
Waltham Watch Co pr pf100
6% prior lien
21
Feb
Jan
50 17
18
18
100
7% preferred A
100
Preferred
•
8%
gyi um
i 3114 Jan Miller & Hart Inc cony pf_•
1,061
834 may
Warren Bros Co
•
1236 Mar Monroe Chemical Co
Jan
1234 123.4
25 10
Warren (S D)Co
• 36
Preferred
MiningMosser Leather Corp corn *
634 Feb Muskegon Mot Spec cl A_*
3% Jan
150
4
4%
94
25
Calumet & Heels
531 Feb National Battery Co pt..*
Jan
3
1,098
5
534
5
25
Copper Range
Jan
234 Feb National Leather corn._.10
1
110
134
135
134
Isle Royale Copper Co 25
145
234 Feb National Standard corn_ •
234 Jan
90
231 24
Massing Mines Co Ltd....5
Jan
Jan 80e
1,405 25e
413c 50c
Nattonal Union Radio coml
2.60 47c
North butte.
Jan
100 1350
1
1
• 1334
134 Feb Noblitt-Sparks Ind cow..
25
Old Dominion Co
•
17
Jan
414
May Nor Amer Car corn
125 10
1634
Pond Crk Pocahontas Co.. 1634 18
234 Apr No Amer Lt ,k l'ow corn. •
Jan
1
395
134 1%
25
134
Quincy Mining
Apr Northwest Bancorp COM ...•
434
Apr 22c
150 I2c
15e
15c
25
Shanon Copper Co
3
Feb Northwest Eng Co corn •
Jan
1,210 The
234 231
234
5
Utah Apex Mining
2
5% Feb Nor West CBI 7% prat 100
1
Jan
23.6 334 11,208
3
Tunnel__ -1
Utah Metal &
Okla Gas az El 7% pref_100
4%
•
Oehltoab Overall corn
BondsApr
Convertible preferred_ •
74
75 520,000 654 Jan 76
Amoskeag Mfg Co 6a.1949 75
Parker Pen Co(The)comb0
Chicago Jet By & Union
May Penn Gas & Eiec A coal_• 1534
Jan 99
2,000 88
99
99
1940
ink Yards 4s
1940 10334 103 10334 8,000 9334 Jan 10434 Apr Perfect Circle (The) Co....' 2734
0s
4
Pines Winterfront Co com 5
East Mass Street AyJan 52
•
May Potter Co (The} own_
1948 4934 4934 5034 14,000 38
Series A 4345
May prima Co common
Jan 58
•
8,000 39
56
58
1948
Series B 5s
•
May Process Corp corn
Jan 56
6,000 41
56
56
1948
Series D 68
Public Service of Nor III
z Ex-dividend. •No par value.
•
Common
Common
60
-Record of transactions at 6% preferred
Chicago Stock Exchange.
100
100
7% preferred
Chicago Stock Exchange, May 5 to May 11, both inQuaker Oats COelusive, compiled from official sales lists:
COM mon
• 110
Preferred
100
Friday
Sales
10
Rath Packing corn
Range Since Jan. 1.
Last Week's Range for
Raytheon Mfg v t c com50e
Week.
ofPrices.
Sale
V t c 6% pref
6
High.
Low.
Par Price. Low. High. Shares.
StocksReliance Mfg Co
Common
10
550 2734 Jan 474 Feb
25 4034 4034 4234
Acme Steel Co
100
Preferred
Apr
16
6
Jan
1234 12%
170
Adams Mfg Co(JD)cum_• 1234
•
4
May Ryerson & Sons Inc corn.
4
134 Mar
550
3
334
Adams Royalty Co corn__*
434 Jan Sangaino Electric
234 Jan
3
3%
150
Advanced Alum Castings..5
•
Common
17
Jan 2034 Feb
15
150 10
Products Corp el A_• 15
Allied
Feb So Colo Power cl A com_25
Jan 25
20
20
100 10
Altorfer Bros cony pref._ •
13
Feb Southern Union Gas corn.•
Jan
480
5
9
1034
934
Amer Pub Serv pref.._ __IL*
334 Jan Southw Gas de El 7% p1100
1,600
234 May
234 3
236
Asbestos Mfg Co com____ I
2,750
24 Jan
91
4 Feb So'western L & P pref____• 30
634 7
636
Automatic Products com_h
go
136 Jan
3
Feb Stand 1)"edging eonv pt..
•
131
131
Automatic Washer cony pf•
1,200
53 Jan
,
10
Feb Storkline Fur cony pref._ 25
641
5%
53-4
Bastian-Blessing Co corn_•
434
.
1434 1636 6,750 14% May 2334 Feb Stutz Motor Car com _ _ _ _ 1
Aviation coin_ ___• 1434
Bendix
1174 Jan Sutherland Paper com___10
May
7
7
834 5,000
8
Rerghoff Brewing Co-_1
Feb Swift international._ 15 3034
3
20
14 4'Or
134
134
Sinks Mfg Co cony A___•
25 1534
28 3 Feb Swift & Co
4
214 2434 9,300 204 Jan
Borg-Warner Corp corn.10 22
7%
Jan 10634 May Thompson (J R)com_25
20 93
10331 105
100
7%• preferred
Jan
1134 Mar 20 Wacker Drive $6 pref..•
150
8
11
11
(E J) com_ •
Braeb & Sons
Jan
12
Feb
Utah Radio Prod corn_ •
6
200
1136
11
Brown Fence Jr Wire cl A_• 11
Utl I & Ind Corp
•
134
60
154 Jan
434 Feb
334
336
Class B
Convertible preferred. •
1634 Mar
9% Jan
150
12%
12
• 12
Bruce Co (E L) corn
9
1034 19,900
100
335
334
1834 1934
100
300
250
60
350
31
1
1,350
190
635
610
1534
1734
90
934
50
234 7,050
2
634 1,550
10
300
14
900
1034 4,150
16
3,850
10
76
144
350
7,100
231
%
140
5434
2,750
50
%
4
80
6
50
534 7,450
911 3,100
110
58
260
531
1234 13
650
30
20
19
900
5% 634
6,050
1134 13
100
841 831
1,400
17
1736
900
%
%
18
18%
300
1334 1834 10,550
600
831
734
100
536 6
434 431
350
"50
174 6
150
6
150
26
24
10
15
15
200
z13
1331
2236 2334
350
350
34
33
20
12
12
1844 1834
350
7934 7934
10
534 534
750
20
12
12
34
34
200
54 634 5,600
150
31
34
50
234 236
234 231
300
50
4% 434
110
1734 18
29
304
650
34
8
10
4
1
534
14
1731
934
2
26
934
1234
9
1334
76
13
24
%
4934
.35
4
8
534
84
55
4
834
44
19
136
34
1434
234
134
4
34
h
35
8
11
1034 3,350
40
44
700
2034
50
14
100
34
1834
1,750
200
236
800
134
4 19,900
400
31
%
350
Range Since Jan. 1.
Low.
12% Apr
34 Apr
24
Apr
34
534
6 lt
34
%
4
h
1634
934
1%
224
8
1 234
tit
•
6
65
114
1 74
34
34
34
2
5
536
734
44
334
834
16
4
836
334
1536
34
17
516
34
514
336
11
4
17
1436
8
20
21
11
1134
70
534
9
4
3
34
2
134
4
1634
29
Apr
Jan
Feb
Jan
Jan
Jan
.11111
Jan
Mar
Jun
Jan
Jan
May
Jan
Mar
Jan
Jan
Jan
Jan
.1a ti
Jan
Jan
Jan
May
Jai,
lat.
Feb
.1a..
Feb
Jan
Jan
Jan
Mar
May
Mar
Feb
Jan
Jail
Jan
Jan
Jan
Jail
Jan
Jail
Jan
Jan
Jan
Jan
Mar
May
Feb
May
Ian
Jan.
Apr
Jan
Mar
Apr
May
14
834
1441
34
2
1334
17
174
104
4
3114
1034
19
1 534
174
76
1534
434
46
62
1
6
1134
8t
1144
654
631
1334
20
734
1 634
1034
3234
14
22
164
94
9
614
23
736
26
174
1534
2734
38
23
1 44
7934
3114
12
1
734
134
3%
234
5%
20
40%
334 Jan
4036 Jan
14 *4 J.ii
1% Mar
32
Jan
1234 Jan
34 Jan
1
Apr
34 Jan
3•6 Jan
3, Jan
41 Jan
1
Jan
34 May
34 Jan
734 Apr
1034
47
2N4
2
35
1944
44
366
4
24
%
14
2
2
134
1034
1
131
34
1
776
1
135
%
734
100
40
40
50
50
36
124
934
21
134
2434
h
13
431
234
434
5
2
80
436
19
8
1434
2734
4
534
831
131
38
1234
94
21
1%
2434
144
1334
43-1
234
434
634
2
80
4%
1934
8
1534
28
1
534
844
I%
40
10
100
_50
950
200
400
2,600
300
450
200
330
20
10
460
60
100
450
100
250
200
400
50
2034
935
9%
1934
1
21
34
12
4%
134
334
44
1
6014
3%
15
434
6
23
34
24
7%
131
18
1834
57
6434
17
17
6134
70
800
300
610
280
13
1334
34
2814
ig
110 11231
12334 12534
2834 2634
2
236
1
Feb
Feb
Apr
Feb
Jan
Jan
Ian
May
May
Jun
Feb
Feb
Feb
Feb
Apr
Apr
1% , Y
4•
Feb
Jan
Feb
Jan
Feb
Feb
Jun
Jab
Jan
Jan
Feb
Jan
Mar
Apr
Mar
Feb
Feb
Jan
May
Feb
Feb
Jan
Jan
Feb
May
Jan
Apr
Feb
Apr
Jan
Feb
may
Jan
may
Feb
Apr
Feb
Jan
Feb
Feb
Mar
Feb
may
Feb
JU,
,
Feb
Apr
Apr
Feb
Jan
Feb
Feb
Feb
Feb
Mar
Feb
May
Feb
Apr
Jan 40
Feb
Jan 15
Jan 1434 Jan
Feb
Jan 23
234 Feb
Jan
Jan 274 Feb
131 May
Jan
Feb
Jan
10
634 Feb
May
434 Feb
Jan
Mar
634 Jan
734 Mar
Jan
Jan
5
Jan
May
Jan 80
if% Feb
Jan
Fen
Jan 20
Apr
9
Jan
1834 Apr
Jun
Jan
3234 Jan
May • 234 Feb
Jan
74 Apr
Ian
124 . 1.
.
1
334 Feb
May
Jan
Jan
Jan
Jan
22
22
65
70
Feb
Feb
Feb
Mar
450 106
210 115
100 2434
300
154
350
1
Apr 1234 Jan
Jail 12534 May
Jan 264 Apr
Jail
4
Jan
Jan
2
Apr
850
10
100
14%
90
1234
1934 Apr
Jan
Jan 100
May
Feb
Jan 20
736
100
134
10
1
250
5734
10
3134
60
300
345
100
6
434
400
250
8
3234 10,200
17
12,350
400
8
200
34
450
134
400
134
750
43.4
53.4
1
ii
40
1631
234
441
434
834
24
14
OM
34
134
34
IN
mar
Jan
Feb
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
ran
134
1536 1631
100 100
17
17
7
134
1
5731
30
3%
6
435
734
2934
1534
734
34
154
14
4
High.
4
Jan
2
Jan
124 Jan
736
3
234
60
32
54
6%
1031
8
3234
1834
1034
41
234
2
II
Apr
Feb
Mar
Mar
Mar
Feb
Apr
Feb
Jan
Apr
Feb
Feb
Mar
Jab
Feb
Frh
Financial Chronicle
Jan
35
32,000
53
13
4
53
13
5
5,000
8,000
7,000
47
13
4
Jan
Jan
Apr
May
53
5314 Jan
19% Jan
Feb
11
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, May 5 to May 11, both melusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Law. High. Shares.
Abitibi Pow C Paper corn_•
6% Preferred
100
9%
Alberta Pacific Grain A •
Beatty Bros common_ _ _
•
634
Preferred
1)0
Beauharnois Power corn_ _*
63-4
Bell Telephone
1 0 117
Blue Ribbon Corp com_ •
64% preferred
so
Brantford Cordage let pf 25
Brazilian L C Pow coin.* 1034
Brewers & Distillers corn_• 1.65
Brit Col Packers com_
•
Preferred
100 114
Brit Col Power A
• 304
Building Products A
liurt(F N) Co com
25
Canada Bread corn
•
let preferred
100 304
Canada Cement corn
751
•
Preferred
• 444
Canada Steamship pret.100
Canada Wire C Cable A. *
Ii
• 10
Canadian Canners com_ •
Cony preferred
•
831
let preferred
100
Canadian Car Sz Fdry corn •
Preferred
25
Candn Dedge C Dek com.• 224
Candn Gen Else pref._ -.50 6234
Candn Ind Alcohol new_ _ _ ______
New preferred
A
• 11%
Canadian 011 corn
•
Preferred
100
Canadian Pacific Ry
.25 1514
Canadian Wineries
•
7%
Cockshutt Plow corn
7%
*
Conduits Co corn
•
Consolidated Bakeries _ _•
9
Consolidated Industries_ *
Cons Mining & Smelting.25 153
Consumers Gas-------100
COSMOS Imperial mills__ •
Preferred
100 92
Crow's Nest Pass Coal_100
Dominion Stores corn_ _• 20
Economic Invest Trust_50
Ford Co of Canada A____• 21
General Steel Wares coin_•
Goodyear T & Rub prat 100 1124
Great West Saddlery pf 100
Gypsum, Lime & Alaba.st_*
6
Hamilton Cottons pret_ _30
Ham Un Theatres corn. .25
Hinde& Dauche Paper._ •
Hunts Limited A
•
International Nickel com_• 26.85
Intl Utilities A
•
• 800
Kelvinator of Can coin. •
Preferred
100
Lake of Woods Milg corn.
•
Laura Secord Candy com_• 59
I.oblaw Groceterlas A_ ___* 17
Ii
• 164
Maple Leaf Milling corn •
Preferred
100
Massey-Harris corn
554
•
Monarch Knitting pref_100
Moore Corporation A_ _* 16%
A
100
Ii
100
Muirheads Cafeterias corn •
National Sewer Pipe A. •
Ont Equitable 10% paid100
Orange Crush corn
•
Page-Hersey Tubes com_• 66
Photo Engravers & Elec. •
Porto Rico pref
100
Pressed Metals corn
16
Riverside Silk Mills A,_ •
St Lawrence Paper pref_ _•
Simpson's Limited B
•
Preferred
100
Standard Chemical com__•
534
Standard Steel Cons com_•
534
Steel of Canada coin
• 35
Preferred
25
Tip Top Tailors corn
•
Preferred
100
Traymore Limited com_ • 750
Preferred
20
Twin City Rapid coin_
•
Union Gas Co corn
•
5%
Walkers (Hiram) corn
• 324
Preferred
• 15%
Western Can Flour corn. •
Preferred
100 62
Weston Ltd (Coo) corn. _• 38
Preferred
100 108
Winnipeg Electric com_ __•
•
ex
Zimmerknitt corn
Banks
Commerce
Dominion
100 158
100
1.75 1.90
10
9
331
354
64 834
82
82
6% 7
117 120
44 434
2934 31
24% 244
1034 10%
1.60 1.70
234 24
11% 12
28% 30%
22% 23
324 33
334 34
30% 33
651 84
43% 45
83-1 854
24% 24%
10
10
731
7
831 9
86%
85
64 7
12%
12
23
22
63
62
94 10
14% 15
124
10
13%
13
108 108
15% 16%
734
73
7%
7
2
2
951
9
500 50e
14934 157%
179 180
11
11
92
92
20
18
20%
20
13
13
2014 22%
434 44
112 113
14
14
6%
6
20
20
2
2
ni 754
1214
12
26.75 28.15
3
3
800 950
54
0
93
93
114 114
59
58
174
17
16% 1714
14
1
54 534
534
5
684
68
16% 1614
110 113
128 128
2
2
16%
16
634 64
50
SO
88
6914
174 1814
62
62
15
17
244 2431
1131 1134
8
8
70
67
54 64
5
634
3414 3814
36
36
9
9
80
80
700 75e
3%
3
5% 54
554 5%
354
30
154 1651
634 634
62
57
3834
37
108 108
334 34
534 034
158
176
158
176
1,405
306
10
105
1
696
478
45
112
5
5,587
16,400
80
45
35
165
90
380
20
989
206
230
5
85
190
170
137
530
30
435
71
75
125
10,456
145
10
7,090
285
1,915
25
1,330
200
1,406
99
90
28
15
585
30
9,405
10
119
20
1,910
10
20
130
35
32,198
100
575
310
10
5
40
2,841
426
255
30
3,230
5
413
16
10
60
125
40
100
225
65
25
50
100
10
1
85
60
1.700
610
8
10
25
950
80
20
1,849
36,715
5,370
130
35
900
35
60
150
Range Since Jan. 1.
Low.
High.
Jan
2.50 Apr
Jan
1034 Apr
5
Apr
Feb
Feb
May 10
Jan 854 Apr
934 Feb
Jan
Jan 120
May
531 Apr
Jan
Jan 32
Apr
Jan 25
Apr
May 14% Feb
2.95 Jan
May
3% Feb
May
Feb
13
Feb
Jan 32% Feb
Jan 234 Feb
Jan 34
May
534 Jan
Jan
Jan
Mar 50
May 12
Feb
Feb
Jan 53
Jan
Apr
9
Feb 25
Apr
Jan 134 Mar
Apr
8
Jan
May 104 Feb
Jan 874 Apr
Jan
93-4 Mar
Jan
164 Feb
Jan 34% Feb
May
Feb 63
Apr
14
May
Apr
18
May
May 204 Jan
Jan
154 Apr
Feb108
May
124 Jan 18% Mar
731 May 114 Jan
10% Feb
May
7
May
2
May
2
7% Jan 12% Feb
400
Jan . 1.50 Jan
Apr
Feb 170
131
Jan 182
Mar
165
74 Jan 114 Feb
Jan 93
Apr
85
Mar 20
May
16
Mar
194 Feb 23
84 Jan
13
May
Jan 254 Feb
15
334 Jan
6
Feb
Jan 113
May
106
Feb
Mar
11
15
431 Jan
84 Feb
Jan 21
Apr
14
14 Mar
23-4 Feb
551 Jan
8% Feb
9
Jan 16% Apr
21.15 Jan 29.00 Apr
3 May
6% Feb
800 May
1.50 Feb
44 Jan
sn Feb
May
80
Jan 93
114 May 14
Feb
4711 Jan 59
May
14
Jan 18% Apr
134 Jan 17% Apr
May
I
6
Jan
5% May 104 Feb
44 Jan
84 Feb
.45
Jan 684 Mar
11
Jan 174 Feb
Jan 113
96
May
109% Jan 130
May
134 Mar
3
Feb
144 Jan 204 Feb
Apr
Feb
6
9
Jan 90
25
Jan
Jan 77
55
Mar
Jan 29
Feb
14
Jan 62
60
May
May 20% Apr
15
Jan 24% May
19
Apr 11% May
10
Jan
4
8
May
4231 Jan 7334 Mar
Jan
54 May
9
5
May 11% Jan
Jan 38% Apr
28
Jan 38% Apr
31
Jan 13% Feb
7
Jan 80% Feb
66
500 Feb
1.00 Jan
414 Apr
Feb
2
Apr
8
14 Jan
354 Jan
614 Mar
May 5151 Jan
30
1531 May 17% Jan
614 May
814 Jan
May
Jan 62
48
Feb 3934 Apr
28
May
8834 Jan 108
534 Apr
Jan
2
64 May
Mar
4
1.00
434
34
6%
69
331
110
4
23%
22
10%
1.60
24
10
23%
16
27
3
30
651
33
3
24
9
6
8%
75
634
114
20
59
94
14
10
12
92
158 123
18 133
Jan 168
Jan 186
Feb
Mar
120
76
14
180
105
108
High.
39
163
70
10
.5
2
128
78
15
180
105
108
118
70
14
170
102
100
Jan
Jan
May
Jan
Feb
Jan
140
95
15
180
105
108
Feb
Feb
Jan
Mar
May
Apr
Mar
May
May
May
May
Toronto Curb.
-Record of transactions at the Toronto
Curb, May 5 to May 11, both inclusive, compiled from
official sales lists:
Stocks-
Friday
Sales
Last 1Veek's Range for
Sale
ofPrices.
Week.
Par Price, Low. High. Shares.
Blltmore Hats corn
•
•
Brewing Corp com
Preferred
*
Bruck Silk
•
Canada Bud Brew com _ •
Canada Malting corn_ _ .. _•
Canada Vinegars corn.
*
Can Wire Bd Boxes A•
Consolidated Press A_
•
Cosgrave Export Brew_10
Dehaviland Aircraft corn.*
Distillers Seagrams
•
Dominion Bridge
•
Dom Motors of Canada_10
Dom Tar & Chemical com •
Preferred
100
Dufferin Pay & Cr St com •
Preferred
100
English Elec of Canada A_•
Goodyear T & Rub com_ •
Hamilton Bridge Corn,__ _•
Honey Dew corn
•
Howard Smith corn
*
Humberstone Shoe com_ •
Imperial Tobacco ord____5
Langleys pref
Montreal L Ii & P Cons__•
Mercury Mills prat
National Breweries com_ •
Ontario Silknit corn
•
Power Corp of Can com_ •
Rogers Majestic
•
Service Stations com A_ •
Preferred
100
Shawinigan Wat & Pow_ •
Stand Pay & Mat com_ •
Preferred
1130
Stop & Shop cam
•
Sup Hosiery met
Tamblyns Ltd (G) corn_ •
Preferred
100
Toronto Elevators corn_ •
United Fuel Invest pref 100
Walkerville Brew
•
Waterloo Mfg A
•
Oils
British American 011
•
Crown Dominion 011_ •
Imperial Oil Ltd
•
International Petroleum •
McColl Frontenae 011 com•
Preferred
100
North Star Oil cons
5
Preferred
5
Supertest Petroleum ord_ •
Preferred A
loo
Thayers Ltd prof
•
10
0
29
954
32
2534
14
84
154
23
6
104
60
3714
511
56
3
9
211
14%
1494
2631
134
87
22
10
10
814 934
274 294
174 17%
9% 951
31
33%
24
26
14
15
834
8
8
9
254 3
15
174
33% 344
50e 50c
334 34
25
23
24 351
30
30
13
13
120 121
8
6
1
1
11
11
26
26
104 1131
564 63
37
38%
18
18
27% 274
6
6
1151 12%
5% 54
734 834
56
56
2234 23
251 3%
22
21
734
6
50
50
25
25
104 104
2651 27
16
17
834 954
2% 234
1454 15
334
334
1431 15
26
27
1331 1334
844 8734
800 800
1.75 1.75
22
2534
105 105
41
42
.wo.
464
35
Loan and Trust
Canada Permanent__ _100
Huron & Erie Mortgage100 76
20% paid
•
National Trust
100
Ontario Loan & Deb__ _50
Toronto Mortgage
50 108
• No par value.
.
Apr
Apr
Feb
Apr
Apr
Feb
Apr
Jan
Jan
Feb
Feb
Feb
Feb
Low.
141
Jan 180
Jan 203
167
May 278
262
130% Jan 168
Jan 210
162
..w...-w..ww
Jan
12
Mar 284
234
Jan
Jan 28%
Jan 1 15%
Jan 35
Jan
6
Jan
1%
14 Jan 1
10% Jan 18%
4
2% Jan
134
Si Jan
Jan
3
5
Range Since Jan. 1.
114
122
54
106
73
www
{©C
8%
25
I
17%
RR
234
151
34
100
174 175
100 195% 1954 198
100
262 265
100
162 167
100
20531 210
ww
650
50
150
3,050
340
70
200
300
100
100
250
100
1,950
Imperial
Montreal
Nova Scotia
Royal
Toronto
14
High.
1.1w.
Bonds
Chic City FLY 55
1927 35
Chicago RysCertificates of deposit_
Sneer A
1927
5s series B
1927
• No par value. s Er-dividend.
Low.
Friday
Sales
Last Week's Range for
Sate
Week.
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
oi,
Vortex Cup Co
• 114 11
Common
114
Class A
•
28% 284
Wahl Co corn
•
14
14 1%
Walgreen Co common
• 25
24
26
Ward (Montg)& Cool A_• 103% 101 108
Waukesha Motor Co nom.*
30
29
Wayne Pump cony pret_ •
24 24
Common
1
Western P L& Tel el A_
Wieboldt Stores Inc cora_ •
14
14
Wise Bankshares corn. •
2% 2%
Yates
-Amer Mach pt pref •
14
%
Zenith Radio Corp corn_ •
331
331 34
Range Since Jan. 1.
OICA
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Wed.
Stocks (Concluded) Par Price. Low. High. Shares.
3249
w. ww'w .
g,ggggtigta8d
Volume 138
Range Since Jan. 1.
Low.
High.
74
5
15
734
734
28%
2134
13
6
54
2
15
25%
500
2
1834
2%
18
12
90
6
7043
731
24
104
25
3334
18
26
5
734
5
6
324
18
151
1734
44
50
20
90
17
931
5%
2
Feb
10
Jan 11
Jan 31%
Jan 22
12
Jan
Jan 354
Jan 27
Feb 16%
Jan 114
10
Jan
Feb
434
May 264
Jan 37
May 80c
534
Jan
Jan 30
4
May
Jan 40
Jan
16
Jan 136
931
May
Feb
1.60
Mar 11
Mar 26
May 12%
Jan 63
Jan 39%
May
18
Apr 28
7
Jan
Jan 15
Jan
711
Jan 10%
Jan 60
Jan 2431
44
Jan
Jan 25
9
Jan
May 50
Feb 27
Jan 106
Jan 28
Jan 204
Feb 10
4
Jan
May
May
Apr
Mar
Mar
Mar
Feb
Jan
Feb
May
Feb
Jan
Mar
Jan
Feb
Feb
Feb
Mar
Feb
Feb
Feb
Apr
May
Slay
Feb
May
Feb
May
Mar
Apr
Feb
Feb
Feb
Apr
May
Feb
Feb
Apr
May
Apr
Apr
Mar
Apr
May
Feb
124
2
124
1931
1034
714
755
1.40
16
99
18
Jan
153-4
44
Jan
Jan
1534
Jan 27
1431
Jan
Jan 87
Feb
1.55
3.00
Jan
Jan 29%
Jan 107
Jan 42
Mar
Mar
Apr
May
Apr
May
Feb
Mar
Mar
May
Slay
•No par value.
-Record of transactions at
Montreal Stock Exchange.
the Montreal Stock Exchange, May 5 to May 11, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Agnew-Surpass Shoe
•
Preferred
•
Alberta Pacific Grain A,.5
Amal Electric Corp pref 50
Bathurst Pow & Paper A_•
Bawlf N Grain prat_ _100
Bell Telephone
100
Brazilian T L & P
•
B C Packers
*
Brit Col Power Corp A •
•
B
Bruck Silk Mills
•
Building Products A..._*
Canada Cement
•
Preferred
100
Canada Forgings el A•
Can North Power Corp..*
Canada Steamship
•
Preferred
100
Canadian Bronze
•
Can Car & Foundry__ •
Preferred
is
Canadian Celanese
•
7% preferred
100
Canadian Cottons pret_100
Can Hydro-Elec pref_100
Can Indus Alcohol
•
•
Class B
Canadian Pacific Ry_ _ _25
Cockshutt Plow
•
Con Mining & Smelting_25
Dominion Bridge
•
Dominion Coal prat_ _100
Dominion Glass
100
Preferred
100
Dom Steel & Coal B___25
Dominion Textile
•
Preferred
100
•
Dryden Paper
•
Eastern Dairies
General Steel Wares
•
Goodyear T Inc pref__100
Grad (Charles)
•
Gypsum Lime & Alabas_ _•
Hamilton Bridge
•
7
11734
1034
2%
28%
0
1834
751
44
434
21
23%
64
2134
90
71.4
113-4
1534
73-4
152
34
66
434
85
451
1014
631
7
7
88
88
334
351
14
14
651 74
10
10
1174 11951
1034 1034
3
2
28% 2931
6
634
194
17
224 23
714 8%
4534
44
434 434
2051 214
24 3
814
8
2334 26
631
734
1214 13
19% 2231
116 116
90
90
714 72
10
1234
1031 1214
1554 1634
6% 7%
149 159
344
33
704
66
88
88
125 125
434
4
8434 86
140 140
5% 551
3% 334
44 434
112 112%
104 11
5% 654
611 6%
100
5
80
50
1,461
10
461
7,205
411
1,260
1,030
2,010
80
848
702
25
850
85
650
095
770
260
2,240
70
46
115
8,914
1,320
4,635
821
2,475
917
262
20
5
2,612
529
7
295
50
625
15
215
55
10
Range Since Jan. 1.
Low.
6
72
3
10
3
7
110
1034
231
2251
414
16
1634
6%
32
4
1631
70e
234
17
64
12
1651
104
70
544
10
1031
12%
634
132
2534
10
80
113
231
67
112
4
3
334
107
614
4%
54
High.
814
Jan
Feb 90
7
Jan
Jan 14
814
Jan
12
Jan
Jan 120
1451
May
May
3%
Jan 3234
Jan 831
Jan 22
Jan 2334
12
Jan
Jan 5214
64
Jan
Jan 2234
334
Jan
9
Jan
Jan 27
951
Jan
Jan 16
Jan 2231
Feb 120
Jan 92
Jan 76
May 2014
May 194
Jan 1834
May 104
Jan 170
Jan 37
Jan 78
Jan 100
Jan 128
551
Jan
Jan 88
Jan 140
731
Jan
5
Jan
6
Jan
Jan 11234
1134
Jan
834
Jan
914
Jan
Feb
Mar
Feb
May
Mar
Max
Mar
Feb
Jan
Feb
Feb
Mai
Feb
Feb
Feb
Fet
Mal
Ap
Apr
Mai
Mai
Fet
Mai
Api
Fet
Ap:
Jai
Jai
Ma
Fel
Ma
Ma
Ap
Ma
Ap
Ap
Ma]
Ma:
Fel
Fel
Fel
Ma:
Ap
Fel
Fel
3250
Financial Chronicle
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Paz Price. Low. High. Shares.
Hollinger Gold Mines_
Howard Smith Paper (M)s
Preferred
100
Int Nickel of Canada_ _ _ _•
International Power
•
Preferred
100
Lake of the Woods
•
Preferred
100
Lindsay (C W)
•
Preferred
100
Massey-Harris
•
McColl-Frontenac Oil_ _ _ •
Montreal L H & P Cons..'
Montreal Telegraph......40
Montreal Tram ways.__100
National Breweries
•
Preferred
25
Montreal Steel Car Corp.*
Niagara Wire Waving_ •
Preferred
•
Ogilvie Flour Mills
•
Penmans
•
Power Corp of Canada...*
Quebec Power
•
St Lawrence Corn
•
A preferred
50
St Lawrence Paper prat 100
Shawinigan Vat & Pow_ _•
Sherwin Williams of Can.*
Simon (H) & Sons
•
Southern Can Power__ .._•
Steel Co of Canada
•
Preferred
25
Viau Biscuit
•
Preferred
100
Wabasso Cotton
•
Western Grocers Ltd_
•
Winnipeg Electric
•
Preferred
100
BanksCanadienne
100
Montreal
100
Nova Scotia
100
Royal
'
100
Toronto
100
15.75 15.00
1035
10%
66
28.85 26.70
235
21
2035
11%
1135
67
67
2
2
35
5
535
1335
1335
37
3735
51
55
115
115
2735 27
35
1435
1431
8
35
195
56
1035
1035
18
18
214
3
1034
11
23
24
22% 2231
19
10
13%
14
3535
37
234
17
32
32
33
334
3%
9
140
197
164
138
196%
265
164
205
Range Sines Jan. 1.
High.
Low.
15.75 2,660 11.40 Jan 19.50
4
11
Jan 11
3,750
Jan 73
285 33
70
28.20 14,270 21.15 Jan 29.00
Jan
3
10
2
234
112 14
21
Jan 21
2013 11% Apr 15
11%
Jan 73
60 55
69%
335
10
2
135 Apr
Feb 36
35
5 35
8
555
1,750
4% Jan
1335
3,047 1035 Jan 14%
Jan 3935
3835 2,743 33
Jan 55
36 50
55
116
35 109% Jan 125
1,975 2334 Jan 2835
2755
Feb 36
288 31
35%
15
720 12% Jan 18%
Mar
8
8
8
30
Mar 35
35
50 31
Apr 209
10 180
198
10 47
Jan 62
56
735 Jan
12%
15
630
Jan 20
420 15
1835
334
135 Jan
335 2,381
5,35 Jan 1134
11%
3,620
1,725 12
Jan 26
2535
3,508 1735 Jan 2435
23%
165 1235 Jan .21
19
10
635 Jan
30
10
16
14%
Jan
345 11
Jan 38
263 28
3635
Jan 3835
38
13 31
235 Apr
100
2%
Apr 23
25 17
17
Jan 37
100 20
35
Feb 33
5 30
33
470
3%
4
134 Jan
5
4
9
Jan
12
140
198
265
166
205
101
359
16
141
1
Apr
May
May
Apr
Jan
Apr
Feb
Mar
Mar
Jan
Feb
Apr
Feb
May
Feb
Mar
Apr
Feb
Mar
May
Feb
Feb
Feb
Feb
May
May
May
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Feb
Apr
Apr
Feb
Feb
Feb
138
Jan 145
Feb
169
Jan 203
263
Apr 278
Feb
12934 Jan 16635 Feb
161% Jan 205
May
•No par value.
-Record of transactions at the
Montreal Curb Market.
Montreal Curb Market, May 5 to May 11, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last 11
7eek's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
10
Asbestos Corp votg trusts.*
11
Assd Breweries of Can... •
1055 11%
92
92
Cum preferred
100
220 230
Assd Oil & Gas Co Ltd_ __• 22c
Bathurst Pow & Pa B
3%
3
•
Brit Amer Oil Co Ltd_ -.• 14% 14% 15
.
26
Calgary & Edmon
26
26
17
Candn Foreign Invest_.__' 20
20
Preferred
100 100% 100 100%
7% 8
Candn Wineries Ltd
755
•
7% 8%
Champlain Oil Prods pref.'
8
736 800
Comm Alcohols Ltd
•
8% 8%
835
Cosgrave Exp Brew Ltd_10
2
2
David & Frere Ltee
2
1
1
1
•
15% 1735
Distillers Corp Seagr Ltd_• 16
26
Dom Eng Works Ltd
26
•
2034 2035
Dominion Stores Ltd
•
Dom Tar & Chemical Ltd_•
335 3%
335
1.35 1.57
1.35
Home Oil Co Ltd
14% 14% 15
Imperial Oil Ltd
Imp Tob Co of Can Ltd-.5 10% 10% 1115
Intl Petioluem Co Ltd....' 2634 2834 27
Melchers Distil Ltd A____• 14% 12% 15
735 835
735
•
Mitchell & Co (Robert)..'
635
6
6
Page-Hersey Tubes Ltd..*
69
68
5%
5
Regent Knictg Mills Ltd..'
Service Stations Ltd A.
7% 7%
..*
10
Thrift Stores Ltd
10
•
Cum pref 835%
25 24% 2435 25
135 2%
2%
United Distil of Can Ltd...*
9
8.50 9.30
walkerville Brew Ltd- _._•
3035 35%
Walk Gooder & Worts._ • 32
Preferred
• 15% 15% 1834
25
170
1,275
5,615
2,767
2,447
3,295
610
590
55
325
40
140
110
1,340
8,83
3,190
96
934
931,
90
200
1.75
13
22%
9
80
7%
7%
500
5%
2
1
15%
20
1935
2
1.35
12%
1035
19%
11
7%
sy,
58
2
634
9
23
1.25
3.90
3035
15%
Public UtilityBeauharnois Pow Corp...'
C Nor Pow Corp Ltd pf 100
City Gas & Elea Corp Ltd •
Inter CHI Corp CIA
Claes B
Pow Corp of Can cum pf100
Sou Can P Co Ltd pref_100
84
38
4
100
1,75
66
80
3% Jan 10
8835 Jan 100
Apr 1435
4
8%
3
Jan
1.50
700
Jan
51
Jan 80
72
Jan 9034
Feb
Mar
Mar
Feb
Feb
Mar
Mar
May 19.00
2.02
May
May 500
Jan 35.00
Or
Jan
1.42
Jan
Jan 40.30
Mar
1.20
Jan 54.25
Jan 2535c
Jan 44.75
Jan 7135c
1.75
Jan
May 700
Jan
1.25
Jan
2.65
Jan 50c
Jan
8.00
Apr
Mar
Feb
Apr
Mar
Jan
Mar
Apr
Apr
Apr
Apr
May
Mar
Apr
Apr
Apr
Apr
Apr
634
335
75o
87%
6%
99
5
3
750
74
87
7
99
5%
334
95o
74
88
Minims
-1336 13%
Barry-Hollinger GM I3d.1
1.47 1.52
Base Metals Min Corp IA*
290 320
Big Missouri Mines Corp_l
Bulolo Gold Dregd Ltd..
.5 32 32.00 35.00
Cc
7c
Cartler-Malartic GM Ltd 1
1.32 1.35
Coniaurum Mines Ltd_ _ _•
37.00 37.00
Dome Mines Ltd
•
800 800
Greene Stabell Mines___ _1
.1 4935 49% 49%
Lake Shore Mines Ltd..
Label Oro Mines Ltd__ .._1 16350 1835c 18%
• 39.65 38.05 40.20
Noranda Mines Ltd
8Ic 700
Parkhill G Mines Ltd._ I 850
1.31 1.32
I
Premier Gold Min Ltd
310 380
Quebec Gold Min Corp_ I 360
89c 950
Read-Authier Mine Ltd_.1 92c
2.2 0 2.10 2.2
1
Siscoe G Mines Ltd
34c 390
Sullivan Gold Mines Ltd_ 1 370
6.00 8.20
Teck-Hughes G Mines Ltdl
550 530
Towagmac Explor Ltd__ _1 550
410 410
Wayside Con G M Ltd.50c
8.45 9.10
Wright Harg Mines Ltd..'
Unlisted Mines
•
Arno Mines Ltd
Cent Patricia G Mines__ _1
Eldorado G Mines Ltd_ I
.1
Howey Gold Mines Ltd.
McVittie Graham M Ltd_l
San Antonio G Mines Ltd_ 1
Sherrit-Gordon M Ltd .__1
stadacona Rouyn Mines__ •
Sylvanite G Mines Ltd_ _ _1
Thompson Cadillac M Ltdl
Unlisted
Abitibi Pow & Paper Co_ _•
100
Cum pref 6%
0
Ctfs of dep 6% Pref-10
Sc
2.50
3.75
1.00
27c
2.51
1.90
6
Sc
830
2.50
1.25
70c
3.72
1.00
25%0
2.42
470
528
200
oo
1.650
141
1,241
25
230
280
120
2,487
430
150
27
20
3,930
so
3,000 13.50
1.47
400
2,218 2734o
600 23.50
lc
14,500
500 970
50 32.75
500 670
350 42.50
14,600 ssic
5.826 33.25
20,050 3130
1.05
1.000
18,400 310
6,320 260
1.43
17,370
19,350 25c
5.80
590
500
1,000 38c
1,35.5 6.75
Apr
13% Apr
Jan 13
Feb
Feb 92
May
Jan
Jan 35c
335 Feb
Jan
Jan 1535 Mar
Jan 2735 Feb
Jan 20
May
Jan 10035 May
May 11% Jan
Mar
9
Mar
Apr
1.50 Jan
Jan
935 Apr
2
Jan
Jan
Mar
1
Mar
May 2634 Jan
Jan 28
Feb
Feb 22% Mar
535 Feb
Jan
May 1.90 Feb
Jan 15
Apr
12% Feb
May
Jan 27% Apr
Apr 17
May
May 1135 Jan
1035 Feb
Jan
Jan 74% Mar
Jan
6% Feb
Jan
10
Feb
Mar 11% Jan
Feb 25
Jan
335 Mar
May
Jan 10.00 Apr
Jan
May 58
May 17% Jan
Apr 48350 Feb
Jan 10.25 Apr
40
620
535c
Jan
680
2,500 5434c
Jan
450
2.50 May
2.87
100 980 Feb
1.25
Apr
2,000 67c
750
1.76 Jan
350
3.75
1,115
1.00 Jan
1.11
Jan
41,460 1335c
280
1.30 Jan
1,000
2.51
Jan
100 2034c
470
1.80 214
9
10
736
6
3,014
113
870
900
4
4
Jan
Jan
Fe
180
780
4.30
1.37
1.20
4.10
1.43
300
3.20
58c
Feb
Mar
Mar
Apr
Jan
Apr
Apr
May
Apr
Mar
2% Feb
10% Apr
755 Apr
May 12 1934
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Sharer.
Brewers Sr Distill of Vane.*
Brew Corp of Canada Ltd •
•
Preferred
Canada Malting Co Ltd_
Canada Bud Breweries._ _•
Candn Industries Ltd B__•
Claude Neon Gen Ad Ltd_•
Cons Paper Corp Ltd _
Ford Motor of Can Ltd A_•
Fraser Companies Ltd...'
Gen Steel Wares prof.
..100
Price Bros Co Ltd
100
Preferred
100
Weston Ltd
•
9
935
450
334
2135
11
28
5%
3734
38%
1.60
834
2735
31
835
186
45c
3
2035
11
28
4%
3435
3735
Range Sines Jan. 1.
Low.
1.75
990
1.60
5%
955 2,851
1,410 1535
2935
3335
595 28
12
100
835
170
115 148
450
225 400
334 4,944
1.75
22% 1,343 1535
1135
140
3
30
100 1435
19,444 950
6
1,019
7
3735
3835
200 2934
High.
May
2.95
11
Jan
Jan 32
Jan 3535
12
Jan
Mar 170
Jan 800
Jan
335
Jan 2535
Jan
1235
30
Jan
Jan
6
Jan 3735
Mar 38%
Feb
Apr
Apr
Mar
Mar
May
Jan
Jan
Feb
Apr
Feb
May
May
May
• No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, May 5 to May 11, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
American Stores
42% 4234
•
Bell Tel Co of Pa pref__100 11731 114% 117%
Budd Wheel Co
334 436
•
Cambria Iron
39% 40
50 40
Electric Star Battery.-100
40% 40%
Fire Association
4734 48%
10
Horn & Hard (NY) corn-•
1955 19%
Insurance Co of N A...10 4935 49% 5134
Lehigh Coal & Navig___*
735 8%
8
Lehigh Valley
1435 17%
50
Mitten Bank Sec Corp 25
1%
115
Preferred
235 234
25
2%
Pennroad Corp v t
235
2% 3
Pennsylvania RR
29% 31%
50 30
Parma Salt Mfg
57
5735
50 57
Phila Elec of Pa $5 pref..' 103
101% 103
Phila Elea Power pref 25 3235 3235 3231
Phila Rapid Transit.. _50
4
535
7% preferred
12%
10
50 1035
Phila & Read Coal & Iron •
4% 455
Philadelphia Traction...50 2535 2435 25%
Reliance Insurance
8% 8%
10
Scott Paper
46
45
• 45
Series A 7% prof...100
112 112
Shreve El Dorado Pipe L 25
31
34
1835 1834
Tacony-Palmyra Bridge..'
Tonopah-Belmont Devel..1
51
Tonopah Mining
134
1
Union Traction
8% 2%
so
8
8
Certificates of deposit-1531 1635
United Gas Impt com„.• 1535
67% 0874
Preferred
98
Victory Insurance Co....10
831 734 8%
Westmoreland Inc
• 10% 10% 1031
6
Westmoreland Coal
7
•
W Jersey & Seashore RR 50
80
60
BondsElec 6c Peoples tr ctfs 45'48
25
Range Since Jan. 1.
Low.
High.
100 39
Jan 44
Feb
1
275 113 % Jan 11735 Mar
600
535 Jan
354 May
170 34
Jan 40
Feb
35 40% May 51% Jan
250 3135 Jan 5035 Apr
25 17
Jan 25
May
700 3935 Jan 51% Apr
1,340
Jan 10% Feb
53413
820
20% Feb
1
100
Feb
235 Apr
500
15 Jan
315 Apr
7,000
435 Apr
235 Jan
3,700 2935 Jan 3935 Feb
150 51
Mar 8145 Jan
170 93
Jan 103% Apr
1,500 3035 Jan 32% Apr
1
Jan
600
Apr
6
435 Jan 1551 Apr
960
335 Jan
215
6% Feb
850 16% Jan 29% Apr
200
435 Jan
Apr
9
40 45% MarMay 47
Jan
7 108% Mar 112
Apr
400
1
Jan
80 18
Apr 24
Jan
700 z554,3
1
Mar
JJa r
J apnn
'ti Aan
3,800
Pre Feb
800
1135 Apr
20
May
9
6,100 14% Jan 2035 Feb
140 86
Jan 9835 Apr
435 Jan
700
8% Apr
so 536 eb 1034 May
350
6Mar
7% Apr
100 53
Jan 60
Apr
2834 328,500
1574
Jan
2935
Apr
• No par value. z Ex-dividend.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, May 5 to May 11, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
s
Arundel Corn
Atl Coast Line (Conn)
-50 35
Black & Decker com____•
634
Preferred
25 1534
Chas & Pot T of B pref_100 118
Comm Cr Corp pref B
25
63.6% list pref
100
7% preferred
25
Consol Gas E L dr Pow...*
6% preferred war D__11111
535% pref w 1 ser E...1r40
100 103
5% Preferred
Emerson Bromo Sells ol A • 2031
Fidelity & Deposit
50 43
Finance Co of Am el A. •
Houston Oil prof
100
Mfrs Finance 1st pre: __25
2
Maryland Cas Co
2
March & Miners Transp„. 3335
Mon W Penn P S 7% pre125
Mort Bond & Title
•
Mt Ver-Wdb Mills corn 100
New Amsterdam Cas___10 11
Northern Central
so
Owings Mills Distill Inc..1
Penna Water & Power: •
2
574
U S Fidelity & Guar
Bonds
Baltimore City
as sewerage insist -__1981
1958
4s water loan
4s Annex Improve_ _1954
4s Paving Loan..._1951
45 Public Park Impt '55
1947
4.5 2d water
354s new sew impt..1980
North Ave Market 65.1940
Unit Ry & El lot 6s(flat)'49
1st 65 ctfs (fiat)._ __1949
1949
lot 4.5 (flat)
let 4s ctfs (fiat)....1949
Wash Ball & Annan1941
50 flat (ctf5)
16
35
634
1536
118
29
105
2814
5735
111
108
10234
20
4135
8
834
754
175
33
1835
70
5
10
87
134
54
574
10334
10334
PM%
103
103
10334
9835
43
43
834
834
84
845
836
834
171
1735
35
7
1534
118
29
105
2834
6134
111
109
103
2034
4435
6
9
734
2
34
1834
70
531
11
88
135
50
835
Range Since Jan. 1.
Low.
High.
340 1535
75 35
730
5
35
834
78 112
2 2435
8 90
23 24
387 5235
4 10534
45 101
478 93
25 18
445 19
21
3
800
434
19
736
1,105
134
30 28
95 13
100
7o
85
236
935
og
73 7455
3,000
136
130 4534
2,638
3
Feb
May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Mar
Jan
Apr
Jan
May
Jan
Jan
1855
4534
835
1634
11834
2936
105
2835
65
111
109
103
22
4435
6
93.4
835
215
35
1854
7o
634
1234
88
135
56
7
Jan
Feb
Feb
Apr
Apr
Mar
May
Apr
Feb
Apr
May
Mar
Mar
May
Apr
Apr
Apr
Feb
Feb
Mar
Mar
Apr
Jan
May
May
10331
El 0 9415
10334
.500 9435
10434
1,600 9535
104
2.300 100
103
500 10151
400 10235
10334
100
3,400 90
43
1,000 39
9
2,000
834
874
1,000
83.4
9
19,000
835
835 3,000
835
Jan
Jan
Jan
Feb
Mar
Mar
Feb
Jan
Jan
Jan
Mar
Jan
10435
10435
10434
10434
103
10335
100
46
12
10
12
974
May
Apr
154
1.000
134 Feb2
may
Feb
may
Apr
Mar
May
May
Mar
Feb
Feb
Feb
Mar
Mar
• No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, May 5 to May 11, both inclusive, compiled from official sales lists:
StocksAllegheny Steel
Armstrong Cork Co
Blaw-Knox Co
Carnegie Metals Co
Central Tube Co
Columbia Gas dr
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
•
•
•
10
•
18%
2
21
21
18
19%
1031 1235
2
235
12% z1235
1131 1234
150
355
752
2,900
208
1,144
Range Since Jan. 1.
Low.
Feb
20
Jan
14
1055 Jan
1% Jan
6
Mar
11% Jan
High.
2216
26%
16%
3
13%
19
Feb
Feb
Jan
Feb
Mar
Feb
Sales
Friday
I.ctst Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High Shares.
Devonian Oil
10 17
Duff Norton Mfg
•
Duquesne Brewing
5
Class A
5
Follansbee Bros prat __100 10
Fort Pittsburgh Brewing.1
Harbison-Walker Refact-•
&NMI& Laughln SU pret100
Koppers0& Coke prat 100 81
.
•
6
Lone Star Gas
Mesta Machine
5
Pittsburgh Brew prat _.50 28
Pittsburgh Forging Co. •
Pittsburgh Oil& Gas
5
Pittsburgh Plate Glass__25
Pitts Screw & Bolt COrP- •
Pittsburgh Steel Foundry_•
Renner Co
1
San Toy Mining
1
Shamrock Oil & Gas
•
2
Standard Steel Spring
•
'United Engine & Foundry• 21%
United States Glass
_25
Vanadium Alloy Steel....'
Victor Brewing Co
1
Western Pub Service v t a_•
Westinghse Air Brake
•
Westinghse Elea & Mfg_50
28
3%
1
47
7%
3%
131
40
2
15
21
3
1931
134
494
28%
31%
Unlisted—
Gulf Oil Corp_
62
25
Bonds—
Pittsbrgh Brew 6s_ _ 1949
• No par value. x Ex-d vidend.
1534
10
3
5%
8
1%
16
65
81
6
23
Range Since Jan. 1.
9
1734 2,497
200 10
10
231
100
3
4%
905
5
%
8
660
1534
134
1,100
2
200 15
16
10 62
65
30 65
85
6% 2.207 a
50
23
10 28
28
3
100
334
1
2,000
1
475 39%
5034
7
8% 1,966
2
45
334
134
700
2
30
1,000
4e
134
•
125
2
9
20
15
35 . 16
2134
2
10
3
15 16
19%
134 6,950 90e
4%
58
431
31% 1,158 27
270 3134
3514
400
62
9934 9934 51.000
91
62%
High.
Low.
Jan
Feb
Jan
Jan
May
Jan
Jan
Jan
Jan
Lan
e
17% May
May
12
Feb
5%e
Feb-Ap
30
2%
Feb
24
Feb
75
Abe
85
e
2
t5I Feb
Feb
39
534 Feb
May
&In
Jan
Jan
Jan
May
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
May
Jan
May
57
11%
314
2%
70
4%
18%
2534
4
20
1%
7
35%
47
Apr
Apr
May
Apr
Mar
Feb
Apr
Feb
Jan
Jan
Mar
Feb
Feb
Feb
May
62
May
Jan 100
N000
N000004.
000
0
00
00=
McKee(Ar thur0)cl B_ .
_ •
5
53.4
Metropolitan Pay Brick_ •
4
4
Mohawk Rubber
•
2
2
234
National Acme
6% 654
I
National Carbon pret..100 140
139% 140
National Refining
5
25
53.4
National Tile
*
1% 2
Nestle LeMur cum cl A- •
231 2%
Ohio Brass B
•
13
12
Patterson-Sargent
•
19
19
Richman Bros
•
41% 4234
ItobbinsdiNf yer v t c ger 2•
31
31
Preferred v t e
•
2
2%
Selberling Rubber
•
35S
334
351
8% cum prat
13
13
100
Selby Shoe
• 23
22% 23
Sherwin-Williams
69
63
25 63
AA preferred
too 105 105 105
Stand Textile Products. •
I
1
CUM A preferred
•
3% 3%
Weinerger Drug Inc
sy, 8%
•
West Res Inv fr37_ nr nt Inn
ot
9A
m to
.-tommo.-tommgmmsg&gmoo.-
32
734
2
12%
98
20%
3
1C931
57
63
8
934
3%
11%
91
734
2334
92
16
28
500..00000
Allen Industries Inc pref_ •
30%
Apex Electrical Mfg
7%
•
Bessemer Lim & Cem CIA •
2
2
Central United Nati__ _20
12%
Chase Br & Cop pret A.100
98
City Ice & Fuel
20
•
Cleve Builders Realty....'
3
3
Cleve Elea III 6% Pref-100 10954 109
Cleve fly alit of dep___100 53
53
Cleveland Trust
61
100
Cleve Worsted Mills
8
*
8
Cliffs Corp v to
•
831
851
Commercial Bookbinding •
314
Corr McKin SU voting. __1
1131
Dow Chemical
85
• 85
Foote-Burt
•
634
Greif Bros Coop A
2334
•
Ilanna(MA)$7 cum pt._•
92
Higbee 1st pref
16
100
Interlake Steamship
•
28
0W
sates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
30%
6
134
10
85
17%
2
100%
39%
5034
7%
83-4
3%
9%
6934
6
21%
84
634
21%
High.
May 33
Jan
834
Apr
2
Jan 16
Jan 98
Jan 23%
3
Jan
Jan 10934
Jan 57
Jan 83
May 13
May 12
May
334
Jan17
Afar 100
Mar
7%
Jan '2!,
Jan 95
Jan 19
Jan 33
Apr
Apr
May
Jan
May
Feb
Mar
May
May
Mar
Feb
Jan
May
Jan
Apr
Jan
Feb
Mar
Apr
Feb
5
Apr 14
4%
23' Jan
2 May
454
4% Jan
8%
135
Jan 140
5
Jan
7%
134 Apr
3
134 Jan
334
12
May 18
14% Jan 20
39
Jan 4931
31 Mar
31
2
Jan
234
234 Jan
554
10
Jan 20
21% Apr 2434
4734 Jan 69
99
Jan 10634
34 Feb
1
434
33' May
7% Jan
9%
Feb
Apr
Jan
Feb
May
Feb
Feb
Mar
Fet
Yet
Jar
Mai
Eel
Jar
Jar
Api
Ma)
AP
Fel
Ap
Eel
94
Tian
95
lin
• No par value.
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, May 5 to May 11, both
inclusive, compiled from official sales lists:
Stocks—
rrtaay
owes
Last Week's Range for
Sale
Week.
ofPrices.
Par Price. Low. High Shares.
Aluminum Industries_
*
12
12
Amer Laundry Mach- _ _20 13% 13% 1434
American Products pret..•
6
6
American Rolling MI11_25 18 34 1734 2134
Burger Bros pref
45
50 45
45
_100
Carey (Philip) com - .
40
40
Preferred
100
61
61
Champ Coat 1st pref---100
98
98
CNO&TP
100 225
225 235
Cin Gas dr Elec pref _ _ _100 7834 7734 8134
100
C N & C com
97
97
Cincinnati Street
50
534
534 5%
Cincinnati Telephone__ _50 6934 6934 70
Cincinnati Un Stock Yds_• 20
20
20
•
City Ice &Fuel
2034 2034
• 1234 12 34 13
Crosley Radio A
•
3%
Dow Drug
334 3%
*
11
Formica
11
h
34
General Mach prat_ __100
1434 1434
•
Gibson Art corn
9
9
Hatfield Camp prat_ _ _100
Participating
32
32
• 2234
Hobart
2234
5
•
Jaeger Machine
5
11
40 11
11
Kahn A
• 2851 2834 31
Kroger com
Lunkenhelmer
• 1034 1034 1034
h
34
Manischewitz prat
100
100 38
38
38
Mead Corp prat
• 3434 3334 35
Procter dr Gamble
8% preferred
173 17334
100 173
108 10834
5% preferred
100
Randall A
18% 1834
•
6
634
•
11
10 2334 2334 2434
U S Play C,ard
•
US Print corn
334
334 3%
t r o Print dr 1.1th nref
59
14
14
• No par value.
Range Since Jan. 1.
Low.
55
734
469 11
50
6
273 1734
100 42
10 40
3 6034
25 92
20 210
239 66
2 90
372
454
189 82
35 20
4 17
47
8
120
234
10 10
615
34
91
9
25
9
15 32
210 1834
25
334
40 10
274 2334
25 10
100
34
35 28
226 3354
5 161
33 10334
200 14
140
334
52 17
302
234
16
531
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, May 5 to May 11, both inclusive, compiled from official sales lists:
Stocks—.
Jan
Jan
Feb
May
Mar
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Apr
May
Jan
Jan
Jan
Jan
Jan
Mar
Apr
May
Jan
Mar
Jan
Jan
Jan
Jan
Jan
High.
16
18
6
28
45
49
6234
100
235
83
97
6
71
2434
2434
15
434
16
34
1434
93.4
3834
27
5
11
33
13
13.4
38
41
173%
10834
21
9
28
6
19
Jan
Jan
Feb
Feb
May
Feb
Jan
May
Feb
Apr
May
Apr
Apr
Feb
Jan
Mar
Feb
Jan
Apr
May
Mar
Mar
Jan
Jan
May
Apr
Feb
Feb
May
Jan
May
May
Apr
Apr
Apr
API
Aim
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par Price. Low. High. Shares.
27
27
Amer Credit Indemnity _10
1834 19
Coca-Cola Bottling cora_ _1
63.1
6
Curtis Mfg com
6
5
3% 3%
Colombia Brew corn
3%
5
831 831
•
Dr Pepper corn
60c 60c
Fulton Iron Works corn_ _• 600
Hamilton-Br Shoe corn _25
531 6
43
International Shoe corn_ •
4334
•
Kay Boiler Equip corn
7% 7%
731
Mo Portland Cemt corn _25
7%
634
17
18
Natl Candy corn
99
99
Rice-Stlx Dry Gds 1st pt100
934 10%
Common
9%
•
23, 2%
•
Scullin Steel prof
Southwest Bell Tel pfd _100 11934 1185i 120
102
102
Wagner Electric prof. _100
10% 1151
Common
15 10%
Apr
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, May 5 to May 11, both inclusive, compiled from official sales lists:
Stocks—
3251
Financial Chronicle
Volume 138
Bonds—
Home Own Loan Corp 4s._
20
100
20
100
10
200
180
57
31
40.5
55
5
165
20
257
5
671
Range Since Jan. 1.
Low.
934
12%
5
334
6
25c
334
43
5%
6%
1534
90
9
1
116%
100
10
High.
Jan 27
19
Jan
Jan
73-4
454
May
10
Jan
154
Jan
Jan
8
May 493.4
Jan
8
9
May
Jan 21
Jan 99
12%
Jan
431
Jan
Jan 121
Apr 102
1231
Apr
May
May
Feb
Apr
Mar
Feb
Feb
Jan
May
Apr
Feb
May
Feb
Feb
May
May
Jan
100.16 100.22 510.775 100.16 May 100.22 May
• No par value.
San Francisco Stock Exchange.—Record of transactions at San Francisco Stock Exchange, May 5 to May 11,
both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
345 1794 May 2394 Jan
Alaska Juneau G Mining 10
1734 18
May
Apr 75
75
5 70
Alaska Packers' Assn_ _100
75
11
1,171 8154 Jan 1234 Apr
1134
Anglo Calif Nat Bk of 13 F20 11 34
234 Apr
Jan
200
1
134
134
Assoc Insur Fund Inc_ _10
231 Sept
Jan
2
6% 6
850
Atlas Imp Diesel Eng A_ •
Feb
Jan 159
25 121
100 14134 14114 144
Bank of Calif N A
734 Apr
334 Jan
5,667
754 8
Byron Jackson Co
7%
•
Feb 2534 Mar
590 20
2031
20
Calamba Sugar corn_ _20
1254 Feb
434 Jan
931 1034
135
93,4
Calif Cotton Mills com_100
Jan 3454 May
• 3131 29% 3234 6,186 19
Calif Packing Corp
10 5431 Jan 7334 Apr
72
72
Calif Water Seri pref__100
May
13
May
50 13
13
13
Cal West Sts Life Ins Cap 5 13'
27
2934 6,226 2334 Jan 3334 Apr
• 27
Caterpillar Tractor
Apr
Jan 74
10 53
70
70
Cat Cos G & E6% 1st pf100
156 2434 Jan 2734 Apr
27
27
•
Cons Chem Indus A
634 Apr
434 Jan
5
5
Crown Zellerbach v to...'
53-4 4,193
Jan 5634 Apr
199 34
Preferred A
• 51% 50
6334
834 Feb
300
634 Jan
Emporium Capwell Corp651
691 7
•
Feb
15 1834 Jan 21
20
Fireman's Fund Indem_ _10 20
203.4
115 4754 Jan 6134 Feb
5734
56
Fireman's Fund Insur...25 56
4.564 1034 Jan 2034 May
1734 1934
Food Mach Corp corn _ _ _ _* 18
20 3231 Feb 3431 Feb
Galland Mere Laundry_ •
3334 3314
Feb
2
Jan
240
1
134
1.54
Gen Paint Corp B corn...*
734 Feb
5% 1.588
434 Mar
534
Golden State Co Ltd ____•
Feb
2
100
114
134
Haiku Pine Co Ltd com_20 ____.,_
134 Jan
5% Feb
100
434
25
Preferred
434 Apr
434
Jan
May 52
135 40
Hawaiian C & S Ltd ..25
4054 41
1534 Feb
100 1154 Jan
137-4 1334
Honolulu MCorp Ltd__ -•
6
•
8% Apr
434 Jan
300
6
Hunt Bros Acorn
634
Mar
11
Jan
90
7
11
11
15
Hutch Sugar Plant
Jan
5
100
354 Apr
Langendort Utd Bak B___*
334 334
33
Jan 259-4 Apr
402 24
2534 2534
•
Leslie-Calif Salt Co
26 79% Jan 9434 Apr
91
90
L A Gas & El Corp pref 100 90
Feb
4
May
2
120
2
-Magnus Inc B. •
2
Lyons
Feb
1
34 Jan
34 2,767
34
•
Magnavox Co Ltd
734 Jan 1034 Feb
100
•
I Magnin & Co corn
87-4 8%
234 Jan
134 Jan
100
134
Marchant Cal Mach corn 10
1%
174
1054 Mar
434 Jan
15
934 93.4
Market St Ry pr pret_ _100
1,745
8% Mar 1054 Apr
834 931
Natomas new w 1
Apr
Jan 100
888 61
Preferred
88
88
9234
731 Mar
434 Jan
110
100
534 534
No Amer Inv corn
Apr
Jan 33
10 17
2931 2934
100
6% preferred
Mar
Jan 30
15 17
100 2834 2751 2834
514% preferred
73' May
North Amer Oil Cons__ _10
Jan
580
9
734 7%
73.1
43.4 Apr
100
234 Jan
3
3
Oliver United Filters It__ •
17% 1834 3.763 1534 Jan 2314 Feb
Pacific Gas di Elec com._25 1754
25 2134 2131 2234 3,393 1934 Jan 2354 Mar
6% 1st preferred
1731 Jan 21% Apr
721
1954 193.4
25 1934
534% preferred
635 2354 Jan 3634 Feb
*
Pac Light'n Corp corn_
3134 3234
Mar
454 7134 Jan 89
* 83
8294 86
6% Preferred
34 Feb134 Apr
200
PacPub Ser (non-vot)com *
1
34
531 Apr
671
134 Jan
(Non-vot) pretezred. •
434 434
Mar
Jan 88
83 71
Pacific Tel & Tel oom__100
8134
80
Jan 11134 Apr
145 103
6% preferred
100 10934 10934 11034
Apr
900 2694 Jan 36
Paraffine Co's corn
3234 3354
• 33
98
534 Jan 1034 Apr
1054
fly Eq & Rlty 1st pref •
10
Apr
5
Jan
2
•
10
Series 1
5
5
871 1734 Jan 273-4 Apr
Rainier Pulp ek Paper Co_• 2631 2534 2694
Feb
9
100
534 Jan
Roos Bros corn
794
1
754
794
Apr
9 6794 Jan 90
SJLat Pr 7% pr pfd_100 8734 8734 8754
May
15 6834 Mar 75
6% prior preferred_ _100
75
,. 75
214 Apr
May
2
110
2
2
Schlesinger(B F) prof -100
1,424
1154 Jan
854 Jan
Shell Union °Room
*
834 9
100 1534 May 1954 Feb
Socony-Vacuum Corp_ _ _25
15% 15%
Southern Pacific Co_ _ _100 2034 2094 2354 5.732 1834 Jan 3354 Feb
Jan
754 Mar
5
450
So Pae Golden Gt A
634 631
•
63' Mar
334 Jan
120
*
13
4% 4%
531 Apr
434 Jan
334
Spring Valley Water Co_ •
5% 534
Standard Oil Co of Calif.* 3234 3234 3334 2,888 3234 May 4274 Jan
Apr
14
500
Tide Water Ass'd 011 corn •
834 Jan
12
1234
May
105 6434 Jan 85
6% preferred
83
80
100 80
6
•
8% Feb
May
6
Transamerica Corp
651 27,304
6
2,268 1514 May 2094 Feb
Union Oil Co of Calif...25 1534
15% 1634
Jan
794 API'
Union Sugar Co corn_ _ _25
4
6
6
100
Unitd Aircraft & Transp_ •
1,276 1934 Feb 3734 Feb
1931 2134
May
Jan 216
Wells Fargo Bk & U T_100 215
214 216
40 185
Feb
May 14
Western Pipe & Steel Co_10
10
355 10
1034
•No par value.
San Francisco Curb Exchange.—Record of transactions at San Francisco Curb Exchange, May 5 to May 11,
both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Par Price. Low. High. Shares.
American Tel & Tel_ __ _100 110% 10831 11234
Amer Toll Bridge(Del)___1 21c
21c 26c
Anglo Nat Corp
6% 634
•
634
Argonaut Mining
9•
5
93s
Aviation Corp (Del)
5
6% 7
6%
Calif Ore Pow 6% '27__100
34
34
Chrysler Corp
5
42% 4314
Cities Service
•
2% 2%
2%
Claude Neon Elec
10
•
1031
Claude Neon Lts
75e
690 790
• 61
Crown Will 1st prof
59
63
2d preferred
3434 34
3434
Dominguez Oil
24
24
Mum Since Amm. 1.
Low.
High.
25Feb
j
Fee
1,001 10834 Jan 132e
1,400 20c Mar
731 Apr
3.15 Jan
250
4.50 Jan 10% Apr
3,420
6% Feb 30
530
1851 Jan
Feb
Jan
10 20
b
4
300 42% May 5941
Feb
1,285
154 Jan
Jan 12% Feb
8
340
1% Feb
Jan
616 60e
Apr
545 43% Jan 70
Apr
392 1934 Jan 35
Jan 2434 Feb
15 21
Financial Chronicle
31%
2.60
1.05
5%
7%
634
31%
7%
29c
1.55
2.50
250
1.10
8%
7%
37e
3.00
6%
2%
23%
8%
7%
19
16%
17%
19
2335
45
250
25e
2.65
33
6
7%
35%
7%
29c
1.55
2.80
250
1.20
8%
7%
380
3.00
7
2%
23%
9%
8
19%
17%
17%
1915
2334
45
250
260
3.00
35
6
800
3,026
20
1,000
100
2,965
300
909
25
600
500
13
230
527
100
3.025
460
100
444
40
187
20
10
500
2,700
310
77
20
Low.
614
31%
6
29e
1.55
2.50
100
520
715
3.75
32e
3.00
6%
134
23%
635
6%
15%
1534
15%
1734
2035
39
250
25e
2.65
32
6
Apr
May
Feb
Apr
May
May
Jan
Jan
Apr
Jan
Apr
Jan
May
Jan
May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
May
May
Apr
May
High.
8%
42%
8%
40c
1.55
3.75
35e
1.80
3
9%
56c
7%
9
3
28
10%
9%
20%
2234
18%
2234
24%
48
40e
42c
5%
40
8
Apr
Feb
Apr
Feb
May
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Mar
Feb
Apr
Feb
Apr
Feb
Feb
Feb
Mar
Mar
Mar
Feb
Jan
Feb
Mar
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, May 5 to May 11,
both inclusive, compiled from sales lists:
Stocks-
Friday
Sales
Last 1Veek's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Abitibi Power
*
Admiralty Alaska
1
Aetna Brew
1
51
• 29
Alieghany Corp pref w L.
1
Allied Brew
7
Altar Cons Mine
1
234
American Rep
10
335
Angostura Wuppermann_l
5
83d
Arizona Comstock
1
735
•
Atlas Pipeline
434
1 55c
Bagdad Copper
16%
Bancamerica Blair
1
1
Betz & Son
19
B G Sandwich Shops_ --•
Black Hawk Cons Mine_1 56c
Brewers & Dist v t e
•
Brewing Corp of Can._•
Buiolo Gold (D D)
5
Cache La Poudre
20 16%
33
Carnegie Metals
1
Central Amer Mine
1
•No par value.
Clinton Distilleries
5
634
•
Color Pictures
-Record of transactions Columbia Broadcasting A 5 26%
Los Angeles Stock Exchange.
B
5 24%
at the Los Angeles Stock Exchange, May 5 to May 11, Como Mines
1 50c
2%
Croft Brew
1
both inclusive, compiled from official sales lists:
Davison Chemical
%
•
Friday
Sales
Distilled Liquors
5 29
Range Since Jan, I.
Last Week's Range for
Distillers & Brew
5
8
Sale
Week.
of Prices.
Eagle Bird Mine
1
High.
Low.
StocksPar Price. Low. High. Shares.
Elizabeth Brew
1
134
Fada Radio
35
1
Barnsdall Corp coin
9% Feb Flock Brew
100
7% 7%
7% May
5
2
Bobo. Chips Oil A
Jan
4% Jan Fuhrmann & Schmidt _ _ I
300
3
3
3
10
114
Byron Jackson
4
Jan
*
734
600
734 74
715 May Golden Cycle
10 2415
California Bank
16
25
350 16
16
Apr 2334 Jan Harvard Brew
1
31
Calif Packing Corp
3135
250 1934 Jan 3134 May Hendrick Ranch
•
*
Central Invest Corp.._..100
4
Mar Indiana Limestone
2
3
Jan
300
3
%
1
Chrysler Corp
Feb Indian Motorcycle
5 3914 3914 44%
1,200 3935 May 60
*
2334 2334
Citizens Nail Bank
Mar 28
20
50 20
Feb Kildun Mining
214
1
Claude Neon Elea Prod.5
.
1,200
1034 10%
734 Jan
1234 Feb Kinner Air
1
Consolidated Oil Corp___* 10
10
1135 • 1,000 10
Jan
1434 Feb Macassa Mines (new)
_1
Emsco Derrick & Equip.*
6% 7
3
Jan
814 Apr Macfadden Publ pref____*
600
Farmers & Merch N Bk100
325 325
Jan 325
5 300
Apr National Surety
10
Globe Grain & Mill com_ 25
534
100
Apr New York Cent rts
5
Jan
6
534 514
x
Hancock Oil corn A
635
634 635
*
8% Feb Oldetyme Distillers
200
6% May
1
434
Los Ang Gas & Elec pf 100
92
92
Jan 95
28 79
Feb O'Sullivan Rubber
1
7
Los Angeles Invest Co__10
3%
3% Apr Paramount Public
400
2% Jan
334 334
4%
10
Lockheed Aircraft Corp_ _1
214
1% Jan
335 Mar Paterson Brew
2% 235 2,900
1
Pao Amer Fire Ins Co__10
435 434
100
454 May
535 May Petroleum Derivatives.._•
1%
4% Feb
Pacific Clay Prod Co____*
534 Feb Polymet Mfg
200
434 5
1
Pac Finance Corp com..10
1,000
10
Feb Railways Corp (new)_ _1
735 Jan
834 83.4
215
.
Pacific Gas & Elec com_25
Jan 21% Feb Rayon Industries A
800 16
17% 18
1
815
100 23% Jan 36
31% 31%
Feb Remington Arms
Pacific Lighting com_ _•
1
434
85
Jan 88% Mar Retail Stores
•
60 71
84
6% preferred
5 11
23% • 450 21% Jan 28% Feb Richfield 011
23
Pac Mutual Ufa Insur10 23
* 39c
Pac Western 011 Corp
714
200
7%
834 Apr Rustleas Iron
634 Jan
•
2%
'
4
1,2J0
3% 4
3% may
Republic Petroleum Co_10
1
53£ Jan Simon Brew
135
Jan Sylvanite Gold
May 88
7 80
87
San Joaq L&P 7% pr pf100 87
87
1
36% Jan Texas Cult Producing_ _ _ _•
30
33
Mar
1,700
32
Secur let Natl Bk of LA.25 32
434
loo 834 Jan 11% Jan Tobacco Prod (Del)____10
Shell Union MCorp com *
831 8%
1J0
2
Jan
33.4 334
Signal Oil & Gas A
*
43.1 Apr United Cigar
18e
1
300 15% May 19% Feb
Socony Vacuum Corp___25 15% 15% 15%
New w 1
5
Feb
17% 3,600 15% Jan 22
16
So Calif Edison com____25 16
Preferred
100
131 31% Jan 3714 Feb United Distillers
33
32%
Original preferred_ _25
•
1,100 20% Jan 25% Feb United March dr Mfg vto_l 10
23
23%
25
7% preferred A
Feb Utah Metals
1,600 17% Jan 22
19
BM
25 1934
6% preferred B
2%
1
1,000 15% Jan
19% Feb West Indies Sugar
17%
17
454% preferred C__25 17
1
23%
1,900 18% Jan 3314 Feb Willys-Overland
Southern Pacific Co__ _100 20% 20
5 26c
1.600 32% May 42% Jan
Standard Oil of Calif_....• 32% 32% 3334
Ctrs of deposit
5
May 20
80 11
May
20
11
Superior Oil corn
25 20
50 20
May
May 28
Title Ins & Trust Co
Bonds
25 24% 24% 2434
May
815 Feb Cent Pub Util 53,48_1952
6
634 6,700
8
Transamerica Corp
•
8
15% 16% 2,900 15% May 2034 Feb Fox Metro c-d 6%s__1932
Union 011 of Calif
25 15%
Home Own Loan 3s wi '52 10034
Weber Showcase dr Flxtlat I....farrow,
_
4 ti 414
4
Feb
•
4% May Shamrock 011 & Gas fls '39
150
* No par value. x Cash sales.
*No par value.
1%
20c
%
29%
234
234
315
5
46c
4%
600
3%
434
3
560
134
934
32%
17%
234
1.25
614
4
26%
25%
50c
3
34
3315
834
1.00
134
34
154
114
25%
2%
134
%
3%
335
34
2.50
38
154
1%
535
734
5
34
134
15
23.4
8%
534
11
40e
236
134
2.45
5
29
200
754
734
214
1034
334
3
300
25c
wa.
en m . .4
0 .b..,..
ca
.
§§g§ig§§g5§§cing1§8§8n8§115§§1§§O§§§8"81§§g§g§§§§§g§rg§§§§1§§§§§81g8"8.4§S9
Emsco Derrick
•
General Motors
10
Gladding McBean
•
Holly Development
1
Honokaa Sugar
20
Idaho-Maryland
1
Halo Petroluem
*
Preferred
•
Libby McNeill
10
Nat Auto Fibres A
•
Occidental Petroluem
1
•
O'connor Moffatt
•
Pacific Amer Fish
Pacific Eastern Corp
1
Pacific Mutual Life
10
Pineapple Holding
20
Radio Corp
•
Shasta Water corn
•
so Calif Edison
25
515% preferred
25
25
6% Preferred
25
7% preferred
So Pacific G G pref__..100
Sterling 011
1
US Petroluem
1
Universal Cons 011
10
Waialua Agricul
20
West Coast Life
1
Range Since Jan. 1.
3
3
3414 3534
10034 100%
5834 5834
ww
.0..3
§§§§
Friday
Salts
Lass Week's Range for
Saie
Week.
of Prices.
Stocks (Corrauded)-Faz Price. Low. High. Shares.
May 12 1934
13.4
20e
34
28%
2%
2
3%
434
41e
414
50e
3
4
234
53e
134
834
31%
16%
214
1.15
634
4
24%
24%
49c
235
35
29
8
1.00
135
15
134
1%
24%
2%
1
34
33j
2%
34
2.50
36
1
1%
435
7
4%
34
134
Si
234
8%
4%
11
39fs
234
114
2.30
414
29
110
715
714
1
934
2%
234
25e
250
Range Since Jan. 1.
Low.
15
9c
1.4
26%
24
1.00
2
3%
400
434
25c
235
3
15
25c
134
834
23%
15%
1.15
1.15
6%
4
24%
24%
490
1%
45e
13%
714
1.00
%
35
15
34
1834
2
35
35
234
2%
14
1.95
18%
14
135
3
7
1%
%
1%
250
234
634
4%
11
300
1%
34
1.50
4
634
110
715
734
1
9%
1.13
234
18e
20e
High.
Jan
2
Jan 36e
I
Mar
Mar 3535
Apr
434
335
Jan
Jan
534
7%
Jan
Mar 65c
Mar
4%
Mar 60c
Jan
335
5
Jan
Feb
3
Mar 60c
May
234
May
11
Jan 35
Jan 19%
Jan
314
May
235
615
May
May
5
May 26%
May 25%
Feb 90c
Jan
3
Jan
1%
Jan 43%
Jan 10%
Apr
234
Jan
1%
May
134
Apr
115
115
Feb
Jan 2534
3%
Feb
Jan
2%
May
%
415
Feb
434
Jan
Jan
1
Jan 2.90
Jan 38
Jan
214
May
115
Apr 19%
Apr
715
Jan
534
Jan
1
5
May
Jan
34
May
4
Jan
8%
May
63.4
May 11
Jan
34
234
Mar
Jan
134
Jan 3.20
Jan
7
Feb 3234
May 29e
May 1034
May
734
3
May
May 15
Feb
534
Jan
534
Feb
35
Feb
35
Feb
Feb
Jan
Apr
Feb
Mar
Apr
Mar
Apr
Apr
may
May
Apr
May
Apr
Jan
Apr
Apr
Jan
Mar
Apr
May
Jan
May
May
Feb
Apr
Feb
Apr
Mar
Mar
Apr
Feb
Apr
Apr
May
Mar
Feb
May
Apr
Mar
Feb
Apr
May
Apr
May
Jan
May
Feb
Jan
Mar
Mar
Jan
Apr
Mar
May
Feb
Apr
Apr
Apr
Jan
Apr
May
Mar
May
Apr
Feb
Feb
Feb
Feb
Feb
214 Jan
334 Feb
Apr 3554 May
24
•9934 May 100% May
Apr
May 60
45
New York Curb Exchange-Weekly and Yearly Record
NOTICE.-Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown In a footnote In the week in which they occur. No account is taken of such sales In computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
(May 111934).
the week beginning on Saturday last(May 5 1934) and ending the present Friday,
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:
notes
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Week Ended May 11.
Stocks-
Indus. & Miscellaneous.
25
Acme Wire Co v t c
Adams-Millis 7'7 hat pf 100
•
Aero Supply etas; A
Class B
•
•
Air Investors corn
Convertible preferred.. •
Warrants
50
Ala Gt Sou RR ord
Allied Internat Invest
•
•
83 cony preferred
Allied Mills Inc
•
Aluminum Co common_ •
6% preference
100
Aluminum Goods Mfg'
Aluminum Ltd
•
Common
6
preferred
100
American Beverage com__1
American Book
100
Amer Brit & Cont corn_ •
ArnerCapitai•
S3 preferred
Amer Cyanamid el B n-v •
Class A voting corn ...10
1
Amer Equities Co
Amer Founders Corp___.1
50
7% pref series B
American Hard Rubber_50
•
Amer Investors corn
Amer Laundry Mach....20
54
9
0
95
95
734
7311
2
234
134
114
17
17
15
%
54
59
100
25
100
500
300
300
800
200
34
100
7%
0834
73
10
934 934
731 834
6634 7134
72
7434
10
10
100
4,000
3,500
400
100
27
27
51
48
I% 215
55
55
%
34
100
200
1,100
10
600
9
734
2
134
34
I%
1734
His
1334
3.1
100
21
1935 242,300
200
2015
200
151
"ii 1,000
25
16
50
814 83.4
1,100
235 3%
500
1334 1434
250
21 .
1714
2015
1%
%
16
Range Since Jan. 1.
Low,
High.
1135
1335 Jan
Jan 100
73
1234
734 May
May
4
2
135 Jan
3
21%
12
Jan
1
14 Feb
40
Jan 6354
11
%. Jan
8,4 Jan
9%
914
754 Jan
Mar 8534
65
653.4 Jan 78
814 Jan
1134
Feb
Apr
Jan
Jan
Jan
Apr
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Feb
25
37
11;
48
Apr
Apr
Feb
Apr
Mar
14
Jan
Mar
Jan
Jan
Jan
1534 Jan
18% Jan
1834 Mar
Jan
1
94 Jan
911 Jan
8% May
Jan
2
1034 Jan
MAY
30
36
60
334
56
1
2111 Feb
2235 Apr
21
Feb
215 Feb
154 Feb
2114 Apr
10 Feb
434 Feb
Jan
IR
3634 Feb
Friary,
&MN
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
•
American Meter Co
Amer Potash & Chemical_•
•
Anchor Post Fence
Arcturus Radio Tube_ -1
Armstrong Cork corn._• 18
Art Metal Works corn. --5
Assoc Elea Indus Ltd
Am dep rct orl shs__g1
Associated Rayon
•
Atlantic Coast Fisheries
'
Atlas Corp common
• 10%
•
$3 preference A
334
Warrants
Atlas Plywood Corp
•
Automatio-Voting M ach •
6%
.
Babcock & Wilcox Co_ _100
Baldwin Loco Works warr.
Bauman(L)7% lot pref100
Bellanca Aircraft v t e_ ..I
Benson & Hedges
Convertible preferred •
Bliss (F. W)Co common. •
.
Blue Ridge Corp com___1
$3 opt cony pre(
•
Boback (II C)corn
•
•
Bouriols Inc
Bower Roller Bearing_ _ _5
Bowman-BM 7% 1st pt. 100
Bridgeport Machine
•
•
Brill Corp class B
Ilrilln Mfg ram
•
3734
2
35
10
10
17
17
134
214
34
34
18
2034
254 335
25
100
1300
300
1,000
900
Range Since Jan. 1.
Low.
71.5
17
134
,
ii
1434
13.4
Jan
May
Jan
Jan
Jan
Jan
High.
1754 Jan
19% Vet,
234 Mar
Feb
1
2654 Feb
434 Apr
414 434
100
300
294
294
434 5
800
1054 1214 16,900
46
46
100
33.4 435 4,200
500
7%
7
615 8
2,000
4
Mar
254 Jan
2
Jan
1014 Jan
39
Jan
4
May
534 Jan
214 Jan
534
551
631
1514
49
fiji
8
334
3731 4034
534 5%
24
24
4
4
125
200
10
400
33
Jan
534 May
19
Apr
334 Jan
51
11
24
6
Jan
Feb
Apr
Feb
714 715
534 634
2
214
38
35
13
13
6
6
1214 1314
3
3
234 214
115
I%
6
614
100
500
1,100
600
50
500
700
60
400
200
900
4
254
I%
314
0
43.4
1234
2
14
1
534
10
103.4
394
3951
1451
634
17)4
4
33.4
211
7%
Apr
Mar
Feb
Apr
Apr
-Ian
Mar
Apr
Apr
l'ob
Mar
Mar
Jan
Jan
Jan
Jan
Jan
May
Mar
Jan
Apr
Jan
Jan
Mar
Apr
Feb
Apr
Feb
May
Apr
,••
Financial Chronicle
Volume 138
Sates
Fridas
Last Week's Range Jo?
Sale
ofPrices.
Week.
Stocks (Continued) Pat Price. Low. High. Shares.
British-Amer Tobacco Ltd
Am dep rcts ord bearerEl
British Celanese Ltd
Am dep rcts ord reg shs__ -----Brown Co 6% pref
100
Brown Forman Distillery-1
Mama Am dep rotareg.
Butler Brothers
934
10
Canadian Indus Alcohol A• 1134
Class B non-voting_
•
Carnation Co corn
• 1531
Carrier Corporation
*
Catalln Corp of Amer____1
533
Celanese Corp of Amer
7% 1st partici PreI---100 90
7% prior preferred _.100
Celluloid Corp cam
•
$7 div preferred
Centrifugal Pipe Corp....*
Charls Corporation
• 1454
Chic Nipple class A.. _50
Chic Rivet dr Mach
• 14
Childs Co pre
100 3031
Cities Service corn
•
254
Preferred
• 19
Preferred B
•
Preferred BB
• 19
Claude Neon Lights
1
31
•
Cleveland Tractor
331
Compo Shoe Mach ctfa
1
Consolidated Aircraft_ _.•
831
Consol Auto Mer v t
hi
Cons Retail Storer
134
5
Cooper Bessemer Corp ' 4
Cord Corp
5
533
Corroon & Reynolds eom-1
Courtaulds Ltd
Amer dep rcts ord reg £1 1334
Crane Co corn
25
Crocker Wheeler Elec___-•
Crowley AllIner corn
•
Crown Cork internatl A.._•
633
Cuneo Press corn
•
633% preferred
100
Davenport Hosiery Mills_•
De Havilland Aircraft Co
Am dep rcts ord reg__ _
Detroit Aircraft Corp_ __• ----34
Distillers Co Ltd
Amer deposit rota
2333
Distillers Corp Seagrams-• 1531
Doehler Die Casting
•
9
Dominion Bridge Co
•
Dow Chemical
• 83
Driver-Harris corn
10 16
75; preferred
100
Duval Texas Sulphur____•
731
F.asy Wash Mach B
•
5
Eisler Electric corn
31
Elea Power Assoc
Class A
1
Electric Shareholding
Common
1
$6 cony pref w w
• 47
Emerson Bromo Seltzer
Class A
234
Class B
233
Equity Corp cam
10c
I%
Ex-oe11-0 Air & Tool
3
531
Fairchild Aviation
1
751
Fajardo Sugar Co
100 65
Falstaff Brewing
1
631
Ferro Enamel
• 12
Mello Brewery
1
1%
First National Stoma
7% let preferred_ -100
Fisk Rubber Corp
1
100 1233
$6 preferred
Flintokote Co ol A
• 1033
Ford Motor Co Ltd
Am dep rota ord reg-t1
9
Ford Motor of Can ol
Class B
•
Ford Motor of France
Amer dep rota
Foremost Dairy Prod prat•
Foundation Co
Foreign shares
•
Franklin (11
Mfg_.._'
7% preferred
100
Garlock Packing
•
General Alloys Co
•
234
General Aviation Corp_ _I
Gen Fireproofing com_
•
Oen Investment corn- -b
86 cony prat class B. •
Warrants
grit
General Rayon class A_ •
GeneralTire dr Rubber-25 81
Glen Alden Coal
• 1534
Globe Underwriters
2
614
Godchaux Sugars cl A. •
Claes B
•
Gold Seal Electrical
I
31
Gorham Inc
$3 preferred w w
•
Gorham Mfg v t 0
•
1334
Grand Rapids Varnish •
531
Gray Tel Pay Station__ •
Great A ti & Pac TeaNon-vot corn stock_ •
7% 1st preferred....100 126
Great Northern Paper_25
Greenfield Tap & Die...*
5
Greyhound Corp
5 16
Grocery Stores Prod v t025
Guardian Invest coin
1
Hall(C M)LamP Co
•
•
Happiness Candy
•
I%
Hartman Tobacco
HazeltineCorp
•
Helena Rubenstein Inc...*
131
Ileyden Chemical
10
Preferred
100
1954
Horn & Ilardart
Iluyiers Co nom
1
Hygrade Food Prod
6
Imperial Tob of Canada__5 1031
•
Industrial Rayon w 1
Insurance Co of No Am-10 4931
Internat Safety Razor B. •
Interstate Equities com _ _1
International Products_ •
1
Irving Air Chute
Jonas & Naumburg com--* 2834
.I00
Jones & Laughlin corn.
*
Klein (D Emil) corn
Kleinert Rubber cam_ _10
Kress(S II) special pfd.100
I 1233
Kremer Brewing
•
Lekey FAY & Mach
Range Since Jan. 1.
High.
Low.
200
28% Jan
31% Apr
333
11%
14
333
9%
10%
1034
15%
534
5%
333 1,200
15
375
900
15%
500
3%
10% 7,700
12% 5,100
12%
200
16% 10,300
73.' 16,000
634 45,100
3% May
Jan
5
14 May
31.4 Jan
Jan
10% May
1033 May
1333 Feb
5% May
3% Mar
43-4
16%
2133
334
12%
20%
1934
18
9
644
89
90
9%
27
5
14%
%
14
30%
2%
19
2
19
91%
300
95
150
10%
200
100
27
5% 1,000
1533
300
100
%
16
2,000
32
300
233 34,400
20% 1,600
2
200
70
2051
31 1,200
4
400
12%
500
931 2,000
600
34
2
400
4
400
533 86,900
3
500
89
83
931
27
4%
93-4
31
434
1434
30% 30%
3%
12
8%
iii
131
5
233
1331
9%
5
3%
6%
22%
90
18
13%
931
6
314
7%
2233
90
1854
13% 13%
34
34
22%
1531
8
33%
83
16
85
7%
5
31
May 10434 Feb
Mar
Jan 101
Jan
May 19
Jan
May 44
Jan
7% Jan
Apr
Mar 20
33 Feb
Apr
Feb 174 Apr
Feb
Jan 42
4g Feb
Jan
114 Jan 28% Feb
Jan
1
254 Feb
Jan 20% Feb
9
I% Feb
31 Jan
8% Feb
331 Jan
„MD
Feb
14
8
73( Jan 1234 Mar
Jan
ill Feb
2% Feb
131 Jan
3% Apr
631 Jan
5 May
534 Jan
Feb
Jan
4
1,100 10%
20
8
500
5
3%
100
6%
500
.16
100
90
10
3,000 12
200
2,400
23% 2,700
1751 13,400
900
9
175
3431
900
91
16
300
85
10
83.4 1,700
533 1,700
34 1,000
83.4
4%
833
26
90
20%
Feb
Feb
Mar
Apr
May
A r
Aprx
20
15%
33.4
34%
6931
1233
56
4
5
84
2433
28%
11%
34%
9233
23
95
934
854
134
Apr
Jan
Apr
May
May
Apr
Apr
Apr
Jan
Feb
8
Feb
333 331
47
49
300
1,100
2
86
20
18%
133
5%
734
65
634
12
133
50
25
3,500
3,600
4,200
50
3,300
1,300
9,000
19%
18%
134
5%
534
65
43.4
7%
134
Jan
May
Jan
May
Mar
Jan
Jan
Jan
May
Jan
834 Jan
Jan
Jan
Jan
434 Feb
Feb
62
20
1934
2%
834
8%
89%
84
14%
2%
Feb
Jan
Feb
Feb
Apr
Feb
Apr
Apr
Jan
10 111% Jan 117
884 Jan 20%
5,700
Jan 81
900 65
4% Jan 1234
3,700
Feb
Mar
Mar
Apr
8% 9% 24,800
21% 22% 8,200
27
12
29
3%
I
300
100
7
73.4
%
34
2
234
16% 16%
2
2%
43.4 533
6
634
134 13-4
15% 16%
2%
90
16%
634
1333 1334
833 834
3.4
33
500
2,100
125
300
2,200
900
800
500
200
800
300
875
5,300
100
100
300
3,500
1631 16%
12% 14
531 533
15
14
50
500
300
450
334
1
ap
11 31 A pr
4
14
500
113 113
123( 14%
7734 7733
834 1031
Jan
Jan
Jan
May
Jan
Jan
May
Feb
Feb
10
33 Jan
53.4
20
18%
1%
6%
834
65
7
12%
174
Mar
Apr
Mar
Feb
Apr
Jan
Jan
Apr
Mar
Apr
AP
May
Jan
May
Jan
May
Jan
Jan
Jan
534 Jan
Jan
15
Jan
20
934 May
24% Feb
Apr
34
834 Mar
84 Mar
4% Apr
1;3 Feb
Feb
Jan
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
333
99
2054
7
16
10%
34
Mar
Feb
Feb
Feb
Mai
Feb
Feb
Feb
Apr
Feb
Jan
Apr
Feb
Jan
Feb
Mar
Feb
15
Feb
12% May
534 May
13
Jan
17%
19
734
19%
Apr
Mar
Jan
Feb
136 139%
12 122
Jan 150
122% 126
1,000 121
Jan 127
23% 23%
200 19% Mar 24
5
533
800
5
Apr
6
13% 1633 35,500
5% Jan 1631
800
13
33
33
34 Jan
400
33
31
34
ho Jan
4% 454
100
3% Jan
63(
300
31
33
% Jan
1% 2;3 2,400
4
111. Feb
83( 11
2,000
Jan 123.4
3
1% 131
700
134
34 Jan
29
100 19
29
Jan 37
70
25 44
70
Mar 70
19
825 1614 Jan 2133
2031
1
1
400
2
% Jan
4
4% 1,600
314 Jan
5%
10% 1134 1,000 10% May 1233
100 2233 May 30%
22% 22%
49% 60% 1,100 88% Jan 51%
1% Jan
2
2
2%
100
400
% Jan
1%
34
3.4
1% 133
400
Jan
I%
1
81
3% Jan
43.4 5%
74
600
1
3.4
34
11. Jan
28
20 28 May 48
28
100 11
May 13%
11
11
200
531 Ma
6 8
8%
100 10% Jan 1133
1154 1133
11% 13
3,200 1034 Jan 14%
44 Jan
133
1
300
234
Feb
Mar
May
Jan
May
Feb
Mar
Jan
Mar
Mar
Mar
Mar
Apr
May
Apr
Jan
Apr
Apr
Apr
Apr
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Apr
Apr
Apr
2
81
15
8%
A
1%
12%
2
4%
534
*as
6
Ii•
1
6434
104
634
13%
4%
%
8%
244
854
1833
3%
914
833
3
22
3253
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Lane Bryant 7% pref_100
Lehigh Coal & Nav
•
8
Lerner Stores common_ •
100 97%
633% Pref w w
Libby MoNeE& LIbby_10
531
Lit Brothers
•
Loblaw Grocetertas
1794
Louisiana Land & Explor_•
3
Lynch Corp
5 30
Mange' Stores corn
•
Marion Steam Shovel_ • 2%
Massey-Harris corn
554
•
Maryland Casualty
13.4
Mathietion Alkali Works
Part paid rots 1st paymt
Mavis Bottling class A...1
31
Mayflower Associates.•
McCord Rad dr 61fg B._ •
McWilliams Dredging...
Mead Johnson corn
•
Merritt Chapman & Scott•
134
Minabi Iron Co
•
Michigan Sugar Co
•
Preferred
10
Minn-Honeywell Reg
Preferred
100
Mock Judson VoehrInger-•
Molybdenum Corp v t _I
751
Montgomery Ward A___. 10334
Mortgage Bk of Colombia
Amer shares rug stock- -- -----Murphy (G C)corn
•
Nati Hellas lien com
3
I
Nati Bond Or Share
•
Nati Container corn
1
$2 cony preferred
•
Nat Dairy Products
7% prof class A
100
National Investors corn _1
13(
Warrants
Nat Leather corn
Nat Rubber Mach
6)4
Nat Servicecommon
81
Cony preferred
134
•
Nat Steel warrants
•
Nat Sugar ref
•
1
Nat Union Radio oom..___1
Natomaa Co
•
New stock
83'
•
NeLsner Bras 7% prat_ _100
New England Grain Prod-'
New Mex & Ariz Land
134
1
New York Merchandise_ •
New York Shipbuilding
Founders shares
1
Niagara Share B
3%
•
Niles-Bement
-Pond
•
Nitrate Corp of Chile
Ctrs for ord B shares
Noma Electric corn
•
North & South Amer A •
Northwest Engineering...
Novadel Agene
•
Ohio Brass class B
•
Oilatock Ltd own
6
Outboard Motors A pref..'
Overseas Securities
•
Pacific Eastern Corp
1
Pan-American Airways _ _10 37
*
5
Paramount Motors
Parke. Davis dr Co
Parker Pen corn
Parker Rust-Proof
• 5533
Pander(D)Grocery A_
*
Pennroad Corp v t o
231
1
Pepperell Mfg Co
100
Philip Morris Inc
631
10
Phoenix Securities
Common
Pie Bakeries Inca:on_ •
7% preferred
100
Pitney-Bowes Postage
•
Meter
Pitts Bessemer & L E RR50 34
Pitts & Lake Erie R11......130 74
Pittsburgh Plate Glass.
.25 463.1
Potrero Sugar
134
5
Pratt dr Lambert
Prentice Hall Inc
Part convertible
•
Propper McCallum Mills •
Prudential Investors
•
Pyrene Mfg Co corn
10
Quaker Oats Co corn
•
Railway & Utll Invest A I
Railroad Shares Corp
*
Rainbow Luminous
•
Class B
Reeves(Daniel) corn
• 1234
Reliable Stores corn
•
Reliance International A.•
234
Reliance Management..
Reybaro Co
10
Reynolds Investing
Roosevelt Field Inc
131
5
Russeks Fifth Ave corn _ _.5
Safety Car Heating& Ltg 100
St Reels Paper corn
3%
10
7% preferred
100 38
• 3234
Schiff Co own
Schulte Real Estate
•
Seaboard Utilities Sharee 1
34
Securities Corp gen
Seeman Bros corn
43%
Segal Lock & Hardware_ _•
Selberdng Rubber Co..'
Selected Indust.lealno$5.50 prior stock
25
Common
134
1
Allotment certificates... 5631
Sentry Safety Control '
Fitton Leather Co
•
Shenandoah Corp
Common
134
$3 cony preference. _25
Sherwin-Williams corn..25 6234
6% preferred AA
.100
Sherwin Williams of Can.'
Smith (A 0)Corp oom__.
•
Sonotone Corp
1
234
Southern Corp corn
•
sPlegol. May. Stern Co
634% preferred
100
Standard Brewing
•
154
Standard Cap & Seal
5
Standard Investing Corp
$533 cum cony pref__ •
Starrett Corporation
1
6% preferred
10
•
Stein Cosmetics
133
•
Stinnes (Hugo)Corp
Range Since Jan. I.
Low.
High.
70
10%
313(
90%
7%
2%
18
334
41
43(
33(
8
3
Apr
Feb
Apr
Apr
Apr
May
Apr
Apr
Feb
Mar
Feb
Feb
Feb
38%
2%
47
4%
264
63%
2%
h.
144
434
Jan
Jan
Feb
Feb
Jan
Apr
Feb
Apr
Jan
Feb
Jan 100
Jan 203(
9%
Jan
Jan 1163(
Mar
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Feb
Mar
Jan
May
Jan
Jan
Jan
Jan
70
7%
25%
9633
534
233
17%
23.4
2933
454
2%
5
1%
70
834
27
99%
6
234
17%
3;3
3034
4%
2%
5%
234
100
1,800
700
200
2,200
200
200
7,400
800
100
100
1,600
1,200
65
534
14
53
2%
1
1434
2%
2934
2
2
4%
1%
28
A
4333
334
20
55
I%
34
1
3
32
A
43%
3%
20
56
133
34
1
3
800
5,000
100
100
100
400
300
500
600
1,100
28
May
% May
42
Jan
I% Jan
Jan
16
Jan
45
1% Mar
he Jan
100 100
22
1634 1731
300
633 833 14,400
100 10733
650
I
3
87
9
5
88
may
May
234
583(
231
2933
3233
36
100
2%
59%
200
3% 26,200
31
600
37
1,300
36
100
234
39
2
2934
25
29
Jan
Jan
Jan
May
Feb
Fe
3%
68
433
36
40%
4134
Mar
Apr
Apr
Feb
Apr
Apr
9933
134
%
1%
5%
Hit
13.4
4
3334
III*
8633
8%
88%
2233
134
29
99%
125
900
174
74 2,400
300
134
631 4,800
111, 13,900
100
134
4%
200
100
33%
1% 1,500
91
900
9% 1,400
75
8831
2
22%
133 1,000
29
100
80
144
%
1
3%
Jan
Jan
May
Jan
Jan
Feb
May
Apr
Feb
Mar
Jan
May
Jan
Mar
Jan
Feb
100
3
1%
2%
7%
181.
3%
9%
36
1%
100
10%
101
27
24
:333-4
Mar
Feb
Feb
Jan
Feb
May
Apr
Jan
Jan
May
Apr
Apr
Apr
Feb
Apr
Apr
16
16
351 43(
934 933
31
1%
31
5
20
13
94
331
23,4
23.4
3534
5
24
7%
55%
3033
23.4
80
634
100
1,000
100
2,300
h
1% 1,000
200
34
300
533
21% 2,800
100
13
10%
300
3%
300
234
100
2% 2,000
38% 1,200
100
5
24% 1,500
100
7%
900
64
50
3033
10,700
3
140
81
734 2,900
134
4
29
34
72%
854
40
22
1
23%
Jan
Jan
9% Jan
11
4
A
33
5
20
13
8%
2%
231
1
Jan
Jan
Jan
May
May
May
Jan
Jan
May
Jan
431
2234
6%
53%
26
234
80
2%
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
20% Mar
Feb
7
15% Feb
31
233
1
733
23%
1833
10%
334
333
3%
51
5
25%
8%
734
3035
4%
101
7%
Feb
Feb
Feb
Mar
Apr
Feb
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Apr
Feb
May
Feb
Jan
Apr
1% 1%
9% 11
70
70
1,100
1,500
100
I
4
58
Jan
Jan
Feb
2
Feb
14% Mar
75
Apr
4
34
74%
50%
134
28
1,100
25
1,180
3,700
200
100
3%
30%
61
39
14
17%
Feb
Jan
Feb
Jan
4%
34
81
57%
3%
31
Apr
Apr
Apr
Apr
mar
Apr
50 21% Jan 30
244
1
Jan
1,300
8%
5% Jan
400
334
133 May
100
Apr 122
25 109
1
33 Ma
200
34
200
III Jan
Apr
Jan
Feb
Feb
Jan
Feb
Feb
Apr
Feb
Apr
Mar
Feb
Apr
Apr
Feb
Feb
Apr
Feb
Apr
Apr
Feb
Feb
Feb
Apr
Jan
Jan
Apr
Feb
Feb
Mar
Feb
331
34
73
43
134
28
29
29
1;3
1
633 7
133 1%
110 111
53
31
're
,
11
Jan
Jan
31
13%
3%
3
191
23-4
13,'
13.4
8
75
3%
40
34%
3-4
34
233
4436
%
333
400
300
400
700
100
1,200
9,700
500
400
175
9,600
260
1,900
300
500
300
200
900
100
34
1234
234
24
%
13(
44
A
5
50
234
213(
17%
hi
5,4
2%
36
31
2)4
Jan
May
Fe
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
May
Jan
May
Jan
h.
16%
4
333
2
3%
153
234
10
83
534
51
405(
4(
84
4%
48
1
5
55
58
1% 14
54% 5633
34
31
5
654
300
4,100
800
300
2.100
4044
1%
40
5(
5
Jan
May
Jan
Jan
May
61)3
3
6254
34
10%
31
1233
33-4
23.1
134
2%
I
131
7
70
3
37%
32
'ii
94
234
43%
34
33.4
1% 1%
2154 2133
6233 69%
10634 10634
20
20
24
26
2% 333
11$ 131
1,700
134
100 17
2,925 4714
100 100
25 20
700 234
2,100
2%
100
1
Jan
2% Feb
Jan
Mar
Jan 23
Jan 6934 May
Jan 10754 Feb
May 20 May
Feb
Jan 48
Jan
434 Mar
1% Jan
Mar
80
80
13-4 1%
25%
25
50
400
150
Jan
60
41 Jan
Apr
25
86% Apr
234 Mar
2733 Feb
23
23
34
34
234 231
13.4 134
2
2
ao
800
400
2,800
600
1434 Jan
l
ite Jan
1% Jan
14 Jan
1% Apr
25
134
8%
1%
23.4
Mar
Feb
Apr
Apr
Jan
Financial Chronicle
3254
Sates
Friday
Last Week's Range for
Week.
Sale
Of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
Stutz Motor Car
*
431
Sullivan Machinery Co_ _• 114
Sun Investing Co
$3 cony pm!
Swift St Co
25 154
Swift Internacional
15 30
Taggart Corp coin
Tastyeast Inc class A
•
1
Technicolor Inc corn
•
831
Tobacco & Allied Stocks_ _t
Tobacco Prod Exports. __•
131
Todd Shipyards
* 25
Transcontl Air Trans _1
Trans Lux Pict Screen
Common
1
174
111-Continental warrants-------Triplex Safety Glass Co
Am dep rcts ord reg__10s
Tubize Chatillon Corp -1
735
Class A
1
Tung-Sol Lamp Works •
$3 cony pref
• 25
Union Amer Invest
• 2034
Union Tobacco coin
United Aircraft & Trans')
Warrants
United Carbon prat_ _100 11231
United Carr Fastener.. •
United Chemical com___•
635
$3 partie preferred
•
United Dry Docks
•
14
United Founders
1
nu
United Molasses Co
531
Am dep rcts ord ref__ £1
United Profit-Sharing. •
10
10% preferred
United Shoe Mach com_25 65
Preferred
25 33
United Stores v t c
•
U S Dairy Products B__ _•
31
1 12
U S Foil Co class B
United Wall Paper Fact_...*
331
US Finishing Co corn_ •
U S & Internat'l Beene
14
•
Common
let prof with warr
•
IT 81 Playing Card corn_ _10 23
United States Lines pref__.
S Radiator Corp
7% pieferred
100
U S Rubber Reclaiming •
Universal Pictures
•
Utility Equities Corn- •
Priority stock
•
Utility & Indus coin
*
Cony preferred
•
Waco Aircraft Co
•
Wain & Bond class A_ •
Hiram Walker-Gooderham
& Worts Ltd corn_ _ _ _• 33
Cumul preferred
• 154
Watson (John Warren)_ •
Wayne Pump Co corn
•
Convertible preferred_ _5
231
Westvaco Chlorine Prod
7% preferred
100
West Va Coal & Coke..--•
34
Western Cartridge
6% preferred
100
Western Maryland Ry
7% 1st preferred_ _100
Western Tab & Stat v t C.
Williams (R C)& Co __5 154
Wil-low Cafeterias
Cony preferred
•
Wilson-Jones cora
Woolworth Ltd
Am dep rats ord shs
Youngstown Sheet & Tube
531% preferred
100
44
1134
4
41
1535
28%
2
34
831
474
14
25
234
1,600
5
100
11%
800
431
300
41
12,000
17
31;1 6,700
300
24
131 9,300
94 2,900
100
4731
14 1,100
200
25
600
3
High.
Low.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Apr
4
835
4
35
1331
234
131
34
731
45
31
19
131
131 Apr
134 May
1031
17%
534
4134
19
3231
231
134
114
49
14
27
431
Mar
Apr
Feb
Apr
Feb
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Jan
331 Jan
24 Feb
14
1%
2
131
3,100
500
2034
731
21
5
2431
2034
34
2031
8%
21
531
2535
2131
34
100
2,900
100
1,200
300
400
400
1931
731
21
3
15%
19%
31
300
7
731
200
112% 112%
400
1151
11
300
634 635
400
22% 23
1,200
71 1
the 10,900
11
634
94
5%
3
15
36
nig
Feb 154 Jan
Feb 11231 May
May
Jan 12
Feb
Jan 11
Jan 26% Feb
231 Feb
Jan
131 Feb
Jan
6
131
634 64
6434 66%
3231 33%
31
34
34
1115 124
331 4
3
3
9,100
100
100
775
340
300
300
8,000
1,400
100
33(
14
6
574
3231
15
31
534
2
231
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Jan
64
44
9%
68%
36
1%
131
14%
4%
5
Apr
Feb
Feb
Apr
Apr
Feb
Feb
Apr
Apr
Feb
131 134
50
50
23
25
31
34.
500
300
250
10
131
494
16%
mi
Jan
Mar
Jan
Jan
2
60%
2735
131
Feb
Feb
Apr
Mar
10
10
131 131
4
431
231 24
46
48
131 131
3% 4
15
1631
734 74
50
20
300
80
125
100
800
1,300
100
9
1
3
131
36
31
15(
104
431
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10
134
531
4
53
24
54
19
771
Jan
Apr
Apr
Feb
Feb
Feb
Feb
Apr
Apr
3031 3531 14,100
500
154 1631
300
31
1,100
54 1
600
24 34
3031
1511
31
34
2
May
May
Jan
Jan
Jan
574
1731
34
154
6
Jan
Jan
Feb
Feb
Apr
531
174
Jan
May
May
Jan
Jan
Jan
Jan
204
15
3035
74
30
25
31
Mar
Jan
Jan
Mar
Apr
Feb
Jan
00
90
331
50
700
Apr
85
Si Jan
Apr
92
534 Apr
86
May
150
6331 Jan
86
73
73
134 14
1535 1531
10
200
100
Jan
50
955 Jan
114 Jan
7931 Apr
1431 Apr
Mar
20
931 94
164 1631
200
100
64 Feb
11
Jan
10% Apr
1731 Apr
24% 2534
1,500
22%
Jan
2531 May
45
Jan
594 Feb
84
45
47
Public Utilities
Ala Power $7 pref
5031 5335
• 52
Am Cities Pow & Lt
3031 31
Cony class A
25
1
231
231 211
New class B
531
5
Amer & Foreign Pow warr.
5
Amer Gas & Elea corn • 2334 2131 243'
854
80
• 82
Preferred
144 1531
Arner L & Tr corn
25
2131 2134
6% preferred
25
231 24
Am Superpower Corp corn' • 235
1st preferred
6334 6331
•
36
36
Arkansas Pr & Lt $7 prig •
Assoc Gas & ElecCommon
54
1
/5
Class A
1
14
1
235 3
•
$5 preferred
ij
In
h
Warrants
31
Assoc Telep Util corn.. •
34
Brazilian Tr Lt & Pow_._' 1031 104 1031
16
1631
Buff Nlag & East Pr pm!25
•
704 7035
$5 first pref
Cables & Wireless Lta
'111
Am dep rats B ord shs_ £1
9% 915
Cent Hud G&Evt ci--•
934
1
1
Cent & So'west Util corn_ _ I
14 13'
14
Cent States Elec nom_ _I
531 534
6% pref x-war
i00
10
10
7% preferred
100 10
2035 2031
Cities Semi P & L $7 pref_*
2931 294
Cleve Elea Ilium corn___'
Columbia Gas dr Elea-90
87
Cony 5% pref
100 87
52
52
Commonwealth Edison_ 100 52
Common & Southern Corp.
hit
'I
Warrants
61
Conaol E L&P Balt cam • 5914 57
47
47
Cont'l G & E
pr pref100 47
8
835
8
East Gas & Fuel Assoc_'
67
66
io0 67
6% A pref
131 131
131
East States Pow corn 13...•
Elea Bond & Share com....5 1331 1231 1411
43
45
•
$5 cumul preferred_
• 4834 4835 51
$6 preferred
Electric Power & Light
12
12
2nd prferred class A_ *
234 24
Option warrants
Empire Gas & Fuel Co-20
20
100
634% preferred
2034 2034
100
7% preferred
21
21
100
8% preferred
8
8
Empire Pow part stock_ •
European Electric Corp-1031 11
Class A
14
1
131
Option warrants
19
18
Florida P & L $7 Pref----* 18
414 46
Gen Pub Serv $6 PreL---*
5931 6035
Georgia Power $6
34
35
31
Hamilton Gas com v t 0-1
2331
21
• 21
Illinois P & L $6 prer
Range Since Jan. 1.
70
150
314 Jan
5835 Apr
50
1,500
1,400
17,800
675
1,700
100
19,200
100
40
25
14
5
18%
72
1034
19
24
514
283(
Jan
Jan
May
Jan
Jan
Jan
Mar
Jan
Jan
Jan
3434
44
94
3331
874
19%
22
431
70
42
Apr
Feb
Feb
Feb
Jan
Feb
Apr
Feb
Apr
Apr
300
2,800
300
600
400
1,500
900
100
34
716
134
Isi
▪
104
154
6834
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
234
231
631
31
34
14%
1931
7534
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
700
100
500
5,300
200
100
50
200
a
'
9
34
111
3
9
20
25
Jan
Apr
Jan
Jan
Jan
Mar
Mar
Jan
'is
13
2
23(
834
15
24
304
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
600
200
10,000
3,400
75
800
325
500
87,000
300
2,700
Feb
Jan 103
68
3434 Jan 6134 Feb
14
53
374
6
46
1
1031
2831
31
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
34
65
57
10%
6831
231
2331
504
60
Feb
Feb
Apr
Feb
Apr
Feb
Feb
Feb
Feb
163.4 Feb
44 Feb
25
200
6
Jan
231 May
26
50
50
100
1531 Jan
1231 Jan
17
Jan
5
Jan
2234
2931
32
10
Feb
Feb
Feb
Apr
Jan
May
Jan
Jan
Jan
Jan
Jan
12%
236
24%
57
6415
31
30
Feb
Feb
Jan
Apr
Feb
Feb
Apr
400
1,400
100
120
75
2,100
400
10
1
14
25
44
hs
104
Sates
Friday
Last Week's Range for
Week.
of Prices.
Public Utilities
Sale
Pox Price. Low. High. Shares.
(Concluded)
May 12 1934
Range Since Jan. 1.
High.
Low.
Internat Hydro-Elee-Pref $3.50series
50 2631 2531 2831 1,000 144 Jan
Internat'l Utility
r
3
3 May
200
3
3
Class A
31 Jan
35
1
Class B
71
% 3,000
84 Jan
60
14
13
Interstate Pow $7 pref...'
14 Jan
1,400
131 2
111
Italian Superpower A„....*
100
31 Jan
31
Warrants
Long Island Ltg334 Jan
1,800
431 5
Common
•
30 4535 Jac
6334
62
100
7% Preferred
50 364 Jan
5231 5335
100
Prof class B
2
Jan
2,900
231
24
Marconi Wire' T of Can..1
1% May
400
134
131
*
Mass1)111 Assoc v t c
3
Jan
3% 33-4 1,400
331
5
Memphis Nat Gas
Jan
25 51
7231 7235
Met Edison $6 pref
.
8,400
3.4 Jan
hs
Middle West Util com •
100
1
is Jan
•
$6 cony pref A w w
150 46
Jan
5231 5331
Mohawk & Hud Pr let Pf-*
100 2235 May
2231 25
2d preferred
Jan
150 35
*
37% 3731
Montreal L H & Pow
1
Mar
100
134 131
Mountain Sts Pow corn.....5
550 3534 Jan
5935
55
National P & L $6 pref •
13
60 1134 Mar
1331
Nev-Calif Elec corn_ _100
325 114% Jan
N Y Telep 635% Dref-100 1154 11534 11634
Niagara Hud Pow
434 Jan
535 631 14,100
15
Common
534
34 Jan
35 1,800
34
Class A opt warrant......
31
131 Jan
400
131
ClassB opt warr
800
In Jan
34
34
Class C option warrants_
Nor Amer Li & Pr
331 Jan
100
114 12
•
$6 preferred
100
15 Jan
,
31
•
71
Nor Amer Util Sec
Jan
25 21
Nor Ind P S6% pref___100 3234 3231 3234
Mar
25 59
6331 6331
Nor N Y 14117% 1st p1100
100 1531 Jan
2034 2031
Nor States Pow COM A..100
Jan
20 80
83
8331
Ohio Power 6% prat_ -100
Ohio Pub Service
May
10 71
7134 7134
7% 1st pref class A..100
900 1931 Jan
2134 22
Pacific G & E 6% 1st p125
25 2635 May
2631 2635
•
Pa Cent L & P pref
100 4531 Jan
56Y* 5631
*
Pa Water & Power Co_
8
Jan
200
corn
• • 1254 1231 124
Philadelphia Co
Jan
100 54
6034 6031
Pub Seri Nor rn 0% Pt 100
,
Puget Sound P & 1.110 1111 Jan
1334 15
• 15
$5 preferred
•
9
450
534 Jan
9
93(
$6 preferred
531 Jan
25
9
9
Ay dr Light Securities- •
Jan
100 17
2331 2331
Shawinigan Wat & Pow_ •
25 5031 May
5034 5034
Sioux City G & E 7% p1100
Sou Calif EdisonI
75 3131 Jan
324 3231
25
5% orig preferred
100 20
Jan
23% 2331
•
7% prat series A
800 1734 Jan
251 1831 184 1931
6% pref series B
400 1531 Jan
174 17%
54% preferred O__..25
134 Jan
200
2
2
25
Sou Colo Pow cl A
31 Apr
500
hi
4
Southern Nat Gas com- •
50 106 May
106 106
So New England Tel___100
200
334 Jan
411 411
43,4
•
Standard P & Loom
Jan
100 36
45
46
SWISS Am Elea pref--_100 46
20 62
Feb
74
74
Toledo Edison 6% pref_100
•
331 Jan
531 531 1,300
Union Gas of Can
534
2,600
134 Apr
134 2
131
United Corp warrants
14 Jan
20,800
234 3
24
United Gas Corp com--1
Jan
4234 4,000 17
38
• 38
Pref non-voting
"is Jan
51
31 2,300
Option warrants
231 Jan
231 331 6,100
•
3
United Lt & Pow com A.•
84 Jan
13
1535 3,100
$6 cony 1st pre!
34 Jan
35 1,900
31
34
U 8 Elec Pow with warr-1
300
he mar
'32
532
Warranta
50 19
Jan
20
20
prof.....' 20
Utah Pow & Lt $7
14 7,500
1
Si Jan
1
Util Pow & Lt new corn...)
100
135 Jan
315 335
1
V t c class B
8
Jan
500
931 10
100
7% preferred
25 35 May
35
35
100
Va Pub Serv 7% pref
Former Standard Oil
Subsidiaries
100
6
25
734 735
Borne Scrymser Co
100 32
50 3531 354 354
Buckeye Pipe Line
300 116
116 124
25
Mfg
Chesebrough
100 31
3531 354
100
Eureka Pipe Line
• 4111 404 4334 8,800 3334
Humble 011 & Ref
11,900 1234
Imperial 011 (Can) coup-. 144 1431 15
100 13
144 1434
•
Registered
700
431
10
534 531
Indiana Pipe Line
NO
8
834
831 831
National Transit__ _ _12.50
100
3
4
4
5
N Y Transit
100
511 57%
4%
10
Northern Pipe Line
8634 1,000 834
Ohio on 6% Pre/wed-100 88
66
300
331
44 431
44
1
Mex Fuel Oil
Penn
2131 2331 1,500 1731
25
South Penn 011
400
44 431
4
10
Southern Pipe Line
100 41
46
46
So'West Pa Pipe Line...50 46
x2511 2614 19,800 25
Standard 011(lndiana)_25 26
le 154 1535 1631 3,800 1434
Standard 011(KY)
1434
500 1334
14
25 14
Standard Oil(Neb)
184 1931
400 1831
Standard 011(Ohio) corn 25
40 7731
90
91
100
5% preferred
200
234
231 231
Swan Finch 011Corp__ _25
Other Oil Stocks
,S1
2,600
1
Amer Maracaibo Co
900
131
131 254
•
Arkansas Nat Gas corn.,
131 131 3,600
131
•
Common class A
24 214
100
10
Preferred
1434 144
•
200
British Amer Oil
331
234 331 11,600
25c
Carib Syndicate
2% 24 2,300
234
Colon 011 Corp corn-__•
1
1,800
Columbia 011 & Gas Tic- •
135 134 1,300
10
Royalty Oil
Consol
31
300
34
Continental 0110!Mex.--1
Cosden Oil Co
231 231
234
600
1
New common
125
5
6
100
Preferred
124 31,100
6 1231 12
Creole Petroleum
5,200
Ti
34 1
Crown Cent Petroleum_ _1
400
531 6
5
Darby Petroleum
134 131
200
151
Derby Oil & Ref Corp corn*
Gulf 011 Corp of Penna__25 6031 5831 644 7,200
Indian Ter Illum Oil
100
231 231
231
Non-voting class A..._ _•
International Petroleum... 2634 2631 2731 20,100
231 231 5,000
231
Kirby Petroleum new._1
5,100
he
31
Leonard Oil Develop-25
100
431 44
•
Lion 011 Refining Co
3,400
7
6
6
•
Lone Star Gas Corp
McColl Frontenao
25
• z1331 513;5 r1334
011C0 com
*
200
131 2
13-4
Mexico Ohio Oil Co
100
3
3
Mich Gas&011Corp
•
Middle States Petrol
700
231 231
Class A vt e
•
•
400
35
34
ClassB v t c
200
31
34
Mountain & Gulf 011 Co-1
1,500
4;1 5
5
Mountain Producers..
to
14;( 164 1,400
• 15
National Fuel Gas
400
New Bradford 011 Co_ _5
134 14
234 24
100
5
Nor Cent Texas Oil
500
ha
Nor European 011 corn,...)
31
131 114 3,300
115
Pantepee Oil of Vanes_ _ _•
635
131
19
3
1
Feb
Feb
Mar
Feb
Feb
831
6954
60%
451
2;1
4
75
34
231
6431
40
3934
131
6931
16
11934
Feb
Apr
Apr
Feb
Feb
Feb
Apr
Feb
Feb
Jan
Feb
Feb
May
Feb
Apr
Feb
934
34
24
hi
Feb
Feb
Feb
Feb
16
131
3235
6331
3236
84%
Apr
Feb
May
May
Feb
Apr
7334
2334
27
505
1431
603-4
Apr
Mar
Apr
Apr
Apr
May
20
13
11
24%
5034
Apr
Apr
Feb
Apr
May
36
25
2131
1931
4
Ti,
1074
10
4934
774
631
231
331
4531
131
531
2431
54
he
2631
231
435
1731
25
Feb
Feb
Feb
Feb
Feb
Jan
Mar
Feb
Feb
Apr
Mar
Feb
Mar
Apr
Mar
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
May
Jan
Jan 11
Mar
Jan 55
May 12635 Feb
Apr
Feb 36
Jan 46% Apr
Jan 1515 Apr
Jan 16.4 Apr
Jan
635 Feb
Jan
934 Feb
Jan
4*4 Mar
Feb
Jan
Feb
Jan 88
Jan
Jan
6
Jan 2434 Apr
Jan
534 Feb
Feb
Fob 47
Mar 3234 Jan
Jan 17% Feb
Jan 1634 Feb
May 2834 Feb
Mar
Jan 92
May
434 Jan
3( Jan
14 jan
J
Jan
13h Jun
1334
2
n
2% Feb
134 Jan
1%4
Mar
h May
"4 Fen
5
jab
931 Jan
35 Jan
an
aann
"81314,4
Jan
2
Jan
1931 Jan
131 Mar
4in Mar
jan
534 Jan
12
Feb
1% Jan
8
Mar
131 Jan
SS Jan
14
47"
14
131
I,,
34
3131 Apr
Manr
j an
Ja
Jan
Jan
Jan
Jan
14
234
231
331
1531
534
331
14
2
31
Feb
Feb
Feb
Apr
Mar
mar
Feb
Feb
Jan
May
3%
84
13%
134
731
24
76%
Jan
Mar
Apr
Feb
Jan
Feb
Jan
431
2731
231
4
534
831
Feb
Apr
May
Mar
Jan
Feb
Apr
14
24 Mar
5
Apr
334
134
34
54
1834
234
331
35
234
Apr
Apr
Jan
Apr
Apr
Jan
Apr
Jan
Mar
Sales
Friday
Last Week's Range for
Week.
Other Oil Stocks
of Prices.
Sale
Par Price. Low. High. Shares.
(Concluded)
l'roducers Royalty
Pure 011 Co 6% pref..100
Reiter Foster 011
Richfield Oil pref
25
Root Refining Co
cony prior pre(
10
Ryan Consol Petro
•
_1
Salt Creek Consol
Salt Creek Prod Assn_ _ _ I(
Southland Royalty Co_ _ _5
Sunray Oil
5
Taxon 011 & Land Co__ _.
•
Venezuela Met Oil
10
Woodley Petroleum
1
Mining
Bunker 11111 & Sullivan_ _ 10
Bwana Slc'Eubwa Copper
Amer Shares
Ss
Chief Consol Mining
Consol Min & Smeltg Ltd25
Consol Min & Smelt Ltd_25
Cresson Consol0 M
Oral Mexican Mining...50r
Eagle richer Lead
20
Evans Wallower Lead_
"
Falcon Lead Mines
Goldfield Cousol Mines.10
Hada Mining Co
25
Hollinger Consol G M___5
Itud Bay Min & Smelt__ •
Internat Mining Corp.._ 1
Warrants
Iron Cap Copper torn..
.10
ICeer LakeNlines
4
Kirkland Lake G M Ltd I
Lake Shore Mines Ltd....I
New Jersey Zino
_25
Newmont Mining Corp 10
N Y & Ilonduras Rosario10
Nipi5sIng Minas
5
Pacific Tin Spec Stock_ _ _•
Pioneer Gold Mines Ltd_ _1
Premier Gold Mining
I
St Anthony Gold Mines..1
Shattuck Dann Mining...5
So Amer Gold & Plat new_l
Standard Silver Lead_ _ _1
Teck-Hughes Mines
1
Tonopah Belmont Day_ I
Tonopah Mining
1
Un Verde Extension_ .50c
Utah Apex Mining Co.
.5
Wenden Copper
Wright-Hargreaves Ltd_ _•
Yukon Gold Co
5
Bonds
Alabama Power Co
1st dr ref 5s
1946
1st & ref 55
1951
1st & ref 55
1056
1st & ret be
1968
1st dr ref 4 he
1967
Aluminum Co ST deb 5552
Aluminum Ltd deb 55_1948
Am Commonwealth Pow
Cony deb&
1940
544s
1953
Amer Commun Pow 554553
Amer & Coat Ss
1943
Am El Pow Corp deb 6857
Amer G dr El deb 58.
.2028
Am Gas & Pow deb 65_1939
Secured deb 55
1653
AM Pow & It deb 66_2018
Ain Radiator 4 55s
1947
Am Roll Mill deb 55..1948
Amer Seating cony 65.1936
Appalachian El Pr 55.1956
Appalachian Power 55_1941
Arkansas Pr dr Lt 58...1956
Associated Elea 4455_ _1053
Associated Gas dr El Co
Cony deb 544s
nu
Registered
Cone deb 4558
1949
Cone deb 65
1950
1)eb Ss
1968
Cony deb 645
1977
Assoc Rayon 55
19515
Assoc '1' & 'r deb 54-4s A '55
Assoc Telep Util 548_1944
Certificates of deposit.
65
1933
Certificates of deposit.
Atlas Plywood 6555_1943
Baldwin Loco Works
Os with warr
1933
65 without ware.. _1933
_1938
Bell Talon of Canada
1st M 58 series A._ _ 1955
1st M Is series II__ _1957
1st M baser C
1960
Bethlehem steel ei 1998
Binghamton Lt II & P 5546
Birmingham Elea 450 19614
Birmingham Gas bs. _1959
Boston Consol Gas 58_1947
Broad River Pow 5s..1954
BuffaloG.E.Gen&ref551956
Canada Northern Pr 58 '54
Canadian Nat Ry 75..1935
Canadian Pao Ity 6s...1042
Capital Administration
Sit series A ex-w____1953
Carolina Pr & 1.1 58__ 19515
Cedar Rapids M & 55 53
Cent Ariz Lt & l'ow 5s 1960
Cent 111 Light 55____11.143
Central III Pub Service
1056
5s series F
1st & ref 4555 aer F.1967
1968
58 series0
Registered
1981
455s series if
Cent Maine Pow 55 13 1965
1957
450 series E
Cent Ohio Lt & Pow bs '50
Cent Power 5s ser D__1957
Cent Pow & I.t 1st 55_1956
Cent States Elec 55_ _ _1948
534s with warrants _1954
Cent States PA L 5555_'53
Chic Dist Elec Gen 434570
Deb 534$.. Met 1 1935
Chic Jct Rys & Un Stk 'tis
1940
55
Chic Pneu Tool 5555_1942
1027
Chic Ry5 Ss etts
3255
Financial Chronicle
Volume 138
464
34
155
155
155
43
High.
Low.
55
51
4655 51
14
35
155
7,000
190
700
900
34
43%
55
34
755
2
91
7
5%
1%
635
2
3%
700
ROO
300
2,500
900
1,600
1,500
600
100
Jan
Jan
Apr
5
7
154
31
655
Range Since Jan. 1.
634
555
155
6
191
3%
40
444
1,65
Jan
Jan
1% Jan
'ii Jan
551 Jan
4% Jan
JIM
635 May
155 May
354 Jan
3934 May
Jan
2,10
1
1
1,50
I
31 Jan
1
1
Feb
100 132
Feb
157 157
10 132
135 151 1,100
95 Jan
Jai
155 155 11,000
100
535 5%
555 Jan
200
34 Jan
54 Jai
h
34 4,900
4i 13,500
31
55 Jan
Apr
655 735 4,100
6
15
18.700 1155 Jan
16
12% 13% 19,500
854 Jan
Jar
1235 1355 3,100
34 Jar
4% 55
( 3,100
Feb
134
200
155
1
155
1
64
1554
124
555
4855
30
12%
135
55
3%
h
6
916
455
255
Lii
894
95
'is
'is
484
5354
47
30
251
26
12%
135
55
251
395
is
591
9is
55
4%
255
3111
855
55
774
3654
1831
15
1655
1655
54
1654
7555
684
58
10834
10451
11451
4 Jan
95
34 Jan
55 Jan
55 Jan
634
JIII
66
59
(10
65
bl
955)1
72
Jan
Jai
Jai
Jan
Jan
Jan
Jan
155
155 3,000
1
134 151 7,000
1
2
2
331 10,000
92% 32,000 79
92
1551 15% 47,000
94
854 88 211,000 73
324 57,000 164
30
52,000 14%
264 29
614 116,000 414
59
8,000 97%
10355 105
86
9055 71,000 7045
10,000 47h
64
60
954 97 101.000 76
3,000 102
10555 106
7755 78% 77,000 57
364 3735 76,000 2555
May
Jan
May
Jan
Mar
Jan
8855
87
8314
7455
70
104
8751
3
43,000
17,000
3,000
7.000
100,000
141,000
21,000
Jan
Jae
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1855 1934 9,000 13
Jan
1,000 (21751 Slay
a1751 51755
1434 1555 211,00
Jan
10
1634 174 58,000 II% Jan
1635 1755 90.00
114 Jan
20
20
4.00
1255 Jan
6951 7034 15,00
Jan
53
5355 5634 39,000 44
Jan
1651 1734 (14,00
9id Jan
1694 1735 25,00
Jan
10
204 23
34,00
144 Mar
13,00
22
24
Jan
14
11,000 5055 Jan
75
77
11755 11754 125
9455 9434 95
1084
109
109
121
5% Jan
4
Jan
88
85
83
7454
67%
69
10351 103%
8655 8653
9631
55 Jan
55 Feb
51 34 Jan
41
Mar
Mar
46
Feb
28
24 May
Jan
Jan
10
Jan
1
Jan
2Mar
'
4
1
355 Jan
55
8831
8534
83
92%
15%
8574
3195
2655
5955
105
86
600
700
55
7,300
50
100
5355
5155 3,000
200
30%
254 3,100
12"
2651
13
10,500
155 7,400
are 4,400
600
255
455 8.100
Tit 6,900
635 10,70(5
900
1,600
155
4% 3,500
255 3,000
14,000
935 25,400
2,800
",
1084 10351
10391 10954
10354 109
11955 121
98
99
68
69
56
58
10655 1064
58
56
10334 losh
9255 9335
104 10455
112 11455
86
86
7434 74
1094 10931
9255
9231
106
92,000 10555
139,000 74
24,00
33,00
22,000
21,000
3.00
27,00
3,00
1,00
21,000
1,000
13,000
41,000
86,000
1024
101%
101%
105
765/
51
4014
104
3654
10351
81
102
1024
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jar
,
Jan
Jan
Jan
Jan
Jan
Jan
11,000 7055 Jan
88
7555 106,000 524 Jan
10955 27,000 103
Feb
93
9,000 7655 Jan
10635 7,000 100
Jan
5355
.5515
42
42
4655
83
94
7151 72
6351 651)1
6855 7195
70
70
6455
64
10055 101
9451 95
75
7555
5334 5555
55
6055
4151 444
454
42
464 4915
8251 84
94
96
15,000
39,0
00
34,000
3,000
3,000
20,000
27,000
13,000
25,000
101,000
85,000
106,00
33,00
69,00
10,00
5255
4755
52
70
4744
8551
75
57
41
41.5
27
28
3355
62
74
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
Jan
77
5231
3.000
102% 102%
13,000
80
77
5274 5334 14,000
95
5451
46
Jan
Jan
IA
6355
6855
10095
,
95
Jan
Jai
Jai
Jan
Jan
Jan
Bonds (Coartnued)-
Sales
FridaY
Lasi 1Verk's Range for
Week.
of Prices.
Sale
Price. Low. High.
Cincinnati Street Ry1952
5455 serles A
1955
6s series B
43
Cities Service 55
195(1 49
988
Cony deb 5s
355 Apr Cities Service Gas 544s '42 6535
355 Mar Cities Service Gas Pipe
1943
Line 68
34 Apr
755 Apr Cities Serv P & L 5556 1952 444
6
1949 44%
Feb
.5345
Feb Cleve Elea III 1s1 55..1939
2
11
5s
Ba 8 .
1961
Feb
11
5% Jan Commerzund Privat
seriesnBank
1937 50
555 Feb
Commonwealth Edison
1st 51 be series A .1953 10455
634 Feb
1st 141 Is series B..1054 10435
1st 455s series C_1956 10034
455s series D
14 Jan
1957 101
194 Mar
4558 series E
Mar
1st 51 45 series F_ 1981 1994
1989 91
170
Mar
54sserles G
68
170
16 2 10555
8.4
8591
1% Feb Com'wealth Subsld 54
Feb Community Pr & Lt As 1957 51h
2
755 Mar Connecticut Light & Power
35 Jan
7s series A
4,4 Jan
5955 series 11
19 4
91
5
55 Apr
8
Ss series D
6 1,
5
9 2 103Fi
855 Feb Conn River Pow 55 A 1
1
1955 Apr Googol GEL&P 4461935
Stamped
1451 Apr
14% Apr Consol Gas (Balto City)oh Apr
10935
gen mtge 455s
1% Apr Consol Gas
Lt P(B91ti
1a54
51s series G
1960 10755
4455sseriesH
1970
34 Mar
102%
1st ref s f 4s
"II Mar
5455 Apr Consol Gas URI Go
- 1981
let & coil 68 ser A_ _1943 48
6355 Jan
57% Apr
9
Cony deb 65-5s w w.1943
35% Apr Consol Publish 731s stp '36
255 Feb Consumers Pow 448__1958 1055‘
let A ref 55
2755 May
1936 10155
55
1434 Apr Cont'l Gas &
195)( 504
1% Mar Continental 0115558_ _1937 10335
"is Apr Cosgrave Meehan 6 55S1945
Jan Crane Co 5s_ _Aug 11940
3
54 Feb Crucible Steel Ss
1940 924,
55 Feb ruban Telephone 7yis 1941 78%
8% Apr Cuban Tobacco 5s ..J944
Ti6 Feb Cudahy Pack deb 5555 1937 103%
5s
135 Feb
1946
Feb Cumberld Co PA L 448'56
5
255 Apr Dallas Pow & Lt 8s A_1949
34 Apr
As series C
1952 10.551
104 Mar Dayton Pow & 1.t 55._1941 10655
h Apr Delaware El Pow 54 -59
6
Denver Gas & Else 55_1949
Derby Gas dr Elea 5.5_ _1946 83
Pet City Gas 6sser A.1947 9714
Apr
bs 1st series 15
89
1950 9055
May Detroit Interns) Bridge
85
655s ctts of dep
8455 Apr
1952
Feb Dixie Gulf Gas 655s_ _ 193
75
, 08
9 7
102
7055 Apr Duke Power 445
May
104
Feb Eastern Utll Assn 55._1935 100%
91
Edison Elea III (Boston)
2
Feb
-year 55
2
10055
Jan
.5% notes
2
193 102%
95
4
5 5 Feb Elea Power & Light 55_2030 4255
,
9355 May Elmira Wat, Lt& RR 555'56 83
Feb El Paso Elea bs
20
1950 864
9055 Apr Empire Dist El 55. _1952
Feb Empire 011* Ref 54-4.1942 6355
34
3255 Apr Ercole Sitwell! El 6555_1953
with warrants
6755 Feb
May Erie Lighting 5s
105
1967
92
Apr European Elea
_ 1965
Apr
Without warrants
96
70
Apr European Mtge Inv 75 C'67 4355
97
Apr Fairbanks Morse 5s_ _1942 8654
106
7951 Apr Federal Water Sere 545'54 39
42% Feb Finland Residential Mtge
Banks fis
1961 8351
2834 Feb Firestone Cot Mills Ss '48 100%
al791 May Firestone Tire & Rub 58'42 101%
2455 Feb First Bohemian Glass 73'57
2555 Feb Fla Power Corp 5 •itt_1979 74
25
Feb Florida Power & Lt 55 1954 6655
2955 Feb Gary El & Gas 58 ser A 1934 55%
75% Mar Gatineau Power 1st Ss 1956 9355
Deb gold 68 June 15 1941
60
Mat
22
Feb
Deb 65 series 11
1941
23
Feb General Bronze Os__ ..194)l
264 Feb General Motors Acceptance
5% serial notes
264 Feb
1935 103%
785.5 Apr
5% serial notes
1936
Gen Pub Sore 55
1953
137
Feb Gen Pub Uttl 6558 A1958 434
Apr
97
65551933
General Rayon 6s A._1948 5755
1085/ May Gen Refractories
_ _1936
10955 May
with warrants
130
109% May
Without warrants
9155
121
May Gen Vending (is
755
1937
5M apyy
A,
Apr
Certificates of deposit _ _ _
7035 Mar Gen Wat Wks & El 55_1943 5354
Georgia Power ref 53 1967 824
7 9:
:
6
058
6
Georgia Pow lir Lt 55 .1973 60
Gestural 68 x-warrants 1953
Stay Gillette Safety Razor 68 4)1 10155
Glen Alden Coal 4s...1965
11 %
9
)
p
ar Glidden Co 549
1935 101
Apr Gobel (Adolf) 655e_ _ _1935
117
with warrants
Apr Godchaux Sugar 7558.1941
90
Fen Grand (F W)Prop 65_1948 31
76
110
Apr
Certificates of deposit _ _ _
32
Apr Grand Trunk Ry 6 555 1936 105%
94
Apr Grand 1 runk West 454950 87
107
Great Northern Pow 53'35
7655 Apr Great Western Pow 55 1946
,
63
Feb Guardian Investors 5s 1948
74% Apr Guantanamo & West 63 '58
70
May Gulf 011 of Pa 5s
1937 10155
Apr
63
55
1947
Apr Gulf States UM 5s.._1956
101
Apr
95
455s series B
1961
May Hackensack Water 58_1938
76
'6136 Feb Hall Printing 5558
1947 7751
Apr Hamburg Electric 75._1935
62
5231 Apr Hamburg El Under 5558'38
Apr 13004 Rubber 5!is
51
_ 1936
534 Apr
7s
1936
8635 Apr Houston Gulf Gas 6s_.1043
9655 Apr
64 with warrants.1043
-is
Boos I.& 1st 4555E.1941 93
10335 Star
55 eeries A
1953 103
8455 Apr
1st dr ref 4 ha ser 13.1078 98%
54 1i Feb I Hudson Bay M & S 65_1935
% Jan
Feb
63
Jan
1
Feb
4
4,000
73
1,000
75%
40,000
52
53 731,000
67% 27,000
73
7591
48
48
64
7754
44
44
10655
11055
82
4655
4755
106%
11055
105
105
100%
101
100%
9155
10634
87
5235
25,000
19,000
24,000
45,000
25,000
169,000
35,000
82,000
48,000
High.
Low.
50
5255
3U5ii
3055
4654
13,000 5755
235,000 2734
69,000 2734
11,000 105
1,000 10534
4931 5031 30,000
1044
10455
10055
100
9955
9055
105%
84%
5135
Range Since Jan. 1.
Jan
Jan
Jae
Jan
Jan
Apr
Jan 82
Jan 4955 Apr
Jan 4955 Apr
Jan 10755 Apr
Jan 11034 May
464 Mar
6214
Feb
Jan 1054 Mar
92
Jan 10555 Mar
92
Apr
8455 Jan 101
May
Jan 101
86
Jan 100% May
85
7251 Jan 91% May
9455 Jan 10654 May
5654 Jan 8755 May
3634 Jan 5455 Apr
Ma
11655 11635
2,000 112
1,000 108% Jan
110 110
Jan
108 10855 5,000 104
102 1034 119,000 9155 Jan
102341023-4 25,000 10145 Jan
10294 10231 14,000 102% Feb
10351 10955
Apr
81
Apr
83
52% Apr
5355 May
6855 Apr
7,000 102
11655
110
10855
104
10355
1034
Apr
Apr
May
Star
Apr
Feb
Jan 10955 May
5,000 105
107 107%
6,000 10355
106 105
10155 10255 50,000 93
Jan 1084 Mar
Mar
Jan 107
Jan 10331 Alm
4755 5255 85,000
14,000
855 11
70
7035 5,000
1014 10555 49,0130
10455 10151 26,000
5055 5355 240,000
103 103% 25,000
1,00
7
7
9751 9751 13,000
92
9355 89,00
7454 78% 12,000
4,000
4855 50
1027-4103% 53,000
106 10655 10,000
93
9354 4,000
109 10931 15,000
105 1054 4,000
1064 1074 26,000
9,000
8755 89
104 10454 3,000
8255 83% 15,000
97% 9934 10,000
90% 9155 22,000
3355
6
63
9451
10234
3655
1014
434
85
7355
11454
40
98
10355
74
10455
99
102%
65
9254
5754
844
73
Jan 52% Apr
API'
Mar 13
May
Jan 72
Jan 10555 May
Apr
Jan 105
Apr
Jan
57
Feb 10455 Apr
Mar
9
.Jan
Apr
Jan 99
Apr
96
Jar
Jan 7854 May
Jan
50
Jai
Apr
Jan 104
Jan 10635 Apr
Apr
94
Jai
Apr
Jan 110
Jan 10531 May
Jan 1074 May
May
Jan 89
Apr
Jan 105
Apr
Jan 35
May
Jan 101
Jan 9155 May
1,000
4% 4%
17,000
9734 98
10151 10231 15,000
255
79
85
Feb
5
Jan
May
Jan 98
Jan 102)4 Apr
94
Jan 10056 May
10035 10054
10034
1024
4155
83
8655
07
6355
1,000
100% 10,000 10034 May 101%
10255 52,000 1004 Jan 103
4454 278,000 2554 Jan 5155
Jan 85
3,000 62
83
Jan 86%
864 1,000 64
6855 10,000 4655 Jan 6951
6854 55,000 4655 Jan 72
Feb
Mar
API'
Apr
May
May
Apr
Apr
88
9851 May
8455 2,000
84
974 98% 19,000
724
86
Jan
Jan
3,000
96
43% 17,000
8751 4,000
40% 127,000
8(1
29
63
184
Jan 10055 Apr
Jan 4455 Slay
Jan 8935 Apr
May
Jan 42
Jan
Jan 101
89
" Apr
Jan 18002
1
Jan 670x S1 r
77 55 A
Apr
Jan
Jan
Apr
Jan
Jan 9354 May
Jan 9134
Apr.1ar
Jan 91
0
Jan
34
96
43
864
3831
8351
9955
101
68
74
6655
55
9255
8755
87
74
84
100%
10155
68
7655
69
624
9355
8855
87
76
29,000
52,000
27,000
1,000
46,000
139,000
79,000
180,000
15,000
4,000
18,000
734
8955
93
62
5655
5355
34
7755
69
6831
60
103
104
82
424
66
.57%
10355 29,000
3,000
104
1,000
82
454 51,000
1,000
66
58% 8,000
10234
102%
130 13855
9155 94
754 8%
554 54
5334 57
824 8314
60
62
5155 5255
101 10155
68% 704
1003-4101
47,000
52,000
5,000
1,000
43,000
134,000
24,00
12,000
74,000
78,000
63,00
984
85
2%
2
40
5955
40
4655
94
5755
9755
7455 79
10355 10331
30
35
32
37
105% 105%
87
8854
10055 10094
104 104
42
42
234 234
10455 105
105 10551
884
85
80
81
106 1064
7654 7831
7855 7855
4555 47
75
764
76
77
7231 734
5351 59
98
99
1024 103
9355 98%
1074 110
10,000
1,000
9,000
17,000
17,000
27,000
15,000
3,000
1,000
1,000
63,000
18,000
39,000
11,000
10,000
29,000
5,000
6,000
6,000
3,000
2,000
14,000
74,000
12,000
23,000
15,000
7494
95
16
161-4
10055
70
93%
9455
24
12
101
99%
60
63
10055
61
7555
44
66
7491
42
31
8155
9354
85%
104
Jail
11040454 StarApr
Jan
Jan
64
2.54 Jan
Jan
40
45
Feb
Apr
5888
4755 Apr
Apr
70
34 Stay
Jan 14655 Apr
Apr
Mar 94
Mar
Jan
9
Jan
MarFeb
73,461
Jan
r
Jan 684555
Feb
Jan
Jan
Mar
101
73
Jan 10174 Stay
Jan 724 Mar
Jan 10155 Apr
May
Jan
Jan
Jan
Jan
Jai
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
85
10355
41
41
106
8355
04
10
10535
48
2655
105
106
9255
81
1063/
83
82
7051
81
83
7754
(1155
99
10455
993
4
1184
Apr
Mar
Apr
Apr
Apr
API'
May
API'
Feb
Apr
Mar
Apr
Apr
May
May
Apr
Feb
Jan
Mar
Apr
Apr
Apr
Mar
Apr
Mar
Apr
3256
•
Bonds (continua:0-
Financial Chronicle
Friday
Sales
Lasi Week's Range for
Sale
ofPrices.
Week.
Price. Low. High.
Hygrade Food 68 A 1945 67%
6a series B
1942
Idaho Power fle
1947
Illinois Central RR 44s'34 92
13s w 1
1937 89
III Northern Ut115a__ _ 1957 100
Ill Pow & L let 65 ger A '53 75
let & ref 5348 ser B.1954 71
let & ref 58 ger C_ _ _ 1956 65%
8 f deb 54s __May 1957 60%
Indiana Electric CO:118s series A
1947 73
634a series B
1953 76
1951 62%
be series C
Indiana Hydro-Elee 5s '58 64
Indiana & Mich Elan 58 '55 934
Indiana Service 5s____19h0 42%
let lien & ref 514._
41%
Indianapolis Gas 5,8 A _1952 85%
ltsrpolle P & L 58 ser A '57 95
6634
67
102
91%
88%
100
75
71
65%
604
72
75%
60
63%
93
42%
41%
85%
94
68
16,000
67
4,000
1024 21,000
9334 236,000
90
87,000
101
19,000
78% 94,000
73
18,000
69% 80,000
624 53,000
73%
76%
62%
64%
94%
45
45
86
95
7,000
10,000
30,000
18,000
16,000
29,000
23,000
4,000
165,000
Intercontinets Power 68'48
434 4%
International Power Sec
Secured 64e ser C..1955 94
94
93
7s series E
.1957 98% 9834 99%
1952
75 series F
92
92
International Salt 5s...1951 102
101 102
International See 58_1947 59% 58
62%
Interstate 1r & Steel5Sis'46
83
8334
Interstate Nat Gas 68_1936
104% 104%
Interstate Power 69_1957 5334 5334 56%
Debenture 13e
1952 45
43% 46%
Interstate Public Service
5s aeries D
1956
57
58%
4145 series F
1958 52% 514 .53%
Investment roof Amer.5s with warrants.
.1947
83
83
Iowa Nab I. & P 511„ _ 195i 86
85% 89
fa series B
1961 8634 8634 8834
Iowa Pow & Lt 430-1958
94
94
Iowa Pub spry hs. _ _ 1857 8434 84% 85%
Isarco Hydro Elee 7e_ _1952 91
90
91%
Italian Superpower of Del
Deb lis without war_ 1963
71% 72%
1,000
Jacksonville Gas 5e_ _ _1942 45
Jamaica Wat Sup 5.48 1955
Jersey C P & L 44sC.1961 92%
5e series B
1947 100
Jones & Laughlin 58_1939
Kansas Gas & El 8s___2022
Kansas Power 58
1947 80%
Kansas Power & Light
1955 99
68 series A
to series B
1957 94
Kentucky Utilities Colat mtge 58
1961 6334
1948 80
64e series D
54e series F
1955
5e series I
1969 63
Kimberly-Clark 58.._1943
Koppers G & C deb 55 1947 9534
Sink fund deb 5345.1950 99
Kresge(8 81) Co SR....1945 10234
Certificates of din:melt_
Narragansett Elec 68 A '57 I0431
1957
56 series B
Nassau Jr Stiff Lt 5e_ _1945 10035
Nat Pow & Lt 6s A_ _2028 71
Deb 58 series B....2030 8134
Nat Public Service tss 1978
Certificates of deposit.........
1935
National Tea 58
Nebraska Power 4348.198i 1023-4
2022 101%
fis series A
Neisner Bros Realty 6s '48
Nevada Calif Elec 58_1956 7834
New Amsterdam Gas 5s '48 9934
N E Gas & El Assn 58.1947 524
1948 5234
Cony deb 58
1950 534
Cony deb 58
New Eng Pow Assn 58_1948 66%
Debenture 534e_ _ _1954 71
New Orl Pub Serv 4345 '35
19491
6s series A
N Y Central Be I____1944 11334
48
50
8734
75
8834
8214
52
4734
4334
37
Apr
7,000 834
13,000 85
3,000 8334
53,000 84
33,000 464
9,000 5734
3,000 103
80,000 41%
57,000 284
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
98
10334
102
102
65
843(
1044
614
48
Mar
Mar
Mar
May
Jan
Apr
May
Feb
Apr
Feb
Feb
23,000
34,000
Jan
48
4234 Jan
64
61
2,000
48,000
18,000
10,000
57,000
7,000
Jan
67
63% Jan
64
Jan
Jan
75
ha
Jan
Jan
77
83
89%
89%
954
87%
92
May
Apr
Apr
Apr
May
Apr
17,000
62
Jan
78%
Apr
15,000
6,000
2,000
20,000
5,000
81,000
41,000
2,000
23,000
65% 18,000
83% 8434 26,000
9334 94
44,000
69% 71
19,000
Jan 10034
Jan 96
Apr
Apr
47
58
51
45%
88%
8235
844
89
87%
Jan 68
Jan 8634
Jan 73
Jan 68
Jan 984
Jan 97
Jan 99
Jan 104
Jan 10134
Mar
Apr
Apr
Mar
Apr
Mar
May
Apr
May
50
Jan
93
614
54%
684
82%
67
Jan 1003-1 Apr
Jan 86
Feb
Jan 78
Apr
Jan 89% May
Jan 9734 Mar
Jan 94% Apr
9534 Jan
94% Jan
Jan
89
99% Jan
68% Jan
,Tan
90
Jan
82
May
Apr
Apr
Jan
70
Jan
Jan
Jan
8435 May
94% Apr
May
71
Apr
Jan
1034 Feb
Jan 10% Feb
Jan
1034 Feb
Jan 10% Feb
Apr
Jan 75
Jan 104% Apr
Apr
Jan 89
Jan 10234 Apr
Jan 77% Apr
Jan 8314 May
Apr
Jan 61
Apr
Jan 89
Apr
90% Jan 100
Jan 99
Apr
89
96% Jan 106% Apr
Apr
704 Jan 95
Jan 56
Feb
37
61
47
109% 110
30,000 10434
109% 110% 18,000 1034
44,000
15,000
1,000
59,000
66,000
May
Apr
Apr
Apr
Apr
Apr
Apr
40
9,000
32,000
14,000
10,000
28,000
834 19,000
105%
106%
102%
109
9334
1024
99%
66
73
53%
99% 994
97
98%
105 1054
9334 95
50
534
7%
75% Feb
3834 Jan 60
Jan 94
74
Jan 100
83
534
4,000
24,000
534
15,000
5%
5%
10,000
2,000 60
98,000 93%
3,600 73
16,000 100%
5,000 5534
18,000 64
31,000 40
48,000 48%
85% 87% 37,000
58
58
1,000
Jan 53
Feb
Jan 104% May
Jan 934 Mar
Jan 101
Apr
May
Jan 107
Jan 89
May
Jan 86% Apr
8434
7334
8
8%
734 8%
73-4 834
7% 84
70
70
102 103
8634
85
101% 102
7434 7534
824 83
53% 55%
644 67%
103% 104%
10335 104
1003-4 10034
7034 74%
604 6434
Feb
Apr
Apr
Apr
Apr
Apr
Apr
Apr
API'
5
55% 59% 30,000
93% 93% 58,000
9934 99% 24,000
63
7554
80
68
6734
96
4834
48%
88
95%
Jan
99% 3,000
95
21,000
634 65%
80
82
714 714
63
6534
95
98
94% 96
9834 99
1024 1024
10034 101%
Jan 70
Apr
Jan 70
Apr
Jan 102% May
Jan 95% Mar
May 934 Apr
Jan 101
May
Jan 784 May
Jan 76
Apr
Jan 70
Apr
J80 66
Apr
54)4 Jan
59
Jan
47
J80
47
Jan
71
Jan
2514 Jan
24% Jan
Jan
71
Jan
76
44% 46
43,000 3334
104% 104% 3,000 100
92% 93% 59,000 7334
99% 100% 57,000 83
106 107
2,000 1034
87
89
7,000 62
80% 80% 1,000 604
99
94
High.
Low.
234
Laclede Gas Li 54e_ _1938
67
7134 9,000
Larutan Gas Corp 64s '35
with privilege
100 100
1,000
Lehigh Pow seen? 611_2026 79
7834 83
44,000
Lexington Utilities 58.1952 7135 714 73
9,000
Libby McN & Libby 5e '42 86
86
89% 90,000
Lone Star Gas 55
1942
96
9634 6,000
Long Island Ltg 68_1945 88
88
93
14,000
Los Angeles Gas & Elee5 Sis series F
1943 105% 10534 105% 15,000
534s series I
1949
1054 1054 1,000
101% 101% 6,000
5a
1961
68
1942 107% 107% 108% 13,006
Louelana Pow & 1.t58 1957 8934 89
91
52,000
Louisville G & E 68 A.1937
101 101
2.000
4%a series C
1961 98% 98% 98% 15.000
Manitoba Power 5346_1951 56
Mass Gas deb 58----- 105.5 93%
514s
1946 9934
McCord Rad & MVOs with warrants_1943
Metropolitan Edison
48 series E
1971
58 series F
1962 93%
Mid States Petrol 648 1945 70
Middle West Utilities
55 ctts of deposit__.1932
58 etts of deP
1933
734
1934
541 ars of den
5e efts of deposit_ _1935
Midland Valley 5e_ ___1943
Milwaukee Gas Lt 434e '67
Minneap Gas Lt 446_1950 85
Minn Gen Elea re____1934 102
Minn P & L 44e
1955
fo
1955
Mississippi Pow 5s...1955
Miss Pow & Lt 58.._ _.1957 664
Mississippi River Fuel
Se with warrants_ 1944 9935
6sex-warrants ....1944 97
Miss River Pow let 58 1951 105%
Missouri Pow dr Lt 5148'55 934
Missouri Public Serv 5s '47 51
Monongahela West Penn
Pub Serv 5% ser 13_1953 8634
Mont-Dakota Pow 5348'44
Montreal L H & P Con
let & ref 5e ser A_ _ _ 1951 110
1970
58 series B
Munson SS Line 6348.1937
734
With warrants
Range Since Jan 1.
734
98
98
98
57
4734
Jan
Jan
88% Apr
May
58
Jan 110
May
Jan 110% May
Jan
12%
Feb
Jan 104% Apr
Jan 10434 Mar
Jan 10034 May
Jan 83
Feb
Jan 74
Feb
10% 11% 63,000
74 Jan
100% 101% 12,000 9734 Jan
10134 1024 70,000 91% Jan
Jan
1014 101% 15,000 77
Jan
14,000 43
7534 78
7734 78% 112,000 5734 Jan
Jan
5,000 85
9934 100
51% 56% 107,000 3934 Jan
Jan
52 z53% 19,000 39
5234 55% 49,000 384 Jan
65% 6834 81,000 51% Jan
Jan
7034 7334 60,000 54
53
5634 132,000 3634 Jan
Jan
41% 6.000 25
39
1104 1154 9495000 110% May
16%
102
102%
101%
84
79
101
65
61
61%
72
7734
594
44%
122%
Feb
Mar
Apr
May
Mar
Apr
Apr
Feb
Feb
Feb
Apr
Apr
Apr
Apr
Mar
Bonds
cowman
-
May 12 1934
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
N Y Central El 5343_1950
82
85
10,000
N Y & For Inv 534e 1948
with warrants
81
80
14,000
NY Penna & Onlo 4
'35 101% 101% 101% 32,000
NY P&L Corp let 434e '67 93% 9234 93% 118,000
NY State G & E 4hs_1980 7834 78
78% 47,000
1962 91% 90
91% 8,000
5148
N Y & Westch'rLtg 48 2004
9634 97% 8.000
Range Since Jan. 1.
High.
Low.
85
Jan
70
9634
74
6434
80
88
May
Jan 81
Jan 101% Apr
Apr
Jan 94
Jan 83
Mar
Jan 9334 Apr
Apr
Jan 99
Niagara Falls Pow 68_1950 107% 107% 108
20,000 10434 Jan 1103(
1959
106 106
58 series A
2,000 100% Jan 107
Nippon El Pow 8348_1953 78
7734 784 53,000 65
Jan 7834
No American Lt & Pow
1935 10034 1003-410034 23,000 91
5% notes
Jan 100%
99
1936
5% notes
99% 13,000 82
Jan 100
1956 4934 49% 52% 118,000 25% Jan 56
5 tie eerie] A
Nor Cont Util 548.-1948 3234 32% 364 26,000 20
Jan 3634
94
94
North Indian G & E 681952
3,000 71
Jan 94%
Northern Indiana P81966 75
75
77
5e series C
20,000 54% Jan 78%
1969 74
74
76
&series D
47,000 55
Jan 764
7134 54,000 50
1970
70
4Sis series E
Jan 74
99% 64,000 7034 Jan 994
No Ohio P & L 548-1951 9834 98
94
95
Nor Ohio Trac & Lt 58 '56 94
18,000 68
Jan 96
No States Pr ref448_1961 9234 92% 92% 83,000 73% Jan 92%
1949 90
91% 25,000 7134 Jan 9234
90
54% notes
Northern Texas UM 7s '35 99% 99% 100
4,000 9834 Jan 100
26,000 64
N'western Elect 65_ _ _1936 794 79% 80
Jan 87
3034 34,000 1234 Jan 3031
N'weetern Pow 6s _ __1960 2634 26
22% 28
11,000 14
Certificates of deposit-- 26
Jan 28
N'western Pub Serv 581957 6834 6735 683( 8,000 5034 Jan 72
1945 94% 9434 96% 34,000
Ogden Gas 58
Ohio Edison lst 5s_ _ 1980 9334 9334 94% 85,000
19,000
Ohio Power let 58 13_1952 103% 103% 104
100% 101% 27,000
1st & ref 43-4s ser 13 1956 101
Ohio Public Service Co9334 954 7,000
1953 95
fis series C
9034 9234 39,000
1954
58:series D
1961 90
90
9234 14,000
530aeries E
1950 9334 93% 9434 74,000
Okla Gas & Elea 58
1940 89% 87% 8934 16,000
fle series A
5734 25,000
Okla Power & Water 158 '48 5635 53
1,000
64
64
1941
Oswego Falls 6s
82
89
71
81
88
71
82 108,000
18,000
89
74% 29,000
Mar
Feb
May
May
Apr
Apr
May
Apr
May
Mar
Mar
May
Apr
May
Apr
Mar
Apr
May
May
•Apr
7734
674
95%
85
Jan 9634
Jan 94%
Jan 105
Jan 101%
70%
63%
63
734
66
44
51%
Jan 100
Apr
Jan 93
Apr
Jan 9434 Apr
Jan 9634 Apr
Jan 92
Apr
Jan 60
Feb
Jan 65
Apr
91% 33,000 77
Jan 9334
Pacific Coast Pow 58_1940 9134 91
Pacific Gas & El Co1941
10934 10934 6,000 10134 Jan 110
les Os Belles B
1st & ref 534a ser C.1952 1064 105% 10634 33,000 95% Jan 106%
5,000 92
1955 104
103% 104
Jan 10434
58 series D
let & ref 434s E____1957 9934 993-4 99% 60,000 8534 Jan 100
1st & ref 434e F.-1960 99% 984 99% 85,000 8534 Jan 100
8234 8234 1,000 70
Pacific Investing 5e A_1948
Jan 8234
Pacific Pow & Ltg 58_ _1955 44% 4414 48% 98,000 3514 Jan 67
Pacific Western Oil 634e'43
8934 9134 35,000 78
Jan 944
90
With warrants
1938
9834 9934 14,000 8534 Jan 99%
Palmer Corn 6s
Penn Cent L& P4940 1977
1979
5s
Penn Electric 41; F____1971
Penn Ohio Edison
68 series A ex-wary...1950
Deb 534e series B_ _1959
Penn-Ohio P & L 5345 1954
1956
Penn Power 5$
Penn Pub Serv 680..1947
1954
5s series D
Penn Telephone 58 C_ _1960
Penn Water Pow 4348 B'68
1940
fa
Peoples Gas L & Coke
1981
es series B
1957
Beene C
Peoples Lt& Pr 5B....1979
Pistils Electric Co 5s...1966
Phila Mee Pow 548_ _1972
Thila Rapid Transit6s 1962
Phil Sub CoG & E 4346'57
Pledm't Hydro-El 134s '60
Piedmont & Nor 5e___1954
1949
Pittsburgh Coal 6s_
Pittsburgh Steel Gs__.1948
May
69
5934 Jan
71
Jan
57
Jan
83
89
75
May
May
Mar
May
Apr
Mar
Apr
Apr
Mar
Mar
May
Feb
Apr
May
Apr
May
May
7234
70% 70
6534 63% 65%
102% 101% 10234
10334 104
104
96
9534 96
92
92
100 100%
104 104
109 10934
14,000 4634
41,000 41%
38,000 79
20,000 95
3,000 75
3,000 64
8,000 86
1,000 9644
17,000 103%
7934 77
80
93% 93
9534
234
2%
11134 no% 111%
10834 10654 10854
7131 72
10534 105%
86
8654
90% 9036 91
100 100
9434 9434
41,000 6234 Jau 80
May
80,000 75
Jan 99
Apr
30,000
2
Jan
514 Jan
26,000 1055( Jan 111% may
32,000 10414 Jan 109% Apr
2,000 4934 Jan 744 Apr
4,000 100
Jan 10534 May
9,000 7334 Jan 92% Apr
26,000 74% Jan 91% Apr
7,000 93
Jan 100
May
1,000 85
Mar 9434 May
Pomerania Elec 6s____1953 394 3934
1939
89
Poor & Co tis
89
Portland Gas & Coke 56'40 89
Potomac Edison 58_1956 99% 9834
9134
1981 92
445series F
Potomac Elea Pow 58-1936 105% 105%
PowerCorp(Can)44e B '61/ 75
78
Power Corp of N Y5348
• 1947 6234 62%
1942 87
85%
645series A
Power Securities 68-1949
59
American series
55%
Prussian Electric 86_ 1954
99%
Pub Serv of N II 4 he B '57 100
116
Pub Serf of N J pet etfe_
Pub Serv of Nor Illinois
1st & ref 55
1956 874 87
1988 83% 8334
15a series 0
1978 75% 75
4 %a series D
44s series E
1980
74
1st & ref 434s ser F.1981
743' 74%
1937 9834 9634
645series G
1952 92
64e series II
92
Pub Serv of Oklahoma
1961 85
8434
58 series C
1957 8634 86
58series 13
Pub Serv Subsid 548.1949 83% 8334
Puget Sound P& L 534e'49 54% 5234
let ac ref 58 series C.1950 514 5034
1st & ref 4345 set D_1950 46% 45%
1068
Quebec Power as
Reliance Mgt 5s
1954
with warrants
78
Republic Gas68
1945
Certificates of deposit__ _
33
Rochester Cent Pow 5e '53
Rochester Ry & Lt 56_1954 10 A
9
Ruhr Gag Corp 64e__19h3
Ruhr Housing 634s...1958 37
Ryerson (Jos T)& Sons
1943
Safe Harbor Water Power
1979 1044
43-45
St Louis Gas & Coke 68'47
San Antonia Puulle Service
te series B
1958 90%
San Joaquin Lt & Pow
64 serlesB
1952 1044
5a series D •
1957 95
Sauda Falls 53
1955
Saxon Public Wks 68..1037 64%
Schulte Real Estate 613 1935
with warrants
W)Co 5 46_1943
Script/
Seattle Lighting 5s___1949 3234
Reeve!ine as -104111
40
89
89
9934
92
105%
75%
6334 11,000
8834 7,000
74 • Apr
70
Apr
1024 Apr
1054 Apr
974 Aix
92
May
100% May
104
May
10934 May
May 54%
,Jan 904
Jan 9534
Jan 100
Jan 92
Jan 105%
Jan 79
514 Jan
70
Jan
Feb
Mny
Mar
May
may
May
Mar
633( Apr
Apr
90
5
93-1 3,000 45
Jan 6234 Apr
55% 2,000 4934 Apr 73
Feb
100
57,000 8334 Jan 100
Apr
116
2,000 103
Jan 11134 At.r
89%
84%
7734
75%
78
98
924
31,000
8,000
13,000
35,000
44,000
81,000
10,000
6534
80%
56
5534
55 •
7634
7134
Jan
Jan
Jan
Jan
Jan
Jan
Jan
90
8634
79%
79
7834
98%
93%
Apr
Apr
May
May
Apr
Apr
Apr
85%
87
85
55%
52%
47%
7,000
33,000
44,000
66,000
54,000
72,000
82
5731
42
4134
3934
35%
Jan
Jan
Jan
Jan
Jan
Jan
8634
89
85
59%
574
53
May
Apr
May
Feb
Feb
Feb
10,000
89
Jan 10034
Apr
1,000
59
Jan
Apr
99% 100
76
5,000 3934
1,000 83
10,000 83
30,000 7434
23,000 73
4,000 1024
22,000 63
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
76
76
32
41
10934
4534
36
33
28,000 15
Jan 37
43
24,000 284 Jan 47
109% 11,000 10234 Jan 110
4534 8,000 4134 Mar NI
7,000 36
38%
May 7034
101
101%
May
Feb
Apr
Feb
Feb
4,000
9134
Jan 101%
Apr
10431 10434 75,000
734
83-1 29,000
95%
334
Jan 105
Jan
11
Mar
Feb
85
Jan
91
May
903‘ 91
10434
94
10834
63
19,000
10434
1.000 88
95
12,000 7534
10834 1,000 10334
64% 20,000 60
934 934 1,000
1,000
8734 8734
42,000
32% 34
13,000
87% 89
Jan 10434 May
Apr
Jan 96
Jan 1084 May
Jan 7234 Mar
914 May
73
Jan
2334 Jan
Jan
71
1114 Feb
8934 May
Feb
41
May
89
Financial Chronicle
Volume 138
Bonds (Continued)
Shawinigan W & P 445'67
4 gs series 13
1968
1st 55 series C
1970
1st 4 %Beetles D___ _1970
Sheffield Steel 54s. _ _1948
Sheridan Wyo Coal6s_1947
Sou Carolina Pow 5s_ _1957
Southeast P & L 6s_2025
Without warrants
Sou Calif Edison
.1951
Refunding 58 June1 1954
58.Refunding 5a Sep 1952
Sou Calif Gate Co 4 sis 1961
1st ref 5s
1957
Sou Indiana CI & E 5Ixs'57
Sou irdlana fly 40.
1951
Sou Natural Gas 6s__ _1944
Unstamped
Southwest Assoc Tel 58 '61
Southwest 0& E 58 A_ 1957
50 series 13
. 1957
S'western 14 & Pr 5s1957
S'western Nat Gas 68_1945
So'West Pow & i.t 58.2022
So'West Pub Serv as A 1045
Sates
Friday
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
9230
9230
9934
7415
68%
10435
10455
104%
94%
101%
ozy,
69
59
86%
86
69
53
59
93
92
93
92
9934 100
92%
92
9934 99%
47
47
7430 75
6934
66
104 105
1044 104%
10445 104%
94% 9554
10030 10134
10654 107
62% 66%
69
58
8534
85
68
5134
58%
82
73
59
8754
8654
6950
53
6034
8250
139,000
51,000
36,000
51.000
10.000
3,000
15,000
Staley Mfg 6s
10.000
1942 10050 10054 101
Stand Gas & Elec fis_ _1935 7850 7830 8430 125,000
Cony 138
1935 783.4 7834 85 141.000
Debenture 6s
66,000
1951 514 51
56
Debenture6s.Dee 1 1966 4934 49
55
44,000
Standard Invest 548_1939 78
1,000
78
78
50 ex-warrants
4,000
1937 78
79
76
Stand Pow & 1,1 as
5254 119,000
48
1957 48
Stand Telep 5348
22% 23% 7,000
1943
Stinnes (lingo' Corp
7s without war? Oct 1 '36
5134 5134 2,000
Stamped
1936 4834 4834 4854 20.000
78 without warr____1946 4834 48
4854 3.000
20,000
Stamped
44
42
1946 44
Sun 011 deb 534s_ __ 1931'
Sun Pipe Line 5s
1940
Super Power 01 111 448'68
1st 415s
1970
6s
1961
Swift& Co 1st m sf 5e.1944
5% notes
1940
Syracuse Ltd 530....1954
5s series B
1957
•
Tennessee Elea Pow Se 1956
Tenn Public Service 5s 1970
Terni Hydro Klee 6%a 1953
Texas Cities Gas 5e___1948
Texas Else Service 56_1960
Texas Gas Utll 6s___ _1945
Texas Power & Lt 58__19511
58
1937
68 A
2022
Thertneld Co 65w w..1934
Se stamped
1937
Tide Water Power 50_1979
Toledo Edison 58
1962
Twin City Rap Tr 530'52
Ulen Co deb tis
1944
Union Elec 1,1 & Power
58 series B
1967
44a.
1957
Un Gulf Corp 50 July 1 '50
United Elec N J 40. _ __1949
United El Serv 7s x-w_1956
United Industrial 634s 1941
Ist as
1945
United Lt & Pow 68.., 1975
548
Apr 1 1959
Deb a 614s
1974
United Lt & Ry 5506_1952
as aeries A
1952
(is series A
1973
U S Rubber
(10
1936
64% serial notes___1935
64% serial notes.. _1936
630% serial notes_1937
634% serial notee. _1938
6 %serial notes___1939
634% serial notes_ _1940
Utah Pow & Lt 66 A __2022
44
1944
Utica Gas & Eine serE 1952
5a series D
1956
Yamma WatPow 554s 1957
Elec & Power 6a. _1955
Va Public Serv 54s A 1946
1st ref fra eel* B
1950
6s
1946
Waldorf-Astoria Corp
75 with warrants_ _1954
7s etre of deposit_ _1954
Ward Baking 68
1937
Wash Gas Light 55...1958
Wash fly & Ni 4s
1951
Wash Water Power 58_1960
Welt Penn Elec 5s _.2030
West Penn Power 4s 1961
West Penn Traction 581960
West Texas Ut11 58 A1957
Western Newspaper Union
tie
1944
Western United Gas & Else
151 54s aeries A ._ 1955
‘Vestvaco Chlo Pr 530s '37
Wise Elea Pow 58 A___1954
Wise
-Minn Lt & Pow Ss'44
Wise Pow & Lt 56 F...1958
Is series E
1958
Wee Pub Serv Ss A___1952
Yadkin lily Pow 158_1941
1937
York Rye Co 511
Foreign Government
And Nunicipulltle•Agricultural Mtge Bank
1946
Is
1947
78
Buenos Aires (Province)
1052
1952
7s stamped
1947
7'e
1947
750s stamped
1948
Cauca Valley 75
Cent Ilk of German State &
Prov Banks fis 13_1951
1952
68 series A
1953
Danish 5.1
Danzig Port Waterways
1952
6545
Range Since Jan. 1.
Low.
72
7254
79
72%
85%
41%
61%
High.
May
Jan 93
May
Jan 93
Jan 10034 May
Jan 92% May
Jan 9934 Apr
Jan 4934 Feb
Jan 76% Apr
70,000 43% Jan 74% Apr
Apr
92.000 9334 Jan 165
Apr
14,000 93% Jan 105
Jan 10434 Apr
25.000 93
Apr
Jan 96
23.000 82
Jan 101% Mar
13,000 89
Apr
Jan 109
15,000 101
Apr
28,000 5134 Jan 73
50.000
3,000
23,000
15.000
52,000
12,000
31,000
2,000
Jan
59
42
Jan
62% Jan
6334 Jan
47
Jan
Jan
34
40
Jan
57
Jan
7434
6434
89
88%
69%
54
6634
84
Apr
Jan 101
Jan 8854 Apr
Jan 8834 Apr
Jan 5854 Apr
Jan 59
Apr
Jan 82
Apr
Jan 83
Apr
Jan 5734 Apr
Jan 24
Jan
48
47
44
37
Jan
Mar
Jan
Mar
58
55
51
50
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
108
104
813(
81
973(
108
10434
108
107
Mar
Mar
Apr
Apr
Apr
May
Apr
Mar
Apr
Jan 75
Jan 87
Jan 8634
Jan 61
Jan 8831
Jan 25
Jan 92%
Jan 103
Jan 87
ao Jan 7934
sa Jan 78
ao Jan 7134
863( Jan 102
234 Jan 58
Jan
Feb
Apr
Feb
Apr
Apr
May
Apr
May
Feb
Feb
Apr
Apr
Apr
29,000
6,000
37,000
9,000
12,000
9.000
58,000
1.000
2,000
103
101
59
57%
73
1034
96%
10354
100
7134
6154
8454
55
8434
1830
9254
10254
87
7534
70
7154
102
52
16,00
14,000
20,000
5,000
22.000
12,000
50,000
41,000
5,000
6.000
11,000
32,000
151,000
187,000
55
44
71
Si
63
1434
67%
8934
5634
5134 52% 36,000
3834
8354
91
10234
10134
4734
5134
103
105
10154
8533
58
5834
47
77
4731
49
8134
4334
69
60
82
55
83
1634
91
10234
8634
7531
68
6934
10134
4634
103% 101
103 10334
105 10534
10130 10554
84
86
58
5834
58
58%
45
4830
78
77
47% 49%
49
52%
82%
81
42% 4635
Apr
Apr
Apr
Apr
May
Apr
Feb
May
87
433(
4334
323(
32%
64%
66
2934
18
104 10454
10234 10234 10234
7834 80
79
78
7934
9834 97
97
10634 107
10334 10334 104
10734 10754
105 105
8934
6034
84%
Jan
5234 May
4,000 9554 Mar
Jan
23.000 92
22,000 10134 Jan
Jan
21,000 .100
19,000 73% Jan
6,000 533( Mar
9,000 5334 Mar
32,000 2754 Jan
Jan
11,000 50
Jan
22,000 31
110.000 3534 Jan
Jan
30,000 56
15,000 283( Jan
105
10334
10534
10530
90
694
67%
5230
79
50
564
82%
52
Mar
Mar
Apr
May
Apr
Jan
Jan
Apr
Apr
Feb
Feb
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10134
10134
9934
9934
9954
9834
99
6734
75
4
1021
102
Apr
May
Apr
Apr
Apr
Apr
Apr
Feb
Apr
Apr
Apr
10130
10050
98%
974
9754
97
96
61
72
102%
102
32,000
6,000
8.000
3,000
10,000
9.000
10,000
12,000
5,000
4,000
2,000
90
894
77
7034
8934
89%
68
46%
54%
9334
94
9154
10054
7154
72
6634 66%
64%
9155
1014
7354
6934
66%
1,000
29,000
43,000
19,000
18,00
7934 Jan 9134 May
Jan 10134 May
89
6534 Jan 80
Apr
51
Jar
Apr
76
4734 Jan
Apr
70
13
12
101%
95
9454
9354
67
101%
82
63
13
1334
102
97
95
94
69%
101%
82
6554
14.000
14,000
6,00
157.000
8.00
(
17.000
15,000
14,000
2,000
65,000
101
101
9934 9934
98%
97
94
9334 0334
94
6034 5934
72
102
102
914
96%
944
93%
67
6434
46
45
84
84
103%
101%
90
884
7731
7730 77
96
96
90% 90%
94
94
46
8734
104
10130
90
79
78
96%
9154
9634
16,000
3257
13
1034
984
79
83%
80
55
9434
61
46
25
20,000 85
3.000 10130
10,000 99
28,000 84
13,000 59%
34,00(
58
8,000 785.4
16,000 66
68,000 78
Jan 20
Jan
18
Jan 103
Jar
97
Jan 95
Jan 96
Jac 71
Jan 10134
Jan 82
Jan 6734
Jan
Jan
Feb
Feb
May
Apr
Apr
Apr
May
Apr
Apr
4834
Apr
Jan 88
Jan 104
Jan 10434
Jan 90
Jan
7934
Jan 80
Jan 9834
Jan 91%
Jan 98
May
Apr
Apr
Apr
Apr
Apr
Apr
May
Apr
Bonds (Concluded)German Cons Munic 7s '47
Secured 6.
1947
Hanover (City) 7s____1939
Bali0Ver(Prov)6%El_ _1949
mart,'
JUSel
Last Week's Range for
Sale
Week.
of Prices.
Price. Low. High.
$
3734
36
Indus Mtge 13k (Finland)
18t nage coll s 1 7s 1944 100
Lima(City)Peru 6Hs 1958
Maranho 78
1958
Medellin 7s ser E
1951
Mendoza 7(48
1951
StampeiL.
Mortgage Bank of Bogota
7s Issue of May '27_ _1947
75 issue of Oct '27_.1047
Mtge ilk oi Chile 68_1931
1334
Parana (State) 7j,,...1958
Rio de Janeiro 8Hs_ __1959
Russian Govt
6548
1919
654s certIfIcates____1919
55
4s
1921
5505 certificates
1921
1230
3630
34
3
554
38
3834 19,000
3434 61,000
3634 5.000
4054 12,000
5954
574
53
55
Feb
Feb
Feb
Feb
8630 Jan 10034 Apr
5
Jan 124 Mar
1234 14
1330 1354
7,000
5,000
1234
1034
Jan
Jan
Feb
21
2034 Feb
4434 25,000
2654
Jan
4434 May
15
16
830
Jan
Jan
Jan
223.4 May
2254 May
15% Feb
84 Jan
143.4 Jan
17
Feb
1934 Feb
2234 2230
2234 2234
1454 1434
Saar Basin Cons Co 70 1935 122
Santa Fe 713
1945
Santiago 75
1949
7s
1951
High.
Low.
3554 A'
Apr
34
34
Apr
3834 Apr
9854 10054 16,000
1,000
9
9
42
334
4
350
Range Stowe Jan. 1.
5.000
4,000
3,000
124 13
13.000
1534 1554 2,000
354
3
330
334
434 7.000
434 135,000
530 57,000
4
18,000
121 122
28
3034
10
10
934 930
5
5
554
5
Mar
May
May
May
Jan 122
4,000 108
3,000 1854 Jan alg
2.000
534 Jan 13
634 Jan 13
8,000
May
Apr
Feb
Fe
24
2
23
4
254
Jan
Jan
Jan
Jan
• No par value. a Deferred del very. n Sold under the rule. r Sold for cash.
s 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. "w I" When Issued. "w w" With war
rants. "x w" Without warrants.
z Deferred delivery sales in which no account is taken In computing the range
are given below:
New England G & E Assn 58 1948, May 7 at 55.
CURRENT
NOTICES.
Hammons dr Co. announce that Lt. George M. Pynchon Jr. of the
Air Corps Reserve, has become associated with them as a consultant on
aviation matters and will represent the firm on the Board of Directors of
Consolidated Aicraft Corp., Buffalo, in which they have a substantial
interest.
Lt. Pynchon has an extensive knowledge of the manufacturing and
financial problems of aircraft manufacturers and is an experienced pilot of
commercial and military aircraft.
Eastman, Dillon & Co. are distributing a circular giving complete
description of futures trading in canned foods, which has just been inaugurated on the Commercial Exchange of Philadelphia. The circular
outlines in detail the terms of trading as to units, delivery, grades, price
changes and commission rates.
-First of Michigan Corp., which specializes in Detroit and Michigan
municipal bond issues, has prepared a quotation list covering State and
County obligations and also 133 Michigan cities and districts. In addition
the list includes market quotations of some 200 Michigan corporations.
Emil J. Roth & Co. of New York City have established a bond department to serve investment houses and dealers under the management of
Saul Rosenberg. The company also announces the association with it
A. Lichtman.
-M. L. Mohr and E. A. Fredericks have formed the firm of Mohr &
Fredericks with offices at 29 Broadway, New York. to specialize in Home
Owners' Loan, Federal Farm Loan and other high-grade investment
securities.
Blyth & Co., Inc., have issued a quotation list of New York municipals
priced to yield from 2.65 to 3.65%. general market municipals from 1 to
5.20% and odd lot municipals to yield from 3 to 4.70%.
Frank C. Masterson & Co., 25 Broad St., this city, are distributing
their current quotation list of prices of approximately 2,500 stocks and
bonds most frequently traded in over-the-counter.
-Duniaevy, Cleaves & Burnham, Inc., insurance brokers at 116 John
St., this city, announce that Allen W. Fincke has joined their staff to
specialize in life insurance, annuities and pensions.
-Frank B. Hodges Jr., Alfred F. Kendall, Frank J. Laughlin, John J.
Liddy, and Raymond S. Mann have become associated with Eli T. Watson
& Co., Inc., in their Boston office.
-Portland Merrill, formerly with the Guaranty Trust Co. of New York
and more recently with Bull & Eldredge, has become associated with Downs
& Barker of New York.
History, dividend record, and investment portfolio of Westchester
Fire Insurance Co. are treated in an analysis by Leach Bros., Inc.. 60
Wall St., New York.
-Theodore Prince & Co.. 120 Broadway, New York, have prepared a
study on the New York Central secured convertible 6s. 1944,for distribution
to those interested.
The Continental Bank & Trust Co. of New York has been appointed
registrar for the common and preferred stock of the Knabt Darrell Co., Inc.
Wm. C. Orton & Co. announce that H. W. Wells has become associated with them as manager of their bank and insurance stock department.
Chas. E. Doyle & Co., 20 Pine St., New York, have issued their
monthly New York Bank Stocks and Insurance Stocks Guide.
24
24
25%
25
2,000
2000
1834
19%
Jan
Jan
28
27
Mar
May
-Edward G. Wyckoff & Co. of Philadelphia announce the appointment
of Ernest A. Buckley as manager of their New York office.
4834 5,000
42% 10,000
51
2.000
4354 12,000
41
2534
35
31
Jan
Jan
Jan
Jan
50
48
5134
48
Mar
Feb
May
Apr
-Phelps, Fenn & Co., 39 Broadway, New York, have issued a list of
State and municipal bonds yielding from 1.25 to 4.35%.
4230
48%
42
51
42%
11%
11
11%
8
Jan
16
Feb
6134
80
6054 6234 14,000
47
47
MOO
7734 80
10,000
so
Ian
43
Jan
6234 Jan
73
70
80
Feb
Feb
Feb
6734
6754 6734
44
6934 may
48%
42
5,000
5.000
Jan
Willis F. Williams is now associated with the statistical department of
Van Alstyne, Noel & Co.. Inc., of this city.
-Alpha Distributors, Inc., is distributing a treatise on investment
principles by A. Vere Shaw.
- K. Rice Jr. & Co. announce that Frank Y. Cannon has become
J.
associated with them.
Financial Chronicle
3258
May 12 1934
Quotations for Unlisted Securities- Friday May 11
Public Utility Bonds.
Port of New York Authority Bonds.
Ask
1114
Ask
flizt
Bayonne Bridge 4s series C
90
J&J 3 87
1938-'4
Inland Terminal 414s nor I)
96
M&S 93
1936-60
Geo. Washington Bridge4s series B 1936-50___J&D 64.21) 4.10 Holland Tunnel 43(s series E
MAS 94.10 4%
1935-60
4)4n nor 13 1939-53...MAN 64.25 4.15
Arthur Kill Bridges 4149
M&S
series A 193546
94
89
U. S. Insular Bonds.
Bid
93
96
97
101
101
104
103
Philippine Government
48 1946
434s Oct 1959
)is July 195'
58 April 1955
58 Feb 1952
534s Ate; 1941
Hawaii 4 Jis Oct 1956
Asir
96
99
100
103
103
106
106
Honolulu 5s
US Panama 3s June 1 1961_
2s Aug 1 1936
2s Nov 1 1938
Govt of Puerto Rico
4 yis July 1954
5s July 1948
Bid
101
104
10114
10114
Alt
104
105
4
1013
1013
4
104
107
101
104
Federal Land Bank Bonds.
RAI A sk
10012 101
100, 101
2
10012 101,
4
100 2 10114
,
10012 10114
10112 102
1001. 101
4s 1957 optional 1937_MAN
48 1958 optional 1938.MAN
49is 1956 opt 1936____J&J
4yis 1957 opt 1937____J&J
434s 1958 opt 1934__MAN
58 1941 optlonal 1931_MAN
43.4s 1942 opt 1932___Ist&N
434s
434s
4(4,
41.49
43is
43is
1943
1953
1955
1956
1953
1954
opt
opt
opt
opt
opt
opt
1933__J&J
1933_ __ _JAt
1935____J&J
1936____J&J
1933____J&J
1934__. _Jdr-J
814 lAsk
10018 1003
s
8
10018 1003
2
100, 10114
8
1007 10114
10012 1007s
10012 1007s
New York State Bonds.
Ask
1101
-World War Bonus
Canal & Highway
4318 April 1933 to 1939__
58 Jan & Mar 1934 to 1935 52.25 1.25
41is April 1940 to 1949_
b3 25, 3.00
58 Jan & Mar 1936 to 1945
Institution 131111(ling5s Jan & Mar 1946 to 1971 63.50'
4s Sept 1933 to 1940
4s Sept 1941 to 1976
H ghway Imp 4 Sis Sept '63. 11912
Highway Improvement
Canal Imp 410 Jan 1964_ 118
45 Mar & Sept 1958 to '67
Can & Imp High 43(s 1965_ 118
Canal Imp 4s J & .1 '60 to'67
Barge C T 48 Jan 1942 to'46
Ask
Bid
02.50 2.25
63.00
02.50 2.25
63.20 3.10
93.20 3.10
93.20 3.10
53.10 3.00
New York City Bonds.
Ask
Bid
Bid .15k ,
10018 10012
8
1001 10058' a4.1.48 June 1974
a3s May 1935
10018 10012
4
923 9314) a434s Feb 15 1978
43345 May 1954
10018 1001.,
4
923 9314 a4 148 Jan 1977
43 Sig Nov 1954
10018 10012
98 (2410 Nov 15 1978
97
'As Nov 1955 & 1956
10012
10
4
983 a43(s March 1981
98
648 M & N 1957 to 1959
10318 10312
98 983 a414s M & N 1957
4
645 May 1977
10318 10312
4
983 a41.4s July 1967
98
Ms Oct 1980
10318 10312
a43.4s Dec. 15 1974
c434s Feb 15 1933 to 1940_ 94.25
10318 10312
a4 34s Dec 1 1979
a43is March 1962 & 1964_ 10018
10018 10011
a414s Sept 1960
102 10238
99 100 068 Jan 25 1935
a43(s March 1960
104 1043
8
10018 100121 a68 Jan 25 1936
a434s April 1966
105 ,10519
• 10018 100121 668 Jan 25 1937
a434s April 15 1972
Basis. c Registered coupon (serial). d Coupon.
a Interchangeable.
New York Bank Stocks.
Par
.10
Bank of Manhattan Co.
100
Bank of Yorktown
Bensonhurst National _100
13.55
Chase
City (Nati ,nal)
Comml Nat 13k & Tr___100
100
Fifth Avenue
First National of N Y _100
100
Flathosh N ttlonal
Bid
283
4
30
25
28
4
273
146
1050
1650
30
Par Bid Ask
Ask ,
100 50
4
30, Kingsboro Nat Bk
ig
60 20
Nat Bronx Bank
40
25
4 814
7,
Nat Safety Bank & Tr
26
512 7
- -2912 Penn Exchange
80
100
2914 Peoples National
34
25 32
Public Nat Bk dr Tr
156
1080 Sterling Nat Bank & Tr__25 1912 21
32
100 28
1690 Trade Bank
40
30
35 Yorkville(Nat Rank of1_100
Trust Companies.
Par
Banes Comm Itallene.__100
Bank of New York & Tr_100
20
Bank of Sicily Trust
10
Bankers.
20
Bronx County
100
Brooklyn
Bid ask
145
354 362
12
10
62 64
8
6
100 105
20 130
Central Hanover
Chemical Rank & Trust _ _ 10 3912
50 40
Clinton Trust
100 1112
Colonial Trust
10 1212
Ilk & Tr
Continental
20 5112
Corn Each Bk & Tr
134
4112
50
1312
14
5312
Empire
Fulton
Guaranty
Irving Trust
Kings County
Lawyers County
Par Bid .4sk
20
10 19
100 240 260
1001 361 366
4
101 1734 183
100 1800 1830
42
25 40
20 201 1 213.1
Manufacturers
25 103 106
New York
9
1012
Title Guarantee Az Trust._20
Underwriters Trust
United States
100 40
100 1725
55
1775
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis,)
Diridend
Par In Dollars.
100
Alabama & Vicksburg (111 Cent)
Albany & Susquehanna (Delaware A Hudson)_100
100
Allegheny & Western (Buff Roeh & Pitts)
.60
Beech Creek (New York Central)
100
Boeton & Albany (New York Central)
100
Boston & Providence(New Haven)
100
Canada Southern (New York Central)
.
.
Caro Clinchfield & Ohio(L & N A CL)4%; _ _ 100
100
Common 5% stamped
Chic Cleve Chic & St Louis pref(N Y Cent)__ _100
50
Cleveland & Pittsburgh (Pennsylvania)
80
Ilst to rman stock
25
Dedsware (Pennsylvania)
100
Georgia RR & Banking(LA N. A CL)
.100
Lackawanna RR ot NJ (Del Lack & Western)
100
Michigan Central(New York s. entre!)
50
Morris &Essex (Del Lack & Western)
New York Lackawanna A Western(Di.& W)_100
50
Northern Central (Pennsylvania)
100
Old Colony (N Y N 11 dt Hartford)
Oswego & Syracuse (Del Lack & Western).. _ __ 60
50
Pittsburgh BMA & Lake Erie(U 13 Steel)
50
Preferred_
Pittsburgh Fort Wayne & Chicago (Penn)____100
100
Preferred
Rentseirer & Saratoga (Delaware A Hudson) 100
100
St Ion's Bridge 1st pref (Terminal RR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
New Jersey RR & Canal (Penns)
United
Utica Chenango & Susquebanna(D L & W)_ _100
100
Valley (Delaware Lackawanna & Western)
Vicksburg Shreveport & Pacific (III Cent) ___ 100
100
Preferred
50
Warren RR of NJ (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
m tricot.
4 Last reported
• No par value.
BO.
90
6 00
202
11.00
102
6 00
35
2.00
135
8.75
160
8.50
52
3.00
83
4.00
88
5.00
86
5.00
76
3.50
43
2.00
41
2.00
168
10.00
74
4.00
900
80.00
71
3.875
95
5.00
85
4.00
100
7.00
71
4 50
33
1.50
65
3.00
145
700
162
7.00
124
6.90
124
8.00
62
3 00
125
3 00
229
10.00
90
600
90
5.00
80
5.00
80
5 00
51
3.50
60
3.00
e D)faillted.
Ask.
95
206
106
38
138
"56
87
91
9(1
79
46
43
175
78
7
-7 5
988
101
75
35
_150
165
128
128
65
129
233
95
Ask
Par Bid
Par Bid, Ask
Amer S PS 534s 1948_81AN 44141 4714 N Y Wat Ser 58 1951..MAN 8714 89
Norf & Portsmouth Tr 5s '36 10314 1043
4
Atlanta 0 L 5s 1947_ _JAD 9914
5312
4412 Old Dorn Pow 6a_May 15'61 52
Central 0 A E 5%s'46J&D 42
74
48 Parr Shoals P 5s 1952 _.A&O 71
lot lien coil tr 68 46_M&S 46
28 Pennsylvania Elec So 1962.. 82 8318
Fed P S 1st 68 1947___Jdri) e25
Federated UM 534s'57 HAS 4112 4312 Peoples LAP 534s 1941 J&J 3512 3712
4
111 Wat Ser 1st 58 1952.JAJ 8712 8934 Public Serv of Colo 6s 1961_ 9214 933
75
Iowa So Util 5348 1950_J&J 62 63 Roanoke W W 58 1950_J&J 73
35 Sierra &San Fran 2d li 5s '49 85
87
Kan City Pub Fiery 35 1951. 33
6512 United Wet Gas A 1(58 1941 87
Keystone Telephone 534i '55 64
103
Virginia Power 58 1942
Louis Light 1st Se 1953_A&O 10012
fills Western PS 514s 1960_FdtA
651 1 663
4
New N A Ham 58 '44_J&J 88
Public Utility Stocks.
Par
Alabama Power $7 pref_100
Arkansas Pr A Lt $7 pref..
Assoc Gas & El orig pre!__•
•
$6.50 preferred
•
$7 preferred
Atlantic City Elee $6 pref-•
Bangor Fly dro-1.17% p1.100
Birmingham Nies. $7 pref _ _•
Broad River Pow pref _ _100
Buff Meg A East pr pret.25
Carolina l'r A Lt $7 pref..•
Cent Ark Pub Serv pi0_100
Cent Maine Pow 6% pf _100
100
$7 preferred_
Cent Pr & Lt $7 pref. _ .100
Cent Pub Serv Corp prei-•
Cleve Elea III $6 pref._ _100
Columbus Ity. Pr & Lt
100
1st $6 preferred
100
$6.50 preferred B
Como'Traction(N J)_ _100
Consumers Pow 5% pref•
_100
6% preferred
100
6 60% Preferred
Continental Gas & El
100
$7 preferred
pref 100
Dallas Pow & Lt
Dayton Pr A Lt $6 pref_100
Derby Gas & Elee $7 pret•
I:saes-Hudson Gas__ ..100
Foreign Lt A l'ow units_
Oas & Elec of Bergen__ .100
Hudson County Gas_ _ _ .100
Par
Idaho Power 6% pref___ •
7% preferred
100
Illinois Pr A It 1st pref___•
Interstate Power $7 pref__•
Jamaica Water Supply pf.50
Jersey Cent P & L 37 pf. 100
Kansas Gas A El 7% p1100
Kings Co Ltg 7% pref._100
Long Island Ltg 6% pt. 101
7% preferred
100
Memphis Pr & Lt 7% preL•
Metro Edison 87 pre( B___•
6% preferred nor C____•
Mississippi PA L $6 pref..•
Miss River Power pref_100
8.10 Public Sere vet
100
Mountain States l'r conk -s
$7 preerred
100
Nassau & Suffolk I.tg pf 100
85
82
8() Nebraska Power $7 pref_100
77
100
37 Newark Consol Gas
34
New Eng Pow Assn 6% 9[100
70
68
80 New Jersey l'ow A Lt $6 Of •
78
8112 8312 N Y A Queens E L P p1100
Northern States Pr $7 pf 100
5012 5312 Philadelphia Co 55 pref. 50
Lt
100
9712 101 Somerset Un
4
963 99 South Jersey One & Elec_100
65
6812 Tenn Elec Pow 6% pref_100
(NJ) pref 100
United G
165
7(1
75 Wash Ry & Elec com
100
5% preferred
100
100
Western l'ower 7% prof.100
165
Ask
54
4
363
1 12
2
2
82
99
37
36
1612
4012
57
63
74
19
14
1
10814 110
814
51
4
343
12
1
1
80
1)5
35
34
16
3814
2
54,
6012
7112
4
163
864 4
B1632 ,2 As
2
0
12
18
2
443.
;
1
484
71
76
62
78
1
58
623
0
50
5-3-1-2
63
55
8
73
4
- 17 -2
3014 3214
86 89
911 2 103112
.
038-112 5:0321 2
101 12 107
43 6712
69
)
5(
9912 105
6012 6412
55
51
1418
1468443
47
4712 .52
0
04
30
82
Investment Trusts.
Par
1
Administered Fund
Amer Bankstocks Corp_
Amer Business Shares
Amer Composite Tr Shares.
Amer& Continental Corp..
Am Founders Corp 6% pf 50
50
7% preferred
•
Amer A General Sec el A•
$3 preferred
Amer lusuranstocks Corp.•
Assoc Standard Oil Shares..
BancamericmBlair Corp__
Bancshares. Ltd part shs 50c
•
Basic Industry Shares
1
British Type Invest A
Bullock Fund Ltd
Canadian Inv Fund Ltd____
Central Nat Corp class A-Class 11
Century Trust Shares
•
Commercial Nati Corp
Corporate Trust SharesSeries AA
Accumulative series
Series AA mod
Series ACC mod
Crum & Foster Ins Shares
Common B
10
100
7% preferred
Crum & Foster Ins co•
8% Preferred
Cumulative Trust Shares..•
Deposited Bank She aer A
Deposited lnsur She A...
Diversified Trustee She B
13
Dividend Shares
Equity Corp cv pref
Equity Trust Shares A__
Fidelity Fund Inc
Five-year Fixed Tr Shares._
•
Fixed Trust Shares A
•
13
Fundamental Tr Shares A.
Shares B
Fundamental Investors Inc
General Investors Trust. l
Guardian Invest pref w war
Huron Holding Corp
Incorporated Investors___ _•
Independence Tr Shares__•
..
Indus A Power Security_-•
Internet Security Corp(Am)
Class A common
•
Class B common
100
634% preferred
100
0% Preferred
Investment Co. of Amer
10
New common
•
7% preferred
Investment Trust of N Y.
Low Priced Shares
Ask
Bid
14.43 15 92
1.13 1 27
.94 1.01
,
32 4
612 712
18
15
18
15
6
4
43
38
21 2
4 5
43
,2
3
8
33
1.07 1.32
2.93
.50 /5
12
11
3 20
2112
1,
4
193
,1
33
1.91
1.85
1 85
2.11
2.11
3.45
2212
212
8
213
4
2 24
2 24
4
193 2312
97 102
1814 2214
103 108
3 69
2 24 2.60
3.20 3.55
7
2.90 3 20
8 47
13
8
1.14 1.16
27
31
2 60 2 90
41.86 45.09
3.39
7.70
6 67
8
37
3118
1.87 2.07
4 03 4.47
9,2 1214
.30 .50
16 63 7 88
2.04 2.32
1318 1438
Major Shares Corp
Mass Investors Trust
Islutual Invest Trust
Par Bid
Ask
•
8
17
• 17)41 19
-17
1 05 1.14
Nation Wide Securities Co.
Voting trust certIfIcatem_
N Y Bank & enlist Shares__
No Amer Bond trust ctbs___
No Amer Trust Shares, 1953
Series 1955
Series 1956
Serlea 1958
Northern Securities
100
3 12
1.13
318
4
843
1 72
2 19
2.17
2 15
70
Pacific Southern Invest pf..•
Class A
•
Class 11
•
Plymouth Fund Inc el A-100
Quarterly Inc Shares
Representative Trust Shares
Royalties Management....
29
33
5,8 614
4 112
3
.90 I 00
1.32
42
7.78 8.53
15 1
'
Second Internet See el A...•
Class 13 common
•
6% preferred
50
Selected Amer Shares Inc__
Selected American Shared_
Selected Cumulative ins__
Selected Income Shares____
Selected Man Trustees She_
Spencer Trust Fund
Standard Amer Trust Shares
Standard Utilities Inc
State Street by Corp
•
Super Corp of Am Tr She A
AA
3
is
1
28
33
1.10 1.19
2 41
6.32
3.25 3.75
8 512
47
1434 1512
2.60 2.85
64
69
61.76 66 77
2 74
201
2 87
2.03
5 24
5 26
1.20 1.31
BB
I)
Supervised Shares
Trust Fund Shame
Trust Sham of America
Trustee Industry Shares _
Trustee Stand InvestmentC
Trustee Standard Oil Shs A
Trustee Amer Bank Shs A
Series 13
Trusteed N Y Bank Shares
20th Century oils series .._
Series B
Is
1
United Gold Equities (Can)
Is
12
Standard Shares
17 U & Brit lot clam A coin •
13
17
13
Preferred
•
U S Elec Lt & Pow Shama A
26
23
Voting trust cer8
2214
438 47 Un N Y Bank Trust C 3 -.
8
Un Ins Tr She tier F
514
314
212
1 01
1)47
1 95
514
4
43
2 24
1 00
1 45
1.60
2.50
3.22
1.23
8814
2 50
75
8
35
3
1.12
2.30
2.25
112
160
2.90
2.30 2.35
1 14
14
5
1212
12
1.87 1.97
.69 .77
8
438 47
4 214
13
Telepho ne and Telegraph Stocks.
7
Amer Dist Teleg(N J) COM • nw31,1
Mein & Sub Bell Telep--50 6734 7034
31
Cuban Telep 7% pref...100 26
Empire & Bay State Te1.100 4312
Franklin Teleg $2 50_ __ _100 3314 ___
Int Ocean Teleg 6%____100 7712 8512
Lincoln Tel & Tel 7%
• 90
Mount States Tel At Te1.100 107 II()
New York Mutual Tel__100 1912 23
Par Bid Ask
New England Tel A Tel_100 0112 93,2
Northw Bell Tel pf 634% 100 10812 111
Pat & All Teleg
S 1%.25 1512 20
Koch Telep 56.50 1st 14.100 9812 100
So de All Teleg SI 25__25 183 203
4
4
Tri States Tel A Tel
• 90
Preferred
I() 10
Wisconsin Telep 7% pref 100 10712 111
Sugar Stocks.
Par Bid lAsk
Par Rid
Ask
• 85
79 Savannah Sugar Ref
Fajardo Sugar
85
100 69
90
112
4
3
•
Haytian Corp Amer
85
9912
100 95
7% Preferred
14
United Porto Rican ctts___•
56
•
Preferred ctfs
63
58
I Ex-coupon.
z Ex-stook dividends.
z Ex-dividends.
Financial Chronicle
Volume 138
3259
Quotations for Unlisted Securities-Friday May 11-Concluded
Chain Store Stocks.
Bohack (H C) corn
7% preferred
Butler (James) com
Preferred
Diamond Shoe pret
Par Bid
• 1114
100 5512
100
12
100
314
100 60
Edison Bros Stores pret_100 83
Fan Farmer Candy Sh pf__• 32
Fishman(M H)Stores __• 10
Preferred
100 84
Great A dr P Tea pf
100 123
Kobacker Stores pref__ _100
Kress(8 II)6% pref
10
Lerner Stores pref
100
Aeronautical Stocks.
Par Bid
Ask
Ask
113 Lord & Taylor
100 135 ____
4
100 85 ____
let preferred 6%
63
100 80 ---Sec pref 8%
212
100 9612
714 Melville Shoe pref
_100 1412 19
____ Miller (I) & Sons
MockJuds&Voehr'ger pt 100
pref.69-____ Murphy (0 C)8% pref _100 107 115
-15
94
125
•
Nat Shirt Shops (Del)._..
100
1st preferred
100
2nd preferred
__ Reeves (Daniel) pref
105 1114 Schiff Co preferred
8
3814-90 100 U 8 Stores preferred
112
23 ____
37
100 105
100 90
6
_100
---94
9
Industrial Stocks.
Par
American Arch $I
•
American 1300k 14
100
Amer Dry lee Corp
American Canadian Prop..*
American Cigar $6 Pref-100
American Meter corn
•
Bliss(E W) 1st pref
50
2.1 pref B
10
Bohn Refrigerator pref__100
Bon Ami Colt common___•
Brunaw-Balke-Col pret__100
Canadian Celanese com-__•
Preferred
101)
Carnation Co common._ •
Preferred $7
HIO
Chestnut & Smith pret 100
Color Pictures Inc
Colts Patent Fire Arms_25
Columbia Baking com____•
let preferred
•
2d preferred
•
Crowell Pub Co $1 corn...'
117 preferred
()
De Forest Phonotilm Corp__
Dictaphone Corp
•
Preferred
100
Doehler Die Cast pref
•
Preferred
50
Dixon (Jos) Cruclble____100
Douglas Shoe preferred._100
Draper Corp
•
Driver-Harris pref
100
Eiseman Magneto pret 100
Flour Mills of America__•
Gen Fireproofing $7 pf 100
Graton & Knight com___ _•
Preferred
100
Herring-Hall-Mary Safe 100
Howe Scale
100
Preferred
100
Industrial Accept pref..100
Par Bid
Bid Ask
Ask
1514
King Royalty COM
758 '-'58
54
38 preferred
72
5712
76
414 538 Locomotive Firebox Co....
•
8
6
1
2 Macfadden Publicans corn 5
Vs 573
• 3414 363
_ Maetadden Publica'ne pf_.
4
99-- Merck Corp $8 pret____100 122 126
912 11
•
2512 32 National Casket
•354 __
4
7
Preferred
• 2212 ---11
1412 National Licorice com_ _ _100 30 ____
40
4312 Nat Paper & Type pref.100
1
5
54
55 New Haver Clock pref_ _100 35
40
____
213 New Jersey Worsted pref 100 56
4
19
11412 11812 Northwestern Yeast....100 137 14012
_ ____ Ohio Leather
• 19
22
100 32 40
Okonite Co $7 pref
-9i
•
912 Publication Corp corn
6
_
11100 82 -8817 1st preferred
33
4 412
• 2312 25
•
2212 2312 Riverside Silk Mills
• 10
13
8 214 Rockwood & Co
__
Preferred
63
4 814
100 501* 60
14
•
4 Rosy Theatre preferred A.
2
1
100 31
2412 Ruberold Co
22
34
Standard Screw
100 631.
9012
_
8
8 13e Stetson (J it) common _ _•
83 --4 1013
Preferred
19
213
4
25 13
1512
102
Taylor Milling Corp
•
83 1112
4
138 2
68 Taylor Wharton Ir&St com •
60
_
Preferred
100
30 35
535 781
11
312
5712 62 TennProducts Corp pret_50
24
2612 TublzeChatillon cum pf.100 61
6512
100
53
5512 US Finishing pref
7 4 103
3
4
214 314
84
10
9312 Urexcelled Mfg Co
8
13 Welch Grape Juice pret__100 67
7112
2 8 312 White Rock Min Spring
3
100 88 __
55
$7 1st preferred
_
ois .712 Wilcox-Gibbs corn
50 22
27
100
5
4412 4712 Woodward Iron
8
100 4612 50
1912 22 Worcester Salt
100 653 ____
114 ____ Young (J 5) Co com
78
100 891 -4____
7% preferred
28
32
Pa] Bid lAsk
Par Bid lAsk
Aviation See Corp(N EL._•
7 Khmer Airplane & Mot___1
5
68
7
5
Central Airports
•
1
3 Warner Aircraft Engine ___•
7
5
115
Insurance Companies.
Par Bid
Ask
Par Bid
Ask
Aetna Casualty & Surety _10 5012 52121 Hartford Fire
10 523 543
4
4
Aetna Fire
10 3712 3912 Hartford Steam Boiler...10 5214 5414
Aetna Life
10 1814 193 Horne
4
4
5 223 2414
Agricultural
25 531 2 5512 Home Fire S((rarity
10
1
13
4
American Alliance
10 173 1914 Homestead Fire
4
10 15
1612
American Colony
6
43
4 6 Hudson Insurance
10
74 -American Equitable
5 18
213
4
American Home
612 712 Importers dr Exp. of N Y.25
10
5 4 714
3
American of Newark___2 14
912 1012 Knickerbocker
11
8
5
American Re-insurance_.10 3712 40 Lincoln Fire
5
3
34
3
American Reserve
10 183 204
4
American Surety
25 2034 2214 Maryland Casualty
2
13
4 212
Automobile
10 2114 2234 Mass Bonding & Ins
25 14
15
MerchantsFireAssurcom2% 3014 32
Baltimore Amer
2%
312 412 Merch as Mfrs Fire Newark _5
7
5
Bankers & Shippers
25 60
67
Balton
100 458 464 National Casualty
734 9
10
National Fire
10 583 593
4
4
Camden Fire
5 17
18 National Liberty
2
54 614
Carolina
2112 National Union Fire
10 21
20 74
78
City of New York
100 180 190 New Amsterdam Cas
.
5 1014 11
Connecticut General Life_10 2814 2934 New Brunswick Fire
10 24
25 2
,
Consolidated (ndemnity...5_
2 New England Fire
111 14
10
5 li12 1412 New Hampshire Fire... _10 35
Continental Casualty
35 4
3
Cosmopolitan Fire
10 1612 2112 New JereeY
3112
28
20
New York Fire
..5 101 13
Eagle Fire
234
212 314 Northern
12 50 691 73
Employers Re-Insurance_10 23
2512 North River
173 1914
4
Excess
5 1014 103 Northwestern National _ _25 103 1117
4
Federal
10
Fidelity dr Deposit of Md_20
5
Firemen's of Newark
Franklin Fire
5
6112 6512 Pacific Fire
25
4214 4314 Phoenix.
_10
512 612 Preferred Accident
5
203 2214 Providence-Washington. _10
4
General Alliance10 181 193
•
914 103 Rochester American
4
4
Georgia Home
10 1912 2312 St Paul Fire & Marine_ _25 130 134
Glens Falls Fire
5 2814 293 Security New Haven
4
10 2734 288
4
Globe & Republic
5 10
13 Southern Fire
10 171j 1912
Globe & Rutgers Fire..___25 44
4612 Springfield Fire & Marire.25 94
97
Great American
5 184 1934 Stuyvesant
312 412
10
Great Amer Indemnity__ _ 1
7 4 10 Sun Lite Assurance
3
100 413 438
Halifax Fire
Hamilton Fire
Hanover Fire
Harmonia
10
25
10
10
16
25
274
2012
1712
30
283
4
22
Travelers
100 427 442
U S Fidelity & Guar Co__ _2
512 614
U S Fire
4 34
36
Westchester Fire
2.50 23
2412
Realty, Surety and Mortgage Companies.
Par 81d Ask II
Par
Bond & Mortgage Guar__20
1 i 134 Lawyers Title & Guar__100
Emplre Title & Guar__ _100 20
27 IINYTltle&Mtse
10
Lawyers Mortgage
20
114 2
Industrial and Railroad Bonds.
69
623
4
1012
28,
4
66
603
91
261
II
Bid Ask
Adams Express 4s __ _ _1947 80
82
American Meter 1313 __ __1946 80....
Amer Tobacco 4s
1951
9914 101
Am Type Fdrs 65 __ _1937 e34
39
Debenture 65
1939 e34
39
Am Wire Fab 7s
1912 83 93
Bear Mountain-Hudson
River Bridge 7s
1953 72
76
Bid
Ask
212 312
18
12
Bid Aa
Loew's New Broad.
1945 88
92
Properties 68
Merchants Retrig 65
1937 8911....
New York Real Estate Securities Exchange
1946 72
N Y & Hob F'y 58
75
NY Shipbldg 5s
1940 8412 ---Bonds and Stocks.
NorthAmerican Refractories
1944 3512 38
6Sas
Active Issues.
Bid Ask
Active Issues.
Bid
Piedmont At Nor ity 55_1964 8812 91
Pierce Butler & P 6348_1942 e7
11
Home Loan BondsChicago Stock Yds 55._1961 8112 86 Prudence Co guar collateral
Bonds (Concluded)
Home Owners' Loan Corp
Consol Mach Tool 78_1942 .10
New Weston Hotel Annex
534*
1961 .56_4
13
6.
-Corsol Tobacco 4s____1951
as (lot & prin qua? US)
6s
1940 24
9812 _ _ Realty Assoc sec 68- ' 634 .
1037
.
3
1944-1952
ConsoltdatIon Coal 4%51934 e24 10044 100 4, New York Athletic Club
,
28 61 Broadway 514s _ _ _1950 6412 _ _ __
.
68
1946 27
Stand TextileEqult Office Bldg 5s_ _1952 54
BondsIII John St Bldg 6s_
MR 4212
let 6145 unas'nted ..A942 35 ____
5612
Ilaytian Corp Ss
Bway & 38th St Bldg 7s 1945 41
____ Park Central Hotel 68 ctts _
1938 417
171
19 Struthers Wells Titusville
Hoboken Ferry 58
Broadmoor (The) 6s__1941
19 ____ Pennsylvania Bldg 68 _1939 22
1946 80-.
1943 44
634s
48
-Broadway Barclay Office
Penny (J C)Corp 510_1950 100
Tol Term RR 4348 ____1957 9812 10
012
Bidg 6
International Salt 58_1951 101 103
1941 2812 32 Sherry Netherlands Hotel
Ward Baking 1st 68.__ 1937 101 103
.
Butler Hall 65 . _ .._ _1939 32
s
.
35
511s
1948 213
WItherbee Sherman 65_1944 eta
4
14
Journal of Comm 6481937 48
CentralZone Bldg 68 ctfa_ '41 37_ 61 Bway Bldg 514s ...1950 64
5238 Woodward Iron 5s ____1952 e31
36
Dorset(The) Os Ms_ 1941 26 --- Minty BidgsCorp5340 1939 9512
2 12
9
50 Bway Bldg 68
1946 4712 50 2450 Broadway Ilidg ars__
812
II Park Place Corp 4s_ 1949 25 ____ 2124-34 liway Bide etts..
15
Chicago Bank Stocks.
502 Park Av Bldg 68'41 or Mr It..,, West End Ave & 104th St
Hotel Lexington 6s_ _ _ _1943 25., 28
Bldg 65
1939 15
Par Bid Ask
Par Bid I Ask
Stocks
Amer Nat Bank & Trust_ 100 100 __ _ _ First National
100 99 1101
Montague Court Office Bldg
City & Suburban Homes__
3,2
Continental Ill Bank &
Harris Trust dr Savings_ _100 232 j237
614.4
.1945 31
____ French (F F) Investing._
1
Trust
100 41
413 Northern Trust Co
4
100 375 385
MOrtgage Bond (N Y) 514•
Hotel Barblaon. Inc
50
(Ser 61. ..
1914 40
44
Ask
29
4 13
6
2412
2512
6614
---12
1713
1812
5
214
Other Over-the-Counter Securities --Friday May 11
Short Term Securities.
Bid Ask
Aills-Chal Mfg 55 May 1937 9814 9812 Humble 011 M
Amer Wat Wks 5s
1944 10312 1033 flag Pet 4 14s__Feb lb
4
Atlantic Refining to. _1937 106 10614 Midvale Steel 5.4
Bethlehem Steel 5s. _ _1936 10212 103 Pennsylvania
Re 6148
Railroad Equipments.
1937
1935
1936
1936
Bid Ask
1043 10512
4
101 12
102 10214
1063 10612
8
Water Bonds.
Alton Water bs 1956. _Adro
Ark Wat lot 58 A 1956_ A&O
Ashtabula W W 58'58.A&O
Atlantic Co Wat 58'58 M&S
firmfirmWW 1st 5 a A'54A&O
1st m 55 1954 ser BJ&D
let 6s 1957 series C..FAA
Butler Water 58 1957__A&O
City of Newcastle Wat be'41
City W (Chat) 5513'54 J&D
1st 55 1957 aeries C_MOIN
Commonwealth WaterFAA
tat 55 1956 B
FAA
1st m 55 1957 ser C.
Davenport W 58 1961...J&J
ES L & lot W 55 1942_J&J
let m (is 1942 tier 13...I&J
let 55 1980 ser D----F&A
Bid
Ask
9612-.._ HuntIon W 1st(35'54...54&S
9812 100
ist m 581954 ser II_ _151.14S
88
_
be 1962
90 -. 2 Joplin W W55'57 ser A M&S
Kokomo W W 5s 1958A&D
102 10312 Monm Con W 1st 58'56 JAB
9912 10012 Monon Val W 514s '50 _J&J
9812 ____ Richm W W 1st 55'57_151&N
90 ____ St Joseph Watts 1941_A&O
9912 ____ South Pftts Water Co___
1st 5s 1955
FAA
9999 10012
1st & ref 58'60 ser A.
J&J
let & ref 53 60 ser B.1.4.1
9812 ___ Terre lite WW 6s'49 A J.IrD
98 ____
1st m 58 1956 ser B._ J&D
9812
_ Texarkana W 1st 58'56 FAA
87
85 --- Wichita Wat let 6s'49.M&S
89
92
1st trl SS '56 eer B _ _FAA
82
1st m 53 1960 ser CIMAcN
84
Bid
101
Ask
____
._
95
96%- 97
9012 ____ _
9012 92
83- 98 100
93 __-_
100
10112
100
__
100 ____
99
9312....
77
80
101
95
94___
_
Hid , Ask
Atlantic Coast Line 68
3.00 2.0(5
Equipment 6%a
4.00 3.00
Baltimore & Ohio 6s
3.00 2.00
Ilquipment 41-4, & bs____ 4.25 3.75
Buff itoch Or Pitt,equip6s. _ 5.00 4.20
Canadian Pacific 4145 dr 65.. 4.50 3.75
Central RR of NJ 63
3.75 3.25
Chesapeake dr Ohio 65
3.75 3.00
Equipment 64s
3.75 3.00
Equipment 58
3.75 3.00
Chicago & North West Os_ 5.50 4.50
Equipment 614s
5.50 4.50
Chic R I' & Par 41-4., at 5s
8.00 6.50
Equipment 69
8.00 6.50
Colorado & Southern 6s,._ 5.50 5.00
Delaware & Hudson 8s
3.00 2.00
Erie 4 SO 514.40 3.75
Equipment Os4.40 3.75
Great Northern 6s
4.25 3.75
Equipment Se
4.25 3.75
Hocking Valley 58
3.75 3.25
Equipment (la
3.75 3.25
Illinois Central 414a & 55
4.25 3.75
Equipment (3s
4.25 3 75
Equipment 75 es 63-4*.... 4.25 3.75
Kanawha & Michigan (Is__
Kansas City Southern 5%o_
Louisville & Nashville fis_ ._
Equipment 6%s
Minn St P & SS M 44* & 55
Equipment 6145 & 7a ___
Missouri PACIfic 610-.- - - Equtpment 68
Mobile & Ohio 55
New York Central 414s & 55
Equipment 68
Equipment 7s
Norfolk & Western 43-4s....
Northern Pacific 78
Pacific Fruit Express 7s_ _
Pennsylvania RR equip 5s_ _
Pittsburgh & Lake Erie 6148
Reading Co 414e & 55
St Louis & San Fran Is.,,,
Southern Pacific Co 414s___
Equipment 79
Southern Ry 4 4* & 55
Equipment fis
Toledo & Ohio Central 6s..„
Union Pacific 78
trio
3.50
5.00
3.75
3.75
8.00
8.00
9.00
9.00
8.00
4.20
4.20
4.20
2.00
4.25
4.00
3.50
4.25
3.75
8.00
4.25
4.25
4.40
4.40
3.50
3.00
Ask
2.50
4.00
3.25
3.25
6.00
6.00
6.00
6.00
6.50
3.75
3.75
3.75
1.00
3.75
3.00
3.00
3.00
3.25
6.50
3.75
3.75
3.75
3.75
2.00
2.00
• No par value. d Last reported market. e Defaulted. z Ex dividend.
Financial Chronicle
3260
May 12 1934
General Corporation and Investment News
-MISCELLANEOUS.
RAILROAD-PUBLIC UTILITY-INDUSTRIAL
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.
-The following
Monthly Gross Earnings of Railroads.
are comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Inter-State Commerce Commission:
Length of Road.
Gross Earnings.
Month.
(+) or
Dec.(-)•
Per
Cent.
1933.
1932.
--16.73
-19.67
-23.89
-15.02
+1.41
+14.43
+25.13
+19.36
+8.62
-0.13
+2.87
+0.93
Mites
241,881
241,189
240,911
241,680
241,484
241,455
241,348
241,166
240,992
240,858
242,708
240,338
Miles
241,991
241,467
241,489
242,160
242,143
242,333
241,906
242,358
239,904
242,177
244.143
240,950
1934.
1933.
1934.
January_ __ _ 257,719,855 226.276,523 +31.443,332 +13.90 239,444
February -- - 248,104,297 211,882,826 +36,221,471 +17.10 239,389
292.775,785 217,773,265 +75,002,520 +34.44 239,228
March
1933.
241,337
241.263
241,194
1933.
January_ _ _ _
February - - March
April
May
June
July
August
September_ _
October
November_ _
December_ _
1932.
$
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
254,378,672
245,869,626
237,493,700
251,782,311
272,059.765
298.084,387
253,225,641
245,760,336
-46,000,776
-52,380,018
-69,022,941
40.180,139
+3,584.364
+35,484,283
+59.691,784
+48.737,988
+23,446,244
-393,640
+7,278,324
+2,297,276
Net Earn ngs.
Month
Inc. 1+) or Dec.(-).
Alaska Juneau Gold Mining Co.
-Earnings.
-Month-1933.
Period End. Apr. 30- 1934
1934-4 Mos.-1933.
Est. profit after oper.
exp. & develop. chgs..
but before deprec., depletion & Federal taxes $204,100
$102,900
$803,150
$372,900
Estimated Production of Gold (in Fine Ounces).
(-4 Mos. End. April 30.
Month of
1934.
1933.
Apr. 1934. Mar. 1934. Apr. 1933.
Increase.
13,111
43,131
10.692
11,079
51,766
8.635
Apr. 1934. Mar. 1934. Apr. 1933.
Month of349,050
Ore mined and trammed to mill(tons)
362,500
335,030
V. 138, p. 2907.
-Bonds Dealt in "Flat."
Alleghany Corp.
The Committee on Securities of the New York Stock Exchange rules
that beginning with transactions on May 4, the certificates of deposit for
20
-year collateral trust convertible 5% bonds, series of 1930, due 1950,
shall be dealt in "flat." Details of the plan of recapitalization (approved
by the stockholders on May 2) are given in V. 138, p. 1911.
Holders of $2,665,000 of the $24,532,900 5% bonds outstanding (up to
-V. 138. p. 3077.
May 9) had deposited them in assent to the plan.
-Earnings.
Allen Industries, Inc.
Earnings for 3 Months Ended March 31 1934.
Gross profit from sales
Selling and administrative expenses
Non-operating expenses
Reserve for burden variance
Profit before Federal income taxes
-V. 138, p. 2734.
$159.181
69,107
509
10,000
$79,565
1933.
1932.
Amount.
Pe'r Cent.
$
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
-Investment Trust Averages
Allied-Distributors, Inc.
Lower.
January
February
March
April
May
June
July
August
September
October
November
December
$
4t,603,287
41.460,593
42,160,029
52,58.5,047
74,844,410
94,448,669
100,482.838
96,108,921
94,222,438
91,000,573
66,866.614
59,129,403
-0.79
-26.21
-36.94
-6.55
+57.85
+100.87
+117.74
+53.64
+13.39
-7.46
+4.54
+2.19
Investment trust securities reacted further during the week ended May 4,
reflecting the movement in the securities markets in general. The average
for the common stocks of the ten leading management trusts, influenced by
the leverage factor, as compiled by this corporation, stood at 13.99 as of
the close May 4, compared with 15.01 on April 27.
The average of the non-leverage stocks stood at 15.58 as of the close
May 4, compared with 16.46 at the close on April 27. The average of the
mutual funds closed at 10.96, compared with 11.35 at the close of the previous week -V. 138, p. 3077.
January
February
1934.
62,262,469
59,923,775
32030255
1933.
44,978,266
40,914,074
424471113
+17,284.203
+19,009.701
-1-41492272
+38.43
-1-46.46
-1-97.75
-Receives Government Order.
Allis-Chalmers Mfg. Co.
-
An order for $300,000 of tractors and equipment has been placed with this
company by the U.S. Government. The Government ordered crawler type
tractors for forestry work and others for motorization of the ordnance
department. The tractor department is working hear capacity.
-V. 138.
p. 2907.
-New Director, &c.
Amerada Corp.
-Abandonment.
Ahukini Terminal & R.Co., Ltd.
The I.
-S. 0. Commission on May 1 issued a certificate permitting the
company to abandon (a) its entire railroad extending from Ahukini Wharf
to Anahola, 15 miles, with a branch line from Ahukini Junction to Nawiliwill Wharf, 4.4 miles, and (b) operation under trackage rights over tracks
of the Lihue Plantation Co., Ltd., between Nawiliwill Junction and Lihue
-V.113,p.1771.
Mill, two miles, all in Kauai County, Territory of Hawaii.
.-\----Adams-McGill Co., Ely, Nev.-Distribution to Bondholders.
-
Operations of this corporation so far in the second quarter have been at
approximately the same rate as in the first three months of the current
year, when net profit was equivalent to 68 cents a share, A. Jacobsen.
President, stated at the annual meeting held on May 7.
In answering a stockholder who referred to the 154,700 shares of the
capital stock held in the corporation's treasury, Mr. Jacobsen said there
was no intention to resell this stock and that no decision had been reached
on the question of whether it should be retired. He added that the stock
might be valuable in the possible acquisition of properties when desirable.
B. B. Weatherby. President of the Geophysical Research Corp. a wholly
-V. 138. p. 3077.
owned subsidiary, was elected an additional director.
The committee for the holders of the first mortgage 734% serial bonds '----TAmerican Agricultural Chemical Co. (Del.).
-Stock
($400.500 outstanding) announce the distribution of 10% of principal
Purchase Plan Defended.
amount of bonds. This is the second distribution, and brings total payThe company on May 10 defended its plan to use $3,000,000 of cash sur-V. 115. P. 1323.
ments to holders to 20% under the liquidating plan.
plus to buy stock tendered to it at $35 a share. In a letter to stockholders,
W
W. H. Crow had suggested that the cash be used for a dividend of $10
-Sale, &c.
Adlon Apartments, St. Louis.
or that the company pay $50 a share under its purchase offer.
a
-story structure, was recently sold for $50,271
The Adlon Apartments. a 10
"The funds which the company has to distribute do not represent earned
to a representative of a bondholders' committee at a foreclosure sale. The
profits but capital realizations," the company's statement read in part.
sale was in accordance with a reorganization plan. About 98% of the
"The directors therefore felt it improper to distribute this cash as a dividend.
,
owners of $250,000 outstanding in 'bonds had deposited their securities
but felt that if it was to be distributed it should be used to retire capital
-V.122, p. 411.
with the committee, it is said.
liabilities.
"Many stockholders of the company have in
-Earnings.
- the past year at prices considerably less thanfact sold their stock during
Alabama Water Service Co. (& Subs.).
the maximum authorized
1934.
1933.
12 Months Ended March 31tendered price. It was felt that it would be to the advantage of the stock$731,521
$732,460
Operating revenues
holders of those stockholders who wanted to sell, sold their stock to the
400,715
330,266
Operating expenses and general taxes
company rather than on a lower outside market,and that it would be advantageous to those stockholders who do not desire to sell if the company se$330,805
$352.194
Net earnings
cured the stock of those who did desire to sell so as to retire this stock and
4,619
4,695
Other income
thereby decrease the number of shares on which a dividend would have to
be pald if and when profits would justify the payment.
.
$335.425
$356,888
Gross corporate Income
The directors see no justification for offering to buy the stock for $50
213.777
216,013
Total interest
a share when the current market price is about $30 a share. If there are
4.501
5,376
Provision for Federal tax
stockholders who desire to sell their stock and if the company is in a posi76,229
72,018
Provision for retirements and replacements
tion to buy stock, the directors feel that in tho interests of the stockholders
4,608
3,499
Miscellaneous deductions
as a whole any purchase should be at or about the market price and not at
a price nearly 70% in excess."
Net income before pref. dividends and Interest
Horace Bowker, President of the corporation, on May 11 announced
$36.308
$59.982
on notes and 5% debs. subordinated theretothat at a special meeting of directors on May 10 tenders of stock made
-Interest on $372,000 5% debentures, owned by Federal Water
Notes.
Pursuant to the stock tender plan were opened and all tenders conforming
Service Corp., is subordinated to the payment of preferred dividends.
to the terms of the plan were accepted. The response from the stockholders
(2) At March 31 1934, the cumulative pref. dividends not declared
was extremely gratifying, the amount of stock tendered being sufficient
amounted to $54,320 and the subordinated interest on the debentures, not
substantially to exhaust the $33,000,000 fund appropriated from surplus to
accrued, amounted to $24,800„
-V.138. p. 2907. 2734.
acquire the stock, it was stated.
Comparative Consolidated Balance Sheet.
American Business Shares, Inc.
-Gain in April Sales.
Mar.31'34. Dec.31'33.
LiabilitiesMar.3134. Dec.31'33.
AssetsLord. Abbott & Co.. sponsors of this limited management investment
84,219,000 15,091,000
Plant,proP.M1•.&c$7,438,075 $7,434,954 Funded debt
trust, announce that sales of American Business Shares for the month of
30.741
133,374 Cony. debentures_ 872,000
Misc. invest., &c
April increased 49% over the corresponding month last year. For the first
37,405 Miscell. def. nab.
121,585
Cash
four months of this year sales were only slightly in excess of the same period
191,231
88,618
111,060 & unadj. credits
88,280
Notes & accts. rec_
of 1933.-V. 138, p. 1745.
20,750
14,482 Per, money obllg_
14,751
Unbilled revenue_
14,286
17,631
Notes &accts. pay.
3,557
working funds_
-Sale.
American Commonwealths Power Corp. (Del.).
22,610
26,356
Due MM.cos
Commission on cap.
The remaining assets of the corporation were sold at Wilmington. Del.,
54,154
14,236 Int. taxes accrued_ 121,793
14,236
stock
May 3, at a receiver's sale to R. If. Karsten and M.S. Reeve of New York
11,367
11,139
44,682 Mlscell. accruals24,243
Malls dr suppl_ .._
for a total of $21,125.
524,708
508,386
Reserves
a Def. chgs. ,ic preThe assets of the American Commonwealths Securities Corp. brought
679,000
52,692 y 16 cum. pf. stock 679,000
83,187
paid accounts...
$10 from A. C. Smith of New York. No bids were received for its pre600,000
600,000
z Common stock
ferred stock holdings in the power corporation.
-V. 137, p. 4698.
549,191
Capital surplus... 548.779
97,163
Earned surplus_- 113,378
American Encaustic Tiling Co., Ltd. (& Subs.).-
17,818,659 $7.842,885
Total
$7,818,659 17.842,885
Total
x Including unamortized debt discount and expense and commission on
capital stock. y Represented by 6.790 shares (no par). z Represented
-V.138, p. 2562.
by 6,000 shares (no par).
Quer. End. Mar. 31Net loss after all charges
and depreciation
-V.138, p. 2908.
1934.
1933.
1932.
1931.
$121,938
$144,634
$217,561
$124,715
Financial Chronicle
Volume 138
American Express Co.
-Five New Directors.
-
Numerous changes are shown among the new directors of this company,
which is an affiliate of the Chase National Bank, who were elected several
months ago to bring the board into conformity with the requirements of
the Banking Act of 1933 with regard to the separation of banks from their
affiliates. Several directors of the bank were dropped.
The new directors, whose names were made public on May 4, are F.
Hlgginson Cabot Jr., John IC. Livingston and Ralph T. Reed. officers of the
Express company; Colonel Theodore Roosevelt, who was named Chairman
of the Board to succeed Winthrop W. Aldrich and Henry Rogers Winthrop
of the Stock Exchange firm of Winthrop, Mitchell & Co. Directors who were
re-elected are Robert L. Clarkson, Charles Hayden, John McHugh, Harold
I. Pratt and Frederick P.Small,President of the company.
The directors who retired were Mr. Aldrich, Martin J. Alger, Vincent
Astor, Newcomb Carlton, Frederick H. Ecker, Halstead G. Freeman,
William T. Hoops, Eugene W. Leake, Charles S. McCain, Jeremiah Mill
bank, Cornelius Vanderbilt, Medley G.B. Whelpley and Albert H. Wiggin.
-V.138. P. 15
63•
American Laundry Machinery Co.
-Earnings.
[Including Domestic Subsidiaries.]
Calendar Years1933.
1930.
1931.
1932.
Net profit after prov, for
deprec.& Fed.taxes_loss$1.187,285loss$9f34.969
$771,798 $1.849.465
Dividends paid (cash)__
2.604,837
1,435,859
244.953
741.377
Deficit
$1,432,238 $1.726,347
Previous surplus
15,222,455 16,993,060
Surplusfrom sale of common stock
2,542,328
2,490.406
$664,061
17,722,481
$755,372
18,559,830
2,523,886
2.725.201
Total surplus
$16,332.545 $17,757,119 $19,582,306 $20.529.659
Prop. of pats. chgd. off81,977
65.360
53,952
44,258
Stock dividends paid_
201.315
Deductions, incl. prem.
paid on stock purchase
106.696
Res. for possible losses
on reeds
,
700.000
Surplus Dec 31
815,578,594 $17,712,860 $19,410,250 $20,246.367
She, of capital stock outstanding ($20 par)-- _
644,753
626,858
614,171
607.957
Earnings Per share
NII$2.87
$1.23
Nil
Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets$
$
$
Cash
412,431
171,754
111,056
554,681 Accounts payable_
U. S. securities
5,656,977 3,530.192 Accrued accounts.
90,913
80,799
Hamilton County.
Customers' deposOhio, bonds_ .. _
49,374
48,587
its and credit
Notes recelvablely10,222,905f 11.040,380
18,162
44,610
balances
Accts.receivablef
12.159,145 12,283,435
1 3,464,128 Capital stock
Notes receivable
15,578,594 17,712,860
Surplus
loans to etnpl's
against co.'s stk.
as collateral___ 252,533
287,815
Indebt. of foreign
sub. cos
779,209
Accts. rec. from
empl. stk. subs35,043
2,442
Inventories
2,290,393 2,590,998
Investments
189,010
179,458
Stk owned-for'n
subsidiary cos
459,928
459,928
x Land, bldgs. and
equipment
4,892,849 5,190,504
Unamonized book
value of patents,
trade marks,&c. 2,700,000 2,750,000
Deferred charges_
95,036
116,625
Total
28,034,903 30,216,427
Total
23,034,903 30,216,427
x After deducting allowance for depreciation of $3,932,394 in 1933 and
13,622,085 in 1932. y After reserves of 1700,000.-V. 138. P. 1 4.
i
rkmerican Rolling Mill
".-Removed
from List.
(The New York Curb Exchange has removed from unlisted trading
pTivileges the 3
-year
% notes'd e Nov. 1 1933.-V. 138, p. 3078.
American Steel Foundries.Quar. End. Mar.31Net earnings
Depreciation
1934.
1932.
1933.
$24,637 10888285,257 loss$154,621
220.773
247,486
243.246
1931.
1258.855
250.478
prof$8.377
89.234
Loss
Other income
$196.136
Dr2.923
$528,503
34,151
$402.107
53.703
Deficit
Net ofsubs. appertaining
to minority stock, &c_
Federal taxes
$199,059
$494,352
$348,404 prof$97,611
1,968
1,180
Deficit
-V.138. P. 3078.
$201.027
$495,532
1,896
3,716
27,500
1350.300 sur$66.395
American Light & Traction Co.(& Subs.).
-Earnings.
Comparative Consolidated Income Account for Calendar Years.
Sub. Oper. Cos.1932.
1933.
1931.
1930.
Gross revenues
$33,691,958 $36,033,688 $40,483,040 $43.766,045
General oper.expenses-- 16,503,711 17,030,278 18,765,594 20,710,430
Prov. for retirement on
10 general plant
1,683,939
2.410.985
3,512.585
3,488.718
Maintenance
2,105,689
1,999,124
2,248,849
2,916.257
Con.& Fed. inc. taxes- _ 4,624.443
5,046,471
4,933,667
4.751,455
Misc. non-oper. rev., net
Dr79.821
Cr18,102
Cr89,510 Cr235.844
Int. & dive. on bonds.
imd pref. stock and notes
Fr owned by public
4,059,338
4,042,505
4,026,670
3.942.153
Amortiz. of bond disct.
ps and expense
159,405
171,302
154,612
153,711
Amort. offranchise obllg.
paid in advance
96,388
nrofit applic.to min.int.
21.863
24,128
29,835
37.609
Bal. applic.to Am.Lt.
& Traction Co
$4,525,645 $5.122,508 $6,900.740 $8.001.557
Sub. Invest. Cos.
revenues
978.235
Grose
1,351.928
2,650,704
life)/
33,260
Gen. exile. (incl. taxes).
38,985
103.819
Interest
480,372
Bal.applic.to Am.Lt
$564,740
& Traction Co
Tot. seer. to Am. Lt. &
Tr. Co.from subs.--- 5,090.385
Amer. Lt. et Tract. Co.
629,250
Interest and dividends-Miscellaneous income-99,692
$944.975 $1,312,943
$2,066,513
6.067,483
8.213,682
10,068,070
1,086,365
247.285
1,094,814
255,668
891,997
251,671
Total inc. seer. to Am.
Lt. & Traction Co_ $5,819,326 $7,401,133 $9,564,164 $11,211,738
247,685
Gen. exps. (incl. taxes).
275,724
275,515
342.562
Reserve for contingencies
80,000
80,000
214,859
301,120
392,282
Interest
453.240
$5,356,782 $6,824,289 18,816.367 110.325.937
Balance. surplus
804,486
804,486
804.486
Preferred dividends.....
804.486
6,572,474
4,981,259
6.918,324
Common dividends
6.918,012
Balance
def$428,963 def$552,671
$1,093,557
$2.613,439
3261
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
Assets$
$
Liabilities$
Properties, IranAm.T.& T.Co:
chises, organPref. stock__ 13,408.100
ization, &c._170,802,954 172,086,934
Common stk. 69,184,700
Unamort. bond
Common stk.
disct. & stock
warrants...._
16,551
expense
3,129.896
3,247.053 Subsidiary cos.:
Investments
57,267,436 57,233,585
Pref. stock_ 9,000,000
Callable deb_ _
Corn. stock_ _
4.098,530
236.570
U. S. Treasury
Funded debt of
notes
301.969
64,406.400
sub. cos
Other securities_
27,000 Notes pay (sec.) 3,725,000
45.750
Cash
4.088,978 4,857,685
924,272
do unsecured
Accts. receivable 3,631,561
3,593,509 Accts. payable_ 1,107,426
Notes receivable 2,165,405
38,888 Interest
1,346,224
Interest and divDividends
1,283,072
idends receivFed. taxes (est.) 1,354,330
able
253,721
329,090 General taxes_ _ 1,283,426
Inventories (maMisc. cur. Habil_
34,561
teriaLs, suppl.,
Def'd liabilities_
948,408
at appliances). 4,130,954
3,593,014 Retirement
Prepaid expenses
250,268
188,858
General paint 21,103,331
Special funds on
Utility equip_
975,992
deposit
55,864
737,220 Contribut'ns for
ItemsInsusPense
624,496
extensions ___
26,388
471,265
Maint, and other
590,351
oper. reserves
E.for deprec.
of investment. 6,100,000
Gen.contingicies 2,755,674
Burp. applic. to
minority mt....19,813
Capital surplus_ 14,743,655
Earned surplus_ 31,730,132
1932.
$
13,408,100
69,184,000
17,278
9,000,000
236,770
65,073,000
5,400.000
52.353
955,419
1,364,018
1,5.59,055
1,649,831
1,271,691
27,438
1,049,864
20,379,955
942,193
753,836
651.250
6,100,000
2,820,863
19,341
12.236,391
35,903,109
Total
246,729,252 250,055,753
Total
246,729,252 250,055,753
Consolidated Income Statement Period Ended March 31.
Subs. Oper. Cos.1934-3 Mos.-1933.
1934-12 fos.-1933.
Gross revenues
88,972,640 $8,619,330 $34,035.267 $34,944,748
Can. oper. expenses..... 4,669,255
4,201,469 16.831,086 16,610,655
Provision for retirement
of general plant
476.799
473,906
1.686.832
2.088.525
Maintenance
540.795
515.298
2,025.100
2.097.771
Gen.& Fed. Inc. taxes
1,148,964
1.226,187
4,547.219
5.039.974
Operating profit
$2,136,827 82,202,469 $8,945,027
Misc. non-oper. rev., net
6,761
17,114
7,749
19,107.822
62.941
Total income
$2,130,066
Int. & diva, on bonds,
pref. stocks and notes
owned by public
1,013,108
Amort. of bond discount
and expense
39,844
Amortiz. of franchise obligation paid in adv.
5,908
$2,185,355 $8,937,278 19.044,880
Profit of oper. subsid- 11,071.204
Portion accruing to min.
interests
Dr4,055
$1.127,608 $4,621,033 $4,817,478
1,013.948
4,058,497
4.055,145
43.798
155,451
172.256
102,296
Dr5,126
Dr20.791
Dr22,597
Balance applic. to Am.
Lt.& Traction Co
$1,067,149 $1.122.481 $4.600,242 $4,794,880
Subs. Incest. Cos.
Gross revenues
130.802
550.002
170,106
*73,005
General expenses
311
129
2.581
1,401
Gen. & Fed. inc. taxes
3.534
7,737
17.601
31,649
Balance applic. to Am.
Lt.& Traction Co
$127.137
$162,058
Total accruing to Am.
Lt.& Tr. Co.from sub $1,194,286 11,284,539
Am.Lt. & Tr. Co. Inc.Int. dr divs.(excl. of int.
153,456
& divs.from sub.cos.)
167,791
Miscellaneousincome_ -10
Total inc. accruing to
Am. Lt. & Tr. Co
$1,347,753 11.452,331
87,138
General expenses
85,078
Can,& Fed.inc. taxes
17,782
30,000
67.347
35,674
Interest
$529,818
$839.954
35,130,061
$5,634.835
614.914
99.701
953.421
247,285
15,844.677
353.160
14.297
183.187
16,835,542
361.520
49,000
284,590
Net income
$1,207,157 11.269.906 85,294.032 $6,140,431
Prof. stock dividends.-201.121
201,121
804,486
804.486
Bal.avail.for corn.stk $1.006.035 $1,068,784 $4,489.546
-V.137. v. 3325.
$5,335,945
American Medicinal Spirits Co.
-New President.Otho H. Wathen Sr. has been elected President of the above company,
a subsidiary of the National Distillers Products Corp. to succeed his
brother. Richard E. Wathen. who retired from active executive duties
recently, although retaining his place on the board of directors of the Parent
concern.
-V. 134. P. 678.
American Products Co.
-Earnings.
6 Months Ended March 31Net income after expenses & other charges
Earnings per share on 80,000 shs. corn.stock
-V.137, v. 4362.
1934.
1933.
$47.785 loss$32,046
Nil
$0.12
American Telephone & Telegraph Co.
-Earnings.
Period End, Mar,31- 1934
-Month-I933.
1934-3 Mos.-1933.
Operating revenues
$8,091,824 17,058.334 $23,272.865 519,912.075
Uncollectible oper. rev
320,419
180,602
114,730
55.269
Operating revenues___ $8,147,093 $7,173,064 $23,453,467 120.232.494
Operating expenses
5,907.053 17.200,830 17,236,645
5,909,206
Net oper. revenues._ $2,237,887 $1.266,011 *6.252.637 82.995,849
Operating taxes
1.398.531
1,712.653
464.589
698,309
Net operating income_ $1,539.578
$801,422 14.539,984
Number of Phones in Use Increases.-
$1.597,318
•
The company reports that the net gain in telephones in operation in the
Bell System during the month of April was 48.160. The total gain for the
first four months of this year was approximately 156,000. In the first
quarter of 1933 the loss was 340,000 stations.
After two years of recurring losses in stations, the conversion of losses into
gains started last September when a gain of somewhat in excess of 50.000
stations was shown. This condition was continued and for the last four
months of the year the gain totaled 85,000 telephones. During the first
eight months of 1933 the loss was 715.000 and the offset gain in the last four
months nevertheless meant a net loss of 630.000 stations for the year compared with a net loss of 1.650.000 during 1932. The number of stations
at the end of 1933 was 13,160.000 or 16% below the maximum development
reached in 1930. t("Wall Street Journal.'')
-V. 138, p. 2736.
American Water Works & Electric Co., Inc.
-Company
and Chase Bank to Trade Virginia and Maryland Utilities.
The New York "Times" May 10 had the following:
The company has concluded arrangements with the Chase National
Bank. owner of the Virginia Public Service Co. and the Eastern Shore
Public Service Co., formerly units in the Insull utility system, whereby
each will transfer to the other certain properties that will result in a more
logical line-up.
The Potomac Edison Co., a subsidiary of American Water Works, has
acquired the Potomac Valley Power Co. with the utility systems serving
Financial Chronicle
3262
Harpers Ferry and Glenville, W.Va.: Strasburg, Va.,and Barton, Antietam,
Emmettsburg, Lonaconing and Midlands, Md. The transfer involves
6,800 customers. Both the Virginia and Eastern Shore companies formerly
operated the properties.
The Loudoun Light & Power Co., formerly an American Water Works
property, serving 1,187 customers in Loudoun County, Va., has been
transferred to Virginia Public Service.
In the transfer, the Virginia and West Virginia properites were exchanged
for the Loudoun company on an even basis. The Maryland properties
sold by the Eastern Shore Co. brought about $500,000, while the Maryland
properties of the Virginia company, transferred to Potomac Edison, were
sold for more than $100.000.
The transactions will result in more economical operation, it was pointed
out, in that the Potomac Edison Co. system can provide more direct service
than could the former owners of the distributiong systems. Under Insull
management, it is recalled, there was resistance to any policy of trading
one property for another to suit geographical and economical conditions.
Electric Output Up 16% for Latest Week.
Output of electric energy of the company's electric properties for the
week ending May 5 1934 totaled 35,278,000 kwh., an increase of 16% over
the output of 30,357,000 kwh. for the corresponding period of 1933.
Comparative table of weekly output of electric energy for the last five
years follows:
1930.
1931.
1932.
Week Ended1933.
1934.
April 14
35,004,000 27,681,000 29,581,000 33,590,000 36.326,000
April 21
35,224,000 28,319,000 28,835,000 34,972,0(.0 36,094,000
April 28
35,957,000 29,232,000 28,123,000 33,012,000 36,288,000
May 5
35,278,...,0 30,357,000 26,545,000 33,491,000 35,028,000
-V. 138, p. 3078, 2909.
-Earns.
Anglo American Corp. of South Africa, Ltd.
Results of operations for the month of April 1934 follow:
(South African Currency.)
Profit.
Costs.
Tons Milled. Total Rev.
Company125,000 £235,291 £127,287 £108,004
Brakpan Mines, Ltd
86,592
83,550
170,142
75,000
Daggafontein Mines, Ltd_ _ _
90,277 145,991
84,500 236,268
Spring Mines, Ltd
27.006
72,623
99,629
91,500
West Springs, Ltd
-Revenue has been calculated on the basis of £6 15s. Od. per ounce
Note.
-V. 138, p. 2736.
fine.
Ann Arbor
RR.
-Annual Report.
Operating Statistics for Calendar Years.
1930.
1931.
1932.
1933.
76.108
37,682
23,127
25,687
Rev, passengers carried_
1,271,265 2,245,706 4,110,069
Rev, pass. carried 1 mile 1.261,798
Rate per pass. per mile.,. 2.675 cts. 3.210 cts. 3.236 cts. 3.270 cts.
$0.68
$0.25
$0.46
$0.45
Pass. earns. per train m_
1.746,299 2`,244,572 2,977,936
Tons carried (revenue)-- 1.754,390
Tons car. 1 mile (rev.)--282,114.195 289.149,457 370,501,521 475,291.459
Rate per ton per mile__ - 50.008212 $0.008448 $0.008326 50.008392
$14,486
$11,085
$8,250
$8,714
Operating rev, per mile_
797
689
598
626
Aver, tons per train mile
Income Account for Calendar Years.
1930.
x1931.
x1932.
x1933.
$2,842.081 $2,962,313 $3,757,150 $4,696,613
Freight
135,180
72,988
40,928
33,925
Passenger
194,015
150,367
113.348
109,890
Mail, express, &c
$2,985,896 $3,116,589 $3,980,505 $5.025,808
Total oper.revs
475,966
390,612
398,711
312.686
Maint.of way & struct_ 940,924
792,982
615,719
547,425
Maint. of equipment__ 171,560
185,000
153,276
125,717
Traffic expenses
1.368,322 1,866,943 2,095,440
Transportation expenses 1,279.090
186.319
183,802
134,716
115,810
General expenses
1,605
2,693
740
1,529
Miscell. operations
Cr7,897
Cr929
Cr1,091
Cr571
Trans. for investment
Total oper.expenses-. $2,381,685 $2,670,393 $3,420,015 $3.865,006
1,160,802
560,490
446,196
604,211
Net operating revenue__
272,739
301,727
196,928
165.275
Taxes, &c
$287,751
$859,075
$249.268
Operating income- - $438,936
65.312
73,294
69.595
48,318
Other oper.income
Total oper. income-Hire of freight cars
Other ded.from op. inc.
$487,254
188.866
78,141
$318,863
202,281
84.827
$353,063
241,221
89,198
5932.370
302,738
96,118
Net oper. income- - Non-operating income
$220,246
14.181
$31,755
17,720
$22,643
20,522
$533.514
26,391
Gross income
Int. on funded debt - -- Int. on unfunded debt_ _
Other ded.from gr.inc--
$234,427
420,136
36.047
4,276
$49,475
428,338
25.391
7,510
$43,165
435,618
4,672
7.759
$559.905
414,554
4,288
13,967
$411,763
$226,032
$404,884 Pf.$127,096
Net deficit
Earns, per sh. on 40.000
Nil
Nil
Nil
$3.18
abs. pf. stk.(par $100)
x Combined corporate and receivers' accounts.
Comparative Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
Liabilities
Assets$
7,250,000 7,250,000
24,624,339 24,896.494 Capital stock
Investments
277,089 Fund, debt unmat.10,817,400 10,954,100
189,123
Cash
634,757
634,757
4,014 Receivers' certif
2,187
Special deposits
Non-negot.debt to
Traffic & car-serv.
1,393
affil. cos
1,027
133,201
balances reedy. 136,605
Traffic & car-serv.
Net bal. rec. from
87,196
85,893
27,653 balances payable
14,007
agents & conduc.
269,046 Audited accts. &
Misc. accts. recely. 267,427
992,888
988,065
wages payable
376,388
265,650
Material & suppl
7,362
3,998
'7,345 Misc. accts. pay'le
4.871
0th. current assets
452,221
14,598 Int. mat'd unpaid_ 604,335
19,018
Deferred
Unadjusted debit; 1,693,386 1,707,463 Divs, mat'd unpd_ 1,073,456 1,073,455
112 Funded debt ma143
Int.& dlvs. recely.
10,100
tured unpaid....
36,329
32,469
Unmat. Int. acer'd
7,278
8,574
Other current Bab.
Other def'd 'lab_ _19,722
2,243,251
Unadjustef credits 2,221,088
785,121
Addit'ns to prop'ty 790,892
Profit & loss baL_ 2,676,412 3,168,716
27,216.756 27,713,407
-Total
-V.138. p.2909.
Total
27,216,756 27,713,407
-Receivership Lifted.
---Arcadia Mills.
1
Reversing the ruling of the lower courts. the South Carolina Supreme
Court in a decision recently handed down lifted the receivership of the company. The case was appealed to the Supreme Court on the action of Circuit Judge Grimball in refusing to vacate orders appointing a receiver and
naming John A. Law and H. A. Ligon co-receivers for the properties. The
status of the case on appeal was that of a creditor's bill, the high Court
held.
-V.136, p. 1553.
petition for a rehearing has been filed.
-25-cent
rgonamt Mining fo., San Francisco, Calif.
Dividend.41.4.4-1
The directors have declared a dividend of 25 cents per share on the
common sock, par $5, payable May 23 to holders of record May 18. A
similar distribution was made on Feb. 24 last, the first since February
1 30 when a payment of 20 cents per share was made -V. 138, p. 1233.
-Dividend Omitted.
sbestos Mfg. Co. (Ind.).
The directors recently voted to omit the quarterly dividend ordinarily
distribution of
payable about May 1 on the common stock, par $1. Awith 12% cents
73i cents per share was made on Feb. 1 last, compared p. 506,
328.
paid on Jan.3. July 1 and Oct. 2 1933.-V. 138.
per share
May 12 1934
-Output Continues Higher.
Associated Gas & Electric Co.
For the week ended April 28 the Associated System reports net electric
output of 52,235,838 units (kwh), an increase of 13.0% over the corresponding week a year ago. This increase is leas than that for the four
weeks to date, which amounted to 13.8%.
Gas sendout of 359,821,300 cubic feet was 12.4% above the same week
of 1933.
Associated System Reports April Electric Output of 222,732,014 Units.
For the month of April the Associated System reports net electric output
of 222,732,014 units (kwh.), an increase of 13.8% above April of last year.
Output for the 12 months ended April 30 was 2,718,879,089 units, which
was 10.9% above the previous comparable period.
An official statement says: "It is important to note that despite this
increase in unit sales of over 10% for the 12 months to date, net income remains consistently below last year so far as figures are available. This
has been due to rate cuts as well as to higher operating costs for fuel and
payrolls. Most serious of all, however, is the staggering burden of taxes
to which there seems to be no limit."
Gas output for April of 1,538,004,100 cubic feet was 10.4% above April
a year ago. For the 12 months ended April 30 gas sendout totaled 17,497.780,500 cubic feet. which is an increase of 4.7% above output of a year ago.
Stockholder Files Suit Against Company.
A stockholders' suit charging the company spent $152,000,000 to "rig
the market" in 1929 was filed in Brooklyn Supreme Court on May 7 on
behalf of Mario Pisani who seeks to recover $3,206. Mr. Pisani is suing
for the $48 a share he paid for the stock now valued at $1 or less per share.
The suit, filed by Hubert Bird, Vice-Chairman of the Emergency Conference of Consumer Organization, also changes the company with making
fraudulently excessive appraisal of assets to the extent of $80,000.000. and
of making false book entries totaling $23,000.000.-V. 138, p. 3080.
-To
Atlantic Gulf & West Indies Steamship Lines.
Reduce Preferred Stock.
The stockholders will vote May 22 on approving a proposal to reduce the
authorized pref. stock from $10,000.000 to $9,970,000.-V. 138, p. 2910.
-Earnings.
Atlas Plywood Corp.
1934.
1933.
Quarter Ended March 31Net profit after int., deprec. and res. for Fed,taxes x$20,658 lossE67,487
loss$0.51
$0.16
Earns, per sh. on 131.100 sbs.cap.stk.(no Par) x Subject to final audit.
Total operating income for the nine months ended March 31 1934, was
% bonds were purchased for
$101.975. During this period $58,000
retirement at a discount of $28709. Adding this to the operating income
profit for the nine months to $130,684, equivalent to 99.7
brings the total
cents per share on the outstanding stock, the book value of which on
March 31 1934, was $13.74 per share.
Sales for the nine months' period above referred to exceeded sales in the
corresponding period of the last fiscal year, by 83.4%.-V. 138, p. 2089.
-Earnings.
Aviation Securities Corp. of New England.
1933.
$2,077
300
Totalincome
Investigation, management & clerical expense, directors' fees
Legal, corporate & transfer service, general expense
Taxes
Loss from sale of securities
Net loss
1932.
$3,342
7.105
$2,377
$10,447
4,988
2,564
4,920
x
6.150
3,020
3.675
264,029
910,095
Calendar Years
Interest earned
Dividends earned
$266,427
Surplus Account.
Jan. 1 1932 balance
Income due to reduction of capital stock
Loss realization on securities
Loss on reacquired capital stock exchanged for
other stocks
Loss for year (as above)
9851,586 $1.127,405
600,000
13,062
prof2,735
10.095
9.391
266.427
$851,587
Dec.31 1932 balance
$1,438,164
x Transferred to surplus account.
Balance Sheet Dec. 31.
Liabilities- 1933.
1932.
1933.
1932.
Assets$15,158 $133,487 Capital stock.. d$150,000 c$750,000
Casn
851,586
a Sec.(at cost) 1,549,802 1,429,542 Surplus
1,438,164
40,000 Accrued taxes.
1.442
1.589
Notes receiv'le
24.792
b Treas. stock
51.589.753 s1,603,028 Total
Total
$1,589,753 $1.503,025
a Approximate market value $1,298,116 in 1933 and $791,031 in 1932.
shares at cost. c Represented by 150,000 no par shares. d Repb 11,286
-V. 138, p. 2089.
resented by shares of $1 par value.
-Earnings.
Axton-Fisher Tobacco Co.
1932.
1933.
Years End.Dec.311931.
1930.
$23,704,029 $17,608.701 $6,292,837 $6,277,108
Net sales
19.263.986 14,043,675 4,148,157 4,205,779
Cost of sales
2,208.660
1,794,879
1.131,620
Selling expense
1,359,173
256,282
174,443
Admin. and gen. expense
119,736
131,441
$1.975,101 $1,595,703
Operating profit
$654,066
$819,973
Dr16,905
48,100
Other income (net)
24,891
34,855
51,958.197 51,643.803
Total profit
$844,864
$688,921
Allowance for Federal in268,533
226,851
come tax
100,758
83.269
$1,689,663 51,416,952
Net profit
857,568
Previous earned surplus. 1,897,333
Cr1,040
Dr79O
Sundry adjust.(net)
$605,552
630,025
Dr1.438
$744.106
272.783
0.261
$3,588,036 $2,273,722 51,234,139 51,017,153
Total surplus
107,436
58,031
Pref, stock dividends....
55,926
52,170
145,544
Common class A diva_
145,600
160,000
153,200
179,164
Common class B diva_. _
172,758
171,200
171,200
93,155,862 $1,897,333
$630,025
$857,568
Condensed Balance Sheet Dec. 31.
1932.
Liabilities1033.
Assets1932.
1933.
Notes pay., banks
Cash in banks and
and bankers_...$1,800,000 $1,540,000
on hand
$356.496 8354,891
Accounts rec.(net) 1,194,761 1,847,028 Notes pay. others
4,640,391 3,097,719 Accounts payable_ 114,523
Inventories
98,836
10,098 Accrued expenses,
20,423
Prep'd ins.,int.,&o.
taxes, A‘c
Invest. In Leaf To271,055
346,790
Dividends payable
bacco Supp.Co.,
80.062
70,095
964,000 Prov, for process.
Inc
1,000,000
ing tax on mfg__
Invest. In Liberty
35,793
100 First mortgage 6s.
100
Coal & Coke Co.
8,200
10.800
I'referred stock_ 1,705,600 1,780,000
Accts. rec., doubt24,715
11,622 Class A stock
ful of collection_
455,000
454,650
906,465 Class 11 stock
Land, bldg.& eq. 1.242,234
x
1,120,120 1,119,000
Capital surplus_
55,972
Brands and trade65,894
318,624 Earned surplus-- 3,155,892 1,897,333
325.320
marks
Cash on deposit &
acct. receiv.with
coll, subject to
foreign exchange
24,612
restrictions
16,540
66,915
Deferred charges
Earned surplus
Total
88,895,969 87,327,087 Total
88,895,069 $7,327,087
x After depreciation of $395,832 in 1933 and $325,205 in 1932.-V. 137,
p.4701.
1
Volume 138
Financial Chronicle
Art Metal Construction Co. (& Subs.).
-Earnings.
---
Quar. End. Mar. 31Sales
Expenses
1934.
$600,856
593,487
1933.
9510,711
561.296
Net loss
Prof$7,369
Shares capital stock outstanding (par $10)
285,550
Earnings per share
$0.02
-V. 138, p. 3079.
$50,585
$152,381
$30,548
320,570
Nil
320,570
Nil
320,570
Nil
1932.
1931.
$973,119 $1,553,819
1,135,500
1,584,367
Baldwin Locomotive Works.
-Bookings in April Up.
-
Business booked by the Baldwin Locomotive Works and subsidiaries
for the month of April, on a consolidated basis, amount to $1,694,000 as
compared with $538.000 in like month a year ago,an increase of over 200%.
For the first four months of the year
as compared with $2,046,000 in theconsolidated bookings total $7,695,000
same period last year. Bookings
the four-month period compare with $10,635,000 for the 12 monthsfor
of
1933 on a comparable basis, and are more than the bookings for the entire
year of 1932, which amounted to $7,071,000.
Consolidated shipments in April amounted to 91.065,000 as compared
with 9458,000 a year ago, and for the four months shipments total $4,091.000 against $2,250,000 in first four months of 1933.
With bookings during the month
shipments, the backlog
showed a further increase to a new highexceeded years, unfilled orders on
in recent
April 30 amounting to $7,915,000 as compared with 94,358,000 at the
beginning of the year and with $2,423,000 on April 30 1933. ("Philadelphia Financial Journal.")
-V. 138, p. 3080.
Baltimore & Ohio RR.
-Annual Report for 1933.
-The
remarks of Daniel Willard, President, together with condensed income statement and balance sheet for 1933 will
be found in the advertising pages of this issue.
Statistics for Calendar Years.
1932.
1933.
a 1931.
Revenue passengers carried_
3.791.854
3.102,656
5,526.236
Revenue Passenger miles- __ 435,231,032
428,278.014
533,694,813
Average miles per Passenger140.28
112.95
96.57
Average rate per pass. mile_
2.251 as.
2.420 cis.
2.847 cts.
Tons rev,freight handled--61.079,224
54,328,114
77.178,567
Revenue ton miles
12,110,623,868 10,736,739.166 14.830,547,000
Average miles per ton
198.28
197.63
192.16
Aver.rate per ton mile(mills)
9.36
9.88
9.79
Rev,tons per train mile---808.78
724.84
827.15
Fr't tr'n miles per train hour
12.96
13.25
12.68
Comparative Income Account for Calendar Years.
1933.
1932.
a1931.
1930.
i
$
$
$
Rev,from frt. transport 113,380,296 106,060,060 145.197.431 173,706,337
Rev,fr. pass. transport_ 9,798,466 10,362,683 15,194,788 18,567.622
Rev, from wail, express
and other transporta_ 8,613,491
9.460,080 12.361,210 14,386,477
Total ry. over. revs_131,792.253 125,882,823 172,753,429 206.660,436
Maint. of way & struc__ 10,939,855 10,317,522 15,266,061 22,442,383
Maint. of equipment--- 24,011,165 22,157,472 35,522,657 41.693.161
Traffic
4,026,271
4,734,047 6.256,097 6,269.933
Transportation
43,771,782 46,343,123 64.927,748 72,500,106
General
6,545,184 7,153,929 8,358,232 8.145,895
Miscellaneous
1.075.443
948,842 1,773,730 2,090,897
Total ry. oper. exp--- 90,369,700 91,654,935 132,104,525 153,142,375
Transportation ratio-33.217
0
36.827
37.58%
35.08%
Total operating ratio_ _68.5770
72.81
76.47%
74.10%
Net rev.from ry. oper__ 41,422,553 34,227,888 40,648,904 53,518,061
Taxes
8,156,726 8,905,018
Equip. & it. facil. rents. 4,416,626 3,349,472 9,255,700 10.326,670
3,640,806 2.942,778
Total chgs. to net revs 12,573,352 12,254,490 12,896,506 13.269,448
Net ry. oper. income. __ 28,849,201 21,973,398 27,752,398 40.248,613
Other income
6,218,021 6,578,829 9,489,699 11,243,924
Tot.inc.fr. all sources 35,067,222 28.552,227 37,242,097 51,492.537
Interest
33,715,331 33.395,966 32,494,560 29,155,865
All other deductions--1,147,119 1,491,239 1.319,875
912.902
Total deductions
34,862,450 34,887,205 38.814,435 30.068,767
Bal. avail, for dive, and
other corp. purposes_
204,772 def6334.978 3,427,662 21,423,770
Divs.-Pref. stock
2,354,528 2,354,528
Common stock
8,970,341 17,940,687
Surplus
204,772 def6334,978 def7897.207 1,128,555
Shs. coin. stk. outstanding (par $100)
2,562,954 2,562,954 2,562.954 2,562,954
Earnings per share
Nil
$0.57
a For comparative purposes figures for theNil 1931 recast
Year
to
operations of Buffalo Rochester & Pittsburgh Pty. and Buffalo & include
hanna RR., both of which are now operated as a part of Baltimore Susque& Ohio.
Comparative Condensed Balance Sheet.
1933.
1932.
1931.
1930.
13SM-$
$
$
invest. In prop'ty used in
transportation service_ 5987.243,034 999,089,672 923,661,086
918,512,308
Invest. in separate open
cos., incl. misc. physical property
103,722,280 102,190.480 123,711,313
94,646,539
Inv. In sinking funds and
dep. acct. property sold
42,196
620,104
Invest. In other companies 95,384,122
94,920.981
90,662,199 111,382,474
Cash
6,674.116
8,688.799
13.118.599
18,512,871
Other current assets
23,059.031
25,981,114
28,922,357
32,963,012
Deferred assets
4,751.231
4,693,345
6,018.796
5,495,827
Total assets
1 220.833,814 1,235,564,391 1,186,136,546 1,1+42,133,135
Preferred stock nutst'g _ 58,863.162
Common stock outstand's 256,295,348
Prem. on sale of corn. stk..
3,355,721
Equipment obligations. __ 42.888,200
Mmes.& cap. leaseholds_ 049,808,026
Traffic. & car serv. bats.,
accts. & wages payable.
Int. and diva maid &
unpaid. uamat'd diva.
decl. & 0th. curr. IlAb__ 22,699.337
Loans and bills payable... 91,685.144
IAah. for providend funds
and other def'd Items__
1,104.110
Aeced deprec.. equIpm't_ 82,455,574
Other unadjust. credits._
8,626,744
Inter-co. non-neg. debt._ 14,597,059
itmerve for taxes, insur•
ance and operations_
Surplus
88.455,389
58,863.162
2513,295,348
3,355,721
49,793,190
582,309,051
58.863,162
256,295,348
3,355.721
57,044.800
543,115.196
58,863.162
256,295,434
3,355,721
64.296.000
543,327,496
20,635,489
61,225,000
21,894,637
43,000.000
50,154,212
6,836.265
83,676,159
11,135,924
79,700.506
9,534,074
75.317,566
9.745,674
101,985,578
10.827,641
109,861,329
17,405,041
95,170,055
Total liabilities
1 220,833,814 1,235,564,391 1,186.136,546 1,182.133.135
1 Includes $716,764,832 read and 8260,015.002 equIpment.-V. 138, p. 2911.
Baltimore Tube Co.
-Earnings.
-
3 Mos.End.mar.31Net loss after taxes, depreciation, he
-V. 138, P. 1400.
1934.
1933.
1932.
1931.
$21,587
$33,614
$52,084
$15,423
c'4-'Barnsdall Corp.
-To Consolidatek Operating Companies.
Because of the new tax laws prohibiting
Mated income tax returns
the Barnsdall Corp. will consolidate all of its 12 producing, refining and
marketing subsidiaries, effective July 1, it was announced on May 8.
The _merger will be effective through the creation of a new company, to be
3263
known as the Barnsdall Oil Co., an operating unit with separate divisions in
place of separate operating companfes as now constituted.
Companies to be consolidated are the present Barnsdall 011 Co., Barnsdall
Oil Co. of California, Barnsdall Gas Co., Mercer Land Co.. Barnsdall
Refineries, Inc., Barnsdall Refining Co., Petroleum Products Co., Barnsdall
Products Co., Barnsdall Zinc Co., Barnsdall Tripoli Co., Brownell Corp.
and Atlanta Mines Co. Most of these properties were originally acquired
and developed by the late Theodore N. Barnsdall, who died in 1917.
The company produced more than 10,000.000 barrels of crude oil in 1927.
but has been a leading co-operator in the oil conservation movement under
the leadership of E. B. Reeser (former President of the American Petroleum
Institute), President of the corporation. In 1932 its crude oil output was
4,717,000 barrels. The company owns about 1,500 oil wells in California
and Oklahoma and 2,800 wells in Ohio, West Virginia, Pennsylvania and
Texas. Refineries are located in Tulsa, Wichita and Oklahoma, and the
company has important pipe line and mine holdings.
-V.138, p. 3080.
Baton Rouge Electric Co.
-Earnings.
Period End. Mar.31Gross earnings
Operation
Maintenance
Taxes
1934
-Month-1933. 1934-12 Mos.-1933
$126,323
$115,890 $1,313,588 51,437,641
721,580
706.713
67,261
56,027
59,254
62,095
5.174
4,899
149,541
141,544
13,773
12,863
Net operating revenue
Int,and amortization_ - _
940.388
14,205
941,825
14.673
$406.076
172,041
$504,424
173.816
Balance
$26,183
Appropriations for retirement reserve
$27,151
$234.034
115,000
9330,607
115.000
5119.034
37,218
$215.607
37,236
$81,816
$178,371
Balance
Preferred stock dividend requirements
Balance for common stock dividends and surp-V.138, p. 2565.
Bell Telephone Co. of Pennsylvania.
-Earnings.
--
3 Months Ended March 31Telephone operating revenue
Telephone operating expenses
Uncollected operating revenues
Taxes and Federal taxes
1934.
1932.
1933.
914.944.706 $14,713,932 $17,411.172
10.705.000 11,090,830 12,708.209
195,129
685,882
653,000
579,884
Operating income
Non-operating revenue (net)
$3.553,824 $3,043,218 $3,854.834
47.811
82.612
123,514
Total gross income
Rent and miscellaneous deductions
Interest
53.601,635 $3,125,830 $3.978.348
25,774
465.956
22,533
1.550.028
1.550,582 1,536.061
Net income
Preferred dividends
Common dividends
$2,025,833 $1,552,715 $1.976,333
325,000
325,000
325,000
2,200,000 2,200,000 2,200,000
Deficit
Earnings per share on 1,100,000 shares
common stock
-V. 138, p. 3081.
5499.167
9972,285
5548.667
$1.55
$1.12
$1.50
Beneficial Industrial Loan Corp.(& Subs.).
-Earns.
Earnings for Three Months Ended March 31 1934.
Operating income
$3.718,628
Operating expenses (including provision for doubtful notes)...- 2,154.493
Net operating income
Income credits
$1.564,135
65,279
Gross income
$1,629,414
Interest on 6% convertible debentures
64,764
Other interest
92,967
Provision for Federal income and capital stock taxes
170,000
Amortization of expenditures for business development, debenture discount and expense, and commissions and expenses in
connection with sales of capital stocks..
57.438
Other charges
1,856
Netincome applicable to minority stockholders ofsubsidiary cos.
6.299
Net income
Earned surplus, Jan. 1 1934
$1,236,088
5,689,621
Total surplus
Surplus charges, net
$6.925.709
35,479
Earned surplus available for dividends on capital stocks of the
corporation
$6,890,229
Dividends on preferred stock series A
188,494
Dividends on common stock
784,684
Earned surplus, March 31 1934
95,917 049
Earns, per share on 2,092,444 shs. common stock (no par)...._ _
$1).50
Comparative Consolidated Balance Sheet.
Mar. 3134. Dec. 3133.
Mar. 3134. Dec. 31'33
Assets
LiabilitiesS
Cash
2,831.073 2,837,218 Notes payable to
Instal. notes ree_b41,888,825 41.263,559 banks
5,225,000 5,450,000
Miscell. notes and
Federal income tax 204,298
245.039
accounts reedy. 524,022
460,264 Other current Bab_ 127,829
245,470
Investments
1,480,879 1,833,294 Due to assoc. co
482.537
380.368
a Furniture&fixL a586,975
586,385 Employees' thrift
Expen.for business •
accounts
1,690,767 1,819,418
development...... 792,337
815,779 Reserves for taxes,
Unamortia deben.
insurance, Am_ _ 391,428
177,108
discount & exp. 675,614
670,134 6% conver. deben_ 4,241.000 4,367,000
Outside Interest in
capital stocks of
subsidiary cos
279,527
305,010
c Preferred stock _10,770.650 10.770,650
d Common stock _14,916,080 14.916,080
Paid-in surplus...... 4,333,559 4,333.068
Earned surplus _ 5,917.049 5,689,620
Total
48.579,726 48,498,828 Total
48.579,726 48,498,828
a After depreciation reserves of $654,609. b After reserves of 93,668.163.
c Represented by 215,413 no par shares. d Represented by 2,092,444 no
par shares.
-V. 138. p. 2912.
Berkshire Street Ry. Co.
-Earnings.
-
(As reported to the Massachusetts Department of1111
Public Utilities.)
93
3 Months Ended March 311934.
1932.
Revenue faro passengers carried
1,530.557
1,325.620
1,894.686
Average fare (cents)
7.51
7.55
7.42
Net loss after all charges
$34,906
948,461
$38,979
-V.138. p. 2400.
Berland Shoe Stores, Inc.
-April Sales.
1934-Month-1933.
$345,814
$429,113
-V. 138, p. 2912.
Increase. I 1934-3 Mos.-1933.
$83,299 51,038,359
$847,996
Increase.
$190,363
Black & Decker Mfg. Co.
-Earnings.
-Earnings for 6 Months Ended March 311934.
Net profit after deprec., Fed, taxes, int, and reserves
$110,671
During the six months' period bank loans were reduced from $677,535
to 9564,751.-V. 138, p. 1748.
, t' ia
tL/
Boot's Pure Drug Co., Ltd.
-Extra Div -PL'-
The directors have declared an extra dividend of 5%,free from tax, on
the ordinary registered shares, par £1, payable during 1934.
The stockholders will also receive the right to subscribe at 15s. per
share for one new ordinary share for each 15 ordinary shares held.
V. 137, p. 3152.
3264
Bing & Bing,
Inc.
-Earningsfor Calendar Year 1933.-
Co.(*Wholly Subs. Over
Owned Subs.:50% Owned.
Profit from operation of properties, management &
$186,964
$646,614
agent fees, interest earned, &c
Salaries Si gen. exps. of parent co., incl. reorganiza308.574
tion exps. of parent & certain sub. cos
91.041
31,510
Interest paid on loans & advances
293,900
816,750
Deprec.& amortiz. of prop.,leasehlds & mtge. disc
Provision for Federal inc. taxes of subs., not incl.
5.280
in consolidated return
Propor.share of losses of 50% or more owned subs.
101,412
apportioned to outside stock interests
Net loss
May 12 1934
Financial Chronicle
$510,220
$101,845
8612.065
9.493
Record Norge Sales.
The Norge Corp., a subsidiary, shipped 26 402 electric household refrigerators in April, compared with 19,998 units in March, according to President Howard E. Blood.
April shipments were approximately 234 times more than in April last
year and exceeded Norge's best previous month's record by 6,404 units,
establishing an all-time production record, he said.
Unfilled orders on hand at the end of April totaled 34.360 units. Total
orders for the first four months this year exceeded total shipments for the
entire year of 1933, the best previous sales period, by 11%. Mr. Blood
added "Our factories are running at capacity, with four six-hour shifts
-V.138,p.3081.
operating,and there is no apparent slackening in demand."
-Earns.
Boston Worcester & New York Street Ry. Co.
3 Months Ended March 31Net loss after all deductions
-V. 136, p. 3156.
1934.
prof.$3,772
1933.
$7,164
1932.
318,916
Consolidated loss (both)
Propor.share of losses in companies less than 50% owned
-Earnings.
Brillo Mfg. Co., Inc.
Interest on deb. bonds, incl. $234,290, the payment of which
1932.
1933.
1934.
271,455
3 Mos.End. Mar.31
is deferred by agreement
Net earns. after all chgs.,
$893.014
7
1931.
$ 6.405
$39.439
$37,478
$39,091
Total
incl. dePrec. & taxes..
1.944,608
Deficit as reported Dec. 31 1932
Earns. per sh.on 160,000
$0.39
0
2 .1
amounted$.l6 to $61$ 01
$0.16
abs. corn. stk.(no par)
$2.837,623
Total
5 9 and current
Current assets as of March 31 1934
Spec. Burp., bal. Dec. 31 1932 representing net excess of assets
comparing with $581,678 and $96.935 on March 31
of cap.stk. of subs $135,427.liabilities were 896,330.
at book amounts at dates of acq. over cost
.-V. 138, P. 1585.
3
41943
Credit arising from issuance of corn. stk. at $5 per sh.in lieu of
4,688.198
former pref. & corn. stocks
-To Postpone
ritish Columbia Pulp & Paper Co., Ltd.
195.920
Discount realized on purchase of own bonds
Interest.
Reinstatement in accounts of equities in two properties, pre156.012
A meeting of the holders of the 7% general mortgage sinking fund gold
viously eliminated
bonds will be held May 22 for the following purposes, namely:
Loss on sale of property,$22,578& upon surrender of properties
Dr263,584
(1) To amend the postponement of interest effected by the extraordinary
to mortgagees. &c
resolution adopted by the holders of bonds on May 16 1932. and to provide
$2.074,351
Capital surplus, balance Dec. 31 1933
that all the semi-annual instalments of interest falling due on the bonds
between May 1 1932, and Nov. 1 1934 (both dates inclusive), shall be payConsolidated Balance Sheet Dec. 31 1933.
able with interest thereon at the rate of 7% per annum on May 1 1936.
(After giving effect to elimination of certain property values, related
with the right to the company to make pre-payment from time to time on
mortgages payable, &c.1
30 days' notice.
Assets
(2) To waive and cancel the payments in cash or bonds to the sinking
Cash In banks and on hand... $468,320 Tenants' security deposits, &
fund which will fall due in the years 1935. 1936 and 1937. to the end that
462,758 amts, due to owners of manGeneral funds
the company shall be relieved from the obligation of making any payments
other than
aged properties
Marketable seem's, at approx.
in cash or bonds to the sinking fund until Nov. 11938.
37,507 subsid. cos., see cash contra_ $385,288
market value
(3) To waive any defaults which may occur prior to the passing of such
a 126,747 Accts. pay. & sundry accruals_ 101,510
Accounts receivable
-V. 138. p. 2913.
esolution or resolutions.
Estimated Federal income &
Unexpired insurance, fuel and
7,280
54,898 capital stock taxes
supplies, &c
rowning, King 8c Co., Inc.-Bankruptcv.307,004
expenses
Accrued
Due from affil. cos., less than
The Irving Trust Co. was appointed receiver in bankruptcy on May 9
10,496
20,859 Estimated Fed. Income taxes_
60% owned
by Judge Robert P. Patterson in Federal Court. Company has been in
Tenants' prepayments of rent.
2nd mtges.rec., atledger amts.
equity receivership since April 1932.
42,213
are
leas outlays in connection
The following statement was issued by Ernst, Yale, Bernays & Falk.
c1,161,531
375.719 Advances
with underlying 1st mtges
attorneys for the company:
Interest on stamped debenture
Investment in real estate cos.,
"Browning, King & Co.. Inc., is the oldest chain of its kind In the United
312,387
13,839 bonds
at cost
States and has been in business for upward of 112 years. The filing of the
65,244 25-yr.634% sinking fund deb_ 3,893,500
Due from officers & employees
bankruptcy petition was determined upon after careful consideration and
Deferred credit arising from
Investment in 3 affiliated cos.
consultation with the creditors' advisory committee, representing upward
38,139 elimination of certain asset
less than 50% owned
of 75% of the merchandise obligations of the company.
460,031
534,021 & liability amounts
Participations in syndicates
"Heavy cash drains since last summer and general business conditions
67,129,350 Outside stockholders' proporReal estate St leaseholds
resulted In leaving the company without adequate working capital and pro543,479
Furniture, furnishings, &c...- 413,860 tionate share of net worth
duced a situation where it became necessary, in order to insure all creditors
506,690
Capital stock
Mortgage (Mel & expense,
of fair and equal treatment, to initiate the bankruptcy proceedings. It is
2,074,351
64,498 Capital surplus
being amortized
hoped that this condition can be shortly cured and in continued co-operation with the creditors, the business may be reorganized on a sound basis."
$9,805,759
$9,805,759 Total
Total
-V. 134, p. 2728.
a After allowance for doubtful accounts of 9124.257. b Consists of
-Earnings.
Buffalo General Electric Co. (8c Subs.).
Improved properties (after depreciat on and amortization of $4,149,625).
valued at $26.667.424: properties acquired for development at cost (exPeriod End. Mar.31- 1934-3 Mos.-1933. 1934-12 Mos.-1933.
$4,152.855 83.542,408 $14,166,628 $13,525.917
clusive of carrying charges) $3,048,301: total properties $29.715,725: less
Operating revenues
bonds and mortgages and serial mortgage bonds of 50% or more owned
Oper. rev. deductions.. 2,630,354 x2,293,177 9,155,849 x8,581,063
subsidiaries, which it is stated are not obligations of Bing & Bing, Inc.,
itself (except for the pledge of a leasehold on 31.143.100 of said bonds),
Operating income---- $1,522,502 81,249.231 $5,010,779 $4,944,854
138
63
437
of which 717,007.688 are past due and open mortgages, and instalments
3.015
Non-oper.income, net-of $883,641 and mortgages of $3,056.750 mature in 1934. $22,586,375
91.522,564 31,249,369 $5,011,216 $4,947.869
balance as above, $7,129,350. c Including interest, made by certain
Gross income
the companies which are 60% or more
554.337 2,209,179 2,173,423
547,802
of their stockholders to some of
Deduct, from gross inc.,
owned by Bing & Bing, Inc.
$974,762 4695.033 82.802,039 42.774,446
Contingent Liabilities: Bing & Bing, Inc., is contingently liable on four
Net income
four buildings
building construction bonds aggregating $6,000.000 on
x Changed to give effect to major adjustments made later in the year
Completed in 1931, which bonds under an extension agreement of 1932
1933.-V. 137, P. 1763.
become void upon payment of mortgage Instalments of $120,000. and
-Receives $1,000,000 Orders.
(Edward G.) Budd Mfg. Co.
which payments are postponed with right of repayment until March 1 1941.
but are subject to demand for payment on any interest date after Sept. 1
Contracts totaling over $1,000,000 have just been closed by the tensile
1936; and on two building bonds, aggregating $400.000 on two buildings
division of the above company, according to a Ptilladelphia dispatch.
completed in 1931, which bonds become void on further reducing the two
This work, to be done at the Philadelphia plant, will employ considerably
-V.138, p. 2914.
mortgages $179.500 (including $82,000 extended to March 1 1941. with
more than 300 men for a year, it was stated.
privilege of prepayment), and on the payment of the interest on the mortBuffalo-Fort Erie Public Bridge Co.
-Bridge Authority
gages and real estate taxes until the above stated $179.500 reduction of
instalments referred to
principal is made. The extensions of mortgage
Authorized.
above are conditioned upon Bing & Bind, Inc.. paying no dividends on
President Roosevelt last week signed a joint resolution providing a
Ito stock until the postponed instalments have all been paid.
Buffalo and Fort Erie Bridge Authority. This authority will have power
Proposed assessments of additional Federal income taxes, aggregating
- to maintain a highway bridge between Buffalo and Fort Erie, Canada.
about 9115,000 for prior years. are being contested by the company.
Canada has already approved the agreement. See also V. 138, p. 1046.
V. 137. P. 4016.
2566.
-April Sales Up 1.2%.
(H. C.) Bohack Co.
-1933.
1934-13 Wks.
-1933.
Period End. April 28- 1934-4 Wks.
$2.415,818 $2.386,498 $8,070,230 $7.440,430
Sales
-V.138, P. 2738.
-Earnings.
Borg-Warner Corp.(& Subs.).
Buffalo Niagara & Eastern Power Corp.(& Subs.).
Period End. Mar.31- 1934-3 Mos.-1933. 1934-12 Mos.-1933.
37.806.096 $7,178,864 $30,021.051 $29,200,961
Operating revenues
Oper. rev. deductions- 4,209.843 x4,026.151 16,434,418 x15.742,421
$3,596.253 83,152.713 $13,586,633 $13,458,539
Operating income
42.104
33,763
Non-oper. income, not..
116,793
174.208
38.638.357 $3,186,476 $13,703,426 913,632.748
Gross income
1,309,235 5,189.149 _5.254,488
Deduct, from gross Inc_ 1.277,909
$2,360,448 $1,877,241 $8.514,277 $8,378,258
Balance
147.487
147,487
Div. on pf.stk.of sub.co.
589.950
589.950
92,212,961 41,729.753 $7,924,327 47,788,308
Net income
x Changed to give effect to major adjustment made later in the year
1933.-V. 137, p. 3841.
1932.
1934.
1933.
3 Months Ended March 31$600,065
$1,545,795 los46,961
Operating profit
99,698
157.265
95.973
Other income
$699,763
$89,012
$1,703.060
Total income
406,880
401.261
397.964
Depreciation
69.219
89,742
274,131
Interest
53,436
165,872
Federal taxes
8
Cr10
Minority interest
$170,220
$865,093 loss$381,981
Net profit
2.498
2,204
1,162
Pref. dive, of constituent companiesOil Co., Ltd.
-Extra Cash and Stock Divs.61,030 "1"-•Burmah
56,760
57,985
Pref. diva. Borg-Warner Corp
The company has declared an extra cash dividend of 234% (less tax)
Common diva. Borg-Warner Corp--287,727
and a 33 1-3% stock dividend in addition to a final cash dividend of 15%
(lees tax) on the ordinary registered stock, par LI. A year ago the com$106,699
$519,444 def$442,170
Surplus
pany also declared a final cash distribution of 15%
Earnings per share on 1,150.909 abs.
$0.09
Nil
$0.70
Calendar Yearscommon stock (par $10)
1933.
cash, U.S. Govt.
Profit, after income taxes and charges
Current assets as of March 31 last, including $7,384,434
L2,011.568 £1,5 4,635
93 .
12 2
-V. 137, p. 691.
and other marketable securities, amounted to 318.102,441, and current
liabilities were 84,138,908. This compares with cash, U.S. Govt.and other
Butte Copper & Zinc Co.
-Earnings.
marketable securities of $6,912,871, current assets of $13.026,879, and
current liabilities of $1,455,478 on March 31 of previous year.
Earnings for 3 Months Ended larch 31 1934.
Consolidated Balance Sheet March 31.
e settlfo
rrom
Tons of of
R
37,376
1933.
1934.
1933.
1934.
lessee, operator of company's properties, being
LiabautesAssets$25,766
50% of net smelter returns on above ore
Cum.7% pref.stk. 3,400,000 3,520,000
Property.plant &
Interest received
a_
1.285
13,931,756 15,306,970 Common stock_ __12,308,340 12,308,210
equipment
1,994
420,324 Scrip certificates__
Patents&good-w111 400,861
Total income
827.051
Mise.investments_y2.361,005 2,087,881 Sinking fund bonds 1,075,000 1,586,000
Administrative expense and taxes
8.819
111,051
58,100
2,705,867 2,360,710 Minority interest_
Cash
Net Income _
818,232
U.S. Govt. securs_ 4,021,112 3,489,523 Accys. payable and
3,418,808 1,316,763
Marketable securs. 657,455 1,062,637 accrued
-V. 138, p. 1749.
74,911
Federal tax reserve 374,451
Due from closed
63,804
1933
379,279 Dividends payable 345,649
.
Campbell, Wyant & CannonFoundry Co.-Earnings.
51.074
1932
.
banks
8,098,080 3,883,811 Notes payable (not
.
Quar. End. Mar. 31- 1934.
1931.
Inventories
9,782
16,368
current)
Net inc. after deprec.,
Accrued int. and
454.726
491,680
81,445 Special reserves85,880
$81,843 loss$69.535 loss$23.379
$140,230
Int., Fed. taxes, &c_ _ _
diva. receivable_
13,670,980 11,821,869
Earns. per sh.on 348,1190
Notes & accts. rec_ 4,482,971 1,769,374 Surplus
470,696
Nil
Nil
no par shares
Deferred charges__ 319,783
0
6 0
The balance sheet as of March 311934shows current assets of $1,61$,0487
35,115,836 31,312,650
Total
35,115.836 31,312,650
against current liabilities of $225,820. compared with current assets of
Total
$1,015,599 and current liabilities of $90.517 at the end of the preceding
Including 79,925 shares of Borg-Warner comx After depreciation. y
year.-V. 137, p. 3331.1
mon and 1,566 shares of preferred
3265
Financial Chronicle
Volume 138
California-Oregon Power Co.
-Earnings.
Calendar Years1931.
1933.
1932.
1930.
Gross earnings
$3,605,473 $3,792.623 $3,853,247 $3,923,982
Oper.exps.,maint.&taxes 1,530,449 a1,481,356 b1,783,814
1,653,030
Net earnings
Other income
$2,075,024 $2,311,267 $2,069,433 $2,270,952
6,259
5,095
11,481
5.486
Net earnings
$2,086,505 $2,316,753 $2,074,528 $2,277,211
Lease rentals
155.982
230,899
238.092
240,765
Bond interest
580346
597,786
567,986
642,546
Debenture interest
220.000
310,750
220,000
385,000
General interest
47,053
145,277
160,786
26,582
Int. charged to construe_
Cr20,763
Cr859
Cr27,912
Cr23,664
Amortiz. of debt disct.
and expenses
157,289
116,457
Approp. for retire. res
174,842
300,000
Balance
Preferred dividends.. _ _ _
Common dividends_
$460,341
460,341
$632.057
589,072
41,031
$922,769 $1,294,592
533,345
534,704
Not reported
Balance
$761,246
$388,065
$1,955
a Including $100,!)00 for amortization of extraordinary operating expenses
deferred in 1931. b Lees $300.000 extraordinary operating expenses to be
amortized, approved by Railroad Col/mission of California.
Condensed Balance Sheet Dec. 31.
1932.
1933.
1933.
1932.
Assets5
$
$
$
LiabilitiesPlant, prop., rts.,
7% pref.stock__ 2,883,000 2,883,000
franchises, &c__34,152.253 34,043,473 6% pref.stock.... 1,000,600 1,000,000
Disc. & exp. on
6% pref.stock.... 5,866,300 5,866,300
capital stock... 627,893
14,600
31.100
580,339 Subscr. to pt. stk.
Investments
28,531
1,400 Common stock... 6,847,100 6,847,100
Sinking funds_ _ _ _
17,560,500 17,604,800
6,426
72 Funded debt
Prep'd accounts__
81,728
85,167
8.275
7,006 Accounts payable_
Insur. unexpired__
76,724
6,264
15,779 Div. on pref. stk.._
Def. accts. in pro304,733
Accrued for int.__ 329,289
(teas of amortiz__ 1,675,165 1,910,547 Accrued for taxes. 559,311
468,973
Cash
194,478
164,951
269,109 Accrued for diva__
Subscribers for pref
46,291
47,628
Customers' deps-_
capital stock_..
12,252
23,698 Customers adv.for
59,790
Accounts & notes
45,174
construction _ __
21,359
receivable, net
520,123
606,054 Unadl. credit....
Mats.& supplies
389,550
403,358 Deprec. reserve... 2,017,595 2,065,124
14,242
Other assets
78,790
176,186
207,513 Other reserves_ __ _
11,399),
Capital surplus_ _ _
Earned surplus_ _ _ 389,818f 534,804
37,767,868 38,068,349
37,767,868 38,068,349 Total
Earnings for 12 Months Ended Feb. 28.
1934.
1933.
Gross earnings
$3,614,200 $3.733,566
Operating expenses, maintenance & taxes
1,565,307 x1,426,654
Total
Net earnings
_Other income
$2.048,893 $2,306,912
4,833
11,349
Regular semi-annual distributions of $3.50 per share had been made on
this issue up to and incl. June 30 1931, since which date the following
payments have been made: $5 per share on June 30 1933: $4 per share on
Sept. 30 1933; $3.50 per share on Dec. 313933 and $4 per share on March 2
1934. Following the June 1 1934 distribution, accruals will amount to
$3.50 per share as of June 30 1934.-V. 138, IL 1566.
-Earns.
Central Illinois Public Service Co.(& Subs.).
1934.
x1933.
$2,612,504 $2,596,060
1,724,160
1,831,921
3 Months Ended March 31Total gross earnings
Total operating expenses and taxes
Net earnings from operation
Other income(net)
$780.582
12,914
$871,900
5.078
Net earnings available for interest
Interest deductions
$793,497
703,477
$876,979
710,510
$90,019
$166,468
Net income before dividends
x Adjustments, including increased provision for depreciation, made
subsequent to March 31 1933 but applicable to the period beginning Jan. 1
1933, have been given effect to in this column.
-V.138, P. 2402.
-Bondholders
Central Investment Corp., Los Angeles.
Asked to Consent to Interest Reduction.
The company is requesting bondholders to consent to the execution of a
supplemental trust indenture which provides that interest rate on the bonds
shall be cut until the amount of bonds outstanding has been reduced to
$2,500,000. There are currently outstanding $5,000,000 6% bonds.
The plan provides for reduction in the interest to 3% to Oct. 15 1935;
4% to Oct. 15 1937, and until the bonds outstanding have been reduced to
$2.500,000, interest is to be resumed at 6%. The plan includes leasing the
Biltmore Hotel property, furnishings, Sze., as a whole to Baron Long for
25 years from Jan. 1 1934,for a percentage of the net receipts.
-V.137,P.
4193.
-Earnings.
Central Power & Light Co.(& Subs.).
3 Months Ended March 31Total gross earnings
Operating expenses
Maintenance
Provision for depreciation
State, local, Sac., taxes
Federal income taxes
$1,722,638 $1,698,470
745,144
682,107
77,848
65,473
207,458
156,964
162,665
142,803
3,691
10,027
Net earnings from operations
Other income (net)
$526,132
8,152
$641,096
9.276
Net earnings available for interest
Funded debt interest
General interest
Amortization of bond discount and expenses
Interest charged to construction
$534.284
452,901
13,226
34,956
Cr18
$650,372
455,583
12.205
34,983
Cr?
Net income before dividends
$33,218
$147,608
x Adjustments, including increased provision for depreciation, made
subsequent to March 31 1933 but applicable to the period beginning Jan. 1
1933, have been given effect to in this column.
-V.138. P. 2079.
Net earnings including other income
$2,060,242 $2,311,745
Central Properties, St. Louis, Mo.-Plan to Refinance
Lease rentals
238,718
239,624
Three St. Louis Theatres Opposed.
Interest charges
-net
1,051,742
1,036,903
Amortization of debt discount & expense
130,801
157,277
A plan of financial reorganization for the Ambassador. Missouri and
Appropriation for retirement reserve
202,407
273,874
Grand Central Theaters is opposed by Federal Judge Davis, who, in a
written opinion, declared, "the administration expense of the consummaNet income
$631.449
$409,192
tion of this plan is unreasonable."
x Includes $83,333 in 1933 for amortization of extraordinary operating/
The first mortgage bondholders' committee, headed by Thomas N.
expenses deferred in 1931.-V. 138, p. 2241.
asking the Court to specify dates within which
i ,41.441.41„ Dysart, filed abondholders should have the right to participate.
, non-depositing petition
1"
-Canadian Industrial Alcohol Co., Ltd.-Reorg ization
"The Court declines by any act or circler to encourage the enforced
I Under the plan of recapitalization recently approved by the st khold
adoption of the plan by the bondholders," Judge Davis said in his opinion.
the 989,264 class A voting snares will be divided into 494,632 corn:Oi
"The petitioners seek by their petition to secure certain orders designed
l
shares with rights identical with the former class and the same number of
to expedite a proposed plan of reorganization of the properties and interests
preferred shares, while tee 123.43(3 class 13 non-voting shares will be divided
involved in this receivership proceeding," began the opinion. "The esinto 61,718 new class B common shares, non-voting, and the same number
sential merit of the plan is now before the Court. But a copy of the
of preferred shares.
proposed plan is attached to the petition and the Court may properly
All preferred shares will rank equally and will be entitled to a dividend
examine the same before taking any action tending to make it effective.**
of $1.50 per share annually. It will be redeemable in the open market,
The reorganization plan contemplates the leasing of the three theaters
..
y tender, or by lot at prices up to $24 per share.
-V. 138, p. 2740.
to Allen L. Snyder, former Vice-President of the Stone & Webster Engineering Corp., who would operate the properties through a new corporation
/Canadian National Ry.-$65-,228,133-for- 1934-0ieration.
to be formed under the laws of Missouri. Under the plan, the bondholders
would, in effect, become the owners of the property through an exchange
E. N. Rhodes, Canadian Minister of Finance, in a bill introduced in
of their present holdings for bonds and common stock in two corporations
rouse of Commons at Ottawa, Ont., has asked $65,228,133 to finance
to be organized in Missouri to acquire title to the properties.
perations of Canadian National Railways during the current calendar year.
One of the new corporations to be formed would issue new securities
n addition he asked $1,412,000 for the Canadian government merchant
to be exchanged for those of the Central Properties Corp. and the other
marine and West Indies Service of Canadian National Steamships, of which
to issue securities to be exchanged for those of the St. Louis Properties
$1., _242,000 would be for the West Indies service.
Corp.. which floated an issue of $2.000,000 against the Missouri Theater
Mr. Rhodes said that of the Canadian National apportionment $12,185,and office building. Of the Ambassador and Grand Central issue, $4,828 would be used for equipment, principal and payments, sinking funds
n miscellaneous maturing obligations, $4,202,007 for construction and
050,000 are still outstanding and unpaid, and of the Missouri issue, $1.-V. 121, p. 1351.
ments and $48,840.298 for estimated income defi t.
917,000 remains unpaid.
a
l
j....
_
ffers to Purchase Part of Debenture Stock.
he Canadian National Ry. will on July 1 1934 h
£178.4398s ld. of
sinking fund moneys available for the redemption by purchase of a certain
part of the 1927 guaranteed debenture stock (issued in exchange for the
Grand Trunk Pacific Ry. 4 1 debenture stock) it is announced. Tenders
are invited for the sale of stock to the company for redemption and cancellation. Tenders may be made at any price not less than £60 and not more
than £100 cash per E100 of stock, including accrued interest thereon from
Jan. 1 to July 1 1934. The effect of the tender price will be that a tenderer
in respect of an accepted tender will only receive payment at the flat price
at which the tender is made and will receive nothing more for interest to
July 1 1934, or otherwise.
Tenders must be received not later than noon on May 15 at either the
office of the European secretary and treasurer of the company at Orient
House, 42-45, New Broad St., London, E.0.2. England or at the office
of the Secretary of the Canadian National By., 360, McGill St., Montreal,
Canada. Tenders may be made of all or any part of any individual holding.
For the convenience of holders of stock on the Montreal and New York
registers all tenders received from such holders at the Montreal office not
later than noon on May 15 will be opened at the Montreal office and the
necessary particulars will be cabled to London in case the other copy of
the tender is not received at that office in time.
Earnings of System for First Week of May.
1934.
1933.
Increase.
Gross earnings
$3,290,932 $2,617,842
$673,090
-V. 138, p. 3082.
Canadian Pacific Ry.-Earnings.Gross earnings
--v. 138. P. 3082.
Earnings for First Week of May.
1934.
1933.
$2.249,000 $2,041,000
Increase.
$208,000
-Operation of Mills Taken
Canadian Paperboard, Ltd.
-See latter below.
Over by Subsidiary of Robert Gair Co., Inc.
-V. 137, p. 2106.
Catalin Corp. of America-Patent Suit Settled.
Certain-teed Products Corp.(& Subs.).-Earnings.Quer. End. Mar,31Gross oper. prof.after deduct. repairs & maint.
Inc. from other sourcesTotal
Selling,admin.& general
expenses and bank int.
Depreciation
Depletion
Interest on bonds
Federal taxes
Sundry adjustm'ts (net)
Net deficit
-V. 138, P. 3083.
1934.
1933.
1932.
1931.
$409.288
6,258
$200.690
16,486
$438,412
27.214
$972.057
34,927
415.546
$217,176
$465,626 $1,006,984
520.425
210,338
1,336
132.348
3.000
Cr10,796
506.747
209,573
727
132.723
Cr1,087
Cr45,336
778,940
275,063
1.879
171,630
4,315
Dr9,049
$441,106
$631,506
$511,937
$233.892
668,810
212,727
3.272
138.090
-Increases Common Div.
hampion Coated Paper Co.
A quarterly dividend of $1 per share has been declared on the common
stock, payable May 15 to holders of record May 10. This compares with
50 cents per share paid on Feb. 15 last and with 25 cents per share paid
each quarterfrom Feb.15 1933 to and incl. Nov.15 1933.-V.138, p.2090,
1048.
Chain Store Investment Corp.
-Earnings.
-Earnings for 3 Months Ended March 31 1934.
Dividends income
Managers' commission
Taxes
Miscellaneous expense
Net income to current surplus
Gain from_Security Transactions.
Sales of securities
Cost of securities sold
$2,750
178
11
261
$2.301
$22,089
12,178
Net gain from security transactions
$9,911
The patent suit brought about a year ago by corporation against MarSurplus Account.
the signing of a consent decree by
blette Corp. has been ended through
Deficit from
Judge Moscowitz in U. S. Disttict Court in Brooklyn on May 2, William
Capital
Security
Current
Thelle. President of the corporation has announced. The litigation was
Surplus. Transactions. Surplus.
settled by granting a license to Marblette Corp. which in turn recognizes
Balance, Jan. 1 1934
$540,027
$304,138
$6,082
Catalin Corp.'s patents and agrees to pay royalty on its (Marblette Corp.'s) , Current net income as above
2,301
.re output.
ti
c
-V. 138. P. 3
Gain on security transactions as above
082.
9,911
4
elanese Corp.of America.
.
-$1 Panic. Pref. Dividend,
A
The directors on May 8 declared a dividend of $1 per share on accountiof
accumulations on the 7% cum, 1st panic, pref. stock, par $100, payable
June 1 to holders of record May 18.
•
' Total
Divs.paid on pref.stock
Balance
$540,027
$294.228
$8,383
561
$540.027
$294,228
$7,822
Financial Chronicle
3266
Balance Sheet March 31 1934.
Liabilities
Assets
Cash
$1,292 Unclaimed dividends
Accounts receivable
90 Y Preferred stock
z Common stock
x Investments at cost (market
value $221,625)
363,560 Capital surplus
Deficit from sea. transactions
Current surplus
$297
101,025
10,000
840,027
294,228
7,822
Total
8364,943 Total
_$364,943
x Investments carried on books at cost at which originally purchased by
predecessor corporation or this corporation. y Represented by 2,245 no
par shares. z Represented by 100,000 no par shares.
-V.138, p. 2568.
Chanin Realty Corp.
-Trustee Upheld.
The application by holders of bonds on the Chanin Building. 42d St.
and Lexington Ave., to remove the Continental Bank & Trust Co. as
trustee of the first and third mortgages and to enjoin the bank from proceeding with a suit to foreclose on the first mortgage was denied recently
by Supreme Court Justice Philip J. McCook. Justice McCook said that
under the foreclosure bondholders would be protected without regard to
junior participation under the second and third mortgages. The first
mortgage bondholders are to receive reduced interest to help junior bondholders, while the owners of the building will receive nothing until the
bondholders are paid, the Court said.
-V.138, p. 1567; V. 130, p. 2614.
Checker Cab Mfg. Corp.(& Subs.).
-Earnings.
(But excluding statements of Parmelee Transportation Co.)
Calendar Years1932.
1931.
1933.
1930.
Sales ofcabs
$2,270,784
985,998 $4,416,067 $7,688,928
Cost of cabs sold
1,831,430
267,409 3.337.530 5,858.605
Gross profit on cabs
Service & miscell. sales
Service & misc, sales cost
$439,354 loss$181,411 $1,078,537 $1,830,323
1,107,726
1,912,342
910,697
1,114,815
1.082.463
2,090,372
977,056
1.258.869
Gross profit on service
& miscall. sales_ _ _ _ defS66,360 def$151,143
Rev,from other oper_
793.620
1.182,636
Direct exps. agst.oth.op.
739,577
853,086
932,352 def$178,030
1.615,541
2,012.065
1,673,131
1,110.691
Gross inc. fr. 0th. op_
Combined gross profit...
Selling expenses
Gen.& admin. expensesDepreciation
$329,550
loss3,004
121,880
383,366
253.767
$504.851
1,615,740
309,673
510,342
168.625
$338,934
1,991,226
559,299
634,824
165,617
Operating profit
loss$195,711 loss$762.018
Other inc., principally
disets, earned interest
and dividends
48.397
14,670
$627,101
$631,485
186,172
299,463
Total income
loss9147,314 1os4747,347
Interest paid
62.062
30.639
Bad debts written off &
adcrns to reserve
90,697
Prov.for bad d'ts & losses
5.690
Res. for Fed. inc. tax
Loss on operating subs_
20,557
Loss on sale of securities
15,000
Loss on sale of assets
1,303
Miscellaneous deduc'ns.
567
Special items
407.857
$813.272
179,741
$930,949
89,030
142,362
60.000
252,228
85,000
954,043
427,037
73,925
305,135
243,687
Net income
loss9707,931 loss$821,105
9431,168
Shs.com.stk.out.(par $5)
108,362
x433,447
108,361
Earned per share
Nil
Nil
$0.99
Consolidated Balance Sheet Dec. 31.
Assets1933.
1933.
1932.
y Land, buildings,
z Capital stock.,., $541,809
mach.& equip_ _21,487,913 $1,721,066 Secured bank loan
Cash
132,004
275,375 1st mtge. on real
Equities in notes
estate
67,000
discounted
62,767
160,732 Notes & accts. pay. 639,635
Accts. & notes rec., 869,003 1,172,814 Trade notes & acInterest received
10,849
59,475 cept's payable__ b629,696
Inventories
560,584
566,065 Customers' depos _
Miscellaneous_ _ _ _
29,086 Accruals & miscell.
Investments
1,179,406
55,268
503,287 liabilities
Other investments
Other reserves_._.366,311
60,538
Other noMs recely_ 482,169
21,108 Paid-In surplus.,... 1,898,182
Dep. in closed bks.
6,065
Capital surplus_
U. S. Govt. bonds
Earned surplus_ _ _ 766,479
dep. as surety _ _
23,495
Good-will
1
1
Deferred charges
89,587
37,767
.
$504,690
x433.447
$1.16
1932.
8541,809
325,000
67,000
290,863
2,503
52,125
94.887
835,016
1,263,166
1,474,409
Total
$4,964,380 $4,546,779
24,964,380 $4,546,779 Total
x Represented by 433,447 no par shares. y After depreciation of $1,362,894 in 1932 and $941,693 in 1931. a Represented by shares of 95 par
value. a Accot.nts payable only. b Of which $509,429 mattres in 1934
d$120,267 In 1935.-V. 138. p. 687.
r
Chicago Corp.
-25-cent Preferred Dividend4J.At
1
4
A dividend of 25 cents per share has been declared on the $3 cum. cony,
pref. stock, no par value, payable June 1 to holders of record May 15.
A similar payment was made on this issue on March 1 last. A similar
payment was made in each of the five preceding quarters.
-V.138, p. 2090.
Chicago & Eastern Illinois Ry,-Annual Report.
General Statistics for Calendar Years.
1932.
1931.
1930.
1933.
946
Miles operated
939
939
939
962,823 1,315.981
Passengers carried
744,705
669,324
Pass. carried one mile.,.. 79,517,548 60,552,972 79,443,440 101,029,338
.026 cts.
.019 cts.
.023 cts.
Revenue per passenger- .016 eta.
Revenue freight (tons)
6,297,741
6,3.14,846 7,332,867 9,814,797
Rev.freight (tons 1 m.)1,066,240,920 1039936,087 1262829,045 1682581,630
Rev, per ton per mile__ _ .0091 cts. .0094 cts. .0094 cts. .0092 Ma.
Income Accountfor Calendar Years.
1930.
Operating Revenue1932.
1931.
1933.
Freight
$9,684,156 $9,819,162 $11,856,112 $15,387,823
1,838.814 2,618.532
Passenger
1,308,192 1,179.967
Mail, express, &c
1.527,241
1,108,267
1,083,211
1,276,857
164,178
250,703
Other than transportat'n
117,834
107,634
Total over, revenue_ -$12,218,448 $12,189,973 $15,135,961 919,784,299
Maint. of way & struct- 1,489,744 1,587.2321,906.484 2,210.562
Maint. of equipment__ _ 1,749.788 2,151,415 3,201,491 x9,280,045
Traffic expenses
581,817
696,058
825,059
943,137
Transportation
5,047,139 5,435,627 6,856,958 8,306,537
Miscell. operations, &c_
81,835
138,301
128.979
78,051
General expenses
654,518
694.226
832,236
776,359
Total oper. expenses._ $9,601,058 $10,646,392 $13,704,652 $21,701,496
Net earnings
2.617,391
1,543,581
1.431,309loss1,917,197
Taxes, &c
923,792 1,286,787 1,395,450
1.688,889
Operating income_ --- $1,693,598
$256.794
$35,858loss3,606,086
Operating Revenue
799,384
796,092
992,146
-Dr..
1,218,006
Hire of equipment
686,918
744,039
744,213
681,877
Joint facil. rent inc.-Dr
197.771
134,150
311,802
582,741
Other income
prof$341,447 $1,085,566 $1,388,695 $4,923,227
Total loss
2,186,002 2,126,878 2,050,533 2,120,345
Interest
154.624
154,054
155,095
155,126
Rents
44.920
21,324
46.796
52,981
Miscellaneous
$2,361,950 $2,325,853 $2,252.424 $2,328,453
Total charges
2,020,504 3,411,419 3,641.119 7,251,681
loss
Total
Income applicable to skg.
356,227
316,421
395,425
297.582
and other funds
$2,415,929 93,767,646 $3,957,540 $7,549,264
Deficit
May 12 1934
Condensed General Balance Sheet Dec.31.
1932.
1933.
1933.
Assets$
Liabilities
inv.in rd. & equip.77,513,252 77,457,562 Common stock__ _23,845,300
Preferred stock_ __22,046,100
Improvements on
leased property_ 167,327
164,516 Funded debt unSinking funds_ ___
7
7 matured
34,837,836
Deposits in lieu of
Loans & bills pay_ 7,758,055
mtged. prop'ty_ 211,916
102,452 Traffic & car serv.
Misc. phys. prop_ 1,784,090 1,787,194 balances payable 297,999
Inv. in affil. cos.*
Audited accts, and
Stocks
wages payable 1,750,183
2,585,601 2,585,601
Bonds
705,040 Miseell. accts. pay. 86,740
550,000
Advances
1,854,586 1,676,684 Interest matured,
Securities issued
unpaid
x29,158
1,792,605
Other investments
7,881 Unmatured Inter31,847
Cash
412,227
836,307 est accrued
355,546
Special deposits._ _
24,675
40,520 Unmatured rents
Loans & bills rec
4,843 accrued
6,234
510,189
Traffic & car serv.
Other current liabals. receivable_ 176,544
191,653 bilities_ _ _ _ _ _ _ _
32,843
Net bal. rec., due
Deferred liabilities
73,535
Tax liability
from agents and
1,323,941
190,011 Accrued depreciaconductors
214,296
Misc,accts. recely. 1,140,033
515,702 tion, equipment 4,297,987
Materials & suppl_ 583,528
727,457 Other unadjustable
Int. & divs. recely.
14,112
6,010 credits
234,952
Rents receivable
19,216 Add'ns to property
14,870
Other curr. assets_
1,811
4,368 through income
Work,fund advs
14,505
15,766 and Surplus...,.. 274,551
Other def'd assets_
29,404 Sink. to. reserves_ 3,083,450
33,669
Rents & insurance
Appropriated sur2,625 plus not invest_ 1,961,304
prems. prepaid_
1,846
Other unadj. debits 253,034
526,527 Profit and loss
balance deficit_16,943,949
1932.
23,845,300
22,046,100
34,985,236
7,880,590
320,979
982,701
102,949
40,520
358,952
528,415
25,036
85,899
1,541,587
3,896,487
279,841
271,924
2,905.905
1,961,304
14,462,381
Total
87,619,166 87,597,344 Total
87,619,166 87,597,344
x Purchased in anticipation ofsinking fund requirements.
-V.138,p.3084
Chicago Indianapolis & Louisville Ry.-Ann. Report.
General Statistics, Calendar Years.
1932.
1933.
1931.
1930.
Average miles operated_
644.59
646.84
646.84
646.79
Operations
173,362
256.837
Passengers carried
216,628
412,253
Pass. carried 1 mile
34,282,355 25,450,629 34,346.673 45,379,517
Av.per pass. per mile_ - 1.871 cts. 2.532 cts. 3.094 eta. 3.305 cta.
Rev. frt. (tons) carried_ 4,141.959 4,531,652 6,384,548 8.293,310
Rev. freight (tons) carried 1 mile
609.896,469 684.764.155 955,341,861 1240881,157
Av. per ton per mile_
- 0.938 Ct.a. 0.926 cts. 0.924 cts. 0.949 cta.
Av. train load (tons)__ _
537
509
582
601
$1.16
$1.07
Earn. per pass. train mile
91.33
$1.67
$4.97
Earns, per frt. train mile
$4.77
$5.38
$5.70
Earns. per mile of road_
911,175
$12,281
$17,090
$22,766
Income Account for Years Ended Dec. 31.
1932.
Operating Revenues1933.
1931.
1930.
Freight
$5,722,358 $6,340,639 $8,830,360 911.772.669
641,363
Passenger
644,349
1,062,839
1,499,919
292,691
310.284
Mail
331,500
334,445
126,999
128.317
Express
199.429
269,348
38,480
44,356
Misc. pass. train rev
53.949
63,713
57.455
67,786
Other transport rev__ _ _
76,714
163,564
349,370
370,606
Other operating revs_ _ _
500,011
621.418
Total
$7,228,716 $7,916,338 $11.054,802 $14,725.077
Operating Expenses$701,933 $1,072,610 $1,668,646
Maint. of way & struct_ $593,558
1,709,227
Maint. of equipment..,. 1,620,410
3,087,111
2,279,051
273,899
Traffic expenses
310,300
411,536
459,383
Transportation expenses 2,942,904 3,361,715 4.532,821
5,446,329
64,190
78,924
Miscell. operations
120,984
138,923
260,289
311,401
General expenses
422.707
395,519
10,193
Transp. for invest-Cr.
16,085
14,462
34.707
$5,745,056 $6,457,415 $8.798.059 $11,188,392
Total
1,483,660
1,458.923
Net rev,from ry. oper
2,256,743 3,536,684
428,456
Railway tax accruals_ _ _
480,317
753,371
944.181
668
1.198
Uncoll, railway revenue..
869
771
Railway oper. income $1,054,535
$977,407 $1,502,503 $2,591,732
Deduct
Hire of frt. cars. Dr. bal.
374,627
381,581
613,319
719,431
Rent from equip. (net). Dr15,318
Dr5,241
Cr311
Dr16,724
685,675
Net joint facil. rents Dr.
702,348
712,180
716,817
Net ry. oper. income_ def$21,083 def$111,763
$177,314 81,138,760
104.798
81,454
Non-operating income232,812
105.130
Gross income
$83,715 def$30,309
Deduct35,911
Rent for leased roads_-35,911
Misc. rents & tax accris.
5,030
5,020
Int. on funded debt...,.,.1,392,369
1,404,367
157,136
Int. on unfunded debt__
112,394
Miscell. income charges_
7,735
6.811
$282,444 $1,371,571
35,911
5,049
1,416.876
77,078
9.138
37.131
5,030
1,404,988
6,050
8,625
Net deficit
Previous surplus
Miscell. credits
$1.514,467 $1.594,813 91,261,601
990,253
3.904,131
5,559,882 6,864,654 7,996.923
16,512
19,786
20,328
31,459
Total surplus
$2.406,177 $3,984,855 $5.634.512 $7,926,998
Preferred diva. (4%)..,.,
199,652
Common dividends..
(7%)734.790
Miscellaneous debits..
119,386
80,726
74,630
127,904
Profit & loss surplus.,. $2,286,790 $3,904,129 $5,559.882 $6.864,654
Shs.com.out.(par $100)_
105,000
105,000
105,000
105,000
Earns, per eh. on corn.,.,
Nil
Nil
Nil
NI
Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
Assets$
Road equipment_ _53,243,038 53,298,645 Common stock_ _ _10,497,000 10,497.000
by. & affil, CO.
Preferred stock__ 4,991,300 4,991,300
Stocks pledged_ 716.700
716,700 Funded27,335,934 27,618,177
Stka. unpledged
88,968
88,968 Loans & bills pay_ 3,714,340 3,494.360
Bonds Pledged128,970 Traffic, &c., hal_ 250,923
262,891
Notes unpledged 2,566,858 2,566,858 Accounts & wages_ 1.982,457 1,336,920
Advances
1,521.631 1,281,463 Misc. accounts.,.,., 114,840
59,762
Other investments
27,757
622,795
29,131 Int. mat. unpaid _ _ 630,391
Misc, phys. prop
179,330
110,166
179,568 Unmatured lot...,.83,047
Imp, leased prop_
19,2,25
19,291 Deferred liabilities 143,455
157,90$
Dep.in lieu of mtg.
Divs, matured un2,251
property sold....
2,701
paid
2,247
5,501
Cash
122.211
82,355
220,709
36,554 Other curr. nab_ _
Loans & bills rec., _
485,420
2,601 Taxes accrued _ _ _ _ 421,194
1,730
663,953
Material & suppl's 680,112
686,271 Other unadj. items 621,345
Special deposits...,
522,795 Accrued depree'n. 5,937,202 5,478,636
9,066
Traffic, &c., bals_
18,504 Add'ns to property
26,025
through inc.& sur 223,450
Miscell. accounts_ 350,511
482.771
222,345
Prem, on funded
Bal.rec.from agts.
•
& conductions... 104,266
102,974 debt
18.596
18,596
145,111 Approp, surp. not
Int. & div. rec_ _ _ _ 135,586
WPM
Other curr. assts.._
4,942 spec. invested 1,028,890
986,070
2.183
Profit & loss bal.. 2,286,790 3,904,131
Other unadjusted
620,072
debts
508,597
Total
60,407,791 60,934,891
-V. 138. p. 3084.
Total
60.407,791 60,934,891
Financial Chronicle
Volume 138
Chicago Milwaukee St. Paul & Pacific Ry.-Resignation
from Board.
At the annual meeting of stockholders held this week Walter P. Chrysler
resigned from the board. His post was left vacant.
-V.138, p. 3084.
Chicogo Pneumatic Tool Co.(& SulA.1.-Earninag.Quar. End. Mar. 31- 1934.
1933.
1932.
1931.
Net profit after deprec.
interest and taxes____
-V. 138, p. 3081.
$24,761 loss$187,539 loss$98,741
$1.442
Chicago Rock Island & Pacific Ry.-Three New
Directors..
Harry G.Clark (Vice-President), W.H.Burns(Vice-President & Auditor)
and Frank E. Walsh (Asst. to the President) have been elected directors.
to succeed Alfred A. Cook and William Z. Ripley, both of whom iesigned
June 7 1933, and Archibald B. Roosevelt, WhO resigned Sept. 13 1933.
-V.138, p.3084.
..
1
•Chicago Surface Lines.
-Co-receivers of Car Lines.
Federal Judge James H. Wilkerson on April 30 appointed co-rtvers
for the transportation companies that make up the Chicago SurfacbLines
after counsel for the receivers had stated that inasmuch as the traction
situation now is practically the same as existed before the passage of the
1930 transit ordinance a single receiver for each of the properties is insufficient.
Walter J. Cummings, Chairman of the board of the Continental Illinois
National Bank & Trust Co., was named co-receiver with Guy A. Richardson for the Chicago Railways, the north and west side lines. Edward
Eagle Brown, President of First National Bank, was appointed co-receiver
with Harvey B. Fleming of the Chicago City Ry and other south side
lines.
-V. 138, p. 2403.
Chicago Yellow Cab Co., Inc.(& Subs.).
-Earnings.
-
Calendar Years
-1930.
1931.
1933.
1932.
a Net profit from oper_c$1,498,054 $1,476,690 $2,547,428 53,274.387
Depreciation
1,190,627 .1,107.275
884,140
753,488
Loss on cabs sold or
scrapped
285,722
793,731
Other charges.
20,149
Provision for income tax
164,803
14,444
98.793
84,875
Net income
Dividends
$508.889
373,386
$624,409 $1,056,635 $1,208.557
1.200.000
486,448 b1.147.464
Balance, surplus
$137,961 def$90.829
$135,503
P. & L. surplus Dec. 31- 4,941,416
4,747,674
4.514.740
5,30n:657
557
Ms.com.outst.(no par)
400,000
399,300
400.000
400,000
Earns. per share on corn.
$2.64
$1.27
$1.56
as a After administrative expenses. b Includes quarterly dividend$pa1d
3 2
March 11932. c Includes other income of $94,690.
3 Months Ended March 311934.
1933.
Net profit after denrec. Federal taxes, &c
$102.974
$23.370
Earns, per sh. on 400,000 she, cap. stk. (no par).$0.05
$0.25
Consolidated Balance Sheet Dec. 31.
Assets1933.
Liabilities1932.
1933.
1932.
b Cabv,equip.,&c.$1,993.118 $2,887,919 a Capital stock _ _22,200.000 $2,196,150
.
G'd-will,franch.,&e 1.031,654 1,031.653 Accounts payable_ 100,537
137,269
Investments
1,857,574 1,985,016 Accruals & miscell. 206,497
69.902
Special deposit._ 104.400
98,233 Outstand. coupon
Cash
2,123.407 1,056,319
4.138
books
Escrowed cash _ _ _ _
3.187
5.500Federal tax, &c_
240,119
125,494
Accts. & notes res. 119,557
170,495 Res. for claims,
Market securities_ 100,253
&c
40,641
23.520
Due from employee
5.050
Res.for workmen's
Treasury stock..,.
65,338
comp. Insur.. &c,
32,000
Inventories
58,238
51,596 Earned surplus_ 4,941,416 4,747,67
Accr. int. and dive.
received
22,337
22,418
Deferred charges
144,487
122,604
Total
$7,633,653 $7,431,755
Total
$7,633,653 $7,431,755
a Represented by 400.000 (no par shares in 1933 and 399,300 in 1932.
b After depreciation and amortization.
-V. 137. p.3499.
Chrysler Corp.(& Subs.).
-Balance Sheet March 31.1934.
1933.
1934
1933.
Assets$
x Land, Was.,
mach.,equip.,
&a
60,104.743
Cash
23,813.468
Market. secur.... 17,964,132
Bk.loan & drafts 11,704.857
Notes receivable
374.651
Accts.receivable 2,621,805
Inventories ____ 42.472,102
Other assets__ 10,536,352
Good-will
1
Deferred ehgs
1,413.834
$
59,454.595
18,545,568
13,639,968
3,363,352
280,095
2,089,610
16.424,112
15,952,218
1
1,289,719
Total
171,005,945 131,039,248
After depreciation.
LiabilitiesStated capital__
Gold bonds_ _
Accts. payable.
Accrued interest
taxes, &c_ _ __
Dealers' depos__
Federal tax prov
Reserves
Approp. surplus
Unapprop. surp.
Earned surplus_
Total
$
21.728,940 21,752,140
40,026,500 42.124,500
38,812,376 8,873,990
1,305,922 1,229,216
129,622
923,540
2,212,685
8,602
4.580.873 6,062,227
692,940
670,000
24.100,410 25,060,394
37,415,676 24,334,639
171,005,945 131,039,248
Walter W. Chrysler, in his remarks to stool.sholders for
the first quarter, says:
Passenger and commercial cars and other products of Chrysler Motors
sold to distributors and dealers during the first quarter of this year
were
trly three times the unit sales in the first three months of
i'sssenger and commercial cars sold to the public were almostlast year.
150% of
retail sales for the same period of 1933.
Sales to distributors and dealers, as of March 31 1934. totaled 167,212
units, to the value of $95,287,306, as compared with 57,861 units, to the
value of $33,059,489. First quarter sales this year were just short of the
largest quarter in the corporation's history (169.652 units sold in the third
quarter of 1933).
The increase in production and sales achieved during the first quarter,
as well as the corporation's large current volume of business, are reflected
in the balance sheet as of March 31 1934, which shows an increase of
54,407.625 in cash and marketable securities, and an increase of $3,073.296
in working capital, as compared with Dec. 3119.33. Cash and marketable
securities amounted to $41,777,600, of which $23,813,468 was cash and
the balance, $17,964,132 all U. S. Government and other prime short-term
securities. To provide for an adequate and prompt flow of materials, parts
and supplies required by production schedules necessary to meet the current
demand for cars and trucks, and to take advantage of existing prices of
materials for forward use, inventories increased $7,915.332 as compared
with Dec. 311933, and amounted on March 31 1934 to 842,472,102. Net
current assets totaled $56,490,409 at the end of the first quarter, as compared with $53.417.113 on Dec. 311933. Dividends paid during the period
amounted to $1,086,447. Depreciation and amortization were charged as
heretofore and amounted for the quarter to $3,241,495. Net permanent
assets decreased $304,482.
In each of the first three months of this year, Chrysler Motors' passenger
cars sold at retail represented a larger percentage of the total retail automobile business of the United States than in the corresponding months of
last year, as indicated by the following table:
Chrysler Motors Percentage of Total Retail New Passenger Car Sales.
(Based on latest available U. S. Registrations.)
1934.
1933.
January
23.8
22.2
February
24.5
20.5
March (incomplete)
26.0
22.0
First quarter
24.8
21.6
In the commercial car field, Chrysler Motors increased its business more
than 700%. Shipments of Dodge trucks during the first quarter of this
year totaled 17,924 units as against 2,425 units in the first three months
of 1933.
As made perfectly apparent by this report, first quarter operations this
year show a substantial improvement over last. They reflect in part the
3267
continued efforts of the organization to produce better values, and in part
the general improvement in business conditions. There is every reason to
believe the corporation will continue to take the best advantage of such
conditions as may prevail in the future.
Sales Continue Higher.
Period End. Apr.30- 1934-Mon/h-1933.
1934-4 Mos.-1933.
Shipments of passenger
and commercial cars
(no. of units)
82,481
38,830
250.473
97,177
All divisions exceeded last year's figures for both April and the four
months period. Plymouth for the four months shipped 277% of last years
shipments. Dodge, 264%, De Soto 103%, Chrysler 131% and Dodge
trucks 576%.
In the pared from Jan. 1 to April 28 this year Dodge Bros. Corp. dealers
delivered 71.467 passenger cars and trucks, an increase of 135.2% over the
30,384 a year ago.
Dodge dealers' sales for the week ended April 28 were 4.408 passenger cars
and 992 trucks. Retail deliveries of trucks by Dodge dealers were 13,614
In the first three months of 1934, against 2,095 a year ago, an increase of
9.8%.
Deliveries of 5,400 cars and trucks by Dodge dealers in the week ended
il 28. compared with 5,359 cars and trucks delivered in previous week,
5,518 in the weeil ended April 14 and 7.384 units in the week ended April 7.
Plymouth Delineties Up.
Retail delivery of 7,746 Plymouth cars during the week ended April 28
represented an increase of 6.3% over the preceding week and a gain of
70% over the corresponding week last year, according to H. G. Moock,
General Sales Manager of the Plymouth Motor Corp.
Shipments in the same week totaled 11,094 units, the largest week's
shipments in the corporation's history.
As of May 4 elymouth had 74,311 unfilled orders on band, compared
with 21,312 a year ago.
-V. 138, p. 3085.
Cincinnati Advertising Prod19cts Co.
u .
-Earnings.1934.
1933.
1932.
1931.
3 Mm.End. Mar 31.
Net earns. before Federal taxes
Shares com, stock outstanding (no par)_ _
Earnings per share
$
25,200
,1 2
$6.890
$28,189
25,200
25,200
$0.27
24.200
$1.16
Balance.S
30.2.
Sheet March 3 0
2
1
Assets
1934.
Liabilities1934.
Cash
$47,286
$47,k0 Notes payable, bk.
$7,000
Marketable secure. 177,867
178,074 Notes pay., other_
4,422
Notes recelv., pers.
12,500
12,500 Accts. pay., trade_
32,635
Notes rec., trade
2,701
435 Accr. taxes, county
1,119
Accts. rec.. trade_
51,998
37,145 Federal capital stk.
Accts. rec., sund.&
liability
620
employees
4.283
5,269 Federal inc. tax
Call loan
2,500
current year..._5,398
Railroad claims...
317
107 Accrued royalties_
2,644
Merch., material
Accrued labor....
491
supplies invent_
57,569
54,700 c Capital stock...86,500
Life insur., cash
Earned surplus... 380,929
surrender value_
15,538
13,070
Life ineur., accum.
dive. & int
3,399
2,612
a Land & baildings
65,431
60,358
b Mach. & equip'y
77,348
83,634
Deferred charges
3,020
2.645
1933.
$13,000
750
29,311
820
6,795
2,630
292
86,500
358,303
Total
$521,758 $498,402
Total
2521,758 $498,402
a After depreciation of $3,239 in 1934 and $1,887 in 1933. b After
depreciation of 573.916 in 1934 and $75,642 in 1933. c Represented by
5,200 no par sizares.-V. 138, p. 2916.
Cincinnati Georgetown RR.
-Seeks to Liquidate.
L. E. Wester, General Manager of the company, has been appointed
receiver of the line, with permission to seek authority from the Public
Utilities Commisston of Ohio to abandon and scrap the road.
-V. 131.
p. 785.
Clties Service Co.
-Stock Sales in Massachusetts Voided.
Instalment sales of company's stock by Henry L. Doherty & Co., in
Massachusetts during 1927, 1928 and 1929 were void and purchasers are
entitled to recovery of their money, Federal Judge Brewster in a decision
handed down in Boston on May 9 has ruled. The sales were made without
approval of the State Public Utilities Commission. The decision, it
Is said, affects more than 200 purchasers, whose instalment contracts
exceeded 5200.000.-V. 138. p. 3085.
(City Gas & Electric Core., Ltd.-Arrirdsitio
,
recently the(bondholdersof Public Service Corp.,
Ste. Therese, Quo., accolted the offer saaalutairsem to exchange their
bonds for those of the City Gas & Electric Corp on a basis of $25 of par
value 65i% 1st mtge. bonds of the latter comp
for each $100 par value
of bonds a the Public Service Corp. In addition to this, 25% in bonds.
it is announced that the bondholders will also receive some common stock
of the City Gas & Electric Corp.
This last acquisition will mean an addition of over 800 connected customers to the system of the City Gas & Electric Corp., it was stated.
V. 137, p. 863.
Clark Equipment Co.
-Balance Sheet March 31-.
Assets1934.
1933.
1934.
1933.
Cash
$556,609 $603,894 Current accts.payMarketable secur_ 692,439
able & payrolls_ $314,666
457,247
$71,555
Cash surr. value
Taxes, royalties,
of life ins. pots..
22,960
22,485 &c., accrued_ _ _
17,773
21,130
U.S.Govt. secure_ 729,049 1.034,163 Res. for conting_
122,297
Notes receivable
15,146
23,350 Minor. interest in
Accts. receiv.
(net) 387,032
capital & surplus
175,827
Accrued interest
8,001
11,150 of Frost Gear &
Inventories
1,224,831 1,069,591
971
842
Forge Co
Inv. In Buchanan
Preferred stock... 1,133,100 1,135,800
Land Co
73,567
76,251 b Common stock_ 4,751,394 4,771.949
aRl. est., build596,818
Capital surplus _ _ _ 596.818
ings, macy.. &c_ 3,976,749 4,208,699 Surplus
993,990 1,031,326
Deferred charges &
prepaid expenses 125,557
65,830
Total
$7,811,940 $7,748,491
$7,811,940 $7,748,491
Total
a After reserve for depreciation of $2,803,899 in 1934 and $2,538,982 in
1933. b Represented by 233,796 no par shares in 1934 and 236 2161n 1933.
-V.138, p. 3085.
Cleveland Cincinnati Chicago & St. Louis Ry.Tenders.The Central Hanover Bank & Trust Co., trustee, 70 Broadway, N.Y.
City, will until noon on May 14 receive bids for the sale to it of St. Louis
Division 1st collateral trust mortgage bonds to an amount sufficient to
absorb $33,638 at prices not exceeding 105 and interest.
-V.138. p.2742.
Cleveland Electric Illuminating Co.-Earning8.12 Mos.End. Mar.311934.
Operating revenues
$22,319,126
Operating expenses
7.854,268
Maintenance
1.512,397
Taxes
2,934,000
Net operating revs__ -$10,018.462
Non-operating revenues_
182,914
Gross income
$10.201,375
Interest charges(net)
2,079,077
Approp. for deprec. res. 3.088.000
Balance
35.034,299
Preferred dividends _ _
916,902
Bal. for corn, divs. &
surplus
54.117,397
1933.
523,051,391
7.304,296
1,522,929
2.992.000
$11,232,166
230,358
$11,462,524
2.081,029
3,911.000
55.470.494
916,902
1932.
525,405,136
8,036.765
1,629.946
3,246.500
$12,491,925
252,099
512,744,024
2.208,038
3,271,000
57,264.985
916.902
1931.
526.192,435
8,625,962
1,729,928
3.195,473
$12,641,071
572,496
513.213.568
2.458.983
3,032,000
57.722.585
916.902
$4.553,592, 86.348.083 $6.805,683
Financial Chronicle
3268
Comparative Condensed Balance Sheet.
Mar. 31 '34. Dee.31 '33.
Mar. 31 '34. Dec. 31'33.
Lied;fiftiesAssets$
Plant Investml_129,155,550 129,079,645 Preferred stock_ 15,281,700 15,281,700
Other investm'ts
765.990 1,009,192 Common stock.. 51,089,400 51,089.400
Balance in banks
Funded debt__ 40,000,000 40,000,000
Current Habib__ 1,821,269 2,641,852
closed or under
restrictions._ 1,178,296 1,181,143 Accrued Batons_ 4,475,433 3,289,042
20,159,741 19,195,264
Reserves
Cash & secur. on
15,450,997 15,533.258
Surplus
219,101
deposit
Due from sub.&
affil. cos
28,750
Current assets 15,941,184 14,848,563
Debt disc. & exp
586,483
602,266
Derd charges
403,184
309,708
Total
148,278,539 147,030,517
- 138, p. 2080.
V.
148,278,539 147,030,517
TotaL
-Transfer Agent.
Clinton Distilleries Corp.
The Continental Bank & Trust Co. of New York has been appointed
transfer agent for the common stock.
-V. 138, p. 2091.
-Earnings.
Coca-Cola Co.(& Subs.).
1931.
1932.
Quay. End. Mar. 311934.
1933.
Gross receipts
84,879.042 $3,963.451 $7.281,140 87,838.527
1,892,591 4,550,287 4.790,352
Mfg. & general expenses 2,187.560
Operating profits-- $2,691,482 $2,070,860 $2,730,853 $3,048,175
105,536
47,226
Other income
$2,738.708 $2,176,396 $2,730,853 $3,048,175
Total income
145,374
52,996
84.113
Miscall. deductions_
122,454
359,637
286,065
408,090
Federal taxes
Net income
$2,208,164 $1,806,218 $2,318,220 42,902,801
Earns, per sh. on 1,000.000 shares coin. stock
42.01
$1.80
$1.30
$1.70
(no par)
x Before Federal taxes.
._
..1-V. 138, p. 2091.
olumbia Broadcasting System,Inc.-Stoeks-bisted..-
f -The New York Produce Exchange announces that 375500 shares each
o
A and class B stock have been admitted to trading n the securities
/market of the Exchange.
-V.138, p. 2742.
-Laiger Distribution.
Compressed Industrial Gases,Inc.
A quarterly dividend of 50 cents per share has been declared on the
capital stock, no par value, payable June 15 to holders of record May'31.
Previously, the company made quarterly payments of 35 cents per share.
- 137, p. 1769.
V.
Congress Cigar Co.,.Inc.-Earnings.1932.
1931.
$102,913
$222,911
336,800
$0.30
1933.
Quar. End. Mar. 31- 1934.
Net after all charges
incl. Federal taxes_ _ _ _ 1°88344,4051°888129,116
Shares capital stock out336,800
336,800
standing (no par)._ __
Nil
Nil
Earnings per share
- 138, p. 2917.
V.
350,000
80.63
-Substitution.
Consolidated Aircraft Corp.
The New York Curb Exchange has admitted to the list the 579,000
shares of new common stock (par $1) issuable share for share in exchange
-V. 138. p. 1750.
for old common stock (no par).
-New Directors.
Consolidated Coppermines Corp.
Harold J. Wasson, Samuel Brenner and Edward L. Bradley have been
elected directors, succeeding Howard D. Smith and Edwin 0. Holter
-V.137, p.694.
retired and to fill one vacancy on the board.
---Consolidated Oil Corp. Sueo-fo Bibs
"1
6.,
,
suit has been filed in.-11Cedera/-sourt,-Tolserr-421818w seeking dissolution
s
he merger of the Prairie Oil & Gas Co. with til rlair Consolidated
The suit was was
Oil Corp. and asking the appointment of a receiv
the Prairie firm at
filed by Frederic M. Wilhelm, formerly Secretary
-V. 138. p. 2918.
Independence, Ka., and six other persons.
of
Continental Gas & Electric Corp. (& Subs.).
Balance Sheet Dec. 31 1933.Assets
$195,293,247
Operating properties
1,532.267
Investments (at cost)
5,793,570
Cash
617,740
U.S. Treasury notes
3,170.234
Accounts receivable
628,345
Acc'ts rec. for unbilled service
205,078
Notes receivable
12,446
Interest & diva. receivable
2,409,310
Inventories
493,019
Prepaid expenses
149,875
Special funds
Thiamortized bond discount
11,412.512
and stock expense
264,290
Items in suspense
LiabdittesCapital stock (schedule)Cont'l Gas & Elec. Corp.:
$18,857,900
Preferred stock
Common stock
8.581,167
Subsidiary companies:
17,419,113
Preferred stock
137,600
Common stock
135,909,500
Funded debt
750
Notes payable
964,230
Accounts payable
2,586,352
Interest
Dividends
821,025
Federal income tax (est.)_ _
1,278,573
General taxes
55,570
Miscellaneous
915,551
Deferred liabilities
14,604
Items In suspense
23,530,190
Reserves
Surplus applic. to min. Int.:
Capital surplus
30,088
Surplus
Surplus
4,192,940
Capital surplus
6,164,478
Surplus
$221,981,937
$221,981,937 Total
Total
The comparative income account for year ended Dec. 31 was published
in the "Chronicle" of April 28, page 2571.-V. 138, p. 2919.
-Earnings.
Corno Mills Co.(& Subs.).
Quay. End. Mar. 31Net prof. aft. chgs. & tax
Shares capital stock outstanding (no par) -__
.
Earnings per share
-V.138, p. 2405.
1934.
320.172
1933.
310.039
1932.
$42,135
1931.
$123.000
92,547
$0.22
92 328
SO.11
100,000
$0.42
100,000
$1.23
-Earnings.
Crown Cork & Seal Co., Inc.
[Including Domestic Subsidiaries]
1931.
1933
• x1932.
1934
Quar End. Mar.31.
$2.141,535 $1,340,061 $11558,028 $1,854,626
Net sales
1,547.227
1,233.431
1,377,134
1,740,740
Costs and expenses
69,953
73,651
55,279
63.417
Interest, &c
113,667
134,110
131,181
133.728
Depreciation
15,000
28,762
Federal taxes
Cr13
Cr25
Minority interest loss_
Net profit
Preferred dividends.... _ _
Common dividends
$174,888 1°88898,177
95,952
97,393
1°8838,482
95,995
112,250
$108,779
97,431
177,821
$194,129
$216,727
$166,473
sur$77.495
Deficit
x Includes Detroit Gasket & Mfg. Co. and Western Stopper Co., Inc.
1934,shows total assets of
The consolidated balance sheet as of March 31
of
$16,806,294 comparing with $15,196,901 on March 311933. and surplusin$3,114,919 against $1,940,453. Current assets as of March 31, last,
cluding $1,087,078 cash, amounted to $7,338,677 and current liabilities
were 31.226,482. This compares with cash of $968.735, U.S. Treasury notes
liabilities of $696,685
of $101,038, current assets of 85,530,349 and currentagainst $2,918,443.on March 31 1933. Inventories totaled $4,323,002
V. 138. p. 2919.
May 12 1934
Coty, Inc. (8c Subs.).-Earnings.Quar. End. Mar. 31- 1934.
1933.
Gross profit
8676.107
$1,087.764
Expenses
843,153
533.795
1931.
1932.
$692,001 $1,115,498
753,757
492,827
Operating profit
Other income
$244,611
43,689
8142,312
12,234
$199,174
24.928
8361,741
19,077
Total income
Depreciation
Federal taxes
$288,300
11,337
40.500
$154,346
11,395
20.742
$224,102
11,309
30,000
$3380,818
23,086
42,326
Net income
$122,409
$236,463
$315,405
$182,793
Shs. cap.stk.out.(no par) 1,537.435
1,537.435
1,535,i333
1,535.996
Earnings per share
$0.15
$0.08
$0.12
$0.21
Note.
-The statement does not reflect any earnings on the stock owned
by company in foreign subsidiaries.
-V. 138. P. 2918.
The) Croydon Hotel (12 East 8th St. Building).
Report of Bondholders Protective Committee.
The Real Estate Bondholders Protective Committee (George E. Roosevelt, Chairman) in a recent report to holders of the general mortgage fee
655% sinking fund gold bonds. dated May 7 1926, due May 1 1936 states:
The committee now has on deposit approximately 78% of the outstanding
general mortgage bonds, which are junior to a first mortgage of $3,465,000
held by Prudential Insurance Co. of America.
The gross income from the property securing this bond issue has fallen
off, due in large part to the condition of the equipment in the hotel as is
seen from the following:
-Year Ended Sept.30- -5 Mos.Ended Feb. 281932.
1933.
1934.
1933.
$771,961
Net sales & other income $637,100
$275,921
$291,503
374,860
430,947
Total operating expenses
169,1168
163.198
Gross operating profit
Taxes and insurance__ --
$262,240
120.373
3341.014
140,853
$105,953
47,253
1128.305
54,519
Profit before interest &
depreciation
Interest on store deposits
& 1st mortgage
8141,867
$200,160
158,699
173.785
173,315
174,017
72,195
72,224
Profit after 1st mtge.
826,143 loss$13,495
loss$31,448
interest
The 1st mtge. held by the Pridential is now in default as there is due and
L5 1
6
unpaid interest in the sum of approximately $237,000, exclusive of delinquent amortization payments.
Surveys of the property by committee members and representatives of the
Prudential indicate that the hotel should be equipped with modern labor
saving devices, that furniture and carpets should be replaced and renovated,
and that apartments now unfurnished should be furnished in order to make
them more readily rentable and thus reduce expense and increase income.
The Prudential has offered to co-operate in this difficult situation in
every way possible, but has insisted that the modernization and improvements be accomplished by the interests junior to the 1st mtge.,ifimmediate
foreclosure of the 1st mtge. is to be avoided. The cost of this work has been
estimated at $75,000. As a result of extended negotiations with the 1st
mortgagee, the committee believes that should the necessary funds for
rehabilitation be secured, some modification of the 1st mtge. may be obtained and its foreclosure averted.
The committee does not represent that it will be able to Prevent foreclosure
of the 1st mtge., or that it will be able to remedy this difficult situation, but
it will continue to use its best efforts to try to preserve the interest of bondholders in this property.
-Earnings.
-Cushman's Sons, Inc.
16 Weeks EndedApr.21 '34. Apr.22'33. Apr.23'32. Apr. 18'31.
Net prof. aft. int., depr..
1220,248
Fed.taxes & other chgs $129,875
$3313,500
$511,602
Earns, per sh. on combined 7% Pref. and $8
32.19
$33.66
pref. stocks
$5.12
$8.36
-V. 138. p. 3086.
-To Recapitalize.
'1"
-Dayton (Ohio) Rubber Mfg. Co.
A special meeting of the stockholders will be held on May 28 to vote on a
plan of recapitalization.
John A. MacMillan, President, also announced the introduction of the
Dayco printing press roller equipment.
Under the plan,it is proposed to issue 100,000 shares of cum.class A stock
with a par value of835 a share,of which 46.518 shares would be outstanding:
and 300,000 shares of common stock of which 153,913 1-3 shares would be
outstanding. The new A stock would be recognized as a preferred issue.
Each share of present pref. stock would be exchanged for $10 in cash,
three shares of new A stock and one share of new common stock.
One share of the priority common stock would be exchangeable for 23
shares of new common. One share of the class A common would be exchangeable for one share of new common. One share of the class B common would
be exchangeable for three-fourths share of new common.
There are a number of stockholders who purchased their stocks originally
in units. A unit consists of 34 share of preferred, 2-3 share of priority, and
one share of class A common. The holder of two units. (4 1-3 shares in all)
will receive, under the new plan, three shares of new A and 6 1-3 shares of
the new common stock, and 310 in cash.
The new cumulative A stock will be entitled to a dividend of $2 per share
before the common stock will receive any dividends. The holder of the
new class A also will have the right, at his option, to eschange share for
share of new class A stock for new common at any time before Jan. 1 1940.
In the case of liquidation or dissolution of the company at any time the
new class A will receive $35 a share, plus accrued dividends, before the
common stockholder receives anything, and likewise, in the case of the new
class A stock is called for redemption at any time, the holder will receive
-V.137, D. 695; V. 136, p. 3914.
835 a share plus accrued dividends.
Delaware & Hudson Co.
-Makes Profit on N. V. Central
Bonds-Stockholders' Motion to Pay Dividend Overruled.
L. F. Loree, President, has disclosed that the company made a profit of
3970.000 through the sale on a when-issued basis of New York Central
bonds to which it was entitled to subscribe through its stock holdings.
The New York Central is offering to stockholders $59,000,000 of 6%
me tingbonds.
convertible
held May 8, a stockholder made a motion that
At
the company's New York Central and Hudson Coal Co.stocks be distributed
to shareholders. This motion was ruled out of order.
A stockholder also asked for the declaration of a cash dividend, Mr.
Loree ruled that the declaration of a dividend was entirely up to the directors
and therefore any suggestion from a stockholder was out of order. Mr.
Loree pointed out that the railroad and coal properties were operated at a
loss last year, and that while the first four months of this year were satisfactory, he could not foretell how long the satisfactory operations would
continue. Therefore, he was unable to forecast when dividends could be
resumed and deemed it advisable meanwhile to conserve the company's
resources.
-V. 138, p. 2572.
Delaware Lackawanna & Western RR.
-Equipment
Trust Certificates.
The I.
-S. C. Commission on May 2 authorized the company to assume
obligation and liability in respect of not exceeding $3,623,900 of equipment-trust certificates of 1934. series A. to be issued by the United States
Trust Co. of New York, as trustee, and sold at par in connection with the
procurement of equipment.
Pursuant to an equipment financing contract dated April 19 1934, between the applicant and the United States of America, represented by the
Federal Emergency Administrator of Public Works, the certificates are to
be sold to the Government at par and the proceeds deposited with the
trustee in accordance with the equipment-trust agreement and applied to
the purchase of the equipment as delivered.
-V. 138. p. 2920, 5745.
Dennison Mfg. Co.
-Pays $2 Preferred Dividend.
I The quarterly dividend on the 8% cum, debenture stock, par $100, of
$2 per share ordinarily due on May 1 1933 has been declared, payable
May 28 to holders of record May 18. A similar distribution was made on
this issue on Jan. 4 and Feb.26 last, while on Feb. 1 1933 the company paid
$4 per share. The last previous regular quarterly dividend of $2 per share
was paid on Feb. 11932.
Accruals, after the May 28 1934 payment, will amount to $8 per share.
-V.138, P. 1569.
-Sold.
Detroit Stock Exchange Building.
The building was sold at auction recently to the Metropolitan Life Insurance Co., which foreclosed a $123,000 mortgage on the property. The
insurance company submitted the only bid to William S. Sayres, Federal
ourt Master in Chancery
-3 9,521.-V. 138, P. 331.
ome Mines Ltd. ncreases Quarterly Dividend-Also
to Pay Extra of '
81.50 per Share Arpentrtir-
The directors on May 8 declared ou of 1933 earnings an extra dividendof
$1.50 per share in addition to a quarterly dividend of 50 cents per share
on the common stock, no par value, both payable in United States funds on
July 20 to holders of record June 30. Previously, the company made
quarterly distributions of 25 cents per share. Extras of 25 cents per share
were also paid on Feb. 1 and April 20 last and on July 20 and Oct. 20 1933.
1934-4 Mos.-1933.
Period End. Apr. 30- 1934
-Month-1933.
Production (value of) x $587,239
$4421,241 $2,484,379 $1.799,199
x Including preinium.-V. 138. p. 2745.
Douglas Aircraft Co., Inc.
-Earnings.
1933.
1934.
3 Months Ended Feb. 28-$6,737.000 31.570.000
Unfilled orders
$85.832
8,205
Net profit after charges and taxes
356.435
467.403
Shares capital stock outstanding (no par)
24
$0.
$0.01
Earnings per share
amounted
Current assets as of Feb. 28 1934, including S1,040,951 cash,
to $3,642,739, and current liabilities were $467.359. On Nov. 30 1933,
cash was $1,520,828, current assets were $3,586,455 and current liabilities
were $172,844. Total assets as of Feb. 28 1934, aggregated 34,834.377.
compared with 34,530,383 on Nov. 30 1933. Inventories amounted to
$1,806,997, against $1,164,959 and surplus was $1,375,041 against $1,366,836.-V. 138, P. 1569.
-Receiver Granted Court Review.
Duquesne Gas Corp.
George W.McCandless,receiver of the company on April 30 was granted
a Supreme Court review of the Second Circuit Court ruling in New York
City, which held he had no authority to sue to recover sums allegedly
fraudulently obtained in organization of the company.
Mr. McCandless sued as ancillary receiver and was awarded a judgment
of $1,834,640 from Maxine H. Furlaud and the Kingston Corp. He
also had sought 3425.000 from the Byron Corp. and the Chaucer Corp.
and an additional $850,000 from Mr. Furiaud and the Kingston Corp.
The suit was based on the promotion in 1930 of the Duquesne Gas Co.
and the issuing of 35,000,000 in bonds and notes. The sale of $850,000
in stock also formed part of the basis of the action.
The receiver contended that Mr. Furlaud and Carlos Reuter were able
to float the note and bond issues by procuring fraudulent and excessively
high appraisals of the property to be made. They were alleged to have
converted to their own use the amount for which the receiver obtained
judgment.
The Circuit Court reversed the case without passing on the merits but
held that Mr. McCandless' appointment was void. ("Journal of Cornmerce.")-V. 138, p.'2247.
-Earnings.
Duquesne Light Co.
12 Mos. Ended Feb. 28Gross earnings
Operating expenses, maintenance and taxes
1933.
1934.
324.208.574 $24,647,096
8.902,496 8,828,040
. Net earnings
Other income-net
$15,306,077 $15,819,056
1,001,491
993.615
Net earnings including other income
Rent of leased properties
Interest charges-net
Amortization of debt discount and expense
Other charges
Appropriation for retirement reserve
$16,299,693 $16.820.547
178,614
178,264
3,076,129
3,144,277
167.239
167,323
64,496
80,071
1,971,768
2,036,686
310,693.071 $11,362.30
Net income
V. 138. p. 2745.
-50-cent Preferred Dividendi
urham Hosiery Mills, Inc.
A dividend of 50 cents per share has been declared on the 6% cum. prof,
stock, par $100, payable June 1 to holders ofrecord May 15. A distribution
of Si per share was made on this issue on March 1 last, while on Feb. 21
and Nov. 20 1933 dividends of 50 cents per share were paid.
After the June 1 payment, accruals on the pref. stock will amount to
E
,... $ 1 per share.
-V. 138, p. 1569.
.
-The
-Dividend Rate Increased.
astman Kodak Co.
on May 9 declared a quarterly dividend of $1 per
share on the common stock, no par value, payable July 2
to holders of record June 5. This compares with 75 cents
per share paid each quarter from Oct. 1 1932 to and incl.
April 2 1934. Previously, the company distributed quar-V. 138, p. 2573.
terly dividends of $1.25 per share.
-Earnings.
Eastern Steamship Lines, Inc.
directors
Period End. Mar.31Operating revenue
Operating expense
1934-3 Mos.-1933.
-Month-1933.
1934
3521.863 31,707,445 31,548,982
3642.435
1,722,758
1,974,176
601,939
715,146
$80,076
$266.731
Operating deficit
$72.711
7,972
Otherincome5.067
66.8313,039
204,962
Other
80.766
Oth expense
Net deficit _ _
-V. 138. P. 2406.
$136.503
$152,870
$466,626
$173,776
22.807
242.300
.$.393,269
-Output of Affiliates.
Electric Bond & Share Co.
Electric output for three major affiliates of the Electric Bond .!z Share
System for the week ended May 3 compares as follows with the corresponding week during 1933 (in kwh.):
Increase.
1933.
1934.
12.5%
68,059,000
American Power & Light Co
76,585.000
15.0
28,987,000
Electric Power & Lhtt Corp
33,340,000
12.4
59.288,000
National Power & Light Co
66,667.000
--V. 138, p. 3088, 2922.
ctric Public Service Co.
-Foreclosure Requested by
eorganization Group.
The Guaranty Trust Co., trustee under an agreement dated April I
1926 for various issues of the company which is being reorganized, will
sell at public auction on June 5 collateral securing bonds of the corporation
as follows:
PARCEL I.
$23,600 Caney Electric CO.(Kans.) 7% demand note, dated as of Dec. 1
1928.
20,068 Caney Electric Co. 7% demand note, dated Dec. 4 1930.
1.057 Caney Electric Co. 7% demand note dated April 30 1931.
248 shares of common stock of Caney Electric Co. having an aggregate par value of $24,800.
PARCEL II.
2,000 $6 preferred shares (no par) Central Ohio Light & Power Co.
22,300 common shares (no par) of Central Ohio Light & Power Co.
PARCEL III.
$31,000 Colorado Central Power Co. (Del.) 7% demand note dated as
of Oct. 1 1927.
6,000 Colorado Central Power Co. 7% demand note dated as of Dec. 1
1927.
$177,169 Colorado Central Power Co.7% demand note dated Dec. 4 1930.
6_10.000 shares of capital stock (no par) of Colorado Central Power Co.
3269
Financial Chronicle
Volume 138
PARCEL IV.
$600,000 Empire Southern Service Co. (De("I 6% demand note dated
Dec. 4 1930.
$27,901 Empire Southern Service Co. 6% demand note dated April
30 1931.
20,000 common shares (no par) of Empire Southern Service Co.
PARCEL V.
$100,000 Oklahoma Utilities Co. (Del.) T% demand note dated as of
Dec. I 1926.
$397,020 Oklahoma Utilities Co.77 demand note dated as of April 11927.
$190,653 Oklahoma Utilities Co. 7% demand note dated Dec. 4 1930.
$69.025 Oklahoma Utilities Co. 7% demand note dated April 30 1931.
$13,805 Oklahoma Utilities Co. 7% demand note dated June 1 1931.
997 shares (no par) capital stock of Oklahoma Utilities Co.
PARCEL VI.
$900.000 Southwest Pipe Line Co. (Okla.) 7% demand note dated as
of Dec. 1
Pipe
$54.181 Southwest1926. Line Co. 7% demand note dated as of April
1 1927.
$44,000 Southwest Pipe Line Co.7% demand note dated as of Dec.1 1927,
297 shares of capital stock of Southwest Pipe Line Co. having an
aggregate par value of $29,700.
PARCEL VII.
$21,000 Southwest Production Co. (Del.) 7% demand note dated as
of Dec. 11927.
$335,488 Southwest Production Co. 7% demand note dated Dec. 4 1930.
$7,508 Southwest Production Co. 7% demand note dated April 30 1931.
310.476 Southwest Production Co. 7% demand note dated June 1 1931.
10,000 shares of capital stock (no par) of Southwest Production Co.
Information as to the dates to which interest has been paid on certain
of the notes described in Parcels I to VII, inclusive, is available at the
office of the trustee.
-V. 138, p. 1394.
-Earnings.
El Paso Electric Co. (Del.).
[Including Constituent Companies.]
1934-12 Mos.-1933.
-Month-1933.
Period End. Mar.31- 1934
$203,897 32,547.584 32.662,061
$205,678
Gross earnings
1.115.338
1,123.773
89,932
91.812
Operation
140.415
138.294
11.758
12.986
Maintenance
283.543
301,348
23,502
25,669
Taxes
$75.209
36,369
$78,704
36.174
$984.167 31.122.763
440.846
436.468
$38.840
Balance
Appropriations for retirement reserve
$42,529
$547.699
230.000
$681.916
230.000
Balance
Pref.stock thy.requirements of constituent co....
3317.699
46,710
$451.916
46.710
Balance
Preferred stock dividend requirements of El Paso
Electric Co.(Del.)
$270,989
8405.206
Balance for common stock divs, and surplus_--V.138. p 2574.
$75.991
Net oper. revenue---Interest and amortiz_-_
194.998
194,998
$210.20
-Earnings.
Emsco Derrick & Equipment Co.
1933.
1934.
Quarter Ended March 31393.486 loss362.051
Net profit after deprec., Federal taxes, &c
Nil
$0.25
Earns, per sh. on 377,194 shs. cap. stock (no par)_ _
Current assets as of March 31 1934 last, amounted to 32.057.573 and
current liabilities were $143,208, comparing with $2,106,634 and 3304.268.
respectively, on Dec. 31 1933. Cash totaled $132,242, against $135,889
at close of 1933.-V. 136, p. 146.
-Commuters Lose Fight for Fare Cut.
Erie RR.
The Metropolitan League of Erie Commuters lost on May 1, its long fight
-trip commutation fares over the Erie RR. to
for a 40% reduction in 60
New York City.
-S. C. Commission, in a decision on the League's complaint, held
The I.
that the present rates were not unreasonable and ordered the case dismissed.
The Erie increased the fares by 15% on Jan. 1 1933, and the complaint was
-V. 138, p. 2574. 3088.
brought soon after.
Escanaba Iron Mountain & Western RR.
The company, a subsidiary of the Chicago & North Western Ey., has
-S. C. Conunission's approval for a loan of 33.500,000 from the
the I.
blic Works Administration to be used in erection of a concrete dock at
NOrth Escanaba. Mich. The concrete ore dock, it is stated, will have a
-V. 138, p. 2248..
capacity of 92.500 cars.
-Earnings.
Eureka Vacuum Cleaner Co.
1933.
1934.
Quarter Ended March 31$944
$66,038
Net profit after taxes, depreciation, &c
$0.01
$0.27
Earnings per share on 244.918 shs. cap. stk.(par $5)
"The upturn in vacuum cleaner sales, which began in September, has
continued at an accelerated pace," Fred Wardell, President. stated in announcing the results for the first quarter. "April business exceeded that
done in any otner month so far this year. Production is running behind
orders at present and employment at the Detroit factory is at the highest
since 1930."
The net profit for the first quarter of 1934, amounting to $66,038 was
greater than that for the entire first three quarters of 1933, it was stated.
More new dealers, including department store and utility outlets, were
enfranchised during the last six months than during the entire three previous
years, he stated.
"The greatest volume of business is coming from the replacement market,"
-V.138,p. 1569.
Mr. Wardell added.
-Earnings.
Ex-Cell-0 Aircraft & Tool Corp.
1933.
1934.
Quarter Ended March 31&c $136.076 loss$58,830
Net profit after deprec., interest. Federal taxes,
Earns. per sh. on 376,810 shs. stock (par $3)
-V. 138. p. 1569.
$0.36
Nil
-Earnings.
Falconbridge Nickel Mines, Ltd.
3 Months Ended March 31Tons treated
Nickel in matte produced (lbs.)
Copper in matte produced (lbs.)
Refined nickel produced (lbs.)
Refined copper produced (lbs.)
Gross operating profit
Provision for taxes
Depreciation and deferred development
1394.
64.406
2.536.732
1.204.959
2,219.782
1,124,112
$517,766
45,000
120.472
1933.
45.794
2,000.721
839,597
1,439,016
554,352
$331.185
30,898
93,546
$206,740
$352,293
Net profit
-V. 138. P.
-Above figures exclusive of non-operating revenue.
Note.
236.
t
-Receiver
ire Insurance Co. of Chicago.
ted H. B.
Judge Hugo M. Friend of the Circuit court recently
Ill., r iver for the
Hershey of the department of insurance at Springfield,
The company, which began operations in August 1929, practically ceased
doing business in April 1932. Early last year the management decided to
liquidate, but action was halted by a receivership petition filed by some of
the stockholders. The petition was ultimately denied by Federal Judge
James H. Wilkerson, Receiver Hershey will undertake liquidation of the
-V. 135, p. 3698.
company, it is said.
-7'o Offer Stock.
First of Boston Corp.
In accordance with its plan for separating the First of Boston Corp.from
the First National Bank of Boston by June 16,as required under the Banking
Act of 1933, the latter institution expects to make a formal offering prior
to May 16 of a portion of its holdings of 500,000 shares of stock of the
securities concern to its stockholders and to stockholders of the Chase
National Bank. Officers of the First of Boston Corp. will subscribe to more
than half of the stock.
The First of Boston Corp. is acquiring the good-will of the Chase Harris
Forbes organization,including the name;several of the former officers of the
3270
Financial Chronicle
Chase Harris Forbes Corp., which has been in the process of liquidation
for-more than a year, are coming over to the new corporation whose name
has been changed to The First of Boston Corp.
The 500,000 shares of The First Boston Corp.owned by the First National
Bank of Boston have been qualified for sale in Massachusetts. The stock
is to be offered for subscription to stockholders of the First National Bank
and the Chase National Bank at $18 a share. As the result of this issue the
First of Boston Corp. will have a capital of $5,000.000, consisting of 500,000
$10 par share, and a surplus of $4,000,000.-V. 138, p. 2923.
Follansbee Brothers Co.
-Earnings.
-
3 Months Ended March 31Net loss after taxes, depreciation, interest, &c.._....
-V.138. p. 3089.
1934.
$201,706
1933.
$205,684
Formica Insulation Co.
-Earnings.
3 Months Ended March 311934.
Net income aft all charges
after
$18,660 loss$42,5
3
193 00
Earns. per sh. on 180,000 abs. common stock$0.10
Nil
-V.137. p.3333.
Foundation Co.
-Earnings.
3 Mos.End. Mar.31Net loss after all exlls, ordItax, Sec
7 p
,
. ri
1934.
1933.
1932:
$10.480
$2,459
$48,288
1931.
$152.329
00 Madison Avenue Corp.
-Deposit Agreement Extended.
The deposit agreement, dated Feb. 27 1932. between Robert F. Holden,
George T. Purves and Fisher P. Weaver, as a committee, 400 Madison
Avenue Corp., Starrett Investing Corp. and such holders of the first mortgage leasehold 6% sinking fund gold bonds, due Sept. 1 1948, of 400 Madison Avenue Corp. and of the security receipts issued by Central Hanover
Bank & Trust Co. representing certain of such bonds as have become parties thereto, has been amended, extending the expiration date from May 1
1934 to May 1 1935.-V. 137. p. 2814.
Gabriel Co.(& Subs.).
-Earnings.Calendar YearsNet sales
Cost of sales
Gross profitfrom oper.
Selling, gen.& adm.exp..
Depreciation
Advertising
Loss
Other income
Total loss
Other deductions
Net loss
1933.
$507,056
428.701
1932,
$337,2731
233,901!
$78,354
118,920
62,740
$103,312
149,840
58,075
$103,306
39.427
$63,879
66.741
1931.
1930.
Not available
$147.632
246,157
95,938
$189.038
166.169
71,802
64,412
$104,604
21.363
$194.463
38.050
$113,345
49,337
$83,240
24.698
$156,413
221,430
$64.008
42,543
$106.552
$130.620
$107,939
$377,844
Earnings for Quarters Ended March 31.
1934.
1933.
1932.
Net loss after taxes, deprec. & charges
$24.496
$28,865
$43,465
Comparatit e Balance Sheet Dec. 31.
A ssets1933.
1932.
Liabilities1933.
1932.
b Land& bldgs.,&c. $658,890 $681,880 a Capital stock._ _51,000,000 $1,000,000
Inventories
98,553
132,076 Accounts payable_
28,917
11,704
U.S. Treas. notes_
25,000
Notes payable__
2,262
U. S. Treas. bonds
90,000 Due to Gabriel
Notes & accts. rec.
45.621
36,629
Pneumatic VulDue from officers
canizer, Inc_ __ _
217
and employees-1,852
2,752 Accruals
11,594
23,872
Prepaid expenses_
9,495
6,178 Other liabilities_ _
6,250
2,032
c Treasury stock ....
6,988
6,988 Initial surplus__
351,847
351,847
Patents
5,725 Deficit
331,261
100,908
Marketable secur.. 204,154
214,660
Mtge. receivable._
3,656
Cash
8,948
9,067
Good-will
2
2
Deferred charges-12,592
6,665
Total
51,069,826 51.198,550
Total
$1,069,826 $1,198,550
a Represented by 198,000 shares of class A. no par value. and 2,000
shares of class B,no par value. b After reserve for depreciation of$376,139
in 1933 and $316,349 in 1932. c Represented by 850 shares at cost.
-V. 138. p. 1924.
Gainesville & Northwestern RR.
-Sale.
The property was bid in on May 1 at public sale by the Garson Iron &
teel
1 Co. of Norfolk, Va.,for $30.400. V. 133. p. 2926.
.
4
(Robert) Gair Co., Inc.
-Canadian Sub. Acquires Mills.
President E. Victor Donaldson announces that the ()air Co. Canada,
Ltd., a newly organized subsidiary, has taken over the operation, of the
five paper mills of Canadian Paperboard, Ltd., which are located at Toronto. Montreal, Frankford and. Campbellford.
Four of the mills manufacture paperboard. while a second mill at
Frankford is devoted to the production of ground wood pulp.
Mr. Don..Idson also announced that George W. Brown, President and
General Manager of Firstbrook Boxes, Ltd., another ()air subsidiary, will
serve also as Vice-President and Generhl Manager of Gair Co. Canada,
Ltd., and that H. J. Daubney, formerly General Sales Manager in the
United States for Price Bros. of Canada, will serve as General Manager
in charge of the Canadian mills. Charles E. Whitten, formerly SecretaryTreasurer of Canadian Paperboard, Ltd.. will serve as Secretary-Treasurer
o sGair Co. Canada, Ltd.
With the taking over of the five Canadian mills, the Robert Gair Co.,
Inc., now has 17 plants devoted to the manufacture of paperboard and
fabrication of paperboard products and has added materially to its productive capacity for paperboards of all types, it was further announced.
-V. 138. p. 2923.
Gary Electric & Gas Co.
-Extension of Bonds Sought.
A plan for the extension to July 1 1944, of the $8,000,000 1st lien coll. 5%
bonds, due July 1 1934, has been announced, by John N. Shannahan,
Chairman. Interest will be maintained at the annual rate of 5% on the
bonds, which are the company's only funded debt.
In addition to extended bonds, all bondholders who assent to the plan
will receive a share in the equity of the company equal to their proportionate share of 25% of the coutstanding common stock of the company.
The July 1 interest coupons will be paid immediately upon receipt of bonds
deposited under the plan and the company will set up a sinking fund each
year of the first $100.000 earned above interest charges and 25% of all
other earnings.
The First National Bank of Chicago is the depository, while the Bankers
Trust Co. is sub-depository for New York, and the Pennsylvania Co. for
Insurances on Lives and Granting Annuities sub-depository for Philadelphia.
No compensation will be paid, directly or indirectly, to bankers, brokers
or security houses for obtaining or recommending the deposit of bonds
in connection with the plan of extension. No registration under the Securities Act of 1933 is therefore required.
The company will pay all expenses in connection with the carrying
out of the extension plan, the amount being estimated at 568,200.-V. 138.
p. 3089.
Gatesworth Apartment Hotel,St. Louis.
-Court
Circuit Judge Ryan of St. Louis was asked recently to fix a minimum
price for which the hotel may be sold at a trustee'sale. Judge Ryan's
intervention was sought by three bondholders who have not filed and depited their bonds with the bondholders' protective committee, which has
5890,000 in bonds of the $948,000 in bonds outstanding. The bondholders asking for intervention,charge the bondholders' protective committee wish to buy the building at the lowest possible price in order that
smallest possible distribution be made to non-depositing bondholders.
The bondholders bought the building at a sale Feb. 14 for $94,600, but
it was mutually agreed upon by the bondholders and trustees that this
sale be rescinded.
Sam B. Jefferies was appointed receiver for the hotel in March 1931,
when a default had occurred in payments on interest and principle on the
outstanding bonds.
May 12 1934
Gannett Co., Inc.
-Earnings.
[Including wholly owned subsidiaries.1
3 Months Ended March 311934.
1933.
1932.
x Combined profit after depreciation
wool
and income taxes
$273,844
$268,734
$150,019
Net profit after all interest. amortization and Federal taxes
72,447
36,976
137.769
x Including equity of Gannett Co., Inc., in undistributed net profit,of
controlled companies.
•
Calendar Years1933.
1932.
1931.
1930.
Gross revenues
$5,027,252 $5,438,910 $6.528,380 $6,925.304
Commissions,rebates. alances and discounts
188,962
195.211
245,702
306,254
Expenses
3,822,038 4,307,118 5.211,976 5,392,772
Depreciation
147,092
162.853
175,720
199,177
Net oper.revenue_ _ _ _
$869,160
$773,726
$894.982 $1,027,101
Other Income
43.169
42,931
81,563
100.704
Divs. rec. fr, contr. cos_
190,819
265.130
444.378
399,465
Net profits
$1.103,149 $1,081.789 $1,420,923 $1,527,270
Interest & amortization_
345,664
375,872
428,034
617.951
Reserve for taxes
33.069
50,024
56,605
115,000
Res've for contingencies_
70,000
Net profits
$654,415
$655.893
$936,284
$794,319
Equity of Gannett Co.,
Inc., in undistrubuted
profits ofcontrol'd cos.
116.479
28,717
7.043
170.428
Consolidated Earned Surplus Dec. 31.
1933.
1932.
1931.
Previous surplus
$3,795,115 $3.120,845 $3,888,429
Adjustment of taxes-previous years_
3,620
2.256
Reserve for investments
19.000
Loss realized on sale of inv. (net)_
1,620.621
Miscellaneous
Dr.765,577
Cr.1,434
Balance. surplus
$3,033,157 $3.099,588 $2,269,242
Net profit for year(as above)
654,415
655.892
936.284
Discount on 15-yr. 6% debentures..
58.088
141,173
Totalsurplus
$33.745,660 $3,896.655 $3.205,527
Preferred dividends
131,942
100,040
83,182
Class A common stock dividends_ _ 22,500
Divs. on pref. stock of subsidy cos.._
1.500
1,500
1,500
Consol. earned surplus Dec. 31-- _ $3,589,718 $3,795,115 $3.120,845
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1933.
1932.
Assets
Liabilities
Land, buildings,
s6% cum. pt. stk. 1,894,460 1,527,984
equipment,&c_ _ 2,041,818 2,390,162 y claw A corn.stk. 1,031,178 1,420,240
Current assets_ __ - 1,962,108 1,693.685 Pref. stk. of subs_
25,000
25,000
Cash surr. value of
Pref. stock subscr.
insur. policies_ but not issued-75,225
87,238
11,750
84,275
Sinking fund cash_
11,452 6% sk.fd. gold deb 3.625,000 3,758,000
3,844
Inv.& adv, to conOther long-term introlled cos
debtedness
1,565,175 1,565.175
1,933,500 2,096,500
Other invest, and
Current liabilities- 439,614
388,526
long-term notes.. 668.519
560,906 Subscriptions paid
Assoc. Press memin advance
70,291
73,352
berships, circuEarned surplus... 3,589,718 3,795,115
lation, good-will
and franchises &c 6,025,905 6,025,905
Deferred charges_
846,480
. 265,902
Total
Total
12,620,510 13,168,992
12,620,510 13,168,992
x Represented by 21.934 shares no par stock in 1933 and 17,642 in 1932
y Represented by 112,500 shares (no par) in 1933 (180,000 shares in 1932)
-V. 137, p. 4018.
Genera/ Electric Co.
-Receives Large Order.
To protect the 287,500-volt transmission lines running from Boulder Darn
to Los Angeles, this company will build at Philadelphia eight superspeed
impulse oil-circuit breakers of radicaBy different design, it was announced
on May 9 by the Department of Water and Power of the City of Los Angeles.
The cost of the eight breakers will be slightly less than $1,000,000.
The company is also building, at Schenectady, N. Y. the largest and
most powerful hydro-electric generators in the world for the Boulder Dam
project, to be delivered in 1935. These are rated at 82,500
weigh
more than 2,000,000 pounds. and will be shipped to location for assembly
kv-a.,
in more than 40 freight cars.
New Assistant Treasurer.
John D. Lockton has been elected Assistant Treasurer.
-V. 138. p.
3090, 2923.
General Mills, Inc.
-New Chairman of Associated Cos.
--
James F. Bell, President of General Mills, Inc.t on May 9
the election of T. C. Thatcher as Chairman of the board of the announced
Oklahoma
City Mill & Elevator Co.,_ the Gold Medal Flour Co. of Oklahoma, the
General Grain Co., the El Reno Mill & Elevator Co. and the Perry Mill &
Elevator Co., and the election of J. S. Hargett as President of these same
companies, all of which are associated companies of General Mills, Inc.
V. 138, p. 1053.
General Steel Castings Corp.
-Earnings.
3 Months Ended March 31Loss after expenses
Depreciation
1934.
$231.446
290,933
1933.
1932.
$154.088 prof$71,326
314,841
304,824
Loss
Other income
$522,379
33,182
$458,912
64,505
$243,515
74,369
Loss
$489.197
Interest and amortization..234,221
Prov. for shrinkage in market secur_ _
$3394,407
236,667
52.020
$169,146
252,383
65,240
$683.094
$486,769
Net loss
.138, p. 2092.
$723,418
General Motors Corp.
-Quarterly Report.
-Alfred P.
Sloan Jr., President, May 7 says in part:
There were 538,345 shares of the corporation's common stock held
treasury at March 31 1934, which was a reduction of 90.731 sharesin the
from
the total of629,076 shares held at Dec.311933. This decrease is accounted
for by current stock requirements of the corporation's employee benefit
plans, including the payment of the 1933 bonus stock awards and provision
of stock for employees investment fund.
During the quarter ended March 31 1934. General Motors
in
the United States delivered to consumers 180,523 cars and trucks,dealers
compared
with 140.369 cars and trucks in the corresponding quarter of 1933. Sales
by General Motors operating divisions to dealers in the United States during
this quarter amounted to 248,270 cars and trucks, compared with 167.584
cars and trucks in the corresponding quarter a year ago
-a gain of 80,686
units. Total sales to domestic and Canadian dealers and overseas shipments, including production from foreign sources, amounted to 316,604
cars and trucka,compared with 199.749 cars and trucks in the corresponding
quarter of 1933-a gain of 116.855 units, or 58.5 7,,.
The quarter's operations were distinguished by subnormal shipments
during January and February resulting from delays in getting into quantity
production. Salesfor March showed an important increase,and production
was more in lino with demand. Notwithstanding this, there existed during
the entire quarter an acute shortage of practically all lines of General Motors
cars at distributing points, which prevented the corporation from obtaining
its full sales possibilities and capitalizing the competitive strength of its
products.
In the above I have presented the salient facts with respect to the operations of the corporation for the first quarter of this year. In the balance
of this message I propose to deal with an entirely different subject. It is
one which superficially might be considered as outside of our normal relation-
ship, but which on second thought will be recognized as well within its
proper scope. I refer to the present trend of expansion in the relationship
between Government and industry.
Nothing is truer than that wealth can be created only through the instrumentality of industry. Our standard of living depends upon the effectiveness of industry. This applies to every individual within the community,
irrespective of the sourcefrom which his income may be derived. It follows,
therefore, that anything that affects industry, anything that limits its
ability to create wealth, becomes a vital issue to you not only as a stockholder, but from the standpoint of from whatever source your income
may be derived.
American business, be it big or little, is not owned by a relatively few
but, in fact, by a relatively broad cross-section of the community at large.
One of the largest business institutions in our country is owned by 680,939
stockholders. No individual owns as much as one-fifth of 1%. General
Motors, which comes within the general scope of big business, is owned
by 351,949 stockholders. Of these stockholders, 83% have less than 50
shares each. It is also a fact that the distribution of ownership of American
business is rapidly expanding. The result is that the number of large
stockholders and their holdings are continually decreasing and that the
number of small stockholders and their holdings are continually increasing.
This trend, I believe, is highly desirable.
I mention these circumstances to demonstrate the fact that uneconomic
policies, to the extent that they produce a detrimental effect upon business,
do not penalize a limited few. They penalize the community at large and
a continually increasing part of that community. This comes about
through a lowered value of the investment which results from diminished
earning power, limiting the opportunity to expand, to develop and to
create, as well as reducing the ability of industry to produce Purchasing
power for its own products through restricting employment.
It is essential that you take an active interest in these matters because
you are vitally concerned. It is only through creating an appreciation as
to the responsibility of each individual, and developing a better understanding of each problem itself and the consequences that flow from unintelligent action, that the interest of the community can be protected and
advanced. As our industrial mechanism becomes more and more complicated, greater and greater intelligence is needed to deal with it. In a
democracy, this intelligence must be expressed through the support, in a
political sense, of those measures that are good and desirable and through
opposing those measures that are had and undesirable. Although it is
unfortunate, nevertheless it cannot be denied that in our procedure the
motives that result in the creation of our national policies are too seldom
based upon sound economics and too frequently actuated by the selfish
interest of an organized minority, or by political considerations.
I believe it to be the duty of every one of us to contribute what is possible.
from the standpoint of one's experience and knowledge, to a better understanding of the important questions which are before us to-day. These
questions importantly affect the productive or wealth-creating power of
Industry hence the welfare and standard of living of the community as a
whole. '
Actuated by this thought, I recently made a statement before the
members of the Boston Chamber of Commerce. In the hope that those
of you who are interested in such matters might welcome an opportunity
to review this statement from the standpoint of crystallizing your own
thinking on the particular subjects presented, and in the belief that an
obligation rests upon every one of our stockholders to familiarize himself
or herself more broadly with respect to such questions, and hence to discharge more effectively their responsibility to themselves as individuals
and to the community in general. I have taken the liberty of having this
statement printed and enclose a copy herewith.
It would be presumptuous on my part to assume that you will necessarily
agree with the sentiments I have expressed, or the reasoning supporting
those sentiments
-that is quite immaterial. On the other hand, if your
consideration results in stimulating your thinking or creating a real interest
that did not previously exist, there will result a real contribution to an
important cause.
Condensed Consolidated Income Account Three Months Ended March 31.
1931.
1932..
1933.
1934.
Sales ofcar & truck units:
Retail sales by dealers
to users
231.881
-U.S
143,514
140,369
180,523
Sales to dealers incl.
Canada and foreign
363,560
3 4,547
2
367,333
564,874
Net sales-value
205.124,080 120,000,163 149,663,716 218,246,772
Profit from opor. & inv.
,
after all exp incident
thereto, but before deprec. ofreal est. plants
& equipment
39,233,089 16,961.656 23,012,770 47,683,754
Prov. for deprec. of real
est., plants& equip
7,963,346 7,369,586 9,306,963 9.517.582
Net profit from oper.
& investments
31,269,743
Non-oper. profit (net)- 378,175
Gen. Motors equity in
undivided profits or
losses of subs
4,403,180
Net profit
Less
-
3271
Financial Chronicle
Volume 138
36,051,098
9,592,070 13,705,807 38,166,171
579.333
246,595
Dr313,592
21.434
9,299.912 13,952,402 38,745,504
Payment to Gen. Motors
Management Corp_
1.595,G00
Employees' savings &
investment fund
1,097,317 2,854.517 2.725,201
1,030,752
Employees'bonus & pay.
to Gen. Motors Management Corp
1,464,000
Spec. pay. to employees
under stock subs. plan
35,858
55,266
21,122
13,292
Fed. & for, income taxes 4,186,000
1,377,000 3.841.000
1,291.000
Net income
29,357,054 6,890,473 9,685,027 30,529,037
Gen. Motors Corp. proportion of net income_ 29,319,523 6,870.007 9,693,027 30,529,037
Dividends
$5 preferred dividends_ - y2.294,555 y2,294,930 2.344.207 2,343,569
Amount earned on
common stock*-_
27,024,968 4,575,077 7.348,820 x28,185,468
Earned per share on com
$0.17
x$1.61
$0.11
$0.63
x Including the General Motors Corp.'s equity in the undivided profits
or the losses of Yellow Truck & Coach Mfg. Co. Ethyl Gasoline Corp.
Vauxhall Motors, Ltd. Adam Opel A. G., Bendix Aviation Corp., General
,
Aviation Corp., successor to Fokker Aircraft of America, General Motors
Radio Corp. and Kinetic Chemicals, Inc. (since Jan. 1 1931), the amount
earned on the common stock was $26,655,840, or $1.61 per share. y After
deducting dividends on preferred stock held in treasury.
Summary of Consolidated Surplus Account March 31.
1931.
1932.
1934.
1933.
$
Earned surplus at beginning of period
248,961,356 238,231,744 301,266,482 344,265,275
General Motors Corp.'s
proportion of net inc.
(as above)
29,319,523 6.870,007 9,693,027 30,529,037
Earned surplus before
dividends
278,280,879 245,101,751 310,959,509 374,794,312
Cash divs.paid or accrd :
Prof.stock-$5 series.. 2,344,207 2,344,207 2,344,207 2,343,569
Common capital stock 10,875,000 10,875,000 21,750.000 32.625.000
Rate per share
$0.50
$0.75
$0.25
$0.25
Total cash dividends
paid or accrued_ -- _ 13,219,207 13,219.207 24,094,207 34,968.569
Less amount received or
accrued by General
Motors Corp. on capital stk, held in treas.:
Preferred stock
49,277
49,652
Common,stock
111,624
149,650
Net cash dividends
paid or accrued_ _ _ 13,019,905 13,058,306 24,094,207 34,968,569
Earned surplus at end of
period
265,260,974 232.043,445 286,865,302 339,825.755
Condensed Consolidated Balance Sheet.
Mar 31 '34. Dec. 31 '33. Mar.31 '33.
.
t
86
$
Assets90,162,440
115,579,748 150,952,197
Cash
23,824,334
26,141,792
36,542,709
U. S. Government securities__ _
21,724,912
209,977
1.501,518
Other market.sec.(short term)12,500.000
Nat. Bk.of Detroit cap.stock_
Gen. Motors Mgt. Corp. serial
6% deb. bonds, due March 15
1935 (in 1933, due March 15
375.000
732,000
1934)
Sight drafts with bills of lading
4,487,218
3,070,585
9,922,406
attached, & C.O.D. items.__
1,904,471
2,346,632
2,131,547
Notes receivable
(less
Accts. rec. & trade accept.
res.for doubtful accts in 1934
24,569,622
18,834,045
39,822,870
$2,703,842)
76.184,220
148.414,498 115,584,600
Inventories
2,589,691
2,500,779
2,312,293
Prepaid expenses
13,943,878
xCash balances in closed banks_
Investments & miscellaneous:
Sub. & affil. cos. not consolidated, & miscellaneous_ 232,977,751 228,893,524 210,963.946
Gen. Motors Mgt. Corp. ser.
39,875,0IX1
38,525,000
6% deb. bonds atface value 37,793,000
Gen. Motors Corp. cap. stk.
held in treas. for corp.
purposes (in 1934, 538,345
shs.
39,722 shs. $5
10.580,778
16,644,233
seriescoin... preferred)
no par
- 13,861,878
Real estate, plants & equipment 521.886.080 512.703,982 500.394,908
12,390,852
15,053,982
14,856,851
Deferred expenses
51,839.252
51,837.678
51,837,508
Goodwill, patents,&c
1,230.172,657 1,183.674036 1,097,935,522
Total
Liabilities
12,560.900
33,578,895
48,692,185
Accounts payable
Taxes, payrolls & sundry ac14,696,938
16.720,512
22,337,792
crued items
1,756.517
12,673,537
14,140,410
U. S.& foreign income taxes
Empl. says, funds, payable
9.901,048
11,278,956
6,950.522
1 year
within
Contractual liability to Gen.
Motors Mgt. Corp. due Mar.
10 1935 (in 1933, due Mar. 10
368,006
732,000
1934)
1,562.805
1,562,805
1,562,805
Accr. diva, on pref. cap. stock_ _
Reserves:
Deprec. of real est., plants &
218,562,496 208,939.143 178,976,838
equipment
301,212
278,249
Employees investmentfund_ _
Empl. says, funds, payable
11,368.429
9,710,537
10,176.855
subsequent to! year
1,368,006
732,000
Employees bonus
10,018,690
13,415,345
and contingencies_ _ -- 16,016,607
Sundry
187,536,600 187,536,600 187,536.600
yPreferred stock
435,000,000 435,000,000 435,000.000
zConunon stock
Int. of minority stockholders in
sub. cos. with respect to cap.
2,513,312
2,259,096
2,193,162
& surplus
265,260,974 248.961,356 232,043.445
Earned surplus
1.230,172,657 1,183,674,006 1,097,935,522
Total
x National Bank of Detroit capital stock and cash balances in closed
banks at March 31 1934 and Dec. 31 1933 are included in miscellaneous
investments. y Represented by 1,875,366 no par shares. z Represented
by shares of $10 par value.
-The company on May 8 issued
April Car Sales Increase.
the following statement:
April sales of General Motors cars to consumers in the United States
totaled 106.349, compared with 71,599 in April a year ago. Sales in March
this year were 98,174. Sales for the first four months of 1934 totaled
286,872, compared with 211,968 in the same four months of 1933.
Sales of General Motors cars to dealers in the United States in April
totaled 121,964, compared with 74,242 in April a year ago. Sales in
March this year were 119.858. Sales for the first four months of 1934
totaled 370,234, compared with 241,826 in the same four months of 1933.
April sales of General Motors cars to dealers in the United States and
Canada. together with shipments overseas, totaled 153,954, compared
with 86,967 in April a year ago. Sales in March this year were 153,250.
Sales for the first four months of 1934 totaled 470.558. compared with
286,716 in the same four months of 1933.
Sales to Consumers in United States.
1931.
1932.
1933.
1934.
61,566
47,942
50.653
23,438
January
68,976
46,855
42,280
58.911
February
101,339
48,717
98.174
47,436
March
135,663
81,573
71,599
106,349
April
122,717
63,500
85.969
May
103,303
56,987
101,827
June
85,054
32,849
87,298
June
69,876
37,230
86,372
August
51,740
34,694
71,458
September
49,042
26.941
63,518
October
34,673
12,780
35.417
November
53.588
19,992
11.951
December
Total
January
February
March
April
May
June
July
August
September
October
November
December
510,060
755,778
Sales to Dealers in United States.
1932.
1934.
1933.
65.382
72,274
46,190
52,539
50,212
82.222
48,383
45.098
119.858
69,029
74,242
121,964
60.270
85,980
46,148
99,956
31,096
92,546
24,151
84,504
23,545
67.733
5,810
41,982
2,405
3,453
44,101
11.191
937.537
1931.
76,681
80.373
98,943
132.629
136,778
100.270
78,723
62.667
47,895
21.305
23.716
68,650
928,630
472.859
729,201
Total
Total Sales to Dealers in U. S. & Canada Plus Overseas Shipments.
1931.
1932.
1934.
1933.
89,349
74,710
January
82,117
62,506
96,003
62.850
February
59,614
100,848
119,195
59,696
March
58.018
153,250
78,359
154,252
April
86,967
153,954
153,730
66,739
May
98,205
111,668
52,561
June
113,701
87.449
July
36,872
106,918
70,078
30,419
August
97,614
58,122
September
30,117
18,148
25.975
10,924
October
53,054
29.359
5,781
November
10,384
79.529
53,942
December
21.295
1,074,709
Total
562.970
869.035
United sales of Chevrolet, Pontiac, Oldsmobile, Buick, LaSalle and
above figures.
Cadillac passenger and commercial cars are included in the
-In an
General Motors Overseas Volume at 1930 Levels.
official announcement dated May 9 the company stated:
General Motors sales abroad of car and truck units, from all sources.
for the first four months of 1934 totaled 59,817 units, an increase of 87%
over the total for the corresponding period of 1933, and an increase of 99%
over the total for the first four months of 1932.
3272
Financial
The results in evidence for the month of April alone reflect a continuance
of the vigorous upward trend which has been in evidence since the spring
of 1933. and sales of 20.201 units during this month are the highest recorded
for any year in the company's history with the exception of 1928 and 1929.
The total in question was 104% greater than the total in April 1933, and
141% greater than the total in April 1932.
The gains in evidence are world-wide in extent, and while they apply
with greatest force to the corporation's products manufactured in the
United States and Canada.substantial progress has also been made with the
Opel product manufactured in Germany, and the Vauxhall product manufactured in England.
-V. 138, p. 2923.
General Theatres Equipment, Inc.
-Decision on Compromise Claims with Chase National Reserved.
-
The petition of Daniel 0. Hastings, receiver, filed in the Court of Chancery, at Wilmington, Del., asking for authority to enter into a certain prosagreement with the Chase National Bank, New York. was heard
the Chief Justice, Daniel .1. Layton,sitting as Chancellor, on May 1. It
Is expected that a decision will be handed down within the next few weeks.
The principal features of the proposed agreement between the receiver
and Chase National Bank are as follows:
The Chase National Bank has filed claims in the receivership of General
Theatres Equipment, Inc., in an amount in excess of $20,000,000. To
secure such indebtedness there are pledged with the Chase National Bank
various securities, including the pref. stock of Film Securities Corp., pledged
In connection with a loan in the face amount of $9,700,000. Such pref.
stock has been rendered practically valueless by the sale at public auction
of assets of Film Securities Corp. consisting of 660.900 shares of common
stock of Loew's, Inc., pledged to secure notes of said Film Securities Corp.
now in default.
The Chase National Bank is to reduce its claim against General Theatres
Equipment, Inc., by $5,000.000, and the receiver of General Theatres
Equipment, Inc., is to consent to the allowance of the claim in the reduced
amount, namely. $15,310,832, to confirm the pledge with the bank of the
securities now held by it to secure the indebtedness, and to release from all
claims which General Theatres Equipment, Inc., r its receiver may have
against the Chase National Bank, Chase Corp.. dhase-Harris Forbes Corp.,
the officers and directors of the corporation, and Halsey. Stuart & Co.,
Inc., Pynchon & Co., West & Co. and W. S. Hammons & Co.. associates
of the corporation in certain financing of General Theatres Equipment,
Inc., and their officers, directors and partners.
In connection with such proposed agreement, Chase National Bank has
made an agreement with the consolidated protective committee for 10-year
6% convertible gold debentures, due April 1 1940, of General Theatres
Equipment, Inc., the more important features of such proposed agreement
being that the bank is to participate in a reorganization of General Theatres
Equipment. Inc.. provided the details of the plan of reorganization (including releases as aforesaid) are worked out in a manner satisfactory to
the bank,and to turn over to the reorganized company its secured claims.
accompanied by the collateral securing them, in exchange for shares of
common stock of such reorganized company, to be issued on the same pro
rata basis as to debenture holders and other unsecured creditors, and also
to give to the reorganized company an option to purchase at $15 a share
approximately 325.000 shares of the class A common stock of Fox Film
Corp. such option to be good for one year, and further to lend to such
reorganized corporation a reasonable amount to cover the expenses of
reorganization and working capital.
-V. 138. p. 511.
Eff
Georgia & Florida RR.
-Earnings.PeriodGross earnings
-V.138, p. 3090.
-4th Welk of April- -Jan. 1 to Apr. 301934.
1933.
1934.
1933.
(est.)$21,800
$19,565
3371,178
$263,889
German General Electric Co.-Earninqs, &c.
The company reports sales for the fiscal year ended Sept. 30 1933 of
180,000.000 rm. against 220,000,000 rm. In the preceding year, and a net
loss for the period of 26,500,0e ) rm., compared with a net loss of 72,700.000 rm.
The decline in sales last year was the result of a dropping off in exports.
Most of the affiliated companies also operated unsatisfactorily, it was stated.
Financial reorganization of the company has again been postponed.
Sales, especially in the interior, improved during the last few months,
and the company hopes to close the current year without a loss, provided.
of course, the economic situation continues to improve, a Berlin dispatch
said.-V. 137, p. 320.
-April
Glidden Co., Cleveland.
May 12 1934
Chronicle
The directors who were re-elected included Charles Boettcher, G. K.
Boettcher, Gerald Hughes, J. W. Morey, F. H. Roberts, Merritt Gano,
W. L. Petrikin, W. D. Lippitt, R. K. Marsh and Edwin Morrison, all of
Denver; W. D. Thatcher. of Pueblo, Cob., and Horace Havemeyer, of
New York.
-V.138. p. 2576.
Grigsby Grunow Co.-Referree Permits 90-day Production
Period to Fill Radio and Refrigerator Demands.
-
Referee Edmund D. Adcock has allowed the petition of Frank McKey,
trustee in bankruptcy for the company, under which tne company will
enter into production for 90 days and turn out 40,000 radios and sufficient
refrigerator parts to take care of warranty requirements. Distributors
woo nave requested the manufacture of radios have agreed to place a 25%
cash deposit with tneir order and pay the balance on delivery, Refrigerator distributors have agreed to pay off their outstanding accounts with the
company if it will manufacture service parts whicn they require.
The Radio Corp. of America. to which Grigsby is said to be Indebted for
about $200.000, was the only creditor to object to the petition, on the
grounds that the trustees' plan would not allow profitable operations.
A bid of about 5350.000 for refrigeration machinery of the Grigsby
Grunow Co. submitted by Samuel C. Horwitz, an attorney, was rejected
by Referee Edmund D. Adcock on recommendation of Mr. McKey.
The sale in bankruptcy of tne company and meeting of creditors scheduled
for May 3 have both been adjourned until May 24.-V. 138, p. 2749.
Gulf Power Co.
-Earnings.
of Commonwealth & Southern Corp.1
IA
Period End. Mar.31- 1934
-Month-1933.
1934-12 Mos.-1933.
Gross earnings
$69.703
$62,032
$843,900
$842,36C
Oper. expenses, includ'g
maintenance and taxes
44,781
40,375
528,896
511,425
Fixed charges
15.335
15,393
183,642
175,870
Prov. for retirem't res
2,500
2,500
30.000
30.000
Net income .
Divs. on 1st pref. stock-
37.085
5.594
$3,763
5,614
3101,361
67.207
3125,065
67,396
Balance -- - - _____
-V. 138, p. 2412.
$1,491
deft1,851
$34.154
$57,669
Gulf States Utilities Co.
-Earnings
Period End. Mar.31- 1934-Month-1933.
1934-12 Mos.-1933.
Gross earnings
5383.802
$369,174 35.217.447 35,238,948
Operation
177,743
172.739 2,249,707 2,308.589
Maintenance
17.800
15,956
196,081
182.115
Taxes
43,411
34.924
449.310
427.823
Net operating revenue $144,848
$145,553 52,322,349 82.320.420
Interest & amortization_
89.970
90,892
1,089,647
1.090.570
Balance
$54,877
$54.661 31,232.701 31,229.849
Appropriations for retirement reserve
481.666
458400
Balance
$751,034
$771,849
Preferred stock dividend requirements
567.182
567,182
Balance for common stock dividends & surplus $183.852
$204,666
-V. 138, p. 2576.
Hamilton Bridge Co., Ltd.
-New Officer.
-
Oswald E. Leger (formerly Vice-President of Canadian Vickers Co.) has
been appointed Assistant to the President, with headquarters at Toronto.
-V. 138, p. 2925.
Hackensack Water Co.(& Subs.).-Earnings.Quar. End. Mar.311934.
1933.
1932.
1931.
Gross oper. revnue
Other Income
3955.622
4,067
3898.888
5,101
3912,498
5.760
5912.583
5,090
Total income
Net Inc. after exp., &c
Interest charges(net).-Depreciation
Federal tax
3959.689
520.283
178,647
69.988
21,405
$903,989
487.284
198,392
68,848
25.089
$918.258
468.825
160,434
66.655
32,008
$917,673
469,432
120,515
62,403
33,700
$250,243
$194.955
$209,7
Net income
V. 138, p. 860.
814
Sales for Month and Six Months Ended April 30.
• --Hawley Pulp 8c Paper Co.
.1
-Reorganization P
1934-6 Mos.-1933. Increase.
1934-Month-1933. Increased
In an effort to prevent receivership and to keep the co
$2,695,810 32,106.706
a going
5589,104 $13,748,881 $9.725,905 34,022,976
concern a. proposed reorganization plan has been adopte .
he com-V. 138. p. 2576, 1924.
mittee which drew up the plan is composed of Isaac D.
onus,representing the bondholders; W.Lair Thompson,Hunt and E. S.
• Guardian Building 8c Loan Association (Ore.).
representing the
- noteholder; A. S. Kerry, Seattle,representing the
stockholders, and Watson
Disposal of Assets Approved by Court.
Eastman, representing the management.
When it became evident that the company could not meet semi-annual
The petition of C. H. Carey. Corporation Commissioner of the State of
interest due July 11933. on its first mortgage 6% sinking fund
Oregon, for authority to sell the assets of the Guardian Building & Loan
financial reorganization was decided upon. The committee,gold bonds,a
Association to the Equity Finance Co.. organized to take over the affairs
after having
investigated the operating and financial difficulties of the
of the defunct institution for the benefit of creditors and shareholders,
company,
recommended:
has been granted by Circuit Judge Lusk.
That the deposit ofsecurities under the plan ofreorganization
According to the terms of the sale approved by Judge Lusk, the Equity
was desired
to preserve the company as a going concern; prevent
Finance Co., which was organized by holders of Guardian debenture bonds
closure by waiving a default under the mortgage and receivership and forewho are therefore preferred creditors of the defunct institution, will pay a
deed of
Jan. 1 1939, in the payment of bond interest, maintenance of trust prior to
price sufficient to give common shareholders in the Guardian 6% of the
sinking funds
sale of capital assets and use and disbursements ofinsurance
face value of their holdings, which shall be accepted in full extinguishment
Allow for a minimum retirement offirst mortgage bonds at moneys.
of their claims. Assets of the Guardian will then be distributed among
market prices.
Finance Co.
Provide a waiver of accumulated dividends on first
the preferred creditors by the Equity
tive no par stock from Jan. 11934, to Dec. 31 1938. preferred $7 cumulaClaims of preferred creditors, it was brought out, amount to approxiProvide a waiver of all dividend requirements on second
mately $500.000. Mr. Carey said that the plan of sale offered the only
preferred $6
cumulative no par stock prior to Jan. 1 1939.
method which had been suggested whereby the shareholders would get
Provide an orderly method of distributing any available
anyting. If liquidation went on as it had in the past, he said that the
funds to the
various classesa eseof securities
debenture holders would not be paid in full
lassm
f leainthnd roerpensating
prospects were that even the
a eocd m of theirpriorim an
ties.agement.
method
holding
and that shareholders would receive nothing.
the
Briefly summarizing the plan devised to effectuate the above
and retain
Underwriters Exchange Inc.
Globe
the priority of all securities as now existing, the plan
-Earnings.provides for all available funds being disbursed to bondholders until the
The company reports for four months ended April 30 1934 net operating
except as provided otherwise. This, it is said, will bebonds are retired
profit of $43,410 after expenses, taxes, and deduction of $104 loss on sale
using annually the first $279,404 (the 1932 depreciation accomplished by
-V. 137, p. 3334.
of securities.
charges) for the
purchase of bonds after advertising for offers. Funds
Gotham Silk Hosiery Co., Inc.
to be disbursed to bondholders until 4% per annum exceeding this amount
-Onyx Subsidiary in
has
Funds above this amount to be used for the payment of been distributed.
Future to Sell to Wholesalers Instead of to Retail Trade.
interest on the note
until 3% per annum has been distributed. Funds
See Onyx Hosiery, Inc., in last week's "Chronicle," page 3101.-V. 138,
to be used for the purchase of bonds and retirementabove this requirement
of
of81% par value of bonds and 19% par value of note, the note in the ratio
D. 1238.
until $1,000,000 par
value of bonds shall have been retired, when such
Great Atlantic 8c Pacific Tea Co.
-Sales.
used, first, for payment of bond interest; second, available funds shall be
and third, for purchase and retirement of bonds payment of note interest
Sales.
Tonnage Sales.
and note principal on a
pro rata basis according to the par value of outstanding
1934.
Period.1933.
1934.
1933.
bonds and unpaid
par value of the note. After retirement of bonds and
Five weeks end. Mar.31 - 481,292.409 374.979.542 477.825 495,208
note,
be paid on first preferred stock and upon payment of all dividends shall
Four weeks end. April 28... 62.463.980 61.056,064 364,467 405,661
dends thereon the plan will terminate.
-V. 137, p. 1419. cumulative divi$143,756,389 $136,035,606 842,292 900,869
Total 9 weeks
Hayes Body Corp.-Earnings1933.
.-V. 138, p. 3091. 2576.
Quer. End. Mar. 31.
1934.
1932.
1931.
Great Northern Ry.-Public Works Improvement.
Gross earnings
3227.553
$298,809
$176,278
$333.793
-S. C. Commission on May 7 approved expenditures by the comThe I.
Coats
184,131
320,445
223.431
374,698
pany of 8850.000 to be loaned by the Public Works Administration.
The report of the Commission says in part:
Operating loss
Prof$43.422
$21,636
$47.153
$40,905
Other income
The company on April 26 1934 applied under Section 203 (a), clause 4,
4,092
4,361
4,293
8,120
Profit of subsidiary_
of tne NIRA for approval of certain railroad maintenance, which it pro285
554
to finance by a loan from the Federal Emergency Administration of
Loss
rugic Works.
s
9
Pr°f$17 7 9
$16,721
$42,860
$32,785
Miscellaneous chargesThe maintenance for which approval is sought consists of the repairing
6, 19
1
23,636
1,708
Depreciation
44,061
of 487 refrigerator cars by the substitution of steel side-frame trucks for
55,316
54,309
58,448
Interest
arch-bar trucks at an estimated cost of $52,160. and the rebuilding of
1,186
2,522
3.428
394
refrigerator cars by application of steel underframes and other heavy
652
Net loss
repairs, the waterproofing of floors and application of side-sheathing angles,
$13.567
$98,195
$100
-V. 138. p. 2925.
dtc.. at an estimated cost of 3798,735. a total approximate cost of $850,895.
,
-V.138, P. 3091.
-Board Reduced.--:
Great Western Sugar Co.
"hs Hazeltine Corp.
-Special Div. o $2.37p pe97
ff
r Ska're9.3r-.
$
5
The directors on May 8 declared a specie dividen
The stockholders at their annual meeting held on Mai 9 voted to reduce
A. Kemp, of Scottsbluff. Neb.,
the directorate from 15 to 13 members. F. E. R. Griffin. of
Denver. 0010.
was elected to the board to succeed the late
of
hare
on the capital stock. no par value, payable June 15 to $2.37%
holders of
rd
June 1. The last distribution, a quarterly of 12% cents
per share, was
made on Marco 15 1932. This compared with 25 cents per
share paid on
Sept. 15 and Dec. 15 1931 and 50 cents per share paid each quarter
ril
,„
5
l0
H
Ty 31 1930 to and incl. June 1 1931.-V. 137. pil?.4
-cent Dividend.
ecla Mining Co.
-10
1
.1.-vve
A dividend of 10 cents per share has been declared on the capital stock.
par 25 cents per share, payable June 15 to holders of record May 15. A like
amount was paid on March 15 last and on Dec. 15 1933. Dividends had
-V. 138, p. 2094.
been resumed on the latter date.
-Foreclosure.eine Boiler Co., St. Louis.
A decree for foreclosure of the company has been filed by St. Louis Union
Trust Co., successor trustee for $350.000 outstanding bonds, and provides
for sale of personal and real property of the company to the highest bidder
and distribution of the proceeds to bondholders.
The proposed decree sets out the company's plants were mortgaged in
1923 to secure an issue of $750,000 bonds, that $400,000 of the bonds were
retired and that defaults in principal and interest took place on tile
remainder.
The company has been in receivership in Federal Court for more than
four years and the decree provides for appointment of a special master to
offer the property in lots and in bulk at the .plant. Any sale will be subject
to approval of Federal Court.
-V. 137, P. 321.
Hercules Powder Co.-Consol. Bal. Sheet March 31.1934.
1933.
Assets
Plants & property _18.588,031 19,526,880
Cash
2,213,944 2,196,936
Accts.receivable 4,501,327 2,959,617
Hercules Powd.Co.
capital stock _ _ _ 1,718,270 1,698,417
Inveet.securitiee
667,157
631,786
Govt.securities_ .._ 4,177,591 4,042,471
Mat'ls & supplies_ 2,900,691 2,072,571
Finished products_ 2,509,866 2,238.850
Deferred charges._ 229,221
243,088
5,000,000 5,000,000
3273
Financial Chronicle
Volume 138
1934.
Common stock_ _15,155,850
Preferred stock _ _ _11.424,100
Accounts payable_ 414,484
92,356
Pref. div. payable_
21,019
Deferred credits__
Fedi taxes (est.)_ _ 460,516
4,465,433
Reserves
Profit and loss_ _ _10,436,970
1933.
15,155,850
11,424.100
205,099
92,544
66,911
87,391
4,063,070
9,551,021
42,470,729 40,645,987
Total
Total
42,470,729 40,645,987
-V. 138, p. 2925.
x Represented by 606,234 shares of no par value.
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
Liabilities
Assets
469,190 Accrued interest on
Cash
651,313
137,500
137,437
bonds
U. S. Treas. ars 1,264.766
215.956
Accounts payable_ 254,469
Accrued interest on
26,589
8.686
Contracts payable
U.S. Treas. ctfs.
8,935
108,311
144,428
Accrued payroll__
y Metals at refin61,788
44,843
ery or in transit _ 2,174,335 1.418,283 Misc. accr. ilabil__
50,000
21,159 Res. for conting__ 142,087
5,637
Accts. rec. (mind.)
-year 6% cony.
282,092 5
369,198
Metals
4,997,700 5,000,000
gold bonds
600.406
Malt; & supplies_ 793,141
x Capital stock_ _ _27.502,300 27,500,000
Mth.claims,devel.
269,948 def597,988
11,056,682 11,082,646 Surplus
and land
Mine & metallur.
plants, pwr. pit.
dr transmis. line,
turn. & fixts__ _x16,427,475 18,255,274
285,258
Prepaid mine dev. 685,734
11,947
Def. cons. items
13,859
14,817
Prepaid Insurance.
18.678
23,617
Prepd. open exp.
Prepd. deb. under43,274
26,248
writing expenses
33,501,897 32,502,157
Total
33,501,897 32,502,157
Total
x Represented by 2,500,230 shares of no par value in 1933 (2,500,00
In 1932). y Sold under contract. a Less reserve for depreciation of
34.809,425.-V. 137, p. 321.
-Loans Up.
Household Finance Corp.
The corporation loaned $12,849,370 to 65,384 customers, an average of
$196 per borrower,in the first quarter this year,according to B.E. Henderson, President. In the first quarter of 1933 its loans totaled 310,825,620
to 58,208 customers, or an average of $186. Loans to people who had
o
never before borrowed from the company were 18T ahead of last year
in the first quarter, while in March this year such loans increased 45%
over tne 1933 month.
About 82% of the borrowers stated when applying for loans that they
needed the money to refund retail bills and other debts owed in their com-V. 138. p. 3092.
munities, according to a Chicago dispatch.
-To Purchase
.."(Charles E.) Hires Co., Philadelphia.
'
----- Hurt Building, Atlanta, Ga.-Sale Authorized by Court.
Class A Stock.Foreclosure sale of the building was authorized recently by Judge E. E.
.
0
' The directors have authorized the application of $325.000 for the Purchase of shares of class A common stock of the company at a price not in
excess of $25 per share. In a notice to holders of class A stock, Charles E.
Hires Jr., President, says: "In the regular course of its business, your
company has accumulated the sum in cash of approximately $500,000 in
excess of its current requirements and expected neeth for the near future."
The regular quarterly dividend of 50 cents per share on the class A stock
which was declared on May 1, payable June 1 to holders of record May 15.
will be paid to stockholders of that record, regardless of whether or not
their stock is purchased under the company's offer.
Stockholders are asked to tender shares under the offer to the Pennsylvania Co. for Insurances, &c., Philadelphia, before 3 p. m. May 28.
V. 137, p. 3681.
.) Hoe & Co., Inc.
-Receiver Reports Loans Paid.-
A debt of $1,863.868 to the Guaranty Trust Co. of New York, which
was outstanding in April 1932, when the company was thrown into equity
receivership, has been fully repaid under the management of the Irving
Trust Co. as receiver, according to the receiver's report. The report shows
that the debt, for which collateral totaling $2.677.181 had been pledged.
was paid from receipts from new business and from the collection of
money owed to the company. Last November the receiver paid also
$250.000 that had been borrowed to conduct the business.
Consolidated Income and Surplus Account Period Ended Dec. 31 1933.
x New
ConYork Co. y London Co. solidated
Net sales (billings)
$2.864,507 $3,019,196 $5,883.703
Cost of sales
2,479,711
2,132,578 4,612.290
Gross profit
Administrative and selling expenses_
Income from operations
Other income
$384,796
560.213
def$175.417
207.484
Net profit
Interest on bank loans
Interest on purchase money mtgesDepreciation
Receivership expenses
British income taxes
332.067
15,417
47,779
262,357
35,866
3886.617 $1,271,413
331,073
891.286
3555.544
55,759
$380,126
263,244
$611,303
8.917
$643.370
24.334
47,779
385.363
35.866
66.089
123.006
66.089
Balance, surplus
def$329.353
3413.289
$83,937
x New York Co.. April 21 1932 to Dec. 311933. y London Co., May 1
1932 to Dec.311933.
Consolidated Balance Sheet at Dec. 31 1933.
Liabilities
AssetsCash in banks and on hand_ - _ $367,574 Notes payable London Co.._ - _ b$129,354
Accounts payable
Accounts receivable and notes
240,568
22,220,680 Accrued expenses
receivable (net)
172,932
1,302,019 Reserve for probable loss on
Inventories (net)
3,824
finished presses
Miscellaneous assets
25,662
5,393,005 Reserve for income tax
Capital assets
94,807
1 1st mtge. series A 614s
Patents
3,171,000
149,098 Purch. money mtge. payable_ 465,000
Deferred charges
7% notes, due Oct. 1 1934_ _... 786,000
Capital stock (stated at 312).c3,072,000
Paid-in surplus
1,411,307
Deficit, Dec. 31 1933
132.429
Total
59,436.203
Total
$9,436,203
a Includes $234,000 of slow receivables due from customers in Latin and
South American Countries. b Secured by first lien on all assets of the
London Co. (including pledge of the acceptances on the Arcos contract)
except fixed property and leasehold interests. c 96,000 shs. of class A.
.-V. 188. p.2577.
stock (no par), and 160.000 shs. common stock (no par)
Hotel Senator, Sacramento.
-Bondholders Assume Management.Formal announcement that the Hotel Senator has been taken over for
management under a trusteeship representing the first mortgage bondholders' committee is contained in a letter to bondholders, Samuel J. T.
Straus, trustee, took possession the owners surrendering control after
suit had been filed in the Sacramento court to fortify a demand, originally
refused. The court action, which had contemplated appointment of a
receiver, was dismissed thereupon.
Demand that a trustee be placed in charge of the property came after
it was disclosed that the owners had used part of the net income of $78,611
earned in 1933 to pay interest on promissory notes aggregating $208,000
These notes were junior to the claims of the bondholders for interest, as
well as principal, in default. The bonds outstanding of $995,000 carry
a 6%% coupon and are dated July 1 1923. They were declared in default
-V. 117. P• 831.
last August.
Hudson Bay Mining & Smelting Co., Ltd.(& Subs.).
1933.
' 1931.
1932.
Earnings for Calendar Years$7,422,447 $5,406,668 35,401,312
Sales of metals
refining and all other sales
Freight,
1,059.441
812,252
966,814
and delivery expenses
$6,363,005 $4,439,854 $4,589,060
Balance
2.8,56,948
3,470.948
3,311.703
Cost of sales
Cr13,152 Cr144,764 Cr258,508
revenue
Other
329,529
346,692
299.936
Interest on bonds and bank loans...
18,165
18.147
17,229
Amortiz. of debt discount & expense..
50,000
100,000
Prov. for reserve for contingencies--1.678,949
1,264,647
1,865.829
Depreciation
Net loss
prot$780.524
$298,955
3301.947
Pomeroy, in Fulton Superior Court, Atlanta, Ga., who rendered a final
judgment in favor of the Atlanta Trust Co. as trustees against Atlanta
Realty Corp. and Hurt Building Corp. In its foreclosure suit for default
In the payment of principal and interest of $3,825,000 of the buildings'
1st mtge. 7% gold bonds.
Barring the equity of redemption of Atlanta Realty Corp. and Hurt
Building Corp., the Court's decree fixed an indebtedness of $3.825,000
principal now outstanding plus four $133,875 semi-annual interest payments
with $336,644 interest thereon, and the further sum of $60,979 interest on
the principal since Jan. 1 1934.
Under the Court's decree the property is to be advertised and sold at
public auction, such sale to be subject to all leases under which tenants
are now In possession executed prior to May 15 1925, the date of the indenture upon which the foreclosure suit was brought, and all eidsting
leases. It was stipulated that any bondholder may bid at the sale, and
prospective purchasers must post $25,000 cash or 350,000 in the building
-V. 123. p. 1768.
bonds.
-Earnings.
Illinois Bell Telephone Co.
-Month-1933.
1934-3 Mos.-1933.
Period End. Mar.31- 1934
$6,151,559 $5,930,127 $17.897,726 $17,498,021
Operating revenues
93,051
22,621
79,096
241,278
Uncollect. oper. revenue
Operating revenues__ $6,174,180 $6,009,223 $17.990.777 $17,739,299
4,396.120 12,525,198 13,083,660
4,275,697
Operating expenses
Net oper. revenues.... $1,898,483 $1,613,103 $5,465,579 $4,655.639
758,366
2,314,690
836,684
2,523,927
Operating taxes
Net operating income- $1,061,799
-V. 138, p. 3092.
$854,737
32,941,652 $2,340,949
-Note Application.
Illinois Central RR.
-year 6% notes for delivery to holders of
Authority to issue $2,500,000 3
a like amount of 45% gold notes due June 1 was requested May 8 by the
-S. C. Commission. The new notes are
application to the I.
company in an
to be delivered to the extent of 62%% of the face value of the maturing
gold notes, together with a cash payment of 37% V. The Reconstruction
Finance Corporation has agreed to lend the road $7,500.000 to meet the
cash payment on condition that substantially all of the holders of the
maturing notes agree to extend 62%% of the principal involved for three
-V. 138. p. 3092.
years.
Illinois Water Service.Co.-Earnings.12 Months Ended March 31Operating revenues
Operating expenses
Amortization of rate case expense
Provision for uncollectible accounts
Maintenance
General taxes
1934.
$588,495
192,399
11.750
14,500
33,242
58.328
1933.
$607,758
193,448
14.098
8,369
35.261
47.193
Net earnings from operations
Other income
278,277
$
1.738
$309.389
1,503
Gross corporate income
Interest on bonds
Miscellaneous interest
.
Amortiz. of debt discount and expense
Interest charged to construction
Provision for Federal income tax
Prov.for retirements & replacements
Miscellaneous deductions
$280,014
171.950
1,621
3.839
Cr134
2,071
25,750
700
$310.893
157,663
904
589
Cr125
10.146
19.500
x2,127
$120,089
$74,217
y Net income
53,400
53.400
Dividends on preferred stock
to bondholders of
x This item represents principally reimbursement
Federal and State taxes which has been included in general taxes in 1934.
y Interest on former loan from affiliated company subordinated to the
payment of preferred stock dividends.
Comparative Balance Sheet.
Liabilities- Mar.31 '34. Dec.31'33,
Mar.31 '34. Dec. 31 '33.
Assets$3,439,000 53,439,000
Funded debt
Plant, prop. equip55,969,378 55,967,445 Misc. def. habil. dr
ment, &c
117.309
43,796
unadjust.credits
86,880
12,775
Special deposits_ _
5,547
5,343
47,259 Accounts payable_
109,712
Cash
1.660
1,534
89,166 Due affiliated cos.
87,292
Accts. receivable
31,352 Int, taxes, dive.,
Unbilled revenue_
38,962
93,507
&c. accrued__._ 151,029
Materials and sup
495,118
491,588
plies
35,385
36,988 Reserves
890,000
6% cum. pref. stk. 890,000
Commis. on capi1,140,000 1,140,000
x Common stock
10,325
tal stock
81,516
81,516
Capital surplus_
Unamortized rate
129,970
129,352
Earned surplus_
case expense_
35,900
x Deferred charges
and prepaid ac77,081
130,880
counts
$6,376,814 $6,389,970
Total
Total
86,376,814 $6,389,970
it Including unamortized debt discount and expense and commission on
-V. 138. p. 2749.
capital stock. y Represented by 57,000 no par shares.
-Proposed Stock Option.
Industrial Rayon Corp.
The stockholders are being asked to approve a plan at a meeting May 18
to grant six officers an option on 100,000 shares of new stock at $30 a share
for three years. Hiram S. Rivitz, who has been President since 1926, has
signed a new contract with the company for three years, reserving the right
to cancel the contract unless the plan is approved by stockholders.
3274
Financial Chronicle
May 12 1934
According to the plan of directors, Mr. Rivitz is
75,000 shares while the remaining 25,000 shares willto have an option on
be allowed the other
rive officers on a pro rata basis.
The directors called the special stockholders' meeting a month ago for
Way 18 to vote on an increase in the authorized stock from 200,000 no par
shares of common stock to 1,200,000 shares after which stockholders will
receive three shares of new stock for one of old.
-V.138. P. 2750, 2578.
General Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets$
Liabilities3
Real estate
1,934,829 1,980,224 Preferred stock__ 5,945.688
Mach., tools & tlx_ 2,611.235 2,817,127 Common stock,.. 9,119,731 5,950,688
9,119,731
Inventories
4,657,248 4,274,415 Accounts payable_ 218.891
109,249
Invest. In InternaPrJV. for FeM
tional Silver Co.
Insurance Co. of the Stzir of Pennsylvania.
twos
y
-Off List,2 of Canada, Ltd_ 902,785 850,379 Pref.stk.d1v.serip.. 15,000
The Philadelphia Stock Exchange ecently ruled that the capital stocle."
34,461
34,461
U. S. Govt. sees._ 1,117.984
925,898 Pref. dive. payable
of the above company be stricken frothe regular list of the Exchange
59,457
59,507
at the
Awed Int. receiv_
22.701
23,258 Surplus
close of business on April 30.-V. 138. p. 334.
839,978
653,321
Due from employ's 149,536
189,045
Deferred charges__
59,151
60,145
Insuranshares Corp. of Del.
-Receivership Dropped.
Stocks and bonds.. 1,449,962 1,405,549
Chancellor Josiah 0. Wolcott on April 26 dismissed the receivership
Cash
799,961
899.543
suit filed several weeks ago against the corporation by Arthur J. Logan
Accts. & notes rec. 2,527,812 2.501,374
of Wilmington. receiver for Seaboard Continental Corp. The order
signed after attorneys for both plaintiff and defebnant agreed to the was
Total
16,233,206 15,926,957
WsTotal
16.233.206 15.926.957
-V. 138, p. 2928.
• Directors and Officers.
-
At the annual meeting of stockholders held May 8, the following directors
were elected: Harry M. Blair, New York, N. Y.; George A. Burnell,
Montclair. N. J.; Arthur G. Logan, Wilmington, Del., William E. Moore,
Paterson, N.J.; Bertram D. Quarrie, Cleveland, Ohio; Woolsey A. Shepard
and C. J. Simmons, New York, N. Y.
At the quarterly meeting of the new directors held May 9 the following
were elected and appointed as officers and to act on committees:
President & Treasurer, Harry M. Blair; Secretary & Asst. Treasurer.
George A. Burnell.
Executive Committee: Harry M. Blair, Woolsey A. Shepard and C. J.
Simmons.
Investment Committee: Harry M. Blair, Woolsey A. Shepard and C. J.
Simmons.
-V.138, p. 1572.
Iniurance Equities Corp.
-Sale of Collateral.
-
Collateral for a loan of $500,000 made by the Continental Bank & Trust
Co. to the Insurance Equities Corp. was sold recently at auction for $200.
The purchaser was the Contal Corp. of which Henry M. Wise, counsel
for the bank, is President. The collateral consisted of 52.332 shares of
capital stock of the Lloyds Insurance Co. of America and 7,750 common
shares of the Insuranshares Corp. of Del. Each block brought $100.
The sale was in the rooms of Adrian H. Muller in Jersey City. Insurance
Equities and Lloyds of America are in receivership, and dealings in
of Insuranshares of Delaware have been suspended on the New Yorkshares
Stock
Exchange.
-V. 138, p. 1238.
International Harvester Corp.
-New Director.
-
Sydney G. McAllister, Vice-President of this company, has been elected
a director, a member of the executive committee and 1st vice-pres.-V.
138, P. 1736
.
--International Mercantile Marine Co.
-Court Denies
Application for Injunction Against Cunard-White Star Union.
London dispatches May 8 stated that P. A. S. Franklin lost his legal
battle on behalf of the company, of which he is President, to block the
merger of the Cunard and White Star lines.
His application for an injunction was dismissed with costs by Justice
Eve in the Chancery Division following the hearing of two weeks ago.
The Court ruled Mr. Franklin had no right to interfere with the merger
since he was not even a shareholder in the Oceanic Steam Navigation Co.,
which owns the White Star.
The fact that ,E2,350,000 was still owed to Mr. Franklin's company for
the sale of the White Star ships did not give him a shareholder's standing
at all, the Court ruled.
"Any plaintiff impeaching the conduct of a company's affairs must be a
shareholder," Justice Eve declared.
"The plaintiffs, the International Mercantile Marine Co., admittedly
are not shareholders in the Oceanic company, and their assertion that they
alone are beneficially interested in 4,958 out of 5.000 shares in
company is countered by the production of two documents. the Oceanic
One is the
agreement of sale by the Oceanic company. The other is an agreement
whereby the 4.958 shares were deposited in joint names.
"So far from the International Mercantile Marine Co.
persons interested in a share of the capital, they are not being the only
holders
shares at all and never can be. They are merely unpaid vendors. of any
They
have no lien on the shares and they have agreed to the shares being vested
in the trustees."
There had been no default by the Royal Mall Steam Packet Co., which
now owns the Oceanic company shares, the Court continued, and the power
of sale had not become exercisable.
"In the face of these facts." said Justice Eve, "it is impossible to hold
that this action can be maintained by the plaintiffs. They have no locus
standi to impeach the conduct of the Oceanic company's business and I
cannot hold the plaintiffs are entitled to any of the relief claimed in this
motIon."
Even if Mr. Franklin were entitled to sue, the Court said, the
White Star agreement of last December involved the sale of onlyCunardpart of
the Oceanic company's fleet. Continuing, he said:
"Further, if it did involve the sale of the whole fleet, it was one in which
the Oceanic company or its directors were empowered to enter.
"Finally, in the absence of any ultra vires act by the company
any suggestion of fraud or over-reaching, it is well settled that theand of
has no jurisdiction to adjudicate upon differences of opinion whichCourt
have
arisen over the conduct of the company's business and the wisdom of the
Policy which has been adopted."
-V.138, p. 1926.
ickol Co.
Common Dividend
f Canada, Ltd.
-10-cent
The directors have declared a dividend o 10 cents per share on'the common stock, no par value, payable June 30 to holders of record May 31.
A similar payament was made on March 31 last, which was the first distribution on the common stock since Dec.31 1931,on which date a quarterly of
5 cents per share was paid.
-V. 138. p. 2928.
International Paper Co.
-Tenders.
-
The Bankers Trust Co., trustee, 16 Wall St., N. Y. City, will until
noon on May 17 receive bids for the sale to it of 1st & ref. 5% sinking fund
mortgage, bonds series A and series B, to an amount sufficient to exhaust
$100,546 at prices not exceeding 102M and int.-V. 138. p. 512.
International Ry. Co.(Buffalo).
-Earnings.
-3 Mos.End. Mar.311934.
1933.
1932.
1931.
Operating revenue
$1,599,787 $1,417,205 $1,775,844 $2,204,281
Operation and taxes._.. 1,322.929
1.270.511
1.511.436
1.918,560
Operating income_ ___
$276,858
$146,695
$264.408
$285,721
Non-operating income_ _
3.880
2.581
6,499
6,556
Total income
$280.738
$149,275
$270,907
$292.277
Fixed charges
278.626
289.562
303.149
307,936
Net loss
prof.$2,111
$140,286
$32,242
$15.660
-V.138. P. 2751.
International Silver Co.
-Earnings.
-
Calendar Years1933.
1932.
1930.
1931.
Net sales
$8,352,970 $7,535,270 $10,573.197 $14.492,118
Operating loss
Prof.592,608
1,111,272
778,845
240,726
Other income
166,559
179.671
194,227
199,993
Loss
prof.$759.168
$931,601
$578,853
$46,499
Depreciation
501,316
593,245
552,257
622,949
Federal taxes
15,
Net loss of Int'l Silver
Co. of Canada, Ltd
27.082
118.528
139,090
188,335
Provision for fluctuation
in Canadian exchange Cr55,940
Cr35.146
91,087
Write-down of Govt. se
29,085
entities to market62.632
prof.$242,624 $1,567.238 $1,464,906
Net loss
$857,783
Preferred dividends____
59,457
238,810
422,002
422,002
Common dividends
(7%)683,985
sur$183.167 $1,806,048 $1.886,908 $1,963,770
Deficit
839.978
653,321
2,407,213 4,294.121
Profit and loss
International Telephone & Telegraph Corp.
-Mackay
Radio Concludes Agreement with Japanese Governme-11.-
Mackay Radio, an affiliate of the International
Corp., on May 3 announced that it had concludedTelephone & Telegraph
an
Japanese Government. signed on behalf of the Minister agreement with the
of Communications
by Naotaro Yamamoto, Director-General of Telecommunicat
ions, and
Takeo lino. Chief of the foreign traffic department of the Department
of
Communications, which provides for the establishment of a
radiotelegraph circuit between the United States and Japan. now direct
Additions to the powerful Mackay radio station at
completed and preparations for the new circuit at the San Francisco are
under way, according to Ellery W. Stone, Operating Japanese end are
Vice-Prerident of
Mackay Radio, who expects the circuit to be ready to open within
a few
months.
In Japan the transmitting station for the new Mackay Radio
America is at Oyama.and the receiving station at Fukuoka, both servicewith
near Tokyo.
Mackay Radio service to China was opened in 1933 as one of the major
extensions of a year of widespread expension for this company which
opened within the past year four new transoceanic circuits in additionhas
the eight transoceanic circuits which it operated previously. Within to
the
United States it has recently extended its domestic network by adding
Washington, Boston, Chicago and New Orleans to New York and
the
seven principal cities of the Pacific Coast.
-V. 138, p. 2928.
Interstate Department Stores, Inc.
-April Sales Up.
Sales for Month and Three Months Ended April 30.
1934
-Month-1933.
Increase.I 1934-3 Mos.-1933.
Increase.
$1,741,048 $1,561,847
$179.201 '$4,692.052 83.592,457 $1,099,595
Note.
-The above figures exclude groceries and leased departments.
V. 138. p. 2580.
Investment Co. of America.
-Net Worth.
-
The company reports that on April 30 1934 the net worth per share of
common stock outstanding, based on the balance sheet of that date with securities adjusted to market prices, was $27.80. This compares with net
worth of 821.68 on Dec. 31 1933.-V. 138, P.872.
Island Creek Coal Co.
-Earnings.
Calendar Years1932.
1933.
1931.
1930.
Income from operation_ $1,943.576
Other income
177.023
Total income
82,120,599 1117825,408 $2,614,551 $3,860,106
Exps.,int. & sundry tax.
206,780
224.731
277.515
332,711
Deprec. & depletion_
570.378
540.668
626.687
834,613
Gross sales taxes, &c_
70,137
Reserve for loss on closed
banks
25.622
Reserve for Fed. taxes_ 150.000
125,000
190,000
290,000
Net income
91,097.680
3934,850 $1,520,348 $2.49
-27782
Preferred dive.(6%) _ 157,251
160,530
167.520
179,123
Common dividends
1.187,729
1.336,195
2,226.993
2,375.459
Deficit
$247.300
$562.075
$874.165
$151,799
Com.she. outs'g (par $1)
593,865
593.865
593,865
593,865
Earnings per share,
$1.58
$1.30
$2.28
$3.74
For income statement for 3 months ended March 31 see April 28th issue
page 2928.
Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets
Liabilities$
$
x Property aects__11,315,625 11,644,155 Preferred stock_..
26,145
26,558
Invest. in Appal.
Common stock_ __ 503.865
593,865
Coals, Inc. pref.
, aid-in surplus_ __11,215,053 11,249,833
& corn, stock_ __
13,568
Accts. pay.. ace-.- 399.390
135.171
Cash
1,421,727
950.810 Accr, tax., pay.,&e 148,461
95,301
Liberty bonds
6,000.000 6,000,000 Federal taxes
150,000
125,000
Accts. & notes roe. 669.647
724.910 Dividends pay.... 336,171
336.769
Inventories
465.592
512,040 Reserves
322,104
296,501
Cash in closed bks.
16,771
1 rofit & loss surpl. 6,779,734 7.027,034
Deferred charges
67,994
54,117
Total
19.970,924 19,886,033
Total
19.970,924 19,886,033
x After depreciation and depletion of $10,088,676 in 1933 and $9,521,797
in 1932.-V. 138. P. 2928.
Italian Superpower Corp.(& Subs.).
-Earnings.Earnings for the Three Months Ended march 31 1934.
Total income
Expenses and taxes
Interest paid and accrued on debentures
$165,605
8.270
262,895
Net loss..............................................
Profit on $908,000 debentures retired, $234,400; loss on sales of
securities, $150,904
$105,559
Net loss for the period
Earned surplus at beginning of period, after adjustments
83.496
$22,063
2,233,726
Earned surplus, before deducting provision for dividends
on preferred stock
$2,211,661
Provision for dividends on preferred stock
186,258
Earned surplus, March 31 1934
$2,025.404
Capital surplus at beginning of period
Adjustment for discount on $908,000 debentures retired
$2,617,729
62.380
Capital surplus, March 31 1934
$2,680,109
Comparative Consolidated Balance Sheet.
Mar. 3134. Dee. 31'33.
Mar,31'34, Dec. 3133.
Assets
Investments _ _y30,484,252 31,330,591 35-yr. 6% debs_ _ _11,090,000 11,908,000
Cash
578,548
792,628 x Capital & Burp..17,234,714 17,378,866
Res. for dive. accr.
on pref. stock._ 2,545,526 2,359,268
Int. on deb. bonds 182,340
370,110
Taxes
6,449
12,180
Accounts payable3,771
4,704
31.062,800 32.123,219
Total
Total
31.062,800 32,123,219
x Represented by 124,172 shares of $6 cum. pref. stock, 970,015 shares
class A common stock, 150,000 sharer; class B common stock, all
value. There are outstanding option warrants, series of 1929, to of no par
purchase
59,985 shares of the common stock class A, as such stock may be constituted at the time of purchase at any time up to and including Jan. 1 1938,
at a price of $20 a share, on which last named date the rights to purchase
represented by such option warrants series of 1929 expire.
y Securities owned of a book value of $29,671,017 had an indicated market value on March 31 1934 at exchange rate of that date of $26,614,221:
Volume 138
Financial Chronicle
other securities owned of a book value of $813,235 had an estimated value
at March 31 1934 of $1,032,537.-V. 138, P. 1042.
Jantzen Knitting Mills (Ore.).
-Pays Accrued Divs.-
A dividend of $1.25 per share on account of all accumulations on the
7% cum. pref. stock, par $100, has been declared in addition to the usual
quarterly dividend of .1.75 per share, both payable June 1 to holders of
record May 25. Similar distributions were made on the pref. stock on
March 1 last.
-V. 138, p. 2094.
Jewel Tea Co., Inc.
-Sales Continue Gain.
Period End. Apr. 21- 1934-4 Wks.
-1933. 1934-16 Wks.
-1933.
Sales
$1,276,651 $1,073,823 $5,103,571 84,283.208
Avg. No. of sales routes
1.5101,492
1,432
1,429
-V. 138, p. 2580.
Kansas City Southern Ry.-Changes in Board.
-
At the annual meeting held on May 8 the number of Kansas City residents on the board was raised to four. Rufus Crosby Kemper, President
of the City National Bank & Trust Co joining C E Johnston President
E. F. Swinney, Chairman of the First National Bank, and John H. Wiles:
of the Loose Wiles Biscuit Co. Mr. Kemper was a nominee of the Paine,
Webber & Co. groups.
In addition to Mr. Kemper the new members are Edward M. Allen,
President of the Mathieson Alkali Works. Inc., which is building a lar
plant on the southern terminus of the Kansas City Southern; Thomas .
Chadbourne of New York, and Sir William Wiseman, a partner in Kuhn,
Loeb & Co. The death of Mason B. Starring created one vacancy on
the board.
In addition, W. C. Loree, a brother of L. F. Loree; John McHugh and
Andrew J. Miller of New York retired. "
The new board consists of L. F. Lome, Charles E. Ames. Edward C.
Delafield, Richard F. Hoyt, W. J. Hutchinson. Robert V. White, Edward
M. Allen, Mr. Chadbourne and Sir William Wiseman of New York
John A. Nixon, Wm, J. Sinek, Mr. Johnston, Mr. Swinney, Mr. City;
Wiles
and Mr. Kemper.
-V. 138. p. 3093.
Kelvinator Corp.
-Record Shipments in April.
-
During April, the corporation shipped 57.245 units, a gain of 90% over
April 1933, and a new all time record. The best previous month's showing
now exceeded by 32% had been made in May 1933. when 43.357 units were
shipped.
-V. 138, p. 2929.
Kelly-Springfield Tire Co.
-New Directors.
-
As a result of an agreement between the management of the company
and the minority group of stockholders that supported an independent slate
of directors at the recent annual meeting of stockholders, two new directors
have been elected to represent the minority group. They are Fred R.
Angevine and D. R. Weedon. Mr. Weedon has also been made a VicePresident and a member of the executive committee.
John E. Searle has also been elected a director. He was said to represent
the holdings of John N. WiIlya in the 6% notes and preferred stock of the
company.
A. F. Eggleston and Byron E. Heeler have resigned as directors. At a
later date a third director probably will be elected to represent the minority
group of stockholders.
-V. 138, p. 2415.
'Kentucky Utilities Co.
-Dividend Reduced.
-
The directors on May 8 declared a dividend of 25 cents per share on the
7% junior cum. Prof. stock. par $50, Payable May 9 to holders of record
May 17. Previously the company paid regular quarterly dividends of
87.4 cents per share on this issue, to and including Feb. 20 1934.-V. 138,
la• 2083.
Key West Electric Co.
-Earnings.
Period End. Mar.31Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Int.and amortization_ _ _
1934
-Month-1933.
$12.829
$12,978
6,464
5,182
1,639
937
1,362
1.326
$3,363
2,141
Balance
$1,221
Appropriations for retirement reserve
Balance
Preferred stock dividend requirements
1934-12 Mos.-1933.
$149,148
$174,637
65.615
71,173
14,717
18.719
14,360
15.377
85.530
2,226
$54,456
26,879
$69,367
27.251
83.304
$27,576
20,000
$42.116
20,000
$7,576
24.500
$22.116
24,500
def$16,923
def32,383
'
Balance for common stock, divs. and surplus--
Kimberly-Clark Corp.(& Subs.).
-Earnings.
Calendar YearsNet sales
Sell., gen.St adm.exps
Depreciation
Depletion
Cost of sales
1933.
1932.
1931.
1930.
$13,804,355 813.174.479 818.136.539 821,771.187
1,205,752
1,289.820
1.602,389
See x
1,141,565
1.131,529
1,187,711
See x
108,660
See x
10,650,450 9,950,477 13,217,442 x18,921,788
Operating profit
Other income
$906,588
292,646
$802,653 82.020,337 82.849.399
773.096
705.643
701,499
Total income
$1,199.235 81,575.749 $2,725,981 $3.550,898
Federal & State taxes..._
82,500
165,000
376,736
457,626
Int.. amortiza'n, &c_
4131,545
465.368
587.814
See x
Prov.for doubtful accts_
105,530
203.415
Other int., cash discount
on sales, &c
149,556
117,868
Net loss of subsidiary_ _prof.13,914
.
35.342
Net profit
8444,018
8588.755 $1,762,430 $3,093,271
Preferred dividends_ _ _
.
597,780
597,780
597,780
600.000
Common stock
396.143
1,226.440
Deficit
8153.763
$405,168
$61,790sur$2493.271
Shs.com.stk.out.
(no par)
487,173
487,173
499.800
499.800
Earnings per share
Nil
Nil
$2.33
$4.98
x Includes selling, general and administrative expenses,
depreciation and
depletion and in 1930 interest charges.
Quarterly Earnings.
-For income statement for three months ended
March 31 see April 21st issue, page 2751.
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets
Liabilities$
$
x Plant. prop.,tim6% pref. stock_.._ _ 9,963,000
ber hides.. 5s _29,655,348 30,027.060 y Common stock_ 19,494,667 9,963,000
19,494.667
Cash
753,297
052,517 Gold bonds
7,669,000 8,111,000
U. S. Govt. and
Sundry accts. and
marketable secs. 1,460,646 1,402,493 taxes payable... 1,399.196
1,248,731
Deposit for paym't
Contracts for purof bond interest.. 200,750
210,850
chase & improv't
Det'd notes and
of machinery &
seals receivable 253,422
148,278
equipment
Notes dr accts. rec_ 1,532,400 2,042,833 Reserve for obso- 446,655
Inventories
3.400,097 3,019,599 lescence
539.091
641,078
Dep. with trustee_
634
634 Dividends payable 149,445
149,445
Due from still. cos.
86,112
68,032 Earned surplus
2,300,883 2,404,645
Invest. in subs
9,008,181 9,028,075 Capital surplus
5,034,327 5,034,099
Deterred charges._ 645,375
446,291
Total
46,996,263 47,046,665
Total
46,996,263 47,046,665
x After depreciation of $10,812,395 in 1933 and $9,666.698 in 1932.
y Represented by 487.173 no par shares.
-V. 138. p. 2751.
Kinner Airplane & Motor Corp., Ltd.
-Files Registration Statement.
Offering of 399.680 shares of common stock to shareholders at 50 cents
a share by the corporation is contemplated in a registration statement filed
with the Federal Trade Commission.
-V. 138, P. 1056.
3275
Koppers Gas & Coke Co.
-Tenders.
-
The Union Trust Co. of Pittsburgh. trustee of the 20-year 5% sinking
fund debenture bonds, offered to receive tenders up to noon April 27.
for the sale to it of bonds not exceeding in the aggregate 81.000,337. at
prices not in excess of 1021i and interest.
-V. 138, p. 2752.
(S. S.) Kresge Co.
-April Sales.
1934
-April
-1933
.
Decrease.
1934-4 Mos.-1933.
Increase.
$10,146;128 810.228,412
882,2841540,088,728 534,480,181 85,608,547
The company at the end of April had 678 American and 44 Canadian
stores, a total of 722 stores, in operation, against 720 on April 30 1933.
The company states that the April decrease is accounted for by the
fact that the Easter selling season fell in April 1933. Also, this year there
were only four Saturdays in April against five last year.
-V.138. p. 3093.
(S. H.) Kress & Co.
-April Sales
-New Director.1934-Apri1-1933.
Increase.' 1934-4 Mos.-1933.
Increase.
$5,732,389 84,766,042
8966,347 I 822.253.175 816,661,595 35,591.580
S. W. Holdcroft has been elected a director, succeeding I. C. Holm.
V. 138. P. 2581.
....... akey Foundry & Mcchine Co.-Suhstitnttrm
.-
The New York Curb Exchange has admitted to unlisted trading privi1
the new y
1 ommln stock (oar $1) issuable in exchange for old common
stock (no par). V. 138, p. 2581.
Lampor & Holt, Ltd. (Steamship Co.), England.
Details of Assets Remaining After Completion of Distributions
Under Plan.,
Under circular dated April 10 the trustees for the holders of the 5%
deb. stock give details of the assets remaining in the hands of the receiver
after the completion of the distributions contemplated by the scheme
recently put before the stockholders. These assets are as follows: a sum of
cash in court or in the hands of the receiver which,after the deduction of the
i25.000 to be subscribed for shares in the reconstituted company, will
amount to a free balance of about £ 125.000; £1,218 Coast Lines, Ltd.
5% deb. stock; 275,000 Coast Lines, Ltd.. ordinary 1 shares; 3,000 Moss
(James) & Co. (Moss Lines), Ltd. (in voluntary liquidation) ordinary
1100 shares; 40,254 Colville (David) & Son, Ltd., ordinary 10 shares;
£30,000 Yselhaven Wharf, Ltd.. 5% deb. stock; 5,000 Yselhaven Wharf,
Ltd.,ordinary 1 shares; 156,931 unsecured loan to the Cia Navegacao das
Lagoas: 15.000 shares of Ms.200 of the Cia Navegacao dal; Lagoss; 764,000
Royal Mail Steam Packet Co., ordinary stock; 648,150 Elder Dempster &
Co., Ltd., 6;4% A preference .1 shares; 200,000 McMillan (Archibald)
& Son, Ltd.(In liquidation) 1 shares; and 369,818 unsecured claim against
McMillan (Archibald) & Son, Ltd. (in liquidation) in respect of which a
first dividend of 9d. in the :. was received in 1933. In addition, there is
the right to receive the following deferred creditors certificates issuable
under the Royal Mail scheme of arrangement: 339,145 Royal Mail Steam
Packet Co.; and :25.548 Elder Dempster Sz Co., Ltd. ("London Stock
Exchange Weekly Official Intelligence."). See also V. 138, p. 2752.
Lane Bryant, Inc.
-April Sates.
1934
-April
-1933.
81.248,500
$1,105,926
-V. 138, p. 2581, 1756.
Increase.' 1934-4 Mos.-1933.
8142.574 I $4,295,929
$3,417,261
Increase.
$878,668
La Salle Wacker Building Corp., Chicago.
-Hearing
May 21.‘
Hearing of objections to the proposed reorganization plan for the series A
6% bonds will be held May 21 before Judge Hugo Friend in the Circuit
Court, Chicago. Unless the Court decides that the plan is fair, sales of
the property under foreclosure for $851,000 to Halsey, Stuart & Co..
nominee of the reorganization manager, will not be confirmed, according
to a group represented by J. L. Monaghan, Presid,ent of the Filer & Stowell
Co. He 'declares that proponents of the plan hate indicated a willingness
to make modifications in provisions for determining and distributing earnings, which it is ass, rted will prevent diversion offunds.
-V.137, p. 1947.
Lawyers Westchester Mtge. & Titte Co. of White
Plains, N. Y.
-Accused of Fraud-1Vrit to Stop Security
Sales hp Compqnu Sought.
The New York "Times" of May 6 had the following:
John J. Bennett Jr., State Attorney-General, announced yesterday
(May 5) that proceedings have been started to restrain the 20 officers and
directors of the Lawyers Westchester Mortgage & Title Co. of White
Plains from further sale of securities. Charges of fraudulent sale of mortgages and certificates were made the basis of the action.
The action was instituted after several months of investigation by
Assistant Attorney-General Ambrose V. McCall in charge of the Fraud
Bureau and by Deputy Attorney-General Harry Greenwald. Supreme
CourtJustice Frankenthaler on May 4 signed a temporary injunction
enjoining the officials of the company from the sale of securities pending
the determination of an application for a permanent injunction. The
order to show cause why the permanent injunction should not be issued is
returnable in the New York County Supreme Court May 14.
The proceedings against the mortgage company and its officials it was
said, will bring out charges that mortgages and certificates were sold to
the public when such securities were in default in taxes and interest.
It is also alleged that bonds and mortgages were sold to the public before
the full amount of the principal had been advanced to the mortgagors.
The use of a purportedly fraudulent financial statement to promote the
purchase or retention of the securities of the mortgage company is also
charged by Mr. McCall and Mr. Greenwald.
Among the defendants are Albert W. Haigh, President of the company;
Vice-Presidents Clarence S. McClellan, Henry R. Barrett, Raymond A.
De Forest and Jerome A. Peck; Philip S. Dean. Secretary; Harry P. Bedell,
Assistant Secretary, and Charles C. Fuchs, Treasurer.
It was said at Mr. McCall's office that the company from February, 1908.
when it began business, to December, 1932, had sold to the public mortgages and certificates having a value of $106,757.690. On Aug. 11 1933
George S. Van Schalck, Superintendent of Insurance, took possession of the
assets of the company as rehabilitator. The literature issued by the company when it was offering its securities contained in part the following:
"This company invests its own funds, secured by loans upon selected real
estate, and offers its mortgages to the public with the unconditional assurance that the investor's principal will be returned intact and that he receive
interest when due without fall. Taxes and fire insurance are attended to
by the company."
-V.138, p. 1056.
ehigh Valley RR.
The 1-13. C. Commission
aut orized the company to assueleo
tion andlbility in respect o
ot exceeding 11600,000 equipment
trust certificates cries V.of 1934, to be issued by the Pennsylvania Co.for
Insurances on
es & Granting Annuities, as trustee, and sold at par in
connection with the procurement of equipment.
The report of the Commission says in part:
On March 8 1934 we approved, as desirable for the improvement of
trnasportation facilities, the acquisition by the applicant of five locomotives. The cost of the locomotives, without booster and automatic train
control, is given as approximately $118,000 each, and with them at about
$132,000 each. In connection with the procurement of this equipment the applicant will
enter into an agreement, to be dated Aug. 1 1934, with the Pennsylvania
Co. for Insurances on Lives & Granting Annuities, as trustee, and certain
vendors, creating the Lehigh Valley RR.equipment trust, series
and providing for the issue thereunder by the trustee of notV.of 1934.
exceeding
$600,000 of equipment-trust certificates.
The certificates will be issued originally as temporary registered trust
certificates, will be dated the day of issue, will represent an interest in the
trust to the amount of $1,000, or a multiple thereof, and will entitle the
registered owner to dividends from and after one year from the date thereof
at the rate of 4% per annum, payable semi-annually on Feb. 1 and Aug'. 1.
Such temporary certificates will be exchangeable on any date not earlier
than 18 months from their date for definitive trust certificates, dated
Aug. 1 1935, in the denomination of $1,000, with dividend warrants attached, or for multiple definitive trust certificates, registered as to principal
and dividends. The definitive certificates will also bear dividends at the
rate of 4% per annum, payable semi-annually, and will mature in semiannual instalments of $22,000 each from Feb. 1 1936. to Aug. 1 1945,
incl., and in semi-annual instalments of $20,000 each from Feb. 1 1946.
to Aug. 1 1949, incl.
The certificates are to be sold at par to the Government pursuant to the
terms of an equipment financing agreement which the applicant, on April
by
26 1934, entered into with the United States of America, represented
-V. 138, p. 3093.
the Federal Emergency Administrator of Public Works.
-April Sales.
Lerner Stores Corp.
Increase.
1934-4 Mos.-1933.
Increase.
.
-1933
-April
1934
$275,7051$7.981,268 $5,757,595 $2,223,673
$2,225,702 $1,949,997
April, the average sales for two months
Easter business last year being in
g
of March and April showed an increase of 44% over the correspondin
-V. 138, p. 2930, 2753.
period last year.
-Earnings.
Life Savers Corp.
Quarters Ended March 31Net profit after depreciation. Federal taxes, &c__
Earnings per sh. on 350,140 shs. capital stock---V. 138, p. 2930.
1934.
$214.856
$0.61
1933.
$172,109
$0.49
Lincoln Building (Lincoln Forty-Second St. Corp.),
-Additional Payments.
under the indenture
The Chase National Bank, New York, as trustee
distribution
securing its 1st mtge. 5;4% sinking fund gold loan is making bankruptcy,
ofadditional funds, paid tot by the receiver and the trustee in
certificates of interest and such interest warrants thereto
on account of the
presentation
appertaining as are entitled to share in such distribution upon thereon of
of the certificates of interest and interest warrants for notation
will be at the following rates:
such distribution. Such distribution
prin(a) In respect of each certificate of interest, $7.66 for each $1,000terms
by its
cipal amount thereof; (b) in respect of each interest warrant
1 1933, $0.21 for each
due Dec. 1 1931, June 1 1932, Dec. 1 1932 or June
$27.50 face amount thereof.
each 813.75
The distribution upon each $500 certificate of interest, and one-half of
will be
interest warrant due by its terms on one of such dates,
respectively.
the above amounts,
be presented to
Such certificates of interest and interest warrants shouldBank, 11 Broad
the Corporate Trust Department of the Chase National
---V. 138. p. 2095.
St., New York.
-Earnings.
Link Belt Co.(& Subs.).
1933.
1934.
$2,140,423 $1,419,247
1,557,036
1,938,071
127,289
125.254
3 Months Ended March 31Sales
Cost of sales
Depreciation
$77,0991084265,078
64,122
67,276
Operating profit
Other income
$144,375 loss$200,956
4,715
11,699
14,600
Total income
Sundry charges
Federal taxes
$118,076 loss$205,671
Net profit
Nil
$0.08
(no par)_Earns. per sh.on 675,017 shs,corn.stk.
Balance Sheet March 31.
Consolidated
1933.
1934.
1933.
1934.
Llabf2ities$
$
Assets1,924,385 2,119,149 Preferred stock__ 4,000,000 3,821,900
Cash
739 10,144,630
Accts. dr notes rec_ 1,800,259 1,467,635 d Common stock._10,584,
277,306
2,361,116 2,182,481 Accounts payable.. 396,789
Inventories
Pray, for current
b4,898.695 26,025,031
Securities
14,600
income taxes...
67,535
73,888
Accrued interest31,248
c Fixed assets_ _ _ _ 5,678,703 6,166,415 Inc. taxes prior yrs.
12,249
Accr. cap.stk. tax.
Invest. In Dodge
849,781
308,686
172,600 Reserves
172,600
Steel Co
220,011
202,037
Local taxes
a
Cora.stk. in treas. f552,9611
2,214.663 2,972,523
Surplus
Fret. stk. In treas. g218,7941
85,303
83,610
Deterred charges
17,765,011 18,286,152
Total
17,765,011 18,286,152
Total
Represented by
a At cost. b At'market. c After depreciation.ofd
1,781 shares pref.
par shares. e Treasury stock consisting
709.177 no
shares common stock at a cost of
stock at a cost of $193,477 and 29.488
g 2,063
$498,575, not shown up as assets in 1933. F 3,416 shares at cost.
-V. 138, P. 2254.
shares at cost.
-Receiver
Lion Brewery, Inc., Cincinnati. seeking ap
"
actions
ment of a
After consolidating four separate
ted William
receiver for the company,Judge Dennis J. Ryan recently,appo
and Treasurer of the
F. Hess,former County Auditor and present Secretary
Ohio Brewers, Inc.,as receiver.
-Earnings.
Loblaw Groceterias, Ltd.
weeks-1933.
Period End. April 7-1934-4 Weeks-1933. 1934-44
$1,242,791 $1,075,732 812,423,871 $11,902,609
Sales
Net profit after charges
723,436
670,500
62.932
65.683
& income taxes
-v. 138. p. 2753.
-Foreclosure Suit.
London Terrace Apartments.
filed suit in Supreme
The Continental Bank & Trust Co. New York, The bank is successor
Court recently to foreclose a $5,500,00b mortgage.
directed against the 23-24 Corp.and the London Terrace
trustee. The suit is
-year period on May 1 1930.
for a 10
Corp.. which mortgaged the property defindants owed a total of $1,064,583
The plaintiff said that on March 1 the
fund payments.$13,200 in Federal taxes and $140,893
In interest and sinking
-V. 135, p. 141.
In real estate taxes.
-To Pay Dividend Arrearages" ----London Tin Corp., Ltd.
6.
-Reffht the payment of all dividend arrears on the
The directors recommended
£303,593, as accrued profit
preference shares up to March 311934. totaling of this amount and since
the whole
to date is more than sufficient to cover
liabilities and loan account have been
the close of the year the corporation's
practically liquidated.
depletion of the corporation's resource
The directors pointed out that
felt throughout the period of
at this stage would tend to reimpose a strain
to create
and in order to consolidated progress, it is proposed
the depression
shares of 1 . each to be offered forthand issue of 500,000 new common in the ratio of one new share for every
all shareholders at 12s. 6d.
with to
12 shares held.
substantial liquidation of investThis procedure will avoid any further is reviving, the directors stated.
ments at a time when the metal trade
-V.136. p. 1386.
-Earnings.
Los Angeles Gas & Electric Corp.
1931.
1932.
1933.
12 mos.End.Mar.31- 1934. $22.373,210 $25,015,572 $23,922,947
$22.379,046
Gross revenues
Net profit after taxes,
3,770,523
int., deprec,, &c
-V.138, p. 2753.
3,126.046
4,376,499
4,254,561
-Earns.
Louisville Gas & Elec. Co. of Del.(& Subs.).
1930.
1931.
1932.
1933.
12 Mos.End.Dec.31- $9,642,246 $9,958,117 $10,714,011 810,556,387
Gross earnings
5,153,393
4,798,222
4,699.188
4.498,522
Operating expenses
$5.143.724 $5.258,929 $5,915,788 $5,412,994
Net earnings
303,964
449,079
438,088
407,239
Other income
$5,550,963 $5.697,107 $6,364,867 85,716,958
Total earnings
1,454,984
1,585.637
1,533,797
1,535,062
Interest charges (net)1,320,550
1,367,858
1,354,810
Preferred dividends_ - - - 1.354,920
Approp. for retirement,
817,500
892,500
930,000
893,000
reeves
deplet. & other
37,959
Other deductions
145,237
141,795
141,884
Amortization
$1,588,138 $1,736,615 $2,373.636 $2,123,924
1.577.226
Balance
1,577,283
1.577.297
1,577,283
Cmxmaorodhddends
$546.698
$796,353
$159.318
810.855
surplus--.
Balance to
May 12 1934
Financial Chronicle
3276
Condensed Balance Sheet Dec. 31.
1932.
1933.
Assets
Plant, property,
rights,fran., &e.80,496,210 80,824.887
Unamortized debt
discount dr exp_ 2,545,735 2,687,065
Invest, in other
cos., assns.. dtc_ 4,110,321 4,110,321
Sinking funds and
2,886
2.582
other deposits._
35,535
35,298
Prepaid accounts.
20.190
31,241
_
Insur. unexpired_
Bold accounts in
590,140
process of amort. 553,140
Miscell. def. & un207,761
191,687
adjust. items _ _
Deposits In closed
101.357
101,357
banks
2,887,453 1,760,931
Cash
Accounts and notes
receivable (net). 652,370 1,362,236
8,000
Dive. rec., affil.co.
Unbilled gas and
322,800
electricity
447,530
Mafia & supplies_ 402,580
1932.
1933.
$
lc Capital account
(Del. company) 23,069,664 23.069,664
7% pf.stk.(Ky.co.) 8,373,200 8,373,200
6% pf.stk.(Ky.co.)11,146,600 11,148,600
5% pf.stk.(1Cy.co.) 2,000,000 2,000,000
Com, stock of Ky.
company held by
8,600
8,600
public
30,541,200 30.621,700
Funded debt
201,585
Accounts payable_ 207,812
Accrued for inter340,898
est
339.665
577,243
Accrued for taxes_ 633,441
Accrued for diva._ 470,173
470,173
Other liabilities
105,222
105,048
81,716
82,942
Customers' depos_
75,940
Misc. unadj. cred_
117,380
Depreciation and
depletion reeve.. 9,781,980 9,545,891
Other reserves_ U 1,148,784 1,108,022
16,091
Surplus of sub. co_
18.091
Surplus
4.339,631 4,366,824
Total
92,340,774 92,150,809
92,340,774 92,150,809
Total
x Common stock class A.600,374 shares (no par): common stock class B,
-V. 138. p. 2753.
par).
300.949 shares (no
-Earnings.
Louisiana Oil Refining Corp.(& Subs.).
1932.
1933.
1931.
1934.
3 Mos.End. Mar.31$3,245,667 $2,060.924 $2,533,287 $2,762,086
Gross sales
630,656
468.076 prof.41,793
278,214
Loss before interest, &c79,159
54,894
30,137
97,309
Interest paid
181,090
305,026
456.027
148,830
Deprec'n, depletion, &cNet loss
-V.137, p.3336.
$524,353
Lumbermens Mutual
Increased.
$890,905
8827.996
-Policy
Casualty Co.
$444,371
Dividends
The company has announced an increase in its scale of dividend distribution on compensation policies of 23.4% compared with the rstes paid
during the past 12 months. The company has taken this action in recognition of the improved compensation experience resulting from increased
payrolls and higher individual wage scales. During the first quarter of
1934 the company had a net gain in premium income over the same period
of last year of $776,000, or 15.6%.
Commenting on this result, President James S. Kemper said:
"While some of this gain is attributable to an increasing policyholder
Interest in the standing of the companies with which they are insured,
situation.
most of it is due to the generally improved businesswas not a One sigsingle one
nificant aspect is that in the month of March there
of our departmental offices throughout the country that did not show a
This would seem to indicate that the business recovgain of at least 10%.
-V. 137, P. 1590.
ery is general throughout the country."
-Earnings.
MacAndrews & Forbes Co.(& Subs.).
Calendar YearsSales (net)
a Cost of goods sold__
1932.
1930.
1931.
1933.
$5,173,479 $4,504.538 $6.194,920 $7,892,724
3,670,426
4.963.986 ) 6,259,153
3.996.708
Gross profit
Other income
$1,176,771
76.852
$834,113 $1,230,934 $1,633,572
87.803
94,979
163.628
$1.253,623
Total income
227,064
Sell., achnin.& gen.exp..
127,000
Reserve for income tax-
$921,916 $1,325,913 $1,797,200
165,299
476,249
672,929
75,000
85,000
122,087
$899,560
Net income
2.397.970
Prior surplus
Prior surplus of min. bat.
Adjustments
ll'otal surplus
_
ferred dividends_
Common dividends
Ellm. of surp. applic. to
subsidiaries
$681,617
2,264.557
$3.?1c:832 $2111:411
350.609
607.813
4764,664 c$1.002,183
2,275,389
2,213.446
32,411
25,624
73.168
*3.072,465 $3.314,421
126,000
126,000
880.620
e65.550
73,872
Profit & loss surplus... *2.569.693 $2,397,970 d$2,280.915 d$2,307.801
Shares cora, stock out1,336,000"
305,492
6329.500
303.894
standing (par $10)- - $1.82
$2.44
$2.60
$2.56
Earned per share
a Includes depreciation (1933. $129,624; 1932. $129,299; 1931. 8172.555
amd 1930, $182,141). Is Shares of no par value. c Includes minority
interests of $6.787. d Of which 816,359 is applicable to minority interests
In 1931 and $32,412 in 1930. e Includes loss applicable to minority interests
of 816,053.
Consolidated Balance Sheet D.C. 31.
3 933 56 : 94
2 .0
1 27.
1932.
18 2
1933.
6.
3,9
Assetspay. &
$1,869,830 $1,251,536
Cash
Tied
262,871 AproctacLvilabfaopuraeiFes'ed-ts.
Mktble.sec. at cost 697,992
Inc. 130,503
411,155
Notes & accts. rec. 490,198
2.475,547 2,730,085
Inventories
Clvi m nn stocy .
Domdeo ds pakabl_e 288,166
.
7 ,2
1038 2
7 18
Stk. res. under em1 05 81:894706
31, 90 400 2,054,100
935
:
ployees particip.
92,625
31:055439:938204
85,453
plan
Est. reallz. value
c7 l
P ien:
...r
438,000 } iied
2,569,693 2,397,970
of invest. in subs 181,986
aLand, bldgs., machinery dc equip. 1,900,379 2,003.798
93,981
64,927
Prepaid expenses.
G'd-will trade mks
2,030,323 2,030,323
brands, &c
surplus...
ssurplus...
Total
$9,796,634 89,314,374
$9,796,634 $9,314,374
Total
a After allowance for depreciation of $2,769,300 in 1933 and 82,670,852
in 1932.-V. 138. p. 3094.
-Special Distribution. . 5
1
,
---McGraw Electric Co.
g
share
nts
The directors have declared a special dividend of 25
ecor May 22.
on the common stock, par $5, payable June 1 to holders
Quarterly distributions of like amount had been made on this issue to and
-V. 138. p. 2582.
incl. Oct. 1 1931; none since.
-Groups Divided.
McLellan Stores Co.
In a letter to shareholders of the company, a preferred stockholders
protective committee has again urged the acceptance of the offer of the
Mac Stores, Inc., on the ground that it provides for the settlement of the
contingent landlord claims and supplies more new cash capital than the
other bids.
An "independent preferred stockholders committee" has entered the
proxy contest and has opposed the acceptance of any offers made thus far
to creditors and stockholders.
Consideration of the sale of the company has been adjourned until May
17. Referee Coffin has ordered all interested parties to confer with counsel
for the trustees beginning May 14 in an effort to compose their differences.
Earnings for Month and Four Months Ended April 30.
-Month-1933.
1934-4 Mos.-1933.
Period End. Apr.30- 1934
$1,342,509 Not avail.
*5.265.036 34,072,031
Sales
Profit after depreciation,
amortization and non60.617
67,761
def98,354
x218,997
recurring charges_-.. _
-V. 138, e. 2931.
x Before allowance for Federal taxes.
-New Pres., &c.
Mackay Radio & Telegraph Co., N. Y.
Clarence H. Mackay, President of the company, will become Chairman
of the board on July 1 next, it is announced. Rear-Admiral Luke McNamee,
upon retirement from the United States Navy on the same date, will
become President of the oompany.-V. 137, p. 9699.
Financial Chronicle
Volume 138
McKesson &
Robbins, Inc.(& Subs.).
-Earnings.
-
Consolidated Income Account
-Years Ended Dec. 31.
Including the results of. operations of companies prior to acquisition.]
1933.
1932.
1931.
1930.
Calendar Years$
i
$
$
Sales
104,961,034 104,227,131 119,967.385 134.865.440
Cost of sales
88,699,963 ,88,165,807 99.487.385 111,562.677
Sell, and gen. expenses
14,725,457 16,085,580 17,258,220 19,185.696
Depreciation
348,871
633.121
638,128
647.351
Net profit on sales_ _ _ _ $1,186,743 loss$657.376 $2.583,652 $3,469.716
Int. on receivables, bank
balances, &c
427,856
661.390
799.085
769,007
Net discts. on dabs. red496.567
153,857
Mbrcellaneous
223,493
147.672
215,464
356.086
Total income
$1,838.092
Interest paid
1,207,948
Other charges
292,810
Provision for Federal &
Canadian income taxes
33,085
Net profits for year...Less
-Prof. of subs. cos.
prior to date of acquis.
Div. paid on pref. stock
of McKesson & Robbins, Ltd., held by the
public
Portion of net profits
applic. to corn. stk. of
McKesson & Robbins,
Ltd., held by public
$648,252 $3.752.059 $4,594,809
1,407,906
1,421.924
1,292.053
271.469
253.720
351.551
Cr109,480
230.675
322.008
$304,249 def$921,642 $1,845,739 $2,629,196
14,638
64,553
70,000
70,000
70,000
3.624
6,525
17.857
29,161
Bal. applic to pref. &
com.stks.of McKesson & Robbins,Inc.
of Maryland
Prof$236,072 loss$998,166
Div.paid on pref. & corn.
stirs. of McKesson &
Robbins, Inc., of Md.
-Preferred
Common
Reduc, of book value of
non-current receiv. &
trade investments-4,000,000
Deficit, Dec. 31
$236.072 $4,998,166
Previous surplus _
See x
108,903
_
.Amt. req. to cony. for'n
sub. cap. to U. S. dollars(net)
Net discount on deb.ret. Cr632,451
$1,757,882 $2,515,397
1,123.973
806,042
1,497.362
1,580,644
$172,133
397,576
$562.609
960,187
Dr116,541
3277
none of the company's charges merited granting the removal application.
- 138. p. 2753.
V.
Marlin-Rockwell Corp.(& Subs.).-Earnings.Quar. End. Mar. 31Gross earnings
Depreciation
Expenses. &c
1934.
5255.380
57,576
88.420
1932.
$120.995
58.965
108.144
1931.
$260,295
59,222
134,951
Balance
Other income
$109.384 loss$83.327 loss$46.114
9.902
29,531
43.394
$66,122
72,604
Total income
Federal taxes
$119.286 loss$53,796
19,906
loss$2,720
$138.726
18.807
$99,380 loss$53,796
267.958
78.812
loss$2.720
91.036
$119,919
182,072
$93.756
364,145
Nil
$62.153
364.145
$0.33
Net profit
Common dividends
Deficit
Shs.com.stk.out.(no par)
Earnings per share
V. 138, p. 3094.
$168.578
315,245
$0.31
1933.
$54,302
58.715
78,914
$132.608
364,145
Nil
Maytag Co.(& Subs.).
-Earnings.
Calendar YearsNet sales
Other income
1933.
1932.
1931.
1930.
$8.58u.053 $5,143.063 $9,206.386 $14,470.938
247.610
259,072
327.469
372.160
Total
$8,836.663 $5.402.135 $9.533.855 $14.843.098
Mfg.,sell. & gen. exp.._ 7,163.210
4,665,893
8,004.975 12,116,274
Ploy.for est. Fed. taxes_
155,662
5,104
104.977
289,531
Prov.for disct. in foreign
exchange
60.313
Other deductions
37,322
100.858
82.809
165.677
Lesson notes & sects.rec
14.53a
261.721
Depreciation_
261.432
267,786
267.488
241,313
Net profits
1st pref. dividends
Cum. pref. dividends_
Common dividends
$1,204.503
88.898
$100,773 51.013.291 $2,030,303
178.539
414.246
472,321
214,079
856.500
856,440
1.617.885
Deficit
sur$1.115,605
$291,845
$257.455
Shs, corn. outst.(no par) 1.617.922
1,617,922
1,617,922
Earns, per sh. on com_ _
Nil
Nil
Nil
Consolidated Balance Sheet Dec. 31.
Assets1933.
Liabilities1932.
1933.
x Land, bldgs. and
y Common stock.$1,225.762
equipment
$2,778,802 53,050,055 1st pref. stock.. _ _ 5,926,300
.
Cash
414,095
564.575Cum. pref. stock._ 285,488
Certif. of deposit.. 100,000
100,000 Accts, payable for
Marketable secure. 4,198,766 2,399,818
purchases, exNotes & Mal. rec. I 61,685
233,551
penses. &c
85,843
Inventory
1.338,766 1,085,629 Accts. payable for
Life insurance_ _ _
106,002
99,173
payrolls commisSink,fund for cum.
sions, &c
186,736
pref. stock
1,322 Sundry accts. pay
1,322
17.655
Small tools&maint.
General reserve.... _
100.000
supplies Invest_
73,006
104,480 Accrued expenses.
48,171
Employees' houses
13,300 Prov,for estimated
Sundry accounts,
Federal taxes_
155.000
investments,&c. 177,981
160,997 Capital surplus.... _
2,002
Pats., trade marks
Earned surplus..... 1,326,016
and good-will_ _ _
1
Deferred assets...._
3,917
8.545
$916,343
1.617.922
$0.43
1932.
$1,225,763
5,926,300
285,500
34,096
Earn. Burp. Dec. 31--def$868.523df$4,889,263
$108,903
$397.577
26,879
She. coin. stk. outstand.
14,909
ins (g5 par)
1.071,798 y1,074,734 y1.074.721
1,071.568
Earnings per share
Nil
$0.24
$0.96
Nil
45,919
x Operating deficit of $4.889.263 was transferred to capital surplus in
accordance with vote of stockholders approved April 11 1933. y No Par
2,600
value.
1,990
Consolidated Balance Sheet Dec. 31.
252,866
1932.
1933.
1932.
1933.
Assets
Liabilities
$
x Land, buildings,
7% pref.stock
_21,402,250 21,402.250
mach.& equip__ 5,352,026 5,573.728 y Common stock_ 5,357,840 5,358,990
Total
$9,358,975 57.816,821
Total
59.358,975 57,816.821
Good-will, tradeCapital surplus_ 9,946,167 14,835,430
x After deducting $1.867,732 allowance for depreciation in 1933 and
marks, &o
1 Prof. stk. of subs- 1.000,000 1,000.000
1
$1,667,114 in 1932. y Represented by 1,617.922 shares of no par value.
Cash
3,479,653 2,739,094 20-yr. 5% cony.
- 138. p. 2932.
V.
Notes & accounts
debentures_ _ _ _18,666,000 20.074,000
receivable
19,813,375 20,935,568 Min. Int. In. corn.
Melchers Distilleries, Ltd.
-To Sell Entire Holdings.
Inventories
stock of subsid._
24,841,819 23,851,989
135,511
136.497
Announcement was made on May 3 that this corporation has concluded
Adv.& misc. Inv_ 10,302,071 9,988,831 Prov. for foreign
an agreement to sell its entire holdings, approximately 550.000 gallons, (O.
Deferred charges 2,011,812 2,332,635
income tax
23.040
z34,061
American type whisky to Russell C. Feldman & Co., Inc., of New York,
40.391
Mortgages payable
49.769
according to a Montreal dispatch.
-V. 138. p. 1059.
Notes & accept... c830.014 2,228,5
Accounts payable_ 6,258,617 4,467,715 ----Mengel Co.-Depicits Under Option Plansrees"?..
94
`"
,
Accr. wages, taxes,
Holders of $941,300 of 7% 1st mtge. bonds have made deposits Under
682.671
826.279
the option providing for an extension of five years and the payment of a
Res. for conting
52.152
435,106
cash bonus of 2% of the face value, it was announced on May 5.
868,523def4889,263
Earned surplus_
Bonds amounting to $1,399.700 have been deposited under the option
providing for extension of the bonds with the privilege to convert them into
Total
65,800,757 65,421,846
65,800.757 65,421,846
Total
common stock at eight shares for each $100 bond before March 1 1936:
x After depreciation and amortization of $2.535.858 in 1932 and $3,801,six shares between March 1 1936 and March 11938, and five shares there025 in 1931. y Represented by 1,082 555 no par shares, less 10.987 (10,757
after to maturity. The bonds outstanding total $2.958,600.-V. 138,
in 1932) shares held in treasury . z Including Federal income taxes. a Ac,
p. 3094.
ceptance only.
-V. 138. p. 2931.
Merchants & Manufacturers Securities Co., Chicago.
-New Directors.
Mack Trucks, Inc.-Earning8.3 Mos.End. Mar.31Net loss after deprec.,
maintenance,repairs &
est. Federal taxes_ ___
-V. 138, P. 2254.
1934,
$29,647
1933.
1932.
1931.
$366,908
$313,071
$178,737
Madison Square Garden Corp.
-New Interest in Control.
At a meeting of the board of directors neld May 8, Colonel Jonn S.
Hammond was elected Chairman of the boaaci to succeed Richard F.
Hoyt.
A special meeting of stockholders was called for the purpose of increasing
the number directors. It was announced that tne board, after tne increase
is effective, will be constituted as follows. Marlin H. Aylesworth, James I.
Bush. Walter P. Chrysler, Bernard F. Gimbel. William M. Greve, Stanton
Griffis, John S. Hammond Andrew Hazienurst, John R. Kilpatrick,
Jermlah D. Maguire, Thomas H. McInnerney, Jansen Noyes, tloyd B.
Odium, N. Peter Rathvon, Harold C. Richard, Sidney J. Weinberg.
The following directors resigned: Richard F. Hoyt, Matthew C. Brush,
Walter Camp, W. F. Carey, J. R. Dillon, Dewess Dilworth, J. Ernest
Richard, and Kermit Roosevelt.
It was announced May 2, that a stock interest in the corporation pre
viously neld by Richard F. Hoyt and associates was being purchased by
a group headed by Colonel Hammond. While tne amount of stock acquired was not officially announced, press reports stated that approximately 78.000 shares were involved at a price estimated at $7 per share.
This is in addition to a substantial amount which it is indicated had been
previously hold and more recently acquired in open market
.-V.138. p.2582.
Maine Central RR.
-Would Extend Loan Maturity.
The company has requested the I.
-S. C. Commission's approval to the
extension from Juno 1 1934, to Dec. 1 1935, of the maturity date of its
Reconstruction Finance Corporation loan of $1,650,000.-V. 138. p. 3094.
At the annual meeting held op May 8, Andrew J. Dallstream, Robert
L. Butner, Wallace Groves and Goerge S. Groves were chosen new board
members. Arthur Greene, President; Arthur W. Cutten and .1. Fletcher
Farrell were re-elected, as were all officers.
Chicago interests purchased at auction recently in New York a large
block of the company's stock formerly owned in the East. The retiring
directors are Cecil Dixon. J. Liston Nau, Arthur S. Jackson, William P.
Cosgrave, A. T. Hanby, R. S. Fanning and M. Wolf.
-V. 135, p. 3175.
Mexican Light & Power Co., Ltd.
-Earnings.
-Period End. Mar,31- 1934-Month-1933. 1934-3 Mos.-1933.
Gross earns, from oper__
5686.424
$793,699 $2,107.962 52.379,342
Oper. & deprec. exps__ _
441.403
498.439
1.305.144
1.478.816
Net earnings
5245.021
5295,260
$802.818
$900.526
Now.
-The operating results as shown in Canadian dollars are taken at
average rates of exchange. They have been approximatel as closely as
possible, but will be subject to final adjustment when the annual accounts
are made up.
-V. 138. p. 2932.
Mexico Tramways Co.
-Earnings.
Period End. Mar. 31- 1934
-Month-1933. 1934-3 Mos.-1933.
Gross earns,from oper
$210.546
5253.520
5613.034
$723,150
Oper. & deprec. exps__ _
280.188
323.002
804.055
952.145
Net deficit
5191.021
569.642
569.482
5228,995
Note.
-The operating results as shown in Canadian dollars are taken at
average rates of exchange. They have been approximated as closely as
possible, but will be subject to final adjustment when the annual accounts
are made up.
-V. 138, p. 2932.
Period End. Mare31- 1934-3 Mos.-1933. 1934-12 ?Jos.
-1933.
Operating revenues
$90,622
$90,588
5349.121
$397.932
51,783
Oper. rev. deductions...
55,393
213.209
216,724
Mid-Continent Petroleum Corp.
-Earnings.
Quarter Ended March 311934.
1933.
Net income
.51.350.485
5111.476
Depreciation and depletion
864.004
854,958
Leaseholds abandoned and surrendered, &c
176.449
379,886
Adjustment of crude oil inventory during period
346.561
Operating income_
Non-open income, net..
$38,805
69
$35.229
73
Net gain
-V.138, p.3095.
income
Deduct. from gross inc..
538.873
24,499
Net income
-V.136, p. 2973.
$14.374
Malone Light & Power Co.
-Earnings.
-
$135,913
283
$181.209
368
$35,302
25.172
$136.196
98,940
$181.576
99.005
$10,130
$37,256
$82,571
''Manhattan Ry.-Receiver Upheld.
Federal Judge Julian W. Mack has refused the petition of the comapny
to remove Its receiver, William Roberts, on charges of misfeasance, nonfeasance and neglect of duty. In denying the application to remove
Mr. Roberts, Judge Mack held that there was no evidence of bad faith
or wilful neglect of duty on the part of the receiver. The Judge held that
$310,031 loes$1469.929
•
Midland Continental RR.
-Equipment Trust Certifs.-
The I.
-S. C. Commission on May 2 authorized the company to assume
obligation and liability in respect of not exceeding 536.000 of equipment.
trust certificates of 1934 to be issued by the Northern & Dakota Trust Co..
as trustee, and sold at par in connection with the acquisition of an oilelectric locomotive.
Pursuant to an equipment financing agreement dated April 25 1934.
between the applicant and the United States of America, represented by the
Federal Emer4ency Administrator of Public Works, the certificates are
to be sold to the government at par and the proceeds deposited with the
trustee, In accordance with the trust agreement, and applied to the purchase
of the equipment -V. 138, p. 858.
-Dividend Dates Corrected.
Midland Royalty Corp.
The directors recently declared a quarterly dividend of 50 cents per share
on the $2 cum, cony, preference stock, no par value, payable May 15 to
holders of record May 5 (not on June 15 to holders of record June 5 as
previously reported). The dividend of 25 cents per share on account of
accumulations on the same issue, which was declared at the same time, is,
however, payable on June 15 to holders of record June 5. After the above
payments, accruals on the preference stock will amount to $3.75 per share.
-V.138. p. 3095.
---Earnings.
Minneapolis & St. Louis RR.
Gross earnings
-Y. 138, p. 3095.
-Fourth Week of April- -Jan. 1 to April 301933.
1934.
1933.
1934.
$145,705 $2.291,263 $2,106,782
$128,612
-Earnings.
Mississippi Power Co.
[A subsidiary of Commonwealth & Southern Corp.]
1934-12 Mos.-1933.
-1933.
-Month
Period End. Mar 31- 1934
.
$213,376 $2,739,809 $2,904,470
$211,866
Gross earnings
Operating expenses. incl.
1,935,032
1,897,261
150.818
154,896
maintenance & taxes_
726.945
654,436
55,514
55,605
Fixed charges
73,200
73,200
6,100
6,100
Prov. for retire. res've
Net income
Divs, on pref. stock*
def$4,735
20,922
$943
21.440
$114,912
254,564
$169,292
272.915
$103,623
$139,652
$20,496
$25.658
Deficit
* Represents full dividend requirements; none paid since Oct. 1 1933.V. 138, p. 2418.
-Earnings.
Mississippi River Power Co.(& Subs.).
1931.
1932.
1933.
1934.
12 Mos.Thid.Mar.31$3,323.707 $3,363,684 $3,547,012 $3.448,738
Operating revenue
352,710
408,388
355,624
861,042
Operating expenses
47,223
39,567
24,251
33,558
Maintenance
392.713
438,728
471,997
422,561
Taxes
$2,006.544 $2,511,812 $2,660,329 $2,656,092
Net operating revs
335,707
368,983
288,231
159,224
Non-open revenues
$2,165,769
Gross income
Interest charges, net_ _ _ _ 1,043,591
260,000
Approp. for deprec. res..
Balance
Preferred dividends_ _
$862,177
494,069
$2,800,043 $3,029,312 $2,991,799
1,079,210
1,071.571
1,038.327
260,000
260,000
260,000
$1,501,716
494,069
$1,697,741 $1,652,589
494,069
494,069
Bal.for com.divs.& stir $368.109 31.007.647 $1,203,672 $1,158,521
Comparative Consolidated Balance Sheet.
Mar.31 '34. Dee.31 '33.
Mar.31 '34. Dee.31'33.
$
$
Liabilities$
$
AssetsProperty & plant 47,866,427 47,897,154 6% preferred stock 8,234,475 8,234.475
Common stock_ _ _16.000,000 16,000,000
and securities
Cash
1st mtge. 5% bds..
on deposit with
due Jan. 1 1951_16,690,700 16,856,200
168,667
446
trustees
129,518 Debs. 5%, due
129,517
Investments
May 1 1947_ _ _ _ 2,847,000 2,847,000
Due from affil. cos. 5.231,259 5,181,995
6,880
1,136
38,780 Due to MM. cos__
24,021
Cash
15,209
11,354
Accounts payable_
Deposits for pay't
426,560
550,077 Interest payable_
of mat. int., &c.. 157,822
123,517
128,597 Divs. payable_ _ _ _
162,806
Acc'ts receivable
6,735
88,410 Sundry curr. habil. 164,526
90,440
Mat'is & supplies_
385,842
Taxes accrued... _ 369,068
Balances in banks
23,706
accrued_ 267,884
Interest
closed or under
16,273
20,042
Sundry accr. Bab_
200
restriction
Deprec. reserves__ 3,681,274 3,640.277
Disct, and exp. on
71,878
. 72,642
247,127 Other reserves_ __
242,321
securities
5,548,849 5,781,238
Surplus
Prepaid accts, and
5,466
3,689
other def. chgs__
53,908,949 54,435.792
Total
-V.138. p. 1395.
Total
53,908,950 54,435,792
-Stock
Mississippi Valley Utilities Investment Co.
Cancellation.
The stockholders have approved the cancellation of more than 5,000,000
authorized but unissued shares of the three classes ofstock, which,it'asstd.
will mean an annual saving of about $14,000 in franchise taxes. The action
reduced the number of prior preferred shares from 300,000 to 50,000, the
preferred from 1,000,000 to 50,000 shares and the common from 5,000,000
to 301,505 shares. Stated value of the common was also changed from no
par to $1 par.
Whether prior lien and preferred stockholders will have any equity in the
assets after payment of creditors will depend primarily on the Federal
court's decision as to whether the $21,000,000 claim of Middle West Utilities
Co., for advances, &c.• is valid, according to Receiver E. V. It. Thayer,
who said that this matter might be tried and decided next fall.
The New York "Times" in its issue of April 13 had the following:
Millions of dollars from the funds of the Mississippi Valley Utilities Co.
were used to peg stock prices of other Insull units. it is charged in a report
by Eugene V. It. Thayer, receiver. The report, submitted to the Federal
District Court, painted a dark outlook for stockholders and creditors of the
Valley company, once a "$50,000,000 concern." Many of its assets were
rated as worthless.
The receivership should be continued, the report asserted, since liquidation now would be disastrous. It listed $28,000,000 in claims, including
has been
$21,000,000 by the Middle West Utilities Co. for a "loan" which
held merely a bookkeeping transaction.
Valley Co., a holding subsidiary of the super-Instill
The Mississippi
holding concern, Middle West Utilities, served, the receiver said, as a
dumping group for undesirable securities purchased by Middle West in its
program of "buying customers."
Middle West would purchase blocks of stock in various companies which
the
might become customers of Middle West subsidiaries and then unload
stock on the Mississippi Valley Utility Investment Co.
the
It was the transactions of the Mississippi Valley Co. that led tosubousting of Samuel Insull Sr. as a co-receiver of Middle West and the
sequent indictment of both Samuel Instill Sr. and his brother, Martin J.
Insull,on State charges oflarceny and embezzlement.
In a report filed in September 1932,"loans" to Martin J. Instill, President
of the company, aggregating $170,222, were disclosed by Mr. Thayer.
These advances were used to cover brokerage accounts of Martin Instill,
and when Samuel Instill's colleagues in the receivership of Middle West
discovered that he had approved them they forced him to resign. report
Although the company was to act as an investment company, the over
spread
said, its investments were never limited to that field, but were
widely scattered and wholly unrelated fields of activity, which include
Texas
textile mills, newsprint mills, coal companies, amusement parks, estate
farm lands and townsite developments and a number of varied real
-V. 136. p. 2624.
developments.
-Freight Traffic Gained in April.
Missouri Pacific RR.
Freight traffic on the Missouri Pacific RR. in April increased 11.653
cars, compared with April 1933. according to a statement on May 1. Local
loadings on the Missouri Pacific totaled 53,756 in April this year, comtotaled
pared with 47.896 in April last year and receipts from connections
Total local
32.862, compared with 27,069 in the same month a year ago.
loadings and receipts from connections were 86,618 in April this year,
compared with 74,965 in the same month a year ago.
compared with
On the Gulf Coast Lines, local loadings totaled 12,503,
from connections were
10,218 in the same month a year ago, and receipts a year ago. The total
April
in
5.371 in April this year. compared with 3.570for the month were 17.874 this
local loadings and receipts from connections
year, compared with 13,788 in April 1933. loadings totaled 11,436 in April
The International-Great Northern local same month a year ago, while
this year compared with 14,894 in the April this year, compared with
9.096 in
receipts from connections were ago. The total local loadings and receipts
7.088 in the same month a year
20,532, compared with a total of
from connections during April were
21.982 in April 1933.-V. 138, p. 2932.
May 12 1934
Financial Chronicle
3278
RFC Seeks
to Stop
Interest Pa'yment.-
The Reconstruction Finance Corporation is attempting to prevent
payment of May 1 interest on the St. Louis Iron Mountain & Southern
mortgage bonds by the Missouri Pacific RR. The road has sought permission in the courts to pay interest on this underlying mortgage bond.
The court has allowed attorneys for the Government seven days in which
to file a brief. The Government claims that it has a prior lien upon the
properties.
Although the road has entered no plea in the courts to be allowed to pay
equipment trust obligations, attorneys for the RFC have withdrawn ob-Y. 138, p. 3096.
jections over such payments.
-April Sales.
Montgomery Ward & Co.
Sales for Month and Two Months Ended April 30.
Increase.
' 1934-2 Mos.-1933.
Increase.
1934-Month-1933.
$20,872,132 $15,665,586 $5,206,546 $54,606,502 $37,060,851 $17,545,651
Raises Price of Third-line Tires.-
Effective May 14 the company will increase retail store prices of its thirdline tires (called. Ramblers) by about 20% to bring them in line with NRA
retail tire code requirements.
In announcing this decision to customers, the company said:
"The NRA,through the retail tire code, effective May 14, is requiring
approximately 20% price increases on Ward's Rambler tires. We would
Prefer to continue the low prices made possible by our economical method
of selling tires. We regret that we cannot go so after the NRA order fixing
these prices becomes effective."
This announcement does not cover the situation as to first and secondline tires or as to prices to be charged catalogue customers. Statements
-V. 138, p. 2755.
as to those situations are expected shortly.
-Payment.01 Interest.
Mortgage Bond Co. of New York.
Pursuant to regulations issued by the Superintendent of Banks of the State
of New York, the company will be prepared to distribute and pay, on and
after May 1 1934, to the holders of its mortgage bonds of all series, as a
payment on account, the interest accrued on such bonds from Sept. 1 1933.
to Oct. 16 1933.
In order to obtain such payment, it will be necessary for holders of bonds
not now registered both as to principal and interest, to present their bonds
for such registration at the office of the company. 120 Wall Street, N. Y.
City.
Arrangements have been made with the bondholders' committee, acting
under the agreement dated as of April 5 1933, whereby registered holders
of its certificates of deposit will receive such payment through the cornmittee.-V. 138. P.875.
-Earnings.Motor Products Corp.
1930.
1931.
$454,433 $1,150,607
205,967
130,090
Calendar YearsGross profit from oper-Other income
Profit on disposition of
capital assets
1932.
1933.
$298,682 loss$48,227
108,469
63,629
Dr6,293
Dr9,667
Total
Selling, adm.& gen. exp.
Prov.for loss on bank dep
Depreciation
Fed. & Canad'n inc. tax
$356.018
258,151
40,809
273,810
$50,575
270,603
Net loss
Earn.surp. begin, of yrReserve for conversion of
Canad'n current assets
$216,752
674,468
$518,007
1,979,398
$18,461prof$487,139
2,298,625
2,393,905
Total
Dividends paid
Adjust. of val. of sec. &
Can. curr. assets (net)
Add'I inc. taxes prior yrs
Reserve for reduction of
sec. to market value_
$477.523
$1,461,391
286,478
$2,375,444 $2,785,765
387,518
391,860
297,979
382
$584,905 $1,356,574
370,421
288,876
314,490
423,012
76,000
19,807
500,444
8,529
446,212
$674,468 $1,979,397 $2,393,905
131,311
Nil
Nil
$2.48
Nil
Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
Assetsy FIxed assets_ _ _ _$3,584,759 $3,647,335 x Capital stock_ __$1,956,270 $1,909,850
156,769
523,904 Accounts payable_ 800,784
1,202,049
Inventories
31,417
Taxes payable....
Deposits in closed
Accrued payrolls,
40,809
banks
employees'stook
Accounts receivcontr. cred., &c. 142,150
128,681
328,805
439,542
able
Res. for cap. stock
Government se5.606
& income taxes1,369,579 1,821,036
curities, &c
239,295 Capital surplus__ 3,766,603 3,758,433
29,451
Cash
31,311
674,468
67,826 Earned surplus_ __
67,951
Deferred charges
Earned surplus Dec.31
Earns.per com.sh.outst's
Total
$6,734,141 $6,628,201
$6,734,141 $6,628,201
Total
x Represented by 195,627 (190,985 in 1932) no par shares. y After
depreciation of 11.136,960 ($3,999,471 in 1932).-V. 138, p. 2755.
-April Sales.
(G. C.) Murphy Co.
1934-4
-1933.
-April
1934
$2_060.363 $1,628,753
-V.138, p. 2584.
Increase.
Mths.-1933.
Increased
$431,6101$7,445,198 $5,295,081 $2,150,117
-Earnings.
Motor Wheel Corp.(& Subs.).
1933.
Calendar YearsSale of wheels,stpg., &c- $1,144,654
Int. earned and income
55,065
from investments_ -
1932.
$323,864
$1,199,719
Total income
Sell., adv., gen. admin638,138
istrative expenses, &cMisc, losses, incl. mach.
and scrappedsold
417,291
Depreciation
Provision for Fed. taxes_
Prov. for loss on slowmoving & obsolete inventories
22,122
Corp. proportion of net..
$439,656
Net income
Common divs., cash_
115,792
1931.
1930.
$951.948 $2,410,722
141,036
194,299
$1,092,984 12,605,021
980,704
1,006,819
988,283
495,267
526,897
49,633
470.354
110,000
75,000
75,436
131,578
$122,168loss1186,751 loss$572,311
838.879
$986,751
2,480,289
sur$122,168 $1,186,751 $1,411,190 $1,493,538
Deficit
5,002,151
535,892
4,306,821
2.527,586
Profit and loss surplus
850 000
850,000
850,000
850,000
Shs. of common outst'gNil
$1.16
Nil
10.14
Earns. Per sh• on "AnBalance Sheet Dec. 31.
Comparative
1932.
1933.
1932.
1933.
Liabilities$
$
Assets
x Common stock__ 4,250,000 8,600,000
y L'd, bides., ma351,873
chinery, &c_-__ 5,588,421 6,272,960 Accounts payable- 650,614
234,186 1,001,837 Notes payable... 650,000 1,000,000
Cash
Accrued taxes, royInvest. In sub. co.
86,257
alties, &a
65,021
454,399
432,278
not consol
534,586 Res. for employ's'
63,543
Marketable securs.
1,995
compensa. plan_
1,995
Customers'notes bc
586.119 Reserve for continaccts. receivable 663,251
135.904
10,671
gencies. Sic
2,214,410 1,143,861
Inventories
535,891
501,124 Profit and loss.... 4,306,821
625,068
Other assets
Prepaid taxes, ins.,
117,033
113.967
bond dint., &a_
9,935,123 10,611,920
Total
9,935,123 10,611,920
Total
x Represented by 850,000 shares of $5 par value in 1933 and shares of
depreciation of $5,431,709 in 1933($4,602,980
no par value In 1932. y After
in 1932).
Volume 138
Financial Chronicle
Consolidated Income Account, Quarter Ended March 31.
Quar End. Mar.31.
1934.
1933.
1932.
1931.
Gross earnings
$537,931 loss$9,450
$17,018
$254,920
Other income
23.184
18,248
55,962
38,874
Total income
$561,115
$8,798
$55,892
$310,882
Expenses, &c
111,855
156,137
234,985
215,779
Interest, &c
49,516
44,205
Federal taxes
12,584
6,107
Depreciation
106,172
104,311
Corp.'s proportion of net
loss of Cleveland Welding Co
17,051
20,211
Net profit
Common dividends
Deficit
Earnings per share
-V.138. p.3097.
$269,171 loss$227.578 loss$228,609
sur$269,171
$0.32
$227,578
Nil
$228,609
Nil
$44,791
315,355
$270 564
$6.05
(J. L.) Mott Corp.
-Plant Sold.
-
The sale of the plant formerly operated by the J. L. Mott Co., Inc. at
Trenton, N. J., to Harry A. Robinson of Philadelphia, was announced
recently by the J. L. Mott Iron Works, 369 Lexington Ave., N. Y. City.
It is said that large foreign interests were negotiating to acquire the plant.
The sale was made by the
holding
of the Guaranty Trust Co. J. L. Mott Corp., aBank of company made up
of New York, the
Manhattan Trust
Co., the National City Bank of New York and Mrs. Andrew Carnegie.
The purchase price was not disclosed.
The original J. L. Mott
Inc., before going into receivership in 1924
had been in business more than 100 years and was the third largest industry
Co..
In Trenton.
The holding corporation took control at a receiver's sale in June, 1932
with a bid of $25,000, in addition
retaining $1,000,000 in mortgages
already held by the three banks and to
Mrs. Carnegie.
Mountain States Power Co.
-Earnings.
-
12 Mos End.Dec.31.
1931.
1932.
1933.
1930.
Gross earnings
$2,694,757 $2,971,151
Op. exp., maint. & taxes 1,967,245 2,006,052 $3,367,338 $3.436,683
2,209,520 2,232,745
Interest
874,387
872,638
854,760
785.918
Net earnings
loss$145,126
$303,058
$90,712
$418,020
Other income
235,796
244,329
248,618
159,332
Total income
$335,041
$538,854
$103,492
$577.352
Preferred dividends
373,438
331,441
371.841
Balance
$103,492
$165.416
$3,600
$205,510
Approp, for retirement
(deprec'n) reserve_ __ _
91,492
3,600
165,416
205,510
Rents for lease of prop__
12,000
Bal. for amort., corn.
diva,and surplus
Nil
Nil
Nil
Ni
Condensed Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets
Liabilities
Plant, property,
7% pref.stock ____ 5,304,400 5,304,400
rights,fran., &c.20,819,757 20,770,838 1st mtge. 20-year
Mint. & exp. on
gold bonds. ser.
capital stock-. 123,465
123,629 A 5% due 1938_ 1,341,350 1,341,350
Mutmortized debt
1st mtge. 20-year
discount & exp. 476,481
484,242 gold bonds, se,r.
Investments
4,632
9,780 13,6% due 1938. 6,840,900 6,840,900
Sinking funds__ _
331
216 Conver. 6% gold
Fire loss claims
68,042
notes,ser.B, due
Prepaid accounts_
477
1935
1,052
472,200
489.500
Insur. unexpired__
15,460
16,797 Purchase obligat'n
100,000
Loss on property
Standard Gas &
disposed of in
Electric Co_
6,144,261 5,845,899
process of amort. 266,087
266,087 Accounts payable_ 101,592
98.389
Sundry def. chgs.14,509
8,833 Accrued for int_ _ 258,441
263,037
Dep. in closed bks.
42,047
13,411 Accrued for taxes_ 333,356
310,425
Cash
136,189
118,208 Accrued for dive_ _
53,044
Cash on deposit for
Customers' depos_ 125,480
132,311
bond Interest_
238,761
238,761 Miscell.unadlusted
Unbilled revenues55,943
credits
16,278
27,407
Accounts and notes
Retirem't(dep.)res 104,630
136,422
receivable, net__ 601,516
679,850 Other reserves__..275,101
267,030
Materials & suppl_ 325,806
333,671 x Common stock
1,562,440 1,562,440
Surplus
309.073
292,821
Total
23,189,502 23.065,374 Total
23,189,532 23,055,374
x Represented by 142,500 shares (no tar)
.-V. 138. P. 2755.
Munson Steamship Line.
raud Charged in Bankrupt
Suit-Court Di misses Petition, Tmpounds Papers and Orders
Official Inguir
3279
We close our profit and loss accounts and take a physical inventory
only twice a year; therefore, I am not able to give you,at this time, accurate
figures regarding our net earnings for the quarter to April 30. Our estimates, however,indicate that substantial profits were earned in this
and that, with the present rate of increase in sales volume, our quarter
for the fiscal year ending July 31 1934 will be greatly in excess earnings
of those
reported to yo.0 on July 31 1933.
"The financial condition of your company at April 30
with sufficient cash on hand and merchandise on our shelves was excellent.
to amply care
for the increase in business now being received."
-V. 138. p. 2584.
National Distillers Products Corp.(& Subs.).
-Earns.
Calendar YearsNet sales
Cost ofsales
1933.
1932.
1931.
1930.
$15,580,378 $3,192.885 $4.711,114 $4,214.826
5,607,357
1.581,520 2,588,830 2.172.546
Gross profit
$9,973,021 $1,611,366 $2,122,285 $2,042,280
Miscellaneous income182,815
125,570
140.989
167.034
Propor. of loss or gain
of subsidiaries
Dr4,941 Dr458,917 Dr392,502
Total income
$10,155,836 $1,731,995 $1,804,356 $1,816.812
Sell.. adm. & gen. exp
2,235,886
1,068,792
1,268,729
1,335.355
Other interest
36.337
64,986
57.963
86,029
Depreciation
121,707
76.038
105,335
88.141
Prov.for Fed. inc. tax
475,000
Prov. for contingencies_ 1,200,000
Net income
$6,086,906
$522,179
$372,328
$307,286
Preferred dividends
191,196
380,061
Divs. on corn. stock..
253,311
507,344
636,155
Balance, surplus
$5.895,710 def$111,193 loss3135,016 1os81328,869
Profit and loss surplus
10,598,070 5,390,579 7,210.187 7,388.137
Shs.com.stk.out.(no par) 1,884.083
275.672
275,861
275,859
Earns, per sh. on com
$3.23
$0.52
$1.35
$1.11
Note.
-During 1932 the pending claims of the Federal Government for
payment of additional income taxes for prior years which had been in litigation were completely settled and no income tax liability now exists not
already provided for, including the year 1932.
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets
Liabilities$
$
Cash In bank and
Bank loans
1,500,000 1,050,000
on hand
975,012
556,790 Accrued liabilities_ 345,003
122,680
Notes receivable
271,795
507,947 Accounts payable_
143.403
Accts.receivable 4,373,341 1,158,227 Res. for Fed. taxes 1,872,958
575,399
122.743
Inventories
12,686,726 9,072,312 Divs. on pref. stk.
95,883
Inv. in other cos.
d Res.for div. pay.
1,398,744
miscell. sec 5,140,189
536,722 Other reserves_ __ _ 1,397.260
635.188
Due from employ.
Cap. stk. of sub.
on stock subscr
57,868 co. held by pub.
2,688
13.195
Prepaid insur., &c..
Preferred stock_
6,136.460
deferred charges 262,262
180,562 a Common stock _23,379,021 8,866,291
Brands, tr.-mks.,
Surplus
10,598,070 5.390,579
good-will, &c _ _ _11,400,000 8,400,000
b Land, buildings,
mach.& equip 4,561,073 2,036,963
c Warehouse recta.
for whiskey..
1,467,793
Total
39,670,400 23,975,185 Total
39,670,400 23.975,185
a Represented by 1,884,083 no par shares in 1933 and 275.915
1932.
b After depreciation of11,275.353 in 1933 and $1.108.479 in 1932. in Warec
house receipts for whiskey in hands of trustee (at book cost) reserved for
distribution to stockholders. d Reserve for dividend payable onor before
Oct. 1 1934 on common stock in whiskey warehouse receipts and 50 cents
Per share in cash on unconverted preferred stock.
-V. 138, p. 3097.
National Radiator Corp.
-Securities Ready.
-
In a letter mailed May 3 by the reorganization committee, to depositors,
It was announced that the new securities issuable under the reorganization
plan are ready for distribution. Bankers Trust Co., as depositary, will
effect the distribution. Completion of the reorganization plan places the
company in a position to compete effectively for the increased volume of
business resulting from the Government's rehabilitation program for small
homes, it is said.
The committee further announces:
The cash payment requred by the plan a a condion to the issuance of
common stock subscription warrants must be made and the certificates of
deposit for common stock surrendered to the depositary on or before June
15. Holders of certificates of deposit representing common stock who fail
to make the required cash payment and to surrender their certificates of
deposit within the time specified, will cease to be entitled to any rights
or benefits under the plan and thereafter will not be entitled to the return
of their deposited stock or to the issuance thereagainst of warrants or to
any other or further interest or right in or to the same or under the plan.
The committee has extended to June 15 1934 the time within which
debentures or stock ofor claims against the old corporation may be deposited
under the plan with the depositary, after which date the right of deposit
may be terminated without notice.
The Manufacturers Trust Co. has been appointed trustee for an issue of
35,500.000 15
-year 5% income debentures, due March 1 1946.-V. 138,
P. 2584.
Federal Judge ancis G. Coffey on
petition in bankruptcy which was filed April 30 dismissed the involuntary
against the company and
held that a fraud had been perpetrated recentlycourt. He said
on the
refer the record and papers submitted in the proceedings to he would
States Attorney, upon whom,after an investigation of the detailsthe United
of the
it would be incumbent to hand up a report to Senior Judge John C. case,
National Sugar Refining Co.
Knox.
-Bonds Called.
of the U. S. District Court.
This company is notifying holders of Warner Sugar Refining Co. 1st
The petition was originally filed in the name of three creditors
mtge. 20
of the
-year 7% sinking fund gold bonds, due Dec. 1 1941, payment of
Munson line by Paul Abbott, attorney,of745 Fifth Avenue.
Subsequently
which bonds it has assumed, that there has been drawn by
George B. Hayes, also an
principal amount of these bonds for redemption on June 1 lot $125,000
There were represented at attorney. of 60 Wall St., appeared in the case.
1934 at 104
the
and int. Payment will be made at the Chase National Bank of the City of
former Assistant United Stateshearing on April 30 by Abraham Solomon,
Attorney.
New York, 11 Broad St., N. Y. City.
-V. IV. p. 336.
Judge Coffey, in dismissing the petition, said: "It is plain
that a fraud
has been committed on this court in the
-Dividend Rate Increased-Sairrfar
the processes of this court. Entirelyfiling of this petition-an abuse or---(J. J.) Newberry Co.
Al Higker.bankrupt is insolvent or has committedapart from whether the alleged
acts of bankruptcy, the court
must protect itself. An order may be taken dismissing the
The directors on May 8 declared a quarterly dividend of 25 cents
stating that a fraud has been committed on this court. -V. petition and
share on the common stock, no par value, payable July 1 to holdersper
138. p. 2932
of
record June 16. This compares with 15 cents per share paid each quarter
(Conde) Nast Publications, Inc.-Earnings.from April 1 1933 to and including April 2 1934, 25 cents per share on Jan. 1
Quar. End, Mar, 311934.
1933 and 27% cents per share each quarter from July 1 1929 to and including
1933.
1932.
1931.
Netinc. after all charges.
Oct. 1 1932.
including taxes
836,214 loss$69,997
$132,373
Sales for Month and Four Months Ended April 30.
$215.506
Sits. corn. out.(no par),
340,000
320,000
313,669
1934-Month-1933,
312,515
Increase.' 1934-4 Mos.-1933.
Earnings per share
Increase.
30.10
Nil
$0.42
$2,876.277 S2.710.174
10.69
3166,103 I $10,860,043 $8.686,829 32,173.214
-V. 138. P. 2756.
-V. 138, p. 2584. 2419.
National Air Transport, Inc.
-Earnings.
New England Power Association (St Sub.).
-Report.
3 Months Ended March 311934.
1933.
1932.
Calendar YearsNet profit after expenses and taxes _ _ loss$316,560
1933.
1932.
1931.
1930.
$37,260 loss$6,750
Gross oper. rev. (after
Earnings per share on 650.000 shares
elim,ofinter-co.sales)$48,134,125 $48,961,581 352,639.762 $38,228,480
capital stock (no par)
Nil
$0.06
Nil
Other income
-V. 138, P. 159. •
2,042,213 2,495.099 3,008,054 2,992,306
Total income
National Bellas Hess, Inc.
-Gross Sales Up.
$50,176,338 $51,456,680 $55,647,816 $41.220,786
Operating expenses
In a letter to stockholders President Carl D. Berry states in part:
16,394,625 16,911,130 20,143,286 14,295,065
Maintenance
"Our total gross sales for the three months to April 30 show an increase
2,866,687 3,262,951 3.782,908 3,097.791
Depreciation
4,336,832 4,306,476 4.297,530 3.305,792
of 54% over last Year. with a total of $2,262,481 compared with $1,473,269
Taxes
7,006,125 6,639,919 6,359,632 3.732,224
in the same period of 1933. The month of March registered a new peak
volume for your company with total gross sales of $1,167,911, and was
Net bet. int. & divs_ -$19,572,069 $20,336,204 $21.064.461
the first month that the company grossed a volume in excess of $1,000,000
$16,789,914
Int. pd.& amort.ofdisc. 8,584,261
Total gross sales for the fiscal year to date-that is, from Aug.
Min.int.in earns.of subs. 1,269,479 9,059,635 8,547,928 6,422.084
April 30 1934-were $6.129,067. An accurate comparison with 1 1933 to
1,203,831
1,080,802
692.114
last year
Pref.& cl.A div.ofsubs. 3,783.343 3,796,174 3.123,971
for the fiscal year to date is not possible, due to tne fact that the company
1.498,535
Earnings not received_
began operations on Oct. I 1932; however, to April 30 1933 the company
1,194,664
had received gross sales of $3,353,180.
Net consol. earns_ _
"The increase in sales was also accompanied by a distinct improvement
Pref, divs. of New Eng- $5,934,987 $6,276,564 $7,117,097 $8,177,181
in other important factors. The company received in this quarter 38%
land Power Assn
3,977,934 3,977,770 3.992,823 3.959,261
more orders than in the same quarter last year, with a higher average
Common diva.($2)
1,865,218
1.865,239
amount per order. Requests for our catalogue were 26% higher than in
1.864,725 1,853,662
the same three months last year. We have also added to our files in this
Balance, surplus
$91,835 - $433,554 $1,259,549 $2,364.258
period a total of 159,016 new customers, which is an increase of 46%
Earns. per sh. on averover last year.
age number outst'g
$2.09
12.46
$3.35
$4.52
Consolidated Balance Sheet as at Dec. 31.
1933.
1932.
1933.
LiabilitiesAssets$
64,016,405
Capital assets.. 365,687,825 363,524,445 Pref. stock
622,304
.
52 pref.stock __
Work orders in
1.844,816 2,954,727 Common stock 50,614,617
Progress
Cash
4,400,745 5,731.972 Min,Int. In corn.
stock & surp.
Accts. and notes
of subsidiaries 15,351,425
roe. (less res.) 5,955,700 6,235,270
Prof. & class A
Dividends & Instocks of subs. 49,162,477
20,444
43,705
terest accrued
Mat'ls & suppl_ 2,966,285 3.115,772 Adv. from Int.
Hydro-EI.Sys. 3,000,000
627,759
569,902
Prepaid charges_
20-yr. 5% debs.
Restricted dep.
25,000,000
due 1948
and cash In
% gold debt_ 25,000,000
218,371
122,874
sinking funds_
14,657,901 14,379,585 534% sec. serial
Secure. owned
2,880,000
notes
Acc'ts and notes
Funded debt of
receivable(not
99,305,800
subsid. cos_
154,902
83,679
currently due)
2,512,200
Notes payable
Ilnamort. bond
Accts. pay, and
discount..&c.,
accr. (Includ'g
unadjust.deb. 8,874,839 9,129,487
prov. for Inc.
4,896,092
tax)
1,231,293
Divs. payable
Res. for deprec_ 41,524,963
Other over. res_ 1,664,166
Suspense credits 3,308,915
Surplus paid In. 1,500,000
Surplus earned_ 13,617.615
1932.
64,015,705
622,304
50,614,617
15,277,942
49,174,482
3,000,000
25,000,000
25,000,000
3,240,000
95,887,500
9.636.081
4,779,410
1,231,446
38,958,975
1,268,206
3,360,286
1,500,000
13,525,781
405,208.272 406,092,736
Total
40.5,208,272 406,092,736
Total
-V.138, p. 2757.
x Represented by 932,609 shares of no par value.
-rational Telephone & Telegraph Corp.-Steek4ffered.
. C. Pittfield & Co., Ltd., Toronto, are offering a new,
issue of 70,000 shares of class A common stock (par $191)
at $9 per share, to yield over 6.65%.-V. 138, p. 2933.
-Earnings.
New England Telephone & Telegraph Co.
-Month-1933. 1934-3 Mos.-1933.
Period End. Mar. 31- 1934
$5,563,377 $5,275,992 $16,361,058 $15,766,692'
Operatingrevenues
164,466
79,999
52.196
Dr89
Uncollectible oper.rev
Operating revenues_ _
Operating expenses
May 12 1934
Financial Chronicle
3280
$5,563,288 55,328.188 516,441.057 $15,931,158
3,925.952 11,763.945 11,611,607
4,008,644
Net oper. revenues_ _ - $1,554,644 $1.402,236 54.677,112 $4,319,551
Rent from lease of oper50
17
ating property
1,351,999
1,382,426
357,598
461.240
Operating taxes
Net operating income $1,093,404 $1,044,655 $3,294,686 $2,967,602
-v. 138, p. 2757.
-Auction Sale.
New Holland Hotel, N. Y. City.
-story structure at 351-59 West 42d St.,
The New Holland Hotel, a 20
N. Y. City, was sold In foreclosure April 30 on a $285,000 bid to Charles
individual trustee, acting for a bondholders' committee. Tne
C. Moore,
action was by the Manufacturers Trust Co., corporate trustee, and Mr.
Moore, against the 351-59 West Forty-second Street Co., Inc. The
amount due was about $979,245. with interest, plus taxes, &c., totaling
about $132,729. Four other bids starting at $250,000, were made for
the parcel. Henry Brady was the auctioneer.
New Jersey Zinc Co.-Earnings.Quar. End. Mar.31- 1934.
$1.092,207
xTotal income
981,632
Dividends (2%)
1933.
5437.378
981,632
1932.
5591,104
981.632
1931.
$860,769
981,632
of America, represented by the Federal Emergency Administrator of
Public Works. The notes will be designated 4% registered serial collateral
notes, will be in the denomination of 31,000, or any multiple thereof, will
be dated as of the date of the payments or deposits against which they are
delivered, will be payable to the Administrator, or registered assigns, will
bear interest from and after one year from their respective dates at the rate
of 4% per annum, payable semi-annually on June 1 and Dec I, and will
mature in amounts of $313,000. In alternate years, beginning June 1 1937,
and ending June 1 1943. and in amounts of $312.000. In alternate years,
beginning June 11938. and ending June 1 1944. The notes will be redeem-payment date, at their
able In whole or in part on any semi-annual interest
principal amount and accrued Interest to the date designated for redemption.
redemption of less than all the outstanding notes, the notes redeemed
Upon
will be of the latest maturity or maturities outstanding, and notes of the
same maturity must be redeemed as a whole.
The applicant will pledge as collateral security for the serial notes $4,086.000 of its 5% ref. and improv. mtge. bonds, series C. These are a part
of the 5175,000.000 of series C bonds a ithorized to be ssued for pledge by
our orders of Dec. 22 1931. and June 30 1932. The bonds described are
-V. 138, p. 3098.
now in the applicant's treasury.
-Earnings.
New York Dock Co.(& Sub.).
Calendar YearsTotal revenue
Maintenance
Deprec'n & retirement
Other expenses_ _ Taxes
1930.
1931.
1933.
.
$2,715.081 52,935,124 $3,648,034 54.184,319
533.634
348,276
277,785
329.884
384,240
396.959
385.599
377.135
1.122,242
837,067
993.793
748.836
815.303
940.100
895,996
637,456
$620,729 51,013.010 51.202.743
736.501
802.163
599,511
Net operating incomeOther income
$621.771
316.180
Gross income
Bond Interest
Serial gold note interest_
Other deductions
3937.951 51.220,240 51.815.172 $1.939,244
502.000
502.000
502,000
489.400
406,250
431,250
456.250
307.312
242,422
265,588
188.425
182.510
Net inc. N.Y.Dock Co.loss$41.263
Pref. dividends (5%)-
$123,565
$616.334
500,000
5738.572
500.000
$123.565
$116.334
$238,572
xdef$41.263
Balance, surplus
Shares of common 'out70,000
70,000
70.000
70,000
standing (par $100)- $1.66
Nil
$3.41
Nil
Earns. per sh. on corn.
-Loss from ordinary operations (as above), 341,264.
x Surplus Account.
Other charges: Marketable securities written down to nrsrket value at
Dec. 31 1933. 3678.647: net loss on securities sold during 1933, $418.237:
four mortgages uncollectible, $489,786: indebtedness of N. Y. Dock Ry.
written down by $480.197: property retired account of demolition. 530.060;
sundry adjustments, $9,152. Loss. incl. other charges in the Year 1933,
$2,152,354. Earned surplus Jan. 1 1933, 54,189,646: balance of surplus,
$2.037,292. Appropriated as a reserve pending realization of non-permanent assets. $2.037.291.
Balance Sheet Dec. 31.
1932.
1933.
1932.
1933
Liabilities
Assets
a Capital assets_..30,833,013 32,580,501 Preferred stock...l0,000,00!) 10,000.000
Common stock__ 7.003,003 7,030,000
Cash on deposit
20,150,500 22,490.000
26,946 Funded debt
852
with trustee.
Temporary invest_ 6,494.558 4,504.456 Vouchers and payrolls
198,219
109,752
18.320
Compen. Ins. fund
31,218
20.435
308,414 Accounts payable_
390,631
Cash
Contractors' perLoans secured by
centages retain'd
3,939,34R
1,050
real estate
Othersee.& invest. 333,117 1,933,706 Accrued Federal
and other tams.
70,191
60,923
208,397
Accts. & notes roe. 220,711
19,258 Accrued bond
15,546
Charges accrued_
30,715
interest
209,166
209,166
50,848
Mat'is & supplies_
143,677 Accrued serial note
20,549
Interest accrued__
Interest
36,912
100.000
93,750
43,592
Special deposits_ __
978,469 Accrued other
201,429
Deferred charges_
68,434
mortgage int
118,304
Deferred assets_
676,917
Deferred credits.. 611,889
N. Y. Dock RY.'
754.623
758,524 Reserves
817.086
Current account 287,522
291.134 Profit and loss,
Property acct__ 291,134
surplus
4,159.646
300
300
Com, cap. stock
$120,863
$390,528
$544,254
sur$110,574
Deficit
Shares capital stock out1,963,264
1,963.264
1,963,264
1,963,264
(par $25)
standing
$0.44
$0.30
$0.22
$0.56
Earnings per share
Total
39,202,124 45,769.148
39,202.124 45,769,148
Total
x This item, which incl. diva, from sub. cos. Is shown after deductions
-V. 138,
repairs, deprec. and contingencies.
for exps., taxes, maintenance,
a After reserve for depreciation of $6,811,391 in 1933 and $6,496,573
p. 1242.
in 1932.-V. 137, p. 4708.
ba
f<
-81.25 Dividend.
Newmarket Mfg. Co.
-Foreclosure
--,
*
---'"New York Lodge 1, B. P. 0. E.
The directors have declared a dividend of $1.25 per share on the cap I
The 12
-story Elks' Lodge building at 108-116 West 43d St., near Times
value, payable May 15 to holders of record May 10. A like
stock, no par
Square, was sold at foreclosure Apr. 5 and purchased by the,13ank for Savprior to which the
amount was paid in each of the two preceding quarters,
ings on a straight bid of $600.000. This was the only bid made. The
-V.138, p. 1060.
company made quarterly payments of85 cents per share.
foreclosure action was brought by the bank against John J. Schmitt and
New York Lodge 1, B. P.0. E.,to satisfy a lien of 1728,217. with interest.
-Earnings.Newport Industries, Inc.
1931.
1932.
1933.
-Earnings.
New York & Richmond Gas Co.
Calendar Years$2,132,237
$2.354.160 $1,745,367
-net
Sales
1934.
1932.
1933.
3 Months Ended March 312.357.098
1,865,951
Cost of sales, selling & gen. expenses 2,154,586
$308.287
$328.206
5306.558
Gross revenues
54.726
91,558
Net Inc. after taxes, deprec.& chges
84.657
$224,861
$120.584
$199,574
Net loss before depreciation
-V. 138, p. 2757.
208.171
199.806
194.668
Provision for depreciation
23,660
10,460
1.183
-net
Interest and other charges
-Earnings.
New York Shipbuilding Corp.
67,622
8,234
Charges for equipment dismantled.Consolidated Income Account for Calenchr Years (Incl. Sub. Co.).
1932.
1930.
1933.
1931.
$456.693
$398,472
$4.511
Net loss before other income
Net inc. after all charges,
15,885
2,420
25,872
Profit from sale of stock
$61.342
5125.216 $1.422,871 51.450.977
including depreciation
17.333
44,778
5,471
Dividends receivable
191.542
253.981
129.295
Interest, discount, &c...
209.376
$4423,476
$351,274
prof$26,832
*Net loss
$252,884
Total income
$254,512 51,676,853 $1,660.352
251,356
•Exclusive of idle plant expenses amounting to $39,487 in 1933. $45,719
Bond int., discount. &c_
214.879
199,589
225,760
In 1932 and $92.358 in 1931.
Adj. compensation to ex-The income statement for the quarter ended March
Quarterly Earnings.
ecutives & employees.
122.539
103,957
Exps, incident to former
will befound In the Issue of April 28, page 2933.
electric business
59.389
11.244
Consolidated Balance Sheet Dec. 31.
1932.
Sundry deductions
1933.
19.857
Liabilities1932.
1933.
Assets$222,487 5101,873 Accounts payable- $192,099 $112,955
Cash
$1,528
10,600
Net income
5,833
loss$24,322 81,328,191 51.330,635
Notes payable____
a Marketable seNon-recur, net oper. loss
281,706 Purchase money
=ales, at cost.
of elec. div. for period
obligation in
Trade accounts,
Jan. 1 '31 to July 15'3l
125.476
connection with
193,212
270,976
Ices reserve
acquisition of
Consol. net prof. appl.
Miscellaneous acpref.&com.stock
$1,528
35,877
to parent company. loss124,322 $1.328,191 51,205.158
55,489
counts receivable
236,000
of subsidiary... 192,500
733.324
Consol. surplus Dec. 31
895,137
Inventories
569.032
-Taxes 543.497
c Reserves
(Incl. atm from apprec,
b Land. bldgs. and
54,753
15,265
Contingencies_ _
4.059,313
of prop. & cap. surp.) 7,572.995 '4,243.238
3,799,979
1,971,388 2,101,499
machinery
13.161
13,063
Miscellaneous..
20,572
Surplus credit
1.379.546
b468,487
18,245
Pat.& trade marks
.
519 347
347
Cap.stock (par 81) 519.
Capital surplus from reInvestments, &c.
11.605,299
554,444 Surplus (paid-in). 3,226,388 3,222,158
duction of capital
514,501
(at cost)
627,090
669.024
88,309 Deficit
90,747
Deferred chargesTotal
$7.548.673 517.646.215 56,384.684 54.060.841
210,000
142.783
Div. on pref. stock
149,590
182,280
$4,038,969 $4.110,816
Total
54,038,969 $4,110,816
Total
131,820
Div. on part. stock
-voting deb.
70.900
Div. on founders' stock_
3,000.38 shares E. I. du Pont de Nemours & Co.6% non 51,397.748
a
depreciation of
50.000
Prov. of res, for conting.
stock in 1932 and 10,660.76 in 1931. b After
liability for Income and
862
4,805
Fed.3t8tate tax, prior yr.
In 1933 and 51.217,559 in 1932. c A contingent
162,187
Loss on sale of securities
predecessor companies for the year 1917 and subsequent
profits taxes of
cared for by the above reserve.
95,700
Prov. for loss on note...
thereto is, in the opinion of counsel, amply
Premium on shares of
-V. 138. p. 2933.
135,987
stocks acquired
-Securities Authorized.
Adjust. of book value of
New York Central RR.
3,266.312
authorized the company (1) to issue
machinery & equip_
The L-S. C. Commission on May 4
and the
notes, to be Bold at par
Adjust, of land & bldgs.,
$2,500,000 of 4% registered serial collateral
6,656,318
book value
maintenance; and (2) to pledge as collateral security for
proceeds used for
Loss through sale of Elecand improv. mtge. bonds, series C.
the notes $44,086,000 5% ref.
1.959,166
trical Division
the Commission says in part:
The report of
we approved, as desirable for the
Consol. surp. Dec. 31
By our certificate of April 18 1934. maintenance to be apple 1 to the
transportation facilities,
(incl. surp. from apImprovement of
as described therein, and estimated to cost
prec. & cap. surp.)- 36.804.491 $7,572,995 $4,243,238 53.799,979
property of the applicant,
finance this maintenance through
32,500.000. The applicant proposes to
b Excess over cost of shares of capital allocated to preferred, participatEmergency Administration of Public Works.
ing and founders' capital stock acquired during year and retired or held
the aid of the Federal it proposes to Issue promisory notes pursuant to the
In treasury,
To evidence the loan,
United States
executed by It on April 25 1934, with the
terms of a contract
Volume 138
Financial Chronicle
Earnings for Quarter.-The earnings statement for the quarter ended
March will be found in May 5 issue, page 3100.
Consolidated Balance Sheet Dec. 31 (Including Sub. Co.).
1933.
1932.
1932.
1933.
AssetsLiabitUtes$
$
$
$
a Plants & ProPlY 6,614,943 6,933,606 Preferred stock- 2,000,000 2,114,000
Good-will and
b Participating &
patents
1
1 founders' stock_ 500,000
530,000
Cash
1,962,414 3,028,912 Funded debt
3,765,500 4,071,500
Marketable secure. 1.468,315 2,493,937 Notes& accts. pay. 335,253
434,817
Accts. receivable__
11,768
88,105
292,174 c Other notes pay.
Contracts in proDividends payable
37,100
85,000
cm
1,274,969
747,778 Accrued payroll,
Inventories
49,106
212,878
805,499
589,007 interest, &O..__
Investments
514,930
275,660 Adv.pay.on contr.
Other assets
1,279,129 1,126,202 Ree've for °outing.
47,816
Deferred debits
6,804,491 7,572,995
45,977
60,527 Surplus
Total
13,539,351 15,547,805 Total
13,539,351 15,547,805
a After depreciation. b Represented by 325.000 in 1933 (344,500 in
1932) $1 par participating shares and 175,000 in 1933 (185,500 in 1932)
$1 par founders' shares. c Due after Jan. 1 of following year.
-V. 138.
p. 3100.
3281
Noranda Mines, Ltd.
-Earnings.
Calendar Years1933.
1931.
1932.
1930.
Metal recoveries
$12.588,374 $11,752.628 $10,506,233 $11,967,472
Miscellaneous income_ -323,725
357,473
237,630
451.291
Total income
$12,912,099 $12,110,102 $10.743,863 $12,418,763
Cost of metal products,
incl. tnaintng. treatment and delivery and
custom ore
6,049.129 5,876,700 6,012,384 6,024.679
Admin.& gen.expenses_
220,173
273.304
268,923.
260,251
Reserve for taxes
617,012
705,749
660.000
481.041
Development and mining
-prior periods
459.967
Reserve for contingency
175.000
Prospect, and explor.outside property
60,212
75,118
9.972
Reserved for deprec. of
buildings, plant and
1,045,823
equipment,&c
1.507,064
1,418,542
1.350.710
Balance,transferred to
surplus account_ _ _ _ $4,816,106 $3,600.809 $2,374,041 $3,842.115
Provision for dividends.. 3,457,315 2.844,914
1.119.886 3,919,601
New York State Rys.-Reorganization Plan.:L
4
Balance, surplus $1,358,791
$755,895 $1,254.155 def$77.486
A reorganization plan has been adopted by the committees_ epresenting
Shs. com. stk. outstand.
holders of Rochester By. 1st mtge. 5% bonds ($2.130,000 'outstanding)
(no par)
2,239.772 2,239.772 2,239,772 2.239.772
and 2d mtge. 5% bonds ($1,499,000 outstanding), and New York State
$2.15
$1.60
Earnings Per share
$1.06
$1.71
Rys. 1st consol. mtge. bonds ($16,457.000 outstanding). A reorganization
Balance Sheet Dec. 31.
committee consisting of J. G. McPherson, Chairman; Henry G. Brengle,
William A. Law, Frederick J. Lisman and William Pitldn have been ap1932.
1933.
1933.
1932.
pointed by the committees. Howard M. Woods, 25 East Main St..
Assets
LiabttUiesRochester, is Secretary, and Cook, Nathan & Lehman are counsel.
Min. prop., plant,
x Capital stock_ _ -11,303.140 11,303,140
The plan has been submitted to the New York Public Service Commission
bldg.,equip.,&c.10.458,696 10,074,713 Accounts & wages
for its approval.
Invest. in hotels.
payable, &c.... 331,243
380,039
Under the reorganization plan bondholders will receive the following new
houses. So
908,144 Divs. unclaimed__ 2,223,380
936,280
213,749
securities:
Debs. of Town of
Res. for taxes.... 720,000
627,000
(1) Holders of 1st mtge. bonds for each $1,000 principal: (a) $800 1st
Noranda
372,300
379.000 Deferred credit....
12,182
15,031
Ottawa River pow.
Res. for deprec___ 7,628,211 6,587,839
mtge. bonds, series A; (b) $160 income debentures, and (c) 15 shares of
common stock.
lease
109,099 Other reserves_ _ _ _ 421,305
119,600
212,045
Cash
(2) Second mtge. bondholders for each $1,000 principal amount: (a) $550
2,871,150 1,897,740 Surplus
7,227,574 5,868,783
1st mtge. bonds, series B:(b) $360 income debentures, and (c) 15 shares of
Call loans
251,681
202,253
Accts., bills & int.
common stock.
receivable
78,372
54,884
(3) Holders of consolidated bonds for each $1,000 principal amount:
Ref, settlements
(a) $400 income debentures and (b) 20 shares of common stock.
-V. 138.
outstanding and
p. 2757.
blister copper in
transit
New York Title 8c Mortgage Co.
-Juggling of Mortgages Market, securities 4,682,995 3,443,716
3,525,360 2,123,105
to Get RFC Loan Bared by Title Official.
13,427
Metal on hand__
11,481
Accts. & notes rec.
The following is taken from the New York "Times" of May 5:
(not current).
4,419
4,716
Testimony that the New York Title & Mortgage Co., to the detriment •
Invest, other cos.. 6,032,518 5,537,078
of investors, shifted the security behind some of its guaranteed certificates
Prospect.& explor.
23,705
in the process of obtaining a Reconstruction Finance Corporation loan in
34,000
310,403
Material & supp
256,041
1932 was given May 4 before George W.Alger, Moreland Act Commissioner.
235,260
Del. charges, &c
122,525
At the same time Commissioner Alger's inquiry, in which witnesses have
been examined by Alfred A. Cook, his counsel, entered a new phase. Con29,867,035 25.207,628 Total
cerned hitherto largely with the working of the State Insurance DepartTotal
29,867,035 25,207,628
ment, the investigation shifted with yesterday's hearing to the manner
x Represented by 2,239.772 no par shares.
-V.137. p. 4200.
in which an estimated $2,500,000,000 in guaranteed mortgages, including
North American Car Corp.-Earnings.$1,_000,000,000 in certificates, was placed in the hands of Investors.
The New York Title & Mortgage Co.. at a previous hearing, was estiQuar, End. Mar. 311934.
1933.
1932.
1931.
mated to have guaranteed about S700.000,000 of the $2,500,000,000 total.
Net profit after charges
Mr. Cook brought out testimony that, in addition to shifting securities,
and Federal taxes.-- _
$46.702
$46.380
$124,722
$61,319
the company had inflated appraisals in some mortgages it desired to use
Earns, per share on comas backing for certificates.
mon stock (no par)._ _
$0.01
$0.01
$0.10
$0.51
Hubert F. Breltwieser, a Vice-President of the company, admitted that
-V. 138. P. 2936.
in other specific instances the company had followed the policy of unloading
its "less desirable" mortgages upon the public.
Norfolk Southern RR.
-Annual Report.
In discussing the withdrawal of mortgages deposited in connection with
Traffic Statistics-Years Ended December 31.
a group of guaranteed mortgage certificates, he said that in negotiating a
1932.
1933.
1931.
1930.
loan with the RFC the company had found that the Federal agency made a
932.40
Average miles operated932.66
932.66
932.66
close examination of the mortgages that were offered to it for security.
Passenger Traffic
The company, he said, therefore withdrew certain of the mortgages behind
347,615
296,271
No.of passengers carried
397,658
453,142
the certificates that were "less acceptable" to the RFC.
No. pass. carried 1 mile_ 7,853,490 5,128,717 7.147,054 9.798,751
In other words, you took out the good mortgages and put in some
No. pass. carried 1 mile
which were questionable?" said Commissioner Alger.
8,423
per mile of road
5.488
7,663
10,506
"Well, the RFC scanned the mortgages very closely," replied Mr.
Average distance carried
Breitvrieser.
22.59
17.28
each passenger
17.97
21.62
"So that the net result would be-so far as the holders of the certificates
Aver, amount rec, from
were concerned-that they were rather the worse off by the Reconstruction
34.498
36.167
each passenger (cts.) 46.035
59.867
Finance transaction?" Mr. Alger continued.
for pass.
Aver, receipt
"They were." said the witness.
1.527
2.093
per mile (Os-)
2.561
2.769
"Very much worse off?"
reight Traffic
"Yes."
1,764,181
1,614,015 2,544.523 2,934,051
No,of tons carried _
"Whatever benefit may have Replied to the title company was at the
No.of tons carr. 1 mile--253,554,170 226,949,622 330,861,658 378.098.032
expense of the certificate holders?"
No.of tons carried 1 mile
"That is my opinion," said Mr. Breitwieser.
271,937
243.336
per mile ofroad
354.751
405.397
[Moreland Act Commissioner George W.Alger is taking further testimony
Average distance hauled,
regarding the operations of the company. Both officials and employees are
143.72
140.61
each ton
130.03
128.87
being examined.1-V. 138, p. 2758.
Average amount received
2.301
from each ton
2.396
2.177
2.134
Niagara Falls Power Co.(& Subs.).
-Earnings.
--Average receipts per ton
Period End, Mar.31- 1934-3 Mos.-1933.
1934-12 Mos.--1933•
1.601
1.704
per mile(cents)
1.674
1.656
Operating revenues
Net oper. revenues per
$2,551,621 $2.156,864 $9.789.432 $9,421.268
52.87
22.16
Oper. revenue deduc'ns. 1,253.069
train mile(eta.)
54.32
75.46
:983.178 4,212.791 z4,078.270
-Years Ended December 31.
Income Account
Operating income- - - - $1,298,552 $1,173.685 $5,576.641 $5,342.998
1932.
All Lines (Incl.Elec.)
1933.
1931.
1930.
Non-oper. income (net).
34,703
146,749
46,075
144,206
Freight revenue
$4,059,799 $3,867.374 $5,538,543 86,260,731
107.151
Passenger revenue
119,920
183,061
271.281
Gross income
$1,208,388 85,723,400 85,487,204
$1,344,627
177.799
128,133
Mail and express
121,701
204,985
Deduc'nsfrom gross inc_
488,169 1.914,875
470.460
1,980,401
86,140
117,662
84,172
164,457
All other transportation..
Net income
$874,167 4720,218 $3,808.525 43.506,803
$4,385,592 $4,188,799 $6,017.065 $6,901,455
Total oper. revenue
x Changed to give effect to major adjustments made later in the year
Matnt.of way & struct
749,153
942,470
708,444
965.548
1933.-V. 137, p. 685; V. 136, p. 4266, 2974.
938,644
1.024,622
765,952
Maint. of equipment_ _ _
667,564
248,854
Traffic
223,595
297,908
345,766
Niagara Lockport & Ontario Power Co.(& Subs.).
- Transportation
1.840,101
1,671,960
2,483,372 2,720,880
Period End. Mar.31- 1934-3 Mos.-1933.
255,659
Miscellaneous
270.165
295,030
314,268
1934-12 Mos.-1933.
Operating revenues
$2.286,269 $2,028,576 $9,290,220 $8,514.184
Total oper. expenses $3,582,437 $3,819,010 $4,957,423 $5,371,084
Oper. rev. deductions... 1,526.539 x1,286,794 6.397.699 x5,380.414
Net rev.from ry. oper..
803.155
1,530.371
379.789
1,059,641
Tax accruals. drc
490.899
314,413
529.316
626,667
Operating income.... $759,729
$741,782 $2,892,521 $3,133.769
Non-oper. income, net..
12,101
Total oper. income..
7.815
307
. $488,742 loss$121.110
65.322
$530,325
$903,704
Other Income
Gross income
$749,597 $2,904,622 $3,199,091
5760.036
Hire of equipment(net)_
676
664
1,017
Dedue'ns front gross inc419,129 1.683.173
409,445
1,693,792
Joint facility rent income
12,449
14,190
13,507
16.158
Miscell, rent income_ _ _ _
8,441
8,854
10.668
10,066
Net income
$350,591 x$330,468 $1,221,449 $1,505,299
Miscall. non-oper. physix Changed to give effect to major adjustments made later in the year
cal property
124,850
120,179
91.622
115,715
1933.-V. 137, p. 1764.
Dividend income
22,312
34,880
22,744
21.880
Inc. from fund. secur__ _
6.079
5,879
6,619
8,560
Niagara Share Corp. of Md.-Balance Sheet March 31.- Income from unfunded
securities dr accounts_
6,116
4,738
8,639
10,896
1934.
1934.
1933.
1933.
Inc. from sinking and
Anal
LtablIfifesother reserve funds...
696
1.203
1.236
1,852
Cash
}1,627,961 1403,465 Accounts payable_ 293,747
281,356
Total non-oper. inc-- _ $195,935
U S. Treas. notes
.
$175,614
$162.651
1384,700 Divs. & int. pay__ 323,554
8179,190
156,920
Gross income
544,044
Accts. dr notes rec
724,284 5 % cony.debs_ _12,130,000 12,130,000
684,677
709,515
54.504
1,066,355
173,195
184,383 Reserves for
Int.& rifts. recelv
Deducts.from Income
Stocks and bonds.31,370,620 a28958,422 Fed. & State tax
61,752
Hire of equipment
165.309
121,825
166.079
141.225
103,534 Contingencies
MUces. & real est. 103,369
1,500,000 1,500,000
Joint facility rents
35.068
40,015
40.308
36.644
Miscell. liabilities_
Office bldg. & eq.
Rent for leased roads__ _
4,040
167,102
176,802
167,102
167,102
475,205 $6 pref. stock__ _ .. 2,965,100 2.965,500
Miscellaneous rents.....
(less depree'n)_ _ 473,113
474
613
377
399
1 b Class 11 common
Office turn. & eq
Miscell. tax accruals_
6,971
6.996
stock and scrip_ 7,532.697 7,532,697
lJnamortized bond
Interest on funded debt_
782.074
782,796
808,901
797,314
506,330 Capital surplus _ _ _ 8,952,375 6,215,083
Int. on unfunded debt
& expense 498.580
15,390
12.057
1,690
5,997
2,402
5,373 Earned surplus_
1,034,060
960,100
Amortization of discount
Miscall. assets_ _ _..
on funded debt
19,873
20,233
19.873
20,525
34,793,286 31,745,697 Total
Miscall, income charges_
34,793,286 31,745,697
Total
4.830
6,634
14,455
16,667
Total deductions
a Market value after reserve for fluctuation in market value of $92.
$1.206.791 $1,157,910 $1,207,558 $1.197,459
Net loss for year
332,074. b Represented by $5 par shares -V. 138. P. 2935.
522.114
1.103,406
498,043
131,104
Financial Chronicle
3282
Balance Sheet Dec. 31.
1933.
1932.
S
LiabilitiesAssets
16,000,000
Road de equip_ _ __32,116,861 34,048,804 Capital stock
15,640.400
Funded debt
Impts. on leased__
325,534 Loans & bills pay_ 290,000
319,902
property
821,399 Traffic, hc., bah. 223,041
Misc. phys. prop._ 820,841
Vouchers & wages_ 303,018
Dep.in lieu of mtgd
49,158 Misce11, accounts
49,843
property sold_
31,676
payable
Invest.in Mill. cos. 4,286,376 4,324,430
556.463 Interest matured.
Cash
1,140,861
1,167,975
12,300
12,300 unpaid
Special deposits..
27,551 Dividends matured
27.813
Loans & bills rec._
89
unpaid
Traffic & car serv.
153,001 Accrued interest,
bal. receiv
24,544
437,442
rents, he
80,061
80,071
Sinking funds_
118,843 Deferred and unadMisc.accts. receiv. 124,103
33.421
50,217
27,447 justed accounts..
Balance from agts.
798,613
Tax liability
62,151
Int. & diva. rec..1,441,310
248,714 Reserves
247,461
Materials, hc_
Unadlust. credits_ 243,292
Working fund ad3,593,829
Surplus
4,664
vances, hc
57,696
63,116
Deferred assets_ __
663,458
Unadjust. debits__ 777,801
26,050
Accrued income1933.
40.209,106 41,540,925
Total
-V.138, p. 2935.
Total
1932.
$
16,000,000
15.640,400
290,000
165,405
364,632
46,753
356,530
89
387,156
22.103
638.614
2,035,233
204.983
5,338,997
40,209,106 41,540,925
-Earnings.Northern New York Utilities, Inc.
1934-12 Mos.-1933.
Period End. Mar.31- 1934-3 Mos.-1933.
$1,164.847 51,273.882 54.721.686 $5.376.578
Operating revelfues
843.928 3.078.397 3.653,649
770,278
Oper.rev. deductions
$429.954 31,643.289 $1,722,928
Operating income..--- $394,569
18.369
13.605
3,685
2,484
Non-oper. inc., net
Gross income
Deduct,from gross Inc
$397.053
255,791
5433.638 51,656,894 51,741,297
1.069.341
1.044,911
266.965
Net income
-V.136, p. 4014.
$141,262
$166,674
5611,983
3671,957
-Deposits
-----Northeastern Public Service Co.
s
of Bonds
Urged.-
May 12 1934
--Earnings.
North American Aviation, Inc.
(Including wholly-owned subsidiaries.]
Year Ended 10 Mom End. 2 Mos.End.
Dec 31 '33 Dec 31 '33 Feb. 28 '33.
Period$919,246
Shipments and operating revenues_ _ _ $3,753,000 $2,833,754
724,379
Cost of shipments & oper. expenses__ 3,834,252 3,109,872
Selling, traffic & adm. exps. of trans156,489
579.194
port and manufacturing subsidiaries
422,705
13,481
42,121
28.639
Research and experimental expenses_
75,401
442.139
Depreciation
366,738
46,944
169.816
Other deductions
122,872
Gross loss
Income credits
31.314.522 $1,217,073
167,847
139,576
$97,449
28.271
Net loss
-net credit
Surplus adjustments
$1,146.675 $1,077,496
42,223
19.254
$69,179
22,969
31.101.451 31.058,242
$46;209
Operating deficit for period
Consolidated Balance Sheet Dec. 31 1933.
Liabilities
Assets
8172,973
$263,651 Accounts payable
Cash
300,000 Accrued liabilities
67,385
Certificates of deposit
9,416
Marketable secur.(shortlerm) 1.043,304 Deposits on sales contracts...
Reserve for contingencies_ _ _
416,878
Trade notes & accts. receivable
282,983 c Capital stock
3.435,033
(less reserve)
Capital surplus
3,759,466
Sundry accts. receivable, ac51,530 Earned surplus
155,428
crued interest, he
396,055
Inventories
4,043,681
Investments
16,407
Funds in closed banks
a Land, bldgs., mach'y & eq.. 940.706
461,513
b Flying equipment
60,874
Deferred charges
155.866
Good-will
88,016,579
$8,016,579 Total
Total
a After reser.ves of 5428.680. b After depreciation of $829,761. c Rep-V.138, p.2936.
resented by shares of $1 par value.
-Earnings.
Norwalk Tire & Rubber Co.
1932.
1931.
1933.
6 Mos.End. Mar.31- 1934.
5156.448
3124.514
394.814
Gross profit on sales_ _ _ - 8130.570
82.484
67.313
64.984
80.252
Expenses
$73.964
357.201
$29,830
$50.318
Operating profit
4.747
4,094
3,160
3,118
Other income
The general lien bondholders protective committee Issued a statement
May 9, in which it advised holders of the general lien & collateral trust
578.711
360.361
333,924
353.436
Total income
534% gold bonds who have not deposited to do so on or before May 24.
25.398
25,109
13,56612,720
Depreciation
inasmuch as the plan of reorganization may be consummated very soon.
32,287
28,964
Taxes
James T. Woodward, Chairman of the committee, pointed out that the
11,604
14.166
6,056
13.792
Other deductions
plan and agreement of April 17 for the reorganization of the company has
been formulated and approved by the committee and submitted to the
$39.149
$3,750
$2,759
Net profit
1os42,886
Delaware Court of Chancery, which now has it under consideration, and
-V. 137, p. 4199.
that June 6 has been set as the date of hearing.
Other members of the conunittee include A. S. Cummins, E. L. McBride,
-Call for Deposits.
---C. F. Boake. . "Oak Lane (Pa.) Apartments.
W. W. Battles, Ernest J. Oapen, David A. Edgar and
Douglas G. Wagner is Secretary and Chapman & Cutler, are counsel.
The Real Estate Bondholders Protective Committee (George E. Rooseholders of 1st mtge. sinking fund,6% coupon
velt, Chairman) in a letter to
The depositaries are Continental Illinois National Bank & Trust Co.,
gol 1 bonds, states in part:
-V. 138,
Chicago and Central Hanover Bank & Trust Co.. Now York.
It is expected that as a step in the reorganization or liquidation of this
P• 2936.
issue, proceedings will be instituted within the near future to foreclose the
mortgage securing the bonds. In order to share in the benefits of any
-Report.
Subs.).
Northern States Power Co. of Del.(&
action which the committee may take toward reorganization or liquidation,
(Including new properties for periods operated only.)
It is necessary that bonds be on deposit with the committee.
The committee urges all holders of bonds of this issue who have not already
Income Account for Calendar Years.
done so to deposit their bonds at once with the depositary. Continental
1930.
1931.
1932.
1933.
Gross EarningsBank & Trust Co., 30 Broad Street, New York.
Electric department_ _ _ _325.959.950 $26,991,202 528.627.890 527.784.755
Operations and Earnings of Property.
4,335.320 4.348.792
4,012.505 4,251.898
Gas department
761.895
685.708
Since May 15 1933, the property has been operated pursuant to a se781.039
689,268
Steam department
239.376
199.773
agreement entered into by Continental Bank & Trust Co. of
190.435
questration
162,926
Transportation dept___ 137.144
134.318
124,121
114,606
New York. successor trustee under the mortgage securing bonds of this
Telep. & water depts_Issue, the committee, the present owner of the property, and the manager
of the property. Pursuant to the terms of this agreement, cash on hand
Total gross earnings-530,949,256 $32,338,694 533,983.009 333.271,952
on May 15 1933. in the amount of $3.363. which had been accumulated from
11,248.329 11,603.027 12,200,572 12.365.075
Operating expenses
the earnings of the property, was turned over to the success-r trustee. The
1,778.099
1.366.433
1.273.598
1.269.630
Maintenance
agreement provides that all income from the property, after payment of
2.943,567
3,806,866 3,528.744 2,800,203
Taxes
current expenses, will be turned over to the successor trustee which will
Cr420.000
Withdrawal from conting
apply and disburse such income in accordance with the provisions of the
mortgage in the same manner as though it had taken possession of the
$14,624,431 515,933.325 517.615.802 516,606.220
Net earnings
7
propatNowing
234,100
217.486
99,011
106,683
Other Income
summary of the earnings of the property on an accrual
3
. 2.n4 for_the year 1933
basis re* the period from Jan. 14 1932 to Dec. 31 19mna 1d .32
314.731.114 316,032.336 517.833,288 $16,840,320
Total income
was prepared from audits made by Charles S. Rockey & Co., CPA.
5.646,354
5.785.588 5.726.079
5.836.920
Interest charges (net)_
2,900.000 2,560.000
Approp. for retire. res.. 2,900.000 2.900.000
Dec. 31 '32. Year 1933.
839,667
Income
$37.756
$5.994,194 57.345.748 39,207.209 38.633,966
Net income
Operating expenses
23,394
19,967
4.717.143
Pref. stock dividends__ - 5,080.990 5,105.688 5.070,567
Real estate tams & sewer rent, including penalties
2.901,137 3,315.614 3,315,542
_ 1,243,321
Common stock di vs_ _ _
9,281
and interest thereon
9.201
Approp. for amortiz. of
75.000
153,750
206,571
180,000
debt disc. & expenses_
Profit before int. on outstanding bonds, amortiAccum. unpaid pref. dive
zation or depreciation
36,992
32,247
of No.States Pr.(Wis)
Interest requirements alone for the above periods amounted to $2 :814 9
8
5
3 58
3526.281
and $26.580. respectively.
$667.278
def$568,935 def$841,077
Balance, surplus
For the year 1933 the average monthly percentage of occupancy was
6,583,574 6,057,294
6,426,995 7.250.852
Surplus, Jan. 1
72.5%, as co npared with 70% for the year 1932. For the month of March
17,220
51,982
Surplus direct items(net)
1934, the percentage of occupancy was 67.5%. It has been the committee'
experience in connection with this and other properties that during the
Total surplus Dec.31_ 35,806.078 $6.426.995 $7,250,852 36.583,575
depression the principal demand for apartments has been for smaller units
and that the demand for apartments. such as those in this property,
Consolidated General Balance Sheet, Dec. 31.
containing five or six rooms, has diminished greatly. It is expected that
1932.
1933.
1932.
1933.
with the return to more normal conditions there will be an increased deLiabilUiesAssets
mend for larger apartments, resulting in a higher percentage of occupancy
7% cum.pref.stk 38,961,000 39,068,900
for the property.
Plant. Property,
38.923,200
6% eum.pref.stk 39,026.300
In addition to the defaults in payment of taxes, defaults have occurred in
rights, franchise, dm_ _240.15.5,896 239,720,340 Class A com.stk 34,155,100 34,155,100
the payment of interest coupons which fell due on Jan.16 1933,
7,291,663 and Jan. 16 1934, interest on matured bonds and the monthly July 16 1933
Stock disc. expo_ 9,383,060 9,297,418 x Cl. B cons.stk. 7,291,663
installments
Subscription to
required to be paid on account of the coupons which will fall due on July 16
Sinking funds ee
27,800
pref. stock.
2,326
11,344
other deposits
1934. Defaults have also occurred in the payment of bonds which matured
Capital stock of
p
Inv., stocks and
on July 16 1931. July 16 1932 and July 16 1933. and in the payment of the
subs. In hands
various monthly installments required under the terms of the mortgage
bonds of other
1,058,947 1,036.740
of public
to be paid on account of the bonds which will mature on July 16 1934.
cos., associa202,632 Funded debt...114,601.604 114,713,944
172,757
tions, dre. _
These past-due payments of interest and principal amount to $48.730 and
429,030
455,701
Def. liabilitiesBal. of unamort.
$76,416, respectively, or a total of $125,146.
32.363
5,300
Notes payable._
It is evident that the earnings of the property are entirely inadequate to
disc, and exp.
753,605
838,535
Accts. payable_ _
meet the charges under the mortgage. It is expected that within the near
since Dec. 31
1,370,837
4.733,195 5.018,591 Accrued interest 1,379,221
future proceedings to foreclose the mortgage will be instituted as a step
1924
85,744 Accrued taxes._ 3,499,431 3,225,125
-V. 121, p. 594.
120,070
toward reorganization or liquidation.
Prepaid Maur_ _ _
Accrued pref.stk
Other prepaid
1,267,212 1,270,895
dividends_
5,755
-" accounts
Occidental Petroleum Corp. Earnings.
Corn. stk. diva
Extraordinary reEarnings for Quarter Ended March 31 1934.
621,701
•
Payable
tirements in
88,311
73,437
620,684 Sundry eurr. Ilab
Net income after Federal taxes and other charges
526,586
proc. of amort
Deprec. (retire.)
Earnings per share on 630,000 shares
Misc. def. & un16,559,914 15,375,872
110,957 reserve
175.279
adjusted items
-As reserves for depreciation and depletion at Dec.31 1933 211
Note.
$8 233
:
244,985
257,294
4,011,115 3,738.278 Miscell. reserveCash
the value of the property, there was no depreciation or depletion chargeable
216.222
Mise.unadj.cred. 226,772
-V. 138. p. 2096.
Cash depos. for
toincome in the quarter.
175,217 Contrib. for line
174,912
bond interest_
301,907
344,757
extension_ _ _ _
-Tenders.
y Notes & accts.
Ohio State Telephone Co.
606,128
410,193
3,066.980 3,119,627 Res. for conting.
rec
The Bankers Trust Co., as sinking fund trustee will until noon on May 16
Surp. of books of
Unbilled gas and
receive bids for the sale to it of consol. and ref. mtge. bonds, dated July 1
of cos. acq. at
1.549.667
electricity... 1,549.667 1,549.667 date of acquis1914 at prices not to exceed the face value thereof and interest to an amount
Rec. on sale of
sufficient to exhaust $32.009.-V:137. p.4189.
671,372
672.659
84.167 ition thereof._
pref. stock_
surplus_ 5.806,078 6.426,995
/Jail & supplies 2.804,502 3,129,047 Earned
-Common Dividend Resumed.
Ohio Oil Co.
"
The directors on May 7 declared a dividend of 15 cents per share on the
_266,891,118 266.852,695
common stock, no par value, payable June 15 to holders of record May 19.
assets_ _26601,118 268,852,695 Total liab___
Total
A distribution of 110 cents per share was made on this issue on Dec. 15 1932;
no par value. y After deducting
x Represented by 729,166 shares of
none since. The latter payment compared with 20 cents per share paid
1933 and $346,062 in 1932
reserve for uncollectibie accounts of $361,902 in
on June 15 and Sept. 15 1932.
-V. 138. p. 2936.
3 Months Ended March 31Sales
Cost of sales
1932.
1933.
1934.
$10 255,982 $8,806,266 $11,368,568
8,131.541
8,400.809
6.608,118
Gross profit
Other income
$3,647,864
278,279
Total income
Taxes
Depreciation and depletion
Minority interest
$3,926,143
812.336
1,696,612
1,019
$405,457
279,429
$3,237,027
169,584
$684,886 $3,406,611
394.329
537,755
1,356,176
1,565,376
Net profit
$1,416,176loss$1418245 $1,656,106
861,114
852.395
Preferred dividends
841,833
.
$794,992
Surplus
$574,343def$2270,640
Earns, per sh. on 6,648,052 shs. comNil
$0.12
mon stock (no par)
$0.08
-V. 138, p. 3101.
-Earnings.Ohio Water Service Co.(& Subs.).
12 Months Ended March 31Operating revenues
Operating expenses
Provision for uncollectible accounts
Maintenance
General taxes
$478,404
146,395
9,248
20,693
73,888
1933.
$465,824
152.225
5,483
22,836
73,251
Net earningsfrom operation
Other income
t
3283
Financial Chronicle
Volume 138
$228,179
10,780
$212,028
18,172
Gross corporate income
Interest on bonds
Miscellaneous interest
Amortization of debt discount and expense
Interest charged to construction
Provision for Federal income tax
Provision for retirements and replacements
x Miscellaneous deductions
$238,959
191,000
2,311
10.648
Cr109
.534
22,750
$230,199
191,000
1,2b4
10,648
Cr60
1,561
19,500
1,848
$11,825
$4,418
Net income
x In 1933 this item represents principally reimbursement tdbondholders
of Federal and State taxes which has been included in general taxes in 1934.
Comparative Consolidated Balance Sheet.
Mar.31'34. Der.31'33.
LiabilitiesAssetsMar.31'34. Dec.31'33.
let M.5% g. bds_S3,820,000 $3,820,000
Plant, property,
11,839
15,322
equipment, .S0_87,352,841 $7,351,729 Deferred Habits__
Due to Fed. Water
Miscell: invest. ilc
Service Corp__ 1,332,500 1,332,500
special deposits_
8,438
17,003
2,258
Cash
68,420 Accounts payable_ x16,357
29,408
Notes & accts. ree_
169,253 Due affiliated cos.
182,887
1,971
1.150
Unfilled revenue
18,488
(current)
14,520
79,583
mat'ls et supplies_
1
33,859 Interest accrued
33,809
98,187
Dbt disc. Sr exp. in
Taxes accrued_ } 133,760i
5,056
1
Miscell. accruals_ _
prodess of amort. 253,779
2,090
Comm.on cap.stk.
Nils:ell. curr. nab.
96,840
448,008
453,083
Def. chg. & prep. 393,651 Reserves
aCCOUrita
5Yi% cum. pt.stk. 1,296,000 1,296,000
36,006
90,000
90,000
6% cum. pref. stk.
549,108
y Common stock- 549,108
_
213,900
Capital surplus- 213,900
95,428
93,823
Earned surplus__
$8,017,093 $8,043,839
:1'ota
Total
88,017,093 88,043,839
x Includes notes payable. y Represented by 58,746 shares (no par).
V. 138, p. 2758. .
-Annual Report.
Oklahoma Gas & Electric Co.
Years Ended Dec. 31Gross earnings
Operating expenses, maintenance and taxes
Net earnings
Other income
1933.
1932.
$10,463,072 $10,867,087
5,497,881
5,349.084
$5,113.988 $5,369,206
62.536
56.925
-Earnings.Orange & Rockland Electric Co.
Period End. Feb. 28- 1934-Monlh-1933. 1934-12 Mos.-1933.
$740,927
$692,771
$58,559
Operating revenues__ -$55,988
Oper. exps., incl. taxes
403,610
407,475
31.884
33,274
but excl. deprec
88,986
88.685
7,563
6,540
Depreciation
Operating income- __ _
Other income
$17,564
2,492
$17,722
2,499
$196,611
40,656
$248,331
31,759
Gross income
Int. on funded debt..... Other interest
Amortization deductions
Other deductions
Divs. accr. on pref. stock
$20,056
5,208
$20,221
5,208
1,116
635
8.573
1,148
333
8.167
$237.267
62,500
653
13,330
4,745
99.577
$280,090
62,500
970
13,585
4,330
92.118
Balance
Federal inc. taxes incl.
in oper. expenses_ _
-V. 138, p. 2586.
$4,524
$5,365
$56,462
$106,587
2,500
2,750
28,100
34,000
-Jan. 1 1932 Interest Paid.Oshawa Buildings Ltd.
The interest coupon dated Jan. 1 1932. on the 04% bonds was paid
-V. 134, p. 678.
May 1. Subsequent coupons are not being met at present.
-Earnings.Oshkosh Overall Co.
Earnings for Four Months Ended April 30 1934.
Net earnings after all charges, depreciation and reserves
-V. 138, p. 697.
$61,521
-Increases Production.O'Sullivan Rubber Co., Inc.
Industrial recovery has definitely taken place insofar as the rubber heel
and sole industry is concerned, said President R. J. Funkhouser. Confident in the increased buying power of the country, the company early
this year inaugurated a sales campaign, introducing new designs in both
heels and soles, and seeking expansion in the development of new markets.
The ready response of the trade has resulted in the largest backlog of
unfilled orders in the company's history, Mr. Funkhouser stated.
The company's plants at Winchester, Va.and Gettysburg, Pa. have been
operating 24 hours per day in 3 shifts of 8 hours daily, 5 days a week, for
some time. The sharp increase in orders booked has forced the company to
-clay week schedule at the Winceshter plant, operating a total
introduce a 6
of 144 hours per week. It is planned to put the Gettysburg plant on the
same operating basis within the next few days.
Gross dollar sales in 1934 have continued to exceed substantially those
reported for the previous year, Mr. Funkhouser said. Sales for the first
4 months of 1934, ended April 30, exceeded those for the corresponding
period of 1933 by 75%.-V. 138, p. 2937.
-Earnings.Outboard Motors Corp.
Sir Months Ended March 31Net loss after expenses & other charges
-V. 137. p. 4540.
1934.
$70.095
1933.
$122.572
Pacific Coast Co.(& Subs.).
-Earnings.Quer End. Mar.31.
Gross earnings
Operating expenses
1934.
$540,026
527,416
x1933.
$518,948
547,795
x1932.
$716,244
731,711
x1931.
$787,675
814,736
$27,061
$15.467
Net loss
prof$12,610
$28,847
x Does not include company's interest in Pacific Coast Cement Co.V. 138, p.3101.
-Earnings.Pacific Telephone & Telegraph Co.
-Month-1933. 1934-3 Mos.-1933.
Period End. Mar.31- 1934
Operating revenues
$4,419,579 $4,227,789 $12,922,211 $12,494,207
138.600
Uncollectible oper. rev
16,810
49,400
69.710
Operating revenues..__ $4,436,389 $4,277,189 $12,991,921 $12,632,807
8,737,147
8.936.863
2,910,997
Operating expenses
3,028,085
Net oper. revenues_ _ _ $1,408,304 $1,366.192 $4,055,058 $3,895.660
Rent from lease of oper211
211
70
ating property
70
1,445,008
1,456,034
490,397
Operating taxes
503,649
Total earnings_
Bond interest
Debenture interest
Other interest
Interest charged to construction
Amortization of debt discount and expense
Appropriation for retirement reserve
$5,176,524 $5,426,131
Netoper.income
$875,865 $2,570,261 $2,439,837
$904,725
1,772,0S2
1,739,193
-V. 138, p. 2586.
433,020
433,020
62,537
87,101'Paducah-Ohio River Bridge Co.
-Amendment to Plan
-Ohio
Cr4,368
Cr3,531
A letter dated May 4 advised security holders tnat the plan of reorga
200,000
200,000
tion (V. 137,P. 2819) has been amended. The letter states:
950,000
950,631
Subsequent to the adoption of the plan, it has appeared that there is a
possibility that the bondholders' committee might be able to dispose of the
Net income_
$1.763,253 $2.019,717
1359.
717
ridge property in the event that it should acquire the same through the
Preferred stock dividends
1,160,289
pending foreclosure proceedings and for that reason it has been deemed
Common stock dividends
602,965
860,000
advisable to make provision by way of an amendment to the plan for the
sale of the bridge property by the bondholders' committee when. if and as
Balance
it shall have purchased the same. The committee has adopted and filed
Previous surplus
$3.684,848 S3,684,848
with its depositary an amendment to the said plan, which provides, among
Sundry adjustments
7,485
other things,for a sale of the bridge property by the bondholders' committee.
or in the event a new company shall have been organized under the plan and
Balance surplus, Dec.31
$3,677.363 $3,684.848
securities shall not have been distributed, a sale of such securities for a
Condensed Balance Sheet Dec. 31 1933.
consideration of not less than $800,000, consisting of cash and (or) debt
securities of the State of Kentucky or any department, division, agency or
1933.
1932.
1932.
political subdivision thereof. The said amendment further provides that
Assets
Liabilities$
the bondholders' committee may delay distribution of securities of the new
Plant,prop.,rights,
7% pref. stock.._ _ _14,647,800 14,647,800
company under the plan for a period of not over two years subsequent to
franchises, &o_ _74,953,310 75,057,124 6% pref.stock__ 2,231,700 2,243,300
Disc, and exp, on
the acquisition of such property, in order to effect a sale thereof, and also
Common stock _ _19,190,000 19,100,000
for the distribution of earnings from such property by way of interest to the
capital stock _ 2,677,469 2,681,329 1st mtge. 5% gold
Unamort.debt dies.
holders of certificates ot deposit issued by the bondholders' committee.
bonds, series A,
of
and expense..___ 6,592,934 6,794,325
Said amendment provides substantially that in the event of the saledue 1950
34,500,000 34,500,000
such properties or securities by the bondholders' committee, the cash and
Investments
1,185,466 1,149,163 6% gold deben.,
Sinking funds and
(or) securities will be distributed as follows:
series A due 1940 7,217,000 7,217,000
other deposits._
(a) An amount equal to 90% of the sale price (which term includes the
39,567
37,923 Okla. Power Hold.
Prepaid accounts..
cash and securities received through the sale), after deducting therefrom a
16,693
21,866
Co. 5Wis
877,600
954,500
Insur. unexpired_
sum equal to the amount of cash received or to be received by the holders
64,211
71,343 Accounts payable. 254,573
243,569
Def. charges in proof bonds who shall not have participated in the plan, but without deduction
Accr.for interest.... 877,113
874,313
cess of amortlz__
for expenses or liabilities of the committee, shall be distributed pro rata
52,568
85,031 Accrued for taxes_ 1,267,425 1,284,763
Dep. inclosed bks:
amongst the holders of the outstanding bonds who participate in the plan.
40.493
37,270 Accrued for diva
292,361
476,796
Other assets
124,571
(b) In case distribution to the holders of bonds who participate in the
145,991 Customers' depos_ 641,177
627,245
Cash
plan, computed as above provided, shall be less than 50% of the principal
1,292,534 1,294,339 Customers'adv.for
Cash on deposit for
amount of bonds, there shall be distributed from the balance of the sale
construction.....
94,488
103,051
bond Interest.__
price remaining after payment of all liabilities of toe committee not other23,037
25,056 Retirement res've_ 2,941,950 2,997,189
Accounts & notes
wise paid among such bondholders pro rata an amount sufficient (to the
Other reserves_ _ _ 842,190
981,390
receivable, net... 1,351,163 1,380,841 Surplus
extent of and not exceeding the remainder of the sale price) to make an
3,677,363 3,684,848
Accrued int. roe....' 18,333
aggregate distribution equal to 50% of such bonds.
Mails. & supplies.. 1,120,381 1,244,164
(c) After distribution as aforesaid, the balance of the sale price, if any,
together with other moneys held by the committee, after deducting charges
Total
and liabilities and other items authorized to be paid under the plan, shall be
89,552,740 90,025,784
Total
89,552,740 90,025,764
-V. 138, p. 2759.
distributed by paying and (or) delivering 95% thereof amongst the holders
of debentures of the compay who participate in the plan and of unsecured
Old Colony Trust Associates.
-Earnings.
indebtedness who participate in the plan, pro rata, and by paying and (or)
Quarter Ended March 31delivering 5% thereof amongst the holders of outstanding preferred stock
1934.
1933.
Net profit after all charges and interest
of the company who participate in the plan, pro rata.
$64,801
894.717
A hearing will be held on the question of the approval of the plan and the
Earns, per sh. on 376,208 shs. cap. stock
$0.17
$0.25
amendment,as well as other matters, on May 21 1934, by the U. S. District
The balance sheet as of March 31 1934 shows total assets of 310,877,251.
Court for the Western District of Kentucky.
-V.138, p. 3101.
Investment in capital stocks of banks at book value amounted to $10,113,534. This compares with total assets Dec. 31 1933 of $10,886.169,
Panama Corp.(Canada), Ltd.
-Conversion Plan.
of which investment in capital stocks of banks at book value amounted to
Under circular dated ARril 16 the 8% debenture stockholders are offered
$10,097,045.
conversion of their stock into shares at the rate of $5 nominal stock for
During the March quarter the following shares were acquired: 10 Appleton
2;4 shares of no par value. The directors are of the opinion that when the
National Bank; 20 Canton Trust Co.; 5 Lechmere National Bank; 100
proposed conversion plan is sanctioned, the financial structure will be
Newton Trust Co.; 100 Springfield National Bank; 100 Stoughton Trust
greatly strengthened, the best interests of the stockholders preserved, and
-V. 138, p. 876.
Co.
the way made easier for the more rapid and intensive development of the
concessions. The necessary meeting to consider the scheme is to be held
Oppenheim, Collins & Co., Inc.
-Sales Increase.
on May 18. (London "Stock Exchange Weekly Official Intelligence.")
Period End. Apr. 30- 1934-3 Mos.-1933.
1934-9 Mos.-1933.
V 134
2924
Net sales. 0. C.& Co_ _ $1,939,824 $1,607,386 $6,244,245 $5,496.485
•
'
P.
'
Net sales, leased departaramount Publix Corp.
-Bondholders' Committee En124,354
114,855
ments, &c
341,142
333,398
gages
Reorganization.
-
Kuhn, Loeb to Plan
Total sales
-V. 138. p. 1578.
$2,064,178
$1,722,241
$6,585,387
$5,829,883
Sir William Wiseman, a partner in Kuhn, Loeb & Co., has retired from
the bondholders' protective conrunittee to work on a plan for reorganization
3284
Financial Chronicle
of the company which is being supported by the committee and evolved
by his firm, according to a letter sent to bondholders.
The letter says an agreement has been reached for the withdrawal of a
claim of $178,000,000 against the corporation involving the Paramount
Building.
p- Asserting that there is a growing need for reorganization, the letter
declares that "if a comprehensive plan acceptable to creditors can be
worked out which retains substantially an the present subsidiaries, the
data thus far collected warrant the belief that the assets and earnings will
probabl7 be adequate to afford a substantial recovery on all provable
claims.
The letter further points out that there are more than 350 subsidiaries, at
lease one-third of which are in varying degrees of financial difficulty.
Revealing that total claims filed against the estate exceed $282,000,000, the
the letter says that of these there have been withdrawn or expunged approximately $16.000,000 subject to certain pending petitions for review.
0.
-"The task of collating the large quantities of material implied in such a
situation," the letter says, "requires a considerable staff of experienced
persons.
"Wherefore, and after careful consideration by us and by other creditors.
we jointly conclude that a firm with the experience and facilities of Kuhn,
Loeb & Co. was well fitted for the task. Accordingly, on March 28 1934
the said firm undertook preparations for a proposed plan or alternative
plans of reorganization for the consideration of various creditor groups of
the bankrupt.
"In view of the fact that any plan submitted must be approved by various
classes of creditors. Sir William Wiseman, who is a partner in Messrs.
Kuhn, Loeb & Co., decided it would be inconsistent for him to be associated with a single group of creditors, and, therefore, resigned from this
committee on March 29 1934."
New President for Subsidiaries.-
•
George J. schaefer, Vice-President and General Manager of Paramount
Pictures Distributing Corp.. was named President and elected a member of
the board of directors of Famous Theatres Corp.. and Paramount Theatres
Service Corp., at a meeting held on May 5, according to an announcement
by Adolph Zukor, President of the Paramount Publix Corp. Mr. Schaefer
fills the vacancy left in these two Paramount subsidiary corporattons caused
by the resignation of Ralph A. Kohn.
At the same time Walter B. Cokell, Treasurer of Paramount Pictures
Distributing Corp., was named to the board of directors of both Famous
Theatres Corp. and Paramount Theatres Service Corp., Mr. Zukor stated.
-V. 138. p. 3101. 2586.
-Plan Modified.
------, Panhandle Producing & Refining Co.
The company has notified holders of its preferred and common stock and
deposit receipts therefor that the plan of readjustment and recapitalization
dated March 20 1934 have been modified so as to provide that at any time
prior to the date on which the plan shall be declared operative any stockholder may withdraw his assent to the plan and obtain the return of any
deposited stock. Colonial Trust Co., 57 Wailliam St., New York is depositary under the plan.
Digest of Plan of Readjustment and Recapitalization Dated
March 20 1934.
-Holders of preferred stock who deposit their stock
Basis of Exchange.
under the plan will, upon its consnmmation, be entitled to receive, for
each one share of preferred stock, the following:
(a) 1 share of prior preference stock (par $20) convertible at the option
of the holder up to Jan. 119 0, or the 30th day preceding any date fixed
for the redemption of such share, whichever shall be earlier, into three
shares of common stock, as existing at the time of conversion.
(b) 9 shares of new common stock (par $1) or such other par or stated
value as shall determine.
(c) A voting trust certificate for 3i share of present preferred stock, such
stock to be stamped to evidence certain restrictions upon the rights thereof
and to be convertible by the voting trustees, in their discretion, during the
life of the voting trust, into new common stock at the rate of 1 share of new
common stock for each one-half share of stamped preferred stock.
Holders of present common stock, upon consummation of the plan, are to
receive for each 3 shares of present common stock 1 share of new common
stock.
New Capitalization.
-The capitalization of the company, upon the consummation of the plan, based upon a complete exchange of all outstanding
preferred stock and common stock, would be as follows:
Outstanding.
Authorized.
$1,000,000
Prior preference stock
$3460640
x32 80
,
Preferred stock •
x42,080
1,000,000 shs. y217,744 abs.
Common stock
x On the basis of the deposit of all outstanding preferred stock under the
plan, the aggregate par value of the preferred stock which would be authorized and remain outstanding upon the consummation of the plan would
be $841,600. However, the amount which such stock would be entitled to
receive upon liquidation, dissolution or winding up of the company would.
by agreement of the holders, be limited to $42,080 plus accrued interest, and
the figure of $42,080 is therefore used in the above table. y This figure does
not give effect to any conversion of prior preference stock or preferred stock
Into new common stock. There is to be reserved out of the authorized new
common stock 50,496 shares for issuance upon conversion of prior preference
stock of the initial series and 16,832 shares for issuance upon conversion of
the stamped preferred stock. Upon the exchange of all outstanding preferred stock under the plan, the maximum authorized par value of the new
common stock would be $1,000,000 and the maximum par value of new
common stock outstanding would be $217,744.
The terms of the prior preference stock, the restrictions on the stamped
preferred stock, and the terms of the new common stock, are set forth
below:
-Is to be issuable in series, preferred over any
Prior Preference Stock.
preferred stock at the time outstanding and over the common stock. (a)
as to dividends, and (b) to the extent of its par value and accrued dividends
in the event of liquidation, dissolution or winding up. Subject to the foregoing, the stock of each such series (other than the initial series) is to be
entitled to receive dividends at such rate, on such conditions and at such
times, and is to have such designations, preferences and relative, participating, optional or other special rights and such qualifications,limitations
or restrictions of such preferences and (or) rights as shall be provided for in
a resolution or resolutions adopted by the board of directors. The initial
series, which is to be issuable in part exchange for preferred stock on the
basis set forth above,is to be of the par value of $20 per share, is to have an
aggregate authorized par value of not more than $336,640, and is to be
entitled to quarterly dividends at the rate of 6% per annum (to become
cumulative beginning with the dividend for the three months' period ending
Dec.31 1934). Prior preference stock of the initial series is to be redeemable
at the option of the company, in whole or in part, at $21 per share plus
dive. on 60 days' notice, mailed to holders of record of the shares called for
redemption. The prior preference stock is to have no pre-emptive rights.
-Holders of preferred stock who assent to the plan are to
Preferred Stock.
agree that, upon the consummation of the plan, the certificates for the
portion of such preferred stock in respect of which voting trust certificates
are issuable under the plan may be stamped to evidence their agreement:
(1) That accrued dividends on such stamped preferred stock up to the
quarterly dividend date next preceding the date of consummation of the
plan be waived;
(2) That the current rate of dividend on such stock be reduced so that
(a) so long as any unstamped preferred stock remains outstanding, such
stamped preferred stock is to be entitled to participate in such current
dividends, if any, as may be paid on the unstamped preferred stock, to the
extent of 30c. per share per annum,and (b) after the exchange or retirement
of all unstamped preferred stock, such stamped preferred stock will be
entitled to dividends at the rate of 30c. per share per annum before the
payment of any dividends on the common stock; such dividends to be
cumulative from the quarterly dividend date next preceding the date of
consummation of the plan; and
(3) That, upon liquidation, dissolution or winding up of the company,
(a) so long as any unstamped preferred stock remains outstanding, such
stamped preferred stodk is to be entitled to participate with the unstamped
preferred stock in such payments, if any, as may be made in respect to such
stock, to the extent of $5 per share, or (b) after the exchange or retirement
of all unstamped preferred stock, such stamped preferred stock is to be
entitled to receive $5 per share: plus accrued dividends, as set forth in
(2) above, from the quarterly dividend date next preceding the date of the
consummation of the plan, before any distribution is made upon the corn.
stock.
The stamped preferred stock is to have no preemptive rights.
-The new common stock is to have the same voting rights
Common Stock.
as_the present commonIstockfand is to have nolpreemptive rights.
may
12 1934
Voting Trust for Stamped Preferred Stock.
-The voting trust is to continue
for a period of not more than five years and will be subject to termination
at any time by the voting trustees. The original voting trustees are to be
selected by the proxy committee hereinafter referred to. The voting trustees
are to have full voting power in respect of the stock in the voting trust,
including, without limitation, the power to vote in respect of the election of
directors, and in respect of any amendment or amendments of the certificate
of incorporation of the company,including any amendment or amendments
which would alter or change the preferences, rights or powers of the preferred stock, any sale of assets of the company, any merger or consolidation
of the company with any other corporation, the liquidation or dissolution
of the company, and any and all other matters as to which holders of
preferred stock shall be entitled to vote by law or under the certificate of
Incorporation, The voting trustees are to be authorized under the voting
trust agreement at any time or from time to time to convert shares of
preferred stock held in the voting trust into common stock, as at the time
existing, at the rate of one share of common stock for one-half share of
preferred stock. The voting trustees are to be further authorized under the
voting trust agreement, in Viler discretion, to sell any of the preferred
stock held in the voting trust to the company for purchase and retirement
out of the sinking fund provided for in the certificate of incorporation of the
company, to waive the application of moneys in the sinking fund to the
purchase or retirement of preferred stock held in the voting trust, and to
relieve and discharge the company from compliance with any past and (or)
future obligations of the company under the certificate of incorporation in
respect of the sinking fund. Subject to the payment of all expenses involved
In the administration of the voting trust (for the satisfaction of which the
voting trust agreement may authorize borrowing by the voting trustees
upon the security of stock or other assets held by them as trustees), dive,
or other distributions received by the voting trustees are to be distributable
pro rata to the holders of voting trust certificates, and all stock, whether
preferred or common, remaining in the voting trust upon its termination
will be distributable pro rata to the holders of voting trust certificates. The
voting trustees are to serve without compensation. Voting trust certificates
are to be transferable upon the books of the voting trustees or their agent.
-Company may declare the plan operative
Declaration of the Plan Operative.
at any time after the holders of at least 75% of the outstanding preferred
stock have deposited their stock under and assented to the plan and the
holders of at least 50% of the common stock have assented to the plan.
Quar.End. Mar.31
1934.
1933.
1932.
1931.
Gross oper. inc.(excl. all
Inter-co. & inter-dept.
sales and gasoline sales
$334,688
$412,870
$605,754
tax)
$697,003
Cost of goods sold
397,020
204.270
x230,726
357,214
Direct operating costs_ _
132,140
164,017
168,437
246,714
44,307
22,934
2,660
$18,127
41,806
8,181
410
12,296
52,730
25,108
9,414
$93,074
71.088
9,979
1,965
2,147
52,911
24,033
34.744
$44,762
10,283
$115,579
2,087
$131,820
10(013,440
$122,612
4,213
$34,478
12.535
$113,491
4,952
$145,260
2,916
$118,399
8,158
Net income from sales
General expenses
Ad valorem taxes(note)Lease rentals
Intangible devel. coats_ _
Depreciation
Depletion
Amort.of undevel.leases
Loss on inventories due
to decline in price-
$440,297
33,488
6,169
251
440
39,776
3,601
1,333
loss$1,722
37,798
5,946
211
Net operating loss.._ -Non-operating income_ _
Total loss
Int., disc. & other chgs_
18,819
$118,443
$47.013
$148,175
Consolidated Balance Sheet March 31.
LiabilitiesASSetS1934.
1933.
1934,
x Property account$1,483,875 $2,025,013 Preferred stock_ _21,683,200
Other investments
66,799
64,765 y Common stock-- 1,054,872
Cash
32,741
18,702 Purch, mon.oblig_
79,158
011
154,482
71,626 Notes payable- _ 246.422
55,842 Accept's payable__
Materials & supp
59,329
10,812
Unredeemed mdse.
Station prod, and
coupons
45,949
merchandise _
58,073
2,973
94.454 Accts., &c., pay_ 286,575
Raw mat'l-steel_
79,003
Work in process._
15,849
7,338 Accrued liabilities_ 139,087
123,531 Accr. pref. diva_ 1,447,552
Notes & accts. rec. 126,798
Deferred charges__
39,248
25,766 Other reserves.-7,114
Deficit
3,009,885
Approp. surplus
168,320
Net loss accr. to corp-
$126,557
1933.
21,684,700
1,054,872
97,195
418,432
98,797
1,314,066
19,520
2,323,067
168,470
Total
Total
22,116.198 $2,532,986
22,116,198 22,532,986
x After depreciation and depletion of $44,561,315 in 1934 and $4,236,559
in 1933. y Represented by 198.770 shares of no par value.
-V.138,p.3101.
-Earnings.
Park & Tilford, Inc.
Calendar YearsSales
Costa and expenses
Balance
Other income (net)
1932.
1933.
33.554,397 33,511,929
3,181.306
3.386.741
$3373,091
1,435,287
Total income
$1.808,379
Interest
72,091
Loss on leasehold oper
142,759
Loss Harlon sale ofsecure- y561,069
Depreciation
12,836
Loss re candy departm't
liquidation
Federal taxes
72,653
Payment in cancellation
of royalty contract_ _ _
575,000
Other deductions
91,742
Net profit
Cash dividends
Stock dividends
$125.188
Dr22,414
1931.
9130.
$5,590,235 $6,953,685
5,553,747
6.835,260
$336,488
Dr65,889
$118,425
107,158
$102.773 1068329,400
78,243
91,760
$225,583
99,700
272,925
12,836
166,848
138,420
$280,228 losa$399.652 10685288,008
1,320
$124,563
453,218
ur
s5280,228
$399,652
,
$288008
$425; 75
19 033
6 0
DeficitShs.corn. stk. outst'g
218.722
218,722
218,722
218,722
ar
Enings per share
$1.28
Nil
Nil
x Shares capitalized at $15. y Includes $521,013 loss on sale of company
stock.
Consolidated Balance Sheet Dec. 31.
Assets1933,
1932.
Liabilities
1933.
1932.
Cash
$397,011 $515,414 Accounts payable. $418,222 $257,546
Notes receivable..1 759,101
24,280 Notespayable_ _
75.000
Accts. receivable_
1283,720 Accrued charges_
48,003
28.888
Adv, for mdse,
Reeve for taxes_ _
72,653
sundry aects.ree. 130,361
Cash deposited unInventories
1,720,294
159,276
der leases
3,525
Investments
190,180 1,531,740 Real estate mortReal estate, land
gages payable._ 425,000
425,000
and buildings.._ 1,038,194 1,051,030 Deferred income_ _ 109,882
128,497
Mach'y & equip30
-year 6% debenment
1
1 ture bonds
1.050,000 1,270.000
e Capital stock
Good-will & trade218,722 3,278,330
marks
2,000.000 2,000,000 Capital surplus_ 3.480,763
600,000
Deferred charges._
50,220
83,190 Earned surplus462,114 def418,113
Total
$6,285,362 $5,648,653
Total
26,285,362 $5,648,653
x Represented by 218,722 shares $1 par in 1933 and 218,722 no par shares
in 1932.-V. 138, p. 1760.
Pathe Exchange, Inc.
-Stock Option Granted.
-
The company has notified the New York Stock Exchange of the granting of an option to Stuart W. Webb, President, to purchase up to but not
exceeding 12,500 shares of common stoc ht, $2 per share and 3,000 shares
of class A. preference stock at $12 per share during each year commencing
Jan. 1 1934, but in no event shall the total number of shares purchased
exceed 50,000 shares of common stock and 9,000 shares of class A prefer-V. 138. p. 2937.
ence stock.
Volume 138
Patino Mines & Enterprises Consolidated (Inc.).
1930.
1931..
Calendar Years1932.
1933.
Total income
£1,213,620 £1,151,936 £1,774,426 £2,218,060
914,822 1,461.074 2,042.938
Costa, &c
640,452
£170,122
£313.352
Balance
£237,114
£.573.168
82,055
Profitfrom railroad oPer.
27.336
Profit from stores at mine
7.790
2,010
£257.177
Gross income
£340.688
£244,904
£575.177
415,181
418.192
Depreciation and deple302.518
303,846
Loss stores at mine
9,801
Res. against deprec. of
bonds
14,048
Prov.for taxes & contig_
40.000
Loss on railroad oper
11.971
£158,004
Net loss
£87,305
£57,614
Prof£205,310
Consolidated Balance Sheet Dec. 31.
1932.
1933.
Assets
Liabilities1933,
1932.
a Properitee
£6,250,00013£6 250,000
£3,405,112 £3,682,404 Capitalstock
Investments
stock to be
815.235
831,120 Capital
569,897
Cash
569,897
378,370
382,150 Issued
188,333
Cash in Bolivia sub378,821
Bank drafts
143,654
11,674
ject to exchange
Adv. payments...
189.038
80,939
control
Accts. payable_ _
101,007
Accts.receivable._ 749,943
22,481 Res. for taxes and
40,000
Loan to Bolivian
contingency __
Government._ _
46,475
81,068 Res. for Bolivian
2.824
Adv. to Boliven
taxes
693,706 c681,441
Gov't. against
Reserves
99,942 de193.102
taxes
Surplus
2,000
Inventories
1,153.587 1,446,098
Mach-Unica Rys_ 903,350
916,853
Treasury shares_ 569,897
569,897
£8,124,982 £7,932,088
Total
£8,124,982 £7,932,088 Total
a After depreciation. b Represented by 1,380.316 shares of no par value.
c Includes 634.995 previous balance invested in General Tin Industries.
Inc.
-V.138, p. 2937.
Ry.-To Pay March 15 1934 Interest.-
Ladenburg. Thalmann & Co., as fiscal agents, announced that they had
received funds to pay the March 15 1934 coupons on the 1st & ref. mtge.
7% bonds, series A. Since Jan. 1 1934 the Paulista Ry, has paid the remaining half of the coupons due Sept. 15 1932, as well as subsequent conpons.
-V. 138, p. 1913.
(J. C.) Penney CO., Inc.
-April Sales.-
Increase. I 1934-4 Mos.-1933. Increase.
1934-Aprn-1933.
$15,476,531 814.591,329 $885,202$56,142,744 $41,969,852 $14,172.892
-V'. 138, P. 2587.
Pennsylvania Coal & Coke Corp.-Bfieting-A ppiticativir.
rI'he corporation has applied to the New York Stock Exchange for perton to list 164,888 shares of $10 par value to be exchanged for the same
number of shares of $50 par value now outstanding. in hands of the publ
-V. 138, P. 2937.
' P'ennsylvania Gas & Electric Corp.-Pref. Dividend
----
The directors have declared a dividend of 37% cents per share on the
$1.50 non-cum. partic. class A stock, no par value, payable June 1 to
holders of record May 21. A similar distribution was made on this issue
on March 1 last, the first since Dec. 1 1930, when 37;i cents per share
was also paid.
-V. 138, p. 1043.
-Bonds Placed
Pennsylvania Ohio & Detroit RR.
Privately.
-Kuhn,Loeb & Co. have placed privately $3,943,000 1st & ref. mtge.43% bonds. series B,due July 1 1981.
The Pennsylvania RR. which disposed of the bonds, has requested
the 1.-S. C. Commission's approval to sale of the bonds. The issue has
'
been sold to Kuhn, Loeb & Co. at 98.5% and int. from Jan. 1 1934. The
Pennsylvania also asks authorization to guarantee the bonds while the
Pennsylvania Ohio & Detroit RR. has requested permission to reduce
from 5% to 4%% the Interest rate on the bonds.
-V. 137. p. 1239.
Pennsylvania Co.for Insurances on Lives & Granting
Annuities.
-Changes in Personnel.
At a meeting of the board of directors on April 30, C. S. W.Packard was
elected Chairman of the Board. Mr. Packard retired as President at his
own request after having served 35 years in that office.
0. S. Newhall,formerly Executive Vice-President, was elected President,
and William Fulton Kurtz, formerly Vice-President, was elected Executive
Vice-President.
-V. 138, p. 2587.
•
-$12,Philadelphia Baltimore & Washington RR.
929,000 Bonds Placed Privately.
-Kuhn, Loeb & Co. have
placed privately an issue of $12,929,000 4%% gen. mtge.
gold bonds, series D,due 1981. Bonds were held in treasury
of Pennsylvania RR.
The I. 0. Commission on May 3 approved a reduction in the interest
-S.
rate from 5% to 4%% and authorized the Pennsylvania RR. to assume
obligation and liability in respect of the bonds and to sell them. The
supplemental report of the Commission says In part:
In respect of each of the foregoing issues, aggregating 812,929,000, which
were authorized to be delivered to the Pennsylvania Eli. in reimbursement
of indebtedness to it or in exchange for bonds of another series held by it,
the Pennsylvania was authorized to assume obligation and liability, as
lessee and guarantor. The orders authorizing the issue of the bonds provided that they should not be sold except upon the order of the Commission. The bonds so authorized have been issued and delivered to the
Pennsylvania and are now in its treasury.
On April 10 1934, both the foregoing companies filed separate applications, in which the Philadelphia. Baltimore & Washington asks for a
supplemental order permitting it to reduce the interest rate on the $12.929.000 of bonds mentioned above from 5 to 4 %. effective Dec. 1 1933,
and the Pennsylvania asks that the orders authorizing the issue of the bonds
be modified so that the prbsent authority to assume obligation and liability
may apply to these bonds with the change of interest rate, and for a
supplemental order authorizing it to sell the bonds.
To show the necessity for the sale of the bonds to provide additional funds
required, the Pennsylvania furnished a statement of its anticipated cash
resources and requirements for the remainder of the current year. The
Pennsylvania represents that under present market conditions 4 4% bonds
can be sold on a relatively better basis than 5% bonds. Arrangements
have been made for sale of the bonds to Kuhn. Loeb & Co., New York,
N. Y., at 9934% of par and accrued interest from Dec. 1 1933. which is on
a basis of approximately 4.526%. The bonds will bear a notation indicating
that they will be subject to the provisions of Public Resolution No. 10 of
the 73d Congress approved June 5 1933.-V. 138, p. 2587.
Philadelphia Co. (& Subs.).
-Earnings.
--
12 Months Ended Feb. 281934.
1933.
Gross earnings
$45,288,969 847,025,691
Operating expenses, maintenance and taxes
22.022.369 22.820,038
Net earnings
823.266.600 824.205.653
Other income-net
853.832
681,965
Net earnings, including other income
824,120.432 824.887.618
Rent ofleased properties
1.710,753
1,715.247
Interest charges-net
6,766.344 6,654.210
Contractual guarantee
69,302
69.416
Amortization of debt discount and expense
387,205
386,867
Other charges
117.680
129.693
Appropriation for retire. & depletion reserve
7,245.721
7,219,978
Net income for diva. on pref. stocks & minority
int. of sub. cos. & on pref. and common
stocks of Philadelphia Co
$7,823,427 $8,712.206
-v. 138, P. 2760.
3285
Financial Chronicle
-cent Dividend.
-50
Philadelphia Traction Co.
)
2.4-1(
The directors recently declared a dividend of 50 cents per share. payable
May 10 to holders of record May 8.
constiThis is the same amount the company declared a month ago and
tutes a second instalment of 25% of the semi-annual dividend of $2 on the
stock. The dividend is being declared in instalments due to the fact that the
Philadelphia Rapid Transit Co. is paying its semi-annual rental to the
-V. 138. p. 1743.
Traction company in quarterly instalments.
Philippine Ry.-Earnings.1934-12 Mos.-1933.
-Month-1933.
Period End. Feb. 28- 1934
$557.892
$593,368
$60,136
$57,888
Gross oper. revenue__ -423.348
398,420
34.481
Operating exp. and taxes
40,260
Net revenue
Interest on funded debt_
$17,627
28,496
825.654
28,496
8194.948
341,960
$134,543
341.960
Net deficit
Inc. approp. for invest.
in physical property
810,868
$2,842
$147,011
3207.416
Deficit
-V.138, p. 2588.
$10,868
53.063
$2,842
2,524
$200,075
$209.940
-Earnings.
Phillips-Jones Corp.(& Subs.).
1930.
1931.
1932.
1933.
35.903.084 85,351,012 $8,750,598 88.103.456
5.671,589 6.025,389 8.894.479 8,284.781
Calendar YearsNet sales
Cost of sales. exp., &c
Gross loss
Other income
sur$231,494
5,340
$674,377
4,012
8143.881
10,128
$181,325
23,036
Total loss
Interest
sur$236.834
10,873
$670.365
40.120
$133,753
37.124
$158,289
91,330
Net loss
Preferred dividends
Common dividends
sur$225,961
87.405
8710.483
51,052
8170.877
106,232
$249.619
121.305
(75c)63.750
$761,535
$277,109
Deficit
sur$138,556
Shares of common out85,000
85,000
85,000
standing (no par)
Nil
Nil
Earns, per share on corn.
$1.63
Consolidated Balance Sheet Dec. 31.
Liabtitties1933.
Assets1933.
1932.
a Fixed assets_ _ _31,878,497 $1,922,840 7% pref.stock__ _.$1,176,500
.
b Common stock_ 2,000,000
Trade name, good1
1 Notes payable..._ 500,000
will, dm
391,635
319,928 Accts. payable... 828,315
Cash
3,229
979.460 Dep. on leases, &c.
Accts. & notes rec. 1,030,723
I, Investments_ _ _
87,385
77,384 Royalties pay.,&c. 79,755
25,000
Inventories
2,170,800 1,500,302 Accrued taxes__ _ _
2,248
Taxes payable....
c Due from banks
20,589
67,009 Res. for pref. diva.
In liquidation
1,290,603
Sundry accts. rec. 253,173
286,987 Surplus
124,718
Deferred charges_ 114,026
$434,674
85.000
Nil
1932.
$1,272,700
2,000,000
250,000
443,915
3,385
60,545
3,223
15.136
22.272
c1,207,452
$5,926.239 35.278,630
Total
$5,926,239 $5,278,630 Total
a After deducting depreciation of 81,020,267 in 1933 and $977,084 in
32. b Represented by 85,000 shares of no par value. c Subject to
determined loss in realization of amount due from Bank of United States
d the Bank of Pittsburgri and associated stores in liquidation or to be
liquidated. d Includes 4,500 snares of company's own common stock valued
at 5.12,635.-V. 138, p. 2588.
-Dividend Date Corrected.
Phoenix Hosiery Co.
The dividend of 87Y4 cents per share which was recently declared on the
77., cum. let pref. stock, par $100, is payable June 1 to holders of record
May 19 (not May 10 as previously reported in the "Chronicle" of May 5.
page 3102). A like amount was paid on this issue on March 1 last to
holders of record Feb. 20.-V. 138, p. 3102.
-Approves Mortgage.
Pierce-Arrow Motor Car Co.
Tile stockholders on May 9 approved a proposition to permit the directors
when. as, and if needed for such action arises, to mortgage franchises and
property of the corporation in an amount not exceeding $3,000,000, the
bonds to be issued thereunder to be convertible into stock of the corporation.
-V. 138. p. 3102.
Pierce Mfg. Co.
-Balance Sheet Dec. 31 1933.Liabilities
$840,033 Capital stock
Accounts & notes Payable.._
930,497 Deprec. & profit dkloss
Assets
Plant
Merchandise, accts. receiv.,
cash & Invest
Total
-V.133. P. 3799
.
$1,770,530
Total
$600,000
209,783
960,747
$1,770,530
-Earnings.
Pierce Oil Corp.
Calendar YearsDividends received from
Pierce Pet. Corp
Interest earned
Other income
Total
Deficit Jan. 1
1933.
1932.
1931.
$7,866
x1.516
87.669
$110.342
2,607
15
$9,382
9,427,505
17.669
9.435.174
8112,964
9.548,139
1930.
$110,342
206
$110,548
9,658.687
Deficit, Dec.31
89,418.123 $9,427,505 $9,435,175 89.548,139
x Profit on sale of United States bonds.
Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
s
$
LiabilitiesAssets
30,355 Preferred stock....15,000.000 15,000,000
14,204
Cash on deposit_
1,910 Common stock_ ._29,622.831 29,622,831
Certif. of deposit_
1,919
200,750
U. S. bonds
44,493
Treasury stock
44,493
U. S. Treas. notes 226.275
x Investments_ _ 34,917,817 34,917.817
9,418,123 9,427,505
Dettcit
44,622,831 44,622,8E1
Total
Total
44,622,831 44,622,831
x1,103,41936 shares of no par capital stock of Pierce Petroleum Corp.
New Director.
-
-V. 138. 1:.
Paul Appenzellar has been elected an additional director.
1
2473.
-Earnings.
Pierce Petroleum Corp.
Calendar YearsTotal income
Gen.and administrative expenses _-- _
a Disburs. in respect of tax proceedings
Net loss
Balance,surplus, Jan. 1
New York State tax refund
Total surplus
Expenses
-Mid-West Dairies damage
claim
Contract Filtration Co.settlement_
Dividends paid
y Adjust. of Consol. Oil Corp.stock
1933.
$4,568
55,020
1932.
$3,357
55,999
1931.
8327.726
63.559
41,085
591.537
509.081
$417.544
$52,641 pf$264.167
563.273
561.987
1,299
$509.346
5828.739
265
16,753
250,000
358.528
3509,081
8461.987
859.015
Surplus, Dec. 31
a Disbursements aggregating 541.085 included in the expenses of Pierce
Petroleum Corp.for the year 1933(as above) were made by that corporation
in connection with the Pierce Oil Corp. tax case, upon the understanding
that the making of such payments by Pierce Petroleum Corp. should be
without prejudice to the rights of either corporation as against the other.
y Adjustment representing difference between the stated book value of
3286
Financial Chronicle
20,834 shares of Consolidated Oil Corp. stock and the amount realized in
1933 from the sale thereof. The amount realized from the sale of these
shares resulted in an average sale price of $12.81 per share as against an
average cost of $10.30 per share for a like number of shares subsequently
repurchased and restored to the portfolio.
Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
Assetss
Liabilities-$
$
a
Cash in bank
21,240
1,733 9 Common stock.19,134,519 19,134,519
Ctfs. of deposit _
255,000 Surplus
509,081
59,015
U. S. Treas. notes 196,188
1 Invest. in 645,834
abs. of the no par
val. corn. stk. of
Cons.011 Corp_z18,978.107 19,386,867
Total
19,193,535 19,643,600 Total
19,193,535 19,643,600
x Investment stated at cost to Pierce Petroleum Corp. plus profits of
its subs, to date of sale to Sinclair Consolidated 011 Corp.(now Consolidated
Oil Corp.), June 30 1930, irrespective of actual or market value. y 2,500,000
no par shares. z After deducting $410,760 for adjustment of original book
value so as to give effect to a reduction in unit cost of 20.834 shares repurchased in 1933 for the purpose of replacing a like number ofshares previously
sold.
-V. 138. D. 3102.
Pioneer Gold Mines of British Columbia, Ltd.
-Earns.
Month ofApril 1934. Mar. 1934. Feb. 1934. Jan. 1934.
Gross earnings
$230,200
$260,000
$251,006
$240.600
Profit after expenses, but
before deprec., deplet.
and taxes
166,200
190,000
183.000
171,600
-v. 138.P.2588
.
Pittston Co.
-Earnings.
Calendar Years1933.
1931.
1932.
Sales, net
&30,206,990 $35,506,164 $46,440,045
Cost of sales (exclusive of depreciation, depletion and amortization)_ _ 24,855,553 29.455,608 37,414,711
Selling, general and adminis. expenses 4,220,248 5,049.192 6,712,959
Prov,for doubtful notes & accts.rec'le
313,594
292,429
May 12 1934
Pond Creek Pocahontas Co.
-Earnings.
---Calendar Years1933.
1932.
1931.
1930.
Coal produced (tons)_ - 1.431.045
1.504,993
1.065.043
1,149,692
Total earns, of the main.
& sub. co. from coal &
miscall, operations...- $602,252
$559,478
$457,718
$666,911
Admin. & gen. exps.,
incl. sundry taxes_ _
x126,264
8118,187
z88.829
96.064
Int. & chgs.on gold dabs.
less int.on bk.dep.,&c.
70.377
75,934
79,940
74,022
Rm.for deprec. & deple_
174,230
146,977
156,711
181,009
Net profit for the year $231,381
$218,380
$107.939
$340,114
Shs. of cap. stk. outstanding (no par)__ _ _
126,404
126.404
126,404
126,494
Earns, per share
$1.83
$1.73
$2.69
x Includes reserve for Federal inc. taxes of $33,50010.85
in 1933, $30,000
in 1932 and $17,000 in 1931.
Balance Sheet Dec. 31.
Assets1933.
1932. Liabilities1933.
1932.
: Coal lands &
Y Capital stock --81,798,400 $1,798,400
leasehds, mines
10-year 7% cony.
develop, plants,
gold debentures_ 790,400
857.500
constr. & equip.$2,913,231 $2,995,237 Note pay,on prop.
SinkIng fund
40,643
21.277purchased_ --._
53,415 $106,830
Cash
530,805
445,550 Accts. payable &
Accts. receivable_ 345,331
338,899 drafts In transit90,374
141,574
Mat'ls dr supplies.
90.638
86.852 Accr. int., payrolls
Miscell. investm'ts
2,550
& taxes
57.612
47,121
Inventory of coal_
86,545
46,477 Res. for Federal
Deferred charges
48,221
69,757 income tax
36,917
55,759
Res. for contIng_
111,711
13,955
Sink, fund accrual
40,503
Sundry reserves_
20,660
Surplus
1,173,631
942,251
Total
$4,057,964 $3,984,051
Total
$4,057,964 $3,984,051
x After deducting $1,104,946 for reserves in 1933 and $926,716 in 1932.
y Represented by 126,404 no par shares.
-V. 138. p. 2939.
Porto Rican American Tobacco Co.(N. J.).
-Earnings.
[Including Porto Rican American Tobacco Co. (Del.).]
$687,770 $2,312,374
$838,759
Profit on miscellaneous operations__ _
316,029
392,088
376,980
Quar. End. Mar.311934.
• 1933.
Sundry income (net)
Dr132,218 Dr202,323
Net loss after taxes, interest, &c., excluding comDr92,035
Excess of par value over cost of bonds
pany's proportionate share of net loss of Congress
purchased and retired
186.014
427,463
Cigar, Inc
$114,588
$133,371
Calendar Years1933.
1932.
Gross income
$1,208,584 $1,289,889 $2,612,426
Profit before charges
130.594
$70,664
Interest paid,net
702.222
795,318
778,618
Depreciation
77,600
67,978
Depreciation, depletion and amortiz_ 1,080,415 1,151,558
1,005,387
Provision for Federal taxes
95,298
Operating loss
$47,006 prof$2,686
Lou on sale & demolition of prop'y,,Isc
30,082
106,242
167,136
Other income
x259,653
308.357
Consolidated net loss
1824,123 prof$626882
$604,136
Total income
$212,647
$311,043
Portion of net income applicable to
Other deductions
35,435
60,502
minority coin.& pref.stockholders..
261,406
291,360
340,549
Interest
338,257
353,328
Net loss for the year
1865.542 $1,115,483surx$286,333
Net loss
$161,045
$102,787
Dividends paid
408,538
x Includes $240,000 dividends received from Congress Cigar Co., Inc.
Total deficit
Consolidated Balance Sheet Dec. 31.
$865,542 $1,115.483
$122,205
x The consolidated net income for 1931 is before allowance for depre1932.
1933.
1933.
1932.
ciation of approximately $64,000 on certain buildings. Trucking equipment
Assets
LiabilitiesE
8
depreciation rates were revised in 1930 resulting in a reduction of approxi811,030 a Cl. A corn.stock.10.188,400 10,188,400
c Fixed assets_ _
814,344
Inventory
mately $257,000 in the depreciation charged to operations for 1931 as
619.155 b Cl. B corn,stock. 4,240,064 4,293,979
844,250
compared with depreciation based on the rates previously used.
233,658
Accts. receivable. 160,038
P
2,861
2,893
Cash
588,477 6% bonds
25,068
5,785,000 6.013,500
Balance Sheet Dec. 31.
Other accts. reeelv
Accounts payable_
9,660
40,851
42,996
1933.
1932.
Adv. on tobacco
184,107 Accounts payable
294,449
Assets$
$
1933.
1932.
Inv. in own bonds 113,002
53,416 subsidiary cos_
64,374
69,427
Cash
1,642,188 1,930,439 Liabilities$
$
Notes rec., officers
Surplus
1,293.400 1,293,400
U.S. Liberty bonds
Notes pay.
-Banks 2,720,000 3,475,000
12,826
& employees_ _ _
10,137
and notes
82,777
Others
139,703
178,717
Notes & mtge. rec.
17,984
7,797
a Notes and accts.
Accounts payable- 835,113
897,658
Deps., claims, &c_
13,384
13,835
receivable
5,465,872 6,487,630 Accr. wages, taxes,
Cap. stock Want
Inventories
2,959,385 2,847,048 &c
1,904,090 1,234,999
Os Bond, Inc_ _ 2,540,570 2,599,773
Invest'ts, at cost__ 737,075
715,060 Accrued rental and
Stock of Congress
Compen.ins.funds 289,819
202,406 royalties
189,517
450,956
Cigar Co., Inc_15,248.214 15,248,214
Notes & accts. rec.,
Accrued liab.under
Inv. In other cos
2,502
2,501
custs.(not curr.) 136,639
140,903 Penn. comp.law 102,479
106,173
Good-will, &c_
1,500,000 1,500.000
Sundry claims and
Contr. liabilities
204,000
356,500
Deferred charges_
19,618
31,532
accts. receivable 443,901
124,354 Fed. & State taxes 132,521
155,509
Claims against asReal estate mtges.
Total
21,614,951 21,904,595 Total
21,614,951 21,904,595
sociated co., in
payable
6,250
58,000
a Represented by 203,768 shs.
dispute
448,082 Unearned income.
448,622
15,997 '200,000 shs. of no par value. ccl. A com. (no par). b Represented by
After depreciation of $819,649 in 1933
b Land, buildings,
Notes payable (not
and $728,651 in 1932.-V. 137, P. 3338.
equipment, &c_22,691,811 23,509,174 current)
1,219,167
762,969
L'sehlds. (coal disAccrued liab. (not
Power Corp. of New York (& Subs.).
trib. props.) net
current)
-Earnings.
318,360
364,855
of amortization_ 206,889
513,532 Real estate mtges_ 748,050
Period End. Mar.31- 1934-3 Mos.-1933.
741,950
1934-12 Mos.-1933.
Rights under lease
Res, for insurance
Operating revenues
11,352.343 11,468.425 55.431,649 $6,207,308
of anthra. coal
claims, &c
250,293
221,272
Oper.revenue deduct'ns.
723,597
669.909
2,686,048 3,204,668
properties
1
1 Res, for conting_ 300.000
Prepd. exps. and
1st mtge. and deb.
Operating income_ ___ $682,434
$744,828 $2,745,601 13,002,641
deferred charges 444,672
394,525
bonds
8,536,347 9,038,965
Non-oper. income, net
3,805
59,954
24,186
316.997
Organization exps. 217,847
229,076 Equity of minority
Good-will
10,011,373 9,772,473 stkhldrs. in sub. 8,165,065 8,220,830
Gross income
$804.782 $2,769,788 $3.319,637
$686,239
c Common stock_ _16,126,500 16,126,500
Deducts,from gross inc_
571,331
580,788 2,315,522 2,338,847
Paid-in surplus_ __ 5,818,612 5,703,652
Dividends on pref.stocks
Appropriat.surplus 732,543
732,543
of subsidiaries
169,973
171,352
683,590
685.531
Def.from oper____ 2,669,739 1,528,343
Net income
1°88355,064
$52,642 loss$229,325
$295,280
45,778,872 47,314,704 Total
Total
45,778,872 47,314,704
-V. 136, P. 3535.
a After reserve for uncollectibles of $485,450 in 1933 and $508,584 in.-..-...,
Produce s & Refiners Corp. Stocks Off List-Sale
1932. b After depreciation of $6.892,682 in 1933 and $6,139,130 in 1932.
'
e Represented by 1,075,100 no par shares
esen
.-V. 138. IL 338.
Confirmed. -The New ork Stock Exchange on May 8 struck from its
Ponce Electric Co.
-Earnings.
the common and 7% cum. cony. pref. stock, both of $50 par value, listthe above
of
Period End. Mar.31- 1934--Monlh--1933. 1934-12 Mos.-1933.
corporation.
Gross earnings
$28,566
$324,922
$321,709
$26.948
Sales of properties and assets of the Producer8 & Refiners Corp. to the
Operation
11,151
13,826
121,189
137.137
Consolidated Oil Corp. have been confirmed at Cheyenne, by lJniod
Maintenance
1,101
14.997
14.666
1,278
States District Judge T. Blake Kennedy. The Court ordered that the
Taxes
2.902
41,503
48,617
3.296
properties be turned over to the latter company by May 31.
The town of Parco. the Parco refinery and rich oil and gas lands are
/w Net operating revenue
$10,735
$11,223
$147,232
$121,287
included in the properties.
Interest charges
39
834
77
905
The Stock Exchange on May 1 stated that it appeared that there probably
would be no value left to the prof. and common stocks. Sec also V. 138.
Balance
$10,696
$11,145
$146,326
$120,453
p. 3103.
Appropriations for retirement reserve
40,000
40,000
Balance$80,453
Preferred stock dividend requirements
25,744
$108,326
28,008
Balance for common stock dim,and surplus,....
$54,709
$80,317
During the last 32 years, the company and its predecessor companies
maintenance a total of 7.48% of the entire gross earnings
have expended for
over this period, and in addition during this period have set aside for reserves
-V. 138.
or retained as surplus a total of 10.52% of these gross earnings.
IL 2588.
Poor & Co.(& Subs.).-Earnings.1933.
1934.
Quar. End. Mar.31-
1932.
1931.
Net profit after charges
$33,000 loss$150,000 loss$94,028
$211,204
and taxes
Net billings for the first quarter of 1934 were 5877,000. Net working
capital as of March 311934. including $476,000 cash and marketable securities, amounted to 31,324,000.-V. 137, p. 3338.
-New Director, &c.
Postal Telegraph & Cable Corp.
The corporation on May 9 announced the election of Francis White as
-V. 138, p. 2085.
a director and also as a Vice-President.
Puget Sound Power & Light Co.(& Subs.).
-Earnings.
Period End. Mar. 31- 1934-month-1933.
1934-12 Mos.-1933.
Gross earnings
$1,041,673
5996.765 512.707.001 $13,058,357
Operation
391,784
375,502 4,864.980
4,949,070
Maintenance
53,505
44,402
594,002
629,640
Taxes
151,905
112.293
1,540,020
1,157.124
Net operating revenue $444,478
$464,567 $5,725,998 $6,322,522
Inc. from other sources..
34,733
34,894
418,391 x1,166,462
Interest & amortization_
331.887
343,652 4,030,941
4,104,394
Balance
$147,544
$155,809 $2,113,448 $3,384,591
Appropriations for retirement reserve
1,232,409
1,420,252
Balance
$893,195 $2,152,181
preference stock dividend requirements_ _ _ _
Prior
550,000
549.970
Balance
1143,195 51,602,211
Preferred stock dividend requirements
1,583.970
1,583.970
Balance for common stock dim. and surplus_ _ _def$1,440,774
$18,241
Includes $747.921 interest on funds for construction purposes.
-VA
138. p. 2589.
-Earnings.
Real Silk Hosiery Mills, Inc.
Pullman Inc(& Subs.).
-Earnings.-
1932.
1931.
Quar. End.!Var. 31- 1934.
1933.
Earnings after expenses
and Federal taxes__ .._ $2,982,280 $1,313,529 $2,320,202 $3,938,671
3,359,148
3,198,371
Deprec. and charges_ _ _ _ 2,886,846
3,075,653
Net income
Shares capital stock_ --Earnings Per share
-V.138, p. 2264.
3287
Financial Chronicle
Volume 138
$95,434 1oss1762,125 loss$878,169
3,875,000 3,820,308 3,875,000
Nil
Nil
$0.02
$579,523
3,875,000
$0.15
-Earnings.
Purity Bakeries Corp.(& Subs.).
16 Weeks EndedApr.21 '34. Apr.22'33. Apr.23'32. Apr. 18'31.
Net profit after int., de$630,995
prec. & Federal tax..
$118.593
$116,094
$73,429
Shares common stock
805.044
805.045
outstanding (no par)_
771,476
771,476
$0.78
Earnings per share
$0.15
$0.09
$0.15
-V.138, p. 877, 854.
---Quaker City Brewing, Corp.
-Stock Offered.
The corporation, which was organized in Pennsylvania in August 1933
for the purpose of manufacturing, brewing and selling brewed and malt
beverages and has acquired the plant and equipment formerly owned by
Joseph Straubmuller & Sons, Inc., in Philadelphia, is entering the market
for capital with a new issue of 205,0U shares of common stock. The stock,
which has been registered with the Federal Trade Commission, is being
offered directly by the company as a speculation and is priced at $1.25 a
share. Executive offices of the company are in the Franklin Trust Building, Philadelphia.
Proceeds of this issue will be used in part for amortization of bond and
mortgage, including interest, for additional plant equipment, raw materials, and working capital. The property of the company consists of a
plant equipped to brew ale, beer and other malt beverages. The production capacity of the plant, based on modern brewing methods, will be about
135.000 barrels annually. It is estimated the company will be in full
operation and ready to distribute its products by July 4 1934. The property which covers an area of approximately 26,278 square feet and is owned
by the corporation in fee, subject to a $200,000 mortgage, has been appraised by the Standard Appraisal Co. at a total depreciated value of
$545,051 and a replacement value of $653,010.
Authorized capital of the corporation consists of 1.600,000 shs. of common
stock, $1 par value, of which 550.000 shares are to be outstanding. The
corporation has no bonds or preferred stock outstanding.
Principal products of the corporation will be Mulford's ale and porter,
Quaker City beer and Quaker City lager.
The company will be principally operated by individuals formerly connected with Joseph Straubmuller & Sons, Inc. Arthur W.Dixon,formerly
director and organizer of Elizabeth Brewing and Baltimore Brewing Co.,
is President: Edgar C. Kohlhepp, formerly Vice-President and General
Manager of Elisabeth Brewing and Baltimore Brewing Co., Vice-President,
and John H. Meyer is Secretary and Treasurer. George Straubmuller,
formerly President of Joseph Straubmuller & Sons, Inc., will be associated
with the company in the distribution of its products: George Gress,formerly
Brewmaster of Joseph Straubmuller & Sons, Inc., recently Brewmast
Bavarian Brewery, Wilmington. Del., is Brewmaster, and Albert Horn,
-V.137.
formerly engineer of Joseph Straubmuller & Sons, Inc., is engineer.
D. 3338.
-Report for 1933.
Quaker City Cold Storage Co.
The reorganization committee in a letter to bondholders states in part:
Although more than 94% of both issues of bonds of the present company
affected by the plan of reorganization have been deposited with this committee, proceedings leading to the consummation of the plan have been
delayed by reason of the efforts of holders of a small minority of first mortgage bonds to displace the receivers appointed by the Federal District
Court in July 1933. The District Court refused to remove its receivers
and the case was argued on appeal in December 1933. but no decision has
yet been rendered by the Circuit Court of Appeals.
It is hoped that these legal complications can be cleared up in the near
future so that the committee can take appropriate action to bring about
final consummation of the plan. In the meantime, the depositary will still
accept the bonds for deposit. and.those few holders who have not yet sent
in their bonds are urged to do so at once.
Upon consummation of the plan of reorganization the new company will
have substantially the following capitalization:
To Be Outstanding.
SecurityAuthorized.
$1,114,200
First mortgage 5% bonds due 1953---$1,500,000
21,570 shs.
Class A stock
25.000 shs.
•
35,528.1 shs.
Class B stock
45,000 shs.
Calendar Years.
Income Account for
1932.
a1933.
$470,935
$520,068
Operating income
b431.916
Operating and administrative expenses
460,536
Profit from operations before depreciation
Bad debts
$59,531
2.866
$39,019
102,732
Balance available for interest and depreciation-$56,665 def$63,712
a Company operation Jan. 1 to July 27: receiver's operation July 27 to
Dec. 31 1933. b Operating and administrative expenses in 1932 include
a charge of $48,000 for rental of the Snyder Avenue Warehouse. In 1933
the charge was only $28,000, representing the amount accrued to July 27
1933, when receivers were appointed. The operating income in 1933 in
earnings from this warehouse, some of which may be allocated to
the owner. No charge was made against operating expenses in 1933 for
receiver's foes, the amount of which will ultimately be determined and
allowed by the Court.
Balance Sheet Dec. 311933.
AssetsLtabilitte,sCash
a$3,000
$106,861 Notes payable
Notes and accounts receivable 194,166 Accounts payable
b1,795
Inventories
6,200 Accrued interest on bonds__ c598,125
MLscellaneous current &Meta_ _
4,445 Accrued rent-S.&0. w'house c239,000
Customers' demised collateral
First mortgage 65
1,857,000
loans receivable
d59,235 655% 15-year debentures__ 1.500,000
Investments
1,962 Capital liabilities
edef3,467
Fixed assets (less depreciation
to July 27 1933)
3,785,378
Other assets
37,205
Total
Total
$4,195,452
$4,195,452
a Obligation of Freedom Ice Co., a wholly owned subsidiary. b Liabilities contracted by receivers. c Obligations of Quaker City Cold Storage Co. accrued to date of receivership, July 27 1933. d After deducting
$102,198 collateral loans receivable discounted at banks. a Company
has 20,000 shares (no par) common stock outstanding.
-V. 137. p. 3338.
Quarterly Income Shares, Inc.
-Changes in Portfolio.
-
1930.
1931.
1932.
1933.
Calendar YearsManufacturing profit__ _ $4,624,514 $4.637,758 $6,301,739 $8,675,999
6,991.042
3,782,508
5,779,940
Selling and adminis. exp. 3,875,830
$521,799 $1,684.958
445,483
566,096
Operating profit
Depreciation
$748,684
523,992
$855,250
545,445
Balance - -- Other income
$224,692
43,990
$309,805 loss$44,297 $1,239,475
93,088
68,004
Total income
Interest _
Special charges
Federal taxes, &c
$268,682
72,107
21,628
$377,809
113,475
167,539
Net profit
Preferred dividends_
Common diva. (cash)
Common dive. (stock)_
$174,947
$48,791 $1,239,475
180,790
189,338
184,192
52,562
$96,705 loss$324.739 $1,006.123
158.678
43,230
900,000
50.000
$96,795 def$417.969 def$52,555
Balance, surplus
$174,947
Shares of common stock
200,000
205,000
205,000
outstanding (par $10)_
205,000
$4.24
Ni
Nil
Earnings per share
Nil
Condensed Consolidated Balance Sheet Dec. 31.
1932.
1933.
Liabilitie,sAssets1932,
1933.
$80,900
Cash
$580,774 $919,135 Reserve for taxes_ $162,598
53,392
Other liabilities_
Cash. dep. with silk
brokers
Notes payable to
719
500,068
18,470
banks
Cash on dep. in re163,459
Accounts payable_ 198,897
restricted acct_
18,471
Acceptances pay'le 103,070
Customers' sects
.
117,566
230,796
receivable
344,672 Accruals
351,584
Miscell. accts. rec..
Funded debt due
111,000
loans & adv., &c
47,250
12,252
in current year_ 312,270
Inventories
1,185,467
692,725 Miscellaneous de12,974
9,433
Cash surren. value
posits, &c
634,233
53,851
life insurance__
55,997
50,723 Reserves
556,000
918,050
Prepaid exps. and
Funded debt
131,502 Preferred stock of
deferred charges 113,939
76,000
subsidiaries__ __
69,000
Investments
904
1,101
Special funds
3,600
3,500 Liability on conTreasury stock_ .._
60,651
60,654
d I tional sales
61,010
a Fixed assets__
contracts, &c.. _ _
3,112,180 3.341,271
Good-w11, trade
b Common stock_ 2,050,000 2,050,000
1
marks, &c
1 Preferred stock_ _ _ 2,100,000 2,150,000
948,055
755,908
Deficit
Total
$5,531,536 $5,557,539
$5,531,536 $5,557,539
Total
a After deduction of depreciation reserves totaling $3,257,385 in 1933
and $2.736,670 in 1932. b Represented by 205,000 shares of $10 par value.
-V.138, p. 2265.
Realty Foundation, Inc.-Committ6es Agree on Plan.The bondholders' protective committee, consisting of William G. Riley.
Chairman, Col. John R. Waller, Col. John K. White, Carl H. Berets and
Col. E.J. W.Proffitt. in a letter dated April 27 to the holders of certificates
of deposit, issued by the above-mentioned conunittee, states:
We have carefully examined the reorganization plan (V. 138. p. 1929)
issued as of March 1 1934, by the committee of which Robert P. Marshall
is chairman.
This plan covers bonds of the following series:
Guaranteed 6% secured gold bonds, series A, dated Feb. 1 1928.
Guaranteed participating 6% gold bonds, series B. dated Feb. 1 1928.
Guaranteed participating 6% secured gold bonds, series C. dated July 1
1928.
Guaranteed participating 6% secured gold bonds, series D. dated Nov.
1 1928.
Guaranteed participating 6% secured gold bonds, series E. dated Feb.
1 1929.
The guaranteed first mortgage 534% collateral gold bonds, series A, and
the insured 6% participating trust certificates, series A, are not covered
but provision is made therein for the possible inclusion thereunder f
certificates of the last-mentioned series.
A great many of the mortgages securing your bonds are in default as to
principal, interest, payment of taxes, &c., and a great many of these
mortgages are also in the process of foreclosure. In view of this situation.
It seems imperative to your committee that concerted action be taken by
all bondholders collectively to avoid any further unnecessary waste of
assets and collateral due to procrastination and delays.
It is our understanding that the Marshall committee has on deposit with
Its depositary a majority of the bonds of all the above mentioned series to
watch the reorganization plan applies, and is now in a position to proceed
toward the culmination of the plan. Your committee has consulted with
the Marshall committee and their counsel for the purpose of thoroughly
examining the reorganization plan and it is the consensus of opinion of both
committees that the plan as offered is the best and most expedient way of
coping with this collateral.
Tnis committee has accordingly entered into an agreement under date
of April 27 1934 with the Marshall committee by the terms of which,among
other things, the two committees have agreed to co-operate in carrying
out the plan, and the Marshall committee has agreed to advance the sum
of $1,750 (less any withdrawal charges paid by depositors of this committee
who do not cause their bonds to be deposited under the plan, as set forth
below), to be applied toward payment of tne expenses of this committee:
and this committee has also elected to terminate tne deposit agreement
dated Feb. 13 1933, under which it is acting, as of May 11 1934.
By the terms of said agreement of April 27 1934, all holders of certificates
of deposit issued by this committee who wish to have the securities covered
thereby deposited with the Marshall committee and subjected to tne
reorganization plan, to the extent that the same shall apply tnereto, may
do so by surrendering their certificates of deposit, duly endorsed in blank.
to Commercial National Bank & Trust Co., New York, the depositary of
this committee, at its office at 56 Wall St. New York City, on or before
May 10 1934, authorizing and directing said depositary (1) to deliver the
bonds covered by the certificate of deposit so surrendered to the New York
Trust Co., as depositary for the appropriate Marshall conunittee, against
the issuance by such committee of new certificates of deposit for sumo
bonds.
All bonds covered by the certificates of deposit so surrendered will become subject to the appropriate deposit agreement dated Dec. 14 1932, and
to all the terms of said reorganization plan, to the extent that it shall apply
thereto.
No charge will be made by this committee to depositors who cause their
bonds to be deposited with the Marshall committee as above set forth.
Depositors who do not wish their bonds so to be deposited may withdraw
the same from deposit at any time upon surrendering their certificates of
deposit for cancellation to Commercial National Bank & Trust Co., New
York. for cancellation, and upon payment of a withdrawal charge equal to
2% of the principal amount of bonds represented by the certificates of
deposit so surrendered, to be applied toward payment of the expenses of
this committee.
-V. 138, p. 1929.
The company Increased the percentages of its investment in the common
stocks of 21 companies on the investment list and decreased the percentages
of its investment in 16 of the companies during the quarter ended April
15 1934. according to the report mailed to shareholders with distribution
yI
-.
--,Reliance International Corp.
-50-cent Pref. Dividend fr.-4-e
The Principal purchases by the fund, representing the acquisition of
A dividend of 50 cents per share has been declared on the $3 cum. cony.
5.000 or more shares of the common stock during the period, were as
•
pref. stock, no par value, payable June 1 to holders of record May 21.
General motors
A similar distribution has been made each quarter since and including
6.283
14,933 Union Carbide & Carbon
June 1 1932.
National Dairy
6,043
11,152 United Fruit
Accruals, following the June 1 1934 payment, will amount to $4.50
United Gas Improvement _ __ _ 9,314 Standard Oil (Indiana)
5,791
per share.
-V. 138. p. 1244.
International Harvester
5,633
8,768 Southern Calif. Edison
-V.138. P. 2589, 3103.
-Earnings.
Revere Coppei'at Brass, Inc.
-Earnings.Radio-Keith-Orpheum Corp.
Quarter Ended March 31Net profit
-V. 137. D. 3686.
1934.
$403,616
1933.
loss$1,297,947
,
- ---.Register Life Ins. Co., Davenport, Iowa.
-Receivership.
A petition asking that Insurance Commissioner E. W. Clark of Iowa be
f
s
ece o1y
acti?tn
Davenport.
inted a eyetI i for
com p rnc iN,
e
c y as i srts
lomiion d a
it ,ir
of
appointed
previously
after Commissioner Clark had refused to issue it a certificate to continue
writing business in Iowa, declaring the company insolvent.
AcLns
ar tegyr
Quars.End.Mar.311934.
1933.
Operating profit
4989,732
463.970
307.868.101
Depreciation
Interest
134.780
132,331
Federal taxes
66,000
Cash discount on sales,
42.028
interest paid, &c
64,068
1932.
$75.019
297.768
137,537
1931.
$372,890
297.4.i12
140,961
15.314
19.591
$375,600
$85.094
prof.$417,015
$408,490
Net loss
a Includes otner income of $22,682 in 1934 and 816.929 in 1933.-V. 138,
p. 2589.
4'1//6
.
.
3288 •
Financial Chronicle
Remington Arms Co., Inc.
-Earnings.
-
Reo Motor Car Co.
-Shipments Rise.
Shipments of Reo cars in April were more than three times the total
for April 1933, and were nearly 50% above March, 1934 it was announced
on May 4.-V. 138, p. 2940.
rRichfield Oil Co. of Calif.
-Certificates Listed.
Certificates of deposit, which bondholders recoil upon their deposit
of Richfield and Pan American bonds, are now Rate for trading on the
New York Stock Exchange.
-V. 138, p. 3104.
[Including Domestic Subsidiaries]
Consolidated Income Account Dec. 31 1933.
Net sales
Income from operations
Provision for depreciation and obsolescence of plants & equip
$9,055.126
648.223
294,617
Net income from operations
Miscellaneous income
$353.606
29,772
Total income
Interest and amortization of discount on bonds and gold notes
Profit on 1st mortgage bonds retired during year
$383.378
355,105
Cr56.072
Net income before extraordinary profit and loss Items
Adjustments in inventory values
Obsolete equipment, deferred development and organization
expense, &c_
Miscellaneous charges
Net loss for the year
Surplus Account Year Ended Dec. 311933.
Surplus at beginning of the year
Surplus resulting from reduction in stated value of 1,132,341
shares of no par value com,stock from $5 a share to $1 a share
Premium from sale of 1.688,952 shares of $1 par value common
stock at $2.25 a share
Total
Appropriation for adjustment of plants to utility value
Appropriation for pension reserve
Appropriation for reserve for non-operative adjustments
$84,345
903.059
529,399
144,517
$1,492,630
$1,278,464
$4,529,364
2,111.190
$6.426,388
1,130,868
1,229.175
99,780
Surplus at Dec. 31 1933
$3.966.566
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
AssetsLiabilities
$
Cash
1,179,986 1,361,733 Accounts pay. and
Short-term invest.
accruals
1,132,319
556,238
notes
Notes pay.to banks
996,790
1,250,000
a Accounts de notes
3
-year 514% gold
receivable
1,232,389
837,949
notes, due March
Inventories
3,734,269 4,527,425
1 1933
1,750,000
Investment in and
Accrued Interest on
advances to forbonds and gold
eign subsidiary_ 123,950
155,555
38,450
notes
75,758
Invests., restricted
Def. credit Items_
695
19,388
deposits& claims
Contract obligat's 184,087
479,087
(less reserves)
122,991
188,946 1st mtge.6% sink.
bPlants& propert. 9,929,097 11,654,824
fund gold bonds 3,845,000 4,367,500
Patents, tradeReserves for penmarks, dm
217,483
337,040
sions, conting..
Def. debit items._ 178,438
265,490
1,350,893
77,442
7% cum. pref. stk. 3,814,100 3,814,100
C Common stock 3.383,284 5.660,985
Surplus
3,966,565 1,278,464
May 12 1934
Ritz-Carlton Restaurant & Hotel Co., Atlantic City.
The real estate bondholders protective committee (George E. Roosevelt,
Chairman) recently issued a report to depositors of 1st mtge.6% gold bonds
covering operations for 1933. The committee has continued actively to
supervise the management of the hotel, making every effort to improve
operating results. To this end, the services of the former managing agent
were discontinued in June 1933, and the National Hotel Management Co.,
of which Ralph Hitz is President, has been employed to manage tae hotel.
The report further states:
The unusual falling off of resort hotel business during the past tnree or
four years, and the losses sustained in the operation of this hotel, resulted
In a serious impairment of working capital. I here are due to trade creditors
approximately $85.000. A large amount of back taxes are unpaid, and by
recent statute the State of New Jersey has empowered toe cities to put receivers in properties in default on taxes, to collect all income on account of
back taxes. Insurance had to be maintained on the building, and funds
were needed to maintain the property during the winter and to provide for
expenses incident to the opening of the hotel in the spring. To provide
these funds and to make a partial payment to creditors in order to preserve
the hotel's credit standing, the committee secured from the Management Co. an advance to meet tnese expenses, as part of a new 4year management contract, which Is subject to cancellation under certain
conditions specified in the contract. It was necessary as a part of this plan
to ask the creditors of the hotel to agree to postpone immediate payment of
their claims in fulli, and to make a partial payment of taxes to the City of
Atlantic City. After several months of negotiations, a large majority
of tne creditors ha,e agreed to this plan, with toe result that the hotel will
reoire fo ls sprgng
l in tlilow ni
i figures based on reports furnished to the committee by the
.
Management indicate operating results for the year ended Dec. 31 1932,
and the period Jan. 1 1933 to Sept. 22 1933, the date of the closing of the
hotel:
Year Ended Jan. 1 1933
Dec.311932.Sept.22'33.
Sales
$376,098
$369.531
Cost ofsales, payroll,&c.,expenses
255,349
235.661
Net departmental income
Other income
$120,748
32,627
$133,869
18,516
Gross income
General expense, heat,light,repairs,&c
$153,376
172,615
$152.385
131,295
loss$19.239
63,213
$21,090
48,470
Operating profit
Insurance, taxes & interest
Loss before interest, deprec.,& amortization_ _ _ _
$82,452
$27.380
As of Sept. 27 1933.real estate taxes, including accrued interest penalties,
amounted to approximately $145,430.
Total
17,715,393 19,328,961
Total
17,715,393 19,328,9
'
Rock Island Arkansas & Louisiana RR.
-Separate
a Less reserve of $135,967 in 1933 ($127,577 in 1932). b Less reserve
Committee for Two Bond Issues Formed-Deposits Asked.for depreciation obsolescence of $8,268,467 in 1933 and reduction to
utility value (1932, $7,651.147). c Represented by 3,383,284 shares of
William V. Griffin, Chairman of the protective committee for St. Pau
($1 par) in 1933, and 1,132,197 shares of no par in 1932.
& Kansas City Short Line RIt. 1st mtge. gold bonds due Feb. 11941. and
In the operating review, the report says that the company, which manuRock Island Arkansas & Louisiana RR. 1st mtge. 434% gold bonds due
factures sporting arms, ammunition and cutlery, has maintained its posiMarch 1 1934, is notifying bondholders that the protective agreement
tion in all lines and has increased its number of employees from 2.150 to
dated July 15 1933 has been amended to permit delivery of all Rock Island
3,100, or about 44%. The workers have adopted an Employees' RepresenArkansas & Louisiana bonds on deposit with it 30 days from May 7 to a
tation Plan which serves to bring together employees and management for
new bondholders' protective committee to head which James G. Blaine,
discussion and satisfactory adjustment of problems of mutual Interest.
President of Marine Midland Trust Co. of New York, has withdrawn from
In May of last year, E. I. du Pont de Nemours & Co. acquired a majority
the original committee. Mr. Griffin's committee thereafter will repreinterest in the company and assumed management responsibility. At the
sent only the St. Paul and Kansas bondholders.
end of the year. the du Pont Company owned 56% of the outstanding
Holders of Rock Island certificates of deposit are given the privilege
common stock and 91% of the outstanding first preferred 7% cumulative
within 30 days of dissenting from such amendment and withdrawing from
Series A stock of the Remington company.
-V. 138. p. 2761.
the agreement upon payment of a proportionate part of the expenses,
obligations and liabilities of the committee.
To Acquire Peters Cartridge Co.
The new committee to represent the Rock Island bondholders has filed
Announcement was made on May 6 that, subject to approval of the
a registration statement with the Federal Trade Commission and, by prosstockholders of the Peters Cartridge Co. (Ohio) at meeting to be held May
pectus dated May 7 is inviting deposits of these bonds. Bankers Trust
14 1934 the assets and business of the latter company will be acquired on
Co., New York, the First National Bank of Chicago and J. Henry Schroder
May 15 1934 by the Peters Cartridge Co. (Delaware). This company will
& Co_., London, are serving as depositaries for both issues. In addition to
be incorporated as a subsidiary of Remington Arms Co., Inc.
Mr. Blaine. the new committee consists of James R. Trowbridge, also a
No change is contemplated in personnel or in the policies which have
former member of the original committee, and Vincent Cullen, with II. A.
contributed to the success of the Peters Cartridge Co.. which for many
Mishkimin, 120 Broadway, New York, as Secretary. Archer W. Bachyears has specialized in shotgun shells and small arms cartridges, the
man, 14 Wall St., New York, remains as Secretary of the Short Line bond
announcement added.
-V.138, p. 2761.
committee. See also V. 138. P• 1557.
Reynolds Spring Co.-Earnings.Quar.End. Mar,311934.1933.
1932.
1931.
Net prof. bef. Fed. taxes
$89,351 loss$4,180 loss$77.368 loss$11,604
Earns, per so. on 148,000
shs. cap.stk.(no par)_
N
Nil
•
Nil
Nil
Sales for April, it is stated, were substantially the same as those for March.
bstantially
when they were the nignest ever recorded by tne company. The company
also reached its all-time peak in employment in March. with 1.800 on its
payroll.
Charles G. Munn. President. stated that he expected May sales to hold
at a level with those of April and that he considered the general outlook for
the company as unusually good. "The company," he added, "has shown
a substantial improvement in working capital since toe first of the year,
With inventories in excellent shape."
-V. 138, p. 2761.
Ritter Dental Mfg. Co., Inc.(& Subs.).
-Earnings.
Calendar Years1932.
1933.
1931.
1930.
Manufacturing profit _ -- $667,243
$346,391 $1,224,186 $1,741,022
Cost,exp.,royalties, &c.
553,084
617,979
789.077
959.195
Operating profit
Other income
Total income
Interest, &c
Federal taxes
Minority interest
Other deductions
Depreciation
Net profit
Preferred dividends_ _
Common dividends
$49,264 loss$206.693
141.598
139.978
$435,109
178.317
$189,242 loss$65.095
$613.427
34.292
Cr498
79,267
171.237
42,858
Cr124
38,287
179,406
97.143
3.176
79,627
197,566
loss$95,056 loss$325,522
175.000
131,250
$235,915
175.000
220.000
$781,827
296,087" "(Helena) Rubinstein, Inc.
-25-cent Pref. Dili en
The directors have declared a dividend of 25 cents per snare o
$1,077,913
cum. pref. stock, no par value, payable June .1 to holders of recurd
y $3.
150,161
Like amounts have been paid each quarter since and incl. Sept. 1
85,000
prior to which regular quarterly distributions of 75 cents per share 1932,
were
3,490
made.
Accruals, after the payment of the Juno 1 dividend, will amount to
$4
171,595
per share.
-V. 138, p. 1245.
$667,665"
400,000
Surplus
$226,306 def$500.522 def$159.08o
$92,666
Earns, per sti. 00 160.000
Nil
Nil
shs, corn.stk.(no par)
$0.38
$3.08
Consolidated Balance Sheet Dec. 31.
Liabilities1932.
1933.
1933.
Assets1932.
7% pref.stock _ __$2,500,000 $2,500,000
.
x Land. buildings
machinery and
Y Common stock__ 2,544,512 2,544,512
$2,284,992 $2,406,754 Accounts payable_
equipment
71,451
66,155
702,972 1,112,724 Dividends payable
43,750
Cash
Accrued taxes, dm_
39,240
41,829
Notes, loans and
243,783
accts. receivable 1,542,789 1,822,029 Miscell. reserve_ _ _ 280,098
Min. stockholders'
Markerle German
liability
51,514
54,271
96,487
securities
Earned surplus_ _ _ 1,235,307 1,541,211
289,374
Other assets
1,645,377 1,537,742
Inventories
113,865
99,800
Investments
42,396
60,333
Deferred charges._
$6,722,122 87,035,510
$6,722,122 57,035,510 Total
Total
x After depreciation of $1,893.748 in 1933 (1932. $1,667,828). y Rep-V. 137. p. 3851.
presented by 160.00000 par shares.
loyal Dutch Co.
-Bond Interest Case Appealed Hearing
on May 28.
The United Press in a dispatch from Amsterdam on May 5 states:
The Royal Dutch Co. has appealed to a higher court from a decisionYln
the Court of Justice requiring the company to pay interest and service
on dollar bonds on a gold basis, it was learned.
The decision of the lower court was returned Feb. 15. The appeal will be
heard in the High Court of Justice at The Hague on May 28.
On Feb. 15 the Netherlands Court of Justice at The Hague ruled the
company must pay interest on its $40,000,000 series A 4% debentures due
April 11945,in gold. The issue was sold in the United States and in Europe
in 1930. The court at that time ruled the redemption amount also must be
paid in gold.
At the same time the court ruled that interest on the $25,000,000 Batavian Co.(Bataafsche Petroleum MaatschapP1J) 15-year
% debentures
guaranteed by Royal Dutch Co. and Shell Transport & Trading Co., Ltd.,
was payable in paper dollars instead of gold.
The foregoing decisions were made on application of the Amsterdam
Stock Exchange Committee asking that interest on both be made
go .- .138.1). 1245.
ussell
Mfg. Co., Middletown, Conn, Sioek-frrr,
203100 shares to 24.000 shares, par $100, or S2400,000 The 4.000 additional shares are required in connection with the c tract with G. M.
Williams, newly elected President. This stock is to be paid for at not
less than $150 per share. Terms of the contract will he reported at a
special meeting of stockholders called for that purpose when completed.
Stockholders who claim rights will also have to pay $150 per share, and
stock is not to be sold for less than that.
Business of the company so far in April is 65% ahead of last year for
same period. Employment has been Increased since Jan. 1 from 700the
to
1,100 workers.
-V.138. p. 1580.
St. Lawrence County Utilities, Inc.
-Earnings.
-
Period End. Mar.31- 1934-3 Mos.-193:3.
1934-12 Mos. l933.
Operating revenues
$460,519 $2,322,562 $2,168,834
$439,753
Oper. rev. deductions
397,461
x467,477
2,029,502 x2,040,741
Operating income_
$42,293 loss$6,958
8293.061
$128,093
Non-oper. income, not....
34.651
31,706
127.316
126,897
Gross Income
$76,943
$24,749
$420.377
$254,989
Deduct, from gross Inc_
524
464
2,187
Cr3,342
Net income
x$24,285
$76,420
$418.190 4258,332
x Changed to give effect to major adjustments made later In the Year
1933.
3289
Financial Chronicle
Volume 138
-Earnings.
Scranton-Spring Brook Water Service Co.
Ruud Mfg. Co.
-Earnings.
1931.
1932.
1933.
$61,156 loss$200,085 loss$111 383
Calendar YearsNet profitfrom oper_
Other credits
Total loss
Dividends paid
Prov.for additional taxes
Prov. for exch. loss on
net current assets___ _
Prov. for reduc. of book
value ofinvestments.-
$61.156
92,266
$200,085
2.548
1930.
$204.611
6.315
$111,483 sur$210.927
352.375
233,867
2,104
9,727
25,000
20,000
Deficit
$173.422
Previous surplus
70
Sur.from red,of capital _ 2,474,420
Allowance for loss on conversion of Can. assets_
5.147
$202,633
202,703
$380,077
582,780
$143.547
726,327
$582.780
$202,703
Total surplus
$70
$2,306.215
Shs. common stock out123,721
123.721
standing (no par)_ _ _
123,721
123,721
$1.65
N11
Earnings per share
Nil
Nil
Consolidated Balance Sheet Der. 31.
1932.
1933.
AssetsLiabilities1932.
1933.
Cash
$535,522 $537,644 Accounts payable.
Marketable securs. 1,217,455 1,218,490
purchases, exInterest accrued..
penses, payroll,
11,671
11,676
$22,664
$47,286
Customers' notes. 196,133
/to
213.420
6.110
5,979
Inventory
623,676 Accrued taxes _ _ _ _
550,979
conSecs. owned, &c...
36,111 Reserves for
38,779
21,290
21,600
Co. capital stock
tingencies
17.930
17,930
Adv.to salesmen,&c 21,054
Capital stock__ 618,603 3,093,025
70
2.306.215
Misc.accts. reedy.
24,461 Surplus
6,633
Cash in closed bks_
1,322
1.322
Real est. not used.
6,250
6,250
Ruud Mfg. Co.,
Ltd. (London,
98,464
England)
72,690
x Land, buildings.
319,861
machinery,&e._ 291,247
1
Patents
1
33,857
Deferred assets... _
32,013
$2,999,686 $3,143,160
Total
Total
$2,999,686 $3,143,160
x After depreciation of $646,158 in 1933 and $619.183 in 1932. y Repre-V. 137, p. 3686.
sented by 123,721 shares (no par).
-Earnings.
St. Louis Southwestern Ry. Lines.
Calendar YearsOperating revenues
Operating expenses
Maintenance
General taxes
Contingency reserve_
1930.
1931.
1932.
1933.
.537 $5,186,903 $5,262,089
$4,744.343 $4,975
1,294,190
1.199,618
1,138,326
1,058,087
298,573
264,104
241.586
231,192
129,449
167,161
155,805
136,719
170.000
170,000
170.000
Net earns, from oper - $3,148,345 $3,269,819 $3,386.020 $3,539,878
15,651
20,391
29,865
2,713
Other income
Gross corporate inc.... $3,151,058 $3,299,684 $3,406,410 $3,555,529
Interest paid or accrued
1.660,859
1,729,978
1,750.080
1,664,590
on funded debt
22,452
24,530
18.183
76,890
Miscell. interest charges.
Reserved for retirements,
replacements & Federal income tax & mis343,875
381.957
391,894
372,823
cellaneous deductions_
$1,036,754 $1,139.528 $1,269,945 $1,528,342
Net Income
Divs. paid or accrued on
407.925
360.211
preferred stock
Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
Liabilities
Assets8
33,242,000 34,022,000
Funded debt
Plant, property,
equipment, &c_56,680,920 56,665,148 Misc. def. llab. &
87,760
113,286
unadj. credits
229,840
Invests. In oth.cos. 218,722
18,510 Due affiliated cos_ 5,029,100 5,029.100
34,962
Miscell. spec. deps
817,076
1,661.000
Notes payable
Def'd consumers'
40,798
54.718
accounts recelv_ 1,410,521 1,451,499 Accounts Payable_
46,368
193,505 Misc. curr. Iiab
71,776
Cssh
565,363
563,712
14,410 Interest accrued
20,069
Notes receivable
528,564
498,659
496,019 Taxes accrued
805,740
Accounts receiv.
61,900 Due to affil. cos.
62,100
Unbtlled revenue_
4,275
38,236
13,437 (current)
Duefrom atilt. cos.
4.496
881,000
247,919 Short-term notes.
Mat'l & supplies... 241,291
15.220
32.623
2,354 Miseell. accruals
Miscellaneous_
4,285,624 4,091,445
Reserves
x Def. charges and
prepaid accounts 1,219,004 1,189,064 y 35 cum.pref.stk. 1,207,500 1,207,500
a $6 cum. pf. stock 5,862.500 5,862,500
Common stock_ _ _ 5,000,000 5,000,000
681,871
564,840
Capital surplus_
2,583,354 1.735,213
Earned surplus..
60,769,600 60,583,605
Total
60,769,600 60,583,605
Total
x Including =amortized debt discount and expense and commission on
par). x Represented
capital stick. y Represented by 12,075 shares (no
by 100,000 shares (no par). a Represented by 58,625 shares (no par).
-V. 138, p. 151.
Earnings for Fourth Week of April and Year to Date.
--4th Week of April- -Jan. 1 to April 30
1933. -1934.
Segal Lock & Hardware Co., Inc. StockholdeCorn1933.
1934.
$326,226 $4,611,422 $3,721,681
$396,800
-Opposed to Present Management.
mittee Seeks Proxies
olders of
The stockholders' committee in a letter dated May 7 to th
the common stock asks them not to sign the proxy sent out by the manage-Earnings.
Co.
Savannah Electric & Power
(in which Louis Segal is named). The letter says that the existence
ment
1934-12 Mos.-1933.
Period End. Mar,31- 1934
-Month-1933.
of certain undesirable conditions in the management of the company,
$140.117 $1,757,448 $1,840,738
Gross earnings
$142,137
which was brought to the attention of the stockholders in a letter dated
645,411
625,751
54,042
Operation
58,575
Nov. 20 last have not been corrected, and "we believe that you should not
118.882
101.949
9,451
9.128
Maintenance
sign the proxy (in which Louis Segal is named) sent to you by the manage193,316
195.306
Taxes
16,402
16,217
mnet of the company for the annual meeting on May 14 1934. but should
instead sign the enclosed proxy which runs to the stockholders' protective
$883.128
$834,440
Net operating revenue
$60,220
$58,215-V. 138. p. 1929.
committee."
407.909
440,722
33,779
Interest & amortization_
33,208
PeriodGross earnings
-V. 138, P. 3104.
$433.688
150,000
$475,219
150,000
Balance
Debenture stock dividend requirements
$283,668
149,114
$325,219
149,112
Balance
Preferred stock dividend requirements
$134,553
60,000
$176,106
60.000
$74,553
$116,106
$26,441
Balance
825,007
Appropriations for retirement reserve
Balance for common stock diva. and surplus.--V.138, p. 2590.
(& Subs.).
San Diego Consolidated Gas & Electric Co.
Calendar Years1932.
1933.
Gross earnings
$7,038,022 $7,495,803
Oper. exp., maint• & tax 3,944,468
3,873,653
Interest
812,361
864.606
1930.
1931.
$7,512.402 $7,397,939
3,691,194
3,653,945
723,003
783.899
Net earnings
Other income
$3,074.557
5.325
$2,982,742
3,446
$2,233.610 $2,818,950 $3,079,882
440,475
440,475
440,475
1,053,413
528.378
52,986.188
440,475
Total income
Preferred dividends
Common dividends
$2,228,948 $2,809,789
9,161
4,662
__
Bal. for retirem't res.,
common dividends,
amort. and surplus_ $1,264,757
Approp. for retire. res.- 1,176.000
$1,325,062 $2,639,408
1,220,000
1,200.000
$2,545,713
1,120.000
Balance
$125,062 $1.419,408 $1,425,713
$88,757
Condensed Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
Liabilities
Assets$
7% pref. stock__ 6,292,500 6,292,500
Plant,prop.,rights,
franchises, &c._38,909,340 38.802,577 Common stock...10,032,500 10,032,500
Discount &exp. on
Funded debt
15,868,000 15,868,000
capital stock _
184,270
193,988
477,568
477.568 Accounts payable_
Unamort. debt disDivs. on pref.stock 110,119
60,195
821,799 Divs.on corn.stock
count & expense 741,847
Insur. unexpired...
289,853
289,945
35,217 Accr.for interest
25,271
Deposits in closed
879,248
Accrued for taxes_ 609,979
PP banks
427,815
Accrued for dive_
19,014
2,950
Sundry der. chart_
54,909
10,187
53,019 Other accr. Habits_
Expenses in proc's
101,476
99,907
Customers' deps
of amortization_
271,074
384,028 Customers'adv.for
Cash
426,320
construction_._ _ 409,382
1,892,273 1,374,049
Accts. & notes rec. 538,385
550,482 Retirement reserve 6,891,234 5,965,681
454,362
Accrued int. ree
558,821
Other reeerves
5,388
Materials & auppl 324,321
1,750,527 1,829,085
375,281 Surplus
Total
43,057,350 42,873,999
-V, 138, p. 2762.
Total
43,057,350 42,873,999
Schiff Co.
-April Sales.-,
1934-Aptril-1933.
$844,448
$833,852
-V. 138. P. 2590, 2097.
Increase.1 1934-4 Mos.-I933.
$10.5961 $2.989,875 $2,297,533
Increase.
$692.342
' Schulco Co., Inc.-Earnings.PrQuar. End. Mar.31Rentals earned
• Expenses, &c
1934.
$150,179
110.358
1933.
$150,731
113,090
1932.
$220,862
113.976
1931.
$220.768
114,601
Net inc. from oper___
Other income
$39.821
2,180
$37,641
2,289
$106.885
44,425
$106.167
26.245
Total Income
Int. accrued on bonds
$42,001
72,247
$39,931
73.938
$151.311
80,242
$132,412
86,310
Net inc. before taxes_ def$30,246
-V. 138. P. 161.
def$34,007
$71,069
$46,102
-Prices to Be Advanced.
Sears, Roebuck & Co.
The company has advertised in its retail stores that there will be a price
advance on its third-line tires on May 14. the effective date of the retail
-V. 138.
tire cede. The amount of the advance has not yet been stated.
p. 3105.
-New Electric Plant
Shawinigan Water & Power Co.
Put into Operation.
With the completion of its fourth unit of 40,000 h.p. at Rapide Blanc,
this company, one of the four largest power distributors in the world, on
May 9 put into operation its new 160,000 h.p. hydro-electric plant, the
first of a series of developments on the upper St. Maurice River in northern
Quebec designed to yield eventually about a million horsepower. The
project has been completed more than a year ahead of the original schedule.
The new development, which can be expanded to a capacity of 240,000
h.p., was started in 1930. Work on the project was temporarily suspended
during the winters of 1931-32 and 1932-33, but with the increase in the
demand for power which developed last summer the company decided to
rush the completion of the plant. The first 40.000 h.p. unit was installed
in February and two others were subsequently put into service.
With the full installation completed, the company has available from its
own power plants a capacity of 809,200 electrical horsepower and 55,000
hydraulic horsepower, in addition to 110,000 h.p. purchased from other
companies. Produced at a low cost, this power is used by practically all of
the industries in the industrial territory of Quebec.
Through its extensive undeveloped reserves on the upper St. Maurice,
to be drawn upon only as needed, the Shawinigan company has a potential
capacity of more than 2,100,000 h.p.. all on a single river. Its development at an exceptionally low cost is made possible by the natural adaptability
of the St. Maurice to hydro-electric construction and control of the water
-one of them said to be the
supply through a system of storage reservoirs
largest power reservoir in the world. The stability of the river's flow is
further aided by the fact that over 95% of its 16.000 square miles of drainage area is covered with forest growth.
The Rapide Blanc power plant is the first of a series of hydro-electric
developments which the Shawinigan company is empowered to carry out
under an agreement with the Province of Quebec. Under its terms the
company has been given until the year 2013 all rights of the Government
in the water power development of 70 miles of the upper power reach of the
St. Maurice River,
Including Rapide Blanc, there are six power sites along this stretch of the
river with an estimated aggregate capacity of over 1,200,000 h.p. The
obligation to complete the development of the other water powers has been
deferred and now provides that the beginning of construction work on any
one of the other water powers need only be commenced after 75% of the
capacity of the preceding development has been sold as firm power. With
this satisfactory arrangement it is obvious that the company's construction
program will be dictated by its load requirements.
The present capacity of 160,000 h.p. at the new Rapide Blanc plant exceeds the requirements of the Shawinigan company's agreement with the
Provincial Government of Quebec, which called for the development of
100.000 h.p. by July 1935. The construction program was advanced because of the increase in the power load of the company, which last year
to 3
h
37,d tir gr4atglnpower
2
liegs14
;
.
901
ir th
:he OUpu
(; ani unt
:
t
.
,t gn ii d ri?ir
rttap
first quarter totaling 1,022,5z3,4z7 kw.h., a gain of 14.6% over the corresponding period last year.
The cost of the Rapide Blanc development to date is estimated at less
than $100 Per installed horsepower, an unusually low cost ratio. It is
further estimated that the cost per horsepower will be reduced to $80 upon
completion of the ultimate installed machine capacity of 240,000 h.p.
-V. 138, p. 2762.
-Earnings.
Simmons Co.(& Subs.).
1930.
1931.
1932.
Calendar Years1933.
Net sales
$24,309,309 $18,817,864 $28,679,210 $42,795,611
Cost of sales. Incl, sell.,
adm. & adv. exps
19,521,073 17,491,020 24,153.288 36,233.134
Balance
$4.788,236
674,800
Int. & other deductions_
R.for depreciation_.. 1,600,644
599.131
Maint. of properties_ _ _ _
1.256,795
Reserve for taxes
530,848
Advertising
Foreign exch. shrinkage
$1,326,844 $4,525,921 $6.562,476
1.899.586
1.256,557
772,772
2,192.715
1,970.753
1,915.285
899.972
574.361
419.118
865.775
595,678
548,083
1.719.707
932.999
510,100
239.533
sur$126,018 $2,838,513 $1,043.959 $1,015,279
Net loss
180.271
53.674
45.634
75.340
Pref, diva, ofsubs
2,019.000
Common diva. (cash).
surS50.679
Balance, deficit
Shs.com.stk.out.(no par) 1.133 2.36
$6.04
Earned per share
$2,884,147 $1,097,633 $3,214,550
1.133.236
1.133,236
1,133,236
Nil
Nil
Nil
3290
Financial Chronicle
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
Assets
$
$
Cash
2,154.402 4.935,509 Serial notes & bds.
a Notes and ac 'ts
of subsidiaries__ 856.619
551,806
rec., trade, &c 2,914,489 2,317,313 Accts. pay., trade 286,084
177,578
Inventories
7,236,024 3,567,337 Prov. for Federal
Prepaid ins., int..
Income tax
190,000
taxes, &c
182.402
148.387 Accr'd int, wages.
Misc.accts.& notes
taxes. &c
721,281
859,191
rec.& investm'ts 267.045
267,578 Res. for depree. of
Fixed assets
17,605,346 37,103,188 fixed assets_ _
18,293,051
Deferred charges
320,900
534,155 Res. for conting.
Patents & traderevalua'n of fixed
mks.,less amort.
35,841
128,212 assets
1.500,000 1,500,000
Good-will acquired
79,071
77,069
Res. for self-insur.
through purchase
Fund,debt of subs. 2,177,480 2,975,599
of subsidiaries_ _
1
1
Gold debs. of Simmons Co
6,700,000 6.754.000
Pref. stk. of subs_ 1.096,949 1,003.800
b Capital stock.. 5,666,180 5,666,180
Capital surplus_ _ _ 6,998,097 6,998,097
Earned surplus__ - 4,308,783 4,281,218
Total
30,716.451 49,001,681 Total
30.716.451 49.001.681
a After reserves of $411,780 in 1933 and $338,710 in 1932. b Authorized
2,000,000 shares of no par value, 1,133,226 shares issued and outstanding.
April Sales.
-
Period End. Apr.30- 1934
-Month-1933.
1934-4 Mos.-1933.
Sales (excluding subs.)_ _ $1,585,930 $1.161,694 $5,182.861 $3,635,376
Sales (including subs.).- 2.249,014
1,600.153 7,814,270 5,212,741
-V.138. P. 2427.
Simms Petroleum Co.(& Subs.).-Earntng8.3 Months Ended March 31
Net crude oil production-barrels
Average daily net production-barrels
Daily refinery throughput-barrels
Gross operating revenue (after deducting cost of
raw material refined, &c.)
Operating expenses (including taxes)
1934.
629,737
6,997
2,041
1933.
748.479
8,316
2,455
8692,481
473.833
$405,430
490,191
Operating income
Other income credits
$218.648 km8884,761
5.253
5,160
Gross income
Interest
Intangible development costs
Depreciation, depletion and abandonments
$223,901 1os479.601
3,467
456
71,769
14,423
137,032
144,411
Net income
$11,633 loss$238,891
Shares capital stock outstanding (par $10)
463.698
494,000
Earnings per share
$0.02
Nil
Note.
-The above statement does not include charges for depletion, depreciation, abandonments, &c., aggregating $183,989 in the first quarter
of 1934 and $173,304 in the first quarter of 1933, which were charged to
the reserve for revaluation of certain properties. &c., set up on the books
in 1932 in the readjustment of asset values to present day conditions, and
to the reserve for abandonment of leases and contingencies set up in 1922
for a similar purpose.
Edward T. Moore, President, says:
Earnings from operations for the first quarter of 1934 were distinctly
better than a year ago. Income before interest, drilling, depreciation,
&c., was 5223.901, and the final net income after all charges was $11,632.
In the corresponding period of 1933 a deficit of $238,890 after all charges
was sustained. The improvement resulted primarily from increased crude
production revenues, based on higher prices. The margins of profit in the
refining and marketing departments continued. unsatisfactory.
Company was more active in development work than a year ago. Intangible drilling expenses were $71,769 compared with $14,422 in the 1933
quarter. Five producing wells in East Texas and four producing wells in
North and West Texas were completed during the quarter. These new
wells, together with slight increases in allowable output of older properties,
have raised the company's net production to about 7,500 barrels daily as
of this date, compared with an average of 6.997 barrels daily in the first
three months. The increased revenue therefrom, combined with reduction
in expenses effected in the casinghead and refining departments, are resuiting in a substantial improvement in net income thus far in the second
quarter, as compared with the first quarter.
Net current assets on March 31 1934 were $1,543.785, equal to $3.33 per
share on the stock. This includes cash on hand in MIA amount of $440,245.
-N% 138, p. 2603.
Skelly Oil Co.(& Subs.).
-Earnings.
Calendar Years1933.
1932.
1931.
1930.
Gross oper. income
$19,008,177 $17,963,370 $18,161,520 $27,212,595
Costs, exps., taxes, &c
14,103,977 13,483,066 13,419,332 18.061,196
Operating profit
Other income (net)
$4.904.200 $4.480.304 $4,742,188 $9,151,399
417,508
257.784
477,790
Total income
Interest
Deprec., depletion, &c_
$5,321,708 $4,738,088 $5,219,978 $9,151,399
652,207
723,596
841.211
980,548
5,777.162 5.058.174 7.547,316 6,253,980
Loss
$1,107,661 $1,043,682 $3,168,549prof1916,871
Disct. on debs. purch.for
sinking fund
287.127
369,175
Profit on sale of prop'ty1,051,439
Net loss
$820,534
8674,507 $2,117,110prof1916,871
Preferred dividends
179,700
503,400
Common dividends
2,130.670
Deficit
$820,534
$674,507 $2.296,810
$717,199
Profit & loss deficit
x3,795,193 4,173,036 5,086,730sur11152,705
x After crediting account with $1,194,843 discount on company's preferred stock purchased for retirement.
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
Assets
x Property, plant
6% pref.stock_ __ _ 7,480,000 9,430,000
and equipment_29,563,306 32,824,685 Common stock_.25.213.715 25,212,840
Inv. in affil.. &c.,
Funded debt
9,814,000 10,935,500
companies
1,867.246 1,150,328 Other det'd oblige_ 108,793
65.372
Employees' stock
Notes payable_ __ _
35,108
51.602
account, &c_ _ _ 191,564
196,841 Accounts payable_ 1,572,023 1,048,332
87,580
Co.'s coin. stock
36,478 Acced interest, &c. 634,782
701,336
Deferred notes and
Unadjusted credits 458,711
698,003
acc'ts receivable 439,846
437,659 Tax & Ins. res'ves. 344,584
y89,990
Special fund
2,853 Res. for contIng's_ 1,092,237 1,092,237
2,854
3,475,587 5,259,589 Deficit
Cash
3,795,193 4,173,036
Notes & accts. rec. 1,739,083 1,340,117
4,983,319 3,261,528
Inventories
642,098
Deferred charges._ 608,397
Total
42,958,760 45,152,179 Total
42,958.760 45,152,179
x After reserves for depreciation and depletion of $54,023,304 in 1933
$54,023,304 in 1932. y Insurance reserve only.
-V. 137. p. 3340.
and
-Earnings.
South Carolina Power Co.
[A subsidiary of Commonwealth & Southern Corp.)
-Month-1933.
Period End. Mar.31- 1934
1934-12 Mos.-1933.
$184,643
$177,021 $2,113,880 $2,111,472
Gross earnings
Oper. exps., incl. main1,132,523
101,706
88,933
tenance and taxes_ _ _ 1.109,392
553.589
46,013
46,446
677,858
Fixed charges
120.000
10.000
10.000
120.000
Prov. for retirem't res've
$307,767
$26,923
$204.220
$31,641
Net income
171.467
171,561
14.266
14.286
pref. stock
Divs, on first
$136,299
$17,375
$32,659
812.636
Balance
-V.138. p. 2427.
•
May 12 1934
Southeastern Cottons, Inc.-Tnitial-Dividencts:-
; Initial dividendo of 10 cents per share have been declared on the class A
)
aimclass B stocks payable June 1 to holders of record May 15.-V. 137
.
p.4202.
Southern Colorado Power Co.
-Earnings.
-Years End. Dec. 311933.
1932.
1931.
1930.
Gross earnings
$1,698,377 $1,818,193 82,105,078 $2,270,667
Oper. exp., maint. & tax
946,711
974,423
1,096,556
1,215,467
Net earnings
$751,666
$843.770 $1,008.522 81,055,200
Other income
471
328
1,954
10,725
Total income
$752,137
$844,098 $1,010,476 $1,065,925
Bond interest
413,580
413.580
413,580
413,580
General interest __
18,431
21.015
22,461
21,075
Int. charged to constr_ _
Cr114
Cr195
Cr332
Cr573
Balance
$320,240
$409,698
$576,152
$630,458
Preferred dividends.. _ _ 177.202
290,683
297,773
297,773
Approp'tn for retirement
(deprec.) reserve
143,039
73,183
58.379
112,685.
Balance
$45,832
$220,000
Class Acorn. dividends
18,750
220,000
Condensed Balance Sheet Dec. 31.
1933.
1932.
1933.
Assets$
Liabilities
$
Plant, property.
7% pref.stock_ _ 4,251,200
rights.franchisee
Corn. stk. class A. 2,750,000
&c
16,048,158 16,259,812 let mtge. bds.,6% 6,893,000
Disc.& exp. on cap
Accounts payable_
52,412
stock
581,087
582,461 Accrued for int_ 213,137
Investments
3,415
2,501 Accrued for taxes_ 282,931
Insurance unexp'd
10,425
6,110 Accrued for divs__
14,171
Prop. abandoned_ 174,403
Customers' depos.
Deferred charges._
26,813
22,326 & unred. tokens. 103,544
Deposits in closed
Pay. & betterment
banks
2,298
774 assessments due
Other assets
26,247
1954
168,332
Cash
95,708
14,985 Customers adv. for
Cash on deposit for
construction
16,616
bond interest_
206,790
3,276
206,790 Misc. unadj. creel_
Accounts & notes
Depreciation res've 382,937
receivable, net... 292,105
284,402 Other reserves..105,935
Accts. rec.-offic.
Corn. stk.. class B 2,228,673
and employees
Surplus
139,681
1,155
Materials and supplies
163,486
179,530
Total
17,605,844 17,585.939
-V. 138, p. 2763.
Total
8220,000
220,000
1932.
4,253.900
2,750,000
6,893,000
63,529
212,849
276,313
17,724
100,887
175,246
16,989
3,326
345,350
108,472
2.228,673
139,681
17,605,844 17,585,939
Southern Indiana Gas & Electric Co.
-Earnings.
[A subsidiary of Commonwealth & Southern Corp.)
Period End,Mar.31- 1934
-Month-1933.
1934-12 Mos.-1933.
Gross earnings
$221,770 $2,752,668 $2,844,847
$253.419
Oper. exps., incl. maintenance and taxes_ __ _
143.185
125,620
1.544,661
1,522,583
Fixed charges
26,267
27,018
317,097
326,510
Prov. for retirem't res've
23,141
23.141
277,700
277.700
Net income
$60,825
$45.989
$613,209
$718,053
Divs, on pref. stock_ _
45,189
45,126
541.972
532.584
Balance
$15,635
$863
$71.237
$185.468
-V. 138, p. 2427.
Southern Pacific Co.
-Agrees to 1.-S. C. Commission
Termsfor Merger of Texas & New Orleans.
The company and its subsidiary, the Texas & New Orleans RR. will
accept the condition imposed by the I.
-S. C. Commission for permission
to merge the properties of the Texas & New Orleans and 13 other roads,
Hale Holden. Chairman of the System, said on May 7. This will simplify
the capital structure of the Southern Pacific System by bringing into one
company for ownership and operation 4,514 miles of line. The Texas &
New Orleans, a 489
-mile road, already leases the other properties.
In its decision Jan. 10 last (V. 138, p. 680). the Commission
that, before final approval of the plan, the applicants agree torequired
the properties of the Fredericksburg & Northern at "commercial acquire
If the Commission should hereafter determine that the acquisition value"
be in the public interest. The condition is being accepted.-V.138, would
to • 3105.
Southern Public Utilities Co.
-Earnings.
[Including Salisbury & Spencer By.)
Period End. Feb. 28- 1934
-Month-1933. 1934-12 Mos.-1933.
Gross income
$975,937 $12,737.333 $12,752,525
$1,030,330
Oper. exps.,incl. taxes
677,629
637.408 8,696,445 8,494,618
General expense
423,721
Renewals & replacem'ts
reserve
128,182
127.108
1.529.504
1.515,142
Interest on underlying &
divisional bonds
25.380
27.490
309,797
344,619
Int. on S. 1'. U. Co.
5% bonds
68,695
68.695
824,350
824,350
Profit
$76,796
$87,639
$924.6811 $1,150,073
-V.138. p. 3107.
Southern Ry. System.
-Earnings.-4th Week of April- -Jan. 1 to April 30Period1934.
1933.
1934.
1933.
Gross earnings (est.)-- - 82,592,200 $2,403,958 $35,179,440
$29,769,644
To Extend 1M-cent Coach Fare.
-
The L-S. C. Commission on May 7 authorized Southern roads to
tinue a 1 cent per mile fare until Dec. 31 1934, despite opposition conthe National Recovery Administration. In a brief memorandumfrom
Commission authorized the Southern By. to continue its low coach the
fare.
The decision 1030 permits other railroads to retain a 1
cent fare if they
choose.
At recent hearings Deputy Administrator Sol Rosenblatt asked the
Commission to compel the Southern By. to establish a 2 cent fare. Mr.
Rosenblatt, who is in charge of the motor bus code, was joined in his
arguments by principal Southern lines. except the Southern By.
Mr. Rosenblatt argued that a 2
-cent fare had been wrest' upon by the
motor bus industry and a similar fare was necessary for railroads to stabilize
transportation competition.
-V. 138. p. 2942.
Sperry Corp.
-Earnings.
[Including wholly owned subsidiary companies.)
Consolidated Income Account from March 1 to Dec. 31 1833.
Gross inc. from oper. (incl. $69,373 inc. from patent royalties).$1,226,988
Depreciation
97.998
Selling & general expenses
624,215
Research & development expenses
112,451
Operating income
$392,324
Other income
133,115
Gross income
$525,439
Interest
1,330
Transfer fees & miscellaneous expense
23,303
Prov. for franchise, capital stock & foreign income taxes
44,989
Net income
Profit on sale of stock of North American Aviation, Inc., based $455.818
on Feb. 28 1933 market price
39,812
Balance. Dec. 31 1933
$495,630
Financial Chronicle
Volume 138
Consolidated Balance Sheet at Dec. 31 1933.
LaMitties-
Assets
Cash
$502,903
Dom. of Canada 4% notes__
99,750
Notes, accepts.. accts. rec., &c 863,670
Contracts & work in progress,
inventories
1.940,569
&Investments
1,504,283
Value of life insurance policies
14,236
Accts. receiv., non-current._
70,464
Plants & equipment
1,754,069
Deferred charges
155.738
Patents
1
Total
56.905,683
Balance Sheet Dec. 31 (Company Only).
$223,392
Accounts payable
211,252
Accrued taxes, wages, &c
92,960
Deposits on sales contracts_ _ _
Prov,for installation.service &
50,641
guarantee of products
53,011
Reserve for contingencies
Res. for unrealized apprecia47,788
tion of foreign exchange__
7,687
Deferred income
1,949,111
b Capital stock
3,774,210
Capital surplus
495.630
Earned surplus
Total
96,905,683
a 115,232 shares Curtiss-Wright Corp. A stock, at cost ($604.968 at
market quotations),$259.272;389,951 shares Curtiss-Wright Corp.common
stock, at cost ($1,023,621 at market quotations), $633,670; other listed
securities ($103,016 at market quotations). $73,994; bonds & mtgs. (incl.
$29,434 deposited under workmen's compensation insurance laws),$425.770;
Sundry stocks and options incl. 850,000 representing 57% of cap, stock
of Campania De Aviacion Faucett, S. A., $111,575. b Par value $1.V. 137, p. 4372.
'"Spencer Corp.
-Receivership.
-
L. M. Carpenter has been authorized by the Western District Court
of North Carolina to serve as receiver of the corporation, which operates
three cotton yarn mills in Spindale and vicinity. The corporation was
placed In receivership upon petition of the State Planters Bank & Trust
Co., Richmond, Va., substituted trustees, as result of failure of the corporation to meet payments on the 634% serial gold notes issued In 1928,
in the sum of$500,000,to be paid in annual instalments beAinning in November 1930. The $30,000 instalment due Nov. 1
sequent instalment was paid and no interest has1930 was paid, but no sub.
been paid since May 1932-V. 127, p. 3416.
Spicer Mfg. Corp.
-Earnings.
-
Calendar YearsGross profit
Other incbme
3291
1933.
1932.
1933.
1932.
AssetsLiabilities
Securs. owned_ _258,850,854 270,491,884 b Pref. stock... 87,350,943 87.270,943
Invest. in & adv.
a Corn.stock_ _ _ 21,626,070 138,609,722
to Deep Rock
20
-year 6% 901il
Oil Corp
34,149,623 34,058,373
14,823,000 14.823.000
notes
Other invest. sec 7,056,177
6% deb. due '35 9,826.500 9,826.500
Cash
2,137,050
1,649,229 6% deb. due '51 15,000,000 15,000.000
Cash deposit for
6% deb. due '66 10,000,000 10,000,000
note interest.
294,795
298.515 Stand Pr. &Lt.
Accts. receivable
Corp.6% gold
Subsid'y cos
7,342.054 6,931,970
deb. due 1957 24,000,000 24.000.000
Sund. debtors
18,630
55,194 Notes payable__ 1,515,000 3,850,000
Accrued interest
Accts. payable_
38,741
38,506
& dividends
1,523,013 3,206,230 Accrued int., &e2,070,413 1,627.618
Unamortiz. debt
Dividends accr'd
disc. & exp.._ 1,460,836
1,694,510
238,398
1,578,469
capital stock_
Deposit in closed
Misc. reserves__ 1,906,379
1,855,020
bank
96.072
96.072 Capital surplus_ 111,173,242
Office furniture
11,396,702 11,838,469
Surplus
and fixtures _ _
1
1
Prepaid Maur_ _ _
2,285
2,178
Deferred charges
34,000
68,372
Total
310,965,389 318,434,288
Total
310,985.389 318,434,288
a Represented by 2,162,607 shares (no par). b Represented by 368,348
shares of $7 prior pref. (no par); 100,000 shares of $6 cum. prior pref.
(no par): 757,442 shares of $4 cum. pref. stock (no par) in 1933: In 1932
represented by 367.548 shares of $7 cum. prior pref. (no par); 100.000
shares of $6 cum. prior pref.(no par): 757,442 shares of $4 cum. pref. stock
(no par).
-V. 138, p. 2086.
Stop & Shop, Ltd.
-Sales Higher.Four Weeks EndedSales
-V.138, p. 2943, 1762.
Apr. 211934. Apr. 22 1933. Apr. 24 1932.
$536,730
$508,270
$484,857
& C Air Lines, Inc.
-Liquidating Dividend.
21-0421.4e(
1933.
$1,094,552
128,636
1932.
$715,927
125.057
1931.
1930.
$364,402 $1,364.728
83,325
104.970
Gross income
$1,223,188
Admin.,gen. & sell. exp.
591,476
Other charges (net)_- _
121,367
Depreciation
641,044
$840.984
651.462
596.229
1,007,608
$447.727 $1,469,698
791.589 1,170.183
671,769
259.033
•
[Corp. and Roclme Motors Corp. and subs., but excl. White Motor Co.]
$130.699 $1.414,315 $1.015,630 prof$40.482
1,782,604 x3,460.470 3.574.955 4,934,473
Assets
a Plant & equip_ _49,651,156 49,801,113 Curti. 7% pf. stock 5,808,200 5,808,200
Net loss
Surplus, Jan. 1
Total surplus
$1.651.905 $2,046.155 $2,559.325 $3,974,955
Spec.res. against invent.
100,000
Pay, in settlement of
patent rights
. 125.000
Divs. paid on pref. stk_
216,450
263,550
279.853
300,000
Total unappropriated
surplus, Dec. 31.,.-y$1,435,456 y$1,782,604 $2,154,462 $3,574,955
Shs.of corn. out.(no par)
300,000
300,000
357,750
357,750
Earns, per share on cam.
Nil
Nil
Nil
Nil
x After transfer of $1,306,008 to capital surplus, representing charges
In prior years for premium paid on retirement of preferred stock and goodwill written off. y Earned surplus.
Balance Sheet Dec. 31.
Assets
-1933.
1932.
Liabilities1933.
1932.
:Land. buildings,
y Capital stock_ _ _86.028.750 $6,028.750
mach'y & equip-$4,060,936 $4,651,527 Accounts payable
Cash
604,678 1,122,374
& sundry accr'd 625,956
417,615
U.S. ctts. of indebt 125,906
Empl. savings fd.
Accts. & notes rec.. 612,912
293.317
deposits
63,605
Inventories
1,089,209
609,771 Purch. money obi.
77,000
110,000
Cos.' stk. held for
Capital surplus__ 399,795
399,795
corp. purposes
317,896
316,401 Earned surplus... 1,435,456 1,782,604
Invest. & advs_ _ 1.750.263 1,789,044
Deferred charges_
19,934
5,157
Total
58,566,957 $8,802,370
Total
$8,566,957 $8,802,370
x After depreciation of $11,189,641 in 1933 and $10.699,354 in 1932.
y Represented by 100,000 no par shares of cumulative pref. stock, cony.
$3 dividend. series A, and 300,000 no par shares of common stock.
V. 137, p. 3686.
Spiegel, May, Stern & Co., Inc.
-April Sale8.-
1934-April-1933.
Increase.j 1934-4 Mos.-1933.
$2,322.133
8861,980
-V 138. p. 2942, 2591. $1,460,153[$7,404,407 $2,794,776
Increase.
$4,609,631
Springfield Street Ry. Co.
-Earnings.
[As Reported to the Mass. Department of Public Utilities.]
3 Months Ended March 311934.
1933.
1932.
Revenue fare (passengers carried). - 6,256.009 5,578.114
6,946.331
Average faro (cents)
7.55
7.47
7.53
Net profit after all charges
$56,289
loss$751
$38,968
-V. 138, p. 2427.
Sterling Products, Inc.
-Earnings.
Earnings for Quarter Ended March 31 1934.
Net earnings after all charges
Earnings per share on 1,750.700 shs. cap.stk.(par
$10)
-V. 138, p. 1761.
$2.773.796
$1.58
Standard Gas & Electric Co.
-Annual Report, Year
Ended Dec. 31 1933.
-The remarks of President John J.
O'Brien, together with consolidated income account, balance
sheet and other statistical tables, will be found under "Reports and Documents" on subsequent pages.
Income Account Years Ended Dec. 31 (Company Only).
Income Credits1933.
1932.
1931.
1930.
Int. on bonds owned -- $165,000
$223.837
$161,429
$28,40
Int. on notes & accts.rec.
539,770
1,673,403
1,376.900
6
on
1,4673Divs
stacks ownedPublic
tility cos., Byllesby
u
Eng.& Mgt. Corp..&c 7.211,063 12,056,388 15,251,400 17,068,864
Credit arising from refunding of bonds of a
imbed. company
330.000
Net prof. on secur. sold_
105,695
Total
$7.915,833 $14,283,629 $16,789,730 $18,349,698
179,300
Gen. exps. and taxes_
255,308
275,605
328631
4,570.132 4,570.132 4,533.677 3,863.771
Int. on funded debt Miscellaneous interest 236,044
331.473
205.202
95,174
Net income
82.930.356* $9,126,715 $11.775,245 $14,062,121
$7 prior pref. dividend.. 2,125,825 2,741,692 2,936,836 2,906.892
504,923 3,029.533 3.028,931
$4 cum. pref. dividend..
3.021,251
495,000
600,000
$6 cum. pref. dividend_
600,000
450.000
Common dive.(cash)..
4,701,722 7.566,561
7,525.251
Additional prov.for prior
years Fed. Inc. tax &
other charges
246.375
sold
Leases on invest sec.
448.145
In 1932
Deficit for year
Previous surplus
$441,766 $2,394,377 $2,357,083 sur$158,728
11,838.469 14,232,846 16,589,929 16.431.201
Surplus. Dec. 31
811,396.703 $11,838,469 $14,232,846 $16,589,929
Shs. corn. outst.(no par) 2,162,607 2,162.607 2,162,607 2,162.607
$1.27
Earns, per sh. on corn_
Nil
$2.39
$3.55
A final liquidating dividend of 2 cents per share was distributed on April 16
on the common stock, making a total of $3.52 per share paid in liquidation
to date.
-V. 131. p. 4228.
Studebaker Corp.
-Comparative Balance Sheet.Mar.31 '34. Dec.31 '33.
Mar. 31 '34. Dec. 31 '33.
Cash
b2,521.720 2,580,155
Sight drafts outarg 1,586,459 1,206,695
U. S. Govt. secur50,509
Accts. & notes rec. 795,106
702,751
Inventories
5,768,696 5,069,059
Investml in White
Motor Co
26,853,822 26,858.822
Other non-current
investm ts & rec. 340,048
338,027
Inv. in & accts.
with subs. not
CODS
626,246
648,757
Deferred charges
242,235
283,795
Trade name, goodwill & pat. rights
1
1
c Common stock.A9,285.740 49,285,740
Accounts payable_ 3.558,673 2,614,550
Accrued expenses,
taxes, &o1,265,908
996,018
Deposits on sales
contracts
215,526
221,391
d Claims against
Studebkr. Corp.
and Rockne Mo21,315.797 21,310,641
tors Corp
Capital surplus...._ 1,708,375 1.708,375
Earned surplus
5.227,270 5.569,769
Total
88,385,489 87,514,684
Total
88,385.489 87,514,684
a After depreciation. b Includes $299,471 impounded pending litigation. c Represented by 2,464,287 no par shares. d Excluding claims
of affiliated companies.
-V. 138. p. 3107.
Tennessee Corp.(& Subs.).
-Earnings.Calendar YearsSales
Interest received
Other income
1933.
1932.
1931.
1930.
$4,680,235 $4,539,016 $7,572.760 112,106.518
27,709
25.972
28,219
60,774
79,214
62,909
97,220
150.279
Total
84.787,157 $4,627,897 $7,698,200 812.317,572
Cost ofsales,incl.all mfg.
exps.except deprec--- 3,841,677 4,294.143 6,342.832 9,091,439
Sell. & adminis. exps
592,107
613.634
791,507 1.052.598
Interest
165,654
176.387
190,474
196,474
Depreciation
268,550
268,447
271,074
752,036
Miscellaneous e penses61,534
35,286
96,711
102,805
Federal income taxes_
73,565
Res.for minor. interest_
235
13,747
Net profit
x$142,363 $760,000 • $5,365 $1,034,907
Dividends
214,454
857,683
Deficit
$142,363
$760,000
$209,089 sur$177,224
Shares capital stock outstanding (no par) _
857,896
857,896
857,871
857,761
Nil
Earnings Per share
Nil
$0.01
$1.20
x Loss.
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets
Liabilities
$
x Fixed assets_ _ _ _16,009,710 16,230,874 y Capital stock___ 4,289,480 4,000.000
Investments
303,638
250,388 Funded debt
2,907,900 3,007,900
Cash
302,461
130,624 Accounts and notes
Call loans, &c..
45,005
payable
211,729
238,365
Govt. secur., &c__ z349,239 1,096,361 Accr. sink. fund
8,333
8,333
Inventories
2,835,123 2,231,432 Accrued expenses_ 374,093
280,999
Accounts & notes
Capital surplus__ 9,615,806 9,932,681
receivable, &c
403,525
467,370 Earned surplus__ 2,827,076 2,929,666
Deferred charges
124,537
76.515 Minority interest
112,184
in subs
112,277
Total
20,373.238 20.483.585
Total
20.373.238 20,483,585
x After deducting S5,299,369, for depreciation in 1933 and $5,093,416 in
1932. y Represented by 857,896 shares ($5 Par) in 1933 and 857,896 shares
(no
in 1932. z Government securities only.
-V.136, P. 3362.
xas Gas Utilities Co.
-Plan of Reorganization.
-
On April 1 1934 company failed to pay the interest on its 1st mtge. 6%
gold bonds, due 1945. On April 23 1934 a receiver was appointed for the
company by order of the District Court, 63d Judicial District. Val Verde
County, Tex. After consideration of the situation by the holders of a substantial amount of the 1st mtge. bonds and other principal creditors of the
company, a plan of reorganization has been developed. The court has
tentatively approved this plan and authorized the solicitation of deposits
of bonds hereunder.
Capitalization and Indebtedness.
-As of April 18 1934, the capitalization
and indebtedness of the company were as follows:
First mortgage 6% gold bonds, due 1945
x$2.922,000
Customers meter deposits
13.983
7% notes. due 1940
1,000.000
Other unsecured debts and taxes
196.838
Common stock (no par value)
100 shs.
x Plus accrued interest from Oct. 1 1933.
New Company.
-Texas Gas Service Co.(new company) has been organized in West Virginia as the vehicle for carrying out this plan of reorganization.
As a first step in the program, the new company will acquire the $1.000.000 7% notes, due 1940, and $171,236 of the other unsecured debts
of Texas Gas Utilities Co., which are owned by Commonwealth Gas Corp.
or its subsidiaries, and will issue in payment therefor 28,000 shares of its
common stock.
The plan contemplates that the new company will ultimately acquire
and operate the property and business of the present company. This will
will be accomplished by an exchange of securities whereby the bonds of
the present company will be acquired by the new company and used in part
to purchase the property and assets of the 'present company at a
sale or foreclosure sale under the mortgage securing said bonds.'receiver's
3292
-The new company will authorize, in addition
Securities of New Company.
to its common stock (of which 60.000 shares will be authorized),1st mtge.
6% income bonds under a trust indenture to be entered into with The Penna.
Co. for Insurances on Lives & Granting Annuities of Philadelphia, Pa.,
as trustee.
-The indenture will proDescription of New First Mtge. Income Bonds.
vide for an initial issue of $2,922.000 1st mtge.6% income bonds. Interest
shall be non-cumulative. Dated first day of the month in which final
settlement for the assets of the present company may be made and shall
mature 15 years from their date. There will be attached to the bonds 30
numbered, but undated,coupons payable from time to time in such amounts.
if any, as directors of new company may determine, but not to exceed in
any fiscal year 6%. provided that such payments may be made only out
of the net cash income of the new company. These bonds shall be secured
by first closed mortgage on the fixed assets of the company, including all
-way, subject to the usual farm mortgages.
pipelines, leases and rights-of
They shall also be further secured by deposit with the trustee of all gas
purchase and sales contracts. These 1st mtge. 6% income bonds shall be
callable at any time upon 30 days' published notice by the new company
at the principal amount thereof.
-Authorized issue will consist of 60,000 shares ($1 par).
Common Stock.
Common stock shall have sole voting power.
Treatment of Holders of Securities of the Present Company.
(a) Each holder who deposits Texas Gas Utilities Co. 1st mtge.6% gold
bonds, due 1945, will receive for each $1.000 bond so deposited, $1,000
1st mtge.6% income bonds and 10 shares ofcommon stock of new company.
(b) The $1,000.000 7% notes and $171.236 of other unsecured debts
held by Commonwealth Gas Corp. or its subsidiaries will not participate
in the plan proper, as such debts have been or will be surrendered to the
new company in exchange for 28.000 shares of its common stock.
(c) The common stock of the present company will not participate in
the benefits of this plan.
(d) The new company will reserve the right to assume the customers'
meter deposits and to settle the claims of the remaining creditors on the
best possible basis.
The offer to the holders of the bonds of the present company to exchange
their bonds for bonds of the new company, as contemplated in this plan,
must be exercised on or before June 1 1934, subject to the right of the board
of directors of the new company to extend the same, from time to time,
after such date.
G. L. Ohrstrom & Co. Opposed to Plan.
G. L. Ohrstrom & Co., Inc., have written a letter to the holders of the
1st mtge. 6% gold bonds, due 1945, in which they state that the proposed
plan contains a number of provisions which, in their opinion, are so detrimental to the 1st mtge. bondholders that they urge their customers not to
deposit their bonds under the plan. Among the more Important factors
which they consider unfair to the bondholders are the following:
First. The plan continues control of the properties in Commonwealth
Gas Corp., the present holding company. Notwithstanding the fact that
It is proposed to assign 29,220 shares of a new issue of 60.000 shares of
common stock to the bondholders as a class, it is obvious, as a practical
matter, that it would be almost impossible to assemble in one block an
aggregate vote which would exceed the vote of 28,000 shares of common
stock proposed to be given to the holding company. While this firm as a
matter of policy has supported reorganizations by existing managements
wherever such plans of reorganization were, in our opinion, equitable, in
this instance we believe that the properties of Texas Gas Utilities Co. in
a very real sense belong to the bondholders. We doubt that a fair appraisal
of the properties and their earning power would show an equity over and
above 62,922,000. the outstanding principal amount of 1st mtge. bonds.
Second. The Interest provisions of the proposed new bonds are. in our
opinion, unfair and will seriously and adversely affect their market value.
The provisions for interest and the definition of earnings suspend for a period
of 15 years any direct obligation to pay any interest to bondholders. We
particularly object to that provision which permits the directors to appropriate or disburse such amounts as they shall see fit for any legitimate corporate purpose. While recognizing the importance of conserving earnings
for working capital purposes and needful extensions to the property, we
believe that the 1st mtge. bondholders have a specific claim against the
earning power of this property.
Third. The plan makes reference to the fact that the company Is faced
with the alternative of either spending from $200,000 to $250,000 on improvements or abandoning valuable portions of its existing properties with
resulting loss in earnings. While we do not wish to dispute the need for
such large capital expenditures, we believe that the bondholders are entitled
to some specific provisions regulating the expenditure of money for additional properties before permitting the diversion of earnings from the
normal flow to the bondholders in the form of interest. The need for
additional capital expenditures should not, in our opinion, make it necessary for the bondholders to grant such broad powers to a board of directors
as are permitted by the phrase "legitimate corporate purposes."
Finally, we object to those provisions of the plan which make it impossible for the individual bondholders who may have htereofore deposited
bonds under the plan to withdraw bonds in the event that the board of directors have modified the plan except by the action of 25% of the deposited
bonds. The drastic provisions which make it necessary for 25% of the
principal amount of deposited bonds to take affirmative action and file
written notice of dissent within 15 days of any amendment or new plan
are unfair. While the plan of reorganization is stated to be designed to
protect the interests of the bondholder, it grants by these difficult restrictions against withdrawal too much discretionary power to a board of directors who may not have in mind solely the interests of the 1st mtge. bondholders.
-V. 137, p. 3328.
-Earnings.
Thermoid Co.
[Including Wholly Owned Subsidiaries]
1932.
1933.
1931.
1934.
3 Mos End. Mar.31Net profit after exp.,
x$56,108loss$103,363 loss$106,685 loss$60.917
deprec. and interest__
x After deducting estimated Federal tax of $7,476 net applicable to stock
was $48.534.
Southern Asbestos-Co., a 96%-owned subsidiary, reports for the quarter
ended March 31 1934 net profit of $8,203 after depreciation, Federal
taxes, &c., compared with a loss of $10.595 in the first quarter of 1933.
The report to the stockholders points out that, based on the company's
monthly figures. over 75% of the first quarter's net income, including that
of Southern Asbestos Co., was earned during March. During January and
February a large proportion of total sales was made to car manufacturers,
which business was less profitable than the replacement business. Sales of
the various operating subsidiaries currently show continued improvement
over 1933, while improved prices for many of t e company's products now
prevail -V. 138. p. 2764.
Tide Water Associated Oil Co. Funded Debt Reduced
bszdtari
-Sale of Transport
Dividend Outlook.
At the annual meeting held on May 3 II. Paul Grim , President of the
Pacific Western Oil Corp. and representing the Getty interests, was elected
a director, succeeding Henry S. Sturgis.
,
President William F. Humphrey stated that the funded debt is now
down to $4.777.000 from $5.717.000 at the end of 1933. The original
indebtedness amounted to $27,100,000, of which $24,000,000 was issued
by Associated Oil Co. in 1923 and $3,100.000 by the Tide Water Associated
Transport Corp. in 1927.
With respect to the preferred dividend arrearage amounting to $3.50
a share, Mr. Humphrey stated: "It is our hope and out intention to
pay up the arrearage as rapidly as possible and as the earnings of the
company permit and as may be consistent with good business Judgment."
The company has actual production of crude oil equivalent to 50% of
in excess
its refinery requirements, although potential production is muchespecially
of this amount. Mr. Humphrey ipointed out that the company,
Oil Co., has made considerable Orogress in
its subsidiary, Tide Water
the acquisition of cheap producing properties in the last few years, also
taking advantage of the low price for crude oil early last year to place
in storage.
an abundant supply of cheap crudestudy being conducted by subsidiaries
The stockholders approved the
plan. The sale of Tide Water
on the question of a contributory pension Water 011 Co. in October 1933,
Associated Transport Corp. to The Tide
Transport company had a fleet of six tankers
was also approved. The
in the service of Tide
and harbor vessels, which had always been used
Water Oil Co.
are 13,200 owners of the preMr. Humphrey further stated that there
stock, many stockholders
(erred stock and 19.200 owners of the common
-V. 138. p. 2944.
owning both issues.
May 12 1934
Financial Chronicle
Thompson Products, Inc.(& Subs.).-Earnings.1931.
1932.
1933.
Quar. End. Mar,31- 1934.
Net profit after Federal
taxes, int., deprec.,&c.
Earns, per sh. on 263,160
shs, corn. stk.(no par)
-V. 138. p. 3108.
$147,941 loss$72,996
$5.140
$35,058
Nil
Nil
$0.11
$0.53
-Sale.
Tide Water Associated Transport Corp.
-V. 137, p. 509.
See Tide Water Associated 011 Co., above.
-Acquisition.
Tide Water Oil Co.
-V. 138,
See Tide Water Associated 011 Co. above.
p. 3108.
--Earnings.
Transamerica Corp.
Consolidated Income Account Year Ended Dec. 31.
(Transamerica Corp. and Holding Companies.)
1933.
1932.
"'"'1931.
$5,945,950 $2,504,292 $10,838,506
Income-Dividends
1,253,754
752,595
1,577,243
Interest
79,545
47,783
387,730
Other
1,377,682
Securities transactions
328,632
Profit on sales ofsecurities
$8,625,168 $3,973,250 $12,495,293
Total
728,496
1,037,813
1,928,408
Interest
481,121
1,080,313
2,402,216
All other expenses
Minority interest in earnings of con2,081
7,915
1,439
solidated subsidiary
$7,413,470 $1,853,684 $8,156,754
Net profit of consolidated cos
Net profits of contr. subs, other than
holding cos.(after prov.for minority
int.) in excess of diva. paid to holdCr3,926,16912Cr6,113,571 a1,910.917
ing companies
Consolidated net profit of corp. &
$11,339,639 c$7,967,255 c$6,
245,837
all contr.subs
a This amount is reflected in the consolidated surplus account in the
,
item "net decrease" in asset value of non-consolidated subsidiaries for the
year ended Dec. 31 1931.' b $485,639 represents proportionate share
of net profits for six months ended Dec. 31 1932 of I3ancamerica-Blair
Corp. which adjusted its capital and wrote down its assets against capital
surplus at June 30 1932. A substantial profit for six months ended June
30 1932 was credited to capital surplus. c Provision for Federal income
taxes for 1932 and 1931 has not been made inasmuch as interest from
tax exempt securities and dividends from domestic corporations more
than equal net income.
Consolidated Balance Sheet Dec. 31.
(Transamerica Corp. and Holding Companies.)
1932.
1931.
1933.
Assets$
$
Inv,in cap. stks. of non-consol. banks
165,105,220 166,738,173 152,600,457
& corporations
0th. investments in affiliated cos, as
1,268,096
2,461,569
appraised by management
632,893,956 638,337,575 38,596,030
Marketable securities
1, 63, 7 1,361,978 4,796,398
Cash in banks and on hand
11,378,392 12,974,799 15,271.537
Notes, contracts, accts. rec., &c
1,578,279 3,116,116
2,619,709
Officers'& employees'notes & sects
7,604.154 6,164,782 7,354,134
Owing from subs, not consolidated
18,910
984,449
344,328
assets
Other
1
1
1
Good-will,going concern & control val
220,542.559 230.305,851 224,684,283
Total
Liabilities
64,800,000 610,950,000 20,599,069
Notes payable to banks,secured
62,060,577 62,415,953
555,033
Accounts payable
Owing by contract or otherwise to
36,206,613
subsidiaries not consolidated
Owing to subs,other than holding cos. 8,077,721 10.107,660
Res. for liab. dr possible loss under
34,104,626
outstanding inter-co. contracts- __632,752,658 6
Res. for deprec. of assets of subs. not
17,980,937 19,373.202 17,874.707
consolidated
8,441,927 9,236,676
Res. for doubtful notes, accts.. &cReserve for taxes & contingencies__ _ _ 9,031,450 9.017,172 8,833,166
2,800,000 2,800,000
General reserve
Minority int. in cap. stock & surp. of
76,018
74,864
257,239
consol. sub
Capital stock (23,659.368 shs., with23,681,926 23,368,186 23.659,368
out par value)
110.014.117 107,798,576 107462 410
Paid-in surplus
9.267,154
, '
1,853,684
Earned surplus
220,542,559 230,305,851 224,684,283
Total
b Marketable securities having a market value of $12,151,577 in 1933
and $27,718,945 in 1932 and capital stock valued at $1.749,261 in 1933 and
$2,832,396 in 1932 of controlled companies were pledged as security for
notes and accounts payable. Marketable securities valued at $5,561,840
in 1933 and $2.087,267 in 1932 and capital stock of affiliated banks and
corporations valued at $30,905,605 in 1933 and $32,972,434 in 1932 and
secured note of $1,700.000 in 1932 and 1933 were pledged in connection
with contract. See "Reserve for liability and possible lose. &c."
-V. 138.
p.2593.
Transcontinental Air Transport, Inc.
-Annual Report.
J. L. Maddux, President, says in part:
Company is now, in effect, a holding company, its income being dependent upon the return from its investments. No dividends were received during 1933 and the income was derived chiefly from interest on
bank balances, and rentals for use of property.
During the year, company sold its holdings of 2.250 shares of Northwest
Airways, Inc., and 16.959 shares of United Parcel Service of America,
Inc., while the Maddux Air Lines sold its holdings of 1,999 shares of Maddux. Inc.
The investments in other companies are now all owned by company,
and consist of stocks of the Transcontinental & Western Air, Inc., Western
Air Express, Inc., and all of the outstanding capital stock of its subsidiary
the Maddux Air Lines Co., with the exception of 1,310 shares held by the
public.
-Year End.Dec.31 1933 (Incl. Madduz Air Lines Co.)
Consol.Inc.Statement
$144
Income from unfunded securities and accounts
978
Miscellaneous rent income
11,122
6,995
Total income
Expenses, taxes, depreciation. &c
Net deficit.
Amount to credit of profit and loes, Dec. 31 1932
Sundry net debits
$65.873
1.766,840
Dr618,941
$1,082,026
Amount to credit of profit and loss Dec. 31 1933
Consolidated General Balance .Sheet Dec. 31 1933.
Liabilities
Assets$747,776
Real property and equipment_ $487,075 Common stock (par $I)
3,498,581 Minority Int. of Maddux air L
3,377
Investments
176,703 Current liabilities
2,442
Cash
233 Accrued depreciation-buildgs
31,548
Other current assets
90,085 Reserve for contingencies, &03-31.886,660.
Deferred debits
Paid In surplus
500,000
Profit & loss
1,082,026
Total
-V.137. p. 4026.
$4,262,738
Total
$4,252,738
-Earnings.
Tubize Chatillon Corp.
Earnings for Quarter Ended March 311934.
Net profit after taxes, depreciation, interest. &c
-V. 138. p. 2765.
6236. 64
Financial Chronicle
Volume 133
Tr -Continental Corp.
-Balance Sheet March 31.1934.
1 33.
1933.
1934.
Assets-
$
Liabilities-
$
Investments
e45,383.179c48674.484
Cash & call loans. f1.852,199 1,966.861
b Treas. pref. stk. 1.825,352 c1,825.352
U. S. Govt. secur.e3,345,742 2,382,399
Special deps. for
Int. aid dive._ _ 512,417
510.822
Secur. sold, receiv.
94,245
1,305
Int.& diva. receiv. 470,963
461.426
$
$
d Pref. stock
7,396,350
a Common stock_ 2,429.318
Int. accrued & div.
590,422
payable
Due from securities
purchased _ _.
238,857
Reserve for expense
and tax
379,678
Due from securities
loan ag'st cash_ 383,700
Funded debt
7,586,900
Surplus
34,478,873
7.396,350
2,429.318
580,827
52,802
212,477
678,950
7.186,900
37,282,025
Total
53,484,098 55.822,650
Total
53,484,098 55.822.650
a Represented by 2,429,318 no par shares. b Represented by 35,062
shares. c The market value of securities as at March 31 1933 was $25.260.863 less than amount shown above. d 295.854 no piar shares. a Market
value March 31 1934 was $8,746,162 lees than cost. f Cash on
.138,
p. 2593.
-Underwood Elliott Fisher Co.
-Larger Iiviseni
,
The directors on May 10 declared a quarterly dividend of
373' cents per share on the common stock, no par value,
payable June 30 to holders of record June 12. This compares with 25 cents per share paid on March 31 last and
on Dec. 30 1933, and 123/ cents per share each quarter
2
from Sept. 30 1922 to and incl. Sept. 30 1933.-V. 138,
p. 2765.
Union Pacific RR.
-New Director.
Henry W. Clark Vice-President and General Counsel, has been elected
a director of'the Union Pacific RR., Oregon Short Line RR., OregonWashington RR. & Nay. Co. and Los Angeles & Salt Lake RR.,replacing
David K. E. Bruce on all four boards.
John M. Schiff of Kuhn, Loeb & Co. has been elected a director of the
Los Angeles & Salt Lake RR. to succeed the late Otto H. Kahn.
-V. 138.
P.3109,2944.
United Aircraft & Transport Corp.(& Subs.).
-Earns.
Quar. End. Mar. 311934.
Net profit after charges,
minority int., Federal
taxes, &c
loss$711,390
Shs. com.stk.out.(no par) 2.086,550
Earnings per share
Nil
-V. 138, p. 2945.
1933.
1932.
$432,170
2,086 550
SO.15
$441,445
2,084.219
$0.12
1931.
$806,648
2.083,622
$0.30
United Carbon Co.(& Subs.).
-Earnings.
-
3 Mos.End. Mar.311934.
1933.
1932.
1931.
Oper. profit after deduct.
mfg., sell., gen. and
adminis. egNinses
$517,342
$287,625
$230.745
$184,733
Other income
45.143
Total income
$517,342
$287,625
$230,745
$229.876
Deprec. and depletion_ _
207.479
158.655
169.075
207.618
Net profit
$309.863
$128,971
161,667
$22,258
Balance, J50. 1
1,003,183
824,245
1,123,092
1.551,406
Sundry adjustments
Prior years
Cr277
Dr2,891
Dr5,623
Total surplus
$1,313.047
$953,493 $1,181,867 $1.568,041
Preferred dividends_ _ _ _
60,641
Common dividends
159,154
Dal. per balance sheet $1,093,251
$953,493 $1,181,867 $1,568,041
Shares com. stock outstanding (no par)-- -370.127
370,127
368,885
397,885
Earns. per sh. on 212.564
shs.com.stock (no par)
$00.67
$0.26
Nil
$0.08
Consolidated Balance Sheet March 31.
1934.
1933.
1934.
Assets5
Lfablltlies$
$
Cash
1,080,116
313,389 Notes payable....
Notes receivable_ 646.843
239,194 Accts. payable.. _
184.317
Accts. receivable. 1,092,115 1,149,110 Accr. taxes, royalInventories
680,138 1,409,113
ties. &,3
69,759
Other assets
1.211,964 1,465,375 Unpaid dividends_ 219,796
Cash in closed bks_
134,108
149.009 Res. for depreo. &
Permanent assets_17.837,797 17,164,480
depletion
8,264,671
Tr.-mks.,cont.,&c.
1 Reserve for possible
1
Deferred charges. 318,408
losses & conting. 141,948
231,833
Res. for Fed. taxes
30,000
Deferred income
273,816
Preferred stock... 1,732,600
x Common stock...10,991,333
Surplus
1,093,251
Total
23,001,492 22,151,504
Total
23,001,492
x Represented by 370,127 no par shares common stock -V.
1933.
$
252,000
156,870
47,550
7,588,663
300,000
63,446
1,797,850
10,991,332
953,493
3293
United Gas Improvement Co.(& Subs.).-Earnings.Macluging the Philadelphia Gas Works Co.)
Period End. Mar,31- 1934-3 Mos.-1933.
1934-12 Mos.-1933.
Electric revenues
$19,206.434 $18,648,255 $72,161.718 $72,693,385
Gas revenues
4,903.218 4,862,929 18.594,770 19.447,451
Ice and cold storage rev1,786,692
1,711.951
237.058
161.921
Transportation revenues438132
1,564,959
385,189 1,600,048
Water revenues
290,388
288,255 1,279,240 1,255.397
Steam heat revenues
359,537
644.467
295,822
745,596
Other revenues
127,659
120.515
24,143
18,691
Total oper. revenues_$25,458,910 $24,661,062 $96,220,982 $97,512,866
Ordinary expenses
8,310,161 8,047,372 32.217,210 34,015,496
Maintenance
978,032
866,671 3,939,009 3,719,914
Renewal & replacement
reserve
7,236,329
1,901,787 1,868.583 7,174,151
Provision for Fed.taxes- 1,681,161
1,273,833 5,494,800 4,744,890
Provision for other taxes 1,021,663 1.037,718 4,056.113 4.162,605
Operating income- - _ _$11,566,106 $11,566,885 $43,339,699 $43,633,632
Non-operating income
1.240,202
294,834
249,879 1,450,711
Gross income
$11,860,940 $11,816,764 $44,790,410 $44,873.834
Interest on funded and
unfunded debt
3.078.180 3,235,916 12,464.432 12,880.144
Amortization of debt discount and expense._
114,140
458.658
117,462
468,168
Other deductions
189,641
709.816
524,738
134.359
Net income
$8.478,979 $8,329,027 $31,147,994 $31,010,294
Dividends on pref.stocks
& other prior deduct.. 1,133,465 1,144.886 4,581,146 4,626,352
Earnings available for
common stocks of
utility subsidiaries_ $7,345,514 $7,184,141 $26,566.848 $26,383,942
Min.& former interests_
612,826 2,323,189 2,350.911
611,088
Balance of earns, of
utility subs, applicable to U. G.I. Co.. $6,734,426 $6,571,315 $24,243,659 $24,033,031
Earngs. of non-utility
subsidiaries applicable
to U. G.I. Co
123,090
495,049
642,542
70,895
Earns, of subs. applicto U. G. I. Co
$6,805,321 $6,694,405 324,738.708 $24.675,573
Proportion of def. int. &
diva, on cumul. pref.
stocks of subs, applicable to U. G. I. Co.
deducted above
166,076
42,431
168,906
41,804
Divs,other than on corn.
stocks of subs., hit. &
miscellaneous income- 2,286,867 2,605,866 9,819,487 12,078,302
Total income
$9,134.619 $9,342,075 $34,727,101 $36,919,951
Expenses
452,663
1,793,760
468,901
1,983.431
Prov.for taxes& interest
158,409
145,489
596.058
614,072
Balance applic. to cap.
stocks of U.G.I.Co 38,523.547 58,727,685 $32,337,283 $34,322,448
956,520
956,520 3.826.080 3,826,069
Bal. applic. to corn.
stock of U.0.!.Co. $7,567,027 57.771 165 $28,511,203 $30,496.379
Earras. per share on com.
$0.33
$6.33
$1.23
$1.31
Note -Non-recurring income of the U. G. I. Co. is not included. 1933
gures restated and adjusted for comparative purposes.
Weeks EndedMay 5'34. Apr.28'34. May 6'33.
Elec. output of U.G.I. System (kwh.) 66,512.067 67,520,019 62,039,117
-V.138. p. 3110, 2945.
DIVS.on 35 div. pref.stk
United Light & Rys. Co. (& Subs.).
-Consolidated
Balance Sheet Dec. 31 1933.Assets
Operating properties
$388,310,251
Investments
68,734,677
Cash
10,535,118
U.S.Treasury notes
919,708
Sundry securities
45,750
Accounts receivable
7,060.884
Accounts receivable for unbilled service
628,345
Notes receivable
2,370,482
Int. & divs. receivable
267,225
Inventories
6,548,996
Prepaid expenses
749,174
Special funds
205,739
Unamortized bond discount
and stock expense
15,341,273
Items in suspense
969,005
22.151,505
138. p. 3109.
United Chemicals,Inc.(& Subs.).
-Earnings.
-
3 Months Ended March 31Net loss after deprec.,taxes & charges..
-V. 138. p. 3109.
1934.
$24,102
1933.
1932.
$45,503 prof$31,360
•
'United Cigar Stores Co.of America.
-Stocks Listed.
-
The New York Produce Exchange has admitted to dealing both the
preferred (par $100) and common ($1 par)stocks. (Due to a typographical
error in last week's "Chronicle" it was stated taat the pref. stock had been
admitted to the New York Stock Exchange].
-V.138, p.3109, 2945.
'-'"-ItInited Elastic Corp.
-Smaller Distribution.
quarterly
A
dividend of 20 cents per share has been declared on the
common stock, no par value, payable June 23 to holders of record June 7.
Three months ago, the company made a quarterly payment of 25 cents
-V. 138, p. 1414.
per share.
United Light & Power Co. (& Subs.).
-Consolidated
Balance Sheet Dec. 31 1933.Assets
Operating properties
$447,529,919
Investments
69,219,681
Cash
12,112,980
U.S. Treasury notes
919,708
securities
Sundry
158,422
Notes receivable
2.416,558
Accounts receivable
7,875,453
Accts. rec. for unbilled serv668,080
Int. & dive. receivable
269,201
Inventories
7,280,965
Prepaid expenses
828,955
Unpaid balances on officers'
& empl. special stock subscription agreements
431,662
Special funds
1,799,798
Unamortized bond discount
19,712,106
dc stock expense
Items in suspense
1,435,186
Total
Liabilities
United Lt. & Pr. Co.:
Preferred stock
*Ammo
Common stock
13,895,692
Subsidiary companies:
Preferred stock
66,055,641
Common stock
31,907,875
Funded debt
262,952,000
Notes payable
3,750,022
Accounts payable
2,352,273
In'erest
5,057,391
Dividends
1,174,542
Fed.Income tax estimated.. 1,914,137
General taxes
3,062,128
MiscellaneoUs
81,980
Deferred liabilities
2,334,938
Items In suspense
143,959
Reserves
71,166,397
Surplus A pplfc. to Minor. Mt.:
Capital surplus
6,714,402
Surplus
14,474,474
Surplus:
Capital surplus
2,826,023
Earned surplus
22,794,804
$572,658,683
The comparative income account for
Total
$572,658,683
year ended Dec. 31 was published
in the "Chronicle," page 2597.-V. 138, p. 2945.
Total
$502,686,633
Liabilities
United Light & Railways Co.
Preferred stock
$19,703.700
Common stock
24,798,200
Subsidiary Companies
Preferred stock
46,474,113
Common stock
31,806.860
Funded debt
225,315,900
Notes payable
4,150.022
Accounts payable
2,084,566
Interest
4,505,504
Dividends
1,175.646
Federal Income tax (estd.)_ _
2.216,681
General taxes
2,593,576
Miscellaneous
66,827
Deferred liabilities
1,864,131
Items in suspense
81.504
Reserves
61,367,206
Surplus applicable to minority
Interests
Capital surplus
6,714,402
Surplus
14,474,566
Surplus
Capital surplus
37,473,566
Earned surplus
15,819.657
Total
5502,686.633
The comparative income account for year ended Dec. 31 was published
In "Chrinicle" of April 14, page 2597.-V. 138, p. 2945.
United States Freight Co.(& Subs.).
-Earnings.
-
3 Mos.End. Mar.311934.
1933.
1932.
1931.
Gross revenue
$7.896,995 $5.618,575 $5.986.201 $6,409.348
Expenses
7,762,098 5,623.900 5,931,562 6,464,288
Interest
3,023
72
3,886
Taxes_
23,804
11,322
3.415
14,250
Depreciation
16,885
17,177
46.863
35,853
Net profit
$94,208 10(38325,989
$650 loss$116.148
Earns, per sh.on 299,640
shs.cap.stk.(no Par).
Nil
$0.31
Nil
Nil
-V.138. p. 2429.
United States Steel Corp.
-April Shipments.
-
See under "Current Events and Discussions" on a preceding page.
-V. 138, p. 2945.
United Verde Extension Mining Co.
-Output.
-
Copper (Lbs.)- 1934.
1933.
1932.
1930.
1931.
January
2,690,000 3.014,232 3,043,930 2.824,696 4.447,540
February
2.826.578 2.710,020 3,031,459 3,221,198 3.737,914
March
2,803,708 3.013.188 3.049.976 3,236,882 3,362,598
April
2,755,874 2,977.420 3.019,072 3.074,758 4,094,740
May
3,006,300 3,020,100 3,369,080 4,013.796
June
2,673,788 3,007,702 3,284,984 3,580.772
July
2,745,558 3.008.902
a
3,898.170
August
2,610,580 3,038,998
a
4,028,442
September
2,682.440 2,969,622
a
3,771,27+
October
2,536,902 2,909,0083.404,000
November
2,586,920 2,913,886 2,784.000 3,800,000
1
December
2.736,448 2,908,322 2,917,000 2.473.000
a Operations suspended.
-V. 138, p. 2598, 3110.
Universal Pipe & Radiator Co. Subs.).
(&
-Earnings.
-
3 Months Ended March 311934.
1933.
Net loss after depreciation, interest, &c
$187,467
$33.998
The month of March of this year, it is said, showed a small profit, which,
however, was not large enough to offset the losses of January and February. _
Financial Chronicle
3294
-New President.
Wamsutta Mills, New Bedford, Mass.
Rights, &c.
The company plans to offer additional shares of stock to stockholders of
record May 17 at $2.50 a share, it is reported.
George F. Breen, market operator, will not underwrite the issue as originally planned. Mr. Breen, whose work in the distribution of the Rudolph
Spreckels holdings of Holster Radio stock in the Senate investigation of
the stock market, was to have had an option to purchase all or part of
100,000 shares of Universal Pipe and any part of 488,276 shares not taken
up by stockholders at the same price as the offering to them.
An amended registration statement filed with the Federal Trade Commission showed that stockholders will have the right to subscribe to one
share for each share of common or preferred stock held. Subscriptions
rights expire June 5. Application to list 512,994 additional shares is pending before the Committee on Stock List of the New York Stock Exchange.
The original financing plan was disclosed early in March, in preparation
for meeting various obligations including the payment of 1st mtge. bonds
of the Central Foundry Co., with interest, bonus,and expenses of the protective committee, on May 1. The payment, amounting to $370,000.
was not met on that date.
The protective committee for the Central Foundry bonds, composed of
Frederick J. Leary, Arthur W. Loasby and Robert L. Hamill, has notified
bondholders of Universal's statement that it was unable to take up the
bonds at the agreed price of 105 on May 1.-V. 138, p. 2598.
-Distribution of Dividend to Bonds----Utilities Service Co.
holders.
Pursuant to an order of the District Court of the Unitea States for the
Northern District of Ohio, Eastern Division. entered on March 21 1934.
the Guaranty Trust Co. of New York as successor trustee under the trust
indenture dated Aug. 1 1928, has received a dividend on its claim filed with
the receiver of the Utilities Service Co. and is now in a position to make
distribution of such dividend.
p. Holders of 1st lien 6% gold bonds.series A,and coupons maturing Aug. 1
1930 and subsequently, should present their bonds and coupons at the
Guaranty Trust Co., 140 Broadway, N. Y. City, for payment thereon of
the pro rata amount of such dividend.
-V. 137, p. 2464.
-Trustee Named.
Virginia Alberene Corp.
Major John S. Graves. Charlottesville attorney, recently was appointed
trustee for tnis bankrupt corporation.
Judge John Paul of the U. S. District Court of Western Virginia on
Moron 9 appointed Colonel William Sage of Schyler, and John S. Graves,
CharlDttesville as receivers.
Tie action was agreed to by John Abbott of Lynchburg, who represented
-V.133. p. 140.
a group of the company's $1,500,000 defaulted bonds.
-Earnings.
Virginia Electric & Power Co.
(& Subs.).
Period End. Mar.31- 1934
1934-12 Mos.-1933.
-Month-1933.
Gross earnings
$1,223,825 $1,159,395 $14,749.363 $14,981.911
"
5,428,636
5,671,302
Operation
421,330
502.047
987,873
1,008,343
Maintenance
79.471
84,717
1.385,050
1,531,726
Taxes
146.705
118,001
Net operating revenue
$490,354
Inc. from other sources*
Interest & amortization-
157.811
$540,592 $6,537,990 $7,180,351
34,671
4.425
2,911
1,939,594
1,914,628
160.401
Balance
$332.543
Appropriations for retirement reserve
$383,102 $4,627,787 $5,275,428
1.800,000
1.800,000
Balance
Preferred stock dividend requirements
$2.827,787 $3,475,428
1,171,447
1,171,584
Balance for common stock, dividends & surplus $1,656,203 $2,303,981
•Interest on funds fo construction purposes.
-V. 138, p. 2946.
ears Up Dividend Accrual on Preferred
• ---k Virginian Ry.
NertrfreMant.-The directors on May 8 declared a
Stoc
divi nd of 13/2% on the 6% cum. pref. stock, par $100,
on account of an accrual brought about by the change of
payments from a semi-annual to a quarterly basis which
began with the Feb. 1 1932 disbursement. This dividend
brings payments on the pref. stock up to date and is payable
June 1 to holders of record May 15. The last regular quarterly distribution of 1%% was made on May 1 1934.
Carl Bucholtz has been elected President, to succeed the
late Chas. H. Hix.-V. 138, p. 3110.
-April Sales.
Walgreen Co.
1934-4 Mos.-1933. Increase.
Increase.
-1933.
-April
1934
$758,799 1E17.212,653 $13.778,221 $3,434,432
$4,210.979 163,452.180
On April 30 1934 the company had 482 stores in operation, compared
with 469 stores on April 30 1933.-V. 138. p. 3111. 2598.
-Earnings.
Walworth Co.(& Subs.).
Quarter Ended March 31Profit
x Accrued interest on bonds
Depreciation
1933.
1934.
8351.097 10s4278.097
139.922
139.150
70,211
110,704
Net profit
Earns, per sh. on 357.866 shs. corn. stk.(no par)
-V. 138, p. 2767.
x Accrued but not paid.
$101,243loss$488,230
Nil
$0.24
-Earns.
West Virginia Water Service Corp.(& Subs.).
12 Months Ended March 31Operating revenues
Operating expenses
Provision for uncollectible accounts
Maintenance
General taxes
1933.
1934.
$1,020,387 $1,029,299
369,322
353,353
12,468
23,091
51,409
49,545
138.227
124,718
Net earningsfrom operation
Other income
$469,680
6,070
$457.873
3.814
Gross corporate income
Interest on bonds
Miscellaneous interest
Amortization of debt discount and expense
Interest charged to construction
Provision for Federal income tax
Provision for retirements and replacements
x Miscellaneous deductions
$475.750
258,000
6.786
26,331
Cr547
9.769
51,350
$461,687
258.000
7,892
26,284
Cr805
10.396
49,850
3,317
$106.753
$124.062
Net income
x In 1933, this item represents reimbursement to bondholders and stockholders of Federal and State taxes which has been included in general taxes
in 1934.
Comparative Consol dated Balance Sheet.
Mar.31 '34. Dee.31 '33.
LiabilitiesMar.31 '34 Dec. 31 '33
AstetsLong-term debt- _ _35,160,000 $5,160,000
Plant, property
$7,480,759 37,461,034 Adv. from sub. co.
equip., ace
40,000
30,000
not consolidated
2,511
4,730
Misc, spec. dens
73,212
75,685
97,779 Notes & accts. Pay.
91,213
Cash & work lunds
Accrued int., taxes,
a Notes and accts.
210,167
191,784
dividends. &c.. 184,405
208,600
receivable
8,377
39,528 M iscell. Habil ties
38,339
Unbilled revenue..
42,376 Defd. Habil. & un42,376
Investments
104,637
108,458
adjust. credits__
subsid.&
Due from
549,691
561,726
24,768 Reserves
3.115
affiliated cos.__
$6 pref.stock
1,114,000 1,114,000
Debt discount and
365,000
$8 cum. 2d pf. stk. 365,000
exp.in process of
552,000
552.000
462,951 b Common stook
456,368
amortization,. _ _
134,430
154.000 Capital surplus... 134,430
154,000
Comm.on cap. stk
294,979
80,269 Earned surplus... 316,671
75,224
Matta. & supplies_
charges &
Deferred
49,494
47,652
unadjust. deb__
$8,602,376 $8,606,494
Total
$8,602,376 38,606.494
Total
a After reserves of$22,398 in March and $17,732 in December. b Repro-V. 138, p. 2768.
shares no par value.
tented by 12,000
May 12 1934
Charles F. Broughton, Treasurer for the past 15 years, has also been
elected President of the corporation to succeed the late Horatio Hathaway.
-V. 137, p. 4374.
Wheeling & Lake Erie Ry.-Annual Report.
Traffic and Transportation for Calendar Years.
1930.
1931.
1932.
1933.
511.60
511.60
511.60
Mi.ofroad oper_
511.60
11,717,145
15,845.450
8,145,235
Rev, tons carried
10.361,538
Rev, ton miles- -1,030,759,957 785.050.042 1,051,647,915 1,460,341,712
Avge. net tons
930
720
822
per train mile_
876
Avge. rev, per
1.033 cts.
1.027 cts.
1.024 cts.
ton mile
0.958 cts.
Avge. rev, per
$29,496
$15.711
$21,112
mile of road,. _
$19,308
70,563
131,853
26,387
13.261
Passengers carr'd
Passengers carr'd
6,375,846
1.389,768
3,704,705
one mile
681,289
Avge. rev, per
2.77 cts.
2.93 eta.
2.60 cts.
2.81 cts.
pass, per mile_
Pass. rev, per
$366
$71
$200
miles ofroad _ _
$130
Net op. rev, per
$8,564
$4,042
$4,616
mile of road_ _
5,413
Av. no. of pass.
10.59
14.43
7.40
per train_ _ _ _ _
6.15
Net oper. rev.
$2.12
$1.41
$1.56
per train mile_
$2.08
Income Account for Calendar Years.
1932.
1931.
1930.
1933.
Operating Revenue$9,877,933 $8,037.590 $10,801,143 $15,090.066
Freight
36,178
187.001
102,528
19.153
Passenger
60,144
80,404
30,972
20.357
Mail and express
556,050
292,312 . 389,263 .
405.119
Other transportation __ _
445,463
264,637
139,183
241,259
Incidental
$10,563,821 $8,536,235 $11,617,713 $16.358,984
Total
Operating Expenses$877,474 $1.378,756 $1,875,038
Maint.of way & struct_ - $1,096,572
4,213,092
3,016,427
2.180.367
Maint. of equipment_ - - 3,045.666
444.387
410.380
352,551
317.850
Traffic
4,899,685
3,929.850
2.718,525
3,028,851
Transportation
14.056
8,734
operations
Miscall.
536,305
514,481
339,786
307,230
General
5.150
2,562
138
,
1,565
Transp.for invest--Cr
$7,794,603 $6.468,267 $9,256,066 $11.977.414
Total ry. oper. exp..
4,381,571
2,361,647
2.067,968
2.769,217
Net rev,from ry. oper
1,451,524
1,115.289
929,289
Railway tax accruals,.,.,.966,780
333
0'575
372
788
Uncollectible ry. revs_ _ _
$1,801,649 $1,138,307 $1,246,933 $2,929,714
By. oper. incomeNon-Operating Income
$86,203
Hire offrt.cars,cred. bal.
74,446
$53,450
$37,456
$47,785
Rent from equipment_ _ _
82.921
81,707
70,065
income
61,474
Joint facility rent
6.000
2.000
Inc. from lease of road
133,562
121,240
97,580
13.087
Miscell. rent income__
100,088
100,336
100.416
111,207
Inc.from funded secure _
Inc. from unfunded se184.945
134.328
100.766
38.473
curities & accounts..,.,.
4,365
4,615
5.532
10,848
Miscellaneous income_ _ _
$2.084,522 $1,550,120 $1,744,610 $3,602,243
Gross income
Deductions
$268.601
$104,689
Hire of frt.cars,deb. bal. $171,541
23.161
19,153
$30.195
24.920
Rent for equipment,.,.,.,.
67,440
6.155
54.904
63.090
Joint facility rents
6,191
90.143
6.151
6,125
Miscellaneous rents_ _
765,128
791.928
738,328
711,528
Interest on funded debt6.888
4,728
5.604
2,993
Miscell. tax accruals_
10.254
11.110
21.326
23.567
Int, on unfunded debt
2,620
3,042
3.515
2,250
Amort. of disc. on fd. dt.
10,258
4.542
4.275
13.458
Misc,income charges._ _
$1.065,050
$435.084
53.879
$753,743 $2,647,819
76.208
47.863
$1.065,050
Balance
831.782
Divs,on prior lien stock-
$381.205
623.837
$705,880 $2,571.611
2,287,400
1,663.564
Netincome
Invest, in road & equip
$242,632
$233,268
$957,684 sur$284,211
General Balance Sheet Dec. 31.
1932.
1933.
1933.
1932.
Liabilities$
$
$
Assets$
71,180.759 71,227,641 Pr. lien cap.stk. 11,882,600 cl1,882.600
Road
21,005,943 21,096,282 Preferred stock- 10,213,958 10.213,958
Equipment
34,694 Common stock_ 33,772,300 33,772.300
34,694
General
1st cons. M. 4s. 6,870,000 6,870,000
Depos, in lieu of
Equip. trust 5s340.000
170,000
mtged. ProP'Y
193,281 Equip. note 68.53,912
915.000
610,000
sold
1,047 Ref. M.bonds._ 8,130,000 8,130,000
1,144
Misc. Wm.Prop
Nat. Ry. Serv.
Inv.In affil.cos.a
Corp. eq'p tr. 2,271,600 3,180,100
1,029,019 1,020,019
Stock_ b
Bonds.b
2,224,000 2,224,000 Non-negotiable
debt to attn.
499,977
715.789
Advances__,.
companies ___
2.872
Other investmls 1,752,882
193,086
846,830 2,937,279 Tr. & car serv.
Cash
bals. payable_
Spec. deposits._ 2,215,025 1,480,235
18,477
201,994
Audited accts. &
Traffic and car
Wages payable
53,059
555,799
684.058
serv. bal. rec.
187,082
Misc.accts. pay.
Due from agents
11,667
6,928
67,176 Divs, mat. unpd
161
147
46.038
& conductors_
259,241 Int. mat'd unpd.
16,788
284,100
12.415
Misc. accts. rec.
50,116 Unmat. int. seer
15,459
244,218
Int. & diva. rec.
235,830
655,654 0th. curs. nabs.
Mat'l & supplies
37,504
737,997
52,723
500 Other def.!lab__
0th. curs, assets
9,343
147,573
176,385
7,468 Tax liability....
7,468
558,717
Work'g fund adv
674,679
Accr. depr.eq'p. 8,519,723 7,940.653
Def.adv. to attn.
193,086 Oth.unadj.cred.225,916
companies
16,528 Corporate Burp__ 2,246,717
2,198,384
105,045
01,12. def. assets.
13,661 P. & L. surplus...17,998,995 17,976,099
7,525
Ins, paid in adv.
55,613
Disc,on fd. debt
53,363
Nat,By.Service
3,076,558
equipment _ .. 2,167,958
282,811
384,455
Misc. unadj. deb
Balance deficit
Total
105,065,831 105,457,799
105,065.831 105,457,799
Total
a Investments in affiliated companies: (1) Stocks: Toledo Belt RY.,
& Terminal By.,$100,000; Sugar Creek & North$238,320; Zanesville Belt
ern RR..$1,000; Lorain & West Virginia By.,$500.000: Wandle Co.,$189.590; Railway Express Agency, Inc., $100; total. $1,029,019. (2) Bonds:
Toledo Belt Ry., $224,000; Lorain & West Virginia By., $2,000,000; total,
,
$2,224,000. (3) Advances to the Wandle Co.. $374,938: Railway Express
Agency, Inc., $7,202; Railroad Credit Corp.. $333,648; total, $715,789.
b Pledged as collateral security to funded obligations of the company,
except stock owned in the Wandle Co., Railway Express Agency and
Railroad Credit Corp. c As of Dec. 31 1933 quarterly divs. No. 1 to 46
incl. have been paid on prior lien stock for the period ended April 301928.V. 138.D. 2947.
Western Auto Supply Co., Kansas City, Mo.-Sales.1934-April-1933.
E873.000
$1.138,000
-V. 138, p. 2599, 1764.
Increase.' 1934-4 Mos.-1933.
$265,0001$4,004,000 $2,862,000
For other Investment News, see page 3300.
Increase.
$1,142,000
Volume 138
3295
Financial Chronicle
geports anti
PUBLISHED
ponniunts.
AS ADVEqEMEMENTS
STANDARD GAS AND ELECTRIC COMPANY.
REPORT FOR THE YEAR ENDED DECEMBER 31 1933
Office of the President
231 South La Salle Street
Chicago, Illinois
April 30, 1934.
To the Stockholders:
The twenty-fourtli annual report of your Company is
submitted herewith. Consolidated earnings of Standard
Gas and Electric Company and subsidiary and affiliated
companies, irrespective of changes during the periods in
holdings of the parent company of capital stocks in the
present subsidiary and affiliated com]panies consolidated
therein, and not including Deep Rock Oil Corporation and
The Beaver Valley Traction Company (both in receivership)
on a consolidated basis, compare as follows:
1932
1933
Year Ended December 31
Subsidiary and Affiliated Public Utility
Companies:
124,082,525.18 131,432,176.31
Gross Earnings
Operating Expenses, Maintenance and
Taxes (including $100000.00 in 1932
for amortization of extraordinary oper65,553.537.12 68,047,859.76
ating expenses deferred in 1931)
NerEarnings
Other Income
-Net
58,528,988.06 63,384,316.55
932.745.32
1,153,782.84
Net Earnings, including Other Income,
before appropriation for retirement of
59.682,770.90 64,317,061.87
property and for depletion
Income and Dividend Charges:
Interest (less interest charged to construction)
20.949,157.98 20.445,802.72
Appropriation for Amortization qf Debt
1,329.988.25 1,294,756.17
Discount and Expense
Rent of Leased Properties
1,721,011.34
1,727,059.51
Appropriation for Retirement of Property and for Depletion
14,671,527.93 14,483,344.30
267,815.45
Miscellaneous Charges
231,510.00
Dividends on capital stocks held by
public, less net amount charged to
surplus accumulated prior to beginning of periods
14,884,297.53 16,818,241.16
Totals
53,793,541.20 55,030,971.14°
Balance of Earnings of Subsidiary and
Affiliated Public Utility Companies Applicable to Standard Gas and Electric Company
5.889.229.70 9,286,090.73
Net Income of Non-Utility Subsidiary Companies Applicable to Standard Gas and
Electric Company
1.031.246.43 *1,747.193.40
Other Income of Standard Gas and Electric
Company
527,214.74 t1,844.087.22
Totals
7,447.690.87 12,877,371.35
Less-Expenses and Taxes of Standard Gas
and Electric Company
179,300.10
255.308.18
Consolidated Net Income, before Deduction
of Income Charges of Standard Gas and
Electric Company
7,268,390.77 12,622.063.17
Income Charges of Standard Gas and Electric
Company:
Interest on Funded Debt including Amortization of Debt Discount and Expense- 4,570,132.20
Other Interest
238,293.35
Totals
Consolidated Net Income
4.570,132.20
331,291.03
4,808,425.55 " 4,901,423.23
2,459.965.22
7.720,639.94
•Includes $500,000.00 claims for rentals against Deep Rock Oil Corporation (in receivership).
Includes credit of $330,000.00 representing an inter-company transaction arising from refunding of bonds of a subsidiary company and $511.262.87 claims for interest against Deep Rock Oil Corporation (in receivership)•
The consolidated net income of Standard Gas and Electrie
Company and subsidiary and affiliated companies for the
year 1933 amounted to $2,459,965.22, which was equivalent
to $5.41 and $4.64 a share, respectively, on the $7.00 cumulative and $6.00 cumulative prior preference stocks of
Standard Gas and Electric Company outstanding at the end
of the period.
The consolidated net income of Standard Gas and Electric
Company and subsidiary and affiliated companies for the
year 1932 (adjusted to a comparable basis) amounted to
$7,720,639.94, equivalent, after deduction for dividends on
the prior preference and preferred stocks of Standard Gas
and Electric Company, to $0.62 a share on the 2,162,607
shares of Standard Gas and Electric Company common
stock outstanding at the end of the period.
The net income for the year 1933 of Standard Gas and
Electric Company of $2,930,356.94, as shown below, was
equivalent to $6.45 and $5.53 a share, respectively, on the
$7.00 cumulative and $6.00 cumulative prior preference
stocks outstanding at the end of the period.
Earnings of subsidiary and affiliated public utility companies continued to decline, although the rate of decrease
was retarded as the result of some improvement in business
during the last half of 1933. Consolidated gross earnings
decreased $7,349,651.13, or 5.59 per cent, and net earnings,
before appropriation for retirement of property and for
depletion, decreased $4,855,328.49, or 7.66 per cent, corn-
pared with 1932. Operating expenses were reduced $2,494,322.64, or 3.66 per cent.
Taxes continued to increase. The subsidiary and affiliated
public utility companies of Standard Gas and Electric
Company during 1933 had total taxes of $11,623,294.39,
amounting to 17.73 per cent of all operating expenses, an
increase of $470,527.61, or 4.21 per cent, over 1932. For
the system as a whole, for every dollar of gross revenue received, 9.36 cents was paid out in the form of taxes. In the
case of some of the individual companies, the percentage of
gross earnings required for taxes mounted as high as 15 per
cent. Effective September 1, 1933, the Federal excise tax
on residential and commercial electric service was transferred
by legislation from customer to company, and therefore
taxes for the year include only four months of this new
impost. It is estimated that this tax alone for the year 1934
will amount to $1,500,000.
Compliance with the National Recovery Administration
codes increased payrolls, and prices of materials and supplies
moved upward. Taxes,and the cost of materials and supplies,
together with payrolls, constitute 90 per cent of all operating
costs.
The financial condition and results of operations of
Standard Gas and Electric Company and its subsidiary and
affiliated companies, not including Deep Rock Oil Corporation and The Beaver Valley Traction Company (both in
receivership), are reflected in the accompanying balance
sheets, earnings statements and statistical information.
Conforming with a long-established policy, the records
of your Company have been examined by certified public
accountants, and their report is included herein. Accounts
of all subsidiary and affiliated companies also have been
examined by certified public accountants, and all financial
statements appearing in this report are based on such
examinations. Your attention is directed to the map inserted at the end of this[pamphlet]report,showing territories
served by subsidiary and affiliated public utility companies of
Standard Gas and Electric Company.
DEEP ROCK OIL CORPORATION AND THE BEAVER VALLEY
TRACTION COMPANY
Balance sheet and income account of Deep Rock Oil
Corporation are again omitted from this report, as the
corporation is still in receivership. A reorganization committee has been formed, and we are advised that a reorganization plan will be submitted to the court and to the
receivers at an early date. It is hoped that the receivership
may be terminated during the current year.
Balance sheet, income account and statistics of The
Beaver Valley Traction Company, a minor subsidiary of
Philadelphia Company, are not included in the consolidated
figures in this report, for the reason that The Beaver Valley
Traction Company was placed in receivership during the
year.
DIVIDENDS
Quarterly cash dividends were regularly declared and paid
on Standard Gas and Electric Company's prior preference stock, $7.00 cumulative and $6.00 cumulative, at the
specified rates for the first three quarters of 1933; for the
quarter ended December 31, 1933, the dividend payments
on these two classes of stock were reduced to annual rates of
$2.10 and $1.80 a share, respectively. Although current net
income of the Company is considerably in excess of these
requirements, the Directors considered it advisable to reduce
dividends to provide funds for the retirement of current
in
and for additional working capital. Dividends
on the $4.00 cumulative preferred stock were paid to February 28, 1933. No dividends were paid on the Company's
common stock during 1933.
CHANGES IN CAPITAL STRUCTURE
No changes were made in the funded debt of Standard
Gas and Electric Company during 1933. The amount of
prior preference stock, $7.00 cumulative, outstanding
increased 800 shares.
On June 1, 1933, stockholders of Standard Gas and
Electric Company authorized the reduction of the capital
of the Company from $223,880,665.41 to $108,897,013.35
by reducing the amount of capital represented by the
common stock of the Company, the shares of which have no
par value, from $136,609,722.06 to $21,626,070.00.
Changes in capitalization of subsidiary and affiliated
companies are noted in the pages of this report referring to
operations of the respective companies.
SUBSIDIARY AND AFFILIATED COMPANIES
Though the demand of the public for the services of
electricity, gas and transportation continued to decline
during the early part of 1933, increased demand &ming the
latter part of the year was distinctly encouraging. Gains
were registered in the number of customers served connected
Financial Chronicle
3296
load and electric output, and present signs point to a continuation of such increases.
The average annual use of electric service per residential
customer, based on the number of customers served at the
end of each year, was 636 kilowatt-hours in 1933, compared with 660 kilowatt-hours in 1932, a decrease of 3.63
per cent. Based on the average number of customers served
during each year, however, the average annual use per
customer in 1933 was 646 kilowatt-hours against 657 kilowatt-hours for 1932, a loss of only 1.67 per cent.
The new business departments of the various companies
continued to exert every effort to promote the sale of all
classes of service, and results during the last half of the year
were gratifying. Sales of household electric and gas appliances
through the companies' own stores improved to such an
extent during the latter part of the year that they resulted
in a gain for the entire year over sales in 1932. A great deal
of attention was given to the promotion of cooperative efforts
with other retail outlets for such applicances, with results
which indicated that these outlets also succeeded in placing
large numbers of gas and electric devices in customers'
homes.
At the close of 1933, the public utility properties now
comprising the Standard Gas and Electric Company sytem
served a total of 1,665 communities, having a combined
estimated population of 6,000,000. As of December 31,
1933, a total of 1,600,780 customers of all classes was served,
an increase during the year of 12,728 customers, or 0.80
per cent. These figures include an increase of 12,075 customers, or 1.07 per cent in the electric department, and an
increase of 753 customers, or 0.16 per cent, in the gas department. Electric connected load, or business served, increased
25,884 kilowatts, or 0.76 per cent, to a total of 3,401,249
kilowatts. Electric output for the year increased 0.64 per
cent to a total of 4,006,097,918 kilowatt-hours. Gas output
was 35,326,090,000 cubic feet, a decrease of 2.45 per cent.
Capital expenditures of the subsidiary and affiliated public
utility companies for additions renewals and replacements
>086,338. After deductions for
during 1933 totaled
retirements of property, net construction expenditures
amounted to $564,706. As of December 31, 1933, the
aggregate capacity of the electric generating plants of the
subsidiary and affiliated public utility companies was
1,584,079 kilowatts.
The capital expenditures budget of the subsidiary and
affiliated public utility companies for the year 1934 totals
$12,023,000 of which $1,584,000 is for the completion of
work started prior to January 1, 1934, $2,712,000 is for
extensions to serve anticipated new business, and the remaining $7,727,000 is almost entirely for reconstruction work
necessary to maintain the high standard of the existing
physical properties of the system. No new projects of major
importance are contemplated during 1934.
Effective June 5, 1933, the properties of Wisconsin Public
Service Corporation and Wisconsin Valley Electric Company,
subsidiaries of Standard Gas and Electric Company, were
consolidated and are now operated under the name of
Wisconsin Public Service Corporation. Operations of the
Fort Smith Traction Company, a subsidiary of Standard
Gas and Electric Company, were abandoned in November,
1933, and the Company was dissolved.
Byllesby Engineering and Management Corporation, a
wholly-owned subsidiary of Standard Gas and Electric
Company, continued its cooperation with subsidiary: and
affiliated companies of the system in their efforts to maintain
the high standards of service to which the public has become
accustomed.
RATES
It has always been the policy of the companies in the
Standard Gas and Electric Company system to maintain
public utility rates on as low a level as possible consistent
with adequate, reliable service. Rates today are far below
pre-war levels, and are even considerably less than those of
1926, which has been recognized as a base year by the present
National Administration in the restoration of price levels.
In spite of these facts, and with greatly increased tax burdens,
higher wages and advancing price levels, agitation for reduction of rates, especially those applying to residential and
commercial electric service, has been intensified by the
electric power production program of the Federal government, and the financial aid which has been offered to municipal ownership projects through the Public Works Administration.
The government projects have all been highly publicized.
Their proposed rates for service have received widespread
attention, and are based upon the presumption of greatly
increased use of service by individual customers, which may
or may not be realized. Given such increased use of service
by individual customers and relief from excessive taxes,
well-managed, progressive, privately operated electric service
companies can offer rates as low or lower than those of
government operated enterprises.
CUSTOMER OWNERSHIP
The total number of shareholders of preferred and common stocks of subsidiary and affiliated public utility companies of Standard Gas and Electric Company at the close
of 1933 was 160,330, of which a majority are customers of
the companies or residents of the territories served. It is
encouraging to note that this represents a loss of only 1,609
shareholders compared with the number at the end of 1932.
May 12 1934
Activities in connection with customer ownership were
limited almost entirely to maintaining contacts with customer shareholders, and attempting to find a market for
such stocks as were offered for sale. No efforts were made
to dispose of treasury stocks during the year.
Dividends on the preferred shares of subsidiary and
affiliated public utility companies of Standard Gas and
Electric Company were mamtained during 1933 at the
regularly specified rates, with the following exceptions:
Mountain States Power Company paid no dividends on its
preferred shares; Southern Colorado Power Company, for
the quarter ending February 28, 1933, reduced the dividend
on its 7 per cent preferred shares from $1.75 to $1.25 a share,
and for subsequent quarters during 1933 paid dividends at the
rate of $1.00 a share. The California Oregon Power Company, beginning with the quarter ended September 30, 1933,
halved the dividend rate on its 7 per.cent and 6 per cent
preferred shares, and has since maintained the reduced rates.
Northern States Power Company (Wisconsin) discontinued
the dividend on its 7 per cent preferred shares after paying
in full to February 28, 1933; however, only a relatively small
amount of this latter stock is outstanding in the hands of the
public. This company should not be confused with Northern States Power Company (Delaware), one of the largest
companies in the Standard Gas and Electric Company system, which has maintained preferred stock dividends at the
regularly specified rates.
In addition to the shareholders of the subsidiary and
affiliated public utility companies,Standard Gas and Electric
Company had of record 45,391 shareholders of preferred and
common stocks.
FINANCIAL
Standard Gas and Electric Company system, not including
Deep Rock Oil Corporation and The Beaver Valley Traction
Company (both in receivership), had current assets $14,138,496.53 in excess of current liabilities, and combined cash
resources of $24,221,221.77 at the end of 1933. Funded
debt maturities of subsidiary and affiliated companies during
1934 aggregate $10,117,840, and include $6,448,000 The
Minneapolis General Electric Company (Northern States
Power Company system) 5 per cent Thirty Year Gold Mortgage Bonds, due December 1, 1934; $1,638,000 Pittsburgh
and Charleroi Street Railway Company (Pittsburgh Railways
Company system) First Mortgage 5 per cent Thirty Year
Gold Bonds, due May 1, 1932, but extended at 6 per cent to
May 1, 1934; $1,644,000 The Second Avenue Traction Company (Pittsburgh Railways Company system) First Mortgage Gold Bonds, due December 1, 1934; $25,000 Finleyville
Oil and Gas Company (Philadelphia Company system)
Serial Gold Bonds, 6 per cent, due November 15, 1934; and
$1,000 Village of Currie (Northern States Power Company
system) 6 per cent Mortgage Notes, due October 1, 1934.
Maturities in 1934, included in the above total of $10,117,840, but redeemed prior to the publication of this report,
include $200,000 Pittsburgh Railways Company 6 per cent
Car Trust Gold Bonds, Series "A," due February 1, 1934,
and $80,000 Pittsburgh Railways Company 6 per cent Car
Trust Gold Bonds, Series "B," due April 15 1934; $80,000
Equitable Real Estate Company (Philadelphia Company
system) Real Estate Mortgage, 554 per cent, due March 1,
1934; and $1,840 City of Tracy (Northern States Power
Company system) 5 per cent Mortgage Notes, due January
1, 1934.
Bank indebtedness at December 31, 1933, was $8,365,000.
Of this amount, Standard Gas and Electric Company owed
$1,515,000, secured by collateral, compared with $3,850,000
at December 31, 1932, a reduction of $2,335,000. A further
reduction of $215,000 has been made since the first of the
year. These reductions were effected from current funds,
and it is planned to reduce the debt further from time to
time in the same manner. Of the $6,850,000 debt of subsidiary and affiliated companies,$6,375,000 wasindebtedness.
of Wisconsin Public Service Corporation, $300,000 was owed
by Pittsburgh Railways Company, and $175,000 by Market
Street Railway Company. The $6,375,000 loan of Wisconsin Public Service Corporation, which has been renewed
for six months from April 20, 1934, with privilege of additional six months renewal, is secured by the deposit, as
collateral, of $7,500,000 Wisconsin Public Service Corporation First Lien and Refunding Mortgage 6 per cent Gold
Bonds, Series "C," due March 1, 1959, which it is intended
will be sold to liquidate the bank debt when investment
market conditions permit. Standard Gas and Electric Company has guaranteed payment of the Wisconsin Publio
Service Corporation loan, and has pledged certain of its
assets as collateral to the guarantee.
Standard Gas and Electric Company is not indebted to
any of its subsidiary and affiliated companies.
CONCLUSION
It has been gratifying to note the upturn in general business activities beginning in the latter part of 1933, which has
been reflected in improved demand for public utility services.
The physical properties in the Company's system have been
well maintained and efficiently operated, and with plant
capacities and distribution facilities ample to take care of
additional service requirements, the subsidiary and affiliated
companies are in excellent position to benefit from a continuation of improved business conditions.
The future of the privately-operated public utility companies of the nation, however, is largely dependent upon
Volume 138
freedom from governmental interference and competition.
During depressed years they met declining revenues with
rigid economies, but now, with business only slightly improved, operating costs greatly increased by compliance with
the National Recovery Administration codes, and rates
strictly controlled by State and local regulation, they are
faced with direct competition from the very government
they help to support with the heavy taxes they are compelled to pay.
We present these facts to our shareholders because we feel
that every investor in public utility securities should be acquainted with the situation. We believe the public utilities
are entitled to protection from destructive competition since
all of their operations already are under comprehensive public
regulation, and also from an unduly heavy burden of taxation; and that investors in public utility securities, in their
own interest, should acquaint their regularly elected representatives with the facts respecting those unfair governmental policies, whether local, State or National, which tend
to destroy the values behind these investments which have
such a wide diffusion of ownership among the American
people.
Neither Standard Gas and Electric Company nor any of
its subsidiary and affiliated companies has in operation any
bonus or profit-sharing plan for the payment of extra compensation to officers or directors.
The Directors acknowledge with appreciation the loyal
and efficient services of employes and executives throughout
the Company' organization.
By Order of the Board of Directors,
JOHN J. O'BRIEN,
President.
This report and the financial statements contained herein are submitted to
the stockholders of the Company r their general information and not in
connection with any sale or offer to sell or solicitation of an offer to buy any
securities.
REPORT OF TREASURER
Chicago, Illinois April 28, 1934
John J. O'Brien, Esq.,
President, Standard Gas and Electric Company,
Chicago, Illinois.
Dear Sir:
I beg to submit herewith Summaries of Income and
Surplus and Capital Surplus for the year ended December
31, 1933, and Balance Sheet at December 31, 1933, of
Standard Gas and Electric Company; also, Statement of
Consolidated Income and Surplus for the year ended December 31, 1933, irrespective of changes during the year in
holdings of the parent company of capital stocks in present
subsidiary and affiliated companies consolidated therein, not
including Deep Rock Oil Corporation and The Beaver Valley
Traction Company (both in receivership) on a consolidated
basis, and Condensed Consolidated Balance Sheet at December 31, 1933, of Standard Gas and Electric Company and
Subsidiary and Affiliated Companies, not including Deep
Rock Oil Corporation and The Beaver Valley Traction Company (both in receivership) on a consolidated basis. The
foregoing statements have been examined by. Haskins &
Sells, Certified Public Accountants, and their report is
incorporated herein.
Dividends on the $7.00 Cumulative and $6.00 Cumulative
Prior Preference Stocks were paid to September 30, 1933 at
the full cumulative rates; however, commencing with the
quarter ended December 31, 1933, dividend payments were
reduced to annual rates of $2.10 and $1.80 a share, respectively. On the basis of these rates the annual dividend
requirements amount to $953,530.80. Dividends on the
$4.00 Cumulative Preferred Stock were paid to February
28, 1933.
The net income for the year 1933 of Standard Gas and
Electric Company, as shown below, amounted to $2,930,356.94, equivalent to $6.45 and $5.53 a share, respectively,
on the $7.00 Cumulative and $6.00 Cumulative Prior
Preference Stocks of Standard Gas and Electric Company
outstanding December 31, 1933, which compares with $9,126,715.38 for the year 1932, equivalent, after deducting
preferred dividends, to $1.27 a share on the 2,162,607 shares
of Standard Gas and Electric Company Common Stock outstanding December 31, 1932.
The consolidated net income for the year 1933 of Standard
Gas and Electric Company and Subsidiary and Affiliated
Companies, as shown below, amounted to $2,459,965.22,
equivalent to $5.41 and $4.64 a share, respectively, on the
$7.00 Cumulative and $6.00 Cumulative Prior Preference
Stocks of Standard Gas and Electric Company outstanding
December 31, 1933, which compares with $7,720,639.94 for
the year 1932 (p.djusted to a comparable basis) equivalent,
after deducting preferred dividends, to $0.62 a share on the
2,162,607 shares of Standard Gas and Electric Company
Common Stock outstanding December 31, 1932.
Immediately following the certified statements will be
found statements of securities owned and capitalization, and
balance sheets, earnings statements and statistical data of
the subsidiary and affiliated public utility companies.
Respectfully yours,
M. A MORRISON,
Treasurer.
3297
Financial Chronicle
STANDARD GAS AND ELECTRIC COMPANY
(Incorporated in Delaware)
BALANCE SHEET, DECEMBER 31, 1933
ASSETS
Investments:
Securities of subsidiary and affiliated
companies owned (including $31,964,672.66 pledged as collateral to notes
payable of this company and to guarantee of notes payable of a subsidiary
$256.850.853.71
company)—at book value
Investments in, advances for account of,
and account receivable from Deep
Rock Oil Corporation (in receivership)
34,149.623.15
at book value
Other Investment Securities (including
$6,984.402.32 pledged as collateral to
notes payable of this company and to
guarantee of notes payable of a subsidiary company)—at book value
(market value at December 31, 1933.
7.056,176.55E298,056.653.41
$3,216,546.25)
2.137,049.70
294,795.00
Cash (including $1,057,382.64 in time deposits)
Cash Deposited for Note Interest
Accounts Receivable:
Subsidiary and Affiliated Companies.._ _ _ $7,342,054.16
18,629.38
Other Accounts Receivable
7.360,683.54
Accrued Accounts:
Interest on Bonds Owned
Dividends on Stocks Owned
1,523.013.34
Office Furniture and Fixtures
Insurance Premiums—Unexpired Portion
Deferred Accounts:
Deposit in Closed Bank—face value
Other Deferred Accounts
$41,250.00
1,481,763.34
1.00
2,284.71
$96,072.59
34,000.00
130,072.59
Unamortized Debt Discount and Expense, subsequent to
December 31, 1226
1.460,835.54
Total
$310.965.388.83
LIABILITIES
Funded Debt:
Twenty Year 6% Gold Notes, due
$14,823,000.00
October 1, 1935
3
67 CiiinvArtAble Gold Notes; due Octoger
9,826,500.00
Series "A," due
15,000,000.00
6$ebtlry l•rgi res.
peb
l
be ibengri, Series "B," due
67 Gogl l?e. l
/3
10,000.000.00
ece
Standard Power and Lignt Corporation
6% Gold Debentures, due February 1,
24,000.000.00 $73,649.500.00
1957
Notes Payable
Accounts Payable
Accrued Liabilities:
Interest
Taxes
Other Accrued Liabilities
1.515.000.00
38.740.53
$1,686,504.80
360,057.24
23,851.05
Accrued Dividends on Prior Preference Capital Stock
Miscellaneous Reserves
Preferred Capital Stock
(Prior Preference without par value—Authorized.750,000
snares:
$7.00 Cumulative—Issued, 378,000 shares, less 9.652
shares in treasury, outstanding, 368,348 shares;
entitled in liquidation to $100.00 per Liar°
$6.00 Cumulative—Issued and outstanding, 100,000
snares; entitled in liquidation to $100.00 per share
$4.00 Cumulative Preferred without par value—
Authorized, 1,500,000 shares; issued, 757.642 shares.
less 200 shares in treasury, outstanding, 757,442
shares; entitled in liquidation to $50.00 per share)
Common Capital Stock without par value—Authorized,
10.000,000 shares;issued. 2,162,874 shares,less 267 shares
In treasury,outstanding.2,162,607 shares
Capital Surplus, per Accompanying Summary
Surplus, per Accompanying Summary
Total
2,070,413.09
238.398.15
1,906,379.37
87,350,943.35
21,626,070.00
111.173,241.67
11.396,702.67
$310,965,388.83
Notes.—Standard Gas and Electric Company was contingently liable at
December 31, 1933, as guarantor and endorser of obligations of subsidiary
companies, aggregating $6,379,137.61, and as indemnitor of surety bonds
issued by others for subsidiary and affiliated companies, aggregating
$427.963.26.
The item of $34,149,623.15. representing the book value of investments
in, advances for account of, and account receivable from Deep Rock Oil
Corporation (in receivership), includes a claim of Standard Gas and Electric
Company against the Corporation for $9,342,642.37, against which a
counter claim has been asserted. In the opinion of counsel for the Company, the de.ermination of the claim and counter claim should result in a
substantial liability from the Corporation to Standard Gas and Electric
Company.
Dividends on the prior preference capital stocks have been paid in full to
September 30, 1933, and have been accrued and declared at 30% of the
cumulative rates since that date. Dividends on the $4.00 cumulative preferred stock have been paid to February 28, 1933.
Investments are stated in amounts recorded by the company and do not
purport to represent realizable values or the company's equity in the book
value of net assets of subsidiary and affiliated companies.
ACCOUNTANTS' REPORT
Standard Gas and Electric Company:
We have made an examination of the balance sheet of Standard Gas and
Electric Company as of December 31, 1933. and of the summaries of income
and surplus, and capital surplus for the year 1933, and have examined or
tested the accounting records of the company and other supporting evidence.
A revaluation,Including assignments of original values in some instances,
was made in 1919 with respect to all securities then owned, supplemented
by a reapportionment in 1920 as to certain security values, and in 1921 a
credit arising from common capital stock donated to the company was
applied to a reduction in values of certain securities. These adjustments,
and subsequent transactions for exchanges and dispositions of such
securities based upon the adjusted values, are reflected in the surplus at
December 31, 1933, in an indeterminable amount.
Losses on investments sold or written off during the year 1933 have been
charged to capital surplus.
In our opinion, ant:beet to the foregoing, the above balance sheet and
accompanying summaries of income and surplus, and capital surplus, with
notes thereon, fairly present your financial condition at December 31.
1933, and the results of your operations for the year ended that date, and
have been prepared in accordance with consistent application of the Corn..
pany's system of accounting and with accepted accounting principles.
HASKINS & SELLS
Chicago, April 23. 1934.
Financial Chrnnicle
3298
STANDARD GAS AND ELECTRIC COMPANY
SUMMARY OF INCOME AND SURPLUS FOR THE YEAR ENDED
DECEMBER 31, 1933
(Not including the Company's interest in the undistributed surplus earnings of
the subsidiary and affiliated companies)
Income Credits:
Interest on Bonds Owned
$165,000.00
Interest on Notes, Accounts Receivable,
etc
539,770.48
Dividends on Preferred and Common
Capital Stocks Owned
7,211,062.81 $7,915,833.29
General Expenses and Taxes
179,300.10
Net Income Credits, Available for Interest and Other
Charges
Interest:
Funded debt, including amortization of
debt discount and expense
$4,570,132.20
Other Interest
236.044.05
Net Income
Surplus, December 31, 1932
$7,736,533.19
4,806,176.25
$2,930,356.94
11,838,468.80
Total
$14,768,825.74
Deduct:
Dividends:
Prior Preference Capital Stock, $7.00
Cumulative
$2,125,825.15
Prior Preferehce Capital Stock, $6.00
Cumulative
495,000.00
$4.00 Cumulative Preferred Capital
Stock
504,923.34
Additional provision for prior years' Federal income tax and other charges, less
sundry credits
246,374.58
3,372,123.07
Surplus, December 31, 1933
$11.396,702.67
Notes.—Income from dividends includes $503,562.86 charged by subsidiary and affiliated companies to surplus accumulated prior to January 1,
1933.
Debt discount and expense, amounting to $3,031,016.75, on notes now
outstanding has been charged to capital surplus in prior years, eliminating
amortization of debt discount and expense of $234,610.32 for the year.
Dividends on preferred and common capital stocks owned include dividends received from Byllesby Engineering and Management Corporation,
a wholly-owned subsidiary of Standard Gas and Electric Company the
Income of which is derived from charzes for engineering and management
services rendered to companies subsidiary to, and otherwise affiliated with,
Standard Gas and Electric Company. The proportion of such charges,
capitalized by subsidiary and affiliated companies, includes profit thereon
to Byllesby Engineering and Management Corporation.
SUMMARY OF CAPITAL SURPLUS FOR THE YEAR ENDED
DECEMBER 31, 1933
Arising from Reduction of Capital Represented by Common
Stock to a Stated Value of $10.00 per Share
$114,983,652.06
Deduct:
Losses on investments sold or written off during 1933._ 3,810.410.39
Balance, December 31, 1933
$111,173,241.67
SECURITIES OWNED, DECEMBER 31, 1933
Bonds—
Pace Value
The California Oregon Power Company, 534% Gold Debentures, due 1942
$3,000,000.00
With
Without
Par Value Par Value
Preferred Stocks—
(Amount)
(Shares)
The California Oregon Power Company,7%
$ 445,700.00
The California Oregon Power Company,6%
220,700.00
The California Oregon Power Company,6%,Series
of 1927
1,127,100.00
Deep Rock Oil Corporation (in receivership)
969
Market Street Railway Company
3,925,000.00
Market Street Railway Company,Second Preferred 2.550,000.00
Southern Colorado Power Company
36,000.00
Wisconsin Public Service Corporation
1,339.700.00
Common Stocks—
Byllesby Engineering and Management Corporation
100.000
The California Oregon Power Company
82,061
Deep Rock Oil and Refining Company
9,000
Deep Rock Oil Corporation (in receivership)
579,132
Empresa de Servicios Publicos de los Estados
Mexicanos, S. A
$2,900,000.00
Louisville Gas and Electric Company (Delaware),
Class"B"
282,588
Market Street Railway Company
6,190,000.00
Mountain States Power Company
88,530
Northern States Power Company (Delaware),
1,160,000.00
Class"A"
Northern States Power Company (Delaware),
729,083
Class"B"
19.190.000.00
Oklahoma Gas and Electric Company
5,010,500.00
Pacific Gas and Electric Company
4,627,530
Philadelphia Company
San Diego Consolidated Gas and Electric Company 9,938.700.00
156,175.00
Southern Colorado Power Company, Class "A"___
75.000
Southern Colorado Power Company, Class "B".._ _
9,000,000.00
Wisconsin Public Service Corporation
STANDARD GAS AND ELECTRIC COMPANY
and
SUBSI DIARY AND AFFI LI ATED COMPANIES
STATEMENT OF CONSOLIDATED INCOME AND SURPLUS
FOR THE YEAR ENDED DECEMBER 31, 1933
[Irrespective of changes during the year in holdings of the parent company of
capital stocks in present subsidiary and affiliated companies not including
Deep Rock Oil Corporation and The Beaver Valley Traction Company (both in
receivership) on a consolidated basis.]
Subsidiary and Affiliated Public Utility
Companies:
Gross Earnings:
$83,760,909.54
Electric Department
18,445,244.91
Gas Department
1,600,424.40
Steam Department
170,603.31
Telephone Department
19,636.085.23
Transportation Department
328,701.72
Water Department
54,003.18
Ice Department
86,552.89
Oil Department
$124,082,525.18
Operating Expenses, Maintenance and
Taxes:
$47,021,574.12
Operating
6.908,668.61
Maintenance
11,623,294.39
Taxes
65.553.537.12
may
12 1934
Subsidiary and Affiliated Public Utility
Companies (Concluded).
Net Earnings:
Electric Department
$47,950,313.75
Gas Department
5,995,637.64
Steam Department
643,713.47
Telephone Department
66.056.15
Transportation Department
3.747.433.44
Water Department
112.332.27
Ice Department
14.517.92
011 Department
1,016.58*
$58,528,988.06
1.153,782.84
Other Income—Net
Net Earnings,including Other Income, before Appropriation for Retirement of Property and for Depletion_ ___ $59,682.770.90
Income and Dividend Charges:
Interest (less interest charged to construction)
$20,949,157.98
Appropriation for Amortization of Debt Discount and
Expense
1,329.988.25
Rent of Leased Properties
1,727,059.51
Appropriation for Retirement of Property and for Depletion
14,671.527.93
Miscellaneous Charges
231,510.00
Dividends on Capital Stocks Held by
Public:
Preferred Stocks_ ___313,076.878.92
2,215,637.62
Common Stocks
815,292,516.54
Less Net Amount Charged to Surplus
408,219.01
accumulated prior to Jan. 1, 1933.
14.884.297.53
$53.793.541.20
Total
Balance of Earnings of Subsidiary and Affiliated Public
Utility Companies Applicable to Standard Gas and
$ 5,889,229.70
Electric Company
Net Income of Non-Utility Subsidiary Companies Applicable
1.031,246.43
to Standard Gas and Electric Company
527.214.74
Other Income of Standard Gas and Electric Company
$7.447.690.87
Total
Standard Gas and Electric
Less—Expenses and Taxes of
179.300.10
Company
Consolidated Net Income, before Deduction of Income
$7,268,390.77
Charges of Standard Gas and Electric Company
Income Charges of Standard Gas and Electric
Company:
Interest on Funded Debt including Amortiza$4,570,132.20
tion of Debt Discount and Expense
238,293.35
Other Interest
4.808.425.55
$2,459,965.22
Consolidated Net Income
30.862.402 49
Consolidated Surplus, December 31, 1932
$33,322,367.71
Total
Deduct:
Dividends on Preferred Stocks of Standard
Gas and Electric Company:
$2,127,225.15
Prior preference. $7.00 cumulative
495,000.00
Prior preference. $6.00 cumulative
504,923.34
$4.00 cumulative preferred
Surplus Invested by Philadelphia Company
1,722,8.38.79
in Stocks Reacquired
654,493.09
Sundry Adjustments Net
5.504,480.37
$27,817,887.34
Consolidated Surplus, December 31, 1933
* Loss.
Notes.—A portion of debt discount and expense on certain bonds and
notes now outstanding has been charged to capital surplus in prior years,
eliminating amortization of discount and expense of, approximately, $450.000.00 for the year. No appropriations for amortization of debt discount
and expense have been made by Mountain States Power Company, nor by
Oklahoma Gas and Electric Company on certain issues called before maturity.
No provision has been made for losses on property abandoned or sold by
certain subsidiary and affiliated companies, nor for amortization by The
California Oregon Power Company of the cost of the Link River Dam,and
Certain operating costs at reservoir sites which have been considered by
that company as additional costs of acquisition and development.
STANDARD GAS AND ELECTRIC COMPANY
and
SUBSIDIARY AND AFFILIATED COMPANIES
[Not including Deep Rock Oil Corporation and The Beaver Valley Traction
Company (both in receivership) on a consolidated basis.]
ASSETS
Plant, Property, Rights, Franchises, Etc. (comprising
tangible physical property such as lands, hydro-electric
and steam generating stations, gas manufacturing
plants, transmission lines, substations and distribution
systems, and all other elements of physical property,
at cost or appraised value, used in rendering electric,
gas, railway, telephone, steam and other services: franchises and other intangibles, including the net excess
of book values of investments in subsidiary and affiliated
companies over the par or stated values and surplus at
dates of acquisition applicable to such investments and
premiums, discount and expense incident to sales, reacquisitions and resales of preferred and common capital
stocks)
$1,053,382,138.22
Investments in. Advances for Account of. and Account
Receivable from Deep Rock Oil Corporation (in receivership)—at book value
34,149,623.15
Investments in Stock, Bonds and Note of The Beaver
Valley Traction Company (in receivership)—at book
value
1,205,900.00
Investments in Other Companies, Associations, etc. (including $6,984,402.32 pledged as collateral to notes
payable)—at book value
17,632,528.94
Sinking Funds and Other Deposits
516,430.93
Current and Working Assets:
Cash (including $11,278,073.24 in time
deposits)
$24,221,221.77
Cash on Deposit for Bond and Note Interest, etc
1,278,130.90
Accounts and Notes Receivable (less reserve)
10.902,577.58
Unbilled Accounts Receivable
2,931,074.07
Materials and Supplies (at cost)
9,696,583.27
49,029,587.59
Other Assets:
Accounts and Notes Receivable
418,586.83
Prepaid Accounts:
Insurance Premiums—Unexpired Portion$ 577,902.07
Prepaid Accounts
Other
334,030.22
911,932.29
Deferred Accounts:
Unamortized Debt Discount and Expense (including premium and discount on bonds and notes called before
maturity, certain of which are in
process of amortization over refunding
issues)
$30,680,616.57
Deposits in Banks Closed or Under Restriction—face value
433,800.28
Losses on Properties Abandoned or Sold_ 1,581.400.46
Other Deferred Accounts
2,552,181.75
35,247,999.06
Total
$1.192,494,727.01
Financial Chronicle
Volume 138
STANDARD GAS AND ELECTRIC COMPANY
and
SUBSIDIARY AND AFFILIATED COMPANIES
[Not including Deep Rock Oil Corporation and The Beaver Valley Traction
Company (both in receivership) on a consolidated basis.]
LIABILITIES
Funded Debt:
Standard Gas and Electric Company_ _ _373,649,500.00
Subsidiary and Affiliated Companies—
Held by Public (including $10,117,840.00 maturing in 1934 and $977,000.00 matured)
406.886.753.69
$ 480.536,253.69
Notes Payable (including collateral notes
of $7,890,000.00)
8,370,300.00
Accounts Payable
3,795,661.36
Accrued Liabilities:
Taxes
$12.291,011.13
Dividends Payable and Accrued
2,924,423.51
Interest
7,206.660.93
Other Accrued Liabilities
303.034.13
22,725,129.70
Deferred Liabilities:
Customers' Deposits. etc
32,459.578.55
Customers' Advances for Construction
• 852.8.33.44
Municipal Assessments
179.702 94
Other Deferred Liabilities
515,062.04
4,007.176.97
Unadjusted Credits
554,542.81
Reserves:
Retirement and Depletion
$98,169.406.05
Other Reserves
13.227.889.15
111,397,295.20
Preferred Stocks:
Standard Gas and Electric Company_ —887.350.943.35
Subsidiary and Affiliated Companies—
Held by Public
236.789,050 00
324.139,993.35
Common Stocks:
Standard Gas and Electric Company__ _$21,626,070.00
Subsidiary and Affiliated Companies—
Held by Public
59.759.878.40
81,385,948.40
Surplus invested by Philadelphia Company
in Stocks Reacquired
1,428,300.00
Capital Surplus:
Accrued to Minority Capital Stocks_ ---S
213.644.01
Consolidated
112.175,092.46
112.388,736.47
Surplus:
Accrued to Minority Capital Stocks__ _ _313,947,501.72
Consolidated
27.817.887.34
41,765,389.06
Surplus, at dates of Acquisition, Accrued
to Capital Stocks of Subsidiary and Affiliated Companies held by Standard Gas
and Electric Company,Eliminated
$38.124,035.15
Nil
Total
81.192,494.727.01
CONDENSED CONSOLIDATED BALANCE SHEET NOTES
Dividends on the prior preference capital stocks of Standard Gas and
Electric Company have been paid in full to September 30. 1933. and
have been accrued and declared at 30% of the cumulative rates
date. Dividends on the $4.00 cumulative preferred stock have since that
been paid
to February 28. 1933.
0 The surplus accrued to minority capital stocks does not include
unearned
accumulated dividends on preferred stocks of The California Oregon Power
Company, Market Street Railway Company, and Mountain
States Power
Company.
This balance sheet does not include operated lessor companies,
with
outstanding capital stocks of $16,409.800.00 and bonds of $1.988,000.00
certain of which are guaranteed as to dividends, principal and interest by
certain subsidiary companies.
0 Standard Gas and Electric Company was contingently liable at
December
31, 1933. as indemnitor of surety bonds issued by others for subsidiary
3299
and affiliated companies, aggregating $427,963.26. Certain of the companies included herein were contingently liable at December 31, 1933, in
connection with rates, state and franchise taxes, damage claims, etc., in
litigation, and for certain other cliams, judgments, etc., the total amount
of which is not determinable.
The item of 334,149,623.15, representing the book value of investments
in, advances for account of, and account receivable from Deep Rock Oil
Corporation (in receivership), includes a claim of Standard Gas and Electric
Company against the Corporation for $9,342,642.37, against which a
counter-claim has been asserted. In the opinion of counsel for the Company.
the determination of the claim and counter-claim should result in a substantial liability from the Corporation to Standard Gas and Electric Company.
The liability of certain subsidiary and affiliated companies for Federal
income tax for 1933 and certain prior years is subject to review by the
Bureau of Internal Revenue or redetermination by the United States Board
of Tax Appeals. Suit has been brotwht by the United States Government
against Philadelphia Company and its subsidiaries to reopen a settlement
of Federal income tax for the years 1917 to 1923, inclusive, to recover tax
refunded to the companies. Final determination of tax for the year 1924
and subsequent years is contingent upon the outcome of this suit.
No appropriation for amortization of debt discount and expense has been
made by Mountain States Power Company since December 31, 1923. No
appropriation for amortization of debt discount and expense on certain
issues called before maturity has been made by Oklahoma Gas and Electric
Company.
The consolidated surplus includes 5223,834.97 representing an intercompany transaction arising from refunding of bonds of a subsidiary
company.
In addition to the investment indicated as being pledged, certain securities which are eliminated were pledged as collateral to funded debt
and notes payable.
Investments are stated in amounts recarded by the companies and do not
purport to represent realizable values.
ACCOUNTANT'S REPORT
Standard Gas and Electric Company:
We have made an examination of the condensed consolidated balance
sheet of Standard Gas and Electric Company (a Delaware corporation),
and subsidiary and affiliated companies, as of December 31. 1933, and of
the statement of consolidated income and surplus for the year 1933, and
have examined or tested the accounting records and other supporting
evidence of the company and those of your subsidiary and affiliated companies which have the major part of the operating assets and income.
We also have been furnished with copies of reports of other accountants
on their examinations of the remaining subsidiary and affiliated companies
(except Deep Rock Oil Corporation and The Beaver Valley Traction Company. both in receivership), and the figures included in the accompanying
statements, with respect to such subsidiaries, are based upon those reports.
The accounting policy of certain operating subsidiary and affiliated
companies with respect to appropriations for retirement of property and
for depletion is based upon making such appropriations from current
income as are from time to time considered by the management as necessary (in addition to expenditures for current maintenance) to maintain
the properties in condition to render adequate service and to provide for
current retirements as distinguished from amortization of the investment
in property over an estimated duration of the property.
Net income of non-utility subsidiary companies includes the income of
Byllesby Engineering and Management Corporation, a wholly-owned subsidiary of Standard Gas and Electric Company, which is derived from
charges for engineering and management services rendered to companies
subsidiary to, and otherwise affiliated with, Standard Gas and Electric
Company, The proportion of such charges, capitalized by subsidiary and
affiliated companies, includes profit thereon to Byllesby Engineering and
Management Corporation.
A revaluation, including assignments of original values in some instances.
was made by Standard Gas and Electric Company in 1919 with respect to
all securities then owned, supplemented by a reapportionment in 1920 as
to certain security values, and in 1921 a credit arising from common capital
stock donated to the company was applied to a reduction in values of certain
securities. These adjustments, and subsequent transactions for exchanges
and dispositions of such securities based upon the adjusted values, are
reflected in the consolidated surplus at December 31, 1933, in an indeterminable amount.
Losses on investments sold or written off during the year 1933 by Standard Gas and Electric Company, in the amount of $3,810,410.39, have been
charged to capital surplus by that company.
In our opinion, subject to the foregoing, the accompanying condensed
consolidated balance sheet with the above notes applicable thereto, and
related statement of consolidated income and surplus with the notes thereon,
fairly present your consolidated financial condition at December 31, 1933.
and the results of operations for the year ended that date and have been
prepared in accordance with consistent application of the companies'
system of accounting and with accepted accounting principles.
Chicago. April 28, 1934.
HASKINS & SELLS
SUBSIDIARY AND AFFILIATED COMPANIES OF STANDARD GAS AND ELECTRIC COMPANY
(Not including Deep Rock Oil Corporation and The Beaver Valley Traction Company (both in receivership))
CAPITALIZATION OUTSTANDING DECEMBER 31. 1933—FUNDED DEBT
Outstanding (Less Inter- Owned by Standard Gas
Company Holdings)
and Electric Company
Company,including Subsidiary Companies
Outstanding
with Public
Face Value
$ 17.560,500
30,541.200
6,725.000
8,654,450
114,601,603
42,594,600
149,282,900
15,868.000
6,893,000
17,165.500
Totals
Face Value
$ 3,000,000
Face Value
$ 14.560.500
30.541.200
6.725.000
8,654.450
114,601,603
42,594,600
149.282.900
15,868,000
6.893.000
17,165.500
$ 409.886.7.5.3
The California Oregon Power Company
Louisville Gas and Electric Company (of Delaware)
Market Street Railway Company
Mountain States Power Company
Northern States Power Company (of Delaware)
Oklahoma Gas and Electric Company
Philadelphia Company_
San Diego Conso idated Gas and Electric Company
Southern Colorado Power Company
Wisconsin Public Service Corporation
$ 3.000.000
$ 406.886.753
PREFERRED AND COMMON STOCKS
Outstanding
(Less—Inter-Company Holdings)
Company, including Subsidiary Companies
Preferred
Common
Owned by
Standard Gas and Electric Company
Outstanding
with Publie
Preferred
Common
Preferred
Common
With
Without
With
Without
With
With
Without
Without
With
With
Without
Par Value ParValue Par Value Par Value Par Value Without
Par Value Par Value Par Value Par Value ParValue Par Value ParValue
(Amount) (Shares) (Amount) (Shares) (Amount)
(Shares) (Amount) (Shares) (Amount) (Shares) (Amount) (Shares)
$
$
i
$
Byllesby Engineering dr Management Corp
$
$
100,000
100,000
The California Oregon Power Company _ ___
9,585.700
82,061 1,793,500
82,061 7.792,200
Empresa de ServIclos Publlcos its los Estados
Mexicanos, S A
2,900,000
2,900,000
Louisville Gas and Electric Co. (of Del.)
21.504,600
8,800 901,323
282,588 21,504.600
Market Street Railway Company
8,600 618,735
21,279,050
10,647,400
6.475,000
6,190,000
14,804,050
Mountain States Power Company
4,457,400
5,304,400
142,500
88,530 5,304,400
Northern States Power Company (of Del.)_ 78.540.100
53,970
34,587.196 729,166
1.160,000 729,083 78.540,100
Oklahoma Gas and Electric Company
33,427,196
83
16,862,600
19.190,000
19,190.000
16,862,600
Philadelphia Company
54.168,000 153.868 1,028.020 4,800.563
4.627.530 54,168,000 153,868 1,028,020 173.033
Ban Diego Consolidated Gas and Elec. Co... 6,292,500
10,032.500
9.938,700
6,292,500
93,800
Southern Colorado Power Company
4,251,200
2,750.000
75,000
36,000
156,175
75,000 4.215,200
2,593.825
Wisconsin Public Service Corporation
13,205,100
9,000.000
1,339,700
9.000.000
11.885,400
Totals—Public Utility Companies
230,993,250 153.868 90,143,716 6,830,613 9,644.200
48,534,875 5,984.792 221,349,050 153.868 41,608.841 845.821
Deep Rock Oil and Refining Company
9.000
9,000
Totals
230,993,250 153.888 90,143.716 6.839.613 9.644,200
48,534.875 5,993.792 221,349,050 153.868 41.608.841 845.821
Financial Chronicle
3300
May 12 1934
SUBSIDIARY AND AFFILIATED PUBLIC UTILITY COMPANIES OF STANDARD GAS AND ELECTRIC COMPANY
COMPARATIVE STATEMENT OF GROSS AND NET EARNINGS FOR YEARS ENDED DECEMBER 31
[Figures for Each Period are for Properties Now Comprising the System excepting Deep Rock Oil Corporation and The Beaver Valley Traction Company
(both in receivership)r
GROSS EARNINGS
1933
Company.including Subsidiary Companies
1931
1932
1929
1930
The California Oregon Power Company
Empresa de Servicios Publicos de los Estado') Mexicanos, S. A
Louisville Gas and Electric Company (of Delaware)
Market Street Railway Company
Mountain States Power Company
Northern States Power Company (of Delaware)
Oklahoma Gas and Electric Company
Philadelphia Company
San Diego Consolidated Gas and Electric Company
Southern Colorado Power Company
Wisconsin Public Service Corporation
$ 3,605.473.26 $ 3,792.623.49 $ 3.853.246.54 $ 3,923,982.61 $ 3,387,415.92
439,360.52
267,064.22
331,657.91468,075.98
261,892.97
9,958.116.71 10,714,010.65 10,566.386.94 10,338.097.90
9,642,246.34
8,589,034.30
7,822.181.55
9,621,188.95
9.221,210.76
7.422.816.20
3,367,338.25
2,971.151.62
3,344,922.94
3,436,682.83
2.694,756.63
30,949.255.52 32.338.694.05 34,055.868.34 33.352,572.20 32,882.139.65
10.463.072.06 10.867.086.58 11,887,260.26 14.284,674.88 14.162.360.96
44,752,852.18 48,368,344.74 56.517.373.97 61,874.156.75 64.036,977.28
7.512.401.89
7.495,803.14
7,397,938.54
7,322,175.55
7,038,022.48
2,105.077.88
1,818,193.29
2,258,381.82
1,698,377.15
2,270.667.67
7.672.968.82
7,051,833.83
7.665,175.46
7.334.336.56
6.777.030.71
Totals
Less-Inter-Company Eliminations
$125,305,795.50 $132,751,093.22 $146,606,238.81 $154,461,524.62 $155.127,358.05
1.430,200.33
1,318,916.91
1,257.438.39
1.060,384.41
1,223.270.32
,
219A AR9 09A 1R 111Q1 4.19 17021 SlAA 17A AIR AR 41AQ 9na ARA 01 tIKA naan to AA
NET EARNINGS
1933
Company.including Subsidiary Companies
1930
1931
1932
1929
$ 2,075,024.37 52.311.267.92 $ 2,069,432.94 $ 2,270,952.08 $ 2.033.030.73
99,156.97
150,751.66
57,537.04
60,431.30
144.161.19
5.915,788.39
5.412,994.20
5,258,928.20
5,143,723.95
5.324,205.40
1,249,371.70
1.346,895.88
866,184.33
1,520.074.61
1,083.933.79
1,157,818.18
1,203.937.95
965,098.94
1.307.849.30
727,512.09
14,624,430.60 15,933,324.99 17,753,383.86 16,743,291.47 16,922,493.17
6,030.604.96
6,678,344.00
5,369,205.81
6.637.436.61
5,113,987.73
22.899,450.77 25.010,276.29 29.992,708.47 31,601,591.70 32.481.331.31
3,706,744.71
3,858.456.67
3.622.149.70
3,519,672.71
3,093,554.14
1,055,200.62
1,008.521.79
843,770.54
1.062,706.88
751,666.56
3,222.121.31
3,386.643.81
3,163.700.22
3,146,572.79
2,955,272.76
.
age gesz oszsz no 502 /12.1 2IR 50 579 091 007 7d 175 509 R95 MI 57d 110 7A9 1.2
The California Oregon Power Company
Empress de Servicios Publicos de los Estados Mexicanos, S. A
Louisville Gas and Electric Company (of Delaware)
Market Street Railway Company
Mountain States Power Company
Northern States Power Company (of Delaware)
Oklahoma Gas and Electric Company
Philadelphia Company
San Diego Consolidated Gas and Electric Company
Southern Colorado Power Company
Wisconsin Public Service Corporation
,.,..._._
COMPARATIVE STATISTICAL SUMMARY
(Figures for Each Period are for Properties Now Comprising the System)
1933
1932
1931
1930
1,135,423
445,635
12,211
1,444
6,067
1.123,348
444,882
11,979
1.546
6,297
1,144,390
457,671
12,353
1,583
6,728
1,136,168
458,299
12,220
1,717
7,153
Total Customers
1,600,780
1.588,052
1,622,725
1,615,557
1,578.798
Kilowatt Lighting Load
Kilowatt Power Load
Kilowatt Railway Load
1.696,991
1,599,788
104,470
1.666,315
1,602,733
106,317
1,653,807
1,640,632
102,665
1,593,289
1,620,450
98,736
1.536,582
1,498,841
87,441
3,397,104
3,312,475
3.375,365
3,401,249
4,006,097.918 3,980,540,013 4,404.785,857 4.594,752,028
35.326.090.000 36.215.346.000 41.703,260,000 46,211.675.000
4.551,670.111
46.404.ni5.nnn
At December 31Electric Customers
Gas Customers
Water Customers
Steam Customers
Telephone Subscribers
Total Kilowatts Connected
Kilowatt-hour Output (Calendar Years)
Man nlItnilt..-nnhie rcurtt. tOstlwrirlar Years1
--Earnings.
Warner-Quinlan Co.
1929
1,106,342
451,520
12,237
1,695
7,004
3,122,864
(M. J.) Whittall Associates, Ltd., Worcester, Mass.
-
1934.
3 Months Ended March 31Consolidated net loss after interest.
$608,585
reserves and taxes
Profit from discount on bonds redeem'd
5572,232
84,295
$608,585
$487,937
1932.
Receivership.
$470,430Temporary receivers for the company were appointed in Mass. Superior
Court recently on petition of Domestic Dyes Association. Inc.. of Wrent56,310
ham, a creditor, This action, it was said, is duo only to a shortness of cash.
George H. Mirick and Frederick R. Allen were named temporary receivers
$414.120
-V.137, p. 159.
by Judge Williams.
Net loss
-V. 137, p. 3162.
Webster Eisenlohr, Inc.-Earnings..
Quar. End. Mar. 31Gross profit
Expenses
Net loss
-V.138, P. 2099.
1933.
-Earnings.
Wisconsin Investment Co.
1934.
$151,811
238,437
1933.
$66.651
153,230
1932.
5121.420
156,366
1931.
$241,181
347.706
06,626
$86.579
$34,946
$106,525
Western Maryland Ry.-Earnings.-
-4th Week of April- -Jan. 1 to April 301933.
1934.
1933.
1934.
Period$238,921 $44,684,510 $33,581,506
earnings (est.),-- $293.602
Gross
-V. 138, p. 3111.
-Earnings.
Western Public Service Co.(& Subs.).
1934-12 Mos.-1933.
-Month-1933.
Period End. Mar.31- 1934
$141,667 $1,926,629 $1,973,954
$149,062
Gross earnings
1,011,572 1,075,290
84.434
84,769
Operation
82,219
78,855
7.232
7,402
Maintenance
151,171
158,906
11,824
14,922
Taxes
$665,272
$677.295
$38,176
$41.967
Net operating revenue
1,870
31,598
30.973
Inc. from other sources*
$6,577
$677.295
378,318
$667,143
323,929
Balance
Note interest (Eastern Texas Electric Co., Del.)--
8298,976
$343,213
141.848
Balance
Appropriation for retirement reserve
$298,976
200,000
5201,365
215,000
Balance
Interest and amortization
$10,993
Balance
Preferred stock dividend requirements
$98,976 def$13,634
82,785
119,449
Balance for common stock, dividends & surplus def$20,472 def$96,420
-V. 138, p. 2599.
* Interest on funds for construction purposes.
-Larger Div.
Western Real Estate Trust, Boston, Mass.
The directors have declared a semi-annual dividend of $3 per share on
the capital stock, payable June 1 to holders of record May 22. This com1 1933
pares with $1 per share paid on Dec. 1 last. $3 per share on Junepaid on
and on Dec. 1 1932. $4 per share on June 1 1932 and $5 per share
Dec. 1 1931.-V. 137, p. 3511.
-Earnings.
Western Union Telegraph Co., Inc.
1931.
1932.
1933.
1934.
3 Mos.End. Mar.31$21,632,174 $18,691,030 $22,521,351 $28,352,011
a Gross revenue
3,609.928
2.687,387 3,058,171
2,960,251
Maintenance
16,785,071 15.014.146 17,755.011 21.897,857
Expenses, taxes, &c
1.339,329
1.338,985
1.338,596
1,338,105
Bond interest
$369,184 $1,504,897
5548.747 loss3349,099
profit
Net
1.045.026 2,090,040
Dividends
$585,143
$8875,842
$349.099
sur3548,747
Deficit
-V.138. p.2947.
-Extra Dividend.
B.) Williams Co., Hartford, Conn.
(J.
The directors have declared an extra dividend of 25 cents per share in
oa the
addition to the regular quarterly dividend of 50 cents per sharep. 2281.
capital stock, payable May 15 to holders of record May 8.-V. 115.
3 Months Ended March 31Net income after expenses and other charges
-V.137, p. 3162.
1934.
$10,162
1933
$9.401
-April Sales.
(F. W.) Woolworth Co.
1934-4 Mos.-1933, Increase.
--1933. Decrease.J
-April
1934
519.787,540 $20.159,295 $3371.755 479,821,466 $89,758,806 $10,062,660
-V. 138, p. 2435, 1764.
CURRENT
NOTICES.
-The Banking Act of 1933 makes necessary a divorcement of the Fifth
Third Securities Co. from the Fifth Third Union Trust Co. of Cincinnati.
In view of this, L. R. Ballinger, President; Sidney D. Spritz, First VicePresident, and Lee R. Stalb, Assistant Treasurer, have withdrawn their
official connection with the Fifth Third Securities Co. to form the investment firm of Ballinger dr Co., to act as dealers and brokers in Government.
Federal Land bank and Home Owners' Loan Corporation bonds and other
investment securities. Offices will be maintained in the Union Trust Building, Cincinnati. Ballinger Sr Co. are connected by private wire with the
First of Boston Corp. and have membership in the Cincinnati Stock Exchange.
Mr. Ballinger. President of the new organization, enjoys an experience
of 20 years' investment service to banks in Ohio and the surrounding States,
having been President of an investment organization under his name
whose business was purchased by the Fifth Third Securities Co. in 1930.
He has also held office as President of the Cincinnati Stock Exchange.
Mr. Spritz, Vice-President, for many years an active member of the Cincinnati Stock Exchange, will handle the firm's brokerage business in Cincinnati and Ohio stocks. Mr. Stalb, Vice-President, is a specialist of
many years' experience in U. S. Government and Federal Land Bank bonds,
and previous to his connection with the Fifth Third Securities Co. was associated with C. F. Childs & Co. Charles N. Evans of the Chas. N. Evans
Bureau until recently Assistant Cashier of the Fifth Third Union Trust
Co., who has a wide acquaintance with financial institutions in Ohio and
surrounding States, will be general field representative.
-James Talcott, Inc., factors since 1854. have consummated affiliation
arrangements with Barnard, Phillips Factors. Inc., specialists in the factoring of textile accounts. The latter organization, it is stated, will continue
to operate as a spearate unit. J. Frederick Talcott, President, in commenting on this development, said: "Our policy since inception has been to
provide a personalized service to the textile and allied industries through
the functioning of a complete and efficient organization for checking credits
and financing accounts receivable. The past year has been profitable as
a whole in the textile Industry and has also evidenced a milestone of progress
in the factoring business. We look with optimism to the future and herald
the extension of our facilities with the new business relationship with Barnard, Phillips Factors, Inc., as an epoch in our business history."
Financial Chronicle
Volume 138
3301
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
-METALS
-DRY GOODS
PETROLEUM-RUBBER-HIDES
-WOOL-ETC.
COMMERCIAL EPITOME
Friday Night, May 11 1934.
COFFEE.
-In light trading futures on the 5th inst. were
up 10 to 15 points on Santos and 10 to 11 on Rio. Sales
were 1 lot in the former and 16 lots in the latter. Cables
from Brazil were generally unchanged and the spot market
was dull. Cost and freight offers were quiet and generally
unchanged with Santos 4s at 10.90 to 11.30c. On the 7th
inst. futures closed 1 to 4 points higher on Santos and 3 to 6
points higher on Rio with sales of 6,000 bags of the former
and 2,000 bags of the Rio. On the 8th inst. futures closed 3
points lower on Santos and Rio. Trading was small.
On the 9th inst. futures closed 9 to 13 points lower for Santos
with sales of 10,500 bags and 7 to 10 lower for Rios with sales
of 8,000 bags. Most of the selling was for the account of
commission houses and ring operators. The only support
was scale down short covering. Cost and freight offers
were unchanged and the spot market continued dull. On
the 10th inst. futures ended 1 point lower to 1 point higher
on Santos and unchanged on Rio. Trading was slow owing
to the holiday in Brazil. Only 15 lots of Santos sold and
5 in Rio. To-day futures reflected the weakness in grain
and cotton and closed 4 to 8 points lower.
Rio contracts closed as follows:
September
8.271
Santos contracts closed as follows:
May
July
10.58 September
10.68 December
11.02
11.15
COCOA futures on the 5th inst. closed 10 to 15 points
higher with sales of 3,189 tons. London speculators were
buying and there was also a better demand from Wall Street.
May ended at 5.37e., July at 5.51o., Sept. at 5.67 to 5.680.,
and Dec. at 5.81 to 5.820. On the 7th inst. futures closed
1 point lower to 3 points higher with sales of 4,368 tons.
July ended at 5.50e., Sept. at 5.66c., Oct. at 5.740. and
Dec. at 5.850. On the 8th inst. early losses of 8 to 9 points
were largely recovered and futures ended with net losses of
only 2 to 5 points with sales of 1,608 tons. July ended at
5.45e. Sept. at 5.640., Oct. at 5.72e., Dec. at 5.830., Jan.
at 5.90c., and Mar. at 6.03e. On the 9th inst. futures
closed 1 to 5 points higher with sales of 2,399 tons. July
ended at 5.47o., Sept. at 5.65c., and Dec. at 5.87e. On
the 10th inst. owing to a lack of demand futures closed
5 to 9 points lower with sales of only 844 tons. Yet selling
was light. May ended at 5.350., July at 5.42c., Sept. at
5.590., Dec. at 5.77e. Jan. at 5.84e. and Mar. at 5.98e.
To-day futures closed 2 to 4 points lower with sales of 38
'
lots. March ended at 5.960., July at 5.380., Sept. at 5.550.,
Oct. at 5.63o. and Dec. at 5.75e.
SUGAR futures on the 5th inst. ended 1 to 3 points higher
on buying based on the expectation of the early signing of
the sugar bill by the President. Trading amounted to
13,400 tons. Cuban interests and Wall Street bought.
Raws were firmer. On the 7th inst. futures closed 2 to 3
points higher on buying in anticipation of favorable action
by the President on the sugar bill. It was a more active
market with sales totaling 25,650 tons. On the 8th inst.
futures ended unchanged to 1 point lower with sales of 18,450
tons. Refined was reduced 10 points to 4.20e. by the National Sugar Refining Co. On the 9th inst. futures closed
unchanged to 2 points higher with more activity. Sales
were 15,950 tons. The signing of the sugar bill and the
announcement of a reduction of Me. per pound in the Cuban
duty from 2c. to 1.50e. apparently was discounted. It was
a narrow market. Raws were firmer on the passage of the
sugar bill. On the 10th inst. futures declined early in
sympathy with the break in other commodities but recovered
sharply in the later trading under heavy buying by Wall
Street and Cuban interests and ended with net losses of only
1 to 3 points. Raws continued firm. No sales were reported
but a good interest was reported from a New Orleans refiner
at 2.850. for May arrival. To-day futures closed 4 to 6
points lower. Prices closed as follows:
Trading was rather light and is expected to continue so
pending the final enactment of the bill now before Congress
which will impose an excise tax on all imported foreign oils.
Exports totaled 911,170 lbs. to Continental countries.
Hogs were steady with the top $3.70. Cash lard was also
steady; in tierces 5.82e.; refined to Continent 4 to 43/Ic.;
South America 43/I to 43jc. On the 10th inst. scattered
short covering owing to the strength in grains resulted in an
advance of 10 to 12 points at one time but offerings increased
on the rise and some recession occurred later on and the ending was 8 to 12 points higher. Hogs were unchanged to 5c.
higher with the top $3.75. Cash lard firm; in tierces 5.95c.;
refined to Continent 43/I to 43c.; South America 43% to
43/Ic. To-day prices closed unchanged to 10 points higher.
,
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
6.02
5.82
5.97
5.95
5.97
6.05
6.07
6.05
6.20
6.17
6.20
6.30
6.32
May
July
September
PORK steady; Mess, $20.25; family, $21 nominal; fat
backs, $15 to $15.50. Beef steady; Mess nominal; packer
nominal; family, $12 to $13.50; extra India mess nominal.
Cut meats also steady; picked hams, 4 to 6 lbs., 8%e.;
6 to 10 lbs., 83/sc.; 14 to 16 lbs., 123%c.; 18 to 20 lbs., 11 Mc.;
22 to 24 lbs., 10c.; pickled bellies, clear, f. o. b. New York,
6 to 8 lbs., 13c.; 8 to 10 lbs., 123/ic.; 10 to 12 lbs., 123/5c.;
bellies, clear, dry salted, boxed N. Y., 14 to 16 lbs., 958c.;
/
18 to 20 lbs., 93%e.; 20 to 25 lbs., 93/5c.; 25 to 30 lbs., 9c.
Butter, creamery, firsts to higher score than extra, 23 to
25 Mc. Cheese, flats, 15 to 19e. Eggs, mixed colors,
cheeks to special packs, 15 to 203/Ie.
OILS.
-Linseed was quiet but steady at 8.7c. for tank
cars. Cocoanut, Manila coast tanks. 23/Ic., tanks, New
,
York,spot,2% to 23 0. Corn,crude tanks,f. o. b. Western
/
mills, 4 to 43%e. China wood, N. Y. drums, delivered,
93/I to Oic.; tanks, spot, 8.5e. Olive, denatured, spot
Spanish, 863/I to 88c.; shipment, Spanish, 85 to 86c. Soya
Bean,tank cars,f. o. b. Western mills,53/Ic.; cars, N.Y.,7c.;
,
L. C. L., 7.5e. Edible, olive, $1.60 to $2.15. Lard,
prime,9Mc.;extra strained winter,8c. Cod,dark,32 to 33c.;
3
light filtered, 33 to 34e. Turpentine, 55% to 593 0. Rosin,
/
$5.55 to $6.55.
Cottonseed oil sales to-day, including switches, 27 contracts. Crude, S. E., 43% bid. Prices closed as follows:
Spot
May
June
July
August
September_
5.12@5.22 October
5.i5@5,30 November
5.27@5.30 December
5.30@5.45
5.48@5.52
5.60@5.62
5.62®5.72
5.72@8.76
PETROLUEM.-The summary and tables of prices formerly appearing here regarding petroleum will- be found on
an earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
RUBBER futures on the 5th inst. ended 21 to 24 points
higher but at one time they were much higher. Heavy
profit taking sales caused the reaction. London was 3-16
to %d. higher. Actual rubber was Y higher on standard
ic.
and browns and ambers were Hc. up on both descriptions
of latex. May closed at 15.18e., July at 15.38 to 15.390
Sept. at 15.64 to 15.69e., Oct. at 15.73c., Dec. at 15.90
to 15.99e., Jan. at 16.05e. and Mar. at 16.26e. On the 7th
inst. futures closed 1 to 8 points higher after having attained
a new four-year high on an early 40 point advance. Fairly
liberal selling by London interests here and commission
houses turned the trend downward. In the outside trade,
however, standard grades were strong, showing gains of
% to Wic. London was less active and ended unchanged
to a shade lower. Here prices closed with July, 15.39 to
15.40c.; Sept., 15.66 to 15.69c.; Oct., 15.74c.; Dec., 15.98
to 16.00c.; Jan., 16.10 to 16.12c.; Mar., 16.30c., and Apr.,
16.40c. On the 8th inst. futures closed 12 to 22 points
lower under general liquidation; sales, 10,050 tons. May
ended at 15.06c., July at 15.22 to 15.280., Sept., 15.50 to
15.56e.; Oct., 1.62c.; Dec., 15.85 to 15.90e.; Jan., 15.93e.,
and Mar., 16.08e. On the 9th inst. futures ended 129 to
May
1.50 December
1.65
1.52 January
July
1.66
138 points lower owing to disappointing news regarding the
September
1.58 March
1.72
restriction plan. It was felt that the program did not go
LARD futures on the 5th inst. were unchanged in a dull far enough. Sales were 14,360 tons. July ended at 8.27c.,
and featureless market. Hogs were quiet and unchanged. Sept. at 8.35e. and Dec. at 8.43e. On the 10th inst. futures
Cash lard steady; in tierces 5.70e. refined to Continent 4c.• continued to decline, ending with net losses of 11 to 19
;
South America 4%e. On the 7th'inst. futures closed 15 to points. London fell 5-16 to 6 5-16d. There was a good
17 points higher owing to strong grain markets, and smaller dealer and speculative demand on the declines and good
hog receipts than a year ago. Lard production in March buying by factory interests was reported on the setback.
totaled 99,612,000 lbs. against 127,436,000 in the same month May ribs were available at 13 11-16e. There was little
last year and 128,632,000 lbs. the five year average. Hogs doing in latex brown and ambers and prices were lower.
were unchanged. Cash lard firm; in tierces 5.82c.; refined Futures closed with May at 13.64c., July at 13.80 to 13.82c.,
to Continent 4 to 43.c., South America 43' to 43%e. On the Sept. at 14.01 to 14.03c., Oct. at 14.11c., Dec. at 14.30o„
8th inst. futures closed unchanged to 3 points lower. Export Jan. at 14.40c., and Mar. at 14.60e. To-day futures closed
demand was poor and hogs were weak. Cash lard was 7 points lower to 5 points higher with sales of 583 lots.
steady; in tierces 5.82c.• refined to Continent 4 to 4%c.,• May ended at 13.57e., July at 13.73 to 13.74c., Sept. at
South America 4% to 43(1c. On the 9th inst. futures closed 14.00 to 14.01c., Oct. at 14.10c., Dec. at 14.30c., Jan. at
unchanged to 3 points higher on a moderate demand. 14.42c. and Mar. at 14.64e.
3302
Financial Chronicle
HIDES futures were quiet on the 5th inst. and closed unchanged to 10 points lower. Spots were also quiet. There
was a good inquiry from leather manufacturers but no sales
were reported. Old June ended at 10.55 to 10.650., Sept.
at 11.05 to 11.10c. and Dec. at 11.40c.; new Sept. 11.10e.,
Dec. 11.50 to 11.70c. and March at 11.95 to 12.05e. On
the 7th inst. futures fluctuated within narrow limits and at
the close were unchanged to 5 points lower. Trading was
light the turnover being only 480,000 lbs. Old contract
closed with June at 10.55 to 10.70c., Sept. at 11.04 to 11.10c.
and Dec. at 11.40 to 11.55c.; new, Sept. 11.08 to 11.20c.,
Dec. 11.50 to 11.70c. and March at 11.900. On the 8th
inst. futures closed unchanged to 6 points higher in the old
and 7 to 10 points higher in the new with sales of 2,000,000
lbs. Old June ended at 10.55 to 10.60c., Sept. at 11.10 to
11.15c., Dec.at 14.45 to 11.55e.; new Sept. 11.15 to 11.25c.,
Dec. 11.60 to 11.65c. and March 12.00 to 12.05c. Futures
on the 9th inst. closed 10 to 20 points lower on old contracts
and 5 to 20 on the new with sales of 1,400,000 lbs. June old
closed at 10.45c., Sept. at 10.96 to 11.00c. and Dec. at 11.31
to 11.35e.; new Sept. 11.100., Dec. 11.41 to 11.48c. and
March at 11.80 to 11.900. On the 10th inst. futures pursued a downward trend and closed 11 to 20 points lower in
fairly active trading. Sales were 1,040,000 lbs. Spot
hides were quiet. Light native cows were reported from
the Coast to have sold at Mc. lower. Old June ended at
10.25 to 10.40c., Sept. at 10.85c., Dec. at 11.15 to 11.25c.;
new Sept. 10.90 to 11.00c., Dec. 11.25 to 11.35c. and March
at 11.65 to 11.75c. Packer, native steers 11c., Colorados
103/2c. light native cows, Chicago, 11c. New York City
calfskins 5-7s, $1.00. To-day futures closed unchanged to
20 points lower with sales of 7 lots. Standard contract
closed with Sept. at 10.70c. and Dec. at 11.20c.
-There was a somewhat better
OCEAN FREIGHTS.
business in full cargo freight in paper and scrap iron. There
was also a better demand for tankers.
PetroCHARTERS included Freights were duller late in the week. loads
few
leum tanker freight was the most active. Grain booked-a
6c.; 18 loads Montreal-Antwerp, 64c. Scrap Iron.-Promt
Rotterdam
prompt.
Norfolk to Japan, us.; range to Androssan, $3.25 gross ton,
fPaper.-Cornerbrook, May to South Atlantic about 90c. Tankers.--Gul
crude, June 15-30; Aruba or Curacao-United Kingdom,
Flume lie. 14d.,
-United Kingdom, Continent
Continent 9s. dirty, two voyages May; Gulf
-United Kingdom, Continent 10s. 3d.,
10a. 3d., clean, May 1-20; Gulf
-U. S. Gulf lie., Northern Range-United
clean, May 10-20. Tankers.
voyages, June;
Kingdom, Continent B. H. 9s. 9d., clean, two consecutive Kingdom 10s.,
-United
Gulf, Buenos Aires, 135. crude, July; U. S. Gulf Philippines lie. 3d.,
China or
clean, end May; California-Japan 108. 9d.,
-June.
clean, May
May 12 1934
at the second London session standard advanced 2s. 6d.
on sales of 500 tons of futures. According to the American
TIN was in less demand but prices were steady at 54 Mc.
for spot Straits. At the first session in London on the 10th
inst. prices were unchanged to 15s. higher, while at the
second session standard declined 5s. to 10s.; sales, 160 tons.
LEAD was in somewhat smaller demand and mostly for
carlots, prompt shipment. The demand for June shipment
was a little less than expected. Corroders were the best
buyers. Prices were firm at 4.25c., New York, and 4.10e.,
East St. Louis. In London on the 10th inst. prices fell
3s. 9d. at the first session but recover is. 3d. at the second
session; sales were 100 tons of spot and 850 tons of futures.
ZINC continued dull but the price was firm at 4.35c.
East St. Louis. The demand was largely for small lots
for prompt shipment. Unfilled orders for zinc at the end
of April were 27,396 tons, against 21,976 tons a month
previous. In London on the 10th inst. spot fell 3s. 9d.
to £14 15s.; futures off 2s. 64. to £15 2s. 6d.; sales 50 tons
of spot and 75 tons of futures. Stocks of zinc in the United
States at the end of April were 109,375 tons, against 110,761 at the close of Mar. and 141,364 at the end of April
last year according to the American Zino Institute. Production in April was 30,562 tons, against 33,721 in Mar., while
shipments were 31,948 tons, against 32,753.
-New prices continue to be filed with the AmeriSTEEL.
can Iron and Steel Institute and the latest effective date is
May 19. Steel operations were up to 60% of capacity and
close observers are of the opinion that the peak ha13 been
reached for the first quarter and perhaps for the year. No
radical change is expected in the steel code when it is renewed on May 31. April statistics pertaining to shipments
by the U. S. Steel Corp. were very favorable. They increased 54,800 tons to 643,009 tons, the largest for a month
since August 1933, when the aggregate was 668,155 tons.
For the first four months of the year shipments have been
1,948,495 tons, as against 1,153,181 in the same period in
1933. Quotations: Semi-finished-billets re-rolling, $29;
billets forging, $34; sheet bars, $29; slabs, $29; wire rods,
$30;skelp, 1.70e. Sheets, hot rolled, 20.; galvanized, 3.25c.;
strips hot rolled, 2c.; strips cold rolled, 2.80c.; hoops, 2c.;
bands, 2c.. tin plate per box, $5.25; hot rolled bars, 1.90c.;
plates, 1.85e.; shapes, 1.8.50.; rails, light, $35.
PIG IRON was in rather small demand and the outlook
is not very promising. Consumers are reported to have
bought more than enough iron for second quarter. In fact
it is estimated that the carryover will take care of a large
part of their requirements for the third quarter. Sales in
the New York district last week were estimated to have been
the smallest in some time. Foundry operations were at
35% of capacity in the Philadelphia district. Quotations:
Foundry No.2 plain, Eastern Pennsylvania,$19.50; Buffalo,
Chicago, Valley and Cleveland,$18.50; Birmingham,$14.50.
Basic-Valley, $18; Eastern Pennsylvania, $19.
WOOL was quiet and easier. Western new wools were
steady, Fleece and pulled wools were easier. Texas grades
were in small demand. Fleece wools were dull. Spot new
wools from Ohio and Michigan were offered at 36c. in the
blood and at 35c. for strictly
grease for strictly combing
combing 3,4 blood. Scoured wools were lower. In London
on May 7 offerings at the wool auctions were 6,686 bales.
Some 2,500 bales were withdrawn because of firm limits
and a lack of German support. Best clips were on a par
with prices of the previous week but inferior grades were
merinos.
irregular.sydie.306Det greasyils:
to 19%cl. New Zealand, 2,302
bales:
33d.; weasy, 104 to 164d.
Pata-
COAL was somewhat duller and as releases Illinois lump
and egg sizes were 25c. lower, No. 1 nut, 15c., off and No. 2
nut, 3c., down. Screenings were unchanged, except in
dock trade where the cut is 25c. to meet competition.
Bituminous production in the May 5th week totaled 6,350,000 tons, a gain for the week of 10,000 tons, compared
with seasonal decreases one year ago and two years ago.
Output for three weeks was 18,568,000, with the weekly
average 6,156,000, against 14,714,000 and 4,904,000 tons,
respectively, a year ago.
SILVER futures on the 5th inst. were a rather dull affair
but ended at net gains of 10 to 15 points with sales of 2,125,3c. May
000 ounces. The bar price was up Mo. to 42N
closed at 43.10c., July at 43.20c., Sept. at 43.55c., Oct.
at 43.70e. On the 7th inst. futures closed 55 to 80 points
higher with sales of 7,400,000 ounces. Foreign markets
were stronger and offerings were limited. There was some
scattered selling towards the close owing to the postponement of the President's conference with the silver bloc, but
offerings were well absorbed at slight recessions. May
ended at 43.90c., July at 43.92c., Sept. at 44.19e. and bales; scoured merinos, 32 to
Puntas,
crossbre&, 10 to 18d. Offerings
Dec. at 44.55c. On the 8th inst. a wave of buying orders gonia, 2,845 bales; greasy342; South Australia, 411; West mostly withAustralia, 174;
announcement from Washington drawn included Victoria,
and covering followed the
Tasmania, 149 and Cape, 141.
that an agreement in principle had been reached on the
In London on May 8 offerings 9,929 bales of which 6,493
silver problem and prices rallied sharply ending with gains sold. Withdrawals of scoured merinos frequent owing to
of 132 to 163 points. Trading totaled 10,450,000 ounces. firm limits. Liberal offerings of crossbreds sold fairly well
Tenders for delivery against May contracts amounted to to home trade. Merinos were weaker and are now 5 to
925,000 ounces. May closed at 45.25c., July at 45.50c., 10% below March levels. Details:
Sept. at 45.70c. and Dec. at 45.850. On the 9th inst.
Sydney, 1,214 bales; greasy merinos. 15 to 2W. Queensland, 1,022
Victoria,
futures declined 50 to 88 points under general liquidation. bales; greasy merinos. 94 to 174d.22d. West 1,521 bales; scoured
12 to
Australia, NI bales;
the new merinos, 164 to 2855d.: greasy,Tasmania, 166 bales.
Washington news indicated the possibility that
134d.
greasy merinos 17
greasy
than to 18d.merinos, 114 to4,193 bales; scoured crossbred/, 9 to 32d.; greasy,
New Zealand,
silver legislation will lean toward mandatory rather
from 16 to 206. New
permissive rulings. Sales amounted to 6,200,000 ounces. 7 to 16d. Tasmanian greasy comeback ranged price for halfbred lambs.
Zealand alipe ranged from 84 to 1741., the latter
On the 10th inst. prices after declining as much as 100 points Most of the Cape offerings of 617 bales were withdrawn. Slipe merino
rallied sharply under a heavy demand and closed with net combing realized 24d. to 26d. and cleaned merinos 94d.to 133jd.
4o.
In London on May 9th the wool action was postponed
gains of 15 to 36 points. The bar price here fell H to 443c.
A
and the London quotation fell 5 d. to 19 3-16d. Much of because of unfavorable weather. In London on May 10th
the buying of late was believed to be for the Government. offerings were 11,667 bales including 7,920 bales of New
May ended at 45.02c., July at 45.10c., Sept. at 45.28e. Zealand and Puntas crossbreds, mostly greasy. The former
and Dec. at 45.40 to 45.45c. To-day futures closed 7 sold well at recent price levels but withdrawals of Puntas
points lower to 1 point higher with sales of 5,675,000 ounces. were heavy owing to an absence of German support. Some
May closed at 45.03 to 45.04e., June at 45.05c., July at 3,500 bales of Australian merinos were withdrawn owing to
45.07e., Sept. at 45.20 to 45.23c., Oct. at 45.25c., Dec. at firm limits. Details:
in
28 to 3.• greasy 25i to
Sydney, 1.412 bake; scoured memos0d
45.40c. and Mar. at 45.70c.
d. Victoria,
194d. Queensland, 290 bales; greasy merinos 134 to
merinos, 184 to 214d. South Austral , 540 bales;
507 bales; greasy
COPPER was rather quiet but the outlook was more greasy merinos 104 to 1430. West Australia, 253 bales; greasy merinos
hopeful. Offerings of non-blue eagle copper in the domestic 11 to 14d. New Zealand, 4,400 bales; scoured merinos 25 to 32d.• scoured
bales:scoured
greasy, 6 to 17d.
5
to
market seem certain to be excluded owing to some readust- crossbreds, 11428d.304d.: Patagonia, 3,520 Cape;20
merinos. 26 to
Puntas,
bates; greasy crossbreds,
quotas, and there will probably be less available 104 to 174d. Falkland, 478 balm greasy crossbreds, 8 to 16d. New
ment of sales
64d. to 164d. the latter price for halfbred
Zealand
for shipment outside of the United States. The European lambs. sllpe ranged from
price was called 8.20 to 8.25c., while the domestic quotation
SILK futures ended 1 to 2c. lower on the 7th inst.; May
was unchanged at 83/2e. In London on the 10th inst., and June, $1.23; July and Aug., $1.223/2; Sept., $1.24;
is. 3d. to £32 18s. 9d. for spot and £33
standard advanced
and 2,000 tons of Oct. and Nov., $1.23M and Dec., $1.24. On the 8th inst.
3s. 9d. for futures; sales, 200 tons of spotasked unchanged; futures closed
to 23c. higher with sales of 690 bales.
up 5s. to £36:
futures; electrolytic bid
June ended at $1.233/2; July at $1.25 to $1.26; Aug., $1.24
to $1.253/2; Sept. and Oct., $1.253/2 to $1.26; Nov., $1.253'2,
and Dec., $1. 53/2 to $1.26. On the 9th inst. futures ended
2
unchanged to le. lower with sales of 1,430 bales. June
closed at $1.223/2 to $1.24; Sept. at 81.251 2 Oct. at $1.25
;
/
to $1.253/2; Nov. at $1.25, and Dec. at $1.25 to $1.253/2.
On the 10th inst. futures in light trading ended lc. lower to
1Me. higher. Crack double extra declined Me. to $1.30M.
Yokohama was unchanged to 4 yen lower and Kobe futures
lost 2 to 8 yen. Here June closed at $1.223/2 to $1.233/2;
July at $1.243/2; Sept. at $1.243/2; Oct., Nov. and Dec.,
$1.24M to $1.25. To-day futures closed M to le. higher
with sales of 112 lots. June ended at $1.233/2 to $1.243/2;
July at $1.26 to $1.263/2; Aug., Sept. and Oct., $1.263/2 to
$1.27; Nov., $1.26 to $1.263/2, and Dec. at $1.263/2.
COTTON
Friday Night, May 11 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
46,544 bales, against 75,235 bales last week and 79,174 bales
the previous week, making the total receipts since Aug. 1
1933, 6,943,042 bales, against 7,890,865 bales for the same
period of 1933, showing a decrease since Aug. 1 1933 of
947,823 bales.
Receipts at-
Sat.
Mon.
Wed.
Tues.
Thurs.
Fri.
Total.
Galveston
4.443 5,045 5,464 3.000 2,4'79 3,408 23,839
27
27
Texas City
-488 2.538 5,945
588
459 1,011
Houston
694
204
_---_
--_
____
204
__
Corpus Christi
935 2,709 10,733
1,935 2,639 1,256
1,25e
New Orleans
67 1,095
287
132
145
156
308
Mobile
15
Pensacola
22
Jacksonville -----------------------2 1,643
Savannah
--------1,185
22
772
Charleston
80
311
8
8
Lake
50
_4 ____
-------Wilmington
e
364
124
17
179
7
11
Norfolk26
1,434 1.434
---Baltimore
Totals this week
7 440
Fl 911
10 357
5.623
4.505 10.399 46.544
The following table shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared with
last year:
1932-33.
1933-34.
Receipts to
Mag 11.
3303
Financial Chronicle
Volume 138
This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
Stock.
1934.
1933.
Exported to
From
Aug. 1 1933 to
Exports from-Britain. France.' many.
Italy.
Japan. China. Other. I Total.
249,336229,8741 230.702 173,418 500,458 80,939299,7.51 1764,476
Galveston
247,162 249,512, 412,091231,284 585,030 58,786315,7602079,615
Houston
Corpus Chrirtl_ 97,748 53,900 28,788 17,621 126,987 7,3481 43,098 375,490
179 22,316 117,481
3,119
20,159 24,062, 43,250 4,396
Texas City...
3,516 2.1401 1,928 18,948
2,176 1.'''
3,495 4,6931
Beaumont _ _
171,487 31,464166,0651142,091
New Orleans.... 275,646 108,287 247,304 141,8
Lake Char1es
10,013 24,353 25,241 2,85i 17.761 8.0801 24.482 112,787
42,412 8,701 77,331 12.856 19,531 1,0001 10,456 172,287
Mobile
DI ..._I670 13,367
___
9,095
___
3,502
Jacksonville _
21,159 1:432 33,903 12,992 15,249----I1,684 86,419
Pensacola
8.600 8.5001 1,172 55,903
___
259 15,801
Panama City_ 21,571
- ..I 8,688 155,564
100 65,837 1:324 17,868
61,767
Savannah
25 36,553
---_
5,868 . _ _
____
30,660
Brunswick_
6
---------I 2,130 112,941
379 59,437
50,929
Charlaston
- -__ 1,350 13,909
- __
500
____ 12,059
__
Wilmington__ _
17,394
--798
274
6,538
7,300 2,124
Norfolk
10,249
___
__
19
3,689
171
6,320
Gulfport
8,089 27,525
1,098 1,39
369
7,390
263
Now York._
8,918
8,371
_ 7.914
_...
____
205
101
151
Boston
___ 132:952 5,446 2,723 158.234
9,290
1 os Angeles....
6,618 1,205
____ 40,623 1,8621 1.6911 48,546
San Franci.co.
1,675
575
2,206
203
-------------------------203
Seattle
Total
1187,072709.991 1297.670690.83 1595,157 237.142I896528,353
Total 1932-33_ 1175,621 754,764 1554,337667,053 1410.658 255,783431 8712,647
Total 1931-32- 1161,682 425,759 1431,1 572.919 079.227979.5873277541,685
NOTE.
-It has never been our practice to include In the
-Exports to Canada.
above 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
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view.
however, of the numerous Inquiries we are receiving regarding the matter, we will
say that for the month of March the xports to the Dominion the present season
have been 24,972 bales. In: he corresponding month of the preceding season the
exports were 11,578 bales. For the tight months ended Mar. 31 1934 there were
188,555 bales exported, as against 125,066 bales for the eight months of 1932-33.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
May 11 at
Other CoastGreat
GerBritain. France. many. Foreign wise.
Galveston
New Orleans
Savannah
Charleston_ _Mobile_
Norfolk__ __ _
Otner ports*„
1.600
1,965
Leaving
Stock.
24:eoe
626,536
654,338
108.645
40.774
"RI) 2,133 87.861
16,481
105
10a
1,000 30.000 1,245,962
4,284 5,815 47,578
6.068 17.860 68,661
7.101 16.995 68.282
8.564 72,072 2,789.597
8.233 110,4863.947,783
5,170 111,077,3.860.804
2,500
482
3,000 16,100
815 6.013
.
Too -36§
,
1,500 1- 666 23566
-
Total 1934-- 5,831
Total 1933- --- 9.664
Total 1932.._- 13.529
* Estimated.
Total.
965
3,000 26,200
4.359 13,634
SPECULATION in cotton was very active, and prices
advanced sharply on the news from Washington that an
agreement had been reached, in principle, on silver legislation. The advance in wheat also helped. At times favorable
weather caused selling. The trade and foreign interests
were buying. On the 5th inst., after showing early firmness, prices declined to end 10 to 15 points net lower. Best
prices were 1 to 6 points higher in the early dealings. It
was a small, nervous market, easily influenced by small
orders either way. Better Liverpool cables than due caused
the early strength. Liverpool, the Continent and the Far
East were buying. Wall Street and the trade also bought.
Worth Street reported a better business. The South, New
Orleans and spot interests sold, and Wall Street became a
Totals
48 544 5 043 042 101.074 7.590.585 2.551 MA 4 05R MA
seller later on.
In order that comparison may be made with other years,
On the 7th inst there was an opening advance of 13 to 19
we give below the totals at leading ports for six seasons:
points, in response to higher Liverpool cables than due and,
aside from minor setbacks under New Orleans and local
Receipts at- 1933-34. 1932-33. 1931-32. 1930-31. 1929-30. 1928-29.
selling, prices continued to display firmness throughout the
2,695
4,906
4.266
16,959
6.404
23.839
day and ended 24 to 27 points higher. Trade buying was
Galveston-Houston
3,678
6,359
4,935
6,755
27,561
5,945
active at times, and there were buying orders here from
42,597
New Orleans8,084
17,910
6.750
23,190
10,733
Mobile
5,277
3,645
2,669
1,095
1,149
9,613
Japan and China, as well as from LiverpooL It was beSavannah3,698
2,065
1,612
5,193
10,516
1,643
lieved that Liverpool was either lifting the short New York
199
Brunswick
527
1,973
straddle, or calling hedges against foreign cotton, due to fear
11,622
1,087
Charleston- -40
10,004
1,185
398
53
233
50
Wilmington- _
256
266
inspired by week-end news dispatches in connection with
Norfolk
343
228
8,663
364
1,668
891
possible silver action at Washington. On the other hand,
Newport News
All others_._
1,335
12.062
2.915
1,610
6,880
2.356
the weather was favorable for planting and germination, and
spot markets were quiet. Mills showed little disposition to
62.170
Total this wk27,481
74,760
46,544 101,074
27,000
buy, and the demand for textiles was smaller.
Since Aug.1- 6,943.042 7,890,865 9.301,8768,299.756 7.901.728 8.818.966
On the 8th inst., after opening slightly lower, in response
The exports for the week ending this evening reach a to disappointing Liverpool cables and the easier tone of
total of 49,678 bales, of which 8,631 were to Great Britain, stocks and wheat, prices rallied sharply and closed 12 to 16
2,522 to France, 9,164 to Germany, 4,149 to Italy, 8,345 points higher, under buying by Wall Street, the trade and
to Japan, 275 to China, and 16,592 to other destinations. short covering, influenced by the news from Washington
In the corresponding week last year total exports were 94,405 that an agreement, in principle, had been reached on the
bales. For the season to date aggregate exports have been silver problem. A late rally in wheat and stocks also con6,528,353 bales, against 6,712,647 bales in the same period tributed to the advance. Worth Street reports were more
of the previous season. Below are the exports for the week: favorable. Some buying was attributed to further purchases
on credits extended to China several months ago. Buyers
Exported to
for the Chinese Government, it is reported,'had fixed prices
Week Ended
on 25,000 bales last week. Aside from the silver news, there
EAT
May li 11144. WOW
Exportsfrom- Britain. France. many. Italy. Japan. China. Other. Total.
was no material change in underlying conditions. The
weather was good for planting and germination. Spot de. 5,477 2,437 6,076 2,967
--------16,225 33,182
New Orleans __ _
--367 6,000
--------- - - 1,648 1,182
2,803
mand was quiet.
Mobile
---195
526
---------331
---Jacksonville..-- _
On the 9th inst., after showing moderate early stability,
Savannah
prices sagged under realizing sales by recent buyers, owing
Norfolk
15
Gulfport
to less optimistic views on silver and weaker markets for
___ 8,658
___ 7,345
275
993
25
20
.
Los Angeles--silver, wheat and stocks. The ending was 9 to 18 points
Galveston
Texas City
Houston
Corpus Cluisti
Port Arthur, Ste
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles..
Wilmington
Norfolk
Newport News
New York
Boston
Baltimore
Philadelphia
Total
Total 1933
mmAI1022__-__
23,839 2,069,125 16,959 1,874,898 652,736 672,053
35,627
11,353
27 177,342 2,927 235,751
5.945 2,179,394 27,561 2,663,943 1,058.792 1,588.169
65,216
56,635
204 320,137 2.040 294,526
20,571
4,140
28.494
___ _
___9,610
10,733 1,357,382 23,190 1,741,544 667,972 967,497
606
89.994 124,939
1.095 146,234 9.613 293.765
27,920
15.162
____ 120,393
15 141,312
9.572
3.805
8,947
2
7
13,546
1,643 167,178 5,193 142,348 108,645 128,511
36,444
527
36,553
55,117
49.774
1,185 129,670 10,004 162.311
73,884
25,334
8 102,896 1,591 161,166
20,293
16,951
51,545
256
22,458
50
48,974
16,586
51,524
891
38,914
364
8,689
70,169 198.195
141
19.299
9,951
2,432
3,670
13.971
315
31,150
1.434
8.345
275 16,592 49,678
32,333 5,893 24,120 2,294 16,802
28.942 19.391 13.537 11.117 8.291
893 12.070 94,405
650 7.80.4 87.738
8,631
2,522
9,164
4,149
lower. The South and Liverpool sold moderately at times,
but the heaviest pressure came from New Orleans and local
traders. Demand was small. Opening prices were the best
3304
Financial Chronicle
of the day, owing to buying by the trade and commission
houses, and there was price-fixing for some European spinners and considerable buying by brokers with Japanese connections. On the decline, the trade fixed prices steadily,
and there was a little covering near the close against possible overnight developments at Washington, Spot interests
were fair buyers late in the day. Reports that mills were
being canvassed to find out whether they favor a 25% curtailment for two or three months attracted considerable
attention. The weather was generally favorable for the
crop. The weekly weather report showed generally favorable crop conditions. Washington reports that Government
cotton sales, which are hanging over the market, starting
Aug. 1 would be postponed until Feb. 1, unless cotton reaches
15c. a pound at New Orleans, did not seem to influence the
market much.
On the 10th inst. prices, after declining 13 to 17 points
early in the session, rallied more than $1 a bale from the
lows, owing to short covering, new outside buying and a
lack of offerings. The market ended with net gains of 4 to 5
points. Trading volume was light. The early decline was
believed to have been only natural after the recent rise of
$4 a bale. A weaker stock market caused Wall Street and
commission house selling, and New Orleans and the South
were moderate sellers. Japanese interests were buying, and
Continental mills were reported to have fixed prices on the
decline. A rise in Wheat of the limit permitted for a single
day, and stronger markets for silver and stocks led to short
covering and some outside buying. Scattered profit-taking
appeared at the top, and the market had a slight reaction
of about 7 to 9 points from the best, but firmed up again
later. Silver news from Washington was less encouraging.
The weather continued favorable.
To-day prices closed 4 to 12 points lower, after being
about 8 points higher in the early trading. Most of the
Initial buying was by the trade, commission houses, Liverpool, the Continent and Japanese interests. Selling appeared later on, however, inspired by continued favorable
weather for planting. Spot cotton was in small demand.
The New York Cotton Exchange Service estimated the consumption in this country in April at 520.000 bales, against
543,090 bales in March and 470,000 bales in April last year.
The daily rate was put at about 24,800 bales against 24.700
bales in March and 21,100 bales in April last year. Final
prices show a rise for the week of 9 to 13 points. Spot
cotton ended at 11.45c. for middling, or 15 points higher
than a week ago.
Staple Premiums
60% of average of
six market" quoting
for deliveries on
May 17 1934.
15-16
Inch.
1-Inob &
longer.
.13
.13
.13
.13
.13
.11
.10
Differences between grades established
for deliveries on contract May 17 1934
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
.38
.36
.36
.36
.36
.31
.27
Middling Fair
White
.75 on Mid.
Strict Good Middling
do
.59
do
Good Middling
do
47
do
Strict Middling
do
.32
do
Middling
do
Basis
Strict Low Middling_
do
.38 off Mid
Low Middling
do
do
.78
*Strict Good Ordinary_
do
1.28
do
"Good Ordinary
do
1.72
do
Good Middling
Extra White
.48 on do
Strict Middling
do do
.33
do
Middling
do do
do
.01
Strict Low Middling...-, do do
.87 Off do
Low Middling
do do
.74
do
.12
.36
Good Middling
Spotted
.28 On do
.12
.36
Strict Middling
do
Even
do
.30
.10
Middling
do
.38 off do
*strict Low Middling__ do
do
.78
"Low Middling
do
1.28
do
.11
.29
Strict Good Middling-Yellow Tinged
.02 off do
.11
.29
Good Middling
do do
.25 off do
.11
.27
Strict Middling
do do
.43
do
*Middling
do do
do
.78
*Strict Low Middlingdo do
1.25
do
"Low Middling
do do
1.66
do
.27
.10
Good Middling
Light Yellow Stained.... .41 off do
*Strict Middling
do
do
do __ .78
do
'Middling
do
do
do -1.26
do
.27
.10
Good Middling
Yellow Stained
.77 off do
*strict Middling
do do
1.24
do
*Middling
do do
1.67
do
.27
Good Middling
.10
Gray
25011 do
.27
.10
strict Middling
do
do
50
*Middling
do
do
80
"Good Middling
Blue Stained
78 Off do
*Strict Middling
do do
1 24
do
*Middling
do do
1 66
do
"Not deliverable on future oontraot.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
May 5 to May 11Middling upland
Set. Mon. Tues. Wed. Thurs. Fri.
11.20 11.45 11.65 11.50 11.55 11.45
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
May 11 for each of the past 32 years have been as follows:
1934
1933
1932
1931
1930
1929
1928
1927
11.450.
8.95c.
5.75c.
9.90c.
16.55c.
19.65c.
22.05c.
15.60c.
1926
1925
1924
1923
1922
1921
1920
1919
19.100.
22.85c.
31.55c.
25.30c.
20.15c.
13.15c.
41.150.
28.900.
1918
1917
1916
1915
1914
1913
1912
1911
27.850.
20.00c.
13.10c.
9.85c.
13.00c.
12.00c.
11.70c.
15.90c.
1910
1909
1908
1907
1906
1905
1904
1903
15.80c.
11.20c.
10.90c.
11.90c.
11.95c.
8.150.
13.750.
11.30c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
.
the reader, we also add columns
For the convenience
which show at a glance how the market for spot and futures
closed on same days.
a
May 12 1934
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Confect Total.
Saturday._ _ Quiet, 10 pts. dec_ _ _ Barely steady __
Monday ___ Quiet, 25 pts. adv__ Very steady --Tuesday ___ Steady. 20 pts. adv. Very steady --Wednesday_ Steady, 15 pts. dec. Steady
Thursday __ Steady, 5 pts. adv__ Steady
Friday
Quiet, 10 pts. dee -- Barely steady__
Total week_
Since Aug. 1
____
---1,000
300
575
____
_ __ _
6,500
_
-_-100
---6,500
1,000
300
675
____ __.-
1,875 6.600 8.475
96,085 204,700 300.785
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
May 5.
Monday,
May 7.
Tuesday, Wednesday, Thursday,
May 8.
May 9.
May 10.
Friday,
May 11.
May(1934)
Range.. 10.91-11.08 11.06-11.20 11.10-11.25 11.21-11.38
11.18-11.31
Closing- 10.93n
11.2011.35n
11.2311.28n
11.16n
June
Range __
Closing_ 11.00n
11.28n
11.41n
11.29n
11.34n
11.22n,
July
Range_ 11.05-11.22 11.16-11.33 11.21-11.49 11.31-11.49 11.22-11.45 11.27-11.43
Closing. 11.08-11.10 11.32-11.33 11.48-11.49 11.35-11.36 11.40-11,41 11.28-11.29
Aug.Range.Closing 11.13n
.
11.38n
11.53n
11.41n
11.46n
11.34n
SePt.Range__
11.50-11.50
Closing_ 11.17n
11.58n
11.43n
11.47n
11.511;
11.40n
Range_ 11.21-11.39 11.31-11.49 11.36-11.65 11.48-11.64 11.38-11.61 11.43-11.60
Closing_ 11.22-11.24 11.48-11.49 11.63-11.65 11.52-11.53 11.56-11.57 11.45
Nov.
Range__
11.61-11.61Closing_ 11.28n
11.89n
11.58n
11.53n
11.60n
11.50n
Dec.Range- - 11.34-11.51 11.43-11.60 11.47-11,77 11.60-11.75 11.49-11,73 11.55-11.72
Closing. 11.3411.59-11.60 11.75-11.77 11.6411.6811.69 11.56-11.57
Jan.(1935)
Range .
. 11.49-11.55 11.50-11.88 11.54-11.80 11.86-11.79 11.55-11.76 11.62-11.73
Closing. 11.4011.67-11.68 11.80- - 11.74
11.7011.83
Feb.
Range
Closing_
--- Mar.
Range.... 11.49-11.85 11.61-11.78 11.65-11.92 11.78-11.90 11.64-11.85 11.71-11.85
11.90-11.91 11.81 Closing_ 11.53-11.55 11.7811.85
11.73
Apra
-
Range
Closing
.
S Nominal.
Range of future prices at New York for week ending
May 11 1934 and since trading began on each option:
Option for
Range for Week.
May 1934_ 10.91
June 1934.
July 1934_ 11.08
Aug. 1934
Sept. 1934.. 11.50
Oct. 1934 . 11.21
Nov. 1934.. 11.61
Dec. 1934._ 11.34
Jan. 1935._ 11.40
Feb. 1935_
Mar. 1935._ 11.49
May 5 11.38 May 9 9.13
11.42
May 5 11.49 May 8 9.27
10.94
May 11 11.50 May 11 11.35
May 5 11.65 May 8 10.05
May 10 11.61 May 10 11.14
May 5 11.77 May 8 10.73
11.02
May 5 11.80 May
Range Since Beg nniny of Option.
Oct. 16 1933 12.54
Jan. 15 1934 12.50
Oct. 16 1933 12.71
Apr. 28 1934 12.38
Apr. 26 1934 12.77
Nov. 6 1933 12.89
Apr. 28 1034 12.70
Dee. 27 1933 13.03
May 1 1934 13.09
May 5 11.92 May -is 11.13 May
Feb. 13 1934
Feb. 13 1934
Feb. 13 1934
Mar. 6 1934
Feb. 13 1934
Feb. 13 1934
Feb. 23 1934
Feb. 13 1934
Feb. 13 1934
1 1°34 12 64 Mar. 28 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.
May 11-
Stock at Liverpool
Stock at London
Stock at Manchester
1934.
hales_ 931,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Ro•terdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
1933
668,000
1932.
603.000
1931.
863.000
206,000
108.000
103,000
209,000
1,039,000
771.000
812.000 1,069.000
575,000
272,000
19,000
76.000
71.000
4,000
7,000
521.000
233,000
24.000
79,000
110.000
329.000
192.000
24.000
92.000
65.000
481.000
367.000
10.000
120.000
53,000
Total Continental stocks
1,024.000 967.000 702,000 1.031.000
Total European stocks
2,063.000 1,738.000 1,514.000 2,100.000
India cotton afloat for Europe
115.000 107.000
35.000 133.000
American cotton afloat for Europe 188,000 324.000 243.000 164,000
Egypt, Brazil,&c.,aflyt for Europe 96,000
74.000
59,ono
74,000
Stock in Alexandria. Egypt
361.000 473.000 620,000 653,000
Stock in Bombay. India
1,204,000 980,000 803.000 1,010.000
Stock in U. S. ports
2.861.669 4.058.269 3.971.881 3,383,272
Stock in U. S. interior towns_ _1,436,369 1,672.791 1,622.896 1,091,370
U.S. exports to-day
10,036
20.078
29.722
11,446
Total visible supply
8.335,074 9,447,138 8.898,499 8.620.088
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
426,000 375,000 275,000 432.000
Manchester stock
54.000
58.000 121.000
87.000
Condnental stock
894,000 905.000 651.000 916.000
American afloat for Europe
188.000 324,000 243.000 164.000
U.S. port stocks
2,861,669 4,058,269 3.971.881 3,383,272
U. S. Interior stocks
1.436.369 1.672,791 1.622.896 1.091.370
U. S. exports to-day
10.036
20.078
11,446
29,722
Total American
5.870.074 7. 13,138 87114,499 64485,084
East Indian, Brazil. &c..
Liverpool st•vk_
505,000 293.000 328.000 431,000
London stock
Manchester stock
54.000
45,000
88,000 119,000
Continental stock
130,000
62.000
51.000 115.000
Indian afloat for Europe
115.000 107.000
35,000 133.000
Egypt, Brazil. &c., afloat
96,000
74,000
74,000
50,000
Stock In Alexandria, Egypt
361,000 473.000 620,000 653,000
Stock in Bombay. India
1,204,000 980,000 803.000 1.010.000
Total East India, &c
2.465,000 2,034.000 1,984.000 2,535.000
Total American
5.870.074 7,413.138 6.914,499 6.085,088
Total visible supply
g,335 074 §,447138 8,898,499 8,62088
Middling uplands. Liverpool.. _
6. 5d.
5.26d.
6. 9d.
4 58d.
Middling uplands, New York
11.450.
8.95c.
9.500.
5,650.
Egypt. good Sakel, Liverpool.
.. 9.10-1.
9.50d.
7.45d.
8.90d.
Broach, fine, Liverpool
4.28d.
5.47d,
4.85d.
4 24d.
Tinnevelly, good, Liverpool
5.03d.
5.66d.
4.37d.
5.90d.
Continental importsfor past week have been 42,000 bales.
The above figures for 1934 show a decrease from last
week of 105,738 bales, a loss of 1.112,064 from 1933, a
decrease of 563,425 bales from 1932, and a decrease of
285,014 bales from 1931.
-that is,
AT THE INTERIOR TOWNS the movement
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 May 11 1934.
Towns.
Movement to May 12 1933.
Ship- Stocks
ments. May
11.
Week. Season. Week.
Ship- Stocks
ments. May
Week. Season. Week. 12.
Receipts.
Ala.,Birming'm
563 30,316
9,937
Eufaula
31,739
111
Montgomery
30 38,206
Selma
Ark. Blytheville
75 127,409
17,909
Forest City
45,14
21
Helena
Hope
200 48,358
5 30,823
Jonesboro_ _ _
Little Rock_ 1,289 111.706
29,999
Newport.. _
Pine Bluff_
105,943
31
7 53,326
Walnut Ridge
14
Ga., Albany_ _ _
11,149
40 32,382
Athens
2,406 139,663
Atlanta
Augusta_ _
629 148,425
24,540
75
Columbus_ 19,050
185
Macon
12,382
37
Rome
La., Shreveport
53,319
9
218 127,474
Miss.Clarksdale
19,597
Columbus_ _ _
133
321 143,898
Greenwood_ 97 27,117
Jackson
4,647
Natchez _
60 21,624
VicksburgYazoo City
4 27,305
Mo., St. Louis_ 6,423 239,412
7.473
N.C.Ormnsb'ro
26
Oklahoma
15 towns....
351 803,362
S.C., Greenville 4,818 155,588
Tenn.
,Memphis 14,166 1,760,353
Texas, Abilene_
63 73,443
Austin
19,611
21
Brenham.
17 27,101
Dallas
87 97,907
Paris
35 54,357
Robstown
5,477
-San Antonio_
37 11,205
Texarkana.
74 32,634
Waco
92,160
99
Receipts.
771 40.533
788 9,299
10.766
806
18 5,706
607 40,315
180 28,405
802 58,638
1,424 29,736
352 187,486
1,604 41,075
3
303 23,230
55 10,906
160 68,385
429 17.026
396 53,409
200 13,094
40 20,076
279 7,299
2,064 34,326 2,158 147,020
120 50.335
12,401
342
1,012 26,228 1,525 125,886
86.021
31
209 8,839
1,379
377
23
26,265
35c,58,147
194,674 1,634 228,318
5,439
2,355119.476 3,579 127,68
540 22,509
12,661
9
20,046
26
466 32,029
12,73
19
1501 9.584
1,460 76,976
450' 22,798
1,186 25,896 1,139 128,570
15,966
227
42 10,268
853 131.76
974 40,849
164 36,41
509 12,602
8,58
18 4,334
9
46 34,75
125 5,599
56 32,13
99 8,790
8,198 20.129 3,380 147,20
205 27,47
164 17,871
9,753
6,892
47,462
40,311
34,164
15,253
31,381
15,177
2,858
4,224 54,498
132 11,592
2,720 42,505
993 5,315
3,031
500 47,025
4,513 255,632
2,166 103,399
780 21.426
61 38,090
165 14,247
3,369 59.928
3,589 33,985
650 9,782
3.239 61,517
621 24.409
27 5,526
83 11,305
679 13,293
119
3.405
235 22,170
546
727
2,624
2,972
2,250
245
1,419
1,953
3,527 53,973
2,482 69,133 2,780 718.71
4,345 99,299
4,804 88,890 4,980 144,41
28,370 1,884,72 36,369413.808
2.5,538391,985
776
393
523 88,345
14 2.189
849 2,467
298 23,204
40 2,221
998 5,977
17,21
206
16 3,737
1.357 20,989
964 97,78
136 6,414
337 8,015
118 52,87
626 6,952
182
88
6,488
563
9
620
93
43 11,35
230
73
686 15,534
45.37
243
437 12,465
2,232 9,106
540 74,32
690 8,168
Total, 56 towns 33,826 4,873,471 64,96711 36369 61,1935,115,487 96.0611672791
• Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 31,316 bales and are to-night
236,422 bales less than at the same period last year. The
receipts at all the towns have been 27,367 bales less than
the same week last year.
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:
----1932-32---Since
Week. Aug. 1.
147,864
3,405
4,619
330
400
.
488 15,187
3,273 133,979
315 293,452
, -------1933 34
Since
Week. Aug. 1.
8,198 219,523
392 127.158
1,322
11,690
100
529 150,971
4,
4.000 435,206
May 11ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
17,219
945.870
7,778
595,501
1,434
279
3,657
31,086
13,431
204.937
315
263
3.901
14.438
9.326
147.653
5,370
249.454
4,479
171,417
Leaving total net overland *-11,849
696,416
3,299
424.084
Total gross overland
Deduct ShipmentsOverland to N. Y., Boston, Ste
Between interior towns
Inland, &c.,from South
Total to be deducted
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 11,849 bales, against 3,299 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 272,332 bales.
-1932-33
-1933-34
Since
Since
/n Sight and Spinners'
Week.
Aug. 1.
Aug. 1.
Week.
Takings.
6,943,042 101.074 7,890,865
Receipts at ports to May 11
46,544
698,416
11,849
Net overland to May 11
Southern consumption to May 11-110.000 3.869,000 105,000 3,976:000
Total marketed
168,393 11,508.458
174.131
Interior stocks in excess
•31,316
takings
Excess of Southern mill
228.186
over consumption to April 1_ _ --
209,373 12.290,949
273,089
*36.870
Came into sight during week
Total in sight May 11
172,503
---- 12.669.560
137.077
North. spinn's' taking to May 11.. 10,337
11.910.775
1.125,901
105,522
18,907
789,823
• Decrease.
Movement into sight in previous years:
Week-May 13
1932
-May 14
1931
-May 15
1930
Bales. I Since Aug. 1134,16211931
121.763 1930
141,17611929
Bales.
15.008.584
13.268,896
14,107.476
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:
3305
Financial Chronicle
Volume 138
Closing Quotations for Middling Cotton on
Week Ended
May 11.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans_ - _
Mobile
Savannah
Norfolk
Montgomery - - Augusta
Memphis
Houston
Little Rock_ _
Dallas
Fort Worth
11.15
11.18
10.93
11.09
11.19
10.85
11.14
10.95
11.15
10.84
10.80
10.80
11.35
11.40
11.17
11.33
11.43
11.05
11.38
11.15
11.40
11.07
11.00
11.00
11.55
11.55
11.33
11.48
11.58
11.25
11.68
11.35
11.60
11.23
11.20
11.20
11.45
11.44
11.20
11.36
11.50
11.10
11.56
11.20
11.45
11.10
11.05
11.05
11.50
11.50
11.25
11.40
11.55
11.15
11.60
11.25
11.50
11.15
11.10
11.10
11.40
11.36
11.13
11.28
11.43
11.05
11.48
11.15
11.40
11.03
11.00
11.00
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
May 5.
Monday,
May 7.
Tuesday, Wednesday, Thursday,
May 10.
May 9.
May 8.
Friday,
May 11.
May
10.92 Bid. 11.14 Bid. 11.30 Bid. 11.19 Bid. 11.25 Bid. 11.12 Bid
June
July
11.08-11.10 11.30-11.3311.45 ---- 11.34 ---- 11.40 -11.24,11.27
August_ _ _
September
11.23,11.24 11.44-11.45 11.59-11.60 11.49 -11.54 -11.41
October
November
11.66 Bid. 11.54
11.58 -11.73-11.62December_ 11.35Jan.(1935) 11.41 Bld. 11.62 -11.78 Bid. 11.67 Bid. 11.71 Bid. 11.60 Bid
February _11.51 Bid. 11.72 Bid. 11.88 Bid. 11.77 Bid. 11.81 Bid. 11.68 Bid
March
April
Tone
Quiet
Steady.
Steady.
Steady.
Steady.
Quiet.
Spot
(IntInn.
Ataxorlo
Annul v
Firm
Rtasui v
fitosulv
fitaluia
NOMINATIONS OF OFFICERS FOR NEW YORK
-John H.McFadden Jr. has been
COTTON EXCHANGE.
nominated for election as President of the New York Cotton
Exchange, to succeed William S. Dowdell, it was announced
May 4. John C. Botts has been named for election as
Vice-President, and Clayton B. Jones as Treasurer. The
announcement also contained the following nominations:
For the Board of Managers: Eric Alliot, Alpheus C. Beane, William S.
Dowdell, Robert M.Harriss, WilliamJ. Jung. Frank J. Knell, Charles 8.
Montgomery, Perry E. Moore, Homer W.Orvis, Clayton E.Rich, Joseph A.
Russell, William N. &hill, Simon J. Shlenker, G. Clarke Watson and
Philip B. Weld.
George M. Shutt for re-election to the office of Trustee of the Gratuity
Fund for a period of three years, and E. Malcolm Deacon, James B.
Irwin and Byrd W. Wenman for Inspectors of Election.
The annual election of the Exchange is to be held on June 4
and the new officers assume office on June 7. The Nominating Committee consisted of Harry L. Goss, Chairman,
Herman D. Hensel, Samuel T. Hubbard Jr., Benjamin R.
Hayward, J. Lawrence Watkins Jr., Frederick L. Munds,
and Adolf G. Hagedorn.
COTTON SUPPLY REDUCED 1,600,000 BALES.
The apparent supply of cotton in the United States on
April 1 was about 11,200,000 bales. This compares with an
apparent supply of about 12,800,000 bales on April 1 1933
and of approximately 13,000,000 bales on April 1 1932,
according to the Bureau of Agricultural Economics. United
States Department of Agriculture, reporting on world cotton
prospects. Continuing, the Bureau on May 2 said:
Most of the decrease in the supply this year as cmparei with last is
attributed to a carryover at the beginning of the season smaller by about
1,500.000 bales, and to a slight increase in domestic consumption and
exports. Domestic cotton mill consumption in March was the largest for
that month since 1929, and for the first eight months of the current season
the largest since 1929-30. Sales of cotton textiles by domestic manufacturers in March are reported to have been considerably less than the
output. Shipments of cotton goods were well maintained so that stocks
were not materially increased, but unfilled orders were reduced considerably.
Exports of American cotton from Aug. 1 1933 to March 31 1934 totaled
6.098,000 bales, compared with 6,085.000 bales in the corresponding period
the preceding year. Exports of cotton for the season up to mid-April,
from Egypt, were 59% greater than in the preceding year, and exports of
Indian cotton increased 4% during the period.
Dallas Cotton Exchange Weekly Crop Report.
The Dallas Cotton Exchange each week publishes a very
elaborate and comprehensive report covering cotton crop
condition in the different sections of Texas and also in
Oklahoma and Arkansas. We reprint this week's report,
which is of date May 7, in full below:
TEXAS.
WEST TEXAS.
-Cotton planting has made rapid progress=
Abilene (Taylor County).
week. More than half planted but very little up. Weather has
favorable, not suffering, but showers would be beneficial. Since last report
Taylor County acreage allotment has been reduced some 6,000 acres from
first expectation. Think enough moisture to bring up most of cotton
planted.
-40% of cotton planted, coming up to good stand.
Anson (Jones County).
moisture just right, weather getting warm, most fields clean.
-Cotton 10% planted, 2% up to good stand.
Brady (McCulloch County).
Planting will be in full swing next week. Haven't much top moisture.
last year after the plow-up. 3,500 bales 10c. loan
Acreage about same as
cotton in warehouses at Brady.
-Considerable cotton planted past week.
Haskell (Haskell County).
Moisture sufficient for germination, some early cotton up to good stand.
Nights rather cool. No rain past week.
-Plenty of moisture except in spots. Some
Lubbock (Lubbock County).
planted. All will start Monday (to-day). Acreage will be a little larger
than last year.
-From 1% to 2 inches rain over entire county
Memphis (Hall County).
this week. No cotton planted yet, probably start planting next week. if
continues warm. 6,000 bales Government loan cotton stored at
weather
compress being held for better market.
-Have had a general rain, the moisture exQuanah (Hardernan County).
tended well into the South Plains territory, and we believe we have sufficient moisture to plant and bring cotton up. There is no cotton up yet
anywhere in our territory, which extends from Chillicothe down as far as
Tahoka on the South Plains. Most all of the land is ready to plant and will
be planted now as soon as possible. Last season Hardeman County had
slightly more than 100,006 acres in cotton before the plow-up: they plowed
up 31.000 acres plus; this season records show they have 33,000 acres
pledged not to be planted. This proportion will hold for most of the territory in which we operate.
-We think that there is 50% cotton planted in
Snyder (Scurry County).
Scurry County, and there is about 50% of it up. We need rain badly,
but not suffering too much. The weather conditions are very Food.
3306
Financial Chronicle
NORTH TEXAS.
Clarksville (Red River County).
-This year's acreage is about the same as
last year's after the plow-up. Condition not so good, growth slow. Fields
grassy and weedy, and too wet for any work. No report of any insects.
Too much rainfall in the past ten days, with too much cold we ther. Planted
about 80%, to replant about 5% to 10% on account of heavy rain and
some hail. About 25% up, with none chopped. Approximately 4,600
bales now held in storage.
Commerce (Hunt County).
-Planting about 90% completed. Prospective
acreage about the same as last season after plow-up. Light to heavy showers
past two days followed by clear, warm weather will bring cotton up. Still
from ten days to two weeks late.
Forney (Kaufman County).
-Crop about 15 days late. 90% planted,
about 40% up to a very good stand. Has been too wet and cold. We
need warm, dry weather for seed to germinate and plant to grow. Size
of crop will be little less than last year after plow-up. We have about
600 bales of cotton in warehouse, about 500 of which in Government loan.
Gainesville (Cooke County) -Final acreage in this section about the same
as last season. Soil well prepared. Planting delayed six or eight days
on account of slightly too much moisture. About 56% planted, 10% up.
Stocks of old cotton in this section smallest in 20 years. 700 bales on
compress.
-Cotton acreage this year as compared to
Honey Grove (Fannin County).
that of preceding year, 5% decrease. 85% planted, 45% up. Condition
of soil fair. Weather unfavorable for growing, need fair and warmer
weather, too much rain, nights too cool at present.
-Approximately 10% reduction in acreage
Terrell (Kaufman County).
compared to last year's acreage, after the plow-up had been completed.
75% planted, with about 25% up. Very little chopped or plowed. Only
in cases where the farmer has completed planting. The crop in general is
two weeks late due to recent rains. However, these rains have put an
excellent season in the ground. Dry weather is needed for the next week
or ten days in order to finish planting. The hail last night was very light
through this section, and practically no damage done.
-About 25% cotton planted, 5% up, but
Weatherford (Parker County).
weather too cold for proper germination and growth. Farmers pretty well
up with preparations. Need clear, hot weather. About ten days late
account rain and cold weather.
-Good progress made in planting In
Wills Point (Van 7andt County).
some sections past week with 50% planted and 20% up to stand. A slow
steady rain falling Friday night very beneficial to cotton planted and will
put the ground in fine shape for planting the coming week. With favorable conditions for next ten days planting will practically be completed.
CENTRAL TEXAS.
-Crop two weeks later than last year,
Brenham (Washington County).
90% planted and up, 10% will not come up until it rains. Plenty moisture
below, but dry on top from winds. Acreage will be 30% less than last year.
or 40% less than normal. Stock in county and town about 6,00tj bales.
but some of this Government loan cotton. Chopping in progress and fields
mostly clean. 10% was plowed up last year.
-Plenty moisture and sub-soil moisture.
Caldwell (Burleson County).
Need dry weather, although light rain would do no harm. 75% planted,
25% up. 1.500 bales held, 750 with 10c, loan upon it.
Cameron (Milam County) -90% cotton planted, 707,up to good stand,
but need rain in next few days for rest to come up. Dry norther drying
up top moisture.
-Have had a pretty week to work. Planting
Lockhart (Caldwell County).
has about been completed. 50% up and most of this plowed out. Chopping
will begin Monday (to-day). Stands are fine.
-Past week has been very favorable for
Taylor (Williamson County).
planting with about 90% planted and about 65% up. Stands are excellent
in most cases. Though not necessarily needed, a good rain would be beneficial to some cotton planted where soil was plowed too wet. Other than
being two weeks late, conditions are good Stock in warehouses and on
compress 3.108 bales, with about 1,500 of this in the Government loan.
Around 1.000 bales are being held in country at farm homes. None selling
at all last thirty days.
-About 80% planted. 20% up, none chopped.
Temple (Bell County).
Fields fair condition, but beginning to get weedy. Plenty of moisture for
present. Too early for insects to do any damage.
Waxahachie (Ellis County),-Acreage reduction of 37% from last season's
planted acreage. Soil in good condition, with 75% of crop planted, 10%
up. Ample rainfall. Further rainfall and cold nights unfavorbale to continued planting and germination. Intensified cultivation will offset reduction in acreage to some extent. Hot dry weather needed for coming
week. 5,200 bales stored in Waxahachie, of which 65% is Government
loan contton.
EAST TEXAS.
-Condition of soil through our section is good,
Longview (Gregg County).
sufficient moisture, hot weather needed, 50% of cotton planted, 25% of
cotton up, approximately 1,000 b.Ies being held, most of which is Government loan cotton.
-Past ten days dry and cool, sufficient subTim pson (Shelby County).
soil moisture. Beneficial rain Friday night. About 25% planted with
about 10 days late. Acreage reduction about
possibly 10% up. Work
30%. 1,800 bales being held at compress, about one-half of which is in the
-cent loan. Indications are for a better crop this year
Government 10
than for the past three years. Big flood last July destroyed approximately
10,000 bales in Timpson section.
SOUTH TEXAS.
.-Crop about two weeks late, but has
Corpus Christi (Nueces County)
made marked improvement this week as we have had better growing
weather. A great deal of cotton is from 7 to 12 inches high and squaring.
This especially so in Kleberg, Jim Wells, Bee, Live Oak and Brooks Counties. Fields fairly clean and cotton squaring. The Coast Country is very
backward, ground too Wet and cotton from just up to 3 or 4 inches high.
Fields are grassy and labor scarce, and this is also the trouble in all this
section, CWA getting the labor. In no section does cotton have a good
tap root and it will take sunshine to dry top of ground and drive root down.
-worm damage in Karnes County have had no insect
Outside of some cut
reports. Think cotton acreage in this territory fully as much as past season.
-Past week favorable for cotton and cultiGonzales (Gonzales County).
vation and chopping made good progress. Plant responding to warmer
weather by improved growth, although nights too cold for best results. No
complaints flea and weevil too early and plant too small.
-Had about one inch rain first of week
San Marcos (Hays County).
followed by clear warm weather just what was needed. 95% planted,
85% up to good stands,fields are fairly clean, need two weeks of dry weather.
OKLAHOMA.
-The western part of Oklahoma has had two
Altus (Jackson County).
good rains the past week, which puts plenty of moisture in the ground and
insures a good stand. Very little cotton planted to date, but with favorable
weather next week, planting will get under way in earnest.
-During past 7 days Chickasha and our immeChickasha (Grady County).
diate territory has had from 1 inch to 2 inches of moisture. So far no big
washing rains in our immediate territory. It is estimated that only 40 to
No
50% of cotton planted and around 20% up to fair stand. and insects reit is estiported. Past two days has been ideal weather for cotton
mated that during the coming week if weather permits practically all cotton
Condition of ground good.
will be planted.
Crop about 25% planted. Think acreage will be 10% larger than
harvested last season.
-Have had two nice rains here this week which
Mangum (Greer County).
was certainly welcomed as our winter moisture was far below normal:
above mentioned is far from sufficient but will
however, the 1 yi Inches
bring up cotton. Planting will begin in full sway next week with about
same acreage as harvested last fall. Land well prepared and seemingly
plenty of planting seed. No stocks being held except around 5,000 bales
loan cotton. Farmers not too optimistic account recent decline In market.
ARKANSAS.
-85% planted but very cold weather first
Ashdown (Little River County).
half week and terrific rains and hail storms late Friday afternoon caused
considerable damage to this section. at least 25% to be replanted.
planted
-Cotton about 25% planted. some early
Conway (Faulkner County).
planted coming up but no stands reported. No replanting No Weather
fertilizer
four days warmer. Light rain last night beneficial.
t
being used for cotton.
.-Acreage Indications unchanged from last
Little Rock (Pulaski County)
season, with 75% planted. Moisture sufficient with prospects good to date.
May 12 1934
-Weather favorable this week up to last
Magnolia (Columbia County).
night when a heavy rain and hail storm struck throughout this territory
doing serious damage to all crops. Most cotton planted will have to be
replanted, and it will be several days before farmers can get in their fields
to work. I doubt now if planting will be finished before June 1, which is
abnormally late for this county. It is raining hard here now and the
outlook for all crops is very gloomy.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that the weather dining
the week in most parts of the cotton belt has been favorable.
Precipitation has been mostly light to moderate, except in
most eastern districts, where there has been very little rain.
Seeding has made fairly good advance.
-Conditions as a whole have been favorable and
Texas.
cotton planting has made good advance. Chopping has
made satisfactory progress and the crop is up to good stands
in most localities. Field work has been delayed in the
northeastern quarter and much seed is yet to be planted.
Galveston, Texas
Amarillo, Texas
Austin, Texas
Abilene, Texas_
Brenham, Texas
Brownsville. Texas
Corpus Christi, Texas
Dallas. Texas
Del Rio, Texas
El Paso, Texas
Henrietta, Texas
Kerrville. Texas
Lampasas. Texas
Longview, Texas
Luling, Texas
Nacogdoches, Texas
Palestine, Texas
Paris. Texas
San Antonio. Texas
Taylor, Texas
Weatherford, Texas
Oklahoma City, Okla
Eldorado, Ark
Fort Smith. Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria, La
Amite, La
New Orleans. La
Shreveport, La
Columbus, Miss
Meridian, Miss
Vicksburg, Miss
Mobile. Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami. Fla
Pensacola, Fla
Tampa, Fla
Savannah, Ga
Atlanta, Ga
Augusta, Ga
Columbus, Ga
Macon. Ga
Charleston, S. C
Greenwood. S. C
Columbia, S. C
Conway. S. C
Asheville, N. C
Charlotte, N. C
Newborn, N. C
Raleigh, N. C
Weldon. N. C
Wilmington, N. C
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn
Rain. Rainfall.
Thermometer
3 days 0.60 in. high 87 low 60 mean 78
1 day 0.06 in. high 92 low 52 mean 72
1 day 0.80 in. high 92 low 62 mean 77
high 92 low 56 mean 74
dry
2 days 0.74 in. high 90 low 64 mean 77
2 days 1.14 in. high 90 low 68 mean 79
1 day 0.48 in. high 91) low 70 mean 80
2 days 0.14 in. high 80 low 60 mean 73
high 102 low 70 mean 86
dry
dry
high 96 low 60 mean 78
dry
high 92 low 56 mean 74
2 days 0.08 in. high 92 low 52 mean 72
1 day 0.36 in. high 90 low 52 mean 71
2 days 1.16 in. high 90 low 58 mean 74
2 days 0.34 in. high 96 low 60 mean 78
3 days 1.26 in. high 84 low 62 mean 73
3 days 2.18 in. high 86 low 64 mean 75
2 days 1.36 in. high 88 low 58 mean 73
2 days 0.03 in. high 96 low 60 mean 78
1 day 0.74 in. high 92 low 60 mean 76
1 day 0.04 in. high 86 low 58 mean 72
1.42 in. high 88 low 52 mean 70
1 day
4 days 1.67 in. high 84 low 59 mean 72
1 day 0.28 in. high 88 low 60 mean 74
1 day 0.48 in. high 84 low 60 mean 72
2 days 0.41 in. high 85 low 61 mean 73
4 days 2.84 in. high 85 low 62 mean 74
5 days 3.25 In. high 87 low 60 mean 74
6 days 4.72 in. high 86 low 66 mean 74
5 days 2.64 in. high 85 low 62 mean 74
4 days 0.71 in. high 89 low 59 mean 74
4 days 0.36 in. high 86 low 58 mean 72
3 days 1.16 in. high 86 low 62 mean 74
4 days 1.87 in. high 83 low 64 mean 74
2 days 0.42 in. high 88 low 60 mean 74
2 days 0.35 in. high 88 low 62 mean 75
high 88 low 64 mean 76
dry
'') days 0.14 in. high 82 low 72 mean 77
2 days 0.36 in. high 78 low 66 mean 72
high 88 low 68 ratan 78
dry
high 93 low 62 mean 78
dry
.40 in. high 86 low 60 main 73
1 day
high 88 low 60 main 74
dry
.35 in, high 90 low 60 mean 75
3 days
.34 in. high 90 low 60 mean 75
1 day
high 88 low 62 mean 75
dry
09 In. high 87 low 55 mean 71
1 day
high 88 low 55 mean 72
dry
high 93 low 50 mean 72
dry
.88 in. high 86 low 48 mean 07
1 day
high 86 low 57 mean 72
dry
high 93 low 60 mean 77
dry
.04 in. high 90 low 54 mean 72
1 day
high 91 low 49 mean 70
dry
high 84 low 54 mean 69
dry
4 days 1.45 in. high 88 low 63 mean 73
.50 in. high 90 low 62 mean 76
2 days
high 88 low 58 mean 73
dry
The following statement we have also recieved by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
May 111934. May 12 1933.
Feet.
Feet.
5.9
17.0
8.0
25.5
9.1
29.5
17.9
13.5
15.1
46.2
Above zero of gauge_
Above zero of gauge..
Above zero of gaugeAbove zero of gauge..
Above zero of gauge_
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.
Week
Ended
Receipts at Ports.
suo4. 1 luaa. 1 lysz.
Stocks at Interior Towns. !Receiptsfrom Plantations
1544.
I
156.5,
I
Mids.
I 1934.
I
Feb.I
9-. 85.3111121,163 249,848 1,964,74612,084,026 2.102,990 22,351
16- 84,994 102,480 175,417 1,910,901 2,648.063 2.080.961 31.149
23.. 73,560,122,954 161.889,1,881,688 2,014,666 2.032.312 24,345
Mar.
I
2._ 70.903 101.012184.085'1.815.174 1,977.398 1,997.909 24.391
9._ 63,824' 72,119 158,701 1,759,586 1,964,139 1,961,116 8.218
16_ 80,965 48,558 125,715 1,720,902 1.932.247 1,908,510 42,301
23_ 76,297 78.838 130,968
.
, ,
1.872.87843.080
30.. 64,579 71.918 115,5871.682.7881,874,180 1.847,155 39.702
April
I
I
6_ _ 68.255 75,548 93.79911.620.120 1,839,230 1,812,832 25.587
13._ 70,948 58.769 62.040 1.581.871 1,806,896 1.781.096 32.690
20_ 74,294 80.344 76,159 1,546.878 1,772.695 1.747.767 39.301
27.. 79,174 92,386 86.624 1.508.117,1,739,038 1.710.830 38.413
I
May
I
_ 75,235 90.027 53,102 1,467.68511,709,661 1.664,135 38,803
11_ 46.544101.074 62.170 1.436.389 1.872.791 1.622.898 1522g
11143.
11132.
86.978 228,894
65.517 153,388
89,557 113.020
64.142 149,662
58,462121,908
16,686 73,109
49,682 95.338
43.005 89,864
20,358
24,435
48.143
58,729
59,476
30,304
42,830
49,687
60,650
54 MA
90021
8.407
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 7,091,828 bales;
in 1932-33 were 8,089,413 bales and in1931-32 were 10,061,297
bales. (2) That, although the receipts at the outports the
past week were 46,544 bales, the actual movement from
plantations was 15,228 bales, stock at interior towns
having decreased 31,316 bales during the week. Last year
receipts from the plantations for the week were 64,204
bales and for 1932 they were 20,931 bales.
Financial Chronicle
Volume 138
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1932-33.
1933-34.
Week.
Season.
Week.
Season.
Visible supply May 4
9,513,606
8,440,812
Visible supply Aug. 1
7.791,048
7.632,242
American in sight to May IL
172.503 12.669,560
137.077 11,910,775
Bombay receipts to May 10_ _
68.000 2.198.000
58.000 1.977.000
Other India ship'ts to May 10
26.000
424.000
73o.000
10,000
Alexandria receipts to May 9_
23.000
940.000
22.000 1.644.400
Other supply to May 10 *5
10,000
444,000
495.000
8.000
Total supply
Deduct
Visible supply May 11
8.675,889 24.394.417 9.813,109 24.466,608
8.335.074 8.335.074 9.447,138 9.447,138
Total takings to May
Of which American
Of which other
365,971 15.019.470
267,971 11,155.470
98,000 3,864,000
340,815 16,059,343
206.815 11,872.943
134.000 4,186.400
* Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
a This total embraces lance Aug. 1 the total estimated consumption by
Southern mills, 3.869.000 bales in 1933-34 and 3.976,000 bales in 1932-33
takings not being available
-and the aggregate amounts taken by Northern
and foreign spinners, .2,190.343 bales fn 1933-34 and 11,043,470 bales in
1932-33, of which 8,003,943 bales and 7,179,470 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.
May 10.
Receipts atWeek.
Since
Aug. 1.
Week.
1931-32.
Since
Aug. 1.
Week.
Since
Aug. 1.
58,000 1.977,000 68.000 2,198.000 75.000 1,713,000
Bombay
Since Aug.!.
For the Week.
Exports
from
-
Great !Conti- Japan
Conti- lapin
I Great
Britain.? neat. ',:tChtna Total. I Britain. I neat.
China.
Bombay
1933-34._ 3.0001 2,000
1932-33._
1931-32._ 1-.656 '12
.Other IndiaI
1933-34_
1,000 9.000
1932-33.. 7,000 19,000
1931-32._
1.000
Total all-1933-34._
1932-33._
1931-32._
10,000 219.000 516,000
26,000 96.000 328,000
1,000 84,000 219.000
4.000 11,000 7.000 22.
7,000 25,000 33,000 65.
1.000 2.000 17.000 20.
735,000
424,600
303,000
276.000 801.000 568.0001,645,000
133,000 567,000 895,0001.595.000
101.000 338.000 751.0901.190.000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
10,000 bales. Exports from all India ports record a decrease
-of 43,000 bales during the week, and since Aug. 1 show an
increase of 50,000 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,
May 9.
1933-34.
1932-33.
1931-32.
110,000
8.201.497
115,000
4.790.402
80,000
6.672.428
Since
This
Week. Aug. 1.
Export (Bales)
-
To Liverpool
5,000
To Manchester,
6.000
To Continent and India 24.000
To America
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
241,720 6,000 126,538
_ 96,106
159,643
574,922 13:000 399.146
66,821 1,000 31,129
179,736
134,884
11.64:36 501,467
34.179
Total exports
35,000 1,043,113 20.000652.919 11.000850,266
Note.
-A cantar is 99 Its. Egyptian ha es weigh about 750 lbs.
This statement shows that the receipts for the week ended May 9 were
110,000 cantars and the foreign shipments 35,000 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 im.
proving. We give prices to
-day below, and leave those for
previous weeks of this and last year for comparison:
1934.
d.
Feb.9.--- 10)(011M
16...... 103j01134
23-- 10)4011)4
Ma .2-- 101.4012
9-... 101.4012
16-- 10 44111d
23-- 934(41114
30-- 914441114
April
6..... 9)401134
13.... 04631111.4
20.... 934011
27--- 934010)4
4.- 0401014
11.--. 9M(4)103i
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furn'shed by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
Stand
High
High
Stand
High
StandDensity. ard
Density. ard.
ard.
Density
Liverpool .25c.
.25c. Trieste
.50o.
.650. Piraeus
.75c.
.90o.
Manchester.25c.
.250. Flume
.50c.
.650. Salon's&
.90o.
.75e.
Antwerp .35c.
.50c. Barcelona .350.
.50c. Venire
.65o.
.50c.
• Copentegen She.
.40c. Japan
.25c.
Havre
•
.53c.
Shanghai
Rotterdam .350.
•
.55c.
• Naples
400.
Genoa
.550. Bombay a .40c.
.40c.
.550. Leghorn
.55o.
400.
.61e. Bremen
.460.
.35c.
Oslo
.50c. Gothenberg.42o.
.570.
.57e. Hamburg .1150.
Stockholm 42o.
.500.
*Rate Is open. a Only small lots
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks,&c., at that port:
Apr. 20. Apr. 27. May 4. Mau 11.
Forwarded
54.000
48,000
51.000
53.000
Total stocks
940,000 930,000 930.000 931.000
Of which American
452.000 442,000 430,000 426.000
Total imports
52.000
50.000
37.000
59.000
Of which American
26.000
21,000
9.000
25.000
Amount afloat
56.000
59,000
63.000
44.000
Of which American
163,000 150.000 160.000 134.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Receipts (cantors)
This week
Since Aug. 1
32s Cap
Twist.
49.678
Total.
57.000 285,000 568,0001 910.000
37,000 239.000 895,0001.171,000
17,000 119,000 751.000 887,000
7,000 12,0001
gl ?1,22 T9128'
3307
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 49,678 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
NEW ORLEANS
-To Rotterdam-May 1-Patricla, 100_May 5
-West Hobomac, 794
894
-Albania,450
-May 3
To Antwerp
450
-May 3
To Havre
-Albania. 1,150_ May 5
-West Hobomac,
937
2,087
-May 3
To Dunkirk
-West Hobomac,
-Albania,250_ _ _May 5
100
350
To Hull
-Endicott, 555
-May 3
555
-Chancellor-1.630; Councellor, 898
To Liverpool
-May 3
May 5-Nishmaha, 525
3,053
Manchester-May 3-Councellor. 1,769___May 5-NishTo
maha, 100
1.869
To Gothenburg
-May 4-Rydboholm, 1,121
1,121
To Gdynia
-May 4-Rydboholm, 1,600
1.600
To Leningrad-May 4-Rydboholm, 11,060
11.060
To Venice
-May 8
-Clara, 1,867
1,867
To Lapa,-May 6
-Santa Marta. 300
300
To Trieste
-May 8
-Clara, 1,100
1,100
To Maddelin-May 6
-Santa Marta. 250
250
To Stockholm-May 4-Rydboh dm.50
50
To Bremen
-May 5
-City of Joliet. 5,676
5,676
To Hamburg
-May 5-Ctly of Joliet, 400
400
To Ghent
-West Hobomac, 500
--May 5
500
NORFOLK
-(?)-Waukegan. 60
-To Havre
so
To Hamburg-(?)-City of Havre, 237
237
MOBILE-To bremen-Apr. 23
-Uruguay, 325_ _.Apr. 30
-City
of Alma,723
1,048
To Genoa
-Apr.24-Monrosa,482
482
To Liverpool
-Counsellor, 1,060---May 1-Apr. 28
Afoundria,93
1,153
To Manchester
-Counsellor, 1,426---May 1-Apr. 28
Afoundria, 224
1,650
To Rotterdam-Apr. 28
-Patricia, 100--_Apr. 30
-City of
Alma.67.
To Hamburg
-City of Alma.600
-Apr.30
600
To Gdynia
-May 1-VInstra,200
200
To Trieste
-May 5
-Clara,600
600
To Trieste
-Clara, 100
-May 5
100
GULFPORT-To Bremen
-Gateway City, 15
-May 4
15
LOS ANGELES
-To Liverpool May 3
-Anniston City,20
20
To Bremen
-May 7--Schwaban.993
993
To Dunkirk
-May 4
-San Francisco, 25
25
-May 1-Koyei Maru, 2,400 -May 7-Pres.
To Japan
Hayes,395: Oregon Maru.4.550
7.345
To China-May 7-Pres. Hayes,275
SAVANNAH
-To Japan-May 10-Adrastus,1,000
1,000
JACKSONVILLE
-To Liverpool
-May 9
-Liberty Glo,182
182
To Manchester
-May 9
-Liberty Glo, 149
149
To Bremen-May 9
-Tana,195
195
1933.
83..1 Lbs. Shirt- Cotton
inys, Common Middry
to Finest.
Upi'ds.
.0.
s. d.
32s Cap
Twist.
8.ti Lbs. Shirt- Cotton
lays, Common Middry
to Finest.
Upt'ds.
s. d.
d.
d.
a. d.
d.
1 093
1 093
1 098
6.80
6.68
6.57
8340 914
8140 914
8140 93't
3 @
3 0
3 0
8
5
6
5.09
4.95
4.95
1
1
1
1
1
093
093
097
093
44 93
0.55
6.65
662
6.46
6.35
8 0 934
8H0 914
8140 934
8Si(3) 914
81.4@ 934
3
3
a
3
3
0
010
o
0
@
6
6
6
6
6
4.79
5.17
5.26
5.13
5.15
1 @ 93
1 40 9 3
1 44 9 3
1 1)3 9 3
5.40
6.35
6.18
5.88
8140 914
8Si ig 914
814(8 934
8311410
3
3
3
3
0
44
0
44
6
6
13
6
5.28
5.37
5.50
5.53
1 44 9 3
1 (0 9 3
5.93
6.15
815(3110
93444I034
3 (4
5 44
6
0
5.89
6.19
Saturday.
Monday.
Market, i
1215
P.M.
A fair
business
doing,
Quiet.
Mid.Upi'da
6.066.
6.096.
Tuesday. Wednesday. Thursday.
Friday.
Moderate
demand,
More
demand,
Moderate
demand.
Moderate
demand.
6.12d.
6.16d.
6.13d.
6.156.
Futures.1 Quiet but
Steady,
Steady,
Steady,
Steady
Steady,
Market
tdy., 5 to 6 to 7 pts. 4 to 5 cots. 7 to 9 pta. 1 to 2 pta. 6 to 7 pta.
opened
7 pta. adv. decline,
advance, advance, advance. advance.
Market, I
Firm,
Firm,
Quiet but Barely stdy Quiet but Very stdY4
4
10 to 12 pts Ito 2 pta. tdy., 4 to 2 to 3 pta. stdy.. 1 to 11 to 12pta.
P. M.. advance. advroce. 5 ors. adv. decline. 2 Dtfl. dec. advance.
Prices of futures at Liverpool for each day are given below:
Sat.
May
to
May 11.
Mon.
Tues. I
Wed. I Thurs.
Fri.
12.00 12.0012.15 4.0012.15 4.0012.15 4.0012.15 4
12.15 4.00
P m.1). m.p.m.P. M.P. m.P. M.P. M.p.m.P. M.P.In• p.m. p.m.
.
New Contract.
May (1934) --July
October
December
January (1935)
March
May
July
October
December
January (1936)
March
d.Id. d.
d.
d.
d. I
d. d.
5.
5.81 5.85 5.87 5.83 5.91 5.85 5.88
5.86 5.89
5.78 5.75 8.73 5.81 5.77 5.88 5.80 5.82
5.75 5.74 5.77 5.79 5.1 5.84 5.77 5.80
5.761 5.74 5.77 5.79 5.7 5.84 5.77 5.80
A 7A
5.78.....15.78
-- 5.78_ _
5.77
6.75- -- 5.77_ _
5.77
5.77-5.78
8.78
5.78... -6.78._ _ 5.713_ -- 5.78 .5.79
__ 5.78...
5.78
d.
d.
5.90
5
5.8 5.92
5.78 5.85
5.7 5.83
5.7 5.83
5.75
_5.75
5.75_ _5.75-- -5.76.5.76
(1.
5.95
5.96
5.90
5.87
5.87
5.87
5.87
5.86
5.87
5.88
5.88
5.88
BREADSTUFFS. •
Friday Night, May 11 1934.
FLOUR prices followed the trend of wheat upward, but
demand continued small. The advance virtually halted
buying.
WHEAT was very active at times, and prices advanced
sharply under buying stimulated by lack of precipitation,
3308
excessive heat, unfavorable crop reports, and reports from
Washington indicating the possibility of early silver legislation. On the 5th inst. prices rallied sharply late in the
session, and early losses of more than a cent were wiped out,
and net gains made at the finish of 1% to 2e. Early prices
declined more because of a lack of support rather than anything else, for selling pressure was not heavy. Towards the
close there was a good demand from commission houses, and
shorts covered on reports of dust storms in western Canada.
No important precipitation fell in the wheat areas of this
country.
On the 7th inst. prices ended with gains of 2% to 3%c.,
under heavy buying stimulated by bullish crop reports, a
lack of rain, and a record heat wave over the week-end.
Furthermore, the market appeared oversold. Routine news
was generally bullish. Trading was the heaviest of any day
this year. Little attention was paid to bearish reports from
the international wheat conference and the easiness in
stocks. Liverpool was % to %d. higher, owing to bullish
weather reports from North America and less pressure of
Southern Hemisphere wheat. Winnipeg was closed in observance of Arbor Day.
On the 8th inst., after early losses of a cent or more in the
early dealings, prices advanced sharply under a good demand from commission houses and short covering stimulated
by reports from Washington that an agreement had been
reached at the White House conference, as well as by unfavorable crop reports and sharply higher prices at Winnipeg. There were scattered rains in the spring wheat belt,
and fairly heavy precipitation in the Pacific Northwest,
but no rain fell in the Southwest, where it is badly needed.
Winnipeg closed 2% to 3c. higher. Some 400,000 bushels
of Canadian wheat were taken for export. The Canadian
visible supply decreased 1,459,000 bushels to 103,965,000
bushels, which compares with 95,317,000 bushels at this time
/
last year. Liverpool ended unchanged to 14d. lower. Broomhall said dry weather complaints were received from Bulgaria, Hungary, Jugoslavia and Rumania.
On the 9th inst., after an early advance of a cent or more,
prices broke sharply, and ended with net losses of % to %e.
Reports of showers in western Canada and a decline in silver
futures led to selling at the start, but a good demand from
commission houses developed on the decline and prices rallied sharply, only to move down abruptly later owing to
weakness at Winnipeg and unfavorable reports from the
world wheat conference. Yet the weather continued bad,
with no relief from the severe drouth, and numerous reports
said that the crop was deteriorating. The Kansas weekly
report said the wheat plant is heading on short straw, due
to the continued dry weather. Milling demand was small.
Liverpool closed % to 1%d. higher. Winnipeg was unchanged to 5fic. higher.
On the 10th inst. prices soared 5c. a bushel, the limit
allowed in one day's trading, under heavy buying stimulated
by reports of high winds and dust storms over the entire
belt. At the close, July was at the highest level since
March 14, and up 15%c. from the low reached during the
sharp break last month. Wall Street and Northwestern
Interests were buying, and the foreign demand was the best
in some time. Outside markets were strong. The crop was
further damaged by severe dust storms, and drouth continued. Winnipeg reports said that a serious situation has
developed over a wide area in Saskatchewan and Manitoba,
and that the dry section is larger than last year. Winnipeg
2d.
1
ended 2%c. higher. Liverpool was % to / lower.
The Government report placed the indicated winter wheat
crop at 461,471,000 bushels, or a decrease for the month of
30,000,000 bushels. Secretary Wallace said that despite
heavy losses incurred by drouth and dust storms there is
no danger of this country going hungry. He added that a
million bushels a day are being destroyed in the Middle
West, and conditions are worse for the spring wheat crop
than at any time since the famine in 1894. The shrinkage
probably continued at that rate as a result of the lack of rain
in the growing areas and the intermittent heat waves of the
last 10 days. The report is based on conditions as of May 1.
The condition of the winter wheat crop as of May 1 was
70.9% of normal, compared with 66.7% on the same date
last year. Approximately 41,000,000 acres were sown to
winter wheat last fall, of which 15.3% has been abandoned.
In the fall of 1932, 42,692,000 acres were cultivated, of which
33.4% was abandoned before the 1933 harvest. Unofficial
estimates indicated that even with a spring wheat production of 65,000,000 bushels less than normal the 1934 wheat
yield would be about 635,000,000 bushels.
To-day prices, after an early rise of 2%c., reacted and
closed with net losses of 1% to 2c., owing to general selling
inspired by the cessation of the severe dust storms and pre-
May 12 1934
Financial Chronicle
dictions for showers overnight. Final prices show a rise
to 9%C.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.Fri.
Sat. Mon. Tues. Wed. Thurs.
99% 103% 104% 101% 106% 105%
No.2 red
CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
81% 84% 85% 85% go% 8811
May
83% 88% 87
79% 82% 84
July
sos 83% 8431 84% 89% 88
September
Season's Low and When Made.
Season's High and When Made.
Oct. 17 1933
71%
July 18 1933 May
May
128%
Oct. 17 1933
70%
Nov. 14 1933 July
94
July
Apr. 19 1934
September_ 9331 I Feb. 5 1934 September 74%
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
69% 714 69
66% ____
May
70
70% 72
67% ---_ 70
July
72
71% 74
68% ---- 71
October
INDIAN CORN followed the trend in wheat. On the 5th
inst. prices ended % to %c. higher. Early prices were lower,
owing to selling based on the weakness in wheat, but when
wheat rallied later, corn followed. A good demand was
encountered on the decline, and prices moved up sharply
when shorts covered. On the 7th inst. prices advanced %
to 1%c., in sympathy with the rise in wheat. Cash demand
was better. Eastern interests and commission houses were
good buyers. On the 8th inst. prices rallied with wheat, and
ended %c. lower to %c. higher. Trading was light. There
was some early selling on reports of showers in the West,
but commission houses were buying on the decline. On the
9th inst. corn followed the trend in wheat, advancing at
first but reacting later to close with net losses of % to %c.
A leading grain concern said that there was a possibility
of a shortage of corn in Iowa because of oversealing for
Government loans. Shipping sales were 22,000 bushels, and
5,000 bushels were booked by cash handlers to arrive. On
the 10th inst. prices advanced 2c., on buying inspired by the
2
/
strength in wheat. To-day prices closed 1 to 11c. lower, in
sympathy with wheat. At one time prices were more than
2c. higher. Final prices show a rise for the week of
4c.
% to 1Y
for the Week Of 8%
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
62% 63% 63% 62% 64% 63%
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
May..
July
September
Sat. Mon. Tues. Wed. Thurs. Fri.
46% 4731 4731 4631 48% 46%
49
50% 50
49% 51% 49%
51% 50% 52% 51
50% 51
Season's Low and When Made.
Made.
When
Season's High and
Apr. 17 1934
40
July 17 1933 May
82
May
Apr. 17 1934
43
5831 Nov. 14 1933 July
July
Apr. 17 1934
45
Jan. 15 1934 September
57
September
OATS advanced on the 5th inst., on buying stimulated by
unfavorable crop reports. Offerings were light. On the 7th
Inst., prices rose 2 to 2%c., on a good demand inspired by
the strength in wheat, as well as by decreasing stocks, bullish wheater reports, and a good domestic shipping trade.
On the 8th inst. prices advanced % to %c., on buying owing
to bullish crop reports. An Illinois report said that oats
were making little, if any, progress. On the 9th inst. prices
declined % to %c. Northwestern houses bought May against
sales of July and September. On the 10th inst. prices advanced 2% to 2%c., under a better demand from commission houses. Cash interests, as well as Northwestern houses,
also bought. To-day prices ended 1% to 1%c. lower, in
response to the weakness in wheat. Final prices are 3% to
4%c higher for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs, Fri.
4431 46% 46% 4531 48% 46%
No.2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
34
32
34% 34
36V 351
May
35
34
31% 35% 33% 33
July
34
31% 33% 33% 334 35
September
Season's Low and When Made.
Season's High and When Made.
21
Apr. 17 1934
July 17 1933 May
56%
May
24
Apr. 17 1934
Oct. 3 1933 July
40%
July
Apr 17 1934
Jan. 30 1934 September 26
September 3731
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
May
July
Sat. Mon. Tues. Wed. Thurs. Fri.
34% 33% 35% 34%
32%
3331 ---- 3531 3431 36% 35%
RYE met with a good demand on the 5th inst., and ended
with net gains of 1 to 1%c. On the 7th inst. prices followed
wheat upward, and ended with net gains of % to 1%c.
There was little selling pressure. On the 8th inst. prices
followed wheat upward, and ended with net gains of % to
1%c. Minneapolis houses were buying and shorts covered.
On the 9th inst. prices closed 1 to 1%c. lower, in response
to the weakness in wheat. On the 10th inst. prices moved
upward 3% to 4%c., under a good demand. Offerings were
small. The Government report is expected to be about in
line with recent private estimates. To-day prices ended 2%
to 3%c. lower, reflecting the weakness in wheat. Liquidation was general. Final prices show an advance for the
week of 1% to 2%c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed, Thurs. Fri.
56% 56% 58
May
5631 60% 57V
56% 5731 58% 57 si 61
July
57h
57% 5831 594 5831 61% 59
September
Season's High and When Made. I
Season's Low and When Made.
116% July 19 19331May
May
41
Oct. 17 1933
Nov. 21 1933 July
70
July
5031 Apr. 19 1934
september____ 66% Feb. 5 1934 September__. 52% Apr. 19 1934
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues, Wed. Thurs. Fri.
4431 ---- 46
453' 47% 4531
45% ____
47
October
-_--
May
July
Volume 138
Financial Chronicle
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs. Fri.
May
41 M
40
42
44
July
43
September44
1n1 13% :
P
I
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sal. Mon. Tues. Wed. Thurs. Fri.
May
364
38Ji 37H 384
July
37%
304 38% 39X
18Vt
Closing quotations were as follows:
GRAIN
Wheat, New York
Oats, New York
No.2 red.c.i.f., domestic_-105
o. 2 whIte
43
Manitoba No. 1.f.o.b. N.Y 79%
No.3 white
42
Rye No 2,f.o.o.bond N.Y
49%
Corn. New York
Chicago, No. 2
Nom.
No.2 yellow, all rail
63% Barley
No.3 yellow.all rail
N Y ,47 Si lbs. malting 54 3fi
62%
,
Chicago. cash
42-80
FLOUR.
Spring pats., high protein$7.1507.351 Rye flour patents
$4.70@4.90
Spring patents
6.8547.051 Seminole, bbl., Nos. 1-3- 9.50410
Clears. first spring
6.00a6.40 Oats goods
2.65
Soft winter straights...-. 6.05a6.45 Corn flour
1.80
Hard winter straights- 6.20 6.40 Barley goods
Hard winter patents-- 6.404.6.601 Coarse
3.60
Hard winter clears
5.7506.001 Fancy pearl.Nos.2.4&7 545565
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 al- I Flour.
Wheat. I
Corn.
Oats.
I
I
Rye.
I Barley.
bbls.1961bs bush 60 lbs bush. 56 lbs.bush. 32 ibs.bush.581ba.bush.481bs.
Chicago
169,000
234,000
102,000
542,000,
2,000
152,000
Minneapolis..
22,000
632.
65,000
14.000 346,000
Duluth
173,
11,000
31,000,
Milwaukee_ _ _
16,000
10,000
2,000 278.000
79,04301
5,
Toledo
260,000
87,000
16,000,
22,000
Detroit
31,000
14.000,
8,000
8.000
20.000
Indianapolis_
139.000
92.000
16,
St. Louis
121.000
60,000
130,000
210.000,
17,000
Peoria
50,000
2
16,000
186,000
23.000
68,000
Kansas City._
14,000
116,000;
253,
14,000
Omaha
64,000
8,000
157,00d
St. Joseph_
90,000
23.000
27,000,
Wichita
112,000
16,000
Sioux City..
5,000
9.000
19,000
I
Buffalo
891,000
4,000
167,000
77.000
Total wk. '34
Sams wk. '33
Same wk. '32
Since Aug.
1933
1932
1931
370.000
382,000
391,000
1,899,000
7,384,000
3,962,000
2,246,000
7.362,000
3,641,000
847.000
3.096,000
1,467.000
140,000 845,000
291,000 2,618,000
312,000 618.000
Receipts at-
Flour. I
Wheat.
Corn.
I
Oats.
Rye.
I Barley.
Ibis.196165 bush.60 lbs bush.56 lbs bush. 32 Os lrtuh.561bs bush.48lbs.
.
.
.
.
New York.._
108,000
168,000
4,000
19,000
2,000
Philadelphia
18,000'
1,000
21,Ii'
Baltimore_
12,000
ill
8,000
27,000
19,000
Norfolk
1,000
New Orleans.
28,000
'ii
9,000
72,000
30,
Galveston_
22,000
M ontreal_ _
II I
38,000
569,000
17,'ii
St.John, West
3.I I I
Boston
'ii
37.000
Sorel
304,000
Halifax
34,000
32,000
Total wk. '34 279.000 1,108.000
89,000
96,000
46,000
Since Jan.1'34 4.784.000 14,329.I
2.125,000 1.799.000 939.000
136.000
Week 1933-1 316,000 3,630,000
94,000
107,000
13,000
Since Jan.1'33 5.228,000 16.687,000 1.670,000 1,511,000
105,000
60,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, May 5 1934, are shown in the annexed
statement:
ExportsfromNew York
Albany
Boston
Nor olk
New Orleans
Montreal
St. John, West
Sorel
Halifax
Wheat.
Bushels.
Corn.
Bushels.
Flour.
Barrels.
Oats.
Rye.
Barley.
Bushels. Bushels. Bushels.
408,000
480,000
1,000
12,800
4,000
569.000
4,000
1.000
1,000
8,000
38,000
3,000
304,000
32,000
Total week 1934._ 1,803,000
Same week 1933._ 3,637,000
6,000
9.000
17,000
15,000
15,000
17,000
163.000
34,000
5,000
6,000
97,800
118.620
Ttie destinat'on of these exports for the week and since
July 1 1933 is tiF below:
Flour.
Exports for Week
and Since
Week
May 5
1934.
Since
July 1
1933.
Wheat.
Week
May 5
1934.
since
July 1
1933.
Barrels. Barrels,
Bushels.
Bushels,
United Kingdom_ 58,325 2,370,736
905,000 35,662.000
Continent
5,330
576,282
893,000 51,274.000
2,000
55,000
So. dr Cent. Amer_
4,000
432.000
24,000
745.000
west Indies
1.000
46,000
Brlt.No.Am.Cols.
---47.000
countries- 8,145
188,593
Other
668.000
Total 1934
1933
Tntlki
97,800 3,982,611 1,803.000 88.082.000
118.620 3.360.892 3.637.000 131.886.000
Corn.
Week
May 5
1934.
Since
July 1
1933.
Bushels. Bushels
317,000
4,000
256.000
1,000
1,000
47.000
1,000
11,000
5,000
833,000
6.000 4.804.000
The visible supply of grain, comprising the stocks in
granary at principal pointq of accumulation at lake and
seaboard ports Saturday, May 5, were as followt:
,
Rye,
bush.
1,000
a75,000
Barley,
bush
1148,000
c59,000
2.000
2,000
9,000
7,000
5,000
22,000
86,000
48,000
5,000
96,000
11,000
49,000
60,000
8,000
22,000
3,330,000
956,000
49,000
611,000
2,643.000 6.654.000
2,774.000 1,849,000
32,000
60,000
1,145,000
413,000
Total May 5 1934-- 82.134.000 52,105,000 30,443,000 10,503,000 10,728,000
Total Apr. 28 1934... 84,572,000 54,541,000 32,315,000 10,794,000 10,908,000
Total May 6 1933...120.201,000 30,523,000 21,085,000 7.916,000 8,932,000
a Includes 33.000 Polish rye. b Includes foreign rye, duty paid. c Also has
222,000 Polish rye.
Note.
-Bonded grain not included above: Wheat, New York. 205.000 bushels;
New York afloat, 11,000; Boston, 129,000; Buffalo, 68,000 Duluth. 6,000; on Lakes
205,000: total, 624,000 bushels against 3,826.000 bushels in 1933.
1Vheat,
Corn,
Oats.
Rye,
Barley,
Canadianbush,
bush,
bush.
bush.
bush.
Montreal
2,758,000
133.000
433,000
116,000
Ft. William & Pt. Arthur 75,204,000
4,963,000 2.213.000 5.108,000
Other Canadian
26,003.000
1,212,000
438,000
358.000
Total May 5 1934_103.965,000
6,308,000
Total Apr. 28 1934...l0&524,000
6.638,000
Total May 6 1933- 95,317,000
4,321,000
Summary
American
82,134.000 52,105,000 30,443,000
Canadian
103,965,000
6,308,000
3,084,000 5,582,000
3,102,000 5.503,000
3,752,000 3,051,000
10,503,000 10,728,000
3,084,000 5,582,000
Total May 5 1934_186,099,000 52,105,000 36,751,000 13,587,000 16,310,000
Total Apr. 28 1934...190,096,000 54,541,000 38,953,000 13,806,000 16,411,000
Total May 6 1933_215,518,000 30.523,000 25,406,000 11,668,000 11,983,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending May 4, and'since July 1 1933 and July 2 1932, are
shown in the following:
Wheat.
13,752,000176,631,000162,383,000 58,339,000 9,309.00043,464,000
15,323,000 267,829,000 158,752,000 74,382,000 9,291.000 38,089.000
16,556,000264,468,000107,706,000 58.895,000 5.939,00028,890.000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, May 5 1934, follow:
July 110-
United •StatesBoston
New York
" afloat
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
Bt. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
" afloat
On Canal
3309
GRAIN STOCKS.
Wheat,
Corn,
Oats,
bush,
bush,
bush,
77,000
25.000
83,000
83,000
16,000
20,000
243,000
45.000
53,000
761,000
23,000
52,000
250.000
20,000
19,000
107,000
55.000
534,000
2.182,000
161,000
351,000
931,000
2.000
2,374,000
4,000
1,291,000 2,082.000
315,000
28,951,000 2,603,000
233.000
4,213,000 5,875,000
793,000
336,000
571,000
217,000
2,597,000
643.000
204.000
268,000
515,000 1,437,000
132,000
6,000
80.000
2,539,000 18,421,000 1,637,000
457,000
9,000 2,951,000 1,400,000
18,672,000 4,337.000 12,604,000
12,996,000 6,330,000 11,401.000
135,000
10.000
18,000
2,333,000 5,358,000
399,000
87,000
407,000
268,000
80,000
Exports.
Week
May 4
1934.
Since
July 1
1931.
Corn.
Since
July 2
1932.
Week
May 4
1934.
Since
July 1 I
1933.
Since
July 2
1932.
Bushels.
Bushels. I Bushels. I Bushels. I Bushels, I Bushels.
North Amer_ 4,301,000186,200,000,257,447,000
6,000
751,000 5,497,000
Black Sea...
728,000 39,899,0001 19,456,000 969,000 31,439,000 59,874,000
Argentina_ _ _ 2.072,000113.260,000, 90.558,000 4,764,000180,734,000173,412,000
Australia _ _ _ 1.657,000 77.789,000138.270.000
0th, countr_
164,000 23,852.000, 22.925.000
94,000 10,192,0001 30,348,000
Total
8,922.000441,000.000528.656.000 5.833,000 223,116.000 269,131.000
AGRICULTURAL DEPARTMENT'S REPORT ON
CEREALS, &c.
-The full report of the Department of
Agriculture, showing the condition of the cereal crops on
May 1, as issued on the 10th inst., will be found in an earlier
part of this issue in the department entitled "Indications
of Business Activity."
WEATHER REPORT FOR THE WEEK ENDED
MAY 9.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended May 9,follows:
The week was characterized
by abnormally warm and dry weather over
much the greater portion of the country. The data in the table show that
the temperature averaged only slightly above normal in the Southern
States, but elsehwere the weekly means were abnormally high, with the
greatest plus departures appearing from the central and upper Rocky
Mountains eastward to the Atlantic Ocean. In the central valleys the
temperature averaged from 10 degrees to as much as 18 degrees higher than
normal, with some stations in the north-central portion of the country
reporting maxima of 100 degrees or higher.
The table shows also that moderate to locally heavy precipitation occurred
in the lower Mississippi Valley and in some adjoining sections, and also
from eastern Kansas and northwestern Missouri southward. In the
central and upper Mississippi Valley, the northern Great Plains, the Lake
region, the Southeastern States, and in northern Rocky Mountain districts
there was very little precipitation, with most stations reporting inappreciable amounts.
In the interior valleys, the central Plains, and the Northwest relief from
drouthy conditions was afforded during the past week only in limited
areas, and in most of the the rainfall was insufficient to permanently
relieve the situation. The most helpful showers occurred in some places
in eastern South Dakota, locally in eastern Nebraska, and more generally
over the eastern half of Kansas and northwestern Missouri. Otherwise,
drouthy conditions were intensified by the absence of rain and the prevalence of high temperatures. North of the Ohio River scarcely a station
reported a measureable amount of rain during the week, and in the
Mississippi Valley sections and the northern Great Plains but few hadUpper
more
than 0.1 of an inch. The extreme dryness is illustrated by the following
percentages of normal precipitation from the first of March through the
first week in May: North Dakota, 40%; South Dakota. 57%; Nebraska.
37%; Iowa, 43%, and Minnesota. 49%. In Illinois there has
65% of normal precipitation during the last 11 months, while in been only
Nebraska
and North Dakota last month was the third driest April of record.
The Southern States, where soil moisture is mostly sufficient,
growing week, and farm work made satisfact ry progress. had a good
Mao the
Atlantic States, in general, had favorable weather, with
tures promoting unsually rapid growth. Some northernthe high temperaRocky
sections. especially much of Colorado, had favorable rains, and Mountain
there
considerable snow in northern Arizona. The l'acific Ncrthwest hadwas
an
unusually good growing week, with general beneficial rains and a continuation of high temperatures. The far Southwest. especially southern
neeas moisture.
SMALL GRAINS.
-Moderate to some fairly good rains occurred
southwestern Winter Wheat Belt which were beneficial in Texas, in the
homa, and about half of Kansas. In the eastern half of the latter Oklastate
the moisture was sufficient to improve the wheat cr ip, but was
inadequate
in the western half where deterioration continues; in extreme western
Kansas much wheat has been damageJ beyon.t rec'very. Nebraska had
scatter° I rains which were beneficial I ically. but wheat continued
to
deteri irate in most places; damage has been heavy. Rains were
helpful in
northwestern Missouri. but it was too dry in other parts of the State.
Wheat lost ground in the drier areas of Illinois. and Inaiana. while it con-
3310
Financial Chronicle
May 12 1934
improvement. A better response to current Summer promations made itself felt and hopes revived that the period
before Decoration Day would compensate for the lull experienced during the first week of May and during most of
the preceding month. Some misgivings as to trade developments in the immediate future have lately been caused by
the unfavorable reports from the winter-wheat belt where
lack of rain threatens to cut deeply into the size of the current crop. Best demand prevailed for Summer apparel and
accessories but there was also an improved movement in
home furnishing. The event of the coming week will be the
great annual cotton promotion and it is expected to meet
with even more enthusiastic response than during the preceding years. Department store sales during the month of
April, according to the compilation of the Federal Reserve
Board, gained 5% in dollar volume over April 1933 and for
the first four months the gain is now 22%. In evaluating
these figures it is, of course, to be remembered that the preEaster business last year fell into the month of April while
this year it was concentrated in March but that, on the other
hand, prices this year range from 25 to 30% above those in
the first part of 1933.
' With retail inventories amply able to fill present requirements, trading in the wholesale dry goods markets remained
in its previous lull although expectations were that a continuation of the better weather conditions would also bring
a revivalin this field. Reflecting the curtailment in demand,
further recessions in prices were recorded. Orders placed
by wholesalers themselves were again small but it is anticiThe Weather bureau furnished the following resume of pated that within a week or so they will do their initial
ordering in Fall cottons and woolen lines. Although the
the conditions in the different States:
complete shutdown ordered by the code authority for the
. Virginta.—Richraond: Temperature considerably above normal, precipitation light to moderate; ground dried rapidly. Farm work and growth
silk industry for next week is expected to bring about a
active, cotton planting started in southeast; corn planting practically comhealthier condition of the market, trading in silk goods was
pleted, except on lowlands and in extreme west. Winter grains some poor
stands, but mostly good; potatoes nearly planted, some coming up: sweet
still below normal. Some business was done in slightly
potatoes bedded; gardens late, meadows and pastures good. Weather
weighted crepes and in sheers, but highly styled novelties
decidedly favorable for southeastern truck.
North Carolina.—Raleigh: Very warm latter half of week; rainfall
failed to attract a larger following. Business in rayon
heavy in north coast section, but light, scattered elsewhere. Cotton
yarns was at a virtual standstill, reflecting the confusion
planting made good progress: early-planted good. Generally favorable for
into which this market recently was thrown through the
planting, but rain needed for germination, growth, and to transplant
tobacco and sweet potatoes. Fruit,small grains, and potatoes doing well;
price reduction of one producer which was followed by antruck needs rain.
nouncements of the largest mills to the effect that no price
South Carolina.—Columbia: Week fair with seasonal temperatures latter part favorable for planting, germination, and growth all crops in northchange was planned. Meanwhile, several producers have
west, but growth and progress checked in south and east by dryness.
announced lower price levels for knitting than for weaving
Early corn planting about completed, stands poor in places and grain
heading short in south. Cotton planting made excellent progress, but
yarns and there are indications of a price war in the knitting
two weeks late in northwest with germination fairly good, but progress in
field.
south rather poor account wind and dryness. Chopping made fairly good
replanting necessary throughout State on account previous
progress; some
DOMESTIC COTTON GOODS.—An upward movement
cold.
Georgia.—Atlanta: Conditions more favorable; planting corn and cotin raw cotton and predictions that the meeting of print cloth
ton made good progress in north and central districts middle of week:
manufacturers at Greenville would result in a voluntary
potatoes, truck, and cereals generally good growth. Previous coolness
curtailment program caused trading in the print cloth market
damaged cotton and some replanting necessary in south and central; replanting corn and peanuts necessary in south. Setting sweet potatoes
to stage a strong revival at the beginning of the period under
made good progress in most sections. Rain latter part beneficial in most
review. Buyers who had permitted their needs to accumuof south; fruit prospects good.
Florida.—Jacksonville: Week warm; rain moderate in west and on
late during previous weeks, showed a disposition to cover
west coast, mostly light on east coast. Cotton stands good; condition
farther ahead than mills were willing to go. The bulk of
and progress fairly good; chopping making good progress. Corn, oats,
potatoes, and sweet potatoes good; harvesting potatoes continues. Truck
the business was done for May-June shipment and only in
fair to good and improving. Citrus excellent; new fruit holding well.
a few instances orders for July delivery were accepted. A
Alabama.—Montgomery: Normal temperatures with moderate rains,
north. Rain needed in northwest. Progress and condition
except dry in
fair degree of activity was maintained during the current
of cotton fairly good; planting slow in north with little up in extreme
week, largely in view of the questionnaire sent by the code
north. Corn progress good. Stands and condition of oats fair to g_ood;
sweet potatoes doing well. Fruit
pastures mostly good. Potatoes and
authority to the mills in the matter of a 25% curtailment.
prospects good.
Toward the end of the week the continued weakness of
Mississippl.—Vicksburg: Cool nights beginning of week; moderate to
security prices proved a retarding influence although a fairheavy rains Saturday and Sunday. Cotton planting practically completed,
stands fair to good, progress mostly fair; chopping begun in south. Corn
sized volume of print cloth and carded broadcloth was taken.
planting continues; condition and progress mostly very good; pastures
Following a period of dull trading in fine cotton goods at
and truck made improvement.
Orleans: Cotton planting about finished: some reLoutstana.—New
somewhat easier prices, a slight improvement developed
planting due previous cold; good advance in chopping and cultivation.
with moderate inquiry for some staple goods and fair interest
Seasonal temperatures and moderate to heavy rains generally favorable,
though too wet locally. Progress and condition of corn very good, stands
shown in fancies. A slightly better demand was noted in
fair to good and cultivation progressing; cane and rice growing well, oat
low-end voiles and other sheer cloths but sales in other goods
and potato harvests active; truck and strawberry shipments heavy.
Texas.-11ouston: Warm, with light to heavy rains, except along coast
were small and occasional price concessions on standard
and In extreme west. Conditions generally favorable, except in northeast
weaves were reported. Closing prices in print-cloth were
quarter where field work delayed and much cotton still to be planted.
-inch 80's, 8% to 9c.; 39-inch 72-76's, 83.c.;
as follows: 39
Moderate rain benefited grains in this area. Elsewhere, winter wheat,
3
oats, corn, truck, ranges, and cattle mostly in good condition; some corn
39-inch 68-72's, 7% to 73/20.; 383 -inch 64-60's, 63 to 63.c.;
%
tasseling in south. Chopping advanced in south and crop coming up to
good stands. Rain still needed In extreme west.
383/2-inch 60-48's, 5%c.
with heavy to excessive rains in
Oklahoma.—Oklahoma City: Warm,
WOOLEN GOODS.—Trading in men's wear fabrics concentral, eastern, and extreme southwestern portions, and south portion
of Texas County; light to moderate rains elsewhere. Progress and continued small, reflecting the slow retail demand for apparel
dition of corn fair, with much up to good stands and some cultivated in
during the last few weeks. Many mills are now curtailing
southeast. Cotton planting quite general and normally advanced; some
up and some chopping in southeast. Progress and condition of winter
production but with the advent of more seasonal weather an
wheat fairly good, except deteriorated in extreme northwest, including
improvement is looked for. Complaints are continuing
Beaver and Cimarron counties, due to dryness: serious in Beaver, Cimminor
arron, and Woodward counties. Oats, gardens, potatoes, and
about the competition of low-priced woolens for men's suits
crops made very good advance, except in dry areas.
and women's coats and latest reports are to the effect that
Arkansas.—Little Rock: Cotton planting well advanced, completed in
some southern localities; progress good to excellent, except in northeast
a number of New England mills are now introducing a line
too dry. Stands very good, except early in extreme southern
where
of "wooly" cotton materials for Fall suitings. A slight
counties where much replanting necessary. Corn planting advanced;
seasonal pickup in the demand for white flannels and tropical
progress very good, except where too dry; being cultivated many localities.
crops. Potatoes and truck plentiful.
Weather favorable all other
worsted was noted and a stretch of real springlike weather is
Tennessee.—Nashville: Vegetation improved by light rain but more
anticipated to enliven this field still further. Reports from
needed; warmth latter part of week favorable. Planting corn and cotton
of week. Winter wheat
well advanced; germination and growth slow most
retail clothing centers are spotty but an improvement was
heading, condition mostly very good: winter grains, potatoes, vegetables,
good.
shown during the last few days. Trading in women's wear
hay, pastures, good condition generally. Fruit prospects mostly in west.
Kentucky.—Louistrille: High temperature; good local showers
fabrics was slightly more active, apropos of the introduction
Corn planting half to three-fourths completed, soil moisture sufficient for
of the new Fall lines of coatings and dress goods.
germination but excess heat causing rapid loss; considerable corn up.
and
rapid start; favorable for bringing up cotton. Progressnorth condition of
by dryness;
FOREIGN DRY GOODS.—Business in linens maintained
very good, but affected in
winter wheat fairly good to
mostly underrye mostly headed, barley heading; tobacco plants irregular,
its previous activity with demand including dress linens as
rains needed.
sized; good general
well as suitings. Continued consumer interest in coats and
suits made of these materials is noted and a further improvement in sales is anticipated. Reflecting slightly higher quoTHE DRY GOODS TRADE
tations reported from the Calcutta market, prices for burlap
New York, Friday Night, May 11 1934.
showed a slight improvement although interest in both spots
Reflecting more seasonable weather conditions, retail and futures continued small. Domestically lightweights
show an appreciable were quoted at 4.65c., heavies at 640c.
trade emerged from its previous slump to
tinued in fair condition generally, scattered deterioration was reported. In
the Ohio the crop is still fair on lowlands, but deterioration is increasing on
uplands. In the Pacific Northwest recent moisture has been favorable and
the general outlook is highly satisfactory.
The Spring Wheat Belt needs moisture badly. In North Dakota the
early seeded wheat looks well, but rain is needed generally and much of
the later sown has not germinated. In South Dakota beneficial rains
occurred in many places in the east, but in most of the State moisture is
still inadequate, with further soil blowing; seeding is active. In most other
parts of the belt rain is needed, though, in general, the crop is doing well
in the Pacific Northwest. Oats have come up mostly to irregular stands;
In Iowa some have not germinated, while early fields are beginning to show
yellow because of dryness.
CORN.—Except in Oklahoma, eastern Kansas, northwestern Missouri,
and locally in Iowa, Nebraska. and South Dakota, there was little or no
precipitation over the Corn Belt. In Iowa seeding made slow progress
bemuse of dry soil, and much corn is lying in dust ungerminated. Part of
the early crop and some corn in places where moisture is sufficient, is up
and showing rows in a few fields; 'planting is in progress to the northern
limit of the State. In Kentucky planting is well along, and there is sufficient soil moisture for present needs, but in the northern Ohio Valley States
rain is needed for germination of seed. In Ohio some planting has been
done in dry soil, and this work is in progress generally in Indiana. In
Illinois probably more than half the corn has been put in, but it is too dry
for germination in many places, and scarcely any is up. In Missouri
planting is well advanced, and some localities have good stands, but others
are too dry. In Kansas mqst fields are planted in the southeastern quarter
of the State and stands are fairly good with some cultivation; about half
the crop has been put in in the northeast. Farther north seeding is delayed,
waiting moisture.
COTTON.—In the Cotton Belt the week was fairly warm and precipitation was light to moderate, except there was very little in most eastern
districts. On the whole, conditions were favorable for the cotton crop.
In Texas chopping made good advance in the south and the crop is
coming up to good stands in most other places, though field work has been
delayed in the northeastern quarter where there is yet much to plant. In
Oklahoma seeding made fairly good advance and is abreast of the season:
some cotton is up, with local chopping in the southeast. In the Mississippi
Valley States conditions were generally favorable, with seeding advancing
well to the northern limits of the belt. In the more eastern States planting
has begun northward to Virginia, and has advanced favorably in most other
localities, though the season is two weeks late in some Piedmont sections:
progress was rather poor in southern South Carolina because of dryness.
Recent low temperatures did more or less damage in Georgia, and some
replanting is necessary in the south, but weather conditions are now more
favorable.
Volume 138
3311
Financial Chronicle
State and City Department
MUNICIPAL BOND SALES IN APRIL.
We present herewith our detailed list of the municipal bond
issues put out during the month of April, 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 3130
of the "Chronicle" of May 5. Since then several belated
April returns have been received, changing the total for
the month to $109,396,922. This figure does not include
Reconstruction Finance Corporation (PWA, FERA) loans,
actually made or promised, to States and municipalities
during April in the amount of $10,051,350. The number
of municipalities issuing bonds in April was 179 and the
number of separate issues 231.
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
$20,000 100.05
2781_ _Aberdeen, Miss
534
5.86
r50,000 100
2781__Adams County, Idaho___54
11.000 97.27
3313_ _Alachua S. D., Fla
2962„Alameda County, Callf_334 1943-1959 1,372.000 100.008 3.52
2962_ _Alameda County, Calif...3X 1939-1942 340,000 100.008 3.52
5.00
1937-1945 r40,150 100
2962-Alliance City S. D.,Ohlo_5
2781_ _Altoona, Pa
534 1935-1944 400,000 100.01 5.24
7.000
2962_ _Alturas, Calif
1935-1950 r246,000 101.13 3.35
2781-Appanoose County, Iowa3
35,735 100.18 3.38
1934-1936
2781_ _Ashtabula County, Ohlo.3
4.99
51,000 100.11
1935-1954
5
_Aurora S. D.,Ind
3133_
2-25 years r108,000 102.60
2963_ Austin, Texas
46C
--.
1935-1952 145,000 100
4
3133__Beaver Dam, Wis
3.78
1939-1959 d35,000 101
4
3133__Bellefonte S. D., Pa
14145:060,0
5
3133-Belleville S. D. Mo
0 100.01 4.99
1935-1954
2781_ Bellmore Fire dist., N.Y.5
2.000
2781__BerlIn Rural S. D., Ohio
2451__Beverly Lillis S. D.,Callf.4 X 1935-1954 150,000 100.08 4.24
2781__Bolivar, Miss
534 1935-1959 r75,000
1944-1946
10,000 102.75 3.70
3133__Boone Ind. S. D.,Iowa_A
58,000 100.05 3.79
3.80 1935-1954
3133-Boulder, Colo
1939-1944
30,000 101.27 4.30
2782-Brid8eville S. D., Pa_ __ _4
1935-1959
75.000 100.43 3.21
3
2963__Brockton, Mass
1935-1939 128,000 100.02 2.49
2
-Brockton. Mass
2782
1938-1952 225,000
4
2782_ _Brown County, Wis
4.00
4
1934-1945 160,000 100
2615--Burlington, Vt
5.50
5,400 100
2782- _Burnside Township,Pa_ _54
4
1956-1957 200,000 105.95 3.61
2451-California (State of)
200,000 100.95 3.61
4
2615- _California (State of)
1935-1944 200,000 100.27 ---3
2963-Cambridge, Maas
2963-Cambridge, Mass.(2 iss.)334 1935-1964 100,000 100.27
.R1
3,000 102.50 1
1935-1944
-Canal Winchester, Ohlo-6
2615
1935-1944
20.000 100.68 4.85
2963_ _Canton Twnp. S. Di „ Pa-5
2815„Cedar Rapids, Iowa
4
375,000
2963„Chagrin Falls Vii. S. D.,
1935-1938
r3,500 100
Ohio
1944
70,000 100.10 4.96
5
3134- _Charleroi S. D.,Pa
6
1936-1937 200,000 100.05 5.98
2964-Chattanooga, Tenn
98,000 100.01 3.99
1935-1948
2964-Chickasaw Co.,lows_-_4
2783_ -Clarke County, Iowa- .334 1935-1950 r316,000 100.99 3.39
45,000 102.48 3.80
1949-1951
2793--Clayton Sch Dist., Mo---4
3134__Cleveland, Ohio_ _ _
4g 1934-1963 800,000 100.66 4.19
2783.-Cleveland, Ohio(13iss.)14-6 1937-1963 1,000,000 92.35 5.85
1934-1939 100,000 97.57 6.90
2964-Cleveland, Ohio (2 issues)6
5.00
38,974 100
1935-1954
2783-Clinton Twp., Ind
5
2964-Collin & Hunt Cos.School
5.00
r4,800 100
51954
District. Texas
4
1948-1954 175,000
3134-Columbia S. D.,Mo
5.0(5
25,000 100
1935-1939
2783-Cotton Sch, Dist., Calif-5
1935-1944
25,000 100.62 3.88
783-Columbiana Co., Ohlo-__5
2
2451-Columbiana Co., Ohio-_33( 1934-1936 115,000 100.04 3.72
2616--Corning. N.Y.(2issues)-34 1935-1945 110,000 100.30 3.44
2616-Cortland S. D. No. 3.
5.00
25,000 100
N.Y
1936-1948
5
100,000 98.54 4.14
_
3134-Dallas, Tex
4
2783--Dayton, Ohio
434 1936-1650 100,000 100.08 4.24
100 4.75
434 1934-1945 103,000
2964-Dayton, Ohio
31,150
100 6.00
1935-1963
2964-Delmar Fire Dist., N. Y-6
3134-_Dover. N. J.(2 las.)
534 1935-1954 635.000
1.66
30,000 100
1935-1949
3134-Du Bois, Pa
3
1935-1954 106.500 100.23 4.97
2452-Eastchester, N. Y
5
2.99
3134__Easton S. D. Pa
30,000 100.07
1935-1944
3
4.88
1935-1944 346,000 100.61
2452-Englewood, N. J
5
3.36
28,660 100.21
334 1934-1936
3135-_Erie Co., Ohio
43,000 100.12 3.20
3135-Fairfield Co., Ohio
334 1935-1938
4.00
1935-1945 112.000 100
2965--Fond de Lac, Wis
2965- _Fort Collins, Colo
4
1944-1949 d86,000 98.17 4.21
2704-_Fort Scott, Kan116,000 99.78
4.75
50,000 100
2784--Fort Worth, Tex
,3
14
6.00
7,100 100
1935-1939
3135-Fostoria, Ohio
6
1934-1936 475,000 100.08 2.94
2784--Franklin Co., Ohio
3
2965--Fremont Co,Iowa
334 1935-1950 r486,000 101.07 3.38
30,000 103.42
3135-Freeport S. D., Ill
34 1934-1936
20,000 100.03 3.43
2965-Gallia Co., Ohio
4
4,000 100
4.00
2965- _Gary, S. Dak
1-20 Yra•
43,000
2785-Georgetown, Tex
2785-000se Creek Tex
30,000
2617-Green Bay Met.Sew. DiaDist., Wiz;
1946-1953 364,000
2785-Greenlawn Water Dist.,
1949
6,000 100.15
4.24
N. Y
434
3
1937-1944 500,000 100.80
2.87
2617--Greenwich, Conn
80,000 100.007 2.24
2788__Hanonk Co.,Iowa
234 1935-1938
1934-1936
19,200 100.09 3.1$
3135-Hancock County, Ohio -3
15-20 yrs.
27.500 100
4.50
2966-Harmony, Mimi.(3 ism.)A
4
1935-1945
15.000 100.82 4.36
2966-Harrison Twp., Pa
2
1935-1941 700,000 101.07 2.22
3135__Hartford, Conn
1944-1954 rd500,000 100.67 3.19
2785-Haverford Twp.,Pa
3
1944
r140,000 100.67 3.19
2785--Haverford Twp..Pa_ - _ _ _3
r3,800
3135-Hinckley Twp.S.D., Ohio_
1937
r80.000 100.006 4.99
2453-Highland Park S.D.,Mich5
2966-Holland, Colden & Wales
44 1934-1971 187,000 101.18 4.66
B. D. No.__,1 N.Y
5
1935-1939
5,000 100
5.00
2453--Hornell, N.Y
5.00
r15,451 100
2968-Hoxie S. D.No. 19, Kan-5
44 1939-1948 200,000 100
4.50
2618-Indiana Co., Pa
3.60 1945-1949 330,702 100
3.60
2453-Indianapolis, Ind
2785-Jackson Twp.Rural S.D.,
r4,000
Ohio
2618-Jefferson Co. S. D.No.2.
1935-1949 r70.000 100.78
4
Colo
334 1935-1950 r570,000 102.12 3.55
2785_Jones CO. Iowa
434 1936-1954 1,260,000 100.01 4.12
2618-Kansaa city, Mo
1955-1974 2,090,000 100.01 4.12
4
2618--Kansas City, Mo
3.50
42.000 100
3136-Kearney Sch. Dist., Neb.34 1935-1944
2966__Sendailville Rural S. D.,
d2,200 100.45 4.95
1946-1952
5
Iowa
r115,000
2967-Rimball County, Neb
2967-Hing Co. S. D. No. 135,
8,000 100
5.00
2-23 years
5
Wash
Name.
Rate. Maturity. Amount. Price. Basis.
Page.
2-20 yrs.
6
200,000 100.02 5.99
3136_ _King Co., Wash
5
1954
200,000 101.58 4.88
2786--Knox County,Tenn
2454-_ Kossuth County, Iowa-34 1943-1950 452.000 102.43 3.52
1935-1944
11,000 101.05 3.80
2454_ _ Kutztown Sch. Dist., Pa.4
434
1935 e 400,000
2967 .Lake County, Ind
1935-1939
16,000
5
2454-_ La Porte, Ind
4.00
72,000 100
3136_ _Linn County, Iowa
4
11,000 100.05 3.20
3136--Logan Co.. Ohio
334 1934-1936
1934-1936
_ _4
50,000 100.21 3.83
2619_ _Lorain County, Ohio_ _4
1935-1939 100.000 100.95 3.08
3
2967_ _Lynn, Mass
2967- _Lynn, Mass.(2 issues)__ _3 X 1935-1964 125,000 100.95 3.08
4.00
1934-1954 134,54)0 100
4
3137 Madison, Wis
1935-1943 500,000
6
3137_ _Mahoning Co.,Ohio
1936-1942
25,000 100.04 4.99
5
• 2786__Marion, Ind
r208.000 100.10
2967-Menominee Co., Mich__ _5 X
2619_ _Milton Sch. Dist., Pa __ _4 X 1937-1944 d27,500 100.29 4.22
1944-1953 120,000 101.06 3.91
3137_ _Milwaukee Co., Wis
4
2455_ _Montgomery Co., Iowa _34 1944-1950 360.000 102.37 3.52
1935-1938 313,000 100.15
2620_ _Montgomery Co., Ohio_ A
.Mount Pleasant Town2455.
1935-1944 d19,000 100.03 4.49
ship Sch. Dist., Pa_ __ _5
4.48
2868-Nassau County, N. Y....414 1937-1944 600,000 100
4.48 •
400,060 100
1944
2968_ _Nassau Co., N.Y
434
334 1935-1948 150,000 100.27 3.21
2455- New Haven, Conn
1936-1969 2,154,000 106.15 3.58
2620New Jersey (State of)
-.4
4.00
245,000 100
1984
3138__New York, N.Y
4
July 1935 7,650.000 100.60 3.50
2620- New York, N.Y
4
2,500,000
1935
3138_ _New York,N.Y.(2 iss.)-4
750,000
1935
3138_ _New York,N.Y
334
200,000
1937
3138_ _New York,N.Y
434
2455--New York,(State of)----2% 1935-1984 8,000,000 100.16 2.88
2455- New York (State of) (3
3
192 years2, 74:000 100.16 2.88
1- 5- 9594 300 0 0
301
0
issues)
_100.51
2787--North Adams, Mass_ _
1935-1944
50,000 100.27 2.116
2968-Northbridge, Mass
47,500 100.27 2.66
2968....Northbridge, Mass
1945-1954
2968_-North Canton Vil. Sch.
5.00
r4,000 100
District Ohio
1936-1939
5
35,000 101.27 3.83
2456__Northfield, Vt
,._4
1935-1952
2788_ Oakland, Calif
234 1935-1939 204,000 100.17 2.44
2788 ..Old Lyme, Conn
334 1936-1960 100,000 103.43 3.17
4.75
2621_ _Orange, Vt
434 1935-1947 r13,000 100
.Oregon (State of)
2968.
4
1946-1950 1,000,000 99.31 4.06
7,500 100.50 5.42
2968__Orrville, Ohio
534
15 years
6.00
2969_ _Peru, Ind
6
1935-1939
85.000 100
2456_ _Pierce County, Wash_ _534 2-10 years 350,000
6.00
2621-Pike Township, Pa
100
2969-Pittsburgh, Pa
62
1935-1939 2.50028 102.25 2.92
2969__Pittsburgh, Pa.(3 issues)304 1935-1964 2,160,000 103.50 2.92
3
5.50
2621- _Pleasantville, N.Y
534 1935-1948
28,000 100
.Port of New York Auth2788.
ority, N. Y
4
1935-1943d2,500.000
2622_ Portsmouth, N. H
75,000 101.40 3.33
334 1935-1954
3139_ _Preble County. Ohio_
6
1934-1938
29,000 101.03 5.48
2969-Quincy, Mass.(2 iss.)---3X 1935-1964 403.000 100.27
2969- uincy, Mass
3
1935-1944 150,000 100.27
2788_ Reading.Pa
34 1935-1944 300,000 100.54 3.40
01.
53
3.64
2622_ _ Reading S. D.,Pa
1940-1964 1,500,000
5.50
3139-Rensselaer. N. Y
1935-1941
7,000 100
2970--Rice County,Minn
354 1936-1941
70,000 100.96 3.04
6.20
2788 _Roseburg, Ore
6
1935-1944
35,500 99
2970_ Roseville. Calif
80.000
5.50
3139-Roseville, Calif
534
50,000 100
2970_ _Ross Co., Ohio (2 iss.)_ _ _434 1934-1936
55,000
2970--St. Joseph, Mo
5
1936-1954 136.000 107.65 4.20
193
9
6.16
2970- _Salem. re
5
20,000 95
2457_ _Sandusky Co., Ohio
4
1934-1936
20,000 100.25 3.82
34 1935-1954 300,000 100.005 3.65
2457__San Jose, Calif
2457.. _San Jose, Calif
34 1955-1959
75.000 100.005 3.65
3139_ _Scioto County, Ohio
334 1934-1936 108,500 100.21 3.57
2789_ _Seattle, Wash
5
1945-1964 5,000,000
90.86 5.78
3139_ _Sedgwick County, Kan_ _4 X 1935-1944 100,000 101.50 3.95
3139__Sharon, Mass
45,000 100.12 3.48
3
1935-1954
2623_ -Sioux City S. D.,Iowa_ _ _3
1936-1944 200,000 100.56 3.39
2623_ _Sioux City S. D..Iowa---3g 1945-1946
58,000 101.85 3.55
2971_ _Slatington, Pa
434
1944
4.42
20,000 101
3140.._ South Carolina (State of)-334
1936
870,000
3140__Stark County, Ohio
34 1934-1936 200,000 100.20 3.10
2971_ ..Stark County, Ohio
334 1934-1936 250,000 100.14 3.40
2971_ _Steen Twp Ind
5
1936-1939
2.500 100
5.00
2789_ _Suffolk Co., N.Y.(4 las.) 3.40 1935-1959 520,000 100.16 3.38
2623__Summit, N. J
44 1935-1944 366.000 101.10 4.23
2971_ _Swissvale S. D.,Pa
44 1935-1942
75,000 101.32 4.13
2623 _Tipton County,Tenn- -6
r125,000 100
6.00
2971_ _Toledo, Ohio(2 issues)__
52,000
2971_ _Troy, N. Y
.47
334 1935-1943 r220,000 100.18 3
2971_ _Troy, N. Y.(2 issues)- _ _3
1935-1954 400,000 100.18 3.47
3140--Tuscarawas Co., Ohio_.3
-334 1934-1936
74,000 100.11 3.42
3140__Valle Vista S. D., Calif_ _5
12,000 100
5.00
1936-1947
2623 __University Heights, Ohio_
r14,000
2790_ _Vicksburg. Miss
44 1935-1949 r150,000 100.10 4.73
5.85
3140_ _Vineland, N.J
54 1935-1964 150,000 99
2972. _Washington Sub-Sanitary
Dist, Md
1964-1984 d300.000 100.50
5
2790_ _Washington Twp., Ind_ _5
1.60
1936-1946
15.500 100
2790_ _Waterford, N.Y
26,000 100.08 4.59
4.60 1935-1947
40,000
2790-Weakley County. Tenn_ -534 1939-1949
2624„West Chester, Pa
334 1935-1963 175,000 100.68 3.19
93.000 100.11
2.99
2972_ -West Springfield, Mass_ _3
1935-1952
15,500
3140__Willowick, Ohio
2624_ Wilna,N.Y
75,000 100.30 4.14
4.20 1936-1943
2.76
1935-1954 276,000 101.41
2458--Worcester, Maas.(2 iss.)_3
2972_ _Yorktown, N.Y.(2 iss.).4.40 1936-1950
75,000 100.18 4.37
Eli
Total bond sales for April (179 municipalities,
4109,396,922
covering 231 separate issues)
d Subject to call in and during the earlier years and to mature in the
later years. k Not including $47.963.994 temporary loans or $10,051.350
Reconstruction Finance Corporation municipal loans. r Refunding bonds.
The following item included in our total for February
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.
Rate. Maturity. Amount.
2987 .MontgomeryCo., Md. _
3847.000
Price. Basis.
We have also learned of the following additional sales
for previous months:
Page.
Name.
Rate. Maturity. Amount.
2964--Decatur Co., Iowa
334 1944-1950 4249,000
2453 Fairfield, Iowa
5,500
2453__Follansbee. W.Va.(Jan.)5
1938-1968 rd111,500
2617-Garfield Co. Con. S. D.
No. 104, Wash
44 5-20 years d10.000
2986--Jackson Co.. Iovra_ - -34-3 X 1945-1950 300,000
2454--Lawrence County, Tenn.5
20 years
30,000
2967-Long Beach S. ID.. Calif.
(2 issues)
5
50.000
2967--Long Beach S. D.. Calif.
(Feb.)
1934-1943 100.000
Price. Basis.
102.22 3.54
100.72
1.66
100
100
4.50
100.0003
101.50 Tao
100
100
5.00
3312
Financial Chronicle
Name.
Page.
Rate. Maturity, Amount.
2967--Long Beach S. D., Calif.
(2 issues, Feb.)
5
1934-1936
50,000
2967 MontgomeryCo., Md.
(Fee.)
534
947,000
2787--Mountain View S. D.,
Calif
5
1935-1954
10,000
2455-Newton, Mass
3
1940-1949
65.000
2455--Newton, Mass
2ft 1935-1939
35.000
2456-Pembroke, Mass80,000
2456-Polk County, Iowa
:
3
1935-1950 901,000
2970--St. Albans. Vt
4
1945-1954
r35,000
2789-Somerset, Pa. (Jan.)----4H 1935-1944
15,000
2458-Van Wert Co., Ohio
434 1935-1938
20.870
2790--Ward Co., N Dak
5 1935-1948 100,000
2624-Washington,Ohio .'
r10,500
2458--Webster Groves School
District, Mo
4
1941-1953 250,000
Price. Basis..
100
5.00
97
100
101.27
101.27
100.20
100.23
5.00
2.60
2.60
100
5.00
102.41
3.76
3.23
All of the above sales (except as indicated) are for March.
These additional March issues will make the total sales
(not including temporary or RFC loans) for that month
$97,977,554.
•
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
APRIL.
Page.
Name.
Rate. Maturity. Amount. Price. Basis,
97
2790 _Brantford. Out
$170,000
5
2790 Brantford, Ont
29,000 100
2972-Charlottetown, P. E. I-A% 20 years
187,000 101.27 -4.46
2972--Dorval, Que
65,000
98.15
10 years
5.75
534
3140„G1oucester, N. B
5% 15 years
100.000 95
6.01
2972 Goderich, Ont
5
10 years
10,000 100
5.00
2972--Joliette, Que
4
1935-1949
51,900
97.32 4.90
3458--Lachine. Que
5
1935-1941
21.000 100.11
5.47
2140- _Penetanguishene, Ont_ _ _5
1-10 yrs.
20,000
99.25
5.66
Total Canadian debentures sold in April----$653,900
Note.
-Canadian temporary financing in April consisted of the sale of
$15,000,000 Dominion of Canada treasury bills.
-V. 138, p. 2790, and
$5,500.000 Montreal, Que., notes.
-V. 138, p. 2972.
NEWS ITEMS
-Municipal Bondholders' Committee Announces
Florida.
-The following statement was made
Partial Distribution.
public by the said Committee on May 12:
The Florida municipal bondholders' protective committee composed
of John S. Harris, Chairman, Toledo, Ohio; B. J. Van Ingen, Vice-Chairman, New York City; T. V. Buckwalter, Canton, Ohio; A. S. Huyck,
Chicago, Ill.; E. J. Marshall, Toledo, Ohio. and J. J. Shambaugh, Des
Moines. Iowa, announces partial distributions to its depositors of bonds
of the following Florida cities and towns: Clearwater, Frostproof, Melbourne, Palatka, Panama City, Perry and Sarasota. Heretofore partial
distributions have been made to depositors of Lake Wales, Lakeland
and Sarasota bonds.
It also announces the discontinuance of its New York City office and
that the office of its Secretary, Harry A. Dunn, is located in Room 406.
Hildebrandt Building, in Jacksonville, Fla.
Idaho.
-Chain Store Tax Held Constitutional.
-The State
Supreme Court upheld on April 28 the constitutionality of
the Idaho "chain store" tax which levies annual charges
ranging from $5 for individual establishments to $500 a
store for those in groups of 20 or more under one management, according to Associated Press dispatches from Boise
on April 28. The suit is said to have been brought by the
J. C.Penney Co. and the Safeway Stores, Inc. The tax was
levied by the 1933 Legislature with the expectation it would
yield $100,000 annually for the State school fund.
Indiana.
-Tax Limit Law Bars Statefrom Federal Loan.
According to recent press reports from Indianapolis, the
law of this State which limits taxes on real property to a
total of $1.50 per $100 of assessment continues to be the
barrier to acceptance of general obligation bonds of Indiana
as security for loans to the State and its municipalities.
It is stated that Harold L. Ickes, Public Works Administrator, recently rejected two recommendations of Representative John W. Boehne of Evansville, who sought a
waiving of the requirement of special legislation which Mr.
Ickes had imposed on loans to Indiana for public works.
The recommendations of Mr. Boehne were that general
obligations of the State's subdivisions be accepted whenever the previous credit rating of the applicant warranted,
and that unqualified opinion of nationally recognized municipal bond counsel on revenue bonds in Indiana be accepted
as providing reasonable security.
Kansas.
-State Supreme Court Upholds Validity of Road
-A press dispatch from Topeka to the Kansas
Aid Act.
City "Star" of May 3 reported as follows on a decision of
the State Supreme Court upholding the validity of a road
aid act, thus insuring an allotment from the Federal Government for proposed highway construction purposes:
An obstacle in Kansas's path for obtaining a $22,000.000 loan and
grant from the Federal Government for highway work was removed to-day
when the State Supreme Court ruled valid a law designed to insure revenues
of the Highway Department would not be reduced so the Federal loan
could not be repaid.
The law provides that laws of the State under which the Highway
Department revenues are derived will not be repealed or altered so as to
reduce the funds to a point where they would be insufficient to repay the
loan. The Court held the State. if it contracted with the Government,
could not impair the obligations of the contract.
-Governor Signs Bill to Accept Port Authority
New Jersey.
-Recent press advices from Trenton state that GovCash.
ernor Moore signed a bill permitting the Port of New York
Authority to cancel with a $500,000 cash payment an agreement under which $2,500,000 was to be paid the State
when traffic on the George Washington Bridge reached
10,000,000 cars annually. The Port Authority is said to
have offered to cancel an $820,000 debt owed by New Jersey
and to pay the $500,000 if it was relieved of the $2,500,000
obligation.
-Among the bills signed by
Bills Signed by Governor Moore.
Governor A. Harry Moore on May 8 was the Higbie bill,
which creates a Passaic Valley Flood Commission; the Albright bill, by which the State will sell 3,000 acres of riparian
land on the New York Bay side of Bayonne for a marine
May 12 1934
terminal, and a bill validating Newark's budget, which was
approved by the City Commission on April 28. It is stated
that the said riparian acreage will be tax-exempt for the
period of a $6,500,000 Federal loan.
New York, N. Y.
-Comptroller Cunningham Dies of Heart
Attack.
-City Comptroller W. Arthur Cunningham died on
May 5 as a result of a heart attack suffered while be was
horseback riding on the estate of Raymond V. Ingersoll,
Borough President of Brooklyn. Mr. Cunningham, who
was 39 years of age, was elected to office on Mayor La
Guardia's Fusion ticket at the general election on Nov. 7
1933. He lost no time and exerted every energy to perform
the task which confronted him, that of bringing about the
rehabilitation of the finances of the city and restoring its
credit basis. His untirmg efforts and devotion to his duties
is said to have been a contributing factor in his untimely
end. Mayor La Guardia and the other associates of the
late Comptroller in the Board of Estimate were deeply
shocked upon learning of the sudden death of their colleague,
and each in turn made public expression of his sorrow. Mr.
Cunningham's successor, to be appointed by Mayor La
Guardia, will discharge the duties of Comptroller until the
general election on Nov. 6 1934, when the voters will determine who shall finish the remainder of the late Comptroller's
term of ilfice.
-Deputy-Comptroller
McGoldrick Chosen City Comptroller.
Joseph Daniel McGoldrick on May 9 was appointed and
later sworn in by Mayor LaGuardia as City Comptroller,
to succced the late Major Cunningham. The appointment
is considered most appropriate in informed circles because
Mr. McGoldrick, a professor at Columbiai
! University, s
considered an authority on municipal finance and has
worked in close co-operation and consultation with Mr.
Cunningham in the financial affairs of the city.
The new Comptroller stated that he purposed to follow
the ideals and 'policies of his predecessor. He expects to
put out a city balance sheet at regular short intervals as
Mr. Cunningham intended. He said it was a little too
early to disclose his plans as to new bond issues and other
city financing, but he is pleased with the progress being
shown by the city's new economy program.
Board of Estimate Adopts Revenue Tax on Gross Earnings.
Over the opposition of the two Democratic members, Samuel
Levy and James J. Lyons, the Board of Estimate passed
on May 9 the revenue tax bill of Mayor LaGuardia, imposing a levy of 1-20th of 1% on the 1933 gross receipts
of business in excess of $15,000, and a tax of 1-10th of 1%
on all brokerage houses and private bankers. The bill
was sent immediately with an emergency message from
the Mayor to the Board of Aldermen, which deferred action
on the measure for several days.
Charter Repo2tfor 1933 Issued by Comptroller's Office.
-The
annual charter report of the Comptroller for 1933, the last
official report completed under the supervision of Comptroller
Cunningham, was released on May 6. This report is a
volume of 337 pages and it contains a number of innovations
that were brought forward by Mr. Cunningham. It is disclosed in the report that during theyear the city spent a
total of $1,190,962,420.85 and finished with a cash balance
of $70,610,310.98 in the treasury and sinking funds on
Dec. 31. The "Wall Street Journal" of May 7 summarized
the salient features of the report as follows:
Total revenue of New York City in 1933, exclusive of borrowings, was
$642,390.687. according to a report released Saturday by the office of the
late Comptroller W. Arthur Cunningham. Borrowings for current requirements were $349,883.283, and long-term borrowings. Incluoing special
corporate stock notes, $162,993.000. Cash balance of the city at
of the year was $70,610.310. compared with $28,997.400 at the the end
beginning
of 1933.
Total payments from the city treasury, other than redemptions of debt.
were $691.406,245. Grand total debt redeemed from the city treasury was
$423,366,986.
Net cash receipts last year Included $433.504,586 taxes;$22,744,471 water
rents; $65,615,283 received from the State for schools; $39,902.158 received
from the State for unemployment and home relief. and $8.845,136 assessments. Special taxes netted $2.392.908.
Outlays for permanent improvements totaled $65.651.510.
The omptrolier's report stated that a balance sheet of the city as of
Dec. 31 1933. would be issued shortly.
Gross funded debt of the city as of Dec. 31, last, was shown as $2.368.437.704. Deducting various rapid transit bonds totaling $232.716.083 and
other exempt funded debt, totaling $493,283,106. funded debt subject to
the debt limit Is shown as $1,642,438.515. As of Jan. 1, this year, the
city's debt-incurring power was $495,189,782.
Governor Signs Bills Giving City United States Loan Help.On May 8 Governor Lohman signed two bills which will
enable the city to obtain loans from the Federal Government for public works contracts, according to Albany
advices on that date. Both of these bills were passed in the
closing days of the recent session-V. 138, p. 3132. One,
by Assemblyman Wilber J. Murphy, Republican, of New
York, authorizes the issuance of 30-year special assessment
bonds for a Public Works Administration loan of $130,000,000 for construction of the city's proposed sewage disposal
plants. The other enables the city to issue corporate stock
and serial bonds to the Federal Government for loans on
city improvement projects, whether self-sustaining or not.
Or theNew York City bills of lesser importance were signed
on the 8th by the Governor, one of which validates the tax
rates for 1933 and 1934.
New York State.
-1% Sales Tax Ends on June 30.
Grover A. Whalen, Chairman of the Sales Tax Committee
of 1,000, issued a statement on May 4 to the effect that the
present 1% retail sales tax would expire on June 30 and that
after that date, no sales tax would be in effect in this State.
Mr. Whalen stated that he was prompted to issue this in-
Volume 138
Financial Chronicle
formation because of the numerous inquiries received as to
the sales tax situation in the State.
-Governor Lehman signed
Governor Signs Two Tax Bills.
on May 10 two of the most important tax bills in his revenue
program, those continuing the emergency taxes on gasoline
and stock transfers, aimed to yield $13,000,000 and $20,000,000 respectively. The Republican opposition to the
one-cent gasoline tax, which continues the motor fuel rate
at three cents a gallon, was what tied up the adjournment of
the Legislature with an unbalanced budget.
•
-Legal Approval no
Public Works Administration.
-Harold L.Ickes, Federal
Longer Required on Bond Purchases.
Administrator of Public Works, is said to have announced
that the approving opinions of municipal bond attorneys are
no longer required in the purchase of bonds under loan contracts by the PWA. A Washington news report to the
"Wall Street Journal" of May 5 had the following to say
regarding this departure from the customary procedure:
Abandonment of the requirement that a recognized municipal bond
counsel's opinion approving the validity of municipal securities purchased
by PWA under loan contracts be submitted by applicants to the PWA
has been announced by Administrator Ickes.
Under the new policy the Government will make its own examination of
the legal transcript of proceedings relative to issuance of such securities.
instead ofreviewing the opinion of bond counsel submitted by the applicant.
This, it was said, will remove a burden of expense from the applicants.
Mr. Ickes declared that "the requirement has made possible instances
where outside bond counsel might set forth extra-legal qualifications for
getting applications approved, such as purported opportunity to secure
information not available to others."
In the future, Mr. Ickes announced, securities resold by PWA will be
will be
accompanied by a complete transcript of proceedings and biddersof their
offered an opportunity of submitting bids subject to the approval
reversion to a practice which existed universally
own counsel. This will be a
in this country until shortly before the war when bond counsels were re
tamed by the bankers and dealers rather than by the municipalities.
The New York "Herald Tribune" of May 9 had the following to say regarding the above announcement by Mr.
Ickes:
Public
Investment bankers were amazed yesterday at a new order by
Works Administrator Harold L. Ickes for the immediate abandonment by
toe PWA of its requirement that municipal applicants for loan contracts
counsel
must furnish the approving opinion of recognized municipal bond
to
on bonds to be sold to the PWA. Since the fair practice amendment it
such legal opinions mandatory,
the investment bankers' code makes
appears that Secretary Ickes will have difficulty reselling the municipal
bonds purchased by the PWA under the new order.
The "Daily Bond Buyer" reports Administrator Ickes as saying the
of
PWA hereafter will make its own examination of the legal transcripts it.
proceedings relating to the issuance of municipal bonds acquired by
This will take the place of the previous reviews of the opinions of bond
counsel ordinarily submitted by the applicant municipality.
"The requirements for nationally recognized municipal bond counsel's
opinion has become distasteful to me and I am dissatisfied with it," the
Administrator is reported as saying. "It is subject to abuse and erroneous
interpretations may be placed on toe regulation. It has been abused. so
out it goes."
In the fair practice amendment, whicn was approved by President
Roosevelt and is now part of the investment bankers' code, bankers are
prohibited from underwriting municipal bonds unless tae originator "shall
eitner himself procure or require the issuer to procure the opinion of an
attorney, other than an officer or an employee of the issuer, who is satisfactory to such originator, approving the validity of the issue."
-Special Election on Several Proposals
Rhode Island.
-In connection with the report given in
Called for May 18.
V. 138, p. 3132, on the results of the recent legislative session
in this State, we quote in part as follows from the Providence "Journal" of April 28,regarding a special election that
was authorized by the General Assembly to have a referendum on several proposals:
Voters of Rhode Island are summoned to a special election May 18 to
decide whether the State shall spend a total of $4,592,000 and whether
horse racing and pari-mutuel betting snail be permitted within the state,
under a proclamation issued yesterday by Governor Tneodore Francis
Green. The special election was authorized by the General Assembly
prior to its adjournment early yesterday, after an all-night session.
Four questions are to be printed on the ballots for the special election.
One question is whetner the State should borrow $1.000.000 for unemployment relief; tne second is whether the State should borrow another $1,000,000 on short-term bonds to liquidate the anticipated budget deficit during
the current fiscal year; the third is whether toe State snould be autnorized
to engage on 28 Public Works Administration projects for which its total
share of the cost would be $2,592,000: and the fourth is wnether parimutuel betting on horse racing snould be permitted.
BOND PROPOSALS AND NEGOTIATIONS
ALACHUA SCHOOL DISTRICT (P. 0. Gainesville), Alachua
-The $11.000 school bonds
-BOND SALE DETAILS.
County, Fla.
that were purchased by the First National Bank of Alachua, at 97.27V. 138, p. 3133, are stated to bear interest at 6%.and mature as follows:
$1,000, 1936 and 1937, and $3,000, 1939 to 1941, giving a basis of about
-The
-BOND SALE.
ALBANY COUNTY (P. 0. Albany), N. Y.
$195.000 coupon or registered refunding bonds offered on May 10-V. 138.
-were awarded as 35 to Halsey. Stuart & Co., Inc., and Graham.
p. 3133
Parsons & Co., both of New York, jointly, at a price of 100.755, a basis of
about 2.85%. Dated May 1 1934 and due on May 1 as fillows: $20,000
from 1935 to 1943 incl. and $15,000 in 1944. A bid of 100.30 for 3s was
offered by Phelps, Fenn & Co., while the City Company of New York,
Inc.. bidding for 33% bonds, named a price of 100.75. The successful
bidders are re-offering the bonds for general investment at varying yields
to 3% on the longer maturities. They are described as being legal investment for savings banks and trust funds in New York State and general
obligations of the County, payable from unlimited ad valorem taxes to be
levied on all the taxable property therein.
-N, P.
-BOND ELECTION.
ALGONAC, St. Clair County, Mich.
Merrill, Village Clerk, reports that at an election to be held on May 15
the voters will again consider the question of issuing $43.000 filtration plant
construction bonds. Although a vote of 267 to 151 was cast in favor of
the measure at the initial election on April 9, the proposal was defeated,
as it did not receive the required majority vote.
ALMA SCHOOL DISTRICT (P. 0. Alma) Bacon County, Ga.-At the election held on May 7-V. 138. p. 3133-the
BONDS VOTED.
voters approved the issuance of the $6,000 in 6% school building bonds by a
wide margin.
-BOND ELECTION.
-it is said
AMARILLO, Potter County, Tex.
taxpayers vote
that an election will be held on May 28 to have secure a Public on the
Works
in revenue bonds to
proposed issuance of $147000
Administration loan for improvements to the municipal water system.
allotment of $186,000 for this purpose has been approved already by
(An
the PWA-V. 138. p. 180).
ANNANDALE SCHOOL DISTRICT (P. 0. Annandale) Wright
-BOND REFUNDING PLAN NEARING COMPLETION.
County, Minn.
-The following report is taken from the May 5 issue of the "Commercial
West" of Minneapolis:
3313
. "Stanley It. Manske. Assistant Secretary of the Northwestern Municipal
Association, is attempting to locate the holders of $10,000 Annandale.
Minn.School District bonds dated Jan. 1 1923, Nos. 1 to 10 incl., due May 1
1937, bearing 5% interest.
"The association is carrying out a refunding program for that school
district and has $115,000 which have already consented to the refinancing
plan.
"There are $125,000 outstanding and it is believed if the owners of this
$10.000 block could be located they would readily accept the proposal,
inasmuch as the association's program provides for the payment of one-half
of the present bonds in cash and the balance in a new refunding bonds."
-DEBT CHARGES.ANN ARBOR, Washtenaw County, Mich.
The City has bond principal and interest charges in amount of $110.653.64
maturing on Aug. 1 1934.
-We are
-BOND SALE.
ARKANSAS CITY, Cowie County, Kan.
informed by James S. Clough, City Clerk, that a $7.000 issue of 434%
coupon refunding bonds was purchased on April 30 by the Columbian
Securities Corp. of Topeka, at a price of 103.225, a basis of about 4.00%.
Denom. $500. Dated May 1 1934. Due from May 1 1937 to 1946 incl.
Interest payable M.& N.
-TEMPORARY FINANCING.
AUBURN, Cayuga County, N. Y.
R. W. Swart, City Comptroller, reports that $160_,000 temporary bonds
to the Duncan Corp., $40,000
were sold at par recently as follows: $80,000
to the Auburn Trust Co. and $40,000 to the National Bank of Auburn.
bonds. Dated
The total consists of $80,000 4% revenue deficiency tax anticipation
March 10 1934 and due Aug. 1 1934, and $80,000 434%
bonds, dated May 10 1934 and due June 30 1934. Denom. $40,000.
Mr. Swart states that the obligations are designated as bonds, and not
notes, in order to comply with the City Charter.
-BONDS CALLED.--Guiton Morgan,
AUSTIN, Travis County, Tex.
City Manager, states that the following 5% bonds are called for payment
school
at the Chase National Bank in New York, on July 1; Nos. 1 to 60 of July 1
bonds, and Nos. 1 to 50 of hospital bonds. Denom. $1,000. Dated
1912. Due on July 1 1952, optional any time after July 1 1932.
-It is also reported that a
SPECIAL ELECTION CONTEMPLATED.
special election will be called about June 15, to have the voters pass on
of $750.000 in revenue bonds, pledging the earnings
the proposed issuance
of the city's water and light department for their retirement. These
bonds will be issued in order to obtain allotments from the PWA for sewer
and water construction projects. The Issuance of this amount of bonds
will permit the city to go ahead on a construction program totaling $1,100,000, according to report.
-BOND ISSUE AUTHORIZED.
BAY CITY, Bay County, Mich.
The City Commission at a special informal meeting on May 2 instructed
Oscar Kasemeyer and City Attorney Albert W.Black to make
Comptroller
preparations for the sale of $100,000 emergency bonds. Part of the proceeds
will be used to maintain payment of municipal salaries.
BAYONNE, Hudson County, N. J.-810,000.000 TERMINAL
PROJECT BILL BEFORE GOVERNOR-The Albright bill, providing for
the $10.000.000 municipal terminal project, was expected by advocates of
the proposal to receive the signature of Governor Moore. according to the
"Journal of Commerce" of May 5. In anticipation of executive approval
of the measure, Mayor Lucius Donohoe had opened negotiations in Washington on the previous day for a loan of $6,500,000 from the Public Works
Administration in order that no delay would be occasioned in starting work
on the project. The plan is strongly opposed by Mayor Ellenstein of
Newark, who. It is said, has declared that it is "nothing but a land grab"
and is calculated to endanger his city's $20,000,000 investment at Port
Newark. When plans for the project were originally announced in 1932,
opposition was expressed by the Maritime Association of New York,
which, in a series of resolutions, declared that the additional terminal
facilities were not needed in the port, inasmuch as existing pier, warehouse
and dock properties, constructed by private interests at a cost of between
$130,000,000 and $150,000,000. were more than sufficient to take care of
shipping requirements necessary. As additional evidence of the lack of
need for additional facilities, the Association stated that New York City's
Investment of $35,000,000 in the construction of piers on Staten Island
had proved totally unproductive of revenue from that source.
BERKS COUNTY (P.O. Reading) Pa.-BONDOPFERING.-Samuel
H. Rothermel. County Controller, will receive sealed bids until 10 a.m.
(Eastern standard time) on May 21 for the purchase of $850.000 not to
exceed 434% intermit coupon or registered refunding and funding bonds.
Dated June 1 1934. Denom. $1.000. Due on Dec. 1 as follows: $50,000
from 1939 to 1943 incl. and $100.000 from 1944 to 1949 incl. Bidder to
name a single interest rate for all of the bonds, expressed in a multiple
of yi of 1%. Interest will be payable without deduction for any tax or
taxes, except succession or inheritance taxes, now or hereafter levied or
assessed thereon, under any present or future law of the Commonwealth
of Pennsylvania. Such taxes the County assumes and agrees to pay.
Principal and interest (J. & D.) payable in lawful money of the United
States at either the Pennsylvania Co. for insurance on Lives and Granting
Annuities, Philadelphia, or the Bankers Trust Co.. New York, as designated by the successful bidder. Purpose of the financing is to refund
$465,000 outstanding bonds and to fund $385,000 tax anticipation notes.
The bonds will not be subject to redemption prior to maturity. They are
7
,
authorized by the County Commissioners within the 2c debt limit. The
County will pay for the•preparation of the bonds and the legal opinion.
Proposals must be accompanied by a certified check for 2% of the bonds
bid for, payable to the order of the County Treasurer. Bonds to be sold
subject to the favorable legal opinion of Townsend, Elliott & Munson of
Philadelphia. The notice of sale points out that no further financing is
anticipated for the year 1934.
-In connection with the proposed
FINANCIAL REPORT ISSUED.
sale, the County has issued a comprehensive financial and statistical report
as prepared by Eckert, Degen, Palmer & Co. Accountants and Auditors
of Easton, Pa. The following is taken from the report:
Debt Statement (April 14 1934.)
Total.
Rate.
Maturity.
Drdcription,
Date,
a$171.000.00
Serially to 1938 5B
July 1 1920 Road loan
a269.000.00
July 1 1921 Bingham Street Bridge Serially to 1938 5
a578.000.00
e
Oct. 1 1923 Schuylkill Ave. Bridge Serially to 1943 4,
a906,000.00
Serially to 1955 4%
May 1 1925 Road loan
61,812.000.00
Serially to 1955 4%
July 1 1925 Road loan
a500.000.00
Serially to 1935 4%
July 1 1930 New prison
Apr. 1 1931 Court house,sanatorium
Serially to 1960 33(% c2.510,000.00
and Bridge
Serially 1936-43 4%% a455.000.00.
Apr. 1 1933 Poor relief loan
June 1 1933 Funding and refunding Serially 1944-52 434% d950.000.00
Total bonded indebtedness
Floating Indebtedness
Jan, 8 1934 Tax anticipation note Aug. 7 1934
Total indebtedness
Debt limit
$8,151.000.00
500.000.00
$8.651.000.00
19.920.352.76
a Authorized by County Commissioners. b Authorized by public vote.
c $2,123.846.14 authorized by Commissioners and $386.153.86 by public
vote. d $870,384.62 by Commissioners and $79,615.38 by public vote.
Summary of Assessments Year 1934.
Money at
OccupaReal
Total.
Interest.
Total.
donut.
Estate.
Townships._ 40,665.151 3,954,415 44,619,566 11.518,874 56.138.440
Boroughs_ ___ 45.264,149 4,232,545 49,486,694 15,139,416 64.626,110
Total
85,919,300 8,186.960 94,106,260 26,658.290 120,764.550
City
113.249,072 7,445.875 120,694,947 43,116,971 163.811,918
Total assessments_ _ _199,168.372 15.632.835 214.801.207 69.775.261 284,576,468
-BONDS CALLED.
BEXAR COUNTY (P. 0. San Antonio), Tex.
It is announced by the County Treasurer that the county has decided to
exercise its option and call for payment at the Chase National Bank in
New York City, on June 10, at which time interest shall cease, the follow149 to
ing numbered special road bonds of 1913: 1 to 137, 143 and 144.to 550.
207. 213 to 431, 433, 436 to 459, 462 to 502. 505 to 513, and 516 in
40
bonds are part of a $550,000 issue, dated Dec. 10 1913. due
These
3314
Financial Chronicle
years and optional in 20 years, authorized by an order of the Commissioners
Court on Dec. 12 1913.
BIG BEAVER TOWNSHIP SCHOOL DISTRICT, Pa.
-BONDS
AUTHORIZED.
-The Board of School Directors in regular session on
May 2 in tne Homewood Township School passed a resolution to Issue
*10.000 bonds under the Mansfield Act to provide funds for current operating purposes.
BISMARCK SCHOOL DISTRICT (P. 0. Bismarck), Burleigh
County, N. Dak.-INCREASE IN BOND ISSUE REQUESTED BY
PWA.-The f>Hewing statement was issued recently by George F. Will,
President of the Board of Education:
"Despite the fact that the Public Works Administration loan and grant
to the Bismarck School District for construction of a proposed new high
school building has been announced as approved, construction of the school
Is still uncertain as the result of the PWA's recent request that the City of
Bismarck raise its bond issue from the $203,000 approved last September
to $218,000. To increase the bond issue, it would be necessary to have
another election, not only for approval of the additional *15.000 in bonds
asked, but als.) for approval from the voters to exceed the statutory limit
for bonds."
BLOOMFIELD, Essex County, N. J.
-BOND SALE.
-The $45,000
coupon or registered welfare bonds offered on May 7-V. 138, P. 2963
were awarded as 44s to H. L. Allen & Co. of New York at par plus a
premium of $50, equal to 100.11, a basis of about 4.23%. Dated June 1
1934 and due on June 1 as follows: $5,000 from 1936 to 1938 Incl. and
$6.000 from 1939 to 1943 incl.
The following is a list of the other bids submitted for the issue:
BidderPremium.
Int. Rate.
Adams & Mueller
4 %
/
M. M. Freeman & Co
P1 ..77
201 50
4%
M.F. Schleter & Co
162.00
43%
J. S. Rippe] & Co
123.69
Colyer, Robinson & Co.. Inc
108.00
Charles P. Dunning
un
51.00
43.4
A. C. Allyn & Co
101.75
49
4%%
Minsch, Monell & Co
305.55
Fisher, Hand & Co.. Inc
76.50
5%
BLOOMING PRAIRIE, Steel County, Minn.
-BONDS VOTED.
At the election held on May 1-V. 138, p. 2781-the voters approved the
issuance of the $11,500 in 4% sewage disposal plant bonds.
BOSTON, Suffolk County, Mass.
-BORROWING BILL SIGNED
BY GOVERNOR.
-A bill authorizing the city to borrow *100.000 outside Its debt limit for construction of a municipal building in East Boston
was signed by Governor Ely on April 27. To be effective, the Act must be
accepted by the City Council this year and it is stated that the money may
be borrowed any time within the next five years, provided an amount
equal to at least 10% of any loan authorized is raised for the same purpose
through the tax levy.
BOSTON, Suffolk County, Mass.
-3945,000 BONDS AWARDED
BIDDING EXTREMELY KEEN.
-At the re-offering on May 8 of the
$945.000 coupon bonds, for which all bids originally received on May 3
were rejected, owing to a difference of opinion relative to tne split-interest
rate provisions of the sale notice
-V. 138. 3133-award of the obligation
jp.
was made to a group composed of Phelps, Fenn & Co.and Bacon• Stevenson
& Co., both of New York, and Tyler, Buttrick & Co., inc., of Boston,
which bid a price of 100.059 for *635.000 bonds as 3/8 and $310.000 as 4s,
the net interest cost of the financing to the city being about 3.406%. The
bid of the successful group and the offer of a group headed by Kidder,
Peabody & Co. of Boston were so close that the city, in determining the
award, had to use the factor of accrued interest as the basis In arriving at
the tender most favorable to the municipality. An announcement following sale of the bonds explained the situation as follows:
"Tne award is believed to be unioue in that a figure computed on the basis
of interest accrual decided the winner. A group headed by Kidder, Peabody & Co.. who split their bid on the basis of 3s and 3Is, was the
apparent winner by a difference of $4.95 in interest cost. However. the
City of Boston in calculating the net cost on the basis of Interest accruals
for delivery in about two weeks figured that the bid by the Phelps, Fenn &
Co. group returned $45.88 more to the city. This left a cover of $40.93
net for the winning syndicate. The Phelps. Fenn & Co. syndicate bid was
on the basis of 4 and 3 % bonds, but tbeir bid consisted of substantially
more of the low interest coupon bonds tnan the Kidder, Peabody & Co.
bid did. It was only by figuring the interest accruals that a final decision
between the two was made and it was here that the winning bid was determined."
DESCRIPTION OF BONDS.
-Phelps. Fenn & Co. and associates are reoffering the bonds for general investment priced to yield from 1.25 to
3.25% for the 1935 to 1940 maturities and thence upward to 3.50% for
the 1950 to 1954 maturities. They are legal investment for savings banks
and trust funds in New York, Massachusetts and other States and are
exempt from all present Federal income taxes and free from direct taxation
in Massachusetts. The bonds are described as follows:
$310.000 4% street reconstruction bonds. Due $31,000 on May 1 from
1935 to 1944 incl.
200.000 3 t % sewerage works bonds. Due 810.000 on May 1 from 1935
to 1954 incl.
200.000 3 % highway bonds. Due $10,000 on May 1 from 1935 to
1954 incl.
120.000 3 % Hospital Department, Kitchen Building bonds. Due $8.000 on May 1 from 1935 to 1949 Incl.
50,000 3 % fire alarm signal system extension bonds. Due May 1 as
follows: $3,000 from 1935 to 1944 incl. and $2,000 from 1945
to 1954 incl.
'
,
40,000 3 I% Hospital Department, Old Laundry Building bonds. Due
May 1 as follows: $3,000 from 1935 to 1944 Incl. and $2,000 from
1945 to 1949 incl.
25,000 3 % Centre St. Improvement bonds. Due May 1 as follows:
/
$3.000 from 1935 to 1939 incl. and $2.000 from 1940 to 1944 Incl.
Each issue is dated May 1 1934. Principal and Interest (M. & N.)
payable at the City Treasurer's office. Legality approved by Storey.
Thorndike, Palmer & Dodge of Boston.
The other bids for the bonds were as follows:
Syndicate consisting of City Co. of New York, Guaranty Co. of New
York and Kelly, Richardson & Co., 100 plus $1,038.56 for 3Ms.
Estabrook & Co., First of Boston Corp. and R. L. Day & Co., 100.08 for
33
-is.
Randolph P. Compton of New York and Starkweather & Co., 100 plus
$5.547.59 for 33s.
•
Bankers Trust Co., N. W. Harris & Co. and E. B. Smith & Co., 100 Plus
*2.069.50. equal to 100.219 for 3348.
Kidder. Peabody & Co.. F. S. Moseley & Co., Stone & Webster and Blodget. Inc.. and Brown Brothers, Harriman & Co., 100 for the Hospital
Building, Fire Alarm and Sewerage bonds as 3/s and balance as 3 s.
Halsey, Stuart & Co., 100 plus $472.50 for Sewerage, Highway andHospital Kitchen bonds as 3)s and balance as 3XL
BOX ELDER COUNTY SCHOOL DISTRICT (P. 0. Brigham),
-At the election held on May 1-V. 138, P.
-BONDS VOTED.
Utah.
-the voters approved the issuance of the $140,000 in 4% school build2963
ing bonds by a count of 1,275 to 534. Due from 1935 to 1954. These
bonds will be offered for sale as soon as the necessary proceedings are
arranged.
-William H.
-BOND OFFERING.
BRISTOL, Bristol County, R. 1.
AngevIne, Town Treasurer, will receive sealed bids until 12 m. on May 15
for the purchase of 3115,000 not to exceed 5% interest, series B of 1934,
coupon sewage bonds. Dated June 1 1934. Denom.$1,000. Due June 1
as follows* *5,000. 1935 to 1955 incl.; $4.000. 1956 and 1957, and $2,000
in 1958. Bidder to name a single interest rate for all of the bonds, expressed In a multiple of s of 1%. Principal and interest (J. & D.) payable
at the Industrial Trust Co., Providence. Bids to be for the entire issue,
and accompanied by a certified check for *2.300. payable to the order of
the town. Approving opinion of Ruddy & Moulton of Providence will
be furnished the successful bidder. Bonds will not be sold at less than par
and accrued interest.
-Ray Salter.
-BOND OFFERING.
BRYAN, Williams County, Ohio.
opened
Village Clerk. will receive sealed bids until 12 m.(to beelectric at 7.30 P. m.)
light, heater,
purchase of $60,000 5Yi% coupon
on June 7 for the
June 1 1934.
water and power plant construction bonds. Dated 11936;$4,000 March 1
follows: $2,000 March 1 and Sept.
$1,000. Due as
117.000 March and
and Sept. 1 1937; $6,000 March 1 and Sept. 1 1938;
May 12 1934
Sept. 1 1939 and 1940, and $8,000 March 11941. Prin. and int.(M.& S.)
payable in Bryan. Bonds issued under authority of Section 12, Article 18.
Laws of Ohio. A certified check for 5% must accompany each proposal.
Legality approved by Newcomer & Parker of Bryan.
BURNSIDE TOWNSHIP (P. 0. Burnside), Clearfield County, Pa.
-BOND SALE.
-The $5,400 5/% funding bonds offered on May 2-V.
138, p. 2963
-were awarded to the County National Bank of Clearfield,
at par plus a premium of $25, equal to 100.46, a basis of about 5.25%•
Dated Jan. 1 1934. Due Jan. 1 1954: redeemable at township's option
at any time after two years. The Farmers & Merchants Bank of Cherry
Tree, the only other bidder, offered a price of par for the issue.
CALIFORNIA, State of (P. 0. Sacramento).
-BOND OFFERING.
It is announced by Charles G. Johnson, State Treasurer, that he will sell
at public auction on June 1 at 11 a.m., in parcels of one or more, or as a
whole an issue of *8,000,000 3i/% unemployment relief bonds. Denom.
$1,000. Dated June 1 1934. Due *2,000.000 from July 1 1944 to 1947
incl. Principal and interest (J. & J.) payable in gold coin at the office of
the State Treasurer or at the fiscal agency of the State in New York.
The State Treasurer is required by Act to reject any and all bids for such
bonds, or for any of them, which shall be below the par value of said bonds
so offered for sale, plus the interest which has accrued thereon between
the date of sale and the last preceding interest maturity date.
The State Treasurer may, under said Act, with the approval of the Governor, by public announcement at the time and place fixed by him for the
sale, continue such sale as to the whole of the bonds offered, or any part
thereon offered, to such time and place as he may select. When the sale is
so continued,no notice thereof need be given other than the public announcement of such continuance by the undersigned State Treasurer, as just
hereinabove referred to.
The proceedings for the issuance of the foregoing bonds having been
taken prior to June 5 1933 said bonds and coupons will bear an endorsement referring specifically to the provisions of Public Resolution No. 10
of the 73d Congress of the United States, adopted June 5 1933, relating to
the issuance of obligations payable in gold coin.
-BOND OFFERING.
-John
CAMPBELL, Mahoning County, Ohio.
Ross, City Auditor, will receive sealed bids until 12 m.(Eastern Standard
Time) on June 2 for the purchase of $67.433.85 6% bonds, divided as
follows:
$47,171.80 refunding (general tax) bonds. One bond for $171.80, others for
for $1,000. Due Oct. 1 as follows: $4,171.80, 1937; $4.000.
1938 and 1939. and $5,000 from 1940 to 1946 incl.
20,262.05 refunding (general tax) bonds. One bond for 8262.05, others for
*1.000. Due Oct. 1 as follows: $2.262.05 in 1937 and *2.000
from 1938 to 1946 incl.
Each issue is dated Dec.31 1933. Principal and interest(A.& 0.) payable
at the office of the Sinking Fund Trustees. Bids for the bonds to bear
interest at a rate other than 6%.expressed in a multiple of 34 of 1%. will
also be considered. A certified check for 2% of the amount of tne bid.
payable to the order of the City Treasurer, must accompany each proposal.
CAMBRIDGE SCHOOL DISTRICT (P. 0. Cambridge), Isanti
-At an election said to have been
-BONDS VOTED.
County, Minn.
held April 23 the voters are reported to have approved the Issuance of
auditorium bonds. (At an election on Feb. 20 the
$30.000 in high school
voters approved the issuance of $50,000 in bonds for a similar purpose.
V. 138, p. 1425.)
-BOND OFFERING.
CAMDEN COUNTY (P. 0. Camden), N. J.
John W. Sell, County Treasurer, will receive sealed bids until 12 m.
(daylight saving time) on May 21 for the purchase of $2.000,000 5% c,Aipon
or registered bonds, divided as follows:
$1.000,000 County building bonds. Due June 1 as follows: $24,000 from
1936 to 1956 incl.; $28,000 in 1957 and $36,000 from 1958 to
1970 incl.
1.000,000 County park bonds, Due June 1 as follows: $24,000 from
1936 to 1956 incl.; *28,000 in 1957 and $36,000 from 1958 to
1970 incl.
Each issue Is dated June 1 1934. Prin. and int. (J. & D.) payable at the
First Camden National Bank & Trust Co., Camden. A certified check
for 2% of the bonds bid for, payable to the order of the County Treausrer,
must accompany each proposal. The approving opinion of Caldwell &
Raymond of New York will be furnished the successful bidder.
CANAVERAL HARBOR DISTRICT (P. 0. Titusville), Fla.
BONDS VOTED.
-At an election on April 30 the voters approved the issuance of $200.000 in 6% harbor improvement bonds by a count of 59 to 42,
according to the District Clerk.
-P WA ALLOTMENT
CANTON, Hartford County, Conn.
CHANGED.
-The allotment of $100,000 originally announced by the
Public Works Administration for the construction of a new school building
has been changed to a grant only in amount of E28.000.
CARRINGTON SCHOOL DISTRICT (P. 0. Carrington) Foster
-The 348.000 issue of school bonds
County, N. Dak.-BOND SALE.
-was purchased by the Public
offered for sale on May 5-V. 138. P. 2963
Works Administration, as 4s at par. Dated April 1 1934. Due from
April 1 1935 to 1954, incl. No other bids were received.
-BOND REFUNDING PLAN
CASS COUNTY (P. 0. Walker), Minn.
DECLARED OPERATIVE.
-The following report is taken from the
Minneapolis "Commercial West" of May 5,regarding the refunding plan on
the bonds of this county:
"Northwestern Municipal Association, at a meeting of its board of directors Monday, declared the proposed refunding plan for Cass County,
Minn., operative.
"The board reports 96% of the bonds were on deposit at the time the
meeting was held and it expects many of the remaining bonds to be checked
in within a few days.
"Refunding of the Cass County situation is a distinct feather In the hat
of the Northwestern Munucipal Association, insamuch as it is believed the
financial position of the county would have been seriously Jeopardized
had not the asscoiation stepped into the picture and carried on the work
of arranging for the refunding project."
CHELAN COUNTY (P. 0. Wenatchee), Wash.
-WARRANTS
CALLED.
-The County Treasurer is said to have called for payment at
his office on April 23 various school district, county current expense, indigent (soldiers' relief) and irrigation district warrants.
-BOND REDEMPTION.
CHELSEA, Rogers County, Okla.
-At a
recent meeting of the Town Council a motion was passed providing for the
purchase of all or part of a $58,000 water works bond issue which matures
In September. It is rep irted that a communication from the holders
of the bonds said that they would sell them to the town for par and interest.
CHESTER RURAL SCHOOL DISTRICT, Meigs County, Ohio.
NOTE S4LE.-The Issue of $3,098 tax anticipation notes which had been
sold to the State Treachers' Retirement System VISS approved on May 2
by Attorney-General John W. Bricker.
CHICAGO SANITARY DISTRICT, Cook County, 111.
-NOTICE
-Frank 0. Birney, District
OF DEFAULTED COUPON PAYMENT.
Treasurer, under date of May 1, made public the following:
"Notice is hereby given by the Sanitary District of Chicago to the holders
or owners of coupons due Feb. 1, March 1, April 1 and April 25 1934 on
bonds issued by the Sanitary District of Chicago, the numbers of which
and the sums due are as follows:
Bond Issue. Amt.Due. Date Due.
Bond Issue. Amt.Due. Date Due.
No.63
No.43
$60,000 Feb. 1 1934
31.800 Feb. 1 1934
No.64
12,000 Feb. 1 1934
No.44
1.800 Feb. 1 1934
No.65
73,125 Feb. 1 1934
No. 48
900 Feb. 1 1934
74,375 Feb. 1 1934
No.39
No. 50
57.920 Mar. 1 1934
No.46
90,000 Feb. 1 1934
No. 57
65.000 Apr. 1 1934
No. 51
No. 58
45,000 Feb. 1 1934
74,375 Apr. 1 1934
No.53
No.59
23,400 Feb. 1 1934
159.375 Apr. 1 1934
No.30
12,600 Feb. 1 1934
No.60
12,000 Apr. 25 1934
No.61
7.200 Feb.
9,000 Feb. 1 19
.
34
No.62
*779.870
"Said coupons will be paid by the Treasurer of said Sanitary District
of Chicago from money collected from the tax levy of 1932 on May 7 1934
at the First National Bank of Chicago on presentation of said coupons."
-34.500,000 WARRANTS SOLD AT
CHICAGO, Cook County, Ill.
-A local banking group composed of the Continental
5% INTEREST.
Illinois National Bank & Trust Co., Harris Trust & Savings Bank, Northern
Trust Co., First National Bank and the City National Bank purchased on
May 9 a total of 34,500,000 5% tax anticipation warrants, including
Volume 138
Financial Chronicle
$2.400.000 of the Board of Education and $2,100,000 of the city's corporate
fund. City Comptroller Robert B. Upham stated that it was the first time
in several years that a sale of warrants was effected at less than 6% interest
and reflected a lessening of the financial difficulties of the city. Funds
derived from the transaction will be used to pay salaries of employees of
the Board of Education and the city government.
-OPTION TO CALL $4,CINCINNATI, Hamilton County, Ohio.
-MASSACHUSETTS
029,500 WATER WORKS BONDS REJECTED.
-At a meeting
'BANKING DEPARTMENT RULING ON CITY BONDS.
held on May 3, the Board of Sinking Fund Trustees recommended to the
Council Finance Committee that the option to call $4,029,500 4% water
works bonds be not excercised. The bonds were issued in 1914, to mature
In 1954, although callable after 20 years. The trustees declared that no
saving would accrue to the city through use of the option, as in order to
do so the city would be required to sell present investments yielding over
,
4% and supply additional funds needed through the sale of $1,668.600
refunding bonds. This would be true notwithstanding the fact that the
refundings might be marketed at interest of 3.50 or 3.25%. On the same
day. May 3, the trustees discussed the ruling of the Massachusetts Banking
Department which prevents savings banks in that State from investing in
city bonds. The Cincinnati "Enquirer" of May 4 reported on this phase
of the meeting as follows:
The trustees also were interested yesterday in correspondence with
Massachusetts Banking Department officials, who have ruled that savings
banks in that State cannot invest in Cincinnati bonds. Massachusetts
laws provide that savings banks cannot invest in bonds where the total
bonded indebtedness is more than 7% of the tax duplicate.
"The Eastern officials take no cognizance of the intangible tax law in
Ohio, it was said. This removed more than $200,000,000 from the Cincinnati tax deplicate.
No Allowance for Rail Bonds.
"Nor is any allowance made for $21.832,000 Cincinnati Southern Railway bonds, which are not only self-supporting, but revenue from the
railroad provides an interest and sinking fund for $10,000,000 additional
city
No allowance was made for assessment bonds which are paid
by property owners benefited by the improvements.
bonds.
"Recent correspondence with Arthur Guy, Banking Commissioner
of Massachusetts, and George F. Powers, Director of Credits, disclosed
that even with the rule requiring consideration ofthe real estate tax duplicate
only, Cincinnati bonds soon will be eligible for bank investments in Massachusetts, as the total indebtedness is declining and the tax duplicate
Increasing slightly each year.
"There is plenty of demand for Cincinnati bonds, whether Massachusetts banks buy them or not," the trustees said.
CLARK COUNTY (P. 0. Clark), S. Dak.-BOND SALE.
-The
$92,000 issue of 4% semi-annual court house and jail bonds offered for sale
on May 7-V. 138, p. 2615
-was purchased by the Public Works Administration at par. Dated Feb. 1 1934. Due from Feb. 1 1935 to 1954 incl.
No other bids were received.
CLIFTON, Passaic County, N.J.
-VOTERS APPROVE CITY MANAGER PLAN OF GOVERNMENT
.-At an election held recently the proposal to adopt the city manager plan of government was approved by a
vote of 4,343 to 2,458. according to report. At a further election to be
held on May 29 the voters will choose a City Commission and seven members, who in turn will select a City Manager.
COLLINGSWOOD, Camden County N. J.
-PLANS REFUNDING
OF BONDS.
-E, P. Robinson, Borough Treasurer, reports that arrangements are being made to refund all bonds due in 1934 except $4,000 paid in
January. All bond interest has been paid up to and including May 1 1934,
It is said.
COLORADO, State of (P. O. Denver).
-BOND CALL.
-Homer F.
Bedford, Treasurer of the State calls in for payment the following outstanding bonds, there being sufficient funds to the credit of the fund and
the same being entitled to payment:
Colorado State highway bonds, Act of 1921, Series of 1921. Nos. 1648
to 1777 inclusive, for $1,000 each.
Colorado State funding bonds, 1910. Nos. 98 to 102 inclusive, for $5,000
each. Nos. 402 and 403 for $1,000 each.
Call is hereby made upon the holders of the above bonds to present them
for payment to the Treasurer of the State at his office in Denver, Colo.,
on or before June 11934, and notice is hereby given that interest will cease
to accrue after that date.
COLUMBUS, Franklin County, Ohio.
-BOND OFFERING.
-Samuel
J. Willis, City Clerk, will receive sealed bids until 12 m.(Eastern Standard
Time) on May 24 for the purchase of $38,900 43 % coupon or registered
general bonds, divided as follows:
$20,000 Olentangy Boulevard Land Acquisition Fund No. 3 bonds. Due
$1,000 on Feb. 1 from 1936 to 1955 incl.
13,000 Street Light Extension Fund No. 30 bonds. Due Feb. 1 as
follows: $2,000 from 1936 to 1938 incl. and $1,000 from 1939 to
1945 incl.
5,900 Jacob Borror et al., judgment fund bonds. Due Feb. 1 as follows:
$900 in 1936 and $1.000 from 1937 to 1941 inci
Each issue is dated June 1 1934. Principal and interest (F. & A.)
payable at the fiscal agency of the City of Columbus in New York City.
Bids for the bonds to ioear interest at a rate other than 45i%, expressed
in a multiple of ji of 1%, will also be considered. A certified check for 1%
of the bonds bid for, payable to the order of the City Treasurer, is required.
Transcripts of proceedings will be furnished successful bidders and sufficient
time allowed within 15 days from the time of bid award for the examination
of such transacript by bidder's attorney, and bids may be made subject
to approval of same.
COLUMBUS, Platte County, Neb.-REVENUE BONDS UPHELD
BY COURT.
-The city is said to have been victorious in a mandamus suit
to require the State Auditor to register the $60,000 of revenue sanitary
sewer bonds authorized by the City Council recently, to be carried out as
a Public Works Administration project
-V. 138. p. 3134. It is believed
that this case will be taken up to the Supreme Court. as itcreates a precedent.
CONCORD, Merrimack County, N. H.
-BOND OFFERING.
-Seated
bids addressed to the City Treasurer will be received until 12 m.(daylight
saving time) on May 14 for the purchase of $60.000 3 Yei% highway bonds.
Dated May 1 1934. Due serially from 1935 to 1946 incl. Interest is
payable semi-annually.
COVENTRY, Kent County, R. I.
-BOND SALE.-Estabrook & Co.
of Boston have purchased an issue of $100,000 43.1% coupon high school
building construction bonds. Dated May 15 1934. Due May 15. as
follows: $2,000 from 1936 to 1939 incl.; $14,000 from 1940 to 1944 incl.
and $78,000 from 1945 to 1964 incl. The bankers are re-offering the bonds
for general investment at prices to yield from 2.75 to 4%, according to
maturity . They are declared to be legal investment for savings banks in
,
Rhode Island, Massachusetts and Vermont; also direct and general obligations of the Town, payable from unlimited ad valorem taxes levied
against all the taxable property therein. Legality to be approved by
Storey, Thorndike, Palmer & Dodge of Boston.
COWLEY COUNTY (P. 0. Winfield), Kan.
-BOND SALE.
-The
$75,000 issue of poor fund bonds that was approved recently by the State
Tax Commission-V. 138, p. 2964
-has been purchased by the DunneDavidson-Ranson Co. of Wichita as 3 Ks. Dated July 1 1934. Due
$7,500 from 1935 to 1944 inclusive.
CUMBERLAND, Allegany County, Md.-BOND SALE.
-The IMMO
of $50,000 sewer bonds mentioned in 'V. 138, p. 2964, was awarded on
April 30 to W. W. Lanahan & Co. of Baltimore. which paid a price of
107.23, based on an interest rate of 4H %. The bonds which mature on
Sept. 1 1951, represent the remainder of an original issue of $100,000.
The financing was arranged by the city at a net interest cost of about
3.92%. There were two bids for the issue, as follows:
BidderRate Bid.
W. W.
Lanahan & Co.(purchaser)
107.23
Baker, Watts & Co
107.07
ADDITIONAL INFORMATION.
-The bonds,issued under Chapter 113
Acts of 1931, are dated Sept. 1 1931, in denom. of $1.000 and are
of the
exempt from State. county and municipal taxes. Due, as previously
noted, on Sept. 1 1951. The bonds have a sinking fund provision and
were sold on April 30.
BOND OFFERING.
-Harry Irvine, Commissioner of Finance and
Revenue, will receive sealed bids until 9:30 a. m. on May 28 for the purchase of $100,000 434% Front St. improvement bonds of 1931. These
bonds were previously offered on Nov. 27 1933 at which the two bids sub-
3315
mitted were rejected. They were offers of 95.321 and 98.03. submitted by
W. W. Lanahan & Co. and the Mercantile Trust Co., respectively
V. 137, p. 4220. The issue is dated June 1 1934. Denom. $1,000. Due
June 1 1954 and exempt from State, county and municipal taxes. Issued
in accordance with Chapter 358 of Acts of 1931. A certified check for 2%%
of the bonds bid for must accompany each proposal. Purchaser to pay
accrued interest from June 1 1934 to date of delivery of the bonds. Provision is made for a sinking fund.
-BOND SALE.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
Attorney-General John W. Bricker on May 4 rendered opinions approving
of the two issues which had been sold to the State Teachers' Retirement
System. They are $461,000 Detention Home and Juvenile Court building
bonds and $50,000 general bonds.
-BOND SALE.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
The $415,000 series B coupon or registered poor relief bonds offered on
May 11-V. 138. p.2964
-were awarded as 3s to a syndicate composed
of Mitchell, Herrick & Co., Merrill, Hawley & Co., Johnson, Kase & Co..
all of Cleveland, and Piper, Jaffrey & Hopwood of Minneapolis, at par
plus a premium of $717.70, equal to 100.17, a basis of about 3.117_ %.
Dated May 16 1934 and due as follows: 882,000, Sept. 1 1934: $80,000.
March 1 and $82,000, Sept. 1 1935: $84.000, March 1 and $87,000. Sept. 1
1936. Four bids were submitted for the bonds, specifying interest coupons
ranging from 3st to 47. The bonds, issued in accordance with the provisions of the State selective sales tax law, completes the County's bond
financing power under that measure, as $2,175,000 worth had been sold
in February 1934.
-BONDS MAY BE RESTORED TO
DALLAS, Dallas County, Tex.
POSTAL SAVINGS LIST.
-The following report is taken from a Dallas
dispatch to the "Wall Street Journal" of May 7:
"Congressman Hatton W.Summers has informed Stuart Bailey, Assistant
Director of city finance, that the bonds of this city probably will be reinstated as eligible securities for postal savings. City Manager John W.Edy
and Mayor Charles E. Turner will visit Washington to confer with United
States postal authorities in regard to the matter. Local securities were
taken from the eligible list last October when the city issued more than
$2,000,000 refunding bonds and brought the total bonded indebtedness to
more than 15% of assessed valuations. Bonded indebtedness here is
$37.000,000 and the assessed valuation is $243,000,000. based on 45% of
the true values. Under the postal rule it was pointM out that some cities
with no more financial stability than Dallas and perhaps not as much,could
list by issuing many more bonds because their basis of
keep on the eligible,
assessing is higher."
LIST OF BIDS.
-The following is an official tabulation of the bids
received for the $100,000 coupon storm sewer improvement bonds that were
sold on April 18, report on which appeared in V. 138, p. 3134:
-TENDERS WANTED ON
DAYTON, Montgomery County, Ohio.
MATURING BONDS.
-E.E. Hagerman, Director of Finance and Secretary
of the Board of Sinking Fund Trustees, states that the Board desires to
purchase, at par and accrued interest, city bonds maturing Sept. I 1934
or Oct. 1 1934. Offerings of $3,000 or over preferred and inquiries should
be addressed to Mr. Hagerman.
-No bids
-BONDS NOT SOLD.
DEAL, Monmouth County, N. J.
were obtained at the offering on May 9 of $140,000 not to exceed 6%
Beach St. improvement bonds, dated May 10
Interest coupon or registered
-V.138,p.2964
1934 and due $10,000 on May 10from 1935 to 1948 inclusive
-No bids
-BONDS NOT SOLD.
DEARBORN, Wayne County, Mich.
offering on May 8 of $97,000 not to exceed 4% interest
were obtained at the
sewer bonds, dated March 1 1934 and due on March 1 as follows: $3.000,
1937: $4.000. 1938 and $5,000 from 1939 to 1956, incl.-V. 134. p. 3134.
DEERFIELD RURAL SCHOOL DISTRICT, Portage County,
-Attorney-General John W. Bricker on March 2'7
-NOTE SALE.
Ohio.
approved an issue of $1,881 tax anticipation notes which had been sold
to the State Teachers' Retirement Board.
-Wm. F.
-BONDS CALLED.
DENVER (City and County), Colo.
McGlone, Manager of Revenue, called for payment under date of May 1
sewer, improvement, surfacing, alley paving,
various storm sewer, sanitary
street paving and sidewalk bonds.
-CITY UNABLE TO REDEEM
DES MOINES, Polk County, Iowa.
-The following report is taken from a Des Moines dispatch to the
BONDS.
Chicago "Journal of Commerce" of May 3:
"Des Moines was unable to make final payment in redemption of $295.900
of southwest sewer bonds to-day, and -bondholders must await payment
until the assessments for the sewer are collected, Emmett Powers, City
Treasurer, said.
"The payment due was the last of a $640.642 issue made in 1925 for
construction of a sewer to eliminate septic tanks above the city water
supply. Only $14,750, representing interest on the bonds, was available
to-day.
"Approval has been given by the City Council for the issuance of $175.000 worth of revenue bonds, to assist in the financing of a memorial armory.
The building will cost $240,000, of which $65,000 has been pledged by
the Federal Government in the form of a grant. Retirements of the
bonds will be made possible from a $12,000 annual income in rentals.
-COUNCIL ADOPTS REFUNDDETROIT, Wayne County, Mich.
-The final step in connection with the refinancing of
ING PROGRAM.
$3346,789,150 outstanding bonds and notes of the city, as provided for in a
refunding plan which is already in operation and has been approved by
more than 90% of the creditors concerned, was taken on May 9 when the
City Council adopted a resolution authorizing issuance of the refunding
bonds
-V. 138, p. 2783.
-MATURITY.
-The $70,000 6%
DFtEXEL, Burke County, N. C.
tax anticipation notes that were purchased by the First National Bank of
Morganton, at par-V. 138, p. 3134, are due in September 1934.
-TEMPORARY
EAST BRIDGEWATER, Plymouth County, Mass.
-The Home National Bank of Brockton was awarded on May 8
LOAN.
a $20,000 revenue anticipation loan at 1.43% discount basis. Due Dec.
26 1934. Other bids were as follows:
Dsct. Basis.
Bidder
1.92
Bond & Goodwin
1 98
Bridgewater Trust Co
2.45
Tyler, Buttrick & Co
2.50
Brockton National Bank
268 o
Faxon, Gade & Co
EAGLE POINT IRRIGATION DISTRICT (P. 0. Eagle Point),
-It is reported by
-DETAILS ON RFC LOAN.
Jackson County, Ore.
the District Secretary that the report appearing in V. 138, p. 2970, of a
loan from the Reconstruction Finance Corporation of $92.000 for refinancing, is correct but that as yet no resolution on the loan has been received
and no disbursements have been made.
-BOND ELECTION.
EAST MOLINE, Rock Island County, 111.
At an election to be held on June 26 the voters will pass on a $115,000
Judgment bond issue, according to Ray I. Klingbiel, City Attorney. This
report corrects that given in V. 138, p. 3134.
EAU CLAIRE, Eau Claire county, Wis.-ADDITIONAL DETAILS.
-In connection with the repott given in V. 138. p. 2784, that the City
Council authorized the sale at par of $42,000 water works bonds to three
city sinking funds, we are advised as follows by the City Clerk:
"Forty-two thousand dollars City of Eau Claire Waterworks bonds
mentioned in yours of April 23rd is part of an authorized issue of $250,000
which the City of Eau Claire reserved for special funds, the balance of this
issue will probably be offered for sale during the month of J11110 with deliver,'
as of July 11934."
EL CAMPO INDEPENDENT SCHOOL DISTRICT(P.O.El Campo),
Wharton County Tex.
-BONDS VOTED.- At a recent election toe voters
approved tne issuance of $40,000 in school building addition bonds by
count of 261 to 158.
-The City
-SEEKS P WA FUNDS.
ELDORADO, Saline County, III.
has applied to the Public Works Administration for a loan and grant of
$50,000 to finance the construction of a sewage disposal system. The
application has been made in anticipation of the State Governor's approval
of a bill, amending the Illinois sewer rental law, which would permit 99
municipalities to avail themselves of PWA funds for sewer systems.
-TEMPORARY BONDS REELIZABETH, Union County, N. J.
NEWED.
-The City Council has authorized the renewal of $886.000 and
$117,000 temporary street and sewer construction bonds.
3316
Financial Chronicle
EL RENO, Canadian County, Okla.
-We are
-BONDS NOT SOLD.
informed by the City Clerk that a $25,000 issue of swimming pool bonds
was offered for sale without success on April 30, when all the bids were
rejected. The pa d clerk goes on to state that sealed bids will again be
received for the purchase of these bonds up to May 16.
ENID SCHOOL DISTRICT (P. O. Enid), Garfield County, Okla.
BOND ELECTION.
-It is said that an election was held on May 8 to vote
on the issuance of $120,000 in school bonds.
EUDOFtA-WESTERN DRAINAGE DISTRICT (P. 0. Eudora),
Chicot County, Ark.
-In connection with
-DETAILS ON RFC LOAN.
the report given in V. 138, p. 2970, that the Reconstruction Finance
Corporation had authorized a loan of $162,000 to this district for refinancing, it is now stated that the amount approved was $164,500. No disbursements have been made as yet.
-BOND ELECTION.
FARMERSVILLE, Collin County, Tex.
It is said that an election will be held on May 15 to vote on the issuance
of 541,000 in water bonds.
FAYETTE COUNTY (P. 0. Washington), Ohio.
-BOND SALE.
The $25,500 poor relief bonds offered on May 7-V. 138, 13• 2965 were
awarded as 334s to Mitchell, Herrick .Sr Co. of Cleveland atjar plus a
. Dated
premium of $28.65, equal to 100.112, a basis of about 3.16 0
May 1 1934 and due as follows: $4,900, Sept. 1 1934 $5,000 arch 1 and
55.100 Sept. 1 1935; $5,200 March 1 and $5,300 Sept. 1 1936.
FORT WORTH, Tarrant County, Tex.
-BOND SALE DETAILS.
The $50,000 right-of-way bonds that were purchased by the Continental
National Bank of Fort Worth, at par
-V. 138. p. 2784, bears interest at
44%, bears the date of April 1 1934. and matures on April 1 as follows:
$2,000, 1939 to 1941; 53,000, 1942 to 1949, and 84,000, 1950 to 1954.
FORWARD TOWNSHIP SCHOOL DISTRICT, Allegheny County,
Pa.
-BOND OFFERING.
-Sealed bids addressed to J. E.Stoops, Secretary,
of the School Board, R. D. No. 1, Monongahela, Pa., will be received tmtil
1 p. m. (Eastern Standard Time) on May 14 for the purchase of $20.000
43j,4Si,4S.1 or 5% coupon bonds. Dated May 1 1934. Denom. $1,000.
Due May 1 as follows: $2,000 from 1938 to 1940 incl.; $3,000 from 19.01 to
1943 incl., and $5,000 in 1944. Interest will be payable semi-annually
In M.& N.,free of all tax levied pursuant to any law of the State of Pennsylvania. A certified Creek for $500, payable to the order of the District
Treasurer, must accompany each proposal. The District will pay for
the printing of the bonds and will furnish the successful bidder with the
approving legal opinion of Burgwin, Scully & Burgwin of Pittsburgh.
Sale of the bonds is subject to approval of the issue by the Pennsylvania
Department of Internal Affairs. District Solicitor is Joseph L. Best,
1306 Berger Bldg., Pittsburgh, Pa.
FREEPORT PARK DISTRICT, Stephenson County, III.
-BOND
DESCRIPTION.
-The issue of $30,000 park bonds sold on April 20 to
the First National Bank of Freeport at a price of 103.42-V. 138. p.3135
Is described as follows: Dated May 1 1934. Interest at 4%%, payable
semi-annually. Due $3,000 on May 1 from 1940 to 1949. inclusive. Net
Interest cost basis about 4.10%.
FRONTIER COUNTY SCHOOL DISTRICT NO. 46 (P. 0. May.
wood), Neb.-BOND ELECTION.
-It is reported that an election will be
held on May 21 to vote on the issuance of $10,000 in 43 % semi-ann.
school building bonds. Due in 15 years.
GEARY COUNTY (P. 0. Junction City), Kan.
-BOND OFFERING'
-Sealed bids will be received until 10 a. m. on May 14,by A.J.Schmedeman. County Clerk, for the purchase of a $15,000 issue of 4% poor relief
bonds. Denoms. $500 and $1,000. Due $2,500 from 1935 to 1940 incl.
A certified check for 2% of the bid is required.
GEORGETOWN, Essex County, Mass.
-BONDS OFFERED.
Justin F. White, Town Treasurer, received sealed bids until 8 p. m. on
May 11 (last night) for the purchase of $95.000 coupon Water Act of 1915
bonds. Dated May 15 1934. Denom. $1.000. Due May 15 as follows:
$4,000 from 1937 to 1947 incl. and $3,000 from 1948 to 1964 incl. Rate
of interest optional with the bidder. Prin. and int.(M. & N. 15) payable
at the Second National Bank, Boston. The approving opinion of Ropes,
Gray, Boyden & Perkins of Boston available to the successful bidder.
May 12 1934
York. Authority for issuance is Article 3, Section 52, State Constitution,
and Title 22, Chapter 3, Revised Statutes of 1925, as amended at the first
called session of the 39th Legislature, Cnapter 16.
HARTFORD COUNTY METROPOLITAN DISTRICT (P. 0.
-BOND OFFERING.
-A. D. Johnson, Treasurer of
Hartford), Conn.
the District Commission, will receive sealed bids until 11 a. m. (Standard
time) on May 28 for the purchase of $2.000,000 3% sewer system bonds,
which are part of a total of 53.500.000 authorized at the general election
on Nov. 7 1933-V. 137, p. 3525. The bonds now offered will be dated.
June 1 1934 and mature $100,000 annually on June 1 from 1936 to 1955 incl.
-LIST OF BIDS.
-The
HARTFORD, Hartford County, Conn.
following is an official list of the bids received for the $700,000 2 %
grade crossing elimination bond issue awarded on April 30 jointly to
Lincoln R. Young & Co., Hartford, and Tyler, Buttrick .3c Co. of Boston,
at 101.07, a basis of about 2.22%-V. 138, p. 3135.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 28 (P. 0.
-BILL SIGNED BY GOVERNOR
Long Beach), Nawau County, N. Y.
-The Governor has signed as Chapter 344,
RELATING TO BOND ISSUES.
Laws of 1934, the Herman bill entitled "An Act to amend Chapter 535
of Laws of 1924, entitled 'An Act to re-establish Union Free School District No. 28 in relation to the issuance of bonds and other obliagtions'."
-INJUNCTION SUIT
HIDALGO COUNTY (P. 0. Edinburg), Tex.
-It is reported
AGAINST REFINANCING PROGRAM DISMISSED.
that Judge Bryce Ferguson of the 92d District Court nas dismissed the suit
brought by L. H. Romig of Los Angeles, Calif., which sought to prevent
the County Commissioners Court from carrying out a contract with the
County Creditors' Committee for the refinancing of $12,000,000 in bonds,
-V.138. p. 896.
representing the indebtedness of eight county road districts
HIGH ISLAND SCHOOL DISTRICT (P. 0. High Island), Gal-At an election held on April 28
-BONDS VOTED.
veston County, Tex.
the voters are said to have approved the issuance of 4012,000 in school
building purchase bonds.
-BONDS AUTHORIZED.
HILLSBORO, Washington County, Ore.
-The City Council is said to have adopted an ordinance recently, providing
for $10,063,86 in refunding improvement bonds.
-BONDS NOT SOLD-FINHOBOKEN, Hudson County, N. J.
-No bids were obtained at the offering on May 8
ANCIAL STATEMENT.
of $146,000 6% coupon or registered school bonds, dated July 1 1932 and
due serially on July 1 from 1934 to 1942, incl.-V. 138, p. 2966.
-In connec-BOND OFFERING.
HOUSTON, Harris County, Tex.
tion with the offering scheduled for May 14 of the various bonds aggregating $1.425,000. report of which appeared in V. 138, p. 3136, we give
the following details on the bonds:
1931.
$274,000 4%% drainage sewer bonds. Dated Jan. 1$22,000,Due on Jan. 1
1946 to 1948;
as follows: $22,000 in 1944; $14,000, 1945;
$18,01,0, 1949, and $22,000. 1950 to 1956. These bonds are
authorized at an election held on March 22
part of a $750,000 issue
1930.
260,000 43.6% sanitary sewer bonds. Dated Jan. 1 1931. Due $20,000
from Jan. 1 1944 to 1956 incl. These bonds are part of a $1,000,000 issue authorized at an election held on March 22 1930
by a count of 9,226 to 1,465.
240,000 456% street impt. bonds. Dated Jan. 1 1931. Due $24,000
,
from Jan. 1 1947 to 1956 incl. These bonds are part of a $1.
000,000 issue authorized at an election on March 22 1930.
117,0004% water works bonds. Dated Jan. 1 1931. Due $13,000
from Jan. 1 1948 to 1956 incl. These bonds are part of a $1,000,000 Issue authorized at an election on March 22 1930.
72,0004% bridge bonds. Dated Jan. 1 1931. Due $8,000 from
Jan. 1 1948 to 1956 incl. These bonds are part of a $1,100,000
Issue authorized at an election held April 13 1925.
52,000
% park bonds. Dated Jan. 1 1931. Due $4,000 from Jan. 1
1944 to 1956 incl. These bonds are part of a $200,000 issue
authorized at an election held on March 22 1930.
Due
48,0004% bridge and subway bonds. Dated Jan. 1 1931.
38,000 from Jan. 1 1951 to 1956 incl. These bonds are part of
election held on March 22 1930.
a $400,000 issue authorized at an
Due on
84,000434% general impt. bonds. Dated Dec. 15 1933. in 1949.
Dec. 15 as follows: $6,000, 1940 to 1948, and $10,000
Issued under Article 4 of the City Charter.
192,000 4% refunding bonds. Dated Jan. 1 1932. Due 532.000 from
Jan. 1 1937 to 1942 incl. Issued under Article 4 as above.
106,000 43j% refunding bonds. Dated Jan. 1 1932. Due on Jan. 1
as follows: $.17,000, 1937 to 1941, and $21,000 in 1942. Issued
under Article 4 of the City Charter.
Denom. $1,000. Prin. and int. payable at the Chase National Bank
In New York. The city has no provisions for registering prin. and int.
The proceeds of the bonds will be used only for the said uses.
-In connection
FURTHER BOND SALES NOT CONTEMPLATED.
with the above offering it is stated by H. A. Gilea, City Comptroller, that
on May 5 the City Council went on record as stating that no city bonds will
be offered in the open market other than these, until at least Sept. 15.
GLOUCESTER, Essex County, Mass.
-TEMPORARY LOAN.
Wilmot A. Reed, City Treasurer, reports that the issue of $150,000 revenue
anticipation notes offered on May 9 was awarded to Whiting, Weeks &
Knowles of Boston, at 0.59% discount basis. Dated May 10 1934 and due
on Dec. 5 1934. Denoms. $25,000. $10,000 and $5,000. Legality approved
by Ropes, Gray, Boyden & Perkins of Boston. Other bids were as follows
BidderDiscount Basis.
Cape Ann National Bank
0.63%
Gloucester National Bank
0.72%
GLOVERSVILLE, Fulton County, N. Y.
-GOVERNOR SIGNS
PWA LOAN MEASURE.
-The Patric bill, amending the City Charter
to provide for the levying of taxes without limitation as to rate or amount
to pay principal and interest on bonds sold by the city or the Water Department to the Public Works Administration-V.138. rl. 2784
-has been signed
by Governor Lehman as Chapter 406, Laws of 1934.
HOXIE SCHOOL DISTRICT NO. 19 (P. 0. Hoxie), Sheridan
-MATURITY.
--'The 515.451 issue of 5% refunding bonds
County, Kan.
GOOSE CREEK, Harris County, Tex.
-CORRECTION.
-We are
that was purchased at par by the Hoxie State Bank, and the First National
informed by Henry Whiddon,City Manager,that the city has sold no bonds
-is due on Aug. 1 as follows: $4,000
Bank, both of Hoxie-V. 138, p. 2966
recently and has none for sale at the present time, correcting the report of a
in 1935, 1937 and 1938, and $3,451 in 1939.
sale of $40,000 water bonds given in V. 138, P. 2785.
GRAND FORKS INDEPENDENT SCHOOL DISTRICT NO. 1:
HUBBARD VILLAGE EXEMPTED SCHOOL DISTRICT (P. 0.
(P.O. Grand Forks), N. Dak.-CERTIPICATE AWARD DEFERRED.
-BOND SALE.
-The $19,000
Hubbard) Trumbull County, Ohio.
It is stated by the Secretary of the Board of Education that no action will
-were awarded as 6s.
refunding bonds offered on May 5-V. 138, p. 2785
be taken on the sale of the $35,000 not to exceed 5A % certificates of inat a price of par, to Slier, Carpenter & Roose of Toledo, the only bidder.
debtedness until May 10-V. 138, p. 3135. Due on Nov. 1 1935.
Due as follows: $1,000 April 1 and Oct. 1 from 1935 to 1943, incl. and
GRAND JUNCTION, Mesa County, Colo.
-BONDS CALLED.
- $500 April 1 and Oct. 1 1944.
Various alley paving, paving, sidewalk, sanitary sewer, sewer, combined
-TAXES AMOUNTHUDSON COUNTY (P. 0. Jersey City), N. J.
sewer and curb and gutter bonds are said to be called for payment at the
-Thomas A. Lally,
ING TO $6,500,000 OWED BY MUNICIPALITIES.
City Treasurer's office on May 17.
County Treasurer, on April 27 announced that $6,543,000 was due the
county in back taxes from several municipalities, according to the "Jersey
GRANITE COUNTY SCHOOL DISTRICT NO. 8 (P. 0. PhilipsObserver" of the following day, which reported on the matter as follows:
-BOND OFFERING.
-Sealed bids will be received until
burg), Mont.
"Back taxes amounting to $6.543,966.85 are due Hudson County from
2 p. m. on June 2. according to report, by Gladys L. Furman, District
the several municipalties, it was announced yesterday by Thomas A.
Clerk, for the purchase of a $14,000 issue of school site purchase bonds. A
Lally, County Treasurer. With one exception the taxes due are for 1933
certified check for $500 must accompany the bid.
for the first quarter of the present year.
"The exception is Union Cite which still owes a balance of $204,455.29
-An
GREENE COUNTY (P. 0. Springfield), Mo.-BOND SALE.
for 1932 in addition to $559,551.66 for 1933 and $142,387.91 for the first
Issue of $148,000 4% semi-ann. sanitorium bonds is said to have been purquarter of this year.
Trust Co. of St. Louis. and toe Union
chased by the Mississippi Valley
"Only Secaucus and Harrison have paid all taxes to date. Weehawken
National Bank of Springfield, paying a premium of $1,647.60. equal to
and East Newark have paid in full for 1933 and owe only for the first
101.11. It is reported that these bonds were sold subject to an election
quarter of the current year, $58,240.91 and $6,269.03 respectively.
scheduled for May 15.
"The total amount clue for 1933 is $4,144,336.56 and the total for the
GREENFIELD TOWNSHIP SCHOOL DISTRICT, Blair County,
first quarter of 1934 is $2,195,175.10. Jersey City heads the list with $1,-A resolution recently adopted by the
Pa.
-BONDS AUTHORIZED.
674,757.35 due for 1933 and $1.301,982.30 for the first three months of 1934.
School Board provides for the sale of $25,000 school building construction
"The amounts owed by other municipalities follow: The first figures
bonds.
show the amount due for 1933 and the second the amount for the first
quarter of this year: Bayonne, $492,051.55; $72,178.07; Hoboken, $576,-BOND OFFERING.
-Sealed
GREENWOOD, Leflore County, Miss.
615.87; $202,735.77; North Bergen, $434,463.97; $119,862.48. West New
bids will be received until 7:30 p. m. on May 15, by Bonner Duggan, City
York, $250,049.85; $101,880.08. Guttenberg, $13,263.17; $11,631.83.
Clerk,for the purchase of a 522.000 issue of$6% overflow protection bonds.
Kearny. $142,583.14; $178,006.72.
Dated Oct. 1 1932. Denom. $1,000. Due $2,000 from Oct. 1 1947 to
-BOND SALE.
1957 incl. Principal and Interest (A. & 0.) payable at the Guaranty Trust
HUMBLE, Harris County, Tex.
-The 540,000 issue of
York. Authority for issuance is Chapter 206, Laws of 1920.
Co. In New
sewerage bonds offered for sale on May 3-V. 138, p. 2785. was purchased
A certified check for $1,000 must accompany the bid.
by the Public Works Administration, as Is at par.
-At the
ILLINOIS, State of (P. 0. Springfield).
GRETNA, Sarpy County, Neb.-BONDS DEFEATED.
-BILL KILLED PRO-the voters rejected the proposal
-A bill to give municipalities
election held on April 10-V. 138,P. 2290
POSING BONDS FOR PWA PROJECTS.
of this State authority to issue bonds to complete projects started under
to issue 55,900 in library bonds, according to the Village Clerk.
the Federal and State Government's recovery program was killed in the
-BOND ELECTION.
-It is
HANOVER, Washington County, Kan.
Legislature on April 26, according to recent Springfield advices. It is
reported that an election will be held on May 14 to have the voters pass on
said that the bill encountered opposition because it did not provide a
the proposed issuance of $17,000 in water works bonds.
referendum whereby the electorate could determine whether It wished
to issue the bonds. The measure was one of a series sponsored by the
-BOND SALE.
-The
HARRIS COUNTY (P. 0. Houston). Texas.
Illinois Municipal League.
two issues of road bonds, aggregating $470.000, offered for sale on May 9-was award6d to a syndicate composed of N. W. Harris
V. 138, p 3135
IOWA CITY, Johnson County, Iowa.
-ADDITIONAL INFORMA& Co. of'New York, the Northern Trust Co. of Chicago and the Chase
TION.
-In connection with the report given in V. 138. p. 2966, that the
National Yank of New York, at a price of 103.094, a basis of about 3.99%.
voters had approved the construction of a municipal electric light plant, to
divided as follows:
The bonds are
cost about $917,000, we give the following details from the "Electrical
World" of April 28:
$350,000 4% road bonds. Due from Dec. 15 1934 to 1944.
"By a vote of 2,955 to 2,810 City Council of Iowa City, Iowa, was
120.000 5% road bonds. Due from 1945 to 1949.
authorized by the citizens to purchase for not more than $917.000 an electric
Dated Dec. 15 1933. Prin. and int.(J. & D.) payable
Denom.51.000.
light plant and establish municipal ownership and operation. Should a
at the County Treasurer's office or at the Chase National Bank in New
Volume 138
Financial Chronicle
Federal loan and grant be refused, the city, under the Iowa Simmer law, is
empowered to purchase the plant of the Iowa City Light & Power Co. and
pay for its costs from earnings, the Iowa law also providing for erection of
municipal light and power plants to be paid for from earnings. The Iowa
City Light & Power Co. has been furnishing current since Jan. 1, when its
franchise expired and no renewal was granted.
-Morse
"City Council having canceled contracts with the Fairbanks
Co. under previous awards at the request of the company, the town of
Rockford. Iowa, will vote again on May 15 on the proposition of constructing a municipal light and power plant. The Iowa Public Service Co.. which
now serves the city, has a Federal court Injunction action now pending
against officers of the town to prevent construction following the first
election. City Council voted April 16 to table an offer of the utility company to lower rates."
-In
MUNICIPAL PLANT PROPOSAL APPARENTLY CANCELED.
connection with the above report we quote as follows from the Des Moines
"Register" of May 5, regarding a new turn in the matter:
The proposed Iowa City municipal electric light plant voted by a majority of 155 here April 17, apparently was killed for at least one year by
the city council Friday night.
"The council voted to table an ordinance for establishment of a municipal
Plant. It will take a two-thirds majority of the council to reconsider the
ordinance."
IOWA FALLS,Hardin County,lowa.-BOND SALE POSTPONED.
It is stated by the City Clerk that the sale of the following bonds aggre-has been
gating $40,000, originally scheduled for May 3-V. 138. p. 2785
postponed to May 21: $20,000 sewer fund, and $20000 sewer outlet and
purifying plant bonds. The bonds and attorney's opinion will be furnished
by the city.
-C. C.
-BOND OFFERING.
IRONTON, Lawrence County, Ohio.
Crance, City Auditor, will receive sealed bids until 12 m. on May 22, for
the purchase of $37,500 5% refunding bonds. Dated July 1 1934. Denom.
$500. Due Oct. 1 as follows: $2,500 in 1937 and $5,000 from 1938 to 1944.
incl. Principal and interest (A. & 0.) payable at the First National Bank,
Ironton. Bids for the bonds to bear interest at a rate other than 5%,
expressed in a multiple of As" of 1%, will also be considered. A certified
check for $375 must accompany each proposal.
-DEFAULTED INTEREST
JACKSON, Jackson County., Mich.
PAYMENT.
-C.H. Vedder, City Clerk, under date of April 30 announced
that arrangements had been made to pay defaulted interest coupons on those
general and Medal assessment bond issues which are not part of the obligations covered in the proposed bond refunding program. Mr. Vedder states
that the plan includes general and special assessment bonds maturing from
April 1 1933 to June 30 1935 and that it provides for the payment of accrued
interest in cash. A prospectus outlining the plan may be had upon application to Mr. Vedder. In December 1933 the city issued a report summarizing the bonds in default at that time and indicating the extent of its maturities to be refunded.
-V. 137, p. 4726.
JACKSON UNION SCHOOL DISTRICT, Jackson County, Mich.
-Provision is reported to have been
MAY 1 BOND INTEREST PAID.
made at the Jackson City Bank SG Trust Co., Jackson, to pay May 1 1934
bond interest coupons.
-BOND OFFERING-It is
JACYSONVILLE, Duval County, Fla.
now stated that the City Commission will receive sealed bids until May 23,
for the purchase of $200,000 refunding bonds. The tentative sale date had
been put at July 2-V. 138, p. 2618. Interest rate is not to exceed 6%.
Dated July 15 1934. Due in 1942. It is said that this sale will take up
maturities of Aug. 1.
-BOND OFFERING.
JAMESTOWN, Chauthugua County, N. Y.
G. S. Doolittle. City Treasurer, will receive sealed bids until 2 13. 111.
(Standard Time) on May 18,for the purchase of $42,000 not to exceed 6%
interest coupon or re Ostered bank tax refunding bonds. Dated June 1 1934.
Denoms. $1,000 and $500. Due $10,500 on June 1 from 1935 to 1938, incl.
Principal and interest (J. SG D.) payable at the City Treasurer's office. A
certified check for $2,000, payable to the order of the City Treasurer, must
accompany each proposal.
-A
-BOND SALE.
JEFFERSON COUNTY (P. O. Oskaloosa), Kan.
$5,000 issue of relief bonds is said to have been purchased on April 30 by
the Columbian Securities Corp. of Topeka as 4s, paying a premium of
$24.55, equal to 100.49.
-BOND SALE.
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.
The $125,600 coupon note funding bonds offered on May 4-V. 138, P.
2619
-were awarded as 3Ks to Halsey, Stuart & Co. Inc. of Chicago, at
par phis a premium of $380, equal to 100.30. a basis of about 3.02%.
Dated May 1 1934 and due as follows: $24,000 Sept. 1 1934:$24,000 March
1 and $25.000 Sept. 1 1935; $25,600 March 1 and $26,400 Sept. 1 1936.
Other bids were as follows:
BidderInt. Rate. Premium.
Mitchell, Herrick & Co., Cleveland
$77.00
33 70
Seasongood & Mayer, Cincinnati
189.75
33i7
BancOhlo Securities Co., Columbus
175.00
3 Si
Fox, Einhorn & Co.. Cincinnati
42.00
3X 0
JOHNSTOWN, Cambria County, Pa.
-The issue of
-BOND SALE.
$166,000 3%7 coupon refunding bonds offered on May
0
138. p.
-was slid to the Sinking Fund Commission. Dated Nov. 15 1933.
2966
7-V.
Due Nov. 15 as Mows: $11,000. 1941; $6.000, 1942;$32,000. 1944;$38.000,
1945;$30,000 in 1946, and $49,000 in 1947.
JOINT HIGHWAY DISTRICT NO. 13 (P. 0. Oakland), Calif.
BOND OFFERING.
-It is stated by Harry M. Stow, Secretary of the
Board of Directors, that he will receive sealed bids until 10 a. m.on May 25,
for the purchase of $2,378,000 Alameda and Contra Costa Counties tunnel
bonds. Said bonds constitute all of an issue of bonds of said District (with
the exception of bond No. 2,379), which issue aggregates $2,378,601.62
and consists of 2.379 bonds numbered consecutively from 1 to 2,379, both
inclusive. Interest rate is not to exceed 5%,stated in a multiple of X of
1%. Such interest rate need not be uniform for all of the bonds of the
issue. Denom. $1,000, one for $601.62. Fractional bond not offered for
sale. Dated Feb. 1 1934. Due on Jan. 2 as follows: $158,000 from 1935
to 1948, and $167,000 in 1949. None of said bonds will be sold for less than
par and accrued interest to date of delivery. The approving opinion of
Orrick, Palmer & Dahlquist of San Francisco, will be furnished. No
conditional bids will be received. The validity of the formation of said
district and of said bonds was sustained by a State Supreme Court decision
in a case decided on April 24 1934. A certified check for an amount equal
to at least 2% of the total amount bid, payable to the District Treasurer.
is required.
KANSAS CITY, Wyandotte County, Kan.
-BOND SALE.
-It is
reported that an issue of $100.000 poor fund bonds has been purchased
recently by the Harris Trust & Savings Bank of Chicago, at a price of
100.857.
KEARNY (P. 0. Arlington), Hudson County, N. J.
-BONDS NOT
-No bids were obtained at the offering on May 9 of $2,148,000 not
SOLD.
to exceed 6% interest coupon or registered bonds, including five separate
-V. 138. p. 3136.
issues
KENOSHA, Kenosha County, W's.
-BOND SALE DETAILS.The two issues of bonds aggregating $63,000 that were sold to A. G. Becker
-were sold as 5s at par, and are as
-V. 138. p. 3136
& Co. of Chicago
follows:
0
$30,00 refunding bonds. Dated April 1 1934. Due on April 1 1944.
33,000 refunding bonds. Dated May 1 1934. Due on May 1 1944.
-BONDS CALLED.
-Ralph
KING COUNTY (P. 0. Seattle), Wash.
S. Stacy. County Treasurer, is said to have called for payment at his office
on May 1, on which date interest shall cease, various road, water district
and school district bonds.
KINGFISHER SCHOOL DISTRICT (P. 0. Kingfisher), Okla.
-Sealed bids were received until 10 a. m. on May 10.
BONDS OFFERED.
by H. D. Baldwin, Clerk of the Board of Education, for the purchase of
a $28,000 issue of school bonds. Dated April 1 1934. Due as follows:
$1,500. 1937 to 1953. and $2.500 in 1954. (An allotment of $44.000 has
been approved already by the Public Works Administration.-V. 38,
p. 1262.)
-ELECTRIC LIGHT PLANT
LAMONT, Decatur County, Iowa.
-The voters are said to have approved a
CONSTRUCTION FAVORED.
proposal recently to construct a municipal electric light plant and to have
the plant administered by a Board of Trustees. It is understood that the
3317
plant would be built either with an allotment of 1100.000 from the Public
Works Administration or with revenue bonds.
-An issue of $135.LARAMIE, Albany County, Wyo.-BOND SALE.
000 45,i% refunding bonds was jointly purchased by the Stockgrowers
National Bank of Cheyenne and Geo. W. Artillery & Co., Inc., of Denver.
Dated July 1 1934. Due in 20 years; optional in 10 years.
-BOND OFFERING.
LARCHMONT, Westchester County, N. Y.
Eugene D. Wakeman, Village Clerk, will receive sealed bids until 8 p.
(Daylight Saving Time) on May 21, for the purchase of $42,000 not to exceed
6% interest coupon or registered street improvement bonds. Dated June 1
1934. Denom. $1,000. Due June 1 as follows: $4.000 from 1935 to 1937,
incl. and $5,000 from 1938 to 1943, incl. Bidder to name a single interest
or 1-10th of 1%.
rate for all of the bonds, expressed in a multiple of
Principal and interest (J. & D.) payable in lawful money of the United
States at the Central Hanover Bank & Trust Co., New York. These bonds
are general obligations, payable in the first instance from special assessments, but all taxable property in the Village is subject to taxation therefor
without limit as to rate or amount. Proposals must be accompanied by a
certified check for $800. payable to the order of the Village. Approving
opinion of Clay, Dillon & Vandewater of New York will be furnished the
successful bidder.
LARIMER COUNTY SCHOOL DISTRICT NO. 64 (P. 0. Fort
-ELECTION ,SALE.
-A $15,000 issue of 43.4%
-PRE
Collins), Colo.
refunding bonds was jointly purchased by Brown, Schlessman, Owen & Co.
and Sidle', Simons,Day & Co., both of Denver, at par, subject to a pending
election.
LARIMORE SPECIAL SCHOOL DISTRICT (P. 0. Larimore),
-The $60.000 issue of
Grand Forks County, N. Dak.-BOND SALE.
4% coupon shcool bonds offered for sale on April 30-V. 138, p. 2967was purchased at par by the Public Works Administration. Due $3,000
from April 1 1935 to 1954 incl.
-The $212,000
-BOND SALE.
LEONIA, Bergen County, N. J.
coupon or registered improvement bonds of 1933 offered on May 8-were awarded as 6s to a group composed of B. J. Van
V. 138, p. 2967
Ingen & Co., Inc.; H. L. Allen & Co., and M. F. Schlater & Co., Inc..
all of New York, at a price of 99, a basis of about 6.13%. Dated May 1
1934 and due on May 1 as follows: $10,000 from 1935 to 1953 incl. and
$11.000 in 1954 and 1955. The bankers are making public reoffering
of the bonds at a price to yield 5.50%. They are declared to be legal
investment for savings banks and trust funds in the State of New Jersey
and direct and general obligations of the entire borough, payable from
unlimited ad valorem taxes levied against all the taxable property therein.
-LOAN OFFERING.
LEXI NGTON, Middlesex County, Mass.
Sealed bids addressed to the Town Treasurer will be received until 7:45
p. m. on May 15 for the purchase of $175,000 tax anticipation notes dated
March 16 1934 and due on Marco 28 193o.
LEXINGTON, Fayette County, Ky.-BOND SALE AUTHORIZED.
-At a meeting of the Board of City Commissioners held on April 30 an
ordinance was passed, directing the Mayor to prepare and deliver a contract
for the sale to the United States Government of $101,000 bonds authorized
by the Board on Sept. 11 1933 and March 311934.
-The $37,000
LEXINGTON, Dawson County, Neb.-BOND SALE.
5% water system bonds approved by the voters at the election held on
May 1-V. 138, p. 2967, was purchased by Wachob, Bender & Co. of
Omaha. Due in 20 years, optional in five years.
-VALIDITY OF BOND ISSUE STILL
LIMA, Allen County, Ohio.
-The validity of the issue of $90.666.05 6% deficiency bonds
IN DOUBT.
authorized in November 1933 and offered without success on Dec. 14-is still questionable as of the result of the failure of the
V. 137, p. 4389
State Legislature, which adjourned recently, to complete action on a bill
designed to correct technical errors found in the City ordinance providing
for the issue, according to the Lima "News" of May 7. The bonds were
voted by the City Commission in Nov. 1933 for the purpose of financing
general fund operations for the balance of the year, in accordance with a
State law in operation at that time. The law expired on Jan. 1 1934 and
subsequently two technicalities were uncovered in the enabling ordinance.
About $42,000 bonds of the issue have already been sold, including $23,000
purchased by the B3ard of Sinking Fund Commissioners. However, the
Ohio Power Co. and the Lima Telephone & Telegraph Co., creditors of
the City, have declined to accept the deficiency bonds until the errors
have been corrected, it is said. It is believed that the matter will have to
remain in abeyance under the Nov. 1934 session of the General Assembly.
LINCOLN SCHOOL DISTRICT (P. 0. Lincoln) Lancaster County,
-It is reported that an issue of $304.000 refunding
Neb.-BOND SALE.
bonds has been purchased by the First Trust Co. of Lincoln.
-The
-MATURITY.
LINN COUNTY (P. 0. Cedar Rapids), Iowa.
$72.000 issue of 4% semi-ann. funding bonds that was purchased at par by
-is due
-N. 138. p. 3136
the Merchants National Bank of Cedar Rapids
as follows: $6,000 on May and Nov. 1 1935, and $5,000 on May and Nov.1
1936 to 1941.
LITTLE RIVER DRAINAGE DISTRICT (P. 0. Cape Girardeau),
Mo.-SETTLEMENT PLAN OFFERED ON DEFAULTED BONDS.
In a letter dated May 7 we are informed by B. F. Burns, District Secretary, that the district is offering the holders of $8,018,000 of its bonds
the sum of $273 in cash for each $1,000 of principal amount, and is
a direct appeal to those of the bondholders who have not as yet
to the plan. The funds for the proposed refinancing on the defaulted
bonds are to be obtained from the Reconstruction Finance Corporation
as a loan, in order that the outstanding debt may be scaled down to about
27% of the present total. It is stated that this appeal to the bondholders
is being made by the district because of the lack of response given to similar
appeals made by groups of bondholders.
-P IVA AID AUTHORLONG BEACH, Nassau County, N. Y.
-Governor Lehman on May 8 approved as Chapter 373. Laws of
IZED.
1934, the Herman bill authorizing the city to finance the construction
of boardwalks and jetties with funds obtained from the Public Works
Administration on the basis of loans or grants.
-BOND OFFERING.
LOS ANGELES, Los Angeles County, Calif.
It is announced by H. A. Vannorman, Chief Engineer and General Manager Bureau of Water Works and Supply, that sealed bids will be opened
at the office of the City Clerk at 10:30 a. m. on May 15 for the purchase
of a $2,000,000 issue of water works, election of 1930. class I, series 1 bonds.
Denom. $1,000. Interest rate not to exceed 4%%, payable J. & D. Due
$50,000 from June 1 1935 to 1974 incl. Prin. and int. payable at the City
Treasurer's office or at the National City Bank in New York. The approving opinion of Thomson, Wood & Hoffman of New York will be furnished. These bonds are part of an authorized issue of 138,800.000 voted
at an election held on May 20 1930. Bonds to be sold for cash only and at
not less than par and accrued interest. No split bids to be received. Payment for and delivery of bonds will be made at the City Treasurer's office.
A certified check for 2% of the amount of the bonds, payable to the City
Treasurer. (This notice supersedes the report given in V. 138. P. 3137.)
-The
-BONDS NOT SOLD.
LOUISVILLE, Stark County, Ohio.
Issue of $36,500 6% refunding bonds offered on May 5-V. 138. p. 2786failed of sale. as no bids were received. Dated April 1 1934 and due serially
on Oct. 1 from 1935 to 1946 incl.
LUZERNE TOWNSHIP, Pa.
-COURT HALTS EXPENDITURES.
In a verbal opinion handed down on May 4, Judge Thomas H. Hudson
reduced the township's tax levy for 1934 from 6 to 3 mills and ordered a
cessation of all spending activities of the Board of Supervisors, according to
the Brownsville "Telegraph" of the same day. A written decision was to
be made later.
LYNBROOK, Nassau County, N. Y.
-LEGISLATION PROVIDES
FOR BOND FINANCING.
-Two bills signed by Governor Lehman on
May 7 empower the village to refund bonds maturing in the fiscal year
beginning March 1 1934 and to borrow funds in anticipation of the collection of taxes levied in that period. At a meeting on May 7 the village
board voted to issue $60,000 bonds for the purpose of retiring a like amount
of tax anticipation notes.
-BOND OFFERING.
McLENNAN COUNTY (P. 0. Waco), Tex.
Sealed bids will be received until 10 a. m. on May 14, by W. C. Taylor,
County Judge, for the purchase of a $320.000 issue of 414% road bonds.
Denom.$1,000. Dated Oct. 10 1931. Due on Oct. 10 as follows* 110.000.
1949 to 1953. and $15,000, 1954 to 1971, all incl. Principal and interest
(A. & 0.) payable at the Chase National Bank in New York City, or at
the State Treasurer's office.
assented
3318
Financial Chronicle
May 12 1934
These bonds are issued as direct county obligations and are payable from
an unlimited ad valorem tax levied upon all the taxable property located
within the county. They will be used entirely in the construction of roads,
and are unaffected by any litigation. Issued pursuant to Article 3.
Section 52, Constitution of Teams, including Chapter 16. General Laws
enacted by the 39th Legislature at its first called session, 1926. The county
will furnish free to the purchaser, the approving opinions of the AttorneyGeneral of Texas, and of Thomson, Wood & Hoffman, New York City.
Bonds voted Dec. 18 1928-for 6711, against 1491. Total amount of
bonds authorized at said election, $4,791.500. Of this amount, authority
to issue an amount of $1,015,500 in bonds was revoked at an election held
on Aug. 26 1933, and this is the last of the unsold road bonds of McLennan
County. A certified check for 2% of the bid on an incorporated bank
or trust company payable to W. C. Taylor, County Judge, conditioned
as required. No interest is to be paid on said deposit by McLennan County.
In connection with the above it is understood and agreed that McLennan
County will receive bids on all or any part of said bonds not less than
1100.000 and reserves the right to sell all or any part of said bonds or to
reject any or all bids or waive irregularities.
Financial Statement.
Actual valuation, estimated
1200,000,000
Assessed valuation, 1933
61,371,140
Total bonded debt, including this sale
3,079.000
Interest and sinking fund on hand, cash
181.243
Population, 1930 census, 98,640.
MACON,Bibb County, Ga.-BOND SALE.
-The three issues of 4;4%
coupon or registered semi-ann. bonds, aggregating $104,000, offered for
sale on May 8-V. 138. p. 3137
-was awarded to a syndicate composed of
the Trust Co. of Georgia, Brooke, Tindall & Co. and Clement A. Evans &
Co., all of Atlanta, and Brown & Groover of Macon, at a price of 111.07.
a basis of about 3.33%. The issues are divided as follows:
$21.000 surface and storm sewer bonds. Due from Jan. 1 1939 to 1953.
49.000 sanitary sewer bonds. Due from Jan. 1 1939 to 1953, incl.
34,000 city hall and fire department headquarters bonds. Due from
Jan. 1 1939 to 1953, inclusive.
MADISON SCHOOL DISTRICT, Morris County, N. J.
-BOND
SALE.
-The 150,000 coupon or registered school bonds offered on May 9V. 138, p. 2967
-were awarded as 4Us to H. L. Allen & Co. of New York
at par plus a premium of$500,equal to 101,a basis ofabout 4.13%. Dated
May 15 1934. Due May 15 as follows 12,000 from 1936 to 1945, incl.,
and $3,000from 1946 to 1955, incl. Other bids were as follows
BidderInt. Rate.
Premium,
First National Bank,Madison
414;%
$50.00
J. S. Rippel & Co
434
Fisher, Hand & Co
167..08
55 °
414
M.F. Schlater & Co
530.00
4149
Van Deventer, Spear & Co582.00
B. J. Van Logan & Co
4V'329.33
M. M. Freeman & Co
333.33
4gV
Adams & Mueller
226.00
43
Minsch, Monell & Co
410.95
414
MAHANOY TOWNSHIP SCHOOL DISTRICT (P. 0. Mahanoy
City), Schuylkill County, Pa.
-BOND ISSUE APPROVED.
-The Pennsylvania Department of Internal Affairs on May 1 approved an issue of
$35,000 school stadium bonds.
MANHASSET-LAKEV1LLE WATER DISTRICT (P. 0. Manhasset)
Nassau County, N. Y.
-BOND OFFERING.
-T. W. Fitzgerald, Clerk of
the Town of North Hempstead, will receive sealed bids until 2 p. m.
(Standard'lime) on May 16. for the purchase of $27,000 not to exceed 6%
interest coupon or registered fire bonds. Dated May 1 1934. Denoms.
11,000 and $400. Due $5,400 on May 1 from 1935 to 1939, incl. Bidder
to name a single interest rate for all of the bonds, expressed in a multiple of
h' or 1-10th of 1%. Principal and interest (M. & N.) payable in lawful
money of the United States at the First National Bank & Trust Co., Manhasset, or at the Chase National Bank, New York City. A certified check
for 2% of the bonds bid for, payable to the order of the Town of North
Hempstead. must accompany each proposal. The bidder will be furnished
with the opinion of Hawkins, Delafield & Longfellow, of New York City,
that the bonds are valid and legally binding obligations of the town, payable
in the first instance from a levy on the property in the Manhasset-Lakeville
Water District in said town, but if not paid from such levy all the taxable
property within the town is subject to the levy of an ad valorem tax to
pay said bonds and the interest thereon without limitation as to rate or
amount. The bonds will not be sold for less than par.
MILTON, Norfolk County, Mass.
-TEMPORARY LOAN.-Tke Merchants National Bank of Boston purchased on May 7 a 1200,000 revenue
anticipation loan at 0.39% discount basis. Due Nov. 13 1934. This is
understood to be the lowest rate at which such a loan has been negotiated
by any city or town in Massachusetts during the present year. The State
of Massachusetts last week borrowed $2,000,000 at 0.28% and a like
amount at 0.47%-V. 138, D. 3137.
MINNEAPOLIS, Hennepin County, Minn.
-BOND OFFERING.
BOND OFFERING.
-It is stated by Geo. M. Link, Secretary of the
Board of Estimate and Taxation, that he will receive sealed and auction
bids at 11 a.m. on May 18,for the purchase of bonds aggregating $210,000,
divided as follows:
$110,000 permanent impt.(work relief) bonds. Due $11,000 from June 1
1936 to 1945 incl. The proceeds to be issued by the City Council,
the Board of Education, the Board of Park Commissioners and
the Library Board, in carrying out a program of work evolved to
assist in the relief of the unemployed in connection with assistance
furnished by the FERA.
100,000 permanent improvement bonds. Due $5,000 from June 1 1935 to
1954 incl. The proceeds to be used by the City Council in providing for storm water relief in sanitary sewer districts.
Interest rate is not to exceed 6%, payable J. & D. The bonds will bear
a single rate in multiples of 34 of 1%. Bids offering an amount less than
par cannot be accepted. Dated June 1 1934. Legal approval furnished by
Thomson, Wood & Hoffman of New York. Forms on which to submit
bids will be furnished. A certified check for 2% of the bid is required.
The interest on said bonds will be payable semi-annually, and the bonds
will be issued as coupon bonds and in denomination of $1,000. Said obligations will be issued pursuant to toe terms of Sections 9 and 10 of Chapter XV of the Charter of the City of Minneapolis, will be payable in "lawful
money of the United States of America," will be without option of prior
payment and will be tax exempt in the State of Minnesota. The full faith
and credit of the City of Minneapolis will be pledged for the payment
thereof. The cost of preparing the obligations will be borne by the City of
Minneapolis. Delivery will be made by City Comptroller C. E. Holmgren
at the office of the City Treasurer in the City Hall, Minneapolis, Minn.,
or elsewhere in the United States at the option of the purchaser.
The following information is contained in the official offering notice:
Tax Receipts by City Treasurer.
Minneapolis received in 1933 from tax collections of ad valorem levies
82.70% of the amount levied and payable in 1933. Corresponding figures
for 1932 and 1931 are 90.56% and 97.96 respectively.
Practically no tax settlements are made in January and February except
those on personal property, including money and credits, the final tax
settlement dates on real estate being one-half May 31 and the remaihder
Oct. 31.
Tax Collections by County Treasurer.
Comparative tax collections by the County Treasurer for City purposes
In 1931,1932 and 1933 were in the following ratios to the current ad valorem
levy:
Year 1932. Year 1933.
Year 1931.
79.25%
86.17%
92.52%
Current tax levy collections
4.88%
Delinquent tax collections
4.76%
-BOND SALE.MARION COUNTY (P. 0. Indianapolis), Ind.
The issue of $206,000 coupon refunding bonds offered on May 3-V. 138,
-was awarded as 4345 to a syndicate composed of the Fletcher
p. 2786
Trust Co., Union Trust Co., Indianapolis Bond & Share Co. and Campbell
& Co.. all of Indianapolis, at par plus a premium of $101. equal to 100.04.
a basis of about 4.24%. Dated May 15 1934 and due as follows: $11,000
May 15 and Nov. 15 from 1935 to 1942, incl.; $15,000 May 15 and Nov. 15
1943. Only one bid was submitted for the issue.
Gross indebtedness to be financed from current and future
145.618,541.55
debt levies
3,870,789.80
Additional deductions, permitted by Minnesota law
-At an
-BONDS VOTED.
MARSHALL, Harrison County, Texas.
election on May 1 the voters approved the issuance of 1136.000 in not to
exceed 4% water and sewer construction revneue bonds by 413 to 23, according to the City Manager, Dated April 1 1934. Due in 1959.
--CHANGESIN LOCAL PWA AGREEMASSACHUSETTS (State of),
MENTS.
-A dispatch from Washington to the Springfield "Republican"
of May 4 reported as follows: "Public Works Administration to-day announced that the following previously made loans and grants had been
changed to grants only at the request of the applicants:
"Massachusetts
-Taunton, $103,000 for intercepting sewer changed to
grant of 129,000; Berkshire County. $74.000 for waterworks improvements
changed to grant of $21,000; Haverhill, 125,000 for streets changed to
$7,000, and $30,000 for sewer extensions changed to grant of $8,000;
Amesbury. $21,000 for highway changed to grant of 15.500.
-BONDS APPROVED.
MAUCH CHUNK, Carbon County, Pa.
Approval of an issue of $9,500 street reconstruction bonds was announced
on May 1 by the Pennsylvania Department of Internal Affairs.
-Both sealed
MAX, McLean County, N. Dak.-BOND OFFERING.
and oral bids will be received until 10 a. m.on May 15. by P. D. Podhola,
Village Clerk,for the purchase of a $2,500 issue of4% fire hall construction
bonds. Denom. $100. Dated Feb. 1 1934. Due on Feb. 1 as follows:
$100 from 1935 to 1949, and $200. 1950 to 1954. A certified check for 2%
of the bid is required. (An allotment of 13.500 has been approved by the
Public Works Administration-V. 138. p. 1263.)
MECKLENBURG COUNTY (P.O. Charlotte), N.C.
-BONDSSOLD.
-It is stated by toe Secretary of the Local Government Commission that
the $354,000 4% semi-annual school bonds offered for sale without success
-were sold at par on Marco 27 to toe Public
on March 6-V. 138, p. 1780
Wolks Administration. Dated Marco 1 1934. Due from March 1 1936
to 1959.
-BOND OFFERING.
-D. D.
MIAMI COUNTY (P. 0. Troy), Ohio.
Kessler, County Auditor, will receive sealed bids until 10 a. m. on May 25
for the purchase of $59.460 6% poor relief bonds. Dated May 1 1934.
Due as f.yllows: 111,660 Sept. 1 1934; 111,400 March 1 and $11,800
Sept. 1 1935; 112,100 March 1 and 112,500 Sept. 1 1936. Principal and
interest(M. & S.) payable at the court house in Troy. Bids for the bonds
to bear interest at a rate other than 6%, expressed in a multiple of 34 of
1%,will also be considered. A certified check for 5% of the bonds bid for,
payable to the order of the County Auditor, must accompany each proposal.
-BOND DESCRIPTION.
MIAMISBURG,Montgomery County, Ohio.
-The 111,000 fire department apparatus purchase bonds mentioned in
V. 138, p. 2292 will be dated May 15 1934. bear 6% interest and mature
11,100 annually on Oct. 1 from 1935 to 1944 incl. Principal and interest
(A. & 0.) payable at the First National Bank, Miamisburg.
-Jessie
MIDDLESEX, Washington County, Vt.-BOND OFFERING.
Ward, Town Treasurer, will receive sealed bids until 10 a. m. on May 15
% fully re4istered refunding bonds. Dated
for the purchase of $27,000
May 1 1934. Denoms. $1.000 and $500. Due $1,500 on Nov. 1 from
1935 to 1952 incl. Principal and interest (M. & N.) payable at the Montpelier Savings Bank & Trust Co., Montpelier.
-BOND
MILLERSTOWN SCHOOL DISTRICT, Butler County, Pa.
-At the primary election on May 15 the voters will consider a
ELECTION.
proposal providing for an issue of $24,000 bonds.
85.08%
91.05%
Combined tax collections
97.28%
Bonded Indebtedness as of March 31 1934.
$21,614,807.67
School bonds
4,180,000.00
Poor relief bonds
3.388,000.00
Water works bonds
Local street and park improvement bonds__ -- 10.577.465.00
22,669,692.33
Other general obligation bonds
Tax anticipation certificates (issued Feb.6)
500.000.0016292996500
Deduction of amounts for which no future ad valorem levy is
required:
Water works bonds
$3,388,000.00
Assessments pledged to payment of local
Improvement bonds
8,158,285.00
Accumulated sinking funds_ _15,387,681.44
Less water works sinking fund 122,542.99
5,265,138.45
Tax anticipation warrants (retired June 30
500,000.00
1934)
17,311,423.45
$41.747,751.75
Net bonded indebtedness per Minnesota law
Gross permissible bonded debt(10% of assessed valuation) 50,660,835.10
8,913,083.35
Margin as of Feb. 1 1934,for additional issues
MINNESOTA, State of (P. 0. St. Paul).
-STATEMENT OF INDEBTEDNESS.
-The following report on the debt of this State as of
April I 1934, is taken from the Minneapolis "Journal" of May 2:
"The State of Minnesota had outstanding interest
-bearing indebtedness of $119,024,199.89 on April 1, the largest amount in State history.
according to compilations made by Stafford King, State Auditor.
"Of this interest-bearing debt, rural credit bonds account for $66,345,000; State highway. bonds, $29,000,000; county highway reimbursement bonds, $12.871,000, and temporary loans for the State revenue
fund. 164.000,000.
'Other large items of debt are 11,484,000 issued by the State executive
council for drouth and hall relief; $1,025,000 to build the new State office
building, and 1954.121 to supply relief to financially troubled municipalities and counties.
"The State also has 1478,645 in certificates outstanding issued for
reforestation and flood control projects in Altkin, Mahnomen and Roseau
counties, authorized by the 1931 Legislature to aid the residents in the
three counties as a result of heavy drainage bond delinquency and $496,355
for the so-called Red Lake Game Preserve in Beltrami, Lake of the Woods.
and Koochiching counties, to meet the same situation caused by delinquent
drainage bonds.
"Other outstanding items are 1250,000 in certificates sold for construction of a new building at the University of Minnesota;$494,000 for National
Guard armories; 1418.000 for certificates to construct buildings at the
Moorhead State Teachers College. destroyed by fire; $750.000 for the
Spanish war veterans bonus; 1300,000 for military camp construction at
Little Falls, and 1157,750 for Marshall County reforestation to meet
drainage bond delinquency in that County."
MISSISSIPPI, State of (P. 0. Jackson).
-We are
-CORRECTION.
Informed by Greek L. Rice, Secretary of the State Bond Commission,
that the 1850.000 coupon hospital bonds were sold to the group headed
by the Deposit Guaranty Bank & Trust Co. of Jackson at par as follows:
In our report of V. 13R, p. 3137,
1650.00u as 434s and 1200.000 as 4
we stated that the bonds had been sold, $600,000 as 434s and $250,000 as
4Us.
MOBERLY, Randolph County, Mo.-BOND ELECTION POST-The election that was scheduled to be held on April 24 to vote
PONED.
on the issuance of $700,000 in power and light plant bonds
-V.138, p.2293,
is stated to be now set for June 5.
MOLINE SCHOOL DISTRICT,Rock Island County,111.
-PROPOSED
-The Board of Education on May I voted to sell $96,000
BOND SALE.
bonds for school building construction purposes, providing a grant of
133.000 toward the cost of the work is obtained from the PWA.
-BOND SALE.
MONTANA, State of (P. 0. Helena).
-An issue of
11,200.000 educational refunding bonds was offered for sale on May 8
and was awarded to the First National Bank of St. Paul, and associates.
as 4s, paying a premium of 11,700, equal to 100.14. Denom. $1,000.
Coupon bonds, registerable as to the principal in the owner's name if
desired. Prin. and int. (J. & J.) payable at the office of the State Treasurer, or at the option of the holder, at the Chase National Bank in New
York City. The original bonds were approved by the firm of Masslich &
Mitchell of New York, additional approving opinion to be furnished by the
purchaser. These bonds are issued for the purpose of obtaining funds
to pay and redeem all the unpaid portion of Series A and Series 13 of the
educational bonds of the State Issued as of July 1 1921. and optional and
redeemable on July 1 1931. as authorized by Chapter 23 of the 22d Legislative Assembly, 1931.
Volume
138
Financial Chronicle
3319
of May 7, which stated that on May 5 transactions were arranged on the
-BOND OFFERMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
basis of 100.25 bid and 100.75 asked. The range on the 44% bonds was
-F. E. Treon, Clerk of the Board of County Commissioners, will
ING.
103.25 bid and 104 asked. As a result of the steady advance in prices on
receive sealed bids until 10 a. in. (Eastern Standard Time) on May 26
existing obligations, coupled with the large volume of tax collections for the
for the purchase of $230,000 6% refunding bonds. Dated June 1 1934.
the first half of 1934, municipal bond experts are said to feel that the city at
1938 to
Denom. $1,000. Due $11,000 June 1 and $12,000 Dec. 1 from
the present time could easily dispose of its projected i75,000,000 long-term
1947 incl. Principal and interest (J. & D.) payable at the County Treascorporate stock issue. In their opinion, a rate of interest of 44% would
urer's office. Bids for the bonds to bear interest at a rate other than
be necessary on a $75,000.000 loan, while in the case of a sale of $50,000,000
6%, expressed in a multiple of g of 1%, will also be considered. A ceror $25,000,000, it believed that a 44% coupon would suffice.
tified check for $2,300, payable to the order of the County Treasurer,
attorneys
-Governor Lehman on May
PWA BOND FINANCING APPROVED.
must accompany each proposal. It is stated that reputable
have been employed to assist in the preparation of legislation and the
7 approved tne Murphy bill as Cnapter 348 of the Laws of 1934, authorizing
the city to avail itself of tne financial assistance obtainable from tne Federal
of the bonds and will certify as to the legality thereof.
issuance
Government for the purpose of providing for the construction of sewerage
-BOND OFFERMORROW COUNTY (P. 0. Mount Gilead), Ohio.
treatment plants and related facilities. The measure authorizes the sale
ING.
-F. A. Dukes, Clerk of the Board of County Commissioners, will
-year assessment bonds, as security for loans, to tne Federal Governof 30
receive sealed bids until 2 p. m. (Eastern Standard Time) on May 25 for
ment.
the purchase of $6,000 6% poor relief bonds. Dated May 1 1934. Due
-Mayor LaGuardia on May 9 apNEW COMPTROLLER NAMED.
as follows: $1,200 Sept. 11934; t1.100 March 1 and $1,200 Sept. 1 1935:
pointed Professor Joseph D. McGoldrick as City Comptroller, to succeed
(M.& S.) payable
$1.200 March 1 and $1,300 Sept. 1 1936. Prin. and I.
Mr. McGoldrick. formerly a Deputy
the late W. Arthur Cunningham.
at the County Treasurer's office. A certified check for $250, payable to
Comptroller, immediately began to discharge the duties of his office.
the order of the County Commissioners, must accompany each proposal.
issue of $33,000 4% Inter-The
$33,000 CORPORATE STOCK SOLD.
-BOND ISSUE APMOUNT OLIVER, Allegheny County, Pa.
borough Parkway extension corporate stock offered on May 10 was sold
PROVED.
-The Department of Internal Affairs has approved an issue of
at a price of par to Nellie Hovel! of Brooklyn. Dated May 10 1934 and
$40,000 refunding bonds.
due on May 10 1984.
-UTILITY PROPOSAL
MURPHYSBORO, Jackson County, Ill.
-DEFAULT REPORT.
NORTH BERGEN TOWNSHIP, N. J.
AGAIN DEFEATED.
-At a recent election the voters for the second time
At a meeting of the Township Commissioners on May 2, Counsellor
refused to authorize the construction of a municipal power plant. The
William Burke of Union City, appearing for depositors of the closed Steneck
the plan
majority against the measure was 1,212. The first rejection of
Trust Co. and its successor, the Seaboard Mist Co. of Hoboken, deoccurred on Nov. 16 1933, when the proposal called for the issuance of
manded, under threat of court action, that the Commissioners hold a
$390,000 bonds
-V. 137, p. 3705.
tax sale in the near future to permit clearing up of the default on the
- $5.000,000 refinancing bonds held by the depositors. Mr. Burke. according
Mi:h.
MUSKEGON SCHOOL DISTRICT, Muskegon County,
to the "Jersey Observer" of May 3. declared that the default amounts
BOND SALE.
-The $50,000 public school refunding bonds offered on
to $260,981, of which $125,083 represents bond principal and 8137.898
May 8-V. 138. p. 3138
-were awarded as 54s to the First of Michigan
interest.
Corp. and Crouse & Co., both of Detroit, jointly, at a price of 99, a basis
of about 5.73%. The bonds are dated May 15 1934. Due May 151956;
-BOND SALE CONNORTH CAROLINA, State of (P. 0. Raleigh).
callable after five years. John Nuveen & Co. of Chicago offered to pay
-The State Treasurer is reported as saying that $12,TEMPLATED.
100.11 for 54% non-callable bonds. The District asked that bids be
will probably be offered for sale in the near
000,000 in funding bonds
submitted for callable and non-callable bonds.
future. In connection with this report we quote as follows from the New
York "Herald Tribune" of May 9:
-BOND OFFERMUSKINGUM COUNTY (P. 0. Zanesville), Ohio.
"Bankers were advised yesterday of a number of important new issues of
ING.
-E. B. Schneider, Clerk of the Board of County Commissioners,
State and city bonds which are to be offered in the near future, while formal
states that sealed bids will be received at the County Auditor's office until
announcements on additional issues were made by officials. The State
2 p.m. on May 28 for the purchase of $89,500 54% poor relief bonds.
of North Carolina expects to make announcement soon of an issue of
Dated June 1 1934. Due as bllows: $17,000. Sept. 1 1934: $17,000.
Sept. 1
$12.230,000 funding bonds. Details on this flotation have not yet been
March 1 and $18,000, Sept. 1 1935; $18,500. March 1 and $19.000,
worked out completely, but it is likely that the State will offer 434%
1936. Bids for the bonds to bear interest at a rate other than 5
certificates, due from 1937 to 1948. This will be the first sale of long-term
expressed in a multiple of j of 1%, will also be considered. A certited
North Carolina bonds in several years."
check for $5,950, payable to the order of the Board of County Commissioners. must accompany each proposal.
-BOND OFFERING.
NORTH IRWIN SCHOOL DISTRICT, Pa.
-PROPOSED ELECTION.
J. H. Lentz, Secretary of the Board of Directors, will receive sealed bids
NEWARK, Licking County, Ohio.
until May 25 for the purchase of $24,000 434,44,4% or 5% school bonds.
Tentative plans are being made for placing before the voters at the primary
Dated May 1 1934. This Issue was approved at an election held on March 13.
election on Aug. 14 a proposal calling for the issuance of $272000 municipal
building construction bonds. It is assumed that the project would be
-ADDITIONAL
NORTH PELHAM Westchester County N. Y.
financed by the Public Works Administration on the usual loan and grant
-The Board of Trustees on
$10,000 CERTIFICATES AUTHORIZED.
basis.
tne issuance of another $10,000 certificates of indebtedMay 10 authorized
-FINANCING PROGRAM ARNEWARK, Essex County, N. J.
ness in anticipation of 1934 tax collections. A sum of 835.000 has already
RANGED.
-The City Administration is reported to have completed arrangebeen obtained against the year's levy, wnlle $32,000 is still owed on 1933
ments with its bankers providing for the adjustment of municipal financial
notes it is said. The Board expects that the latter amount will be retired
difficulties. The banks are expected to provide funds for the payment of
with the proceeds of the tax lien sales on June 23.
$7,800.000 in taxes owed by the City to the county and the State for 1933.
.As a consideration for such aid, the city has agreed to provide for a surplus
NORTH PLATTE,Lincoln County,Neb.-BONDS AUTHORIZED
fund of $2,750,000 in its budget for 1934, which it is believed will result in
It is reported that the City Council passed an ordinance providing for
an increase of 36 points in the tax rate for that year, as compared with the
bonds.
$370,500 in refunding
levy in 1933. Tax delinquency in the city is reported to have risen at the
-A. M.
-BOND OFFERING.
NORWOOD, Hamilton County, Ohio.
rate of $2,000,000 annually for the last three years to an aggregate of
Schoneberger, City Auditor, will receive sealed bids until 12 in. (Eastern
was about the
$20,000,000, while the floating debt as of Dec. 31 1933
Time) on May 21 for the purchase of $15,000 not to exceed 6%
Standard
same amount.
interest series A 1934 water works plant equipment bonds, previously
Denom. $1,000.
mentioned in V. 138, p. 2621. Dated May 1 1934.
NEW JERSEY (State of).-PWA Allotments Changed to Grants Only.
It is announced that the allotments previously authorized by the Public
Due $3,000 on May 1 from 1936 to 1940 incl. Principal and semi-annual
Interest payable at the First National Bank, Norwood. No conditional
Works Administration, providing for loans and grants aggregating $2,824.bids will be accepted. Proposals must be accompanied by a certified check
005 to finance various construction projects, have been changed to provide
for 5% of the bonds bid for, payable to the order of the City Treasurer.
that the State will accept only grants in connection with work, amounting
Legal opinion of Peck. Shaffer & Williams of Cincinnati will be furnished
to $802,800.
at the expense of the successful bidder.
-DETAILS ON BOND APNEW ORLEANS, Orleans Parish, La.
-The $16,000 issue
-BOND SALE.
NOWATA, Nowata County, Okla.
PROVAL.
-It is reported by the Secretary of the Board of Liquidation,
City Debt, that the report appearing in V. 138, p. 2455 of the approval
of coupon or registered water works bonds offered for sale on April 30-V.
-was purchased by the Public Works Administration, as 4.
by the voters on April 3 of the issuance of $1,800,000 in bonds for various
138, p. 2968
water and sewerage projects, is correct. Ile goes on to say that unless and
at par. Due $1,000 from 1938 to 1953 incl. No other bids were receiveds
until the Public Works Administration agrees to purchase these bonds and
OGLESBY SCHOOL DISTRICT, La Salle County, 111.-P WA AID
details are worked out, the entire matter will be held in abeyance.
-The District has applied to the PWA for a loan of $22,000
SOUGHT.
-B. F.
-LOAN OFFERING.
NEWPORT, Newport County, R. I.
to construct a school building.
Downing, City Treasurer, will receive sealed bids until 5 p. m. (Daylight
OKLAHOMA,State of(P.O. Oklahoma City).-BONDPURCHASES
Saving Time) on May 17 for the purchase at discount basis of a $170,000
from the Oklahoma City "Times"
current year revenue anticipation loan. Dated May 22 1934. Denom. 13YPWA.-The following report is taken
of May 1:
825.000, $10,000 and $5.000. Due Sept. 5 1934. The notes will be
"Purchase by the Government of 8303.000 worth of bonds of four State
authenticated as to genuineness and validity by the First National Bank of
cities under the Public Works Administration program was announced
Boston, under advice of Ropes, Gray, Boyden & Perkins of Boston.
Tuesday by Walter Gray, PWA attorney here.
-BANK LOAN
NEW ROCHELLE, Westchester County, N. Y.
"If no protest is made against the bond issue, work will start on the
announced on May 7 that arrangements
projects at the end of 30 days. Cities whose bonds were purchased are
EXTENDED.-Munlelpal officials
had been made for extension of the $700,000 loan which matures on May 11
Cleveland, $150,000 water works bonds; Nowata, $16,000 water works
1934. The loan, made by the Bank of the Manhattan Co. of New York.
bonds; Clinton,$115,000 high school bonds,and Berryhlll District of Tulsa.
originally was in amount of 81,250.000. Funds received from tax collec822,000 school bonds."
tions have been used in part toward reduction of the amount owed.
-The following report is taken from an Oklahoma
NOTE REDEMPTION.
-The City Council on May 9
$1.000,000 BOND ISSUE AUTHORIZED.
City dispatch to the "Wall Street Journal" of May 9:
authorized Walter J. Brennan, Director of Finance, to sell up to $1,000.000
"A call for redemption of $1,800,000 State Treasury notes, part of $13.tax anticipation certificates against 1934 delinquencies in order to provide
000,000 issued to fund the State deficit for 234 years prior to July 1 1933,
for payment of the city's 60% State and county taxes which fall due before
has been issued for June 15, six months before maturity of the notes, by
May 25. The sum of $1,000.000.11 is said,represents the difference between
State Treasurer Ray 0. Weems. The Public Works Administration has
the year's tax levy and the taxes already collected.
purchased $303,000 bonds of four Oklahoma cities."
-It was announced on May 10 that
-Charles H.
BALANCE OF LOAN EXTENDED.
-BOND OFFERING.
ONEONTA, Otsegy County, N. Y.
the balance of 8700.000 due on the original loan had been renewed by the
(EastBowdish, City Chamberlain. will receive sealed bids until 7:30 p. m.exceed
bank and will be amortized by the city as follows; June 30, 8100.000:
to
ern Standard Time) on May 15 for the purchase of $375.000 not March 15
July 31. $100,000; Aug. 31. $50,000; Sept. 30,8100,000; Oct. 31, $100,000,
interest coupon or registered sewage disposal bonds. Dated 1936 to
8%
and $250,000 on Nov. 30 1934.
1934, Denom. 31,000. Due March 15 as follows: $42,000 from single
NEW YORK (State of).
-Payment
1942 incl.. $41,000 in 1943 and $40.000 in 1944. Bidder to name a 1-10th
-RETIRES $75,000,000 NOTES.
on May 8 1934. Funds
interest rate for all of the bonds, expressed in a multiple of 34 or
was made of 875.000,0003% notes which matured
of 1%. Principal and interest (M. & N. 15) payable in lawful money of
to meet the maturity had been impounded in the State M•easury for some
Chase
the United States at the Wilber National Bank of Oneonta or at the to the
time. Further retirements will be made in June 1934.
National Bank, New York. A certified check for $7,500, payable
815.000.000 NOTES .SOLD.
-New financing in the form of the sale of
opinion
order of the city, must accompany each proposal. The approving success$15,000,000 notes was announced by State Comptroller Morris S. Tremaine
of Clay Dillon & Vandewater of New York will be furnished the
shortly before sailing aboard the Bremen on May 9 for a short vacation
In Europe. Mr. Tremaine advised that the notes bear interest at 0.45%, ful bidder.
the lowest ever obtained, and were awarded in blocks of $5.000.000 each
OSCEOLA SCHOOL DISTRICT (P. 0. Osceola), Polk County,
to the Chase National Bank, National City Bank and Salomon Bros. &
-An election is said to be scheduled for May 14
Wis.-BOND ELECTION.
Hutzler, all of New York. The notes, due in 10 months, were sold in order
to vote on the issuance of school bonds.
to replenish the cash balances of the State.
PARK COUNTY SCHOOL DISTRICT NO. S (P. 0. FairplaY)
NEW YORK, N. Y.-$8,411.683.33 PAID IN LAND AWARDS.
-At the election held on May 7-V.138. p.2294
-BONDS VOTED.
Colo.
Comptroller W. Arthur Cunningham announced on May 4. the day prethe voters approved tne issuance of the $25.000 d% school building bonds
ceding his sudden death (see article on preceding page of this section),
tnat had been sold to Brown, Schlessman, Owen & Co. of Denver, subject
that the Department of Finance had started the payment of awards payto tnis election. Due $2.000 from 1935 to 1944 incl.
able from assessments, totaling $6,411,683.33. from the Street and Park
-A $620,000
-BOND SALE.
PASADENA,Los Angeles County, Calif.
Opening Fund to owners of property taken by the City in the past for
Issue of San Gabriel Water Project, Series F, bonds was offered for sale
various improvements. Payment of the individual awards making up that
on May 10 and was awarded to Halsey, Stuart & Co. of New York, and
total, it was said, would serve to satisfy all awards for street and park
Schwabacher & Co. of San Francisco, jointly, as 434s, paying a premium
openings filed in the Comptroller's office up to and including Dec. 311933.
of $5,115, equal to 100.82, a basis of about 4.19%. Denom. 81.000.
Funds to meet the charges were made available through the payment to
Dated May 15 1934. Due 820.000 from May 15 1944 to 1974 incl. Prin.
the city of assessments paid in conjunction with current taxes. A supple& N.) payable in lawful money at the City Treasurer's office
and int.
mental announcement was issued from the Department of Finance on
or at the National City Bank in New York City. The approving opinions
May 5, detailing the various pieces of property on which subsequent awards
of Orrick, Palmer & Dahlquist of San Francisco, and Thomson, Wood &
liquidated.
would be
Hoffman of New York, will accompany the bonds.
-The Board of Estimate on
$16,208,000 FOR POOR RELIEF IN MAY.
The assessed value of all the real and personal property in the said city
May 4 voted an appropriation of $16,208,000 for unemployment relief
subject to taxation for municipal purposes is $139,127,552. The total
during the month of May. This is the largest sum ever spent in any one
amount of indebtedness of said city is $10.153,038.85.
month, It Is s 43, although the City actually will only pay 83.583.000, as
-N. L.
total
-BOND OFFERING.
PAW PAW, Van Buren County, Mich.
the State of New York will make a refund of $12,625,000 of the
Adams, Village Clerk, will receive sealed bids until 7:30 P• M• (Eastern
expended.
May 14, for the purchase of $21,500 4% sewage disposal
Standard Time) on
-For the first time In more than
% CITY BONDS SELL ABOVE PAR.
bonds. Dated March 1 1934. Due March 1 as follows: $1,000, 1936 and
coupons were traded
a year outstanding bonds of the City bearing 44%the "Herald Tribune"
1937: 81,500, 1938; $2,000, 1939 to 1941, incl. and $3.000 from 1942 to
In the market at prices of better than par, according to
3320
Financial Chronicle
1945,incl. Interest is payable in M.& S. A certified check for $1,000 must
accompany each proposal. The approving opinion of Miller, Canfield,
Paddock & Stone of Detroit will be furnished the successful bidder. The
Public Works Administration has announced a loan and grant of $29,000 to
the Village for a sewage disposal plant.
-V. 138. p. 534.
PEN ARGYL, Northampton County, Pa.
-FINANCIAL STATISTICS.
-In connection with the proposed vote on May 15 on the question
of issuing $112.000 high school bundling contruction bonds
-V.138, p. 2788
-we learn that the district reports an assessed valuation of $1.769,650,
while the present indebtedness is $10,000.
PENNSYLVANIA (State of).
-OBTAINS $10,000,000 POOR RELIEF
FUNDS.
-Harry L. Hopkins, Federal Emergency Relief Administrator,
announced on May 2 that an additional $2.500,000 had been allotted to the
State for
r relief purposes during the month of May. This increased to
$10,000.01 I the amount made available for relief needs in that period, as
$7,500,000 was originally granted on April 27, it is said.
PENNSYLVANIA (State of).
-A WARD OF $20,000,000 BONDS.
The $20.000,000 coupon or registered series J War veterans' compensation
bonds offered on May 8-V. 138, p. 3138-were awarded to a syndicate
composed of Drexel & Co. and Brown Bros. Harriman & Co., both of
Philadelphia: the Guaranty Company of New York; The Union Trust Co.
of Pittsburgh, and the following other Philadelphia houses: The Philadelphia National Co., Edward B. Smith & Co., Graham, Parsons & Co.,
Yarnell & Co., W. E. Clark & Co., Biddle, Whelen & Co. and W. H.
Newbold's Son & Co. This group paid a price of 101.148. for the obligations as 3s, the net interest cost of the financing to the State being about
2.90%. The one other bid for the bonds, an offer of 100.199 for 38. was
submitted by a comprehensive,syndicate headed by the City Company
' of New York. Inc. and includilig, among others, the Bankers Trust Co.,
First National Bank of New York. Chase National Bank and the First of
Boston Corp.
BONDS PUBLICLY OFFERED.
-The bonds, which are dated May 1
1934 and mature $2.000,000 annually on May 1 from 1944 to 1953, incl., are
being re-offered by the successful bankinggroup for general investment at
prices ranging from 102.50 down to 101.75. They are described as being
legal investment for savings banks and trust funds in Pennsylvania and
certain other States including New York, New Jersey, Massachusetts,
Connecticut, Ohio, Illinois. Michigan and Wisconsin. Early re-sale of the
bonds to investors was assured, as prior to the formal re-offering orders
had been received from banks, life insurance companies and other large
institutions for virtually the entire issue.
(The bankers' formal announcement of the offering appears as an advertisement on page VIII of this issue.)
PENN TOWNSHIP (P. 0. Mishawaka), St. Joseph County, Ind.
BOND SALE.
-The $38,150 5% judgment funding bonds offered on May 5
-V. 138, p. 2969
-were awarded to the Albert McGann Securities Co.,
Inc., of South Bend. Dated May 5 1934. Due semi-annually on Jan. 1
and July 1 from July 1 1936 to Jan. 1 1946.
PHILADELPHIA, Pa.
-PLANS ADDITIONAL BOND PURCHASES.
-The Sinking Fund Commission decided on May 7to purchase an additional
$595,618 of outstanding city bonds, of any denominations, provided offers
of sale are made by present holders "at satisfactory prices." The funds
available are part of the $9,555,000 turned over to the city following the
sale of that amount of Delaware River Joint Commission bonds
-V. 138,
p. 2116. Upon receipt of the money, the Sinking Fund Commission voted
to apply the bulk of it in the purchase of bonds available in the open market.
A sum of $5,016,300 has already been expended in that manner, through
the purchase of $4,723,300 city bonds at an average yield of 4.12% and
$293,000 at 4.25%. Aside from the funds now set aside for additional
bond purchases, the Sinking Fund Commission voted to place the balance
of $3,300,003 of the original fund on time deposit at I% interest.
PHOENIX, Maricopa County, Ariz.
-BOND ISSUANCE AND SALE
UPHELD BY COURT.
-The $1,520,000 in public improvement bonds that
were approved by the voters on Dec. 9 1933-V. 137. p. 4561-were upheld
by Judge J. C. Niles on April 21. Four friendly suits had been instituted
against the city to restrain its officers from delivering, issuing and selling
these bonds. It was held by the Court that the complaints did not state
a cause of action against the defendants.
PIERMONT, Rockland County, N. Y.
-BOND SALE.
-The issue
of $33,000 6% sewer system bonds authorized at an election held on Jan. 18
1934-V. 138. p. 899
-has been sold to the Pearl River National Bank
of Pearl River, at par plus a premium of $15, equal to 100.50, a basis of
about 5.72%. Dated Feb. 1 1934. Due $1.000 each year in 1935, 1936
and 1937.
•
PITTSBURGH, Allegheny County, Pa.
-RESCINDS BOND AUTHORIZATION.
-The City Council passed an ordinance on April 30 rescinding the authority to Issue the unsold portion of $5,880.000 bonds of an
original $6,000.000 subway construction issue. The bonds were authorized
by an Act of the State Legislature, approved April 13 1927.
POCATELLO, Bannock County, Idaho.
-BOND OFFERING.
-It Is
reported that sealed bids will be received until 5 p. m. on May 17 by J. W.
Green, City Clerk, for the purchase of two issues of 6% semi-annual bonds
aggregating $255400, Venom.aiilfo
follows:!ll5 s500wal3ralror and
, vided
on f r,000
. o
.
ed Jan. l$M-50
A certified check for 5% must accompany the bid.
PONCA CITY, Kay County, Okla.
-BOND SALE.
-The two issues
of bonds aggregating $505,000 offered for sale on May 7-V. 138. p. 2969
were purchased at par by the Publlc Works Administration as 4% bonds.
The issues are divided as follows:
$430,000 water extension bonds. Due from 1937 to 1959.
75.000 library bonds. Due from 1937 to 1958.
No other bids were received for the bonds.
Official Financial Statement.
Assessed valuation
35.666.632.00
Actual valuation (estimated)
18,000.000.00
Indebtedness, including above
1,027,000.00
Water and light bonds included
798.500.00
Sinking fund
106,643.21
general tax levy for several years. Eight-mill sinking fund levy 1930;
No
eight-mill sinking fund levy 1931; no sinking fund levy since.
Receipts June 30 1933
405.276.00
Disbursements
288,055.00
Receipts this year to date
317,890.00
Disbursements
226,157.00
Ponca City has never defaulted on bond prin, or int. Population, 16,136.
PORTAGE COUNTY (P. 0. Ravenna) Ohlo.-BOND SALE.
The issue of $15,000 coupon poor relief bonds offered on May 10-V. 138.
-was awarded as 3 Ms to the Kent National Bank, at par plus a
p. 2969
premium of $5, equal to 100.03. a basis of about 3.24%. Dated March 1
1934 and due as follows: $2,800, Sept. 1 1034; 32.900. March 1 and $3,000,
Sept. 1 1935; $3,100. Marco 1 and $0,200. Sept. 1 1936. Otner bids were
as follows:
BiddcrInt. Rate.
Premium,
Lowry Sweney, Inc
$50.00
32 00
First National Bank, Garrettsville
Assel, Iloetz & Moerlein, Inc
15.00
3(%
Mogadore Savings Bank
Par
Mitchell. Herrick & Co
3 %
13.60
PORTAGE TOWNSHIP (P. 0. South Bend), St. ioseph County,
-The $66.100 5% Judgment funding bonds offered
-BOND SALE.
Ind.
-were awarded to the Albert McGann Securion May 5-V. 138, P. 2788
ties Co., Inc., of South Bend. Dated May 5 1934. Due semi-annually
on Jan. 1 and July 1 from July 1 1936 to Jan. 1 1946.
PRINCETON SCHOOL DISTRICT, Mercer County, N. J.
-BOND
-The Board of Education has authorized the sale
SALE AUTHORIZED.
of $85,000 43i% school bonds to the State Retirement System. This
Issue was approved at an election held on Feb. 13 1934.
-BONDS CALLED.
-It Is reported
PUEBLO, Pueblo County, Colo.
that various paving district and storm and sanitary sewer district bonds
were called for payment at the First National Bank In Pueblo.
-BOND SALE.
-The 360.000
PULASKI, Oswego County, N. Y.
-were
coupon or registered water bonds offered on May 7-V. 138, p. 2969
awarded as 3.90s to J. & W. Seligman & Co. of New York. at a price of
100.14, a basis of about 3.89%. Dated July 1 1934 and due 32,000 on July
1 from 1938 to 1967 incl.
May 12 1934
QUINCY, Norfolk County, Mass.
-BOND DESCRIPTION.
-The
$553,000 bonds awarded on April 24 as 3s and 3SIs to F. S. Moseley & Co.
and the City Co. of Massachusetts, both of Boston, jointly, at a price of
100.275, a basis of about 3.19%-V. 138, p. 2969
-mature as follows:
$275,000 3%;% sewer bonds. Dated Jan. 1 1934. Due Jan. 1 as follows:
$10,000from 1935 to 1939,incl.and $9,000from 1940 to 1964.Incl.
Interest is payable In J. & J.
150,0003% street construction bonds. Dated May 11934. Due $15,000
on May 1 from 1935 to 1944,incl. Interest is payable in M.& N.
128,000 3X% storm water sewer bonds. Dated Jan. 1 1934. Due Jan. 1
as follows: $5,000 from 1935 to 1942, Incl. and $4,000 from
1943 to 1964 incl. Interest is payable in J. & J.
Denom. $1,000. Principal and semi-annual interest payable at the National Shawmut Bank, Boston. Legality approved by Storey, Thorndike.
Palmer & Dodge of Boston.
RAPID CITY, Pennington County, S. Dak.-BONDS DEFEATED.
-At the election on April 17-V. 138, fr. 1612-the voters rejected the
proposal to issue $25,000 in bonds for a hydro-electric municipal light and
power plant.
RAVALLI COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Victor),
Mont.
-BOND OFFERING.
-It is reported that bids will be received
until 8:30 p. m. on May 28 by Albert Sestak, Chairman of the School
Board, for the purchase of a $9,C00 issue of school bonds. Interest rate
Is not to exceed 6%. payable M. & N. Dated May 28 1934. Either
amortization or serial bonds will be issued by the School Board, with the
former being the first choice and the latter the second choice of the Board.
READLYN, Bremer County, Iowa.
-BONDS VOTED.
-At the
election held on May 3-V. 138, p. 2969
-the voters approved the Issuance
of the $16,000 in electric light and power system bonds.
RECONSTRUCTION FINANCE CORPORATION.
-REFINANCING
LOANS MADE TO DRAINAGE AND IRRIGATION DISTRICTS.
The following statement was made public by the above Corporation on
May 9:
Loans for refinancing one drainage district in Florida, one in Arkansas
and one in Tennessee, an irrigation district in Arizona and a reclamation
district in California, totaling $3,069,741.08, have been authorized by the
RFC. This makes a total to date of $36,503,962.25 authorized under
the provisions of Section 36 of the Emergency Farm Mortgage Act of 1933
as amended.
The five districts are:
Dover Drainage District, Dover, Fla
359,000.00
Ross Drainage Db3trict, Clark County, Ark
115.000.00
Madison County Tennessee Drainage District No. 9. Jackson,
Tenn
7,000.00
Roosevelt Irrigation District, Marcipoa County, Ariz
1.282,000.00
Reclamation District No. 1000. Sacramento and Sutter
1,606.741.08
counties, Calif
-BOND OFFERING.
RIDGEFIELD PARK, Bergen County, N. J.
Elwood G. Hoyt, Village Clerk, will receive sealed bids until 8.15 IL In.
(Daylight Saving Time) on May 22 for the purchase of $102,000 5% 5'I
or 6% coupon or registered bonds, divided as follows:
$64,000 impt. bonds of 1933. Due June 1 as follows: $4,000 from 1934
to 1939 incl. and $5,000 from 1940 to 1947 incl.
31.000 general bonds of 1933. Due June 1 as follows: $4,000 from 1935
to 1938 incl. and $5.000 from 1939 to 1941 incl.
7,000 assessment bonds of 1933. Due $1,000 on June 1 from 1934 to
1940 incl.
Each issue is dated June 1 1933. Denom. $1,000. Prin. and int.
(J. & D.) payable at the Ridgefield Park Trust Co., Ridgefield Park. A
certified check for 2% of the bonds of each issue bid for, payable to the
order of the Village, must accompany each proposal. The approving
opinion of Hawkins. Delafield & Longfellow of New York will be furnished
the successful bidder.
RIO PIEDRAS (Municipality of) Puerto Rico.
-NOTICE OF
REDEMPTION.
-It is stated above municipality has exercised its option
to redeem and will redeem at par and accrued interest on July 1 1934 (the
next interest payment date), coupon bonds Nos. 211 to 275, inclusive, of
the 5J4% Loan of 1922 (1925-1937).
The bonds are dated July 1 1922, and were issued under Municipal
Ordinance of May 7 1922. Said ordinance provided that the bonds should
be payable in numerical order in amounts of $21,000 annually on July 1
1925 to July 1 1935, inclusive, and $22,000 annually on July 1 1936, and
July 11937, and that right of redemption at par on July 11934. or on any
Interest payment date thereafter was reserved to the Municipality of Rio
Piedras. Said bonds will be redeemed at the office of the Chemical Bank and
Trust Co., New York City, Fiscal Agents for the issue. Interest on bonds
Nos. 211 to 275, inclusive, described above, will cease on July 11934, it Is
stated by Manuel V. Domenech. Treasurer of Puerto Rico.
RIO VISTA SCHOOL DISTRICT(P.O.Cleburne),'ohnson County,
Tex.
-BOND ELECTION.
-It is reported that an election will be held on
May 19 in order to vote on the issuance of $17,000 in school construction
bonds.
ROCHESTER, Beaver County, Pa.
-BONDS NOT SOLD.
-The issue
of $18,000 43j% coupon bonds offered on May 7-V. 138. p. 2622-failed
of sale. Due $3,000 on May 1 from 1937 to 1942 incl.
•
ROCKWALL, Rockwall County, Tex.
-BONDS DEFEATED.
-It is
reported by the City Treasurer that the voters rejected the proposal to
issue $35,000 in water works impt. bonds at the election on April 21. (In
V.138, p.3139, we reported that the bonds had carried.)
SAGINAW, Saginaw County, Mich.
-BOND ISSUE REPORT.
Albert J. Louden, City Comptroller, states that the issue of $300,000 street
improvement refunding bonds approved by the State Public Debt Commission In the early part of April, has been reduced in amount to $200,000. It
is planned to have the Sinking Fund bid for the bonds.
ST.JOHN SCHOOL DISTRICT NO.I(P.O. Rolla), Rolette County,
N. Dak.-BOND OFFERING.
-Both sealed and oral bids will be received
at 10 a.m. on May 24, by J. M. Wells, District Clerk, at the County
Auditor's office, for the purchase of a $26,600 issue of 4% semi-annual
school bonds. Denom. $1,000, one for $600. Dated May 1 1934. Due
on May 1 as follows: $600 in 1935; $1,000, 1936 to 1945; 32.000, 1946 to
1953, all incl. A certified check for 2% of the bid is required.
ST. PAUL, Ramsey County, Minn.
-BONDED DEBT STATEMENT.
-The following information is furnished in connection with the offering
scheduled for May 15 of the $200,000 not to exceed 43i% coupon semi-ann,
general impt. bonds, described in V. 138, p. 2970:
Debt Statement as at March 31 1934.
Gross Bonded Debt:
General bonded debt
829,159,000.00
Permanent impr. revolving fund debt
7,400,000.00
Water department debt
6.809,000.00
Total gross debt
$443.368,000.00
Deductions:
General sinking fund (cash and securities) - $4,970,774.09
.
Inter-city bridge bonds
677.000.00
Serial bond retirements for year 1934
259.000.00
Permanent impr, revolving fund debt
7.400,000.00
Water department net bonded
debt
35.750.884.98
Water dept. sinking fund
(cash and securities)
1,058,315.04 6,809,000.00
Total deductions
Total net bonded debt
General impr. bonds authorized but not issued
Margin for future bond authorization
$20.115.774.09
$23,252,225.91
8400,000.00
830,988.89
Margin for future issues
Statutory bonded debt limit(10% of assessed valuation)- -- - $1,230,988.89
24,483,214.80
The percentage of the net general bonded debt of the
assessed valuation is
.092549
The percentage of the net general bonded debt of the true
value is
.045028
ST. LOUIS, Mo.-BOND ELECTION REPORT.
-In connection with
the report given In
-V. 138. p. 3139
-under the caption of St. Louis
County, Mo.,on the May 15 election to vote on $1,750,000 in county bonds,
Volume 138
Financial Chronicle
$10.000,000 in State bonds, and 516,100.000 in City of St. Louis bonds, we
call attention to the proposal which will also be up for a vote, calling for
the issuance by the Board of Education of $2.000.000 in bonds for various
school purposes.
-The 525.000 lame of
-BOND SALE.
SALEM; Marion County, Ore.
434% semi-ann. sanitary sewer bonds offered for sale on May 7-V. 138,
-was awarded to Ferris & Hardgrove, of Spokane, at a price of
p. 3139
98.19. a basis of about 4.80%. Dated May 1 1934. Due from May 1 1935
to 1947.
SALEM TOWNSHIP SCHOOL DISTRICT, Westmoreland County,
-No bas
-PRIVATE SALE PLANNED.
-NO BIDS FOR BONDS
Pa.
were obtained for the issue of $20,000 5% bonds offered on May 7-V.
138, p. 2970. The Board of Directors passed a resolution to sell toe bonds
to the State Teachers' Retirement Board. Due May I 1944; redeemable,
upon due notice, at par and accrued interest on any interest payment date.
-BOND OFFERING.SAN FRANCISCO (City and County) Calif.
Sealed bids will be received until 3 p. m. on May 14, by J. S. Dunnigan,
Clerk of tne Board of Supervisors,for the purchase of $1.324.0004% coupon
or registered water distribution bonds, 1933. Denom. $1,000. Dated
Dec. 1 19o3. Due as follows: $67.000, from 1934 to 1942: $66.000.1943 to
1952, and $61,000 in 1953. Prin. and hit. (J. & D.) payable at the office of
the Treasurer of the City and County, or at the fiscal agency of the city in
New York. Toe approval of Tnomson, Wood & Hoffman of New York. will
be furnisned the scuccssful bidder without cost. Bonds shall not be sold for
less than par. These bonds are part of an issue authorized at an election held
on Nov. 7 1933. A certified cneck for 5% of the amount bid, payable to
the above Clerk, is required.
Contmller's Financial Statement.
The outstanding bonded debt of the City and County of San trancisco as
of May 11934. was:
$37.000.000
Spring Valley, 1928 (exempt from charter limit)
31.000.000
Water. 1910 (exempt from charter limit)
8,750.000
Hach Hetchy, 1925 (exempt from cnarter limit)
24,000,000
Hetcn }tetchy, 1928 (exempt from cnarter limit)
5,477,000
Retch Retehy. 1932 (exempt from charter limit
1.000,000
Exposition, 1912 (exempt from cnarter limit)
8107,227,000
55,048,100
Other bonds (not exempt)
$162.275.100
•
Total
The city has debt created, in anticipation of taxes, amounting to $3,000.000, which will be liquidated May 15 1934; and an unemployment relief
loan from the State of California of $1.966.552.
The assessment roll for the current year is:
$974,440.728
City and County non-operative propm•ty
437.973,267
State operative property after equalization
$1,412,413.995
Total assessment
Property assessed at approximately 44% of its value.
-The 55.000 5%
SARCOXIE, Jasper County, Mo.-BONDS SOLD. at
on
voters
semi-annual sewer bonds that were approved by thepurcnasedthe electionthe
at par by
stated to have been
Jan. 16-V. 138, p. 718
-are
First National Bank of Sarcoxie.
•
-On May 17
-BOND ELECTION.
SAYRE, Beckham County, Okla.
an election will be held to have the voters pass on the proposed issuance
bonds
of $28,000 in water tank bonds. An issue of 540.000 water works Public
-V. 138, P. 2295. (The
was approved by the voters in March.
Works Administration has already approved an allotment of $40.000 for
this purpose.
-V. 138, p. 2623.)
-CERTIFICATES SOLD.
SCARSDALE, Westchester County, N. Y.
-Tax anticipation certificates of interest bearing interest at 35i% and
follows: $65,000 to the Scarsdale
aggregating $125.000 have been sold as
National Bank & Trust Co. and $60,000 to Caleb Hoathcote Trust Co.,
Scarsdale.
-H.L.Collier,
SEATTLE, Wash.
-BONDS AND COUPONS CALLED.
City Treasurer, is reported to be calling for payment from April 26 to May8,
various local improvement district bonds and coupons.
-H. L. Collier.
-BONDS CALLED.
SEATTLE, King County, Wash.
City Treasurer, is said to be calling for payment from May 4 to May 16,
coupons.
various local improvement district bonds and
-BOND OFFERING.
SENECA COUNTY (P. 0. Waterloo), N. Y.
Milton It. Sanderson, County Treasurer, will receive sealed bids until 10
for the purchase of $30,000 not
a. m.(Eastern Standard Time) on May 17
to exceed 6% interest coupon or registered emergency relief bonds. Dated
May 15 1934. Denom. $1,000. Due $5.000 on May 15 from 1939 to 1944
incl. Bidder to name a single interest rate for all of the bonds, expressed
in a multiple of yi or 1-10th of 1%. Principal and interest (M. & N. 15)
payable in lawful money of the United States at the First National Bank,
Waterloo. A certified check for $600. payable to the order of the County
Treasurer, must accompany each proposal. The approving opinion of
Clay, Dillon & Vandewater of New York will be furnished the successful
bidder.
-A
-BOND SALE.
SHAWNEE COUNTY (P. 0. Topeka), Kan.
$16,000 block of poor relief bonds is reported to have been purchased by
the Columbian Securities Corp. of Topeka, for a premium of $396.80,
equal to 102.48.
-A $24,000
SHERIDAN, Sheridan County, Wyo.-BOND SALE.
issue of 45.(% refunding bonds was jointly purchased by the Stockgrowers
National Bank of Cheyenne and Geo. W. Vallery Sr Co., Inc., of Denver.
Dated June 15 1934. Due from 1935 to 1942 inclusive.
-It is now
-CORRECTION.
SIOUX CITY, Woodbury County, Iowa.
stated by the City Treasurer that the report given in V. 138. p. 1613,to the
effect that the Legislature passed an enabling act to permit the city to take
over the armory and issue $103,000 in bonds to complete the purchase, is
incorrect.
-The
-TEMPORARY LOAN.
SOMERSET, Bristol County, Mass.
Second National Bank of Boston was awarded on May 4 a 540.000 revenue
anticipation loan at 0.57% discount basis. Due Nov. 15 1934. Other
bids were as follows;
Disci. Basis.
Bidder
0.60
-P. Murphy & Co
G. M.
0.68
First of Beaton Corp
0.86
Merchants National Bank of Boston
-BOND ELECSOUTH COFFEYVILLE, Nowata County, Okla.
-It is said that an election was held on May 8 to have the voters
TION.
pass on the issuance of $15,680 in water works bonds. An application has
been sent to the Public Works Administration for a loan and grant on this
project.
-BONDS
SOUTH UNION TOWNSHIP SCHOOL DISTRICT, Pa.
-The Board of Directors on April 30 authorized the sale
AUTHORIZED.
of $38,000 bonds to provide funds for the payment of salaries of school
employees during the remainder of the current school year.
-BOND OFFERING.
-It is
SPOKANE, Spokane County, Wash.
reported by H. D. Dearling, Secretary of the Sinking Fund Commissioners,
that sealed bids will be received by the Commission until 10 a. m.on June 6,
for the purchase of a 5500.000 issue of coupon or registered refunding bonds.
Interest rate is not to exceed 6%. payable J. & J. Denom. $1,000. Dated
July 11934. Due on July 1 as follows: $17,000, 1936 and 1937; $18,000,
1938; 519,000, 1939: $20,000, 194:0521.000, 1941,• $22,000, 1992 and 1943;
124.000, 1944; $25,000, 1945; $27,000, 1946: $28.000, 1947; $29.000. 1948;
$31,000, 1949; $32.00, 1950; 539,000, 1951: $36.000, 1952: $38.000, 1953,
and 540.000 in 1954. Said bonds are issued pursuant to the terms of Ordinance No, 0 5285, passed by the City Council on April 30. and under authority of and in strict compliance with, the charter of the city and the laws
and constitution of the State. If delivery is demanded outside of the city,
it shall be at the expense of the purchaser. The approving opinion of
Chapman & Cutler, of Chicago, will be furnished. A certified check for
5% of the bid is required.
-TEMPORARY LOAN.SPRINGFIELD Hampden County, Mass.
reasurer,
Treasurer, awarded on May 8 a 5900,000 revenue
George W. Rice, 0
loan at 0.42% discount basis, plus a premium of $7. to Salomon
anticipation
Bros. & Hutzler of Boston. Due Nov. 7 1934. The only other bidder,
-P. Murphy & Co., named a rate of 0.46%.
G. M.
•
3321
In addition, Faxon, Gade & Co. bid 0.47%; Whiting, Weeks & Knowles
0.48%; while the First of Boston Corp. named a rate of 0.64%.
SPRINGFIELD, Greene County, Mo.-BOND SALE DETAILS.
It is stated by the City Clerk that the $753,000 4% semi-annual sewer
bonds purchased by a syndicate headed by the Boatmen's National Bank
-were sold at par and mature from Feb. 1
-V. 138, P. 2122
of St. Louis
1936 to 1944, incl.
-BOND APPROVAL NOT WITHSTANLEY, Gaston County, N. C.
DIMWN.-The Local Government Commission is reported to have declined recently to rescind its action in approving the issuance of $81,000
(An allotment
in bonds for the construction of a water and sewer system. already by the
of $100,000 to this town for the purpose has been approved
-V. 138. p. 719.)
Public Works Administration.
-BONDS AUTHORIZED.
STRASBURG,Tuscarawas County, Ohio.
for the
-The Village Council passed an ordinance on April 29 providingMay 15
sale of $3,000 6% water works system extension bonds. Dated
1934. Denom. $300. Due $300 on Nov. 15 from 1935 to 1944 incl.
Callable at a price of not more than par as provided by Section 2293-6 of
the General Code of Ohio. Principal and interest (M. & N. 15) payable
at the Citizens State Bank, Strasburg.
-At the election
SUMNER, Bremer County, lowa.-BONDS VOTED.
-the voters approved the issuance of
held on May 3-V. 138, p. 3140
municipal electric light and
5115.000 in bonds for the construction of a
power plant by a count of 518 to 307.
SWEETWATER COUNTY SCHOOL DISTRICT NO. 2 (P. 0.
-A $39,000 issue of 4;.i% refunding
Green River), Wyo.-BOND SALE.
bonds is reported to have been purchased recently by Geo. W. Vallery &
Co. of Denver. Due as follows: $6,000, 1996 to 1949: $7.000 in 1950.
and $8,000 in 1951.
SWEETWATER SCHOOL DISTRICT (P.O. Sweetwater), Nolan
-At the election held on May 5-V.
-BONDS DEFEATED.
County,Tex.
-the voters are said to have rejected the proposed issuance
138. P.3140
of $110,000 in bonds, divided as follows: $65,000 school construction, and
845.000 school gymnasium bonds.
-The issue of
-BOND SALE.
r SWISSVALE, Allegheny County, Pa.
$1C0.000 coupon bonds offered on May 8-V. 138. p. 2971-was awarded
as 43s to Halsey, Stuart & Co. of Phialdelphia, at par plus a premium of
$1,565, equal to 101,565, a basis of about 3.92%. Dated May 1 1934 and
due $10,000 on May 1 from 1935 to 1944 incl.
-Nathaniel
-BOND OFFERING.
TENAFLY, Bergen County, N. J.
(Day
M. F. Dennis, Borough Clerk, will receive sealed bins until 8p. m. 5H.
May 22 for the purchase of 5100,0M 4M,5. 5).1 or
Saving
Saving Time) on
$1,0 .
coupon or registered refunding bonds. Dated May 1 1934. Denom.interest
Due $10,000 on May 1 from 1935 to 1944 incl. Principal and Tenafly
(M. & N.) payable in lawful money of the United States at the certified
Trust Co., Tenafly, or at the Irving Trust Co., New York. ABorough,
check for 2% of the bonds bid for, payable to the order of the Hawkins.
must accompany each proposal. The approving opinion of
Delatield & Longfellow of New York will be furnished the successful bidder.
,
THREE FORKS, Gallatin County, Mont.--BONDS NOT SOLD.
The Town Clerk states that the $64,000 water works bonds approved by
-have not as yet been sold.
the voters on March 15-V. 138, p. 2296
because funds are said to have been granted by the Federal Government
but they have not been received.
-The annual
-BOND DEFAULT.
TOLEDO, Lucas County, Ohio.
report of the Sinking Fund Commission, of which Edward Kirschner is
Chairman,issued on May 1, shows that in 1933 the City met all of its bond
interest charges promptly and in full and also retired all of the water and
special assessment bonds which came due in that year, according to the
of
Toledo "Blade" of May 1. However, general obligation bonds in amount
$1,646,000, which matured in the months of September, October, November
and December, were defaulted. It is also pointed out that all interest charges
so far in 1934 have been met. The report, it is said, discloses that in 1933
bonds.
the City paid off $521,000 general and $825,097 special assessmentgeneral
on
Interest payments amounted to $1.300,186, including 81.258.751of the City
debt. The gross debt
debt and $41,435 on the special assessment
at the close of 1933 was $28,076.594.95, which was offset by a sinking fund
of $1,078,221.95, leaving the net gross at $26,998,373.
-Holders of city bonds,
BONDHOLDERS CONFER AT MEETING.
representing 21% of outstanding obligations, met in New York City on
May 10 to discuss the city's financial condition. About 30 institutions
attended the meeting.
-An issue of
-BOND ISSUE.
TOWANDA, Bradford County, Pa.
$19,000 municipal building bends was approved on May 4 by the Pennsylvania Department of Internal Affairs.
TRURO RURAL SCHOOL DISTRICT, Franklin County, Ohio.
-An issue of $3,529 tax anticipation notes was sold to the
NOTE SALE.
Retirement System and approved on May 3 by Attorney
State Teachers'
General John W. Bricker.
TULSA COUNTY SCHOOL DISTRICT NO.33(P.O.Tulsa) Okla.
sale on April 30
-The $15,500 issue of school bonds offered forAdministration,
BOND SALE.
-was purchased by the Public Works
-V. 138, p. 2972
as 4s at par. Due $1,000 from 1937 to 1950. and $1,500 in 1951. No other
bids were received.
-RETUSCARAWAS COUNTY (P. 0. New Philadelphia), Ohio.30 an
-The County, which sold on April
DUCTION IN BONDED DEBT.
poor relief bonds to Seasongood & Mayer of Cincinissue of $74,000 3Si%
-reduced its
nati, at 100.11, a basis of about 3.42%-V. 138, p. 3140
Oct. 1
bonded debt from $388.000 on Oct. 1 1931 down to 8228,000 on State
compiled by Floyd Aultman,
1933, according to a report recently
Examiner.
UTILITY
TWO RIVERS, Manitowoc County, Wis.-MUNICIPAL defeated
-At an election held on May 1 the voters
PLANT REJECTED.
a 5272.000 electric plant for power and lighting by a
a proposal to construct
second t me the
count of 1,418 "for" to 2,130 "against." It was the April 3 it lost by
proposal nad been defeated. In the regular election on
98 votes.
-BOND EXCHANGE
UNION COUNTY (P. 0. La Grande), Ore.
-It is reported by the County Clerk that the three
CONSUMMATED.
on
issues of bonds aggregating $48,000, offered for sale without success the
-have since been delivered to the holders of
Feb. 7-V. 138, P. 1087
exchange were as follows:
maturing bonds. He states that the terms of the
$500 in cash and a $500 refunding bond for each matured $1,000 bond.
The issues are divided as follows: $24.000 54% bonds. Due $6,000 from
t
Jan. 15 1936 to 1939 incl.; $13,500 4 Y% bonds. Due from Jan. 15 1940 to
% bonds. Due on Jan. 15 in 1942 and 1943.
1942 incl., and $10,500
UPPER SCIOTO DRAINAGE AND CONSERVANCY DISTRICT
-Eva Staley, Secretary-BOND DEFAULT.
(P. 0. Kenton), Ohio.
Treasurer, under date of April 30 reported that the District is in default
on Oct 1 1933 special assessment drainage debt service charges as follows:
Bond principal, $32,600; bond interest, $12,546. The principal consists of
826.100 bonds of the issue dated Jan. 2 1920 and 56.500 bonds of the
Oct. 15 1921 issue. Payment of the charges will be made as soon as delinquent taxes are paid.
-BORROWING AUTHORI7ED.VERONA, Essex County, N. J.
The Borough Council passed a resolution to borrow $30,000 at 6% interest
from the Verona Trust Co. Funds will be used to help meet obligations
.
VERMILION PARISH SUB-ROAD DISTRICT NO. 1 OF ROAD
-It is said
-BONDS VOTED.
DISTRICT NO. 6 (P. 0. Abbeville), La.
in road bonds.
that the district recently voted to issue $20,000
-CERTIFICATE SALE
VIRGINIA, State of (P. 0. Richmond).
-John M. Purcell, State Treasurer, reports that the
CONTEMPLATED.
State intends to offer for sale in the near future $1,000,000 worth of highway
certificates of indebtedness. These certificates are to be dated July 1
1934 and will mature and be payable on July 1 1944.
WALKER TOWNSHIP SCHOOL DISTRICT, Huntington County,
-The Pennsylvania Department of
-BOND ISSUE APPROVED.
Pa.
41
3322
•
Financial Chronicle
Internal Affairs has approved an issue of $7,000 school building construction
bonds.
WALLA WALLA, Walla Walla County, Wash.
-BOND SALE
POSTPONED.
-The City Clerk reports that the sale of the $380,000 not
to exceed 5% semi-ann. water extension bonds scheduled for May 9V. 138, p. 3140
-was postponed to May 16. Dated July 1 1934. Due
In from 2 to 20 years.
WASHINGTON SCHOOL DISTRICT NO. 52, III.
-BOND SALE.
The issue of $15,000 school bonds offered on May 4-V. 138, p. 2972
wasawarded as 4s at a price of par to the Danforth Baialdng Co.of Danforth.
WASHINGTON TOWNSHIP SCHOOL DISTRICT (P. 0. Wayne*.
boro,R. F.D. No.4), Greene County,Pa.-BONDSALE.-The National
Bank of Chambersburg has purchased an issue of $60.0004% school building
construction bonds. This issue was originally scheduled to be sold on
March 1 1933. Action was postponed at that time as the County Court
upheld the right oftaxpayers to appeal from the decision of the Pennsylvania
Department of Internal Affairs in approving the issue. The Department's
decision was subsequently sustained by the Dauphin County Court on
July 17 1933.-V. 137, p. 907.
WASHTENAW COUNTY (P. 0. Ann Arbor), Mich.
-PAYMENT
OF DRAIN BONDS ORDERED.
-Judge Charles B. Collingswood ruled
on May 5 that money to meet claims for payment of delinquent Beyer
drain bonds would have to come from the general fund of the County, if
there are not sufficient collections in the drain fund to meet the charges,
according to the Ann Arbor "News" of that day. The decision was given
as a result of a suit of mandamus, filed by New York City bondholders,
seeking payment of $20,000 delinquent drain bonds.
-V. 138. p. 365. It
Is believed that the decision, which is expected to be taken on appeal to the
State Supreme Court, affects the total of $75,000 delinquent drain bonds.
The County pointed out that there was only $17,474 In the drain fund, but
Judge Collingwood stated that the balance due "must be supplied from the
contingent fund of the County.
WATERTOWN, Middlesex County, Mass.
-TEMPORARY LOAN.
The $200,000 revenue anticipation notes offered on May 7-V. 138, p.
3140
-were awarded to Whiting, Weeks & Knowles of Boston, at 0.75%
discount basis, plus a premium of $3. Due Dec. 28 1934. Other bids
were as follows:
BidderDiscount Basis.
Union Market National Bank, Watertown
0.78%
Lee Higginson Corp
0.81%
W. O. Gray & Co
1.29
National Shawmut Bank
1.37
Faxon, Gade & Co
1.64 o
WAUKEGAN, Lake County, III.
-UTILITY PLANT PROPOSAL
REJECTED.
-At an election held recently the voters refused to authorize
the taking of any action whatsoever toward the ownership and operation
of an electric power plant by the municipality. The proposition, which
provided for only tentative steps in that direction, was defeated by a vote of
4,927 to 1,565, according to the "Electrical World."
WAYNESBURG, Stark County, Ohio.
-BONDS NOT SOLD.
-No
bids were obtained at the offering on April 28 of $4,000 67. coupon refunding water works bonds
-V. 138, p. 2624. Dated April 1 1934 and due on
Oct. 1 as follows: $500 from 1935 to 1938 incl. and $1,000 in 1939 and 1940.
It is planned to dispose of the issue, at par and accrued interest, at private
sale.
WEEHAWKEN TOWNSHIP (P. 0. Weehawken), Hudson County,
N. J.
-BONDS NOT SOLD.
-The issue of $185,000 4X% coupon or
registered municipal building bonds offered on May 9-V. 138, P. 2972
was not sold, as no bids were obtained. Dated March 15 1934 and due
serially on March 15 from 1935 to 1957, incl.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-BOND
OFFERING.
-Sealed bids addressed to William S. Coffey, County Treasurer, and Comptroller Jere Millman will be received until 12 m. on May
16 for the purchase of $350,000 coupon or registered unemployment work
relief bonds, divided as follows:
$250,000 bonds. due $25,000 annually on May 15 from 1935 to 1944,incl.
100.000 bonds, due $10.000 annually on May 15 from 1935 to 1944,incl.
Each issue is dated May 15 1934. Denom. $1,000. Bidder to name a
single interest rate for all of the bonds, expressed in a multiple of X of 1%.
Principal and interest(M.& N. 15) payable in lawful money of the United
States at the County Treasurer's office. A certified check for 2% of the
bonds bid for, payable to the order of the County Treasurer, must accompany each proposal. The successful bidder will be furnished with the opinion of Hawkins, Delafield & Longfellow of New York City that the bonds
are binding and legal obligations of the County of Westchester, and that
the county has power to levy taxes on all the taxable real property within
the county for the payment of the bonds and interest thereon without
limitation of rate or amount. The bonds will be prepared under the supervision of the Continental Bank & Trust Co. of New York City, which will
certify as to the genuineness of the signatures of the county officials and
the seal impressed thereon.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.-111,500.000
CERTIFICATE ISSUE AUTHORIZED.
-At its monthly meeting held on
May 7, the Board of Supervisors authorized County Treasurer Coffey to
borrow $1,500,000 on tax anticipation certificates In order that sufficient
funds may be available to meet the $5,000,000 in obligations maturing on
June 1 1934. In addition, the Supervisors appropriated $400,000 for
work relief and other projects. The County Treasurer reported tax payments of $398,077 on May 7, which brought the total paid on account of the
1934 levy to about $3,000,000, it is said.
WEST ELIZABETH SCHOOL DISTRICT, Pa.
-PROPOSED BOND
ISSUE.
-Attorney Joseph L. Best has been instructed by the Board of
Directors to arrange for the sale of $16,000 bonds. Sealed bids for the
Issue will be solicited soon.
WEST ORANGE, Essex County, N. J.
-BOND OFFERING.-Ronald
C. Alford, Town Clerk, will receive sealed bids until 8 p. m. (Daylight
Saving Time) on May 14 for the purchase of $375,000 not to exceed 6%
interest coupon or registered tax revenue bonds of 1933. Dated May 15
1934. Denom. to suit purchaser. Due $125.000 on Nov. 15 from 1934
to 1936 incl. Bidder to name the rate of interest, expressed in a multiple
of one one-hundredth of 1%. Principal and interest(M.& N. 15)payable
In lawful money of the United States at the First National Bank West
Orange. A certified check for 2% of the bonds bid for, payable to the
'
order of the town, must accompany each proposal. The approving opinion
of Hawkins, Delafield & Longfellow of New York will be furnished the
successful bidder.
WEST VIRGINIA, State of (P. 0. Charleston).
-BONDS CALLED.
-The State Treasurer is said to be calling for payment at his office or at
the Chase National Bank in New York on July 1 a total of $413,200 3 %
bonds. Due on Jan. 1 1939.
Virginia Debt
WHITE PLAINS, Westchester County, N. Y.
-TAX RATE INCREASED.
-The Inclusion of $600.000 in the budget by the City Council
on May 7 served to increase the tax rate for the current year to $22.76 per
$1.000 of assessed valuation. Following adoption of the regular budget
earlier in the year. the rate was fixed at $19.29. The City Council further
determined that the budget for 1935 must include an item covering 50%
of the estimated tax delinquencies for that year.
-It is reported 'hat Governor
PRIVATE BOND SALE BILL VETOED.
Lehman has vetoed the bill to amend Chanter 356 of the Laws of 1915
"entitled an Act to incorporate the City of White Plains" in relation to the
Issuance of not exceeding 6% interest bonds at private sale.
-BONDS AUTHORIZED.
WINDSOR Weld County Colo.
-It is
reported by tae Town Clerk that an ordinance was passed recently autnorizIng the sale of $9,000 4% water extension bonds. Denoms. $500 and
$1,000. Dated March 1 1934. Due $1,000 from 1935 to 1942 and $500
in 1943 and 1944. (A Public Works Administration allotment of $11,000
-V.138. p. 720.)
has been made already to tnis town for a similar purpose
May 12 1934
WINFIELD,LITCHFIELD,COLUMBIA,PLAINFIELD,RICHFIELD
EXETER, BRIDGEWATER, PARIS AND BROOKFIELD CENTRAL
SCHOOL DIST. NO. 1 (P. O. West Winfield), Herkimer Co, N.Y.BOND OFFERING.
-Harris J. Myers, District Clerk. will receive sealed
bids until 7:30 p. m.(Eastern Standard Time) on May 21 for the purchase
of $260,000 not to exceed 6% interest coupon or registered school bonds.
Dated June 1 1934. Denom. $1,000. Due June 1 as follows: $5,000
from 1935 to 1944 incl.; $8,000, 1945 to 1949 incl.; $10,000, 1950 to 1954
incl.; $12,000, 1955 to 1959 incl.. and $15,000 from 1960 to 1963 incl.
Bidder to name a single rate of interest for all of the bonds, expressed in a
multiple of X or 1-10th of 1%. Principal and inetrest (J. & D.) payable
in lawful money of the United States at the West Winfield National Bank,
West Winfield, or at the office of their correspondent in New York City.
A certified check for $5,000, payable to the order of H. N. Burril, District
Treasurer, must accompany each proposal. The approving opinion of
Clay, Dillon & Vandewater of New York will be furnished the successful
bidder.
WOOD COUNTY (P. 0. Bowling Green) Ohio.
-BOND ISSUE
A UTHORIZED.-The County has received permission from the State
Relief Commission to issue $50,000 poot relief bonds, payable from its
share of the proceeds of toe State selective sales tax.
YAKIMA COUNTY (P. 0. Yakima), Wash.
-BONDS AND WARRANTS CALLED.
-The County Treasurer is reported to have called for
payment at his office on April 27, various school district and indigent
blind relief bonds, and irrigation district, dike and drainage warrants and
drainage coupons.
YOUNG*TOWN Mahoning County Ohlo.-BOND ISSUE ADVOCATED.-Couneilman A.T.Kryzan at a meeting ofthe City Councilon May
-year bonds be sold for the purpose
7 proposed that an issue of$425,000 10
of retiring outstanding scrip and to make further salary payments to
municipal employees in case.
-BOND ELECTION NOT HELD.
YUMA, Yuma County, Ariz.
The Deputy City Recorder states that no election was held on March 30 as
scheduled, to vote on the issuance of $300.000 in municipal power plant and
-V. 138, p. 1266.
distribution system bonds
CANADA, Its Provinces and Municipalities
-REFINANCING OF MATURING VICCANADA (Dominion of).
-1n a memorandum issued under date of
TORY BONDS DISCUSSED.
May 8, the investment banking house of McLeod, Young, Weir & Co of
Toronto, in discussing the proposed refunding of the $225,000,000 54%
victory bonds which mature on Nov. 11934, declare that the view is entertained in some quarters that a large part of the refinancing will be accomplished by the -Dominion through the sale of short-term Treasury bills.
Should this be done, it is pointed out, It would provide the Central Bank
with material with which to inaugurate a Canadian money market and
permit the Dominion to defer permanent refunding until a higher price
level could be established for its bonds.
-An issue of $100,000 54%
GLOUCESTER, N. B.
-BOND SALE.
bonds was sold recently to the Provincial Bank of Canada at a price of 95,
a basis of about 6.01%. Due in 15 year. This report supersedes that
given in V. 138, P. 3140. The "Montary Times" of Toronto of May 5
listed the other bids for the issue as follows:
Rate Bid.
Bidder
95.00
Provincial Bank of Canada
95.00
Laughlin McKenzie
'95.00
Eastern Securities Co
Irving, Brennan & Co.; Johnston & Ward; Nesbitt, Thomson & Co-**97.00
* 30
-day option. ** 60
-day option.
-BOND SALE.
-A syndicate of CanNOVA SCOTIA (Province of).
adian banks and investment banking houses, headed by the Bank of
Montreal, obtained the award on May 7 of $5,000,000 bonds, paying a
price of 99.01 for the issue to bear interest at 34% and mature in five
years. Tenders also were asked to 4% bonds, due in 15 years. The financing
was negotiated by the Province at a net interest cost basis of about 3.705%.
Of the proceeds, $1,500,000 will be used to retire a maturing loan of that
amount; 31.618.000 to cover last year's operating deficit, while the balance
will be absorbed in various capital expenditures.
-The entire membership of the purchasing
SYNDICATE MEMBERS.
group is as follows: Bank of Montreal, Royal Securities Corp., Hanson
Bros., Inc., Harrison & Co., McTaggart, Hannaford, & Birks & Gordon,
Bank of Nova Scotia, McLeod, Young, Weir & Co., Fry, Mills, Spence &
Co., Bell, Gouinlock & Co. and the Nova Scotia Bond Corp.
-An issue of $50,000 6% bonds, said
ORILLIA, Ont.-BOND SALE.
to be guaranteed by Stmcoe County, Ont., was awarded to the Royal
Securities Corp. of Montreal, at a price of 107.08, a basis of about 4.977o•
Due in from 1 to 15 years. The following is a list of the bids submitted
for the issue:
BidderRate Bid.
Royal Securities Corp
107.08
McLeod, Young, Weir & Co
106.19
W. C.Pitfleld & Co
106.17
R. A. Daly & Co
106.045
Dyment, Anderson & Co
105.92
Gairdner Sc Co
105.637
A. E. Ames & Co., Ltd
105.23
Williams, Partridge & Angus, Ltd
104.60
Griffis, Fairclough & Noteworthy, Ltd
104.50
Lamont & Co
104.008
Bell, Gouinlock & Co
103.40
Dominion Securities Corp
103.00
C. H. Burgess & Co
101.84
PRINCE EDWARD ISLAND (Province of).
-The following is an official list of the bids submitted for the issue of $300,000 4% bonds awarded
on May 1 to Hanson Bros., Inc. of Montreal. at a price of 99.32, basis of
about 4.08%-V. 138, p. 3140.
Rate Bid
Bidder
10
-Year 20
-Year
Hanson Bros., Inc
*99.32
98.88
Bell, Goulnlock & Co., Ltd
99.30
96.5
Irving, Brennan & Co., Ltd., associated with McLeod,
Young, Weir & Co., Ltd
99.23
99.23
A. E. Ames & Co., Ltd., associated with Dominion
Securities Corp., Ltd.; Wood Gundy & Co., Ltd.;
Eastern Securities Co., Ltd
99.139
97.339
J. L. Graham & Co., Ltd
99.113
Imperial Bank of Canada
99.06
Stewart, Jones & Co., associated with Messrs. Mead &
Co Montreal; J. C. McIntosh & Co., Ltd., Halifax;
Nesbit, Thompson & Co
99.099
98.144
McTaggart, Hannaford, Birks & Gordon, Ltd., associated with Harrison & Co., Ltd
98.888
97.338
Griffis, Fairclough & Norsworthy, Ltd., associated with
Dyment, Anderson: Cochrand, Murray
98.80
97.53
Bank of Montreal, associated with Royal Securities Corporation, Ltd
98.79
97.56
Gairdner & Co., Ltd
98.591
97.081
Bank of Nova Scotia, associated with A. A.Daly St Co.,
Ltd.•, Matthews & Co., Ltd
98.59
96.71
W. C. Pitfleld
98.07
97.27
Fry, Mills Spence & Co
97.51
95.813
* Accepted bid.
IT
QUEBEC, Oue.-BOND SALE AUTHORIZED.
-The City Council
has Instructed P. N. Verge, City Treasurer, to proceed with the offering
and sale of $3,699,138 bonds.
SAULTE STE. MARIE, Ont.-BONDS AUTHORIZED.
-The Council
recently passed a by-law providing for an Issue of $200,000 bonds.
WESTMOUNT, Quo.
-MEETS DEBT CHARGES.
-The City made
full payment of the $423,500 in debt service charges which became due on
May 1, according to an announcement by Mayor John Jenkins.
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