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The Financial Situation
word and
conflict between
THE basic act has continued officialindeedcontraofficial
and
been
pending tariff law and others of like sort, and is apparently uncertain in its own mind whether or not
it must now undertake far-reaching modification of
sharpened during the past week. At times
dictions even among the utterances of official spokes- "codes of fair competition" the ink on many of which
men have made their appearance. According to is hardly dry. Vague assurances of an early end of
Washington dispatches in the public press, word has "experimentation" have been forthcoming of late
come out of the White House on one or two recent from Washington. Yet in the April 28 number of
occasions that business was to be given wide latitude Mr. Moley's semi-official organ,"To-day," Mr. Tugduring the next six months, free of further attacks well, the putative head of the "brain trust," thinks
and rid of uncertainties, to show what it could do it well to assert that "to suggest . . . that it is
for itself. Yet at the other end of Pennsylvania time to call a halt on the application of social control
Avenue vast arrays of facts and figures that appar- to the physical distribution of American abundance
ently have no bearing whatever upon the need or is on a par with that old legislative spirit which
the wisdom of the enactment of Stock Exchange con- decreed that no man should drive an automobile on
trol legislation of the sort
a public highway unless be
now proposed were handed
were preceded by another
to the public with a flourman afoot, carrying a red
ish of drums and of trumflag to warn pedestrians to
Discrimination Needed
pets for the obvious purkeep out of the way.
General Johnson now announces a popular campaign to enlist support for NRA
pose of stirring up the emo"The New Order is concodes, due, he says, "to a lapse of public
tions of the people and
ceived in no such spirit of
enthusiasm over the codes." He adds
significantly that "if you can't get public
forcing members of Conobscurantism. It is a besupport, you just can't make the thing
gress to cast their votes for
ginning, not an end.
go." Upon the heels of this announcement
comes the news that plans are being worked
a measure that can hardly
out for appeals on behalf of the NRA in
"A Charter of Experiment"
fail to add to the uncermotion picture theatres.
tainty and difficulties un"This new legislation is
It is earnestly to be desired that the
public at large be much more discriminatder which business must
best described in some such
ing in its response than it was when the
function.
terms as this—as a charter
movement was first put forward several
months ago. There are elements in the
for experiment and reSilver Uncertainties
Recovery Program that are worthy of apsearch, for invention and
proval, and there is also much to condemn.
learning. The new instituEITERATED opposiWhen the public is asked to support
reasonable efforts to eliminate the use of
tion to mandatory
tions have not sprung fullabnormal conditions for the exploitation
silver legislation at this
grown from these legislaof human beings, the sale of goods under
time continued to emanate
false pretenses, or senseless sacrifices of
tive Acts . . . any more
products in wanton disregard of common
from the White House, but
than the original Governsense in order to injure competitors, for
mingled with it were intiment of the United States
example, it ought to do so.,
But much more than arrangements demations that the President,
sprang full-grown from the
signed for such purposes is to be found
through international
Constitutional Convenin these codes. If General Johnson asks
agreement or otherwise,
tion.
consumers to aid the Government in
efforts to oblige industry to pay excessive
may use some of his already
"They mark a turning
wages, to knuckle to exploiting labor
vast powers to dilute our
point, just as that convenorganizations, or to prevent individual
enterprises from reaping the advantages
monetary system with the
tion did. We had to learn
of superior efficiency or greater willingwhite metal. It has often
about democratic governness to serve the interests of their cusbeen said of late that the
tomers, for example, refusal ought to be
ment in practice; we had to
firm and unbending.
President has lost a subgrow into it by trying variIf appeals for popular support fail to
stantial part of his early
ous devices and by learning
afford the public opportunity to disfaith in dollar depreciation
criminate between the gdod and the evil
to live together within a
in the NRA program, they are likely
as a means of restoring
new framework. The same
sooner or later to fail, and should fail.
business, yet the Secrething is true of this better
tary of the Treasury has
planned society we are enproceeded to set up a statering upon now."
bilization fund and declined to disclose in what
And again: "The codes now have become operative
mysterious ways he intends to perform wonders in over most of industry; and it can be said that we have
the foreign exchange market, or for that matter turned our backs on competition. . . ." Yet only
whether he is or plans to be active there at all in the a few paragraphs further on: "One reason why the
near future. Obiter dicta continue to be issued codes looked good to business men was the chance
from Governmental offices concerning the need—and they saw of outlawing this competition. If the
plans—for stimulating the so-called durable goods fellow who was willing to sell better or cheaper goods
industries, but the program for revision of the Securi- could be kept out, their own poorer or more expensive
ties Act of 1933 lingers apparently in an anaemic goods would have all the market there was.
state somewhere within the offices of the largest
"It is undeniable, I think, that some of the codes
business establishment in the world to-day, the have been used in this way and that we are worse
off, rather than better off, in a permanent sense,
United States Government.
Promises of freedom from uncertainties and ham- because of them."
Then he adds: ". . . There always remains
pering restrictions hardly lie in the mouth of a Government that is daily grinding out such measures as .the essentially defenseless ultimate consumer. The
the Bankhead cotton law, the Wagner labor bill, the Government may turn out to be his only refuge;
R
2974
Financial Chronicle
and if this is so, the Government will have to assume more and more responsibility for pushing his
case. . . ."
Planning Industrial Control
"Industry may be required to define the quality
of the goods offered and sell them at prices which
are suitably low, so that when the transactions of
a year, for instance, are totaled up, it will be found
that our energies and our producing plants have been
used to the utmost and that the goods and services
they yield have gone to consumers without increase
of debt."
"Or industry may be allowed to proceed with the
policy of establishing high prices and maintaining
them by limitation, and of selling goods whose
qualities are mysterious to most consumers; and
much of the resulting profits may be taken in taxes
and returned to consumers as free goods by the Government—in the form of facilities for health and
recreation, insurance against old age, sickness and
unemployment, or in other ways."
Naturally modern business enterprise either at
its best or its worst finds no crumb of assurance in
all this that ill-conceived experimentation, hampering restrictions, punitive or otherwise, and various
forms of juggling with markets are to cease for any
great length of time in this country. Whether, and
to what extent, Mr. Tugwell is in a possition to speak
for the Administration there is of course no way of
telling. The financial community is, however, hardly
likely to forget that it was to honor him that a new
post has recently been created in the Department of
Agriculture, and that the President within the past
week or two has nominated him to fill it.
The Government itself, as a matter of fact, seems
to lack faith that industry will be stimulated to
vigorous and aggressive action by such assurances
as are being given it at the present time. If it had
any such faith, the rather feverish action it.is reported to be taking in an effort to find some means
of maintaining and if possible broadening existing
activity would be out of place. Not only has such activity been in evidence, but it has produced a scheme
for pouring public funds, or other funds with Government guarantee, into home building and renovation. Of course, the Home Owners' Loan Corporation at present has substantial funds designed for
such purposes, but plans now nearing completion are
said to provide much larger possibilities of this sort.
The idea seems to be to initiate a campaign for home
construction and renovation on a large scale throughout the country. Apparently public officials believe
that demand for loans for this purpose would be
large, and that those applying would be able to give
good assurances to their creditors. If this is true it
is not altogether clear why Governmental intervention is necessary, but there is plenty that is unclear
in recent Washington developments.
It is said in favor of the plan thus being formulated that it would serve the double purpose of
stimulating the heavy industries, about which so
much has been said of late weeks, and of filling a
need the existence of which has been demonstrated
by a lengthy survey made for the President. As to
the need, it is, of course, true that a great many
people would be more comfortable in better houses
than those in which they now live. Unquestionably
many others would prefer to have homes of their
own, or more elaborate residences than they now
enjoy. But no survey was necessary to demonstrate
May 5 1934
such facts as these. The question is whether any
method can be found to provide such housing on a
self-supporting basis. As to stimulation of the durable goods industries, it is obvious that any broad
program of house construction or renovation would
bring substantial business to important sections of
industry devoted to the manufacture of this type of
goods. Whether there is any probability that a
movement of this sort is likely to attain proportions,
or to be of a character, to give real life to these industries is another question. Whether these industries or the business community as a whole would in
a permanent way be bettered by any such program
depends upon many questions which do not seem
to enter into current discussions in Washington at
all. As to the claims that industrial construction
on an important scale would 'be stimulated as a
secondary or indirect affect of the program, the less
faith placed in them the better until such time as
good evidence to that effect is at hand.
How to Help Business
IF WHAT is desired is to have industry re-assume
its own burdens and responsibilities, it ought not
to be particularly difficult for the Government at
Washington to discover how to go about seeking that
end. It ought to take a leaf from the British note
book. That country, too, went through its period of
"experimentation' with ideas born of shallow postwar theories of economics and sociology. There, too,
waste, extravagance, the redistribution of wealth,
large payments to labor, and the like were given a
trial. The common sense of the nation, however,
finally rose to its salvation before it was too late
even though many people had begun to place Great
Britain definitely among the decadent nations of
the earth. To-day it is one of the very few countries
that can boast a really 'balanced budget, is probably
nearer to a stabilized currency than any other, and
apparently has been able to show more real progress
out of the depths than any important country of the
world. American industry since the world war,
partly through its own shortcomings and partly
under stimulation from unwise Governments, has
without question made many serious blunders in the
management of its affairs. In some respects it lived
in an almost continuous debauch for a number of
years preceding the breakdown in 1929. It has, however, shown that it still has marvellous recuperative
powers in that it has been able to move forward during the past year despite all the handicaps that have
been imposed upon it. It may well be that the unwise policies apparently scheduled to be our lot during the next year or two will be less disastrous than
some observers are inclined to suppose simply because of the inherent strength of the American business organism.
Give Business a Real Chance
UT however these things may be, it may be taken
as a certainty that given a reasonable opportunity American business with all its shortcomings
could and would in a relatively short time work out
of the worst of its present difficulties. What it
needs, of course, is just such a chance. Give it real
assurance of a sound and stable monetary and credit
system, freedom from hampering restrictions, a reasonable chance to go into foreign markets with its
goods, protection from the monopolists, assurance of
a really balanced Federal budget at the earliest pos-
B
Volume 138
Financial Chronicle
sible moment, liberation from constant governmental interference and penalties, and a basis for confidence that the Government itself will not steadily
increase the range of its own competitive activity—
grant these conditions and American business would
not be long in showing the life latent in its body.
Such statements may sound anachronistic to the
gentlemen who compose the so-called Brain Trust, as
they are doubtless amusing to the Soviet managers of
Russia, but the truth that underlies and supports
them has been repeatedly demonstrated during the
past century and a half in this country. The scorn
of experience exhibited by many of this day and
generation ought not to be permitted for one moment
to obscure the fact that the philosophy of the New
Deal with all its fine phrases is no whit less fantastic
than the claims of the older New Era prophets of
half a decade or more ago.
Revival of Free Speech
HE regular annual convention of the Chamber of
Commerce of the United States in Washington
during the past week was in at least one respect a
more than ordinarily significant and encouraging
occasion. It appears to have marked definitely an
end of a period of too many months when the mouths
of competent practical business executives were
sealed so far as forthright comment upon current
events was concerned. Until recently, at all events,
there has been a general feeling among most business men that it was their patriotic duty, or else
that it was the better part of valor, to refrain from
expressing views they were known privately to hold
concerning the course of events in Washington.
For a time a similar disposition appeared to govern much the larger part of the public press, although for a good while past now there has been a
reasonable volume of healthy discussion and criticism of Governmental policies. Of course no such
duty was really owed to any one at any time. So
long as no frank and full discussion in public was
permitted or indulged in by those whose experience
and good sense should guide popular thought, it was
hardly to be expected that the policies of the nation
would be chosen wisely or executed well. It is therefore a matter of congratulation that the era of silence
or evasion, whether voluntary or enforced, has come
to a definite end.
The addresses at the Chamber's convention were
by no means altogether adverse to the Administration, and it certainly can not be said that the criticism there uttered was of the "destructive" sort
about which complaint is so frequently heard. Mr.
Harriman, president of the organization, was inclined to "conservative optimism," and on the whole
to approve most of what has been and is being done.
Other business leaders were less favorable in the
fudgments they expressed, although most of them
were able to find some elements in the new deal
worthy of commendation. On the whole the business
community appears to be regaining its poise and its
willingness to say freely what it believes about
current events. It is a good omen for the future.
T
The Federal Reserve Bank Statement
HE combined condition statement of the 12 Federal Reserve banks, which was made available
yesterday, reflects only in a most obscure fashion
some of the transactions of the Treasury that are
due to the monetary policy of the authorities in
T
2975
Washington. That policy has an ever more important bearing on the Federal Reserve statements, but
it is rather well understood that no more information is to be made available on some phases of monetary manipulation than can possibly be avoided.
This seems to be true especially of the means used
to make funds readily available for the $2,000,000,000
exchange stabilization account of the Treasury.
Early this week, when the daily statement of the
Treasury for April 27 became available, it appeared
that a transfer of the $2,000,000,000 had been effected
from "Gold in General Fund," where the Treasury
previously had carried the item. A new stabilization
fund item of $1,800,000,000 was inserted, leaving the
implication that $200,000,000 had been deposited
with the Federal Reserve banks for use in either of
the two ways stipulated by the devaluation legislation. The condition statement of the banks leaves
much to be desired in the way of clarification of
that transaction.
By May 2, the condition statement shows, the
Treasury had sold to or deposited with the Federal
Reserve banks $4,586,500,000 of the gold certificates
which now represent the interest of the banks in
the metallic reserves of the country. This was an
increase of $96,142,000 over the $4,490,358,000 figure
for April 25. It is a fair assumption that this transaction, to a great degree, represents preparation by
the Treasury for use of the exchange stabilization
fund. During the same weekly period, Treasury deposits with the Reserve institutions increased enormously to $242,776,000 from $17,644,000, while deposits of member banks on reserve account with the
Reserve banks decreased to $3,570,283,000 from the
revised figure of $3,743,597,000 a week ago. This
item, together with the heavy calls issued by the
Treasury against deposits with commercial banks,
indicates that the Treasury's gain in balances with
the Reserve banks was due in large part to transfer
of funds to the Reserve institutions from the commercial banks.
In other respects the condition statement shows
little that is noteworthy, and only a continuation
of the monetary factors that were plainly apparent
in earlier statements. Cash of the Reserve banks
dropped about $9,000,000 to $232,267,000 on May 2,
against $241,262,000 on April 25, and this offset to
the increased gold certificates resulted in a gain of
total reserves,'bringing the aggregate up to $4,849,911,000 from ,763,118,000. Borrowings from the
Reserve banks continue to diminish, and discounts
in the week covered fell to $38,312,000 from $40,313,000 last week. Bankers' bill holdings of the Federal Reserve banks also continued to dwindle, the
total falling to $8,279,000 on May 2 from $10,163,000
on April 25. Holdings of United States Government
securities remained substantially at previous levels,
the current statement showing $2,431,819,000 against
$2,430,173,000 in the preceding statement.
Federal Reserve notes in actual circulation increased to $3,058,777,000 on May 2, against $3,030,216,000 on April 25, this gain apparently being occasioned by month-end requirements for currency.
The banks continued to reduce their liability on Federal Reserve bank notes in circulation, the net figure falling to $70,197,000 from $77,767,000. The
large increase in Treasury deposits already referred
to, together with the partial offset of a decline in
member bank reserve deposits, occasioned an increase in total deposits to $3,993,409,000 from
2976
Financial Chronicle
$3,928,504,000. The increase in deposit and note liabilities was more than offset by the large acquisition
of gold certificates, and the ratio of total reserves
to deposit and note liabilities combined increased
to 68.8% on May 2 from 68.4% on April 25.
Corporate Dividend Declarations
ORPORATE dividend declarations the present
week have again been of a decidedly favorable
nature. Chrysler Corp. declared a special dividend
of'25c. a share in addition to a regular quarterly
dividend of like amount on the common stock, both
payable June 30. Vick Chemical, Inc., also declared
an extra dividend of 10e. a share on the capital
stock, in addition to the usual quarterly amount of
50c. a share, payable, in both instances, June 1;
similar payments were made in the two preceding
quarters. Columbian Carbon Co.increased the quarterly dividend on the common stock voting trust
certificates to 75c. a share, payable June 1; quarterly distributions of 50c. a share were made from
March 1 1933 to and including March 1 1934; in
addition, an extra dividend of 25c. a share was paid
on the latter date. Timken Roller Bearing Co. declared a quarterly dividend of 25c. a share on the
capital stock, payable June 5; this compares with
15c.a share paid each quarter from June 5 1933to and
including March 5 1934, and with 25c. a share prior
thereto. National Enameling & Stamping Co. resumed the dividend' on the common stock by the
declaration of 50c. a share, payable June 30; this
is the first payment since March 31 1930, when a
similar distribution was made.
C
April Business Failures
USINESS failures in the United States for the
month just closed are again slightly reduced
in number. This record, as presented by Dun &
Bradstreet, shows 1,052 business defaults in April
this year. This was a low record for any month for
the past 14 years, excepting only the month of
February last, when the number was 1,049, only three
less than last month. In April of last year there
were 1,921 failures reported, and two years ago
(April 1932), 2,816, the latter figure being the highwater mark for business defaults in April.
The change that has been effected in the last two
years in the matter of business failures is reflected
as well in the amount of indebtedness involved. For
April this year liabilities of the insolvencies reported amounted to $25,736,975. There have been
three or four months recently when the sum was
below the amount indicated for last month. In
February, losses were placed at $19,444,718, the lowest for many years. But then February is a short
month, and many statistical records, including failures, quite frequently show some recession on that
account. For April of last year the liabilities were
reported at $51,097,384, and two years ago the
amount for that month was $101,068,693.
For the first four months of 1934 business failures
have numbered 4,567, with a total indebtedness of
$105,314,632. In the same time of 1933 there were
8,166 business defaults, owing a total of $244,274,266.
The reduction in the number of insolvencies for the
four months this year has been 44.1%;for the month
of April the reduction from a year ago was 45.2%,
the comparison for that month being somewhat better than for the year to date. So far as liabilities
are concerned, the amount involved this year to
B
May 5 1934
date was considerably less than one-half of that
involved in the same time last year.
The improvement in the failure report for April
over a year ago was relatively better in the large
trading divisions. There were 668 trading defaults
for April this year involving a total indebtedness of
$10,043,341; in April 1933, trading failures numbered 1,352, for $25,954,034 of liabilities. Insolvencies in the manufacturing division were 284 in number last month,for which the indebtedness was $10,299,796; a year ago, the figures were, respectively,
422 and $18,736,800. For the third division, including mainly agents and brokers, there were 103 defaults last month, owing $5,443,838, against 147 in
April of last year, for $6,406,550 of liabilities.
By geographical divisions the change this year for
the better was largely in the Philadelphia, St. Louis,
Kansas City and Dallas Federal Reserve districts.
For each of the four sections above enumerated, failures last month were considerably less than one-half
of those reported in April of last year. There was
also a large reduction in the number of failures in
the East, especially in New England. In the Cleveland, Chicago and Minneapolis districts defaults
were very" much less numerous, though the improvement in the five districts last mentioned was not so
marked as in the first four. The San Francisco and
Richmond districts also show somewhat fewer failures in April this year than a year ago, while in the
Atlantic district a slight increase appears.
New York Stock Market
HE New York stock market was dull and uncertain this week, with declines somewhat more
pronounced than the occasional advances. Business
indices remained favorable, further improvement
being shown in steel production and carloadings, but
these indications were overshadowed by the debate
on the stock market control bill in Washington, prospective investigations of rates charged by utilities
in New York State, and other unsettling legislative
factors. The dreary persistence of such activities
acted as a damper on all speculative enthusiasm,
nd trading in stocks was quiet day after day.
Turnover on the New York Stock Exchange dwindled
slowly from a total of nearly 1,500,000 shares in the
initial session, to less than 1,000,000 shares yesterday. Arrangements for the sale of a seat on the
Exchange were reported Wednesday at a price of
$130,000, which is $10,000 under the price on the
previous transfer, arranged April 12.
In the first trading session of the week, prices of
stocks receded rather sharply, with all groups of
issues affected. Losses of 2 to 3 points were common, and the movement was clearly attributable
in good part to the introduction of the stock exchange control bill in the House. The tone was a
little better on Tuesday, with railroad equipment
and motor shares showing small gains,'but the general list was still soft and most stocks again declined. Further severe recessions developed Wednesday, with stocks of the utility companies heavier
than others, owing to an announcement that the
New York Public Service Commission was starting
an investigation of gas and electric, water and telephone rates. Shares of the American Telephone &
Telegraph Co. receded more than 3 points in the
session, while other utility stocks were almost
equally weak. Other groups of issues also were
unsettled. Dealings Thursday were uneventful, save
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Volume
138
Financial Chronicle
for a short period of weakness after it was indicated
that the House does not favor relaxation of the
stringent margin provisions of the exchange control
bill. The tendency otherwise was quite firm, and
small advances were registered in most stocks for
the day, despite the period of softness. The trading
yesterday was listless, but the tone was good and
most issues made small gains. Results yesterday,
indeed, were the best of the week.
Movements in stocks during the week bore only a
faint relation to the trends of commodity prices,
and in this respect the previous characteristics of
the market were continued. Commodity markets
were decidedly irregular, with rubber and silver very
strong at times under the influence of special governmental arrangements and transactions, while
grains generally lost ground. Cotton moved upward and downward by turns. Some satisfaction
was occasioned by the favorable business reports.
Steel production for the current week was computed
by the American Iron & Steel Institute for the
week beginning April 30, at 55.7% of capacity,
against 54% last week. Carloadings of revenue
freight for the week ended April 28, according to the
American Railway Association, were 608,654 cars
as compared with 589,453 cars for the period ended
April 21, an increase of 3.2%. Electric power production in the United States for the week ended
April 28 was 1,668,564,000 kilowatt hours, or slightly
less than the total of 1,672,187,000 kilowatt hours for
the preceding week, the Edison Electric Institute
reported. The bond market was less active than in
previous weeks, with United States Government
bonds and high-grade corporate issues firm, while
speculative and semi-speculative issues were affected
by the downward trend of stocks.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 79%c. as against 763
/ the close on
4c.
Friday of last week. May corn at Chicago closed
yesterday at 46c. as against 4358c. the close on Fri/
day of last week. May oats at Chicago closed yesterday at 30%c.as against 277 8c. the close on Friday
/
of last week. The spot price for cotton here in
New York closed yesterday at 11.30c. as against
11.15c. the close on Friday of last week. The spot
price for rubber yesterday was 15c. as against 12.88c.
on Friday of last week. Domestic copper was again
quoted yesterday at 8 c., the same as on Friday of
/
1
2
last week. Silver the present week with the exception of a market decline on Monday was more or
less buoyant, and with favorable news looked for
by the silverites from President Roosevelt's weekend conference, the market on Friday closed steady.
In London the price yesterday was 18% pence per
ounce as against 1834 pence per ounce on Friday of
/
last week, and the New York quotation yesterday
was 42.90c. as against 43.55c. on Friday of last week.
In the matter of the foreign exchanges cable transfers on London yesterday closed at $5.111 2 as against
/
$5.14% the close on Friday of last week, while cable
transfers on Paris closed yesterday at 6.63c. as
against 6.65c. the close on Friday of last week. On
the New York Stock Exchange 47 stocks reached
new high figuresfor the year, while 57 stocks touched
new low levels. On the New York Curb Exchange
33 stocks touched new high levels for the year, while
33 stocks touched new low levels. Call loans on
the New York Stock Exchange again remained unchanged at 1%.
2977
On the New York Stock Exchange the sales at the
half-day session on Saturday last were 563,630
shares; on Monday they were 1,486,590 shares; on
Tuesday 1,339,380 shares; on Wednesday 1,338,424
shares; on Thursday 1,110,190 shares, and on Friday
840,300 shares. On the New York Curb Exchange
the sales last Saturday were 120,594 shares; on Monday 252,065 shares; on Tuesday 229,385 shares; on
Wednesday 203,950 shares; on Thursday 176,725
shares, and on Friday 147,815 shares.
As compared with Friday of last week, prices
as a rule show substantial declines the present week.
General Electric closed yesterday at 21% against
22% on Friday of last week; North American at
/
/
1714 against 1834; Standard Gas & Elec. at 1118
/
against f234; Consolidated Gas of New York at
/
/
1
2
/
331 4 against 3534; Pacific Gas & Elec. at 18 bid
/
/
against 19; Columbia Gas & Elec. at 1334 against
/
15; Electric Power & Light at 61 8 against 7; Public
Service of N. J. at 361 8 against 38%; J. I. Case
/
Threshing Machine at 591 4 against 69%; Interna/
tional Harvester at 3734 against 41%; Sears, Roe/
buck & Co. at 45 against 491%; Montgomery Ward &
Co.at 2712 against 30½; Coca-Cola"A"at 54 against
/
/
5312; Woolworth at 51 against 52%; Western Union
Telegraph at 483 against 53; Safeway Stores at
/
4
52
/ against 54½; American Tel. & Tel. at 112
1
2
against 12012; American Can at 991 4 against 101½;
/
/
Commercial Solvents at 24 against 2678; Shattuck &
/
/,
/
Co. at 1038 against 1178 and Corn Products at 68%
against 73.
Allied Chemical & Dye closed yesterday at 1433
4
/
against 14514 on Friday of last week; Associated Dry
/
Goods at 141 4 against 16 bid; E. I. du Pont de Ne/
mours at 9018 against 951%; National Cash Register
/
"A" at 17 against 1812; International Nickel at
/
1
2
/
28 against 2878; Timken Roller Bearing at 32%
against 331%; Johns-Manville at 52 against 57%;
7
/
/
Gillette Safety Razor at 10 8 against 1118; National
/
Dairy Products at 1612 against 1678; Texas Gulf
/
/
/
1
2
Sulphur at 34 against 3534; Freeport-Texas at
/
42% against 44½; United Gas Improvement at 1618
/
/
against 16½; National Biscuit at 3914 against 4178;
/
4
Continental Can at 793 against 82%; Eastman
Kodak at 91% against 95½; Gold Dust Corp. at
4
/
2078 against 2134; Standard Brands at 203 against
/
/
1
2
21%; Paramount Publix Corp. ctfs. at 4 against
/
4%; Westinghouse Elec. & Mfg. at 37 against 3938;
Columbian Carbon at 71 against 73; Reynolds To/
1
2
/
bacco class B at 4318 against 4314; Lorillard at 17
/
1
2
against 18; Liggett & Myers class B at 93 against
/
95; Yellow Truck & Coach at 51 8 against 5½;Owens
Glass at 82 bid against 85; United States Industrial
/
1
Alcohol at 491 against 51%; Canada Dry at 242
4
8 against
/
against 28½; National Distillers at 277
301 ; Crown Cork & Seal at 29 against 32, and Men4
/
.
gel & Co. at 9 against 91 8
The steel shares this week receded to lower levels
than one week ago. United States Steel closed
/
yesterday at 465/s against 4978 on Friday of last
week; United States Steel pref. at 91% against 95;
4,
Bethlehem Steel at 373 against 413 and Vanadium
4
at 2312 against 2578 In the motor group, losses
/
/.
were again a prominent feature of the week. Au/
/
1
burn Auto closed yesterday at 412 against 4178 on
4
Friday of last week; General Motors at 353 against
/
37%; Nash Motors at 201 4 against 22%; Chrysler
/
1
2
at 4578 against 50; Packard Motors at 4 against
/
/,
4
478; Hupp Motors at 41 against 478 and Hudson
/
Motor Car at 16 against 18%. In the rubber group,
2978
Financial Chronicle
Goodyear Tire & Rubber closed yesterday at 34
against 353 on Friday of last week; B. F. Goodrich
4
at 153 against 1612 and United States Rubber at
4
/
,
21% against 22%.
In the railroad list, prices continued to record
losses for the week. Pennsylvania RR.closed yesterday at 32 against 34 on Friday of last week; Atchison
Topeka & Santa Fe at 643 against 68; Atlantic
4
Coast Line at 43 against 47; New York Central at 30
against 3412;Baltimore & Ohio at 263 against 28%;
/
4
New Haven at 163 against 18%; Union Pacific at
4
129 against 129 ; Missouri Pacific at 412 against
/
1
2
/
412 bid; Southern Pacific at 241 2 against 2712;
/
/
/
Missouri-Kansas-Texas at 103 against 11%; South4
ern Railway at 283 against 3212; Chesapeake &
4
/
Ohio at 46
/ against 47; Northern PaCific at
1
2
30' 8 against 333 and Great Northern at 24
/
7
4,
/
1
2
against 281
%.
The oil stocks, too, followed the downward course
of the market. Standard Oil of N. J. closed yester%
day at 441 against 45 on Friday of last week;
/
1
2
Standard Oil of Calif. at 33% against 36 , and
/
1
2
Atlantic Refining at 263 against 28. In the copper
4
group, Anaconda Copper closed yesterday at 15%
against 16% on Friday of last week; Kennecott Copper at 211 against 21' 8; American Smelting & Re4
/
7
fining at 40 against 41%; Phelps Dodge at 171 8
/
against 18%;Cerro de Pasco Copper at 323 against
4
34, and Calumet & Hecla at 478 against 5%.
/
May 5 1934
sentatives of the larger producing areas. British
funds were firm, but the industrial section displayed
some irregularity. Most securities in the international group were lower. When trading was resumed Wednesday, after the 'holiday, further buying
of rubber shares developed and most other departments also were good. Profit-taking in stocks of the
rubber companies was absorbed readily and net
gains were general. Oil company stocks also showed
good advances, while a majority of industrial shares
joined in the movement. British funds were quiet
but firm. Modest gains were registered in international securities. The tone was dull on Thursday,
but British funds were not much affected and small
fractional gains appeared. The industrial list
showed about as many gains as losses, but there was
little interest. International issues were weak. In
quiet trading yesterday British funds again were
firm, but industrial stocks displayed uncertainty.
On the Paris Bourse the initial dealings of the
week were featured by a renewal of the advance in
rentes. Buying orders from all over the country contributed to the gains, which attained sizable proportions. The improvement in French Government issues occasioned confidence and the general list soon
joined in the upswing. The advance was resumed
with vigor on Tuesday, with rentes again leading
the movement. Bank stocks and French industrial
shares were in almost equal demand, while in the
international section rubber company shares were
improved, although other securities weakened. Some
profit-taking in rentes was reported Wednesday, but
most issues nevertheless managed to make small
gains for the session. French bank and industrial
securities remained in fair demand and the rise in
such issues continued, but international obligations
were quiet and mostly unchanged. The tendency
Thursday was downward, with losses rather large.
Profit-taking appeared on a large scale in this session and the market structure could not support it,
with the result that quotations lost a part of the
gains recorded earlier in the week. Rentes, bank
stocks and industrial issues all receded,'but a little
interest was taken in international securities, some
of which advanced. The advance was resumed yesterday, with rentes leading the movement.
On the Berlin Boerse the tendency was hesitant,
Monday, as traders preferred to await the outcome
of the transfer conference at the Reichsbank. Shipping stocks improved a little, but the tendency otherwise was slightly irregular, with changes insignificant. The impending Boerse holiday reduced the
turnover. When trading was resumed, Wednesday,
prices were weak and all issues suffered. Announcement of a 6% dividend on Berger Construction
Works shares, as compared to the previous 12%
dividend, caused a drop of 9 points in this stock and
the entire market was unsettled by the incident.
Declines otherwise ranged from 1 to 3 points. Bonds
also were affected. In a very quiet market, Thursday, fresh recessions developed in most of the prominent issues listed on the Boerse. Leading stocks
dropped a point or more, while in some instances
declines of 3 to 4 points were registered.
European Stock Markets
RICE trends were uncertain this week on stock
exchanges in the foremost European financial
centers, partly as a result of divided opinions regarding international currency developments. Trading was suspended at London and Berlin, Tuesday,
for the usual May-Day holidays in those markets.
In the initial business sessions, all exchanges were
dull, owing to apprehensions regarding labor demonstrations on May Day, but after that day passed in
relative quietness, trading was more animated for a
time. Of continuing importance were widespread
apprehensions that the United States is about to
embark on renewed experiments of a monetary nature. American buying of silver was said to have
reached sizable proportions in the London market
and this, coupled with reports from Washington regarding use by the Treasury of part of its huge exchange stabilization fund, occasioned uncertainty in
Europe with respect to American currency intentions. So pronounced was this feeling in London, a
dispatch to the New York "Times" said, that the
bullion market there reverted to the practice of fixing the price of gold on the basis of the London-Paris
exchange rate, rather than on the London-New York
rate, as formerly was done. Uncertainty with regard to monetary measures was not entirely confined
to the United States, however, as the failure of a
large bank in Switzerland, Monday, caused some
thoughts about Swiss maintenance of the gold
standard. Commodity price levels in Europe have
declined recently, in common with those of the
United States,and this development has added to the
uncertainty everywhere prevalent.
Trading on the London Stock Exchange was
Japan and the Nine-Power:Treaty
started Monday with a good deal of activity in shares
rubber companies, but other departments were
O SOME degree the questions raised by the reof
cent declaration of Japanese officials with
very quiet. Rubber company shares were bid upward
sharply, owing to the announced agreement on pro- regard to China have been answered by an exchange
duction and export curtailment reached by repre- of communications this week between the Japanese
p
T
Volume /38
-
Financial Chronicle
Government and the Governments of Britain, the
United States and France. In response to representations made by the Western Powers, the Japanese Foreign Minister, Boki Hirota, has provided
assurances that the Nine-Power treaty will be observed by Japan, as one of its signatories, and the
policy of equal rights in China for all the participants thus will he maintained. All the countries
concerned have demonstrated an anxiety to let the
matter rest on this basis and to treat the whole
affair as a closed incident. Some of the questions
raised by the Japanese attitude have not yet been
settled and quite possibly they never will be. The
authority for the original statement by Eiji Amau,
the Japanese Foreign Office Spokesman, on April
17, and for its almost equally vigorous reiteration
by a Japanese diplomat in Geneva three days later,
has not been made clear. There are indications,
moreover, that the Jpanese people are unaware of
the assurances extended the Western Powers, as the
statement by Mr. Hirota has not been published in
Japan. "By withholding publication of the official
declaration," a Tokio dispatch to the Associated
Press remarked,"the Japanese Government stood to
lose nothing of the favorable reaction produced at
home by the earlier statement." In Great Britain
as in this country, the Japanese procedure has occasioned doubts among unofficial observers as to
the sincerity of the Japanese assurances.
The statement made by Foreign Minister Hirota
in reply to the British and American representations was in the form of an official translation of
the amended statement by Mr. Amau, made on
April 20. This document, supplied last Saturday,
indicated that Japan has no wish to infringe on the
independence,interests or prosperity of China. Territorial ambitions were disclaimed. "We have no intention to interfere with the interests of third parties," the statement continued. "If other Powers
engage in trade with Qhina, we welcome it. We
have no desire to deviate from the policy of the open
door and equal opportunity or to infringe treaties,
but Japan objects to any action whatsoever by other
Powers that may lead to disturbance .of peace and
order in Eastetn Asia. Japan bears the responsibility for maintenance of peace and order in Eastern
Asia with other Asiatic Powers, particularly China."
It was made known in Washington on Monday
that the United States Government had aligned itself with Great Britain in the declaration of that
Government for observance of international rights
and obligations in China. Under instructions from
the State Department, United States Ambassador
Joseph C. Grew made a statement to Foreign Minister Hirota of which only the "substance" was made
public. Although conciliatory in tone, this statement firmly reminded the Japanese Government of
the position of the United States with regard to
questions of rights and interests involved. The relations of the United States with China are governed,
as are our relations with Japan and with other
countries, by the generally accepted principles of
international law and the provisions of treaties to
which the United States is a party, it was remarked.
Treaties can lawfully be modified or be terminated
only by processes prescribed or recognized or agreed
upon by the parties to them, the statement added.
Japan was informed that in the international associations and relationships of the United States, the
American Government seeks to be duly considerate
2979
of the rights, the obligations and the legitimate interests of other countries, and it expects on the part
of other Governments due consideration of the rights,
the obligations and the legitimate interests of the
United States. In the opinion of the American
people and the American Government, it was added,
no nation can, without the assent of the other nations concerned, rightfully endeavor to make conclusive its will in a situation where are involved the
rights, the obligatiOns and the legitimate interests
of other sovereign States. The American Government has dedicated the United States to the policy
of the good neighbor and to the general application
of that policy it will continue, on its part and in
association with other Governments, to devote its
best efforts.
In London, Foreign Minister Sir John Simon
made a statement before the House of 'Commons on
Monday, in which the position was outlined briefly.
Sir Francis Lindley, British Ambassador to Japan,
had informed Foreign Minister Hirota, it was indicated, that Britain as a matter of course must continue to enjoy all the rights in China which were
common to all signatories of the Nine-Power treaty.
"His Majesty's Government naturally could not
admit the right of Japan alone to decide whether any
particular action, such as the provision of technical
and financial assistance, promoted danger to the
peace and integrity of China,if that had indeed been
the implication of the statement, which they did not
believe," Sir John Simon continued. He called attention to articles of the treaty under which safeguards were provided for Japan, as for other
Powers. "The British Government therefore assumed," Sir John Simon said, "that the statement
was not intended to infringe the common rights of
other Powers in China nor Japan's own treaty obligations. In reply, Mr. Hirota indicated that the
assumption of the British Government was correct.
He assured Ambassador Lindley that Japan would
observe the provisions of the Nine-Power treaty and
that the policy of the Japanese Government and his
Majesty's Government regarding the treaty coincided." The position was made clear by the Japanese
assurance, and the British Government is content to
leave the question where it is, the Foreign Secretary
informed the House. In Washington it was made
clear Tuesday that there is no intention of pressing
the matter further, and it was further remarked that
no reply to the American representations is expected.
Tokio reports of Thursday, however, state that the
Japanese Government intends to reply to the United
States. That France took a similar attitude to that
of the British and American Governments and received similar assurances from Tokio was announced
in Paris on Thursday.
German Transfer Conference
TTLE progress has been reported so far at the
Berlin conference between German transfer authorities and representatives of the holders of longterm external German bonds in other countries. The
conference started on April 27, and Berlin dispatches
indicate that the delegates have been engaged
mainly in a close examination of the German position,
as presented by Dr. Hjalmar Schacht in a mass of
statistical data. The Reichsbank statement continued to reflect a very unfavorable position, so far
as note coverage goes, but it appears that the delegates at Berlin are making a penetrating analysis
LA
2980
Financial Chronicle
of the exchange holdings that are not reflected in
the statement. Thus, the question was raised as to
the assets of the German central bank in foreign
exchange of countries that are technically off the
gold standard. Such assets, it is known, are not
included in the note coverage, which comprises only
gold and exchange on countries on the gold standard. Dr. Schacht also was questioned regarding the
effect on the German position of the thawing of
frozen German credits in other countries. It appeared Thursday, a dispatch to the New York
"Times" said, that the creditors' representatives
reached quite different conclusions regarding the
German ability to pay in foreign currencies than
were proclaimed by Dr. Schacht in a series of
speeches preceding the conference. It was tacitly
admitted, according to the report, that sufficient
foreign exchange to cover the bulk of payments due
the first half of this year already had been transferred, and to the degree that requirements were
anticipated the Reichsbank showing naturally suffered unduly.
On the basis of these findings and reports a somewhat greater degree of optimism has prevailed this
week regarding the discussions with Dr. Schacht.
There is now a belief that the conference will result
in at least some transfers after the current six
months' period lapses. But there are indications
that the creditors are divided among themselves,
owing to demands by the delegates from Switzerland
and Holland for a continuance of the special treatment heretofore granted the holders of German bonds
in those countries. American and British representatives are opposing such requests. The differences
on this matter are jeopardizing the outcome of the
conference. It is now held quite unlikely that the
question of transfers on the German Government 7s
2s
and 5Y will be discussed at the Berlin gathering.
According to an official announcement made in London, late last week, the British Government has informed the German authorities that it would take a
"grave view" of any proposal to apply a transfer
moratorium to the two loans. The French Government is understood to have made similar representations.
May 5 1934
this connection Mr. Runciman is represented as
threatening the imposition of quotas to check the
flood of Japanese goods pouring into British territories. "It is not likely the British Government will
take extreme measures against Japanese exports,
although Lancashire cotton exporters are clamoring
loudly for an outright trade war," a London dispatch to the New York "Times" remarks. "The Government realizes that Great Britain would lose far
more than Japan from a trade war, and is anxious
above all not to jeopardize Great Britain's valuable
exports into the Japanese market. A powerful group
within the Federation of British Industries is begging the Government to disregard agitation from
Lancashire and not to antagonize the Japanese."
Austrian Fascism
ASCISM in Austria was made "legal," Tuesday,
through the adoption of a new Constitution
which embodies the ideas of a corporate State recently proclaimed by the diminutive Chancellor and
Dictator, Engelbert Dollfuss. A summons was
issued last week for the Parliament, which met on
Monday and hastily approved all measures desired
by Chancellor Dollfuss and his Heimwehr associates.
These proceedings were only a little less ruthless
than those employed on similar occasions by the
Nazis of Germany. Hardly more than half the Deputies assembled for the session of Parliament, most
of the absentees being Social Democrats. The few
members of that party who are not in concentration
camps or in prison were excluded. Two strong
speeches of protest nevertheless were made by PanGerman party members, who pointed out that the
rule of Chancellor Dollfuss during the last 12 months
has been unconstitutional, while similar criticisms
were made of the method of calling the session then
in progress. There are provisions in the Constitution for amending it, these members indicated, and
they appealed to the Government and all Deputies
to respect their oaths to support that document.
Little note was taken of these declarations, however,
and the Parliament quickly adopted 471 decrees legalizing all acts of the Dullfuss regime and transferring all power to the Cabinet. It then voted to
dissolve forever. Although the Parliament has not
Anglo-Japanese Trade Discussions
been permitted to convene for more than a year,
IFFERENCES that developed recently between members of the Clerical and Heimwehr parties,
representatives of the British and Japanese which are joined in support of the Fascist dictatortextile exporters at a conference in London have now ship, declared that the absent Social Democrats were
been made the subject of an exchange of views be- to blame for the failure of Parliamentary Governtween the London and Tokio Governments. The ment in Austria.
London conference between the textile interests of
The Constitution which Chancellor Dollfuss prothe two countries dragged on for weeks, it will be claimed on Tuesday consists of 182 articles, comrecalled, and it ended in complete disagreement, prised in 13 chapters. National legislation is placed
with the Japanese insisting that any allocation of in the hands of four Advisory Councils, called the
markets could only be confined to the British Em- State Council, the Federal Cultural Council, the
pire, while the British urged agreements covering Federal Economic Council and the Provincial Counall markets. At the conclusion of the meeting, some cil. These groups are to send members to a Federal
six or seven weeks ago, the Lancashire interests re- Diet, which will merely approve or reject legislaferred the matter to the Foreign Office in London, tion submitted to it. The Diet, however, may act
and to the Board of Trade. After lengthy considera- also in questions of loans, the budget, national proption of the matter by the Cabinet, Walter Runciman, erty and treaties. Provincial Governments retain
President of the Board of Trade, conferred on Thurs- a substantial degree of autonomy, but leaders of
day with Tsuneo Matsudaira, but the precise nature the Provincial regimes are to be nominated by the
of this conversation probably will not be disclosed Federal President, who in turn is elected by the
until statements are made next week before the burgomasters of the country for a term of seven
House of Commons. Available reports indicate that years. Vienna loses its semi-independent status
only the problem of Japanese exports to certain under the document and becomes half city and half
parts of the British Empire were discussed, and in province, the City Council being replaced by a body
F
D
.•••=12.
Volume 138
Financial Chronicle
similar to a provincial diet. Religious freedom is
guaranteed, as are also the equal rights of all Austrian citizens before the law. When the Chancellor
proclaimed the new Constitution in effect, Tuesday,
it was also made known that Prince Ernst Rudiger
von Starhemberg, leader of the Heimwehr, would be
made Vice-Chancellor in place of Major Emil Fey.
The latter was given the post of Minister of Public
Security, which assures Heimwehr control of the
police and gendarmerie, as well as the auxiliary and
security troops. Chancellor Dollfuss described the
new Constitution as an attempt to make good the
errors of the last 150 years.
New Spanish Cabinet
OUR days of governmental uncertainty in Spain
were ended last Saturday, when Ricardo Samper Ibanez formed a new Cabinet to succeed that
of Alejandro Lerroux, who resigned as a consequence
of differences with President Niceto Alcala Zamora
regarding the amnesty bill passed last week. Like
Senor Lerroux, Premier Samper is a member of the
so-called Radical party, which is really rather moderate. When the Premiership was offered to Senor
Samper, he conferred with Senor Lerroux and obtained the ex-Premier's "blessing and best wishes."
The new Premier thereupon devoted himself to the
task of forming a coalition government based on the
Center and Right Wing representatives in the Cortes.
The regime announced on Saturday apparently will
• again be a minority Government, and its general
make-up is quite similar to that of the outgoing
Lerroux Cabinet. It is generally believed, for this
reason, that the life of the Samper regime will be
limited. Stormy debates are apparently in prospect,
as the President's criticism of some features of the
amnesty bill has raised the question of the extent
of the powers that the President may exercise. The
bill caused much resentment in Leftist parliamentary circles, but this has now been alleviated, to a
degree, by a ruling of the Spanish Supreme Court
that it does not apply to five former associates of
Primo de Rivera in the dictatorship that preceded
the establishment of the Republic. Although Premier Samper's tenure of office is uncertain, it is believed that his Cabinet will last for some weeks or
months, as the powerful group of Catholic Popular
_1ctionists has promised him their support. The personnel of the new Cabinet follows:
F
2981
ounces of silver, or sufficient to coin 10,000,000
standard Cuban pesos. The cost of the silver was
$3,588,568.83, it was indicated, and the minting of
the pesos is to take place in the United States. The
loan was made, it was officially stated, "to expedite
the early resumption of normal trade between the
United States and Cuba by rendering assistance in
Cuban economic recovery." The restoration of normal trade conditions appears to depend upon the
ability of the Cuban Government to pay certain salaries and other expenses long overdue, to carry out
agricultural reforms, and to enter into a program of
public works for relieving unemployment. The
Cuban Government, according to the statement, proposes to use the minted coinage for these purposes.
"The Second Export-Import Bank," the announcement added, "was organized particularly to assist
in improving trade conditions between the nationals
of Cuba and the United States, in accordance with
the Administration's general recovery program, and
it is believed that this transactions will contribute
in a definite measure toward that purpose."
Haitian FinancialLControl
.THOUGH most details of the plan for ending
American financial control in Haiti remain
closely guarded by the two Governments, the few
items that have been made available are not such
as'to provide complete reassurance for the holders in
the United States of the $11,000,000 Haitian Government bonds outstanding. In the joint statement
issued last month by Presidents Roosevelt and Vincent, it was remarked that bondholders should be
content with the plan under consideration. But in
investment circles here, it is suspected that the interests of the bondholders will be subordinated, at least
to some degree, to the political aims involved. In a
Washington dispatch of last Saturday to the New
York "Times," it is indicated that a contract already
has been drawn for sale to the Haitian Government
of the Banque Nationale d'Haiti, which is now owned
by a subsidiary of the National City Bank of New
York. "The agreement is understood to provide for
payment over a period of years," the report adds.
The Haitian Government is far ahead of its schedule
for the amortization payments on its external bonds,
and it is feared here that this feature will play an
important part in the plan for acquisition of the
bank. The Washington report intimates that fiscal
Premier—Ricardo Samper Ibanez, Radical.
control in Haiti will be transferred, under the plan,
Foreign Affairs—Leandro Pita Romero, Independent.
from the representative of the United States GovernJustice—Vincente Cantos, Radical.
War—Diego Hidalgo, Radical.
ment to the Banque Nationale. It appears, moreMarine—Jose Franco y Rocha, Radical.
Finance—Manuel Marraco, Radical.
over, that this institution, until the Government inInterior—Rafael Salazar Alonso, Radical.
debtedness is liquidated or refunded, will have a
Education—Filiberto Villa Lobos, Liberal Democrat.
Labor—Jose Estadella, Radical.
governing board with Americans in the majority.
Communications—Jose Maria Cid, Agrarian.
Agriculture—Cirilo del Rio, Progressive.
The members, it is suggested, will be selected from
Public Works—Rafael Guerra del Rio, Radical.
nominees of the Foreign Bondholders' Protective
Industry—Vincente Iranzo Engulta, Independent.
Council and the National City Bank. Any such
Assistance for Cuba
features of the agreement would be highly praiseIT WAS made known in Washington, Monday, that worthy.
at least one of the three Export-Import banks
War and Peace in Latin America
recently organized and financed with Federal Government funds is beginning to fulfill its allotted
EPRESENTATIVES of 13 American republics,
function of stimulating trade with other countries.
including the United States, gathered at
The Second Export-Import Bank of Washington, Buenos Aires late last week and attached their sigwhich was organized with Cuban trade in mind, has natures to an anti-war treaty of which Foreign Minmade a loan of $4,00,000 to Cuba, backed by 4% ister Carlos Saavedra Lamas, of Argentina, is the
notes of the Cuban Government. This credit was author. Save for Peru and Dominica, all American
utilized in the purchase, through the bank and the republics now have signified their adherence to this
Treasury Department, of approximately 7,500,000 treaty, which was proposed by Senor Saavedra
A
R
2982
Financial Chronicle
Lamas at the Pan-American Conference in Montevideo,last December. While the document was being
signed, Bolivia and Paraguay continued their bitter
struggle over the boundaries of the Gran Chaco area,
with recent reports indicating that the Paraguayans
are being forced back from their advanced positions.
The dispute between Colombia and Peru, over the
territorial boundaries of an area near the headwaters
of the Amazon, also remains unsettled, although it
has not reached the stage of open warfare. At the
ceremony in Buenas Aires the diplomatic representative of Bolivia was among the signers, and a delegate
from Paraguay also attended the ceremony,although
the signature of his country had been attached previously. In an address to the gathering, Foreign
Minister Saavedra Lamas remarked that it seems
a paradox that the two nations at war should sign
the pact. "But their adherence," he argued, "is significant because it implies that they themselves realize that war cannot continue and that there will
never be another war on the American hemisphere."
The delegates from Paraguay and Bolivia contented
themselves with statements that their Governments
are intensely interested in furthering peace in the
Western hemisphere.
May 5 1934
DISCOUNT RATES OF FOREIGN CE'NTRAL BANKS.
Country.
Rate in
Effect
Date
May 4. Established.
Austria_ ___
Belgium_
Bulgaria _ __
Chile
Colombia.
.
Czechoslovakla_ _ __
Danzig_ _
Denmark_ _
England_ __
Estonia__
Finland__
France___
Germany_ _
Greece
Holland
Pre°taus
Rate.
5
3
7
434
4
Mar. 23 1933
Apr. 25 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
6
334
8
534
5
334
4
234
2
534
434
3
4
7
Jan. 25 1933
July 12 1932
Nov. 29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
Feb. 8 1934
Sept. 30 1932
Oct. 13 1933
434
5
3
234
634
5
234
5
734
214
Rant 10 10/R
0
Country.
Rate in
PreEffect
"taus
Dale
May 4. Established. Rate.
Hungary__ _
India
Ireland__
Italy
Japan
Java
Lithuania
Norway _ _ _
Poland_ __ _
Portugal_
Rumania.
.
South Africa
Spain
Sweden
.
Switzerland
434
334
3
3
3.65
434
6
334
5
534
6
4
6
234
2
Oct. 17 1932 5
Feb. 16 1933 4
June 30 1932 334
Dec. 11 1933 334
July 3 1933 4.38
Aug. 16 1933 5
Jan. 2 1934 7
May 23 1933 4
Oct. 25 1933 6
Dec. 8 1933 6
Apr. 7 1933 6
Feb. 21 1933 7
Oct. 22 1932 534
Dec. 1 1933 3
Jan. 22 1931
34
Foreign Money Rates
IN London open market discounts for short bills
on Friday were %%,as against 4%@15-16% on
7
Friday of last week and 15-16% for three months'
bills, as against 15-16@l% on Friday of last week.
Money on call in London yesterday was Y
i%. At
Paris the open market rate was raised on April 30
from 23 to 2%%, in Switzerland the open market
rate remains at 13/2%.
Bank of England Statement
HE Bank of England statement for the week
ended May 2 shows a gain of £51,058 in gold
holdings, which brings the total to £192,142,067
as compared with £186,927,226 a year ago. As the
Rubber Production Control
gain in gold, however, was attended by an expansion
ROTRACTED negotiations for the control of
rubber production and the restriction of ex- of £4,805,000 in note circulation, reserves fell off
ports were terminated successfully at The Hague, £4,754,000. The ratio of reserves to liabilities
Holland, Monday, when representatives of major dropped sharply from 51.47% a week ago to 45.91%
producing interests in eight growing areas signed the present week; a year ago the ratio was 50.20%.
an agreement for a five-year period of control. Un- Public deposits decreased £7,989,000, while other
like the ill-fated Stevenson scheme, no attempt is deposits rose £16,046,735. The latter consist of
made in the present agreement to fix a definite price bankers' accounts, which increased £16,705,642,
as the basis for control, but it is held quite likely and other accounts which fell off £658,907. Loans
that higher prices will result. The agreement, which on Governments increased £13,635,000 and loans
will be operative from June 1 1934 to Dec. 31 1938, on other securities declined £778,396. The latter
covers the Dutch East Indies, Malaya, Siam, India, include discounts and advances, which increased
Burma, North Borneo, Sarawak and French Indo- £63,810, and securities which decreased £842,206.
China. It is stipulated that the accord must be No change was made in the discount rate which
buttressed by legislative enactments in the coun- remains 2%. Below we show a comparison of the
tries concerned, but no difficulty is anticipated on different items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
this score. Sir Philip Cunliffe-Lister, Colonial Sec
May 2
May 3
May 4
May 6
May 7
retary in the British Cabinet, informed the House of
1934.
1933.
1932.
1931.
1930.
Commons on Tuesday that the London Government
£
£
£
£
E
Circulation
378,508,000 373.507,315 356,580,278 356,217,211 358,490,698
had decided to take the necessary measures to give Public deposits
7,839,000 8,811,136 10,296,748 5,998.939 16,211,092
152,508,239 137,440,957 111,730,222 94,083,685 104,568,818
effect to the agreement. To the several major pro- Other deposits
Bankers'accounts. 116,210,757 99,655.022 75.060,256 58,572.050 68.534,385
Other accounts— 36,297,482 37,785,935 36,669.966 35,511.635 36,034,433
ducing areas are assigned production maxima for Govt.securities
89,328,336 67,656.127 69,075.906 34,414,684 56,362,629
15,124,658 22,912,341 30.812.810 31,158,318 16,163,947
each of the five years. An international committee, Other securities
Disct. dc advances- 5,345,808 11,634,554 11.584,952 5,634,695 6,554,872
9,778,850 11,277,787 19,227,858 25,523,623 9,609,075
Securities
the various governments, will Reserve notes & coin 73,633,000 73,420,911 39,879,901 52,265,303 66,011,696
to be appointed by
192,142,067 186,927,226 121,460,179 148,482,514 164.502,394
Coin and bullion
decide from time to time what percentage of this Proportion of reserve
45.91%
50.20%
32.68%
to liabilities
52.21%
54.64%
2%
2%
3%
quota can be exported. New plantings are to be Bank rate
3%
3%
prohibited, except for experimental purposes, while
Bank of France Statement
replantings are to be carried on to the extent only
HE Bank of France statement for the week ended
of 20% of any holding. The scheme calls for an
April 27 shows another increase in gold holdexport tax on rubber, the proceeds of which are to
be devoted to research for the development of new ings, the current advance being 625,425,510 francs.
uses for rubber. The purpose of the agreement, as Total gold holdings now stand at 75,755,983,799
stated officially, is to "reduce world stocks to a nor- francs, as compared with 80,866,019,308 francs a
mal figure by adjusting in an orderly manner the year ago and 77,862,071,638 francs two years ago.
supply to demand and to maintain a price that will An increase appears in credit balances abroad of
be reasonably remunerative to efficient producers." 1,000,000 francs, in French commercial bills discounted of 586,000,000 francs and in creditor current
Discount Rates of Foreign Central Banks
accounts of 617,000,000 francs. The Bank's ratio
HERE have been no changes the present week stands at 77.52%, compared with 77.37% last year
in the discount rates of any of the foreign cen- and 70.33% the previous year. Notes in circulation
tral banks. Present rates at the leading centers are reveal a gain of 505,000,000 francs, bringing the total
of notes outstanding up to 81,501,950,240 francs.
shown in the table which follows:
T
p
T
T
Volume 138
Financial Chronicle
2983
Circulation a year ago stood at 84,992,402,770 cession of Yi% from the official rate. Time money
francs and the year before at 82,774,228,040 francs. was dull at the range of Y to 1% for all maturities.
i
A decrease is shown in advances against securities Both the usual compilations of brokers' loan totals
of 17,000,000 francs. Below we furnish a comparison were available this week, and increases were shown.
The comprehensive tabulation of the New York
of the various items for three years;
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Stock Exchange reflected an advance for the full
month of April in the amount of $106,872,411, to a
Chang es for
for Week. Apr. 27 1934. Apr. 28 1933. Ayr 29 1932.
.
total of $1,088,226,359. The report of the Federal
Francs.
Francs.
Francs.
Francs.
Reserve Bank of New York for the week to WednesGold holdings
+625,425,510 75,755.983,799 80,866,019,308 77,862,071,638
Credit bale. abroad
+1,000,000
13,536.365 2,440,477,045 4,692.471,998
day night showed an increase of $26,000,000 to a
aFrench commerc'l
bills discounted_ +586,000,000 5,708,038,075 3,805,431,421 4,690,207,431
total of $974,000,000.
bBilis bought abr'd No change.
1,053,286,401 1,405,563,620 7,107,736,535
Advs. eget, securs_
—17,000.000 3.016.225.666 2,649,352,576 2,734,940,464
Note circulation
+505,000,000 81.501,950,240 84,992,402,770 82,774.228,040
Cred. curr. accets.._ +617,000.000 16,222.972,516 19,521,169,327 27,937,121,760
Propor'n of gold on
hand to sight nab
70.33%
—0.25%
77.37%
77.52%
a Includes bills purchased in France. b Includes bills discounted abroad
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. There has been very little
activity in the market for time money this week,
the only transaction reported being one of five
months' maturity at 1%. Rates are nominal at
34@1% for two to five months, and 1@13 .% for six
/
1
months. Trading in commercial paper has been
moderately active this week, though the supply of
paper available has decreased to some extent. Rates
are 1% for extra choice names running from four to
six months and 13.% for names less known.
D
Bank of Germany Statement
HE1Reichsbank's statement for the last quarter
of April reveals afurther decline in gold and bullion,
the current loss being 14,294,000 marks. The total
of gold and bullion now stands at 204,998,000 marks,
compared with 410,541,000 marks a year ago and
858,834,000 marks two years ago. An increase is
shown in reserve in foreign currency of 914,000 marks,
in bills of exchange and checks of 394,180,000 marks,
in advances of 68,268,000 marks, in other assets of
46,646,000 marks, in other daily maturing obligations
of 6,448,000 marks and in other liabilities of 22,474,Bankers' Acceptances
000 marks. The Bank's ratio is now at 5.8%, which
compares with 14.4% the previous year and 24%
HE market for prime bankers' acceptances has
two years ago. Notes in circulation show an expanbeen fairly strong this week, but bills are short
sion of 332,439,000 marks, bringing the total up to and business has been restricted on that account.
3,640,108,000 marks. Circulation a year ago aggre- Rates are unchanged. Quotations of the American
gated 3,538,312,000 marks and the year before Acceptance Council for bills up to and including 90
4,128,057,000 marks. Silver and other coin, notes days are Y % bid and 3-16% asked; for four months,
.
l
on other German banks and investments record /% bid and %%; for five and six months, Y%
2
decreases of 111,742,000 marks, 10,414,000 marks bid and /% asked. The bill buying rate of the
and 12,224,000 marks, respectively. A comparison of New York Reserve Bank is M% for bills running
the various items for three years appears below:
from one to 90 days, and proportionately higher for
REICRSBANIC'S COMPARATIVE STATEMENT.
longer maturities. The Federal Reserve banks'
Apr. 30
Apr. 29
holdings of acceptances fell during the week from
Apr. 30
Changes
1932.
1933.
for Week.
1934.
$10,163,000 to $8,279,000. Their holdings of acAssets-Retchsmarks.
Reichsmarks. Reichsmarks. Reich:marks.
Gold and bullion
—14,294,000 204,998.000 410,541,000 858,834,000
ceptances for foreign correspondents also decreased
Of which dopes. abr'd No change.
20,238,000
94,967,000
44,737,000
Res've ln for'n currency
99,507,000 130,616,000
6,762,000
+914,000
from $4,669,000 to $4,261,000. Open market rates
Bills of exch. dt checks
+394.180.000 3,192,759,000 3,149,256,000 3,171,912,000
Silver and other coin
194,335,000 170,874,000 162,394,000
—111,74200
0
for acceptances are nominal in so far as the dealers
Notes on oth. Ger. bks_
3,182,000
2,176,000
4,864.000
—10,414,000
Advances
+68,268,000 139,552,000 177,081,000 281,987,000
are concerned, as they continue to fix their own rates.
Investments
12,224,000 639,131,000 816.937,000 361,561,000
Other assets
+46,646,000 561,175,000 407.976.000 812,514,000
The nominal rates for acceptances are as follows:
Liabilities—
T
T
Notes in circulation.___
0th. daily matur. oblig_
Other liabilities
Propor.of gold and for'n
curr, to note circula'n
+332,439,000 3,640,108,000 3.538,312,000 4,128,057,000
+6,448,000 515,399.000 406,005,000 404,729,000
+22,474,000 165,305,000 167.886,000 681.782.000
—1.0%
5.8%
14.4%
24%
The New York Money Market
HANGES were lacking in the New York money
market this week, all characteristics of previous
weeks again being in evidence. The large total of
excess reserves of member banks with the Federal
Reserve institutions show that funds are available in
great amounts, but demands for accomodation remain small. The official easy money policy continues to depress rates in all departments, and levels
are at record low figures. The Treasury sold two
series of discount bills by the competitive tender
system, Monday, and new low record costs resulted.
An issue of $75,000,000 bills due in 91 days was
awarded at an average discount of only 0.07%, while
$50,000,000 bills due in 182 days were awarded at an
average discount of 0.16%. Call loans on the New
York Stock Exchange were again 1% for all transactions of the week whether renewals or new loans.
In the unofficial street market, transactions in call
3
loans were reported every day at 4%, or a con-
C
SPOT DELIVERY.
—180 Days— —150 Day:— .---120
Bid.
Asked. Bid. Asked. Bid. Asked.
A
A
A
A
—90 pails— —60 Days— —80oars—
Bid. Asked. Bid. Asked. Bid.
Asked.
34
'is
A
Days—
Prime eligible bills
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
% bid
A% 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.
Federal Reserve Bank.
Beaton
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rats in
=ea on
May 4.
2
134
234
2
234
234
3
a
2
Date
Established.
Previous
Rate.
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
334
334
3
3
334
335
335
235
2984
Financial Chronicle
Course of Sterling Exchange
TERLING exchange is dull and ruling much
easier in terms of the dollar than last week.
The market in New York has been extremely quiet
and the fluctuations have been affected chiefly by
operations originating in London and Paris. The
pound is also fractionally easier in terms of French
francs. This is clearly indicated by the London
check rate on Paris. The pound is at a slight discount with respect to the United States dollar, while
that unit has been ruling closer to parity in its relation to the franc. During the greater part of the
period from April 28 to May 1, inclusive, the dollar
was at a discount in terms of francs, but after Wednesday the two currencies were quoted generally at par,
with the dollar sometimes at a small premium. The
range for sterling this week has been between $5.103/2
and $5.153. for bankers' sight.bills, compared with a
range of between $5.133/ and $5.173/ last week.
The range for cable transfers has been between $5.11
and $5.15%, compared with a range of between
$5.133 and $5.17% a week ago.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price, and the price paid for gold by
the United States:
S
MEAN LONDON CHECK RATE ON PARIS.
77.375 Wednesday, May 2
Saturday, Apr. 28
Thursday, May 3
77.37
Monday, Apr. 30
May 4
Friday,
77.26
Tuesday, May 1
77.13
77.36
77.28
LONDON OPEN MARKET GOLD PRICE.
1355. 9d. I Wednesday, May 2_ _ _ _136s. 33d.
Saturday, Apr. 28
Thursday, May 3._ _ _136s.
135s. &I.
Monday, Apr. 30
May 4_ _ _135s. 10d.
135s. 113d. Friday,
Tuesday, May 1
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK).
35.00
35.00 Wednesday, May 2
Saturday, Apr. 28
35.00
35.00 Thursday, May 3
Monday, Apr. 30
May 4
35.00
35.00 Friday,
Tuesday, May 1
The outstanding feature of sterling exchange this
week has been the steady withdrawal of gold from
London by Paris. This gold came largely from private European hoards on deposit in London, but it
would seem also that since April 27 Paris has taken
practically all the gold offered in the London open
market. According to authoritative sources approximately £4,131,110 was shipped from London to
Paris. Since April 30 approximately £1,843,000 of
open market gold seems to have gone from London
to Paris. This sudden shift of funds away from
London is due to the increased confidence in the
economic situation and business outlook in France.
The movement accounts for the softness of sterling
in terms of francs. So far as could be ascertained
the London authorities have taken no steps to halt
the movement or to firm up sterling against francs,
but on the contrary it would seem that the outward
flow of funds is rather welcome to the London
market.
To a large extent it is considered that the French
funds now moving out of London,represented nervous
money which took flight from Paris during the
political riots in February, previous to the inauguration of Premier Doumergue. The outflow has not in
the least hardened money rates in London and there
continues to be a plethora of funds, with hardly any
change in open market rates from day to day. Call
1%. Twomoney against bills is in supply at V
months' bills are %%, three-months' bills 15-16%,
four-months' bills 1%,and six-months'bills 1 1-16%.
Easy as these money rates are, they do not reflect
the real abundance of funds in London, and the rates
are sustained only by the concerted efforts of the
May 5 1934
leading London banks to strengthen the position of
the discount houses, which had been working on an
unprofitable basis for more than a year.
London reports that there is a certain marked
hesitancy in foreign exchange trading as a result of
renewed fears of further devaluation,or of steps toward
further inflation of the dollar. These fears are, of
course,affecting adversely,trading positions in all the
foreign exchange markets. London is again basing
its gold price on the sterling-franc rate, ignoring the
relation of sterling to the dollar.
So far as can be ascertained, all the gold now coming to the London open market is being taken for
French accosunt. On Saturday last £450,000, on
Monday £935,000, on Tuesday £445,000, on Wednesday £798,000, on Thursday £337,000, and on Friday
L$263,000 of gold available in the open market was
reported to have been shipped to Paris. The Bank
of England statement for the week ended May 3
shows an increase in gold holdings of £51,058, the
total standing at £192,142,067, which compares with
£186,927,226 a year ago, and with the minimum of
£150,000,000 recommended by the Cunliffe Committee. At the Port of New York of New York the gold
movement for the week ended May 2, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $6,370,000, of which $3,524,000 came
from England, $2,137,000 from Canada, $697,000
from India, and $12,000 from Guatemala. There
were no gold exports. The Reserve Bank reported a
decrease of $898,000 in gold earmarked for foreign
account. In tabular form the gold-movement at the
Port of New York for the week ended May 2, as
reported by the Federal Reserve Bank of New York,
was as follows:
GOLD MOVEMENT AT NEW YORK, APRIL 26
-MAY 2, INCL.
Importe.
Exports.
$3,524,000 from England
2,137,000 from Canada
None.
697,000 from India
12,000 from Guatemala
$6,370,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease, $898,000.
We have been notified that approximately $854,000 of gold was received
from China at San Francisco.
The above figures are for the week ended Wednesday evening. On Thursday $1,676,500 of gold was
received from Canada. There were no exports, but
gold held earmarked for foreign account decreased
$350,000. On Friday there were no imports or exports or change in gold held under earmark for foreign
account. $383,000 of gold was received at San Francisco from China.
Canadian exchange is generally firmer, ruling at a
slight premium above the dollar. On Saturday last
Montreal funds were at a premium of 5-16 to 13-32%,
3
1
on Monday at from 5-16 to /%,on Tuesday at %
34
.
to /%,on Wednesday at/ to 9-32%, on Thursday
at 3-16 to 5-16%, and on Friday at A to 13-32%
premium.
Referring to day to day rates, sterling exchange on
Saturday last was steady in a dull market. Bankers'
2
sight was $5.143/®$5.1531;cable transfers,$5.14®
$5.15%. On Monday softness developed. The
range was $5.13/@$5.143/ for bankers' sight and
$5.135 ®$5.14% for cable transfers. On Tuesday
/
sterling was off sharply. Bankers'sight was $5.103/®
2
$5.133'; cable transfers, $5.11@$5.1334. On
Wednesday the pound developed some resistance
without material change in quotations. Bankers'
sight was $5.103/2®$5.103'; cable transfers, $5.11®
Volume 138
Financial Chronicle
2985
$5.123/2. On Thursday exchange was steady. The quarters that there is no sign of this condition berange was $5.12M@$5.123 for bankers' sight and coming pronounced. The Reichsbank's statement is
4
$5.123@$5.12% for cable transfers. On Friday more unfavorable than ever. Its gold reserves are
sterling was steady, the range was $5.113g@$5.12M down to 204,998,000 marks as of April 30, which
/
for bankers' sight and $5.113/2@$5.12% for cable compares with 410,541,000 marks a year ago. The
transfers. Closing quotations on Friday were $5.11 Bank's ratio is off another 1% to 5.8%, which comfor demand and $5.1.13/ for cable transfers. Com- pares with 14.4% a year ago. Under the law which
mercial sight bills finished at $5.11; 60-day bills at went into effect in October 1924, the Reichsbank was
$5.103; 90-day bills at $5.09%; documents for pay- required to maintain a 40% reserve against its notes
ment (60 days) at $5.10%, and seven-day grain bills in circulation. At the end of 1928, the Reichsbank's
at $5.11/. Cotton and grain for payment closed reserves consisted of gold to the amount of 2,283,000,000 marks, and foreign assets totaled 404,000,000
at $5.11.
marks.
Continentaland Other Foreign Exchanges
The London check rate on Paris closed on Friday
XCHANGE on the Continental countries is gen- at 77.28,
against 77.37 on Friday of last week. In
erally firm, although there has been a marked
New York sight bills on the French center finished
recession from the high points recorded last week.
on Friday at 6.623 , against 6.643 on Friday of
4
4
The French franc is noticeably firm and while comlast week; cable transfers at 6.63, against 6.65 and
paratively inactive in New York, has been quoted
commercial sight bills at 6.61, against 6.633/2. Antthroughout the week at a few points below and a werp belgas
finished at 23.47 for bankers' sight bills
few points above dollar parity.
and at 23.48 for cable transfers, against 23.56 and
The following table shows the relation of the lead- 23.57. Final
quotations for Berlin marks were 39.56
ing currencies still on gold to the United States for bankers'
sight bills and 39.57 for cable transfers,
dollar:
in comparison with 39.67 and 39.68. Italian lire
Range
Old Dollar New Dollar
This Week.
Parity.
Parity.
closed at 8.53 for bankers' sight bills and at 8.54 for
6.62k to 6.65
6.63
France (franc)
3.92
23.44 to 23.57
cable transfers, against 8.563 and 8.57. Austrian
23.54
4
13.90
Belgium (belga)
8.533i to 8.5734
8.91
5.26
Italy (Lira)
schillings closed at 19.05, against 19.15; exchange
39.75
39.54 to
40.33
23.82
Germany (mark)
32.54 to 32.68
32.67
Switzerland (franc)
19.30
on Czechoslovakia at 4.19, against 4.20; on Bucharest
68.00 to 68.24
68.06
Holland (guilder)
40.20
at 1.013/, against 1.013/; on Poland at 19.02,
2
2
As already pointed out in the review of sterling
against 19.09, and on Finland at 2.27, against 2.28.
exchange, the French franc holds the center of interest Greek exchange
closed at 0.94 for bankers' sight
in the foreign exchanges this week owing to the combills and at 0.95 for cable transfers, against 0.95 and
plete reversal of the gold flow which is now running
0.951 .
A
from London to Paris. Since April 27 more than
£5,954,000 gold has gone from London to Paris.
XCHANGE on the countries neutral during the
A large part of this gold has come from the London
war, while firm, has receded from the excepopen market, but considerably more than 0,000,000 tionally high levels recorded last week. Nevertheless
appears to have been withdrawn by French and other the Swiss franc and the Holland guilder have been
hoarders from the vaults of the large British banks. ruling close to dollar parity. The guilder was at a
As already pointed out, the reason given for the re- slight premium in terms of the dollar on numerous
turn of funds to Paris is the remarkable resurgence occasions this week. Money rates have again turned
of confidence in the economic outlook in France. easier in Amsterdam, owing largely to the fact that
Gold is not only flowing into France from stocks the sudden efflux of funds from Amsterdam to
hoarded in London for French, Dutch and other France, which has been characteristic of the past
Continental accounts, but metal is being received month, has exhausted itself and now there is a
from Switzerland, Italy and Belgium in connection superabundance of loanable funds in Amsterdam.
with central bank operations in defense of currencies. Money rates of all classes were reduced 4% on
1
The strength of the franc is giving encouragement to Thursday. The private discount rate was lowered
all gold bloc units.
4
to 13 % from 2%, which had been in effect since
The Bank of France statement for the week ended April 24. The buying rate on prime guilder acceptApril 27 shows an increase in gold holdings of fr. 625,- ances has been reduced to 17 % from 23/s%. The
A
425,510. This makes the eighth suecessive increase official rediscount rate of The Netherlands Bank
in the French gold stock, bringing the total accessions has been at 23/2% since Dec. 19, and no immediate
in the period to approximately fr. 1,827,784,353. reduction is thought likely. It is believed that much
Total holdings of the Bank of France now stand at of the foreign capital which has taken flight to Holfr. 75,755,983,799, which compares with fr. 80,866,- land in the past year or more has been repatriated,
019,308 a year a year ago, and with fr. 28,935,000,000 while at the same time Dutch funds have been
when the unit was stabilized in June 1928. The steadily moving homeward. This movement is rebank's ratio stands at the high level of 77.52%, flected in the great success of the 900,000,000 guilder
which compares with 77.37% a year ago, and with conversion loan recently effected. The Swiss franc is
legal requirement of 35%.
also steady, and less is heard of plans for devaluation
There are no new important developments in the or inflation of the unit. President Marcel Pilet-Golaz
complicated mark situation. Mark quotations are, of Switzerland recently stated that "Honor and inof course, largely nominal. The recent decrees have terest bind the Swiss franc to the gold standard.
made the mark, like the Russian ruble, a purely Switzerland is the last country which can afford
domestic currency. While the Government and the monetary manipulation and those who are dreaming
Reichsbank assert that full debt service, subject to inflation will get it only in their dreams."
possible agreement on interest reductions, will be
Bankers' sight on Amsterdam finished on Friday
transferred again whenever the balance of trade at 68.04, against 68.17 on Friday of last week; cable
becomes sufficiently favorable, it is agreed in most transfers at 68.05, against 68.18, and commercial
E
E
2986
Financial Chronicle
sight bills at 68.02, against 68.15. Swiss francs
closed at 32.55 for checks and at 32.56 for cable
transfers, against 32.65 and 32.66. Copenhagen
checks finished at 22.86 and cable transfers at 22.87,
against 22.98 and 22.99. Checks on Sweden closed
at 26.39 and cable transfers at 26.40, against 26.51
and 26.52; while checks on Norway finished at 25.73
and cable transfers at 25.74, against 25.85 and 25.86.
Spanish pesetas closed at 13.72M for bankers' sight
bills and at 13.733/ for cable transfers, against 13.77
and 13.78.
XCHANGE on the South American countries
presents no new features of importance. These
units are all nominally quoted and continue under
the strictest of government control regulations. On
April 27, short-term creditors and government officials of Chile began discussion of a proposal by which
Chile will pay 2% amortization and 1% interest on
foreign debts. Chile is now trying to work out a
series of measures designed to stabilize international
exchange rates and resume payment on foreign debt
service. There can be no real improvement in the
South American foreign exchange situation until
the mutual relation of sterling, the franc, and the
United States dollar is clarified.
Argentine paper pesos closed on Friday nominally
at 34 for bankers' sight bills against 34 on Friday of
last week; cable transfers at 343.., against 3434..
Brazilian milreis are nominally quoted at 8.55 for
bankers'sight bills and 8M for cable transfers, against
8.55 and 8/. Chilean exchange is nominally quoted
at 103., against 103.j. Peru is nominal at 22.25,
against 22.00.
E
May 5 1934
Shanghai on Monday stated that bar silver in terms
of gold had dropped to the lowest price in 135 years
during which gold and silver prices have been
recorded. Japanese yen are relatively steady and
appear to have fluctuated this week between 30.42
and 30.50. The Tokio foreign exchange control endeavors to keep the yen moving in harmony with the
trend of sterling exchange. Closing quotations for
yen checks, yesterday, were 30.37, against 30.43 on
Friday of last week. Hong Kong closed at 35.90@
8
36 1-16, against 36 13-16@373/ Shanghia at 323/©
;
8
32 3-16, against 333/s; Manila at 503/ against 503/;
8,
8
Singapore at 603,•against 60; Bombay at 38.70,
against 38.85, and Calcutta at 38.70, against 38.85.
Gold Bullion in European Banks.
HE following table indicates the amount of gold
bullion in the principal European banks as of
May 3 1934, together with comparisons as of the
corresponding dates in the previous four years:
T
Basks of-
1934.
£
England-. 192,143,067
France a__ 606,047,870
Germany b
8,013,050
Spain
90,493,000
74,350,000
Italy
Netherrds_
65,534,000
Nat, Relit_
77,163,000
Switzerland
61,116,000
Sweden
14,857,000
Denmark...
7,398,000
Norway_ -6.576,000
1933.
1932.
1931.
£
£
£
188.927,226 121,4110,179 148.482,514
646,928,154 622,896,573 444,943,007
38.295,600 107,838,300
19,599,650
90,367,000
90,017,000 96,894,000
60,868,000
57.435,000
68,036,000
75,530,000
37,498,000
79,685,000
72.049,000
41,273,000
76,313,000
66,031,000
25,712,000
85.019,000
13,322,000
12,096,000 11,440,000
7,397,000
8,032.000
9,546,000
8,581,000
8,133,000
8,380,000
1930.
£
164.502,394
338,800,171
120,781,450
98,773,000
56,261,000
35,995,000
33,800,000
23,151.000
13,555,000
9,572,000
8,144,000
Total week 1,203,689,987 1,280.748,030 1,173,180,352 991,076,821 903,335,015
Prey. week 1.201,584.225 1,281.057,993 1,168,957,377 998,557,281 902,565,066
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £2,236,850.
Impending Extensions ofFederal
Authority
The extension of Federal authority at the expense
XCHANGE on Far Eastern countries has been of the States which has characterized so much of the
ruling irregular and easier for the past few recovery legislation will be carried into fields of
weeks, owing to the pressure on silver prices. This nation-wide importance if two bills which are now
applies especially to the Chinese units as buying or before Congress become law. One of these bills, in
selling exchange on China is virtually equivalent to form an amendment of the Federal Bankruptcy Act,
a transaction in silver. A United Press dispatch from adds to the act provisions for dealing with municiFOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
palities which are in default or practically insolvent.
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
APRIL 28 1934 TO MAY 4 1934, INCLUSIVE.
This bill, which passed in the House of Representatives in March, has just been passed in an amended
Nairn Butting Rate for Cable Transfers tn New York.
Value in United Mates Money.
Country and Monetary
form in the Senate and only awaits the favorable
Unit
457. 28. Apr. 30. May 1. May 2. Maya. May 4.
action of a conference committee to insure its final
EUROPE3
$
$
$
$
$
Austria,schilling
.190666* .190583* .189666 .189391* .189325* .189641*
adoption. The second bill, introduced in the Senate
Belgium, belga
.235308 .235230 .234991 .234591 .234438 .234461
Bulgaria, lev
.013375* .013375* .013250* .013250* .013250* .013250*
on Monday, gives to the Federal Government,
Czechoslovakia, kron .041909 .041875 .041840 .041818 .041815 .041825
Denmark, krone
.229800 .229525 .228950 .228208 .228825 .228658
through the Department of the Interior, virtually
England, pound
sterling
5.150576 5.141000 5.125166 5.116583 5.124416 5.118416
complete control of the production and transportaFinland, markka
.022650 .022650 .022635 .022562 .022600 .022610
France, franc
.066458 .066440 .066355 .066288 .066280 .066270
tion of oil, subject to such control as is already exGermany, reichsmar .397064 .396969 .396235 .395721 .395542 .395371
Greece drachma
009500 .009518 .009484 .009487 .009481 .009481
ercised through the petroleum code. The bankruptcy
Holland, guilder
.681614 .681707 .680857 .680335 .680207 .680142
Hungary, pengo
.299000* .297250* .297250* .297125* .296875* .297833*
bill is understood to have the approval of President
Italy, lira
.085595 .085558 .085490 .085341 .085390 .085382
Norway, krone
.258516 .258191 .257450 .256733 .257390 .257200
Roosevelt, while the oil bill is entirely an AdminisPoland, zloty
.190533 .190333 .190275 .189966 .189900 .189766
Portugal, escudo
.047190 .047050 .046955 .046780 .046750 .046755
tration measure.
Rumania,leu
.010056 .010037 .010043 .010058 .010018 .010025
Spain, peseta
.137625 .137610 .137466 .137310 .137289 .137196
Sweden,krona
.265341 .265200 .264166 .263475 .264025 .264016
The bankruptcy bill, the operation of which is limSwitzerland, franc.-- .326335 .326160 .325650 .325403 .325471 .323357
Yugoslavia, dinar
.022808 .022816 .022766 .022716 .022737 .022766
ited to two years,begins with the declaration of"a naASIAChinational emergency caused by the increasing financial
Chefoo (yuan) dor .330000 .325416 .312500 .315833 .315416 .317916
Hankow(yuan)dor .330000 .325416 .312500 .315833 .315416 .317916
difficulties of many local Governmental units, which
Shanghai(yuan)clor 229062 .325000 .312291 .315468 .315000 .317656
Tientsin(yuan)dor .330000 .325416 .312500 .315833 .315416 .317916
renders imperative the further exercise of the bankdollar
.368125 .363437 .350312 .354375 .354062 .355312
Hongkong,
India, rupee
.387187 .386150 .385050 .384250 .384750 .384800
ruptcy powers" of Congress. Any "taxing district,"
Japan, yen
.303220 .303435 .302610 .302260 .302875 .302925
Singapore (S. S.) dor .602812 .601875 .600625 .598125 .599375 .800000
meaning thereby "any municipality or other political
AUSTRALASIA
4.104687*4.098125* .088750*4.075156*4.087812*4.081250*
Australia. pound
subdivision of any State," is authorized to file with
New Zealand, pound. .110000'4.110312* .100625*4.087187•4.101875*4.093125*
AFRICA
the Federal District Court in whose territorial jurisSouth Africa, pound__ .092000*5.082000*5.068750*5.056750*5.065250*5.060000*
NORTH AMER.diction it is situated a petition "stating that the tax1.003854 1.003463 1.002526 1.001562 1.002630 1.002083
Canada, dollar
.999550 .999550 .999550 .999550 .1199550 .999550
Cuba, peso
ing district is insolvent or unable to meet its debts as
Mexico, peso (silver)_ .277100 .277333 .277333 .277333 .277333 .277333
1.001562 1.001250 1.000062 .999125 1.000125 .999750
Newfoundland, do
they mature, and that it desires to effect a plan of
SOUTH AMER.
.343333* .342733* .341600* .341166* .341666* .341300*
krgentina, Peso
.086675* .086525* .086475* .086325* .086375* .086337*
readjustment of its debts." The plan of readjustBrazil, mllrels
103275* .102575* .012500* .102275* .101750* .102275*
Chile. Peso
.809766* .809333* .808833* .806700* .807433* .806133*
ment, which is to accompany the petition, must have
Urug1ay, peso
'nInn-shin npstn
609800* .617300* .617300* .617300* .025000* .625000*
been accepted in writing by "creditors of the taxing
•Nominal rates: firm rates not available.
E
Financial Chronicle
2987
district owning not less than 51% in amount of the were held as trust funds, and that it was "the openVolume 138
bonds, notes and certificates of indebtedness" of the
district, "excluding bonds, notes or certificates of
indebtedness owned, held or controlled" by the district "in a fund or otherwise." The facts set out in
the petition may be controverted within 90 days by
creditors holding 5% of the securities in question,
and the petition is to be dismissed by the court if
the "material allegations" of the petition are not sustained. If the petition is sustained and the plan of
readjustment approved by the court (the bill provides for consideration by the court of the fairness
of the plan,the good faith of its offer and acceptance,
and the legal right of the taxing district to take whatever action is necessary to carry out the plan), the
plan is to become effective when accepted "by or on
'behalf of creditors whose claims have been allowed
holding two-thirds in amount of the claims of each
class whose claims have been allowed and would be
affected by the plan, and by creditors holding 75%
in amount of the claims of all classes" of the district,
as well as by the taxing district itself. The right
to a hearing throughout the proceedings is secured to
the district as well as to the creditors. A final decree approving the plan "shall discharge the taxing
district from those debts and liabilities dealt with
in the plan except as provided by the plan," but the
plan of readjustment is required to contain provisions "modifying or altering the rights of creditors
generally, or of any class of them, secured or unsecured, either through the issuance of new securities of any character or otherwise."
In a debate on the bill in the Senate on Monday
and Tuesday, it was stated that on Jan. 30 of the
present year 2,019 municipalities and other taxing
districts were in default on the principal, interest or
both of some $2,000,000,000 of bonds. The original
bill, it appeared,had been brought forward primarily
in the interest of the three or four hundred taxing
districts in Florida which had gone'bankrupt in consequence of the real estate 'boom, and of a serious
situation in Detroit, but the advocates of the measure
insisted that the trouble was widespread, that municipal defaults were increasing, and that under present
conditions it was impossible for the debt-burdened
municipalities to pay their debts by further borrowing or further increases in the tax levies. There was
no thought, it was contended, of repudiation. It
was admitted that the Constitution, when it conferred upon Congress the power to legislate regarding bankruptcy, did not contemplate the extension
of bankruptcy proceedings to municipalities, but it
was nevertheless urged that the grant of power was
broad enough to cover municipal default, and an
opinion of the Department of Justice was cited to the
effect that the bill was constitutional "in so far as
it applied to a political subdivision and taxing district engaged in a proprietary interest or function,
but not where it was engaged wholly in a public or
Governmental function."
Strong opposition, on the other hand, was raised
to the bill on the grounds both of constitutionality
and expediency. Senator Van Nuys of Indiana,
Democrat, who offered the most comprehensive criticism of the measure, insisted that with only 2,000
defaulting districts out of from 250,000 to 400,000
that would be affected by the bill, there was "no
universal demand"for the proposed legislation, that
it would have an adverse effect upon municipal
securities, an "overwhelming percentage" of which
ing wedge in repudiation of State and Federal obligations." "If 75% of the creditors and the taxing
districts get together and agree to scale down the
principal of their obligations one thin dime," he
asked, "is that not repudiation pure and simple?"
The bill, it was further argued, contemplated an interference by the Federal courts with State laws and
local ordinances regarding debt and taxation, and
.proposed to "discharge the municipality and its officers from the duty imposed by State law to levy
taxes to pay the debts and obligations of the municipality." "The most insistent demand" for the bill,
Senator Van Nuys declared, "comes from cities
which were overdeveloped during boom days, when
real estate prices were pyramided and unreasonable
and wholly unwarranted public improvements were
projected upon such pyramided values." Their
plight was undoubtedly serious, but the duty of providing relief lay with the States, especially since the
Supreme Court has only lately upheld the right of
a State to grant a temporary moratorium or even extend direct relief to municipalities.
The new oil bill, in a long declaratory first seclion which is, we believe, unique in the history of
Federal statute making, declares that the petroleum
industry is one "affected with a national public interest," that it is practically impossible to separate
the product that is not to cross State lines from that
which moves •across such lines, that the industry
needs rehabilitation, and that the nation's supply of
oil should be conserved. The Secretary of the Interior is accordingly empowered to limit the importation of petroleum and its products to such amounts
as will prevent unreasonable interference with
domestic production, to determine periodically,
"upon a scientific and impartial evaluation of all
available pertinent data," the demand for domestic
consumption and for export, and to prescribe the
quotasfrom "such States, pools,fields,leases or properties, storage units or other sources of supply" as
he may deem necessary. Periodical and special reports may be required from "persons engaged in the
petroleum industry," with authority to "examine and
inspect their books, records, papers and properties"
for the purpose of verification, and the form of such
records may be prescribed. Hearings are provided
for before quotas are set, and the right of appeal to
the Federal courts on questions of law is guaranteed.
The bill further provides for the appointment by
the Secretary of the Interior of a Petroleum Administrative Board of seven members. The Secretary may also appoint, "without regard to the civil
service laws," any required number of "qualified
attorneys, economists, geologists, statisticians and
other employees." The National Industrial Recovery Act, Section 9 of which relates to the control
of pipe lines and the transportation of oil, is to
continue in force, as are also such parts of the Code
of Fair Competition for the industry as are not
."necessarily inconsistent" with the provisions of the
bill.
Different as the two bills are in their requirements
and the subjects to which they relate, they nevertheless illustrate in striking fashion the steady march
of Federal centralization which is being directed
from Washington. The bankruptcy bill makes a
special appeal because of the prospect of relief which
it holds out to holders of defaulted municipal securities who see little likelihood of State action which
2988
Financial Chronicle
will enable them to realize on their claims. Something may be saved somewhere out of the wreckage
of municipal extravagance even if a good deal is
ultimately lost. The objections to the bill, on the
other hand, are weighty. It is a serious question
whether any combination of creditors of a municipality, or the three different combinations for which the
bill provides, should be permitted, by acting in conjunction with the municipality itself, to force the
25% of the creditors who are outside the combination to compound their claims. It is not clear that
the reservation to 5% of the creditors of a right to
object will in practice turn out to be of much importance. The basis of sound credit, whether for
municipal securities or others, is in the good faith
and financial strength of the borrower and confidence that the debt will be paid, but the bankruptcy
bill is notice to lenders that the same unwise or
criminal policies which have brought municipal insolvency in the past may again be made the excuse
for an appeal for "readjustment" and a scaling down
of municipal debts. The bill goes far toward relieving the States of the duty of controlling the financial affairs of the political subdivisions which the
States have created, and invokes the power of the
Federal courts to straighten out embarrassments
which the States and municipalities have hitherto
been expected to deal with for themselves. It will
be a heavy price to pay if, for the sake of helping
out the relatively few municipalities that are in
difficulties, the confidence of investors in municipal
securities as a whole is shaken and average market
prices of such issues decline.
The oil bill, of course, is only another step in the
process of Federal control which began with Section 9 of the National Industrial Recovery Act and
was continued in the Code of Fair Competition for
the industry. It as good as completes the process
of bringing one of the foremost American industries
under Federal regulation, and leaves to the States
hardly a vestige of real authority regarding so much
of the industry as exists or operates within State
boundaries. One wonders how soon other great industries whose operations are inter-State as well as
intra-State, such as the telephone or telegraph or
the transmission of electrical power, or which are
adjudged by the Administration and the "brain
trust" to be in need of "rehabilitation" or to have
some special relation to national prosperity or defense, will be similarly taken over and told, as some
one has said, not only how to get on but where to
get off. Not the least important provision of the
bill is the one which opens all records of the oil industry to Government inspection. It has been for
some time common knowledge that the "brain trust"
was eager to obtain an unrestricted right of access to
corporation and business records as a means of enforcing the requirements of the "new deal," and the
oil bill goes a long way toward giving what is desired.
It is not, perhaps, without significance that the
bankruptcy bill should be pressed to speedy adoption, and the oil bill brought forward, just at a time
when the Administration is reported to be considering a re-examination of important parts of the recovery program and planning a campaign to revive
a waning popular enthusiasm. The conclusion seems
warranted that, whatever changes may be made or
whatever new forms of popular stimulation may be
resorted to, the collectivist trend will not be inter-
May 5 1934
fered with. It is from this standpoint, and not from
that of the temporary good that either of the two
measures here discussed may conceivably do, that
the bankruptcy and oil control bills must ultimately
be judged.
Back toFarm Movement on the Wane
In spite of the well-defined downward trend in the
number of persons moving from farms to cities,
towns and villages between 1926 and 1932, there was
a sharp turn in the opposite direction during 1933,
when the cityward movement was 1,178,000 compared with 1,011,000 in 1932. This change may be
considered as very significant, even though it represents but a partial return to the large net downward
flow of farm population that occurred each year
from 1920 to 1929.
Many of these persons who moved back to cities
from farms were able to secure employment. Some
got their old jobs back, while others found new work.
Projects financed by Federal funds were credited
with creating the major portion of this employment.
Some of these wage earners left their families on
the farms, where they had been living temporarily,
while others took them back to town.
According to questionnaires sent out by the United
States Department of Agriculture, persons living in
the Northern States who moved to the cities were
those who had originally come out from cities because of unemployment, and with the hope of getting
food and shelter at little cash outlay in farm communities.
Persons living in the Southern States and other
parts of the country who moved from farms to cities
and towns during 1933 were croppers, farm tenants,
and farm laborers of long standing, who were out
after jobs on relief projects. Some few families were
compelled to leave their farms because of foreclosures, assignments, and tax sales.
An element which formerly made up a large part of
the urbanward migration of farm people was conspicuous by its absence in 1933. This was the movement of farm-reared young people to cities and towns
in search of employment. Statistics indicate that
more children are raised on American farms than
are needed to replace the aged who retire and others
who die during their productive years. Normally
city industries of one kind or another readily absorb
this surplus, but since the depression began most of
these young people have remained on the homefarms
because they were unable to find employment elsewhere. Thus, the present surplus of young people
on farms presents both a problem and a challenge
in the development of sound agricultural and industrial policies.
Farmward Movement Shows Huge Decrease
The lure of the city is clearly manifested by the
huge decline in the movement of persons from urban
centers to farms during 1933. Last year this movement totaled only 951,000, compared with 1,544,000
during 1932. The 1933 farmward migration was the,
smallest annual movement since 1921.
A number of circumstances account for the
change, among which were the following: Most unemployed urbanites having possible havens of refuge
on farms of relatives or friends apparently utilized
such opportunities earlier in the depression, while
the number of urban unemployed did not increase
during the first'half of 1933 as much as it did a year
earlier. Existing farm buildings, including many
that had been abandoned for longer or shorter
periods, and had gotten badly in need of repairs, were
already filled to overflowing by 1933, so that additional families desirous of going to the country
were faced with the problem of providing new living
quarters should they migrate to farm communities.
Cities and towns continued to encourage subsistence
gardening on the part of their unemployed, thus
removing or reducing some of the incentive of urbanites to get out on the land. City relief agencies
reported that rural areas could not assume added
relief burdens unless outside aid was provided, and
the cost of caring for urban families moved to rural
areas was mounting as existing housing facilities
could be secured only by new construction.
Summarizing the movement of urbanites to farm
communities we have: First, some improvement in
urban employment conditions in many different
kinds of work. Second, more adequate relief in many
urban localities as a result of available Federal
funds. Third, the emergency civil works and public
works projects provided some of the urban unemployed sufficient income to remain in the cities.
Data indicating net movements to and from farms
since 1920 are presented in the table below:
MOVEMENT TO AND FROM FARMS.
Persons Leaving
Farms for
Cities.
Year.
2989
Financial Chronicle
Volume 138
Persons Arriving Net Movement
from Farms
at Farms
to Cities.
from Cities.
336,000
560,000
1920
896,000
564.000
1921
759,000
1,323,000
1,137.000
1922
1,115,000
2,252,000
807,000
1923
1,355,000
2,162,000
487,000
1924
1,581,000
2.068,000
702.000
1925
1,336,000
2,038,000
907.000
1926
1,427,000
2,334,000
457,000
1927
1,705,000
2.162,000
422,000
1928
1,698,000
2.120,000
477,000
1929
1,604,000
2,081,000
a17,000
1,740,000
1930
1,723,000
a214,000
1931
1,683,000
1,469,000
a533,000
1932
1,544,000
1,011,000
227,000
951.000
1933
1.178.001)
a Net movement from cities to farms, a reversal of the earlier trend.
of new issues due to Security Act restrictions, remained unchanged. Moreover, excess reserves of member banks,
although experiencing a sharp decline in the most recent
week, nevertheless continued at extremely high levels.
U.S. Government bonds advanced to new highs. No new
financing, with the exception of discount bills, will be necessary on the part of the U. S. Treasury until midsummer, and
in fact no large maturities will appear before the $1,200,000,000 of called Fourth Liberty 434s become payable Oct. 15.
The transfer of $1,800,000,000 from the profit on revaluation
of the dollar to a separate fund to be used in foreign exchange
transactions was perhaps the logical result of the dollar's
action last week, when it momentarily touched the gold
export point. No official indication as to just how this new
fund is to be used has been given out.
Continued firmness has been shown by high-grade and
medium-grade railroad bonds during the week. Chesapeake & Ohio ref. 4s, 1995, closed at 101% up % since
last Friday, Canadian Pacific cons. deb. 4s at 823 , a gain
%
of 2 points, and Union Pacific deb. 434s, 1967, at 10034,
down 34 point. Weakness and lower prices were witnessed
throughout the second and lower-grade rail issues. Erie
ref. 5s, 1975, were off 2 points, closing at 753/ on Friday;
Denver & Rio Grande Western gen. 5s, 1955, at 22% were
down 238; Chicago Milwaukee St. Paul & Pacific mtge.
/
5s, 1975, at 51 8 were off 1% points, and Missouri Pacific
gen. 4s, 1975, at 153 were down % of a point.
4
3
The utility bond market has been somewhat unsettled
this week, recessions of moderate amounts occurring in
many medium-grade and speculative issues. High grades
maintained a fairly firm tone. American Power and Light
6s, 2016, were down 23 to 61 since a week ago, Central
States Electric 53's, 1954, lost M to 453 , New England
4
Power 5s, 1948, declined % to 68, and Seattle Lighting Co.
5s, 1949 moved down 13, points to 34.
Trading has been lighter in industrial bonds during the
week and while higher-grade issues held well, an irregular
stock market was reflected in lower prices among many
second line and speculative bonds. Steels as a whole were
relatively firm, Inland 43's, 1978, gaining Yi to 973, while
National 5s, 1956, advanced M to 1023/2. Youngstown
Sheet & Tube 5s, 1978, were weaker, dropping 1% points
to 85. In the tire group U. S. Rubber 5s, 1947, declined
3.4 to 873/2 and Goodrich 6s, 1945, were off M to 88. Oils
remained generally steady with small price changes. Speculative bonds experiencing reactions included Childs 5s, 1943,
off
to 58, Warner Bros. Pictures 6s, 1939, down 23 to
4
62, and Container Corp. 5s, 1943, 4 points lower at 75.
There was a fairly firm undertone to foreign bonds, re-
Bonds have been only slightly affected by declining stock
prices this week. Lower-grade issues showed a tendency
to soften, but higher grades held well up to recent record
levels. Fundamentally, conditions affecting bond prices,
such as a large institutional demand, combined with absence
sulting in little change in the general averages. The principal South American issues were for the most part unchanged
since a week ago, or fractionally higher. Scandinavian,
German and Japanese issues remained firm. Polish bonds
made new highs, the 7s, 1947, going to 107%, after having
just broken par last week.
Of interest in the municipal bond market was the validation of the Arkansas refunding plan by the State Supreme
Court.
Moody's computed bond prices and bond yield averages are
given in the following tables:
MOODY'S BOND PRICES.
(Based on Average Yields.)
MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Prises.)
RR.
P. U. Indus.
106.42
106.07
105.89
105.89
105.89
105.89
105.89
105.89
105.89
105.89
105.89
105.89
105.89
105.89
105.54
105.37
105.37
105.54
97.00
97.00
97.00
97.00
97.16
97.31
97.31
97.16
97.31
97.16
97.31
97.31
97.31
97.16
97.16
96.70
96.70
96.85
82.99
82.87
83.11
83.11
83.35
83.72
83.48
83.48
83.72
83.48
83.60
83.48
83.60
82.99
82.74
82.62
82.38
82.74
99.68
99.52
99.52
99.52
99.68
100.00
100.00
100.00
100.17
99.84
100.00
100.33
100.33
100.17
100.17
99.84
99.68
100.00
98.25 111.92 105.54
97.16 111.16 104.68
xchang e Close d.
95.93 110.42 103.48
96.70 111.16 104.16
95.63 110.79 103.15
94.88 110.23 101.81
95.18 110.23 101.97
95.33 109.86 101.47
93.99 109.12 100.00
93.85 108.75 99.68
91.53 107.67 98.41
90.55 107.67 97.16
87.69 106.25 95.48
84.85 105.37 93.26
98.88 112.50 106.42
84.85 105.37 93.11
92.39 108.03 100.33
74.15 97.47 82.99
96.70
95.78
82.74
81.18
99.84
99.04
94.43
95.18
94.14
93.11
93.26
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 93.26
53.16 69.59
89.17
89.86
88.50
87.96
88.38
88.36
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
104.68
96.54
99.04
78.44
75.61
61.41
77.11
74.88
84.22
98.73
98.57
98.57
98.73
98.73
98.88
98.88
98.88
98.88
98.88
98.88
98.88
98.88
98.57
98.41
98.25
98.09
98.25
112.50
112.31
112.31
112.60
112.50
112.50
112.50
112.50
112.50
112.50
112.31
112.50
112.31
112.11
112.11
111.92
111.92
111.92
78.66
98.88
65.21
02.53
86.25
92.53
92.53
92.53
92.39
92.53
92.82
92.53
92.68
92.68
92.53
92.68
92.53
92.39
91.96
91.81
91.39
91.39
91.67
104.68
104.51
104.51
104.68
104.51
104.68
104.51
104.51
104.68
104.68
104.51
104.33
104.33
104.16
103.99
103.82
103.65
103.82
91.67 103.65
90.27 102.81
41.1
120 Domestic Corporate
120
by Ratings.
1934
Daily
Domestic.
Aaa.
Aa.
A.
Baa.
Averages
May 4__ 4.83
3.. 4.84
2._ 4.84
1._ 4.83
Apr. 30._ 4.83
28__ 4.82
27_ 4.82
26._ 4.82
25__ 4.82
24__ 4.82
23._ 4.82
21_ 4.82
20._ 4.82
19_ 4.84
18._ 4.85
17.. 4.86
16__ 4.87
14__ 4.86
Weekly
Apr. 13__ 4.86
6._ 4.93
Mar.30.- Stock E
23.. 5.01
16- 4.96
9_ 5.03
2_
5.08
Feb. 23.- 5.06
16-- 5.05
9__ 5,14
2__ 5.15
Jan. 26_ 5.31
19__ 5.38
12._ 5.59
5__ 5.81
Low 1934 4.82
High 1934 5.81
Low 1933 4.96
High 1933 6.75
Yr, Ago
May 4'33 6.33
2 Yrs.Ago
Mav 4'32 772
4 4
.
4.4.4.4.0.4.4.4.4.10.4
.4. .
......
00000b0044-;Ob0;4
0bbbb0
,
4i
k ; 4 4,
,- •0 .WWqi 40
.
4...W.C4o4..4444.WW000Ww00..4
May 4__ 104.75
104.68
104.61
1__ 104.41
Apr. 30_ 104.29
28._ 104.21
27.. 104.21
26_ _ 104.24
25._ 104.29
24.. 104.33
23_ 103.94
21_ 103.69
20._ 103.65
19_ 103.96
18__ 104.08
17_. 104.14
16.. 104.24
14_ 104.49
Weekly
Apr. 13_ 104.35
104.03
Mar.30__ Stock E
23__ 103.32
16-- 103.52
9-- 103.06
101.88
Feb. 23_ 102.34
16_ 102.21
101.69
2._ 101.77
Jan. 26_ 100.41
19__ 100.36
12.. 99.71
100.42
High 1934 104.75
Low 1934 99.06
High 1933 108.82
Low 1933 98.20
Yr. Ago
May 4'33 101.70
2 Yrs.Ago
May 4'32 98.14
120 Domestic
Corporate* by Groups.
4.37
4.39
4.40
4.40
4.40
4.40
4.40
4.40
4.40
4.40
4.40
4.40
4.40
4.40
4.42
4.43
4.43
4.42
120 Domestic
Corporate by Groups.
RR.
tt
80
ForP. U. Indus. dons.
4.94
4.94
4.94
4.94
4.93
4.92
4.92
4.93
4.92
4.93
4.92
4.92
4.92
4.93
4.93
4.98
4.96
4.95
5.98
5.97
5.95
5.95
5.93
5.90
5.92
5.92
5.90
5.92
591
5.92
5.91
5.96
5.98
5.99
6.01
5.98
4.77
4.78
4.78
4.78
4.77
4.75
4.75
4.75
4.74
4.76
475
4.73
4.73
4.74
4.74
4.76
4.77
4.75
5.24
5.24
5.24
4.25
5.24
5.22
5.24
5.23
5.23
5.24
523
5.24
5.25
5.28
5.29
5.32
5.32
5.30
4.47
7.16
4.48
7.21
4.48
7.24
4.47 . 7.24
7.24
4.48
4.47
7.23
4.48
7.28
7.27
4.48
4.47
7.26
4.47
7.23
7.23
4.48
4.49
7.23
4.49
7.21
4.50
7.18
4.51
7.19
4.52
7.21
7.22
4.53
4.52
7.22
4.42
4.96
4.47
5.02
e Closed.
4.54
5.11
4.50
5.08
4.56
5,13
4.64
5.20
4.63
5.19
4.66
5.19
4.75
5.27
4.77
5.29
4.85
5.47
4.93
5.57
5.04
5.81
5.19
6.04
4.37
4.92
5.20
8.06
4.49
5.04
6.98
5.96
5.98
6.11
4.76
4.81
5.30
5.40
4.53
4.58
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
8.74
5.22
6.74
5.43
7.17
4.64
4.60
4.86
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.47
4.97
4.60
6.35
7.34
7.23
7.22
7.38
7.49
7.52
7.57
7.56
7.97
8.02
8.31
8.6e
7.16
8.62
7.21
11.19
8.20
8.47
6.68
5.86
9.89
5.70
▪
•
U. s.
DM
120 Domestic Corporate*
1934
Goo. Domesby Ratings.
Daily
Bonds.
tic.
a.
Averages.
Baa.
A.
Corp.' Aaa.
Aa.
:II
The Course of the Bond Market
6.61
510
5.15 11.28
9.05
8.77
7_34 14.12
44.04 55.55 73.95 68.49
•These prices are computed from average yields on the basis of one 'ideal" bond (49(% coupon, maturing in 31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's Index of bond prices by months back to 1928, see the issue of Feb.6 1932, page 907.
"Actual average Price of 8 long-term Treasury issues. t The latest complete list of bonds used in computing these indexes was published in the issue of Feb. 10 1934.
page 920. tt Average 01 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
80.26
61.71
2990
Financial Chronicle
May 5 1934
The New Capital Flotations in the United States During the Month of
April and for the Four Months Since the First of January
New financing in the United States during the month of
April was on a somewhat larger scale than we have been
accustomed to see in recent months, the grand total having
reached $236,245,122 which compares with $146,879,262 for
March, with $86,983,981 for February and with $90,242,665
for January. Of the $236,245,122 grand total reported for
April, no less than $92,840,901 was for refunding purposes,
that is, to take up old issues outstanding,leaving the amount
of strictly new capital at $143,404,221. The munipipal issues
which came to market during April aggregated $103,721772
as against $95,539,684 in March. Included in the month's
municipal financing were a number of large issues which
helped to raise the total to proportions above the average of
recent months. The increase here was accounted for ID good
part by the sale of $50,000,000 State of New York 23 %
A
and 3% bonds. In addition $45,000,000 Federal Intermediate Credit Banks 2% debentures were brought out
during April. Corporate issues offered in April amounted to
$87,523,600 as against $26,339,578 in March, the increase
arising from an offering of $59,911,100 New York Central
RR. Co. 10
-year 6% convertible bonds due 1944. It may be
mentioned at this point that conditions for floating private
security issues still continue unfavorable because of the
impediments created by the Securities Act of 1933. Thoroughly upright banking houses hesitate to underwrite even
the soundest securities in view of the grave risks embodied
in the Security Act as it now stands.
Financing by the United States Government continues
unabated and in April included four blocks of Treasury
bills on a discount basis and a new issue of 10-12 year 33.4%
Treasury bonds made in connection with the Treasury
Department's plansfor retiring approximately $1,000,000,000
of Fourth 4y,%_Liberty_Loan bonds called for redemption
on April 15, and dealt with at length in-our remarks further
below.
Because of the importance and magnitude of Feddral
financing we furnish below a summary of the United States
issues of all kinds put out during the month of April and also
those put out during the three months preceding giving full
particulars of the different issues, and presenting a complete
record in that respect for the first four months of the current
year.
Each series was offered to the amount of $50,000,000, or
thereabouts, the 90
-day bills maturing July 3 and the 182
day bills Oct. 3 1934. The offering was used to replace an
issue of similar securities. Tenders for the two series of
Treasury bills aggregated $302,346,000, of whichi$184,356,000 was for the 90-day bills and $117,990,000 as for the
182-day bills. The total amount accepted for the two series
of Treasury bills totaled 8100,247,000, of which $50,151,000
was for the 90-day bills and $50,096,000 was for the 182-day
bills. The average price for the 182-day bills was 99.902,
equivalent to a rate of 0.19% on a bank discount basis,
while the accepted bids for the 90-day bills averaged 99.981,
the average rate on a discount basis being 0.08%.
Mr. Morgenthau on April 5 announced a new offering
of $100,000,000 or thereabouts of Treasury bills in two
issues, dated April 11 1934, maturing in 91 days and 182
days, respectively. Each series was offered to the amount
of $50,000,000 or thereabouts, the 91-day bills maturing
July 11 and the 182-day bills Oct. 10 1934. The offering
was used to meet an issue of maturing bills. Tenders for
the two series of Treasury bills aggregated $330,037,000, of
which $182,226,000 was for the 91-day bills and $147,811,000 was for the 182-day bills. The total amount
accepted for the two series of Treasury bills was $100,482,000, of which $50,257,000 was for the 91-day bills and
$50,225,000 in the case of the 182-day bills. The average
price for the 182-day bills was 99.908, the average rate on
a discount basis being 0.18% per annum, while the average
price for the 91-day bills was 99.982, making the average
rate on a bank discount basis 0.07%. This rate of 0.07%
is the lowest at which an issue of Treasury bills ever sold.
A recent issue of bills (dated March 28) brought a previous
all-time low rate of 0.08%.
A further offering of $129,000,000 or thereabouts of
Treasury bills in two issues,maturing in 91 days and 182days,
respectively, was announced by Mr.Morgenthau on April 12.
The 91-day bills were offered in the amount of $75,000,000
or thereabouts and the 182-day bills to the amount of
$50,000,000 or thereabouts, the 91-day Treasury bills maturing July 18 and the 182-day bills Oct. 17 1934. Both
issues were dated April 18 1934. The offering was made to
meet an issue of maturing bills. Tenders for the two series
of Treasury bills aggregated $315,323,000, of which $164,New Treasury Offerings During the Month of April 1934. 508,000 was for the 91-day bills and 8150,815,000 was for
the 182-day bills. The total amount accepted for the two
On April 3, Henry Morgenthau Jr., Secretary of the issues of Treasury bills was $125,080,000, of which $75,Treasury, made known his plans to retire approximately 047,0004was for the 91-day bills and $50,033,000 in the case
$1,000,000,000 of Fourth 43.4% Liberty Loan bonds, called of the 182-day bills. The average price for the 91-day bills
for redemption on April 15, when he announced an offering was 99.980, the average rate on a discount basis being
of 33% Treasury bonds of 1944-1946 to be offered only in 0.08% per annum, while the average price for the 182-day
exchange for the Fourth 43is and maturing 3% Treasury bills was 99.906, making the average rate on a discount
notes of Series A-1934. The 3% notes matured on May 2 basis 0.19% per annum.
and amounted to $244,234,600. No cash subscriptions were
Secretary of the Treasury Morgenthau announced on
received for the Treasury bonds, which were dated April 16 April 19 a still further offering of $125,000,000 or there1934 and mature April 15 1946. Although the new bonds abouts of Treasury bills in two series, dated April 25 1934.
mature in 1946 they may be redeemed at the option of the The 91-day bills were offered in the amount of $75,000,000
Treasury on and after April 15 1944. The amount of the or thereabouts and the 182-day bills to the amount of $50,bond issue was limited to the amount of called Fourth 000,000 or thereabouts, the 91-day Treasury bills maturing
Liberty Loan bonds and Treasury notes of Series A-1934 July 25 and the 182-day Treasury bills Oct. 24 1934. The
tendered in exchange and accepted. Mr. Morgenthau offering was made to refund an issue of maturing bills. Tenannounced on April 20, that subscriptions of $1,049,441,300 ders for the two series of Treasury bills totaled $329,903,000,
had been received and allotted in full for the 3Y Treasury of Which $184,572,000 was for the 91-day bills and $145,4%
bonds of 1944-46. Of the total received and allotted $815,- Hi000 fallie-182:day bills7
s
-Th; total amount accepte4
115,500 represented subscriptions in payment for which the 'for the- twbiiissies7ggregated-$125,365,000, of which
Fourth Liberty bonds were presented and $234,325,800 $75,325,000 was for the 91-day bills and $50,040,000 in the
represents subscriptions in payment for which the maturing case of the 182-day bills. The average price for the 91-day
3% Treasury notes were tendered. The final allotted bills was 99.980, the average rate on a discount basis being
amount may be slightly increased, it was reported, owing to 0.08% per annum, while the average price for the 182
-day
the fact that the Federal Reserve banks hold a few sub- bills was 99.907, making the average rate on a discount
scriptions not included in the total, because the bonds to be basis 0.18% per annum. The rates on these offerings comexchanged have not yet been cleared. The new 3Yi% bonds, pare with 0.08% on 91-day bills and 0.19% on 182
-day
are exempt from all taxation except the surtaxes. This bills (dated April 18); 0.07% on 91-day bills and 0.18% on
financing was strictly a refunding operation.
182-day bills (dated April 11), and 0.08% on 91-day bills
An offering of two series of Treasury bills was announced and 0.19% on 182
-day bills (dated April 4).
on March 29 by Acting Secretary of the Treasury Stephen
On April 26 Henry Morgenthau Jr., announced a new
B. Gibbons to the aggregate amount of $100,000,000, or offering of two series of Treasury bills in the amount of
thereabouts, each dated April 4 1934, and maturing, re- $125,000,000 or thereabouts, each dated May 2 1934 and
spectively, in 90 days and 182 days. The bills, however, as maturing respectively in 91 days and 182 days. The bills,
stated above, were dated April 4, and hence comprise part however, as stated above, were dated May 2, and hence
of the Government's financing for the month of April. form part of the Government's financing for the month of
Financial Chronicle
Volume 138
2991
May. The 91-day bills were offered in the amount of March there were also 10 new corporate issues but their
$75,000,000 or thereabouts and the 182-day bills to the aggregate was only $26,339,578. The increase over March
amount of $50,000,000 or thereabouts, the 91-day bills was accounted for by an issue of $59,911,100 New York
maturing Aug. 1 and the 182
-day bills Oct. 31 1934. Tenders Central RR. Co. 10-year 6% convertible bonds due 1944,
for the two series of Treasury bills aggregated $391,775,000, offering of which was made to stockholders at par. The rest
of which $193,076,000 was for the 91-day bills and $198,- of the month's domestic financing comprised $12,929,000
699,000 was for the 182
-day bills. The total amount Philadelphia Baltimore & Washington RR. Co. gen. mtge.
accepted was $125,092,000, of which $75,055,000 was for 4%s 1981, placed privately; $2,706,000 Southern Ry.
the 91-day bills and $50,037,000 was for the 182
-day bills. equipment trust 4% certificates, series CC, due 1937-44,
The average price for the 91-day bills was 99.981, the average priced to yield from 3.80% to 4.20%; $5,583,000, New York
rate on a discount basis being 0.07% per annum, while the Rapid Transit Corp. 1st & ref. mtge. 6s A, 1968, placed
average price for the 182
-day bills was 99.918, making the privately and four small stock emissions aggregating $4,694,average rate on a bank discount basis 0.16% per annum. p00. The only foreign issue of any description in April
Issued to replace maturing bills.
comprised $1,200,000 International Rys. of Central America
In the following we show in tabular form the Treasury one-year6% secured notes due April 1 1935 which represented
financing done during the first four months of this year. an extension of maturity.
The results show that the Government disposed of $5,233,The portion of the month's corporate financing used for
817,300, of which $33,033,516,800 went to take up existing refunding purposes was $59,283,000, or slightly over 67%
issues and $2,200,300,500 represented an addition to the of the total. In March the refunding portion was $12,public debt. For April by itself the disposals aggregated 569,200 or about 47% of the total. In February it was
$1,500,615,300, all of which was used to take up maturing $2,308,000 or about 15% of the total, while in January it
issues.
was $1,500,000 or about 20% of that months' total. In
UNITED STATES TREASURY FINANCING DURING THE FIRST FOUR
April 1933, the amount for refunding was $18,206,500, or
MONTHS OF 1934.
more than 51% of the total for that month.
Dale
Amount
Amount
Included in the month's financing was an issue of $45,Yield.
Offered. Dated.
Price.
Accepted.
Due.
Applied for.
000,000 Federal Intermediate Credit banks 2% debentures,
Dec. 26 Jan. 3 91 days
8384,619,000 8100,990.000 Average 99.843 •0.62%
Jan. 3 Jan. 10 91 days
due in 9 and 12 months, offered at price on application.
252,825,000 100,050,000 Average 99.843 .0.62%
Jan. 10 Jan. 17 91 days
289,397,000 125.340.000 Average 99.831 •0.67%
There were no new fixed investment trust issues marketed
Jan. 17 Jan. 24 91 days
303,560,000 125,126.000 Average 99.831 *0.67%
100
2.50%
Jan. 23 Jan. 29 13S4 mos. 3,424.212.200 528.101,600
during the month.
1.50%
Jan. 23 Jan. 29 734 mos. 1,360,564,500 524,748.500
100
Jan. 24 Jan. 31 91 days
381,422,000 150.320,000 Average 99.819 •0.72%
During the month one new issue was floated with conJanuary total
51654676,100
vertible features, namely:
Jan. 31 Feb. 7 91 days
302,858,000
Jan. 31 Feb. 7 182 days
244,427,000
Feb. 6 Feb. 14 91 days
230.078,000
Feb. 6 Feb. 14 182 days
178,326,000
Feb. 12 Feb. 19 22 mos. 1,332,409,900
Feb. 12 Feb. 19 3 years
2,285,754,500
Feb. 15 Feb. 21 91 days
307,110,000
Feb. 21 Feb 28 182 days
420,115,000
Febru ary total
125,493,000 Average 99.834
50,078,000 Average 99.524
75,008,000 Average 99.833
75.044,000 Average 99.501
100
418,291,700
100
428,730.700
75,155,000 Average 99.855
75,088,000 Average 99.688
*0.66%
*0.94%
*0.66%
.0.99%
2.50%
3.00%
*0.57%
*0.62%
51322888,400
Mar. 1 Mar. 7 182 days
Mar. 7 Mar. 154 years
Mar. 15 Mar. 21 91 days
Mar. 22 Mar, 28 91 days
Mar. 22 Mar. 28 182 days
393,054,000 3100,236,000 Average 99.781
100
455,175,000 455,175,500
344,987,000 100,110.000 Average 99.978
50.091.000 Average 99.980
194,789,000
50.025,000 Average 99.904
138,221,000
Mare h total_
*0.43%
3.00%
*0.09%
*0.08%
*0.1951
April total
*0.0851
*0.1951
3.2551
*0.0751
*0.18%
*0.08,
.0.195
*0.085
*0.185
1,500,615,300
Type of
Security.
Dated.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2 yi% Treas. notes
134% Ctfs. of Ind.
Treasury bills
Total
Feb. 7
Feb. 7
Feb. 14
Feb. 14
Feb. 19
Feb. 19
Feb. 21
Feb. 28
Treasury bills
Treasury bills
Treasury bills
Treasury bills
234% Treas. notes
3% Treas. notes
Treasury bills
Treasury bills
$100,990,000
100,050,000
125,340,000
125.126,000
528,101,600
524,748,500
150.320,000
Refunding.
$100,990,000
75,020,000
75,023.000
80.034.000
60,180,000
New
Indebtedness.
825,030,000
50.317.000
45.092.000
528.101,600
524,748.500
90,140,000
$391,247,000 31,263,429.100
8125,493,000 8125,493,000
50.078,000
50,078.000
75.008,000 1 75,295.000
75.044,000 I
418,291,700
428,730,700
60,063.000
75,155.000
75,088.000
75,088,000
81,322,888,400
8386,017,000
$100,236,000
455,175,500
100,110,000
50,091,000
50,025,000
$74,757,000
418.291.700
428,730.700
15,092,000
8100,236,000
455,175,500
100,110,000
50.091.000
50.025,000
3755.637,500
Treasury bills
3% Treasury notes
Treasury bills
Treasury bills
Treasury bills
Total
Apr. 4
Apr. 4
Apr. 16
Apr. 11
Apr. 11
Apr. 18
Apr. 18
Apr. 25
Apr. 25
Total Amount
Accepted.
$1.654,676,100
Total
Mar. 7
Mar. 15
Mar.2l
Mar. 28
Mar. 28
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1934.
Grand total
A 2R2 R17 3011
• Average rate on a bank discount basis. a Approximate.
USE OF' FUNDS.
3
10
17
24
29
29
31
The following is a complete summary of the new financing
-corporate, State and city, foreign government, as well as
farm loan issues-for April and the four months ending
with April:
5755.637,500
Mar. 29 Apr. 4 90 days
50,151,000 Average 99.981
184,356,000
Mar. 29 Apr. 4 182 days
50.096,000 Average 99.902
117,990,000
Apr. 3 Apr. 16 10-12 yrs 81049441,300 81049441,300
100
Apr. 5 Apr. 11 91 days
50,257,000 Average 99.982
182,226,000
Apr. 5 Apr. 11 182 days
50,225,000 Average 99.908
147,811,000
Apr. 12 Apr. 18 91 days
75,047,000 Average 99.980
164,508,000
Apr. 12 Apr. 18 182 days
50,033,000 Average 99.906
150,815,000
Apr. 19 Apr. 25 91 days
75,325.000 Average 99.98
184,572,000
Apr. 19 Apr. 25 182 days
50.040.000 Average 99.90
145,331,000
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
-year cony. 6% bonds 1944.
$59,911,100 New York Central RR. Co. 10
convertible into no Dar value capital stock at $40 per share
for the first three years and at $50 per share for the next
seven years.
3755,637,500
3936,871.400
Treasury bills
$50,151,000
350,151,000
Treasury bills
50,096.000
50,096,000
3
3.% Treas. bonds 111,049,441,300 81,049,441,300
Treasury bills
50,257,000
50,257,000
Treasury bills
52,025,000
50,225,000
Treasury Ms
75,047.000
75,047,000
Treasury bills
50,033,000
50,033,000
Treasury bills
75,325,000
75,325,000
Treasury bills
50.040,000
50,040,000
Total
$1,500.615,300 $1,500,615,300
Grand totala Approximate.
$5,233,817,300 33,033,518.800 32,200,300,500
Features of April Private Financing.
Making further reference to the corporate offerings
announced during April, it is found that there were but 10
new issues, totaling, as previously stated, 7,523,600. In
MONTH OF APRILCorporateDomestic
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other Foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan issues
• Municipal. States, Cities, &c
United States Possessions
Grand total
New Capital. Refunding.
$
$
23,046.100
500,000
325,000
4,369,500
i
58.083.000
81,129,100
500,000
325,000
4,369,500
1,200,000
1,200,000
28,240,600
59,283,000
87.523,600
15,000,000
100,163,621
30.000,000
3,557,901
45,000,000
103,721,522
143,404,221
92.840,901
236,245,122
FOUR MONTHS ENDED APR. 30.
8
CorporateDomestic
31,957,900
Long-term bonds and notes
Short-term
12.750,000
•
.
Preferred stocks
1,650,000
Common stocks
14,693.985
CanadianI
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan issues
• Municipal, States. Cities, &c
United States Possessions
Total.
3
$
74,460.200
106.418.100
12,750.000
1.650.000
14,693,985
1,200,000
1,200,000
61,051,885
75,660,200
136.712,085
30.000,000
280,46.5.460
76.900.000
40.770.355
106,900,000
321.235,815
Grand total
371.517,345 193,330,555 564,847,900
• Them figures do not include funds obtained by States and municipalities from
any agency of the Federal Government.
In the tables on the two succeeding pages we compare
the foregoing figures for 1934 with the corresponding figures
for the four years preceding, thus affording a five-year
comparison. We also furnish a detailed analysis for the
five years of the corporate offerings, showing separately
the amounts for all the different classes of corporations.
Following the full-page tables we give complete details
of the new capital flotations during April, including every
issue of any kind brought out in that month.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF APRIL FOR FIVE YEARS.
$
16.021,000
32,172,500
New Capital.
$
110,630,800
55,132,000
36,140.888
65,567,500
1931.
Refunding.
s
154,706,500
32,500,000
Total.
s
265,337.300
87,632,000
36,140,888
65,567,500
New Capital.
a
250.660,250
69,816,000
100,153.560
161,226,561
1930.
Refunding.
$
46,448,750
810,000
13,588,000
4,000,000
2,000,000
2.000,000
21.000,000
12.000,000
628,444,371
5,000,000
121,675.000
51.258,750
679,703.121
5.000,00(
121,675,000
148.751,121
1,250,000
905,120,492
3,443,849
152,194,971:
1,250,00(
959,823,091
48,193.500
267.471,188
17,793,000
189,206,500
456,677,688
17,793,000
25,000,000
69,637,025
102,065,105
11,000,000
3,909,700
11.000,000
105,974.805
142,830,525
387,329,293
204,116,200
591,445.493
54,702,599
25,000,001:
12,000,001:
Total.
5
138,912,000
80,500,000
1,250,000
7.235.000
7,235,000
54,050.000
5,050,000
27,365,000
2.499,000
16,021,000
306,000
110,630,800
2,194.000
154,706.500
2.500.000
265,337,300
15,000,000
7,860,000
285,248,250
30,675,000
30.675.000
4,000,000
19,000,000
2,000,000
2,000.000
6,000,000
21,000,000
12,000,000
5.500,000
20,000,000
30,000,000
36,850.000
4,940,000
342,000
11,100.000
1,250.000
31,966,000
310,000
11,100.000
1,250.000
32,276,000
500,000
20.000,000
89,632,000
81,816,000
810.000
82,626,000
1.725,000
490,000
400,000
5.902.500
6.302,500
16,000,000
1,600,000
10,704,000
1,600,000
26,704,000
1,200,000
13,572,000
500.000
500.000
16,000,000
12.304,000
28,304.000
1,497.500
1,497,500
30,675,000
1,497,500
32,172,500
20,000,000
55,132,000
34,500,000
70,000
54,050,000
12,000,000
27,435,000
50,448,750
15,000,000
7$00,000
335,697,000
6.950.000
500r.15156
--
12.000,000
6,000,000
20,000,000
81,140,888
4,694,500
934,976
8.000.000
8,000.000
2,068.712
20,398.320
50,491,905
4,830,000
2.068,712
20.398.320
50,491.905
4,830.000
934,976
934.976
81,140,888
27,750.000
44,276,840
61,612,000
12.567,500
101.708,388
12.567,500
101,708,388
46,752,344
3,200.000
261,380,121
46,752.344
3,200,000
261,380,121
4.694.500
934,976
76,746,100
5,583.000
16,400.000
4.777.500
11.704,000
4,777.500
28,104,000
4,694,500
500.000
934,976
1.725,000
2,659,976
13,082,000
33,124,000
46,206.000
87.523.600
18.206.500
35,541,476
2,000,000
148.450.000
6,062,500
6,000.000
305,660,888
49,752,300
1,080,000
139.233,250
126,276,840
81,612,000
30,000,000
46,100,000
4,940.000
7.577,000
2,068,712
85,548,320
56,791,905
64,161,000
6.950,000
380,000
2.068,712
85,548,320
63,741,905
64,541,000
500,000
500,000
2.194,000
35,067,500
189,206,500 456,677.688
61;752,344
11.000,000
628,444,371
51,258.750
61,752,344
11,000,000
679,703.121
490,000
16,100,000
4,940,000
7.577,000
1.497.500
15.069.500
1.497,500
48.193.500
32.873,500
267.471,188
33.124,000
27,750,000
44,276,840
61,612,000
4.000,000
157.210.888
43,689.800
1.080,000
490,000
17,334.976
ar0y10.17,9
1,250,000
490,000
6.850,000
4,940,000
342,000
1.725.000
1,700.000
s
13,588,001:
GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF APRIL FOR FIVE YEARS.
1933.
1932.
1931.
1930.
New Capital. Refunding.
Total.
Total.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
New Capital. Refunding.
$
$
5
5
$
$
75,546,100
3,177,500
3.177,500
99,483,250
39,428.750
400,000
5,583,000
1,400,000
1,000,000
13,082,000
2.449,000
15,531,000
57.070.000 146.450,000 203,520,000
76.500,000
4,000.000
43,689.800
6,062,500 A9,752,300
1,080,000
1,080,000
81,129.100
Total.
297,109,000
70,626,000
100,153.561:
161,226,561
39,428,750
4500000
178,662,000
130,776,840
81.612,000
PE6T 5' ,feN
CHARACTER AND
1934.
MONTH OF APRIL.
New Capital. Refunding.
$
Bonds and Notes—
Long-Term
5
52.500,000
23,046,100
Railroads
5,583,000
Public utilities
Iron. steel, coal, copper, &c
Equipment raanufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
23,046,100
58.083.000
Total
Short-Term Bonds & Notes—
1.200.000
Railroads
Public utilities
Iron, steel, coal. copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
500,000
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &a_
Miscellaneous
1,200,000
500,000
Total
Stocks-Railroads
Public utilities
Iron,steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
4.694.500
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, bolding, &c_
Miscellaneous
4,694,500
Total
Total—
53,700.000
23.046,100
Railroads
5.583,000
Public utilities
Iron,steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
4,694,500
Other industrial and manufacturing
500.000
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding. &c-Miscellaneous
59,283,000
28.240.600
Total corporate securities
Total.
IPpLIVI114
1
MONTH OF APRIL.
1934.
1933.
1932.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
New Capital. Refunding.
...orporate—
Domestic—
S
3
$
$
$
$
5
$
58,083,000
Long.term bonds and notes_
81.129,100
400,000
2,449,000
5,902,500
6.302,500
13,572,000
23,046,100
Short term
500,000
500,000
16,000,000
10,704,000
1,497,500
30.675,000
26,704,000
Preferred stocks
325,000
325,000
Common stocks
4,369,500
934.976
4,369,500
934,976
Canadian—
Long-term bonds and notes..
Short term
Preferred stocks
Common stocks
Other Foreign—
Long-term bonds and notes_
1,200,000
1,200,000
Short term
1,600,000
1,600,000
Preferred stocks
Common stocks
59,283,000
87,523,600
33.124,000
28,240,600
17,334.976
15,069,500
Total corporate
18.206,500
35,541,476
Canadian Government
Other foreign Government_
15,000,000
30,000,000
45,000,000
Farm Loan issues
25,000,000
3,557,901 103,721,522
100,163.621
8,554,495
*Municipal, States, cities, &c
2,345,500
10,899.995
30,534,525
39,102.500
ions_
United States Po
236,245,122
143,404.221
92.840.901
25,889.471
72,226,500
20,552.000
46.441,471
70,604,025
Grand total
* Tootle thrums do not include funds obtained bY States and municipalities from any agencsr of the Federal Government.
New Capital.
1933.
Refunding.
Total.
New Capital.
1932.
Refunding.
Total.
New Capital.
1931.
Refunding.
Total.
New Capital.
1930.
Refunding.
Total.
122,360,250 1,401,113.410
21,813,000 179,036.000
181,283,946
1,253,500 480,280,684
20.121.000
16,500,000
3,250.000
4,104.976
69,045,500
26,162,000
2.247.778
89,166.500
42,662,000
3.250,000
6,352,754
125,522,000
14.249,000
6,775.275
2,296,900
11,587,000
35,925,000
1.897.320
137,109.000
50.174.000
6,775,275
4,194,220
587.605,100
110,247.350
77,023,667
106,223,594
462.910,200 1,050,515,300 1,278,753,160
48,328.500 158,575,850 157,223,000
77,023,667 181.283,946
106,223,594 479,027,184
79,500,000
106.418,100
12,750,000
1,650,000
14,693,985
79,500,000
73,888,000
18,000,000
91.888,000
50,000,000
5.000,000
163,655,000
17.000.000
4,000.000
167,655,000
17,000,000
50,000,000
1,600.000
1.200,000
5,000,000
1,600,000
136,712.085
43.975,976
99,055,278
143,031.254
148,843.175
106,900,000
321.235,815
10,900,000
71,688,163
6,546,895
10,900,000
78,235,058
30.000,000
312,313,227
491.156.402
564.847,900
126,564,139 105.602,173 232,166,312
municipalities from any agency of the Federal Government.
6,160,000
516,238,700 1,526,838,411 2,356,990,290
21,142,000
39,778,000
2,000,000
187,675,000
22,000,000
40,500,000
11,000,000
47,500,000
77,500,000
29,500,000
7.419,000 555,578,394 459,674.993
40,027,622 352,340.849
548,159,394
2.750,000
136,936.942 628.093.344 1,626,037,105 536,657.700 2.162,694.805 3,050,232,283
49.409,320
198,252,495 1,010,599,711
37,778,000
9e1
Total.
atZln10A
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE FOUR MONTHS ENDED APRIL 30 FOR FIVE YEARS.
1934.
4 MONTHS ENDED APRIL 30.
New Capital. Refunding.
Corporate-.
Domestic.
31,957,900
74260.200
Long-term bonds and notes.
12,750,000
Short term
1,650,000
Preferred stocks
14,693.985
Common stocks
Canadian
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Other Foreign
Long-term bonds and notes_
1.200.000
Short term
Preferred stocks
Common stocks
75,660,200
61,051.885
Total corporate
Canadian Government
Other foreign Government_
30,000,000
Farm Loan issues
76.900,000
280,465.460
*Municipal, States, cities, &c
40,770.355
ions_
United States P
371,517,345 193.330.555
Grand total
* These figures do not include funds obtained by States and
6,160,000
167,426,750 2,524,417,040
24,300,000
3.158,000
4,000,000 191,675.000
22.000.000
469,024,905
2,750.000
183.934,662 3,234.166.945
6,bav:§i§
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR FOUR MONTHS ENDED APRIL 30 FOR FIVE YEARS.
1933.
Refunding.
Total.
34,802,500
32,518.000
46,802,500
39.739,000
1.725,000
12.000.000
7,221.000
New Capital.
1932.
Refunding.
Total.
$
1,725,000
122,852,000
11,587,000
134,439,000
New Capital.
1931.
Refunding.
Total.
New Capital.
62,917,000
920,000
425.689,250
667,358.500
3,500,000
1,400.000
112243,750
23,771,500
538,133,000
691,130,000
3,500,000
1,400,000
128.230,910
80,050,000
77,367,500
105.000
6,950,000
70,000
128,335,910
87,000,000
77,437,500
17,360.000
2,470,000
2,470,000
16,440,000
200.000
125,522,000
11,587,000
200.000
137,109,000
10.486,000
717,105,100
1,000,000
34,825,000
100,000
8,375,000
35,575,000
100.000
4,000,000
53,537,500
2,000.000
15,337,500
6,000,000
68,875,000
4,056,000
20.785,000
5,649,000
.6,175,850
33,500,000
791.000
1,200,000
54,285,000
6,440,000
7,375,850
500,000
53,328.500
500,000
20.100,000
163,575,850
1,000.000
3,650,000
174,223,000
1,650,000
20,121.000
69,045,500
89,166,500
16,500.000
6,216,000
17,204,000
4,342,000
6,216,000
33,704,000
4,342,000
7,375,000
750,000
4,056.000
Total.
387,022,000
576,914,000
109,002,300
11.970,000
62,917,000
241,126,300 145,895,700
269,576,000 307,338.000
6,062.500
102,939,800
11,970,000
900,000
900,000
1930.
Refunding.
10,000,000
1,650,000
75,000.000
47.700,000
13,180,000
2.694,000
462,910,200 1,180,015,300 1,516,296,160
12,000,000
58,872,000
23,000,000
12,000,000
1,600,000
20,755,000
3,150,000
37,396,000
800,000
10,000,000
75,060,000
1.020,000
48.720,000
144,360,250 1,660.656,410
2,500,000
13,128.000
4,900,000
600,000
685,000
14,500.000
72,000,000
23,000,000
12,000,000
1,600,000
25.655,000
3,750,000
38,081,000
800,000
1,000.(56(71
3.650,000
196,036,000
44,262,000
2,068,000
14,249,000
35,925,000
2.068,000
50,174.000
20,100.000
110,247,350
2,147,778
4,912.175
1,897.320
6,809,495
149,638.511
149,638,511
27,750,000
260,573,112
84,170,500
100,000
7.454,976
491,250
491.250
13,256,250
2,052,500
1,032,500
13,256,250
2,052,500
1.032,500
4,132,662
110,484.341
57,766,709
12,015,000
871,600
4,132,662
111,355,841
57,766,709
12,015,000
2,168,750
7.354,976
27.762,000
2,147.778
16,500.000
2,168,750
2,300,000
14,967,500
183,247,261
66,987,344
42,591,462
666,471,130
382,000
1,253,500
66,987,344
42,973.462
667,724,630
465,439,250
986,803,612
110,670,500
13,400,000
5,732,662
259,470,251
140,966,709
126,778,500
800,000
10,000,000
142,987,344
93.941,462
2,356,990,290
7,354.976
2,247,778
9,602,754
12,000.000
23.721,000
41,018,500
51.869,778
4,342,000
53,018,500
75,590,778
4,342.000
7,354,976
1,825,000
9,179,976
900,000
900,000
43.975,976
99,055.278
143.031,254
1,897,320
1.500.000
10,969,495
2,300.000
14,967,500
183,247,261
1,000,000
48,309,320
100,000
8,375,000
176,823,495
100,000
245,126,300
472,752,011
102,939,800
11,970,000
147.895,700
322,675,500
6,062,500
393,022,000
795,427,511
109,002,300
11,970,000
491,250
491.250
6,526,000
2,168,750
6,526,000
2,168,750
96,958,250
7.701,500
23.648,350
33,500,000
791,000
2,120,000
130,458,250
8,492,500
25,768.350
1.500,000
9,072,175
7,375.000
128,514,175
3.768,000
148,843,175
49,409,320
1.650,000
2.300.000
45.553,500
3,768,000
198,252,495 1,010,599,711
1,650,000
500.000
2,800,000
2,694,000
48,247,500
518,238,700 1,528,838.411
21,813,000
27,750,000
260,573,112
84,170,500
114,943,750 580,383,000
36,899,500 1,023,703,112
110,670,500
13,400,000
5,732,662
8
-Arif.666 265,346,751
7,550,000 148,516,709
755,000 127,533.500
800,000
10,000,000
142,987,344
1,402,000
95,343,462
167,426,750 2.524,417,040
ppLICTIW
New Capital.
alay10.173
1934.
4 MONTHS ENDED APRIL 30. New Capital. Refunding.
Total.
Long-Term Bonds and Notes
82.027.100
29,527,100
52,500.000
Railroads
22,083.000
2.430.800
19,652,200
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
2,308,000
2,308.000
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c.
Miscellaneous
31,957,900
74,460,200 106,418,100
Total
Short-Term Bonds & Notes
1,200,000
1.200,000
Railroads
12.000,000
12,000,000
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
500,000
500,000
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c-250,000
Miscellaneous
250,000
13,950,000
12,750,000
1,200,000
Total
Stocks
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
15,818,985
15,818,985
Other industrial an!manufacturing_
Oil
Land, buildings, &c
525.000
525,000
Rubber
Shipping
Inv. trusts, trading, holding, &c-Miscellaneous
16,343,985
16,343,985
Total
Total
83,227,100
29.527,100
53,700,000
Railroads
34,083,000
14,430,800
19.652,200
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
15,818,985
18,126,985
2,308.000
Other industrial and manufacturing
500,000
500,000
Oil
Land. buildings, &c
525,000
525,000
Rubber
Shipping
Inv. trusts, trading, holding, &c
250,000
Miscellaneous
250,000
75,660,200 136.712.085
Total corporate securities
61,051.885
2994
Financial Chronicle
May 5 1934
DETAILS OF NEW CAPITAL FLOTATIONS DURING APRIL, 1934.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
To Yield
About.
Company and Issue, and by Whom Offered,
Railroads—
59,911,100 Refunding,other corp. purposes___ 100
6.00 New York Central RR. Co. Cony. Coll. 69, 1944. (Concerlible into no par value capital stock at $40 per
Share for the first 3 years and at $50 per share for the next 7 years.) Offered by company to stockholders.
12.929,000 Adcrns; improv'ts; betterments___ Placed privately Philadelphia Baltimore & Washington RR. Gen. Mtge. 4.34s, 1981. Placed privately through
Kuhn, Loeb & Co.
2,706,000 Acquire equipment
3.80-4.20 Southern Railway Equipment Trust 435% certificates, series CC, due semi-annually, June 5 1937 to
Dec. 5 1944. Offered by Freeman & Co.
75.546,100
_ •
Public Utilities—
5,583,000 Refunding
Placed privately New York Rapid Transit Corp. 1st & ref. M.65, A, 1968. Placed privately.
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS),
Amount.
Purpose of Issue.
Price.
To Yield
About.
Company and Issue, and by IVhom Offered.
Railroads—
1,200,000 Refunding
100
6.00 International Railways of Central America 1-year 6% Secured Notes due April 1 1935. Offered to
holders of company's 1-year 6% Secured Notes, maturing April 1 1934.
Oil—
500,000 Purch. & process crude petroleum_ Price on applica'n Raritan Petroleum Corp., Newark. N. J., 3 year 6% Participating Warrants. Offered by L. L.
Harr & Co., Inc.. New York.
STOCKS.
Par-or No.
of Shares.
Purpose of Issue.
Other Industrial & Nfanfg.—
250,000 Rehabilitate plant & equipment:
working capital
325,000 ohs Working capital
To Yield
a Amount Price
Incolced. per Share. About.
325,000
3,737,500
a.
332,000 Liquidate indebt.; working capital_
15,000 shs General corporate purposes
Kinsey Distilling Co., Linfield, Pa., Cum. Panic Pref. stock. Offered by H. Vaughn
Clarke & Co., Philadelphia.
(Glenn L.) Martin Co. Common stock. Offered by Otis & Co., New York; Stein Bros.
& Boyce, Baltimore, and Hammons & Co., New York.
Marl Brewing Co. (Wyandotte, Mich.) Common stock. Offered by John L. Brows
& Co., Detroit.
Ozark Barrel & Body Corp. (Ark.) Common stock. Offered by Jennings & Busby,
Detroit.
6)4
113
332,000
1
300,000
Company and Issue and by Whom Offered.
2
4,694,500
FARM LOAN ISSUES.
Issue and Purpose.
Amount.
Price.
To Yield
About.
Offered by
-
45,000,000 Federal Intermediate Credit Banks 2% Coll.
Trust Deb., dated Apr. 16 1934 and due in
9 and 12 months (refunding and provide funds
for loan purposes)
Price on applies. Charles R. Dunn, Fiscal Agent, New York.
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No.
of Shares. Price.
$1,560,000
54
To Yield a Amount
About. Invoiced.
Company and Issue and by Whom Offered.
$
4,212.000 Corn Exchange Bank Trust Co. Capital stock. Offered by Lehman Brothers.
.,,Shares of no par value. a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stocks are cornputed,at their offering prices.
Annual Report of Federal Reserve Bank of New York—Basis for Large Increase in
Volume of Credit Seen in Excess Reserves Held by Banks—Progress Since Bank
Holiday of Last Year Reviewed.
According to the Federal Reserve Bank of New York, "the
basis for a very large increase in the volume of bank credit
and of deposits is now available in the excess reserves held
by the banks." The bank makes this observation in its nineteenth annual report, for the year ended Dec. 31 1933, made
available April 27. In its comments on "The Money Supply—
Currency and Bank Credit" (in which reference is made to
business profits), the bank states that "the accumulation of
reserves in excess of current requirements in member banks
has provided a basis sufficient, if put into active use, for an
expansion of the country's total money supply, to a volume
even larger than that of 1928 and 1929. In those years," the
bank adds, "the reserves of member banks averaged around
$2,350,000,000, whereas at the end of 1933 member banks'
reserves were in the neighborhood of $2,675,000,000." The
bank continues:
any extra amount of currency above usual requirements that comes into
possession of individuals and business concerns ordinarily is deposited
promptly in the banks and is returned by the banks to the Reserve banks.
For a number of years past, changes in the active money supply of the
country have been dependent mainly upon changes in the volume of bank
deposits, and the volume of bank deposits, in turn, has been largely dependent upon the volume of bank loans and investments. The basis for a
very large increase in the volume of bank credit and of deposits is now
available in the excess reserves held by the banks.
There are important conditions other than ample bank reserves, however,
which are requisite to expansion of bank credit. The first condition is a
demand for credit on the part of borrowers whose ability to repay their
borrowings appears reasonably assured; this is dependent not only upon
competent management but also upon opportunities for the profitable use
of funds. Another important condition is confidence on the part of depositors in the safety of the banks, and confidence on the part of the banks
In the stability of their depositors, so that the banks will not be under
pressure to maintain extraordinarily high ratios of liquidity. In view of the
steps that have been taken during the past year to strengthen the position of
the banks and to assure the safety of depositors' funds, this second condition
may be considered to have been met.
The shrinkage in the money supply during the past four years has not
been in the amount of currency outstanding, whith, in fact, was $900,000,000
larger at the end of 1933 than at the end of 1929. As the accompanying diagram shows [this we omit.Ed.l, the importance of currency in the money
supply of the United States had been declining almost without interruption
for more than 50 years prior to 1930, while the importance of bank deposits
as a means of payment had been steadily rising. In 1873 and 1874 the amount
of currency outstanding was approximately equal to the total deposits in all
commercial banks. By 1890 the ratio of currency to deposits had dropped
below 50%; by 1910 to less than 25%, and in 1930 to about 10%. Subsequently, the ratio has increased to around 18%, due partly to an increase in
currency outstanding as a result of hoarding, and partly to the rapid shrinkage in bank deposits between 1930 and 1933.
It is estimated that at the end of 1933 the volume of currency outstanding
/
was at least 112 billion dollars in excess of the amount of currency required
for ordinary purposes at the prevailing levels of business and prices. Apparently most of this extra currency was still hoarded, and this assumption is
supported by the fact that the increase in currency outstanding compared
with earlier years was chiefly in the form of large denomination bills. In
view of the steps that have been taken to assure the 'safety of depositors'
funds since the bank holiday, there is no longer sound reason for hoarding,
and a gradual return flow of currency into the banks may be reasonably
expected in a volume at least sufficient to meet the increased currency requirements attendant upon recovery in business and in prices. With the widely
prevalent use of checks in the settlement of personal and business transactions, the amount of currency that can be kept in actual circulation is limited;
Recovery in Business Beall&
Developments of the past year have also tended to increase the number
of potential borrowers entitled to be rated as good credit risks. In a severe
depression, such as that of the past three years, the concerns that are able
to maintain high credit ratings are chiefly those that are able to maintain
ample cash resources and therefore are least in need of credit. Recently,
however, many concerns have had their operations restored to a profitable
basis and their credit standings improved as the result of the moderate
recovery in business that has taken place since the middle of 1912. The
accompanying diagram [this we omit.—Ed.] shows the relationship that
has obtained for a number of years past between changes in business profits
and in the volume of industrial production. The fluctuations in profits are
generally much wider than those in production, but for the purpose of
showing more clearly in the diagram the similarity in direction of movement
different scales have been used for the two curves. During the depression
this close correspondence has been maintained, except that fourth quarter
earnings, especially in 1931 and 1932, have been affected by unusual year.
end charge-offs. The recovery in profits since the second quarter of 1932
appears to have lagged slightly after the upturn in industrial activity, but
nevertheless has been substantial.
Thus far, however, no large increase in short-term business borrowings
from the banks has occurred. The volume of loans other than security loans
made by weekly reporting member banks declined rapidly during the first
two months of 1933, reflecting, in part, the sale by the banks of their
holdings of bankers' acceptances when they were under pressure, but subse-
Volume 138
quently the movement in the volume of these loans was more in accord with
the seasonal movement of years of moderately good business than at any
time since the beginning of the depression. New York Oity banks, in particular, showed a rather substantial increase in their loans between March
and November, but this was followed by a seasonal decline that left the
volume of loans somewhat below that of a year previous. Reports from
member banks in 89 other cities throughout the country showed a smaller
increase during the autumn season, but the net decline for the year as a
whole was much the smallest for any year since 1929.
Security loans, after some further liquidation from January to March,
increased moderately around the middle of the year in New York City banks,
accompanying rising security prices, but subsequently declined again and
for all reporting banks were slightly smaller in volume at the end of the
year than at the beginning. Investments in securities other than Government securities showed no material change during 1933, and were in about
the same volume as in 1932.
The principal channel which has been opened for the expansion of member bank credit has been the purchase of new securities issued by the United
States Government to finance the recovery program of the Administration.
Member banks were heavy subscribers to new Government issues throughout
the year, especially the large New York banks, and their holdings of such
securities increased rapidly from March to June. After the middle of June,
the distribution of new Government securities among business and financial
Institutions and individuals was stimulated by the elimination of interest
payments on demand deposits, and, in addition, purchases of Government
securities by the Reserve banks absorbed a substantial volume, so that the
holdings of Government securities by the weekly reporting member banks
declined slightly in New York, and in other cities increased less rapidly
after the middle of the year. However, the general level of Government
security holdings in the reporting member banks during the latter half of
1933 was far higher than in many previous period, even including the
World War.
On the whole, the volume of bank credit and of bank deposits increased
moderately between the bank holiday and the end of the year, but remained
far below the levels of the years just preceding the depression.
The report discusses, at the outset, "the banking situation
in 1933," and in its opening remarks it states that "the year
1933 brought to a dramatic climax the banking troubles of
recent years, followed by a rapid reconstruction of the country's banking system upon a sounder basis." In part, the
report notes:
At the end of 1933 there were 1,071 commercial banks licensed to conduct
full operations in this district, as compared with 1,414 banks in operation
at the high point at the end of 1927. In the country as a whole the total
number of licensed banks of all kinds at the end of 1933 was under 15,000,
or less than half the number in operation at the high point in 1921.
While a part of the reduction in the number of active banks has been due
to mergers, a much larger part has been due to bank failures. In this
district there were few failures until the end of 1929, but since that time 176
banks, or about 13% of all commercial banks, have been placed in receivership, and, in addition, there were 56 banks still unlicensed on Dec. 31 1933.
For the country as a whole, the rate of bank susnensions has been much
higher; since 1921 the number of bank suspensions has been equal to more
than 40% of the number of banks in operation in that year.
The immediate cause of this extraordinary record of bank failures during
recent years undoubtedly was the most severe business depression in the
history of this country, one phase of which was a violent fall in commodity
prices, and the most drastic decline in property and security values within
the past century. These conditions inevitably caused a depreciation in the
nominal or market value of bank assets without a proportinate reduction
In deposit liabilities. It must be recognized, however, that the more severe
stages of the depression and collapse in values since 1929 have been accentuated by the high rate of bank failures and the accompanying liquidation of
bank assets, and that the banking structure of this country had serious weaknesses that made it especially vulnerable.
These weaknesses in many cases have had their roots in the divided
responsibility for the chartering and regulation of banks in this country.
The parallel development of State and National banking systems led especially
to laxity in the chartering of new institutions, so that far too many banks
came into being during the prosperous years. Between the late '90s and
1921 the total number of banks in the United States increased from less
than 10,000 to more than 30,000. The greatest expansion was in institutions
operating under State charters, which increased from about 6,000 to over
22,000 during this period, but there was also an increase in the number
of National banks from less than 4,000 to about 8,000.
With respect to the progress made since the bank holiday,
the bank has the following to say on "The Strengthening of
Bank Reserves":
Coincident with the substantial progress that has been made since the
bank holiday in the direction of eliminating weakness in the banking system,
there were two factors tending to produce greater liquidity in the banks
and to enlarge the base on which they could extend additional credit. These
factors were: First, the heavy return flow of hoarded currency to the
banks, which started immediately after the bank holiday and continued in
diminishing volume until autumn, and, second, renewed purchases of Government securities on a large scale by the Federal Reserve banks. At the time
of the bank holiday the indebtedness of member banks at the Reserve banks
rose to nearly $775,000,000 in the Second District, and to more than $1,400,000,000 for the country as a whole, in both cases the highest levels since 1921.
By the end of the year the indebtedness of member banks had been reduced
to a little over $100,000,000 for the entire country, and excess reserves
amounting to more than $800,000,000 had accumulated in member banks.
The factors which were responsible for this extraordinary change in the
reserve position of the banks between March 8 and Dec. 27 are summarized
in the following table:
Reserve funds obtained through—
Redeposits of currency (net)
51,714,000,000
Federal Reserve Bank purchases of United States securities
551,000,000
Increase In United States monetary gold stock
80,000,000
Increase In Treasury currency outstanding
76,000,000
Miscellaneous sources
87,000,000
Total
Reserve funds used for—
Retirement of discounts at Federal Reserve banks
Reduction in acceptances held by Federal Reserve banks
Total
Amount added to member bank reserves
2995
Financial Chronicle
52,508,000,000
51,303,000,000
306,000,000
81,609.000,000
5899,000,000
The total volume of currency outstanding outside of the Treasury and the
Federal Reserve banks, which had risen in March to the unprecedented
amount of more than $7,500,000,000, declined by the end of August to
about $5,600,000,000 as the result of redeposits of hoarded currency, and
thereafter showed only a moderate seasonal increase. In this district the
return flow of hoarded currency to the banks from March to August is estimated at more than $600,000,000.
Included in this return flow of currency was a substantial amount of gold
coin and gold certificates. Between March 4 and the middle of May over
$300,000,000 of gold coin and about $500,000,000 of gold certificates were
returned to the Reserve banks—much larger amounts than were withdrawn
during the banking crisis—so that the volume of gold coin and gold certificates outstanding declined to the lowest levels in many years. Under the
President's Executive Order of April 5, holders of gold coin, gold bullion, and
gold certificates were required to deliver their holdings to the Reserve baffled.
This return flow of gold not only increased member bank reserves, but
strengthened the reserve position of Federal Reserve banks as well.
The Reserve banks' purchases of $551,000,000 of Government securities
between the early part of March and the middle of November, following
purchases of more than $1,000,000,000 in 1932. carried the Government
security holdings of the System to a far higher level than at any previous
time. The total holdings at the end of 1933 were over $2,400,000,000, of
which about one-third was held by the Federal Reserve Bank of New York.
In this way the Reserve banks contributed substantially to the excess reserves
of member banks, on the basis of which additional bank credit can be
extended as required.
Distribution of Excess Reserves.
Contrary to the situation in 1932, when excess member bank reserves
accumulated largely in New York and other principal cities, in 1933 excess
funds were widely scattered among banks in all parts of the country. A
survey of the reserve position of all member banks in this district as of
November 1933 indicated that relatively more of the smaller banks than of
the large city banks had high percentages of excess reserves. Only a few
of the banks with more than $50,000,000 of deposits had more than 20% of
excess reserves, whereas over half of the banks with less than $5,000,000 of
deposits had more than 20% of excess reserves, and at least a quarter of
these banks had more than 50% excess. A summary of the result of this
survey for the Second District is shown in the following table:
Number of Banks Grouped by Amount of Deposits.
Excess Reserves in
Per Cent of
Required Reserves.
55.000,000
Over
to
Under
85.000.000. $50,000,000. 550,000,000.
No excess
0 to 10
10 to 20
20t0 30
3000 40
4000 50
50 to 100
100 to 200
Over 200
28
167
109
75
55
37
83
53
24
2
47
12
7
6
4
3
3
Total
631
84
9
6
1
2
19
Total.
30
223
127
83
61
43
86
57
24
734
There are two principal influences which tended to produce the wide distribution of excess reserves; the first was the elimination of interest payments on demand deposits, and the second was Government expenditures.
Immediately following the elimination of interest payments on demand deposits in June 1933, there were heavy withdrawals of funds by out-of-town
banks from the New York City banks, and during the remainder of the year
there was no such accumulation of commercial funds in New York as
occurred in 1932. In fact, there was some evidence of a tendency for corporations to draw on their accumulated balances in New York for interest and
dividend payments and to let a part of their receipts accumulate in banks
In other localities. Altogether, it is estimated that nearly $500,000,000 of
bank and commercial funds was withdrawn from New York to other parts of
the country during the last six months of 1933.
An equally important factor in the distribution of excess reserves was the
financial operations of the Government. During the past year, more than
half of the funds raised by the Treasury through the sale of new securities
were obtained in this district, largely in New York City, but Government
disbursements here were considerably less. It is estimated that for the year
1933 the net amount of funds raised by the Government in New York and
expended elsewhere was in the neighborhood of $500,000,000.
Due to these withdrawals of funds, excess reserves in the large New
York City banks at no time between the bank holiday and the end of 1933
reached as high a level as at the end of 1932, and on several occasions during
the latter half of the year declined to small proportions. In fact, it was
chiefly the heavy purchases of Government securities by the Reserve banks
which enabled the New York banks to avoid recurrent deficiencies in their
reserves in the latter part of the year. Meanwhile, as the accompanying
diagram indicates, excess reserves of member banks in Chicago rose to even
higher levels than in 1932, and excess reserves in other localities rose steadily
throughout the last nine months of the year and reached a far larger aggregate amount than ever before.
The following further extract is taken from the report:
Gold Movements and the Foreign Exchanges.
During the opening weeks of 1933, the dollar was above parity with the
other gold currencies, and the monetary gold stock of the United States
increased moderately as a result of imports, in continuation of the gain recorded during the second half of 1932. After reaching the high point for
the year on Jan. 18, however, the gold stock began to decline, and the loss
of gold continued at an accelerated pace during February, accompanying
the development of the banking crisis in this country and attendant weakness in the dollar in terms of other gold standard currencies. The gold loss
occurred largely through the earmarking of gold for foreign account, reflecting further withdrawals from this country of short-term foreign funds,
which already had been reduced to small proportions at the beginning of the
year. Between Jan. 18 and March 3 the monetary gold stock declined
$324,000,000 to approximately $4,240,000,000, an amount which, however,
remained well above the average for the decade following the war.
The gold outflow came to an abrupt halt on March 4, when banking holidays were declared in practically all States which had not already restricted
banking operations, and by the Presidential Proclamation of March 6, and the
Executive Order of March 10, the export and earmarking of gold were
prohibited, except for transactions licensed by the Secretary of the Treasury.
Despite the restrictions on gold transactions, quotations on the dollar in
terms of the leading gold currencies generally fluctuated within the gold
export and import points between March 3 and April 13, and the gold
stock rose $70,000,000, due to releases of gold from earmark for foreign
Financial Chronicle
2996
accounts, imports from the Orient, and some return of gold bullion to the
mints and assay offices out of domestic hoards.
During the observance of the Easter holidays abroad, however, foreign
markets were closed, and, in a very narrow exchange market in this country,
foreign currencies advanced considerably against the dollar, so that gold
exports became profitable. Licenses were granted on April 13, 15 and 17 by
the Secretary of the Treasury, for the export of a total of $9,600,000 of gold
to France and Holland, but effective April 20, the licensing of gold shipments was suspended by Executive Order of the President.
After the suspension of gold shipments, a rapid decline in the exchange
value of the dollar began, and by the end of April the dollar was quoted
at a discount from parity of about 14%, in terms of gold standard currencies.
This depreciation of the external value of the dollar apparently was the
result of an outflow of domestic and foreign funds in anticipation of further
depreciation of the dollar, rather than of any change in this country's favorable balance of payments through merchandise and debt service accounts.
In May, the dollar held much steadier, with the closing discount at about
16%, but in June the sharp downward movement was resumed, which by
the middle of July had increased the discount on the dollar to about 31%.
Between the middle of July and mid-August a rising tendency of the dollar
reduced the discount from parity to 25%, but toward the end of August the
discount again widened to 30%.
On Aug. 29, an Executive Order was issued which made it possible for
gold produced in this country to be sold at a price higher than the statutory
price of $20.67 per fine ounce. This Executive Order authorized the Secretary of the Treasury "to receive on consignment for sale . . . gold
recovered from natural deposits in the United States," sales to be made "to
persons licensed to acquire gold for use in the arts . . . or by export
to foreign purchasers," and "at a price which the Secretary shall determine
to be equal to the best price obtainable in the free gold markets of the
world . . ." The Federal Reserve banks were designated as agents
for the making of such sales; gold was to be held for purchase by domestic
buyers for two full business days following the day of certification by the
mints and assay offices, and thereafter such gold as remained unsold was
to be "offered for sale to foreign purchasers by the Federal Reserve Bank of
New York."
Prior to the issuance of this order, the needs of industry and the arts
for gold had been supplied by the Federal Reserve banks under license
from the Secretary of the Treasury; between April 1 and Aug. 29, $3,427,000
of jewelers' gold bars were sold direct to applicants in this district, and
$3,419,000 of such bars were sold by the New York Reserve Bank to other
Reserve banks to meet the requirements of their districts. On Sept. 8, the
Secretary of the Treasury first fixed a new gold price in accordance with the
Executive Order of Aug. 29. The price so fixed rose from $29.62 an ounce
on Sept. 8 to a high point of $32.28 on Sept. 20, but subsequently declined
as low as $29.00 on Oct. 16, and the last official quotation prior to the
taking over of this function by the Reconstruction Finance Corporation was
$29.80, on Oct. 24.
Sales of newly-mined gold made through the Federal Reserve Bank of
New York in compliance with the Executive Order of Aug. 29, and the covering Treasury Regulations of Sept. 12, were as follows:
Fine
Ounces.
Sold to trade
Sold abroad
Total
Net
Proceeds.
Average Price
Paid to Prod'rs.
21,588
376,120
$654,848
11,671,426
$30.33
31.03
397.708
812.326.274
830.99
The first domestic sale was made on Sept. 8, and the last on Oct. 27. The
first shipment of this gold for sale abroad took place on Sept. 13, and the
last on Nov. 1.
In the month after the issuance of the Executive Order of Aug. 29, the
exchange value of the dollar dropped to a discount from parity of about 35%,
a new low for the dollar up to that time, but shortly after the beginning of
October the dollar began to strengthen gradually, and the upward movement
was accelerated following the announcement by the Government that a part
of the Fourth Liberty Loan bonds would be called for payment before
maturity. This recovery in the dollar reduced its discount against the gold
currencies to about 28% by Oct. 20.
On Oct. 26 an Executive Order was issued which authorized the Reconstruction Finance Corporation "to acquire gold which has been received on
consignment by a United States mint or assay office." Under the authority
of the Reconstruction Finance Corporation Act of Jan. 22 1932, as amended
and supplemented, that Corporation, in its Circular No. 12, dated Oct. 26
1933, offered an issue of approximately $50,000,000 of notes maturing Feb. 1
1934, on a discount basis equal to interest at the rate of 1 of 1% per annum,
4
payment to be made in gold "deposited at the mint or assay office where
the application is made." The circular quarter provided that after the
receipt of the gold at the mint or assay office had been certified to the
Federal Reserve bank of the oppropriate district, the Corporation, acting
through the Federal Reserve bank as fiscal agent, would issue the notes "at
the rate for such gold last announced by the Reconstruction Finance Corporation." This "rate" differed from the price previously fixed by the Secretary of the Treasury, in that it was an independent American price, whereas
the earlier prices had been an American approximation of the world market
price. A rate of $31.36 a fine ounce of gold was first announced by the
Corporation on Oct. 25; the last and highest rate in 1933 was $34.06, fixed
on Dec. 18.
On Oct. 29 it was announced in Washington that the Reconstruction Finance Corporation would buy gold in foreign markets as well as in the
United States. Payment for foreign gold also was to take the form of debentures of the Corporation, and was to be made through the agency of the
Federal Reserve Bank of New York. Acquisitions of gold by the Reconstruction Finance Corporation during the period of operations, which extended through Jan. 15 1934, were summarized by the Corporation as
follows:
Number of
Ounces.
Cost.
Domestic
Foreign
695.027
3,335,236
$23,363,754
108,307,850
Total
4.030,263
$131,671,604
The first announcement that the Reconstruction Finance Corporation would
purchase newly-mined domestic gold was followed by an abrupt increase in
the discount on the dollar from about 28% to around 33%. For a short
time thereafter, however, rising quotations for the purchase of domestic
gold by the Reconstruction Finance Corporation were not accompanied by a
corresponding rise in foreign exchange quotations, until after the announce-
May 5 1934
ment was made that gold would be purchased abroad. A renewed rise in
the foreign exchanges then occurred. In fact, the rise in the foreign exchances proceeded more rapidly for a time than the rise in the gold quotation of the Reconstruction Finance Corporation, apparently reflecting sales
of dollars in anticipation of further depreciation in the dollar, and the
discount on the dollar increased temporarily to as much as 41.7%. Around
the middle of November, when it became apparent that gold purchases abroad
by the Reconstruction Finance Corporation were limited in amount, foreign
exchange quotations declined until the discount on the dollar was reduced
to about 36%, and approximately this level was maintained for the balance
of the year.
In most of the gold transactions from May to December, gold was treated
as a commodity rather than as a part of the monetary supply, and the gold
purchased by the Reconstruction Finance Corporation was not included in
the currently reported data on the monetary gold stock of the United States.
For the year 1933 as a whole, however, the monetary gold stock showed a
reduction from $4,513,000,000 to $4,323,000,000, due to the loss of gold
prior to the banking holiday. The year's gold movements are summarized
in the following table:
Jan. 1Mar. 4 inc.
Shipments:
Exports
Imports
Mar. 5Dec. 31 inc.
Total
1933.
$
$
$
32,200,000 z325,800.000 z358,000,000
160,200,000
34,100,000 194,300,000
.128,000,000 291,700,000 163,700,000
Net exports
Gold earmarked here for foreign seal
New earmarkings
Releases from earmark
1,600,000
342,100,000
345,300,000
356,900,000
x328,900,000
Net release
343.700,000
14,800,000
340,500,000
y11,600,000
Cold released abroad for Federal Reserve Bank of New York
72,600,000
72,600,000
Net gain or loss from foreign trans—273,500,000 +48,800,000 —224,700,000
actions
Net amount added to monetary gold
stock from domestic sources
2,400,000
31,900,000
34,300,000
Total change in U. S. monetary gold
stock
—271,100,000 +80,700.000 —190.400.000
• Net import. x Net earmark. z Excludes exports of newly mined gold under
Executive Order of Aug.29 1933. y Exc udes approximately $3,000,000 of gold which
was released from foreign earmark account in exchange for gold delivered abroad.
With reference to the physical imports and exports of gold during the
year, sources and destinations are indicated in the following table. The
imports shown as coming from England include $40,500,000 of gold shipped
from London to the United States in January 1933, following shipments of
$22,900,000 in December 1932, out of the $95,550,000 of gold which was
earmarked abroad for the Federal Reserve Bank of New York on Dec. 15 1932,
in connection with the British debt payment due then; the remaining $32,200,000 was sold abroad during January 1933. The exports for the year
1933, which were considerably smaller than in 1932, represented to a large
extent the repatriation by foreign central banks of gold which had been earmarked in the period just prior to the banking holiday. The export of this
gold was permitted under licenses issued by the Secretary of the Treasury:
Country.
Australia
Canada
Czechoslovakia
China and Hongkong
England
France
Germany
Holland
India
Italy
Japan
Mexico
Norway
Philippines
Sweden
Switzerland
All other
*Exports to.
257.000
6,504,000
39,384,000
245,999,000
1,803,000
14,899,000
24,044,000
579,000
6.100,000
5,002,000
11,630,000
1,871,000
*Importsfrom.
$3,176,000
20,141,000
12,821,000
51,827,000
33,025,000
21,645,000
26,213,000
6,702,000
4,859,000
5,743,000
xNet.
+83,176,000
+19,884,000
—6,504,000
+12,821,000
+12,443,000
—212,974,000
—1,803,000
+6,746,000
+26,213,000
—24,044,000
+6,702,000
+4,280,000
—6,100,000
+5,743,000
—5,002,000
—11,630,000
+6,259,000
8,130,000
8358,072,000
Total
3194,282,000
4
—3163,790,000
•These figures differ slightly from those pub ished by the Department of Commerce for three principal reasons: First, because the ultimate source or destination
of shipments was ascertained by this bank in cases where only the immediate source
or destination was reported to the Department of Commerce; second, because
exports of newly mined gold, under the Executive Order of Aug. 29 1933, were
excluded as they were without effect on the gold stock; third, because certain imports were received on Dec. 311932. too late for purchase by the Assay Office until
Jan. 3 1933. x + Excess of imports; — excess of exports.
The course of the dollar in terms of gold and the gold currencies, which
has been discussed in connection with gold movements and the various legislative measures enacted during the year affecting the status of gold in the
United States, is indicated in the diagram on page 31 [this we ovnit.Ed.],
which also shows the movement of the dollar-sterling exchange rate.
The British pound sterling remained comparatively steady in terms of
gold throughout the year, fluctuating between 28.22% and 36.80% discount
against the French franc. The result was a persistent decline in the premium
of the dollar against sterling until mid-July, when the previous parity rate
of $4.866 was approached for the first time since 1931. In August and
September, when the dollar declined once more against gold currencies,
sterling did not attain parity with the dollar again, because the pound also
declined in gold value after July. Early in November, however, sterling
crossed the parity rate of $4.866, and throughout the remainder of the year
the dollar was at a discount against the British currency. The highest
sterling rate of the year was $5.52%, reported in the course of trading on
Nov. 16, but by the close of the year the rate had declined to $5.15%.
Control of Corporations—Restriction of
Proxies, It Is Held, Would Create
Real Problem.
(From the New York "Times" of April 27 we take the following.)
Through all the welter of activities and developments generated by the Washington Government comparatively little
has been brought to the surface in respect to the relationship
between management and ownership of the large American
corporations.
Volume 138
Financial Chronicle
It is recognized that there is a definite line of demarkation
between the owners and the managers of such corporations.
Several years ago the rank and file of investors were under
the impression that in order to control a corporation it was
necessary to be able to vote at least 51% of the stock. Since
then it has been indicated clearly that many corporations are
controlled by groups holding only from 10 to 15% of the stock
or even less.
In the halcyon days a shareholder thought nothing of signing his proxy and sending it into the management of the company whose stock he held. However, with the vanishing of
dividends and the general information that has appeared in
the press, stockholders are not now as willing to send proxies.
Many authorities on investments have held that it is a mistake for a stockholder to send in a proxy. If the holder of
shares is unable to attend the stockholders' meeting, it is contended that he is far better off not to send his proxy. This
brings to the forefront the very vital question of how corporations are going to be controlled henceforth, and by whom.
Theoretically, the directors are supposed to represent all
the stockholders, but to-day a large number of shareholders
question this fact. Recently some talk has been heard that
certain of the authorities in Washington favor placing restrictions on the gathering of proxies. Should this develop
into anything concrete, a real problem will be thrown into the
lap of the men controlling those corporations with the more
substantial lists of stockholders.
Whether the ultimate solution of this question will result
In a broad representation of stockholders remains to be seen.
However, it is very readily imaginable that stockholders will
continue to steadily assert themselves more vocally and translate this into action. It would not take very much of a concerted effort on their part to separate the present managements from control and place the power to run the corporations in the hands of the rightful owners. Should this e'entuate many nice questions doubtless will be created.
EDWIN J. SCHLESINGER.
New York, April 18 1934.
2997
Stock Exchange Profits
[Editorial in New York "Times" May 3 1934.1
k Several points stand out in the
mass of data on member
firms of the New York Stock Exchange, made public by
Mr. Pecora as Counsel for the Senate Committee on Banking
and Currency. One is the fact that these firms derive the
great bulk of their income from ordinary brokerage charges
rather than from large profits on trading; commissions on
the purchase and sale of stocks and bonds account for more
than two-thirds of the total; without such commissions the
aggregate net income credited to the period from Jan. 1
1928, to Aug. 31 1933, would have been a deficit of $670,000,000. A second point, which scarcely needed Senatorial
inquiry to develop it, is that the volume of business on the
Stock Exchange varies widely with the mood of the buying
public, and that commissions and earnings vary with it.
Finally, it is unreasonable to consider aggregate profits without considering also the amount of business from which they
were derived. During the period in question $16,000,000,000
worth of bonds and more than 5,000,000,000 shares of stock
(including "market stock" and "odd-lot" transactions) were
bought and sold on the Exchange. No authoritative estimate
of the aggregate value of this large amount of stock is
available. But leaving wholly out of account commissions
from the purchase and sale of bonds, the aggregate "net
profit" of $833,000,000 earned by the reporting firms represent less than 17 cents for each share of stock handled.
Nor is even this a "net" earning in the sense that it
represents profit above all losses. In his comment on the
Senate Committee's data, Mr. Whitney points out that the
value of seats on the New York Stock Exchange has declined
from a peak figure of $687,500,000 in 1929 to $192,500,000
at the present time—"a capital loss of $495,000,000," or
considerably more than half the aggregate "net profit" for
the 1928-33 period. Furthermore, he asserts (and the statement is readily believable) that stock market firms "have
suffered additional losses, both realized and unrealized, due
to the decline in the value of the securities they own."
Such considerations as these, if noted by the Senate Committee, would rob its figures of the sensational impression
which it apparently intended them to convey. In choosing
to make its data public precisely as debate on the new Stock
Exchange Bill begins it plainly sought to prejudice the
discussion of that measure. This method of enacting legislation by "exploding a bombshell" is increasingly popular but
thoroughly objectionable.
Indications of Business Activity
THEISTATE _OFATRADE—COMMERCIALIEPITOME.
Friday Night, May 4 1934.
Trade reports from all over the country were mostly
favorable. The major industries, generally, maintain a
level of activity well above that of the same period last
year, with the steel and motor divisions making the best
showing. Steel operations were up 3.2% to 55.7% of
capacity, the highest rate since last July, and the production of automobiles continued to increase. Carloadings
showed another increase for the week, but the percentage
of gain was less than in the previous week. Electric output
fell off somewhat, but it still shows a substantial increase
over the same week last year and the corresponding weeks
for three years back. Retail business shOwed further gains
as a result of special sales and advertising, but the forward
movement was checked somewhat by unfavorable weather.
Special sales of furniture, women's coats and dresses, table
linens and housewares were more numerous, due to
the
anxiety of merchants to get rid of their stocks rather than
suffer inventory losses because of weaker wholesale prices.
All indications point to large sales of hardware, paints, garden tools and seeds, and there was a better demand for
reed furniture, grass rugs and druggets. Sales of farm implements were good, and those of electrical appliances
were
larger than a week ago. Wholesale buying, however, was
on a smaller scale. Commodities were generally lower,
although the downward trend of cash markets appeared
to
have been checked. Speculation in cotton was less active,
and prices show a decline for the week owing to heavy
liquidation and the uncertainty over legislation at Washington. The recent weakness of silver also had a depressing
effect. Considerable buying appeared at times on the dips,
and the market staged some fair rallies. The weekly
weather report was unfavorable as to conditions in the
East, but mostly favorable in the West. At one time prices
were down to the lowest level seen since january. Wool
was quiet and lower. Grain markets were higher, owing
to buying influenced by continued drouth and dust storms
over a considerable area of the Northwest and Southwest.
Sugar advanced slightly, under buying stimulated by the
passage of the sugar bill. Coffee was quiet and lower, with
trade buying smaller. Hides were dull and weaker. Metals
were generally steady, although silver declined sharply at
one time owing to the defeat of the silver bloc at Washington and the publication of the list of silver holders. Rubber
was Sharply higher, on the news that an international agreement had been reached to curb production for the next five
years, beginning June 1. A rise in tire prices is expected
as a result of this agreement.
After being generally cool over the week-end, temperatures rose in the middle of the week, and there was a heavy
rainfall on Thursday. A belated frost last week severely
injured the apple crop in Nebraska. The weather in the
grain belts was generally dry, and dust storms were reported
In Kansas and Nebraska. There is a serious water shortage,
and crickets threatened widespread ruin on farms of the
inter-mountain West. California had a 3
-foot snowfall on
the 1st inst. in Lassen Volcanic National Park. To-day is
was raising in the morning and clear in the afternoon here,
with temperatures ranging from 53 to 56 degrees. The forecast was for fair to-night and Saturday. Slightly warmer
to-night. Overnight at Boston it was 56 to 66 degrees;
Baltimore, 64 to 68; Pittsburgh, 56 to 82; Portland, Me.,
50 to 54; Chicago, 62 to 82; Cincinnati, 62 to 84; Cleveland,
64 to 76; Detroit, 58 to 82; Charleston, 64 to 82; Milwaukee,
58 to 74; Dallas, 68 to 76; Savannah, 62 to 84; Kansas City,
58 to 80; Springfield, Mo., 56 to 74; St. Louis, 64 to 82;
Oklahoma City, 58 to 68; Denver, 48 to 54; Salt Lake City,
46 to 68; Los Angeles, 58 to 74; San Francisco, 56 to
66;
Seattle, 56 to 66; Montreal, 52 to 74, and Winnipeg, 46 to 58.
____ Fewer Freight Cars in Need ofvRepairs.
—
According to the American Railway Association, class I
railroads on April 1 had 291,081 freight cars in need
of
repair, or 14.7% of the number on line. This was a
decrease of 4,501 cars below the number in need of such repair
on March 1, at which time there were 295,582, or
14.9%.
Freight cars in need of heavy repairs on April 1 totaled
224,108 cars, or 11.3%, a decrease of 608 cars compared
with the number in need of such repairs on March 1,
while
freight cars in need of light repairs totaled 66,973, or 3.4%,
a decrease of 3,893 compared with March 1.
Locomotives in need of classified repairs on April 1
totaled 11,259, or 23.0% of the number on line. This was
an increase of 140 compared with the number in need of
such repairs on March 1, at which time there were 11,119,
or 22.6%.
Class I railroads on April 1 had 4,590 serviceable locomotives in storage compared with 4,893 on March 1.
Moody's Daily Index of Staple Commodity Prices
Rallies From Low Point.
Although declines outnumbered gains, primary commodity markets have showed distinct rallying tendencies during
the week in review. Moody's Daily Index of Staple Commodity Prices, after reaching the lowest point since early
in January, reversed its trend of the recent weeks and advanced 2.3 points to 134.4.
Seven of the fifteen commodities comprising the index
showed losses for the week, but these were all of a nominal
character. They were, in order of importance, in hogs,
hides, sugar, steel scrap, silk, coffee and silver. An advance of over 2 cents a pound in rubber accounted for threequarters of the rise in the index number, while a healthy
recovery in wheat prices accounted for the remainder, and
fair advances in cotton, corn and cocoa offset the declines
enumerated above.
The movements of the Index number during the week,
with comparisons, is as follows:
132.1
131.9
133.2
132.4
133.1
132.9
134.4
Fri., Apr. 27
Sat., Apr. 28
Mon., Apr. 30
Tues.. May 1
Wed., May 2
Thurs., May 3
Fri., May 4
2 Weeks Ago, Apr. 20
Month Ago, Apr. 4
May 4
Year Ago.
1933 High, July 18
Feb. 4
Low,
1934 High, Feb. 16
Jan. 2
Low,
133.7
137.4
109.0
148.9
78.7
140.4
126.0
Wholesale Commodity Prices Slightly Higher During
Week of April 28, According to National Fertilizer
Association.
Wholesale commodity prices were slightly higher during
the week ended April 28, according to the index of the National Fertilizer Association. This index advanced one
point during the latest week, moving from 70.7 to 70.8.
(The three-year average 1926-1928 equals 100.) A week
ago this index declined four points. A month ago the index
stood at 71.0 and a year ago at 58.6. The Association further announced as follows on April 30:
during
Six of the 14 groups in the index were affected by price changes
metals,
the latest week. Four groups advanced and two declined. Foods,
miscellaneous commodities advanced. Textiles and
fats and oils, and
fertilizer materials declined.
During the latest week there were 25 price advances and 28 declines in the
list of individual commodities. For the preceding week there were 21
advances and 47 declines. Two weeks ago both the advances and the declines numbered 22. Commodities that advanced during the latest week
were wheat,corn,oats,cottonseed meal,raw sugar,potatoes,apples, pig iron,
zinc, coffee, rubber, butter, tallow and silk. The declining commodities
feedIncluded cotton, cotton yarns, cotton cloths, rayon, lard, eggs, most
stuffs, cattle, hogs, heavy melting steel, sulphate of ammonia and silver.
Wheat regained a part of the large loss recorded two weeks ago. Cotton
declined about three-fourths of one cent a pound. Corn and oats made a
fair gain.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.
Group.
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
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__
IAA /I
•
May 5 1934
Financial Chronicle
2998
All
ornIma rnmhIned
Latest
PreWeek
Apr. 28 ceding
Week.
1934.
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
70 A
70.4
68.9
52.1
70.6
70.2
91.3
81.0
79.7
85.6
49.0
93.0
67.1
76.1
92.4
70 7
Month
Ago.
Year
Ago.
71.2
68.1
54.3
72.0
69.0
91.3
80.5
78.8
85.2
50.3
93.5
67.8
75.9
92.4
59.7
50.8
43.7
46.5
59.3
84.9
71.8
69.1
75.9
48.7
87.2
83.7
62.4
90.2
71 n
cQ A
Revenue Freight Car Loadings for Latest Week 13.0%
in Excess of Same Period Last Year.
Loading of revenue freight for the week ended April 28
1934 amounted to 608,000 cars, an increase of 19,201 cars,
or 3.2%,over the preceding week and 69,845 cars, or 13.0%,
higher than in the corresponding period in 1933. It was
also a gain of 54,457cars, or 9.8%,over the comparable week
week ended April 21 1934
in 1932. Total loading for the
same period last year by 18.7% and was also
exceeded the
April 23 1932.
4.8% in excess of the week ended
16 major railroads to report for the week ended
The first
262,950 cars of revenue freight
April 28 1934 loaded a total of
preown lines, compared nith 261,877 cars in the
on their
vious week and 238,215 cars in the seven days ended April 29
1933. With the exception of the Atchison Topeka & Santa
Fe Ry., the Chicago Milwaukee St. Paul & Pacific Ry.,
the International-Great Northern RR., the MissouriKansas-Texas Lines and the Wabash Ry., these carriers
again showed substantial increases over the corresponding
period in 1933. Comparative statistics follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of cars)
Loaded on Own Lines
Weeks Ended
Receiredfrom Connections
Apr. 28 Apr.21 Apr. 29 Apr. 28 Apr. 21 Apr. 29
1934. 1934. 1933. 1934. 1934. 1933.
Atchison Topeka & Santa Fe RyChesapeake & Ohio Ry
Chicago Burlington & Quincy RR
Chicago Milw. St.P.& Pac. Ry_
Chicago & North Western By..._ Gulf Coast Lines
InternatIonl-Great Northern RR.
Missouri-Kansas-Texas Lines_ _
Missouri Pacific RR
N. Y. Chicago & St. Louis Ry_ _
New York Central Lines
Norfolk & Western By
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash By
18,609
20,398
13,995
16,517
15,090
3,129
2,787
4,392
13,340
4,511
44,048
18,182
56,179
5,405
21,253
5,115
19,516
19,936
14,060
16,221
15,061
3,429
2,632
4,373
13,238
4,490
43,486
17,377
56,072
5,412
21,371
5,203
19,222 5,045 4,852 4,456
16,578 8,541 8.126 7,443
33,741 5,989 5,839 5,353
17,114 5,954 6,121 5,939
13,699 8,726 8,778 7,353
819
2,860 1,374 1,194
3,809 2,455 2,168 2,154
4,810 2,744 2,553 2,465
12,42Q 7,923 7,839 7,129
3,857 7.587 7,483 6,671
37,884 57,381 54,356 45,366
13,556 3,887 3,679 4,065
49,992 33,916 30,534 29,867
4,153 4,911 4,715 3,397
19,164
5,356 7,449 7,289 67478
262.950 261,877 238,215 163.862 155,516 139,055
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 Ry
St. Louis
Total
April 28 1934. April 21 1934. April 29 1933.
21,156
18,897
19,318
25,117
24,556
25,121
12,234
11,821
12,129
58.507
55,274
56,568
The American Railway Association, in reviewing the week
ended April 21, reports as follows:
Loading of revenue freight for the week ended April 21 totaled 589,463
cars, an increase of 10,818 cars above the preceding week, 92,941 cars above
the corresponding week in 1933, and 26,926 cars above the corresponding
week-in 1932.
Miscellaneous freight loading for the week of April 21 totaled 240,276
cars, an increase of 1,741 cars above the preceding week, 63,446 cars above
the corresponding week in 1933, and 35,901 cars above the corresponding
week in 1932.
Loading of merchandise less than carload lot freight totaled 165,671 cars,
a decrease of 30 cars below the preceding week, but an increase of 5,225 cars
above the corresponding week in 1933. It was, however, a decrease of
19,471 cars below the same week in 1932.
Grain and grain products loading for the week totaled 26,286 cars, a
decrease of 930 cars below the preceding week, 8,568 cars below the corresponding week in 1933, and 5,000 cars below the same week in 1932. In
the Western districts alone, grain and grain products loading for the week
ended April 21 totaled 16,567 cars, a decrease of 6,113 cars below the
same week in 1933.
Forest products loading totaled 23,885 cars, a decrease of 479 cars below
the preceding week, but 8,763 cars above the same week in 1933, and 4,079
oars above the same week in 1932.
Ore loading amounted to 8,610 cars, an increase of 2,254 cars above the
preceding week, 5,192 cars above the corresponding week in 1933, and 3,664
cars above the corresponding week in 1932.
Coal loading amounted to 100,426 cars, an increase of 4,077 care above
the preceding week, 26,299 cars above the corresponding week in 1933, and
7,351 cars above the same week in 1932.
Coke loading amounted to 5,629 cars, an increase of 238 cars above the
preceding week, 2,557 cars above the same week in 1933, and 2,028 cars
above the same week in 1932.
Live stock loading amounted to 18,671 cars, an increase of 8,751 cars
above the preceding week and 2,027 cars above the same week in 1933. It
was, however, a decrease of 1,626 cars below the same week in 1932. In
the Western districts alone, loading of live stock for the week ended
April 21 totaled 15,163 care, an increase of 2,055 cars above the same
week in 1933.
All districts reported increases for the week of April 21 compared with
the corresponding week in 1933 and 1932.
Loading of revenue freight in 1934 compared with the two previous years
follows:
1934,
Four weeks In January
Four weeks In February
Five weeks In March
Week ended April 7
Week ended April 14
Week ended April 21
Total
1933.
2,177,562
2,308,869
3,059,217
5.57,887
578,837
589,453
1,924,208
1,970,586
2,354,521
492,061
498,182
496,512
2,266,771
2,243,221
2,825,798
545,623
566,826
562,527
9,271,825
7.736.050
9.010.766
1932.
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
April 21 1934. During this period 37 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 Atchison Topeka & Santa Fe Ry., the Southern
Ry. System, the Louisville & Naghville RR., the Norfolk and
Western Ry., the Illinois Central System, the Chicago Milwaukee St. Paul & Pacific Ry., the Chicago & North Western
Ry., the Chicago Burlington & Quincy RR., the Missouri
Pacific RR., the Southern Pacific Co. (Pacific Lines), and
the Reading Co.
Volume 138
Financial Chronicle
2999
REVENUE FREIGFIT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER
OF CARS)
-WEEK ENDED APRIL 21.
Railroads.
Total Revenue
Freight Loaded.
1934.
Eastern District.
Group A
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York, N.H.& Hartford__
Rutland
1933.
Total Loads Received
from Connections.
1932.
1934.
1933.
2,,09
2,845
7,057
985
2,309
10,509
607
1,541
2,214
6,151
571
1,970
8,752
562
2,508
2,673
1,255
726
2,445
10,433
636
262
4,978
10,178
2,156
2,618
11.190
1,088
247
3,828
7,835
1.771
1,869
9,454
810
26,581
21,761
26,678
32,470
25.814
Group B
Delaware & Hudson
5.839
Delaware Lackawanna & West_
9,563
Erie
.12,328
Lehigh & IIudson River
210
Lehigh & New England
1,639
Lehigh Valley
7,726
Montour
1,665
New York Central
19.802
New York Ontario & Western_
1,817
Pittsburgh & Shawmut
292
Pittsburgh Shawmut &Northern
298
Total
61,179
3,364
6,453
9,600
256
1,298
6,177
1,350
16,400
1,616
305
257
6,740
10,177
12,068
255
1,836
8,788
1,553
18,586
2,082
442
386
6,346
6,592
1,210
1,735
814
7,158
45
26,923
1,980
32
228
5,168
4,951
10,479
1,376
703
5,899
27
20,131
1,562
39
153
47,076
62,913
63,963
50.488
630
1.133
6,735
21
228
301
2,238
4,642
8,699
1,632
4,490
5,412
5,242
1,371
5,203
3,206
44/
1,133
7,017
25
238
226
1,252
2,953
5,955
2,677
3,476
3,752
2,674
972
4,830
2,501
583
1,306
7,312
39
250
213
1,649
2,882
6.247
3,905
4,209
4,241
3,651
1,030
4.972
1,991
1.040
1,643
9,607
71
88
2,465
1,093
6,299
8,943
230
7,483
4,715
3,842
922
7,289
2,942
794
1,409
8,161
50
90
1.495
617
4,537
,6385
162
6,377
3,261
3,878
632
5,961
1,941
Total
51,183
Grand total Eastern District..
138,943
40,128
44,480
58.672
45,756
108,965
134,071
155.105
12.,058
542
24,550
2,628
261
6,402
581
193
75
717
1,151
56,072
13,503
8,104
13
2,334
294
21,532
1,192
197
4,143
1
154
62
1,004
972
45,786
8,960
3,131
58
2,495
a
26,192
908
146
7,315
43
267
97
1.222
b
57,720
13,660
5,004
47
3,022
505
12,205
1,390
6
9,602
41
18
25
2,795
1,085
30,534
13,118
2,194
1
4,502
591
10,322
798
5
8,228
38
20
11
2,172
972
26,115
12,164
940
1
3,060
117,129
89,981
115,643
78,021
65.437
Total
Group C
Ann Arbor
Chicago Ind.& Louisville
Cleve. Cin. Chic. & St. Louis__
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line..
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia__ - _
Wabash
Wheeling & Lake Erie
Allegheny District.
Akron Canton & Youngstown__
Baltimore & Ohio
Bessemer de Lake Erie
Buffalo Creek & Gauley
Central RR.of New Jersey
Cornwall
Cumberland & 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 & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District,
Group A
Atlantic Coast Line
Clinclifield
Charleston & Western Carolina
Durham & Southern
Gainesville .6 Midland
Norfolk Southern
Piedmont dr Northern
Richmond Frederick. de Potom.
Seaboard Air Line
Southern System
Winston-Salem Southbound
Railroads.
19,936
17,377
1,846
2,933
15,382
12,383
2,161
2,490
16,818
13,123
2,121
2,763
8,126
3,679
1,156
756
6,540
3,029
1,027
574
42,092
32,416
34,825
13,717
11,170
9,077
1,021
400
1o2
.45
1,140
470
353
8,139
19,051
133
9,284
869
396
137
43
1,619
432
268
7,245
18,474
127
9,120
779
418
140
56
1,652
463
321
8,052
19,233
177
4,447
1,581
1,054
517
158
1,422
965
2,895
3,370
11,985
649
3,890
1,275
1,031
447
125
1,392
771
3,397
3,123
10,452
589
Total Revenue
Freight Loaded.
Total Loads Receivedfrom Connect10713.
1934,
Group B
Alabama Tenn. & Northern_
Atlantic Birmingham & Coast_ _
Atl.& W.P.
-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile & Ohio
Nashville Chatt.& St. Louis...
Tennessee Central
Total
1933.
1932.
212
678
708
3,828
232
1,402
842
363
1.428
16,822
16,342
103
120
1.807
3,032
373
199
709
799
3,968
178
1,441
1,036
295
1,141
14.766
13,432
123
126
1.735
3,075
302
260
663
769
4,059
195
860
845
285
1,303
16.126
13,798
118
121
1,982
3,016
443
161
670
953
2,199
241
478
1,273
393
676
8,340
3,802
429
275
1,325
2,385
556
1934.
1933.
138
721
'943
2,097
150
419
1,383
1 339
1628
7,222
3,550
364
' 228
1,410
2,384
487
48,297
43.325
44,843
24,162
22,463
Grand total Southern District__
88,278
82,219
85,254
53,211
48,955
Northwestern District.
Belt By. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul dz Pacific_
Chic. St. Paul Minn.& Omaha_
Duluth Missabe & Northern
Duluth South Shore & Atlantic.
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern _
Great Northern
Green Bay & Western
Lake Superior & Ish peming _ __
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie__
Northern Pacific
Spokane & International
Spokane Portland & Seattle
860
15,173
2,379
16,221
3,1a7
581
568
5,392
279
8,504
505
326
1,487
4,472
8,255
130
1,390
643
12,810
2,268
15,372
3,250
298
274
3,146
298
7.362
497
162
1,692
4,294
6,693
86
715
1,082
13,771
2,502
15,749
2,825
463
408
3,174
313
7,460
528
a
1,892
4,579
7.707
a
1,087
1,388
8,778
2.371
6,121
3,029
99
379
4,468
115
2,345
490
88
1.294
2,391
2,133
140
1,014
-.al
1,129
7,124
1.852
5,473
2,425
34
347
3.250
122
1,592
293
6 68
1.257
1,728
1,841
136
758
69,679
59.860
63.540
36,648
29,427
19,516
2,616
182
14,060
1,160
10,403
2,131
772
1,632
158
1,127
1,702
576
132
15,532
226
308
11,207
148
1,371
18,178
2,757
159
12,658
1,185
10.163
1,993
737
1,417
116
1,011
1,905
362
103
12.219
233
330
10,109
234
1,044
19,975
3,096
180
14,225
a
12,224
1,968
829
1.195
110
1,135
a
451
185
14,524
261
365
10,806
173
1,266
4,852
1,715
33
5,839
525
5,561
1,826
830
2.012
21
931
909
281
67
3,344
268
885
6,733
3
1,531
3,681
1,497
31
4,999
637
5,431
1.571
563
1,514
11
690
816
189
47
2,791
239
784
5,177
5
1.167
84,959
76,913
82,978
35.172
31,840
209
139
98
3,429
2,632
139
1,682
1,012
117
360
495
133
4,418
13,238
35
180
6,697
1,993
5,839
3,882
1,606
40
117
139
1111
2,796
4,016
61
1,272
1,135
136
138
458
68
4,238
11,204
48
111
7,169
1,979
5,476
3,614
1,813
51
175
101
131
3,332
1,751
121
1,467
1,292
a
86
483
43
4.839
11,953
39
111
7,404
2,066
5,877
3,306
1,622
17
3,220
274
145
1,194
2.158
1,006
1,374
768
326
789
438
197
2,553
7,839
7
108
3,526
1,877
2,525
3,527
1,986
44
1.1
2,548
346
133
861
1,665
1,002
1,123
643
192
537
488
224
2,319
6,482
11
90
2,962
1,401
2,080
3,425
1,744
42
Total
Central Western District.
Atch. Top.& Santa Fe System _
Alton
Bingham & Garileld
Chicago Burlington & Quincy
Chicago & Illinois Midland_
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western.
Denver & Salt Lake
Fort Worth & Denver City__ _
Illinois Terminal
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island__
Toledo Peoria & Western
Union Pacific System
Utah
Western Pachic
Total
Southwestern District.
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana dc Arkansas
Louisiana Arkansas & Texas.__
Litchfield de Madison
Midland Valley
Missouri & North Arkansas....
Missouri-Kansas exas
-I
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR.Assn. of St. Louis
Weatherford Min.Wells & N.W.
Total
40,411
38,894
29.049
39,981
26.492
Total
48,373
46,158
46,210
35.881
30,318
a Not available. b Pennsylvania-Reading Seashore Lines Include the new
RR.. and Atlantic City RR .formerly part of Reading Co.: 1932 figures included consolidated lines of the West Jersey dr Seashore RR., formerly part of Pennsylvania
In Pennsylvania System and Reading Co •Previous week's figure.
Moderate Increase of More Than Seasonal Amount
Reported by Boston Federal Reserve Bank in
General Business Activity During March Over
February.
"During March a moderate further increase of more than
the seasonal amount over February occurred in the general
level of business activity in New England," according to
the Federal Reserve Bank of Boston, which said that "during
the first quarter of 1934 the volume of industrial activity
was rising steadily, in contrast to the declining trend which
prevailed during the period from January through March 2
a year ago." As given in its "Monthly Review" of May 1
the Bank also had the following to say as to conditions in
Now England:
These trends aro significant, but actual comparisons between March in
1933 and 1931 are influenced strongly by the abnormal and unusual conditions existing last year. Not only did the volume of industrial activity
in Now England during the first quarter of 1934 exceed that of the corresponding period in 1933, but retail trade, as measured by the sales
(dollars) of reporting estalishinents in this district, was nearly 25% better
in the first three months of this year.
According to the Department of Labor and Industrics, increases occurred
between February and March in representative manufacturing establishments in Massachusetts. amounting to 1.5% in the number of wageearners employed, 3.1% in tho amount of aggregate payrolls, and 1.5%
in average weekly earnings per person employed. These increases were
attributed to a general improvement throughout the State. The number
employed in March 1934 was nearly 32% larger than in March 1933. while
the amount of payrolls increased nearly 63%.
The volume of boot and shoe production in this District during the
first quarter of 1934 is estimated to have been slightly greater than in the
corresponding period a year ago. The increases recorded in January and
February 1934 over the corresponding months in 1933 were only moderate.
while in March practically no change took place.
The average daily amount of raw cotton consumed by New Enlgand
mills during the first three months of 1934 was 3.950 bales, exceeding the
quantities consumed in the first quarters of 1931, 1932, and 1933 by 8.5%,
30.7%, and 41.9%. respectively, and was only 8.9% loss than in the first
three months of 1930. The average daily amount of raw wool used by
mills in this Dsitrict, however, during the first quarter of 1934 was
1.1%
Ices than in the corresponding period of 1933, exceeded that of
1932 by 3.7%,
but was 17.3% less than in 1931.
The volume (square feet) of residential building contracts awarded
in
New England during March, adjusted for seasonal influences, was
slightly
higher than in February and about the same as in January. Similar
conditions prevailed in contracts awarded for commercial and industrial
construction,
During March 1934 the dollar volume of retail sales of 1.246 concerns
In Massachusetts, representing most kinds of retail business,
was $24.425,497, compared with 817.910,034 in March 1933.
"Annalist" Weekly Index of Wholesale Commodity
Prices on May 1 At Highest Level Since March 10
1931.
An advance of 0.7 point for the week carried the "Annalist"
weekly index of wholesale commodity prices to the highest
level (in terms of United States dollars) since March 10
1931, the index rising to 109.4 on May 1 from 108.7 (revised)
April 24. The "Annalist" further said:
The rise reflected higher prices for wheat and flour, oats, butter, tobacco,
pig iron, rubber, and especially steers, the last advancing 74 cents to $8.62
for the Chicago average. Offsetting only in part these advances were losses
In hogs and lambs, tin, cotton and all the other textile fibers and goods.
In terms of the old dollar, the index stood at 64.8, or only slightly above
the 64.0 level which has been its "bottom" for two months and which
was the all-time low except for Nov. 21 1933, when it touched 62.8.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation.
(1913+100)
May 1 1934. Apr.24 1934. May 2 1933.
74.9
:89.4
90.5
Farm products
93.7
106.7
107 7
Food products
77.8
:115.9
y114.7
Textile products
103.1
161.4
161.4 Fuels
95.2
112.3
112.4
Metals
106.6
113.9
114.0
Building materials
95.5
100.2
100.2
Chemicals
71.7
88.6
89.5
Miscellaneous
88.2
x108.7
109.4
All commodities
75.0
:64.0
64.8
z All commodities on old dollar basis_
x Revised. y Preliminary. z Based on exchange quotations for France. Switzer
land. Holland and Belgium.
Weekly Electric Output Exceeds Corresponding Period
in 1933 by 16.8%.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended April 28 1934 totaled
1,668,564,000 kwh., as against 1,427,960,000 kwh. in the
corresponding period last year, an increase of 16.8%.
Output in the week ended April 21 amounted to 1,672,765,000 kwh., compared with 1,44,095,000 kwh. in the
like week in 1933, a gain of 16.9%. The Institute's statement follows:
PER CENT CHANGES (1934 OVER 1933).
Major Geographic
Divisions.
Week Ended
Week Ended
Week Ended
Week Ended
Apr.28 1934. Apr. 21 1934. Apr. 14 1934. Apr. 7 1934,
New England
Middle Atlantic
Central Industrial_._
Southern States
Pacific Coast
West Central
Rocky Mountain
+16.7
+12.3
+22.6
+10.6
+12.5
+10.8
+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
+16.0
+10.5
+21.3
+14.3
+12.9
+11.0
+20.8
Total United States_
+16.8
+16.9
+16.5
+15.5
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
Week of-
1934.
Week of-
1933.
Jan. 8 1,563.678,000 Jan. 711,425.639,000
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 1340,951,000 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 1,390,607300
Mar. 17 1,850,013,000 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 1,688,564,000 Apr. 29 1,427,960,000
May 6 1,435,707,000
May 5
:Revised figure.
DATA FOR RECENT
Month of-
May 5 1934
Financial Chronicle
3000
1934.
1933.
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
1,538,452.000
1,537,747,000
1,514,553,000
1,480,208,000
1,465,076,000
1,480,738,000
1,469310.000
1,454,505,000
1,429.032,000
9.7%
10.1%
9.5%
9.6%
12.5%
11.4%
11.6%
15.5%
16.5%
18.4%
20.0%
17.6%
18.8%
15.5%
16.5%
16.9%
16.8%
---
MONTHS.
1932.
1931.
1934
Over
1933.
January-. 7,131.158,000 6,480,897,000 7,011,736,000 7,435,782,000 10.0%
February..., 6,608,356,000 5,835,263,000 8,494,091,000 6,678,915,000 13.2%
6,182,281.000 6,771,684,000 7,370,687,000
March
6,024,855.000 6,294,302,000 7,184,514,000
April
6,532,686,000 6,219,554,000 7,180,210.000 -May
.
--6,809,440,000 6,130,077,000 7,070,729,000
June
....7,058,600,000 6,112,175,000 7,286,576,000
July
7,218,878,000 6,310,667,000 7,166.086,000 ...August
6,931,652,000 6,317,733,000 7,099.421,000
September.
7,094,412.000 6,633,865,000 7,331,380,000
October
6,831,573,000 6,507,804.000 6,971,644.000 -November.
7.009.164.000 6,638,424,000 7,288,025,000 -December
---80.009.501.000 77.442.112.000 86.063.969.000
Total
Note.-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power Industry and the weekly figures are
based on about 70%
No Change in Wholesale Commodity Prices for Second
Consecutive Week According to Index of United
States Department of Labor for Week Ended
April 21.
The Bureau of Labor Statistics wholesale commodity
price index remained unchanged for the second consecutive
week, according to an announcement made April 26 by
Commissioner of Labor Statistics Lubin of the U. S. Department of Labor. In his announcement, Mr. Lubin
stated:
with the
Present prices are 73.3% of the 1926 average as compared
73.4% for the week ending
same level for the two preceding weeks, and
on March 10.
March 31; 73.5% on March 24; 73.7% on March 17: 73.8%
and 73.6% on March 3.
Mr. Lubin's announcement went on to say:
The foods group registered the largest advance and rose by 1.2%. The
sub-group of meats which showed an average increase of over 5A %, and
which reached the highest point for the present year. was largely responsible
for the increase for the food group. Other food items contributing to the
rise were butter, eggs, pepper, edible tallow, and peanut oil. Important
commodities showing a decrease were raw sugar, coffee, lard, flour, corn
corn meal and cottonseed oil.
The housefurnishing goods group with an index of 83.1 rose to the highest
point reached during the present year. Both sub-groups, furniture and
furnishings, showed a slight rise. Advancing prices of gasoline and bituminous coal more than offset price declines in fuel oil and anthracite
and caused the fuel and lighting materials group to move upward 0.3 of
1%. The metals and metal products group rose fractionally due to higher
prices for nonferrous metals. The chemicals and drugs group also showed
a fractional rise.
A sharp reaction in grain prices which dropped by more than 10% during
the week and smaller declines in cotton, seeds, domestic wools, onions
and potatoes caused the farm products group to drop 1.3% during the week.
On the other hand, the sub-group of live stock and poultry moved upward
by 3%.
The textile products group continued downward for the eighth consecdtive week to a level of 75.2% of the 1926 average. The decline was due
chiefly to lower prices for certain cotton textiles, raw silk, woolen and
worsted goods, and manila hemp. Building materials also showed a
further reaction in prices and was lower by 0.2 of 1%. Falling cement
prices and minor changes in other building materials were responsible
for the decrease.
The miscellaneous commodity group recorded a further weakening of
prices and decreased 0.4 of 1%. The further decrease in cattle feed resulted in an approximate 17% drop in this sub-group during the past two
weeks. On the other hand, crude rubber continued to move upward and
advanced by nearly 3%. This rise in rubber prices raised the level for
this item to the highest point reached in the past four years and placed
the present index at 25% of the 1926 average. The increase over the low
point reached in July 1932 was close to 350%. Minor changes in the hides
and leather products group resulted in a fractional decline.
The Index number of the Bureau of Labor Statistics is composed of 784
separate price series weighted according to their relative importance in the
country's markets and is based on average prices for the year 1926 as
100.0. The accompanying statement shows the index numbers of the
major groups of commodities for the past two weeks, for the weeks of
April 22 1933, April 23 1932, Nov. 18 1933 (high for year), and March 4
1933 (low for year), and the average for the year 1929.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF APRIL 21
AND APRIL 14 1934, APRIL 22 1933. APRIL 23 1932, NOV. 18 1933.
MARCH 4 1933, AND YEAR 1929. (1926=100.0.)
Week Ended,
Year
Ayr. 21 Apr. 14 Apr. 22 Apr. 23 Nov. 18 Mar. 4 1929.
1934. 1934. 1933. 1932. 1933. 1933.
1934 Over
1933.
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
As compared with the index of 60.4 for the corresponding week of last
year, the present level is up by 21M %. It is 113i% above the level for
the same week of two years ago when the index was 65.8%. The average
wholesale price level now stands 33i% above that of the first week of
January. It Is approximately 2% above the high point reached during
1933 (Nov. 18) when the index stood at 71.7, and 23% above the low
point of last year (March 4) when the index was 59.6.
Of the 10 major groups of commodities covered by the Bureau of Labor
Statistics, five showed an increase and five a decrease from the level of the
week before.
Farm products
Foods
Hides and leather product
Textile products
Fuel and lighting material
Metals and metal product
Building materials
Chemicals and drugs
Housefurnishing goods. _
Miscellaneous
All commodities other tha
farm products and food
All commodities
59.7
66.6
89.7
75.2
73.1
87.0
86.3
75.5
83.1
69.3
60.5
65.8
89.8
75.5
72.9
86.9
86.5
75.4
82.8
69.6
78.8
78.9
73.3
73.3
49.7
61.0
74.4
56.8
71.7
80.2
72.2
74.5
78.2
64.8
58.7
65.4
88.5
75.8
74.5
83.5
84.7
73.5
82.1
65.4
40.6
53.4
87.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6
104.9
99.9
109.1
90.4
83.0
100.5
95.4
94.2
94.3
82.6
65.5
71.1
77.5
66.2
91.6
60.4
65.8
71.7
59.6
95.3
44.6
58.2
69.1
51.4
62.4
76.8
70.2
71.3
72.2
57.7
Larger Than Seasonal Increases in Industry and Trade
in San Francisco Federal Reserve District During
March Reported by Isaac B. Newton of San
Francisco Reserve Bank.
In his report of business conditions in the Twelfth (San
Francisco) District, Isaac B. Newton, Chairman of the
Board and Federal Reserve Agent of the Federal Reserve
Bank of San Francisco, states that business in that District
"was considerably more active in March than in February,
both industry and trade showing larger than seasonal gains."
Mr. Newton's report, issued April 24, went on to say:
Lack of rain in most parts of the District did not seriously affect the
condition of planted crops or livestock ranges during March, but a shortage
of irrigation water in California is anticipated this season. Crops continued to be marketed in larger volume and for much higher prices than
in the corresponding month last year, although there was some decrease
in prices of farm products from mid-March to mid-April.
Industrial employment increased by more than the seasonal amount
during March. Lumber mill operations also expanded sharply, the adjusted index advancing to 55% of the 1923-1925 average, compared with
52% in February. Crude oil production increased considerably in March
and the first half of April. althoguh activity at refineries declined. There
was little change in output of copper during March. Increased consumption of copper resulted in further reductions in inventories. Output of
cement was 15% larger in March than in February, an increase of more
than the usual seasonal amount. Construction contracts awarded for
public works were not as large as in February. but residential and nonresidential private building showed the largest increases in several months.
Daily average sales of department stores were 20% higher in March
than in February. This increse. which was reported from all parts of the
District, was much greater than the seasonal expectation, oven after
allowing for the early Easter this year. Automobile sales also expanded
more than is customary in March. Railway freight movement of merchandise increased more than seasonally during the month, but industrial
freight carloadings increased by less than the usual amount, resulting in a
Financial Chronicle
Volume 138
decline in the adjusted index of total freight carioadings. Volume of
Inter-coastal traffic was the largest since July 1930.
Federal Government expenditures in excess of collections in the District
•
remained the predominant influence in the credit situation during the
four weeks ending April 18. Funds derived from this source, together
with a net inflow from commercial and financial transactions with other
districts, resulted in a further accumulation of excess reserves of member
banks. Money rates were reduced slightly. City member banks reported
little change in either commercial or security loans, although there was a
moderate reduction in their large holdings of Government securities. Total
deposits remained unchanged.
Increases in Employment and Payrolls in Manufacturing Industries During March as Compared With
Year Ago Reported by National Industrial Conference Board-Cost of Living Up Slightly.
Payroll disbursements in manufacturing industry in March
were 8.5% larger than in February, 1934, and 105% larger
than a year ago, according to the regular monthly survey of
the National Industrial Conference Board announced April
30. The number of wage-earners employed increased 4.8%
from February to March and was 45.6% higher than in
March, 1933. Average weekly earnings were $20.49 in
March, showing a gain of 41% during the year. The Conference Board's survey also noted:
A slight rise in the cost of living partially offset the nominal gain in average
weekly earnings, but left the buying power of the average weekly pay envelope 3.3% larger in March than in February and 28.9% larger than in
March, 1933.
The total number of hours worked was 7.3% higher in March than in
February, and 64.5% higher than in March of last year. The average workweek per wage earner was 36.4 hours in March, as compared with 35.5 hours
in February, an increase of 2.5%. and 32.2 hours in March, 1933, an increase of 13.0%.
The industries in which the largest relative increase in employment took
place between February and March were: automobiles, 16.7%; foundries,
14.3%; boot and shoe, 9.1%; "other" foundry and machine shop products,
8.6%; lumber and millwork. 8.0%; and heavy equipment, 6.1%. In the
other industries that took on additional workers, the increases were less than
5%, while in six industries employment fell off.
The relative advance in total man-hours, which is a better measure of the
Increase in manufacturing activity than employment, was largest in foundries, 27.6%; followed by the automobile Industry, 25.3%; iron and steel,
13.2%; boot and shoe, 11.9%;"other" foundry and machine shop products.
10.5%; hosiery, 9.8%; lumber and millwork. 8.5%; paper products. 7.7%;
electrical manufacturing, 6.4%; heavy equipment, 6.3%; and agricultural
Implements,5.7%. In seven industries there was an increase of leas than 5%
In total man-hours worked, while in seven other industries declines were
noted.
Hourly earnings combined averaged $0.561 in Marco, an increase of0.5%
over the average of 80.558 in February, and of 22.0% over the average of
80.460 in March, 1933. The advance in hourly earnings, together with the
Increase in the number of hours worked per week, raised weekly earnings to
820.49 in March,showing a gain of 3.4% over the February level and a gain
of 41% over the level of March. 1933.
Increases in Both Wholesale and Retail Trade in
Seventh District Reported by Chicago Federal
Reserve Bank.
"The general expansion shown during March in the
wholesale distribution of commodities was largely seasonal
in extent," according to the Federal Reserve Bank of
Chicago, "although certain groups experienced heavier than
usual increases in sales for the period." As contained in its
"Business Conditions Report" of April 30, the Bank further
reported as follows as to wholesale and retail trade conditions in the Seventh (Chicago) District:
The wholesale hardware trade gained 38% over the preceding month, the
dry goods trade 22%, and electrical supply sales 20%. as against increases
In the 1924-33 average for March of only 33, 14 and 7%,respectively. The
gains of 10% each in wholesale grocery sales and in the drug trada compared with increases of 12 and 14% in the average. As will be noted in the
table, gains over March last year were exceptionally large, except in groceries, the disturbed conditions prevailing a year ago being to a great
extent responsbile for the favorable comparison shown in March this year.
First quarter sales Ii 1934 exceeded those of the corresponding period of
1933 by 21% in groceries, 31% in drugs.64% in dry goods. 72% in electrical
supplies, and 87% in hardware. Slight increases over a month previous
were recorded by all lines in stocks held at the end of the month. Accountssales ratios were smaller in all reporting groups for March as compared
with February and continued to be considerably below those of a year ago
when collection conditions were extremely unfavorable. Price trends
generally held steady to upward in March.
WHOLESALE TRADE IN MARCH 1934.
Commodity.
Per Cent Change
From Same Month Last Year.
Net
Sates.
&eat.
ColAccounts
otastand'o. lections.
Ratio of
Accounts
Outstared'g
to
Net Sates.
Groceries
+17.7
-4.9
+17.5
101.4
+33.8
Hardware
+97.9
+115.3
+14.5
+23.8
207.4
Dry goods
+59.3
+5.1
+81.6
+48.1
210.2
Drugs
+42.6
+20.6
-9.
180.5
+7.7
Electrical supplies
+7.7
+19.8
+84.2
+70.9
173.2
A 31% gain in Seventh District department store sales for March over
February was greater than in the same month of any of the 10 preceding
years and compared with an expansion of only 18% in the average for these
years. Chicago stores showed the smallest increase in the-monthly comparison. sales exceeding those of the preceding month by 22%, whereas
Milwaukee trade gained 24%, Detroit 42%, Indianapolis 49%, and the
total for stores in smaller cities 38% over February. An unusually large
Increase. 49%, was recorded in District sales over March 1933. the size of
the gain being partly accounted for by the fact that Easter trade came in
March this year, whereas last year it was carried over into April, and partly
due to the low level of business activity prevailing a year ago, especially in
cities such as Detroit. Collection conditions, as reflected in the ratios of
3001
collections to accounts, likewise showed wide differences this year from the
unfavorable trends of last March. Stocks continued to rise seasonally in
March and at the end of the month totaled over one-fourth heavier than
last March. First-quarter stock turnover in 1934 was somewhat more
rapid than in the same month of 1933.
DEPARTMENT STORE TRADE IN MARCH 1934.
Per Cent Change
March 1934
from
March 1933.
Locality.
P.C.Change
3 Months
1934 from
1933.
Ratio of March
Collections
to Accounts
Outstanding End of
February.
Net
Sales.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Stocks End
of Month.
Net
Sales.
1934.
1933.
+25.4
+109.3
+61.9
+39.9
+67.5
+29.6
+7.9
+47.4
+38.6
+15.1
+23.8
+63.9
+32.2
+30.0
+45.5
33.3
46.6
42.7
35.7
34.0
22.7
21.6
30.9
27.2
24.8
Seventh District
+49.0
+35.2
+26.1
38.0
23.9
The retail shoe trade in March, according to aggregate sales of reporting
dealers and department stores, exceeded that of the preceding month by
74%, as against an increase of 43% in the 1926-33 average for the month.
With the exception of March 1929 when a gain of 102% was recorded over a
month previous, the current expansion was by far the heaviest of any of
the years included in the average. Sales totaled 55% greater than in
March last year and in the first three months of 1934 were 37% above those
of the first quarter of 1933. A 7% expansion took place in stocks on hand
between the close of February and the end of March, and they totaled 13%
heavier than a year ago at the same time.
As in other lines of retail trade, sales of furniture and house furnishings
expanded more than usual in March over February. Reporting dealers
and department stores had sales aggregating 8 % more than in the preceding month, which compares with a gain of but 7% in the 1927-33 March
average. Sales exceeded those of a year ago by 50%. Stocks increased
2% in the month, totaling 30% heavier than at the end of March last year.
Aggregate sales of 14 reporting chains in March were 24% in excess of the
February volume and 31% heavier than in March a year ago. All groups.
which include drugs, groceries, five-and-ten-cent stores, shoes, cigars.
men's clothing, and musical instruments, shared in the gain over a month
previous, and all except groceries in that over last March. The aggregate
number of stores operated rose very slightly in March over February, but
was 3% less than a year ago.
Lumber Orders During Week Ended April 28 1934
Below Corresponding Week of 1933.
Lumber orders booked at the mills during the week ended
April 28 were less than the preceding week and less than
in March weeks, but greater than the first two weeks of
April and than any week in the first two months of the
year; production was less than during the two preceding
weeks and than two in March, otherwise heaviest of the
year, according to telegraphic reports to the National
Lumber Manufacturers Association from regional associations covering the operations of 1,512 leading hardwood
and softwood mills. These mills reported production
206,136,000 feet, shipments 195,239,000 feet, orders 205,273,000 feet. Revised figures from 1,555 mills for the
week ended April 21 were production 222,777,000 feet, shipments 206,933,000 feet, orders. 216,719,000 feet. The
Association further reported as follows:
All softwood groups reported orders above production during the week
ended April 28 except Western Pine, California Redwood and Northern
Hemlock, but total softwood orders were 0.2% below production. The
hardwood groups, except Southern and Appalachian, reported orders lass
than output, total orders being 2% below production.
For this first time this year orders were less than during the corresponding week of 1933, according to reports of identical mills. All regions reported decrease except California Redwood and Northern hardwoods.
The largest losses were in the South and in Northern softwoods. Total
softwood orders were 10% below those of corresponding week of last year;
hardwood orders 27% below their 1933 record. Production was 43%
above that of last year's week; shipments were 3% below. The loss in
orders from last year is due partly to recovery, then partly to current decline.
Unfilled orders dropped somewhat from the preceding week, being the
equivalent of 26 days' average production of reporting mills, compared
with 27 days a week ago and 20 days a year ago.
Forest products carloadings during the week ended April 21 were 23.885
cars, a decrease of 479 ears from the preceding week; 6,763 cars above the
same week of 1933 and 4,079 cars above similar week of 1932.
Lumber orders reported for the week ended April 28 1934 by 996 softwood
mills totaled 178.262,000 feet, or 0.2% below the production of the same
mills. Shipments as reported for the same week were 167.127,000 feet.
or 6% below production. Production was 178,592.000 feet.
Reports from 563 hardwood mills give new business as 27.011.000 feet
or 2% below production. Shipments as reported for the same week were
28,112,000 feet, or 2% above production. Production was 27.544,000 feet.
Unfilled Orders and Stocks.
Reports from 1,750 mills April 28 1934 give unfilled orders of 890,810,000
•feet and gross stocks of 5,224.776,000 feet. The 511 identical mills report
unfilled orders as 597,807,000 feet on April 28 1934, or the equivalent of
26 days' average production, as compared with 463,989,000 feet, or the
equivalent of 20 days' average production on similar date a year ago.
Identical Mill Reports.
Last week's production of 413 identical softwood mills was 153.479.000
feet. and a year ago it was 109.880.000 feet; shipments were respectively
144.545,000 feet and 149,491).000; and orders received 145,516.000 feet and
161,024.000 feet. In the case of hardwoods, 204 identical mills reported
production last week and a year ago 16,009.000 feet and 8346,000; shipments 16.552,000 feet and 17,062,000, and orders 16.289,000 feet and
22.401,000 feet.
SOFTWOOD REPORTS.
West Coast.
The West Coast Lumbermen's Association reported from Seattle that
for 579 mills in Washington and Oregon shipments were 9% below production and orders 5% above production and 16% above shipments. New
3002
Financial Chronicle
business taken during the week amounted to 100.924.000 feet (previous
week 89,787.000 at 589 mills), shipments 87,208,000 feet (previous week
87.927,000) and production 96,247,000 feet (previous week 99,206,000)•
Orders on hand at the end of the week at 592 mills were 388,152,000 feet.
The 184 identical mills reported a gain in production of 31% and in new business a loss of 2% as compared with the same week a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for 176
shipments were 4% above production and orders 0.4%
mills reporting
above production and 3% below shipments. New business taken during
the week amounted to 27,406,000 feet (Previous week 34,296,000 at 185
mills), shipments 28.375,000 feet (previous week 31,107,000), and production 27,343.000 feet (previous week 30,160,000). Orders on hand at the
end of the week at 176 mills were 97.498,000 feet. The 88 identical mills
reported a gain in production of 7% and in new business a loss of 38%,
as compared with the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
124 mills reporting shipments were 12% below production and orders 12%
below production and about the same as shipments. New business taken
during the week amounted to 38,438.000 feet (previous week 46.944.000
at 144 mills); shipments 38,474,000 feet (previous week 45,517.000), and
production 43,609,000 feet (previous week 50,344,000). Orders on hand
at the end of the week at 124 mills were 134,716,000 feet. The 118 identical mills reported a gain in production of 75% and in new business a loss
of 1% as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 27 American mills as 1,438,000 feet, shipments 1,524,000
feet and new business 1,445,000 feet. Orders on hand at the end of the
week were 5,155,000 feet.
California Redwood.
The California Redwood Association of San Francisco reported production from 18 mills as 7,116,000 feet. shipments 6,592,000 feet and new
business 5,535,000 feet. Orders on hand at the end of the week were
33,732.000 feet. Eleven identical mills reported production 141% greater
and new business 9% greater than for the same week last year.
Southern Cypress.
The Southern Cypress Manufacturers Association of Jacksonville. Fla.,
reported production from 25 mills as 1,280,000 feet, shipments 2,855,000
feet and new business 1,996,000 feet. Orders on hand at these mills at the
end of the week were 4,936,000 feet.
Northern Hemlock.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported softwood production from 20 mills as 1.101.000
feet, shipments 871,000 and orders 809,000 feet. Week-end orders on hand
at 12 mills were 4,130,000 feet. The 12 identical mills reported a loss of
50% 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 27 mills as 458.000 feet, shipments
1,228,000 and orders 1,709,000 feet. Orders on hand at the end of the week
were 10,533,000 feet.
HARDWOOD REPORTS.
The Hardwood Manufacturers Institute of Memphis. Tenn., reported
production from 360 mills as 22,796,000 feet, shipments 24,262,000 and
new business 23,744,000. Orders on hand at the end of the week at 589
The 192 identical mills reported production
mills were 185,596,000 feet.
85% greater and new business 30% less than for the same week last year.
The Northern Hemlock .Sz Hardwood Manufacturers Association of
Oshkosh, Wis., reported hardwood production from 20 mills as 2,095,000
feet, shipments 1,627,000 and orders 1.470,000 feet. Orders on hand at
the end of the week at 16 mills were 9,674,000 feet. The 12 identical mills
reported a gain of 188% in production and a gain of 20% in orders, compared
with the same week last year.
The North Central Hardwood Association of Indianapolis reported production of 156 mills as 1,645,000 feet, shipments 1.518.000 feet, orders
1,045,000 feet, unfilled orders 8,542,000 feet.
The Northeastern Lumber Manufacturers Association of New York
reported hardwood production from 27 mills as 1,008,000 feet, shipments
705,000 and orders 752,000 feet. Week-end orders on hand were 8,146.000
feet.
May 5 1934
ment in 1931 in exchange for 25,000,000 bushels of American
wheat. The last previous sale on April 11 of 37,500 bags
brought prices from 11.21 to 11.31 cents a pound. Reference
to this sale was made in our issue of April 14, page 2484.
The New York Coffee & Sugar Exchange issued the following
on May 3 regarding the sales of coffee resulting from the
barter exchange by the two Governments:
The first sale was made on Sept. 1 1932 and sales of 62,500 bags Per
month, with few exceptions, have been made more or less regularly since
that time. The high price obtained was 15 cents, the low 8.28 cents.
Roughly, the average obtained on all the sales made is slightly above 10
cents per pound. The coffee trade from the beginning has been opposed
to barters of this type, claiming that they hurt the regular channels of
trade in coffee and without a doubt will breath a sigh of relief at this final
sale. On several occasions, since August 1931, when the papers in the
Coffee-Wheat barter were signed, rumors of further consignments of coffee
to this country have circulated and have brought immediate protest from
the trade who emphatically made their opinions on such deals known to all
interested parties.
29,718 Tons of Raw and Refined Sugar Shipped from
Puerto Rico to United States During Week of
. ,c
April 28.
Shipments of raw and refined'sugar from Puerto Rico to
the United States totaled 29,718 short tons during the week
ending April 28 against 35,462 tons in the same week last
year, according to cables to the New York Coffee & Sugar
Exchange. The Exchange said that about 45% of the total
available for the United States of the 1933-34 crop has been
shipped to date. The Exchange further announced on April
30 as to shipments from Puerto Rico to the United States:
Raw shipments from Jan. 1 to April 28 totaled 362,014 short tons, an
increase of 15.1% when compared with shipments of314,478 during a similar
period last year. Refined shipments amounted to 45,544, a 21.3% increase
over the 37,551 ton total for the 1933 period.
Cuban Sugar Exports 483,329 Long Tons from Jan. 1
to April 28 Against 596,822 Tons Like Period Year
Ago—Shipments to United States Off 73,803 Tons.
Exports of sugar from Cuba since the beginning of the year
to April 28 totaled 483,329 long tons raw sugar value as
compared with 596,822 tons during the similar period last
year, a decrease of 113,493 tons, or 19% according to cable
advices received by Lamborn & Co. To the United States
there were shipped 359,764 tons as against 433,567 tons for
the same period in 1933, a decrease of 73,803 tons or a little
over 17%, the firm announced May 2. It added:
To other destinations, principally United Kingdom, France and Canada,
the exports amounted to 123,565 tons, as contrasted with 163,255 tons
shipped during the same period last year. a decrease of 39,690 tons.
Sugar stocks in Cuba on April 28 approximated 2,499,000 tons, while on
the same date last year 2.892,000 tons were on hand.
Petroleum and Its Products—New Oil Measure Introduced in Senate—Ruling on Constitutionality of
Petroleum Code Deferred—Pennsylvania Crude Up
10 Cents a Barrel—Hot Oil Production Curtailed
in East Texas Field.
Provisions of the proposed oil legislation shared interest
this week with several other important developments,
among which were adjournment of the Government's appeal
of a lower Federal Court ruling that the petroleum code
was unconstitutional, an advance of 10 cents a barrel in
Pennsylvania grade crude oil quotations and sharp curtailReduced Wheat Acreage in Canada Reported by Bank ment of "hot oil" production in the East
Texas field.
of Montreal in First 1934 Crop Report.
The new measure was introduced in the Senate Monday
the current season, the Bank of
In its first crop report for
Thomas (Dem., Okla.). The Oil AdministraMontreal says that present indications point to a reduced by Senator
judging from the provisions of the new measure, has
wheat acreage in the Prairie Provinces and an increase in tion,
definitely swung away from a program of controlling all
fodder crops. Wide variations are reported from the differphases of the petroleum industry and intends to concentrate
ent sections of the Dominion as regards seasonal conditions
on crude oil and its problems alone. The new bill
:
and the progress of agricultural operations. The report states its efforts
In British Columbia vegetation and well-advanced seeding reflect a would give Administrator Ickes complete control over producspring three weeks earlier than usual. In the Prairies seeding is fairly
tion and shipments of petroleum crude and in addition
general. In Ontario farming operations are two weeks later than average
gives him extraordinary legal powers to enforce his orders.
and germination is backward. Cold weather has taken a fairly heavy toll
Under the new legislation, the Oil Administration would
offall wheat, necessitating much replanting. In Quebec Province ploughing
has commenced, but it will be two weeks before seeding becomes general.
be made a separate agency apart from the NRA, making
In the Maritime Provinces spring operations generally are only beginning.
its existence semi-permanent. Since Government regulation
The Prairies are making a fair start as regards moisture, this having been
of crude production has been under way, Mr. Ickes said in
above normal in the three provinces, although subsoil reserves are sun
lacking over large areas of south and west central Saskatchewan and in
announcing the bill's provisions, the industry has turned
southwestern Manitoba.
away "from destruction resulting from uncontrolled overmade steady progress toward stability
Final Allotment of 32,500 Bags of Santos Coffee Sold production," and has
at Prices Ranging from 11.28 to 11.38 Cents a and order.
In commenting on the proposed Act, which, incidentally,
Pound by Grain Stabilization Corporation.
Announcement was made on May 3 by the Farm Credit will in time replace the NRA oil code, Mr. Ickes indicated
Administration that the New York coffee office of The that the Federal Government intends to maintain permanent
Grain Stabilization Corporation on that day sold 32,500 control over the petroleum industry.
In relating the improvement in general conditions within
bags of Santos coffee, at prices ranging from 11.28 to 11.38
cents per pound. This sale constitutes the final allotment the industry, Administrator Ickes pointed out that "the NRA
which will be offered to the trade on sealed bids of the and the oil code are only emergency measures, however,
1,050,000 bags of coffee acquired from the Brazilian Govern- and do not cope effectively and fully with future possibilities.
Volume 138
Financial Chronicle
There should be legislation designed to supplement and
reinforce the program for the restoration of the industry,
upon which we are now embarked.
"I believe there will be general agreement in the petroleum
industry that Federal supervision over the production of
crude petroleum is absolutely necessary to reinforce State
activities," he continued.
"Demoralized conditions such as we witnessed last spring
and during the early summer bring about the premature
depletion of producing fields, and this results in the waste
of a heavy percentage of the possible stores of oil below ground
in the mad scramble to produce wildly. Federal supervision jointly with the States will result in a unified and
effective system of stabilizing production to keep it balanced
with our national consumer demand, so as to protect adequately our stocks of crude petroleum, which are so essential
to our modern civilization, national welfare and national
defense."
The new bill makes no mention of regulation of refinery
operations such as is provided in the recent amendment of
the petroleum code nor does it seek to govern pipeline or
other transportation or marketing practices but is confined
solely to crude oil and its problems. Demand for crude oil
in the United States and foreign demand will be determined.
Administrator Ickes under the bill's provisions is authorized to establish quotas of petroleum to move in commerce
and quotas for production and is granted the right to require
certificates of clearance if deemed needed for enforcement.
Full authority to set up rules and regulations for enforcing
the bill's measure would be given to the Oil Administration.
Hearings must be held before quotas are established, however, except in emergency cases when temporary quotas for
not more than 31 days duration may be established by Mr.
Ickes without notice or hearing. Provisions governing
development of newly discovered pools in the proposed Act
give further control of the industry into the,hands of the
oil Administrator who also is granted full authority to
regulate withdrawals of crude oil from storage.
It was pointed out that the new bill does not propose to
repeal NIRA or the oil code but would repeal such sections
of the petroleum code as are not in line with the new measure.
Quotas for imports shall be established by the Secretary
.of the Interior by equitably allocating total authorized imports among importers who may be required to obtain certificates of authorization before bringing petroleum into the
United States. Quotas for imports would be established
on a monthly basis calculated on average importations of
crude oil during the latter half of 1933. Imports will be kept
at levels that will not unduly interfere with the American
petroleum industry.
Administrator Ickes is given authority to establish State
production quotas should he find it necessary to allocate
production in this manner to meet the purposes of the new
legislation. Under its provisions, quotas for new sources
of supplies would be established in such a manner as to provide for the "scientific development" and "orderly marketing" of products from such sources.
Echoes of the adverse Texas ruling on the constitutionality
of the oil code where a lower Federal court held that Government oil agents had no right to examine records of offending
or possible offenders against State or Federal proration rules
was seen in the provision granting Administrator Ickes
and (or) his agents full access to all books and records of
companies in the petroleum industry.
Decisions of the oil administration may be reviewed by
the courts upon petition rather than through injunction
proceedings, the bill provided further. An injunction may
be sought only after a complainant "has exhausted his
administrative remedies hereunder" and no injunction shall
be granted unless the case has been fully heard and ruled
on by a three-judge court.
Factions in the oil industry opposing the new measure are
already organizing to fight it. Frank C. Hart, President of
Hartol Products Corp., has wired members of the Senate
Inter-State Commerce Committee on behalf of himself and
other independent operators asking them to vote against the
bill which, he charged, "is inimical to the public interest, to
the oil industry and to the interests of the independents."
J. Edward Jones, of New York, was named chairman of
the National Petroleum Council, a new organization formed
toward the close of the week to "protect the interests of
independents." Charging that major units had been above
to influence Government regulation through their superior
organization and positions of their officials on advisory
3003
boards, Mr. Jones said that the new group of independents
was organized "in self-defense." Among regional chairmen
listed for the new group are Joe Danciger, Fort Worth, Tex.;
H. H. Champlin, Enid, Okla.; E. W. Pauley, Los Angeles,
Calif.; D. B. Gurney, Yankton, S. D., and A. W. Craft,
Avoca, Pa.
Introduction of the new bill in the Senate followed close
on the heels of the Government's successful plea for an adjournment of its appeal against a ruling of a lower Federal
Court in Texas holding the petroleum code unconstitutional
in the United States Supreme Court earlier in the day.
Solicitor-General James C. Biggs asked that the appeal
be passed for argument until next fall on the ground that the
Government could not prepare the case properly for oral
argument during the next two weeks. The two-weeks'period
constitutes all the time of the present term during which
arguments will be heard.
An advance of 10 cents a barrel posted for all grades of
Pennsylvania crude oil Tuesday revived reports of a general
advance in crude oil prices throughout the country. However, conditions governing the market for Pennsylvania
crude are different from those affecting the general crude
price structure and little hope of any upward move in crude
oil prices is seen likely until the bulk and retail gasoline
markets throughout the country strengthen. The advances
were well absorbed and further upward revision of prices are
expected within the near future.
The new prices post Bradford and Allegany crude at $2.55
a barrel; Pennsylvania crude in South West Pennsylvania
Pipe Lines Co. lines at $2.22; in Eureka lines at $2.17 and
in Buckeye lines at $2.07. The last previous advance as
on Oct. 4 last year. The new list was posted by the South
Penn Oil Co., which also advanced Bradford District, and
Allegany, New York, crude 10 cents a barrel.
The new regulations of the Texas Railroad Commission
promulgated under the recently enacted legislation adding
to its power were upheld by Federal Judge Randolph Bryant
in the eastern Texas district court at Tyler in a decision
handed down late Thursday.
The Arrow Refining and Producing Co., plaintiff, sought
a restraining order against the Commission from enforcing
the new legislation, specially attacking the bill which gave
the Commission's agents authority to go on a company's
property to make investigation of oil handled by refiners.
In the first formal report made since he was appointed
to wipe out production of hot oil in the east Texas field,
R. D. Parker, chief of the oil proration enforcement division
of the Railroad Commission, said Thursday that illegally
produced oil has been cut to 15,000 barrels daily from
approximately 85,000 barrels daily in the past three
weeks.
Sent into this area by the Railroad Commission with full
authority to curb the increasing violations of the Commission's proration rulings, Mr. Parker, aided by the increased power of the Commission through recently enacted
measures strengthening its authority, has created an effective organization to stop the production of hot oil.
While conditions have shown a marked improvement, Mr.
Parker stated that there was a small group of violators who
have so far been difficult to catch, but that his men are
concentrating their efforts on this small bloc and an almost
complete stoppage of illegal output is an early prospect.
All State authorities are co-operating with Mr. Parker in
his drive. He warned that he would take constant supervision to hold the gains and recommended that AttorneyGeneral Allred assign a number of assistant attorneygenerals to prosecute proration offenders.
Daily average crude oil production throughout the nation
last week was far above the Federal allowable for April,
totaling 2,450,250 barrels, an increase of 19,150 barrels over
the preceding week and comparing with the allowable set
by Mr. Ickes of 2,366,200 barrels daily, reports to the
American Petroleum Institute disclosed.
All three main oil producing States exceeded their Federal
allowables last week with Texas rising above the millionbarrel level. Oklahoma production was up 24,150 barrels
to 532,350 barrels, against an allowable of 476,400; Texas
up 8,000 barrels to 1,002,850, against an allowable of
980,700; California dipped 14,000 barrels as month-end
pinch backs cut into its total but still exceeded its allowable
of 462,500 barrels at 469,800 barrels.
A decline of 628,000 barrels was shown in stocks of domestic and foreign crude oil last week, stocks totalling 340,718,000 barrels on April 28.
Financial Chronicle
3004
Price changes follow:
May 1.
-The South Penn Oil Co. to-day advanced the price of Pennsylvania crude oil 10 cents a barrel with Bradford and Allegany, New York,
prices also moving up 10 cents a barrel, both changes effective immediately.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$1.00
Bradford, Pa
$2.55 Eldorado, Ark.. 40
1.08
Corning, Pa..
1.20 Rusk. Tex., 40 and over
.87
IllinoIs
1.13 Darst Creek
.90
Western Kentucky
1.13 Midland District. Mich
1.35
Mid-Cont., Okla., 40 and above... 1.08 Sunburst, Mont
Hutchinson, Tex.. 40 and over-- 1.03 Santa Fe Springs, Calif..40 and over 1.30
1.04
Spindletop, Tex., 40 and over
1.03 Huntington. Calif., 26
1.82
Winkler, Tex
.75 Petrone, Canada
Smackover. Ark.. 24 and over
.70
REFINED PRODUCTS
-BROOKLYN PRICE-WAR ENDS-BING-MIDWEST
HAMTON GASOLINE UP ONE CENT A GALLON
-MOTOR FUEL STOCKS
BULK GASOLINE MARKET EASES
DIP.
An advance of 1 cent a gallon in service station prices of
all grades of gasoline was posted by the Standard Oil Co. of
New York in Kings, Queens and Nassau counties Friday
afternoon with Suffolk County quotations moving up M cent
a gallon, effective Monday. This step marked the end of
the gallonage wax in these areas, it was believed, and although up to late last night (Friday) other companies had
made no announcement, it is believed that all will swing in
line with the new list immediately. The advance restored
prices to levels existing before the major units started to
cut prices to meet independent competition.
The local bulk gasoline market was slightly firmer reflecting widening inquiries as the seasonal rise in consumption
spurred buying. Prices held unchanged but the undertone
of the market was firm to strong and advances in both bulk
and retail quotations in the near future are expected. The
straightening out of the Brooklyn situation was held a
definitely bullish development, the price weakness in this
area having had an unstabilizing effect on the metropolitan
market as a whole.
Other refined products were well held with grade C bunker
fuel oil moving along in good fashion at $1.30 a barrel with
Diesel oil well maintained at $1.96 a barrel, same basis.
Kerosene continues under market pressure due to a normal
spring decline in demand but stocks are small and prices
are standing up quite well. Lubricating oils were in slightly
better demand.
Strengthening of the retail price structure in the Binghamton, N. Y., area was accompanied by a 1-cent a gallon
increase in service station prices of gasoline posted by all
major distributors operating in that area.
While the Midwestern bulk gasoline market has eased off
somewhat, East Texas offerings on low octane material
%
being available at 33 cents a gallon, off % cent from its
recent high, the news that production of hot oil in the
East Texas field has been cut to 15,000 barrels daily from
85,000 barrels is believed to indicate an early strengthening
in this market.
Total stocks of finished gasoline dipped 1,498,000 barrels
last week, totaling 56,011,000 barrels, reports to the American Petroleum Institute indicated. The drop in stocks
followed a break in refinery operations of 2.7% to 68.2%.
Price changes follow:
-Offerings of low octane gasoline in the spot Chicago market were
May 1.
available at 3% cents a gallon from East Texas refiners, off M cent a gallon.
May 1.
-All major distributors advanced service station prices of gasoline
in Binghamton, N. Y., 1 cent a gallon.
May 3.
-Standard of New York advanced service station prices of gasoline 1 cent a gallon in Brooklyn and Nassau County with Suffolk County
prices moving up M cent a gallon, effective Monday.
New York
Atlanta
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Lenver
Gasoline, Service Station. Tax Included.
$ 155
Detroit
$.19
New Orleans
.1234
19
Houston
17
Philadelphia
z.125
Jacksonville
19
165
San Francisco:
17
Los Angeles:
Third grade_ __
..16
.
.158
Third grade_ .... .11 M
Above 65 octane- .17H
Standard
13
205
Premium
1934
.205
Premium
15
St. Louis
1234
.20
Minneapolis
15
z Less taxes.
Kerosene, 4143 Water White, Tank Car, F.O.B. Refinery.
I North Texas
New York:
3.03 1 New Orleans, ex.3.4M-434
(Bayonne)
3.0534 I Los Ang..ex- .043(-.06 'Tulsa
.0434-.0334
Fuel Oil, F.O.B. Refinery or Terminal.
California 27 plus D
Gulf Coast C
N. 7'. (Bayonne):
$1.15
Bunker C
$1.30
3.754.001Phila. bunker C
1.30
1.15
Diesel 28-30 D._.. 1.95 New Orleans C
Gas 011, F.O.B. Refinery or Terminal.
i Chicago:
!Tulsa
N.Y.(Bayonne):
3.01341
28 plus G 0-$.0334-.041 32-36 GO
$ 01%
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
N. y.(Bayonne):
Chicago
$ 03%
N .Y.(Bayonne):
Shell Eastern Pet.$.06
New Orleans
.04
Standard 011N.J.:
Los Ang., ex
New York:
0434-.07
Motor. U. 5--$.06
Colonial-Beacon__ .061 Gulf ports-__ _ 0434..04m
62-63 octane- __ .0534
z Texas
.0534 Tulsa
Stand. Oil N. Y. .061
0134-.0434
Gulf
0634 Pennsylvania__ .05
*Tide Water 011 Co .0585
Republic 011
.0634
:Richfield(Meal.) .0635
Sinclair Refining_ .06
Warner-Quin. Co- .0634
,
a Richfield "Golden." z "Fire Chief," $0.07. • Tydol, $0.0635. 3 "Good
Gulf." 30.1334.
May 5 1934
Daily Average Crude Oil Output Up 19,150 Barrels
During Week Ended April 28 1934
-Exceeds Federal
Allowable Figure by 84,050 Barrels-Inventories of
Gas and Fuel Oil Dropped 290,000 Barrels.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
April 28 1934 was 2,450,250 barrels, an increase of 84,050
barrels over the Federal allowable figure which became effective on April 1,and a gain of 19,150 barrels over the 2,431,100
barrels per day produced during ithe week ended April 21
1934. The current figure also compares with a daily average of 2,417,100 barrels during the four weeks ended April
28 1934 and with an average daily output of 2,383,100 barrels during the week ended April 29 1933.
Further details, as reporteu by the American Petroleum
Institute, follow:
Imports of crude and refined oil at principal United States ports totaled
618,000 barrels for the week ended April 28, a daily average of 88,286 barrels,
compared with a daily average of 111.786 barrels over the last four weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 521,000 barrels for the week, a daily average of 74,429 barrels, compared with a daily
average of 85,429 barrels over the last four weeks.
Stocks of unfinished gasoline increased from 8,444,000 barrels to 8.566.000
barrels, while stocks of other motor fuels were about unchanged at 4,250,000
barrels. Gas and fuel oil stocks in storage dropped to 103,766,000 barrels
from 104,056,000 barrels in the preceding week.
Reports received for the week ended April 28 from refining companies
owning 89.7% of the 3.736,000 barrel estimated daily potential refining
capacity of the United States indicate that 2,285,000 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 37,798,000 barrels of finished
gasoline; 8.566,000 barrels of unfinished gasoline, and 103,766,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
amounted to 18.213.000 barrels. Cracked gasoline production by companies owning 95.1% of the potential charging capacity of all cracking
units averaged 448,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures In Barrels)
Actual Production.
Federal
Average
Agency
4 Weeks
Allowable Week End Week End. Ended
Effective April 28 April 21 April 28
1934.
April 1.
1934.
1934.
476,400
122,100
)klahoma
Kansas
Week
Ended
April 29
1933.
508,200
126.900
505,900
128,050
417,800
115,750
58,750
55,950
26,350
138,350
48,900
462.150
50,050
48,900
Panhandle Texas
gorth Texas
'Vest Central Texas
West '1 emu'
East Central Texas
East Texas
.Jonroe
3outhwest Texas
:loastal Texas (not Including Conroe)
532,350
129,900
56,200
56,800
26,350
138,500
46,650
459,650
49,000
48,900
55,150
56,600
26,550
138,350
45,900
454,050
49,000
48,750
48,350
51.950
23,300
157,850
58400
550,000
41,000
49,000
113,900
113,450
112,800
113,350
980,700 1.002,850
994,850
987,700 1,093,750
25,900
49,000
Total Texas
25,900
48,300
26,250
48,400
28,100
41,950
gorth Louisiana
:loastal Louisiana
Total Louisiana
72,400
74.900
74,200
74,650
70,050
krkansas
Eastern (not incl. Mich.)_
Alchigan
32,300
99,600
31,300
30,500
97,650
27,100
30,750
98,050
29,300
30,650
98,300
28,050
30,400
86,300
17,250
Wyoming
Aontana
3olorado
32,400
7,700
3,000
30,200
6,950
2,600
29,700
7,250
2,600
30,000
7,050
2,600
30,850
5,100
2,300
43,100
39,750
39,550
39,650
38,250
45,800
462,500
45,450
469,800
45,500
483,800
44.950
479,200
36,050
477,500
Total Rocky Mtn.States
'few Mexico
3allfornia
Total United States
2,366,200 2,450,250 2,431,100 2,417.100 2.3s3 100
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
GAS AND FUEL OIL STOCKS
-WEEK ENDED APRIL 28 1934.
(Figure; in Thousands of Barrels of 42 Gallons Each.)
Daily Refining
Capacity of Plants.
District.
East Coast_
Appalachian.
Ind., III., Ky
Okla.. Kan.,
Missouri_
Inland Texas
Texas Gulf__
La. Gulf....
No, La.
-Ark.
Rocky Mtn_
California__
Potennal
Rate.
Crude Runs
to Stills.
Stocks a Stocks
of
of
FinUnRepot. trig.
Daily P. C ished finished
Aver- Oyer- Gant- GassTotal. P. C. age. ated. line.
line.
582
150
446
582 100.0
140 93.3
422 94.6
478 82.1 17,072
98 70.0 1,877
286 67.8 9.501
1,437
317
1,245
461
351
542
168
92
96
848
386
167
528
162
77
64
822
229
87
493
107
42
32
433
953
307
3,029
208
52
166
852
83.7
47.6
97.4
964
83.7
66.7
96.9
59.3 5,496
52.1 1,429
93 4 4,699
66.0 1,522
54.5
274
50.0 1,486
52.7 12,655
b Stocks
of
Other
Motor
Fuel.
202
134
54
Stocky
of
Gas
and
Fuel
Oil.
6,902
768
2,674
680 2,890
292 1,724
230 4,587
......
946
31
487
43
690
2,684 82,108
Totals week:
Apr. 28 1934
3,736 3,350 89.7 2,285 68.2 56,011 8.566 4,250 103.766
Apr, 21 1934
3.736 3.350 89.7 2.374 70.9 117.599 8 444 Senn 104 0115
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 39,174,000 barrels at refineries
and 18,335,000 barrels at bulk terminals, in transit and pipe lines.
Administration Bill Would Grant Broad Powers to
Secretary Ickes to Control Oil Production
Supreme Court Postpones Until Fall, Hearing of
Test Case Under Oil Code-Amendment to Code.
An Administration bill which would invest the Secretary
of the Interior with broad powers to control the production
of oil was introduced in the Senate April 30 by Senator
Volume 138
Thomas. On the same day Chief Justice Hughes of the
United States Supreme Court announced that the Court
would postpone until its fall term all hearings on the appeal
by the Petroleum Administrative Board from the East
Texas decision which denied the right of Secretary Ickes,
as Oil Administrator, to control intra-State oil production.
These developments followed the action of Mr. Ickes on
April 24 in approving an oil code revision under which an
enlarged Planning and Co-ordination Committee will seek
to balance production and consumption of gasoline through
proration of an allowable total fixed by the Oil Administration for refineries throughout the country.
A Washington dispatch April 30 to the New York "Journal
of Commerce" listed the principal provisions of the Administration's new oil bill, and commented on the Supreme
Court's postponement of the decision in the East Texas
case, in part as follows:
Announcement of the Court's action was made by Chief Justice Hughes
after a request had been made by Solicitor-General J. Crawford Biggs of
the Justice Department that arguments, be postponed because the Government had not had ample opportunity to prepare its case.
The case grew out of the attempted prosecution of independent Texas
operators who defied quota production allotments and the lower court
held the code proceedings invalid in an opinion interpreted to affect vitally
the National Recovery Act and the Recovery program.
The Government had planned to argue the case next week but Mr.
Biggs said to-day that study of the opinion revealed that a great deal of
research work on economic and legal subjects was necessary before the
Government could complete its brief and be prepared for argument.
The new oil bill is believed not only to be the direct outgrowth of the
controversy, but is also an attempt to provide permanent regulation of
the petroleum industry, since the present oil code expires June 15 1935
et a
with the NRA Act.
The suggested legislation does not propose the regulation of refinery
Operations, pipe line or other transportation facilities or marketing practices, but is limited to crude oil and its problems. It contemplates determining the demand for crude petroleum in the United States and for
export and regulating the production to conform thereto. It provides
that the Secretary may prescribe quotas of petroleum to move in commerce
and quotas for production, including permission to require certificates
of clearance if deemed necessary for enforcement.
Would Give Power to Secretary Ickes.
Secretary of the Interior Ickes would be given the power to make such
rules and regulations as may be necessary to carry out the purposes of
the bill which contains provisions for holding hearings before quotas shall
be set, except in case of emergencies, in which temporary quotas for not
to exceed 31 days may be prescribed by the Secretary without notice of
hearing. Provision is made for decisions by the Secretary to be reviewed
by the courts by petition instead of injunction proceedings.
In addition to providing for the regulation of crude oil production.
the bill contains provisions to permit orderly development of newly-discovered pools and vests in the Secretary authority for regulating withdrawals of crude oil from storage, considered a fundamental corollary to
balancing the flow of crude oil to consumer demand. The Administration
measure does not propose to repeal the NRA Act or the oil code, but would
repeal such portions of the code as are not consistent with the bill.'"
Sees Improvement.
In making public the text of the proposed bill Secretary Ickes pointed
out that since production regulation began under the NIRA and the oil
code, the industry had been turned away from destruction because of
excessive supplies and had moved steadily forward toward stability and
order with the consequent prevention of waste.
Besides these fundamental economic results, which included increasing
the price per barrel received by producers of crude from far less than
the cost of production to an average of between 90 cents and El. Secretary
Ickes pointed to the effective saving of oil underground for our future
National needs.
"The NIRA and the oil code, however, are only emergency measures
and do not cope effectively and fully with future possibilities," Secretary
Ickes said. "There should be legislation designed to supplement and
reinforce the program for the restoration of the industry, upon which
we are now embarked.
"I believe there will be general agreement in the petroleum industry
that Federal supervision over the production of crude petroleum is absolutely necessary to reinforcement State activities."
The amendment to the oil code announced on April 24
includes a substitute for the refinery section of the code.
The Oil Administration will divide the country into refinery districts, and will allocate total allowable refinery
production among the districts through a National coordinator, who will be named by the Planning and Co-ordination Committee,subject to the approval of the President.
Associated Press Washington advices April 24 gave
further details of the oil code change as follows:
Mr. Ickes said the plan was suggested by representatives of all groups
in the industry and by the petroleum administrative board, which he
set up to assist in code administration.
Violations of the new refinery section will be considered violations
of the code and subject to the same penalties.
For the purpose of giving better representation on the Planning and
Co-ordination Committee 11 new members were added, bringing its membership to 26. The Refining, Production and Marketing committees
were also expanded.
In addition to the present membership of the Planning and Co-ordination Committee the following were named:
W. J. Reid, Los Angeles, President of the Hancock Oil Co. of California;
John E. Shatford, Shreveport, La., President of the Ouachita Valley
Refining Co. and the Louisiana-Arkansas Refiners Association; J. D.
Collett, Fort Worth, an independent and one of the leading operators
of the Southwest; Walter C. Teagle, President of the Standard Oil Co.
of New Jersey; G. B. Ames, New York. President of the Texas Co.; E. G.
Seubert, Chicago, President of Standard Oil of Indiana; F. R. Coats,
New York, Vice-President of the Cities Service Refining Co.; L. P. St.
Clair, Los Angeles, President of Union Oil of California; H. B. Tillman,
3005
Financial Chronicle
Chicago,President of the National Association of Petroleum Retail Dealers;
I. A. O'Shaughnessy, Blackwell, Okla., Grove Oil & Refining Co., and
A. E. Watts, New York, representing the Consolidated Oil Corp.
The Refinery Committee of the Planning and Co-ordination Committee was enlarged to include Jules Constantin, Overton, Tex., Constantin
Refining Co.; C. M. Boggs, Arkansas City, Kan., Kanotex Refining Co.;
M. A. Logan, Charleston, W. Va., Elk Refining Co.; H. B. Bassett.
President of the Imperial Refining Co. of Ardmore, Okla.
J. R. Porten of Shreveport, an independent operator and President
of the Woodley Petroleum Co., was added to the Production Committee.
The following were added to the Marketing Committee: Russell
Williams, Indianapolis, Secretary of the Independent Brand Petroleum
Association of America; H. A. Cowden, Kansas City, representing the
co-operatives; F. V. Bakeman, Red Bank, N. J., President of the Eastern
States Conference Independent Oil Dealers Association; E. V. Weber,
Columbus, Ohio. President of the Ohio Marketers Association, and Earl
Miller, San Francisco, Vice-President of the Shell Oil Co. of California.
World Tin Consumption Reported 28% Higher During
12 Months Ended February as Compared with
Same Period Year Previous.
A 28% increase in world tin consumption for the year
ended February 1934, compared with the previous year, is
shown in the current bulletin of The Hague Statistical
Office of the International Tin Research and Development
Council. An announcement issued April 30 with regard
to the bulletin said:
Tin consumption during the 12 months ended February 1934 amounted
to approximately 128,000 tons, compared with 99,833 tons during the 12
months ended February 1933 and 129,003 tons during the 12 months ended
February 1932. Consumption during February 1934 amounted to approximately 9,250 tons, compared with 8,196 tone during February 1933 and
8,936 tons during February 1932.
A considerable increase in world production of tinplate is also shown.
Tinplate production during the 12 months ended February 1934 amounted
to approximately 3,150,000 tons compared with 2,290,000 tons during the
12 months ended February 1933, while production during February 1934
amounted to approximately 215,000 tons, compared with 188,000 tons during February 1933 and 188,000 tons during February 1932. United States
production of babbit metal during the 12 months ended February 1934
amounted to 152% of the production during the 12 preceding months.
Some interesting differences in the consumption of tin in the various
Industrial countries over the last few years are given in the following table:
Figures dire Consumption in-Tons.
12Months Ended Feb.
United States
United Kingdom
Germany
France
Italy
U. S. S. R
Japan
British India
1934.
57.971
20,481
10,417
9,950
4,150
3,829
3,109
2,050
1933.
35,892
18,129
9,039
9,243
3,518
3,328
3,446
2,267
1932.
56.324
21,080
10,536
9,800
3,579
5,578
3,468
2,217
84,862
112,582
111,957
Totals
Note.
-1934 figures for France. Italy and British India are preliminary.
Tin Exports in March 678 Tons Above February According to International Tin Committee-Exports Exceed Allowable Quota by 264 Tons.
Exports of tin during March by the five countries participating in the international tin agreement totaled 6,946 tons,
according to a communique issued by the International Tin
Committee and made public by the New York office of the
International Tin Research & Development Council, against
6,268 tons in February,an increase of 678 tons. The March
exports exceeding the allowable quota of 6,682 tons by 264
tons. The communique said that the Committee has agreed
to an increase of 10% in the quotas. The communique
follows:
n INTERNATIONAL TIN COMMITTEE.
Communique.
I. A special meeting of the International Tin Committee was held at
London on Wednesday, May 2 1934.
2. The monthly statistics as to export are as follows.
Cabled Information from Participating Countries for the Months of
February and March 1934.
Monthly Export
Permissiblefrom
Jan. 1 1934.
Netherland East Indies
Nigeria
Bolivia
Malaya
Slam
Total
February.
Export-1934.
March,
1,385
373
1,556
2,552
816
1,447
334
1,430
2,481
576
1,430
342
1,782
2,258
1,134
6,682
6,268
6,946
3. The Committee agreed to an increase in the quotas of 10% of standard
tonnages for the six months April to September 1934. inclusive. This will
result in an increase of 8,280 tons.
Market in Non-Ferrous Metals Firm-Next Move in
Copper Awaits Official Interpretation of Code.
"Metal and Mineral Markets" in its issue of May 3 stated
that though actual consumption of major non-ferrous metals
is holding at a fairly satisfactory rate, new buying by fabricators has been moderate in volume in the last week. The
Code situation in copper and general unsettlement in the
security markets were factors...in retarding business. The
Code Authority for copper, with the exception of the NRX
representatives, has been completed, and at the very first
3006
Financial Chronicle
meeting of the group, held on May 1, the question of copper
sales outside of "Blue Eagle" metal came up for consideration. The copper industry is still in a state of confusion,
which most producers regard with little concern in view of the
drastic change in handling all domestic sales under the Code.
"Metal and Mineral Markets" further went on to say:
Copper Firm at 8%c., Valley.
With the machinery for operating under the Code slowly taking form,
most operators in copper seemed to be content to refrain from doing anything
to upset the market. Sales of"Blue Eagle" copper during the last week,including the business booked by producers with their affiliates, amounted to
about 6,000 tons. All of this business was placed on the basis of 8%c. per
pound, Connecticut Valley. For a short period operators in copper were
concerned over the fact that "non-Blue Eagle" metal was available at concessions, but that this unsettling influence has been removed is clearly indicated in the following resolutions adopted at the first meeting ofthe
Code Authority that took place in New York on May 1:
"Resolved, That the provisions of the Code in regard to "non-Blue Eagle"
copper require further consideration and investigation, and pending such
consideration and investigation prior to May 22 1934, that, during such
Period or until further action prior thereto, no copper other than "Blue
Eagle" copper shall be sold in the domestic market.
"Resolved, That the Code Authorities of N.E.M.A. and Wire and Cable
subdivision of Copper and Brass Mill Products Industry be requested to
co-operate by refraining from purchasing or fabricating copper other than
"Blue Eagle" copper pending furtner consideration and co-operative action
in order to carry out the spirit and intent of the Copper Code."
"Non-Blue Eagle" domestic or "outside" copper, based on sales information furnished to this publication, is quoted as follows, f.o.b. refinery basis:
April 26th, 8.050c.; 27th, 8.000c.; 28th, 8.025c.; 30th, 8.025c.; May 1st,
7.975c. Complying with the resolution adopted by the Code Authority, all
quotations for "non'Blue Eagle" copper for yesterday have been withdrawn
by members of the industry.
The domestic market for copper was firm as the week closed, with opinion
almost unanimous that the domestic quotation will move upward. Traders
see no good reason why domestic copper should not advance so as to command a fair premium over the world price.
Foreign producers are not at all pleased by the turn in events In the
United States, believing that the sales arrangements under the Code will increase competition for business in their field, and, without an international
accord,the outlook at present Is not encouraging. Advicesfrom Washington
state that Germany's Control Board will permit manufacturers to work up
during the second quarter of 1934 a maximum of 100% of the quantities of
copper, lead, zinc, and tin used during the first quarter. New purchases
of metals are permitted in Germany only if stocks on hand and deliveries on
way under old contracts are insufficient to cover needs of the manufacturers.
The foreign market eased off moderately last week, the quotation on
May 2 being 8.25c., c.i.f. Demand abroad was good during the last week.
Lead Sales Moderate.
Demand for lead was of moderate proportions last week, with prices unchanged at 4.25c., New York, the contract settling basis of the American
Smelting & Refining Co., and 4.10c., St. Louis. Pigment manufacturers
were the principal buyers, with a fair tonnage being sold to a well-diversified
list of other consumers. In spite of the fact that the metal has been receiving no particular interest the last few days, prices were firm at prevailing
levels.
Sales of lead for April shipment, according to statistics circulating in the
industry, reached a total of about 33,000 tons;sales for May shipment stand
at about 19,000 tons;those for June shipment have reached about 3.200 tons.
World production of lead in March amounted to 126,484 tons, against
117,871 tons in February, and 105,211 tons in March, 1933, according to
the American Bureau of Metal Statistics. The daily rate of production for
the world in March was 4,080 tons, against 4,210 tons in February, and
3,394 tons in March a year ago.
Zinc Demand Slack.
Demand for zinc was quiet in the last week,and the price situation underwent little change. During the calendar week ended April 28 the sales came
to about 2,000 tons. With the exception of one lot, business reported in
Prime Western during the week that ended May 2 was closed on the basis of
4.40c., St. Louis. On May 1 sales were reported at both 4.35c. and 4.40c.
On May 2, however, most operators held out for 4.40c., but there was some
uncertainty over what a desirable buyer might do on a firm bid.
Tin Relatively Quiet.
Demand for tin was light last week, the price of the metal moving slightly
lower in sympathy with sterling exchange. At a special meeting of the International Tin Committee held on May 2, production quotas, according to
cable advices, were increased 10% for a period of six months, beginning
April 1. Statistics released late in the week show total visible supplies of
during
17.704 tons at the end of April, which figure reveals a notable decrease
March.
the last month, these stocks standing at 20,423 tons at the end of
nominally as follows: April 26th, 54.475c.;
Chinese tin,99%, Was quoted
2d,
27th, 54.100c.; 28th, 54.200c.; 30th, 54.400c.; May 1st, 53.700c.;
53.800c.
Copper Industry Operating Under NRA Code—Authority to Quote Two Prices for Metal Daily—
Provides for Monthly Allocation of Sales Quotas.
The copper producing industry of the United States went
under a code of fair competition April 26,following the signing of the pact April 21 by General Hugh S. Johnson, Recovery Administrator. This action concluded seven months
of negotiations in an effort to agree upon a satisfactory
code. The Code Authority for the industry announced,
April 27, that a daily quotation of copper delivered in the
Connecticut Valley would be furnished to the press. The
average price quoted on that date for "Blue Eagle copper"
(metal produced and sold Under code provisions) was given
as 8Y2c. a pound, while copper not coming under the super4c. This was
vision of the Code Authority was quoted at 81
described as "non-Blue Eagle copper."
The most important feature of the copper code is its
provision for monthly sales quotas for the larger companies.
These quotas are based in each instance upon a certain
May 5 1934
percentage of the company's annual production capacity.
This plan, written into the code by General Johnson's order,
allocates 20,500 tons monthly. In addition, 9,500 tong
monthly will be allocated to secondary producers.
Seven of the 11 members of the Copper Code Authority
were named on April 25. They are:
E. T. Stannard, President Kennecott Copper Corporation and President
United States Copper Association; Louis Cates, President Phelps Dodge
Corp.; C. F. Kelley, President Anaconda Copper Mining Co.; Francis H.
Brownell, Chairman of the Board American Smelting & Refining Co.;
Bernard N. Zimmer, Vice-President American Metal Co., Ltd.; George A.
Ellis, Director United Verde Copper Co.; Albert E. Peterman, General
Counsel Calumet & Hecla Consolidated Copper Co.
Two other members of the Code Authority were appointed
April 26. They are W. A. Anderson, Vice-President of the
John A. Roebling Sons Co., to represent cable mills, and
W. M. Goss, Vice-President of the Scoville Manufacturing
Co., to represent brass mills.
A Washington dispatch, April 22, to the New York "Journal of Commerce" described the principal provisions of the
copper code as follows:
An important feature is the provision establishing copper produced and
sold under code conditions as "Blue Eagle copper"—and as such the only
copper which can qualify as complying with the recent Presidential orders
prescribing the use of Government contracts of only products produced in
compliance with approved codes or the President's re-employment agreement.
The code establishes a 40-hour maximum work week, averaged over a
three-month period, throughout the industry with exceptions for employees
engaged in emergency maintenance or emergency repair work, outside salesmen, managerial, executive, technical, engineering or supervisory employees
receiving over $35 weekly, and hoist-men, power house men and pump men.
The allocations calculated on annual tonnage, with monthly percentage
sales quotas, were as follows:
Kennecott Copper Corp., 388,500 tons and 1.67%.
Anaconda Copper Mining Co., 225,000 tons and 1.67%.
Phelps Dodge Corp., 168,000 tons and 1.67%.
United Verde Copper Co., 68,000 tons and 1.90%.
Calumet & Hecla Consolidated Copper Co., 50,000 tons and 2.20%.
Miami Copper Co., $6,000 tons and 2.30%.
Magma Copper Co., 25,000 tons and 2.50%.
United Verde Extension Mining Co., 24,000 tons and 2.50%.
Consolidated Copper Mines Co., 21,000 tons and 2.70%.
Copper Range Co., 17,500 tons and 3%.
In addition to these allocations, 9,500 tons a month will be allocated to
secondary producers by some equitable method to be determined by the
Code Authority. Producers of custom and by-product copper may apply to
the Code Authority for a sales quota and temporarily will have a quota of
50% of their current production.
To protect producers of copper who have no fabricating facilities and to
distribute sales equitably, a sales clearing agent is to be appointed and all
sales of copper must be reported and cleared through this agent.
Users' Agreement Urged,
All users of copper are urged to enter into agreements with the Code
Authority for the regular purchase of copper for their current needs and the
fabricating units owned by members of the industry have agreed to buy
from 75% to 100% of their current needs from new production through
the Code Authority sales clearing agent rather than to draw upon stocks
of copper now above ground.
The Administrator's order also provides that if at any time the selling
price of copper reaches a level which in his judgment is unreasonably high
he may suspend any or all the marketing provisions of the code. It also
provides that if the anticipated consumption does not materialize and any
producer accumulates one and one-third times his sales quota, the marketing plan will be terminated.
In his report to President Roosevelt the Administrator emphasized that
"copper is largely used in the capital or durable goods industry, and any
increase in consumption is dependent upon increased activity in these
branches of industry."
"While it is impossible under present conditions," the report continued,
"to provide for any but a slight increase in employment, the code provisions will undoubtedly prevent the closing of mines now in operation,
avoid destructive price-cutting and at the same time provide adequate control
of prices in the public interest."
Steel Output Rises Approximately Two Points—Pig
Iron Prices Again Higher—Scrap Declines Further.
According to the "Iron Age" of May 3, steel production
during the past week has made another gain, rising two points
from 56% to 58% of capacity. The rate of expansion, however, was retarded by labor difficulties in automobile plants,
which resulted in temporary suspension of steel shipments,
stated the "Age," which further reported as follows:
At Cleveland, where the Fisher Body Corp. was shut down because of a
strike, steel output declined from 69% to 67% of capacity, but at all other
producing centers operations held their own or registered further advances.
At Pittsburgh, production rose two points to 47%; at Chicago, two points to
61%; in the Philadelphia district, one point to 43%; in the Valleys, two
points to 62%; at Buffalo, eight points to 70%, and in the Wheeling area,
seven points to 79%. Southern plants are still on a 58% basis, while Detroit
operations continue at 100% of capacity.
The reopening of the Fisher Body plant at Cleveland this week, and the
apparent subsidence of labor disturbances elsewhere, have resulted in the
lifting of embargoes against steel shipments. Accordingly, some further
increase in steel production is in prospect, with the likelihood that last
year's peak rate of 59% will be soon surpassed.
Just how high the rate will go is a matter of conjecture. The assumption
that a large part of recent contract coverage represents speculative tonnage,
and that output will necessarily suffer a sharp drop after the completion of
this quarter, may not be entirely justified. Specifications to date have been
large, but they have not come up to expectations. In fact, considerable
tonnage in the aggregate was canceled on May 1 because April quotas were.
not fully specified. Unless releases mount rapidly in the next 1.3 days,
mills will find it physically impossible to turn out all of the tonnage covered
by contracts before June 30.
Aside from the possibility that buyers will not take maximum quotas on
their contracts for the current three-month period, considerable tonnage on
mill books is not covered by the code provisions requiring deliveries within
a calendar quarter. Much of the railroad steel on producers' backlogs will
not be delivered until July and August, and shipments of structural steel
will extend through those months and beyond. Under the code, protections
on construction jobs may be extended 60 days at the time of a price advance,
and the recent rise In the market resulted in extensions on an unusually large
number of jobs, both public and private. On contracts placed within the
60-day grace period deliveries will extend over several months, i.e., during
the life of the work.
The stimulating effect of the recent price rise on construction work is
already reflected in inquiries and bookings. New structural steel projects,
at 27,360 tons, are the second largest of the year. Awards, at 22,350 tons,
compare with 21,420 tons in the previous week and 13,650 tons two weeks ago.
April automobile output is believed to have totaled 400,000 units, and
May production is expected to reach at least 375,000 units, although manufacturers are commencing to be disturbed by indications that their price
boosts have retarded sales.
An order for 4,000 tons of rails has been placed with the Ensley mill
by the Nashville Chattanooga & St. Louis, but the major rail buying movement initiated by the transportation co-ordinator came to an end April 15.
More than 10,000 tons of steel for coast guard cutters and for miscellaneous Naval needs has been distributed among Eastern mills. The Navy
will take bids this month on two cruisers and will soon award contracts for
two others to Government yards. In addition, it is seeking appropriations
for two destroyer leaders, 12 destroyers and six submarines to be built in
the fiscal year beginning July 1.
Scrap is weak in all markets, and declines at Pittsburgh, Chicago and
Philadelphia have caused the "Iron Age" composite for heavy melting steel
to recede from $12.42 to $12.17 a ton. The going into effect of additional
advances has raised the pig iron composite from $17.57 to $17.90 a ton.
The finished steel composite is unchanged at 2.222c. a pound. An advance
of $3 a ton on billet steel reinforcing bare is now in effect, and a similar
• rise on rail steel concrete bars will become effective next week.
THE "IRON AGE" COMPOSITE PRICES,
Finished Steel.
May 1 1984. 2.2220. a Lb.
IBased on stee. bars, beams, tank plates,
One week ago
2,2225.1 wire, rails, black pipe and sheets.
One month ago
2.0280.1 These products make 85% of the
One year ago
1.867o. United States output.
Low.
High.
1934
2,0280. Jan. 2
2.2220. Apr. 24
1933
1.8670. Apr. 18
2.0360. Oct. 3
1932
1.926c. Feb. 2
1 977e. Oct. 4
1931
1.9450. Dec. 29
20370. Jan. 13
1930
2.018e. Dec. 9
2 2730. Jan. 7
2.2730. Oct. 29
1929
2 317o, Apr. 2
2.2170. July 17
1928
22880. Dec. 11
2.2120. Nov. 1
1927
t. 9
2.402o.
Pia Iron.
May 1 1934. $17.90 a Gross Ton.
(Based on average o basic iron at Valley
One week ago
317.571 furnace foundry irons at Chicago.
One month ago
16.901 Philadelphia, Buffalo, Valley, and BitOne year ago
14.101 mingham.
Low.
High.
1934
$16.90 Jan. 2
317.90 May 1
13.56 Jan. 3
1933
16.90 Dec. 5
13.56 Dec. 6
1932
14.81 Jan. 5
14.79 Dec. 15
1931
15.90 Jan. 6
15.90 Dec. 16
1930
18.21 Jan. 7
18.21 Dec. 17
1929
18.71 May 14
17.04 July 24
1928
18.59 Nov. 27
1927
17.54 Nov. 1
19.71 Jan. 4
Steel Scrap.
May 1 1934. 312.17 a Gross Ton.
Based on No. 1 heavy melting steel
One week ago
312.42 quotations at Pittsburgh, Philadelphia,
One month ago
12.58 and Chicago.
, One year ago
9.42
Low.
High.
1934
$11.33 Jan. 2
$13.00 Nfar.13
1933
12.25 Aug. 8
6.75 Jan. 3
1932
.42 July 5
8.60 Jan. 12
1931
11.33 Jan. 6
8.50 Dec. 29
1930
11.25 Dec. 9
15.00 Feb. 18
1929
14.08 Dec. 3
17.58 Jan. 29
1928
16.50 Dec. 31
13.08 July 2
1927
13.08 Nov.22
15.25 Jan. 11
The American Iron and Steel Institute on April 30 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 55.7% of the
capacity for the current week, compared with 54.0% last
week and 43.3% one month ago. This represents an increase
of 1.7 points, or 3.2%, over the estimate for the week of
April 23. 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.ill
193331.6% Dec. 18
26.1% Dec. 25
25.2% 193427.1% Jan. 1
26.9% Jan. 8
26.8% Jan. 16
28.3% Jan. 22
31.5%
193434.2% Jan. 29
31.6% Feb. 5
Feb. 12
29.3% Feb. 19
30.7% Feb. 26
34.2% Mar. 5
32.5% Mar. 12
34.4%
37.5%
39.9%
43.6%
45.7%
47.7%
46.2%
1934
Mar. 19
Mar. 26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr, 30
46.8%
45.7%
43.3%
47.4%
50.3%
54.0%
65.7%
"Steel," of Cleveland, in its summary of the iron and steel
markets, on April 30 stated:
Emphasis in the steel industry last week shifted from bookings to production, with the steel rate up two more points to 57%-equal to the highest
reached last year in the third week of July-and indications pointing to a
continuation of a strong operating situation.
The rate now has risen three consecutive weeks, gaining nine points in
that time, and producers do not expect the top of the present movement will
be attained much before June. Underlying strength is imparted by the fact
that in addition to the leading consumers' requirements for two to three
months ahead, now on mill books, all steel users evidently have taken the
opportunity to replenish or increase their stocks. Even though tonnages are
small hi many instances, this has built up a formidable backlog which already
is causing producers to fix deadlines for specifications.
3007
Financial Chronicle
Volume 138
Automobile output is close to the spring peak, with approximately 390,000
cars made in April, and this number scheduled for the coming month.
Though steel shipments to some plants were suspended last week dust to
strikes, barring a spread of labor difficulties these are not expected to interfere seriously with production for this quarter. Railroads have about completed their purchasing programs, and building construction is making slow
progress.
It now remains to be seen how much of the steel negotiated prior to recent
price advances can be absorbed before July 1. There has been no improvement under the steel code so far as concerns the giving of options to buy
that form of contract universally chosen by consumers extending them the
while it binds producers to deliver
right to cancel any tonnage not wanted,
at specific time and price.
Consumers generally are not making further commitments for the reason
the time now is past when they can benefit from lower prices on most
products. The advance, however, is not yet 100% effective, as for example
in some branches of the industry not yet under codes. New price advances,
in addition to those already announced in "Steel," include $3 a ton on rail
steel reinforcing bars, and 15 to 25c. per 100 pounds on steel from warehouses.
Structural shape awards for the week dropped to 10,880 tons from 14,800
tone in the week preceding. Inquiries are out for 50,000 tons for PWA
bridges in the Middle West. Seven fabricators shared in an award of 7,000
tons of plates, shapes and sheets for seven coast guard cutters. For the
Government dam at Fort Peck, Mont., 3,327 tons of concrete bars have been
placed. Miami, Fla., has awarded 8,000 tons of cast pipe.
Railroad purchases include 6,000 tons of plates and shapes by the Delaware
Lackawanna & Western for freight car repairs; 4,000 tons of rails by the
Nashville Chattanooga & St. Louis, and reported 500 steel box cars for
Chicago Great Western.
Nut and bolt output for the first three months this year was double that
of the comparable period last year. A leading Eastern automobile body
builder reports fabricating 18,500 tons of steel in the first quarter, up from
6,000 tons from last year. Armco International Corp. ;as booked 1,000 tons
of sheets for Russia.
A few sales of pig iron have been made at the recent price advance of $1
a ton. Jackson County furnaces have raised deliveries and bessemer ferrosilicon iron 50c. a ton. Scrap is easier, "Steel's" scrap composite being off
21c. to $12.
It was due largely to the export of 97,281 tons of scrap in March that the
total of iron and steel exports increased 110,085 tons to 261,269 tons, highest
of any month since July 1929. March imports, 38,398 tons, were 12,991 tons
over February.
Pittsburgh steelworks operations last week rose three points to 48%;
Chicago, five to 59%; Cleveland, six to 80%; Wheeling, six to 79%; Buffalo, 11 to 68%; eastern Pennsylvania, 1% to 41%%. The Youngstown
rate was down two to 58%. Detroit remained 94%; New England, 89%;
Birmingham, 52%.
"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 April 30 is placed
at a fraction over 55%, according to the "Wall Street Journal" of May 1. This compares with 53% in the preceding
week and with 50% two weeks ago. The "Journal" adds:
U. S. Steel is estimated at 42%, the same as in the previous week. Two
weeks ago the rate Was 41%. Independents are credited with a rate of 68%,
against nearly 62% in the week before and a shade over 57% two weeks ago.
The following table gives the percentage of production for the nearest
corresponding week of previous years, together with the approximate changes
from the week immediately preceding:
1933
1932 *
1931
1930
1929
1928
1927
*Not available.
Industry.
28%+4
•
U. S. Steel.
24+2
50-1
4834- 34
7734- %
80-1
101 +3
103+3
85
___90_
90-1 t4
82 -2
Independents.
32 +434
4734
75
99 +3
80
75 -2
Pig Iron Output Up 12% in April.
Production of coke pig iron in April totaled 1,754,647
gross tons, against 1,619,534 gross tons in March, reports
the "Iron Age" of May 3. The April daily rate, at 58,488,
represented a gain of 12% over the March average of 52,243 tons a day. With returns in from all but two active
furnaces, there was a net gain of 13 stacks, 109 bemrrn
blast on May 1, against 96 on April 1.
Bituminous Coal Production Increased Slightly During
--Anthracite Output Up
Week Ended April 21 1934
27.4% Over the Preceding Seven Days.
According to the United States Bureau of Mines, the total
production of bituminous coal for the country as a Whole
during the week ended April 21 1934 showed practically no
change from the preceding week. Total output is estimated
at 5,887,000 net tons, as against 5,880,000 tons in the week
ended April 14 1934 and 4,634,000 tons in the week ended
Apri122 1933. Anthracite production in Pennsylvania during
the week ended April 21 1934 is estimated at 1,273,000 net
tons, an increase of 274,000 tons, or 27.4% over the preceding
week, and compares with 569,000 tons in the corresponding
week of 1933.
During the month of March 1934 estimates show that
38,497,000 net tons of bituminous coal and 6,418,000 tons of
anthracite were produced, as compared with 31,970,000 tons
of bituminous coal and 5,952,000 tons of anthracite in the
month of February 1934 and 23,685,000 tons of bituminous
3008
Financial Chronicle
coal and 4,519,000 tons of anthracite in the month of
March 1933.
During the calendar year to April 21 1934 production of
bituminous coal amounted to 120,580,000 net tons, as against
92,578,000 tons in the calendar year to April 22 1933, while
anthracite output during the 1934 period totaled 21,591,000
tons as compared with 14,817,000 tons in the 1933 period.
The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended.
Calendar Year to Dale.
April 21 April 14 Apr. 22
1934.c
1934.d
1933.
1934.
1933.
1929.
Bitum coal:a
•
Weekly total 5,887,000 E,880,000 4,634,000 120,580,000 92,578,000 167,317,000
Daily aver__ 981,000 980,000 772,000 1,279,000
976,000 1.761,000
Pa. anthra.: b
Weekly total 1,273,000 999.000 569,000 21,591,000 14,817,000 22,323,000
Daily aver.. 212,200 166,500
94,800
230,900
158,500
238,700
Beehive coke:
Weekly total
11,600
14,700
13.300
410,100
296,100 1,916,800
Daily aver__
2.217
2,4E0
1,933
4.272
3,084
19,967
a Includes lignite, coal made into coke, local sales, and colliery fuel b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fue c Subject
to revision. d Revised.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
STATES (NET TONS) (000 OMITTED).a
Week Ended.
Monthly Production.
State.
Apr. 14 Apr. 7 March
1934. 1934. 1934.
Feb. March
1934. 1933.
Calendar Year to
End of March.
1934.
1933.
1929.
Alabama
Ark. & Okla_ _ _
.
Colorado
Illinois
Indiana
Iowa,Kans,& M o
Ky.-Eastern
Western
Maryland
Michigan
Montana
New Mexico ...
North Dakota..
Ohio_
Pa. (ialt.)
Tennessee
Texas
Utah
Virginia
Washington...,
West Virginia
Southern b_._
Northern c
Wyoming
Other States_ __
80
10
71
580
254
115
.518
120
22
9
26
20
21
298
1,825
65
13
31
175
20
894
185
13
147
78
432
M5 4,455
261 1,740
119
838
450 3,125
101
885
24
200
5
45
34
168
23
96
25
140
283 2,525
1,620 10,284
36
430
14
58
31
165
173
980
26
128
950
206
454
4,070
1,466
815
2,600
802
168
38
170
92
148
2,130
7,410
358
58
158
830
125
603
68
379
3.228
1,048
770
1,757
624
120
40
158
82
137
1,421
d
266
51
166
603
115
1,430
102
74
1
1,190
130
63
1
6,320
2,250
310
42
4,621 20,103 15,554 24,807
d
7;304 d
9,049
264 1,036
922 1,883
8
127
30
so
Total bit. coal
Pa. anthracite
5,880
999
5,430 38,497 31,970 23,685 103,383 77,879 140,603
824 6,418 5,952 4,519 18,495 12,601 18,352
7,517
2,860
350
3.5
2,774 2,001 4,754
621
505 1,722
1,422 1,546 3,074
12,765 10,373 18,320
4,766 3.538 5,359
2,573 2,689 3,456
8,145 6,013 11,387
2,482 2.102 4,503
544
394
762
133
132
213
593
573
961
318
319
704
508
553
623
6,630 4,616 5,39.5
25,624
d
36,137
1,118
891 1,417
176
144
299
575
800 1.653
2,615 1,967 3,313
431
426
756
Total coal
6,879 6,254 44,915 37,922 28,204 121,878 90,480 158,955
a Figures for 1929 only are fine b Includes operations on the N & W.; C.& 0.1
Virginian; K.& M. and B.C.& G. c Rest of State, including Panhandle and Grant,
Mineral and Tucker counties. d Original estimates were in error.
Report on Foundry Operations in Philadelphia Federal
Reserve District During March by University of
Pennsylvania-Increased Activity Noted in Gray
Iron and Steel Foundries.
Activity in gray iron and steel foundries increased during
March according to reports received by the Industrial
Research Department of the University of Pennsylvania
from foundries operating in the Philadelphia Federal Reserve
Bank District. The increase in production, the Research
Department said, was distributed among most of the reporting firms but was most significant in the steel foundries
which reached their highest point of activity since October
1931. The output of gray iron castings, on the other hand,
was slightly less than that of last January. The production
of malleable iron castings declined for the second consecutive
month. The Research Department continued:
May 5 1934
Deliveries of iron castings increased but the shipments of steel castings,
which usually lag production by a month, decreased as a result of the
decline in production of steel castings during February. Unfilled orders for
iron castings showed a slight decrease during March, but those for steel
castings more than doubled.
IRON FOUNDRIES.
No. of
Firms
ReportOW.
March 1934
(Short Tons)
31
31
30
Capacity
Production
Gray iron
Jobbing
For further manufacture_ _.._
4
Malleable iron
30
Shipments
19
UnMled orders
Raw stoc kPig iron
27
26
Scrap
26
Coke
Per Cent
Per Cent
Change
Change
from
from
Feb. 1934 Mar. 1933.
12,022
2,655
2,334
1,952
382
321
2,726
1,195
+3.8
+5.9
+5.1
+10.4
-9.3
+7.4
-4.4
+159.9
+156.1
+145.9
+224.2
+191 4
+137.7
+195.7
3,471
1,635
516
-3.4
-5.4
-12A
+99.9
-4.6
-4.32.2
Gray Iron Castings.
The output of gray iron castings during March was 5.9% more thanTin
the previous month. This increase, which was widely distributed
throughout the Industry (only six foundries reported any decrease in
activity), was largely seasonal in character. Although in the corresponding
period of 1932 and 1933 there were decreases of 10 and 7% respectively, the
same month in the years from 1926 to 1931 had increases ranging from
5 to 22%. In spite of the increase this March, however, the total output
was less than in January. This does not conform with the experience in
the years before 1931 when production in March was the largest of any of
the first seven months of each year.
The increase in output was shared by foundries both in Philadelphia and
In the balance of the Federal Reserve Bank District. The production of the
foundries outside of Philadelphia but within this Federal Reserve District,
has risen for four consecutive montns.
The total production during the first quarter of this year is nearly equal to
the tonnage produced in the first six months of 1933, and is 7.2% more
than the output of the third quarter of 1933. and 6.5% more than that of
the fourth quarter of last year.
Shipments of iron castings were 7% more than those of last month.
By the end of March the volume of unfilled orders on hand had declined
4.4%. All raw stocks on hand at the close of March were less thanlat
the beginning of the month.
Comparison of the activity of March 1934 with that of March 1933 may
by interesting because of the extremely low level of activity Prevailing last
year as a result of the bank holiday. Thus production this month was
159.9% more than that of last year, while shipments showed an increase
of 137.7% and unfilled orders an increase of 195.7%.
Malleable Iron Foundries.
The production of malleable iron castings in four foundries during
March was 9.3% less than in the preceding month. This is the second
consecutive month in which activity has declined.
STEEL FOUNDRIES.
No. of
Firms
Reportlay.
8
Capacity
8
Production
Jobbing
For further manufacture
8
Shipments
7
Unfilled orders
Raw stock
6
Pig iron
6
Scrap
6
Coke
March 1934.
(Short Tons)
Per Cent
Per Cm
Change
Change
from
from
Feb. 1934. Mar.1933.
8,630
2,055
1 943
112
1,729
4,268
+17.7
+20.3
-14.2
-10.4
+142.6
+128.7
+133.0
+72.9
+126.6
+302.8
220
5,684
203
-7.6
+25.5
+56.8
+68.8
+53.6
+180 0
The tonnage of steel castings produced in eight foundries during March
was 17.7% more than in February. This increase was entirely in the
production of castings for jobbing work which totaled 20.3% more than
the
output of similar work in February. Nearly all of the firms shared
in the
increased activity.
The output in March exceeded that of any month since October
1931.
Figures from the Department of Commerce are not yet available
for January and February,so that it is not possible to compare the
activity of this
District with that of the country as a whole.
Shipments continued to lag. Their decrease of 10.4% reflects
the
curtailed production in February. Unfilled orders showed the
surprising
increase of 142.6%.
Stocks of pig iron on hand declined slightly during the month
but those
of scrap and coke showed increasee. All raw stocks on hand were
more
than those of a year ago.
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 2,as reported by the
Federal Reserve banks, was $2,490,000,000, a decrease of
$14,000,000 compared with the preceding week, and an
increase of $54,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On May 2 total Reserve bank credit amounted to $2,484,000,000, a
decrease of $2,000,000 for the week. A decrease of $174,000,000 in member
bank reserve balances was offset by increases of $129,000,000 in Treasury
cash and deposits with Federal Reserve banks, $35,000,000 in money in
circulation and $11,000,000 in non-member deposits and other Federal
Reserve accounts.
The System's holdings of bills discounted and of bills bought in open
market declined $2,000,000 each, and of Treasury certificates and bills
$22,000,000, while holdings of United States bonds Increased $2,000,000 and
of United States Treasury notes $22,000,000.
The statement in full for the week ended May 2 in comparison with the preceding week and with the corresponding
date last week will be found on pages 3048 and 3049.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
May 2 1934, were as follows:
Increase (+1 or Decrease (-)
Since
May 2 1934. Apr. 25 1934. May 3 1933.
$
$
Bills discounted
38,000,000 -2,000,000 • -362,000.000
Bills bought
8.000,000 -2,000,000 -136,000,000
IL El. Government securities
2 432,000,000 +2,000,000
Other Reserve bank credit
6,000,000 +1,000.000 +595,000.000
-9,000,000
TOTAL RES'VE BANK CREDIT 2,484,000.000 -2,000,000
+88,000,000
Monetary gold stock
7 756,000,000
+1,000,000 +3,731,000,000
Treasury and National Bank currency2,381,000.000
+1,000,000
+76,000,000
Money in circulation
5,359,000.000 +35,000,000 -308,000,000
Member bank reserve balances
3,570,000,000 5
-174000.000 +1,536,000,000
Treasury cash and deposits with Federal Reserve banks
3,277,000,000 +129,000,000 +2,700,000,000
Non-member deposits and other Federal Reserve accounts
415,000,000 •+11,000,000 -123,000,000
• April 25 figures revleed.
Financial Chronicle
Volume 138
Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will not
be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week shows an increase
of $26,000,000, the total of these loans on May 2 1934
standing at $974,000,000, 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" increased
from $786,000,000 to $802,000,000, loans "for account of
out-of-town banks" from $154,000,000 to $163,000,000
loans "for account of others" increased from I ,000,000 to
$9,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 2 1934. Apr. 25 1934. May 3 1933.
$
Loans and investments—total
7,142.000,000 7.138,000.000 6,753,000,000
3 290,000,000 3,288,000,000 3,291.000,000
Loans—total
On securities
All other
1 729,000,000 1,874,000,000 1.878,000,000
1 561,000,000 1,594.000,000 1,815,000,000
Investments—total
3,852,000,000 3,870,000,000 3,462,000,000
U.S. Government securities
Other securities
2 699,000,000 2,716,000,000 2,353,000,000
1,153,000,000 1,154,000,000 1,109,000,000
Reserves with Federal Reserve Bank
gash in vault
_ _1,194,000,000 1,351,000,000
38,000,000
37,000,000
734.000,000
38,000.000
Net demand deposits
Time deposits
Government deposits
5,975,000,000 8,042,000.000 5,318,000,000
688.000,000 689,000,000 731,000,000
588,000.000 849,000.000 124,000,000
Due from banks
Due to banks
90,000,000
73,000,000
83,000,000
1,522,000,000 1.554,000,000 1,186,000.000
Borrowings from Federal Reserve Bank Loans on secur. to brokers & dealers;
For own account
802,000,000
For account of out-of-town banks_
183,000,000
For account of others
9,000,000
Total
On demand
On time
Loans and investments—total
974,000,000
788,000,000
154,000,000
8,000,000
491,000,000
17,000,000
4,000,000
948,000,000
512,000.000
708.000,000 683,000,000 371,000,000
268,000,000 285,000,000 141.000,000
Chicano.
1,433,000,000 1,423,000.000 1,161,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserves with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
595.000,000
597,000,000
831,000.000
292,000,000
303,000,000
289,000,000
308,000,000
343,000,000
288,000,000
838,000,000
828,000,000
530,000,000
547,000,000
291,000,000
534,000.000
292,000,000
329,000,000
201.000.000
380,000,000
40,000,000
395,000,000
41,000,000
164,000,000
46.000,000
1 274,000,000 1,285.000,000
364,000,000 365,000,000
31.000,000
38.000,000
849,000,000
352,000,000
10,000,000
165,000,000
385,000,000
174,000.000 180.000,000
367.000,000 240,000,000
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 for the New York and
Chicago member banks are now given out on Thursday,simultaneously with the figures for the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 91 cities cannot
be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on April 25:
The Federal Reserve Board's condition statement of weekly reporting member banks in 91 leading cities on April 25 shows increases for the week of
$41,000,000 in investments, $72,000,000 in net demand deposits, $34,000,000
In time deposits, and $81,000,000 in reserve balances with Federal Reserve
banks, and decreases of $83,000,000 in loans and $60,000,000 in Government
deposits.
Loans on securities declined $53,000,000 at reporting member banks in
the New York district and $64,000,000 at all reporting member banks. "All
other" loans declined $7,000,000 in the New York district, $5,000,000 in
the Boston district, and $19,000,000 at all reporting banks.
Holdings of United States Government securities increased $39,000,000
In the Chicago district, $16,000,000 in the Philadelphia district, $14,000,000
in the St. Louis district, $13,000,000 in the Cleveland district, and $56,000,000 at all reporting member banks, and declined $27,000,000 in the
New York district. Holdings of other securities declined $17,000,000 in
the New York district and $15,000,000 at all reporting banks.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,005,000,000, and net demand, time and Government deposits of 81,196,000,000 on April 25, compared with $1,012,000,000 and $1,122,000,000, respectively, on April 18.
3009
A summary of the principal assets and liabilities of the reporting member
banks in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended April 15 1934, follows:
Increase (±) or Decrease (—)
Since
Ayr. 251934. Apr. 18 1934. Apr. 28 1933.
$
Loans and Investments—total__ A7,471,000,000
—42,000,000 +1,423,000,000
Loans—total
8,120,000,000
—83,000,000
—221.000,000
3.518,000,000
4.804,000.000
—64,000,000
—19,000,000
—122,000.000
—99.000,000
9,351,000,000
+41,000,000 +1,644,000,000
U. S. Government securities.... 6,282,000,000
Other securities
3,089,000,000
+56.000.000 +1,604,000,000
+40,000.000
—15,000,000
On securities
All other
Investments—total
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. It. banks
2,779,000.000
242,000,000
+81,000,000 +1.183,000,000
+23.000,000
+2,000,000
12,272,000,000
4,477,000,000
1.177,000.000
+72,000,000 +1.879,000,000
+34,000,000 +125.000.000
—80,000,000 +1,036,000.000
1,570,000,000
3,595,000,000
—15,000,000 +356,000.000
—50,000,000 +1,031,000.000
7,000,000
+1,000,000
—117.000,000
League Loans' Committee Effects Settlement with
Bulgarian Government Incident to Offer to Redeem
in Foreign Currencies at 10% of Value Blocked
Levas Accumulated in Case of Untransferred
Service of 1926 and 1928 Loans.
Speyer 4Sz Co. and J. Henry Schroder Banking Corp., as
American Fiscal Agents for the above loans, have received
a Communique (being published on May 4 by the League
Loans' Committee in London), of which the following is the
substance:
The League Loans' Committee have now settled with the Bulgarian
Government the detailed arrangements for putting into effect the latter's
offer (announced in the communique of Nov. 24 1933) to redeem in foreign
currencies at 10% of their nominal value the blocked levas accumulated
In respect of the watransferred service of the two above-named loans between
April 1932 and April 1934. Owing to the operation of the system by which
the Bulgarian Government provides the service of these loans in monthly
Instalments, to the utilization of the reserve fund in the case of the 1926
loan, and to certain other reasons, the blocked levas to which this offer
applies are not precisely equal in amount to those portions of the coupons
which have remained unpaid during the two years in question.
It is further stated:
Based on exchange rates now prevailing, it is expected that holders of
$1,000 bonds of the 7% loan will receive on or shortly after Oct. 15 1934.
$6.72 against surrender of the coupon (50% paid) due July I 1933; on or
shortly after Oct. 15 1935,$6.72 against surrender of the coupon (50% Paid)
due Jan. 1 1934; total $13.44; and that holders of $1,000 bonds of the 73. %
loan will receive on or shortly after Oct. 15 1934, $3.45 against surrender
of the coupon (50% paid) due Nov. 15 1932; on or shortly after April 15
1935, $3.80 against surrender of the coupon (45% paid) due May 15 1933:
on or shortly after Oct. 15 1935, $5.18 against surrender of the coupon
(25% paid) due Nov. 15 1933; total $12.43. Holders of $500 bonds of the
above loans will receive the proportionate amount.
The above amounts are approximate and are given by way of indication
only: the exact amounts which the bondholders will receive will depend.
for instance, on the rates of exchange between the lava and the other currencies concerned at the times (during the next two years) when the levas
will be converted into those currencies.
When the paying bankers are in a position to distribute the proposed
payments—the first of which is due in October 1934—they will issue notices
to inform holders what amounts are available for distribution, and to instruct them as to when and where they should present their coupons. In
the meantime holders are particularly requested not to send in their coupons
for collection of the proposed payments.
It will be observed that the coupons due July 1 1934 on the 1926 loan
and May 15 1934 on the 1928 loan are to receive a 32;.i% payment under
the arrangement announced separately by the League Loans' Committee
on April 20 1934; they are therefore not affected by the present announcement.
International Agreement for Regulation of Production
and Exports of Rubber Signed by Eight Nations—
Maintenance of Fair Price Also Objective.
The signing, at The Hague, of an international agreement
governing production and exports of rubber was announced
at London on April 29. Eight nations are signatories to the.
accord, under which it is also proposed to maintain "a fair
and equitable price level which will be reasonably remunerative to efficient producers." The agreement, which applies
to the territories of Malaya, the Netherlands India, Ceylon,
India, Burma, French Indo-China, North Borneo, Sarawak
and Siam, will run for five years,from June 1 1934 to Dec. 31
1938. In a cablegram from London, April 29, to the New
York "Times" it was stated that "the plan not only prohibits
further planting of rubber trees in the present areas, but
would prevent planting in areas outside the scope of the
agreement. The export of planting materials also has been
banned. The cablegram continued, in part:
Legislation Is Required.
It will be necessary for the Government of each of the participating
territories to give legislative effect to its provisions because the United
States has insisted on such a course. It is understood the British Government, which has been kept informed of the negotiations, approves the
plan. The Dutch and British were the principals of the eight parties
to the scheme.
Representatives of the rubber manufacturers of the United States and
Europe will be invited to nominate delegates who may periodically confer
with the International Rubber Regulation Committee.
Financial Chronicle
3010
Committee to Fix Quotas.
Each of the eight parties to the scheme has received a quota fixing the
maximum amount that may be exported in the next five years. . . .
The total increases each year, and by 1938 the quota supply will have
been expanded by more than 25%.
The International Regulation Committee, which is to administer the
scheme, will determine periodically the percentage of the quotas to be
exported from each territory. Thus the plan will regulate rather than
restrict, and fundamentally differs from the Stevenson scheme of restriction of trade, which after six years ended in 1928 with a flood of rubber,
from which the industry has since been trying to save itself.
The average price of first-grade plantation rubber in 1933 was only
3.25 pence a pound. The rise to the present level of 6.12 pence has been
due mainly, if not entirely, to belief that a restriction scheme would be
arranged. The capital value placed upon the rubber plantations in the
scheme is estimated at £350,000,000.
The quantity of crude rubber produced in 1933 from all the territories
outside the scheme was only 12,970 tons, a little more than 1% of the total.
Under the one-sided Stevenson scheme the Dutch were outside and many
British areas failed to adhere. Consequently, the more the restricting areas
reduced production the more the outsiders increased theirs.
Now, with nearly 90% of the total production and fresh planting firmly
controlled no attempt will be made to fix prices or regulate exports by
reference to a particular price. . . .
Special arrangements have been made for French Indo-China because
France imports four times the quantity exported there. To discover new
uses for rubber, all the governments except Sarawak and Siam were invited
to levy a tax on exports to cover the cost of experiments.
The conclusion of the negotiations were announced in a
Reuters cablegram made public as follows by the Commodity
Exchange of New York:
Restriction Negotiations Concluded.
Negotiations for the regulation of'the production and exports of rubber
have now been concluded and a complete agreement has been reached. A
formal agreement, embodying the terms and provisions of the rubber regulation scheme, was signed yesterday by the appointed representatives. The
agreement has been submitted to the respective governments with the
request that they give legislative effect to the provisions. The object
of the scheme is as follows:
"It has been considered necessary and advisable that steps should be taken to
regulate the production and exports of rubber in and from rubber producing countries
with the object of reducing existing world stocks to a normal figure and of adjusting.
in an orderly manner, supply to demand and maintaining a fair and equitable price
level which will be reasonably remunerative to efficient producers."
The scheme is comprehensive in scope and is to apply to the following
territories: Malaya, Netherlands India, Ceylon, India, including Burma,
French Indo-China, the State of North Borneo, Sarawak and Siam.
The following quotas have been allotted for the next five years:
(Figures in Tons.)
May 5 1934
of other Swiss banks changed into shares. These other banks also agreed
to keep nearly $14,000,000 in deposits with it until January 1935.
It was further agreed that the bank in case of need could obtain additional deposits totaling $10,000,000, half to be contributed by the Government, one-third by creditor banks and the remainder by the Canton of
Geneva. A recent run on the bank led It on Saturday [April 281 to ask
this aid.
The Canton, which has since become Socialist, and had to borrow $5,000,000 itself from the Federal Government, refused, because of lack of
money to contribute its share. This freed the two other parties and the
bank suspended payment. . . .
The bank's assets are said to equal its liabilities but lack liquidity. The
possibility of the bank being refloated or taken over by other banks is still
open.
Swiss and Geneva Government bonds, all bank stocks and other Swiss
shares fell on the Swim market to-day.
Swiss to Remain on Gold-President Says Nation
Cannot Afford to Experiment.
President Marcel Pilet-Golaz of Switzerland, opening the
international aviation salon at Geneva on April 27, took occasion to reaffirm that "honor and interest bind the Swiss franc
to the gold standard." Advices from Geneva to the New York
"Times" reporting this added:
He answered the criticisms of Swiss exporters by stressing the advantages gold had given to Switzerland in buying more cheaply all the raw
materials she needs to import.
"Switzerland is the last country that can afford monetary manipulations," he said. "Those who are dreaming inflation will get it only in their
dreams."
He declared the Government was firmly resolved to balance the budget by
new taxes and economies.
Declaring Switzerland "deeply deplored" the economic nationalism she
was "temporarily forced to practice," he asked the aviators "What good
will it do men to know how to fly if they lock themselves up in their cages?"
Federal Pay in Italy and Living Costs1Reduced Under
Decree of Council ofiMinisters-ActioniDesigned
to Improve Country's Position in!Competing with
Other Nations in Foreign Market.'"
Sweeping reductions in salaries and the cost of living in
order to place Italy in a position to compete with other
nations in the foreign market were decreed on April 14 by
the Council of Ministers, according to Associated Press advices from Rome, which gave the Cabinet's announcement
as follows:
The reduction of salaries is essential for diminishing and equilibrating
costs. Carrying the burden of production lower, one renders easier the
defense and possible development of export; the circulation of money can
Malaya
504,000
538,000 569,000
589,000 602,000
be curtailed considerably; one offers conditions of life conducive to recalling
352,000 400,000
443,000
467,000 485,000
Netherlands India
Ceylon
77,500
79,000
80,000
81,000
82.500 the Italian tourists who constitute an important factor in the prosperity
6,850
8,250
9.000
9,000
9,250
India
of the country.
5,150
6,750
8,000
9,000
9,250
Burma
12,000
13,000
14,000
15,500
16,500
North Borneo
From the Associated Press advices we also quote:
24,000
28,000
30,000
31,500
32,000
Sarawak
The Council, over which Premier Mussolini presided in person, ordered
15,000
15,000
15,000
15,000 15,000
Slam
all rents in Italy reduced 12%.
•rntal
AAR AfIll 1 055 0(50 1 1550(50 1 917 non 1 951 NM
Government employees' salaries were cut from 6% to 12%.
All other costs, such as food, transportation, and utilities are to fall in
Further planting will be prohibled and replanting will be limited to
proportion so that Italy can manufacture goods that will have even price
20% of the existing area. In order to discourage planting in territories
chances with those of other nations.
outside of the agreement, the export of planting material will be prohibited.
This is the second such nation-wide deflation in three years, another
In order to prevent abnormal accumulation of stocks, producers and
having been ordered in October 1930 along almost the same lines.
dealers will be obliged to keep stocks at a normal percentage of their
The Council of Ministers did not touch the salaries of employees of industurnover.
try and commerce, but these will be reduced through the Fascist corporative
The International Committee will be called the International Rubber
State organization.
Regulation Committee, and will be constituted of delegations appointed
• Government employees whose salaries range up to 500 lire ($42.50) a
by the governments; each delegation will have one vote for every thousand
month are not touched. Those with salaries between 500 and 1,000 lire
tons. The Committee will fix the percentage of the allotted quotas which
(from $42.50 to $85) are reduced 6%.
territories may export.
Salaries between 1,000 and 1,500 lire ($85 to $127.50) are cut 8%;
Representatives of European and American manufacturers will be invited
those between 1,500 and 2,000 lire ($127.50 to $170) are cut 10%; above
to nominate an advisory panel.
2,000 lire they are cut 12%.
During the period of regulation, Siam will be allowed to plant a maximum
The rental on stores was reduced 15%.
of 31,000 acres, the export allowance being subject to a yearly minimum.
The Council Ministers voted to slash their own salaries 20%.
Special arrangements have been made in the case of Indo-China's export
The Cabinet decided also that bachelors should pay an even greater
allowance. The scheme is to run for a minimum period from June 1 1934
penalty for the privilege of remaining single. Their tax was doubled to
to Dec. 31 1938.
50% of their income.
The Rubber Growers' Association points out that the scheme is necessary
It was estimated that the State would receive added revenues of 55,000,000
in the interest of producers and consumers alike.
lire ($4,675,000) annually from this tax.
Representative committees in London of the Eastern producing countries
The Council also decided to regulate the importation of °Mess seeds,
unanimously favored the plan.
copper, wool and coffee through a system of licenses to be granted accordThe industry widely recognizes that an excessive price will not be to
ing to the amount of Italian exportation to those countries from which
the permanent welfare of the industry.
those materials come.
1934.
1935.
1936.
1937.
1938.
Swiss Discount Bank of Geneva Suspends.
The Swiss Discount Bank was closed on April 30, the action, according to Associated Press advices from Geneva baying followed the declination of the Municipal Council controlled by Socialists, to pay the city's share of a proposed
$6,000,000 fund to aid the institution. The advices added:
It was estimated that the assets of the bank will cover its liabilities . . .
but that liquidation will be slow.
The bank was one of the oldest in Geneva.
According to wireless advices April 30 to the New York
"Times" the bank ranked seventh among the "big eight"
banks of Switzerland with branches in the large cities. The
wireless account to the "Times" continued in part:
The deposits, according to its last statement issued in 1932, totaled about
$53,000,000, divided among some 79,000 depositors.
The Swiss Discount Bank was closely associated with other and smaller
banks that collapsed recently. . . .
It wrote off more than 60% of its capital in April 1933, and reorganized
its $25,000,000 capital, of which nearly $7,000,000 represents claims of
the Swiss Government converted into shares, and nearly $5,000,000 claims
Prices Effective Monday.
The new level of prices goes into effect April 16,
The Cabinet also reduced the prices of goods in Government co-operative
stores for Government employees 10%. On the other hand, reductions are
made in the living allowances given certain classes of Government employees. Pensions, however, are untouched.
United States Envoy to Tokyo Informs Japan the
Multilateral Treaties Must Be Respected-Recalls
American Rights in China-State Department's
Announcements.
The United States informed Japan this week that international rights and obligations in China must be respected
by Japan, it was disclosed April 30 when the Department
of State made public an outline of a statement which had
been made by Ambassador Joseph C. Grew in Tokyo to
Koki Hirota, Japanese Foreign Minister. This action was
taken as the result of statements by a "spokesman" for the
Japanese Foreign Office which had been interpreted abroad
as a declaration of a Japanese "Monroe Doctrine for the
Volume 138
Financial Chronicle
Far East." Sir John Simon, British Foreign Secretary, told
the House of Commons April 30 that so far as the British
Government is concerned, the situation arising from Japan's
recent claim to special rights in China was"a closed incident."
Ambassador Grew, according to the State Department,
informed the Japanese Foreign Minister that the United
States expected Japan to adhere to the principles of the
.
"multilateral treaties relating to rights and obligations in
the Far East," and to "one great multilateral treaty to which
practically all the countries of the world are parties." The
statement concluded with the remark that the United States
is dedicated to the policy of "the good neighbor" and that
the American Government will continue to devote its best
efforts to the practical application of that policy.
The text of the State Department press release giving the
"substance" of the statement made by Ambassador Grew
to the Japanese Foreign Minister follows:
Recent indications of attitude on the part of the Japanese Government
with regard to rights and interests of Japan and other countries in China
and in connection with China have come from sources so authoritative as
to preclude their being ignored and make it necessary that the American
Government, adhering to the tradition of frankness that has prevailed in
relations between it and the Government of Japan, reaffirm the position
of the United States with regard to questions of rights and interests involved.
The relations of the United States with China are governed, as are our
relations with Japan and our relations with other countries, by the generally
accepted principles of international law and the provisions of treaties to
which the United States is a party.
The United States has with regard to China certain rights and certain
obligations. In addition, it is associated with China or with Japan or with
both, together with certain other countries, in multilateral treaties relating
to rights and obligations in the Far East, and in one great multilateral
treaty to which practically all the countries of the world are parties.
Treaties can lawfully be modified or be terminated only by processes
prescribed or recognized or agreed upon by the parties to them.
In the international associations and relationships of the United States.
the American Government seeks to be duly considerate of the rights, the
obligations, and the legitimate interests of other countries, and its expects
on the part of other governments due consideration of the rights, the obligations and the legitimate interests of the United States. In the opinion
of the American people and the American Government, no nation can,
without the assent of the other nations concerned, rightfully endeavor to
make conclusive its will in a situation where there are involved the rights,
the obligations and the legitimate interests of other sovereign States.
The American Government has dedicated the United States to the Policy
of the good neighbor and to the practical application of that policy it will
continue, on its own part and in association with other governments, to
devote its best efforts.
Credit of $4,000,000 to Cuba Arranged by Second
(Cuban) Export-Import Bank—To Be Used for
Purchase of Silver to Be Minted for Silver Coinage.
The State Department at Washington announced on
April 30 that the Second Export-Import Bank (designed to
foster trade with Cuba) has agreed to open a credit in favor
of the Cuban Government for $4,000,000. The announcement stated that the Cuban Government has used this credit
to purchase approximately 7,500,000 ounces of silver at a
total cost of $3,588,568.83. It was further stated that "it
is understood that this amount of silver is sufficient to coin
10,000,000 standard Cuban pesos." The announcement
follows:
In order to expedite the early resumption of normal trade between the
United States and Cuba by rendering assistance in Cuban economic recovery, the Government of Cuba and the Second Export
-Import Bank of
Washington, D. C., have agreed that the latter would facilitate the purchase of silver in the open market to be used in the minting of Cuban silver
coinage.
The bank, upon delivery to it of negotiable promissory notes of the
Cuban Government, bearing interest at 4%, agreed to open a credit in
favor of Cuba in the amount of $4,000,000. The Cuban Government has
used this credit to purchase, through the Export
-Import Bank and the
Treasury Department, approximately 7,500,000 ounces of silver at a total
cost of $3,588,568.83. It is understood that this amount of silver is sufficient to coin 10,000.000 standard Cuban pesos.
The notes of the Cuban Government held by the bank are not
only
based upon the good faith and credit of the Cuban Government, but are
also secured by the bullion value of the silver held by the Bank for Cuba.
It is provided that the minting of the silver will take place in the United
States.
It is the understanding of the bank that the restoration of normal trade
conditions is believed by Cuba to be dependent upon the ability of the
Cuban Government to pay certain civilian salaries and other Government
expenses long overdue, to carry out agricultural reforms and to enter into
a program of public works for relieving unemployment in Cuba. The Cuban
Government proposes to use the minted coinage for these purposes.
-Import Bank was organized particularly to assist
The Second Export
in improving trade conditions between the nationals of Cuba and the United
States, in accordance with the Administration's general recovery program,
and it is believed that this transaction will contribute in a definite measure
toward that purpose.
The singing of a decree by President Mendieta authorizing
the issuance of $10,000,000 in silver and the minting of
coinage through the Export-Import Bank was noted in our
issue of March 31, page 2165.
Cuban Government Issues Series of Decrees, Some of
Which Affect Foreigners.
A series of decrees, including several affecting foreigners,
was issued April 18 by the Cuban Government. United
3011
Press advices of that date from Havana said the decrees
were designed to attract popular support and remarked that
they were "even more radical than those under former
President Grau San Martin, whom the United States refused
to recognize." The dispatch listed the decrees as follows:
The decrees include:
Amnesty for all persons charged with violation of anti-strike laws. This
will free 2,000 prisoners, including Communists of whom 40 are on the ninth
day of a; hunger strike.
Stiffening of the nationalization labor law so that 75% of all employees
in private enterprises, instead of 50% as under Gran, must be native or
naturalized Cubans.
Prohibition of acquisition of real property by foreigners except by special
permission accorded for establishment of new industries.
Also stricter control over land holding corporations, revision of the land
tax system, creation of a civil service for public employees, establishment
of a homestead law, establishment of agricultural credit banks, and adoption of measures to fight unemployment.
Decree Regulating Payment of Foreign
Commercial Drafts.
A translation of a new Brazilian exchange control decree,
enforcing the deposit at due date of the equivalent in milreis
of all foreign kills drawn on firms or persons in Brazil in
respect of merchandise imported, was issued on April 13
by the British Department of Overseas Trade, according
to the London "Financial News" of April 14, from which
we also quote further, as below:
Brazilian
The decree, which was made by the Chief of the Provisional Government
in conformity with his powers, and which is dated March 26, is as follows.
Article 1.—For bills, either at sight or for a term, in foreign currency,
which arise from importation of merchandise, when drawn on any market
In this country, a deposit will be exacted in national currency corresponding
to the equivalent of the amount at the rate of the day, which deposit must
be made in the bank holding the bill.
In Event of Failure.
Article 2.—Failure to make the deposit mentioned in the previous article
will be equivalent to failure to meet the bill for purpose of protest.
Article 3.—Any difference which may be verified between the rate of
exchange of deposit and that of closing the exchange will be for the account
of the drawee.
For the collection of this difference of rate the holder of the bill will
have the right to take the same action as for a bill, protest being necessary
for this action.
Article 4.—The amounts received in deposit will be credited to the
drawer or the endorsee of the bill and will be converted into the foreign
currency as soon as cover is provided.
Receiving Bank's Right.
The bank receiving the deposit has the right to make the conversion
treated of in this article only after the importation of the merchandise
has been proved and the difference of exchange treated of in Article 3
has been paid.
Article 5.—All contractual obligations in foreign currency Proceeding
from the purchase of imported merchandise are included in the securities
treated of in Article 1 of this decree.
Article 6.—No deposit for bills which have become due or accepted previous to this date or within 10 days of it can be exacted.
Article 7.—This decree will enter into force on the date of its publication;
all dispositions to the contrary are revoked.
£2,558,365 for Debt Payments.
The Brazilian Treasury has remitted to London the sum of /2,558,365
to meet debt services, the Exchange reports.
The issuance of the decree was noted in these columns
March 31, page 2165.
Brazil Firm on Loan Terms.
A cablegram from Rio de Janeiro, April 27, appeared as
follows in the New York "Times":
Answering protests from Portugal and France, the Brazllian Government states it cannot alter the liquidation plan put into effect by decree
A Portuguese
banker, said to represent creditors in Lisbon, is in this country attempting
to bring about a revision of the liquidation terms.
on Feb. 5, affecting principally American and British loans.
Review by Institute of International Finance of •
Measures Adopted by Brazil in Past Year to Adjust
Payment of External Funded Debt.
During the past year the Brazilian Government has
adopted a number of measures designed to adjust payments
of all external funded public debt, most of which has been
in default since 1931, and to free the so-called "frozen"
commercial credits which accumulated in Brazil in large
amounts during the depression, according to a bulletin of
the Institute of International Finance issued on April 19
by Dean John T. Madden, director. The Institute of
International Finance is a non-profit-making research organization conducted by the Investment Bankers Association
of American, in co-operation with New York University.
In part the Bulletin said:
On Feb. 5 1934, the Brazilian Government issued decree No. 23,829.
in accordance with which payments on external Federal. State and municipal
loans are to be made in varying amounts during the four-year period April 1
1934 to March 31 1938. The Funding Plan of 1931, which affected only
Federal Government obligations, is to remain in force until its expiration
In the latter part of 1934. The decree also provides that, not later than
the end of September 1937, the Brazilian Government will again review the
financial condition of the country, in order to determine the disposition
of future service charges on the external debt.
•
3012
Financial Chronicle
The Institute is of the opinion that the partial resumption of interest
Payments in cash on most of the Brazilian bonds outstanding abroad is a
step in the right direction. However, an examination of the plan reveals
certain defects which it is hoped will be remedied in the course of time.
While it may be granted that the loans of the Federal Government are
entitled to a certain degree of preference over the debts of the political
subdivisions, the plan does not give adequate consideration to the financial
status of the individual debtors. This is indicated by the fact that,throughout the period of default, several of the states and municipalities which
are listed in grades 6 and 7 deposited milreis equivalent at the then current
rates of exchange to the full amount of service charges, but have been
unable to remit these funds. A fairer treatment would have been to classify
the debts of the political subdivisions primarily in accordance with their
capacity to pay, as evidenced by the amount of milreis deposited by them
on maturing coupons, and by the condition of their budgets.
Two Issues of External Sinking Fund 6% Gold Bonds
of Argentina to Be Purchased for Sinking Fund—
$179,728 Available for Issue of May 1 1926 and
$179,820 for Public Works Issue of May 1 1927.
J. P. Morgan & Co. and the National City Bank of
New York, as fiscal agents, are notifying holders of Argentine Government loan 1927, external sinking fund 6% gold
bonds, public works issue of May 1 1927, due May 1 1961,
that $179,820 in cash is available for the purchase for the
sinking fund of so many of these bonds as shall be tendered
and accepted for purchase at prices below par. An announcement issued in the matter said:
Tenders of these bonds, with subsequent coupons attached, should be
made at a flat price, below par, before 3 p. m. June 1 1934 either at the
office of J. P. Morgan & Co. or the National City Bank of New York.
If tenders so accepted are not sufficient to exhaust available funds, additional purchases on tender, below par, may be made up to July 30 1934.
The announcement said that the same conditions pertain
with regard to Government of the Argentine Nation external
sinking fund 6% gold bonds, issue of May 1 1926, due
May 11960, for the purchase of which for the sinking fund
$179,728 in cash is available.
Payment of 20% on Face Amount of May 1 Coupons
-Year 7% Sinking Fund Gold Bonds, Loan
of 40
of 1926, of Rio Grande do Sul (Brazil)—New York
Stock Exchange Ruling on Bonds.
Ladenburg, Thalmann & Co., as fiscal agents, are notifying holders of State of Rio Grande do Sul 40-year 7%
sinking fund gold bonds, external loan of 1926, that pursuant
to decree of the Chief of the Provisional Government of
the United States of Brazil, funds have been deposited with
them sufficient to make a payment, in lawful currency of
the United States of America, of 20% on the face amount
of the coupons due May 1 1934 on these bonds, amounting
to $7 for each $35 coupon and $3.50 for each $17.50 coupon.
Under the terms of the decree such payment, if accepted
by the holders of these bonds and coupons, must be accepted
in full payment of such coupons and of the claims for interest
represented thereby. No present provision, the fiscal
agents declare, has been made for the coupons past due,
but they should be retained for future adjustment.
Ashbel Green, Secretary of the New York Stock Exchange, issued the following announcement on May 2
indicating rulings on the bonds by the Committee on Securities of the Exchange:
NEW YORK STOCK EXCHANGE
Committee on Securities
May 2 1934.
Notice having been received that payment of $7 per $1,000 bond will
of the coupon due May 1 1934
be made beginning May 3 1934 on surrender
-year 7% sinking fund gold bonds, exon State of Rio Grande do Sul 40
ternal loan of 1926, due 1966.
The Committee on Securities rules that beginning Thursday, May 3 1934,
the said bonds may be dealt in as follows:
(a) "with Nov. 1 1931 and subsequent coupons attached":
(b) "with Nov. 1 1931 to Nov. 1 1933 inclusive and Nov. 1 1934 and
subsequent coupons attached."
That bids and offers shall be considered as being for bonds "with Nov. 1
1931 and subsequent coupons attached" unless otherwise specified at the
time of transaction; and that the bonds shall continue to be dealt in "flat."
AMIDE L GREEN, Secretary.
Reduction in Interest Rate to 5% Sought by Finland
Residential Mortgage Bank on Its First Mortgage
Cc:alateral Sinking Fund 6% Gold Bonds.
Finland Residential Mortgage Bank is currently proposing
to the holders of its first mortgage collateral sinking fund
6% gold bonds a reduction in interest rate to 5% per annum
in consideration of an unconditional guarantee by the Finnish
Government of the payment of principal and interest, as so
reduced. "Such a guarantee," the notice points out,
"obviously offers the bondholders assurance of receiving
future interest, when due, and payment of principal at
maturity, irrespective of the fortunes of the bank." A
similar proposal has been accepted by over 90% in aggregate principal amount of the bank's sterling mortgage
May 5 1934
bonds. An announcement issued April 30 regarding the
bank's notice to holders of the 6% bonds added:
Service of these bonds, the notice states, is dependent on proceeds of
property in urban areas in Finland, and, due to economic conditions, rents from these houses have declined to a point where
an economic return on this investment is no longer possible. Many borrowers from the bank have been unable to maintain their payments and
on resort to foreclosure it has been impossible to realize amounts sufficient
to enable the bank to meet its own obligations. Unfavorable exchange
between Finnish marks and different currencies in which the bank's obligations are payable have added to the bank's difficulties, and, "as the
accumulated result of all these causes, the bank now finds itself faced with
a certainty that it will be unable to meet the service of its bonds."
The Government of Finland, the guarantee of which is offered in exchange for a reduction of 1% in the coupon rate, has maintained full service
on all its foreign obligations during the depression and is the only nation
not in default in payment on its war debt obligation to the United States.
"It is conceivable," the letter states, "despite the unsatisfactory outlook
to-day, that, in liquidation, bondholders would in the course of time get
back the entire amount of their investment, through very gradual liquidation of the mortgaged properties and subsequent realization on the
Government 5% bonds of the nominal amount of 200,000,000 Finnish gold
marks, constituting the so-called guaranteed capital of the bank. However, these Government bonds cannot be resorted to until the affairs of
the bank have been entirely wound up and the total deficiency ascertained,
and it would be many years before it could be ascertained whether the
realization on the Government bonds would equal the deficiency.
"The bank has found it impossible to meet the Jan. 15 1934 sinking fund
Payment on the bonds. It has managed to arrange for the March 1 1934
interest payment. Unless, however, the relief outlined is obtained, the
bank believes further interest payments in full will be impossible. The
board of the bank is of the opinion that the proposal is one which the bondholders would be well advised to accept. Prompt deposit of bonds in large
volume will permit early determination of whether the proposal will be
declared operative. At least 90% in aggregate principal amount of the
bonds should be deposited to render the proposal feasible."
As part of the transaction, if consummated, the bank agrees not to
exercise the right of voluntary redemption of the bonds, other than through
the operation of the sinldng fund prior to Jan. 1 1944.
Because of the bank's difficult position it has now been able to persuade
the National Government to offer its unconditional guarantee to those
bondholders who co-operate in relieving the situation by accepting a reduction of 1%. Bondholders are asked to deposit their bonds with Sept. 1
1934 and all subsequent coupons attached with the reorganization department of the National City Bank of New York, 22 William St., New York,
or 36 Bishopsgate, London, England, or at Finland's Bank, Helsingfors.
Finland, or at Stockholms Enskilda Bank, Stockholm, Sweden.
mortgages of house
Philippine Legislature Approves Measure Granting
Islands Independence Within Ten Years.
The Philippine Legislature, meeting in special session
May 1, voted to accept the provisions of the TydingsMcDuffie Act, signed March 24 by President Roosevelt,
which would grant independence to the Philippine Islands in
about ten years. The joint session of the Legislature adopted
a resolution expressing "appreciation and everlasting gratitude to the President and Congress of the United States and
to the American people." A cable May 1 from Manila
to the New York "Herald Tribune" described the opening
of the session as follows:
The special session began yesterday with an address by Governor-General
Frank Murphy outlining the program before the Legislature. Speaking
before a joint assemblage of the Senators and Representatives, he said:
"In submitting these matters, may I be permitted to voice the earnest
hope of all true friends of Philippine liberty that the responsibility you are
about to assume may be discharged with complete fidelity to the high moral
principles and political ideals that have brought us to this eventful hour."
President Roosevelt's signature of the Tydings-McDuffie
bill and the principal provisions of the measure were noted
in our issue of March 31, page 2166.
Arrangements Reported Completed for Sale of Bank of
Haiti by National City Bank to Haitian Government.
In Associated Press advices from Washington April 28
it was stated that Haiti and the National City Bank of
New York were reported in informed circles to have reached
an agreement for the sale of the Bank of Haiti, now owned
by the National City Bank, to the Haitian Government.
The dispatch added:
The purchase of the bank by the Government is part of a plan which
President Vincent of Haiti discussed recently in Washington with President
Roosevelt. It is designed to free Haitian finances from American control.
Under the projected plan the bank would be operated by six directors
and would administer the customs and amortize the $11,000,000 loan held
by American investors.
The proposal was referred to in our issue of April 21,
page 2662.
Sugar Control Bill Will Divorce American and World
Markets According to Lamborn & Co., Inc.—
Describe Bill as Most Radical Departure Ever Made
in Sugar Industry's History.
The new Costigan-Jones bill, passed by Congress, is expected by Lamborn & Co., Inc., to have the effect, upon its
enactment, of completely divorcing the American sugar market from the world market.
Lamborn & Co., Inc., leading factors in the sugar market,
state that the new bill establishes a completely new order
in the sugar Industry; is the most radical departure ever to
Volume 138
Financial Chronicle
take place in that industry, because it encompasses so many
vital and basic factors, and may well have the effect of
transplanting world market leadership from New York,
where it has rested since 1914, to London, which now outranks Hamburg, the market leader before the war. An
exhaustive study of the Costigan-Jones bill has been completed by Lamborn & Co., Inc., as to which Ody H. Lamborn,
Manager of the company, advances the following among his
conclusions:
The fundamental principle of the bill is to nationalize and regimentize
for the next three years the sugar industry in so far as United States requirements ore concerned, and in so doing, to increase the return to the producer and make it unprofitable to pile up uneconomic surpluses. To this
end the bill places in the hands of the Secretary of Agriculture broad
discretionary powers to control the movement of sugar in and into the
United States.
Never before has such a radical departure taken place in the sugar
business of the United States, encompassing, as it does, so many vital and
basic factors. Much mental energy has been wasted during the past few
months while the bill was in a state of flux and constant change. The
market has been rudderless, and it has been folly ere this to attempt to
prognosticate the final result.
One cannot study or contemplate the sugar bill without realizing that
a completely new order will result with a completely new set of conditions
facing the sugar industry in the United, States. To illustrate, the dutyfree raw market has recently ranged from 2.70c. to 2.80c. During this
Period, sales of Cubas have been conspicuous by their absence. Cuba's
nominal quotation is 1.35c. cost and freight. The Cuban price as reflected
in futures is 1.44c. for May, 1.48c. for July, and 1.54c. for September.
The great pressure which has existed on duty-frees no longer obtains. A new
duty on Cubas could not become effective until 30 days after the President's proclamation. No one knows what the new duty will be. It may
be a reduction in the basic rate from 2.50c. to 2.00c., which will make
the Cuban duty 1.60c.
Between the Cuban indicated price and the duty-free spot price, there
must eventually be an adjustment. The probabilities are that duey-frees
will advance toward the eventual Cuban equivalent, and there may be
some slight adjustment of Cuba's idea, until there is a meeting of the
minds, although it is well to remember that Cubas are in strong hands.
After all, men's minds make markets as well as statistical factors.
The adoption of the bill by Congress was noted in our
April 28 issue, page 2843.
Reduction in Cuban Sugar Duty Viewed as Likely
by B. W. Dyer & Co. as Result of Provision in
Jones-Costigan Sugar Bill.
Reduction of the full duty on sugar by 62%c. a hundred
pounds, to 1.875, which under the existing treaty of reciprocity with Cuba will mean a Cuban duty of 1.50c. per pound,
Is indicated by one of the provisions of the Jones-Costigan
bill as passed by both Houses of Congress, according to B. W.
Dyer & Co., sugar economists and brokers, who point out that
this is before giving consideration to the anticipated increase
In the Cuban preferential. The firm says:
The amendment made in the Senate, and subsequently approved
by the
House, provides that the processing tax shall not exceed
the reduction made
by the President in the import duty on Cuban sugar as fixed
by the tariff
bill of 1930 as adjusted under the existing commercial
reciprocity treaty
with Cuba, and the present duty on sugar as adjusted under this
treaty is
2c. a pound, or 20% less than the full
rate fixed by the 1930 tariff bill.
The above figures are arrived at by taking into consideration
the Administration's stated intention of fixing the processing tax at
something less
than %c. a pound. Allowance for a %c.
tax would, under the provision
noted, require a cut of %c. in the Cuban duty, and
as the Cuban duty under
the existing treaty of reciprocity is 80%
of the full duty, it follows that a
full duty of 1.875c. is indicated.
Philippine
Legislature Registers Opposition
to
Limitation by U. S. of Sugar Imports from Island
Under Sugar Control Measure.
From Manila, P. I., May 2, the New York "Journal
of Commerce" reported the following:
The House of the Philippine Legislature
to-day approved resolutions requesting a Congressional investigation
of Philippines economic conditions and
voicing objections to proposals
to limit United States sugar importations
from the Islands.
The Island Senate previously had
approved the investigation plan during
the current special session, at
which the machinery was set in motion to
create the independent Philippines commonwealth
.
Beet Agreement Signed—Growers to Receive
$6.50 a
Ton from Government.
Adjustment of a controversy over what the beet
sugar
farmer should receive for his crop was announced in
Associated Press accounts from Denver, April 29, in which
it was
also stated:
Processors and producers signed a compromise compact
under the aegis
of the Federal Government, and drills immediately began
scoring the earth
in Colorado, Nebraska, Wyoming and Montana
after more than three weeks
of bickering had delayed planting.
Parity payments for the beet grower, as set forth
in the agreement reached
Saturday in Chicago, will amount to about $6.50
a ton. Last year farmers
in the Western "sugar bowl" dug nearly 2,235.000
tons of beets from their
lands. A similar crop, on the basis of the parity
payments financed by a
processing tax on sugar, would assure the growers
almost $15,000,000 for
their yields.
However, lateness of planting will cut production
in many fields one to
three tons an acre. Also no one knows for certain what
curtailment of
production may be imposed by the Government on this
territory.
3013
Commission Begins Study of Puerto Rico Sugar Quota
Plan.
An expert commission chosen by the Agricultural Adjustment Administration has commenced,in Puerto Rico, the task
of working out a satisfactory method for applying a sugar
quota plan to the industry there,it was announced on April 28
by the AAA. The announcement added:
The commission consists of Governor Blanton Winship, of the Island;
Meneklez Ramos. Insular Commissioner of Agriculture; Dr. Carlos E. Chardon, Chancellor of the University of Puerto Rico, and Dr. Feniendez Garcia,
sugar specialist of the University.
The objective of the conference is a plan that will involve a substantial
increase in employment and purchasing power for the people of the Island,
operating through a program of efficient land utilization combined with a
more stable price for Puerto Rican sugar.
Accord Reached on Beet Sugar Parity Supervision—
To Be Calculated on Regional Basis.
Under date of April 29, a Chicago dispatch to the New York
"Journal of Commerce" stated:
Under an agreement reached between Colorado, Wyoming, Nebraska and
Montana. sugar beet growers' organizations and officials of the Great Western Sugar Co., the Agricultural Adjustment Department will supervise parity
payments to growers based on regional parity prices for the 1934 beet crop.
The agreement is too late for changes in growers' contracts this year. The
Department will investigate under the Jones-Costigan sugar bill a provision
for 1935 contracts.
Chester Davis, Farm Administrator, and A. J. Weaver, Chief of the sugar
quotas department, represented Washington; W. D. Lippitt headed the Great
Western executive, and several leaders were present from farm organizations.
Comment on settlement was refused.
Federal Government Planning Development of Sugar
and Rum Industries in Virgin Islands Through
Government
-Operated Corporation—Would Be Financed with $1,000,000 PWA Funds
-6,000 Acres
of Sugar Land to Be Purchased.
The Department of the Interior described April 19
plans for development of the sugar and rum industries in the
Virgin Islands by a Government owned and operated corporation, to be incorporated under the laws of the Virgin Islands
and to operate on $1,000,000 of Public Works Administration funds which were allotted for the establishment of a
subsistence homestead. The announcement said that the
company will purchase 6,000 acres of sugar land, and profits
will be divided into two parts. One-half will be paid to
the welfare fund of the Islands and the other will be divided
among the company's laborers and those who have sold
„ sugar to the company.
A Washington dispatch of April 19 described in detail the
provisions of the articles of incorporation of the new company charted for the development of the Virgin Islands as
follows:
The provisions of the Incorporation authorize the Government
company
to bring about the "economic rehabilitation of the Virgin
Islands" and to
"promote the general welfare of the people." It may acquire
and operate
buildings, factories, forests, mines, industries, farms "or any
other enterprise." It may buy and sell real and personal property,
expend money
out of surplus on any kind of charitable, educational or
relief activity in
the islands, and borrow money without limit.
Authorized by St. Thomas Council.
The formation of the company was authorized in a measure
passed by
the Colonial Council of St. Thomas, which set up the all-inclusive
powers.
The same measure was defeated in the Colonial Council of St.
Croix, the
other important island of the group, but the insular government
owns a principal rum plant in St. Croix and the new company already
will carry
on activities there. The St. Croix Council is also to consider
another bill
giving lesser powers to the administration.
The company will operate on $1,000,000 of public works funds. It will
buy 6,000 acres of sugar land, sell subsistence homesteads and run the business connected with sugar and its products.
Company profits are to be divided, one-half to the workers in bonuses.
the other half to welfare and development work. The program has been
called the creation of the "brain trust." but President Roosevelt himself
is understood to be largely responsible for it, having determined to convert
the islands from the "effective poorhouse" which former President Hoover
called them.
Company's Purposes Outlined.
The purposes of the company were outlined in part as follows:
"To acquire or assist in acquiring in any manner, construct,
build,
establish, own, equip, operate, maintain, improve, administer
and supervise any buildings, plants, mills, factories, forests, parks, mines,
power plants, farms, gardens, orchards, dairies, agricultural industries.
processing
enterprises, market agencies, or other improvements and facilities,
or any
other enterprise or activities of any kind necessary or
desirable to the
economic well being of the inhabitants of the Virgin Islands, and
to perform
any other necessary or desirable operations or functions
in connection
therewith.
"To buy, lease, acquire by gift, or in any other manner .
. . and
to sell, lease, mortgage, pledge, assign, transfer . . .
without restriction or limit as to amount, any land or lands or real property
of any description . . . including structures or other improvements
thereon
or therein, and any kind of personal property.
"To acquire . . . establish. own, equip, operate, maintain,
improve, administer and supervise farms and to engage in any and all
types
of agricultural production upon such farms and to dispose or aid in disposing
of any of the products of such farms.
"To carry on the business of refining sugar and of processing sugar cane
and the business of manufacturing any and all products and by-products of
sugar and sugar cane.
3014
Financial Chronicle
"To expend money out of the earned surplus in any kind of charitable,
educational, advisory or relief activity whatsoever in connection with any
of its enterprises in the Virgin Islands.
"To borrow or raise moneys for any of the purposes of the corporation
and, from time to time, without limit as to amount, to . . . issue
promissory notes, drafts, bills of exchange, warrants, bonds, debentures
and other negotiable or non-negotiable instruments and evidence of indebtedness and to secure the payment of any thereof and of the interest thereon by
mortgage upon or pledge, conveyance or assignment in trust of the whole or
any part of the property of the corporation."
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891,211,003
1,282,007,688
Senate Banking and Currency Committee Publishes
Data Reporting Net Profits of 8833,167,686 for
Members of New York Stock Exchange Between
January 1928 and August 1933-Richard Whitney
Characterizes Figures as Misleading and "Propaganda"
-Many Phases of Brokerage and Banking
Activity Revealed in Survey Based on Reply to
Questionnaires.
Total net income of certain member firms of the New York
Stock Exchange for the period from Jan. 1 1928 to Aug. 31
1933 was $833,167,686, it was disclosed May 1 when the
Senate Banking and Currency Committee made public the
contents of a report prepared by Ferdinand Pecora, Committee Counsel, based on replies to questionnaires he had
sent to members of all stock exchanges in the country. Its
publication coincided with the beginning of House debate on
the bill for Federal regulation of stock exchanges. Richard
Whitney, President of the New York Stock Exchange, in a
statement issued May 1, said the figures in the form presented by Mr. Pecora were "misleading," and in another
statement May 2, Mr. Whitney said they were "propaganda"
obviously designed to "prejudice public opinion" at this
time. Mr. Whitney's statement is given in this issue under
another head.
A summary of the income and expenses of member firms
of the New York Stock Exchange for the period mentioned
above, as shown in the report made public by the Senate
Committee, was contained in a Washington account May 1
to the New York "Herald Tribune":
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Various other data and figures obtained in response
questionnaires were made public by the Senate Banking and
Currency Committee May 1, including figures showing net
earnings of individual member firms during the period of
5 2-3 years covered by Mr. Pecora's survey. There was also
published a record of the participation of 33 leading banks
in syndicate and pool operations, the number of firms acting
in underwriting groups and details of dealings in options.
May 5 1934
A Washington dispatch May 1 to the New York "Herald
Tribune" gave details of the report, from which we quote in
part as follows:
Included in the Committee's compilation are the yearly profit or loss of
the leading members of the New York Exchange. The returns show that
Lehman Brothers reported net profits of $12,479,697 in 1928 and $12,401,011
in 1929 and net loss of $137,163 for the first eight months of 1933; Hornblower & Weeks net profit of $7,024,744 in 1928, $4,593,749 in 1929 and
net loss of $1,112,820 during the first eight months of 1933; Goldman
Sachs & Co. net profit of $6,681,578 in 1928, $7,900,824 in 1929 and net
profit of $270,731 during the first eight months of 1933. These reports are
typical of the list, which varies according to the size of the partnership.
J. P. Morgan & Co., the Committee reports, collected $546,842 in
brokerage commissions during 1928, $1,177,235 in 1929 and $495,377 during
the 1933 period, while Kuhn, Loeb & Co. reported net commissions at
$205,814 in 1928, $250,753 in 1929 and $91,611 during the eight months
of last year.
Weapon for Control 13111.
Richard Whitney & Co., headed by the President of the Stock Exchange,
made net profits of $546,842 in 1928, $1,177,235 in 1929 and $495,377 in
the shorter period of last year. . . .
The Senate Committee also disclosed records based on replies from
33 of the leading banks describing their interest in syndicate and pool
accounts and showing the securities listed on exchanges included in these
pools and the inter-relation between exchange members and the banks.
Brokerage holdings of corporation stock, as recorded on the corporation
books, is compared as of July 1 1929 and July 1 of last year.
The compilation on profits of Stock Exchange members shows that it is
based on returns from the leading firms, but does not include a 100%
computation of the members.
Net income of $349,100,478 and $334,043,323 are reported, respectively,
for 1928 and 1929, but during 1930 the brokerage profit dropped off to
$64,874.355. Deficits of $4,832.861 and $6,556,778 are registered for 1931
and 1932, but the Stock Exchange members came out of the "red" during
the first eight months of last year and reported a net income of 896,539,169.
Of a total income of $2,153,218,671 for all firms, except six odd-lot
houses, net commissions contributed $1,502,751,275. The participation of
partnerships in trading, which is scheduled for drastic curtailment under
proposed Federal control, is illustrated by the $237,957,256 figure of profits
on trading. Net interest to the firms aggregated $320,040,673.
The six odd-lot houses, considered among the most influential groups in
administration of the New York Stock Exchange, reported net income for
the six-year period of $44,794,923. These firms did not show tho deficits
for the 1931 and 1932 period, but recorded net incomes of slightly more
than $2,000,000 in each year.
Decline in Underwriting Shown.
New York Exchange firms wrote off accounts receivable, less recoveries.
of $102,838,240. The Committee reports that these deductions reached
a high of $34,701,995 during 1929 and have been substantially reduced
since then, until for the eight months of last year the item totaled only
$6,282,023.
The sharp decline in underwriting activity by members of the New York
Exchange in 1932 and 1933 is graphically shown by figures for the six-year
period. During 1929, 137 member firms underwrote or participated in
the underwriting of securities offered for public sales. In 1930 the number
dropped to 127, in 1931 to 107, in 1932 to 82, and during the first eight
months of last year the number was 82. A corresponding reduction in the
number of firms making public offerings is reported, with the number
decreasing from 57 in 1932 to 43 during the 1933 period.
The percentage of margin accounts to cash transactions, approximated by
estimates of the firms, shows that the ratio has increased in a comparison
of 1929 and 1933. The Committee reports that 40.8% of the total accounts
were margined in 1929. compared with 42% during 1933. Margins have
been a bone of contention between proponents of a Federal control and
security exchange representatives, with the brokerage representatives maintaining that the figures in the House bill are unreasonable.
269,915 Debit Accounts Listed.
The number of accounts of member firms having debit balances totaled
269,915, as of June 30 1933, which compares with 340,019 accounts on
July 31 1929; 258,38500 Dec. 31 1930; 227,366 accounts as of Dec. 311931,
and 203,450 as of Dec. 31 1932. It was during the June period of last
year that a rally developed on the Stock Exchange, particularly in the socalled alcohol stocks. Mr. Pecora subsequently investigated pool participation during the summer period.
Seventy-eight member firms of the Stock Exchange, seven member
partners and 18 non-member partners, or a total of 103. held options, or
participated in them, exceeding 10,000 shares of a single security during
the period from 1929 to 1933, the Committee reports. The actual number
of options held totaled'286, for a total of 17,380,478 shares. The reaping
of profit from options held has been under fire during the Senate investigation. Under the new rules of the Stock Exchange members are required
to report options held and these reports are made public.
Individual members of the New York Stock Exchange trading for their
own accounts contributed almost one-tenth of the volume of trading during
July of last year, when the bull market was in progress, the data shows.
Of a total volume of 120,900,610 shares traded, the members accounted
for 10,906,610 shares, divided into 5,360,262 purchased and 4,546,348 sold.
The Congressional conunittees propose to restrict floor trading under the
provisions of both the Senate and the House measures. The report on
individual members shows that from 1929 to 1933 they held four options
of a total of 62,400 shares.
Disciplinary Actions Cited.
The Committee made public figures on disciplinary action, including
warnings and trials, against specialists, who, under the Federal bills,
would be limited in their trading for their own account. The report shows
that during 1928 14 such actions were taken; during 1929, 20; during 1930.
15; during 1931, 17; during 1932, 15, and during 1933, 12. The disciplinary
actions of all the other exchanges, lumped together, fell below that of the
New York market. Total specialist warnings, trials and actual disciplinary
measures during last year for all exchanges totaled 20.
The New York Stock Exchange, the report shows, has decreased its expenditure for publicity during recent years. Last year $92,970 was spent
in comparison with $174,846 in 1929, $243,964 in 1930, $284,863 in 1931.
and $206,439 in 1932. The Committee says that the Stock Exchange
figures include employees of the Committee on Publicity as well as the
department of the Economist.
The Stock Exchange distributed 3,830,150 pamphlets, including approximately 7,650 copies of "The Work of the Stock Exchange" and 1,500 conies
of "Short Selling," written by the Exchange Economist during 1929 to
1933, while other exchanges in the same period circulated 1,507,204 pieces
of literature. The other exchanges expended $72,334 in publicity activities
during last year.
324 Listed Bonds Defaulted.
Three hundred and twenty-four bond issues, listed on the Stock Exchange, defaulted during the 1928-1933 period, while 661 issues on other
exchanges defaulted during the same time. Stock Exchange members
suspended for insolvency aggregated 38, 20 members and 18 member firms,
while other exchanges reported failures of 160 members and 59 member
firms, for a total of 254.
The returns of the 33 banks shows that in 1929-1934 loans, aggregating
$76,459,550 were made with or without security pursuant to credit arrangement for financing syndicate or pool operations during 1929. In 1930 the
number increased to 45 loans but the amount dropped to $34,922,750. A
steady decrease is shown from that time on with such loans numbering
34 in 1931 with an amount of $24,166,300, 10 in 1932 with an amount of
$3,882,600 and two during last year of $950,000.
The banks responding to the questionnaire include the Bankers Trust
Co., Bank of the Manhattan Co., Central Hanover Bank & Trust Co..
Chemical Bank & Trust Co., First National Bank, Guaranty Trust, Irving
Trust, National City Bank and New York Trust of New York City.
Other banks included are the Continental Illinois, the First Union
Trust & Savings, the First National, the Northern Trust of Chicago; the
American Trust, the Bank of America National Trust, the San Francisco
Bank and the Wells Fargo & Union Trust Co. of San Francisco; the Security
First National of Los Angeles; the First National Bank, the National
Shawmut Bank and the Merchants National of Boston; the Industrial
Trust and the Rhode Island Hospital Trust of Providence; the Philadelphia
National Bank, the Girard Trust, the Fidelity-Philadelphia and the First
National Bank of Philadelphia; the Cleveland Trust and the Central United
National of Cleveland, and the Mellon National, Union Trust and First
National Bank of Pittsburgh.
Street loans of these banks for their own account on July 31 1929. totaled
$1,149,711,500, compared with $1,709,517,770 on July 31 1930 and $624,948,500 on July 311933.
For the account of other banks, street loans totaled $1,53,645,450 on
July 311929; $636,703,100 on July 31 1930, and $104,422,800 on July 31
of last year. For the account of corporations the totals were $1,515,039,500
at the end of July in 1929: $405,401 on July 31 1930. and $1,871,500 on
July 311932. No returns were recorded for 1933.
Thirty-three Banks in 111 Pools.
Day loans decreased from $265,958,000 on July 31 1929 to $15,692,000 on
July 311932, and increased to $52,347,000 at the end of July of last year.
The 33 banks participated in 111 syndicates and pools for their own
account during 1929, but by last year this activity had practically vanished,
with only nine reported for the Jan. 1 to Sept. 15 1933 period. Syndicates
totaled 71 in 1930, 46 in 1931 and 9 in 1932.
Eighty-two securities listed on recognized exchanges were the subjects of
the banking syndicates in 1929. During 1930 the number had dropped to
28, during 1931 to 7 and during last year to 1. the West Penn Power Co.
6% cumulative preferred.
On Sept. 12 1929 the banks carried 4,201 loans from 3,424 members
and member firms of the New York Stock Exchange for a total amount of
$4,596,734,372, while on July 15 1933, the number of loans totaled 1,382
to 1,252 members and member firms for a total amount of $627,553,524.
Ten member firms of the Stock Exchange participated with the banks in
retail distribution of stock in 1929. but by 1932 the number had shrunk to
one. Two were recorded for last year.
Stocks Held in Brokers' Names.
Thirty-eight per cent of the outstanding shares of the Chrysler Corp.
was held in brokers' names as of July 1 1933, the Committee reports.
Taking a group of 23 of the leading corporations, the Committee tabulation
shows that on that date substantial percentages of the stock was held in
the name of brokers, and that of the brokerage amount a good portion was
registered in the names of the ten largest broker holdings.
The following table is a recapitulation of stock holdings, based on replies
from the corporations:
No. of Shs.
Registered
in Names
Number
of Shares
of 10 Largof
Brokers'
in
Shares in
est Broker
Brokerage
Names to
Outstand'g
Brokers'
Holders
Firms
Outstanding
Shares.
Names.
July 1 1933. July 1 1933
Shares.
July 11933. Dec. 31 '33.
Percentage
Security.
301
Financial Chronicle
Volume 138
*Amer. Car & Fdy.
110,376
*Amer. Radiator __
1,002,769
*Anaconda Copper
Mining Co
1,249,828
Chrysler
1,668,275
*Celanese
361,352
*Cities Service__
789,727
Comm'l Solvents
777,865
*Consolidated Oil
2,891,805
General Electric_ _ _
2,379,827
Gen. Motors Corp_
3,165,607
•Internat'l Nickel_
2,441,732
*Int. Tel. & Tel._ _
1,618,257
Libby-Owens-Ford_
550,245
*Montgom'y Ward
1,668,286
*Nat'l Distillers...
323,276
*New York Central
394,395
*Radio Corp. of Am 2,304,401
Socony Vacuum
1,855,801
Standard Brands
1,027,223
*United Aircraft
646,431
United Corp
2,202,246
Warner Bros
1,246,125
Woolworth,F. W
522.846
• Non-dividend-paying stock.
600,000
10,002,006
18.39
10.03
363
399
8,672,670
4,305,200
987,800
37,804,394
2,635,684
14,218,835
28,845,927
43,500,000
14,584,025
6,399,092
2,551,042
4,467.240
1,884,083
4992597
13.130,690
30.708,465
12,675.866
2.087.338
14.629,492
3,801,340
9,750,000
14.41
38.75
36.58
2.09
29.51
20.34
8.25
7.28
16.74
25.29
21.57
37.34
51.47
7.90
17.55
.06
8.17
30.97
15.16
32.78
5.36
562
440
354
492
483
878
421
472
520
649
324
551
291
308
1,367
499
361
363
398
592
356
33,280
267,319
h
449,747
642,066
149,503
260,674
180,597
953,618
700,326
820,938
851,875
342,214
168,110
159,100
80,357
485,745
514,924
280,511
197,386
538,539
384,216
239,610
On July 1 1929, the percentage of stock held in brokers' names of the
above stocks compares as follows. American Car & Foundry, 4%; Anaconda Copper, 60%; Celanese Corp., 64%; Commercial Solvents, 15%;
General Electric, 14%; General Motors, 21%; International Nickel, 3%;4
International Telephone, 36%; Libby-Owens, 43%; New York Central.
58%; Radio Corp. of America, 53%; Standard Brands, 2%, and United
Aircraft, 8%.
Loans Made on Securities.
Total loans of the 33 banks secured by stock and bond collateral, exclusive
of United States Government and such collateral as real estate, mortgages,
life insurance and similar items, the Committee estimates at $2,216,846,850
on July 31 1929; $2,388,576,400 on July 31 1930: $2,178,566,900 on July 31
1931;$1,791,956,000 on July 31 1932, and $1,308,494,000 on July 31 1933.
This estimate is expected to be used by proponents of strict credit control
of stock market operation as a buttress for their argument that margin
percentage regulation should be extended to the banks.
The domination of the New York Stock Exchange in the volume of security trading of the country is disclosed in total figures of the volume for
alllexchanges. In the 1928 total volume of 1,525,018,217 shares, the
StocklExchange accounted for 920,550,032, while in the 1929 volume of
1,849,454,014 the New York market accounted for 1,124,608.910 shares.
Trading in 1932 totaled 561,729,033 shares, with the Stock Exchange
registering 425,234,294.
Curb Transactions Listed.
Member firms of the New York Curb Exchange, second largest security
market in the country, amassed $40,515,055 net income from 1928 to
Aug. 311933, the Committee said. Total income was $73,003,130, including $37,311,473 in net commissions, while expenses deducted amounted to
$32,488,075. Members as individuals showed a net income of $30,224,045
for the same time.
• From the New York "Times" of May 2 we take the
following:
The compilation on income of all New York Stock Exchange firms and
members revealed in Washington yesterday by the Senate Banking and
Currency Committee included the following individual firms' operations as
tabulated by the Associated Press and the Washington Bureau of the New
York "Times".
INDIVIDUAL STOCK EXCHANGE FIRMS' EARNINGS.
In Thousands of Dollars-Last Three Figures Omitted.
1929.
1930. 1931.
1932. 1933:z
1928.
$884 *5132
$193
Abraham & Co
$1,224 $1,782
$66
94
*111
401
550
*116
119
Babcock, Rushton & Co
4,407
2,717
312
*724
.J. S. Bache & Co
*853
1.299
2,259
1,646
583
*51
*767
*110
Bamberger Bros
501
463
.48
181
Bear, Stearns dr Co
62
*17
Brown Brothers & Harriman... 1,811 *2,365 *5,093 *3.283 *1,844
39
1,187
1,185
480
405
125
230
H. Content & Co
S. B. Chapin & Co
1
1,993
813
318
6
203
1,334
1,029
*112
*360
*432
284
Clark. Dodge & Co
775
753
541
323
319
275
Drysdale & Co
274
Fransioll & Wilson
966
962
161
80
.26
Gilchrist, Bliss & Co
630
611
263
91
58
.81
Goldman, Sachs & Co
6,681
7,900 *9,049 *2,183
*522
270
1,204
1,209
242
Goodbody & Co
22
*156
394
Gude, Winmill dr Co
989
1,660
550
161
152
421
C. D. Halsey & Co
1,346
1,076
116
70
*118
Harriman & Co
1,366
1.561
382
-iii
94
200
Ira Haupt & Co
1,379
1,279
559
187
17
159
*7 *2.873
Hayden, Stone & Co
3,590 3,439
321
.366
Heidelbach, Ickelheimer & Co
1.307
691
2,174
54
3
*64
1,165
688
Hemphill, Noyes dr Co
284
*394
*205
323
H. Rentz & Co
1,236
1,342
313
293
782
*68
1,965
Hirsch, Lilienthal & Co
20
*229
29
iii
488
7,024 4,593 *1,608 *1,311 *1,086
FIornblower & Weeks
1,112
E. F. Hutton & Co
7,472
8,186
1,639
1,912
773
56
W.E. Hutton & Co
4,516
3,403
*793
*900 •1,053
435
Kean, Taylor & Co
200
345
365
*195
*194
152
Jessup & Lamont
1,800
2,404
837
609
435
351
Johnson dr Wood
930
2,119
454
*55
9
*38
*6
Josephthal & Co
881
1,398
294
•138
*258
F. B. Keech & Co.(now Clark,
Childs & Keech)
2,226
2,292
1,953 *1,211
*56
615
Kidder, Peabody & Co
1,821
947 *3,335
79
399
*429
Kuhn, Loeb dr Co. (net commissions on Stock Exchange trans205
250
261
91
actions)
126
83
Ladenburg, Thalmann & Co.... 2,656
2,648 16,367
615
540
281
1,801
1,851
174
Laidlaw & Co
625
11
1,937
Laird, Bissell dc Meets
1,491
1,022
429
181
*76
1,702
W. C. Langley & Co
3,258
1,608
732
174
170
Cyrus J. Lawrence & Sons
767
1,041
282
576
373
211
Lapham. Potter Fe Holden
1,014
600
39
*8
*15
*72
Lehman Bros
12,479 12,401 *1,502 *2,915 *1,204
*137
1,920
1.292
Arthur Lipper & Co
274
*298
109
*358
Livingston & Co. (distributions
*1
2,222
1,729
584
365
to partners)
3377
,
1,227
Loew & Co
1,290
463
141
9
90
Logan & Bryan
2,326
2,683
662
*47
*559
455
1.090
655
111
100
7
1
Peter P. McDermott & Co
-2 /1
2,349
302
McDonnell& Co
3,735
663
*183
*248
.1. P. Morgan & Co.(profits from
commissions on stock market
754
603
567
495
transactions)
546
1,177
Newburger, Henderson & Loeb
329
know Newburger & Loeb)_ _
1,314
1,153
121
*130
*121
1,165
1.153
•13
205
James H. Oliphant & Co
328
188
5.672
Paine. Webber & Co
3,231
*621 *1,149
*611
x398
E. A. Pierce & Co
4,628
4,371 *1,246 *2,220
1.561
*847
Post & Flagg
1,795
2,107
711
425
52
332
Potter & Co.(now Hunts, Wins1,781
726
411
*224
low &Potter)
1,120
1,090
577
119
264
F. P. Ristine & Co
102
2,443
Shearson, Hammill & Co
2,803
609
163
147
348
Edward B. Smith & Co
1,149
869 *1,675
*402
74
*437
2,058
949
Spencer Trask dr Co
*867
*665
*374
*489
234
2,663
2,214
495
*102
*485
Speyer di Co
1,403
584
*514
*428
Stafford dr. Co
367
263
482
W.R. K. Taylor & Co
1,164
617
346
54
145
Tucker, Anthony & Co
2,127
1,633
223
51
628
32
313
1,112
Richard Whitney & Co
526
231
170
231
2,456 *1,131
12
*11
440
White, Weld dc Co
753
*6
1,191
1.237
190
W. J. Wollman & Co
507
117
G. 31.-P. Murphy dr Co. reported a net profit for the Period of $393,318 after
profits and losses ranging from a gain of $671,869 in 1928 to a loss 015397.01810 1931.
* Loss. x Six months. y Net income. z First eight months.
Analysis of Imports and Exports of the United States
for March.
The Department of Commerce at Washington April 26
issued its analysis of the foreign trade of the United States
in March 1934 and 1933 and the three months ended with
March of 1934 and 1933. This statement indicates how
much of the merchandise imports and exports consisted of
crude or of partly or wholly manufactured products. The
following is the report in full:
ANALYSIS BY ECONOMIC GROUPS OF DOMESTIC EXPORTS FROM
AND IMPORTS INTO THE UNITED STATES FOR THE MONTH
OF MARCH 1934.
(Value in 1,000 Dollars.)
'".'""'" ..".-•'••
'
1933.
1934.
Per
1933.
Per
Value. Cent. Value. Cent.
1934.
Per
Value.
Cent.
Per
Value.
Cent.
Drude materials
29,358 27.6 55,276 29.5
D.rude foodstuffs
3,524 3.3 6,139 3.3
ganuf'd foodstuffs
9.871 9.3 13,934 7.4
'Semi-manufactures__ 16,504 15.5 31,382 16.7
FInIshed manufactures 47,038 44.3 80,764 43.1
103,454 31.9
11,433 3.5
30,959 9.5
45,582 14.1
132,848 41.0
169,897 32.9
20,326 3.9
42,008 8.1
80,855 15.7
203,660 39.4
Domestic exports__ 106,293 100.0187,495 100.0
324,275 100.0
516.746 100.0
rude materials
Drude foodstuffs
Wanuf'd foodstuffs
gemi manufactures
Finlshed manuf'rs
23,639
18.410
15,145
14,740
22,926
24.9
19.4
16.0
15.5
24.2
44,862
26,108
22,482
29,728
29,847
29.3
17.1
14.7
19.4
19.5
71,898
54,204
40,091
44,507
63,914
26.2
19.7
14.6
16.2
23.3
117,482
65,527
60,621
78,364
84.782
28.9
16.1
14.9
19.3
20.8
Imports_ a
94,860 100.0153.027 100.0 274,614 100.0 406,776 100.0
a 1933 figures are general imports 1934 figures are imports for consumption.
3016
Financial Chronicle
J. Reuben Clark Succeeds Raymond B. Stevens as
President of Foreign Bondholders Protective
Council Inc.
Raymond B.Stevens,President of the Foreign Bondholders
Protective Council Inc. since its organization, has resigned
.
and has been succeeded by J- Reuben Clark, who has been
Acting President since last February, it was announced May
2. Mr. Clark took the office upon the understanding that
it will be necessary for him to be relieved of his duties and
return to his home in Salt Lake City next Fall.
House Passes Bill for Federal Regulation of Stock
Exchange.
The revised bill for the Federal regulation of stock exchanges passed the House yesterday (May 4) by a vote of
280 to 84. Before the adoption of the bill the House rejected
an amendment proposed by Representative Bu'winkle (D.,
N. C.) which would remove administration of the measure
from the Federal Trade Commission and place it with a
new agency.
Debate on the bill in the House was brought under way
on Monday, April 30, and was concluded on May 2, when
the five-minute rule permitting amendments from the floor
came into force. On that day, however, the House made
but little progress in its consideration of the bill, its time
being taken up with the question of authorship of the measure. It was stated that more than two-thirds of the bill had
been accepted by the House on May 3 with only four changes
being made, all of which were sponsored by the Committee
reporting the bill. Indicating this the Washington accounts
May 3 to the New York "Herald Tribune" continued in part:
The bill, under the direction of Representative Sam Rayburn, Democrat,
of Texas. Chairman of the House Inter-State Commerce Committee, met
its first test to-day when the members rejected by viva voce vote an amendment to change the margin requirements on security investments from 45
to 40%. It had been proposed by Representative Edward A. Kenney.
Democrat, of New Jersey.
One of the four amendments approved to-day struck out the provision
which would have prevented specialists from disclosing their books to
persons other than officials of the Federal Trade Commission or of stock
exchanges. In its place was inserted a flexible provision leaving it to the
trade commission to determine whether books should be opened or closed.
Railroad Reports Exempted.
Another amendment exempted railroads from making corporate reports
other than those specifically required by the bill and the Inter-State Commerce act. Other corporations may be required to render such "additional" reports as the Trade Commission orders.
The lone "outside" amendment to get approval—and it was indorsed by
the sponsoring committee—was offered by Representative Edward W.
Goss, Republican, of Connecticut. It would relieve stockholders, officers
and directors of corporations from the requirement of filing monthly reports
of their holding and dealings in stock of their own corporations if such stock
had been registered on an exchange without their consent.
The day's work in the House accomplished approval of 18 major sections
of the bill, including such controversial portions as those dealing with registration of securities, margin requirements, restictions on borrowing by
stock exchange members, brokers and dealers, prohibition of manipulative
practices, segregation of the functions of members, brokers and dealers,
corporation reports, proxies, over-the-counter markets, requirements of
company stockholders and officers and liabilities for misleading statements.
Including the Kenney amendment, the House bowled over twelve proposed
changes offered from the floor.
Recording yesterday's (May 4) action on the bill a Washington dispatch to the "Wall Street Journal" of last night
stated:
The House approved Friday(May 4) the sections of the stock bill dealing
with liability for misleading statements and the powers of the.Federal
Trade Commission with respect to Exchanges and securities,
The Chamber rejected without a record vote an amendment which
would have permitted the Stock Exchanges to appeal to the courts, Federal
Trade Commission rulings on their conduct. It was offered by Representative Fish (Rep.), New York.
The proposal immediately drew support from both Democratic and
Republican members of the Inter-State and Foreign Commerce Committee who drafted the bill, including Representative Pettengill (Dem.),
Indiana, and Representative Wadsworth (Rep.), New York. Representative Mapes (Rep.), Michigan, another influential Committee member.
opposed the amendment.
Mr. Pettengill asserted that unless the section of the bill were altered
it would be possible for the Federal Trade Commission to fix the rates
of brokerage house commissions so low that security dealers would be
driven out of business. Mr. Wadsworth asserted that it would be possible under the bill as now written for the Federal Trade Commission
to make regulations meaning the death of the Exchanges and that there
would then be no appeal to the courts.
The House then adopted the "liabilities of controlling persons" section.
An amendment proposed by Representative Hollister (Rep.), Ohio, to
modify this section was defeated.
Two sections dealing with investigations, injunctions and prosecutions
offenses, and with hearings by the Federal Trade Commission were
then approved.
a
The bill on which action was taken by the House this
week was in the form as revised by the House Committee
on Inter-State and Foreign Commerce and the latter's SubCommittee. The Committee's bill was formally reported
to the House on April 27. The majority report was submitted
by Chairman Rayburn. The minority report was presented
by Representative Merritt, Republican of Connecticut, who
was the only signer. Stating that the bill received precedence
May 5 1934
on April 27 over all pending legislation in the House, where
preparations were completed for bringing it to the floor
Monday (April 30) under a special rule limiting debate, but
throwing the measure wide open to amendment, a Washington account April 27 to the New York "Times" said in part:
The Rules Committee shoved the measure to the top of the legislative
slate, just as majority and minority reports were filed.
One of the reports presented the bill as the perfect answer to President
Roosevelt's request for more rigid control of speculation, and the other
characterized it as a wet blanket on business recovery. . . .
Confident of Keeping Bill Intact.
The rule provides for eight hours of general debate, one hour on the
the bill. This limitation, leaders say, will insure House
rule and seven on
disposal of the measure before the end of next week. The Administration
forces say they have little fear in the way of amendments.
The tenor of Mr. Rayburn's argument for the House bill was similar
to that of Chairman Fletcher's report filed yesterday for the Senate Banking
and Currency Committee. Only two main differences exist between the
House and Senate measures, one relating to control of margin credits and
the other to the administrative agency for the bill.
The Senate bill vests the entire administration in a special commission
of five members to be appointed by the President.
The House bill vests general administration in the Federal Trade Commission and special control over margin credits in the Federal Reserve
Board.
The House bill, the report set forth, was not intended as a "vengeful
striking back" at those concerned in the stock market crash of 1929.
Purposes of Measure Set Forth.
The Rayburn report was divided into three parts, one dealing with
the bill's general purposes, another giving a general analysis of its main
objectives and provisions, and the third presenting a technical discussion of
the various sections.
The first two follow in part.
"To reach the causes of the 'unnecessary, unwise and destructive speculation' condemned by the President's message, this bill seeks to regulate
the stock exchanges and the relationships of the investing public to corporations which invite public investment by listing on such exchanges.
"The bill is conceived in a spirit of the truest conservatism. It attempts
to change the practices of exchanges and the relationship between listed
corporations and the investing public to fit modern conditions, for the very
purpose that they may endure as essential elements of our economic system.
The lesson of 1921-29 is that without changes they cannot endure.
'The bill is not a moral pose or a vengeful striking back at brokers
for the losses which nearly the entire nation has suffered in the last five
years. Nor is its purpose or effect to regiment business in any way. It
is simply an earnest attempt to make the belated intelligent adjustments
long required by changing conditions, in a faulty system of distributing
shares in corporate enterprise among the public—a system which from
the coldly objective viewpoint of the welfare of a conservative public
simply has not worked.. .
.
This bill seeks to save, not destroy,stock markets and business by making
necessary changes in time.
"The underlying theory of the bill with respect to control of credit is
as follows:
"(1) Without adequate control, the too strong attraction of a speculative stock market for credit prevents a balanced utilization of the nation's
credit resources in commerce, industry and agriculture.
"(2) To effect such better balance all speculative credit should be subjected to the central control of the Federal Reserve Board as the most
experienced and best equipped credit agency of the Government.
"(3) To achieve that control the Federal Reserve Board should be
vested with the most effectual and direct power over speculative credit,
I. e., the power to control margins on the actual ultimate speculative loans
themselves.
"(4) Both for the direction and the protection of the Federal Reserve
Board in the administration of flexible powers, Congress should offer the
Board some definite margin standard to indicate the judgment of Congress
that the amount of credit previously routed through the stock markets has
been excessive and to indicate the approximate proportion in which such
amount should be reduced.
Control the Aim of Margin Plan.
"The main purpose of these margin provisions in Section 6 is not to
increase the safety of security loans, for lenders, banks and brokers, normally require sufficient collateral to make themselves safe without the
help of law. Nor lathe main purpose even protection of the small speculator by making it impossible for him to spread himself too thinly —although
such a result will be achieved as a by-product of the main purpose.
"The main purpose is to give a Government credit agency an effective
method of reducing the aggregate amount of the nation's credit resources
which can be directed by speculation into the stock market and out of other
more desirable uses of commerce and industry—to prevent a recurrence of
the pre-crash situation where funds which would otherwise have been available at normal interest rates for uses of local commerce, industry and agriculture were drained by far higher rates into security loans and the New York
call market.
Merritt's Objections to the Bill.
Representative Merritt's minority report outlined his objections with
his request that Congress withhold approval of the bill. The measure, it
was held, would unduly complicate the handling of liquid capital; would
turn a pitiless publicity on heretofore confidential corporate operations,
and impose unreasonable civil liabilities on issues and handlers of securities
along with too severe penal provisions for infractions.
"There can be no doubt that the Securities Exchange Bill as reported
by the House Committee on Inter-State and Foreign Commerce is greatly
Improved over the bill as originally produced," Mr. Merritt's report said.
"But the original fundamental objection still remains—namely, that it
gives the commission which is in charge of administering the bill indeterminate power over all issues of stock, and thus over all corporations of the
country."
He defended the opponents of the bill against charges of propaganda,
and asked that Congress bear in mind that 10,000,000 individuals were
directly affected by and interested in the bill.
"There can be no question that there has been very widespread fear
of depreciation from the enactment of this bill," Mr. Merritt said. "It
may be argued that there is nothing in the bill to warrant the fear. The
same arguments were used with reference to the Securities Registration
Act, which it is now proposed to modify, and it may be that the arguments
have force as to both the acts, but fear is a psychological state which cannot
be overcome at once by argument.
"Almost any one is justified in feeling fearful as to doing business in
connection with organizations or securities covered by the bill.
Volume 1??
Financial Chronicle
"What is essential to any sound recovery of business and to any real
extension of employment and the use of credit in enterprise is confidence.
The creation of new commissions having power over business and the creation of new regulations and penalties do not tend to quiet and confidence,
but to the contrary, and thus retard business.
"A minority of the committee suggests that however sound many of
the provisions of the bill may be, the immediate consequences of its enactment would not,be helpful, but rather the reverse, in the existing economic
situation."
Noting that one line of the attack on the bill, which has
been under heavy fire from business and industry for some
weeks on the ground that it would hamper credit and the
necessary flow of capital, was indicated on April 29 in a
statement by Representative Fred A. Britten, Republican,
of Illinois. A dispatch on that date from Washington to the
New York "Herald Tribune" quoted Representative Britten
as follows:
Britten Assails Measure.
"The Rayburn bill for the regulation of securities exchanges which will be
considered in the house to-morrow," he said, "was conceived in the little
red house in Georgetown and borne to the Capitol on last Friday. It is the
fifth and probably the last bill for the regimentation of the country's industries that will come from the youthful intellectuals who have framed most
of the so-called planned legislation during the present session of Congress.
While the popular demand for a rigid regulation of the stock markets is the
smoke screen employed by the inexperienced directors of the Government,
the real object of the bill is to Russianize everything worthwhile under the
unqualified and unprepared Federal Trade Commission."
The bill, he said, would make that Commission "the most powerful and
far-reaching arm of the Federal Government," enabling it to "dictate the
conduct of officers, directors and even stockholders of corporations; its requirement for balance sheets, monthly reports and other accounting data."
It would cost the Nation hundreds of millions of dollars a year, he said.
"for no particular purpose," besides giving the commission "an indirect but
very effective control over the investment of all capital by the industries
whether their outstanding securities are registered or not."
Serving notice that he would "brand" all amendments
offered in the House to the stock exchange bill for their
"Wall Street origin" as fast as they appear, Representative
S. Rayburn opened debate on the bill on April 30 with an
attack on "the propaganda" which he charged had been
spread to delay or nullify the measure. From a dispatch
April 30 to the "Herald Tribune"from Washington we quote
further in part as follows:
"Some people in this country may want the New York Stock Exchange,
its satellites and hirelings, to write this legislation, but I don't," he said
in presenting to the House the picture of the long struggle in the Inter-State
Commerce Committee to bring out a bill with "teeth" in it as recommended by President Roosevelt.
Separate Board Favored.
To-day's debate found Representative Schuyler Merritt (Rep.), of
Connecticut. leading the opposition to the bill with the contention that
It provides Government regulation for virtually every corporation in
the country. The discussion which followed Mr. Rayburn's speech also
showed that a bi-partisan effort will be made to amend the bill so as to
place in the hands of a separate commission instead of the Federal Trade
Commission as provided in the Rayburn bill. .. .
Wadsworth Leads Foes.
The nature of the Republican opposition, which will be continued tomorrow, was indicated also by Representative James W. Wadsworth
(Rep.), New York, %hen he said.
"As originally written, this bill was calculated to throw fear into the
minds of the brokers, dealers, bankers, security holders and those responsible for the management of great businesses. It was drawn by
a group in the Administration and would confer on the Federal Trade
Commission a very considerable control over all corporations in the United
States."
With the conclusion of debate on the bill in the House on
May 2 Associated Press accounts from Washington stated
that the presence of a "junior member of the brain trust"
stirred up a spirited row in the House. These advices as
given in the "Herald Tribune" added:
Representative Fred A. Britten (Rep.), of Illinois, called attention
to the fact that Ben Cohen, an attorney of the Public Works
Administration, had been sitting at the Committee table on the floor,
and asserted
that the pending measure had been "practically written" by
him. Once
injected into the debate, the talk about President Roosevelt's
advisers
and the degree of radicalism involved in their views quickly
had a dozen
members excitedly clamoring for recognition and precipitated
a shouted
dispute.
Committee members of both parties were quick to deny Mr.
Britten's
allegation, asserting that the bill was the product of the
Committee's
own labor. They said, however, Mr. Cohen had been
present at their
meetings.
A new subject of controversy in connection with the bill
assumed major
importance to-day with a bi-partisan effort to have the
measure administered by a new and specially appointed commission.
Such a provision
is included in the Senate bill, but the House measure
as it stands would
give control to the Federal Trade Commission,
Representative Alfred L. Buiwinkle, of North Carolina, is
leading the
fight for the special agency and will be ready later
with an amendment
providing that it consist of three members appointed
by the President
with no restrictions on whom he should select.
Mr. Britten asked if
Mr. Bulwinkle would not enlarge the group and provide
for representation
of the Now York Stock Exchange, but Mr. Bulwinkle emphatically
refused.
The House to-day approved five sections of the measure,
including the
paragraphs setting forth the constitutional bask; claimed for
the bill.
Market Value of Bonds Listed on New York Stock
Ex change--Figures for May 1 1934.
The following announcement, showing the total market
value of bonds listed on the New York Stock Exchange, was
issued by the Exchange on May 4:
3017
As of May 1 1934, there were 1.565 bond issues aggregating $41,765,451,113 par value listed on the New York Stock Exchange, with a total
market value of *37,780.651,738.
This compares with 1,568 bond issues, aggregating $41,726,546,611 par value, listed on the Exchange April 1 1934,
with a total market value of $37,198,258,126.
In the following table listed bonds are classified by governmental and industrial groups, with the aggregate market
value and average price for each:
Market Value.
$17,109,691,153
4,872,196,626
8,399,058,227
3,457,643,120
2,358,404,688
1,583,659,924
All bonds
$103.58
85.44
78.69
92.74
80.46
71.58
$37,780,651,738
United States Government
Foreign government
Railroad industry (United States)
Utilities (United States)
Industrial (United States)
Foreign companies
Average
Price.
$80.46
The following table,compiled by us,shows the total market
value and the total average price of bonds listed on the
Exchange for each month since Jan. 1 1932:
Market
Value.
1932Jan. 1
Feb. 1
Mar. 1
Apr, 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1933Jan. 1
Feb. 1
M..,' 1
$37,848.488,806
38,371,920,619
39,347,050,100
39,794,349,770
38,896.630,468
36,856,628,280
37,353,339,937
38,615,339,620
40,072,839.336
40,132,203,281
39,517,006,993
38.095,183,063
$31,918,066,155
32,456,657,292
RA 7551 171 e07
Average
Price.
Market
Value.
530,554,431,090
31,354,026,137
32,997,675,932
33,917.221,869
34,457,822,282
35,218.429,936
34,513.782.705
33.651,082,433
34,179,882,418
574.51
76.57
80.79
82.97
84.43
84 63
83.00
82.33
81.36
834,861,038,409
36.263,747,352
36.843,301,965
37,198,258.126
37.780,651,738
1933
$72.29 Apr. 1
73.45 May 1
75.31 June 1
76.12 July 1
74.49 Aug. 1
70.62 Sept. 1
71.71 Oct. 1
74.27 Nov. 1
77.27 Dec. 1
77.50
1934
76.38 Jan. 1
73.91 Feb. 1
Mar. 1
877.27 Apr. 1
78 83 May 1
Average
Price.
88334
88 84
88.27
89.15
90.46
74 50
Market Value of Listed Stocks on New York Stock
Exchange May 1, $36,432,143,818, Compared With
$36,699,914,685 April 1-Classification of Listed
Stocks.
As of May 1 1934, there were 1,204 stock issues aggregating
1,294,930,553 shares listed on the New York Stock Exchange, with a total market value of $36,432,143,818.
This compares with 1,202 stock issues aggregating 1,293,612,894 shares listed on the Exchange April 1, with a total
market value of $36,699,914,685, and with 1,203 stock
issues aggregating 1,293,387,831 shares with a total market
value of $36,657,646,692 on March 1. In making public the
May 1 figures on May 3, the Exchange said:
As of May 1 1934, New York Stock Exchange member total net borrowings on collateral amounted to $1,088,226,359. The ratio of these member
total borrowings to the market value of all listed stocks, on this date, was
therefore 2.99%. Member borrowings are not broken down to separate
those only on listed share collateral from those on other collateral; thus
these ratios usually will exceed the true relationship between borrowings
on all listed shares and their market value.
As of April 1 1934, New York Stock Exchange member
borrowings on security collateral amounted to $981,353,948.
The ratio of security loans to market value of all listed stocks,
on that date, was therefore 2.67%.
In the following table, listed stocks are classified by leading
industrial groups, with the aggregate market value and
average price for each:
May 11934.
Market
Value.
Autos and accessories
2,587,042.520
Financial
1,026,467,285
Chemicals
3,641.459,047
Building
307,801,046
Electrical equipment manufacturing
871.784,441
Foods
2,428,645,485
Rubber and tires
319,605.875
Farm machinery
421,683,560
Amusements
173,584,257
Land and realty
40,821,657
Machinery and metals
1,165,958.546
Mining (excluding iron)
1,207,333,143
Petroleum
4,023,258,358
Paper and publishing
271,800,008
Retail merchandising
2,014,880,88
Railways and equipments
4,385,253,586
Steel. Iron and coke
1,555.939,84
Textiles
234,291,526
Gas and electric (operating)
1,831,491,364
Gas and electric (holding)
1,251,475,464
Communications (cable. tel. & redo). 2,670,175,860
Miscellaneous utilities
170,045,110
Aviation
203,085,631
Business and office equipment
270,224,887
Shipping services
11,254,359
Ship operating and building
32,830,375
Miscellaneous business
81,213,738
Leather and boots
246.199,284
Tobacco
1,400,230,425
Garments
23,617,668
U.S. companies operating abroad__ 705,235,164
Foreign companies(In cl.Cuba A,Can.) 857,453,417
All listed stocks
36,432,143.818
April 1 1934.
Aver,
Price.
Market
Value.
Aver.
Price.
$
24.40
18.65
50.66
19.65
21.32
32.73
31.60
34.26
12.13
8.23
24.51
22.01
21.94
16.16
32.54
38.03
39.49
20.27
25.37
12.98
71.02
17.6
10.4
24.9
5.38
9.7
1446
38.7
54.04
18.19
20.99
23.10
2,764,093,084
1,019,725.386
3.678.545,149
311,462.133
897,157.892
2,365.145.923
308.758,835
435.181,356
171.537.637
47,121.816
1.150,740,299
1,203,951,95
4,098,420.66
239,505,18
2.007.098.34
4,342,328,689
1,621.572.198
246.130,277
1,879,649,722
1,254.492.253
2,688,175.584
155.598.592
225.929.610
270,087.208
12,114,827
33,747.016
77.500,851
245.889.409
1.346,814.804
23.544.628
686,951.697
890.943,671
$
26.07
18.49
51.47
19.92
21.94
31.88
30.52
35.35
12.04
9.49
24.19
21.94
22.39
14.24
32.64
37.66
41.15
21.31
27.06
13,01
71.50
16.13
11.65
25.40
5.79
10.00
13.80
38.73
51.97
18.14
20.44
23.98
28.1336,699,914,685 28.37
Financial Chronicle
3018
May 5 1934
The Corporation beginning yesterday has ceased to issue further authoriOutstanding Brokers' Loans on New York Stock Exchange Increased $106,872,411 During April for ations for the delivery of the 4% bonds.
Sixth Consecutive Advance—Total $1,088,226,359
Mr. Fahey was reported as stating on April 29 that the
April 30 Highest Since Aug. 31 1931.
bill signed April 27 by the President promises to bring
Increasing $106,872,411 during April, outstanding brokers' "speedier relief for distressed home owners, increased credit
loans on the New York Stock Exchange were $1,088,226,359 for new home building and repair and wider employment in
on April 30, the Exchange announced May 2, the highest the building trades." Under the new measurii, said United
total to be reported since Aug. 31 1931, when the loans Press advices from Washington April 29 to the New York
amounted to $1,354,067,350. At the end of March the "Journal of Commerce," the Home Owners' Loan Corporaloans totaled $981,353,948, which figure represented an tion is authorized to lend $200,000,000 for repair of homes on
increase of $43,343,721 over the Feb. 28 total of $938,010,- which ithas made mortgage loans,and "this",said Mr.Fahey,
227. The increase during April is the sixth consecutive "may provide employment for the equivalent of 125,000
monthly advance to be reported in the loans since Oct. 31, men for a year or more."
1933, when they amounted to $776,182,033.
According to the Exchange's report for April, demand Bonds of Home Owners' Loan Corporation
Traded
loans during the month amounted to 12,119,359, which
Over Counter.
compares with the March total of $714,279,548, while time
Trading in the new fully guaranteed Home Owners' Loan
loans in April totaled $276,107,000 against $267,074,000 in Corporation bonds was started in the counter market on
March. The Exchange made public, as follows, the April April 30, following the formal announcement in Washington
30 figures:
that the initial coupon of these obligations will be 3%.
New York Stock Exchange member total net borrowings on collateral,
We quote from the New York "Herald Tribune" of May 1,
contracted for and carried in New York, as of the close of business April
which also said:
30 1934, aggregated 51,088,226,359.
The detailed tabulation follows:
Demand.
Time.
(1) Net borrowings on collateral from New York banks
or trust companies
$697,362,633 $275,455,000
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the
114,756,726
652,000
City of New York
$812,119,359 $276,107,000
Combined total of time and demand borrowings $1,088,226,359.
The scope of the above compilation is exactly the same as in the report
Issued by the Exchange a month ago.
Below we give a two year compilation of the figures:
1932—
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dee. 31
1933—
Jan. 31
Feb. 28
Mar.31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 30
1934—
Jan. 31
Feb. 28
Mar.31
Apr. 30
Demand Loans.
$341,003.662
246.937,972
189.343,845
189,754,643
263,516.020
269.793,583
201,817,599
213,737,258
226,452.358
Time Loans.
$38,013,000
53,459.250
54.230,450
51,845,300
68,183,300
110,008,000
122,884,600
123,875.300
120,352,300
Total Loans.
8379,015,662
300,397,222
243,574,295
241,599,943
331,699.320
379,801,583
324,702,199
337,612,558
346,804,658
255,285,758
222,501,556
207,601,081
207,385,202
398,148,452
582,691,556
679,514,938
634,158,695
624,450,531
514,827.033
544,317.539
597,953,524
104,055,300
137,455,500
103,360,500
115,106,986
130,360,986
197,694,564
236.728,996
283.056,579
272.145.000
261.355,000
244,912,000
247.179,000
359,341,058
359,957,056
310.961,581
322,492,188
528,509.438
780,386.120
916,243,934
917,215,274
896,595,531
776.182.033
789,229,539
845,132,524
626.590,507
656,626,227
714.279,548
812.119,359
276,484,000
281,384,000
267,074,400
276,107,000
903,074,507
938,010,227
981,353,948
1.088,226,359
It was made known here that applications for listing both the Home Owners' Man Corporation and the Federal Farm Mortgage Corporation 38
on the New York Stock Exchange will be made soon. Ordinary United
States Treasury long-term bonds are listed automatically, but it is understood the two corporations will taken the necessary steps in connection with
the two series which have a full Treasury guaranty of interest and principal.
Dealings yesterday in the new Home Owners Man 3s were little more than
nominal and quotations accorded closely with the figures on other longterm Treasury obligations with low coupon rates. Transactions were at
5
a range of 99% bid and 99% asked, or just a shade under the figure of
99 15-16 at which ordinary Treasury 3s closed.
Exempt from Normal Taxes.
The new Home Owners' 3s will mature May 1 1952 and they will be
redeemable at par on any interest date on and after May 1 1944. Taxation features are similar to those of ordinary long-term Treasury issues,
the bonds being exempt from normal income taxes, but subject to surtaxes
as well as estate, inheritance and gift levies.
Outstanding 4% bonds of the Home Owners' Man Corporation, which
carry a Treasury guaranty as to interest only, are convertible into the
new 3% issue par for par, at any time within six months. An active
market has been developed in the 4s and some banks have accumulated
substantial amounts in the expectation of converting Into the new issue.
It is anticipated, therefore, that a good portion of the 4% issue will be
turned in at a suitable time for the 3s.
Early Redemption Seen.
It is estimated that $400,000,000 of the interest-guaranteed 48 have
already been issued, while engagements have been made for the issuance
of a further $200,000,000. Holders of $600,000,000 bonds, therefore, are
concerned in the conversion feature attached to the bonds and applicable in
connection with the fully guaranteed 3s. Owing to the higher interest
rate, transactions in the 48 yesterday were at 1003 bid and 100% asked.
Richard Whitney, President of New York Stock
Exchange, Characterized as Misleading Senate
Committee Figures Purporting to Show Net
Income of Stock Exchange Members.
In a statement issued at Washington On May 1, Richard
President Roosevelt Signs Bill Guaranteeing Principal
as Well as Interest on Bonds of Home Owners' Whitney, President of the New York Stock Exchange,
Loan Corporation—New Bonds to Be Issued by states that insofar as the Senate Committee's figures of
Corporation to Bear 3% and to Be Exchangeable net income of certain members of the New
York Stock
for Present 4% Bonds.
Exchange for the period from Jan. 1 1928 to Aug. 31 1933
The bill guaranteeing principal as well as interest on bonds
"purport to show the profits made by brokers during the
of the Home Owners' Loan Corporation was signed on April depression they are grossly misleading."
The figures were
27 by President Roosevelt. The enactment of the new
given out at Washington on May 1 by Ferdinand Pecora,
legislation by Congress was noted in our issue of April 28,
counsel for the Senate Banking and Currency Committee,
page 2846.
and are referred to in another item in this issue. Mr.
The establishment of a rate of 3% on the new bonds of the Whitney's statement of May 1 follows:
announced on April 28. According to John
HOLC was
I have been advised that statistics in regard to earnings of members
H.Fahey, Chairman of the Federal Home Loan Bank Board, of the New York Stock Exchange were submitted to the Senate ComCurrency by Mr.
mittee
the rate was established by the Board with the approval of figures on Banking and great prominence Pecora this morning. These
have been given
in the press and
Secretary of the Treasury Morgenthau. The 3% bonds will has been made that during the last 535 years members of the statement
,
the Exchange
be dated May 1 1934 and will mature May 1 1952. Interest made more than $833,000.000 of profit.
These figures were undoubtedly published at this time with the inMay 1 and Nov. 1 and the bonds will be
will be payable
tention, as expressed in a newspaper to-day, "purposely to
callable on any interest date on and after May 1 1944 at par of the Stock Market Regulation Bill" by raising the aid the passage
inference that
accrued interest. Holders of the present 4% bonds member firms of the New York Stock Exchange had made large profits
and
at a time when their customers had suffered great loss.
have the privilege of exchanging them for the new 3% bonds
In so far as these figures purport to show the profits made by brokers
at any time during the period of six months, through pre- during the depression they are grossly misleading. They include the
at the United States Treasury, earnings of brokers during the years 1928 and 1929, which were admittedly
sentation of their bonds
years of great activity
and of
unless the Board should decide to retire them at an earlier of Exchange members.on Stock Exchanges in 1928the greatest earnings
The profits made
were large because
event, under the provision of the law, they throughout that year security prices were rising.
date. In that
are omitted, the entire operating profit of Member
If the earnings for 1928
would be taken up at par. It is pointed out that while the
firms of the New York Stock Exchange for
principal and interest on the new bonds are guaranteed by of the depression amount to $484,000,000. 1929 and the rest of the period
This figure, however, is not a true indication of the actual profit of
the Government, the Government guarantee on the 4%
entirely
bonds covered only the interest for 18 years. From a brokers during the depression. It omits loss on the tremendous depreciation in the capital of brokers. The
one single item would
Washington dispatch April 28 to the New York "Times" wipe out this entire operating profit. I refer to the depreciation in the
value of Stock Market seats wnich from a peak value of $887.500,000
we quote:
The report of brokers' loans during March was referred
to in our issue of April 7, page 2336.
Legislation for the full guarantee provided that the Home Owners'
Loan Corporation should fix an interest rate not in excess of 4%. The
Corporation said that the market price, with the rate as established.
market on the long-term
"should conform approximately to the current
Government. The issue of 3% Treasury
3% bonds of the United States
bonds closed Friday at 9929-32.
in 1929 have fallen so that to-day they are worth less than $192,500,000.
This capital loss of more than $495,000,000 wipes out all the supposed
operating profit of member firms of the New York Stock Exchange during
the period of depression.
Furthermore, these firms have suffered additional losses, both realized
and unrealized, due to the decline in the value of securities which they own.
Volume 138
Financial Chronicle
Finally, the figures submitted by Mr. Pecora make no allowance whatsoever for interest on the hundreds of millions of dollars of capital which
member firms of the New York Stock Exchange have invested in their
businesses. It is therefore clear that, instead of operating at a huge
profit during the depression, the member firms of the New York Stock
Exchange nave in fact suffered tremendous losses.
A further statement by Mr. Whitney in answer to charges
of "propaganda" to defeat the pending Stock Exchange
legislation was issued as follows on May 2:
The Stock Exchange has been accused of using propaganda to defeat
the pending legislation for the regulation of Exchanges. This is not true.
The Stock Exchange is prepared to prove every statement which it
has made about the Fletcher-Rayburn bill.
Real propaganda consists of publishing at a timely moment information capable of influencing or prejudicing public opinion. That is precisely
what Mr. Pecora did when he submitted to the Senate Committee figures
in regard to the earnings of the New York Stock Exchange firms.
Listing of Bonds of Home Owners' Loan Corporation
and Federal Farm Mortgage Corporation on New
York Stock Exchange—Statement by DeputyGovernor Haas of FCA.
Deputy-Governor George C. Haas of the Farm Credit
Administration on May 1 called the attention of the Presidents of the 12 Federal Land Banks to the fact that in listing
the bonds of the Federal Farm Mortgage Corporation on
the New York Stock Exchange the Bond Committee of the
Exchange announced that for trading purposes the bonds
would be considered as Government securities. He pointed
out that the bonds of the Corporation would thus be handled
by security dealers in a manner similar to that of United
States Government bonds. The announcement of the FCA
on May 1 added:
Banks and security dealers usually charge a commission of from one
thirty-second to one-eighth of one per cent or from 31.25 cents to $1.25
for selling a $1,000 Government bond, in addition to delivery charges,
stated Mr. Haas. Charges for selling bonds of the Federal Farm Mortgage
Corporation, which are now being used in lieu of cash in making farm
mortgage loans by the Federal Land Banks and the Land Bank Commissioner, should not be in excess of those charged on Government bonds,
he said.
Regarding the action of the Stock Exchange the following
announcement was issued by Secretary Green May 1:
NEW YORK STOCK EXCHANGE.
Committee on Bonds.
•
May 1, 1934.
To the Members:
The Committee on Bonds rules that Home Owners' Loan Corporation
18
-Year 4% Bonds,due July 1 1951, and Federal Farm Mortgage Corporation 30
-Year 3 % Bonds, due Mar. 15 1964, listed to-day shall be treated
for trading purposes as United States Government securities.
ASHBEL GREEN, Secretary.
The above bonds were accordingly added to the list on
May 1 under the authority of the Governing Committee of
the Exchange.
Cashiers' Association of Wall Street Asks Ferdinand
Pecora of Senate Committee to Publish List of
Salaries and Bonuses Paid by Stock Exchange
Firms Incident to Publicity Given Figures of
Incomes of Members of Stock Exchange—Views
of Brokerage Concerns Regarding Latter Figures.
The following telegram was sent on May 2 to Ferdinand
Pecora, counsel to the Senate Banking and Currency Committee, by the Cashiers' Association of Wall Street, the
organization of cashiers of New York brokerage houses:
Would appreciate your publishing total money paid in salaries and
bonuses to vast army of employees during period covered in your recent
compilation, also total salaries Paid now. As we are
spenders
as any other group we are sure these facts would be a as geed
good appendix to
your report and very pertinent to real recovery. We estimate these
figures in normal times at almost half a billion dollars annually exclusive
of bank clerks and in this district alone.
CASHIERS' ASSOCIATION OF WALL STREET, INC.
The compilation referred to above has reference to the
figures made public on May 1 by the Senate Banking and
Currency Committee reporting net income of certain New
York Stock Exchange member firms during the period
from Jan. 1 1928 to Aug. 31 1933, reference to which is
made in another item in this issue of our paper. As bearing
thereon the New York "Herald Tribune" of May 3 had
the following to say:
Lays Loss to Huge Staff.
Partners in leading wire firms declared yesterday that losses recorded
in 1931 and 1932 were largely due to the retention of unneeded employees.
If the personnel had been reduced as the depression warranted, the partners
said that their firms would have been out of the "red."
Failure to provide for capital losses in the period from 1929 to 1932,
one partner of a large firm said, makes the Pecora tabulation an unfair
analysis. He estimated such a reduction to have been in the neighborhood of $250,000,000.
It was generally admitted that the profits and losses showed by individual firms were not comparable. Different systems of bookkeeping,
such as not making any allowance for partners' salaries and eventually
taking them from profit, would make substantial changes in the Pecora
estimates, it was said.
The Senate figures on the amount of corporation stock held in the names
of brokerage houses, which are expected to be taken to prove a large
3019
amount of margin trading in issues of leading corporations, purely for
speculation, were attacked. The brokers contended that a large percentage
of these holdings were held outright by customers, who left the shares at
the firms for convenience, tax purposes, dividend collections and other
reasons.
A strong feeling of pessimism in regard to Congressional regulation has
developed, with leaders of the brokerage opposition privately saying that
they see little hopeiof proving their case until the operations of the bill
can be seen. One leader compared the situation with that of the Securities
Act of 1933, now scheduled for amendment because of its curtailment
of business activity.
House Committee Approves Revised Bill For Regulation
of Commodity Exchanges.
The House Agricultural Committee approved, on May 4,
a revised bill for regulation of commodity exchanges. Associated Press advices from Washington reporting this said:
ib The bill would set up a special Board with authority to make various
regulations for operations of the exchanges, particularly in limiting the
amount of futures holdings by any individual at one price at one time.
Such practices as "wash sales," indemnity trading and the like are banned.
The exchanges, through their spokesmen, opposed in extended hearings
the passage of legislation at this time, pointing out that the Grain Exchange code went into effect only last month and that it should be given a
chance to show what it will do to remedy conditions complained of.
Protest by Employees of Financial District Against
Proposed Administration of Legislation Providing
For Federal Regulation of Stock Exchanges.
The Central Committee of Employees of the Financial
Districts of the United States, in a telegram sent this week
to all Senators and Congressmen, urged that if the proposed
Stock Exchange Control bill is enacted into law, a specialized
commission,familiar with finance and industry, be appointed
to administer the law rather than have it administered as
now proposed in either the House or the Senate bill. The
transmission of these telegrams was preliminary to the filing in
Washington of a petition on May 1 by the Central Committee
of Employees of the Financial Districts of the United States
which represents 1,000,000 employees engaged in the financial
districts who have approximately twice as many dependents,
protesting against the proposed administration of the law,
should it be enacted by Congress. The petition was presented to the members of the House of Representatives by
Robert N. Suydam, Chairman of the Central Committee
of Employees, Gambol J. Dunn, Thomas P. Keely, John
Rutz,James A. Wiedemann, George C. Dinsmore, Carroll S.
Phelan and Walter Lincoln Wright.
Memorandum Submitted by Governor Black of Federal
Reserve Board Embodying Proposal for Revision of
Member Banks' Reserve Requirements.
While we have heretofore referred to the recommendations
made by Governor Black, of the Federal Reserve Board, that
the reserve requirements of Federal Reserve member banks
be based on the velocity of turnover instead of being fixed
by law, we are giving here a memorandum presented by
Governor Black, on behalf of the Reserve Board, to the
Senate Committee on Banking and Currency on March 23,
which appears in the April number of the Federal Reserve
"Bulletin," issued April 25. Items bearing on the recommendations were contained in our March 31 issue, page 2173,
and April 28, page 2836. Governor Black's memorandum
follows, omitting the charts referred to therein:
As an amendment to the bill regulating security exchanges, the Federal
Reserve Board wishes to reiterate its recommendation, made two years ago,
for basing member bank reserve requirements not solely on the volume of
deposits but also on the rapidity of their turnover; in other words, on the
extent to which the deposits are utilized.
Member bank reserve balances are high-power money. On the basis of
one billion dollars of excess reserves, member banks can extend credit
amounting to between 10 and 15 billion dollars without having to resort
to borrowing at the Federal Reserve banks. The volume of excess reserves
at the present time is 11 billion dollars, and these excess reserves further/
2
more may increase greatly when a period of credit expansion sets in.
existing law, National banks can issue an additional 600 million
Under
dollars of bank notes, which, when deposited with the Federal Reserve banks,
add to the reserves of member banks. There is also still a billion or a
billion and one-half of currency that has not returned from hoarding, but is
likely to be utilized and thus flow back into the banks when an expansion
sets in. In these circumstances, if an expansion of credit should get under
way, the member banks will have a large volume of reserves without recourse to the Federal Reserve banks. These banks therefore would be
out of touch with the market, and thus not in a position to exert a restraining influence through discount policy.
The Board's proposal carries out to its logical conclusion the existing
distinction between time deposits, which require a 3% reserve, and demand deposits, which require a 7%, 10%, or 13% reserve, depending upon
the location of the bank. The proposal would result M an automatic increase of reserve requirements when boom conditions arise, and an automatic decrease of reserve requirements in times of depression. The proposal furthermore has the advantage of making the increase in reserves
applicable not to all banks in all localities alike, but rather to those banks
In those communities only where excessive speculative activity is manifesting
itself. If this proposal were adopted, its operation, together with the
authority existing under the Thomas amendment to raise reserve requirements with the consent of the President when an emergency arises from
excessive credit expansion, would make it possible for the Federal Reserve
3020
Financial Chronicle
Board to combat the recurrence of speculative excesses. The proposal, therefore, presents a logical complement to the bill for the regulation of security
exchanges.
The proposal would counteract two abuses that have developed under
existing law and have created serious obstacles to credit control. One is
the evasion of reserve requirements by classifying as time deposits many
deposits that to all intents and purposes are demand deposits, a practice
that has developed since the classification of deposits in one or the other
category has determined the volume of reserves that a bank must carry.
And the other, the reduction of actual reserves carried through diminishing
the volume of till money which under existing law does not count as
reserve. The proposal would permit banks within certain limitations to
count their vault cash as reserves, and would, therefore, close the door to
the practice of greatly reducing actual reserves by diminishing cash holdings
to a nominal amount.
In times of great speculative activity, such as 1928 and 1929, the banks
under a law like the one proposed would have had to carry three or four
hundred millions of additional reserves and would, therefore, have had to
increase their borrowings at the Reserve banks by that amount. This would
have greatly increased the power of the System to exercise a restraining
influence at an early date. On the other hand, in times of depression, when
deposits are inactive, member bank reserve requirements would diminish
and there would be a decrease in the volume of idle funds that the banks
would be required to carry as reserves. In effect, the plan would supplement open-market operations by the Reserve banks, by withdrawing funds
from the market under boom conditions and furnishing additional funds at
times of depression.
The plan would also work for a more equitable distribution of reserves
as between city banks and country banks.
City banks, owing to their
proximity to the Reserve banks, have been able to reduce their vault cash
to a very small proportion of their deposits, while at country banks a
much more considerable proportion has been necessary. As a consequence
the actual distribution of effective reserves differs from that contemplated
by the law and is much more favorable to banks in financial centers. The
Board's proposal would do away with this disparity.
Most important of all, however, the proposed plan would result in an
increase of reserve requirements not only at the time when such an increase
will be in the interests of sound banking conditions, but also at the spot
where speculative excesses get under way, and at the banks where enhanced
activity of deposits will be caused by a rising tide of speculation. Big
nation-wide booms develop at financial centers, and this proposal, by imposing
restraints on speculation in these centers without increasing the burden of
idle reserves for banks in those communities to which the boom has not
penetrated, will not only be more equitable but will serve the purpose of
applying restraining influences automatically at the right time, in the
right places, and to the right institutions.
With the heavy responsibilities imposed upon the Federal Reserve System
in connection with the possibilities of speculative expansion, the adoption
of this plan would place into their hands an instrument that would be of
great assistance in serving the interests of trade and industry by restraining
the use of credit for speculative purposes.
Concretely, under the proposal, member banks would be required to carry
5% reserves against their net deposits, plus 50% of the amount of the
bank's average daily debits to deposit accounts. In order to avoid too heavy
burdens in extreme cases, the proposal provides that in no case shall aggregate reserves required of a bank exceed 15% of its gross deposits.
In computing their reserves, the member banks would be permitted to
count as reserves a certain proportion of their vault cash. At banks in
cities near the Federal Reserve banks or branches, the banks would be
required to carry four-fifths of their total reserves as deposits with the
Federal Reserve banks, while at other banks they would only be required
to carry two-fifths of their reserves as balances with the Reserve banks.
As an exhibit in connection with this statement I should like to submit
the report of a committee of the Federal Reserve System on bank reserves
presented to the Federal Reserve Board in 1931.* Your attention is particularly called to the chart on page 10 (this we omit.—Ed.) of this report,
which shows that demand deposits, and consequently reserve balances of
member banks, showed practically no increase during the period of the
greatest credit expansion in 1928 and 1929, while bank debits during that
period Increased • at a very rapid rate. Another chart on page 19 of the
report [this we omit.—Ed.] shows how, under the proposed plan, reserve
requirements would have risen rapidly during the expansion and would have
declined much more rapidly than actual reserves after the depression set in.
May 5 1934
Advices from Washington May 3 to the New York
"Times" of May 4 said:
Profits on Treasury purchases of Government securities during the last
year have amounted to about $10,000,000. Secretary Morgenthau announced
to-day (May 3).
Investments have been made for the account of the Federal Deposit
Insurance Corporation, the postal savings, Veterans' Administration and
certain other funds.
Mr. Morgenthau indicated that about $350,000,000 in Government
securities had been bought for these accounts.
Treasury Purchases of Silver Totaled 436,043.21 Fine
Ounces During Week of April 27—Mints Received
4,711,028.16 Fine Ounces Since January.
According to figures issued April 30 by the Treasury
Department, 436,043.21 fine ounces of silver was received
by the various United States mints during the week ended
April 27from purchases made by the Treasury in accordance
with the President's proclamation of Dec. 21 1933. The
proclamation, which was referred to in our issue of Dec. 23,
page 4440, authorized the Department to buy at least
24,000,000 ounces of silver annually. Since the issuance of
the proclamation the total receipts by the mints amount to
4,117,028.16 fine ounces. The weekly receipts 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
Mar. 9
*Approximate total (official
Ounces. 1Veek Ended—
1,157 Mar.18
547 Mar.23
477 Mar.30
94,921 April 8
117,554 Apri113
375,995 Apr1120
232,630 AprI127
322,627
271,800
126,604 Total
total, 4,117,028.16).
Ounces.
832.808
389,844
354,711
589,274
10,032
753,938
438,043
*4,117.024
Receipts of Hoarded Gold During Week of April 25,
$1,074,971—$170,851 Coin and $904,120 Certificates.
Figures issued by the Treasury Department on April 3()
indicate that gold coin and certificates amounting to $1,074,971.08 was received during the week of April 25 by the
Federal Reserve banks and the Treasurer's office. 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 April 25, amount to $82,94,186.60. The total
receipts are shown as follows:
Beretred by Federal Reserre Banks—
Week ended April 25
Received previously
Total to April 25
Receired by Treasurer's Office—
Week ended April 25
Received previously
Gold Coin. Gold Certificates
$170,851.08
$890,120.00
27,288,041.52 52,947,780.00
$27,438,892.60 $53,837,900.00
$ 244,794.00
$14,000.00
1,458,800.00
Total to April 25
8244,794.00 31,472,600.00
Note.—Gold bars deposited with the New York Assay Office to the amount of
$200.572.89 previously reported.
Tenders Aggregating $391,775,000 Received to Two
Issues of Treasury Offered to Total of $125,000,000
or Thereabouts—Bids of $75,055,000 Accepted for
91-Day Bills at Average Rate of 0.07%, and $50,037,000 for 182-Day Bills at Rate of 0.16%.
Secretary of the Treasury Henry Morgenthau, Jr., announced on April 30 that tenders totaling $391,775,000 had
been received at the Federal Reserve Banks and the branches
It may be noted that in our March 31 issue, page 2167.
thereof, up to 2 p. m., Eastern Standard Time, that day,for
we gave a statement by Governor Black, before the Senate
the offering of two series of Treasury bills dated May 2.
Committee,incident to the Stock Exchange Control bill, relaBids of $125,092,000 were accepted for the bills, which were
tive to the Board's views on marginal requirements.
offered to the total amount of $125,000,000 or thereabouts.
* This report was reprinted in the "Annual Report" of the Federal Reserve
The offering consisted of 91-day bills maturing Aug. 1,
Board for 1932, pages 260.285.
tendered to amount of $75,000,000 or thereabouts, and 182
bills maturing Oct. 31, offered in amount of $50,000,000
$4,885,000 of Government Securities Purchased During day
Week of April 28 by Treasury Department— or thereabouts. Reference to the offering, which was anSecretary Morgenthau Reports $10,000,000 Profit nounced on April 26 by Secretary Morgenthau, was made in
our issue of April 28, page 2841. The tenders for the 91-day
from Purchases.
During the week of April 28 the Treasury purchased bills totaled $193,076,000 of which $75,055,000 was accepted.
$4,885,000 of Government securities in the open market, The 182-day bills brought tenders of 8198,699,000
of which
it is shown in a statement issued April 30 by the Treasury $50,037,000 was accepted.
Department. The statement shows that $4,860,000 of the
The bids for the 91-day bills, Secretary Morgenthau said,
amount was purchased for the investment account of the
Federal Deposit Insurance Corporation and $25,000 for were accepted at an average rate of about 0.07% per annum,
other investment accounts. Since the inception of the on a bank discount basis, which rate equals the lowest at
Treasury's support to the Government bond market last which Treasury bills ever sold. The 182-day
bills brought in
November, reference to which was made in our issue of average rate of about 0.16% per
annum. The 0.07% rate
Nov. 25, page 3679, the weekly purchases have been as
was previously established by an offering of 91-day bills
follows:
dated April 11. An issue of 182
-day bills bearing the same
Nov. 25 1933
88,748,000 Feb. 17 1934
87,089,000
2,545,000 Feb. 24 1934
Dec. 2 1933
date were sold at an average rate of about 0.18%. A more
1,861,000
7,079,000 Mar. 3 1934
Dec. 9 1933
10,208,100
recent offer of bills (dated April 25) sold at average rates of
18.600,000 Mar. 10 1934
Dec. 18 1933
8.900,000
16,510,000 Mar. 17 1934
Dec. 23 1933
7.909,000
0.08% for 91-day bills and 0.18% for 182-day bills. Sec11,950,000 Mar. 24 1934
Dec. 30 1933
37.744,000
44,713.000 Mar. 31 1934
Jan. 6 1934
23,800,000
retary Morgenthau's announcement of April 30 follows in
33,868,000 Aprli 7 1934
Jan. 13 1934
42,389,400
17,032,000 April 14 1934
detail:
Jan. 20 1934
20,580,000
2,800,000 April 21 1934
Jan. 27 1934
30,500,000
7,900,000 April 28 1934
Feb. 5 1934
4,885,000
*22,528,000
Feb. 13 1934
* In addition to this amount, $8638,400 of bonds held by the Treasury as collateral
se*urity for postal savings deposits purchased Feb. 9 by the FDIC.
91-Day Treasury Bills. Maturing Aug. 11034.
For this series, which was for $75,000,000, or thereabouts, the total
amount applied for was $193,076,000, of which $75,055,000 was accepted.
The accepted bids ranged in price from 99.990, equivalent to a rate of about
Vaume 138
Financial Chronicle
0.04% per annum,to 99.980,equivalent to a rate ofabout0.08% 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 99.981 and the average rate is about 0.07% per annum on a bank discount
basis.
-Day Treasury Bills, Maturing Oct. 31 1934.
182
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $198,699,000, of which $50,037,000 was accepted.
Except for one bid of $5,000, the accepted bids ranged in price from 99.920.
equivalent to a rate of about 0.16% per annum, to 99.915, equivalent to a
rate of about 0.17% 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 99.918 and the average rate is
about 0.16% per annum on a bank discount basis.
3021
Wr. Whiteside discussed the various sections of the Investment Banking code, which he said will benefit the large and
small investing institutions. He added that the "most farreaching and fundamental benefits will accrue to the small
investors who buy directly from both large and small security
dealers in every city and town in the United States."
The Recovery Administration will be "seriously retarded"
unless capital financing is given a fair opportunity to develop immediately, Mr. Whiteside said. "This code will accomplish that purpose," he added,"and if the financing which
is now required for the replacement and renovation of our
industries is stimulated, and given the opportunity which is
absolutely necessary to market their securities under this
code, employment will increase and our industrial activity
go forward with renewed rapidity. Until this is done the
heavy industries will continue dormant."
Mr. Whiteside's analysis of the code, as he considered etich
section, is given below:
New Offering of 91-Day and 182-Day Treasury Bills
to Total Amount of $125,000,000 or Thereabouts—
Will be Offered in Amounts of $75,000,000 and
$60,000,000, Respectively—Both Series to be Dated
May 9 1934.
On May 3 Henry Morgenthau, Jr., Secretary of the Treasury, announced a new offering of two series of Treasury bills
Article III—General Principles.
.
to the total amount of $125,000,000 or thereabouts; both
maturing in 91 days and
The general principles stated are ethical—not mandatory—at the moment.
series to be dated May 9 1934, and
the United States will
182 days, respectively. The 91-day bills, which mature on Actually, the conduct of the investment bankers of
be governed just es definitely by these general principles as by every mandaAug. 8, will be offered in amount of $75,000,000 or there- tory provision in the following rules.
abouts, and the 182
That must be so because it is a natural result of the inclusion of these pro-day bills, maturing Nov.7, in amount of
rules and regulations tend to
$50,000,000 or thereabouts. The face amount of the bills visions in this code. It will be so because theprinciples with the exception
the tangible phases of these general
on their re- include or three sections.
of each series will be payable without interest
of two
spective maturity dates. Both series will be sold on a disFrom time to time, as these general principles become recognized as
essential in the proper conduct of your group, they will automatically be
count basis to the highest bidders.
converted into rules.
The offering, tenders to which will be received at the
At the moment, without practical experience, it would have been a misFederal Reserve Banks,or the branches thereof,up to 2p. m., take in judgment to have endeavored to have included these general principles
the marginal
Eastern Standard Time, Monday, May 7, will be used to as mandatory provisions, for they are to a degree ethical and control ethics
between a declaration of purpose and the legislation to
retire an issue of $125,493,000 of similar securities maturing pointrefined that it is almost impossible to redetermine the correct expression
is so
May 9. Secretary Morgenthau's announcement said that to carry out the intent.
An endeavor to make these general principles completely mandatory would
tenders will not be received at the Treasury Department,
in detailed restrictions and requirements of suds a nature as
out that the bidders are required to have resulted entirely impractical.
Washington, and pointed
to have been
specify the particular issue for which each tender is made.
But, as I have said, the effect of these statements in your code will
largely determine the conduct of your group, and it is inconceivable that a
The announcement further said in part:
practice of violating these statements of principle would be tolerated.
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 leas 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 trustcompany.
Immediately after the closing hour for receipt of tenders on May? 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
thefollowing morning. The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders,and to allot less than the
amount applied for, and his action in any such respect shall be final. Any
tender which does not specifically refer to a particular series will be subject to
rejection. Those submitting tenders will be advised of the acceptance or
rejection thereof. Payment at the price offered for Treasury bills allotted
must be made at the Federal Reserve Banks in cash or other immediately
available funds on May 9 1934.
TheTreasury 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.
A. D. Whiteside Predicts Changes in Securities Legislation--Sees "Obstructions" Removed Within Six
Weeks—Praises Investment Bankers Code in Speech
at Chicago—Analysis of Principal Code Provisions.
The investment bankers' code of fair competition was
termed "a masterpiece" by A. D. Whiteside, former Division
Administrator of the NRA and President of Dun & Bradstreet, Inc., in all address, April 23, before the Chicago Association of Commerce. Mr. Whiteside stressed the trade practice provisions of the code, which he said contain implications which "will have a very marked effect upon the economic condition of this country. That will not occur over
night, but the fundamental benefits which will result from
this code will accumulate from month to month and from
year to year."
Mr. Whiteside predicted changes in approved and pending
legislation in order to expedite the flotation of new securities.
"Securities legislation both in effect and pending will be a
serious detriment to the development of our activities unless
adequate changes are made," he said. "I positively anticipate that obstructions included in those measures will be
constructively modified within the next six weeks, for action
of that nature must be taken if the progress of the recovery
program is not to be seriously retarded."
Article IV—Origination of Issues.
This section is unique and is one which in itself will reduce the investment
hazard to a degree which is revolutionary.
This section sets up practical safeguards which remove at one stroke the
mystery of trends in values whirls has been a basic psychological cause of
our booms and depressions.
This section is intensely practical. It is not detailed to the point of
theoretical absurdity. But, on the other hand, it does not give a loop-hole
to the evasion of statenients of essential factors which should in all justice
be available to every investor of any amount or to his broker.
This section needs no detailed comment. Its purpose, its intent and its
implications are obvious.
If no other sections were included in these trade practices, this document
alone would still stand out as evolutionary in the history of finance.
Article V—Selling Syndicates and Croups and New Issues of Securities.
Section IV had to do with the factual basis of the condition of the issuer
at the time of origination and through the subsequent life of the security.
Section V has to do with the contractual relationship between the issuers,
the various selling groups, and the buyers.
It is a peculiarly straight-forward exposition of the details of those relationships which, as you know, have all or in part in the past been either
vague or entirely unknown to the general public.
These provisions have been included to safeguard the public in a most
tangible way.
The Information which will be disclosed as a result of the provisions in
this Erection will give a sense of confidence to the people of this country in
the intent of the integrity of this group as no other article does. It is
practical, it is straight-forward, and it will accomplish far greater results
than even you yourselves anticipate.
It eliminates vagueness. It, to as great an extent as possible, places
buyers, whether large or small, on the same basis, and in doing that eradicates one of the most flagrant injustices of public financing in the past.
Article VI—Retail Sales and Purchases.
These sections are more technical to the functioning of investment bankers
than they may appear to the bankers themselves, but in every respect they
are in line with the progressive intent exhibited in the other articles.
They hit at the heart of abuses which have always existed.
They are an important link in tying up these various provisions into a
logical sequence and form one more of the required strong links in the securities distributing system.
These sections have largely to do with the elimination of the possibility
of misrepresentation of the interests which prompt the seller in the particular security marketed.
Article VII--Salettmen.
This section was more difficult, and I think that it has been extremely
well handled.
The salesman is the link between the buyer and the broker, and it is
largely upon the representations of the salesman, particularly to small investors, that the purchase is consummated.
These sections are designed not only to provide for the proper type of
salesman, but as far as possible to regulate the fundamental principles on
which the salesman shall negotiate sales.
It is not perfect, but it is a long step in the right direction.
Article VIII—Investment Companies.
These articles continue the fundamental purpose of the code, and further
carry out the intent, that is, to make a frank disclosure of the marketing
background on which each security rests.
3022
Financial Chronicle
The relationship between the investment banker and the investment company is an important phase of financing, although little in evidence at
present, and this section will have a very constructive effect.
Article IX—Miscellaneous Rules.
This is another group of sections tending to strengthen the process of
producing and marketing securities. It includes ethical provisions and eliminates fundamental practices which have been subject to criticism in the past.
Article X—Registration of Investment Bankers.
These articles show the most impoutant evolutionary step in this entire
document. The sections are equitably drawn. They are liberal, but at the
same time they put investment banking on a new plane of responsibility, and
the administration of this section will change, not only the psychology and
the sense of responsibility of investment bankers, but will change the attitude
of the entire investing public toward the investment bankers.
The regulations give to the investment bankers of the United States the
power and the authority to place investment bankers on a pinnacle in the
estimation of the people, not only of the United States, but of every civilized
country in the world.
I shall only add that the proper administration of this section means more
to you, as investment bankers, than any single document that has ever been
written. I shall speak further on this point under "Administration."
Article XI—Administration.
I believe that your administrative set-up, for the time being, is adequate
and equitable. It is extremely important that this fact be recognized by
every investment banker in the United States.
It should be called to the attention of each banker that this is a national
code, and that national policies must be the determining factor in the administration of these provisions, and prompt the sponsoring group in suggesting
additions, modifications or deletions to or from the provisions of the investment bankers' code.
I definitely and fully recognize that the interests and the viewpoint of
every class and description of investment banker, large and small, in every
locality in the United States has been and must continue to be considered
and respected by the Administration.
This code will not be administered solely in the interest of the large investment bankers. From my experience so far with your representatives from
every part of the country, and as a result of the public hearings on this
code, I have the greatest confidence in your ability to administer these provisions in justice to all of the elements involved.
I am not making that statement superficially, for as you know I knew
no single member of the sponsoring committee before the first public hearing.
I am making that statement because during the public hearings on the
trade practices, in Washington, several groups definitely objected to particular provisions in the code which had an extremely important effect upon
their welfare.
Senator Fletcher Reported Planning to Amend Securities Act—Representative Bacon Introduces Bill
to Liberalize Measure.
Senator Fletcher, Chairman of the Senate BanIiingitral
Currency Committee, was reported in Washington newspaper
advices yesterday (May74) to be considering amendments to
the Securities Act of 1933 which'would transfer the functions
of the Federal Trade Commission under:that law to a proposed
independent commissionTfor regulation of stock exchanges
which would be createdrunderlthe Senate Stock Exchange
Control bill, and whichlwouldliberalize certain penalty and
liability sections. Representative Bacon yesterday introduced a bill in the House to liberalizeTthe Securities Act in
order to stimulate the flow of capital into heavy industries.
A Washington dispatch May 4Tto thelBrooklyn "Eagle"
n7fed the proposals ofiMr.iBacon as follows:
All the changes sought by Bacon have the approval of a special committee of the American Bar Association, which made an exhaustive study
of the operation of the law since its enactment. In general also they follow
the lines of changes which, it has indicated, will meet with Administration
approval.
One important change would limit the civil liability of an underwriter
to the amount ofsecurities he sells. Under the present law any underwriter
who participates in a distribution is responsible for the whole issue.
Another far reaching change suggested would limit the power of the
Federal Trade Commission to obtain information from respective issues.
Other changes would limit criminal liability to wilful violations of the
Act and would remove protective committees from some of the obligations
imposed on other issuers.
Federal Trade Commission Eases Securities Act to
Exempt Certain Issues Under $100,000—Action
Said to Follow Complaints of Mining and Other
Interests that Act Hampered Operations.
In an effort to ease the floating supply of small issues the
Federal Trade Commission announced on April 27 additions
to the rule promulgated Nov. 1 1933 (Release No. 66)
regarding the exemption of issues offered at an aggregate
price under $100,000 which fall within certain prescribed
requirements. The new rule, says the Commission,removes
the requirements that the issue be sold for cash, that the
underwriting expenses be limited to 10%, and that the
stock be in units of at least $100, provided that certain other
specified conditions are observed.
According to Associated Press advices from Washington
the promulgation of the new rule follows complaints of
mining and other interests that the Securities Act hampered
their operations. The Commission's announcement in the
matter states:
The net effect of the new rule is to exempt any stock issued for an aggregate amount of not over $100,000 if the total net proceeds of all securities
, sued by the same issuer within the preceding year, including the issue in
May 5 1934
question, does not exceed 5100,000, subject to the following conditions:
(a) That the stock shall not be offered below par value, unless it is stock
which has been reacquired by the issuer at approximately its market value.
(b) That the expenses of distribution do not exceed 25% of the amount
for which the stock is sold.
(c) That no securities issued to a promoter or organizer in excess of
expenses incurred by him or of the fair cash value of property acquired from
him which he has held for more than a year, shall be sold to the public
until the issuer has earned a net profit over a period of one year; and that
if the corporation is liquidated before it has earned a net profit over a period
of a year such promoters' or organizers' securities shall not share in the distribution until all other stockholders who paid cash for their securities have
been reimbursed in full. The issuer is required to take legally effective
means to assure compliance with these conditions, such as putting the
promoters' and organizers' securities in escrow.
(d) That the prospectus required to be furnished to purchasers be filed
with the Federal Trade Commission before the stock is offered to the public.
(e) That the issuer shall initiate no representation regarding registration
or exemption from registration with the Commission other than a clear
statement that the stock has not been registered.
(f) Each purchaser is to be given a prospectus furnishing specified information concerning the organization, capitalization, and obligations of
the issuer,salaries in excess of$6,000 and property acquired from promoters,
organizers, officers and directors.
The rule also exempts, regardless of the above conditions, any stock
comprising an issue not exceeding $30,000, provided that the net proceeds
of all securities issued by the issuer within a year, including the stock in
question, do not exceed $30,000.
$417,000,000
Revenue Bill Goes to White House After
Senate and House Approve Conference Report
10% Couzens Super-Tax on Incomes Is Defeated.
The $417,000,000 revenue bill went to the White House for
President Roosevelt's approval May 3, when the Senate
approved House action which eliminated the Couzens 10%
super-tax on all incomes and adopted the conference report
on the measure. The House had approved the conference
report on May 1. The Senate accepted the conference
report without a record vote.
•
The conference report on the new tax revision bill was
adopted by the House on May 1 by a vote of 253 to 106.
As explained by Representative Hill, who presented the
conference report for the consideration of the House, about
185 amendments were put in the House bill by the Senate.
and the conferees agreed upon all these amendments except
amendment No. 1, which he noted was the table of contents,
and purely clerical, and amendment No. 13, the so-called
10% emergency (Couzens) tax; as to the latter, Mr. Hill
said in part:
Amendment No. 13 is the so-called "Couzens amendment," which imposes a 10% supertax upon the total normal and surtax which the individual
taxpayer pays under the permanent tax set-up and is only for the year 1934.
We are going to take up amendment No. 13 at a later time, but I simply
wanted the House to understand that the supertax or the so-called "Column
amendment" is not involved in the conference report. We will have separate discussion and separate consideration of amendment No. 13, which
Is in disagreement between the conferees of the House and the conferees
of the Senate. So in voting upon the conference report you are not voting
upon this provision seeking to impose this supertax of 10%.
As I have said, there were 185 amendments imposed on the House bill
by the Senate. I may say that approximately 175 of these amendments
are purely clerical or clarifying amendments that do not in any substantial
way modify the provisions of the bill as it passed the House, and I feel
that the members of the House are not concerned with these clarifying
and clerical amendments. There are a number of amendments, however,
which are of concrete interest to you and I shall briefly touch upon them.
The Senate amended the House bill as to surtaxes by imposing a greatly
increased rate of surtax in the lower brackets. The House conferees refused to recede upon this amendment except upon the basis of a greatly
reduced rate in lieu of the Senate rates.
The Senate amendment would have imposed upon the taxpayers an
additional $28,000,000 over the House bill, through increased rates in the
brackets from $10,000 to $25,000. The House conferees accepted the
amendment with the modification that these rates be reduced more nearly
to the level of the House rates, so that the lower brackets di not receive the
shock of the increase and, as modified, will raise $9,000,000 additional
to the House bill instead of $28,000,000.
The conference report on the tax revision bill was filed
with the House April 30. The conference agreement on the
measure was not signed by Senator Reed or Representatives
Treadway and Bacharach. Senator Reed said the bill was
"confiscatory and burdensome in the extreme to every group
of taxpayers." Details of the conference agreement were
given in our issue of April 28, page 2844.
Chairman Doughton of the House Ways and Means Committee in a statement April 26 defended the compromise
agreement and said that the rates on personal incomes were
materially reduced from the Senate figures and that many
other compromises benefiting taxpapArs had been effected.
We quote in part from a Washington dispatch May 1 to
the New York "Times," describing passage of the conference report in the House:
Outstanding among the provisions agreed to by the House was a sharp
increase in estate taxes designed to add $90,000,000 a year revenue; continuation of the capital stock and excess profit imposts, which have been
yielding $95.000,000 a year, and would have ended on July 31 next; elimination of consolidated returns, estimated to produce $35,000,000 a year in
new taxes, and a form of income tax publicity intended to discourage tax
avoidance.
The conference report, which represented complete agreement between
Senate and House managers except for the 10% added tax, carried a com-
Volume
Financial Chronicle
138
promise readjustment of income taxes that would add around $18,000,000
annual revenue, and a special surtax on personal holding companies designed to prevent the hiding of taxable income in these "incorporated
pocketbooks."
The House vote on the report also served to approve an amendment
to the oils and fat tax. This amendment was promoted by Administration
leaders to ease the burden on the Philippine Islands.
As approved by the Houes, the provision would place a processing tax
of three cents a pound on a number of vegetable and fish oils, with a special
impost of five cents a pound on all cocoanut oils coming into the "United
States from sources other than the Philippines.
The result would be to give the islands a two-cents-a-pound differential
on cocoanut oil and copra,their second most important export to the United
States. The revenue collected from the Philippine oils and copra would
be returned to the island treasury.
3023
And before concluding such agreement the President shall seek information and advice with respect thereto from the United States Tariff Commission, the Departments of State, Agriculture and Commerce, and
from such other sources as he may deem appropriate.
Numerous spokesmen, both praising and opposing the
bill, appeared before the Senate Finance Committee before
open hearings were concluded on May 1. Secretary of
State Hull and Secretary of Agriculture Wallace testified on
April 26. Mr. Hull said that the bill should be passed
as an "emergency measure to deal with a dangerous and
threatening emergency situation." Mr. Wallace said that
he saw no objection to a provision granting hearings to
industries before making reciprocal trade agreements and
Two Votes Beat Levy.
The House made quick and certain its decision on the 10% emergency
added that this would be "a matter of common sense execuadded tax, which had been sent back to the House for a vote at the Insistive procedure." Senator Reed of Pennsylvania told the
tence of Senator Couzens. its author.
Committee April 26 that to change tariffs without a hearing
On the first vote, which was by standing, the body defeated by 167 to
45 a motion of Representative O'Malley of Wisconsin to concur in the
would be "condemning the victims" in advance.
Couzens amendment.
Robert Lincoln O'Brien, Chairman of the Tariff ComTo make the decision absolute and final, Representative Sam B. Hill of
mission, told the Committee April 27 that the tariff should
Washington moved to instruct the House conferees to insist upon opposition to the Couzens amendment, and this was adopted on a roll call vote
be considered from the standpoint of National policy, and
by 282 to 77.
that the theory of adjustment of rates on the basis of cost
On this vote 75 Republicans joined with 207 Democrats to reject the
of production should be abandoned. On the same day
Couzens amendment, while 55 Democrats voted with 17 Republicans and
five Farmer-Laborites against the motion.
Secretary of Commerce Roper advocated adoption of the
Mr. Doughton's statement of April 26 follows in part, as bill and said it would aid in reviving the American Merchant
given in a dispatch of that date from Washington to the Marine.
Most of the persons who appeared before the Committee
"Times":
One of these, he said, removed objectionable features from the publicity
April 30 opposed the bill. They included spokesmen for
amendment and the final agreement on the estate taxes placed the exempthe paper and pulp, tanning, glass, lace and other industion at $50,000 instead of the $40,000 proposed in the Senate bill. The
tries. A representative of the automobile industry,however,
House conferees accepted the high Senate rates, however.
The tax on produce futures, reduced by the Senate from five cents to
testified on the same day that the bill would probably aid
one cent, was set at three cents by the conferees, he pointed out.
greatly in expanding the country's foreign trade. At the
"Taking a general view of the important matters in the bill, it appears
final hearing May 1 opposition to the bill was expressed
that the conferees arrived at a very fair compromise between the tax measures proposed in the House bill and the tax measures proposed in the Senby representatives of such industries as wool and woolens,
ate bill," Mr. Doughton said.
potteries, felts, dairy products, matches, textiles and toys.
"In my opinion, neither the House nor Senate conferees can claim any
In each instance it was contended that the tariff should not
substantial advantage over each other in the final outcome. The sole
Item not agreed on was the proposed additional tax of 10% to be added to
be altered at this time and that the bill gives too much
the regular income tax for the year 1934. This matter will be taken to the
power to the President and fails adequately to safeguard
floor of the House."
On May 1 Resident Commissioner Pedro Guevara warned American industry.
A Washington dispatch April 26 to the New York "Times"
the House that the imposition of a three-cent tax on cocoanut
gave an abstract of testimony before the Committee on
oil from the Philippines amounted to a violation of the spirit
of the Tydings-McDuffie Act, granting independence to that day, from which we quote in part as follows:
Mr. Hull said that in normal times he would welcome Senator Reed's
the Philippines.
suggestion for hearings, and were it not that employment and industry
A table prepared by experts of the Joint Committee on must be restored, he would advise throwing the measure "out ofthe window
the world
Internal Revenue Taxation was made public April 26. and telling the country to do what it can." But the nation andand thereare in a "grave economic crisis," with world trade depreciating,
Showing the effect of the compromise personal income tax fore extraordinary measures and plans are well justified.
rates for a married man with no dependents and all earned
Senator Reed commented that the President would not be obliged
under the bill to hear any interested parties.
income, the table follows:
"One could find in any law something either wholesome or obnoxious,"
Net
Income.
$3,000
3,500
4,000
4,500
5,000
6,000
7.000
8,000
. 9,000
10,000
12,000
14,000
16,000
Present
Law,
$20
40
60
80
100
140
210
300
390
480
680
900
1,140
Conference Net
Report. Income.
$8 $18,000
26
20,000
44
25,000
62
30,000
40,000
80
116
50,000
172
60,000
70,000
248
329
80.000
415 100,000
602 200,000
809 500,000
1.044 1,000.000
Present
Law.
$1,400
1,680
2,520
3,480
5,800
8,600
11,900
15,700
20,000
30,100
86,600
263,600
571,100
Conference
Report.
$1,299
1,589
2,489
3,569
5,979
8,869
12,239
16,104
20,494
30,594
87,019
263.944
571,391
Senate Finance Committee Favorably Reports Administration's Reciprocal Tariff Bill - Adds
Amendment Providing for Open Hearings Before
Concluding Trade Agreements-Proponents Before
Committee Include Secretaries Hull, Wallace and
Roper-Spokesmen for Most Industries Oppose
Bill but Automobile Industry Endorses Measure.
The Administration's reciprocal tariff bill was favorably
reported to the Senate by the Senate Finance Committee
May 2 without a record vote, after the Committee had
• added several clarifying amendments to the measure. One
of the most important of these terminates the authority of
the President to enter into foreign trade agreements after
three years from the date of enactment of the bill. This
amendment was substituted for a provision which would
have ended the provisions of the Act within three years.
The change was made in order to prevent the use of flexible
tariff provisions wherever any agreement is operative.
The Senate Finance Committee also adopted an amendment directing the President to allow hearings to industries
which would be affected by trade agreements before any
such agreement was definitely concluded. This amendment
was offered by Senator Harrison and received unanimous
agreement in committee. It reads as follows:
Before any foreign trade agreement is concluded with any foreign Government or instrumentality thereof under the provisions of this Act,
public notice of the intention to negotiate an agreement with such Government or instrumentality shall be given in order that any interested person
may have an opportunity to present his views to the President or to such
agency and under such rules and regulations as the President may designate.
replied the Secretary of State.
"You remember the debate in the House on the flexible tariff?" Mr.
Reed inquired.
"There was no panic then," Mr. Hull interjected, with a smile.
"You remember," Senator Reed persisted, "that you said then it was
'too much power for a good man to want and for a bad man to have'?"
A laugh rippled through the room.
"The Senator from Pennsylvania did not agree with me then and I
fear he will not now," Mr. Hull said.
"Your fears are justified," Mr. Reed wryly remarked.
Great Britain, without extraordinary legislation, he argued, had re•
covered "84% and we have recovered only 24%."
"They have gone down only 14% while we went down 45%," the Secretary of State rejoined. "We had boasted that we had run into a period
of perfect prosperity and that everything was running as smoothly as
the wheels of a Corliss engine, but we went up in the mushroom period
and jumped over the falls to the extent of 45%."
Would Not Wait on Stabilization.
When Senator Reed asked if it would be possible to complete reciprocal treaties before the currency was stabilized, Secretary Hull said
it would be best to go ahead with the treaties and, meanwhile, currency
stabilization would be "coming along." If exchange and monetary
stabilization were first awaited,"in 90 days the present dislocated exchange
and monetary situation would snap right back where it is."
Secretary Wallace stated that the measure should be considered from
a non-political point of view. The country, he said, must either continue agricultural acreage control or create foreign purchasing power by
the importation of more goods from abroad, "or a little of both."
For Rounded Out Program.
The executive branch, he asserted, is "in a better position to form a
well-rounded program" than Congress, the President and his advisers,
being best able to decide what goods could be accepted from abroad.
Incidentally he scouted the idea that the President would use his power
in a way detrimental to business.
Mr. Wallace told Senator Reed that he would question the further
expansion of industries which lie behind exceedingly high tariffs and are
"inefficient."
Mr. Reed asked if the Secretary had termed the lace and beet sugar
industries "inefficient." Mr. Wallace said he could not remember but
he probably had, as that was his opinion.
The testimony of Mr. O'Brien and Secretary Roper
April 27 was noted in part as follows, in a dispatch of that
date from Washington to the New York "Journal of Commerce":
Application of the flexible provisions of the present law were denominated
by the Tariff Commission Chairman as a "joke."
"It does not seem to me that the difference in cost of production should
be the basis for a tariff," he declared. "I would have the Tariff Com-
3024
Financial Chronicle
mission make general economic studies, find out the story and have itt
information contributory to the President or Congress. I would nos
have the Tariff Commission a source of power."
Secretary Roper called attention to the sharp decline in United States
water-borne traffic and said that the strong foreign lines were reducing
their rates and capturing much of the tonnage formerly carried in American
bottoms.
He cited as an example of the straits in which American shipping now
finds itself the decline in import and export tonnage transported in American bottoms from 111,261,000 tons in 1929 to 52,879,000 tons in 1933.
A revival of foreign trade to be sought through the reciprocal agreements
Planned under the tariff bill, he told the Committee, would have a "very
salutary effect on our Merchant Marine."
The question of possible rate-fixing provisions in the pending shipping
code were raised by Senator Harrison (Bern.), of Mississippi, Chairman
of the Finance Committee, who expressed the hope that "nothing will be
done by the National Recovery Administration that will disturb our
foreign trade by fixing rates lower than are now in effect.
"It seems to me," he declared, "that what is proposed is very inconsistent with our legislation." The Secretary explained that the Recovery
Administration is attempting to negotiate a shipping code, but that it
presents "very serious problems" because of the international interests
involved.
Asked what the Administration expects to accomplish under the tariff
bargaining legislation, Secretary Roper admitted that the program is
based on "hope," adding "but I will say that that hope is being fulfilled
by other nations and we would like to get into the hopeful calss."
Advocating consideration of tariffs from the standpoint of National
policy, Chairman O'Brien declared that efforts to adjust rates on the
basis of differences in cost of production at home and abroad were impractical because some commodities should have protection of more than
the difference in costs, while others can be adequately cared for with
much lower rates.
Although the Tariff Commission is considered as a fact-finding body, he
intimated that there is a natural tendency on the part of the Executive
to be influenced by the policies of his party in the consideration of the
Commission's reports.
Mr. O'Brien pointed out that the flexible provisions of the tariff laws
have not been generally applied, citing the case of wheat upon which the
tariff has remained at 42 cents per bushel for the past 10 years, although
within that period there have been very wide fluctuations in the costs
of production of the commodity.
The pending bill in effect provides for little or no change in methods
of dealing with rates on individual commodities, he contended, declaring
that both the present flexible provisions and the proposed Act are "Presidential tariff making."
Testimony by representatives of industry was outlined
in part as follows in Washington advices to the "Times"
April 30:
The objections voiced against the bill before the Committee in nearly
every instance involved increased wages and shorter hours with consequent higher production costs due to the operation of the NRA. Also
there was the constant repetition of the fear that the President might
act without giving the industry affected a chance to be heard.
The keynote of the objections was that industry cannot at this time
stand any tariff reductions. One witness, representing the Home Market
Club of Boston, even argued that an embargo and not a lowering of duties
would be more helpful to the country.
Robert C. Graham, Vice-President of the Graham-Paige Motor Corp.
and Chairman of the Export Committee of the National Automobile
Chamber of Commerce, was the first witness, Mr. Graham appeared as
the representative of the Automobile Chamber of Commerce and as such
gave the Chamber's unqualified endorsement of the legislation.
"There are several reasons," he said, "why the National Automobile
Chamber of Commerce believes this measure will help restore foreign
trade and improve conditions at home. One of our chief causes of economic
trouble, not only in the United States but also in foreign countries, has
been the high tariffs which have placed a great list of major products
beyond the reach of the many.
"Any reciprocal adjustment of these duties may be expected to have
the effect of bringing goods of all kinds better within their purchasing
power.
"This much-needed adjustment of prices to the income of the consumers
can, in the opinion of our industry, be achieved if President Roosevelt
is authorized to make and conclude the necessary negotiations in a 'giveand-take' spirit. As it passed the House this bill has the fine feature
of creating a tariff umpire who would be able to render decisions in the
light of National as well as of sectional interest.
"It means that President Roosevelt, properly empowered, can take
action which will create the greatest number of jobs for the greatest number
of people."
The next witness was Warren D. Bullock, who represented S. L. Wilson,
President of the American Paper and Pulp Association; George W. Glair
of the National Paper Board Association, and Norman W. Wilson, Chairman of the Legislative Committee of the Paper Industry Authority.
"Inasmuch," he said, "as the paper schedule in the Tariff Act is based
on a bare equalization of production costs here and abroad, removal of
any existing import restrictions would sway the delicate balance in favor
of the foreign producer.
"Imports of paper, pulp, pulpwood and other paper-making raw materials combined amount to a total gross value higher than that of any
other imported commodity. The great bulk of these imports are dutyfree, and too much of the industry is already suffering from foreign competition of free goods, partidularly newsprint, to be able to survive any
step to extend the opportunities to foreign competition."
Existing rates on paper are not excessive, Mr.Bullock argued. America's
requirement for cigarette paper are almost completely supplied by France,
he said, and this in face of a 60% duty. The 1911 reciprocity treaty with
Canada, Mr. Bullock declared, operated to "present the newsprint market
to Canada," and in return, he added, the United States got nothing.
"With this example of so-called reciprocity before us, we naturally
look with apprehension on reciprocity agreements," he continued. "Our
fear of the pending legislation is that the same course which has proved
so disastrous in the newsprint field may be taken with regard to other
papers."
The hearing on May 1 was summarized in part as follows
in a Washington dispatch of that date to the "Times":
Wool Producers Heard.
The wool producers and Manufacturers were the first witnesses today. F. R. Marshall of the National Wool Growers Association criticized the support of the bill by the automobile industry. The industry,
said Mr. Marshall, in order to sell more cars in Argentina, is willing to
May 5 1934
trade at the expense of the wool growers and the meat producers. Be
asserted that the National Automobile Chamber of Commerce had engaged in "pernicious activities" before the State Department in an effort
to lower the tariff bars against Argentina.
F. E. Hollen, Secretary of the American National Livestock Association, opposed the bill on the broad ground that the Association is opposed "to tariff making behind closed doors" and also because it might
be that in granting such wide powers to the President, Congress might be
unwittingly granting them, in part at least, to the Department of State.
The United States Potters Association also opposed the legislation.
This industry,said John E. Dowsing, must be amply protected to survive.
James A. Emery, a familiar figure in all tariff
-making hearings, spoke
for the National Association of Manufacturers.
"No greater element of uncertainty," said Mr. Emery,"could be added
to the present difficult economic situation than the prospect of various
industries being affected, not only in themselves but in their relation to
all other industries, by the prospect of tariff changes made without their
knowledge and vitally affecting their employing capacity."
President Roosevelt Vetoes Bill Guaranteeing Minimum
Wagefor Substitute Postal Employees—PostmasterGeneral Farley Recommended Its Disapproval.
President Roosevelt on May 1 vetoed a bill fixing minimum
wages for Post Office substitute employees, and in his
message to the House of Representatives said that the bill
was "contrary to public policy" in that it provides compensation to a certain class of employees regardless for the
need for their services. "It is discriminatory," he added,
"and establishes a precedent which, if followed, would undoubtedly lead to many abuses." In another statement
issued after affixing his veto the President said that his disapproval of the bill was not based so much on his desire for
economy as on "the broad consideration of public policy
and the management of the postal service."
The bill would have required the Post Office Department
to retain all of the 26,000 substitute workers it now employs
and to pay them minimum wages of approximately $60 per
month. The President said that the purposes of the bill
had practically been carried out through a revision of
economy orders in the Post Office Department which was
recently made by Postmaster-General Farley. President
Roosevelt vetoed the bill after the receipt of a letter from
Mr. Farley, in which the latter said that Congress passed
the bill considering it as a relief measure. Mr. Farley said
that he did not feel it proper "for the Post Office Department
to function as a relief agency" in this instance.
President Roosevelt's veto message is given below:
To the House of Representatives:
I return herewith, without my approval, H. R. 7483, entitled "An Act
to Provide Minimum Pay for Postal Substitutes." The bill is contrary
to public policy in that it provides compensation to a certain class of employees regardless of the need for their services. It is discriminatory and
establishes a precedent which, if followed, would undoubtedly lead to
many abuses.
As a result of the depression the postal business decreased to such an
extent that the Department has no need for the services of thousands of
its employees. By orderly processes this surplus is being reduced without
Injustice to the personnel. During the period of declining business and
with a surplus of regular employees the Post Office Department had little
or no need for the services of the substitutes, who are carried on the rolls
for replacement purposes and to augment the regular forces in emergencies.
However, at this time the postal revenues are increasing and more work is
being provided for the substitutes. Therefore,from a humanitarian standpoint there appears to be no need for legislation of this character.
Aside from any consideration of conditions in the postal service with
respect to its personnel, this appears to be a relief measure for a particular
class of our citizens and as such is clearly discriminatory.
This bill prohibits the Postmaster-General from determining the needs
of the postal service as to personnel in that it requires the Post Office
Department to retain on its rolls all substitutes of record at this time. It
fixes definitely the maximum number of substitutes that may be carried
in certain groups regardless of conditions and is therefore not in the interest
of good administration of the public business.
There is attached the Postmaster-General's statement, which sets forth
in detail the objections to this bill.
My disapproval of this measure is not based on the consideration of the
additional expenditures it would require, but on the deeper consideration
of public policy. I trust that the Congress will continue to co-operate with
me in our common effort to establish and follow policies that will be beet
for all of our people.
FRANKLIN D. ROOSEVELT.
The White House, Apr11301934.
The White House on May 1 issued the following statement
explaining the President's position:
In disapproving H. R. 7483, entitled "An Act to Provide Minimum
Pay
for Postal Substitutes," the President wants it made perfectly clear
that
the disapproval is based not so much on the consideration of the
additional
expense involved should the bill become a law as on the broad
consideration
of public policy and the management of the postal service, the
largest of
the governmental functions.
Last year postal revenues had fallen off to such an extent and the
volume
of business transacted had reached such a low ebb that the
PostmasterGeneral found it necessary, in the interest of the taxpayers, to curtail
expenditures in every way possible. The reduced volume so affected
the
situation that it was obviously in the public interest to reduce deliveries in
cities, to curtail some transportation services and to furlough regular
employees, for the reason that such employees could not be fully
occupied.
It necessarily followed that the thousands of substitute or emergency
employees were not needed for actual duty. Therefore, allowances
for the
employment of substitutes were drastically curtailed.
However, within the past few weeks, as has been publicly announced
by the Postmaster-General, the revenues of the postal service have shown
a marked increase and the volume of business has improved to such an
Volume 138
Financial Chronicle
extent that the Post Office Department has found it proper to restore much
of the service that was curtailed, to eliminate the furloughs of regular
employees and again to make it possible for such employees to enjoy their
annual vacations with pay during the remainder of this fiscal year.
The service increases and the restoration of the vacations have resulted
In additional expenditures of approximately $6,000,000 over and above
what had been previously authorized for the months of April. May and
June. Allowances have been granted which will enable postmasters throngout the country to expend in excess of $3,500,000 additional for the employment of substitutes.
There is no doubt that substitute employees in all of the larger cities
and,indeed, in practically all of the first class offices, will be employed for
more than a hundred hours a month as a result of the service restorations.
This provides definite relief for this group of employees and there is every
indication that their employment, as above indicated, will be continued.
This bill contains so many provisions that would hamper the administration of the postal service in determining its personnel needs that, as a matter
of public policy and in the interest of good business management of the
postal service of the United States, the President is impelled to disapprove
the bill as presented.
Mr. Farley in his letter to the President, wrote in part:
The elimination of the furloughs and restoration of vacations, together
with the resumption of normal service to meet the essential needs of the
patrons, will provide immediate employment for substitutes, particularly
In the larger cities, where the unemployment of this group has been most
noticeable. I am confident that the changed conditions referred to herein
preclude the necessity for legislation of this character.
The Department objects to certain other provisions in this bill, wherein
the Congress definitely fixes the number of substitutes that may .be employed in the various groups and specifically provides that the number
now on the rolls shall be retained regardless of conditions. Experience
has shown that there are many local factors which materially affect the
operation of the postal service. Such factors are variable, no two Post
offices or units being identical in their requirements.
For this reason I am reluctant to agree to legislation which prevents
the Department from determining its need as to personnel, which in turn
might under some conditions seriously affect the service to be rendered
to the public.
In times of prosperity, large numbers of substitutes are needed for parttime work in order to expeditiously handle the mails. That number may
greatly exceed the ratios.provided in this bill in some instances. On the
other hand, the provisions of this Act compel the Postoffice Department
to pay for a minimum of 100 hours a month of service to all of the substitutes on its rolls, many of whom are in small towns where they could
not be gainfully employed.
Unquestionably, if this law is approved the Department will be deprived
of the opportunity to administer the affairs of the postal service as to
Personnel, along the lines ordinarily followed in the management of a
business of this size and importance.
The provisions of this Act are not in the interest of the public and postal
service, and, to some extent, are not in the interest of the employees that
the Act seeks to relieve. Of necessity the Department would be compelled
to transfer substitutes from points where they were not needed to places
where they could be properly employed, which would, of course, inconvenience the individuals and their families.
Payless Furloughs in Post Office Department and
Curtailment of Service Ended May 1.
The payless furloughs and curtailments in service affecting the Post Office Department were revoked as of May 1,
an announcement April 15 by Postmaster-General Farley,
stating he was able to take this action because of improvement in business which had substantially increased postal
revenues during the last two months and which offered
promise of continued gains. The furloughs and service curtailments were originally ordered March 2 and were to have
been effective until the beginning of the next fiscal year
on July 1. The only provision of the March 2 order retained
was the section 'which provided that vacations not yet taken
by employees be deferred until July 1. Mr. Farley's announcement follows:
Improved business conditions throughout the country have resulted in
such a substantial increase in postal revenues during the months of February
and March and offer such prospects of continued increases that I feel justified in revoking, effective May 1, my order of March 2 providing for payless
furloughs of postal employees and curtailment in service during the remainder of the fiscal year ending June 30 1934.
The only provision of the order not to be revoked is that which requires
that vocations which have not been taken by employees be deferred until
the beginning of the new fiscal year, July 1 1934.
Not only will further payless furloughs during the remainder of the fiscal
year be eliminated but beginning May 1 there will be a restoration of service
curtailment under the provisions of the order. Deliveries in residential
districts of cities will be increased from one to two daily, in business districts from three to four daily, and in mixed business and residential districts from two to three daily.
Longer hours for window service will be restored. Distribution crews
In large post offices will be increased and additional allowances for substitutes will be provided. The restoration of service will provide additional
employment for substitutes.
In my order of March 2 I stated:
This action Is imperative in order to keep the expenditures within budget allotments. In the event there should be a marked increase in the business of the department before June 30, I shall be most happy to rescind such parts or all of this order
as the circumstances may justify. In any event, the provisions of this order are
applicable only for a period of four months.
It is a source of much satisfaction to me that conditions have so
Improved that I feel justified in carrying out my purpose as set forth
above.
I take this occasion to express my appreciation to both the employees
of the postal service and the public for the sympathetic co-operation which
has been extended the department in its efforts to meet a trying and difficult situation. The department takes pride in the service which it gives
the public and every effort will be made to continue to improve this
service.
The increase in the volume of mail is regarded as an accurate barometer
of improved business conditions throughout the country, which, I am
confident, will bring much satisfaction to the people generally.
3025
Establishment of $2,000,000,000 Stabinzation Fund by
Treasury Department Under Gold Reserve Act of
1934.
The establishment by the Treasury Department of the
$2,000,000,000 stabilization fund for which provision was
made in the Gold Reserve Act of 1934, was made known on
April 30. No announcement was made by the Treasury Department in the matter, and Secretary Morgenthau when
questioned by newspaper men as to the move, was reported
as saying, "I have no comment whatever to make." The
action was revealed through the daily Treasury statement
dated April 27, and the creation of the fund was described in
a Washington dispatch (April 30) as having been brought
about principally by a simple new bookkeeping entry, transferring on the records and in the daily financial statement
$1,800,000,000 from the column of "Gold in General Fund"
to another headed "Exchange Stabilization Fund." The
other $200,000,000, said the Washington correspondent of
the New York "Journal of Commerce" was placed as a credit
to the Treasury in the New York Federal Reserve Bank where
apparently it will be used as an active fund in currency stabilization and other operations to be performed by the bank
as the fiscal agent of the Treasury.
From the same account we take the following:
Revealed in Statement.
The preparations that have been made by the Treasury for the protection
ofthe dollar were revealed statistically by the insertion in the daily statement
of the Treasury Department as of April 27, of various items having to do
with the so-called "gold profits" that came to the Government with the
reduction of the gold content of the dollar.
Under the heading "trust and contributed funds and increment on gold"
there was shown as an expenditure the item "exchange stabilization fund,
$2.000,000,000"from the "increment resulting from reduction in the weight
of the gold dollar" which was shown as $2,810,841.548.
The contribution from the latter to the "exchange stabilization fund" is
shown in another place in the statement in the amount of $1,800,000,000,
the remaining $200,000,000 being represented by the credit with the New
York Federal Reserve Bank.
It had generally been thought that the stabilization fund came automatically into being with the passage of the gold measure and so as to the action
now,as such,there is nothing unusual,it is said. However,since the action
segregating the money for the fund from its former category comes at a time
when there appears to be much speculative activity abroad,it becomes more
significant.
Hold President Ready to Act.
In effect, the fund stands as a threat to those who would embark in dollar
exchange transactions that the President is prepared to take "strong
measures"to defeat their purposes if they menace the success of his monetary
policies.
Items bearing on the enactment of the Gold Reserve
Act of 1934 appeared in these columns Feb. 3 1934, pages
741-749.
President Roosevelt Still Opposes Silver Remonetization Legislation—Secretary of Rev. C. E. Coughlin
Purchased Long Silver Contracts for $20,000—
President's Attitude Toward Goldsborough Monetary Bill—Silver Senators to Confer with President.
Advocates of legislation making mandatory the remonetization of silver gained little encouragement this week, as reports from Washington said that President Roosevelt had
not changed in his opposition to such legislation at this time.
On April 27 the President was indicated as having informed
Congressional advocates of remonetization that he was
willing eventually to have 30% of the currency backed by
silver, but that at the same time he opposed any mandatory
silver legislation at the present session of Congress.
Senators advocating silver remonetization planned to confer again with President Roosevelt to-day (May 5) at the
White House. Meanwhile plans to push the fight for silver
legislation in the Senate have been deferred pending this
conference. Leaders of the silver group intimated that if
the President failed to agree to some form of silvei• legislation
they might seek to amend the Glass industrial loan bill with
a silver measure.
Heavy purchases of spot silver and May contracts were
noted this week on the New York Commodity Exchange.
Newspaper reports referred to "the mysterious silver buyer,"
and it was rumored that the purchases of the metal might
be for the account either of the United States Treasury or
the British Government, but these rumors were not substantiated. Secretary of the Treasury Morgenthau admitted
May 3 that the stabilization fund could be used to purchase
silver, but refused to discuss rumors that it had so been
employed.
It was revealed April 28 that one of the holders of long
contracts in silver included in the lists submitted to the
Senate last week by Secretary of the Treasury Morgenthau,
is Miss Amy Collins, a Secretary to the Rev. Charles E.
Coughlin, who has been active in the movement in favor of
silver remonetization. Miss Collins issued a statement April
3026
Financial Chronicle
28 in which she saidrthatrcontracts for 500,000 ounces of
silver were purchased on margin with 820,000 of funds from
ofit2ie Little Flower as an "investment."
ti7liadio League!
s
ICE7rde7 17O-evelt's views were outlined as follows in
7
trssoc
au7g Preis advices from Washington April 27:
Congressional leaders said to-day they had been informed by President
Roosevelt that he was willing to have 30% of the Nation's money backed
by silver, but he wanted no mandatory legislation of that kind before the
next session of Congress.
At present, they said, the President told them, about 12% of the money
has silver reserves behind it and about 88% gold. They quoted him as
remarking that when William McKinley was President the percentage of
silver money was 22. and to-day Mr. Roosevelt had no objection to seeing
It go as nigh as 30%.
They said he added, however, conditions demanded that there be no
compulsion on the Government to buy additional silver such as the requirement in the Dies bill now before the Senate, or in the Goldsborough Monetary Authority Bill.
. Mr. Roosevelt was described as feeling that monetary conditions remain
unsettled, but that within nine months they should be clarified, and that
a decision upon a permanent monetary policy should be delayed until then
so the country could take advantage of its experiences.
Some of those who talked with the President said they undertsood it
was Mr. Roosevelt's plan to continue increasing the use of silver until it
had about reached the 30% level, but that he intended to do that gradually
and carefully, so as to avoid any drastic inflation.
Conferring with the President were Chairman Steagall of the House
Banking Committee and Representatives Goldsborough of Maryland,
Hancock of North Carolina, Busby of Mississippi. Cross of Texas and
Scrugham of Nevada, all Democrats.
They went to see the President to learn his attitute toward the Golds
borough bill, which would establish a Federal authority with full control
over all currency and prescribe the purchase ofsilver at the rate of 50,000,000
ounces a month.
The only comfort the President's visitors got was an endorsement of the
alms set forth in the bill: a declaration that the policy of the United States
would be to restore and maintain the "normal purchasing power of the
dollar." figuring normal as the 1926 level.
Some of the callers argued to the President that a recent drop in commodity prices was due to the understanding that nothing would be done
for silver.
The statement by Miss Collins on April 28 read:
is stale news to the American public that the Radio League of the
Little Flower invests in commodities. As for this corporation, no Treasury
Investigation is necessary.
"Approximately five'months ago—to be precise, on Dec. 17 1933—
Father Coughlin publicly announced over a national radio hook-up the
following statement, which was heard by many millions of people.
1...'"When, at certain times, contributions to the Radio League of the Little
Flower surpass the current expenditures, the surplus is temporarily invested where it will be safest.
"'While I raise my voice against gambling and speculation, the Radio
League shall continue to be its own financial agent and invest this surplus
League money safely in American commodities and securities.
"Our President has given his oficial promise that he will raise the prices
of American goods to the 1926 levels "This I will do one way or another.
but dolt I will,' said Mr. Roosevelt.
"That he will accomplish this is morally certain.
"My official duty as Treasurer of the Radio League of the Little Flower
Is to receive all moneys, to safeguard them, to make all expenditures.
"Neither Father Coughlin nor any other officer except myself in the
Radio League of the Little Flower is directly responsible for the handling
of its finances.
"Therefore, following the policy as pronounced by Father Coughlin
and believing implicitly in Mr. Roosevelt's oft repeated statement, I
Invested in the President's word in purchasing 20 contracts, or 500.000
ounces of silver, with an investment of $20,000, through the firm of Harriss
& Vase, New York.
"There is no secret about our financial activities. Approximately
$14,000 a week must be expended on broadcasting. During this past
year there was an additional expenditure of nearly $8,000 a week on building the new shrine.
"The investment in Mr. Roosevelt's word, and in these 20 contracts of
silver does not represent enough to meet one week's expenditures.
"But as long as it is the policy of the Radio League of the Little Flower
to place its surplus funds temporarily in prime commodities and investments
I shall continue to do in the future as I have in the past.
A. COLLINS,
"Secretary-treasurer of the Radio League
of the Little Flower."
Senate, by Vote of 45 to 28, Paszes Municipal Bankruptcy Bill—Measure Contains Some Restrictions
Not in Bill Approved by House.
—The Senate on May 1 passed the Administration's muof
nicipal baniiruptcy gill by a vote- 45 to 287 Tre measure,
r
which was passed by the House on June 9 of last year in a
•
somewhat different form, proposes a formula according to
;Rich insolvent cities, counties, towns and other political
subdivisions of"States may make debt adjustments with
creditors under the control of Federal courts. The bill provides that any political unit of the kind mentioned which
now,or within the next two years,is in an insolvent condition
may, with the approval of 51% in amount of its security
holders, file a petition in court, accompanied by a plan of
settlement agreed to by these creditors. A Washington dispatch of May 1 to the New York "Times" gave the following
additional details of the bill:
If the settlement plan meets the Judge's approval, he may order it
executed, but only after receiving consent in writing from two-thirds of the
holders in amount of each class of securities and of three-fourths in amount
of all creditors.
The measure provides further that any group holding as much as 5%
of any class of the combined indebtedness may demand hearing in court as
to its rights.
The bill as passed by the Senate differed from the one adopted by the
House. The latter provided that court action might be started by a taxing
May 5 1934
district with the consent of only 30% of the security holders and that a plan
of settlement could either be filed with the original petition or worked out
later under protection of the courts.
The House bill called for a two-thirds ultimate approval by creditors, as
did the Senate measure, but not the 75% "gross" consent.
Because of the differences in the bills a conference was immediately requested by the Senate. The changes were embodied in a single amendment
offered by Senator McCarran as a substitute for the entire House bill.
From a Washington dispatch May 1 to the New York
"Herald Tribune" we take the following:
Strong Opposition Ignored.
Pressure for the bill has come chiefly from cities that experienced booms in
the years before the 1929 crash. Detroit has been one of the leaders in the
movement for such legislation. Strong opposition has been voiced by the
American Bar Association. the American Bankers' Association and the
United States Chamber of Commerce.
A minority of the Senate Judiciary Committee, headed by Senator Frederick Van Nuys, Democrat, of Indiana, contended that the measure was
unconstitutional. A report signed by him, Senator Daniel 0. Hastings,
Republican, of Delaware: Senator Felix Hebert, Republican, of Rhode
Island, and Senator Pat McCarran, Democrat, of Nevada,said:
"Municipal securities have always been considered gilt edge investments.
They have ranked second only to the obligations of the Federal and State
Governments. Probate courts have for generations authorized and directed
guardians, trustees and administrators to invest the trust funds under their
control in municipal securities. The American Legion Endowment Fund
Corp. now has approximately four and one-half million dollars invested in
the bonds of municipalities and other political units. The capital of this
corporation was contributed by public-spirited citizens all over the United
States for the purpose ofcreating an income which is expended solely for the
rehabilitation and child welfare work in connection with the veterans of the
World War. The officers of this fund are strongly opposed to the passage
of this legislation. The funds of scores of fraternal insurance orders are
similarly invested and such fraternal orders have gone on record as opposed
to the bill.
"The most insistent demand for this legislation comes from cities which
were overdeveloped during boom days when real estate prices were pyramided and unreasonable and wholly unwarranted public improvements were
projected upon such pyramided values."
President Roosevelt Urges Enactment of WheelerHoward Bill Designed to Give Indian Tribes
Wider Self-Government.
"A new standard of dealing between the Federal Government and its Indian wards" was advocated by President
-7
0 1(3.
Roosevelt ina" letter to Senator Bui - ...Wheeler
Representative Edgar Howard;17197177igg AIiril-287
-Iii
his letter the President urged enactment of legislaTrat.
already introduced in Congress by Senator Wheeler and
Mr. Howard. This legislation, the President said, embodies"the basic and broad principles of the Administration7'
The bill, which is now before the Senate and House Indian
Committees, of which Senator Wheeler and Mr. Howard
are the respective Chairmen, would allow the various
tribes, after vote by their members and approval by the
Secretary of the Interior, to organize as "Indian communities" modeled somewhat after a municipal corporation.
The President's letter read as follows:
THE WHITE HOUSE.
Washington, April 28 1934.
-Howard bill embodies the basic
My dear Mr. Howard: The Wheeler
and broad principles of the Administration for a new standard of dealing
between the Federal Government and its Indian wards.
It is, in the main, a measure of justice that is long overdue.
We can and should, without further delay, extend to the Indian the
fundamental rights of political liberty and local self-government and
the opportunities of education and economic assistance that they require
In order to attain a wholesome American life. This is but the obligation
of honor of a powerful nation toward a people living among us and dePendent upon our protection.
Certainly the continuance of autocratic rule by a Federal department
over the lives of more than 200,000 citizens of this nation is incompatible
with American ideals of liberty. It also is destructive of the character
and self-respect of a great race.
The continued application of the allotment laws, under which Indian
wards have lost more than two-thirds of their reservation lands, while
the costs of Federal administration of these lands have steadily mounted,
must be terminated.
Indians throughout the country have been stirred to a new hope. They
say they stand at the end of the old trail. Certainly, the figures of impoverishment and disease point to their impending extinction as a race
unless basic changes in their conditions of life are effected.
I do not think such changes can be devised and carried out without
the active co-operation of the Indians themselves.
The Wheeler-Howard bill offers the basis for such co-operation. It
allows the Indian people to take an active and responsible part in the
solution of their own problems.
I hope the principles enunciated by the Wheeler-Howard bill will be
approved by the present session of the Congress.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Hon. Edgar Howard.
House of Representatives.
President Roosevelt Creates Committee on National
Land Problems to Act in Advisory Capacity.
President Roosevelt, in an Executive Order of April 30,
created the Committee on National Land Problems, as an
initial step toward National planning for the most beneficial
use of agricultural land. The Committee will include one
representative each from the Departments of Interior and
Agriculture and the Federal Emergency Relief Administra-
Volume 138
Financial Chronicle
tion, The Executive Order provided that it will "act in a
.capacity advisory to the President."
A Washington dispatch April 30 to the New York "Times"
gave further details of the order as follows:
He set forth in his order four specific courses to be followed in making
aa comprehensive survey and study of our national land problems." These
re: Improving practices in land utilization, better balancing our agricultural
production, aiding in the solution of human problems in land use and developing a national land program.
The Committee is thus charged with studying the conditions underlying
the agricultural depression that has persisted for almost eight years, as well
as carrying out a survey similar in many respects to one ordered in New
York State by Mr.tRoosevelt as Governor.
3027
Leonor F. Loree and James Speyer were re-elected trustees of the real estate of the Chamber for three years and Winchester Noyes re-elected commissioner for licensing sailors' hotels or boarding houses.
Jeremiah Milbank was Chairman of the Committee which
made the nominations, and the other members were James
C. Colgate, Charles W. Cox, Robert C. Hill. John B. Niven,
Arthur M. Reis and Percy S. Straus.
Howard Davis Re-elected President of American Newspaper Publishers Association—Convention Adjourns After Expressing Opposition to Tugwell
Bill and Newsprint Code, and Favoring Coinage of
Three-cent Pieces.
The American Newspaper Publishers Association concluded
New York Chamber of Commerce Opposed to Any
Change in Revenue Laws Which Would Prohibit its annual convention in New York City at a meeting, April 27.
Filing of Consolidated Returns of Corporations.
at which Howard Davis of the New York "Herald Tribune"
Any change in the revenue laws which would prohibit the was re-elected President. Among the resolutions adopted by
filing of consolidated returns of corporations and subsidi- those attending the meeting was one which urged revision of
aries is strongly opposed in a report presented at the 166th the Tugwell-Copeland Food and Drug bill to ease restrictions
annual meeting of the Chamber of Commerce of the State of on advertising. Other resolutions adopted opposed the newsprint control board under the NRA newsprint code as a
New York held on May 3.
The report, drawn by the Committee on Taxation of which monopoly harmful to the newspaper industry, supported the
Richard W. Lawrence is Chairman, declares that the elimina- coinage of three-cent pieces, and denounced the attempt of
tion of consolidated returns would result either in the dis- the Post Office Department arbitrarily to classify newspaper
solution of numberless corporations or in multiple taxation contents as advertising and non-advertising.
Previous reference to the convention was contained in our
which would tax both large and small enterprises of this
.
issue of April 28, page 2849. At the dinner on Apri1 26 Mrs.
type out of existence. The report says:
Franklin D. Roosevelt, wife of the President,said that women
Your Committee firmly believes it would be a serious mistake to take
sway the privilege of filing consolidated returns. Much of the business of
in the United States are to-day interested in the entire conthis country is done by large organizations doing business in more than one
tents of a newspaper, rather than the women's pages alone.
State. Either as a matter of business convenience, or by the compulsion of
She added that women are beginning to understand politics
State laws, they operate through subsidiary corporations which are owned
by the parent corporation. The method of doing business through affiliated
and are taking a greater interest in the government of their
corporations was in existence long before a Federal income tax law was first
country than ever before. Other speakers at the dinner inenacted.
cluded Mayor LaGuardia of New York and Professor William
The proponents of the change in corporation returns estimated it will
bring in additional revenue by preventing certain evasions and by Increasing
Llyon Phelps.
the number taxed. In any event, if it becomes a law, many corporations will
At an earlier meeting of the convention of April 26, Bainbe dissolved, and various changes made in corporation methods, for thou- •
bridge Colby, former Secretary of State, said that the newssands of corporations will be penalized beyond endurance. For example an
operating local company will be taxed on its earnings. The dividends it
print code seeks to promote monopoly, and that manufacdeclares to the holding company will again be taxed as a part of the earnturers operating under that code were seeking to accomplish
ings of the latter. Should this holding company only be State-wide and
with the protection of the Government and the NRA what
controlled by a parent corporation, a third tax will be imposed when the
parent corporation adds to its earnings dividends received.
the courts have prohibited.
Obviously, multiple taxation of this kind fulfills no public purpose, unThe New York "Times" of April 28 listed the officers
less of course it is to become the policy of the Government to tax out of
elected by the Association, in addition to Mr. Davis, as
existence both large and small 'enterprises of this character. It is inspossible to forecast the confusion and reorganization which will develop
follows:
from the elimination of the privilege of filing consolidated returns.
Thomas I. Parkinson Elected President of New York
State Chamber of Commerce, Succeeding James
Brown—C. T. Gwynne Re-elected Executive VicePresident—Chairman of Standing Committee
•
Named.
Thomas I. Parkinson, President of the Equitable Life Assurance Society of the United States, was elected the 44th
President of the Chamber of Commerce of the State of New
York at the 166th annual meeting of the Chamber held
• May 3; he succeeds James Brown who had served two terms.
Mr. Parkinson, who is 52 years old, is one of the youngest
'Presidents in the history of the organization which dates back
• to 1768. He became connected with the Equitable Life Assurance Society in 1920 as Second Vice-President, becoming
• Vice-President in 1926 and President the following year. Mr.
Parkinson is • a member of the Boards of Directors of the
Equitable, the Chase National Bank,The Equitable Trust Co.,
Western Electric Co., Inc., Electric Bond & Share Co. and The
Borden Co. He is also a member of the American Bar Association.
Four new Vice-Presidents were also elected at the annual
meeting of the Chamber namely: R. Fulton Cutting, Howard
Ayres and Frederick E. Williamson, to serve for four years,
and Elon H. Hooker, to serve for one year. Charles T.
Gwynne was re-elected Executive Vice-President. Other elections were announced as follows:
J. Stewart Baker elected Treasurer to succeed Junius S. Morgan, who had
served since 1927. William B. Scarborough re-elected Assistant Treasurer
• and Jere D. Tamblyn re-elected Secretary.
Lawrence B. Elliman re-elected Chairman of the Executive Committee.
John D. Dunlop, Howard C. Smith and James Brown elected members of
the committee at large for three years and Jacob H. Haffner for two years.
The following were elected Chairman of the other standing committees:
Finance and Currency—Edwin P. Maynard, re-elected.
Foreign Commerce and the Revenue Laws—Willeby T. Corbett, re-elected.
Internal Trade and Improvements—Thomas F. Woodlock.
Harbor and Shipping—Frederick E. Hasler.
Insurance—Leroy A. Lincoln.
Taxation—Richard W. Lawrence, re-elected.
Arbitration—Charles L. Bernheimer, re-elected.
Commercial Education—Charles E. Potts.
Public Service in the Metropolitan District—Alfred V. S. Olcott.
Sanitation—Leclanche Moen.
Admissions—C. Everett Bacon.
Jerome D. Barnum, of the Syracuse (N. Y.) "Post-Standard," was elected
as Vice-President in place of W. G. Chandler, of the Scripps-Howard newspapers. E. H. Harris, of the Richmond (Ind.) "Palladium-Item," and
Walter M. Dear, of the Jersey City "Journal," were re-elected as Secretary
and Treasurer, respectively.
W. G. Chandler, of the Scripps-Howard newspapers, was elected a director
In place of Jerome D. Barnum, of the Syracuse "Post-Standard," making an
exchange of positions for those two. Norman Chandler, son of Harry Chandler,
of the Los Angeles "Times," was elected a director in place of his father.
E. H. Butler, of the Buffalo "Evening News," John S. Parks, of the Fort
Smith (Ark.) "Times-Record," Charles A. Webb, of the Asheville (N. C.)
"Citizen-Times," and S. R. Winch, of the Portland (Ore'.) "Journal," were
re-elected as directors.
Omnibus Bill Passed By Senate Broadens Powers of
Reconstruction Finance Corporation.
On April 25 the Senate passed an omnibus bill broadening
Mel powers/of the Reconstruction Finance Corporation.
Amongrother things, the bill, it was stated in Associated
Press advices from Washington April 25, would empower
the RFC to compromise claims in connection with the
reorganization of railroads, was passed by the Senate to-day
and sentlto the House. These accounts added:
The bill would permit the RFC to accept new securities in adjustment
or compromise of claims against railroads in bankruptcy or receivership
In a Federal court. This part of the legislation was recommended by
Jesse H. Jones, Chairman of the RFC., with a statement that "without
such power, the ability of the Corporation to agree to any plan of reorganization which may involve reduction of the topheavy capital structure
of some of the railroads of the country is so restricted that reorganizations
which can be effected during the present depression must be extremely
limited."
The measure is expected by its advocates to facilitate the railroads in
carrying out the program recently outlined by President Roosevelt for
reduction of their capital structures.
Other sections of the omnibus bill would put the RFC on the same basis
for court proceedings as the Government itself in collection of debts and
liquidation of its loans, and liberalize the powers of the Corporation.
&Loans frOmithe RFCito industry and commerce for supplyialin orking capital, reducing and refinancing indebtedness
w
and making plantsimprovements and replacements are
authorized under the bill, it was stated in the New York
"Times" which reported that the Senate action on the bill
came just after Senator Robinson of Arkansas, the Democratic floor leader, stated that the measure would be added
to the legislative program for this session. The dispatch
also said:
This authorization was only a part of the bill which contains various
amendments to the present law, asked for by Jesse H. Jones. RFC Chair-
3028
Financial Chronicle
man, and which also raised from $50,000.000 to $100,000,000 the fund
to be used for refinancing drainage, irrigation and levee districts.
Senate Passes Bill Authorizing RFC To Aid in Financing for Exports and Imports.
Authority for the Reconstruction Finance Corporation to
aid in financing and•facilitate exports and imports and the
exchange of commodities between the United States and
other nations was voted on April 26 by the Senate, .The
New York "Journal of Commerce" noting the Senate's action
said:
The RFC would have legal right to establish and finance trading agencies
or banking corporations wholly owned by the United States, which would
assume part of the export-import credit risks.
The Corporation already has set up export-import banks but there are
certain inhibitions of law which make the proposed activities impossible.
Whereas now it is empowered to accept drafts and bills of exchange drawn
upon it in connection with export transactions, such drafts or bills are
eligible for acceptance only if they are at all times fully secured by "American securities" or guaranteed by a bank of "undoubted solvency." It is
further limited to the financing of sales in foreign markets of "surpluses"
only of agricultural products.
According to Chairman Jones of the Corporation these limitations have
made the privileges practically unworkable and no transactions have been
completed.
As passed by the Senate the bill reads as follows:
Be it enacted, etc., That the Reconstruction Finance Corporation Act, as amended (U.S.C., Supp. VII, title 15,
ch. 14), is amended by inserting before section 6 thereof
the following new section:
"Sec. Sc, With the approval of the President, the Corporation is authorized and directed, notwithstanding any other provisions of law, to establish
or to utilize export or import trading and banking corporations in which
the United States shall own, directly or indirectly, the entire beneficial
interest, and to subscribe for and purchase the common and preferred
stock and obligations thereof, for the purpose of aiding in financing and
facilitating exports and imports between the United States and other
nations or the agencies or nationals of either of them."
Senate Banking Committee to Consider Bill Authorizing
RFC to Lend $250,000,000 to Industry—Measure
Supplements Glass Bill, Providing $278,000,000,
Which Is Favorably Reported to Senate.
The Senate Banking and Currency Committee on May 7
will begin consideration of a revised bill which would provide for Federal loans up to $250,000,000, to be made to
industry through the Reconstruction Finance Corporation.
Loans could be made up to Jan. 1 1935 and would have
maturities of not more than five years. No more than
$1,000,000 would be loaned to any one borrower. This
measure is supplementary to the Glass bill, which was
approved by the Senate Banking and Currency Committee
April 28, and which would extend the facilities of the Federal
Reserve System to private industries. The new bill was
introduced in the Senate May 2. Under the Glass bill
the Federal Reserve banks can loan $278,000,000 to industry.
If both bills should pass Congress, loans of more than
$500,000,000 to industry would be made possible.
Senate contiideration of the Glass bill was deferred this
week when Senator Thomas on May 2 sought to add as
a rider a new silver remonetization measure. The Senate
then postponed action on the Glass bill, and it was later
intimated that Senator Thomas might abandon his attempt
at amendment after a conference of silver bloc Senators.
A Washington dispatch April 28 to the New York "Times"
outlined the principal provisions of the Glass bill as follows:
In its final form the Glass bill contained certain provisions suggested
by Mr. Black, but they were confined largely to the method of supplying
the capital necessary for the loaning operations.
Provision Made for Funds.
As stipulated in these sections, the funds to be lent would be provided
out of the combined surplus of the 12 Reserve banks and an appropriation
by the Treasury out of the "gold profits," equal to the amount of the
paid-in assessments of these banks to the Federal Deposit Insurance
Corporation. The aggregate is around $278.000,000, or twice the U39,299,558 paid in to the insurance fund which, under the law, is necessarily
half of the banks' combined surplus.
With the assistance of an advisory board of three or five members,
provided in the bill, loans would be made in instances where an established industrial or commercial business is unable to obtain the necessary credit in its own area "on a reasonable and sound basis, for the purpose of providing it with working capital," and for a period not to exceed
five years.
It is provided also in the bill that the several Federal Reserve banks
shall have the power to discount for, or purchase from, any bank, trust
company, mortgage company, credit corporation for industry or other
financing institution, the five-year obligations of industrial concerns,
provided each such financial house obligates itself to stand at least 20%
of the risk.
For Advisory Committees.
Advisory committees would be set up in each Federal Reserve district.
They would consist of at least three members, but not more than five,
each of whom "shall be actively engaged in some industrial pursuit within
the Federal Reserve district in which the committee is established."
The personnel of these committees would be selected by the bank in
each District, the appointments being subject to the approval of the
Federal Reserve Board. The committee in each district would be required to examine each loan application and to transmit it to the bank
with recommendations.
May 5 1934
The distribution of funds to the banks for lending purposes would be
on the basis of the par value holdings of each bank in the FDIC. In
consideration for leaving the stock intact with the banks, the Treasury
would require the banks to turn over to it (Treasury) all dividends and
other payments received from the stock, and not to further obligate this
stock in any manner.
Criminal penalties are provided in the bill for making material misstatements in loan applications and also for embezzlement and for paying
bonuses, omissions and other inducements for the procurement of loans.
Survey by Metropolitan Life Insurance Co. on Training
Activities for Specific Positions for Bank Employees.
Sixty prominent banking institutions contributed information to a survey conducted by the Policyholders' Service
Bureau of the Metropolitan Life Insurance Co. on the subject
of training and service provisions for employees. In a report
of the results of the survey it is pointed out that:
The nature of bank operations requires that great trust be placed in the
integrity and accuracy of employees as well as in their ability to maintain
friendly relations with customers and the public. Also of importance is the
well-being of employees, for the connection between health and the highest
degree of efficiency is generally recognized. Employee training programs
often are adopted to help develop and maintain these requisites.
According to the report, training activities often are conducted within the banks,though sometimes arrangements are
made for employees to take outside courses. Three types of
training activities were reported: Training for specific positions, continuation school training for boys, and general
education activities for all employees. Details are given of
the arrangements in typical banks. The measures taken by
these 60 banks to safeguard the health of their employees, as
presented In the report, include physical examinations, first
aid, health education, and vacations.
With regard to service activities, the report states:
Social, recreational and other employee activities frequently are included
in bank personnel programs. Although the results are indirect and often
intangible, many banks are of the opinion that such services pay dividends
in the form of greater satisfaction and, co-operativeness on the part of employees.
These specific items are dealt with: Employee clubs, social
and recreational activities, athletics, lunch rooms and cafeterias.
Benjamin M. Anderson, Jr., of Chase National Bank,
Finds"Grave Problem"for Institutions of Learning
in Demand By Students for "
Practicality" in
Training for Business andiBanking.
- According to Benjamin M. Anderson, Jr., Economist of
the Chase National Bank of New York, the demand for
narrowly practical training for business and banking, on
the part of students and their parents, has created a very
grave problem for our institutions of learning. Contemptuous of theory, contemptuous of general culture, says
Dr. Anderson, a too great proportion of students—happily
not nearly all—are applying a "cash value" test to the
instruction offered them. They demand of the professor of
psychology, for example, devices for advertising. They
attach slight importance to history, science, literature and
fine arts, and crowd into the courses in economics, where
the heart of the problem is focused.
Of the economist they demand, Dr. Anderson adds, not
the principles and the historical perspective which are the
most useful things which he can give the prospective business
man and banker, but rather a mass of factual details relating
to business and banking. These comments by Dr. Anderson
were made in an address delivered by him on April 30 at the
annual alumni dinner of the School of Business, Columbia
University. A summary of his further comments follows:
Theory and Practice.
This demand for "practicality" is self-defeating. I do not mean to
question the need for accurate, detailed knowledge of the job which one
is doing. But there are two ways of knowing facts: one may know them
by sheer brute force of memory with tremendous exertion, or one may know
them easily and adequately by seeing them hang together as the illustrations
of a body of principles. The man who knows principles gathers facts
easily because facts have meaning for him. He refrains from burdening his
memory with facts which have no meaning. Except in the light of principle,
there is no way of telling which facts are worth while,and which are not.
Theory without facts is empty. Facts without theory are blind.
Detailed methods of banking and business shift frequently. New devices
and new methods, which make for greater economy and efficiency, are
constantly being introduced. The principles the student has mastered in
college and the historical perspective he has gained there will be of use to
him throughout his life. The detailed practice which a student might learn
in college would be pretty surely out of date in a few years, if not already
out of date.
The Apprenticeship Method.
When it comes to the practical details of day by day work, the old
apprenticeship method of working with a master, learning from him,
watching him work, and learning from doing the job, is by all means the
best and most economical method of learning.
This is true for several reasons: (1) The institution of learning is rarely
in a position to know the actual current methods. (2) The mass of detail
is so great that, unless the student knows exactly what kind of work he is
going to do. he will waste a great deal of time in learning the wrong details.
(3) The student's interest in particular details, while the exact nature of
Volume 138
Financial Chronicle
his future work is undetermined, cannot be great. When he is actually on
the job, however, his interest is at a maximum.
(4) The professor's interest in practical details is not ordinarily very
great. But the department head in a business is vitally interested in the
successful handling of the details by his organization. (5) It has always
been true, and is to-day increasingly true, that executives are judged in
large part by their ability to "develop their men."
If the institutions of learning will send to the business and banking
world men with good general education, with eager and inquiring minds,
and with an understanding of principles, the business and banking community will quickly teach them the particular jobs assigned to them.
Narrow Practicality and Morale.
The attitude of narrow practicality on the part of students is self-defeating from another point of view. It is an unwholesome thing that the
"cash value" spirit should manifest itself in the mind of the freshman or
the sophomore, and that he should appraise the rich field of human culture,
which the Institution of learning offers him, in terms of its cash value.
Youth at least should be a time for generous enthusiasms, for the play of
the mind, and for interest in great causes.
Even after the boy has left college and is at work,the cash-value attitude
toward the job is short-sighted and self-defeating. The man who really
gets ahead in a bank is the man who is working for the bank rather than
working for himself, and who is interested in the job and the problems of
the job. Business and banking demand loyalty and teamwork.
Practical Courses for Men on the Job.
While the student in college or school of business does well to avoid highly
concrete and specific courses dealing with particular lines of business,such
courses are definitely useful when given to men who are actually at work on
business and banking jobs, especially when such courses can be given by
men intimately familiar with the actual operations. And I am,of course,
raising no question at all about practical courses given in technical schools—
our concern here being solely with education for business and banking.
The "Case System" in Business Education.
As part of the program of practicality, it is proposed that the so-called
"case method," widely used in the beet American law schools, shall be
made the basis of instruction in schools of business and in courses in economics. Lecture and textbook have largely been displaced in the law
schools by study and discussion of actually decided cases in the language of
the judge who has made the decision. A similar revolution in teaching is
proposed for instruction in business, banking and economics.
I raise no question regarding experimentation with the case method by
great, well-equipped universities with advanced students, and particularly
with graduate students, who have already had general courses in economics.
But the effect upon economic and business instruction in the smaller institutions can be very serious as this method makes headway.
There are two main differences between the law, on the one hand, and
business and banking, on the other, which would serve to justify the case
method in law, but do not at all apply in economics and business: In the
first place, law, in those countries whose legal systems rest on the English
common law,is a matter of precedents. The judges demand actual citations
of decided cases, rather than general legal principles, from the lawyers.
The business man and banker, happily,face no such reverence for precedent.
In making their decisions, they do not need to consider seriously what some
business man may have decided under similar circumstances 15 years ago.
In the second place, teaching is an academic matter. It must work in
an academic way,that is to say, with clearly defined ideas and with materials
logically organized. Now, the cases which the law students study are
highly elaborated academic productions. The judge who wrote the decision
Is a learned man, schooled in the use of language, accustomed to making
his reasons explicit. He has had, moreover, the benefit of briefs prepared
by attorneys, themselves academically trained.
But no such organized body of logical doctrine, representing the best
thought of the masters of business and banking, is available to the student
of these subjects. Business decisions are not made in the atmosphere of
learned leisure which characterizes the writing of judicial opinions. Litigants must wait on the convenience of the court, but business opportunities
do not wait. Unlike the judge, moreover, the business man or banker
finds the justification for his decision in the balance sheet, rather than in a
well phrased document. The business man and banker thus have neither
time nor incentive for putting the reasons for their decisions into academic
form, suitable for discussion in the classroom.
Monthly Statement of RCC for April—$5,166,500
Liquidation Payment Made April 30—Total Repayments of $14,038,634 Made.
The Railroad Credit Corporation reported to the InterState Commerce Commission yesterday (May 4) that $14,038,634, or 19% of the $73,854,111 fund created by pooling
the proceeds of the emergency freight rates through March
31 1933, has been repaid to the participating carriers up to
April 30 this year. Seven distributions have been made to
the participating carriers since the RCC began on June 1
1933 the liquidation of its affairs, the largest refund having
been made on April 30, at which time it amounted to $5,166,500, or 7%, the report said. Of the total amount distributed by the Corporation, $5,986,357 has been repaid in
cash, and $8,052,277 has been credited on obligations due
the Corporation.
In a letter addressed to participating carriers and accompanying the report, Mr. E. G. Buckland, President of
the Corporation, said:
The Corporation's cash receipts during April aggregated $2,050.777;
consisting of $1,901,116 in reduction of loans, $148,813 for interest; and
$848 for miscellaneous items. The payments on loans, made in advance
of maturity, were sufficient to permit increasing the distribution authorized
for April 30 from 1% to 7%•
The seven distributions made since termination of the lending period
on June 1 1933, total $14,038.634, and represent a return to participating
carriers of 19% of their net contributions to the fund. Of this sum. $5.986.357 has been repaid in cash, and $8,052,277 has been credited on
obligations due the Corporation.
The Corporation's statement of condition as of April
30 follows:
3029
REPORT TO INTER-STATE COMMERCE COMMISSION AND PARTICIPATING CARRIERS AS OF APRIL 30 1934.
Net Change
During
Balance
Assets—
April 1934. Arpil 30 1934.
Investment In affiliated companies
d24,783,785.53 660,953.651.62
Loans Outstanding—
Other Investments
157,200.00
Cash (reserved for tax refunds, 2172,525.32)
4180,603.20
195,670.05
Petty cash fund
25.00
Special deposits
4147,106.25
300 000 00
. .
Reserre for Tax Refunds—
Miscellaneous accounts receivable
59,505.67
42,299.72
Duefrom Contributing Carriers—
Interest receivable
484,385.83
225,251.68
Unadjusted debits
64,838.72
43,956.77
Expense of administration
49,086.65
9,911.30
Total
n5,190,226.00 262,005.229.39
Liabilities-Non-negotiable debt to affiliated companies
Unadjusted credits
Income from securities and accounts
Intern! Accrued on Loans, &c.
Capital stock
Total
d Denotes decrease.
* Emergency revenues to Apr1130 1934
Less: Refunds for taxes
Distributions Nos. 1-7
Fund share assigned to RCC
435,195,924.48.159,769,691.26
43,781.55 1,914,972.17
9,48.0.03
319,365.96
1.200.00
425,190,226.00 262,005,229.39
75,424,524.16
21,570,413.02
14,038,634.42
45,78.5.46 15,654.832.90
$59,769,691.26
Aproved:
Correct:
E. R. WOODSON. Comptroller.
ARTHUR B. CHAPIN. TreatIffeT.
Washington, D. C., May 1 1934,(No. 26).
Rexford G. Tugwell Declares Administration Has Acted
to Curb Farm Production—Assistant Secretary of
Agriculture Says AAA is Farmer's "Bill or Rights."
Rexford G. Tugwell, Assistant Secretary of Agriculture,
said, on April 28, that "one of the major differences between
the agricultural and land policies of this Administration and
those of previous Administrations is the difference between
talk and action." Mr. Tugwell, who addressed the New York
State Bankers Association, at Buffalo, quoted from reports
of previous Secretaries of Agriculture, and declared that
every Secretary since the war "pointed to doing something
about the surplus" of farm products. He added that when
President Roosevelt assumed office
was evident that something more than persuasion was needed to curb the agricultural overproduction."
Mr.Tugwell praised the work of the Farm Credit Administration, and said that without its operations "the collapse of
farm guying power would have resulted in a wave of foreclosures far exceeding all previous experience." Such foreclosures, he said, would have placed the land "in the involuntary ownership" of banks and insurance and investment companies. He described the farm revival, aided by the work
of the Agricultural Adjustment Administration, and said
that farmers are paying off loans and in other ways spending
their money "judiciously."
Mr. Tugwell characterized the Agricultural Adjustment
Act as "an economic bill of rights for farmers," and said that
the "nearly 3,000,000 farmers voluntarily participating in the
adjustment plans sponsored by the Government are not complaining about 'regimentation."
Associated Press advices from Buffalo, April 28, added the
following from Mr. Tugwell's speech:
"This cry is corning rather from those who, during the years when farmere by the thousand were losing their homes, congratulated them on their
rugged individualism, and now that they have succeeded in retaining their
homes, commiserate them on losing their traditional American ways. If
you do net believe me, go and talk with farmers."
Dr. Tugwell again quoted former Secretary Hyde as having declared, in
1931, that" is recommended that land development enterprises be licensed
'it
and regulated. We are not thinking of agriculture nowadays as a local
problem. We must see this as a national problem, and as a whole.'"
"The Secretaries of Agriculture in the Coolidge and Hoover Administrations," Dr. Tugwell said, "perceived that the surplus was the heart of the
farm problem. They vehemently urged that production be reduced to a
balance with demand and that submarginal lands be taken out of cultivation.
"They talked a great deal about the necessity for action. And now, so
to speak, President Roosevelt and Secretary Wallace have followed their
advice and in this Administration we finally have action itself."
Regimentation Is Denied.
Some persons "have sought to condemn all these efforts by the mere use
of such words as 'collectivism' and 'regimentation,'" Dr. Tugwell added.
"But the Agricultural Adjustment Administration's plans and the kindred
programs of the Government are too fundamental and too pressing to be
dismissed in that way. All are based on the time-tried principles
of American
democracy, upon the self-government and self-discipline of country and
local
associations, and upon voluntary co-operation on a grand scale."
lie referred to previous handling of the agricultural problem as "an
economy of chaos," and added that "what we are building now is an
economy
of order, and provided selfish interests do not thwart our efforts
we shall
build an economy of abundance."
Adjustment of farm production is necessary at present, he declared,
since
"even though every hungry person in the United States should be
well fed,
there would still remain a surplus," and even though foreign markets
may be
regained, the process will take so long as to require restriction of
output
for some time to come.
"Underlying and interwoven with this whole adjustment program is
the
necessity for returning 50,000,000 acres from cultivated crops to grass
or
pasture or roughage," he said.
Financial Chronicle
3030
"These aims mean the conservation and not the wasteful exploitation of
our resources and our man-power. They contemplate care and thought about
the grave agricultural problems of the day, with devices to meet them, not
mere passive reliance in the name of rugged individualism upon the sheer
forces of economic compulsion."
4.
Death of William H. Woodin, Ex-Secretary of the
Treasury—Friend of President Roosevelt Held
Office During Banking Crisis.
William H. Woodin, who resigned as Secretary of the
Treasury on Dec. 20 1933 because of ill health, died May 3
at a hospital in New York City. He was 65 years old.
Funeral services will be held this afternoon (May 5) in
New York and the body will then be taken to his native
town of Berwick, Pa., for burial.
When President Roosevelt was informed of Mr. Woodin's
death he said that he was "very deeply shocked and distressed by the passing of my dear friend." The following
statement was issued at the White House May 3:
It is known that both the President and Mrs. Roosevelt have felt deep
concern for Mr. Woodin's health ever since the day in the spring of 1933
when he declined to take adequate care of an ulcerated throat and insisted upon working day and night during the financial crisis of the nation
and the many other problems which had to be solved.
No man in time of war showed greater devotion or made greater sacrifice than Secretary Woodin. He made a great place for himself in the
hearts of all Americans and especially among those who, knowing him,
loved him for himself.
At the time he accepted the post as Secretary of the
Treasury in President Roosevelt's Cabinet which took
office in March 1933, Mr. Woodin was head of the American
Car & Foundry Co. He was also Chairman of the J. G.
Brill Co., Chairman of the American Locomotive Co.,
Chairman of the Montreal Locomotive Works and Chairman of the Railway Steel Spring Co. The New York
"Times" of May 4 outlined the principal events during
his term as Secretary of the Treasury as follows:
A quiet, frail, smiling little man, Mr. Woodin helped make history
In the early days of the Roosevelt Administration. A personal friend
of President Roosevelt for many years, although a life-long Republican,
he accepted what was the key position in the Cabinet in view of the financial situation which ushered in the new Administration, at Mr. Roosevelt's
earnest behest and against his own inclinations.
Performed Herculean Tasks.
Throughout those nerve-wracking black days of the banking crisis
in March 1933, and afterward, Secretary Woodin performed herculean
labors day and night, helping to avert a National calamity, while all
the time the threat of his own personal tragedy hung over him.
Within a month of the inauguration, the alarming condition of his
health became known and reports of his impending resignation began
to spread. Yet he continued to work for hours on end, at his desk in
the Treasury Department from early in the morning until 3 or 4 o'clock
the next morning, day after day and week after week.
Not until long after the crisis was over, after the bulk of the closed
banks had been reopened, and after public confidence in the banking
system had been restored did he cease his great efforts.
All through the critical period in the financial situation, Secretary
Woodin stood out as a bulwark for a conservative fiscal policy and against
inflationary excesses.
Rift on New Deal Policy Denied.
After the banking crisis passed there were recurrent reports that Secretary Woodin was not in sympathy with President Roosevelt's monetary
policies, but these were always denied. Last November, while still in
the Cabinet, Mr. Woodin issued a public statement affirming his faith
In the New Deal and his loyalty to the President. . . .
Despite the loyalty on both sides between the President and his Secretary, it was widely believed that Secretary Woodin remained in favor
of a conservative fiscal policy and did not approve of experiments with
the currency. It was noted that he did not explicitly support such policies,
although he strongly supported the Roosevelt program as a whole.
Williamson Pell of United States Trust Co. and Linzee
Blagden of Bank of New York & Trust Co. Among
New Members of New York Chamber of Commerce.
Williamson Pell, Vice-President of the United States
Trust Co. of New York, and Linzee Blagden, Vice-President
of the Bank of New York & Trust Co., were elected members
of the Chamber of Commerce of the State of New York at
the annual meeting held on May 3 at 65 Liberty St. Other
new members elected were:
Fred, S. Burroughs, Vice-President Associated Gas & Electric Co.
George P. Ray, Vice-President Riverside & Dan River Cotton Mills,Inc.
W. deWilder Atkinson, Atkinson & Co., Inc.
Ferdinand Eberstadt, President F. Eberstadt & Co.
Duncan G. Harris, Senior Vice-President Brown,Wheelock, Harris & Co.
Cornelius J. O'Donoghue, C. J. O'Donoghue & Co.
George W. McGrath, McGrath, Doyle Phair.
C. Willard Young Jr., C. W. Young & Co.
John H. Grady, Manager General Accident Assurance Corp.
King Smith, Taylor & Hoe.
Edward S. Harkness, retired.
if;
James Brown, Retiring President of New York Chamber
of Commerce Expects Continued improvement in
Business if Latter Is Accorded Time to Accommodate Itself to New Laws and No New Regulations Are Imposed.
itself to present
If business is given time to accommodate
are imposed, it
laws and regulations before any new ones
May 5 1934
will continue to improve, according to James Brown, of
Brown Brothers Harriman & Co. Mr. Brown, who on
May 3 retired as President of the Chamber of Commerce
of the State of New York after serving two terms, said:
"This improvement in business has been going on notwithstanding
that laws in Congress and even in this State have been passed and measures
have been enacted that have in many cases interfered with business recovery. We may not agree with many of the measures I have referred to,
we may be very apprehensive about the enormous Government expenditures under the New Deal, we may be sceptical as to whether the New DeaL
will accomplish all that is hoped for. The results are still problematic,
and many adjustments will undoubtedly have to be made,and in my opinion,
will be made.
"Let us not belittle the progress that has been made. It is my conviction
that recovery is on the way irrespective of the New Deal, and perhaps in
spite of it. I rely on the experience and ability of business men in this
country, yes, on their traditional initiation to make recovery an accomplished fact."
James P. Warburg Criticizes Recovery Program—Asks
Abandonment of Monetary Experiments and Regimentation, in Favor of Encouragement of Private
Business—Does Not Believe in "National Planning" by Small Group of Men.
The Administration's recovery program, and particularly
the monetary measures adopted since March 1933, were
criticized by James P. Warburg, Vice-Chairman of the
Bank of Manhattan Co. of New York,in a speech before the
Wharton School of Finance and Commerce at the University
of Pennsylvania on April 30. Mr. Warburg said that most
people are dissatisfied with the results thus far achieved
by the New Deal. He outlined three courses which are
now open to the Administration, viz.:
1. It can continue a policy of inflation in the belief that
our basic troubles are monetary and are subject to monetary
remedies.
2. It can seek the goal of an "authoritarian State," in
accordance with its belief that a certain amount of Government planning and regimentation is necessary to recovery.
3. It can abandon both the plans mentioned above,
executing "an about-face in the direction of abandoning
monetary experimentation, and abandoning the idea that
Government initiative should partially or wholly supplant
private initiative." Such an about-face, Mr. Warburg
added, would be designed to stimulate private enterprise.
Mr. Warburg advocated that the Administration embrace
this third course. He denied that the depression had been
caused by the collapse of our monetary system or that
recovery can be brought about through raising prices by
currency depreciation. The depression, he said, was primarily caused by the war and by post-war failures to realize
the economic changes that had taken place. After mentioning the growth of trade barriers, excessive international
lending and the speculative excesses in the United States,
he said:
When the inevitable collapse came, bank assets froze and the gold standard mechanism broke down, and that accentuated the deflationary spiral
and led to the acute stage of the depression. In this connection it is essential to remember that the gold standard mechanism is a mechanism for
settling temporary disequilibria in tne balance of payment between nations.
What happened through the course of events which I have Just briefly
indicated was that the gold standard mechanism was used not to settle
temporary disequilibria, but in an attempt to compensate permanent
maladjustments. It is obvious that such an attempt would have to lead
first to a rnaldistribution of gold, and then to a complete breakdown of the
gold standard mechanism.
To say that the entire depression was caused by the breakdown of the
monetary system is to my mind like saying that measles are caused by a
rash. Given the destruction and maladjustment of a great war, given the
failure of human intelligence to grapple with the post-war problem, and the
various other factors briefly enumerated, it is hard to see how any monetary
system could have survived the strain.
Mr. Warburg asserted that it is unnecessary to raise all
prices in order to insure business recovery, and said that to
lighten the debt burden by depreciating the currency "is
to benefit a very small minority of the population at the
expense of a large majority." Recovery, he added, can
only be furthered by an increased volume of business done
in expectation of a reasonable profit.
Discussing the present monetary policy of the Administration, Mr. Warburg said:
Our present monetary policy creates uncertainty as to the future character
of money in that, under the Gold Reserve Act, the President has the power
either to return to a gold standard or to adapt some form of managed
commodity index dollar. Furthermore, so long as the Thomas Amendment
remains on the books, there is the additional uncertainty as to whether
greenbacks will be resorted to. The same thing is true of the permissive
powers vested in the President with regard to silver.
Uncertainty as to the future value of the dollar is created by the same
factors just enumerated as affecting its future character. In addition,
the program of government expenditure and the uncertain prospect of a
return to a balanced budget create further uncertainty as to the ultimate
extent to which depreciation will go.
Mr. Warburg mentioned two reasons which led him to
oppose a "planned economy." He said that it is incompatible with a democratic form of Government, and that he
Volume 138
Financial Chronicle
does not believe that "a given group of men can, if they are
given sufficient power, plan and regulate the lives of 130,000,000 people better than the 130,000,000 people can plan
and think and act for themselves."
Mr. Warburg then outlined his views regarding the third
course which is open to the Administration. He said that
if he were to write a political platform on the subject it
would appear somewhat as follows:
Article 1. We believe in maintaining the form of constitutional representative government which we have had in this country since the days of George
Washington.
Article II. We believe in an economic order based upon the freedom of
all individuals to think, to work, and to express themselves as they desire.
Such freedom means the freedom of each individual to improve his own
circumstances through his own efforts so long as he does not in so doing
encroach upon the similiar right of others.
We believe in a capitalistic system in this sense: a system in which there
Is reasonable reward for work or enterprise, but in which the strong are
prevented from taking unfair advantage of the weak. Such a system is
based upon the admission that all men are not created equal, and upon the
recognition that to be born with superior strength or intellect or material
advantage carries with it an obligation to use such strength for the general
welfare and not solely for selfish gain.
Article III. We do not believe in a so-called "planned economy" in
which the Government does all the thinking and spending and regulating.
Such a system, whether it be called Fascism or Socialism or Communism
means the end of that very liberty which our forefathers fought to obtain
for us and which the Constitution seeks to preserve.
It means the end of individual thought and expression.
It means that instead of our supporting sound self-government, we should
be asking government to support us—to think for us—to speak for us—
and to make us all regimented cogs in a bureaucratic machine.
Article IV. We believe that a "planned economy" pursued by a democratic Government, which must at frequent intervals submit itself to popular
approval, means a "planned economy" in which the plan changes with the
approach of each popular election. For this reason we believe that a
"planned economy" means either a zigzag course or the abandonment of a
democratic form of government.
Article V. We believe that if the traditional American order is to be
abandoned or changed, the people should directly express themselves in
favor of such a change—before, not after it takes place. We do not believe
that the election of 1932 constituted a mandate to establish a "planned
economy."
Article VI. We believe that the primary cause of the world depression
is to be found in the World War, and we are convinced that the primary
economic necessity of the future is the prevention of war.
Article VII. We believe that a policy of economic nationalism leads to
war, and that a policy of international co-operation and the promotion of
international trade leads to peace. To this end we favor international
agreements to reduce wherever possible the artificial barriers and restrictions to the free exchange of goods and services between nations. Such
agreements can only be made on the basis of international currency stability, and we therefore favor the early re-establishment of an improved international gold standard. We see in such promotion of international trade
the only lasting help that can be given to our agricultural producers.
Article VIII. Within the limits of our traditional form of government
and economy we favor reform wherever necessary to prevent unfair practice
or the exploitation of the weak by the strong.
We favor a reform of the banking system, but we are opposed to substituting Government banking for private banking and we are opposed to
political control of the money mechanism.
We favor a reform of the investment system, but we are opposed to excessive Government regulation, which win impede the free flow of the savings
of the people into the legitimate capital requirements of business enterprise.
We favor reform of the industrial system, elimination of social injustice
and unfair practice wherever possible, but we insist that private enterprise
and not Government enterprise must remain the motive power and that the
interests of the employer,labor, and the consumer be given equal protection.
Recovery Program Discussed by Speakers Before
United States Chamber of Commerce Convention—
Some Attack NRA, Others Criticize Banking Act,
Securities Act and Pending Stock Exchange Bill—
H. I. Harriman Sees Basis for "Conservative
Optimism"—General Johnson Announces Proposed
Drive to Stir Waning Public Interest in Codes.
The Administration's recovery program was the subject of
discussion May 2 and 3 by leaders of American industry
who addressed the sessions of the annual convention of the
United States Chamber of Commerce in Washington. Henry
I. Harriman, President of the Chamber, on the opening of
the meeting May 1,reviewed the progress made by business
and industry within the past year and, in speaking of the
future, said that there is much justification for "conservative optimism." He praised the National Recovery Administration in most of its accomplishments but criticized
some of its activities, including the application of codes to
businesses purely local in nature. None of the other speakers
advocated the abolition of the NRA and instead their principal attacks were centered on the Securities Act of 1933,
the Banking Act of 1933 and the pending Stock Exchange
Bill.
Points raised against the national recovery program at
the Chamber's session May 3, were summarized as follows
in a Washington account that day to the New York "Times":
1. The tax burden is becoming unbearable, if not confiscatory, according
to Silas H. Strewn of Chicago.
2. The Administration's railroad policy indicates a strong possibility
of Government ownership of the carriers, despite the help already advanced
to them, in the opinion of Harry A. Wheeler of Chicago.
3. The processing tax is causing an appreciable reduction in the wheat
consumption of the country, according to Fred J. Lingham of Lockport,
N.Y.
3031
4. Placing commodity exchanges underlGovernment control would work
havoc with prices for farm products, predicted Thomas Y. Wickham/of
Chicago.
5. The foreign trade program is doomed to failure unless those affected
are consulted, said James A. Farrell of New York,
6. Increased expenditures and reduced receipts will raise the national
public debt from $16,000,000,000 in 1930 to $32,000,000,000 in 1935,
according to Fred H. Clausen of Horicon, Wis.
7. Arbitrary regulations of the Public Works Administration are preventing any revival of the construction industry under the Government
expenditures authorized, in the opinion of Nick F. Helmers of St. Paul,
11111
8. Jurisdictional disputes and overlapping and conflicting ciaimsjare
being written into the NRA codes, according to Gilbert H. Montague
of New York.
9. Political affiliations play an important part in an applicant's qualifications for a loan or grant under the PWA,charged Henry Hart of Detroit.
10. The Securities Act and the proposed Stock Exchange ControliBill
have caused almost complete cessation of private investment, said Malcolm
Muir of New York.
A statement by President Roosevelt read before the
Convention May 3, is referred to elsewhere in these columns
to-day.
General Hugh S. Johnson,IRecovery Administrator, in a
press conference following a dinner May 2, given by the
American Trade Association Executives in connection with
the convention of the Chamber, said that plans were being
formulated for a campaign within 60 days designed to revive
waning public interest in the NRA and in code enforcement.
He added that this drive had been necessitated "due to a
lapse of public enthusiasm over the codes," and indicated
that public support was the only influence that could be
counted on to make the NRA effective.
Mr. Harriman, in the keynote speech of the convention,
pointed out that unemployment in the United States has
been reduced from about 13,000,000 to 7,000,000, that farm
income has risen from above $5,000,000,000 in 1932 to
between $6,000,000,000 and $7,000,000,000 in 1933, while
an index of general business activity has advanced from 61.7
in February 1933 to 78.5. He criticized assertions that the
recovery program is unnecessary and said that the economic
recovery in Great Britain has been accomplished through
"carrying out the reforms which the present economic crisis
has forced suddenly upon us." The NRA, he added, was
actually inspired by the United States Chamber of Commerce.
We quote in part from his address, and from talks by other
speakers before the convention, as given in a Washington
dispatch
-May 2, to the New York "Herald Tribune":
"If I rightly sense the judgment of business men on the workings of the
Industrial Recovery Act," he said, "it is that the law has done much good:
that many undesirable business practices have been eliminated, and that
the foundations have been laid for the orderly conduct of business. But I
also sense a very widespread fear that an act, based on the self-regulation of
business with Government approval of such regulations, may become an
autocratic act, for the regimentation of business by the Government."
Mr. Harriman went on to cite other criticisms. But he was convinced,
he said, that "in basic industries codes offair practice are essential, that the
chaos of unbridled competition cannot be permitted to return and that
some Federal agencies co-operating with business must continue to carry
out the major functions exercised by the NRA and the American Agricultural Administration. This does not mean a regime of bureaucratic control, but, rather, a regime of orderly economic freedom in which the industries themselves play their responsible part."
Mr. Harriman vigorously defended the coercion of recalcitrant minorities
under both the NRA and the AAA. Be said that our problems could not be
solved by "going backward or by standing still" and that change now
"seems to be imperative."
Urges Stressing Quality.
Robert H. Montgomery,of New York, who was head of the research and
planning division of the NRA, asserted that no satisfactory uniform cost
formula could be devised for the purpose of protecting "fair prices." He
analyzed briefly the various types of price-protecting mechanisms in the
NRA codes. He urged manufacturers to abandon an excessive preoccupation with competition in price, which, he said, had lead to the extensive
exploitation of inferior merchandise, and to concentrate on goods of higher
quality at a fair price.
"By raising the standards of quality in merchandise to-day, we will also
be raising the standards of living, by increasing employment and advancing
the general levels of wages," he said.
David Ovens, President of the National Retail Dry Goods Association,
and General Manager of the J. B. Ivey Co., Charlotte, N. C., announced
that should the NRA ask stores to increase wages another 10% and reduce
working hours an equal amount, his association would "respectfully decline
to agree." Department stores and specialty shops that are members of
the association had, he said, by compliance with the code, already increased
their pay rolls 15% and added nearly 14% more persons to their staffs.
"It is our belief," he said, "that we have done our share in solving the
unemployed problem in retailing and that strict attention for a longer trial
period should be given to seeing that a more widespread compliance to the
provisions of the present code is secured."
Planned Economy Backed.
A. W. Robertson, Chairman of the Board of the Westinghouse Electric
Manufacturing Co., said that "a planned economy is undoubtedly necessary" but that "better plans, not more plans" were needed. He confessed
that the scope of such planning as he attributed to A. A. Berle, Jr., a member of the original "brain trust" "takes my breath away."
"Human plans have to be run by average men," he said. "It makes
no difference whether they are Utopian or otherwise and just how a
Utopian plan can be run by a far from Utopian man, I have never discovered."
"In the future there is going to be more government in business and
more business in government, which will be beneficial to governmentlas
well as to business," he added.
3032
Financial Chronicle
S. T. Bledsoe, President of the Atchison Topeka & Santa Fe Ry., asked
that the railroads be protected from competition with subsidized means
of transportation and urged unified regulation of all transport systems.
Daniel C. Roper, Secretary of Commerce, asked for support of the
reciprocal tariff bargaining bill.
Coal Code Revision urged.
John L. Steinbugler, President of William C. Atwater & Co., of New
York City, urged an amendment to the bituminous coal code to Permit
control of production.
At a dinner given to-night by the National Association of Commercial
Organization Secretaries, Joseph B. Eastman, Federal Co-ordinator of
Transportation, outlined his work during the last year. He urged careful
thought of the problems of public ownership of the railroad system.
"In view of the difficulties ahead of the railroads," he said, "it is not at
all impossible that we may, like many other countries, find ourselves
in a situation where we can no longer depend on private enterprise to
carry on this public business of transportation. If that time should
arrive, we must be prepared for it. My own personal conviction, based
on considerable thought, research and experience, is that it is entirely
possible to devise a plan for public ownership and operation which will
avoid many of the dangers which are commonly believed to be inherent
in it."
He called the present period in transportation one of "accelerated evolution."
The Securities Act, the Banking Act of 1933 and the proposed Stock Exchange Bill were cited as factors retarding
business improvement in speeches by George H. Houston,
President of Baldwin Locomotive Works and B. A. Tompkins, Vice-President of the Bankers Trust Co. of New York.
Both speakers on May 2 expressed the opinion that recovery would proceed more rapidly if modifications were
made in these measures. Mr. Houston said the Securities
Act had resulted in "damming the flow of capital into private
enterprise," and had prevented the re-employment of millions of workers in the durable goods industries. Mr.
Tompkins said that, in prohibiting security underwriting
by National and Federal Reserve member banks after
June 16 in the Banking Act of 1933, Congress had reversed
the trend toward long-term financing, which had been the
most powerful aid in protecting most of the large private
corporations in the country from the banking crisis of 1933.
A Washington dispatch, May 2, to the New York "Times"
quoted further from these addresses in part as follows:
Mr. Houston said capital was being prevented from entering private
enterprise by two reasons, first, by the lack of confidence among investors
in the conditions under which American business must be conducted, and
second, by specific obstructions across the channel through which corporations must procure needed operating capital.
End of Regulation Is Asked.
, To remedy the first condition, he called upon the Administration to
make "a clear, unmistakable expression of intent:
"1. To encourage the profit motive in business.
"2. Not to interfere with business through further regulation, and
"3. To balance the budget as soon as possible and cease to compete
in the capital markets with private enterprise through a constantly expanding public debt. A balanced budget will also end any feeling of uncertainty with respect to monetary stability."
Mr. Houston described the Securities Act as the "chief barrier that
must be dealt with," since it imposed far-reaching and burdensome regulation of business in the issuance and offering of securities for sale by the
"extensive but uncertain liabilities" it placed upon officers of companies
participating in such offerings.
The law was intended, according to Mr. Houston, to "put the brakes
on future investment" due to a misapprehension of its authors that there
was an overproduction of durable goods. He quoted various authorities
to disprove the latter assumption.
He pointed out that while an average of $3,245,000,000 of new capital
went into private enterprise each year in the decade of the Twenties, the
amount had been reduced in the six months ended last March to $58,033,000.
Turning to the proposed Stock Exchange Bill, Mr. Houston said:
"Industry is in accord with the Administration's desire to regulate
the nation's securities exchanges and those trading on them for the correction of existing abuses and for the prevention of excessive speculation in
the future.
"It is opposed, however, to the indirect regulation of private business
whose securities are traded in, to the regulation of the securities of the
thousands ofsmall companies whose securities are not listed, or to the regulation of the ownership in such securities.
from
"It believes that these bills should limit the information called for
corporations to that duly and properly required for the protection of inbe
vestors and should not include what some commission may deem to
required in the public interest.
side
"Industry believes it would be advisable to err at this time on the
of under-regulation rather than over-regulation."
Mr. Tompkins Hits Banking Act.
Discussing principally the Banking Act of 1933, Mr. Tompkins asserted
national
that even if it were possible to transfer security underwriting from
of
and member banks to purely commercial institutions. "the advisability
is struggling to emerge
attempting such a drastic change, just as the country
students of
from a prolonged period of distress, is seriously questioned by
the problem."
As to the purported design of the measure to reverse the trend toward
he said:
the use of long-term credit by industrial corporations,
to their
"It cannot fairly be denied that our industrial corporations, due
policies, were much better able to weather the storm than
long-term credit
on short credit.
they would have been had they been substantial borrowers
they
"Strongly financed, and with no short maturities to bedevil them,
banking debacle of last year.
were only interested spectators from the
York district of $1,227,"They witnessed the withdrawal from the New
drain rose from $45,000,000
000,000 between Feb. 14 and March 3. The
the last day before the general closing.
on the first day to $341,000,000 on
Problems of Bank Holiday.
naturally, and quite properly,
"During that period these banks were
securities, discounting the scant
the interest of their depositors, selling
in
portfolios and calling loans.
supply of comm.scial paper in their
May 5 1934
"If, during that period, our great corporations had had substantial
maturities, the pressure of the banks to collect them would have added
materially to the chaos of those dark days. It is reasonable to believe that
severe casualties, even among important corporations, would have resulted.
"And yet, the Banking Act of 1933 makes it unlawful, after June 16,for
member banks to underwrite long-term credits. Nearly 8,000 of the
roughly 14.000 banks in the country are member banks, and in them are
marshaled over 80% of our total banking resources.
"To deny to industry the privilege of employing the underwriting power
of those institutions is to restrict industry in its efforts to move forward with
the capital expenditures that are so vital in any broad recovery movement.
"History has shown that in every crisis requiring the mobilization of the
investment capital of the country, not only the resources of the banks but
their machinery has been essential."
President Roosevelt Asks U. S. Chamber of Commerce
to Continue Co-operation with Recovery Efforts—
Message Read at Annual Banquet Asserts "It Is
Time to Stop Crying 'Wolf.'"
President Roosevelt, in a message to the annual convention of the Chamber of Commerce of the United States,
May 3, praised American business men for their patriotic
co-operation in the recovery program. At the same time the
President expressed the hope that this co-operation will
continue, and said that the people of the United States "as
a whole" will be impatient of those who complain and who
hold out false fears. "It is time," the President said, "to
stop crying 'wolf' and to co-operate in working for recovery
and for the continued elimination of evil conditions of the
past." President Roosevelt's message was addressed to
Henry I. Harriman, President of the Chamber, and was read
at the annual banquet. Its text is given below:
May 3 1934.
My dear Mr. Harriman:
Will you please convey to the members of the Chamber of Commerce of
the United States my very cordial greetings?
Since your last session widespread and significant improvements in our
economic life have taken place. In the main, American business men have
co-operated patriotically.
I hope that increasingly intelligent co-operation between the Federal Government and the commercial interests of the country will stimulate the
progress of our recovery.
Congress has been, and Is, doing its part, and within the next few weeks
there is every probability that the legislative program for this session
will be definitely completed. The Federal Government will continue its
unceasing efforts to stimulate employment, increase American values, and
bring about a more wholesome condition. Private business can and must
help to take up the slack.
Your membership largely represents those interests which, from motives
of self-interest as well as good citizenship, have a leading role to play.
The people as a whole will be impatient of those who complain and of those
who hold out false fears. It is time to stop crying "wolf" and to co-operate
in working for recovery and for the continued elimination of evil conditions
of the past.
I confidently count on the loyalty and continued support of the Chamber
of Commerce of the United States.
FRANKLIN D. ROOSEVELT.
833,500,000 of Bonds of Federal Farm Mortgage Corporation Used up to April 30 by Land Banks and
Land Bank Commissioner to Close Farm Mortgage
Loans.
Bonds of the Federal Farm Mortgage Corp. have been used
by the Land Banks and the Land Bank Commissioner as a
basis in closing farm mortgage loans amounting to approximately $33,500,000 to date, according to a statement issued
April 30 by W. I. Myers, Governor of the Farm Credit Administration. This represents a total of over 14,400 loans
closed between March 26, the day when bonds were first
substituted for cash in the closing of loans, and April 28.
"Reports just received from the 12 Federal Land Banks and
the Land Bank Commissioner indicate that the farmers and
their creditors are giving these bonds a very ready reception,"
said Governor Myers. ."Figures show a steadily increasing
volume of loans closed since the change from a cash to a bond
basis. In fact, last Friday (April 27) loans closed amounted
to $3,339,860." In an announcement issued by the FCA
it was further reported:
Governor Myers stated that loan applications number from 7,000 to 9,000
weekly and the total number of loans acted upon by the Banks continues to
exceed the number of applications, thus curtailing the backlog of applications. Governor Myers also stated that the number of applications which
the Banks have approved and which are waiting for the farmer and his
creditors or for recording or other technical action is around 275,000, whereas
the number of applications awaiting action in the Banks ranges from 7,000
to 22.000 weekly.
Appraisals of properties offered as security for loans are now nearly current, there being on hand and received each week only a sufficient number
to keep the appraisers busy for a short period, should no new applications
be received.
Governor Myers explained that the action of the securities markets and
the farmers' creditors toward Federal Farm Mortgage Corp. bonds was
anticipated correctly by the FCA since it was expected that if the bonds
of the Corporation bore 3g% per annum interest they would sell at par or
better. The Governor pointed out that the first bonds to be sold on the New
York market brought more than par and that since then quotations have
been above 100. He stated the bonds were quoted to-day at 101 bid and
101% asked.
A reference to counter trading on a "when issued" basis
in the bonds of the Federal Farm Mortgage Corp., was made
in our issue of March 31, page 2172.
Volume 138
Financial Chronicle
Fifty-Six Firms Surrender Blue Eagle As NRA Protest.
Associated Press advices from Harriman, Tenn., April 26,
reported as follows:
Fifty-six business and professional men in Harriman, a town of 4,700
population, sent a telegram to-day to President Roosevelt and National
Recovery Administration Administrator Hugh Johnson announcing they
had taken down their blue eagle "as a protest against the NRA's forceable removal of the eagle from the Harriman hosiery mills."
President Roosevelt Approves Code for Retail Tire and
Battery Trade—Contains Section Expected to End
Price Wars by Tire Dealers.
President Roosevelt on May 1 approved a code of fair
competition for the retail tire and battery trade, subject to
a proviso which gives General Hugh S. Johnson, Recovery
Administrator, the authority to determine the existence of an
emergency in the trade as a result of destructive price-cutting
and to fix "the lowest reasonable price at which products of
the trade may be sold during the emergency period." The
National Recovery Administration announced that such an
emergency will be declared prior to May 41, the effective
date of the approved code, and that until the emergency
passes no retailer will be permitted to sell tires below certain
"floor" prices which the NRA has established as reasonable.
Leaders in the tire industry hailed this provision in the retail
code as likely to end the price wars which have recently
been prevalent among tire dealers.
An announcement by the NRA May 1 described the other
principal provisions of the code as follows:
As approved by the President, the code provides for a minimum wage of
40 cents per hour for part-time employees or employees paid on an hourly
basis in Northern States and 35 cents per hour in Southern States. Minimums for salaried employees range from $12 per week in towns of less than
2,500 population to $15 in cities of 500,000.
Under the code employees are limited to 48 hours per week, with a restriction of 10 hours per day and 52 hours in any one week. Overtime in
excess of 48 hours shall be paid at the rate of time-and-one-third.
Thirty-four trade practice provisions, designed to eliminate various forms
of unfair competition, are set forth. These deal with misleading advertising, price guarantees, secret rebates, the sale of "seconds" and other mer—
chandise. A further provision requires the posting of prices in a conspicuous manner in the dealers' establishments for the guidance of consumers.
Supplemental codes for the wholesale tire and battery trade and the tire
rebuilding and retreading industry or trade, the code provides, may be submitted as part of this document at a later date.
In his letter transmitting the code to the President, General Johnson
pointed out that this trade "urgently needs" a code offair competition; and
declared that "the reclamation of this industry and trade from the destructive competition which has existed must be a continuing task over a long
period of time."
900 Silk Mills to Cease Operations for Week—Code
Authority Orders Shutdown in Hope of Stabilizing
Industry.
All production of silk textiles in the United States will
be suspended for the week of May 14 to 21 as the result of
an order May 2 by the Code Authority for the industry,
which decreed a complete shutdown of 900 mills employing
approximately 30,000 workers. The action was taken upon
what was described as "the insistent demand of an overwhelming majority of all divisions of the industry," and
was designed both to promote better prices and to "help
the industry to continue to pay code wages, spread employment more fairly and insure the gains which labor has
already made." Peter Van Horn, Chairman of the Code
Authority, said that "members of the industry were reluctant
to take this action, but could not do otherwise in the face
of drastically reduced selling prices and increased operating
expenses as a result of the 32% increase in wages paid to
labor in the silk industry, as compared to wages paid prior
to the signing of the code by the President." Mr. Van Horn
added that the wage increase amounted to more than $14,000,000 annually. He is further quoted as follows:
"In the face of serious over-production," he said, "the industry had no
alternative other than to order the curtailment of production, particulary
because of the drastically reduced seasonal demand at extreme low priced
levels. These conditions, together with increased costs through higher
wages paid to labor, made the curtailment inescapable.
"From the facts and figures available to me it is apparent that a large
portion of our industry is now selling its product below its cost. In the
absence of an adequate provision under our code at the present time to
prohibit selling under cost, our only remedy is to curtail production to
prevent further losses to mill operators and labor."
Mr. Van Horn also said that "the present curtailment would not permanently relieve the situation" and expected that "additional shutdowns
woUld follow unless market conditions improved."
Meeting of National Association of Mutual Savings
Banks in New York City May 16-17-18.
Officers and trustees of the National Association of Mutual
Savings Banks, representing some 13,500,000 depositors and
$9,500,000,000 of savings, will meet in the Hotel WaldorfAstoria, New York City, on May 16,17 and 18. In announcing
3033
the forthcoming meeting Philip A. Benson, President of the
Association, said that "the continued gain in employment and
generally favorable outlook makes it seem likely that savings are again on the upgrade. It is certain," he added,"that
new accounts are being opened in growing numbers, which
reflects both the will and the ability to save." The speakers
will include Henry Bruere, President of the Bowery Savings
Bank; Walter H. Bennett, President of the Emigrant Industrial Savings Bank; James P. Warburg, Vice-Chairman of
the Bank of the Manhattan Co., and others.
Meeting of Board of Governors of Investment Bankers
Association of America to Be Held at White Sulphur Springs May 19-23.
The regular spring meeting of the Board of Governors of
the Investment Bankers' Association of America will be at
White Sulphur Springs, May 19 to 23, inclusive, Robert E.
Christie Jr., President of the Association announced on April
29. In issuing the call for the meeting Mr. Christie asked the
Chairman of the Association's twenty standing Committees
to hold Committee meetings at White Sulphur Springs in
conjunction with the Board of Governors sessions. "The Investment Bankers' Code," he said, "has injected a new significance into the activities of all the Committees of the Association. It will be highly constructive to bring these Committees together, in the light of the provisions of the Code."
The Association's Committees have a total membership of
248, representing investment banking organizations in all sections of the United States and Canada. The Board of Governors numbers 39 and also is Nationally representative of
both countries. Mr. Christie said that he also expected to
see a large representation of past Governors of the Association at the spring meeting, which is customarily open only to
members of the Board, to past Governors and to members of
Committees that are asked to bold meetings at the time of the
Board's sessions. The first two days of the five-day meeting
will be devoted entirely to discussions in committees. In
his call for the meeting Mr. Christie said:
I feel that the Association and the investment banking business are on
the threshold of a new period which I hope will bring better things to this
business.
Investment Banking Under Federal Securities Act
to Be Discussed by Hugh Knowlton of Kuhn,
Loeb & Co. Before New York State Society of
Certified Public Accountants May 14:
Investment banking under the Federal Securities Act, and
also related phases of the proposed National Securities Exchange Act, will be the subject of an address by Hugh Knowlton, a partner of Kuhn, Loeb & Co., which will be delivered
at the annual meeting of The New York State Society of Certified Public Accountants. This meeting will be held in New
York City at the Waldorf-Astoria on May 14th and Mr.
Knowlton's address at the evening session will be part of an
afternoon and evening discussion of the two securities acts.
In addition to Mr. Knowlton's presentation of the banking
phase of the two securities acts, other speakers will discuss
these acts in their application to accountancy, law and business. The latter phase, of these acts, will be discussed by
the executive of a corporation which is a potential issuer of
securities. Mr. Knowlton joined the staff of Kuhn, Loeb &
Co. on January 1 1932 and became a partner In that firm during the year. Prior to that time Mr. Knowlton had given up
the active practice of law in 1926 to become Vice-President of
the International Acceptance Bank, Inc., which was formed
In 1921 by Paul M. Warburg. Later, Mr. Knowlton was VicePresident of the International Manhattan Company, the securities affiliate of the Manhattan Company group, and during that time he was also Vice-President and director of the
American & Continental Corporation.
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of April 28 (page 2863),
with regard to the banking situation in the various States,
the following further action is recorded:
COLORADO.
That the South Broadway National Bank of Denver,
Colo., was expected to reopen for business about May 1
under the name of the Union National Bank of Denver, is
learned from the Denver "Rocky Mountain News" of
April 28,from which we quote in part as follows:
Plans for reopening the South Broadway National Bank as the Union
National Bank of Denver were announced in Washington yesterday (April
27) by U. S. Senator Alva B. Adams.
Financial Chronicle
3034
The Reconstruction Finance Corporation informed Senator Adams it had
approved the reorganization plan under which it would loan the new
institution $92,000 in cash and purchase $50,000 worth of preferred stock.
About $200,000 in deposits which were tied up when the bank closed
under the moratorium of March last year will be released under the new
set-up.
Deposits of $50 or under will be paid in cash, 100 cents on the dollar.
For deposits of more than $50, payment will be made of 70% in cash
and 30% in common stock. . . .
W. L. Johnson of 305 S. Emerson St., who has been Chairman of the
depositors' committee for the closed bank, will become President of the
new Union National Bank, Washington dispatches said it was understood. . . .
The new institution will have a capital structure of $120,000, consisting
of$50,000 in preferred stock (to be owned by the RFC),$50,000 in common
stock, and a surplus of $20,000.
When it opens the bank is expected to have 2,200 depositors and assets
of $350,000.
Reopening of the bank will come as one of the biggest boons which
South Denver business men have received in the past year. In addition
to the large amount of deposits which were tied up; the closing of the bank
worked an undeniable hardship on the South Denver business section.
The Union National Bank will be the third Colorado bank to be reopened
in recent weeks with the aid of RFC funds. Others were the First National
Bank of Fort Morgan and the First National Bank of Fort Collins.
ILLINOIS.
The newly organized First National Bank in Lincoln, Lincoln,Ill.,replacing!the Lincoln National Bank,which has been
under a conservator since shortly after the banking moratorium, was to open on April 25, according to advices from
that place to the Chicago "Tribune," which added:
Thirty-five per cent of deposits, amounting to $360,000. of the Lincoln
National Bank will be released through the new bank.
INDIANA.
Greenwood, Ind., advices on Apr. 21 to the Indianapolis
"News" stated that at a meeting sponsored by the Business
Men's Association and attended by .200 depositors of the
First National Bank and the Citizens' National Bank of
Greenwood,a plan to liquidate the institutions was approved.
We quote furthermore from the dispatch as follows:
Both banks, reported solvent by officials in Washington, have been on
the restricted list for the last four months. The liquidation plan will involve
release of S150,000.
It also was decided to open a new bank on a stock subscription of$55,000.
No officials of the First National or Citizens National will be connected
with the new institution and no depositors of the latter banks will be
requested to take stock. Dr. J. E. Craig was Chairman of the meeting and
J. H. Harris, Secretary.
MISSOURI.
It is learned that the St. Louis "Globe-Democrat" of Apr.
29 that the recently reorganized South Side National Bank
of St. Louis, Mo., was to open for business on May 3 and
thereby release without restrictions approximately $3,500,000, or 70% of the old bank's deposits. An announcement
of the opening said:
"The new bank will open with cash and cash-equivalent assets amounting
to approximately 105% of its total deposit liability, a percentage believed
to establish a record for liquidity of reorganized banks. Deposits will be
insured in the manner and amount provided by the Glass-Steagall Banking
Bill."
The paper mentioned continued:
Total capital account of the reorganized bank is $840,000, of which the
Reconstruction Finance Corporation has subscribed $300,000 in preferred
stock. The common stock amounts to $400,000 and there is $140,000
paid-in surplus.
IP
Carl W. Sydow, now with the Mississippi Valley Trust Co., will become
Vice-President of the South Side National. Among the directors will be
Fred L. Hofman. Officers of the bank previously announced are Frank
J. Wiget, President; Adolph Etling, Cashier; W. R. Schery, Trust Officer,
and Albert A. Rehme, Assistant Cashier.
MICHIGAN.
The Old-Merchants National Bank & Trust Co. of Battle
Creek, Mich., said to be formerly the largest bank between
Detroit and Chicago, expects to reopen May 14 or May 21
under the title of the Security National Bank, with George
C. McKay, Chairman of the Board; Loan J. Karcher,
President; Waldo I. Stoddard of Ogden, Utah, Vice-President, and H. F. Conklin, Cashier. Upon reopening, the
institution will pay 65% to all depositors, and those having
deposits of $100 or less will be paid in full. The above
information is obtained from a Battle Creek dispatch under
date of Apr. 28, appearing in the Detroit "Free Press,"
which continuing said:
More than 20,000 accounts are affected by the decision to Pay small
depositors in full. This plan is made possible by the Kellogg and the
General Foods interests, which will advance the money, relying on the
liquidation of the old bank's assets for a return. The small deposits affected
amount to about $275,000.
Articles of association for the new bank were signed and forwarded to
Washington Saturday (Apr. 28).
That the Coldwater National Bank, Coldwater, Mich.
(which had been in the hands of a conservator), has reopened
is indicated in the following taken from the "Michigan Investor" of April 28:
With the opening of the Coldwater National Bank, 50% of deposits, or
$222,000, will be disbursed to depositors of the old bank. It is to the credit
of this bank that it has managed to resume business after having been closed
May 5 1934
twice. It was reorganized and reopened shortly before the banking holiday, and closed again during the national moratorium when further capital
was required.
The reorganized bank starts with $100,000 capital and $20,000 surplus.
Of this amount, $50,000 capital and $20,000 surplus was subscribed by
stockholders and depositors, and $50,000 by the RFC Branch county supervisors subscribed one-third of $75,000 which the County had impounded
in the bank, but the school board which had $40,000 was not a subscriber.
The opening of the Coldwater National provides the community again
with three banks. Officers of the new bank are M. T. Shaw, President;
Guvarie S. Coffman, Vice-President; Harry Van Dusen, Executive Vice.
President and Carl J. Martin, Cashier.
It is learned from•the Detroit "Free Press" of May 1 that
"payoff" hopes of the depositors of the closed First National
Bank in Detroit, Detroit, Mich., received a new setback on
April 30 when litigation upon which further Reconstruction
Finance Corporation loans depends was again postponed
indefinitely in the Federal Court in Detroit. The case had
been set for trial May 2 before Judge Charles I. Dawson of
Louisville, Ky. We quote in partfrom the paper mentioned:
Chairman Jesse Jones, of the RFC,revealed in Washington 10 days ago
that another loan of perhaps $90,000,000 to $100,000,000 might be made
upon the assets of the First National to permit the paying out of 630,000
claims under $1,000 in full, through voluntary subordination of the claims
of larger depositors.
He stipulated, however, that it would be necessary to clear the path by
disposing of a suit brought by depositors of the old Peoples Wayne County
bank to establish under State laws their right to segregation of savings
assets in the merged First National. If claims of these depositors are
upheld, they might gain preferential rights in $100,000,000 or more of
mortgage assets. . . .
The depositors suit involves eleven plaintiffs and intervenors and is
directed against Receiver Charles L. Thomas, of the First National,
Under State laws, segregation of assets in which savings deposits are
invested is required, giving such deposits a preferential status. National
Bank laws require no such segregation, and in cases of insolvency, call for
ratable dividends for all depositors as assets are liquidated.
The receiver's defense has been that after more than a year of operation
under Federal laws, it is impossible to segregate or follow through the original segregation of savings assets, and that the plaintiffs forfeited any State
statutory rights that they may have had by continuing their accounts in
the First National, keeping them alive by new transactions, and that they
have accepted pro-rated dividends of the 50% already made available.
Standing Master in Chancery, after hearing evidence, construed the
State and Federal statutes as not in conflict. Exceptions to his finding
have been taken by both plaintiff and respondent, however, and it awaits
judicial review.
The aggregate of all claims of the litigants is only $39,797, of which
half has already been made available.
Pending disposition of the case, steps which would free an additional
$90,000,000 for all depositors must be held in abeyance. That additional
loan would make possible a dividend aggregating perhaps 25% for the 11
litigants as well as more than 700,000 others.
4
Robert E. McKean, of the office of Buckley, Ledyard, Dickinson &
Wright,represents the plaintiffs.
McKean said his clients were aware that their action probably was holding
up the payofffor all depositors but said that even ifthe suit were withdrawn,
the question would remain undecided, to be raised by other depositors.
NEW JERSEY.
Concerning the affairs of the closed First National Bank
of East Orange, N. J., a dispatch to the New York "Times"
on May 1 contained the following:
Five suits for a total of $124,900 have been filed against stockholders
of the closed First National Bank of East Orange for alleged non-payment
of a 100% capital stock assessment, it was announced to-day by Joseph B.
Wilson, receiver for the bank. The suits were filed in Federal Court at
Trenton.
Defendants and the amounts concerned are John D. Everitt, President
of the bank when it was closed during the banking holiday in March, 1933.
$56,100; Henry L. Holmes, who was Vice-President and Cashier, $64,100;
City Commissioner Charles Ippolito of Orange, $4,000; Edward L. Davis.
Police Judge of Orange, $600, and A. Morton Riley of Bloomfield, $100.
The People's Bank & Trust Co. of Passaic, N. J., which
had been closed since the National banking holiday in
March 1933, resumed business on May 4, just 14 months
to the day after it was closed. In indicating the bank's reopening, advices from Passaic on May 3, printed in the New
York "Herald Tribune," went on to say:
It is opening with the consent of the majority of the 22,000 depositors
who will accept 30% in cash and 70% in preferred stock as a liquidation
of their money. The deposits at the time of the closing were more than
$18,000,000.
OHIO.
In regards to the affairs of the closed Union Trust Co. of
Cleveland, Ohio, a dispatch from that city on May 1 to
the "Wall Street Journal" stated that according to J. R.
Nutt, former Chairman of the Board, the trust company
would be open as a going bank to-day if the Governor of
Ohio or the Cleveland Clearing House had acted promptly
in calling a moratorium following the one in Michigan in
February 1933. "Even afterwards," Mr. Nutt said, "when
the Cleveland Clearing House failed to act had the Union
Trust Co. been given a license to reopen—and it is recognized
by those familiar with the situation that it should have been
given a license, or if the appraisal of assets had been on the
basis of solvency instead of liquidity—many of the troubles
that Cleveland has experienced would have been avoided."
The dispatch continued as follows:
In a statement Issued to newspapers, Mr. Nutt, who was national Treasurer of the Republican Party during the Hoover Administration, states
Financial Chronicle
Volume 138
that it is time the people of Cleveland know the truth as to why the Union
Trust Co. passed into liquidation. He sees eventual payment of depositors
In full.
Mr. Nutt was an officer and director of the bank and its predecessors for
31 years, although was not active in its management after the spring of
1932, he says.
Mr. Nutt. in his statement, traces the progress of the depression during
1931 and 1932, and the development of banking troubles in northern Ohio,
showing how the Union Trust Co., between Mar. 25 1931 and the bank
moratorium in Feb. 1933 had a shrinkage in deposits from $310,000,000 to
$145,000.000.
Mr. Nutt said: "The Union Trust Co. to-day closed and operated by a
liquidator with many of its best assets sold and its trust business fast being
dissipated is not only making money, but is operating at a very handsome
profit. Net profit after all expenses for the period June 15 1933 to Apr. 1
1934 amounts to $1,862,108, a profit, I believe, greater than that realized
by any Cleveland bank which is now open with but one exception.
"The Union Trust Co. was not looted from within. There was no dishonesty in the Union Trust Co. It had a long and honorable record for
service not only in Cleveland but throughout this great industrial district,
and its closing with all the hardships, suffering and heartaches that went
with it was one of the great tragedies of the year 1933.
"I am perfectly satisfied that even now, notwithstanding the throwing
away of the very profitable trust business and the other tremendous sacrifices
that must necessarily come through liquidation—if the liquidation is continued as it is now to be, carefully handled and extended over a reasonable
period of years—every depositor can be paid in full out of the present
assets."
Concerning the affairs of the closed Guardian Trust Co.
of Cleveland, Ohio, Washington advices on May 3 by the
United Press had the following to say:
"Management" by officers and directors was blamed for collapse of the
Guardian Trust Co. of Cleveland, in a report filed with the Senate Banking
Sub-committee. The bank closed a year ago.
The closing was attributed to speculation, payment of excessive bonuses
to officials and "milking" by means of "loans" and "investments," all of
which was carried on the books at their full value, "although many of them
obviously were not worth the paper they were written on," the report said.
The document was prepared under the direction of Ferdinand Pecora.
counsel for the Committee.
PENNSYLVANIA.
The Clifton Heights National Bank, Clifton Heights, Pa.,
a new institution which replaces the First National Bank of
Clifton Heights, which had been operating on a restricted
basis since the banking holiday in March of last year, was
to open for business on May 1, according to the Philadelphia
"Inquirer" of April 28, which went on to say:
The new bank will assume certain of the assets of the old institution and
will make available to depositors whose funds have been "frozen" 30%
of the money due them. The remaining 70% will be trusteed for liquidation and payments made as funds are accumulated on the trusteed assets.
The three principal industrial corporations in Clifton Heights will be
represented in the new bank by officers and directors. Everett L. Kent,
President of the Kent Manufacturing Co., has been elected President and
director of the institution; David H. Pleet, President of the Caledonia
Woolen Mills, is a Vice-President and director, and Joseph N. Susskind,
President of the Clifton Yarn Mills. is a director. J. Milton Lutz, who
had been President of the First National Bank of Clifton Heights, has been
chosen a Vice-President of the new bank, and C. C. Gamble, formerly
associated in Philadelphia banking circles, will serve as Cashier. The
Reconstruction Finance Corporation has purchased $25,000 of preferred
stock of the new bank, which also will have $50,000 of common capital and
825.000 surplus. Deposits on the opening day will approximate $700,000.
We learn from the Philadelphia "Inquirer" of April 28
that a Court decision on the status of two closed banks taken
over for liquidation by the Bankers' Trust Co. of Philadelphia, prior to its own closing, may be necessary before
the recently authorized $4,200,000 loan by the Reconstruction Finance Corporation to the latter institution can be
consummated. This was disclosed on April 27 by financial
interests familiar with the affairs of the Bankers' Trust Co.
We quote further from the paper mentioned as follows:
•
Despite the legal difficulty, however, RFC officials in this city and
Washington and officials of the State Banking Department are understood
to be hopeful of so arranging matters that the loan can be used to Pay
upositors within 60 days.
Approximately 120,000 depositors are still owed $16,101,312.
It is considered possible that a court will be asked to decide whether the
money should be distributed to depositors of the Bankers' Trust Co. as
well as the two other institutions, or whether separate loans will have to
be obtained in the case of those two banks.
They are the Bank of Philadelphia & Trust Co., whose deposit liability
was assumed by the Bankers' Trust, July 21 1930, and the Metropolitan
Trust Co. of Philadelphia, whose affairs were taken over by the Bankers'
Trust in June 1930.
It was pointed out that, following the closing of the Bankers' Trust,
the State Banking Department handled a number of legal matters for the
other two companies under their own names, because their association with
the Bankers' Trust was not consummated through mergers. The complication was discovered, it was said, when legal experts for RFC began a
study of Bankers' Trust Co. mergers and absorption of other banks.
Releasing 40% of the "frozen" assets in cash, the Hazelwood Bank, which succeeds the Hazelwood Savings & Trust
Co. of Pittsburgh, Pa., opened for business on May 1,
according to the Pittsburgh "Post-Gazette" of that date,
from which we quote further as follows:
The new bank also paid all accounts of $100 or under in full and paid out
all Christmas savings and other purpose club funds, besides making 16%
of the "frozen" deposits available as stock in the new bank.
The new bank, according to State Banking Secretary William D.Gordon,
has capital of $200,000, surplus of $100.000, undivided profits of $20.178
and deposits of $720,270.51. Dr. 0. C. Schlag is President of the new
bank, George E. Multi° and David G. Morgan, Vice-Presidents, and A. G.
Beal, Vice-President and Cashier.
3035
Referring to the Bank of America Trust Co. of Pittsburgh,
Pa, which was placed on a restricted withdrawal basis on
Apr.19 by Pennsylvania banking authorities,the Pittsburgh
"Post-Gazette" of May 1 had the following to say:
Intimation of borrowers loomed up yesterday (Apr. 30) as an obstacle
to the investigation into affairs of the Bank of America Trust Co., whose
President, W. P. Ortale. is accused of embezzling $106,700.
Some of the borrowers have refused to sign affidavits as to their negotiations with the bank because of the threats received, it was learned from a
reponsible source.
Bank examiners have been gathering affidavits to support their charges
of irregularities in the institution's affairs.
In the meantime Ortale continued to deny the accusations against him.
At his mother's home in Mt.Lebanon, where he is recovering from an illness,
Ortale said yesterday that the directors were "acting like a bunch of chickens
with their heads chopped off. "Employees of the bank," he said,"had
threatened to quit."
He accused the directors of ignorance in banking methods, but declared
they approved every loan made by the bank.
WISCONSI N.
With reference to the affairs of the closed Commercial
National Bank of Fond du Lae, Wis., advices from that city
to the Milwaukee "Sentinel" on April 25 said:
Harry D. Trelevan was named Chairman of a committee of stockholders
of the closed Commercial National Bank to-day (April 25). Attorney
Kenneth E. Worthing was named Secretary and Miss Julia Gibbons,
Treasurer. A subcommittee was authorized to seek from the receiver of
the bank information on operations said to have been denied individual
stockholders.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made May 2for the transfer of a New
York Stock Exchange membership at $130,000. The previous transaction was at $140,000, on April 12.
Arrangements were comple-ted, April 28, for the sale of a
membership in the Chicago Stock Exchange at $3,500, down
$1,000 from the last previous sale.
The election on May 1 of Allan W. Ames as an Assistant
Vice-President was announced that day by the Marine
Midland Trust Co. of New York, New York City,
Benjamin F. Wollman, member of the New York Stock
Exchange firm of W. J. Wollman & Co., New York City,
died on May 1. Mr. Wollman's death was caused by
alheart attack. He was 62 years of age. Following his
graduation from the University of Michigan Law School,
Mr. Wollman began the practice of law in Kansas City as
a member of Wollman, Solomon & Cooper. In 1906 he
came to New York and became associated with his brother,
Henry Wollman, in the law firm of Wollman & Wollman.
He retired in 1922 to join another brother, W. J. Wollman,
in the brokerage house.
The Brooklyn Savings B- ank, Brooklyn, N. Y., has
appointed Leslie G. Cheshire an Assistant Comptroller
and William G. Smith an Assistant Cashier. Mr. Cheshire
has been with the bank for 16 years, while Mr. Smith
has served the institution 19 years.
Effective April 19, the Kings Park National Bank, Kings
Park, N. Y., capitalized at $50,000, went into voluntary liquidation. The institution was replaced by the National Bank of
Kings Park.
Grosvenor Walker Heacock, President of the Manufacturers' National Bank at Ilion, N. Y., died on April 28. In
addition to his banking interests, he was President at the
time of his death of the F. E. Hale Manufacturing Co. of
Herkimer and the Foster-Milburne Co. of Buffalo. Mr. Heacock was 50 years old.
• The First National Bank & T- rust Co. of New Haven, Conn.,
has called a special meeting of the stockholders for May 29,
to act on a recommendation of the'directors to reduce the
common capital stock of the institution from $1,260,000 to
$630,000, and to issue $630,000 of new prior preferred stock
and $920,000 of6% convertible preferred stock. Advices from
Hartford, Conn., on April 30, to the "Wall Street Journal,"
from which this is learnt, went on to say:
The Reconstruction Finance Corporation will take the prior preferred stock,
while the convertible preferred, to be of $100 par, would be offered to present
stockholders at $125 a share.
Judge John Rufus Booth,of the Superior Court, on Friday,
April 20, authorized the receiver of the City Bank & Trust Co.
of Hartford, Conn., to pay a 5% dividend in the savings department, beginning about May 1, according to the Hartford
"Courant" of April 21, which added:
The application was presented by the receiver, Howard W. Alcorn, who
said that $744,210.80 would be distributed. As soon as market conditions
3036
Financial Chronicle
improve the receiver will apply for permission to pay a dividend to commercial depositors.
Robert W. Dwyer, President of the Dime Savings Bank
of Hartford, Conn., died in that city on May 2. The
deceased banker was 71 years of age. As a young man he
entered the employ of the Dime Savings Bank and in 1903
was elected Secretary and Treasurer and a director of
the institution. On March 30 1932 he succeeded to the
Presidency of the institution, the office he held at his death.
Among other interests, Mr. Dwyer was a director of the
First National Bank and of the Hartford County Mutual
Fire Insurance Co., and a former director of the Bankers
Trust Co.
William F. Gaston, a Vice-President of the Passaic
NationaliBank & Trust Co. of Passaic, N. J., and a lawyer
in that city for 57 years, died at the Passaic General Hospital
on May 2. Mr. Gaston was graduated from Rutgers
University in 1874 and studied law in the office of the old
Jersey City law firm of Collins & Corbin. He was admitted to the bar in 1877 and five years later was elected
Assemblyman from Passaic County, serving for two years.
Mr. Gastonjwas 80 years old.
As of April 17, the South Side National Bank & Trust Co.
of Newark, N. J., capitalized at $300,000, was placed in voluntary liquidation. The institution was taken over by the West
Side Trust Co. of that city.
April
Effective April 17, the First National Bank in Lodi, Lodi,
N. J., with capital of $100,000, went into voluntary liquidation. The institution was taken over by the People's Trust
Co. of Bergen County, Hackensack, N. J.
The Comptroller of the Currency on April 23 granted a
charter to the National Bank of Olney at Philadelphia, Philadelphia, Pa. The new institution succeeds the National Bank
of Olney, in Philadelphia, and is capitalized at $200,000, consisting of $100,000 preferred stock and $100,000 common
stock. Walter D. Jennings and Floyd E. Brink are President
and Cashier, respectively, of the new bank.
On April 17 the National Bank of Ellsworth, Ellsworth,
Pa., capitalized at $25,000, went into voluntary liquidation.
There is no successor institution.
Effective April 18, the First National Bank & Trust Co. of
Tarentum, Pa., was placed in voluntary liquidation. The institution, which had a capital of $200,000, was succeeded by
the First National Bank in Tarentum.
The Pennsylvania Supreme Court on April 23 freed Charles
A. Bardolph,former President of the closed Franklin Savings
& Trust Co. of Pittsburgh, Pa., on alleged charges of false
entries in the bank's accounts. The decision, which was
handed dawn in Philadelphia, sustains the majority opinion
of the Superior Court, which last December overruled Mr.
Bardolph's conviction in the Criminal Court, in March 1933.
The Pittsburgh "Post-Gazette" of April 24, in noting the
above, also said in part:
The former bank head was indicted in April 1932, seven months after the
bank was closed by the State with a loss of approximately $1,700,000, or
half of its resources, to the 8,000 depositors.
A charter was issued on April 26 by the Comptroller of
the Currency to the Union National Bank in Mount Wolf,
Mount Wolf, Pa., capitalized at $50,000, half of which is pref' red and half common stock. It succeeds the Union National Bank of the same place. W. 0. Knaub and Chas. H.
Krebs are President and Cashier, respectively.
The First National Bank at Beaver Falls, Beaver Falls,
Pa., capitalized at $100,000, was chartered by the Comptroller of the Currency on April 21. The new bank replaces
the First National Bank of Beaver Falls. E. C. Rebeske is
President and Bente S. Luce, Cashier.
The Clifton Heights National Bank, Clifton Heights, Pa.,
was granted a charter by the Comptroller of the Currency on
April 27. The new organization, which replaces the First
National Bank of Clifton Heights, is capitalized at $75,000,
made up of $25,000 preferred stock and $50,000 common stock.
C. S. W. Packard resigned as President of the Pennsylvania Co. for Insurance on Lives & Granting Annuities,
May 5 1934
of Philadelphia, Pa., on April 30, and was elected Chairman
of the board of directors, effective May 1. At the same
time C. S. Newhall, formerly Executive Vice-President
of the company, was elected President, and Wm. Fulton
Kurtz, a Vice-President, was elevated to Mr. Newhall's
former office. These changes in the personnel of the
institution were made at the weekly meeting of the directors.
The announcement as printed in the Philadelphia "Inquirer"
of May 1 said:
"Mr. Packard, at his own request, retires as President of the company
on completion of 35 years of service, having been elected to that office
In 1899."
Mr. Packard became associated with the company in 1893, when the
main office was at 517 Chestnut St., while Mr. Newhall, who has been
with the company 38 years, started as an assistant bookkeeper, and Mr.
Kurtz, who has been in the banking business for 26 years, became a VicePresident of the Pennsylvania Co. in 1930 when the Colonial Trust Co.
merged with the Pennsylvania Co. Previous to the merger, Mr. Kurtz
•was President of the Colonial Trust Co., having been elected to that
post in 1918.
Bruce Baird, who has been connected with the National
Savings Bank & Trust Co. of Washington, D. C., since 1919,
has been promoted to Trust Officer, it is learned from the
Washington "Evening Star" of April 22. Mr. Baird is a
graduate of the Georgetown Law School and a member of
the District of Columbia Bar. He practiced law in Washington before entering the banking field, it is stated.
Two Elkins, W. Va., banks—the People's National Bank of
Elkins and the Elkins National Bank—were placed in voluntary liquidation on April 16. The institutions, which were
both capitalized at $100,000, are succeeded by the Tygarts
Valley National Bank of Elkins.
An official indication that the Commerce Guardian Trust &
Savings Bank of Toledo, Ohio, now in liquidation by the
State Banking Department, expects to pay 100 cents on the
dollar was given depositors and creditors on April 21, in a
statement issued after the Common Pleas Court had approved
payment of a 5% dividend to depositors on that day. The
payment will mean distribution of $558,517.32. The Toledo
"Blade" of April 21, authority for the above, went on to say:
Checks of those who have accounts in the new bank (the Commerce Guardian Bank) were credited to the accounts of those depositors this morning.
These amount to about $490,000. The other checks were mailed to depositors.
The statement issued by the Banking Department says that of the approximately $27,000,000 due depositors at the time the bank closed, only $6,526,657.16 remains. This, the statement says, represents only 64.19% of the
book value of the remaining assets. The statement says on the matter of final
liquidation:
"Since the closing we, as the officials in charge of liquidation, have made
reappraisals at intervals of six months, and in our judgment the assets now
remaining on hand are still worth substantially more than the total of
liabilities."
The 5% payment authorized to-day means that the bank has returned to
depositors 55% of their deposits. The statement points out that the greater
part of the remaining assets is in real estate loans representing all types of
structures from the large downtown building to the modest home.
The statement estimates that at least $500,000 of these assets may be refinanced through the Rome Owners' Loan Corp. and another dividend will
he possible shortly. In addition, the bank is seeking authority to borrow
up to $3.000,000 from the Reconstruction Finance Corporation, which would
enable it to pay a substantial dividend as conditions warrant.
It is learned from the Chicago "Tribune" of April 26 that
the Halsted Exchange National Bank of Chicago, Ill.,
has started a foreign exchange department under the direction of I. Papernick.
A charter was granted by the Comptroller of the Currency
on April 23 to the First National Bank in Lincoln, Lincoln,
Ill., with capital of $100,000. It replaces The Lincoln National Bank. George M. Knochel and W.H. Berger are President and Cashier, respectively, of the new organization.
Depositors of the closed Fillmore Bank of Fillmore, Montof
gomery County, Ill., will have been paid 70% of the amount
of their deposits on receipt of checks for a 10% dividend
mailed by Receiver Edward A. Murray, according to Associated Press advices from Hillsboro, Ill., on April 19, which
added:
The receiver expressed: confidence depositors will be paid in full if business improvement continues. The bank closed in March 1932.
•—•—•
The First National Bank of Utica, Utica, Mich., capitalized
at $50,000, went into voluntary liquidation on April 17. It
was succeeded by The Utica National Bank.
The Grundy County National Bank of Grundy Center,
Iowa, with capital of $50,000, was placed in voluntary liquidation on April 20. It was replaced by The Grundy National
Bank of Grundy Center.
Volume 138
3037
Financial Chronicle
Advices from Little Rock, Ark., on April 30, printed in
the Memphis "Appeal" stated that dividends totaling 45%
had been paid by the American Exchange Trust Co. of
Little Rock since it closed in November 1930, according to
the first quarterly report filed in the Chancery Court in
Little Rock on that day by Sam Wilson, special Deputy
Bank Commissioner in charge of the liquidation of the
institution. The dispatch went on to say:
OA large part of the remaining assets of the bank has been Pledged to
the Reconstruction Finance Corporation to repay a loan of $1,000,096.31.
secured to pay dividends. The bank still has liabilities of $4,244,917.25 in
deposits.
The plan of the First National Bank of St. Louis, Mo., to
sell $4,000,000 preferred stock to the Reconstruction Finance
Corporation will become effective before June 1, according
to the St. Louis "Globe-Democrat" of April 26, which continuing said:
•
The plan was ratified at the special stockholders' meeting on April 23,
when also the bank received enough consents for distribution of the stock
of First National Company.
The preferred stock will be 4% retirable, with semi-annual dividend dates
Aug. 1 and February 1.
Out of a possible total of 600,000 shares of First National Bank, there
were 525.205 voted at the special meeting, of which 525,172 were voted
in favor of the plan to sell the preferred stock and reduce the par value of
the common from $20 to $17. Thirty-three shares owned by one person
were voted in the negative.
The First National Bank of Butler, Butler, Mo., was
chartered by the Comptroller of the Currency on April 23.
It is a primary organization and is capitalized at $50,000,
half of which is preferred and half common stock. Carl J.
Henry heads the new institution with H. H. Lisle as Cashier.
Irving A Vant, President of the St. Joseph Stock Yards
Bank, St. Joseph, Mo., died at his home in that city on
April 26 after an extended illness. Mr. Vant began his
career at the age of 22 when he entered the banking department of Swift & Co. in Chicago. Later he was sent to
Denver where he was President of the Stock Yards Bank for
several years. In 1908 he went to St. Joseph to become
President of the St. Joseph Stock Yards Bank, the office he
held at his death. The deceased banker held directorate
memberships in more than 20 Middle Western concerns.
He was 63 years of age.
Regarding the affairs of the defunct Planters' Bank of
Wilson, N. C., advices from that place on April 21, appearing
In the Raleigh "News and Observer," had the following to
say:
R. H. Stevens, receiver and liquidator for the closed Planters' Bank of
Wilson, is preparing to pay a dividend of 15% to depositors which will
amount to $60,179.92.
He has collected $117,985.94 from all sources and has paid in preferred
claims $68,375.98. He has paid dividends amounting to $43,652.11, or 5%
of the unsecured claims, and above the running expenses of the bank during its liquidation, this income being derived from rents, interest or investment and miscellaneous items.
A dispatch from Melbourne, Fla., on April 21 to the
"Florida Times-Union" stated that a new institution has been
organized in that place under the title of the Bank of Melbourne with capital of $25,000 and a cash surplus of $1,500,
and will open for business as soon as arrangements can be
completed and organization details approved by the Federal
Government, which will insure deposits in the new institution. Officers chosen for the new bank, it was stated, were:
C. H. McNulty, President; Harvey Huggins, Vice-President;
John DeBarry, Cashier, and Gene Tucker, Assistant Cashier.
Dec. 27 last. It has been absorbed by the Sebastopol Savings Bank of the same place.
Effective Feb. 13 1934, The National Bank of Hardwick,
Feb.
Hardwick, Calif., capitalized at $25,000, went into voluntary
liquidation on Feb. 13. This institution was absorbed by The
First National Bank of Riverdale, Calif.
As of April 2, The First National Bank of Bremerton, Bremerton, Wash., capitalized at $100,000, was placed in voluntary liquidation. The institution was absorbed by The National Bank of Commerce of Seattle, Wash.
A condensed balance sheet of The Mitsui Bank, Ltd. (bead
office Tokyo, Japan) as of Dec. 31 1933, shows net profits
for the six months ending that date of 12,926,393 yen (including balance from last account of 6,960,799 yen and transfer from pension fund of 665,171 yen) which was allocated as
follows: 2,400,000 yen to take care of dividend to shareholders; 1,000,000 yen added to reserve fund; 559,800 yen contributed to pension fund, and 280,000 yen to pay a bonus,
leaving a balance of 8,686,593 yen to be carried forward to the
current half year's profit and loss account. Total assets are
shown in the statement as 926,774,905 yen, of which loans and
discounts amount to 409,395,376 yen; Japanese and Foreign
Government bonds to 177,191,543 yen; municipal and other
bonds to 103,856,294 yen; foreign bills purchased to 67,438,154 yen and cash in hand and at the Bank of Japan, etc.,
to 55,485,933 yen. On the debit side of the statement deposits
are given as 715,288,952 yen, this being a gain of 18,326,516
yen over those of six months ago. The paid-up capital of the
Institution is 60,000,000 yen and its reserve funds and undivided profits aggregate 63,486,593 yen. The New York
agency of The Mitsui Bank, Ltd., is at 61 Broadway.
Course of Bank Clearings.
Bank clearings this week will again show a substantial
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 5) bank exchanges for all cities of
the United States from which it is possible to obtain weekly
returns will be 21.0% above those for the corresponding
week last year. Our preliminary total stands at $6,079,519,230, against $5,026,123,708 for the same week in 1933.
At this center there is a gain for the five days ended Friday
of 19.3%. Our comparative summary for the week follows:
1934.
1933.
Per
Cent.
New York
Chicago
Philkdelphla
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$3,532,157,187
201,442,365
263,000,000
182,000,000
62,066,592
59,900,000
100,413,000
89,113,225
69,122,151
51,302,658
48,920,225
23,034,000
$2,959,673,979
175,372,838
192,000,000
185.000,000
47,221,008
49,000,000
75,620,000
58,372,954
6,342.036
32,573,182
31,839,704
10,184,577
+19.3
+14.9
+37.0
-1.6
+31.4
+22.2
+32.8
+52.7
+989.9
+57.5
+53.6
+126.2
Twelve cities,5 days
Other cities, 5 days
$4,682,471,403
467,127,955
$3,823,200,278 +22.5
439,414,405 +6.3
Total all cities,5 days
All cities, 1 day
$5,149,599,358
929,919,872
$4,262,614,683
763,509,025
+20.8
86.079.519.230
85.026.123.708
+21.0
Cleartnos-Returns by Telegraph.
Week Ended May 5.
Total allcitles for week
+21.8
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
last day
Dr. T. R. Henderson, President of the Bank of Commerce until noon to-day. Accordingly, in the above the
of the week has to be in all cases estimated.
of Greenwood, Miss, died suddenly in that city on April
In the elaborate detailed statement, however, which we
28. Dr. Henderson was born in 1854, began the practice of
present further below, we are able to give final and complete
medicine following his graduation from college, but retired
results for the week previous
-the week ended April 28. For
from active practice 40 years ago to engage in banking and
that week there is an increase of 27.3%, the aggregate of
planting. He had been President of the Bank of Commerce
clearings for the whole country being $5,199,104,746, against
since its organization in August 1904. Among other in$4,082,946,293 in the same week in 1933.
terests, he was Chairman of the board of the Greenwood Light
Outside of this city there is an increase of 34.7%,the bank
& Water Commission, an office he had held since 1905.
clearings at this center having recorded a gain of 23.8%. We
The State Bank Commissioner of Colorado on April 17 au- group the cities according to the Federal Reserve districts
in which they are located and from this it appears that in the
thorized the payment of a 10% dividend, amounting to $2,New York Reserve District, including this city, the totals
263,08, to the depositors of the Hartman State Bank at Hartrecord an increase of 23.3%, in the Boston Reserve District
man, Col., according to the Denver "Rocky Mountain News"
of 11.2% and in the Philadelphia Reserve District of 44.5%.
of April 18, which went on to say:
In the Cleveland Reserve District the totals are larger by
Checks were mailed to 135 depositors. It was the fourth dividend paid
38.5%, in the Richmond Reserve District by 41.0% and
to depositors of the institution.
in the Atlanta Reserve District by 40.3%. The Chicago
First
The First National Bank of Sebastopol, Sebastopol, Calif., Reserve District enjoys a gain of 58.7%, the St. Louis
with capital of $100,000, went into voluntary liquidation on Reserve District of 58.0% and the Minneapolis Reserve
Financial Chronicle
3038
District of 7.6%. In the Kansas City Reserve District the
totals record an improvement of 26.0%,in the Dallas Reserve
District of 40.9% and in the San Francisco Reserve District
of 28.5%.
In the following we furnish a summary of Federal Reserve
districts:
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for April and the four months of 1934 and 1933 are given
below:
Itionth of April.
1934.
1933.
Federal Reserve fists.
$
223,894,352
lat Boston_ _ _ _12 cities
3,479,385,781
2nd Newyork._12 ••
302,591,519
3rd Philadelpla 9 "
202,042,546
4th Cleveland__ 5 "
91,212,662
6th Richmond _ 6 "
93,209,936
6th Atlanta_...10 "
340,232,205
7th Chicago _ _ .19 "
87,999,024
8th St.Louls___ 4 "
68,265,179
9th Minneapolis 7 "
94,092,008
10th Kansas City 10 "
5 "
11th Dallas
42,715,383
176,464,151
12th San Fran_ _13 "
112 cities
Total
Outside N. Y. City
5,199,104,746
1,801,757,304
(lanntia --------32 nIt164
203 270 sst
2
201,319,518
2,821,465,039
209,468,860
145,852,747
64,705,804
64,301,686
214,409,129
55,691,469
63,439,256
74,673,222
30,314,718
137,304,844
Inc.or
Dec.
1931.
1932.
4,642,416,155 10,235,049,364
1,813,004,394 3,092,465,558
4,033,946,293 +27.3
1,337,724,392 +34.7
225.169.066
1934.
2
$
%
482,449,539
273,061,693
+11.2
+23.3 2,920,537,857 7,291,297,347
459,144,610
277,646,500
+44.5
188,137,734
+38.5
336,337,501
96,048,985
+41.0
154,217,052
+40.3
121,819,826
97,466,302
692.909,201
356,896,897
+58.7
+58.0
78,997,313
128,551,538
106,613,751
61,636,761
+7.6
91,430,326
+26.0
139,187,721
+40.9
50,712,331
34.962,034
+28.5
271,808,947
165,593,753
-1.7
210.459.008
369.453.087
We also furnish to-day a summary of the clearings for
the month of April. For that month there is an increase
for the entire body of clearing houses of 46.0%, the 1934
aggregate of clearings being $24,362,546,015, and the 1933
aggregate $16,691,338,654. In the New York Reserve
District the totals record an expansion of 48.1%, in the
Boston Reserve District of 25.8% and in the Philadelphia
Reserve District of 48.5%. The Cleveland Reserve District
records an improvement of 41.3%, the Richmond Reserve
District of 45.4% and the Atlanta Reserve District of 41.9%.
In the Chicago Reserve District the totals are larger by
66.7%, in the St. Louis Reserve District by 39.2% and in
the Minneapolis Reserve District by 22.9%. The Kansas
City Reserve District has to its credit a gain of 38.5%, the
Dallas Reserve District of 28.7% and the San Francisco
Reserve District of 30.4%.
April
1934.
April
1933.
Inc.or
160.or
Federal Reserve Foists.
$
2
%
1st Boeton_ _ _ _14 citt66
981,507,285
780,120,528 +25.8
2nd NewYork_13 " 16,469,617,332 11,117,735,653 +48.1
1,339,502,297
3rd Philadelpla 12 "
901,942,744 +48.5
863,097,958
610,901,708 +41.3
4th Cleveland_ _13 "
416,220,040
286,334,272 +45.4
5th Richmond _ 8 "
439,536,980
309,644,173 +41.9
6th Atlanta____15 "
1,456.805,387
874,122,617 +66.7
7th Chicago _ _ _25 "
314,617,183 +39.2
437,975,789
8th St.Louis_ _ _ 6 "
323,210,153
9th Minneapolls13 "
263,069.542 +22.9
539,046.433
389,200,774 +38.5
10th Kansas City 14 "
290,179,627
225,545,194 +28.7
11th Dallas
10 "
805,894,734
618,104,266 +30.4
12th San Fran_ _22 "
April
1932.
April
1931.
$
$
1,178,420,925 2,013,404,731
14,438,640,086 27,033,407,306
1,355,602,200 1,834,379,145
916,271,764 1,448,813,355
477,998,929
652,123,657
427,151,368
557,459,018
1,688,190,760 2,962,589,497
404,472,276
579,033,669
308,630,266
422,842,317
544,508,203
754,233,585
258,214,563
376,143,564
828,271,233 1,218,051,622
Total
165 cities 24,362,546,015 16,691,338,654 +46.0 22,826,372,573 39,712,451,460
8,273,931,313 5,902,515,643 +40.2 8,557,550,480 13,331,643,296
Outslde N. Y. City
rnmtrin
22 riling
1 009 ATI 181
010 040 887 -4-987
1
ay, 6701 40
1 118 71111 811
We append another table showing the clearings by Federal Reserve districts for the four months for each year
back to 1931:
4 Months
1934.
Federal Reserve Dints.
1st Boston_ _ _ _14 cities
2nd NewYork__13 "
3rd Philadelplal2 "
4th Cleveland-13 "
5th Richmond. 8 "
6th Atlanta___ _15 "
7th Chicago...25 "
8th St.Louis_ __ 6 "
9th 51inneapolls13 "
10th Kansas Clty14 "
10 "
11 ttt Dallas
12th San Fran. _22 "
2
3,759,344,596
59,836,673,482
4,856,797,264
3,228,473,895
1,591,225,443
1,753,138,234
5,369,071,117
1,723,338,006
1,252,628,492
2,120,515,633
1,990,077,799
3,114,265,824
4 Months Inc.or 4 Months
1933.
Dec.
1932.
2
3,160,137,415
48,454,061,649
4,265,628,523
2,586,172,441
1,268,275,157
1,204,136,821
3,702,209242
1,246,041,009
944,267,413
1,571,642,431
875,964,023
2,382,072,261
%
+19.0
+23.5
+13.9
+24.8
+25.5
+45.6
+45.0
+38.3
+32.7
+34.9
+36.9
+30.7
4 Months
1931.
$
4,681,301,734
61,345,596,837
5,338,134,718
3,754,391,831
1,940,324,373
1,716,970.278
6,670,109,088
1,673,104,306
1,227,773.139
2,218,345,172
1,127,295,791
3,400,496,186
2
7,405,371,234
101,478,090,124
7,346,209,608
5,739,750,272
2,541,882,968
2,316,140,369
11,586,215,131
2,326,182,406
1,671,390,602
3,093,070,462
1,540,228,608
4,725,079,792
165 cities 89,805,549,785 71,660,608,485 +25.3 95,093,843.453 151,440,046,576
Total
31,503,411,635 24,605,818,385 +28.0 35,612,717,143 52,367,119,661
Outside N. Y. City
nntmrin
22 tlitiP0
4 677 540 100
A WA RI/ 671 4-218
4 176 116 nan
g 6.700 911
Four Months.
Description.
SUMMARY OF BANK CLEARINGS.
Week Ended Apr. 28 1934.
May 5 1934
1933.
1934.
1933.
Stocks, number of shares. 29,845,282 52,896,596
171,141,487
111,025.645
Bonds.
RR. At miscell. bonds... $256,884,000 $144,626,000 $1,033,636,000 $ 526,237,900
State, foreign, &c.. bonds 49,681,500 66,992,500
275,542,500
234,187,500
U.S. Government bonds. 55,635,100 59,678,700
197,498,300
198,183,800
Total bonds
2362,200,600 2271.297,200 21,507,362,300
2957.923.700
The volume of transactions in share properties on the
New York Stock Exchange for the four months of 1931 to
1934 is indicated in the following:
1934.
1933.
1932.
1931.
No. Shares. No. Shares. No. Shares. No. Shares.
Month of January
February
March
54,565,349
56,829.952
29,900.904
First quarter
18,718,292
19,314,200
20.096,557
34,362,383
31,716,267
33,031,499
141,296,205
58.129,049
99,110,149 172,263,252
29.845.282
52.896.596
31.470 916
And'
42,423,343
64,182,836
65,658,034
54 248 838
The following compilation covers the clearings by months
since Jan. 1 1934 and 1933:
MONTHLY CLEARINGS.
Clearings, Total All.
Clearings Outside New York.
Month.
1933.
1934.
1934.
1933.
$
Jan__ 21,405,271,488 20,122,335,279 +6.4 7,853,017,094 7,476,410,254 +5.0
Feb_ _ _ 20,514,521,753 18,384,063,574 +11.6 7,014,619,755 6.220,346.776 +12.8
Mar _ _ 23,523,210,529 16,462,870,978 +42.9 8,364,843,473 5,006,545,712 +67.1
1st qu_ 65,443,003,770 54,969,269,831
+19.1 23,232,480,322 18,703,302,742 +24.2
April._ 24,362,546,015 16.691.338.654 +46.0 8,273,931,313 5,902,515,643 +40.2
The course of bank clearings at leading cities of the country
for the month of April and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN APRIL.
April
Jan. 1 to April 301934. 1933. 1932. 1931. 1934.
(000.000s
1933.
1932.
1931.
omitted.)
$
$
$
$
$
$
$
$
16,089 10,789 13,969 26,381 58,299 47,055 59,481 99,073
New York
Chicago
934
691 1,112 1,901
3,406
2,692
4,264
7,401
Boston
851
677 1,023 1,804
3,268
2,734
4,059 0,596
Philadelphia
1,285
859 1,279 1,697 4,644
4,065 5,028
6,820
St. Louis
272
286
410
212
1.091
823
1,124
1,654
Pittsburgh
626
1,380
371
372
264
1,118
1,538
2,481
San Francisco
459
451
654
357
1,735
1,378
1,873
2,534
Baltimore
249
224
344
144
831
633
1,023
1,341
Cincinnati
182
252
137
691 . 550
187
761
1,011
Kansas City
274
367
202
1,084
278
823
1,135
1,569
Cleveland
463
301
250
163
923
741
1,220
1,818
Minneapolis
207
178
200
267
786
620
790
1,061
New Orleans
134
97
168
59
402
294
511
739
59
Detroit
591
1.157
34
310
383
294
2,347
Louisville
96
102
66
396
75
269
317
404
Omaha
98
110
153
70
469
263
406
620
Providence
34
51
28
41
134
111
159
197
Milwaukee
69
104
58
42
211
166
295
411
Buffalo
117
199
89
111
433
361
482
697
St. Paul
91
53
66
80
327
208
266
359
Denver
65
83
84
119
292
253
332
417
Indianapolis
47
34
53
73
184
150
224
299
Richmond
113
111
140
90
455
372
462
593
Memphis
54
55
36
49
229
139
196
224
Seattle
92
101
141
76
359
287
414
557
Salt Lake City_ _
42
32
38
65
162
133
170
250
Hartford
41
37
54
31
141
120
149
209
Total
22,772 15,478 20,833 37,281 83,489 66,741 86,978 141,682
Other cities
1,591 1,213 1,993 2,431
6,317
4,920 8,116
9,758
_
Total all
24,363 16,691 22,826 39,712 89,806 71,661 95,094 101,440
Outside N. Y. City 8,274 5,903 8,858 13,332 31.506 24,606 35,613
52,367
We now add our detailed statement showing the figures
for each city separately for April and since Jan. 1 for two
years and for the week ended April 28 for four years:
CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FORWEEK ENDING APRIL
28.
Month of .4pr U.
Four Months Ended April 30.
1934.
1933.
Inc. or
Dec.
2
$
%
First Federal Reser ye District- Boston
-Bangor
2,056,316
1,542,852
Me.
7,441,359
Portland
3,48.8314
-Boston
850.737,651
676,572,754
Mass.
2,777,264
2,147,290
Fall River
1,653,219
1,415,153
Holyoke
1,187,501
992,936
Lowell
2.563,329
1,907,481
New Bedford
11,227,791
11,400,961
Springfield
3,816,715
5,120,960
Worcester
30,956,239
40,761,567
-Hartford
Conn.
14,821,876
13,112,913
New Haven
3,316,500
4,814,400
Waterbury
27,825,800
34,263,000
Providence_ _ _
R. I
1,624,620
2,081,052
-Manchester
N.20.
Total (14 cities)._
981,507,285
1934.
$
+33.3
8,236,946
+113.3
29,064,602
+25.7 3,268,198,569
+29.3
10,265,968
+16.8
5.879,969
+19.6
4,757,087
+34.4
9,909.590
-1.5
44,434,031
+34.2
20,389,122
+31.7
140,819,586
+13.0
57,786,195
+45.2
18,420,400
+23.1
133,659,000
+28.1
7,523,531
780,120.528 +25.8 3,759,344,596
. 1933.
$
Week Ended April 28.
Inc. or
Dec.
1934.
1933.
0
Clearings at
-
$
$
5,619.276
21,175,831
2,734,047,045
8,773,656
5,217.394
4.059,536
7,788,268
43.339,376
20,942,767
119,854,699
57,509,937
13,756,800
111,433,900
6,618,930
3,160,137,415 +19.0
489,671
1.835,164
194,739.582
650,415
402,248
915,733
177,000,000
520,216
Inc. or
Dec.
1932.
%
$
1931.
$
+21.7
+100.4
+10.0
+25.0
339,400
1,845,649
244,000,000
583.791
655,800
3,183,882
435,586,006
1,141,028
266.874
502,247
2,754,610
1,290,634
9.827,325
3,521,777
248,420 +7.4
465,430 +7.9
2,290,622 +20.3
1,110,000 +16.3
8,150,031 +20.6
3,223,542 +9.3
330,755
578,458
3,247,101
1,962,395
7,674,753
4,935,657
517,529
935,583
4,552.124
3,453,927
12,633,064
7,615,763
7,569,700
440,353
6,504,400 +16.4
488,876 -8.7
7,120,600
443.044
11,597,400
577,435
223,894,352
201,319,518 +11.2
273,061,693
482,449,539
3039
Financial Chronicle
Volume 138
CLEARINGS-(Continued).
Four Months Ended April 30.
Month of April.
Week Ended April 28.
Clearings at
1934.
1933.
Inc. or
Dec.
1934.
%
$
$
$
Second Federal Res erve District -New York
32,543,111
-Albany
Y.
28.831,830
3,065.035
Binghamton
3,406.38.5
89,210,416
Buffalo
111,153,222
2,451,499
Elmira
2,046,484
1,300,076
Jamestown
1.971.180
16,088,614,702 10,788,823,011
New York
25,938,023
23,413,976
Rochester
11,703,846
14.196.234
Syracuse
10.395,292
9,221,517
onn.-Stamford
. 1.
1,418.789
1,000,000
-Montclair
59.946,466
72,568,278
Newark
Northern N. J
105,078,316
91,611.063
3,998,597
Oranges
3,445,637
1933.
Inc. or
Dec.
1934.
1933.
Inc. or
Dec.
1932.
1931.
$
%
$
$
%
$
$
146,015,360 +4.8
153,070,182
-11.4
6,736,468
8,768.609
14.988,282
12.800,415 +17.1
+11.1
624,368
636,290
433,395.842
361,227,693 +20.0
20,318.142
+24.6
26,208,654
8,917,131
10,225,870 -12.8
522,573
-16.5
501,359
7,669,269
6.485,622 +18.3
+51.6
440,426
250,678
+49.1 58,299,138.150 47,054,790,100 +23.9 3,397.347,442 2,745,221,901
105,950,565
9,5,727,224 +10.7
+10.8
5,222,843
5,194.264
51,381,046 +11.6
57,340,025
+21.3
3,388,344
3,216,486
42.249,445
37,681,537 +12.1
+12.7
2,057,920
2.307,705
6,181,999 -1.3
6,099,516
+41.9
254,131
300,000
275,004,203
+21.1
260,962,791
+5.4
14,415,782
15.021.899
419,718,322
396,821.080 +5.8
+14.7
21,332,142
20.562.394
13,760,912 +2.7
14.132.550
+16.0
7.030,078
5,932.582
-23.2
1.114.599
631,049
-1.9
41,865,682
23,462,336
+29.0
971.646
-4.1
631,381
873,324
505,553
+75.7
+23.8 2,829,411,761 7,142,583,806
12,055,087
+0.6
6,198.547
6,830.985
3,459,767
+5.3
2,770.147
2,632.907
+12.1
703,544
-15.3
433,278
35,270,184
21.648,432
+4.2
39.228.265
25.590,264
+3.7
Total (13 cities)... _ 16,469,617,332 11,117.735,653 +48.1 59,837,673,482 48,454,061,649 +23.5 3.479,385,781 2,821,465,039 +23.3 2.920,537,857 7,291,297.347
Third Federal Rese rve District- Philadelphia-Altoona
9,
1,471,145
1,132,485 +29.9
b
b
Bethlehem
b
Chester
1,239,831
1,033,958 +19.9
Harrisburg
7,156.968
6.565,895 +9.0
Lancaster
3,724,481
2,867,512 +29.9
Lebanon
1,407,873
1,264,516 +11.3
Norristown
1,918,532
1,514,453 +26.7
Philadelphia
1.285,000,000
858,704,000 +49.6
Reading
3,836,839 +15.8
4,441,797
Scranton
9.167,811
6,917,163 +32.5
Wilkes-Barre
6,137,492 -4.2
5,878,300
York
3,796,431 +26.8
4,815.059
Trenton
8,172,000 +62.5
13,280,500
5.541,443
b
4,577,329
26,118,820
12,600.388
4.820,193
7,110,115
4.644.000,000
17,553,761
36,401,290
23,878.719
16,408,106
57,787,100
3,492,865
b
3,874,435
27,477,440
11.956,403
4,497,712
6,117,006
4,064,666,000
18,952,999
32,264,692
23,028,644
14,319,727
54.980,600
+58.7
b
+18.1
-4.9
+5.4
-7.2
+16.2
+14.3
-7.4
+12.8
+3.7
+14.6
+5.1
901.942,744 +48.5
4,856,797,264
4,265,628,523 +13.9
Fourth Federal Res erve District- -Clevelandc
c
hlo-Akronc
2,832,023 +76.9
Canton
5,010,536
137.366,656 +32.4
Cincinnati
181.862.818
163,021,266 +53.6
Cleveland
250,346,991
28,604,900 +20.0
Columbus
34,335,600
1,521,189 +3.1
Hamilton
1,568,914
261,742 +109.8
549.231
Lorain
Mansfield
3,343,753 +43.5
4.796,867
b
b
Youngstown
b
a.
595,772 -7.7
-Beaver Co
.550,000
Franklin
247,000 +46.0
360,573
Greensburg
525,163 +51.6
796.295
Pittsburgh
263,542,625 +41.1
371,741,024
:y.
-Lexington
3,350,556 +6.4
3,566,415
7. Va.-Wheeling_ _ _ _
5,689,113 +32.9
7,562,694
c
18,757,725
691.259,706
922,923,997
135,651,900
6,166.028
2,055,946
18,228.156
b
2.141,018
1,343,597
2,664,930
1,379,909.943
22,723,998
24,646.951
3,228,473,895
c
11,160,532
549,996,439
741.410,827
103,239,050
5.362,487
1,177,023
11.854.424
b
2,244,277
1,002,014
2,669.559
1,117,840,017
16,990.739
21,225,053
2,586,172,441
+55.0
+19.7
b
+57.3
2,148.047
31.751,000
454,570,245
c
14.477,956
24,782,515
831,141,698
4,017,553
b
228,336,429
4,057,078
34,601,000
372,471,799
c
9,936,257
d6.205,325
632,745,550
3,073,141
b
205,185,007
286,334,272 +45.4
1,591,225.443
Total(12 cities)
1,339,502,297
Total (13 cities).---
863,047,958
610.901,708 +41.3
Fifth Federal Reser ye District- Richmond
7. Va.-Huntington_.
524,987
538,764
a.
-Norfolk
8,832,000
8.175.000
Richmond
90.229.375
110.624,614
l. C.
-Raleigh
c
c
. C.
-Charleston..,_
3.776,856
2,485,240
Columbia
b
6,913,900
Id.
-Baltimore
223,824,809
144,409,596
Frederick
1,068,763
892,556
Hagerstown
b
b
I. C. Washington.- - 61,297.334
38.960.518
Total (8 cities)
416,220,040
Sixth Federal Reset ye District- Atlantaenn.-Knoxville
9.948,247
17,249,238
Nashville
48,940,703
34,758,111
a.
-Atlanta
157,200,000
110.800,000
Augusta
4.199,242
3,595,022
Columbus
2,171,563
1,673,024
Macon
2,127.188
1.677,327
la.
-Jacksonville 47,639,049
32,578,771
1%Tampa
3,405,026
4,699.867
la.
-Birmingham____
36,112,819
53,711,689
Mobile
3,023,602
4,119,911
Montgomery
1,845,855
2,828,388
fiss.-Hattlesburg ... _
2.730,000
3.507,000
Jackson
b
b
Meridian
1,015,555
1,048,343
Vicksburg
386,484
440,984
a.
-New Orleans
96,954.808
58,793,339
+2.6
-7.4
+22.6
c
+52.0
272.133
b
318,136
257,360 +5.7
b
b
250,230 +27.1
398,852
b
405,610
760,080
b
905,315
821,843
685,193 +19.9
1,063,113
1.543,107
292,000,000
868,733
1,920,483
1,162,214
960,177
4,267,800
202,000,000 +44.6
1,050,937 -17.3
1.381,500 +39.0
1,483,163 -21.6
882.477 +8.8
1,478,000 +188.8
265,000,000
2,316,813
1.975,627
1,559,225
1,149.260
3,778,000
436,000,000
4,102,285
5,361,983
3.543,614
1,947,226
4,981,000
302,591,519
209.468.860 +44.5
277,646,500
459.144,610
c
48.1
c
+25.7
41,182,194
+24.5
61,682,011
+31.4
7,707,400
+15.0
+74.7
+53.8
1,047,968
b
b
-4.6
+34.1
-0.2
+23.4
90,422,973
+33.7
+16.1
+24.8 202,042,546
c
c
c
c
29.975.477 +37.4
45.606,337 +35.2
5,908,500 +30.4
c
c
37,703,038
61,384,208
6,551,600
59,004,871
106,453,385
12,951,800
756,535 +38.5
b
b
807,614
b
1,293.151
b
63.605,898 +42.2
81,691,274
156.634.294
145,852,747 +38.5
188,137.734
336,337.501
300,000 -64.6
2.031,000 -14.7
22,776,793 +21.1
385,819
2,581,104
26,480.923
571,702
4.083,946
36,166.275
-47.1
-8.2
422.0
106.318
1,733,000
27,589.960
c
c
+45.7
+299.4
+31.4
+30.7
b
+11.3
778,420
578,795 +34.5
761,697
1,720,234
48,961,394
32.092,188 +52.6
48,533,935
87,589,464
12,043.570
6.927,030 +73.9
17,305,507
24,085,431
1.268,275,157 +25.5
91,212,662
64.705,804 +41.0
96,048,985
154.217.052
+11.5
+37.4
+55.6
+47.7
+27.2
+72.3
+37.5
+24.1
+65.4
+35.2
+47.8
+28.0
b
+5.4
+21.4
+36.5
2,023,017
10,336.312
33,300,000
852,062
3,325,550 -39.2
7.765.519 +33.1
24,000,000 +38.8
844,046 +0.9
1,789.188
8.190.915
25,900,000
690,035
2,500.000
12,647,135
36,559,040
1,520,902
441,510
10,025,000
412,431 +7.1
6,866.022 +46.0
485,068
8,572.754
818,380
11.354,035
11,303,705
861,839
8,072,673 +40.0
657,844 +31.0
8,615,269
767.319
13,862,244
1,406.777
89,902
20.976,589
77.499 +16.0
12.280,102 +70.8
85,232
42,370,522
124,715
41.026,598
31,249,238
135,891,299
404,200,00C
11,940,107
6,329,929
5,848,902
128,880,77
14,931,629
133,981,849
12,294,69f
6,751.87l
11.337.00C
b
4,528,591
1,696,688
294.274.261
-42.3
+40.8
+41.9
+16.8
+29.8
+26.8
+48.2
+38.0
+48.7
+36.3
+53.2
+28.5
b
+3.2
+14.1
+64.9
34,854,246
186,707,892
628,900,000
17.629,915
8.052,080
10.079,236
177,227,514
18,531,668
221,663,495
16,624,592
9,980.773
14,515,000
b
4,772,417
2,060.197
401.539,209
309.644,173 +41.9
1,753,138,234
1,204,136,821 +45.6
90,209,936
64,301,686 +40.3
97,466,302
121,819.826
Seventh Federal Re serve District -Chicagofich.-Adrian
b
237,342
Ann Arbor
1,982,843 -3.1
1,921.209
Detroit
34,009,701 +811.6
310,036,802
Flint
5,993,263
1,880,035 +218.8
Grand Rapids
3,099,857 +112.6
6,590,096
Jackson
3,751,545 -67.0
1.237.922
Lansing
855,437 +419.6
4,444,735
nd.-Ft. Wayne
1,580.651 +55.6
2,459,963
Gary
6,716,321
5,314,008 +26.4
Indianapolis
34,158,000 +36.4
46,577,000
South Bend
3,325,097
1,631.444 +103.8
Terre Haute
15,133,773
11,837,388 +27.8
Via -Madison
1,974,654
1,187,339 +66.3
Milwaukee
58,463,311
42,415,642 +37.8
Oshkosh
1,265,000
473,258 +167.3
-Cedar Rapids
b
1,293,039
a.
b
Davenport
b
b
23,340,669
15,395,764 +51.6
Des Moines
b
h
b
Iowa City
9,637,512
7.100.755 +35.7
Sioux City
b
b
b
Waterloo
913,351
617,282 +48.0
11.-Aurora
Bloomington
1,613,848
902.887 +78.7
690.838.725 +35.2
933,758,512
Chicago
2,166.621
1,721.432 +25.9
Decatur
7,594,717 +41.7
10,759,600
Peoria
3,353,202
2.420,096 +38.6
Rockford
3,592.485
3,353.83
+7.1
Springfield
935.068
8,155,770
1,157,417,377
22,163.524
25.504,044
4,951.915
14,816,48
9,199,259
26.456.525
184,442,000
12,010,212
61,973,401
7,273,843
211,196,592
4,855,914
4,803,544
b
87.171,485
b
38,013.570
b
3,322.932
5,521,723
3,406,492,719
8,247.907
41,128,589
9,665,241
13.351,675
521,243 +79.4
8.777,869 -7.1
383,470.523 +201.8
10,897.027 +103.4
21,132,753 +20.7
9,290,998 -46.7
4,779,675 +210.0
8,921,825 +3.1
19,218,212 +37.7
149,562,715 +23.3
10,693,223 +12.3
49,521,065 +25.1
3,831,940 +89.8
166.113,904 +27.1
1,542,912 +214.7
2,023,858 +137.3
b
b
66,840,027 +30.4
b
b
26,423,878 +43.9
b
b
2,042.374 +62.7
6.885,409 -19.8
2.692.432.499 +26.5
5,819,545 +41.7
29,544,233 +39.2
7.704,425 +25.5
14,217,210 -6.1
43,000
282,849
81,726,345
b
383,178 -26.2
7,264,798 +1025.0
85,690
608,111
66,758,472
151,762
427,355
144,051.619
1.447.308
692,486 +109.0
2,427,476
5,293,265
1,092,182
556,277
252,300 +332.9
491.119 +13.3
1,891.200
1,036.976
2,498,000
3,200.736
10,543,000
765,523
3,629,546
8,179,000 +28.9
435,727 +75.7
3,160,987 +14.8
11,221,000
954,739
3,080,225
18,960,000
2,313,548
4,190,336
11,832,025
10,364,222 +14.2
14,652,425
22,192,480
425,824
215.705,898
469.243
2,560,771
880,435
915,848
248,157
174,377,995
494,336
1,927,778
669,171
665,014
5,369,071,117
3,702,209,342 +45.0
340,232,205
Total (15 cities)__
Total (25 cities)
__
439,536,980
1,456.805,387
874,122,617 +60.7
Eighth Federal Res erve District- -St. Louis
b
b
ad.-Evansville
b
b
New Albany
211,821,455
286.379,886
rich-St. Louis
66,243,659
iy.-Loulsville
96,088,384
b
b
Owensboro
b
b
Paducah
35,711,854
renn.-Memphis
53,696,151
170,388
b
IL-Jacksonville
1,641,000
840,215
Quincy
Total (6 cities)
437,975,789
+96.3
b
b
1,091.369,654
396,159,827
b
b
229,424.965
622.560
5,761,000
314,617,183 +39.2
1,723,338,006
b
b
+35.2
+45.1
b
b
+50.4
b
b
823,059,888
269,436,488
b
10.840,020
139,302,108
e258,213
3,144,292
b
b
+32.6
+47.0
b
b
263,111
b
b
b
b
720,291
b
2,588,623
5,055,076
3,234,609 +56.3
5.840,508
6,954,946
2.037.944
b
1,668,252 +29:9
b
b
2,600,175
b
4,621.263
b
+71.6
+23.7
-5.1
+32.8
+31.6
+37.7
1,007,289
238,260,060
633,296
2,457,760
1,030.449
1,630,755
1,558.879
463,136,632
1.174.288
4,165.266
2,609,560
2,820,643
214,409,129 +58.7
356,896,897
692,909.201
b
b
Is
b
b
66,200,000
19.790.593
39,700,000 +66.8
14,991,469 +32.0
55,100,000
15.296,771
94,000,000
21,992.156
+64.7
+141.1
+83.2
1,624.431
b
384,000
600,000 +170.7
Is
b
400,000 -4.0
8,049,849
Is
550,693
11,682,500
b
876,882
1,246,041,009 +38.3
87.999,024
55.691,469 +58.0
78,997.313
128.551,538
3040
Financial Chronicle
May 5 1934
CLEARINGS-(Concluded.)
Month of April.
Four Months Ended April 30.
'Week Ended April 28.
Clearings at
1933.
1934.
1933.
Inc. or
Dec.
$
$
%
1934.
$
$
Inc. or
Dec.
1932.
1931.
%
1933.
$
$
MinC.J..CD1.365b.L.14,6
S
$
Ninth Federal Res ?. rye District- MinneapolisMinn.
-Duluth
•
8,598,371
8,387,798
Minneapolis
206,685,902
177,557,137
Rochester
•
707,339
719,929
St. Paul
79,893,501
52,510,856
N. D.
-Fargo
6,972,194
5,760,312
Grand Forks
3,198,000
2,527,000
Minot
527,848
537,000
S. D.
-Aberdeen__ _ _
1,736,495
1,973,270
Sioux Falls
3,453.076
3,347,910
1,413,640
1.014,613
Great Falls
1,754,974
1,067,122
Helena
8.120,783
7,515,655
Lewistown
148,030
150,940
,
1934.
Inc. or
Dec.
31,825,477
786,245,082
2,822,248
326,857,157
25,738,596
12,380,300
1,987,725
6,907,338
13,604,782
5,339,967
6,543,715
31,809,326
566,779
1,656.542
1,641,495
+0.9
1,488,996
2,332,300
263,069,542 +22.9
1,252,628,492
944,267,413 +32.7
68,265.179
63,439,256
+7.6
61,636,761
106,613,751
Tenth Federal Res:rve District- Kansas City- Neb.-Fremont
347,158
193.924 +79.0
•
.300,000
b
b
Hastings
•
8,518,318
6,139,492 +38.7
Lincoln
Omaha
110,180,109
69,938,721 +57.5
6,258,184
Kan.
5,357,797 +16.8
-Kansas City - •
Topeka
6,884,406
5.828,151 +18.1
•
9,024,283
6,352,062 +42.1
Wichita
•
1,361,611
1,059,068 +28.6
Mo.-Joplin
274,484.339
202,414,211 +35.6
Kansas City
•
11,338,073
St. Joseph
9,028,000 +25.6
Okla.
-Tulsa
22,058,167
14,576,613 +51.3
Cob -Cob. Springs_
1,896,000
2,001,267 -5.3
84,454.086
64.636,449 +30.7
Denver
1,941,699
Pueblo
1,675,019 + 15.9
1,233,028
1,180,304
33,682,035
469.260,999
23,914,170
27,596,034
33,300,570
5,282,800
1,084,496,868
47,569,604
85,922,370
7,486,703
292,062,226
7,527,922
1,111.309
950,000
23,834,584
263,276,375
21,818,122
24,272,941
39,093,776
4,532,685
823,235,627
36,670,604
59,811,940
8,688,888
252,614,872
11,730,708
81,928
52,184
1,653,918
22,363,809
46,469 +76.3
b
1,571,440 +5.2
19.332,396 +15.7
162.859
134,497
2,200,172
21,951,300
278,045
358,030
2,974,549
38,131,072
1,778,480
2,173,515
1,203,049 +47.8
1,380.617 +57.4
1,526,528
3,481,776
2,666,554
4,649,299
62,603,462
2,625,033
48,330,239 +29.6
2,030,878 +29.3
58,283,575
2,523,558
84,144,179
4,110,569
Total (13 citles)__-.
Total (14 Mies)__ .
Eleventh Federal
Texas-Austin
Beaumont
Dallas
El Paso
Fort Worth
Galveston
Houston
Port Arthur
Wichita Falls
La -Shreveport
323,210,153
539,046,433
389,200,774 +38.5
: eserve Distric t-Dallas
3,612,273
2,853.095
2,424,518
2,306.485
•
138,576,780
93,867,646
10,176,835
7,831,642
•
7,959,024
16,914,345
•
7,854,000
5,808,000
•
96,875,062
84,980,827
1,113,377
997,689
2,610,045
1,841,000
•
8,977,713
8,144,565
2,120,515,633
27,579,622
620,386,022
2,599,456
207,634,555
21,871,797
8,216,000
1,857,596
7,354,352
11,173,914
3,781,866
4,604,499
26,727,987
479,747
+15.4
+26.7
+8.6
+57.4
-1-17.7
+50.7
+7.0
-6.1
+21.8
+41.2
+42.1
+19.0
+18.1
+11.0
+24.2
+41.3
+78.2
+9.6
+13.7
-14.8
+16.5
+31.7
+29.7
+43.7
-13.8
+15.6
-35.8
1,571,642,431 +34.9
13,247,215
11,179,618
551,277,041
43,222,352
80,727,717
35.659,000
415,642,331
4,618,979
10,001,433
33,502,113
11,100,170
9,387.536
377.741,823
33,725,840
67,303,735
27.546,000
306,773,595
3,461,076
7,720,000
31,204,248
225,645,194 +28.7
1,199,077,799
875,964,023
Twelfth Federal R serve District -San Franci see
Wash.-13ellingham_ _
.4,000,000
1,174,000 +240.7
Seattle
91.903,396
76,964,852 +21.0
Spokane
24,791,000
13,348,000 +85.7
Yakima
1,658.555
936,170 +77.2
Ida.
-Boise
3,364,788
1,830,109 +83.9
-Eugene
Ore.
597.000
341,000 +75.1
Portland
86,523,486
62,219,148 +39.1
1,867,508
Utah-Ogden
1,382,169 +35.1
41,910,260
Salt Lake City
32,161,696 +30.3
-Phoenix
Ariz.:
7.972,966
6,080,620 +31.1
•
2,981,946
Calif.-Bakersfield_
2,078,234 +43.5
Berkeley
18,658,562
10,876,120 +71.6
Long Beach
12,670,434
11,292,926 +12.2
Modesto
1,776,308
1,166,849 +52.2
Pasadena
11,930,056
10,319,194 +15.6
Riverside
3,085,105
2,862,702 +7.8
Sacramento
18,436,465
10,524,743 +75.2
San Francisco
451,270,375
357,287,913 +26.3
San Jose
7,444,818
5,508,173 +35.2
Santa Barbara
4,596,688
3,680,236 +24.9
Santa Monica
3,500,714
3,162,196 +10.7
Stockton
4,956,304
3.907,216 +26.9
8,429,000
359,036,610
100,616,000
7,229,385
12,771,773
2,023,000
336,663,989
7,783,704
162,477,554
33,178,550
12,428,188
88,791,572
46,416,514
7,633,810
46,593,463
11,153,533
59,713,110
1,735,241,916
26,704,163
16,439,523
13,735,566
19.204,901
4,489,000
286,623,600
52,891,000
4,023,304
7,985,904
1,312,000
221,982.880
5,506,680
132,940,803
22,610,068
8,487,933
44,672,123
41,522,202
4,780,768
42,141,909
9,189,530
51,866,056
1,378,137,316
19,916,108
13,561.392
12,341,946
15,089,739
Total (10 citlea)___ •
290,179,627
+19.3
+19.1
+45.9
+28.2
+19.9
+29.5
+35.5
+33.5
+29.6
+7.4
2,544,636 -32.4
44,211.437 +5.7
2,044.657
42,257,813
3,143,052
76,611,723
15,889,183
1,531,962
13,012,164 +22.1
1,332,117 +15.0
13,479,854
1.540,584
21,408,863
1,693,914
373,124
450,865 -17.2
574,063
880,187
341,842
246.542 +38.7
250,794
643,712
328,460
440,992 -25.5
536,054
504,041
431.219
337,143 +27.9
630,007
1,371,383
94,092,008
74,673,223 +26.0
91,430,326
139,187,721
719,459
578,109 +24.5
932,938
1,616,040
34,062,870
22,865,895 +49.0
24,464,247
35,808,689
4,224,874
1,817,000
3,926,446 +7.6
1,331,000 +36.5
6,143,732
1,549,000
7,285,740
2,311,000
1,891,180
1,613,268 +17.2
1,872,117
3,689,962
42.715,383
1++++++++++++1++++++++
+26.6
+5.1
+47.6
+29.9
+6.2
+35.2
+14.0
+11.6
+41.8
+10.2
1,721,324
46,751,202
30,314,718 +40.9
34,962,034
50,712,331
21,097,016
5,148,000
356.516
18,107,003 +16.5
3,111,000 +65.5
235,909 +51.1
19,741,005
4,924,000
345,979
31,703,430
8,562,001
763,381
19,526,172
13,963,027 +39.8
15,609,177
29,632,619
9,822,057
7,584,911 +29.5
8,020,087
13,868.800
3,255.402
2,692,050 +20.9
3,021,481
5,620,676
2,743,160
2,238,859 +22.5
2,754,430
5,061,915
+28.0
6,717,669
+22.3
99,645.466
+24.1
1,818,411
+45.8
940,516
+14.5
926,066
+25.2
1,130,466
137,304,844 +28.5 165,593,753
7,366,004
161,324,890
2,495,178
1,842,949
1,792,205
1,774,900
3,281,990
106,185,504
1,926.137
1,131,895
814,671
1,175,631
2,563,847
86,829,865
1,552.156
776,248
711,205
938.764
Total (22 cities)._ _ _
805,896,734
176,464,151
618,104,266 +30.4 3,114,265,824 2,382,072,261 +30.7
271,808,947
Grand total (165 cities) 24,362,546,015 16,691,338,654 +46.0 89,805,549,785 71,660,608,485 +25.3 5,199,104.746 4,082,946,293 +27.3 4,642,416,155 10235049,364
Outside New York.. _ _ _
8,273.931,313 5,902,515,643 +40.2 31,506,411,635 24,605,818,385 +28.0 1,801,757,304 1,337,724,392 +34.7 1,813,004,394 3,092,465,558
CANADIAN CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING APRIL 26.
Month of April.
Four Months Ended April 30.
Week Ended April 26.
Clearings at
1934.
CanadaMontreal
Toronto
Winnipeg
VAncouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
S
367,765,764
457,713,480
137,785,696
63,305,563
17,874,515
15,872,023
8.867,857
16,975,107
17,973,542
6,906,924
6,220,686
10,640,869
15,342,527
11,591,313
1,211,886
1,558,806
4,757,865
1,817,863
3,188,339
2,333,050
2,029,844
824,532
2,642,144
2,463,796
4,227,424
9,399,267
1,053,896
2,740,987
2,158,473
1,813,536
1,776.772
2,837,858
1,203,673,104
Total (32 cities,
*Estimated:
1933.
$
275,086,295
318,660,718
160,218,793
44,578,751
14,402,892
13,964,051
7,442.785
12,694,469
18,137,775
5,314,119
4,880,877
8,741,696
13,234,527
12,678,528
1.084,408
1,204,647
4,278,275
1,765,290
2,784,325
1,963,594
1,555,961
698,515
1,968,700
2,114.714
2,976,732
7,915,019
850,850
2,231,180
1,773,046
1,485,667
1,377,427
1,878,021
Inc. or
Dec.
1934.
%
+33.7
+43.6
-14.0
+42.0
+24.1
+13.7
+19.1
+33.7
-0.9
+30.0
+27.5
+21.7
+15.9
-8.6
+11.8
+29.4
+11.2
+3.0
+14.5
+18.8
+30.5
+18.0
+34.2
+16.5
+42.0
+18.8
+23.9
+22.8
+21.7
+22.1
+29.0
+51.1
IS
1,409,759,025
1,819,870,711
540,364,157
242,222,837
67,567,410
59,973,746
32,861,603
60,060,846
70,412,837
25,600,642
24,631,773
39,410,604
58,398,625
43,837,281
4,306.478
5,889,584
17,472,380
7,181,289
12,189,837
8,613,115
7,627,740
3,135,979
9,679,373
8,636,670
16,676,947
34,732,478
4,112,332
10,630,672
7,916,813
7,045,359
6,670,752
10,050,516
949,942,647 +26.7
4,677,540,309
1933.
$
1,123,163,595
1,285,742,289
568,177,786
182,057,767
57,495,292
56,313,376
29,810,826
50,059,217
70,686,990
22,064,083
19,515,403
35,078,753
52,275,973
46,763,688
3,998,715
4.668,232
16,847,699
7,256,303
10,696,182
7,286,020
6,115,685
2,619,437
7,984,249
7,903,943
11,970,654
31,107,504
3,407,456
9,116,844
7,239,096
6,284.996
5,384,902
6,749,569
Inc. or
Dec.
%
+25.5
+41.5
-4.9
+33.0
+17.5
+6.5
+10.2
+20.0
-0.4
+16.0
+26.2
+12.3
+11.7
-6.2
+7.7
+26.2
+3.7
-1.0
+14.0
418.2
+24.7
+19.7
+21.2
+9.3
+39.3
+11.7
+20.7
+16.6
+9.4
+12.1
+23.9
+48.9
3,755,832,524 +24.5
1934.
$
81,225,566
108,090,865
36,622,974
15,246,817
4,017,653
3,539,613
1,933,013
3,505,785
4,089,010
1,664,709
1,411,445
2,340,339
3,374,178
2,568,889
238,196
330,963
1,093,765
367,161
714,078
451,092
433,040
169,018
624.049
527,123
848,452
1,967.854
241,764
759,205
454,508
423,975
363,608
632,154
280,270,851
Inc. or
Dec.
- 1932.
S
76,681,029
96,486,918
63,238,662
11,667.087
3,581.905
3,264,389
1,807,387
3,096,660
4,870,586
1,289,231
1,187,458
2.244,868
3,098,991
2,801,378
259,765
268,818
1,001.533
396,672
678,255
414,018
378,632
168,305
467,853
511,054
689,482
2,050,188
198,291
662.377
437,803
366,000
373,840
561,833
%
+5.9
+12.0
-42.1
+30.7
+12.2
+8.8
+7.0
+13.2
-16.0
+29.1
+18.9
+4.3
+8.9
-8.3
-8.3
+23.1
+9.2
-7.4
+5.6
+9.0
+14.4
+0.4
+33.4
+3.1
+23.1
-4.0
+21.9
+14.6
+3.8
+15.8
-2.7
+12.6
$
67,917,881
63,273,620
30,069.683
10,849,133
3,981,364
3,661.620
1,872,734
3,752,401
3,920,224
1,527,850
1,120,291
2,808,413
3,285,892
2,421,289
288,380
127,489
1.166,825
365,713
647,699
452,452
431,509
179,285
590,211
574,075
721,032
2,039,292
203,237
606.538
480,240
382,105
325,736
434,795
285,189,066
-1.7
210,459,008
1933.
b No clearings available. c Clearing house not functioning at present. d Cleanses for two months. e Three months figures.
1931.
S
125,322,533
129,433,345
44,266,692
15,616,555
5,983,884
5,863,364
2,750,365
4,688,664
6,121,398
2,257,947
1,692.403
2,661,889
3,922,304
4,062,097
, 351,156
371,427
1,389,357
b 958,792
1,001,748
537.580
11632,259
185,769
7701.557
'717,026
1.009.033
,3,765,841
i 406,562
690,993
701,537
468,205
393,677
628.108
r
r
369,453,087
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 18 1934:
GOLD.
The Bank of England gold reserve against notes amounted to £191.170,551 on the 11th inst., as compared with £191,080,514 on the previous
Wednesday.
_MO
Diming the past week supplies of gold have on the whole been offered
a little more freely, and on several days the price was fixed slightly under
the dollar parity, with the result that moderate purchases have been made
for shipment to New York. The steady demand from the Continent for
private account still continues.
Quotations dueing the week:
Equivalent Vary°
Per Fine
In Londonof £ Sterling.
Ounce.
Apr. 12
125. 7.22d.
134s. 10d.
12s. 7.31d.
Apr. 13
134s. 9d.
Apr. 14
A
12s. 7.08d.
134s. 11%cl.
Apr. 16
12s. 7.17d.
1348. 10%cl.
Apr. 17
12s. 7.36d.
134s. 8%d.
A
Apr. 18
12s. 6.66d.
135s. 4d.
Average
125. 7.13d.
134s. 10.92d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 9th inst. to mid-day on the 16th inst.:
Exports.
Imports.
£47,381
Netherlands
£22,652 France
3,619
Belgium
22,561 Switzerland
154,336
France
221,093 U. S. A
1,348
Switzerland
Germany
373,406
432
British South Africa
1,572,210 Other countries
Cuba
4,613
Nicaragua
2,851
British India
271,122
Tanganyika Territory
9,232
Australia
94,792
British Guiana
5,484
Other countries
7,558
£207,116
£2,607,574
The latest advices of shipments of gold from Bombay give a total of
£652,000. The SS. Strathnaver carries £527,000, of which £412,000 Is
consigned to London, £20,000 to Amsterdam and £95,000 to New York;
While the City of Cairo has on board £125,000 destined for London.
SILVER.
Conditions ruled very quiet in the early part of the week and business
was on a small scale. On the 16th inst., however, after poor supplies had
led to a rise of 1-16d, in the fixed quotations, heavy liquidation followed
the report, which circulated in the afternoon, that the United States Administration did not favor any major silver legislation during the current
session of Congress. Dealings took place on that day down to %d. under
the fixed prices of 20%d. and 20%d., and quotations yesterday at 19%.1.
for cash and 19%d. for forward delivery marked this same low level.
A sharp reaction has occurred to-day to 203-16d. and 20%d. for cash
and forward deliveries, but at this level the market appears top heavy.
Transatlantic influences seem likely to continue, and in consequence
further fluctuations may be anticipated.
The following were the United Kingdom imports'and exports of silver
registered from mid-day on the 9th inst. to mid-day on the 16th inst.:
Imports,
Germany
Hongkong
Soviet Union (Russia)
British India
Australia
Other countries
£10,764
82,660
71,800
29,100
19,750
95
Exports.
Syria
Persia
British India
Sweden
Germany
Other countries
£12,855
6,750
34,220
1,450
1,184
1,688
£214,169
£58,147
Quotations during the week:
IN LONDON.
IN NEW YORK.
-Bar Silver per oz. std.
(Per ounce .999 fine.)
Cash Deliv.2 Mos.'Delis.
Apr. 12......203-16d.
20%d.
Apr.11
4614c
Apr. 13...20 3-16d.
Apr.12
20 5-16d.
4634c.
Apr. 14...20 3-16d.
Apr.13
20 5-16d.
4634c.
Apr. 16__-20
Apr.14
20%d.
46%c.
Apr. 17___19.14d.
/
Apr.16
193 sd.
45%c.
Apr, 18__-20 3-16d.
Apr.17
20%d.
45%c.
Average.--20.125d.
20.229d.
The highest rate of exchange on New York recorded during the period from
the 12th inst. to the 18th inst. was $5.16( and the lowest $5.12i.
INDIAN CURRENCY RETURNS.
(In Lacs ofRupees)
Afar. 31.
Apr. 7.
Mar. 22.
Notes in circulation
17,721
17,708
17,674
Silver coin and bullion in India
9,799
9,782
9,785
Gold coin and bullion In India
4,156
NI 4,152
4,153
Securities (Indian Government)
2,945
2,945
3,736
Securities (British Government)
[825
825
The stocks in Shanghai on the 17th Inst. constited of about 133,800,000
ounces in sycee, 371,000,000 dollars and 22,000,0001 ounces In bar silver,
as compared with about 135,100,000 ounces In sycee. 369,000,000 dollars
and 21,000,000 ounces In bar silver on the 7th inst.
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.,
Wed..
Sat.,
Mon.,
Tues.,
Apr. 28. Apr. 30. May 1.
May 3.
May 2.
Silver, per oz__ 19 1-18d. 18 13-16d. 18 3-16d. 18 11-16d. 18 11-16d.
Gold, p.fine oz. 1358.9d. 13513.8d. 1358.11340 136s.334d. 138s.3340
7934
Holiday.
79%
Consols, 234% 7832
793.(
British 334%Holiday.
1023.1
1021
10234
10234
W. L
British 4%Holiday,
113%
1133.
1960-90
1133j
French Rentes
78.50
78.75
78.90
78.90
on Faris)3%fr. 76.40
French War L'n
On Paris)5%
114.10
112.10
113.40
114.60
114.60
1920 amort
Frt.,
May 4.
18%d.
135s.10d.
7911-16
103
113%
78.25
114.20
The price of silver in New York on the same days has been:
Silver in N.Y
per oz. (ctS.)
4334
3041
Financial Chronicle
Volume 138
423
413'l
4234
4234
423.1
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bours6
as received by cable each day of the past week have been
as follows:
Apr.28 Apr. 30 May 1 May 2 May 3 May 4
1934.
1934. 1934. 1934.
1934. 1934.
Francs. Francs. Francs. Francs. Francs. Francs.
Bank ot France
11,300 11,500 12,100 12,600 12,400 12,800
---Banque de Paris et Pays Bag_ _ _ 1,433 1,452 1,513 1,547 1,526
182
171
187
135
Banque d'Union ParLsienne
168
265
264
255
255
253
267
Canadian Pacific
Canal de Suez
18,400 18,400 18,300 18,800 18,800 18,800
2,440
Cie Distr d'Electricite
2,370 2,385 2,400 2,450
Cie Generale d'Electricite
1,820
1,810
1,850
1,910 1,920 1,950
25
25
25
25
27
Cie Generale Transatiantique
25
187
---Citroen B
195
180
189
178
Comptoir Nationale d'Electricite 1,016 1,028 1,065
1,085 1,070
160
160
160
170
160
Coty SA
160
295
312
328
325
Courrieres
331
739
775
Credit Commercial de France
729
749
779
Credit Lyonnais
2,090
2,120 2,180 2,220
2,190 2;200
2,510 2,500
2,540 2,890 2,700 2,700
Eaux Lyonnais
690
715
716
-Energie Eleetrique du Nord
690
700
852
Energie Electrique du Littoral_
824
880
925
916
611
Kuhlmann
626
646
629
810
L'Air Liquide
760
780
790
800
790
Lyon (P L M)
1,042 1,064 1,080 1,095 1,067
1,445 1,485 1,474 1,488 1,460
Nord RY
"oii
Orleans By
856
890
896
900
68
74
Pathe Capital
68
75
73
Pechlney
1,077 1,095 1,119 1,154 1,130
8
76.40
78.50 78.75 78.90 77.90 7 :2E
Recites, Pergetuel 3%
Rentea 4% 1917
82.90 84.70
85.10
85.60
85.30 85.70
82.60 84.25 84.90 85.25 84.90 85.30
Rentes 4%,1918
88.90
88.50 91.20 91.80
Rentee 4%% 1932 A
90.60 90.90
87.90 89.25 90.00
90.30 89.00 89.70
Rentes 4%%,1932 B
112.10 113.40 114.10 114.60 113.50 114.20
Rentes 5%, 1920
1,510 1,500 1,510 1,580 1,600 1,620
Royal Dutch
1,295 1,317 1,340 1,360 1,338
Saint Gobain C & C
Schneider & Cie
1,650 1,630 1,654 1,665 1,660
Societe Francalse Ford
57
57
56
58
57
60
86
68
72
82
Societe Generale Fonciere
80
Societe Lyonnalze
2,510
2,500
2,550 2,670 2,670
520
520
525
529
Societe Marseillaise
530
139
138
145
147
Tubize Artificial Silk pref
150
728
741
775
779
Union d'Electricite
792
93
93
95
Wagon-Lits
97
96
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Apr.
28.
149
Reichsbank(12%)
85
Berliner Handels-Gesellschaft(5%)
44
Commerz-und Privat Bank A 0
Deutsche Bank und Disconto-Gesellachaft 56
61
Dresdner Bank
Deutsche Reichsbahn (Ger Rys)met(7%).._112
25
Allgemeine Elektrizitaeta-Gesell(A E G)
129
Berliner Kraft u Licht(10%)
124
Dessauer Gas(7%)
99
Gestuerel(5%)
113
Hamburg Elektr-Werke (8%)
134
Siemens dc Halske(7%)
138
I G Farbenindustrie(7%)
138
Salzdetfurth (734%)
218
Rheinisehe Braunkohle(12%)
113
Deutsche Erdoel(4%)
66
Mannesmann Roehren
23
Hapag
27
Norddeutacher Lloyd
Per Cent of Par
Apr, May May May
30.
1.
2.
3.
148
149 147
85
85
85
42
42
41
56
55
55
59
CO
60
112
112
113
23
24
24
128 128
129
Roll- 123 122
124
98
day 96
99
114
114
115
132 133
134
130 129
138
140
140
214
215
113
112 112
64
65
66
20
24
22
25
27
26
May
4.
147
85
40
52
58
112
23
128
122
96
113
131
129
218
110
63
19
24
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Friday
May 4 1934:
Bid. Ask.
33
/31
Anhalt 75 to 1946
Argentine 5%, 1945, $100
92
pieces
f28
32
Antioquia 8%. 1946
Austrian DefaultedCoupons 1100
211t- 2
Basket Colombia, 7%,'47 119
2012
Bank of Colombia, 7%,'48 119
43
f41
Bavaria 6%s to 1945
Bavarian Palatinate Cons.
f31
34
Cit. 7% to 1945
Bogota (Colombia) 654.'47 117
20
Bolivia 8%, 1940
9
17
Buenos Aires scrip
f24
27
Brandenburg Elec. 6s. 1953 j42
45
6012
Brazil funding 5%, "31-'51 59
Brazil funding scrip
159
6012
13ntish Hungarian Bank
7345, 1962
1561
:
Brown Coal Ind. Corp.
634s, 1953
62
/57
Call (Colombia) 7%, 1947 /13
14'2
Callao (Peru) 73.4%, 1944 /5
9
Ceara (Brazil) 8%, 1947_ _ 1 6
10
Columbia scrip issue of '33 135
37
issue of 1934
/33
35
Costa Rica funding 5%,'51 145
---COBta Rica scrip
f44
_
City Savings Bank, Budapest, 78, 1953
fF,4
Dortmund Mun Util 6s,'48 f53
.55
Duisburg 7% to 1945
33
f31
Dueaseldort 78 to 1945._ _ _ 131
34
Etta Prussian Pr. 68, 1953_ f51
53
European Mortgage dr Investment 7345. 1966_
__
French Govt. 514s, 1937.. f163 169
167-French Nat. Mall SS.63.'52 f157 163
Frankfurt Ts to 1945
f32
36
German AU Cable 75. 1945 149
51
German Building dr Landbank 634%,1948
f491
5112
German defaulted coupons. f65_
German scrip
1
/191 2
German called bonds
f37
43
Haiti8% 1953
70
Ilamb-Am Line 6345 to '40 185
89
Hanover Ears Water Wks.
6%. 1957
136
39
Housing & Real Imp 7s,'48 f43
48
Hungarian Cent Mut 78.'37 f471
4912
Hungarian Discount dr Exchange Bank 7s, 1963
/4112 43ti
f Flat price.
Bid.
Hungarian defaulted coups 190
Hungarian Ital Bk 734s,'32 /80
30
Jugoslavia 55, 1956
137
Jugoslavia coupons
/62 2
,
Koholyt 6348, 1943
Land M Bk, Warsaw 85,'41 /70
Leipzig Oland Pr. 634s.'46 f63
Leipzig Trade Fair 78, 1953 14912
Luneberg Power, Light di
156
Water 7%.194
8
Mannheim & Palat 78, 1941 153
f36
Munich 75 to 1945
Munk Bk,Hessen, 78 to'45 f31
Municipal Gas & Elea Corp
Recklinghauaen, 7s, 1947 151
,
Nassau Landbank 634s.'38 /58 z
Natl. Bank Panama 634%
/41
1946-9
Nat Central Savings Bk of
Hungary 7345. 1962---- 157
National Hungarian dr
./6212
Mtge.7%,1948
130
Oberpfalz Elec.7%,1946
Oldenburg-Free State 7%
to 1945
Porto Alegre 7%. 1968..... 11712
ProtestantChurch (Ger/41
many). 7s, 1946
,
Prov Bk Weetphalla 6s,'33 /52 2
8'
Prov Bk Westphalia 6. 38 ./52
Rhine Westph Elea 7%,'36 /76
,
Rio de Janeiro 6%, 1933.. f24
BornCath Church 634s,'46 /61
C Church Welfare 7s,'46 f411
Saarbruecken Id Bk 68,'47 f80
Salvador 7%, 1957
128
Salvador 7% ctf of dep '57 f24
Salvador scrip
114
Santa Cattarina (Brazil)
/23'a
8%. 1947
Santander(Colom) 7s, 1944 fl1
Sao Paulo (Brazil) 68, 1943 f23
Saxon State Mtge. 68, 1947 /65
30
Serbian 58. 1956
Serbian coupons
f37
Siam & Halske deb es, 2930 f340
Stettin Pub Utll 78, 1946._. f49
Tucuman City is. 1951_ _ - 138
Tucuman Prov. 7s, 1950- 159
Vesten Elea Ry 7s, 1947- 127
Wurtemberg 72 to 1945_- f3612
/31
Ask.
If
33
40
65 2
,
73
66
5012
59
59
39
34
54
60 z
,
42
35
34
1912
44
- 5‘
79 s
,
26
64
431a
86
2912
2512
17
2512
13
24
69
33
40
355
5012
40
62
30
38 2
,
3042
Financial Chronicle
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Speculative activity in the New York stock market was
quiet and price movements generally,downward during most
of the present week. There were occasional periods of
strength and prices have, at times, showed modest gains,
but the rallies failed to hold and the trend of the market
was mostly toward lower levels. Metal shares made the best
showing, particulaily the silver group which_has shown substantial gains. Public utilities have_been under pressure
.
fro=e
-tolime and many sfocks in
-fthis group have dipped
to new lows for the year. Motor issues were heavy during
the forepart of the week, but showed moderate improvement on Thursday. Specialties attracted moderate buying,
but the gains in this group were not especially noteworthy.
Call money renewed at 1% on Monday and continued unchanged at that rate throughout the week.
Stock market transactions were quiet and few changes were
apparent during the brief session on Saturday. Pivotal
stocks sagged and motor shares reflected pressure, though
most of the losses were confined to fractions. The weakness
in these issues was due largely to the news from the motor
center indicating that labor troubles were still interfering
with production schedules. General Motors was down %
of a point and Hudson Motors dipped 13/b points to 163%.
Metals shares were slightly improved in tone as a result of
the further rally in silver, and Consolidated Gas (3) was
fractionally higher on the day. There were a few isolated
strong sports, notably Schenley Distillers which got up
to 353% at its top for the day, though it lost part of its gain
before the close. Austin Nichols pref. A (4) was up 3
points at 64 and General Cigar pref. (7) improved 13
%
points to 110. The changes in the general list were largely
on the side of the declines, the recessions including among
others, American Bank Note pf.(3),3 pts. to 463%; Detroit
Edison Co. (4), 2 points to 81; Duplan Silk pref. (8), 33%
points to 1063%; Illinois Central pref., 2 points to 45; Pitts1
burgh Steel pref., 33% points to 35%,and New York Chicago
and St. Louis, 23% points to 223%.
The stock market had another setback on Monday and
losses ranging from 2 to 3 or more points were registered by a
goodly number of active stocks. Practically every group
was affected to some extent by the general selling movement
which was in evidence until the closing hour. Mining shares
were particularly weak, Homestake Mining (16) breaking
223% points to 3513%. Most of the selling centered in the
merchandise and motor stocks, though pressure was also
apparent in the steel issues. Rubber shares were fairly
steady during the early dealings due, in part, to the agreement to limit world rubber production, but joined the decline
later in the day. United States Steel and Montgomery
Ward broke through to new lows and sales were especially
heavy in Chrysler. As the market neared the close, some
of the public utilities and specialties showed improvement,
but the gains were small and not especially noteworthy.
The principal losses were American Hide & Leather pref.
53% points to 353%„ Baldwin Locomotive pref. 5 points to
53, A. M. Byers pref. 43% points to 623%, Central RR. of
N. J. 3 points to 75, Fairbanks Morse pref. 3 points to 55,
Pere Marquette pr. pref. 43% points to 40, Phillips Jones pref.
(7) 3 points to 65, United States Smelting Refining & Mining
(53%) 4 points to 115, West Penn Electric [pref. (7) 5 points
to 72 and Wright Aero 23% points to 53X•
Narrow and irregular movements characterized the trading
on Tuesday, and while there were occasional gains scattered
through the list, liquidation was in evidence in some of the
utilities and specialties. Public participation was light,
however, the bulk of the trading being transacted for professional account. The losses ranged from fractions to 2 or
more points; stocks like Amer. Tel. & Tel., American Tobacco B, Liggett & Myers, Union Pacific, Douglas Aircraft
and Cerro de Pasco being among the hardest hit. Moderate
short covering was in evidence toward the end of the session
and there was a slight improvement all along the line, but
the advances were insufficient to make much change in the
final prices. Among the recessions were such active stocks
as American Water Works 1st pref. (6), 4 points to 76;
Bethlehem Steel pref 2 points to 72; Bon Ami (5), 23%
points to 79; Crucible Steel, 2 points to 28; Ingersoll Rand
(13%), 43% points to 603%; International Printers Ink pref.
(6), 6 points to 80; National Lead (5), 6 points to 145;
Norfolk & Western (10), 4 points to 176, and Worthington
Pump pref. A, 33% points to 46.
May 5 1934
Fractional gains were recorded during the early dealings
on Wednesday, but the rally failed to hold and the entire
list again turned downward, the decline ranging up to a
point or more. Amer. Tel. & Tel. dropped sharply downward following the announcement that the Public Service
Commission planned to investigate phone rates and most of
the utilities followed suit. Siigalties also were among the
weak stocks, Spiegel
-May-Stern slipping back over 8 points
before the close. Motor shares joined the decline and both
General Motors and Chrysler registered losses of a point.
Trading was unsually dull during the morning, but the volume expanded as the day progressed. The outstanding
losses included American Safety Razor, 43% points to 493%;
Amer. Tel. & Tel. (9), 33% points to 114; Brooklyn Union
Gas (5), 43% points to 64; Central RR.of N. J., 4 points to
71; Johns-Manville, 33% points to 513%; National Lead (5)
43% points to 1403%, and Western Union Tel., 23% points
to 49%.
_Dealings on the New York Stock Exchange were marked
by narrow price movements and small transactions on Thursday, and while a few of the more active stocks were able to
show small gains at the end of the session, the list, as a
whole, showed little change from the previous close. The
best gains were recorded in the metal group due largely to
the improvement in the silver shares, and while the advances
in this section were fairly substantial at times, a part of the
gains were erased before the close. Stocks closing on the
side of the decline included Cluett, Peabody & Co. (1), 2
points to 37; Corn Products Refining (3), 13% points to
673%; Gotham Silk Hosiery pref. (7), 7 points to 63; Homestake Mining Co. (17), 33% points to 3513%; Jewel Tea (3),
23% points to 48; Laclede Gas pref. (5), 33% points to 523%;
Millet o. (23%),3 points to 42; Pere Marquette pref. 63%
points to 333% and United States Steel pref. (2), 1% points
to 91.
The general list was fairly brisk during the early trading
,
on Friday and many of The active stocks showed strong
s
:and- some of the
rallying Elencies. Pilblie7utifitiek
specialti=d not participate iri-the gains, American Telephone & Telegraph and Consolidated Gas both moving
erratically on account of the uncertainty in regard to the
rate-cutt;ng possibility .in the public utility field. Oil
sTrres were in light demand, though there was some improvement late in the day following rumors that gasoline
price-cutting in Brooklyn was about to end._Copper stocks
were slightly higher and moderate recovery was apparent
in the motor group and in the railroad stocks. The changes
at the close were slightly more numerous on the side of
the decline, the recessions including among others, Allied
Chemical & Dye (6), 134 points to 1433%; American Commercial Alcohol, 2 points to 45; American Tel. & Tel. (9),
2 points to 112; J. I. Case Co., 534 points to 5934; New
York & Harlem pref. (5), 5 points to 115; Brooklyn Union
Gas (5), 1 point to 62; Radio Corp. prof. A, 13/2 points to
363%; United States Leather pref.(33 h),63% points to 583%,
4
and Lorillard pref. (7), 2 points to 111.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Bided
May 4 1934.
State,
Stocks,
Railrorcr
Number of and Miscell. Municipal ct
Porn Bonds.
Bonds.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
TrIfill
Sales at
New York Stout
Exchange.
563,630
1,486,590
1,339,380
1,338,424
1,110.100
840,300
$4,580,000
7,874,000
8,171,000
7,957,000
7,314,000
7,472,000
$1,872,000
1,727,000
1,410,500
1,552,000
1,741,000
2,529,000
Total
Bonds
Sales.
$390,500
1,767,500
3,730,000
6,351,500
1,265,600
1,642,500
$6,312,500
11,368,500
13,311,500
15,860,500
10.320.600
11,643,500
a 575 514 S43.338.000 $10.831.500 El5 147 cm grin
Week Ended May 4.
1933.
1934.
6.678.514 27,570,607
Stocks
-No,of shares_
Bonds.
Government bond.- _ _ $15,147,600 $10,379,500
10,331,500
19.772,000
State & foreign bonds_
Railroad & misc. bonds 43,338.000 65,350,000
Total
United
States
Bonds.
217
Inn
ler
eft
liaJan. 1 o blay:4.
1934.
1933.
175,778,781
135.208,782
$211,173,400
282,775,000
1,064.550.000
$206,863,300
252,189.000
586.139,900
$68,817,100 $95,801,600 $1,558,498,400 $1,045,192,200
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Mat,4 1934.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Aral, evaalr 1.991.9.1
Philadelphia,
Baltimore.
Shares. Bond Sala. Shares. BondSales Shares, BondSales
.
.
11.488
25,477
31,037
28,885
23,026
5,387
$9,000
8,000
6,000
4,550
3.000
1,000
6,538
15,143
13,640
15,910
11,101
9,650
$6,000
126,200
192 021
$31,550
tAit
71,982
Ann
79 270
870
1,860
1,753
2,429
777
3,074
$2.000
22,100
9,800
I? 2.000
19,000
3,000
$11,000
10,763
$57,900
99.. tan
In no.
ono Ann
2,000
3,000
Volume 138
Financial Chronicle
3043
or more. A number of the oils and mining shares also showed
modest gains during the morning, though some of the
advances were canceled before the market closed. Public
utilities were dull and few changes were apparent in this
section of the market. Liquor stocks showed both advances
and recessions, while the industrial issues were practically
unchanged. As compared with Friday of last week, many
of the leading shares were lower, American Superpower clos/
5
ing on Friday at 2 s, against 3% on Friday of last week;
Atlas Corporation at 12%, against 127 ; Central States
%
Electric at 1%, against 1; Cities Service at 27 against
%
3%; Commonwealth Edison (4) at 553, against 56; Consolidated Gas of Baltimore (3.60) at 574, against 59; Electric Bond & Share at 145 ,against 16%; Ford of Canada A
%
%
(pl.) at 223 ,against 23%; Gulf Oil of Pennsylvania at 64,
against 65%; Hudson Bay Mining & Smelting at 13%,
against 133.; Humble Oil (New) at 43, against 45; New
York Telephone pref.(6%) at 115%, against 1183;Niagara
Hudson Power at 6, against 6%;Pennroad Corporation at 3,
against 33; A. 0. Smith at 263j, against 204; Standard
Oil of Indiana (1) at 263 , against 273/s; Swift & Company
%
(M)at 16%,against 17%; Teck Hughes (.60) at 6%,against
6%; United Gas Corporation at 27s against 33; United
/
/
Light & Power A at 33j,against 35 s; United Show Machinery
at 663 ,against 673t, and Utility Power at M,against 1%.
%
A complete record of Curb Exchange transactions for-the
week will be found on page 3069.
THE CURB EXCHANGE.
Desultory price movements and dull trading have been
the outstanding characteristics of the daily dealings on the
Curb Exchange during the present week. The volume of
transactions was small and most of the changes were unimportant and made little impression on the market trend.
Considerable selling has been in evidence, and while there
have been occasional rallies, these were not maintained for
any great length of time.
On Saturday trading was extremely dull and the market
was without definite trend. Selling developed toward the
end of the session and practically the entire list lost ground,
some of the higher priced specialties dipping as much as two
points, while other popular issues lost part of their early
gains. Mining shares were weak and showed fractional
declines at the close. During the first hour there were some
small gains on light buying orders, the most active stocks
including such issues as Parker Rust Proof,Sherwin Williams,
and Pittsburgh Plate Glass. Oil issues and power and light
shares were at a standstill.
Share values showed little change on Monday as the market
continued dull and price fluctuations narrow. Group movements were without special significance as small gains and
losses were about evenly distributed among the more active
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
issues. The turnover was small, a goodly part of the trading
Stocks
Bonds (Par Value).
(Number
Week Ended
centering around some of the recent favorites. Oil stocks
of
Foreign
Foreign
May 4 1934.
Shares). Domestic. Government Corporate.
Total.
showed losses ranging from fractions to a point or more and
120,594 $2,568,000
$66,000
$56,000 $2,690,000
mining shares like Aluminum Co. of America, Newmont Saturday
252,085 4,837,000
108,000 5.012,000
67.000
Monday
229,385 4,847,000
55,000 4,974,000
and Lake Shore Mining were down from 1 to 3 or more Tuesday
72,000
203,950 4,387,000
28,000 4,813,000
398,000
Wednesday
178,725 4,623,000
236,000
48.000 4,907,000
points. Lower prices were also recorded in shares like Elec- Thursday
147,815 4.685,000
544,000
103,000 5,332,000
Friday
tric Bond & Share, American Gas & Electric and Niagara
1,130,5M $25,947,000 $1,383,000 $398,000 827,728,000
Total
Hudson. Liquor stocks were fairly steady in the early tradWeek Ended May 4.
Jan 1 to May 4.
Sales at
ing, but sold off before the close. Industrial issues displayed
New York Curb
1934.
1934.
1933.
1933.
Exchange.
little trend, Great Atlantic & Pacific being fairly steady,
31,279,222
1,130,534
2,880,157
16,907,778
-No.of shares_
Stocks
while Sherwin Williams moved fractionally lower.
Bonds.
$25,947,000 $23,339,000 $428,106,000 $289,285,000
Domestic
The curb list idled along without definite trend on Tuesday. Foreign government-- 1,383,000
16,193,000
11.735.000
541,000
13.782,000
16.099,000
398,000
871,000
Selling pressure was in evidence and speculative activity was Foreign corporate
$27.728,000 $24,751,000 $458,081,000 8317.119.000
Total
entirely lacking. Oil shares were generally easier, Humble
Oil yielding around a point, while Gulf Oil of Pennsylvania
NATIONAL BANKS.
and Standard of Indiana moved narrowly in small volume.
The following information regarding National banks is
Mining and metal issues declined around 2 points in some
Currency, Treasury
of the more active shares with a smaller loss in Lake Shore from the office of the Comptroller of the
Department:
Mines and Newmont. In the public utilities group, American
CHARTERS ISSUED.
Capital.
Gas & Electric and Niagara Hudson showed fractional gains, Apr. 21-Coldwater National Bank, Coldwater, Mich
$100.000
Capital stock consists of $50,000 common stock and $50,000
but elsewhere in the list prices were easier. During the final
Preferred stock. President, Marvil T. Shaw; Cashier,
hour the market was somewhat inclined to rally but the gains
Carl J. Martin. Will succeed No. 1235, The Coldwater
National Bank.
were not particularly noteworthy.
Apr.21-First National Bank at Beaver Falls, Beaver Falls,Pa_ _ $100,000
President, E. C. Rebeske; Cashier, Bente S. Luce. Will
Trading was in thin volume on Wednesday as the market
succeed No. 3356, The First National Bank of Beaver Falls.
continued to move more or less irregularly. In the liquor Apr. 23-First National Bank in Lincoln, Lincolm, Ill
100,000
President, George M. Knochel; Cashier W. H. Berger.
group Hiram Walker sagged around a point as the directors
Will succeed No. 3369, The Lincoln National Bank.
declared a quarterly dividend of twenty-five cents on the Apr. 23-The First National Bank of Butler, Butler, Mo_
50.000
Capital stock consists of $25,000 common stock and $25,000
preferred stock but omitted any reference to the common
preferred stock. President, Can J. Henry; Cashier, H. H.
Lisle. Primary organization.
stock. Gold mining shares were moderately stronger but
-National Bank of Olney at Philadelphia. Phila23
the turnover continued small. The active issues included Apr.delphia, Pa
200,000
Capital stock consists of $100,000 common stock and $100,000
Pioneer Gold and Lake Shore Mining, both of which were
preferred stock. President, Walter D. Jennings; Cashier,
slightly higher. Oil stocks made little progress, Humble
Floyd E. Brink. Will succeed No. 12931, The National
Oil and Standard of Indiana moving within a narrow channel Apr.Bank of Olney in Philadelphia.
50.000
-Union National Bank in Mount Wolf, Mount Wolf,Pa _
26
Capital stock consists of $25,000 common stock and 325,000
during most of the session. In the industrial group, National
stock. President, W. 0. Knaub; Cashier, Chas.
preferred
Container, Safety Car and Sherwin Williams lost major fracH. Krebs. Will succeed No. 9361, The Union National
tions and a few stocks like American Cyanamid B and Pitts- Apr.Bank of Mount Wolf.National Bank, Clifton Heights, Pa_ _ 75,000
-Clifton Heights
27
Capital stock consists of $50,000 common stock and $25,000
burgh Plate Glass were slightly firmer at the close.
preferred stock. President, Everett L. Kent; Cashier, C. C.
Market trends were somewhat mixed on Thursday, the
Gamble. Will succeed No. 6275, The First National Bank
of Clifton Heights.
gains and losses being about equally divided. Fluctuations
VOLUNTARY LIQUIDATIONS.
ranged up to 2 or more points, though trading was rather
National Bank of Elkins, Elkins, W.Va.thin on either side. Mining and metal issues were moder- Apr. 20-The Peoples1934. Lin. Committee, C. M. Marstiller, 50,000
Effective April 16
Sheffey Taylor and C. B. Whetsell, care of the liquidating
ately firm, particularly Lake Shore and Newmont, and a
bank. Succeeded by The Tygarts Valley National Bank
substantial gain was recorded by Aluminum Co. of America.
of Elkins, Charter No. 14002.
Ellsworth, Ellsworth, Pa
Small advances were registered by Standard Oil of Indiana Apr. 21-National Bank ofLig. Agent, J. W.Dague, Ellsworth, 25,000
Effective April 17 1934.
Pa. No absorbing or succeeding bank.
and Humble Oil, while Gulf Oil of Pennsylvania was off
Utica, Mich
on the day. In the alcohol group, Distillers Seagrams was Apr. 21-The First National Bank of Utica,Arthur N. Chapo- 50,000
Effective April 17 1934. Liq. Committee,
ton, Jack Harvey and Wm. E. Malow, all of Utica, Mich.
fairly steady and Hiram Walker was somewhat easier. The
Succeeded by The Utica National Bank, Utica, Mich.,
Charter No. 14022.
specialty list was entirely without feature, most of the active
-The First National Bank of Bremerton, Bremerton,
23
trading favorites moving within a comparatively narrow Apr.Wash
100.000
Effective April 2 1634. Liq. Agent, Herbert A. Babcock, care
channel.
of the liq. bank. Absorbed by The National Bank of ComSome of the more active stocks were in moderate demand
merce of Seattle, Wash., Charter No. 4375.
Bank, Kings Park, N.
on Friday, though trading interest did not extend to all Apr. 23-Kings Park NationalLiq. Committee, JudgeYWm. F. 50,000
Effective April 19 1934.
Flynn, C. E. Biggs and Martin J. Hartney, care of the
parts of the list. The specialties group was the strongest,
liquidating bank. Succeeded by The National Bank of
Kings Park, N. Y.. Charter No. 14019.
a few of the highest priced stocks showing a gain of a point
3044
Financial Chronicle
Apr.23
-The South Side Nation.1 Bank & Trust Co. of Newark,
N..7
Effective April 171934. Liq. Committee, Thomas C. Wallace,
Adolph Kileinwaks and William L. Morgan, care of the
liquidating bank. Absorbed by The West Side Trust Co.,
Newark, N. J. The liquidating bank had authority for
operation of two branches.
Apr. 23
-First National Bank in Lodi, Lodi, N.5
Effective April 17 1934. Lieu Agent, Cyril J. Mason. care
of the liquidating bank. Absorbed by Peoples Trust Co.
of Bergen County, Hackensack. N. J.
Apr. 23
-First National Bank & Trust Co. of Tarentum, Pa
Effective April 18 1934. Liq. Committee, S. C. Stockdale,
Wm. R. Loynd and W. A. Givens, care of the liquidating
bank. Succeeded by "First National Bank in Tarentum,"
Charter No. 13940.
Apr. 23
-The First National Bank of St. Charles, St. Charles,
Minn
Effective April 17 1934. Liq. Agent, Noble Robinson, St.
Charles, Minn. Succeeded by "First National Bank in
St. Charles," Charter No. 13973.
Apr. 24
-The La Rose National Bank, La Rose, Illinois
Effective March 28 1934. Liq. Committee, G. B. Herber
and Charles J. Potter, La Rose, Ill. Absorbed by The
Citizens National Bank of Toluca, Ill.. Charter No. 11333.
Apr. 24-Fannettsburg National Bank, Fannettsburg, Pa.
-Effective April 16 1934. Liq. Agent, The National Bank of
Chambersburg, Pa. Absorbed by The National Bank of
Chambersburg, Pa., Charter No. 593.
Apr. 24
-The Tanners National Bank of Woburn, Woburn,
Mass
Effective April 17 1934. Liq, Agent, Richard Bancroft, care
of the liquidating bank. Succeeded by the "Tanners
National Bank in Woburn," Charter No. 14033.
Apr. 24
-The Elkins National Bank, Elkins. W. Va
Effective Apr1116 1934. Liq. Committee, A. C. Merrill, Don
Harper and Paul M. Crouch, care of the liquidating bank.
Succeeded by The Tygarts Valley National Bank of Elkins,
Charter No. 14002.
Apr. 24
-The First National Bank of Sebastopol, Sebastopol,
Calif
Effective Dec. 27 1933. Liq. Agent, W. C. Marshall, care
Transamerica Corp., 460 Montgomery St., San Francisco,
Calif. Absorbed by the Sebastopol Savings Bank, Sebastopol, Calif.
Apr. 24
-The First National Bank of Hardwick, Hardwick,
Calif
Effective Feb. 13 1934. I.iq. Agent, J. L. Sharp, care of the
liquidating bank. Absorbed by The First National Bank
of Riverdale, Calif., Charter No. 10200.
Apr. 25
-The Grundy County National Bank of Grundy
Center, Iowa
Effective April 20 1934. Liq. Committee, V. F. Sieverding,
E. E. Groote and Ferdinand Henze, care of the liquidating
bank. Succeeded by The Grundy National Bank of
Grundy Center, Charter No. 14066.
Apr. 27
-The First National Bank of DeKalb, DeKalb, ILL
Effective April 24 1,934. Liq. Agent, S. E. Bradt, De Haiti
.
,
Ill. Succeeded by "First National Bank in DeKalb,
Charter No. 14008.
Apr. 27
-The First National Bank of Winthrop, Winthrop,
Minn
Effective April 25 1934. Liq. Agent, A. L. Olson, Winthrop,
Minn. Succeeded by "First National Bank in Winthrop,"
Charter No. 14042.
Apr. 27
-The First National Bank of George West, George
West, Texas
Effective April 16 1934. Lich Committee. R. C. Lyme, C. L.
Tullis and Arthur E. Probst, all of George West, Texas.
Succeeded by "First National Bank in George West," Charter
No. 14012.
BRANCHES AUTHORIZED.
•
-The Merchants National Bank of Terre Haute, Terre
Apr. 25
Haute, lnd.
Location of branch: 1284 Lafayette Ave., Terre Haute, Ind.
Certificate No. 981A.
Apr. 25
-The Boardwalk National Bank of Atlantic City,
Atlantic City, N. J.
Location of branch: Northeast corner of New York and Atlantic
Ayes., Atlantic City, N. J. Certificate No. 982A.
Capital.
$300,000
Per Shares.
$0.10
100,000
200,000
25,000
25.000
25,000
100,000
100.000
100,000
25.000
50,000
100,000
25,000
50,000
Shares.
Stocks.
Per Share.
1 Scarsdale Leasing Corp.(N. Y.), class A. no par; 5 Scarsdale Leasing Corp.
N. Y., class B. no par
8800 lot
2 Nassau Union Bank of Glen Cove, L.I
40
$75,000 aggregate principal amount of the 8% and participating secured gold
notes of Island 011 & Transport Corp., due June 15 1926, being notes Nos.
3704 to 3778, both inclusive, in the principal amount of $1,000 each._ _$5,000 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
No sales.
By R. L. Day & Co., Boston:
Shares.
Stocks.
Per Share.
4 Brookside Mills. par $100
7%
225 Kreuger & Toll, common, 100 Kronens
$1 lot
42 The Nledlicott Co
914
15 Waltham Masonic Building Association, par $10
$12 lot
262 Kreuger & Toll, common, 100 Kronens
$2 lot
10 State Street Investment Corp. B
8714
15 Plymouth Cordage Co, par $100
70
47 Kreuger J. Toll, comm, 100 Kronens
$1 lot
50 Royal Tiger Mines Co., par 01 cent; 30 Thomas F. Galvin, Inc., 7 cum.
$100; 99 Acusbnet Mills, $5% paid in liquidation: 20 Babson Dow
Pref.. par
Mfg. Co., common, par $10; 26 Babson Dow Mfg, Co., 1st pref., par $100;
5 Babson Dow Mfg. Co.. 2nd pret., par $100: 250 Beecher Falls Co., Inc.,
class A; 500 Federal Mills Products Co., par $30; Montana Southern Ry.
Co., $6 pref.. par $100
$125 lot
112 Kreuger J. Toll, common, 100 Kreonens
$1 lot
40 Charles Street Garage, preferred
514
BondsPer Cent.
$1,000 Lawyers Mortgage Investment Corp., 550, March 15 1940
4134 flat
By Crockett & Co., Boston:
$ per Share.
294
93
112
2114
$9 lot
as
8
s
By Barnes & Lofland, Philadelphia:
t per Share.
Stocks.
Shares.
$3 lot
20 the Federated Loan Association, par $100
Club Association, Pasadena, Calif., common, par $100
$1 lot
4 Pasadena Golf
12 Pennsylvania Company for Insurances on Lives and Granting Annuities,
3034
Par $10
48 ex-div.
100 Fire Association of Philadelphia, par $10
Per Cent.
314 flat
814 flat
By A. J. Wright & Co., Buffalo:
Shares.
Stocks.
5 Zenda Gold Mines
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:
Stocks.
Shares.
4 Merchants National Bank,Boston, par $100
1 Northern Railroad of N. H., par $100
4 Vermont & Massachusetts Railway Co. par $100
20 Garfield land Co
2,000 Etna Lead & Zinc Corp., par $1
S Quincy Market Cold Storage St Warehouse, preferred, par me
14 Rockland Light & Power Co., voting trust certificates, par $10
10 Rockland Light .1. Power Co., voting trust certificates, par $10
May 5 1934
Bonds83,500 the Belden,634%.first mortgage,certificate of deposit
$1,000 the Pearson,
%,first mortgage, certificate of deposit
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.
Per
When Holders
,Share. Payable. ofRecord.
Affiliated Products, Inc.. corn.(monthly)
Sc June 1 May 17
Allentown Bethlehem Gas,7% pref.(quar.)-8734c May 10 Apr. 30
American Business Shares (quar.)
2c June 1 May 15
American Capital Corp., $534 pref.(quar.)_ $114 June 1 May 15
American Home Products Corp.(monthly)
20c June 1 May 14a
American Steel Foundries, 7% pref. (quar.)
50c June 30 June 15
Archer-Daniels-Midland Co., corn. (guar.)
25c June 1 May 21
Associated National Shares
9.594c May 15 Apr. 30
Atlas Powder Co.,corn.(quar.)
50c June 11 May 31
Badger Paper Mills. pref. (quar.)
75c May 1 Apr. 24
Banditti Petroleum (monthly)
Sc May 20 Apr. 30
Bankers National Investing (Del.) (quar.)---Sc May 25 May 14
Class A and B (quarterly)
32c May 25 May 14
Preferred (quarterly)
15c May 25 May 14
Belding-Corticelli. Ltd., prof. (quar.)
$114 June 15 May 3
me
1
Birmingham Electric, $7 preferred
1153
$6 preferred
May 1
h50c May 1 Apr. 28
Blue Ribbon, 634% preferred
$1 May 15 Apr. 30
Boss Mfg. Co.,common
Boston Woven Hose & Rubber Co.(no common dlviden d action)
Preferred
$3 June 15 June 1
25c May 21 May 15
Bourjois, Inc., corn. (quar.)
250 July 20 July 1
Bower Roller Bearing Co.,(quar.)
10c June 1 May 12
Brach (E.J.)& Sons,common (quar.)
15c July 2June 15
Brillo Mfg.Co.,Inc., corn,(quar.)
50c July 2June 15
Class A (quar.)
Broiaxville Trust Co.(N. Y.)(quar.)
May 1 Apr. 25
$2
Brown Shoe Co., common (quar.)
75c June 1 May 21
1234e May 15 May 5
Byron Jackson
Cabot Mfg.(quarterly)
$2
May 15 May 3
37c June 15 May 31
Canada Malting, Ltd. (quarterly)
Canadian 011 Co., Ltd., corn (guar.)
1234c May 15 May 1
2 July 1 j e 23
Preferred (quar.)
Jun 20
une
Carolina Tel. & Tel.(quar.)
m li 2
I254 Juey 22
-a.)---1
Catawissa RR., 1st & 2nd preferred (s.
May 10
Central Vermont P. Service Corp.,$6 pref.(qu.)
54 May 15 Apr. 30
Champion Coated Paper Co., corn. (quar.)-May 15 May 10
1st and special preferred
July 1 June 20
Champion Fiber Co., pref. (quar.)
July 2 June 20
Champlain Oil Products, pref. (quar.)
150 May 15 Apr. 30
Chartered Investors. $5 pref. (quar.)
$134 June 1 May 1
Chase (A. W.),6% preferred
50c May 10 Apr. 30
Chester Water Service, preferred (quar.)
$114 May 15 May 5
Chestnut Hill RR.(quar.)
75c June 4 May 20
Chrysler Corp. corn. (quar.)
25c June 30 June 1
Common extra
25c June 30 June 1
,Clark Equipment Co., corn, (quar.)
20C June 15 May 30
Clear Spring Water Service, pref. (quar.)
$114 May 15 Ma. 3
Apr 5
y 0
Columbian Carbon Co.(quar.)
75c Je 1 May 15
June
Cosmos Imperial Mills Ltd., 7% pref
May 13
$1
une 5
Crown Cork & Seal Co., Inc., pref. (quar.)- June
Crown Zellerbach Corp.. $6 ci. A & B cum
h376Ac June 1 May 34
11
Crum & Forster Insurancesharee Corp.
Class A & B (quarterly)
15c May 31 May 21
Class A & B (extra)
10c May 31 May 21
7% preferred (quarterly)
$194 May 31 May 21
Cushman's Sons, Inc.. corn.(quar.)
250 June 1 May 15
7% preferred (quar.)
$134 June 1 May 15
$8 preferred (quar.)
12 June 1 May 15
Dayton l'ower & Light Co.,6% pref. (monthly)
50c June 1 May 19
Deposited Bank Shares of N. Y.(s.
-a.)
July 2 May 15
234
Dominion Textile Co., Ltd.,common (quar.)_- _
1134 July 3 June 15
Preferred (quarterly)
$134 July 16 June 30
zw8
Dunlop Rubber Co., common
Eastern Utilities Assoc., corn. (quar.)
25c May 15 May 7
Employers Reinsurance (liar.)
40c May 15 Apr. 30
Erie & Pittsburgh RR.,7 guaranteed quar.) 874c June 1 May 31
ar
European Electric Corp., td., Cl. A & B com_ _
15c May 15 May 4
Fall River Gas Works (quar.)
600 May 1 Apr. 27
Federal Light& Traction Co., pref.(quar.)
$135 June 1 May 15a
Ferro Enamel Corp., corn. (quar.)
10c Jane 20 June 9
Common (extra)
Sc June 20 June 9
Fitz-Simon's & Connell Dredge & Dock
Common (quarterly)
1254c June 1 May 21
Food Machinery, 634% pref. (monthly)
50c May 15 May 10
61 % preferred (monthly
‘
,
50c June 15 June 10
6 % preferred monthiy
50c July 15 July 10
Ford Motor Co. of Canada. IAA.. class A.& B- _
50c May 28 May 8
Gas Securities Co.,corn.(monthly)
(134 of 1% May 1 Apr. 14
Preferred (monthly)
50c May 1 Apr. 14
Globe Dem Publishing. pref. (guar.)
$114 June 1 May 19
Goodyear Tire & Rubber Co.,7% pref. (quar.)_
July 2 June 1
Great Atlantic & Pacific Tea Co. of America
Common (quar.)
UN June 1 May 4
250 June I May 4
Extra
7% preferred (quar.)
5134 June 1 May 4
Great Lakes Dredge & Dock Co.(quar.)
z25c May 15 May 5
Guelph Carpet & Worsted, pref. (quar.)
$114 May 1 Apr. 20
Hires (Chas. E.) Co., class A com.(quar.)
50c June 1 May 15
Hollinger Consolldated Gold Mines (monthly)-5c May 21 May 4
Extra
Sc May 21 May 4
Homestake Mining Co.(monthly)
$1 May 25 May 19
Extra
Si May 25 May 19
I. G. Farbenindustrie (conpar No. 12)
k7%
Investment Corp. of Phila
50c June 15 June 1
Keystone Custodian Funds, ser E-1
82c May 15 Apr. 30
Series F
23.4c May 15 Apr. 30
Lansing (quarterly)
250 May 10 May 1
Lanston Monotype Machine Co. (quar.)
$1
May 31 May 21
Lee(H. D.) Mercantile Co
350 May 10 May 4
Loew's London Theatres, Ltd., 7% pref
h35c May 15 May 5
Ludlow Manufacturing Association (quer.)
i June 1 May 5
Mallory Hat Co.. 7% pref. (quar.)
114 May 1 Apr. 21
Manufacturing Casualty Insurance (quar.)---- 37340 May 15 May I
May Department Stores, corn. (quar.)
400 June 1 May 15
McColl Irrontenac Oil Co., common (guar.)._ _ _
20c June 15 May 15
McKesson & Robbins, Ltd.. common (s.
-a.). _ _ _
r25c May 1 Apr. 20
Merchant. Refrigerating, $7 pref. (quar.)
$114 May 1 Apr. 27
Metal Textile Corp., partic. pref. (quar.)
8134c June 1 May 21
Metro-Goldwyn Pictures Corp., pref. (quar.)-- 134% June 15 May 25
Midland Life insurance
SOc May 1 Apr. 25
Midland Royalty. $2 preferred
h50c May 15 May 5
$2 preferred
11250 June 15 June 5
Mobile & Birmingham RR., 4% gtd (s-a)
2
July 2 June 1
Mohawk-Hudson l'ower Corp., pref. (qu.)
134 May 1 Apr. 28
National Bond & Share Corp
250 June 15 May 31
National Enameling & Stamping Co
50c June 30 June 4
New Rochelle Water,7% pref. (quar.)
$114 June I May 20
Northwestern Public Service Co
7% cumulative preferred
8734c June 1 May 21
6% cumulative preferred
75c June 1 May 21
111
I
I
Financial Chronicle
Volume 138
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
1900 Corporation, class A (quarterly)
50c Aug. 15 Aug. 1
Class A (quarterly)
50c Nov. 1 5No. 1
Nova Scotia Light & Power,6% pref.(quar.)_ _ _
$1.3. June I May 16
Ohio Power Co., 6% prof. (quar.)
$131 June I May 7
Pantheon Oil (quarterly)
231c May 28 May 18
Parker Rust Proof Co., common (guar.)
75c May 21 May 10
Common (stock dividend)
e10% May 21 May 10
Preferred (semi-annual)
35c May 21 May 10
Parker (S. C.)& Co., class A (quar.)
10c May 1 Apr. 25
Penn State Water, $7 pref. (quar.)
3131 June 1 May 20
Peoples Telephone Corp., 7% pref. (quar.)
3131 June 1 May 31
Philadelphia Suburban Water Co., pref. (quar.) 8131 June 1 May 120
Phoenix Hosiery Co., 7% 1st pref. (quar.)
8711c June 1 May 19
Pogue (II. & S.),6% pref.(quar.)
$136 May 1 Apr. 15
Portland & Ogdensberg Ry. (quar.)
50c May 31 May 21
Potomac Electric Power,6% pref. (quar.)
3131 June 1 May 12
% preferred (quarterly
$1% June 1 May 12
Purity Bakeries Corp., common (quar.)
25c June 1 May 15
Rolland Paper 6% preferred (quar.)
3131 June 1 May 15
Savannah Electric & Power 8% pref. A (quar.)_ _
$2 July 2 June 15
7% %
preferred B (quar.)
$11 8 July 2 June 15
/
7% preferred C (quar.)
3131 July 2 June 15
/ July 2 June 15
% preferred B (quar.)
31 5
Socony Vacuum Corp
15c June 15 May 11
Southern California Edison Co., Ltd.
7% series A preferred (quar.)
1%% June 15 May 20
6% series B preferred (guar.)
1 , % June 15 May 20
)
6
Southeastern Cottons
$4 July 1
7% preferred
33% July 1
Southington Hardware (quar.)
25c Apr. 30 Apr. 24
Standard Oil of California (quar.)
25c June 15 May 15
Standard Oil of Nebraska (quar.)
25c June 20 May 23
Standard Oil of New Jersey $25 par (s.
-a.)
50c June 15 May 16
$100 par (semi-annual)
$2 June 15 May 16
Sterling Products, Inc. (quar.)
95c June I May 15a
Superior Oil of California preferred
h231% May 20 May 1
Superior Portland Cement
h55c May 1 Apr. 23
Texas Gulf Producing (monthly)
234% June 16 May 18
Tide Water Oil Co.,5% pref. (quar.)
314 May 15 May 10
3
Tinken Detroit Axle Co., pref. (quar.)
$1% June 1 May 20
Timken Roller Bearing Co
25c June 5 May 18
Union Tank Car Co., corn.,(quar.)
30c June 1 May 15
United Carbon Co., common (quar.)
44c July 2 June 16
United Verde Extension Mining
25c May 1 Apr. 3
U. S. Electric Light & Power Shares B
3c May 15 Apr. 30
Universal Winding 7% pref. (quar.)
$1% May 1 Apr. 26
Utica Gas & Electric Co., 7% pref. (quar.)- - 3131 May 15 May 1
,
quar.)
$131 May 1 Apr. 20
$6 preferred(
x5%
Venezuela Oil oncessions, Ltd., com. (final).—
50c June I May 16
Vick Chemical Co., common (quar.)
Common (extra)
10c June I May 16
Walker (H.), Gooderham & Worts, Ltd.—
250 June 15 May 30
Preference (quarterly)
$3
June 1 May 17
Washington R. & Electric (quar.)
5% preferred (quarterly)
313.1 June 1 May 17
Washington Water Power, $6 pref. (quar.)...._
3131 June 15 May 25
Watab Paper 8% preferred (quar.)
$1 May 15 May 15
Westvaco Chlorine Products Corp.,corn.(quar.)
10c June 1 May 15
Will & Baumer Candle Co., Inc., common
10c May 15 May 1
Williamsport Water $6 pref. (quar.)
$131 June I May 20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week,these being given In the preceding table.
Name of Company.
Per
When Holders
Share. Payable. of Record.
Acme Gas & Oil
Alabama Power Co., $7 pref. (quar.)
$6 preferred (quar.)
$5 preferred (quar.)
Albany & Vermont R.R. Ca.
Allen Industries $3 preferred
Allied Laboratories preferred (quar.)
Alpha Shares, Inc. (s a.)
Aluminum Mfg. (guar.)._ Quarterly
Quarterly
7% preferred (quar.
7% preferred (guar.
7% preferred (guar.
American Arch (quar.
American Can Co. corn. (quar.)
American Chicle (quarterly)
American Envelope. 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Factors. Ltd.(monthly)
Monthly
American & General Securities class A common_ _
$3 series cumulative preferred
American Hardware Corp.(quar.)
Quarterly
Quarterly
American Investors, Inc., $3 pref.(quar.)
American News (hi-monthly)
American Re-Insurance Co. (quar.)
American Smelting & Refining, 7% 1st pref
American Tobacco Co. corn. & corn. B (quar.)_
Amparo Mining
Artloorn Corp. cumulative preferred (quar.)_ _
Atlas Corp..$3ref. A (guar.)
preferreduer.
(quar.
$3 eferred (quar.
33
Bamberger (L.) & Co.6ti% pref.(quar.)
Bangor & Aroostook RR.Co.coin.(quar.)
Preferred (quar.)
Bankers & Shippers Ins. of N. Y.(quar.)
Barber(W.H.)& Co.. pref.(quar.)
Preferred (quar.)
Preferred (guar.)
Beacon Manufacturing Co.6% preferred (quar.)
Best & Co. common (quar.)
Bigelow-Sanford Carpet, pre('
Blackstone Valley Gas & Elec. Co., pref.(s -a.)..
Blaumer's, Inc., common (quar.)
Preferred (quar.)
Block Bros. Tobacco (quar.)
Quarterly
Quarterly
Preferred
Preferred quer.
Preferred(quar.
Blue Ridge Corp..$3 optional cony. pref.(quar.)
Borden's, common (quar.)
Boston & Providence R.R. Co.(quar.)
Quarterly
Bourjois, Inc., preferred (quar.)
Bridgeport Gas Light (quar.)
Bristol Myers Co.common (quar.) •
Extra
Brooklyn Edison (quar.)
Brooklyn Union Gas Co.(quar.)
Buckeye Pipe Line (quarterly)
Buck Hill Falls (quar.)
Burroughs Adding Machine Co. (quar.)
Calamba Sugar Estates (quar.)
7% preferred (quar.)
May 15 May 5
July 2 June 15
July 2 June 15
Aug. 1 July 16
May 15 May I
June 1 May 31
July 1 June 26
May 10 Apr. 30
June 30 June 15
Sept.30 Sept. 15
Dec. 31 Dec. 15
June 30 June 15
Sept.30 Sept. 15
Dec. 30 Dec. 15
June 1 May 21
May 15 Apr. 24a
July 2 June 12
June 1 May 25
Sept. 1 Aug. 25
Dec. I Nov.25
May 10 Apr. 30
June 9 May 31
June 1 May 15
June 1 May 15
July 1
Oct. 1
Jan 1'35
750 May 15 Apr. 30
250 May 15 May 5
50c May 15 Apr. 30
h$431 June 1 May 14
$131 June 1 May 10
lc May 10 Apr. 30
h$1% June 1 May 15
75c June I May 19
75c Sept. 1 Aug. 20
75c Dec. 1 Nov. 20
$1% June 1 May 15
62c July 2 May 31
$1% July 2 May 31
75c May 9 May 7
$1% July 1 June 20
$1% Oct. 1 Sept.20
$1% Jan F35 Dec. 20
May 15 May 1
31
May 15 Apr. 25
2
$2 June 31 May 10
$.3 June I May 15
25e May 15 May I
75c May 15 lay 1
37%c May 15 May 11
3735c Aug. 15 Aug. 11
3731c Nov. 15 Nov. 11
$131 June 30 June 25
$131 Sept.30 Sept. 25
$1)4 Dec. 31 Dec. 24
June 1 May 5
40c June 1 May 15
32.125 July 2 June 20
$2.125 Oct. 1 Sept. 1
68%c May 15 May 1
60c June 30 June 15
50c June 1 May 10
10c June 1 May 10
$2 June 1
$1% July 2 June 1
75c June 15 May 31
12)ic May 15 May I
10c June 5 May 5
40c July 1 June 15
35c July 1 June 15
2c
$131
$135
$1 31
$14
h75c
87%c
I5c
50c
50c
50c
$1%
$191
$1%
25c
$1
75c
$1%
$1%
$1%
10c
10c
7%c
75c
25c
25c
Name of Company.
3045
Per
When Holders
Share. Payable. ofRecord.
Cables & Wireless, Ltd., preference
w2%% June 4 Apr. 20
California Packing Corp
37tic June 15 May 31
California Water Service Co.,6% pref.(guar.)_ _
$136 May 15 Apr. 30
Canadian Converters, Ltd., corn. (quar.,
50c May 15 Apr. 30
Canadian Hydro Electric Corp.. let pref. (qu.)_ r$13.4 June 1 May 1
Carnation Co preferred (quar.)
$1% July 2
Preferred (guar.)
$1% Oct. 2
Preferred (guar.)
$1 31 Jan. I
Caterpillar Tractor Co
12%c May 31 May 15
Cedar Rapids Mfg.& Power (quar.)
75c May 15 Apr. 30
Central Cold Storage (quar.)
123 c May 15 May 5
,
Central Franklin Process, let & 2nd pref. (qu.)- $1% July 2 June 30
Central Mass. Light & Power 6% pref.(quar.)
May 15 Apr. 30
$1
Centrifugal Pipe Corp. (guar.)
10c May 15 May 5
Quarterly
10c Aug. 15 Aug. 5
Quarterly
be Nov. 15 Nov. 5
Century Ribbon Mill, Inc., preferred (near.)
$1% June 1 May 19
Chain Belt Co. (quarterly)
10c May 15 May 1
Chartered Investors, pref. (quarterly)
$1% June 1 May 1
Chesapeake & Ohio R.R. preferred (semi-ann.)
$3% July 1 June 8
Chicago Flexible Shaft Co., corn. (quar.)
25c June 30 June 20
Chicago Mail Order
250 May 10 May 1
Chicago Yellow Cab (guar.)
25c June 1 May 21
Cincinnati Union Terminal,4% pref.(quar.)
$131 July 1 June 20
4% preferred (quar.)
$1% Oct. 1 Sept.20
4% preferred (quar.)
$1% Jan1'35 Dec. 20
Cleveland & Pittsburgh, reg. gtd. (quar.)
8731c June 1 May 10
Registered guaranteed (quar.)
87 Ac Sept. 1 Aug. 10
Registered guaranteed (quar.)
87%c Dec. 1 Nov. 10
Special guaranteed (quar.
50c June 1 May 10
Special guaranteed (quar.
50c Sept. 1 Aug. 10
Sepcial guaranteed (quar.)
50c Dec. 1 Nov. 10
Columbia Gas & Electric Corp.. common
J12%c May 15 Apr. 20
5% cumulative & convertible pref. (quar.)
$1% May 15 Apr. 20
6% preferred (quarterly)
% May 15 Apr. 20
Concord Gas preferred (guar.)
$1% May 15 Apr. 30
Confederation Life Association (guar.)
31 June 30 June 25
Quarterly
$1 Sept.30 Sept.25
Quarterly
$I Dec. 31 Dec. 25
Connecticut Light & Power,631% pref. (quar.)_ $1% June I May 15
% preferred (guar.)
$1% June I May 15
Connecticut Power Co., corn. (quar.)
62)6c June 1 May 15
Connecticut By.& Lighting (quar.)
51.125 May 15 Apr. 30
31.125 May 15 Apr. 30
% preferred (guar.)
Consolidated Cigar Corp., pref. (quar.)
$1% June 1 May 15
Consolidated Gas Co. of N.Y.common (quar.)_
50c June 15 May 11
Consolidated Oil Corp.8% pref. (quar.)
$2 May 15 May 1
Consolidated Paper
I5c June I May 21
Consumers Power Co.,$5 pref.(quar.)
$1% July 2 Tune 15
$1.65 July 1 rune 15
6.6% preferred (quar.)
7% preferred (quar.)
$154 July 1 rune 15
6% preferrd (monthly)
50c June 1 Aay 15
6%Feferred (monthly)
50c July
rune 15
6.6 preferred (monthly
onthly)
55c June 1 tlay 15
55c July 1 tune 15
6.6 preferred monthly)
Continental Can Co.. Inc., corn. (gear.))
75c May If 1pr. 25a
Cresson Consol. Gold Mining & Mill Co.(quar.)
3c May 11 Xpr. 30
Crown Cork & Seal. pref. (quarterly)
68c June lb %lay 3I0
Crum & Forster, 8% preferred (quar.)
$2 June 30 lune 20
Cuneo Press,Inc.. preferred (quar.)
$1% June 11 rune 1
h5c June 1 May 15
Deere & Co., preferred
Denver Union Stockyards (quar.)
50c July 1
Quarterly
50c Oct. 1
Quarterly
50c Jan. 1
7% preferred quar.)
$1% June 1 May 20
7% preferred quar.)
$1%. Sept. 1 Aug. 20
7% preferred guar.)
$1% Dec. 1 Nov.20
Detroit Hillsdale & Southwestern (semi-ann.)—
$2 July 7 June 20
Diamond Match Co. common (quar.)
25c June I May 15
Dictaphone Corp.,preferred (guar.)
32 June 1 May 18
Diem & Wing Paper pref. (quar.)
$1% May 15 Apr. 30
15c June 1 May 15
Doctor Pepper Co.(quar.)
Quarterly
15c Sept. 1 Aug. 15
Quarterly
150 Dec. 1 Nov. 15
r50c May 15 Apr. 30
Dominium Bridge Co., Ltd.. common (guar.)
e50% July 2 June 16
Dow Chemical
Quarterly
50c May 15 May 1
Preferred (quarterly)
$1% May 15 May 1
East Mahanoy RR. (s. a.)
$134 tune 15 June 5
150 rune 1 May 15
Eastern Gas & Fuel Associates, corn. (quar.)
Prior preferred (quarterly)
$1.125 fitly 1 June 15
$1% lulY 1 June 15
$6 preferred (quarterly)
Eastern Shore Public Service 3631 pref. (quar.)_ $1% rune 1 May 10
$1% lune 1 May 10
$6 preferred (quar.)
Eaton Manufacturing (quar.)
250 Viay 15 May 1
Electric Household Utilities Corp., corn. (quar.)
25c lay 15 May 7
Elizabeth & Trenton (s-a)
31 3ct. 1 Sept. 20
5% preferred (s-a)
$1% 3ct. 1 Sept. 20
Empire & Bay State Teleg.,4% guar.(quar.)_ _ _
$1 June, 1 May 22
4% guaranteed (quar.)
$1 Sept. 1 Aug. 22
$1 Dec. 1 Nov. 21
4% guaranteed (quar.)
Empire Capital, series A (quar.)
10c May 31 May 21
June 1 Apr. 30
Empire Gas & Electric,6% pref.(quar.)
$1
7% preferred C (quar.)
$1% June 1 Apr. 30
$13.4 June 1 Apr. 30
6% preferred D (quar.)
Empire Power Corp., participating stock
50c May 10 Apr. 30
$2 Aug. 1 July 25
Eppens, Smith (semi-annual)
Escanawba Power & Traction,6% Pref. (guar.).. $13.4 Aug. 1 July 27
$135 Nov. 1 Oct. 26
6% preferred (quar.)
250 June 1 May 15
Faber Coe & Gregg (quarterly)
Quarterly
250 Sept. 1 Aug. 15
Quarterly
25c Dec. 1 Nov. 15
250 3-1-35 2-15-35
Quarterly
h3.3% May 15 May 5
Fair (The), 7% preferred
Farmers & Traders Life Insurance Co.(quar.)-- $231 July 1 June 10
$231 Oct. 1 Sept. 10
Quarterly
Sb MaY.15 Apr. 27
Fire Association of Philadelphia (semi-annual)_ _
8734c June I May 15
Florida Power Corp., pref. (quar.)
Sc May 10 Apr. 25
Fort Pitt Brewing (quar.)
50c June 1 May 15
Freeport Texas Co.(quarterly)
6% preferred (guar.)
$131 Aug. 1 July 12
General Cigar Co., Inc.. preferred (guar.)
$1% June 1 May 23
Preferred (guar.)
$1% Sept. 1 Aug. 23
Preferred (guar.)
$1% Dec. 1 Nov.22
Generale d'Electricite
80 fr.
General Foods Corp.(quar.)
45c May 15 May I
General Italian Edison Electric Amer. Shares..
33.39
Godman (H. C.). 1st preferred (quar.)
$134 June 1
Gottfried Baking Co., Inc., preferred (quar.)
131% July 2 June 20
Preferred (quar.
% Oct. 1 Sept. 20
Preferred (guar.
% Jan. 2 Dec. 20
Grace(N.R.)6% irst pref. (semi-annual)
June 30 June 28
6% first preferred (semi-annual)
Dec. 29 Dec. 27
Grand Rapids & Indiana By.(semi annual)
$2 June 20 June 9
Grand Union Co., pref. (quar.)
75c June 1 May 10
Great Western Eiectro-Chemical (quar.)
El Aay 15 May 5
Green & Coats Street Phila. Passenger By., pref.. $1.; July 7 June 22
,
5
Preferred
$131 Oct. 6 Sept.22
Guggenheim & Co., 1st pref. (quar.)
$1% May 15 Apr. 29
Ilackensack Water Co.common (semi ann.)__
75c June 1 May 16
7% preferred class A (auar.)
43%c June 30 June 18
Hale Bros. Stores. Inc.(guar.)
150 June 1 May 15
Quarterly
150 Sept. 1 Aug. 15
Quarterly
15c Dec. 1 Nov. 15
Harbauer Co., 7% preferred (quar.)
31
Aug. 1 July 21
7% preferred (quar.)
Oct. 1 Sept.21
31
7% preferred (quar.)_
$I
Jan 1'35 Dec. 21
Hardesty (R.) Mfg.,7% pref.(quar.)
51% June 1 May 15
7% preferred (quar.)
$1% Sept. I Aug. 15
7% preferred (quar.)
$191 Dec. 1 Nov. 15
Hartford Times, Inc., $3 pref. (quar.)
75c May 15 May 1
:3
Financial Chronicle
3046
Name of Company.
Per
When Holders
Share. Payable. of Record
25c June 1 May 22
Harbison-Walker Refractories common
July 20 July 10
Preferred (guar.)
"
la June 30
Hawaii Consolidated Ry.. Ltd.. 7% pref. A.
HerculesPowder Co., preferred (guar.)
$1 h May 15 May 4
Hershey Chocolate Corp., corn. (quar.)
75c May 15 Apr. 25
Convertible preferred (quar.)
$I May 15 Apr. 25
10c May 25 May 18
Hibbard, Spencer. Bartlett& Co.(quar.)
10c June 29 June 22
Quarterly
25c June 1 May 18
Hobart Manufacturing Co.. corn. (guar.)
123ic May 15 Apr. 30
Hollander (A.)& Son, Inc.,common
150 May 20 May 12
Honolulu Gas(monthly)
150 June 20 June 12
Monthly
Honolulu Plantation Co.(monthly)
25c May 10 Apr. 30
Hooven & Allison Co.7% preferred (quar.).,
$1% June 1 May 15
Hormel(Geo. A.)& Co., common (quar.)
25c May 15 Apr. 28
May 15 Apr. 28
$1
Class A preferred (guar.)
Horn & lIardart Co. of N. Y.. pref. (quar.)
$134 June I May 12
$1.05
Household Finance,pref.(guar.)
75c
Quarterly
10c May 5 Apr. 30
Hutchinson Sugar Plantation Co.(monthly)
Illuminating Power Security (quar.)
SIX May 10 Apr. 30
May 15 Apr. 30
7% preferred ((mar.)
5% June 8
Imperial Chem.Ind. Amer.dep.rec.for ord.she.
1% June 1
Deferred shares
July 3
Imperial Life Assurance (quar.)
Oct. 1
Quarterly
Jan.1'3$
Quarterly
r 25c June 1 May 15
Imperial Oil(s-a)
r15c June 1 May 15
Extra
$1
June I May 1
Indiana Hydro Elec. 1st pref. (quar.)
15c May 15 Apr. 27
Indiana Pipe Line
$IX Aug. 1 July 27
Industrial cottonMills(R.II..S.C.).7%pf.
(qr.)
150 June 1 May 15
Industrial & Power Security Co.(guar.)
3755c June 1 May 7
Ingersoll-Rand Co., corn. (quar.)
June 1 May it
International Harvester Co. preferred (guar.).- _ $1
r56c June I May 15
International Petroleum(s-a)
r44c June 1 May 15
Extra
50c May 15 May 1
Interstate Hosiery Mills (quar.)
50c Aug. 15 Aug. 1
Quarterly
50c Nov. 15 Nov. 1
Quarterly
20c June 1 May 10
Iron Fireman Mfg. Co., corn. (quar.)
20c Sept. 1 Aug. 10
Common (quar.)
20c Dec. 1 Nov. 10
Common (quar.)
15c June 30 June 20
Kalamazoo Vegetable Parchment Co. (quar.)-15c Sept.30 Sept. 20
Quarterly
15c Dec. 31 Dec. 20
Quarterly
May 15 May 5
Si
Kelvinator of Canada, Ltd.'7% pref. (quar.)
June 1 May 10a
Kendall Co., partic. pf.ser. A (quar.)
92c June 1 May 10a
Partic. preferred series A (partic. div.)
Keystone Steel & Wire Co., 7% pref
/41if May 15 May 5
25c July 2 June 20
Klein (D. Emil) Co., common (quar.)
25c June 1 May 10
Kroger Grocery & Baking, common (quar.)
$13i July 2 June 20
6% preferred (quarterly)
7% preferred (quarterly)
$1h Aug. 1 July 20
Landers, Frary & Clark.corn.(quar.)
370 June 30
37Sic Sept.30
Common (quar.)
Common (quar.
373Sc Dec. 31
Landis Machine. pref. (quar.)
June 15 June 5
Preferred (guar.)
Sept. 15 Sept. 5
Dec. 15 Dec. 5
Preferred (quar.)
Si
Langley's. 7% preferred
/151% May 15 Apr. 30
Lehigh Coal& Navigation
25c May 31 Apr. 30
Lehigh Power Security Corp.(quar.)
25c June I May 19
Lehn & Fink Products,corn.,(quar.)
50c June 1 May 15
30c June 15 May 31
Libby-Owens Ford-Glass (quar.)
40c June 1 May 1
Life Savers Corp. (quar.)
Liggett & Myers Tobacco Co.,corn (quar.)
$1 June 1 May 15
$1 June I May 15
Common B (quarterly)
30c Aug. 1 July 26
Lincoln Nat.Life Ins.(Ft. Wayne)(guar.)
300 Nov. 1 Oct. 26
Quarterly
Lincoln Telep. & Teleg.,6% pref. A (quar.),,.... $15i May 10 Apr. 30
SI h May 10 Apr. 30
5% special preferred (quar.)
10c June 1 May 15
Link Belt Co., common (guar.)
$14S July 2 June 15
Preferred (quar.)
50c June 9 May 25
Little Miami RR.special guaranteed (guar.). $1.10 June 9 May 25
Original
Loblaw Groceterias Co., Ltd., class A & B (qu.) r25c June 1 May 14
r15c June 1 May 14
Class A and B (bonus)
51% May 15 Apr. 28
Loew's.
$6.ii preferred (quarterly)
31% July 1 June 18
Loose Wiles Biscuit Co.. pref. (quar.)
Inc.'
June 1 May 17
Lord & Taylor preferred (quar.)
May 15 Apr. 30
Los Angeles Gas & Electric Corp., pref. (guar.) $1
12;ic May 15 May 5
Lunkenheimer
ommon (quar.)
$1% July 1 June 22
634% preferred
Co.,(gnarl
51% Oct. 1 Sept.21
6% preferred (quar.
h
Jan. 2 Dec. 22
Si
636% preferred (quar.
,
51% May 15 Apr. 30
Luzerne County Gas & El.$7 1st pref. (quar.)
May 15 Apr. 30
51
$6 1st preferred (quar.)
50c May 15 May 5
Lynch Corp. (quar.)
100fr.
Lyonnaise deft Eaux
25c May 15 May 15
MacMillan Co.(quar.)
May 8 May 8
31
$6 preferred (guar.)
Soc May 15 Apr. 20
Macy (R. H.)& Co.(quar.)
51.35 May 15 May 5
,
Magnin (I.) & Co., preferred (quar.)
$1)5 Aug. 15 Aug. 5
Preferred (quar.)
Nov. 16 Nov. 5
$1
Preferred (quar.)
Sc May 15 May 1
Managed Investment (guar.)
15c June 1 May 15
Manhattan Shirt Co.. corn. (guar.)
750 July 2 June 15
Mapes Cense' Mfg.(quar.)
zw6%
Marconi's Wireless Teleg. Co.. Ltd., corn
$135 May 15 May 10
,
Matson Navigation Co.,(guar.)
43%c May 31 May 30
McClatchy Newspapers,7% pref.(guar.)
25c June I May 1
McIntyre Porcupine Mines (quar.)
250 June I May 1
Bonus and extra
375ic May 15 Apr. 30
Meadville Telephone Co.(quarterly)
51X May 15 Apr. 30
Mercantile Stores Co.,7% pref. (quar.)
250 May 15 Apr. 11
Mid-Continent Petroleum
$20 Apr. 30 Apr. 28
Mid vale Company
$3 JulyJune 20
Milland Grocery 6% preferred (semi ann.)
50c May 15 May 4
Minneapolis-Honeywell Regulator Co., com
Si Vi May 15 May 1
Monmouth Consolidated Water,7% pf.(qu.)
25c June 15 May 25
Monsanto Chemical Works (quar.)
1735c May 10 Apr. 10
Montgomery & Erie (semi-annual)
$2 May 15 Apr, 30
d Montreal Light. Heat & Power Co.(quar.)--r37c Apr. 30 Mar.31
Montreal Light. Heat & Power Consol. (quar.)_
75c May 15 May 1
Moody's Investors Service, partic. pref. (quar.)
July 1 July 1
$1
Moore Dry Goods Co.(guar.)
51;i Oct. 1 Oct. 1
Quarterly
Jan. 1 Jan. 1
$1
Quarterly
July 1 June 20
Si
Morris 5 & 10c. Stores,7% pf.(quar.)
$1% Oct. 1 Sept.20
7% preferred (quar.)
$1 June 1 May 26
Morris Plan Ins. Soc.(quar.)
Si Sept. 1 Aug. 25
Quarterly
$I Dec 1 Nov.26
Quarterly
50c May 15 Am. 26
Morse Twist Drill& Machine Co
June 1 May 19
$1
Muskogee Co.. 6% cum. pref. (quar.)
$154 June 28 June 21
Mutual Chem.of America, pref.(quar.)
$1 Yi Sept.28 Sept.20
Preferred (quar.)
135 Dec. 28 Dec. 20
Preferred (quar.)
Sc May 20 May 5
Mutual Telephone (Hawaii) (monthly)
41% June 1 May 15
National Automotive Fibers 7% preferred
May 31 May 17
$1
National Biscuit Co., pref. (quar.)
$1 May 15 Apr. 28
-a.)
National Casket Co.. corn. (s.
50c June 1 May 10
National Container Corp. common (initial)---50c June 1 May 15
Preferred (guar.)
h50c June 1 May 15
Preferred
50c Sept. 1 Aug. 15
Preferred (guar.)
h50c Sept. 1 Aug. 15
Preferred
50c Dec. 1 Nov. 15
Preferred (quar.)
h50c Dec. 1 Nov. 15
Preferred
$1,1 June 15 June 1
National Lead Co., class A pref. (quar.)
20c June 1 May 7
National Power & Light
$94
Ii
Name of Company.
May 5 1934
When Holders
Per
Share. Payable. of Record.
40c June 15 May 25
National Transit Co. (semi annual)
51)4 June 1 May 16
Newberry (J. J.) Co., preferred (guar.)
5: Niay 10 54a. 20
5
May 5 A pry 1
New Jersey Zinc Co.(quar.)
30c June 1 May 15
New York Steam Corp.common
1900 Corporation, class A (quar.)
250 May 15 May 1
Class B (quar.)
Norfolk & Western Ry.common (quar.)
$2 June 19 May 31
$1 May 19 Apr. 30
Adjustment preferred (quar.)
75c June 1 May 15
Northam Warren Corp.cony. pref.(quar.)
$134 June 1 May 15
North American Edison Co., pref. (guar.)
15c June 11 June 1
North River Insurance Co. (quar.)
Sc June 11 June 1
Extra
Northern RR.of N.J.4% guaranteed (quar.)
51 June 1 May 21
Si Sept. 1 Aug. 22
4% guaranteed (quar.)
51 Dec. 1 Mar.21
4% guaranteed (quar.)
87;
,
ic July 2 June 22
Norwalk Tire & Rubber Co. pref. (quar.)
July 2 June 20
Norwich Pharmacal Co. (quar.)
81
Quarterly
$134 Oct. 1 Sept.20
gl.
Jan 1'35 Dec. 20
Quarterly
15c June 15 June 11
Oahu By.& Land (monthly)
10c May 14 May 5
Oahu Sugar, Ltd. (monthly)
20c May 20 May 10
Onomea Sugar Co. (monthly)
% June 1 May 1
Ontario & Quebec Ry., deb. (s.
-a.)
$3 June I May 1
Semi-annual
O'Sullivan Rubber
10c June 30 May 31
Owens-Illinois Glass Co., corn. (quar.)
75c May 15 Apr. 29
75c May 7 May 5
Pacific Fire Insurance Co
3734c May 15 Apr. 30
Pacific Gas & Electric. 6% pref. (quar.)
34%c May 15 Apr. 30
% preferred (quarterly)
Pacific Lighting Corp.. corn. (guar.)
750 May 15 Apr. 20
Pechiney Chemicals Co
30 fr
Ponder (David) Co., class A (quar.)
8734c June 1 May 19
Peninsula Telephone Co., 7% pref. (quar.)..--- 51
May 15 May 5
51% Aug. 15 Aug. 6
7% preferred (quar.)
Penman's, Ltd.,6% preferred (quar.)
51;i May 15 May 5
Ma y 21
m
Pennsylvania Power Co.,$6.60 pref.(monthly)- 31 5c June
534
$6 preferred (quar.)
25c May 14 Apr. 12
Phillips Petroleum Co
50c July 10 July 1
Phoenix Finance, pref. (quar.)
50c Oct. 10 Oct. 1
Preferred (quar.)
50c Jan. 10 Jn 1 '35
Preferred (quar.)
750 July 10 June 30
Piedmont & Northern (quarterly)
40c June 1 May 15
Pillsbury Flour Mills. Inc., corn. (guar.)
750 Oct. 1 Sept. 15
Pittsburgh Bessemer & Lake Erie R.R.(s.
-a.)
Pittsburgh Fort Wayne & Chicago,R.R.(quar.)_ sly July 3 June 11
$114 Oct. 2 Sept.10
Quarterly
1-1-35 Dec. 10
81
Quarterly
July 3 June 11
$1
7 preferred par.)
Oct. 2 Sept. 10
$1
7 preferred quar.)
1-1-35 Dec. 10
51
7V preferred guar.)
31
May 15 May 5
Pittsburgh Suburban Wat. Serv.,$534 pf.(qu.)
Pittsburgh Youngstown & Ashtabula R.R.JUDO 1 May 21
51
7 preferred (quar.
51
Sept. 1 Aug. 20
7% preferred (guar.
7
SI
Dec. 1 Nov.20
Preferred (quar.
7
15c June 1 May 15
Pleasant Valley Wine Co. (initial)
2134 June 15
Pollock Paper & Box Co.. pref. (quar.)
513 Sept.15
Preferred (quarterly)
5134 Dec. 15
Preferred (quarterly)
51
June 1
Powell River, 7% pre erred
$134 Sept. 1
7% preferred
$194
7% preferred
May 15 Apr. 25
3734cM
Dec. 1
Procter & Gamble, corn. (quar.)
50c May 31 May 1
Public Service Corp. of N. J.. 6% pref.(mo.)
75c May 15 Apr. 24
Pullman Inc. (guar.)
5134 May 31 May 1
Quaker Oats Co.. 6% preferred (quar.)
r25c May 25 Apr. 25
Quebec Power Co.(quarterly)
e2% May 15 Apr. 30
Railways Corp
250 May 10 Apr. 12
Reading Co.. common (guar.)
50c June 14 May 24
1st preferred (guar.)
25c June 15 May 31
Reeves(Daniel)(quar.)
5194 June 15 May 31
634% preferred (quar.)
20c May 10 Apr. 30
Republic Insurance, Texas (quar.)
20c Aug. 10 July 31
Quarterly
20c Nov. 10 Oct. 31
Quarterly
25c July 5 July 2
Republic Supply Co. (quar.)
250 Oct. 5 Oct. 2
Quarterly
m25c June 1 May 15a
Reynolds Metals Co.(Del.)
$30 May 10 Apr. 30
Rhode Island Hospital Trust (It. I.)(quar.)_
30c May 15'
,
Rich's, Inc. (quar.)
lay 1
S1)4 June 30 June 15
636% preferred (quar.)
,
Rochester Gas & Electric Corp.—
51)4 June 1 Apr. 27
Class B 7% preferred (quar.
zw51 % June 1 Apr. 27
23
:
Class C & D 6% preferred (guar.)
rw12% May 23 Apr. 11
Rolls-Royce, Ltd., ordinary register
zw12% May 31 Apr. 11
American depositary receipts, ord. register
50c May 31 May 18
Royalite Oil Co., Ltd
Rubber Plantations Invest. Trust common
30c May 15 May 7
Scotten Dillon Co
15;lic May 15 May 5
Seaboard Ins. Co. (Bait.) (quar.)
75c June 1 May 15
Second Investors $3 preferred (quar.)
75c Juno 1 May 15
Second Investors Corp. (It. I.), pref.(quar.)__
20c
Second Twin Bell 011 Syndicate (monthly)
5 Apr. 30
1 m
Shawinigan Water & Power Co. common (quar.) r12c May 15 Apr. 25
5
Juno
Shenango Valley Water 6% preferred (quar.)_
A vry 30
a. 2
0
Sherwin-Williams Co., com.(quar.)
50c May
Preferred AA stock (anal%)
June I May 15
51
Sierra Pacific Electric 6% preferred (quar.)
5134 June I May 20
$P
Sioux City Gas & Elec. 7% pref. (quar.)
May 10 Apr. 30
Sioux City Stockyards Co., pref.(quar.)
5134 May 15 May 14
Preferred (guar.)
Aug. 15 Aug. 14
Preferred (guar.)
Nov. 15 Nov. 14
Smith (S Morgan) Co.(guar.)
Si Aug. 1
Quarterly
$1 Nov. 1
Smith (A. 0.) Corp preferred (quar.
ET May 15 May 1
Solvay American Invest. Corp., 53.4% f.(u.
May 15 Apr. 16
, ,
,
1 c May 29 May 18
South American Gold & Platinum Co, ,,,,
Southern California Edison Co.. Ltd. coin
May 3151
30
2
0
Southern Calif. Gas Corp.. $654 cum. pf.(qu.)
$134May
Apr.
Southern Canada Power Co.. Ltd., corn. (guar.)
May 15 Apr. 80
Southern Pacific Golden Gate Co., A & B (quar.) 373.4c May 15 Apr. 30
6% preferred (a uar.)
$134 May V Apr. 30
Stamford Water Co. (guar.)
$2 May 15 May 5
Standard Corp.(quar.)
4c May 15 Apr. 20
Standard Oil Co. of Kansas(quar.)
50c July 31 July 2
Stanley Works, 6% preferred (quar.)
373.4c May 15 May 5
Strawbridge & Clothier. pref. A (quar.)
5134 June I May 16
Sun Oil Co., common (quar.)
25c June 15 May 25
Preferred (quar.)
51
June I May 10
Susquehanna Utilities 6% pref. (quar.)
June 1 May 19
$l..
Syracuse Storage,8% pref.(quar.)
$2 May 15 Apr. 20
634% preferred (quar.)
3134 May 15 Apr. 20
6% preferred (quar.)
$134 May 15 Apr. 20
Tampa Electric Co., common (guar.)
56c May 15 Apr. 30
Preferred, series A ((uar.)
$194 May 15 Apr. 30
Telephone Investment Corp.(monthly)
20c June 1 May 20
Monthly
20c July 1 Tune 20
Tennessee Elec. Power Co.5% pref.(quar.)
July 2 June 15
51
6% preferred (quar.)
$134 July 2 June 15
7% preferred (guar.)
513i July 2 June 15
7.2% preferred (quar.)
$1.80 July 2 June 15
6% preferred (monthly
50c June I May 15
%
6referred (monthly
50c July 2 June 15
7.2 preferred (monthiy)
60c June I May 15
7.2 preferred (monthly)
60c July 2 June 15
Thatcher Mfg. Co.,cony. pref.(guar.)
90c May 15 Apr. 30
Thompson (John R.) Co
1234c May 14 May 5
Tide Water Power Co
55134 June I May 10
Tobacco Securities Trust Co., corn. (interim)
wx5% May 22 Apr. 24
Toburn Gold Minee, Ltd
2c May 22 Apr. 28
Troy & Greenbush, RR. Assoc. (semi-ann.)..
$134 Juno 15 JUDO 1
Trunz Pork Stores(quar.)
250 May 10 May 3
3047
Financial Chronicle
Volume 138
When Holders
Per
Share. Payable. of Record.
Name of Company.
$2
Twin Bell Oil Syndicate (monthly)
25c
Union Oil of Calif. (guar.)
40c
United Biscuit Co.of Amer.,corn.(guar.)
$111
Preferred (quarterly)
-a.)
$33(
United Carbon Co.. preferred (s.
$2
United Companies of N. J.(quar.)
25c
United Engineering & Foundry Co. corn. (guar.)
$1
Preferred (quar.)
30c
United Gas Improvement Co.common (quar.)
$13(
Preferred (quar.)
United Light & Rys.(Del.).7% prior prof.(mo•) 53 1-3c
53 1-3c
7% prior preferred (monthly)
53c
6.36% prior preferred (monthly)
53e
6.36% prior preferred (monthly)
50c
6% prior preferred (monthly)
500
6% prior preferred (monthly)
$2
United N. J. RR.& Canal (quar.)
,
$235
Quarterly
$2
Quarterly
lc
U.S. Petroleum Co.(guar.)
lc
Quarterly
lc
Quarterly
12%c
U. S. Pipe & Foundry Co., corn. (quar.)
123.c
Common (quar.)
12 c
Common (quar.)
Preferred (quar.)
30c
Preferred (quar.)
30c
Preferred (guar.)
25c
United States Playing Card ((war.)
%
United States Steel Corp. pref.(quar.)
815.1c
United Stores Corp.. preferred (quar.)
$1.
Upper Michigan Pow.& Lt.pref.(quar.)
$1.54
6% preferred (quar.i
$1%
6% preferred (quar.
$13(
6% preferred guar.
3
$1 4
$5 prior stock
Utility Equities Corp.o
25c
Vanadium Alloys Steel Co
h33%
Vapor Car Heating Co., Inc.. 7% prof
h$334
7% preferred
25c
Virginia Coal & Iron (quar.)
6234c
Vortex Cup Co.. class A (quar)
1%5
Vulcan Detinning Co.. preferred. ((mar.)
Preferred (guar.)
Wailuku Sugar(monthly)
31
Wesson Oil & Snowdrift Co.. Inc., pref. (quar.)_
$134
Western Cartridge Co.6% pref. (quar.)
$134
West Penn Electric Co.,6% pref. (guar.)
$1
7% preferred (quar.)
$1 Si
West Virginia Pulp & Paper Co. prof. (guar.)._ _
62
Wilcox-Rich Corp., class A (quar.)
20c
Class B stock (quar.)
$134
Winstead Hosiery (guar.)
$154
Quarterly
110%
Woodley Petroleum Co
60c
Woolworth (F. W.) Co.(guar.)
$134
Worcester Salt,6% preferred (quar.)
25c
Wrigley (Wm.) Jr. Co. (monthly)
25c
Monthly
25c
Monthly
25c
Monthly
25c
Monthly
1
May 5 Apr. 30
May 10 Apr. 19
June 1 May 9
Aug. 1 July 16
July 2 June 16
July 10 June 20
May 11 May 1
May 11 May 1
June 30 May 31
June 30 May 31
June 1 May 15
July 2 June 16
June 1 May 15
July 2 June 16
June 1 May 15
July 2 June 16
July 10 June 20
Oct. 10 Sept. 20
1-10-35 Doc. 20
June 10 June 5
Sept. 10 Sept. 5
Dec. 10 Dec. 5
July 20 June 30
Oct. 20 Sept. 29
Jan. 20 Dec. 31
July 20 June 30
Oct. 20 Sept. 29
Jan. 20 Dec. 31
July 2 June 20
May 29 May 1
June 15 May 25
May 15
Aug. 15
Nov. 15
2-1-35
June 1 May 15
May 15 May' 5
June 10
Sept. 10
June 1 May 15
July 2 June 15
July 20 July 10
Oct. 20 Oct. 10
May 20 May 15
June 1 May 15
May 19 May 1
May 15 Apr. 20
May 15 ADC. 20
May 15 May 1
June 30 June 20
May 15 May 1
Aug. 1 July 15
Nov. 1 Oct. 15
Sept.30 Sept. 15
June 1 Apr. 23
May 15 May 1
June 1 May 19
July 2 June 20
Aug. 1 July 20
Sept. 1 Aug. 20
Oct. 1 Sept. 20
t The Now York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
j The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on tnis date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. s Payable in stock.
f Payanle in common stock. y Payable in scrip. h On account of accumulated dividends. i Payable in preferred stock.
I 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 I new share for each 4 shares held
(subject to approval of listing application by New York Stock Exchange).
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
In,cash.
U Payable in U. S. funds. r A unit. to Less depositary expenses.
X 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 THE WEEK ENDED SATURDAY, APRIL 28 1934.
Clearing House
Members.
• Capital.
• Surplus and
Undivided
Profits.
Net Demand
Deposits,
Accra's.
Time
Deposes,
Aura's.
$
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
$
$
86,833,000
9,885,400
299,695,000
31,931,700
35.561.900 a927.537.000
308.677,000
47,510,600
177,660.100 b992,068,000
237,571,000
10,297.500
518,178,000
61,291,500
181,858,000
16.083.700
381,125,000
73,717,000
366,361,000
57,612.800
$
10,716,000
31,392,000
158,136,000
28,798,000
48,341,000
100,644,000
44,932,000
22,164,000
14,600,000
10,753,000
4,000.000
Continental Bk & Tr Co..
e150.270,000
Chase National Bank
500,000
Fifth Avenue Bank
25,000,000
Bankers Trust Co
10,000,000
Title Guas & Trust Co.._
5,000,000
Marine Midland Tr Co
New York Trust Co
12,500.000
7,000,000
Coram'l Nat Bk & Tr Co
Public Nat Bk & Tr Co_
8.250,000
26,812.000
3.467,400
e59,526,800 1,223,546.000
42,608.000
3,148,900
60.610,800 4553,257,000
19,320,000
10,655,800
47,363,000
7,314,700
206,661,000
21.490,900
49,705,000
7,572,600
45,327,000
4,860,600
2,089,000
88,405,000
852.000
36,363,000
304,000
4,955,000
18,326,000
2,931,000
33.394,000
614.955.000
700.200.700 6.514.502.000
658.095.000
Bank of N Y & Trust Co
Bank of Manhattan Co_
National City 13ank_ __
Cnem Bank & Trust Co..
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Rich Bank Tr Co_
First National Bank....
Irving Trust Co
Totals
Includes deposits in foreign branches as follows: (a) 3221,095,000;(b) 362.310.000;
(c) 870,869,000; (4) 316,803,000.
•As per official reports: National, March 5 1934; State, March 31 1934; trust
companies, March 31 1934; c aa of March 15 1934.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ended April 27:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. APRIL 27 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments,
3
Manhattan—
23,377,500
Grace National
Trade Bank of N. Y., 2,877,866
Brooklyn—
Peonies National
5.144.000
Res. Dep., Dep. Other
N. Y. and Banks end
Elsewhere. Trust Cos.
Cash.
3
117,300
119,192
$
1,542,300
720.415
83.000
312.000
Gross
Deposits.
$
3
1,468,800 21,840,600
310,823 3,370,671
34.000
4.842.000
TRUST COMPANIES—AVERAGE FIGURES.
Loans,
Disc. and
Incest.
Res. Dep., Dep. Other
N. F. and Banks (Hui
Elsewhere. Trust Cos.
Cash.
Gross
Deposits.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
$
$
$
62.867,400 *4.141,100 6,829,500
454,740
81,225
6,683,942
457,090
.550,542
8,833,432
399.300
17,338,000 .2,151,500
463,000
30,626.300 .4,897,100
66,054,029 6,400,000 14,408,115
$
$
1,271,500 62,927,900
391,493 5,991,512
64,368 7.887,833
325,300 15.200.200
33.228.900
58.821,272
Brooklyn—
Brooklyn
Wing:n:1 OnlIntv
93,346,000
95 :128 (100
2,395,000 19,148,000
R IRI 10:I
I 831 281
224,000 98,435,000
28 7(14 MR
•Includes amount with Federal Reserve as to lows: Empire.$2,885,500; Fiduciary.
$320,935; Fulton, 52,000,600; Lawyers County, $4,187,200.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business May 2 1934, In
comparison with the previous week and the corresponding date last year:
Ana —
,
Gold certificates en hand and
from U. B. Treasury (x)
Gold
Redemption fund—F. Tr.. notes
Other cash
due
Total reserves
Redemption fund—F.It. bank notes__
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
May 2 1934. Apr. 25 1934. May 3 1933.
3
S
$
1,503,219,000 1.476,282.000 269,856,000
388,000
641,
10,485,000
2.427,000
2,071,000
90,366,000
66,947,000
63,604.000
1,568,894,000 1,545,656,000 1,012,195,000
2.354,000
1,600.000
2,327,000
4,204,000
12,944,000
4,559,000
14.116,000
42,780,000
48,546,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
17,148,000
2,285,000
18,675.000
2.331,000
91,326,000
23,084,000
149,331,000
398,347,000
239,077.000
149,330,000
391,918,000
245,507.000
188,224,000
232,513.000
309,637.000
Total U.S. Government securities
Other securities (see note)
786,755,000
40,000
786,755,000
40,000
806,228,000
807,801.000
1,193,000
4,458,000
106,792,000
11,434.000
42.529.000
26,507,000
1,347,000
5,807,000
88,860,000
12.818,000
1,621,107,000 1,607,917,000
988,903,000
112,563,000
59,712.000
45,217.000
105,083,000
59,724,600
45,217.000
86,562,000
58,491,000
85,058,000
47,266.000
14,396,000
47,266,000
13,939,000
1,667,000
6,145,000
849,766,000
1,194,0A
5,348,000
114,249,000
11,434,000
42,529,000
28,309.000
Total deposits
730,374,000
4,982.000
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
F. R. notes of other banks
Uncollected items
Bank premises
Federal Deposit Insurance Corp.stock_
All other assets
May 2 1934. Apr. 25 1934. May 3 1933.
Liabilities—
638,514,000 626,705,000 738.740,000
F. It. notes In actual circulation
28,245,000
42.873,000
41,737,000
F. R. bank notes In act, circulation net_
bank reserve acc't 1,420.459,000 1,561.618.000 910.709.000
Deposits—Member
42,887.000
1,105.000
152,508,000
Government
9,210.000
2,578,000
2,512,000
Foreign bank (see note)
26.097,000
42,616,000
45,628,000
Other deposits
Total assets
Deferred availability Items
Capital paid in
Surplus
Reserves (F. D. I. C. stock, self loans"
taco, &c.)
All other liabilities
Total liabilities
2.580.512,0002.548.724.050 1,993,811,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
69.4%
69.2%
Contingent liability on bills purchased
for foreign correspondents
1,451,000
1,440,000
,
58.6 0
21,418,000
2,580,512,000 2,548.724,000 1.993,811,000
13.511,000
•"Other cash" does not Include Federal Reeerve notes or a bank's own Federal Reserve bent notes.
NOTE.—Beginning with the statement of Oct. 17 1925, two new items were added in order to show separately the amount of balances held abroad and amounts due
Credit bank debentures, was changed to
to foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
therein.
dismount aosseptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which It was stated are the oily Items included
x These an certificates given by the Cl. S. Treasury for the gold taken over from the Reserve Banks when the dollar was on Jan. 31 1934 devalued from 100 oents to
69.06 oents, these certificates being worth lees to the extent of the difference, the difference Itself having been appropriated 83 profit by the Treasury under the provisloas
et the Gold Reserve Act 01 1934.
3048
Financial Chronicle
May 5 1934
Weekly Return of the Federal Rese;ve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 3,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 2 1934.
May 2 1934. Apr. 25 1934. Apr. 18 1934. Apr. 111934. Apr. 4 1934. liar. 28 1934. Mar.21 1934. Mar.14 1934. May 3 1933.
ASSETS.
Gold etre. on hand & due fr. U.S.(1)
Gold
Redemption fund (F. R. notes)
Other cash •
Total reserves.
$
5
$
5
$
$
$
$
1,586,500,000 4,490,358.000 4,476.979,000 4.386,837.000 4,309,575,000 4,281,197,000 4,270,695.000 4,252,321,000
31,144,060
232,267,000
31,498.000
241,262.000
31,498,000
224,832,000
32,988,000
33,749,000
225,771,000 215.178.000
32,911.000
220,886.000
33,568,000
220,181.000
$
954,555,000
2,418,515,000
34,044,000
62,500,000
217,411,000 312,315,000
4,849.911.000 4.763.118,000 4.733,309.000 4.645.596,0004,558,502,000 4,534.994.000 4.524.444,0004,503,776.000 3,747,885,000
Redemption fund-F. R. bank notes-.
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
6,022,000
7,768,000
8,226,000
8,362,000
7,388,000
30,924,000
7,903,000
32,410,000
68,441,000
632,032,000
9,276,000
33,975,000
9,038,000
10,868,000
11.495,000
3,618,000
13,592,000
38,987,000
11.(35,000
,
39,807,000
12.607,000
42,280.000
97,976,000
302,126,000
Total bills discounted
Bills bought in open market
U.S. GovernmentsecurIties--Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
38,312,000
40,313,000
40,473,000
51.412,000
43,251,000
52,579,000
47,529,000
54.887,000
13,499,000
10,163,000
8.379,000
17,059,000
33.250.000
29,359.000
26,045,000
37.459,000
407,858,000 406.204,000 406.277.000 431.225,000 442,795,000 442,928,000 442,865.000 442,875,000
1,242,591,000 1.221,099,000 1.207,603,000 1,179.900,000 1.222,681,000 1,214,246,000 1.224,043,000 1,092,063,000
400,102,000
144,152,000
421.576,000
588,972,000
Total U. S. Government securities
Other securities
2,431,819,000 2,430,173,000 2.430.264.000 2.431,979,000 2.431,762,000 2,431,886,000 2.431.895.0002.431,840,000 1,837,278,000
562,000
747,000
548,000
562,000
.563.000
563.000
653,000
563,000
5,641,000
781.370,000
802,870,000
816,384,000
820,848,000
8,513,000
12.244.000
35,285,000
766,286,000
774,712,000
764.987,000
896,902,000
826,730,000
Total bills and securities
2.479.157,000 2,481,197,000 2,484.798,000 2,492,851.000 2,505.899,000 2.514,387,000 2.517,120,000 2,524,839,000 2,387,173,000
Gold held abroad
Due from foreign banks
3,131,000
3,130,000
3,131,000
3,130,000
3.132,000
3,131,000
3,131,000
3,132,000
3,656,000
Federal Reserve notes of other banks __ -.
16,846,000
15.905,000
17,317,000
14,831,000
17,340,000
15,907,000
15,876,000
16.551,000
19,471,000
Uncollected Items
456.805,000 428.684,000 493,347,000 418,780,000 427,938,000 395.844,000 449,448,000 482,658,000 337.157,000
Bank premises
52.556,000
52,558,000
52,569,000
52,431,000
52.431,000
52,556,000
52.432,006
52,503.000
54,250,000
Federal Deposit Insurance Corp. stock
139,299,000 139,299,000 139.299,000
69,650,000
69,650,000
69.650,000
69.650,000
69,650.000
All other resources
44,657,000
41,879,000
48,984,000
52,677,000
43,078,000
50.965,000
49.910,000
51,349,000
44,673,000
Total assets
8,048,397,000 7,936.150,000 7,972,449,000 7,760,942,000 7.694,036.000 7,645,262.000 7.690,908.000 7,714.853,000 6,597,883,000
LIABILITIES.
F. It. notes In actual circulation
3,058.777,0003.030,216.000 3,029,647,000 3,025,812,000 3.032,016,000 2,997,036,000 2.984,943,000 2.989,052,000 3,395,369,000
F. R. bant notes in actual circulation
70,197,000
77.767,000
83.102.000
88,336,000 106.552,000 122,743,000 143,877,000 159,371,000
56,059,000
-Member banks'reserve account 3,570,283,000 b3,743,597,000 3.809,177.0003.560.025,000 3,449,803,000 3,438.948.000 3,449,269,000 3,454,492,000 2,033,939,000
Deposits
Government
68,977,000
17.644.000
242,776,000
29.395,000
56,443,000
66.883,000
24,009,000
16,128,000 144.406,000
Foreign banks
4,565.000
5.347.600
6.585.000
4.623,000
6,138,000
5,049.000
7,378.000
8,994,000
27.272,000
-Member bank
Special deposits
20,996,000
22,347,000
24,106.000
25,316,000
Non-member bank
4 9.958,000
10,952,000
11,036,000
11.405,000
Other deposits
173,765,000 6161.916.000 158.178,000 143,705,000 104.109,000 121,924,000 111,838,000
97,747,000 154,484,000
Total deposits
3,993,409,000 3,928.504,000 3,900,897,000 3.737,748.000 3,656.798,000 3,658,752,000 3,627,636,000 3.614,082,000 2,360,101,000
Deferred availability Items
454,807,000 427,495,000 488,075,000 422.619,000 427,984,000 394,468.000 462.158,000 478.730,000 331,621,000
Capital paid in
146,300,000 146.449,000 146,383,000 146.389.000 146,273,000 145,586.000 145.731,000 145,820,000 150,187,000
Surplus
138,383,000 138,383,000 138,383,000 138.383,000 138,383.000 138,384.000 138,383,000 138.383,000 278,599,000
Reserves (F. D.I. C. stock. self Ins. &C.):
161,831,000 161.829,000 161,829,000 161.829.000
12,205,000
Pald
69.650,000
69,650,000
69,650,000
69,650,000
Called for payment April 15
I 69,650,000
69,650,000
69,650,000
69,650,000
24,133,000 b39,826,000
25,507.000
24,693,000
All other liabilities
46,730.000
50.993,000
48.880,000
50,115,000
13,742,000
Total liabilities
8,043,397,000 7,936,150,000 7,972,449,000 7,760,942,000 7,694.036.000 7.645,262,000 7.690,908,000 7,714,853,000 6, 7,883.000
59
Ratio of total reserves to deposits and
Ss 1
68.8%
F. R. note liabilities combined
68.7%
68.3%
68.4%
68.2%
68.2%
68.4%
68.2%
165.1%
liability on bills purchased
Contingent
4.669,000
4.669,000
for foreign correspondents
4,669,000
4,261,000
4,771,000
4.935,000
4,935.000
4,939,000
42,189,000
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
$
s
$
$
3
3
$
S
28,004,000
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
3,086,000
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
40,825,000
2.332,000
5,358,000
6,045,000
327,000
Total bills discounted
1-15 days bills bought In open market_ _ 16-30 days bills bought in open market.31-60 days bills bought In open market_._
61-90 days bills bought In open market_
Over 90 days bills bought In open market
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
7,884,000
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
54,887,000
9,966,000
13,973,000
8,992,000
4,528.000
Total bills bought in open market
1-15 days U. S. certificates 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-
8.279,000
62,180,000
21,325,000
117,621.000
21,070,000
559,174,000
10,163.000
115,530.000
43,975,000
103,361.000
21,830,000
618.174.000
13,499,000
116,831,000
62,180,000
99,306,000
42,210,000
495,857,000
17,059,000
90.229.000
115,530,000
38,975,000
117,466,000
458,648,000
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
37,459,000
90,095,000 205,720,000
65,338,000
61,190,000
137,939,000 147,928,000
106,816,000
29,325,000
364.808,000 452,730,000
144,152,000
52,400,000
86.600,000
164,360,000
56,000,000
467.370,000
Total U. S. certificates and bills
1-15 days municipal warrants
18-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
781,370,000
499,000
8,000
5,000
802,870,000
508,000
816,384,000
509.000
820,848,000
500.000
9,0000
766,286,000
510.000
774,712,000
510,000
764,987,000
510.000
35,000
5,000
35,000
17,000
36,000
17,000
36,000
17,000
36,000
53,000
53,000
53,000
826,730,000
5,401,000
51,000
152,000
10,000
27,000
047,000
548,000
562,000
562,000
563,000
563,000
563.000
653.000
Total municipal warrants
896,902,000
590,000
10,000
255,564,000
27.458,000
47,382,000
62,530,000
7.168,000
400,102,000
73,716,000
60,00,000
4,252,000
5,73',000
,
50,000
5,641,000
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent---- -3,323,359,00)) 3,310,532,000 3,309,708.0003,304.860,000 3,310,909,000 3,250.398.0003.249.820,000 3,244,280,000
3,671,321,000
Held by Federal Reserve Bank
264,582,000 280,316,000 280,081,000 279,048,000 278,953,000 253,362,000 264,886,000 255,228,000 275,952,000
In actual circulation
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 2,989,052,000 3,395,369,000
-Collateral Held by Agent as Security for
Notes Issued to Bank
Gold ctfs.on hand & due from U.S.Tress
By gold and gold certificates
' .983.271,000 2,989,271,000 3.003.471,000 3,042,896,000 2.924.345.000 3.875.218,000 2.884,152.003 2,897,118,000 1
,
323269000
Gold fund-Federal Reserve Board
1341835000
By eligible paper
22,151,000
29,332,000
25,290,000
31,418,000
47,068,000
54,148.000
56.471,000
63,030,000 371,749,000
U.S. Government securities
355.400,000 331,400,000 313,400,000 275,400,000 376.000,000 351.700,000 346.700.000 326,400,000
659,400,000
Total collateral
3380.822.000 3 345 967 000 3.346.203.000 3.352.714.000 3_347 413 non 1 281 008000 2 987 f493 non 2 950 gdfl nnn
•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. b Revised.
a These are certificates given by the U. S. Treasury for the gold taken over from the Reserve Banks when the dollar was on Jan.
31 1934 devalued from 100 cents to
59.06 cents, these certificates being worth less to the extent of the difference. the difference itself having been appropriated as profit
by the Treasury under the previsions
of the Gold Reserve Act of 1934.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
MAY 2 1934
Two Ciphers (00) Omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago, St. Louis. ItInneap, Kan.City,
Total.
Federal Reserve Bank ofDallas. San Fran.
$
ASSETS.
$
S
S
s
S
S
Gold certificates on hand and due
4,586,500,0 385.157.0 1,503,219,0 259,131,0 350,137.0 224,451,0 119,680.0
from U. S. Treasury
2,071,0 3,089,0 3,102,0 1,012,0 3,290,0
31,144.0 2.545,0
Redemption fund-F. It. notes
63,604,0 35,013,0 13,831,0 8,812,0 11,619,0
232,267.0 15,819,0
Other cash
4 849 911.n 403.521.0 1.568.894.0 297.533.0 367.070.0 234.275.0 134.589.0
S
S
5
S
5
$
947.205,0 175,969,0 102,109,0 149,685,0 86,323,0 283,134,0
6,897,0 1,134,0 1,349,0 1,166,0
629,0 4,860.0
33.579,0 8,993,0 10,875,0 10,541,0 8,738,0 12,843,0
987.681.0 188.096.0 114 333 n int 309(1 02 non n qnn 82, n
Financial Chronicle
Volume 138
3049
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) Omitted.
RESOURCES (Concluded)
Ream.fund-F. R. bank notesBills discounted:
Sec. by U.S. Govt. obligations
Other bills discounted
Total bllls discounted
Bills bought in open market
U.S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total.
Boston. New York
$
6,022.0
S
250.0
7,388,0
30,924,0
38,312,0
8,279,0
Phila.
$
2.327,0
Cleveland. Richmond Atlanta.
Chicago.
$
$
$
858,0
$
1,215,0
316,0
680,0
4,204,0 1,415,0
12,944.0 11,255,0
380,0
1,500,0
203,0
1,178,0
287,0
700,0
17,0
1,208,0
996,0
537,0
17,148,0 12,670,0
2,285,0
701,0
1,880,0
753,0
1,331,0
294,0
987,0
273,0
1,225,0
938,0
407,858,0 22.989,0
1,242,591,0 82,607,0
781,370.0 52,084,0
$
St. Louis. Efenneap. Kan.Cifv. Dallas. Sas Fran.
$
$
$
474,0
il
764.0
361,0
74,0
10,0
477,0
5,0
264,0
8,0
239,0
182,0
405,0
435,0
245,0
487,0
212,0
269,0
268,0
247,0
1,018,0
587,0
755,0
$
134,0
149,331,0 25,603,0 30,247,0 13,287.0 12.309,0
398,347,0 87,193,0 112,096,0 49,233,0 45,364,0
239,077,0 54,324,0 70,682,0 31,043,0 28,607,0
67,490,0 13,663,0 15,792,0 14,798,0 18,730,0 23,619.0
220,312.0 48,780,0 30,550,0 48,235,0 32,349,0 87,525,0
149,541,0 30,757,0 19,261,0 30.411,0 20,396,0 55,187,0
Total U.S. Govt. securities_ 2,431,819,0 157,680,0
Other securities
747,0
786,755,0 167,120,0 213,025.0 93,563,0 86,280,0 437,343,0 93,200,0
40.0
507,0
200,0
Total bills and securities
2,479,157,0 159.213,0 806,228,0 180,998,0 215,658,0 95,238,0 87,740.0 439,506,0 93,880,0
Due from foreign banks
3,131,0
1,194,0
237,0
342,0
300,0
119,0
110.0
414,0
10,0
Fed. Res. notes of other banks16,846,0
5,348,0
419,0
385,0 1,037,0 1,147,0
1,036,0
3,316,0
837,0
Uncollected items
456,805,0 48,206,0 114,249,0 35,064,0 45,188,0 40,935,0 15,964,0
60.476.0 20,386,0
Bank premises
52,569,0 3,224,0
11,434,0 4,133,0 6,788,0 3,128,0 2,372,0
7,382,0 3,121,0
Federal Deposit Ins. Corp.stock_ 139,299,0 10,230,0
42,529,0 14,621.0 14,147,0 5,808.0 5,272,0
19,749,0 5,093,0
All other resources
44,657,0
28,309,0 4,632,0
889,0
1,459,0 1,990,0 2,619,0
1,026,0
330,0
Total resources
8,048,397.0 626,189,0 2,580,512,0 538,566,0 652,862,0 382,640,0 249.702.0 1.519,550.0 309,887,0
LIABILITIES.
F. R. notes In actual circulation 3.038.777,02
44,161,0 638.514.0245.158,0 303,328,0 142,951,0 131,024,0
F.R.bank notes In act'l cireurn_
70,197,0 2,135,0
41,737,0 6,907,0 .12,704,0
Deposits:
Member bank reserve account 3,570,283,0 284,015,0 1,420,459,0 182,678,0 232,247,0
165,578.0 69.883,0
Government
242,776,0 10,282,0 152 508,0 6,347,0 5,409,0 2,845,0 5,149,0
Foreign bank
2,512,0
6.585,0
448,0
648,0
598,0
237,0
218.0
Other deposits
173,765,0 3,888,0
45,628,0 16,552,0 11,236,0 14.026,0 10,208,0
Total deposits
3,993,409,0 298,633,0 1,621,107,0 206,225,0 249,490,0 182,686,_ 85,458,0
Deferred availability items
454,807,0 48,918,0 112,563,0 33,567.0 43,541.0 39,759,0 15,486.0
Capital paid In
146,300,0 10,701,0
59.712,0 15,610,0 12,627,0 4,956,0 4,372,0
Surplus
138,383,0 9,610.0
45,217,0 13,352,0 14,090,0 5.171,0 5,145,0
Reserves: FDIC dock,self Insur
ance .to
161,831,0 11,283,0
47,266,0 17,121,0 16,447,0 6,963,0 7,851.0
All other liabilities
24,693,0
748,0
14,396,0
631,0
635,0
154,0
366,0
Total liabilities
8,048.397,0 626,189,0 2,580,512,0 538.566,0652.862,0 382,640,0 249,702,0
65,603,0 93,444,0 71,475,0 166,331,0
66,302,0 93.981,0 72,740,0 167,673,0
7,0
88,0
222,0
88,0
596,0
729,0
325,0 1,671,0
11,157,0 26,718,0 15,026.0 23.436,0
1,657,0 3,485.0 1,755,0 4,090,0
3,510,0 4,131,0 4,359.0 9,850,0
1,195,0
506,0 1,023,0
679,0
198,757,0 291,030,0 189,480,0 509,222.0
776.426,0 135,180,0 96,343,0 107,282.0 39,331,0 199,034,0
2.361,0
2,916,0 1,437.0
571,111,0 111,636,0 67,273,0 134.118,0 108.309,0 222.976,0
32,907,0 7,861,0 4,157,0 4,896,0 3,233,0 7,182,0
785,0
206,0
143,0
174,0
174,0
442,0
17,031,0 17,312,0 8,133,0 5,526,0 1,918,0 22,307.0
621.834,0 137.015,0 79,706,0 144.714,0 113.634.0252,907.0
62,880,0 19,828,0 11,453,0 26,171,0 16,951,0 23,690,0
12,531,0 4,025,0 7,006,0 4,163,0 3,950.0 10,647,0
20,681,0 4,756,0 3,420,0
3,613.0 3,083,0 9.645,0
22,718,0
2,480,0
5,946,0
776,0
4,535,0
294.0
4,747,0
340,0
5,489.0 11,465,0
3,526.0
347.0
1,519,550,0 309.887,0 198,757,0 291,030,0 189,480,0 509,222,0
Memoranda
Ratio of total res. to dep. dr F. It
note liabilities combined
68.8
74.3
69.4
65.9
66.4
71.9
62.2
Contingent liability on bills
oilseed for for'n correspondent
4_261.0
309.0
1.451.0
447,6
413,0
163,0
150.0
"'Other cash" does not Include Federal Reserve notes or bank's own Federal Reserve
bast note*.
70.6
68.4
64.9
64.0
61.2
542,0
142,0
99,0
120,0
120,0
66.6
305.0
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Rate708 Agent at-
Total.
Boston. New You. Phila. Cleveland. Richmond Atlanta.
Federal Reserve notes:
$
s
s
$
5
$
$
Issued to F.R.Bk. by F.R.Agt. 3,323,359,0
261,375,0 725,745,0 260,050,0 318.252 0 151,463.0 147,491,0
Held by Fed'I Reserve Bank...
264 582,0 17,214,0
87,231,0 14,897,0 14,924,0 8,512,0 16,467.0
In actual circulation
3,058,777,0244,161,0 638,514,0 245.153,0 303.328,0 142,951,0 131,024,0
Collateral held by Agent as security for notes tanned to bks:
Gold certificates on hand and
due from U.S.Treasury_....
2,983,2710266.117,0 723.706,0 207,000,0 261,931,0 152,340,0 92,385,0
Eligible paper
22,151,0 1,071,0
10,866,0 3,897,0 1,311,0
884,0
644,0
U. S. Government securities
355,400.0
50.000,0 60,000,0
57,000,0
Total collateral
3.360.822 n 267 1RR n 7t4572 n 260 R07 0 323.242.0 153.224.0 150.029.0
Chicago.
St. Louts. Mimeo,. San.CEII. Dallas. Ban Fran,
8
$
$
$
5
i
813,680,0 139,773,0 101,211,0 113,641,0 44,188.0 246,490,0
37,254,0 4.593,0 4,868,0 6.359,0 4,857,0 47,406,0
776,426,0 135,180,0 96,343,0 107,282,0 39,331,0 199,084,0
742,513,0 126,936,0 79,615,0 97,290,0 44,675,0 188,763,0
501,0
545,0
248,0
279,0 1,123,0
782,0
75.000,0 13,000,0 22,400.0 20,000,0
58,000,0
818,014.0 140,481,0 102,263,0 117,569.0 45,798,0 247.545,0
FEDERAL RESERVE BANK NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent al-
Total.
Boston. New York.
Phila.
Cleveland. Richmond Atlanta.
Federal Reserve bank notes:
Issued to F. It. Bk.(outstdg.):
Held by Fed'I Reserve Bank__
$
85,190,0
14,993.0
3,111,0
976,0
43,261,0 16,035,0 13,255,0
1.524,0 9,128,0
551,0
In actual oiroulation-net.•
Collat, pledged eget.°inst. notes:
Discounted dc purchased bills__
U. S. Government securities--
70,197,0
2,135,0
41,737,0
5,000,0
107.7830
5000.0
Chicago.
6,907,0 12,704.0
9,0
107,774,0
Total collateral
s
s
$
$
S
$
$
St, Louis. MOureap. Ran.City. Dallas. San Frew.
$
2,534,0
173.0
$
$
3
3,540,0
624.0
3
3,454,0
2,017,0
2,361.0
2.916,0
1,437,0
44,274,0 16,500,0 15,000,0
9,0
5,000,0
7.000,0 15,000.0
44 274 n 16 ;on n
A 000 n
i s Ann n
7,000.0 15000.0
• Does not Inolude $92,227,000 of
Federal Reserve haat notes for the retirement
the United States.
of which Federal Reserve banks have deposited lawful money with the Treasurer of
Weekly Return for the Member Banks
of
Following is the weekly statement issued by the Federal Reserve the Federal Reserve System.
Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly
behind those for the Reserve banks themselves. Definitions of thereturns are obtained. These figures are always a week
different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917,
page
the figures for the latest week appears in our department of "Current Events 2523. The comment of the Reserve Board upon
we also give the figures of New York and Chicago reporting member banks and Discussions," immediately preceding which
for a week later.
Beginning with the statement of Jan. 1929,
loan figures
9
the
exclude
all real estate mortgages and mortgage loans held by the bank. previously"Acceptances of other banks and bills of exchange of drafts sold with endorsement" and include
of the banks Included mortgagee in investments. Loans secured by U. S. acceptances of other banks and bills sold with endorsement were Included with loans, and some
given. Furthermore, borrowing at the Federal Reserve is not any more Government obligations are no longer shown separately, only the total of loans on securities being
subdivided to show the amount secured by U.S. obligations and those secured
only a lump total being given. The number of reporting banks formerly
by commercial paper,
moratoria early In march 1933. Publication of the weekly returns for thecovered 101 leading cities, but was reduced to 90 cities after the declaration of bank holidays or
reduced
them is to be found in the Federal Reserve Bulletin. The figures below are stated number of cities was omitted In the weeks from March I to May 10, but a summary of
In round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING
MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS
AT CLOSE OF
BUSINESS APRIL 25 1934 (In Millions of
Dollars).
Federal &SIM DistrictLOADS and Investments
-total
Loans
-total
On securities
All other
Investments
-total
U.B.Government secwitiea
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
ri.........A*Si.. twurn V 0 Rardir
Total
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap.
Kan.City. Dallas. ban Fran.
$
$
5
8
$
$
$
$
$
1,172
342
333
1,796
503
338
546
402
1,755
8,120
670
3,786
499
432
169
179
758
211
161
198
185
874
- - -- -- --- -3,516
259
1,897
233
208
58
60
343
78
40
61
61
218
4,604
411
1,889
266
224
111
119
413
133
121
137
124
656
9,351
510
4,277
542
740
173
154
1.040
292
177
348
217
881
$
17,471
$
1,180
6,282
3.069
339
171
2 897
1,380
300
242
546
194
122
51
103
51
701
339
195
97
123
54
237
111
166
51
553
328
2,779
242
12,272
4,477
1,177
1,170
3,595
"
209
49
831
341
107
136
200
1,413
49
6,467
1,108
686
133
1 616
'.
119
12
656
323
58
140
207
130
19
606
453
53
98
174
47
11
211
134
9
80
89
28
6
169
132
26
81
80
432
50
1,499
492
53
235
451
84
8
343
165
28
91
143
36
4
200
123
6
83
101
77
11
407
172
23
176
225
70
9
275
120
48
128
125
134
14
608
914
80
189
184
$
$
8,063
1,041
Financial Chronicle
3050
TITE, uLi stnanfiat
otamintroza anntirle
U. S. Treasury Bills-Friday, May 4.
Rates quoted are for discount at purchase.
Bid.
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
6 Mos.
12 Mos.
Including Postage36.00
$10.00
United States, U. S. Possessions and Territories
6.75
11.50
In Dominion of Canada
South and Central America (except Argentina), Spain,
7.75
13.50
Mexico and Cuba
Great Britain, Continental Europe (except Spain), Asia,
8.50
15.00
Australia. Africa and Argentina
NOTICE. On account of the fluctuations In the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
In,New York funds.
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
t
0 ye tr 6i
.apeerrirtive.
of
CHICAGO:9/71C2- n char
pt.
y
. te7ee
South
208 h
1
LONDoNIOrslcz-Edwards & Smith, 1 Drapers' Gardens, London..E.C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Wall Street, Friday Night, May 4 1934.
-The Review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 3042.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Apr. 4.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
per share. $ per share $ per share.
Par. Shares. $ per share.
RailroadsApr
Apr 7
10 6% May 1 63.4 May 1 5
z Chic Ind & St Lpf 100
Feb fi% Apr
20 5 May I 5% May I 5
Chic St I'& Om ____100
Jan 11% Feb
100
30 834 May 1 10% May 1 5
Preferred
Jan 44% Apr
20 44% Apr 30 44% Apr 30 38
Cleve & Pitts special_50
% Jan 194 Apr
1001 I% May 1 1% May 1.1
100
Duluth S S & Atl
Jan 2% Apr
1
100
4001 1% May 3 1% May 1
Preferred
May
Jan 60
50
10, 60 May 1 60 May 1 50
Erie de Fitts
Jan 8% Apr
5% Apr 30 3
20 5% Apr 3
HavanaElec fly pref100
Apr
Jan 7
30 5 May 1 5 May 1 3
Int Rys of Cent Am___.
20 4% May 1 4% Apr 30' 3% Mar 6% Apr
Certificates
100
80 isy, May 2 20 May 4' 7% Jan 22% Apr
Preferred
% Jan 235 Mar
100
70 1% May 1 1% May 1.1
MarketSt fly
Mar 8.si Apr
100
90 5 Apr 30 5% Apr 313 5
Preferred
Jan 4% Apr
100
50 2% May 3 3% Apr 301 1
2d preferred
Feb
10 15 Slay 3 15 May 3 11% Jan 25
z New OrTex & Mex100
New York Cent rts___ 271,900 1% Apr 30 2 Apr 28 1% Apr 2% Mar
May
May 15
10 115 May 4115 May 4 115
NY de Harlem pref..50
Mar 863.4 may
100 86% May 4 86% May 4 81
Northern Central____50
Feb124% May
10124)4 May 1124)4 May 1 114
Rensselaer & Sara..100
May
May 76
Vicksbg Shrev & P-100
501 78 May 1 76 May 1 76
Indus. & Misc.Abrah'm&Strauspfd100
Amer Coal Co of N J
(A ilegh County)...25
Am Mach& Mats ctfs_•
100
Sanitary pref
Art Metal Construct_10
All G & WI SS Lpfd100
Austin Nichols prior A *
Bloomingdale 7%_..l00
Blumenthal St Copfd100
•
Bon Ami class A
Briggs & Stratton_ - *
Chicago Yellow Cab...•
Collins&Alkman pfd100
•
Conde Nast Pub
Consol Cig pref (7)_100
prior pref x-warr.100
,
CushmSonspfd(7',e)100
Devoe&Ray lot pfd 100
Duplan Silk
100
Preferred
Durham Hos M pfd_100
Fairbanks Co pf ctrs 100
Foster Wheeler prat _•
Gen fly Signal pf 100
Greene Cananea Cp 100
Guantanamo Sug pf 100
Harbison Walk Refrac
100
Preferred
Helme (G W) pref.100
10
Indian Refining
Island Creek Coal p1..1
Kans City L& P pf
Kresge Dept Stores__1
ise
Preferred
Mackay Cos pref_ _100
Mathleson Alkali Works
100
preferred
Maytag pref x-war's_ _•
Mexican Petroleum_ 100
Omnibus Corp pref.100
•
Outlet Co
Peoples Drug Stores_
6,3i% cony pref...1
Revere Cop & Br p1.100
Rhine Westphal El & Pr
South'n Dairies cl A •
Standard Brands pref_*
100
The Fair pref
United Amer Bosch._ _ •
United Dyewood pf.100
100
U S Express
Union Pipe & Rad pf100
_..100
Vadsco Sales pref.
801106
Jan,1073.4 Apr
May I 1073.4 Apr 30 89
10 26 Apr 30 26 Apr 30 22
400, 734 Apr 28 73-4 Apr 28 4%
10119)4 May 3119)4 May 3111)4
330, 7% Apr 30 734 Apr 30 5
400 21% May 4 23% Apr 28 20
160 60 Apr 30 64 Apr 28 393.4
70 98 Apr 28 98 Apr 28 83
70 45 Slay 2 4734 May 3 45
100 79
May 1 79 May 1 78
1.700 23 May 1 24% Mal 4 15
800. 13% May 2 14% May 2, 11%
330' 893.4 Apr 30 90 May 1 79
1,700 10 May 3 11% Apr 28 734
1001 57 May 1 58 Apr 30 31
50 55 May 3 5534 May 3, 49
40, 90% May 4 91 May 1 8034
10 109 May 1 109 May 1 99
700; 17 May 1 19% Apr 28, 1634
150106 Apr 30 10634 Apr 281 100
10, 30 May 4 30 May 41 21
201 6% May 2 7% Apr 30 3
la 76% M ay 1 76% May 1 60
20 90 May 2 90 May 2 90
10 55 May 3 55 May 31 18
10 243-4 Apr 30, 24% Apr 30 73,4
Apr 353.4
Jan 8
Jan 120
Jan 9%
Jan 24
Jani 64
Jan 100
May] 56%
Apri 83
Jan 24%
Apr 1434
,
Jan 94
Jan 13%
Jan 59
Feb 59
Marl 91
Feb 109
Jan! 23
Feb 110
Feb 30
Feb 9%
Jan 80
May'10134
Jan 59
Jan 31
Feb
Feb
Apr
Apr
Apr
Apr
Mar
Feb
Apr
Apr
May
Apr
Apr
Apr
Apr
May
Mar
Feb
Mar
May
Apr
Mar
Feb
Apr
Feb
May 3! 87
Apr 30123)4
May 2 2%
May 11 90
May 1 973-4
Apr 28, 2%
May 2 19
May 2 29
Jan 100
Nfar1145
Jan1 4%
Jan 105%
Jan1 1113
Jan 7%
Jan 55
Apr 33
Jan
Apr
Apr
Apr
Apr
Feb
Apr
May
Jan 126
Jan 26%
May 63%
Feb 95
Feb 45
Jan 45%
Jan 107
Jan 85
Feb 23
Mar 9%
Jan 124%
Jan 83
Jan 17
Mar 75%
Mar 1%
Jan 24
Jan 2134
Apr
Apr
Jan
Jan
Apr
Apr
May
Apr
Mar
Mar
Apr
Apr
Feb
May
Apr
Apr
Apr
101 96
10 140
400 3
30 105
30,108
4001 4
160 44
70 32
May 3 96
Apr 30140
May 3 3
May 1,105
Apr 30 110
May 1 5
May 1 45%
May 2 33
80125 May 2 126 Apr 30 110
iol 25 Apr 30 25 Apr 30 9
101 60 May 4 60 May 4 60
100 90 May 1 90 May 1 89
30 42 May 3 45 May 4 30
1,500 4134 May 2 4534 Apr 30 21
70 107 May 1 107 May 1 86
770 83% Apr 28 85 Apr 30 46
May 3 22
200._. May
70 8% May 4 934 Apr 28 73,4
100123)4 May 2123)4 May 2 121%
50 7834 May 4 83 Apr 30 50
790 13 May 2 1434 Apr 281 10
30 70% May 1 7534 May 2 59;1
%
% Apr 30 I May 3
1,500
10 21 Apr 28 21 Apr 28 43,4
200 20% Slay 3 21 May 4 20
• No par value. z Companies reported in receivership.
Quotations for United States Treasury Certificates of
-Friday, May 4.
Indebtedness, &c.
Maturity.
frit.
Rate.
Bi4.
June 15 1934_
Sept. 15 1934...
Aug. 1 1935-Aug. 1 1934.-Dec. 13 1934.-Mar. 15 1935._
Dec. 15 1935_
Feb. 1 1938_
Dee. 16 1938_
34%
1)4%
155%
23-1 %
2)4%
2)4%
2%%
2)4%
255%
100":2
100022
1011122
1003322
101022
1020.3
1023322
1023122
10310s1
Asked.
100113s
1012.22
101022
102'33
1023322
1021322
103,03:
May 5 1934
Maturity.
DU.
Rate.
Bid.
Asked.
Apr. 15 1938.
June 15 1938June 16 1935._
Feb. 15 1937_
Apr. 15 1937___
Mar. 15 1938_
Aug. I 1938_
Sept.15 1937_
215%
2)4%
3%
37
3%
3%
33.4 %
33,4 %
103.322
103322
103322
103",,
103022
103,04,
104.322
104322
1032022
103322
103322
103.3n
103.822
103"33
194"
104712
May 9 1934
May 18 1934
May 23 1934
June 20 1934
June 27 1934
July 3 1934
July 11 1934
July 181034
July 25 1934
Aug. 11934
Bid.
Asked.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
7.
0.200
0.05%
0.05%
0.05%
0.05%
0.05%
Asked.
Aug. 8 1934
Aug. 15 1934
Aug. 291034
Sept. 5 1934
Sept. 26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
United States Government Securities on the New
-Below we furnish a daily record
York Stock Exchange.
of the transactions ill Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Daily Record of U. S. Bond Prices. Apr. 28 Apr. 30 May I
May 2 May 3 May 4
104.22 104
High 1033322 1033322 1033.22 101
First Liberty Loan
33-4% bonds 011932-47_ Low_ 1033322 1033322 1033322 1033322 1033.2 103332
103013
2
10,
Close 10333,, 103"-, 1030,32 101
(First 33.4,)
122
22
4
159
152
IS
Total sales in $1,000 units__
Converted 4% bonds of1High
1932.47 (First
---- ----------Total sales in $1,000 units__
10 1
101322 104322 10
-4322 10102
Converted 434% bonds1High 104
00
3
3.:2 01
0 324,
1 01
3 •4
.
of 1932-47 (First 454s) Clo8e 1031 , 103:::: 103. 101.„ 1 01::: 104,
Lo w 1 0, 2
Total sales in $1,000 units__
Second converted 434% Hie)
bonds 011932-47 (First Low_
Close
Second 43422)
Total sales in $1,000 units ___
High
Fourth Liberty Loan
1.0w.
04% bonds of 1933-38
Close
(Fourth 411s)
Total sales in $1,000 units__
I
Fourth Liberty loanHigh
4;1% bonds (2d called)_ Low_
Close
Total sales in 51,000 units__
me;
Treasury
Low.
43411 1947-52
Close
Total sates in $1,000 units__
(High
31.0W_
4s. 1944-54
[Clow
Total sales in $1,000 units__
High
1ow.
454.-334s. 104345
Close
Total sales in $1,000 units ___
High
Low_
354s, 1948-58
Close
Total sales in $1,000 units _ _ _
High
Low_
,
334 . 1943-47
Close
Total sales In $1,000 units _ _ _
High
Low_
3s, 1951-55
Close
Total sales in $1,000 units__
High
Low_
334s. 1940-43
Close
Total sales in $1.000
High
units__Low.
334s, 1941-43
Close
Total sales In $1,000 units._
Mali
Low.
334,1046.40
Close
Total sales in $1,000 units__
mail
Low_
Close
Total sales in 51,000 units__
{High
Low_
3;i22, 1044-46
Close
Total sales in $1,000 units_
Ina
7ederal Farm Mtge
Low _
350 1964
Close
Total sales in 31,000 inits
(High
lome Owners Loan
4 Low,
48 1951..
(Close
Total sales in 31.000 units _ _ _ _
33511. 1941
12
31
26
9
21
34
----
----
-___
____
____
____
-- 101322
101322
101032
131
103.322
1021332
1021031
83
1100032
111322
111 032
518
1073022
107",,
107"33
213
1020032
1023322
1022322
152
1053322
.22
1053
1053322
432
103022
103322
103'',,
130
,
10003
100
100.ss
211
103003,
1033.,,
.0
1033
130
103"31 1033032
103,732 1030032
1031032 1030132
225
49
-- - 101322
10 it22
101033
22
102",,
1021032
1021032
40
III",,
111322
111 1032
69
1073022
1071033
107"32
15
1020032
1023322
022
102
40
106
105022
106
28
103.322
103,322
103'',,
21
100032
1000,2
100033
141
1033322
1032322
1033322
100
103003,
103001,
103022
26
---.
10432.2
101322
101°33
14
10202
102.3,.
102,03.
21
1111.3,
111322
111"3.
200
107332,
107"r
--101 322
101322
101322
28
1021433
1023322
1023322
48
1100033
1101322
110022
73
10113.22
1063.22
1060032
2
102022
102022
102.322
5
___.
--__
--__
--____
__---_
---093322
9900t,
991322
75
___
____
____
1031032
103.322
103.322
10
101822
101 1s,
--- 1114322
104322
104322
7
102103
102'3,,
102,031
26
110003,
1103322
1103322
179
1053.22
1063322
1060,31
11
102.322
102.322
102.022
253
1053322
105.322
105022
38
103322
103322
103322
54
990032
99":2
993322
121
103",,
103022
103.322
137
103°3,
103.322
1031,32
19
101',,
32
101,
- --101322
101',,
1010st
19
102022
102".
1021031
75
1100,32
110"22
1103322
30
107322
107
107032
57
1022,31
1023022
1023322
176
105022
101.32
105.32
44
10322
103322
103322
44
10002,
99"h
100'32
1,184
10300:2
103.322
103022
63
101.31,
101."31
101'31
101031
101'',,
101. 31
.
31
101.
101'31
101'31
101'',,
101..3/
101.
'31
16
103,012
103322
1033322
35
22
1011,
1010032
J01",,
63
____
___
____
186
103,032
1033322
1033322
261
3,
102,
1010032
102
286
____
___
--
-___
-___
____
___ _
-__
____
___ .
__ _ _
149
032
103'
1031732
10310,2
200
102012
3,
102,
102322
454
1010032
101'
012
1013322
195
1003322
10012c
100.322
518
417
1031032
'
10f0 01g
11 31
4
1
/
sva
102,032
102012
1023.22
2,516
102',,
1013322
102322
176
100.322
100.2ii
100,032
401
59
1031032
1031033
10302
77
1021032
102,083
102022
325
1020n
102
102322
68
100.322
1001.n
10010:2
170
55
103"32
1031321
1031122
85
1021031
102"31
102.322
140
102.31
102322
102322
20
1003322
100.322
1002032
346
101'31
101.'1,
107223.
109
:2
1023
10233e
1023.21
61
106
1052321
106
200
103.32.
103.121
1031°3,
24
100032
100.32
10042
54
1032321
1033321
10313u
65
103"31
1033322
1033321
186
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
1040:3 to 10403,
1 1st 434, 1932 '47
22
97
7
227
15
2
9th 43-4s (uncalled)
4th 4 Sfs (2d called)
Treasury 334s
Treasury 3s
Treasury 33.is 1940
Treasury 3Sis 1941
104
to 104322
102022 to 102.322
1051322 to 105.322
993422 to 100
__1(133032 to 1033•22
1031031 to 10333as
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 5.1134 @5.123-4
for checks and 5.11%65.123/, for cables. Commercial on banks: Sight,
5.11; 60 days, 5.103'I; 90 days, 5.09%, and documents for payment, 60
.
days, 5.103-4. Cotton for payment 5.11%
To-day's (Friday's) actual rates for Paris bankers' francs were 6.62%16
6.623,4 for short. Amsterdam bankers' guilders were 68.00(.968.04.
Exchange for Paris on London, 77.25 week's range, 77.40 francs high
and 77.17 francs low.
Checks.
Sterling. ActualCables.
High for the week
5.153,4
5.153-4
Low for the week
5.11
5.1034
Paris Bankers' Francs
6.643,4
High for the week
6.65
6.62%
Low for the week
6.6234
German Bankers' Marks
39.74
High for the week
39.75
39.52
39.54
Low for the week
Amsterdam Bankers' Guilders
68.22
68.24
High for the week
67.99
68.00
Low for the week
-The review of the Curb Exchange is
The Curb Exchange.
given this week on page 3043.
A complete record of Curb Exchange transactions for the
week will be found on page 3069.
3051
,
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
-,..
Fir 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 account is taken of such
sales In computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CE.VT.
Saturday
Apr. 28.
Monday
Apr. 30.
Tuesday
May 1.
1Vednesday
May 2.
$ Per share $ per share $ per share
per share
673 6812 65
4
677
64% 66
6334 6612
*8612 87
8614 8612 857 8614 85
85
46
46
4414 45
4312 44
43% 4318
283 283
8
4 27
2834 2612 2714 2614 2718
3183 3214 31
4
3183 303 31
3012
30
*4314 44
4312 4312 .42
4212 4212 4212
*106 109 *106 109 *106 109 .106 109
7 14
13
*1312 153 .1314 17
4
13
1314
614 614
4 *534 612 *553 612
53
4 53
*5318 57
547 547 *5012 517 *50
8
5412
8
37
377
353 37
4
354 3634 353 37
4
9412 943
9318 9318 9318 9318 •903 9334
4
1814 1612 157 1683 1618 1683 165 1718
8
8
*8812 9112 *88
91
.88
9012 *88
91
*7518 79
75
75 .73
73
80
71
4614 47
453 4614 4512 4614 4514 4614
4
*5
512 .5
512 85
512
.412
5
.45
8 512 *412 514 *412 5
*412 5
*4
414
4
4
334 33
4
4
33
4 33
10% 1014 10
912 93
4
1014
93
4 93
4
.
6
612
534 6
534 6
634 612
4
105 109
8
912 1012
9
93
4
934 93
125 124 117 1283 1112 12
8
1034 11%
8
2314 2314 22
21
22
217 2214 21
8
414 414
418 418 *4
414
4
418
•7
8
.7
8
7
7
714
7
* 8 67
61
6
8 .6
614
6
6
.5
34% 36
34
34 .3312 35
34
33
*27
28
24
23
27
2514 2514 23
*2314 25 .2314 24
2314
*2314 24
23
.434 5
412 5
*412 488
45
8 434
77
*7
*612 77
8 *612 77
8 *7
77
8
.64
65
63
64
62 62
6114
60
27 2712 257 27
8
2518 26
2534 28
103 1034
93 10
4
.934 115
4
9
93
213 2218 2012 2112 2038 203
4
8 20
2012
2534 2534 21
263
8 237 2434 24
247
8
8
•20
2112 20
20
197 197 .18
20
2714 28
2534 2712 25
261
2418 253
4
.1218 1312 .11
14
14
*11
1234 •11
.31
33
31
31
2912 293 .2812 32
18 134
.% 18 .1
13
8 .1
1%
.834 93
*8s8 8%
85
8 834
812 812
3118 318 30
3114 2912 3014 283 30%
4
45
45
*44
45 .44
48
.41
47
6312 6312 6414 6414 *633 70
4
66
66
*2012 213 *20
8
2138 20
203
8 195 19%
8
83
4
8%
83
83
9
812 83
4
83
4
1612 1712 16
1612 153 1614 153 153
4
8
8
•2318 25
23% 2314 23% 2314 23
23
1814 1812 1734 1818 1714 1712 1734 1712
60
61
60
61
60
60
58% 59
•27
2912 •27
2912 *27
2912 *27
2912
17
17
17
17
163 1718 163 165
4
8
8
•10
12
10
10
.9
12
10
10
72
•238
*4
*673
115
8
.2834
.412
*734
38
*13
4
*38
333
4
225
8
373
4
78
7
8
7
8
25
*218 234
*37
51
51
61
6
6
115g 103 1114
4
29
275 241
8
4'2 413
43
77
712 734
38
*38
42
17
8
•
04
17
8
3
4
8
9
,
a
3412 y3018 3112
225
213 213
4
4
38
3514 3712
•12012 1267 .121 1267
8
1814 1812 1712 18%
.31
3112 30
3014
*9
918
87
8 9
.118
13
4 .1
13
4
314 314
3% 314
180 180 *178 180
.92
94 .92
94
331g 34
3114 3312
434 514
412 412
87 10
8
834 912
54 6
5
5
323 3312
4
3334 34
*512 7% *512 714
.2912 33
29
2912
*4312 48
40
4112
.3218 38
*3018 3483
5
518 *43
4 534
133
133 141 1
4
8
13
25
*22
*2014 35
52
503 52
52
.39
4034 *39
404
.3814 3012 *3814 391s
.1034 144 *1012 1418
.4 4
33
334 33
5
514
478 5
*18
22
22
•18
114
114
8
•114
13
234 23
4
4
234 23
274 27% 2514 2612
323
8 2912 313
32
8
39
39 14 3714 373
4
4512 4612
46
48
*323s 34
.3258 35
67
*613 7
s 7
7
7
63
4 63
4
357
8 3334 34
34
129 129 .127 12813
83
83
*833 84
8
.4
4
414
4
712 712
634 71
15
14
143
4
15
1912 19
19
•19
*53
4 6'8 *53
4 618
113 127
13
13
s
Friday
May 4.
3 per share 3 per share
8 643 66%
4
6418 653
*8212 85
84
84
4318 43
44
43
8 2612 27
2834 267
3012 31
*304 32
42 .43
4418
42
109 109 *106 1087
8
15
.1234 15 .12
.534 612 *534 612
5412 *50
5412
.50
3534 37% 3712 3818
93
93
9283 93
4
1683 18% 163 1678
91
•88
91
.88
75
7018 7018 *70
4514 4512 453g 4618
.412 5
*412 5
4
4 12
*412 5
33
4 334
.33
4 4
914 9% *918 912
512 6
4
512 53
9 4 912
,
914 93
103 11 8 107 1112
4
8
2034
33
4
612
.5
3212
*2312
23
414
*612
5912
2514
9
21
2412
20
2412
1114
*2812
*1
814
28%
.41
*633
4
•183
4
*85
8
1534
.21
171
58
*27
163
8
.912
2018
4
612
6
3212
26
23
434
77
607
2612
9
22
2512
20
2534
1114
291
13
8
8'3
2914
47
66
21
.33
4
*612
5
.32
*23
.23
.414
.612
6012
2512
9
2114
2534
.1812
2418
.117
.2812
.1
814
2934
.41
.64
2114
4
7
5
3412
26
25
47
77
6012
26
9
2114
253
4
21
2538
13
30
8
13
814
297
8
47
60
21
4
93
18
23
177g
5914
27
1712
10
118
234
514
61t
1134
2714
413
714
42
2
2138 •18
93
9
155
8 16
.21
23
1712 1714
5812 59
2912 27
1612 17
912
1034
*7
8
1
1
1
1
7
8
7
8
238 23
8 .2
234 .2
25
8 *2
*37
518 .3% 518 *37
514 .37
618 618
614 614
534 534 .518
1018 111
1014 1112 103 1034 103
4
27
278
8 268 277
8
8 26
2612 263
8
414 412
414 43
8 *43
8 412
412
7
67
7 14
7
71.2
714
67
8
.34
3712 .37
3712 *3612 42
*32
134
13
4
.134 2
.114 2
.114
"s
3
4
153
r's
*5
8
3
4
*5
8
3
4
3018 31
2934 3114 30
30
303
3118
21
21
194 21
21
2112 22
22
347 36
3412 3612 34
38
3514 36
121 121 .12214 127 .121 127 *121 127
1718 1734 183 1712 1633 1714
4
1633 17%
2912 30
29
3014 29
29'z 30
3014
818 834
734 834
8
77
8 8
8
.1
13
4 *I
13
4 *1
13
.1
13
4
*23
4 338 *278 3
3
3
314 314
176 17812 176 176
17612 1771z 177 178
94
94
92 92
93
93 .92
93
3112 323
4 31
3214 303 313
4 307 3214
8
8
.4
512 *3
512 *3
5
*3
478
.7% 83
4 'VI 83
*612 - •G12 13
.
412
434 512 .415
*418
6
.4
534
3218 323
4 313 327
8
3112 32
3134 3234
*512 7% *512 612
512 51
.4
612
2814 2814 28
28125.275 30
8
*2812 30
*40
45 .38
45
4014, 401 .4014 43
.30% 40
*3018 3312 3312 33'2 36
30
•5
51
4
512 512
514
534
5
5
.1212 13
13
13
*1214 127
1214 1213
.2014 35
*2014 35 .2014 251 .2014 2534
.49% 5012 48
43
*46
51
*4712 50
.3712 4014 .40
4014 .40
4014 40
40
3812 38% .3812 3918 3814 391 .38
39 4
3
•1034 1412 .1034 1412 .11
14
.11
14
.35
8 4
33
4 33
4
334 334
334 334
434 434
458 43
4
4% 43
412 434
.18
22 .18
22 .18
22
•18
22
114
13
138
134
114
114
114
13
8
*212 23
4
212 234
212 2%
27
8 278
2514 2618 2418 26
2412 2512 2412 2534
2912 3014 28
303* 28
29
2812 293
35% 383
4 35
35
363
3512 3512 363
8
.44
46 .44
47
44
44
44
44
325 3234 *25% 3258 •26
8
325 •2618 32
*614 7
.6% 7
6% 614 *614 7
614 61 2
4
534 55
6
618
8
534 53
•2978 35
*2978 36
*2812 37
*28
37
12714 12812 128 128
128 12914 129 130
83 83
82 82
82
82
8214 8214
4
4
3% 37
312 33
4
312 35
65
6%
6% 7
*65
8 63
4 7
4
63
1312 13% 1318 133
4 1318 1334
131k 133
4
1814 1812 18
18 .1712 1918 .1712 18
4 514
53
5
53
4
5% 518
514 514
113 1214
1112 12
4
1133 1218 117 1213
•Bid and, asked prices, no sales on this day.
Thursday
May 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share tots.
Lowest.
Hithest.
PER SHARE
Range for Previous
Year 1933
Lowest.
Highest.
Shares.
25,700
800
2.800
23,600
2.300
500
20
400
200
100
31,400
800
43,400
Railroads
Par $ per share
$ per share $ per share $ per share
Atch Topeka & Santa Fe__100 54 Jan 6 735 Feb 5
3453 Feb 80% July
Preferred
100 7018 Jac 5 874 Apr 27
50
Apr 795 June
Atlantic Coast Line RR
100 39 Jan 6 5414 Feb 16
1812 Feb 59 July
Baltimore & Ohio
7
100 2214 Jan 4 3412 Feb 5
814 Feb 37 July
Preferred
100 2412 Jan 9 373 Feb 6
8
912 Apr 3914 July
Bangor & Aroostook
50 3912 Jan 9 4618 Feb 1
Jan 4134 Dee
20
Preferred
100 9518 Jan 5 110 Apr 20
6883 Jan 110 Aug
Boston & Maine
100 11 Jan 11
1912 Feb 5
6
Apr 30 July
Brooklyn dr Queens Tr_No par
472 Jan 8
8
83 Feb 7
312 Mar
934 July
Preferred
No par 41 Jan 18 5814 Apr 26
3534 Apr 6018 July
Bklyn Mash Transit
No par 2814 Mar 27 391 Apr 21
213 Feb 4114 July
4
$O preferred series A_No par 8218 Jan 4 943 Apr 28
4
64 Mar 8312 June
Canadian Pacific
4
25 123 Jan 2 1814 Mar 12
8
712 Apr 207 July
Caro Clinch & Ohio stpd__100 70 Jan 6 88 Mar 14
5014 Apr 7912 July
500 Central RR of New Jersey_100 70 Jan 15 92 Feb 3
Apr 122 July
38
13,200 Chesapeake & Ohio
25 3912 Jan 5 477 Apr 12
2483 Feb 4914 Aug
:Chic & East III Ry Co____100
234 Jan 15
7 Feb 17
12 Apr
8 July
400
8% preferred
100
17 Jan 9
8
8 Feb 16
12 Apr
812 July
1,100 Chicago Great Western
100
27g Jan 3
512 Feb 1
138 Apr
73 July
8
1,400
Preferred
100
6, Jan 4 117 Feb 19
4
8
212 Apr
1478 July
4,900 Chia Milw St P& Pao_ _No pat
414 Jan 2
812 Feb 5
1
Apr
113 July
4
14,700
Preferred
100
6% Jan 8 1314 Feb 5
1% Feb
1814 July
21,600 Chicago & North Western_IGO
65 Jan 3 15 Feb 5
8
114 Apr
16 July
1,500
Preferred
100 13% Jan 3 23 Feb 16
2
Apr 24114 July
1,200 :Chicago Rook lid & P4'000100
23 Jan 3
614 Feb 7
2
Apr
1018 July
800
7% preferred
434 Jan 3
100
93 Feb 8
8
312 Apr
1912 July
700
6% preferred
8
100
37 Jan 2
8 Feb 6
2.8 Apr
15 July
180 Colorado & Southern
100 27 Jan 4 4034 Feb 1
15% Feb
51 July
4% 1st preferred
70
100 20 Jan 4 3314 Feb 9
1212 Apr 423 July
4
100
4% 2d preferred
100 20 Jan 12 30 Feb 3
10 Mar 30 July
21g Jan 5
1,500 Consol RR of Cuba pref.. _100
114 Feb
64 Feb 5
1034 June
Cuba RR 6% prof
100
314 Jan 15 1012 Jan 23
212 Jan
16 June
3,500 Delaware & Hudson
100 53 Jan 5 7312 Feb 1
4
3734 Feb 933 July
14,000 Delaware Lack & Western_50 2212 Jan 6 333 Feb 5
4
1714 Feb 48 July
1,200 Deny &Rio Or West pref 100
534 Jan 19 1314 Mar 24
2
Feb
194 July
4.600 Erie
100 137 Jan 8 247 Feb 5
8
2
3 4 Apr 2534 July
3
First preferred
3,100
100 18 Jan 3 '2814 Apr 26
412 Apr 2912 July
400
Second preferre I
100 12 Jan 3 23 Apr 21
212 Apr 2314 July
42,700 Great Northern pref
100 1883 Jan 4 3212 Feb 5
333 July
4
434 Apr
57 Jan 10 1614 Feb 20
100 Gulf Mobile & Northern 100
14 Mar
1112 July
Preferred
500
100 15 Jan 11 353 Feb 21
4
212 Mar 2312 July
7 Feb 13
3
200 Havana Electric Ry Co No par
38 Dec
1% Jan 23
23 June
4
1,000 Hudson & Manhattan
100
712 Jan 2 1218 Feb 7
812 July
19 June
100 2412 Jan 6 347 Feb 5
12,800 Illinois Central
812 Apr 503 July
4
100
100 35 Jan 13 50 Apr 26
18 Mar 6018 July
8% pref series A
60
100 48% Jan 5 06 Slay 2
Lease 1 Ilnes
31 Mar 60 July
412 Apr
RR See Ws series A 1000 1712 Jan 8 2414 Feb 6
210
34 July
77 Mar 31 138 Jan 2
4
418 Feb
1.200 :Interboro RapidTran v t o 100
138g Dee
100 11 Jan 8 193 Apr 21
1,600 Kanaas City Southern
4
8
612 Feb 247 July
Peen rred
400
4
100 153 Jan 5 2712 Apr 21 z12 Mar 3414 July
4,600 Lehigh Valley
50 13 Jan 4 2114 Feb 5
834 Feb 2734 July
21% Jan 6712 July
1,600 LoutsvIl e & NasbvIlle____100 4814 Jan 4 6212 Apr 20
10 :Manhattan Ry 7% guar _100 20 Jan 3 3212 Mar 29
12 Mar 28
Oct
Mod 5% guar
100 15 Jan 3 1983 Jan 12
2,000
Jan 20
6
Oct
400 Market St Ry prior pref.. _100
47 Jan 16 1214 Apr 24
g
1% Star
8 June
1,700 :Minneapolis & St Louts_ 100
12 Jan 11
18 Mar 24
8
18 Jan
214 July
358 Feb 6
17 Jan 2
583 July
8
100 Minn St Paul & SS Marle_100
12 Mar
7% preferred
518 Apr 20
134 Jan 8
100
3 Apr
812 July
4
712 Mar 10
4% leased line ells
3% Jan 2
190
100
212 Dec 1412 July
2,800 Mo-Kan-Texas RR----No Par
53 Jan
4
1718 July
8 Jan 2 147 Feb 5
Preferred series A
3,000
100 17% Jan 5 3438 Feb 6
1112 Jan
3714 July
1,000 :Missouri Pacific
3 Jan 2
100
6 Feb 5
118 Apr
1014 July
Cony preferred
5,100
412 Jan 3
100
93 Feb 7
4
133 Apr
1514 July
10 Nashville Chatt & St Louis 100 32 Jan 2 46 Jan 24
13
Jan
57 July
11 Jan 22
30 Nat Rys of Mex 1st 4% pf_100
214 Feb 23
312 June
18 Mar
2d preferred
3 Jan 5
200
8
100
1 Mar 7
18 Jan
13 June
8
01 iy 2 4514 Feb 5
79,900 New York Central
100 291
14
Feb 5812 July
1,800 N Y Chic & St Louis Co.. _100 15 Jan 3 267 Apr 24
8
218 Jan
2734 Aug
Preferred series A
5.700
100 1712 Jan 3 4314 Apr 23
234 Apr • 3414 July
20 N Y dc Harlem
50 103 Jan 2 139 Feb 1 100 Mar 1583 June
10,800 N Y N H & Hartford
100 141 Jan 3 2418 Feb 5
1118 Feb
3478 July
Cony preferred
4,300
100 2312 Jan 6 3734 Feb 5
18
Apr 56 July
6,000 NY Ontario & Western
8‘lay 1
78
100
71 Dec 15 July
1134 Feb 5
18 Jan 18
NY Railways pref
18 Mar
No par
1 Mar 21
312 July
700 :Norfolk Southern
12 Apr
47 July
8
100
418 Apr 20
114 Jan 3
1,000 Norfolk & Western
100 181 Jan 5 182 Apr 19 11113 Mar 177 July
Adjust 4% pref
90
74 May
3712 Sept
100 82 Jan 8 9412 Apr 10
30,400 Northern Pacific
100 2118 Jan 6 363 Apr 11
4
933 Apr 347 July
360 Pacific Coast
1
Jan
2 Jan 4
7 July
10
83 Mar 14
8
310
lot preferred
10 July
No par
33 Jan 19 1114 Apr 20
4
133 Feb
150
2d preferred
7 July
Feb
1
612 Mar 14
No par
2 Jan 3
25,100 Pennsylvania
133 Jan 4214 July
4
50 2914 Jan 4 377 Feb 19
100 Peoria & Eastern
7 Feb
4 Jan 18
8
9 July
100
8 Feb 17
700 Pere Marquette
37 Mar 37 July
8
100 1612 Jan 10 34 Apr 24
600
Prior preferred
Jan 4412 July
6
100 18 Jan 13 5112 Apr 23
200
Preferred
3412 July
412 Feb
100 1612 Jan 10 43 Apr 23
180 PhIladelphia Rap Tran Co _50
8
57 July
2 June
3 Feb 8
6 Apr 25
379
7% preferred
3 Dec 10 July
412 Jan 12 16 Apr 24
50
PIttsburgh & West Virginia 100 15 Jan 3 27 Feb 21
612 Apr 353 July
700 Reading
2312 Apr 6212 July
50 43 Jan 2 563 Feb 5
8
100
1st preferred
25
Apr 38 July
8
50 337 Feb 7 4018 Apr 23
400
2d preferred
2312 Mar 37 July
50 2918 Jan 11 3918Slay 3
Rutland RR 7% pref
100
8 Jan 4 15 Feb 7
Jan
6
1812 July
1,000 :St Louis-San Franaisco....100
93 July
% Jan
23 Jan 2
8
434 Feb 6
3,300
1st preferred
234 Jan 4
100
618 Apr 4
1
Apr
914 July
St Louis Southwestern__ _100 1212 Jan 19 20 Mar 8
5% Mar 22 July
1.100 :Seaboard Alr Line ____No par
1 Jan 2
2 Feb 6
'4 Jan
3 July
1,000
Preferred
100
% Mar
18 Jan 11
318 Feb 21
47 July
8
44,200 Southern Pacific Co
100 1812 Jan 5 333 Feb 5
11% Feb 383 July
4
25,900 Southern Railway
100 238 Jan 6 3612 Feb 5
418 Mar 36 July
5,200
Preferred
100 273 Jan 6 4114 Apr 26
4
58 Jan 49 July
700
Mobile & Ohio etk tr ctfs 100 39 Jan 19 4734 Apr 20
8
Jan 4014 July
400 Texas & Pacific Ry Co_.._100 185 Jan 3 431 Feb 1
15 Apr 43 July
8
300 Third Avenue
100
8 Mar 1
418 Feb
1218 June
814 Jan 12
2.000 Twin City Rapid Trans No par
43 June
13 Jan 10
8
812 Apr 24
3 Dec
4
220 Preferred
100
6 Jan 12 39 Apr 24
412 Dec
15 June
2,200 Union Pacific
100 11012 Jan 4 1337 April
8
8114 Apr 132 July
800 Preferred
100 713 Jan 18 84 Apr 26
Apr 7512 July
56
1,600 :Wabash
100
47 Jan 30
214 Jan 5
712 July
112 Jan
2,900
Preferred A
100
31e Jan 2
97 July
8
118 Apr
834 Apr 26
7.400 Western Maryland
100
834 Jan 2 1714 Feb 20
16 July
4 Feb
600
2d preferred
100 12 Jan 9 23 Feb 20
1912 July
533 Jan
1,100 Western Pacific
100
23 Jan 2
4
912 July
Apr
812 Mar 29
1
4,820
Preferred
17 Mar 18 July
100
434 Jan 5 1712 Mar 28
:Companies reported In receivership. a Optional sale. c Cash sale. s Sold 15 days. z Ex-dlvidend.
y Ex-rights.
New York Stock Record-Continued-Page 2
3052
car
May 5 1934
FOR SALES DURING THEtWEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Apr. 28.
$ per share
95
8 95
8
7514 7514
32
3212
97
97
*612 714
*73
4 77
8
10018 1013
4
318 314
20
2038
*7
712
318 314
1518 1512
1414 1414
14
1414
*197 21
8
146 146
*126 12614
8
1918 195
*153 16 1
4
*512 6
*37
3812
51
51
32% 323
4
223 2414
4
463 4912
4
115 114
8
6512 66
*30
31
*108 10912
10112 102
*1405* 143
2758
27
*473 513
4
4
*912 1014
39
*37
*583 593
8
4
512 559
4814 4814
312 3 2
,
*714 814
95* 93
4
2312 2312
*1359 134
19
19
*173 18
4
*812 94
*3718 39
*35
353
4
*9
918
*433 47
8
812 83
4
1
118
7 2 712
,
31% 315
8
*655 67
8
*1618 1612
73
4 7%
23
2378
*85
8812
*283 295
4
8
85
8 83
4
254 2614
23 23
1518 153
8
234 233
4
Monday
Apr. 30.
Tuesday
May 1.
Wednesday I Thursday
May 2.
May 3.
Friday
May 4.
$ per share $ per share $ per share $ per share S per share
9
938
83
4 9
9
918
918 93
4
93
8
918
_
4
__ *743
*74
*743 - - *7434 -- 4
2914 30
0
04 3 4 2914 3
30 4 303
,
3012 114 *7412-- 8 293 - - 3
3
914 914
93
912
93
8 958
93
8 93
8
958 93
4
6
6
6
6 18
612 612
*612 7
*55k 6
77
712 712
712 73
8
734 73
4
712 78 *75
4
8
10114 1023 1013 1025
4
99 1007 10012 102
8
994 101
27
27
8 218
3
4 27
8 02 3 3
23
27
3
34
193* 195
1912 20
8 1914 194 1918 1912 1918 1912
*6
7
7
6% 65
8 *6
*612 718
7
7
3
3 18
3
3 18
3
3 18
34
3
3
314
1312 1414 133 1418 1314 1414
143* 1514 1312 14
4
123
4 1212 1212 1212 128
123 123
4
4 1212 123 *12
127 1312
8
13
123
4 13
8
4
123 123
4
4 123 123 .12
21
4
2012 204 203 *18
203* 2038 *17
*197 21
1433 146
14312 14512 14314 145
4
144 1453 14312 145
126 126 *1243* 12712
1257 126 *12514 126 *123 126
8
3
17
1712 173* 177
18
8
1812 1918 175 1818 17
1512 15
1413 144 1414 1412 *1414 15%
15
15
5
5
5 18
51, 512
5
512 512
043
4 5
*35
3812
37
3612 3612 37
*3612 38
37
37
3 50
5012 51
49
483 497
4
8 4812 50
49% 51
338
4 33
,
3214 327
8 3214 3212 324 32 2 3258 323
8 2012 2114
1912 21
193 203
21
20
217
8 20
46% 4512 4612 4612 4612
4612 464 4512 4612 46
114 103 1118 1114 1112
4
1118 119 1118 1114 11
6518 653
4
4
3
4 633 64
6312 6414 63 4 633
65 65
*283 293
4
293
8 2812 30
4
30
3014 297 29% 29
108 108 *10312 10912 *10312 10912 *10312 107 *10312 107
8 99
998 9914 10014
10018 1013
8 994 10012 9812 1003
1413 1413 *140 143
4
4
14214 14214 *14014 143 *141 143
2514
8 25
2614 2514 26
2518 253
26
2618 *26
5 4559 4512 4512 4512 4512
45
4612 4612 04512 51
912 912
*814 912
9
9
912
912 912 *9
.30
35
34
36
3612 3414 3414 34
37
*36
58
58%
8
585
8 58
58
585* 585 *5418 5812 *55
8 55* *45* 512
4 *45
43
4 43
4 513
4 53* *43
*43
463
8 4612 4734 4434 47
4658 4812 465 4612 46
318 314
3
3
34 314
314 314
314 314
4 712 *64 712
3
*65
8 78 *64 7 4 *63
7
7
83
8 9
83 9 8
87
8 918
914
,
87
912
9
2112 22
22
2112 2112 *205* 2112
2118 224 22
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Industrial & Miscel. Par
Shares.
No pat
12,200 Adams Express
100
Preferred
100
No par
4,500 Adams MIllle
10
1,700 Address Multigr Corp
No par
600 Advance Rumely
1,100 Affiliated Products Inc _No par
No par
10,900 Air Reduction Ino
1,200 Air Way Elea Appliance No par
18,500 Alaska Juneau Gold Mm.__10
No par
200 A P W Paper Co
No par
21,800 Allegheny Corp
Pref A with $30 warr___100
6,600
Pref A with $40 warr___100
800
Fret A without warr___100
1,200
No par
200 Allegheny Steel Co
5,600 Allied Chemical & Dye_No par
100
300 Preferred
12,600 Allis-Chalmers Mfg____No par
900 Alpha Portland Cement No poe
1
500 Amalgam Leather Co
50
7% preferred
300
No par
6,100 Amerada Corp
8,800 Amer Agile Chem (Del) No par
10
20,700 American Bank Note
50
Preferred
500
4,000 Amer1can Beet Sugar_ _No par
100
7% preferred
580
1,400 Am Brake Shoe dr Fdy_No par
100
Preferred
30
25
10,500 American Can
100
Preferred
200
.
3,300 American Car & Fdy __No par
Preferred
100
900
No par
300 American Chain
100
7% preferred
400
No par
400 American Chicle
10
300 Amer Colortype Co
6,400 Am Comml Alcohol Corp 20
1,100 Amer Encaustio Tiling_No par
300 Amer European Sec's__No par
11,800 Amer & For'] Power__ _No par
No par
Preferred
1,300
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
$ Per share
65 Jan 6
8
7014 Jan 25
16 Jan 5
7 4 Jan 5
3
518 Feb 10
64 Jan 13
933
4Mar 27
17 Jan 3
19185iay 3
5 Jan 13
23 Mar 16
4
57 Jan 4
55 Jan 3
8
514 Jan 6
1712 Jan 2
14314MaY 3
12218 Jan 16
1612 Jan 8
4
123 Jan 2
4 Jan 15
25 Jan 6
4112 Jan 4
2514 Jan 4
1413 Jan 4
40 Jan 4
712 Jan 4
4612 Jan 4
28 Jan 5
96 Jan 10
9418 Jan 5
12812 Jan 6
2314 Jan 8
3814 Jan 8
612 Jan 11
2012 Jan 10
4614 Jan 8
33 Jan 29
4May 4
443
8
23 Jan 6
6 Jan 3
3
7 4 Jan 3
17 Jan 4
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ Per share 5 per share $ per share
117 Feb 5
8
3 Feb
1314 July
7712 Apr 19
39
Apr 71 June
347 Apr 5
8
8 Apr 215 July
113 Feb 6
8
64 Alg' 1212 June
75 Feb 5
93 July
13 Feb
4
95 Feb 6
53 July
113 May
8
14 Jan 24
4712 Feb 112 Sept
106
33 Apr 26
4 May
12 Feb
237 Jan 15
8
1118 Jan 33 Aug
77 Apr 24
1
Jan
95* July
514 Feb 1
814 July
% Apr
1618 Apr 10
1
Apr 2178 July
113 Apr 21 July
145 Apr 10
8
143 Apr 9
8
114 Mar 20 July
5 Mar 28 July
234 Feb 23
703 Feb 152 Dec
4
4
1603 Feb 17
12914 Apr 5 116 Apr 125
Oct
233 Feb 5
8
6 Feb 263* July
2018 Feb 5
53 Jan 24 July
4
73 Mar 12
4
3 Feb
8
914 July
45 Mar 13
5 Feb 40 July
1812 Mar 475* Nov
533 Apr 5
4
38 Jan 24
714 Mar 35 July
2514 Apr 27
8 Mar 2812 July
5012 Apr 27
34 Apr 497 June
1234 Feb 3
1
Jan
163 July
4
71 Apr 12
23 Jan 64 Sept
4
33 Feb 6
94 Mar 4212 July
11012 Apr 18
60 Mar 108 Aug
1073 Feb 15
4
4912 Feb 10012 Dec
14512 Apr 13 112 Feb 134 July
337 Feb 5
818 Jan 393 July
4
15 Feb 593 July
5612 Feb 5
4
1214 Feb 27
15* Mar 14 July
40 Apr 24
312 Mar 31 12 July
34 Mar 5114 July
60 Apr 20
2 Feb
64 June
612 Feb 5
13 Feb 897 July
6212 Jan 31
1
Jan
6 June
5 Feb 16
37 Apr
13 July
1012 Feb 3
37 Feb
2
193 June
8
133 Feb 6
4
8
714 Apr 447 June
30 Feb 7
2714 June
43* API
1712 Feb 6
25 Feb 6
618 AM
3558 July
418 Jan
22 8 Feb 16
5
2112 July
212 Mar 16 June
1012 Feb 5
1312 Feb 5712 June
4214 Mar 15
243 Dec 4212 May
4
363 Apr 26
8
33 Feb
4
1712 June
10 Feb 5
25 Feb 677 June
4514 Mar 26
8
11 Feb 6
414 Feb
1518 July
112 Apr 4
312 June
14 Apr
8 Apr 3
12 June
114 Jan
57 Jan 3918 July
383 Feb 6
4
8
1714 Jan 83 July
745 Mar 13
1934 FebFeb1
834 Feb 223* July
b 5
93
8
Jan
6 June
275 Feb 15
8
318 Feb 233 July
8
91 Feb 15
1512 Jan 757 Nov
2
17
343 Mar 13
4
Jan 3012 July
4
124 Feb 6
Feb
197 July
97 Apr 4118 July
8
297 Feb 6
8
9
Apr 35 July
2614 Feb 7
175s Feb 1
19 July
458 Feb
2814 Feb 19
6 4 Mar 317 July
3
8
2018 Apr 4734 July
543 Apr 26
4
738 Feb 19
7 M af 364 18 jj nly
8 Apr
7314 .ltunn ee
2 i
1
25* Jan 30
1112 Mar
30 Jan 30
5114 Feb 15
10% Feb 5312 Sept
31
123 Apr 12
Jan 9912 Deo
9434 Apr 11
2012 Jan 73 July
58 Apr 27
3213 Jan 5114 Sept
12312Slay 3 10218 Jan 112 July
45* Feb 27 July
2612 Feb 5
375 Mar 85 July
8
81 Jan 30
30
Feb 477 July
4414 Feb 7
8
2112 Jan 74 July
61 Feb 6
80
Jan 11214 July
11518 Apr 23
6
Jan 26 July
8
205 Mar 13
864 Apr 1345 July
12514 Feb 6
49 Feb 90% July
8
823 Feb 6
503 Feb 94% July
4
8412 Feb 5
4
12312 Apr 10 1023 Mar 120 July
218 Dee 25 July
13 Feb 21
7
4
Oct 377 July
283 Feb 21
10% Apr 4314 July
2758 Feb 7
35 Mar 80 June
80 Feb 5
93 Jan 4
4
No pa,
2nd preferred
1,200
13
1212 1214 1214 *12
4 12
1212 123
13
12 Jan 4
No par
1812 1812 18
$8 preferred
1814 *1712 1812 1,500
1912 1812 19
16
17
18
163 163
4
4 1,700 Amer Hawaiian S S Co____10 16 May I
16
16
16
16
7 4 Jan 12
,
500 Amer Hide & Leather_No par
73
4
712 712 "7
4
8
813
73
4 73
8
8
100 307 Jan 8
Preferred
34
344 *315* 34
3212 327
8 1,400
374 3412 35
2618 Jan 5
1
333
8 33
3314 323 34
33
3414 3414 2,600 Amer Home Products
8
35
618 Jan 4
No par
8 2 85
,
87
814 84 3,400 American Ice
812 83
4
8
812 8%
100 3514 Jan 8
6% non-oura pref
300
*4218 45
*42
45
*4218 45
4312 *4214 45
612 Jan 8
8
8 18
812
814 812 9,700 Amer Internet Corp_ __No par
8
814
8
83
4
3 Jan 5
4
1,600 Am L France & Foamite No par
1
1
*1
1
1
1
1
I
118
4 Jan 18
100
12
Preferred
220
7
7
712
71.2 *7
7
7
7
7
2,400 American Locomotive__No par 2614 Jan 4
2912 30
30
30
4
3159 304 3014 293 30
100 50 Jan 8
Preferred
400
6612 6612
6558 653
*653 67
8
67
8 65 65
13 Jan 4
16
16
*153 16
4
1618 153 16
155 154 1,900 Amer Mach & Fdry Co_No par
8
314 Jan 3
738 73*
712 712 1,400 Amer Mach & Metals__No par
712 712
8 714
714
67
18 Jan 4
235
8 4,700 Amer Metal Co Ltd___No par
2314 2214 227g 22
4
* 223 2318 23
227
100 73 Jan 2
8% cony preferred
200
8812 8512 8512 8514 8514
8812 .85
8812 *85
1,190 Amer News Co Ine____No par 21 Jan 3
277 29
8
2834 28
2277 277
28
28
29
57 Jan 4
14,300 Amer Power & Light__No par
4 8
73
734 8
8
83
8
814 812
83
8
133 Jan 6
4
No par
$6 preferred
2,100
24
23
24
24
24
25
24
24
25
127 Jan 5
8
No par
$5 preferred
20
2018 1,800
20
20
2112 2114 2114 2018 21
133 Mar 20
4
8
8
4 1418 1412 1414 1412 143 147 37,400 Am Rad dr Stand San'y No par
154 1414 143
25 1712 Jan 6
4
223 24,707 American Rolling Mill
8 22
8
8 2112 2238 2138 223
2318 213 223
1,300 AmerIcan Safety Razor No par 38 Jan 13
8
5412 5412 537 5418 *5118 5312 4912 5118 4914 5012 *4912 54
314 Jan 10
600 American Seating v I ct..No par
412 412 *45
45g 45
8
45
8 43
4
0434 514
8 55
43
4 5
8
1 Jan 4
4 2,900 Amer Ship &Comm __ _No par
13
4. 13
158
13
4
13
8 13
4
13
8 13
4
1% 1%
1% 1%
1914 Jan 4
410 Amer Shipbuilding Co_No par
2514 2514
2612 2412 25
*2612 2759 25
2512
243 2512 25
8
32,200 Amer Smelting & Relg_No par 3812May 2
4
4014 393 41
383 397
4
4112 4214 3912 41
8 3812 403* 39
100 100 Jan 2
Preferred
1,100
122 123
*120 123 *120 123
1213 123 x116 11614 11612 118
4
100 7114 Jan 2
2nd preferred 6% cum
92
900
90
*90
92
*90
92
90
90 - 92
9014 90
90
4
25 483 Jan 5
600 American Snuff
58
58
58
58
*57
59
5714 5612 5612
5712 5713 57
100 106 Feb 2
Preferred
40
12312 12312 12314 12312
.•12312
*12212__ 12212 12212 *12312
__
18 May 2
4,500 Amer Steel Foundries__No par
19
1918 1912 1812 193
1812 - -1912 18 -18% 1814 1914 19
Preferred
100 68 Jan 4
210
76
*77
79
7612 77
•77
79
*73
76
76
76
76
No par 37 Jan 3
600 American Stores
4
8
4212 4212 4214 423 *4214 423 *4214 423 *4214 4212 4214 423
4
4
100 46 Jan 3
483 495
4814 49
4
4
8 48
49
51
50
5012 5214 5218 533 11,900 Amer Sugar Refining
100 10312 Jan 3
Preferred
600
8
4
*11212 11312 1147 1147 *113 1143 1145* 1143 *11312 11412 11412 1143
4
8
1512 Jan 5
8 1,900 Am Sumatra TobaccoNo par
1712 18
18
18
8
1714 1712 17
177
8 1718 1714 175 175
4
100 1073 Jan 4
120 1203* 11838 120
11612 11814 11314 117
1135 11514 112 11434 83,600 Amer Telep & Teleg
8
25 6514 Jan 6
2,200 American Tobacco
714 6914 693
704 704 70
6914 70
69 69
89
4 69
25 67 Jan 8
Common class B
7214 7,700
7114 7112 7114 7112 7014 707
71
8
8 703 7112 7014 72
Preferred
100 10714 Jan 3
123 123 *122 124
700
12112 12112 12318 12318 122 1223 12212 12212
4
47 Jan 3
*85* 9
900 :Am Type Founders__ _No par
*812 10
"71
. 83
4
8
8
8
8 12
*812 9
78g Jan 6
Preferred
100
670
19
1914 20
4
2012 183 1912 *1814 20
215* 2212 1912 21
4
197 2012 193 2014 193 2012 193 20
8
2012 21
4
197 22,000 Am Water Wks dr Eleo_No par x163 Jan 4
19
8
8
1s1 preferred
No par 64 Jan 3
100
80
*78
80' *76
*72
80
76
76
•72
76
*70
76
17 JulY
312 Mar
113 Jan 8 1718 Feb 5
No par
4
8 123 133
1312 133
4 1314 133
8 1214 127
8
4 1212 125* 5,100 American Woolen
8 123 123
225 Feb 6712 Dec
*
4
100 6158 Jan 4 833 Feb 7
Preferred
723 723
4
73
73
2,400
68
68
4 67
4 6912 723
68
68
69
418 June
so Feb
414 Mar 14
114 Jan 10
I
27
3
3
3 14
4,600 Am Writing Paper
318
25
8 3
23
4 27
8
3
25* 234
14% July
3 Feb
4
54 Jan 6 1712 Apr 23
No par
Preferred
12
1214 127
8 12
123 13
8
118 127
8 1112 1218 12% 1214 3,300
10% July
53 Jan 4
24 Feb
9 Feb 16
2,800 Amer Zinc Lead dr Smelt_1
7
7
714 7,
2
712 712
7
7
7
718
718 74
20 Feb 60 July
25 3712 Jan 4 5018 Feb 16
Preferred
*40
4812 *4412 49
*42
50
300
44
4412 45 45
*40
50
8
5 Feb 227 July
8 1514 1618 1518 1512 14% 1512 15
1618 165
4
153
8 1514 153 52,400 Anaconda Copper Mining 50 1312 Jan 8 1734 Apr 11
1512 June
418 Jan
914 Jan 12 12.51 Apr 26
1134 *1112 1214 1112 1112 *12
100 Anaconda Wire & CableNo par
•11
1214 *11
8
*12
127
13
8
Jan 3914 July
18 Jan 8 24% Jan 31
No par
2114 2112 2012 21
*22
24
2214 1,600 Anchor Cap
2012 203
4 2012 2012 21
6212 Jan 90 June
$8.50 cony preferred _No par 84 Feb 5 100 Apr 17
230
9912 997
8
.9918 993
4 9918 9918 *994 997
997 100
2
997 997
93 Mar 2914 July
4
3318 3,400 Archer Daniels Mbil'cl_No par 2814 Jan 9 34 Apr 23
313 3212 31
4
3212 33
8 32
3112 3118 3112 3112 315
95 Feb 115 July
100 110 Jan 24 115 Apr 12
7% preferred
20
4
11212 11212 *11214 1123 1123 1123
4
4
*112 115 *112 115 *11214 113
41
Jan 90 July
,
700 Armour & Co (Del) pref 100 76 4 Jan 2 9314 Apr 26
9114
9214 9214 "914 923 913 913
93 93
913
4 91
4
4 91
*
1 18 Feb
73 June
4
8 Apr 13
414 Jan 3
65* 612
614 612
614 64
64 6%
612 6% 21,900 Armour of Illinois class A__25
63* 638
5 July
3 Feb
4
25 •214 Jan 6
38 Apr 12
Class B
14,000
3
3
3
3 18
27
8 318
3
3 18
3
314
318 314
5 Apr 13
7 Feb 93 July
100 56 Jan 3 75
Preferred
6712 687 15,700
8
6712 69
4
8
4 663 69
7014 675 683
7018 7012 68
7 July
118 Jan
8% Feo 9
35 Jan 10
8
5
4 3,100 Arnold Constable Corp
53
4 53
614 63
612 63
8
*65
8 6%
53
4 58
7
53
4 6
8
2 Mar
912 June
414 Jan 5 1012 Apr 21
No par
140 Artloom Corp
914
838 *73
77
8 77
8 *8
4 814
814 812 *8
*812 914
312 F .b 16
1 Jan 9
514 June
34 Apr
1,000 Associated Apparel Ind No par
2
2
2
2
2
2
2
2
214
"24 212 *2
312 Feb 20 July
1118 Jan 3 1814 Feb 6
1
1414 3,800 Associated Dry Goods
4
1414 143
4
4 133 1414 14
8 143 15
157 157
8
8 1518 155
18
Feb 6112 July
100 50 Jan 1 7712 Apr 20
6% 1st preferred
200
75
*64
*64
67
*68
75
*68
77
73
73
*7312 77
4
15
Jan 513 July
100 50 Jan 4 64% Apr 20
7% 2d preferred
100
*56
59
59
*59
66
*60
62
*62
64
59 4 *5612 5914
,
6% Mar 3512 July
25 2912 Jan 5 4012 Apr 25
10 Associated 011
*3812 41
*3814 42
42
3814 3814 *3812 41
*3912 414 *39
412 Mar 26 July
1214 Jan 2 16 Apr 12
At a & W I SS Lines__No par
*16
21
016
21
*13
20
*14% 22
*13
22
*13
22
123 Feb 3212 Nov
8
25 26125i.ty 3 3514 Feb 5
12,900 Atlantic Refining
4
267 2714 263 271 1 2612 26% 263 27
8
4
2734 2818 2718 28
9 Feb 3918 July
No par 3514 Jan 8 5512 Mar 13
800 Atlas Powder
50
4812 4712 4712 *46
49
495* 475* 475* 48
.49
.50
60
Apr 8318 Sept
100 83 Jan 9 10112 Apr 17
Preferred
99
230
9812 9812 99
9812 9812 9812 9812 9812 99
983* 983
112 Feb 343 Dec
712 Jan 15 1614 Mar 14
4
No par
4 1,400 Atlas Tack Corp
8
103 103
4
4 1012 103
104 103 *105 11
4
105* 11
•11
12
31
Oct 8414 July
No par 3912 Apr 24 573 Mar 13
4 4112 433* 4118 4312 4012 4314 23,700 Auburn Automobile
4114 4014 413
41
4114 40
7 Jan 4 16% Mar 5
74 Feb 9,4 July
No par
4
1418 133 134 2,100 Austin Nichols
8
7
143 1518 1418 1412 134 13 8 137 1412 14
4
611 Feb
163 July
8
53* Feb 10 104 Jan 31
77
712 77 20,900 Aviation Corp of Del (The)_5
8
74 75*
7% 73
4
712 75
75
8 8
8
11 Jan 8 16 Feb 5
173 July
8
312 Apr
4 1214 123 26,900 Baldwin Loco Works No par
8
8 1218 123
8 1258 127
135* 13% 127 1312 1212 127
912 Apr 60 July
100 35 Jan 8 644 Apr 21
Preferred
53
52
54
53
1,900
54
53
5512 53
53
55
58
58
6814 Feb 997 Aug
8
590 Bamberger (L) & Co pref 100 8812 Jan 9 99 Feb 23
97
97
9612 97
*953 97
4
96
96
96
9712 96
.96
012 Feb 5
3 Jan 2
714 JUI10
518
45
8 5
% Jan
No par
518 *434 54 3,600 Barker Brothers
518
518
514
5
512
5
518 Apr 2414 July
65i % cone preferred___100 164 Jan 9 3812 Apr 12
360
3318 3318 3318 3318
34
34
35
3514 34
34
3512 36
5
11 July
3 Mar
759 Star 27 10 Jan 22
814 83 12,800 Barnsdall Corp
8
818 858
8
8%
814 83
8
814 85
8
812 87
314 Jan 5212 July
No par 27 Jan 3 39 Feb 5
400 Bayuk Cigars Inc
33
*32
*31
32
32
32
*32
34
33
3312 331 2 33
27
Jan 100 July
100 89 Jan 15 98 Mar 18
lot preferred
10
4 9"
9434 943 *903 95
0903
4
4
*90 4 95
3
4
*903 95
4
*903 95
7 Mar 27 June
3
25 10 8 Jan 6 1834 Apr 21
8 2,400 Beatrice Creamery
8
4 157 163
1512 1618 1512 153
8
165
8 153 16
164 164 16
4
45 Feb 85 May
100 55 Jan 13 863 Apr 21
Preferred
8712 *847 8712 .8478 875*
871 *84
8
8712 *85
8712 *85
*85
45
Jan 7012 June
20 58 Star 2 67 Apr 23
100 Beech-Nut Packing Co
671 *6212 671 *6212 6712 *6212 6712
6712 *61
65 .60
65
87 Jan 3 1514 Apr 24
8
312 Feb
1212 July
133
8 1318 1338 1314 1312 8,400 Belding Iteminway Co_No par
1418 143* 13s 1414 1318 134 13
6214 Apr 10114 Nov
Belgian Nat RY8 Part prof... 9512 Jan 9 11914 Apr 24
4
11638 1163 11612 11612 *1163 11714
8
500
4
s
s
1167 1167 *1163 11718
*1163 118
4
618 Feb 2114 July
6 164 Jan 3 23% Feb 1
8 1652 1758 21,900 Bend!: Aviation
1614 167
18% 1712 1814 16% 173* 1612 171g
18
1314 Sent
1918 Apr 26
15 Aug
1261 Jan 31
17
173
8 171g 175o 8.000 Beneficial Indus Loan_ _No par
171, 1758 1718 173
17% 1812 171 1 181 1
Optional sale. e Cash sale. z Ex-dIvidend. y 1 x-rights,
•Bid and asked Prices, no sales On this day. 5 Companies reported in receivership. a
1212
*1812
17
812
3514
3314
85
8
4312
814
1
712
31
*6518
157
8
714
225*
*85
2814
812
25
21
143
8
2114
3053
New York Stock Record-Continued-Page 3
32fir FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING
-PER SHARE, NOT PER CENT.
111811 AND LOW SALE PRICES
Saturday
Apr. 28.
Monday
Apr. 30.
Tuesday
May 1.
Wednesday
May 2.
Thursday
May 3.
Friday
May 4.
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 $
Indus. 8c Miscell.(Con.) Par $ per share
No par 2612 Jan 8 3414 Apr 10
Best & Co
3
Bethlehem Steel Corp No par 34 4 Jan 4 4913 Feb 19
100 6514 Jan 4 82 Feb 19
7% preferred
Btgelow-Sanf Carpet Inc No par 27 Jan 4 40 Feb 5
1053 Jan 4 1614 Jan 30
Blaw-Knox Co
No par
Bloomingdale Brothers_No par
18 Jan 12 28 Feb 7
4
.5 65 Jan 8 683 Jan 24
Bohn Aluminum & Br
5,900
25 194 Jan 6 2712 Feb 5
17,800 Borden Co (The)
4
10 203 Jan 3 2858 Feb 5
11,700 Borg-Warner Corp
3 Feb 9
1 Jan 2
800 :Botany Cons Mills class A_50
12 Jan 6 194 Apr 26
37,600 Briggs Manufacturing_No par
5 28 Jan 4 374 Apr 26
3,400 Bristol-Myers Co
2,800 Brooklyn Caton Gas___No par 61 Jan 4 8012 Feb 6
1,200 Brown Shoe Co
No par 5014 Jan 5 61 Feb 16
8
7 Jan 5 107 Mar 17
3,400 Bruns-Balke-Collender_No par
938 Feb 5
10
85 Jan 9
8
900 Bucyrus-Erie Co
5 10 Jan 2 1412 Apr 24
1,400
Preferred
40
7% preferred
100 6312 Jan 9 75 Jan 15
4
73 Apr 25
53 Jan 3
8
15,300 Budd (E 0) Mfg
No par
100 25 Jan 2 44 Apr 25
250
7% preferred
8
33 Jan 5 5 3 Jan 30
8
No par
5,700 Budd Wheel
612 Apr 28
24 Jan 9
No par
700 Bulova Watch
7 4 Jan 4 1512 Feb 18
3
No par
3,500 Bullard Co
14 Jan 26
6 Feb 21
.Vo par
100 Burns Bros class A
4 Jan 9 1512 Feb 20
100
280
7% preferred
8M1y 1 31933 Feb 1
143
9,600 Burroughs Add Mach__No par
373 Feb 9
24 Jan 2
100 /Bush Term
No par
6 Mar 8
Debenture
312 Jan 20
100
100
3
80 Bush Term BI gu prof ctfs_100
518 Jan 3 15 4 Feb 23
218 Feb 16
400 Butte & Superior Mining__10
112 Jan 13
3 Feb 18
2 Jan 2
6
900 Butte Copper es Zino
43 Feb 1
4
900 Butterick Co
No par
21s Jan 2
4,900 Byers Co (A M)
217 Jan 6 324 Feb 7
8
No par
8
200
Preferred
100 4714 Jan 15 677 Apr 23
4
29,900 California
_ __No par
183 Jan 4 3412 Apr 30
78
78
1,000 Callahan Zino-Lead
10
7 Jan 9
4
13 Jan 23
4
Packing658 Fen 5
4 Jan 3
9,400 Calumet & Hecht Cons Cop_25
44 5
912 Jan 4 1578 Feb 23
1112 1112 1,500 Campbell W & 0 Fdy __No par
2412 2512 7,700 Canada Dry Ginger Ale __5 2414 Jan 4 2912 Apr 24
34
34
1,200 Cannon Mills
2812 Jan 4 38 Apr 2
No par
600 Capital Admirds el A
1
53 Jan 2 10 Apr 13
8
812 83
4
120
Preferred A
*3512 36
10 283 Jan 24 39 Apr 20
4
100 5834May 4 8634 Fen 6
583 643 11,300 Case (J I) Co
4
4
10
68 Jan 5 8412 Feb 6
'73
76
330
Preferred certifIcate8
2312 Jan 4 333 Apr 21
8
16,500 Caterpillar Tractor___No par
2914 31
8
37,400 Celanese Corp of Am__No par 2858 Apr 30 447 Feb 5
293 31
4
45 Apr 12
8
No par
214 Jan 9
34 34
500 :Celotex Corp
No par
114 Jan 9
4 Apr 12
400
Certificates
23
4 23
4
8
310
Preferred
100
612 Jan 18 223 Apr 13
1512 16
1,100 Central Aguirre Asso_No par 24 Mar 22 3212 Feb 5
*2814 29
8
*1012 1118
300 Century Ribbon Mills_No par
7 4 Jan 16 123 Feb 19
3
10
Preferred
100 82 Mar 31 95 Jan 2
*85
93
305
8May 1 4014 Feb 15
4
323 334 23,500 Cerro de PaSco Copper_No par
314 Jan 2
73 Apr 5
4
534 6
3,300 Certain-Teed Producta_No par
100 1712 Jan 19 35 Apr 5
100
7% preferred
*28
30
8
No par
2,400 CRY Ice & Fuel
1714 Jan 5 243 Jan 30
207 21
8
100 87 Jan 3 86 Apr 23
200
Preferred
8418 8418
No par
34 Jan 4 487 Apr 21
8
4 6,000 Chesapeake Corp
453 453
4
97 Feb 5
4
814 Jan 6
75
8 758 1,900 Chicago Praeumat Tool_No pa
Cony preferred
No par
1812 Jan 12 2834 Apr 24
233 243
4
4 5,500
4
10 194 Jan 8 303 Feb 5
900 Chickasha Cotton 011
*254 28
No par
6 Jan 6 114 Feb 19
714 712 4,900 Childs Co
10 Chile Copper Co
25 13 Jan 13 1758 Apr 9
*1418 173
4
8
8 44121gay 2 603 Feb 23
453 4714 179,400 Chrysler Corp
4
No par
7 Jan 5
8
218 Feb 6
114
114 3,000 City Stores
114 Feb 6
5g
5
8
*12
5
8
*12
5
8
12
12
12 Apr 20
58
58
58
900
Voting trust certlfs No par
5*
55 Feb 6
8
No par
33 Jan 9
4
Class A
*35
8 5
*35
8 478 *35
8 47
8 "35
8 47
8 *35
8 47
8 "35
8 47
8
No par
3 Jan 12
518 Feb 21
100
ClassAvtc
"35
8 4
*33
4 4
*33
4 414 *37
*35
8 4
8 4
34 34
4
No par
83 Jan 5 213 Mar 5
4
18
18
17
700 Clark Equipment
1712 *1618 18
1618 1618 163 163
8
8
8 163 163
8
28 Jan 3 45 Apr 7
'3812 393
4 38
38
*3714 393
3812 '37
39
700 Cluett Peabody & Co No par
4 39
39
37
100 95 Jan 17 115 Apr 23
*110_ *
__ _ _ _ ___
Preferred
11514 '100 116 *100
_ __ *100 12912 *100
1225 12314 19
8
122
119 1193 1174 11918 1173 1173 *11714 11912 2,800 Coca-Cola Co (The)___N0 par 9514 Jan 2 127 Apr 24
4
s
s
Class A
No par 5018 Jan 11 54 Apr 16
54
54
300
*5312 537 *5312 537 *5312 534 537 537 *533 54
8
8
8
8
4
167 17
8
93 Jan 3 1818 Mar 13
8
1614 167
8 16
1614
4
153 163* 155 1614 153 1618 14,900 Colgate-Palmolive-Peet No par
4
8
'92
100 6812 Jan 8 9214 Apr 18
93
*92
8% preferred
93
9113 92
"90
91
90
300
90
*90
904
2212 223
18 Jan 8 2812 Feb 19
4 2112 2214 217 2214 2112 2218 213 2214 213 22
No par
3,300 Collins dc Allman
8
4
4
34 Jan 2
83 Feb 6
4
618 618
514 6
*53
8 6
514 55
8
54 53 '514 512 1,200 :Colorado Fuel & Iron_No par
8
72
73
70
7214 6912 71
695* 7112 70 703
8
4 707 7112 13.500 Columbian Carbon vie No par 58 Jan 8 7714 Apr 23
*2812 29
2818 285
8 2712 2812 28
285
8 275 28
8
28
283
8 3,000 Columb Pict Corp v t o_No par 23 Jan 8 31 Apr 6
15
1518 1412 15
Ills Jan 4 1914 Feb 6
8
35,700 Columbia Gas & Elec No par
8
137 143
8
8 137 143
8
8 137 1418 135 14
Preferred series A
100 52 Jan 5 7618 Feb 27
7314 72
*73
747
8 73
72
747 747
8
8 75
75
7412 7412 1,000
*6518 70 "6518 74 •__
100 41 Jan 9 71 Apr 24
10
5% preferred
70 •____ 68
*____ 70
68 68
3312 3334 3214 3338 313 3212 313 323
10 185 Jan 4 3518 Apr 21
8
4
8 3114 32
11,700 Commercial Credit
4
4 3112 317
"28
2812 '28
25 2312 Jan 5 29 Mar 3
2812 '28
7% lot preferred
2812 *2814 2812 2814 2812 2812 2812
50
*4812 49
*4812 49
Class A
50 38 Jan 3 50 Mar 9
4812 4812 48 48
481g 4818 *47
49
300
'2812 29
2812 287
8 2878 2878 *2814 287
Preferred B
25 24 Jan 3 30 Mar 3
8 283 29
8
*2814 2812
230
105 105
105 106
105 10518 105 105
10.5 105
105 105
330
6 SS% first preferred____100 9112 Jan 3 106 Apr 30
55
56
5414 56
4
5714 573
4 5413 57
55
58
4
5513 56
5,900 Comm Invest Trust___No par 353 Jan 4 593 Apr 11
*10612 10712 10612 10612 *106 10612 10612 10612 a106 10614 *10512 107
No par 91 Jan 3 10812 Apr 14
400
Cony preferred
2612 2714 2534 283
8 2518 2618 2412 255
45ba9' 3 3634 Jan 30
8 233 25
2
237 2412 62,000 Commercial Solvents No par 233
8
258 23
4
258 234
334 Feb 6
134 Jan 2
213 258
212 25
8
212 25
8
212 25* 39,100 Commonwlth & Sou__ _No par
48
487
8 4412 4612 4312 45
46
4
4412 4614 45
46
4738 8,300
36 preferred series_ No par 2112 Jan 2 523 Apr 23
28
28
27
273
2578 265
8 26
2618 2638 2718 4,200 Congoleum-Nairn Ine No par 23 Jan 9 3114 Feb 18
4 2612 27
14
14
.1213 1318 "1213 13
1318 "12
4
1212 1212 *12
1212
No par
93 Jan 12 1412 Mar 5
300 Congress Cigar
1218 1214
11
115
8 1013 11
8
1038 1114 1014 103
314 Jan 2 133 Mar 17
4 1012 1012 3,300 Consolidated Clgar____No par
5813 60
5513 60 '57
59
563 563
4
4 55
5512 *5213 55
250
Prior preferred
100 4514 Jan 2 60 Apr 11
43
8 43
8 .414 438
4
418
4
53 Feb 15
4
4
4
4 14
44 44 1,200 Consol Film Indus
1
212 Jan 2
1613 17
157 1612 153 16
8
4
8 1612 163
1618 163
8 163 165
8
4 5,100
No par
103 Jan 2 1712 Feb 15
8
Preferred
353 3614 3518 38
4
347 3514 34
8
34
345
8 3318 343 57,900 Consolidated Gas Co
35
8
No par 3318May 4 4733 Feo 6
8912 893
4 89
90
8812 883
895
8 90
907g 4,700
No par 82 Jan 4 9214 Feb 6
4 884 8914 89
Preferred
3
3
27
8 3
27
8 27
43 Feb 7
8
8
27
8 3
27
8 27
8
27
8 278 1,600 Consol Laundries Corp_No par
218 Jan 8
1212 1212 117 123
8
8 113 12
4
115 117
8
8 115 1178 31,500 Como! 011 Corn
8
115 12
8
93 Jan 8 1414 Feb 13
4
No par
11114 11112 *107 1113 '108 11112 *10814 1113 111 111
4
111 111
4
500
100 108 Feb 9 11112 Apr 28
8% preferred
114
13
8
114
218 Feb 7
114
118
114 11,300 Consolidated Textile___No par
118
Ps
114
7 Jan 4
3
114
114
118
113 113
4
, 1112 12
1158 1112 1112 7,200 Container Corp class A
1114 114 1114 1158 11
4
64 Jan 5 133 Apr 23
20
412 43
4
44 412
414 43
414 43
8
43
8 412 5,800
54 Apr 18
8
414 412
Class B
23 Jan 2
3
No par
1112 1112 103 11
4
*1058 11
10
105
8 1012 1012 1014 1014 3,300 Continental Bat class A No par
7 Jan 8 1458 Jan 24
15
8
13
4
112
15
8
112 15
Class B
238 Feb 7
8
15
8 15
8
15
8
15
8 4,800
1 Jan 1
15
8
15
8
No par
*61
6212 61
61
.61
61
*61
6212
6212 *61
200
Preferred
6212 61
100 4614 Jan 6 64 Feb 9
814 42
81
82
7918 81
787 793
8
8
4 787 8012 7912 803 10.700 Continental Can Ins
8
20 75 Jan 6 8314 Apr 21
1018 1034
93
4 93
4 *9
10
2,100 Cont Diamond Fibre
'
.
4
93
4
912 93
4
83
4 93
5
718 Jan 5 113 Feb 6
8 '9
34
34
3214 3312 31
33
3212 325
8 3,500 Continental Insurance_ __2.5
32
32
32'4
233 Jan 6 3512 Apr 20
8
112 14
112
112
1'2
112
112 112
112 11
112 112 8,300 Continental NIotors___No pa
238 Feb 21
118 Jan 2
21
213
4 2018 21
2014 207
4
4
8 2018 21
2018 2034 2014 203 36,300 Continental 011 of Del
5 1612 Jan 13 223 Apr 21
73
7318 7118 725
8 71
71
4 8.000 Corn Products 11efining____25 67125[ay 3 8412 Jan 28
69
707
8 6712 6913 6838 683
1434 14318 *143 145 *14213 145 '14212 145 *14212 145 *14212 145
30
Preferred
100 135 Jan 4 145 Apr 25
618 614
57
8 6
512 53
54 6
6
614 6,500 Coty Inc
94 Fen 5
4
55
No par
33 Jan 2
4
8 814
3312 333
4 33
333
8 33
33
327 3314 323 3318 3212 3234 2,700 Cream of Wheat cgs_ No par
8
4
28 Jan 3 35 Jan 31
1414 1414 133 1312 *1314 1312 1314 1312 134 1314 1318 1312 1,300 Crosley Radio Corp
8
No par
8 Jan 2 1518 Apr 13
*3112 32
303 3112 3014 3012 2934 3012 2914 2912 29
4
29
2,500 Crown Cork dr Seal
No par 2812Mar 27 3614 Feb 1
*4012 424 41
41
*40
43
*41
43
41
41
'40
43
500
$2.70 preferred
No par 3512 Jan 2 4114 Apr 20
64 614
55
8 6
55
8 6
534 6
53
4
54
3
8,500 Crown Zellerback v t o_No par
658 Apr 27
*5 4
3
57
8
37 Jan 6
8
"29
3112 '2818 29
28
800 Crucible Steel of America__100 213 Jan 4 383 Feb 19
8
28
8
2814 2814 28
2812 275 2818
8
.63
70
"63
70
*63
70
"6413 70 "64
70
"61
70
Preferred
100 48 Jan 12 71 Apr 19
*17
8 2
17
8
17
8
14
17
8
318 Feb 9
2
2
17
8 2
17
8
17
8 1,000 Cuba Co (The)
1 Jan 2
No par
7
7
63
4 7
7
7
7
714
7
97 Feb 8
8
75
8
78
5
74 5,300 Cuban-American Sugar_ ___10
34 Jan 10
42
42
42
42
42
42
4712 1,020
42 42
42
45
45
Preferred
4
100 2018 Jan 9 473 Feb 8
8
4614 481 1 455 455
8 46
46
*46
4758 4814 4614 463 4714 1,000 Cudahy Packing
4
3
50 37 Jan 2 50 4 Feb 16
2612 27
244 2614 23
243
4 2314 24
4 24
243
4 9,500 Curtis Pub Co (The)___No par
8
234 233
1312 Jan 8 293 Apr 12
4
8 7712 78
794 8014 773 787
77
78
7618 77
7818 7918 2,400
Preferred
No par 4312 Jan 3 8414 Apr 13
4
4 18
37
8 4
33
4 4
35
8 34
33
8 358 56,700 Curtiss-Wright
35*
1
212 Jan 2
514 Jan 31
314
95 1014
8
8
103 103
8
912 93
4
914 93
4
812 9
Class A
8 4 914 20,000
,
1
514 Jan 3 1214 Apr 2
174 1712 1712 "17
1734
1713 "16
600 Cutler-Hammer Inc___No par 11 Jan 4 2112 Feb 21
1818
17
1612 1612 '17
$ per share $ Per share
323 323
4
4 323 333
8
4
4012
4014 4112 39
75
75
74
745
8
33
333
4 3112 3213
*1212 123
4 1212 1258
*20
25
*20
25
63
6414 62
64
2414 25
2358 2412
2412 243
4 233 2414
4
259
24
3
258
25
8
173 1812 17
4
18
35
36
3412 343
4
6812 6812 *6713 6814
*55
58
*55
58
914 10
8
93 103
4
714 73
8
*714 8
125 123
8
8 12
1212
68
66
*6514 683
4
7
74
612 7
4112 413
4 38
4114
438 43
8
414 43
8
6
6 12 *54 612
1112 114 1012 11
23
4 23
4 *23
4 4
10
10
10
1014
1518 1538 1412 1518
*212 3
*212 27
8
*412 6
412 412
*1214 1314
1214 1214
.2
1,
14
112 112
238 23
8
214
214
33
4 33
4
312 35
8
2638 263
8 2514 2614
*637 637
8
8 6212 6212
313 333
4
4 32
3412
7
8
7
8
1
1
51a 514
5
5 14
13
1212 1278
13
2714 2812 2512 273
8
347 35
8
34
343*
*93 10
8
*918 97
8
*37
3712 3612 37
683 683
8
4
4 6634 677
*77
7818 77
77
314 32
31
313
4
2958 3214 283 30
8
*312 412 *319 412
*23
4 338 *23
4 338
1612 163
4 1518 16
29
28
28
29
8
4
'1014 113
8 103 103
*85
93 '85
93
4
4
34
343
4 313 333
612
*612 7
6
*2914 33
*29
31
*22
2218 22 22
86
86
*8512 86
4614 4614 453 46
8
818 818
77
8 814
2612 273
8 2518 26
2712 2712 27
27
87
8 8 87
8 918
,
8
'153 163 *15
8
8
163
8
4818 50
457 4814
8
114 14
114
13*
per share $ per share $ per share
3238 33
3212 323
4 3214 3212
3834 395
8 377 395
8
8 374 3814
72
7112
724 70
713
4 70
3012 3013 2912 31
2912 2912
1212 123
1214
4 1212 1212 12
*18
25
•18
20
25
•18
615 6214 603 63
8
4
60
6112
2312 2412 235 2412 233 237
8
8
8
233 24
8
23
234 23
237
8
*2
23
8 *13
8 212
4 213 *15
17
1713 17
175
8 17
173
4
3414 343
4 3414 344 345 345
8
8
*6712 68
64
6712 63
63
57
57
57
57
*5512 57
87
8 9
9
914
83
4 83
4
7
714
7
718
7
7
117 12
8
1112 1112 12
1218
6514 654 *6312 674 *634 673
4
64 65
8
614 64
814 612
38
38
•33
41
*32
38
418 414
4
4 14
4
4
*53
4 63
4
53
4 6
53
4 6
103 103
4
4 1012 103
4 10
1012
*3
4
4
*3
4
*3
10
10
*97 10
8
978 97
8
143 147
8
8 1412 15
x1412 1478
212 212 '212 3
*212 278
*4
51.2 *4
6
*4
512
1214 1214 1212 1212 *1214 1314
15
8 Pg
112
15
8
112
.112
214 214
214 23
8
218 218
312
312
314 312
*312 334
25
2512 235 25
2438 2514
8
60
62 g 623
,
8 60
6212 *59
325 3412 323 3414 3258 3314
8
8
*7
8
1
7
8
7
8
7
8
1
4
47
8 5
43
4 43
47
8 54
1212 1258 12
1218 1112 1112
251g 26
2412 55
255* 26
3412 345* 3312 34
35
35
9
9
9
*83
4 912
9
36
353 353 *3513 36
4
4
36
66
867
8 85
6412 6512
66
77 77
*73
76
*73
76
307
8 3018 304 3018 303
4
30
8
3014 295 3114 29
3012
29
4
*312 412 *312 412 *3
27
8 27
3 *23
4 314
23
4 23
4
*1514 16
1514 1514 15
1512
2814 284 2812 283
4 2812 2914
*1014 1012 1014 1014 *1014 1012
*85
93
85 85
*85
93
305 32
8
3118 3214 317 334
8
6
6
534 6
53
4 618
29
29
*2812 30 "28
30
213 213
4
4 2112 2112 21
2114
8412 86
*84
8512 8512 8512
45
464 4418 453
4 44
4514
74 73
4
73
8 712
7 8 712
3
4
8 2312 2552 2318 24
243 253
2612 2612 26
26
2512 255
8
712 812
73
4 8
718 712
1518 1518 *1212 1712 *14
173
4
447 4618
8
453 463
4
4 4412 47
114
114
114
114
114
158
$
$ per share
3214 33
375 3814
8
7012 71
30
30
1212 1212
25
*18
603 62
4
24
243
4
24
247
8
*15
8 212
1712 1814
8
345 353
8
63
62
567 567
8
8
9
9
*612 7
1112 1112
*6312 673
4
64 63
4
*34
36
4
4 18
*53
4 6
*1018 1014
*3
4
94 93
4
143 147
s
8
.212 27
8
*4
514
*1214 1314
*1 2
,
158
*218 23*
33
8 33
8
2414 25
60
61
324 34
Shares.
3,000
43,000
3,400
320
1,200
PER SHARE
Range for Precotus
Year 1933.
Lowest.
8
Jan
977 Jan
Feb 5714 July
Dec
818 June
Dec 8012 June
8
Jan 275 July
18 June
Feb
4
Apr 193 June
Apr 85 June
4
53 May
Jan
143 May
4
Mar
Dec 644 June
Jan
Dec 99
512 Jan
Dec
4
Mar
153 July
Mar 108
Oct
Mar
314 July
Jan
1014 July
Feb
413 June
Mar 184 July
Jan
312 July
Jan 84 July
Feb 7838 Dec
Feb
1718 July
1012 Mar 3612 Jug
I Mar
4 June
44 Mar
195 Sept
8
45 8 Feb 905 Aug
3
8
11712 Mar 1454 Jan
23 Mar
8
712 June
23 Feb
3912 July
214 Mar
143 June
4
1414 Feb 65 July
3812 July
2412 Feb
1
Apr
812 July
9 Mar 3712 July
18
Feb 603 July
3
44 June
4 Feb
1112 May
14 Jan
10
Jon
88 June
203 Feb 5912 June
4
612 Mar 3214 June
Feb 68 June
30
44 July
112 Feb
Mar
8 July
2
414 Jan
21 July
84
9
114
173
8
78
3
612
312
31
13
4
57
3
34
8118
112
8
9512
14
Ils
4
3
12
38
3514
312
• Bld and asked prices, no sales on this day. (Companies reported in receivership. a Optional sale. c Cash sale. z Ex-dividend. y Ex-rights.
,.
Highest.
per share 5 per share
9 Mar 3318 Aug
1018 Mar 4914 July
2514 Feb 82 July
618 Apr
2912 June
312 Feb
1914 July
8 Feb 21 July
53
912 Mar 5813 Dee
18 Feb 3712 July
512 Feb 2214 Dec
4 May
412 July
258 Feb
1458 July
25 Dec 3814 Sept
60 Dec 8812 June
2812 Mar 5372 July
13 Mar
4
1813 June
2 Feb
127 June
8
5
4
19 8 June
23 Feb
2012 Mar 72 June
4 Apr
94 July
3 Mat 35 July
I
Feb
54 July
7 Mar
s
5 June
212 Feb
1314 July
5 June
12 Apr
134 Jan
13 June
618 Feb 204 July
1
Apr
8 June
I
Apr
912 June
418 Dee
8 Dee
I
Feb
24 June
18 Mar
44 June
114 Apr
713 June
812 Feb 434 July
3018 Mar 80 July
73 Mar 343 July
4
4
4 Jan
214 June
2 Feb
93 June
8
2 Feb
1614 July
712 Feb 4112 July
14
Feb 3512 July
1212 July
414 Oct
2518 Jan 3512 July
3012 Feb 10312 July
41
Feb 8614 July
512 Mar
294 July
412 Feb 587 July
8
12 Mar
57 July
8
3 Feb
8
43 July
8
14 Jan
124 July
14
Jan 41 July
2
Apr
115 July
8
52 Feb 100 Dee
57 Jan
3
443 Sept
4
1
Jan
73 July
8
4 Mar 3014 July
718 Mar 25 June
Apr
45
72 July
147 Jan
3
5212 July
218 Mar 124 July
512 Feb 254 June
5
Mar
34 July
2 Feb
1018 July
Apr
6
2112 July
73 Mar 5753 Dec
4
3 8 July
5
14 Feb
18 Ma
218 July
812 July
112 Jan
514 July
4 Nov
5
Mar
1414 June
Jan 4112 July
10
90
Jan 100 June
7312 Jan 105 July
44
Apr 51 Des
7 Mar 223 July
8
49
Apr88 Aug
3 Apr
26 Sept
27 Dec17 8 July
8
5
23 18 Feb7112 July
65 Mar 28 Nov
8
9
Mar 2818 July
60 Dec 83 June
7412 June
40 May
4 Feb19 Dec
14
1812 Mar 25 Sept
Feb 3912 Aug
16
184 Mar 254 Sept
70 Mar 957 Sept
4
18 Mar 4312 July
3054
New York Stock Record-Continued-Page 4
May 5 1934
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Apr. 28.
Monday
Apr. 30.
Tuesday
May 1.
Wednesday
May 2.
Thursday
May 3.
Friday
May 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan .1.
On basis of 100-share 4044.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.& Miscell.(Con.) Par $ Per share
$ Per share
714 '6
714
67
8 8
68 714 *Ca 714 *67
814 Feb 5
5
6 Jan 10
100 Davega Stores Corp
7
7
2814 2812 2612 2814 26
8May 4 3418 Feb 1
27
No par 217
2538 2618 247 2614 9.800 Deere & Co
2 24 26
6
8
1412 141 *14
1418 13% 137 *1312 133
1412 14
20 1114 Jan 2 1512 Jan 30
8 133 133
800
8
Preferred
8
81
8212 8014 81
*80
82
*80
100 6312 Jan 5 84 Feb 23
81
*79
80
700 Detroit Edison
*79
80
52 52
4912 5012 483 49
4
50
50
50
5014 5012 52
1,900 Devoe dr Reynolds A__No par 29 Jan 6 5518 Apr 25
2418 2412 24
24
.2312 24
2312 24
No par 23 Apr 3 2812 Jan 16
2314 233 *2312 24
2,900 Diamond Match
4
303 303 *31
4
4
4
3114 303 31
Participating preferred___25 2814 Mar 27 3112 Jan 24
2912 30
30
30
30 18 3018 1,200
37 377
36
8 3614 37
363
8
No par 32 Jan 25 407 Apr 2
8 3614 373
4 3612 3714 363 373 18.400 Dome Mines Ltd
4
8
*207 22
8
21
21
203 203
4
4 203 203 *2018 20 4 2012 2012
4
400 Dominion Stores Ltd...No par 19 Feb 10 23 Mar 10
4
3
223 2314 2112 2231
8
1912 22
1912 21
19 4 207
3
2014 2114 41.000 Douglas Aircraft Co Inc No par 1414 Jan 2 2812 Jan 31
1518 1518 1512 1512 944 1512 *1418 16
914 Jan 10 19 Feb 17
1414 1414 *14
400 Dresser(SR)Mfg conv A No par
16
*93 1012 .93 104
8
93
8 95
8
712 Jan 16 115 Mar 14
914 914
918 918 *918 912
Convertible class B No par
400
814 9
9
4
9
87
1
87
612 Jan 13 113 Mar 26
8
814 85
8
84
812 812 2,500 Dunhill International
10212 10314 *10212
_ 10112 10212 *10112 - - *102 _ __ 102 102
110 Duquesne Light lot pref__100 90 Jan 16 1038 Apr 14
4
518 Jan 3 123 Feb 19
-9
•87a "
912
9
93
4 97
94 1,500 Eastern Rolling MIlls_No par
8
922 _- -12
8
9
91
8
98
5
95
9514 93
9412 92
93
91
03
9012 9114 903 915
4,600 Eastman Kodak (N J)_No par 79 Jan 4 9614 Apr 20
4
134 134
*132 134
135 135 .135 140 *13415 140
100 120 Jan 16 140 May 4
140 140
60
6% cum preferred
2014 203
1314 Jan 3 2212 Apr 19
No par
4 193 197
8 19
8
8 194 197
193
1914 197
187 19 8 7,600 Eaton Mfg Co
8
3
935 955
92
8
9414 9112 935
913 9317 913 923
4
37.700 El du Pont de Nemours_ _20 9018May 4 1037 Feb 161
4 904 93
1213 1213 121 121
8
1197 12014 12012 121
100 115 Jan r 1211. Apr 26i
8
8% non-voting deb
2,000
121 12112 *12112 123
*14
1412 14
14
1314
500 Eltingon Schild new__No par
115e Jan 30 1914 mar 6
*1312 14
1312 1312 13
1318 *13
2518 257
8 2318 2518 23
5 1818 Jan 9 318 Feb 21
237
2278 2312 2318 245 26,800 Elec Auto-Lite (The)
8 225 24
*99 100
99
160
99
Preferred
99 .97
99
99
100 80 Jan 6 101 Apr 6
99
99
99
99
55
33 Jan 8
55
6
6
6
3
Electric Boat
512
53
712 Jan 29
4 534 3,700
53
8 58
7
512 512
73
75
72
73
75
73
23.400 Elec at Mus Ind Am shares__
8 May 4
734
73
4 8
44 Jan 3
712 77
73
8
95 Feb 7
67
8 718
612 67
8
612 7
413 Jan 3
614 6'2
614 9,100 Electric Power & Light No par
614
6
6
5 16
1712 1814
3,900
1612 1738 164 1612 157 1612 16
15
814 Jan 3 21 Apr 18
Preferred
No par
16
8
*1512 164 1412 1512 1414 144 14
143
3
8 Jan 2 19 4 Feb 7
14
$6 preferred
No par
1418 14
3.000
147
45 45
44
4414 *44
8Nlay 2 52 Jan 24
700 Elec Storage Battery
4512 4518 4518
No par 433
4414 435 44
*43
1
2
lls
*1
1,400 :Elk Horn Coal Corp_No par
1
1
17 Feb 21
118 •1
8
1
1
7 Jan 2
1
2
1
.218 214
218 24 *218 214
8 17
8 *13
500
33 Feb 23
4
114 Jan 10
6% part preferred
112 17
2
50
2'8
537g 5314 5314 54
*5314 5414 53
5314 053
54
5414 53
700 Endicott-Johnson Corp_ 50 5113 Jan 4 83 Feb 16
*12514 126 *12518 126
20
Preferred
12514 12514 126 126 *12514 126 *12514 126
100 120 Jan 3 126 Mar 20
4
53
53
53
*53
4 6
53
4 53
400 Engineers Public Serv_No par
5
*412 53
5
83 Feb 7
4
*5
412 Jan 10
•1712 20
1712 171 *16
300
112 Jan 3 2312 Feb 6
$5 cony preferred___No par
18
*1412 1714 *1412 1714
16
16
'17's 183 *17
18
1622
17
17
4
17
400
11 Jan 8 2412 Feb 5
1612 1718 *16
$534 preferred
,
17
No par
•1812 2118 *1712 201 *1712 203 *1712 20
18
18
8
$6 preferred
300
142 Jan 2 2512 Feb 5
1712 18
:
No par
73
724 7133,100 Equitable Office Bldg_No par
73
73
4 73
4
8
723
712 723
718 Apr 24 103 Jan 22
74 712
714
12
1218 1114 12
11
1112 1134 3,000 Eureka Vacuum Clean
1114
1118 118 11
5
74 Jan 8 1423 Feb 19
1123
2514 2612 2418 2514 24
2518 233 2512 233 243
8
4 2414 2514 37,600 Evans Products Co
4
5
9 Jan 3 2714 Apr 27
814 814
8
823 823
890 Exchange Buffet Corp.No par
8
*73
8 73
4
73
4 814
4 Jan 9 1012 Apr 2
712 8
.114 212 *14 218 •114 218 *14 218 *14 218 *14 218
Fairbanks Co
25
238 Apr 17
Ds Mar 9
•10
1114
923
912
9
812 823
9
Preferred
*7
914
9
90
1212 Apr 14
*7
100
414 Feb 14
•1418 1512 .1418 15
1418 1418 .133 14
1314 l3lz
700 Fairbanks Morse & Co_No par
1312 14
7 Jan 6 18 Feb 19
2
*55
57
55
5712 5312 56
51
Preferred
51
52
51
52
200
51
100 30 Jan 10 58 Apr 24
.87
914
83
4 81
814 812
8:4 1,200 Federal Light & Trao
84 838 •8
812 *8
15
714 Mar 9 1114 Apr 3
•__ _ _ 58 .__ 58 •_ 60 .__ 58 *____ 60
20
57
Preferred
57
No par 3418 Jan 12 62 Mar 13
*80
90
*75
90
*75
Federal Min & Smelt Co__ 100 85 Apr 16 107 Feb 14
85
*75
85
*75
*75
85
85
73
4 73
4
714 714
*7
714
700 Federal Motor Truck_No par
7
7
6 Mar 1
73
4
7
7
*7
83 Jan 30
4
43
8 43
8
414 438
37
44 414
4
4
4
4
1,800 Federal Screw Worte_No par
418
8
2 Jan 13
53 Feb 23
*212 2% *212 238
213 22
21. 24
8
24 212
212 21
1,200 Federal Water Elerv A__No par
12 Jan 5
4
4 Feb 6
*25
28
26
26
26 - 26
*23
25
25
27
25
300 Federated Dept Stores_No par 223 Jan 8 31 Mar 6
*23
3212 3212 32
3212 31% 31% 314 32
3212 1,900 Fidel Phen Fire Ins N Y__2.50 238 Jan 5 35 Apr 20
3212 32
32
*83
4 9
84 83
4
84 83
30 Fifth Ave Bus See Corp.No par
4 *812 9
*812 9
7 Feb 15 11 Jan 3
*812 9
*2614 30
*2614 29
*2614 30
*2214 28
Filene's(Wm)Sons Co_No par 25 Feb 1 2812 Apr 10
*13
30
*2214 28
*1043
8
__ .1043
8
_ *1043
8
__
*10438 _
_ .1043
8 _
100 87 Jan 10 105 Apr 25
63% preferred
2114 - 2112 2012 - 22
*104%- 4 2114 - -- 6:900 Firestone Tire & Rubber...10 18 Jan 6 2514 Feb 19
203 --122 2014 If
4 2
213
4
1
2023 21
84% 85
*837 86
8
*8514 87
300
*82
Preferred series A
86
86
86
86
1382
100 71 Jan 9 86 Apr 21
66% 6612 6512 66
6412 6512 6312 648 6318 633
4 3,100 First National StoresNo par
8 6312 643
5414 Jan 5 6712 Apr 23
*1112 1214 .1112 12
93 Jan 12 173 Feb 21
*11
1,700 Follansbee Bros
1014 1012 1014 11
No par
1123 104 11
8
1723 1818 1712 1712 17
173
8 1812 1812 19
194 197 21
4,000 Food Machinery Corp_No par
1012 Jan 9 21 May 4
19
19
1812 183
4
18
18
177 18
8
17
18
177
3.500 Foster-Wheeler
8 17
13 Jan 9 22 Feb 16
No par
*14
1412 1314 1414 1212 1318 1223 13
4
1212Mar 27 1714 Jan 30
4 2.300 Foundation Co
No par
1223 1314 123 123
233 233
4
2312 2312 223 2318 2212 223
8
4 2212 2212 .2223 2212 1,100 Fourth Nat Invest w w
1
193 Jan 5 2712 Feb 5
2
1618 163
4 157 163
8
8 153 1614 153 163
1512 164 18.800 Fox Film class A new__No par 124 Jan 5 1712 Feb 26
8 1514 16
*50
51
8 50
508 507
50
55
4914 4914 *49
80 Fkln Simon & Co 100 7% pf100 3618 Jan 12 63 Feb 7
55 .49
4434 448 443 443
8 4312 44
43 433
4212 43
4 423 43
8
3,800 Freeport Texas Co
10 4034Mar27 5023 Feb 19
30
32
*2912 32
31
2913 2912 •2914 347
*29
33
33
210 Fuller (G A) prior pref_No par
1612 Jan 19 3312 Apr 26
1912 1912 *15
1812 163 174 *163 1712 163 1634 1612 163
4
4
260
16 2d prof
4
No par
4
9 Jan 4 1923 Apr 26
*3
314
3
3
.23
4 3
23
4 23
4
43 Mar 12
8
23
4 23
23
4 234 1,000 Gabriel Co (The) cl A No par
24 Jan 52
1712 183
8 1812 181
.1814 1934 1814 1814 173 183
4
1712 19
610 Gamewell Co (The)
1112 Jan 18 20 Feb 19
No par
934
93
4 93
4
912
914
918 914 1,400 Gen Amer Investors. No par
912 '912 93
73 Jan 4 1112 Feb 6
8
4
91s 914
*83
87
*81
87
•82
8412 8412
87
87 .82
100
87
Preferred
•82
No par 79 Jan 29 87 Mar 13
4018 4012 38% 40
4
385 392 383 40
3712 3838 3812 38,78 5,300 Gen Amer Trans Corp
5 3318 Jan 4 4323 Feb 19
2112 217
s 2012 2118 2023 2123 2018 2123 2018 21
10 1518 Jan 4 231, Apr 24
2123 2123 10.100 General Asphalt
12
1218 117 121
1112 1112 11% 1112 1114 1112 3,100 General Baking
1123 12
.
2
5 11 Jan 3 143 Feb 5
103 103
103 103 .101 106 *101 104 *10012 103
103 103
$8 preferred
VO par 100'7Mar23 10812 Feb 7
170
83
4 88
812 8o
818 83
8
8
712 8
8
73
4 814 3,500 General Bronze
5
5 4 Jan 9 1018 Mar 9
3
*53
2 512
5
412 43
413 412
5
47
8 4%
8 1,400 General Cable
64 Feb 1
33 Jan 4
8
No par
438
438
•94 103
4 *83
4 934
914 914 *914 11
200
914 914 .818 10
Class A
No par
6 Jan 4 12 Feb 1
*2912 31
*2512 301 *2513 2912 2512 2512 2612 27
25
25
400
7% cum preferred
100 1412 Jan 9 33 Apr 20
7 36
3612 37
*3614 37 .36
373
8 36
1,300 General Cigar Inc
3612 35% 36
35
No par 27 Jan 2 3712 Apr 24
108 108
110 110
4
104312 1084 .10512 1083 *10512 1083 .10512 1083
4
100 97 Jan 8 110 Apr 28
150
7% preferred
2218 2238 2112 2218 2114 213
4 203 213
4
No par
4
8 21
1812 Jan 4 2514 Feb 5
2113 2118 213 78,650 General Electric
.123 1212 1223 121
8
1212 1212 1212 1212 1238 1212 1212 1213 9,100
Special
10 113 Jan 2 123 Feb 26
8
4
36
3618 y343 3514 343 353
4
2
8 9,500 General Foods
No par 323 Jan 2 367 Jan 30
4
333 343
8 343 3514 337 347
8
4
2
1
118
1
1
78
1
%
1
1
1
No par
13 Feb 6
4
7 11,600 Gen'l Gas & Elea A
8
7
2
4
2 Jan 2
15
*14
14 .13
*14
15
Cony pref series A No par
14
14
14 .12
100
*12
14
614 Jan 2 19 Mar 13
*1534 21
•153 21
4
*17
20 •____ 20 •____ 20
21 •
No par 12 Jan 29 21 Mar 13
17 prof class A
*17
25 .17
*20
25 .17
25
25
No par
25
*17
*17
14 Jan 19 22 Mar 12
$8 prof class A
25
100 Gen Ital Edison Elea Corp___ 50 Jan 24 6114 Feb 16
*5414
*5313
58
•5412
*543
4
5412 5412 .55
•547 8 55
5438 543 5514 5514 4 55
5612 5618 5618 3,100 General Mills
No par 531oMar20 6413 Jan 15
5513 56
'1085)____ 109 109
10818 10818 *10818 10814 10818 10818 •10818 109
400
Preferred
100 103 Feb 27 1011 Apr 30
10 3312 Jan 4 42 Feb 5
364 37% 36
367
8 36
4 35 8 3618 3512 3618 183,800 General Motors Corp
363
4 3512 363
3
No par 893 Jan 8 103 May 1
3,100
102 10212 10214 10212 1017 103
$5 preferred
8
4
10218 10212 102 10212 10112 102
300 Gen Outdoor Adv A....No par
834 Jan 5 21 Apr 14
1818 184
•1814 1914 *1812 1914 1812 1812 *18
18
187
8 18
•53
513
Common
No par
6
700
514 514
6
63 Apr 20
8
514
522 .
512
4
522
512
338 Jan 2
No par
640 General Printing Ink
1012 Jan 3 2512 Apr 23
21
217
4
8 2012 21
1912 1912 183 1938 1834 1914 1912 1913
160
16 preferred
89
No par 7312Mar 10 88 Apr 24
*85
88
*85
8612 *85
88
8612 85
89
88
.85
313 322
213 Jan 8
No par
5.2 Feb 7
3
34 314 1,400 Gen Public Servfoe
3% 312
34 314
*31
4 312
322
3
'2
900 Gen Railway Signal
No par 33 Jan 5 45 4 Mar 3
*40
4112 393 4014 *39
3912 4014 404
4
40
•37
3
385 39
178
178
238
218
178 17,000 Gen Realty & Utilities
238
13
4 2
1
8
17
8 2
17
8
18
138 Jan 3 3 3 Jan 30
$6 preferred
*1913 22
.2012 22
No par
*18
*18
*18
16 Jan 8 2
20
20
21
.183 21
4
638 Jan 30
200 General Refractories
19
19
18
No par
*17
1712 1712
1018 Jan 3 238 Feb 23
183 *1612 19
4
1812 *16
*16
Voting trust certifs_No par
5,300
173 174 163 171.1 164 161z 1618 167
8 1652 17
4
1214 Jan22 1912 Feb 21
8 1512 163
*42
4212
45
80 Gen Steel Castings prof No par 3012 Jan 13 4812 Mar 15
42
42
42
*40
4212 *40
42
423 •40
4
1078 11
1118 1114
10,500 Gillette Safety Itazor No par
10 4 11
812 Jan 6 1212 Feb 6
3
107
8 11
107
2 11
11
1114
603 601z 60
Cony preferred
8
6012 60
*60
60
No par 47 Jan 11 62 Apr 23
6012 6012 2,400
6012 60 60
.5
518
43
4 5
8
412 423 10412 43
4 2,100 Glmble Brothers
43
4 43
4
No par
438 43
412 Jan 4
638 Feb 5
26
26
•26
Preferred
27
24
2412 2412 *2214 25
27
25
800
24
100 1614 Jan 8 30 Feb 5
273 2818 2614 2738 253 2614 254 28
4
2518 2513 2518 253 13,200 Glidden Co (The)
4
8
No par
153 Jan 4 2838 Apr 26
2
Prior preferred
320
1027 1027 10012 1013 1003 10034 101 101
8
8
10012 10012 10012 10012
8
4
100 83 Jan 19 103 Apr 27
77
72
812 812
8,800 Gobel (Adolf)
812 812
74 8
3
77
8
712 8
714
5
512 Jan 2
92 Feb 27
2112 213
4 20% 2114
2014 21
2012 208 8,600 Gold Dust Corp vi o_ __No par 168 Jan 11 23 Apr 23
4 2014 21
2014 203
•1097 115 .110 115
8
10978 110 *10712 1097 109 4 1093 *10712 109 4
:6 cony Preferred___No par 9612 Jan 6 110 May 1
8
5
3
4
300
16
1612 153 163
19,100 Goodrich Co (13 F)
1513 16
153 157
8
8
4 1512 1614 15% 16
1238 Jan 8 18 Feb 19
No par
597 597
8 5612 5612 .5612 5738 56
4
4 55% 563
5612 *5512 563
900
Preferred
100 40 Jan 5 623 Apr 21
4
35
25,200 Goodyear Tire & Rubb_No par 3314May 3 4138 Feb 10
8 34
3412 3618 3412 353
8
4 338 3512 3314 343
4 348 353
1,300
81
81
81
8114 787 787
80
80
803 80
lot preferred
8
80
8 81
No par 75 Jan 2 8614 Feb 19
912 978
10
918 914
10
9,
8 914
9
914 .914 912 2,000 Gotham Silk Hose__No par
7 Jan 4 113 Feb 5
4
557
63 63
64
65
*70
70
7112 70
*63
110
Preferred
698 *63
100 4912 Jan 22 7123 Apr 26
34 314 10,800 Graham-Paige Motors
312 312
314 33
314 33
2
314 312
3
338 312
23 Jan 4
1
412 Feb 1
97 1014 3,000 Granby Cons M Sm & Pr__100
1118 1118 1012 1118 1018 103
8
934 97
93 1014
4
8 Jan 2 1338 Feb 16
8
7
67
7
8 67
67
8 7
7
63
4 63
7
4
7
7
1,500 Grand Union Co tr etfs
1
4 Jan 8
83 Jan 31
4
3914 3812 3812
39 .38
39 .37
3918 38
394 3918 39
800
Cony prof series
No par 23 Jan 6 40 Apr 24
5
.3018 31
304 3018
•3018 3114 3053 30
3118 3118 .3018 31
300 Granite City Steel
No par 23 Jan 15 3118 Apr 25
35
35
3614 3514 36
3512 3512 35
3512 1,300 Grant (W T)
*3612 374 36
No par 34 Jan 29 40 8 Feb 19
3
1312 1312 1312 131 133 1312 1314 1312 1314 1312 1314 134 3,400 Gt Nor Iron Ore Prop No par
2
11 Jan 2 1518 Feb 19
2814 29
284 29
28
29
28% 297
284 2914 2812 29
9.000 Great Western Sugar_No par
25% Mar 21
347 Jan 20
11014 11011 •11014 11012 11012 11012 11012 111
170
Preferred
100 102 Jan 2 11 1 Apr 26
11014 11014 .11014 111
218 .238 212
212
214 *2
2
2
23
8 23
8
700 Guantanamo Sugar____No par
214 214
54 Jan 2
312 Feb 8
3712 .30
3712 *30
*30
3712 *30
30
*30
Gulf States Steel
38
No par 24 Jan 2 42 Mar 13
.30
37%
70
*73
73
Preferred
73
73
120
76
73
.73
100 47 Jan 8 83 Apr 20
1
. 76
70
76 ._ _
PER SHARE
Range for Previous
Year 1933.
Lowest.
9712 Am 117
-10
75
1
1
318
712
612
21
18
3
8
26
107
34
3
11
11
12
612
3
July
Apr 2712 July
Oct 8812 July
Jan
84 July
413 1)ec
Feb
3
Feb 15 June
Apr 3612 June
Apr 3224 June
Feb 54 duly
Jan
4 June
Apr
6 June
Feb 627 July
Feb 123
Oct
Dec
1434 Juno
Dec 47 June
Dec 497 Juno
2
Dec 55 June
Mar 133 July
8
Apr
1814 July
10 Nov
7 Mar
8
312 Nov
1112 July
213 June
% May
1
Feb
814 June
212 Mar 1114 June
10 Feb 4212 Nov
43 Apr
4
1413 June
33 Dec 5912 July
15 Mar 103 Sept
3 Mar 113 July
4
47 July
1 Feb
4
14 Dec
6 4 June
,
712 Feb 30 July
1014 Mar 36 July
5 Mar
03 Nov
2
9 Apr 30 July
Apr 95 Sept
81
94 Apr 3112 July
42 Mar 75 June
43 Mar 703 July
4
19 June
212 Feb
612 Apr
16 July
412 Feb 23 July
2 Feb 2323 July
1323 Mar 2614 June
12
Oct 19 Sept
12
Jan 50 Aug
1618 Feb 493 Nov
8
9
Jan 31 June
4
Jan 23 June
1
Feb
514 Aug
612 Jan 207 Aug
21 Feb 12 June
42 Feb 85 July
134 Feb 4314 July
438 Mar 27 July
1012 Dec 207 July
2
9934 Mar 10814 Sept
218 Feb
1012 July
114 Mar
1113 June
214 Feb 23 June
612 Mar 46 June
244 Dec 485 June
90 July 112
Jan
1012 Feb 3014 July
107 Apr 1214 July
2
21
Feb 397 Sept
4 Dec
27 June
318 Apr
1612 June
634 Dee
1812 June
5 Apr 20 June
2414 Jan 55% Nov
3512 Mar 71 Juno
9213 Mar 10612 Sept
10 Feb 353 Sept
4
6513 Mar 95 July
big Jan 24 June
212 Mar 1012 June
314 Jan
17 June
31 Mar 82 Aug
2 Apr
814 June
134 Jan 4912 July
VI June
3 Feb
2
512 Jan 22: June
19 4
223 Feb
July
714 Sept 18 June
93 Feb 3812 June
8
7 8 Dee 2014 Jan
3
4512 Dec 75
Jan
34 Feb
738 June
5 14 Mar 33 July
3 4 Mar 21) July
3
48
Apr 9112 Aug
3 Feb
16 July
12 Feb27% July
0012 Dec 105 July
3 Mar 2112 July
9 Feb 03 July
94 Feb 4712 July
273 Mar 804 July
4
612 Oct
1712 June
41
Apr 73 July
Apr
5 8 July
,
1
31 Mar
15% June
35 Mar
8
103 June
8
8
20 Sept363 July
114 Mar 303 July
8
3612 Deo
154 Fel
518 Feb163 July
4
6% Jan 414 Sept
7213 Jan 110 Sept
412 May
14 Jan
63 Feb 38 July
4
1614 Jan 64 June
• Bid and asked prices, no sales on this day. 5 Companies reported in receivership. a Optional sale. c Cash sale. r Ex-dlvidend. y En rights.
Highest.
I per share $ per share
ltt Feb
83 July
4
24% July 49 July
614 Feb 183 Juno
8
48 Apr 9112 July
10 Mar 337 Aug
1712 Feb 2912 July
2618 Feb 31 July
12 Feb 3912 Sept
1012 Feb 263 July
8
1014 Feb 1814 July
63 Feb 18 June
4
24 Mar 103 June
4
72 Apr 1434 July
85 Nov 10218 June
118 Mar 10 July
46
Apr 893 July
4
110 May 130 Mar
34 Mar 16 July
3212 Mar 9623 Dec
rar FOR SALES
New York Stock Record-Continued-Page 5
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Apr.28.
Monday
Apr. 30.
Tuesday
May 1.
Wednesday
May 2,
Thursday
May 3.
Friday
May 4.
Sales
for
the
Week.
$ per share $ per share $ per share $ per share $ per share $ per share Shares.
.2518 26
25
2518 25
25
.25
26
2514 2514
*2514 26
700
.2914 30
*2914 291 *2914 2912 *2914 2912 *2914 2912 2912 297
70
8
63
4 63
4
612 65
8
614 612
6
0
6 14 8,400
614
612
6
473 481 *45
4
/
4
48
*451 463
/
4
4 45
4.418 45
46
8
447 447
900
8
83
8 81
/
4
8
83
8
75
8 8
712 75
712 778
8
7 8 73
5
4 3,900
1018 105
8
912 958 *93 1118 10
4
10
*912 10
300
*912 11
*53
60
*53
60
*53
60
52
52
53
*50
52 .50
30
"92
95
92 92
*91
92
91
92
92
180
9112 9112 92
*211 217
/
4
8 21
2112 2012 203
4 2018 21
2014 2012 2012 3,200
20
614 614
614 6
/ *512 614 *512 614 •5
1
4
300
/ 614 *54 6
1
4
/
1
*57
571
57
57
57
59
5712 5712 56
57'2 57
5612
220
4
/ 5
1
4
414 4
/
1
4
4
414
418 414
414 412
414 414 5.800
9414 9414 93
94
*91
924
/
1
93
92
SOO
92
9314 92
*91
*10712 115 *10712 115 *10712 115 *10712 115 *10714 114 *10714 114
•1014 12
*101 111 *103 111 1118 1118 1012 1012 *10
/
4
/
4
8
/
4
1118
400
7112 73
71
72
70
/ 703
1
4
8 683 70
8
7112 2,000
/ 68
1
4
/ 7112 71
1
4
•119 120
1194 120
/
1
11912 120
118 118
119 119 x1183 119
8
490
*61
623
8 62
6214 617 62
8
62 62
63
/ *6112 6312
1
4
*61
700
*91
92
91
91
91
94
92 •91
91
92
9212 93
600
014 91
83
4 9
83
8 9
812 83
4
814 83
812 83
4 4,600
1012 1012 10
10
.912 10
938 934
914 914
914 912 1,900
*355 37918 351 352
35112 35112 *353 360
350 3551, *350 368
900
195 20
8
*1912 20
700
19
1914 *18
1914
191 *18
1912 19
514 514
513 512
514 513
43
458 434
4 5
5
5
4,700
*5218 54
*52
54
*52
8
54
*517 54
52
*52
52
54
100
2512 2512 241 2512 243 244 2412 243
/
4
8
4 2412 2412 2414 2414 1,600
/
1
*458 5
41 41
/
4
/
4
41 41
/
4
/
4
438 4
414 412
458 41
/ 1,900
1
4
/
4
4814 4812 46
4712 453 463
8
4714 46
/
4
8 4518 4612 45
461 10,200
1612 174 154 164 1512 1618 1512 1614 154 1614 157 1612 53,200
/
1
/
1
/
1
8
/
1
412 41
/
4
414 412
414 412
412
4
4
414 414 12,900
412
74
7512 7218 735
8 7212 723
8
4 7312 7512 755 76
6,200
4 7312 733
65
65
"6314 65
x60
6012 6318 60
6114 3,000
61
61
60
46
46
453 46
4
*434 4412 1,500
/
1
45
434 44
4314 44
/
1
45
•514 51,
518
514
5
518
518
5
/
1
4
518 *5
5
1,300
5
*4
414 *4
414
418 418
900
418 418
418 418
41s 418
414 414
412 412
512 578 12,900
412 5
512 512
518 53
4
*83
3 9
814 83
8 *758 818
712 *712 812
900
7
712 712
*438 412
4
414
37
8 3
8 4.600
/
1
4
35
8 33
33
4 31
8
3
53 33
/
4
*2912 32
*2918 31
*2614 29
2812 29
28
800
2712 2712 .27
14312 1431 143 143
/
4
14212 14212 143 1433 *143 1444 •143 1447
/
1
8
s
800
97
8 94
/
1
9
9 12
/
87
4
8 9
4
814 814 *812 878 2,200
81 93
2812 29
28
2818 2612 28
2618 2618 2614 263
4 2,400
4 2614 263
4058 4114 39
8
4 373 385 19,400
4012 3812 3914 3818 3912 38
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383
•12312 135 *12312 135 *12312 12518 12412 12412 *12112 135 *12112 12512
100
8
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71g
/
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7
71 4,200
/
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•458 5
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8 5
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412 412
4 *412 5
2834 2914 2758 283
/
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4
28
4 2714 28
4
28 18 92,600
•121 1217 *1201 1211 1217 122 *12212 125
8
/
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/
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12218 12212 122 12212
900
8
2212 2312 2212 2212 2212 2312 2312 241 227 24
/
4
23
220
8
243
8
512 512
5
5
5
514 53
5 14 *5
512
518 518 1,500
8
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4 27
8 *214 23
600
212 212
23
214 214
8 238
4
*218 238
218
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218 218
2
2
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218 214 2,400
2014 22
1914 211 1938 21
/
4
203 2212 2012 2214 2012 2214 15,100
8
22 22
2112 22
*20
2012 215
201 2,200
/
4
8 1912 2114 2014 21
*78
80 .78
80
80
80 80
330
80
80
793 80
4
80
28
28
*2712 29
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28
4
28
/ 273
1
4
27
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27
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*4414 45
4414 4414 44
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4
44
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3614 33
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34
36
34
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"31
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*7912 81
79
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79
79
79
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250
78
78 .75
14
1414 1312 14
1312 133 1318 131 13
8
1312 1318 135 40,600
/
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/
4
8
6,200
14
1312 1418 1312 135
8 14
*9
93
4
9
9
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500
*812 9
812 812
812 812
28
28
2712 2712 2712 273
271 *2612 273 *263 27
/
4
4 27
600
/
1
4
4
4
*5012 5114 5012 5012 *48
49
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300
.45
48
563 5714 5412 561 5414 5512 511 5512 52
3
/
4
20,900
53
/
4
5314 52
*11114 115
11112 11112 11114 112 *11114 118
100
11114 11114 11114 11114
*71
75 .71
75
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75
71
100
71
75
*65
70
70
87
8 9
*81 97
812 83
/
4
1,000
818 818 *814 9
812 812
8
1714 1714 1612 17
1618 10'2 16
1612 8.500
1614 1578 1618 16
314 314
3
3 14
3
3
314
3
318
3
318 4.600
3'o
1538 151 15
/
4
1512 15
154 •134 15
/
1
00
/
1
*1314 143 *1212 1412
8
*614 63
8
618 614 *512 6
400
*518 8
512 512 *514 8
*4
5
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5
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41
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5
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5
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5
1818 183
4 1712 1812 17
175
8 17
175
8 17
18
173 18'4 28,500
4
*87
93
*87
03
*87
93
*87
93
*87
10
93
8812 881
213 223
4
8 20
/ 22
1
4
.
2014 211s 191 211 201 2l's 2034 211 65,800
/
4
/
4
/
4
•1712 18
1712 1712 *1512 18
*1612 18
*1612 18
*1612 18
300
*63
4 718
612 6
6
/ 658
1
4
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64 6'2
/
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613 61
*618 612 1,000
•38
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38
*34
40
34
34
*32
38
*3212 36
200
201 2012 191 2012 195 20
/
4
/
4
8
1914 197
8 1914 191
1918 193 13.200
8
.108 11012 110 11012 11012 111
111 111 *108 111 *108 111
220
•58
60
*58
60
60
60
*58
61 .58
59
59
500
59
31% 325
8 311 3218 30
/
4
/ 311 3012 3114 3038 30
1
4
3
/
4
303 31
8
8,300
•42
44
*40
44 .40
42
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44
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42 .40
42
*5512 5912 *5512 57
5512 5512 *5214 55
524 5214 5214 53
/
1
80
267 27
*
263 267
4
8 2614 2612 26
2614 25
25's 2434 2518 4,700
•12
1312 •12
1312 1112 1112 113 111 *1112 127 *1138 1314
/
4
8
200
1312 135
8 1212 13
/ 13
1
4
133
8 123 13
4
13
13
123 13
4
5,500
17
17
*16
17
16
16
16
16
*1512 154 •15
/
1
1718
300
*81
85
*81
85
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85
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85
*81
85
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85
3 8 37
5
34 3
/
1
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1
4
8
312 4
35
8 4
3 4 31
3
/
4
37
8 37
8 7,200
123 1312 1234 1338 12
4
123
4 123 13
4
1318 *1212 13
/ 13
1
4
7,900
71
73
74
7212 70
7012 7018 703
4 6914 70
70
71
2,800
223 2212 22
8
2212 211 22
/
4
213 22
4
217 22
8
22
221a 2.600
3512 354 35
/
1
3618 34
35
3334 3514 3358 3412 3314 345 11.720
8
23
23 .215 22
8
22
2212 22
2218 2114 2134 2134 213
4 2,700
•92
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8 9238 92
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143 193
*142 143
142 143 *142 146
143 143 *142 146
600
4 211 2212 2114 2114 2114 213
223 223
,
8
21
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4 21
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*271 2814 2618 2718 2612 2612 25
/
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277
8 1,200
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1614 1614 1614 •_-_- 157 *15
8
153
4 153 154 1512 163
8
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/
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/
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321 3312 311 321 303 32
8
3018 314 303 3112 31
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311 321, 317 3212 311 327
32
/
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8 3218 33
8 315s 325
50,900
95
95
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95
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/
1
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214 2'2
214 214
214 214
23
8 212
238
238
2
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13
8
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184 *13
4 1%
14
17
15
8 15
4 1,300
8
134 13
*4118 4112 4112 42
4118 4118 4112 4112 41
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8 4114 417
8 1,500
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40
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17
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173 173
8
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111 111
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2
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214 214
218
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18
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*1614 164 16
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8714 8714 .86
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91
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4
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4
8 333 333 *3212 3312 33
33
341 345
33
/
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600
.•10218
-- •10218
__ •10218
•10218 --- •
1021s
3014 2918 --- 8 281 ---•10218293
/ 293
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/ 3012 2912 -4
4 281 301 / 29
4
2814 2834 4,900
46
46
4512 4614 451 46
/
4
441 4614 441 4518 45
/
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/
4
4512 6,600
6
65
8 *512 57
/
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, 5,100
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6
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/ 194 195 195 *19
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4
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/
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203 203
4
8
/ 203
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4
4 1,400
314
23
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318
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23
4 21
8
3
3
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3
3
34 .15
24 .21
33 .15
2512 23
31
*21
35
23
130
•212 318 .212 3
212 231 •218 238
*212 24
212 212
100
8 914 •4
712 712 *414 91 1
*712 814
100
/ 914
1
4
*412 914 *45
.7
8
*7
7
8 *634 71
8
67
7
8 67
*63
4 712
200
4 1714 174 *1634 17
4
/
1
400
4
16'z 163 1654
/ 1812 173 173
1
4
/ *16
1
4
*17
3
314
212 212
21 25
/
3
4
3
8
23
8 '23
8
900
212 21
5
5
5
3,100
5
47
4 5
8 4
41 5
*41 5
/
4
/
4
/ *43
1
4
712 75
712 818
818 814
8
73
8 712
712 74
/
1
712 712 9,400
*26
*257 27
8
27
2)1
26
28
26
2,200
2618 2818 27
26
1614 164 163 164 16
1612 1678
/
1
/
1
4
8
1712 174 167 173
8
/
1
161 11,300
/
4
10
/
4
*914 9
/ •914 10
1
4
101 10
100
*914 10
•914 10
•I0
ni4
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Indus.& Miscell.(Con.) Par
Hackensack Water
25
7% preferred class A
25
Hahn Dept Stores____No par
Preferred
100
Hall Printing
10
Hamilton Watch Co___No par
Preferred
100
Hanna OM A) Co $7 pf_No par
Harbleon-Walk Retrao_No par
Hat Corp of America cl A__1
100
655% preferred
Hayes Body Corn
2
Hazel-Atlas Glass Co
,
5
Helme (0 W)
25
Hercules Motors
No par
Hercules Powder
No par
37 cum preferred
100
Hershey Chocolate____No par
Cony preferred
No par
Holland Furnace
No par
Hollander & Sons (A)
5
Homestake Mining
100
Boudaille-Hershey CIA No par
Class 13
No par
Household Finance part pf _50
Houston Oil of Tex tern ctfal00
Voting trust ctfs new____25
Howe Sound v to
5
Hudson Motor Car____No par
Hupp Motor Car Corp
10
Industrial Rayon
No par
Ingersoll Rand
No par
Inland Steel
No par
Inspiration Cons Copper_.._20
Insuranshares Ctfa Inc
1
Intercont'l Rubbar____No par
Interlake Iron
No par
Internal Agricul
Ns par
Prior preferred
100
Int Business Machines_No par
Internal Carriers Ltd
1
International Cement__No par
Internal Harvester____No par
Preferred
100
Int Hydro-El Sys cl A
25
Int Mercantile Marine_No par
Int Nickel of Canada__No par
Preferred
100
Internal Paper 7% pref__l00
Inter Pap & Pow cl A__No par
Class 13
Ns par
Class C
No par
Preferred
100
Int Printing Ink Corp_No par
Preferred
100
International Salt
No ar
International Shoe__ No par
International Silver
100
100
7% preferred
inter Telep & Teleg___No par
Interstate Dept Stores_No pa
Intertype Corp
No pa
Island Creek Coal
1
Jewel Tea Inc
No par
Johns-Manville
No par
3 per share
2013 Jan 9
27 Jan 4
5 Jan 5
254 Jan 9
/
1
312 Jan 8
/
1
4
3 Jan 26
25 Jan 15
84 Jan 8
1412 Jan 2
2 Jan 2
/
1
4
19 Jan 4
/
1
4
114 Jan 2
863 Nlar 28
4
101 Jan 9
9 Jan 4
59 Jan 4
111 Jan 4
4813 Jan 15
83 Feb 16
512 Jan 3
5 4 Jan 2
3
310 Jan 4
11 Jan 8
3 Jan 2
/
1
4
43 Feb 5
21 Jan 2
312 Jan 8
35 Jan 3
/
1
4
133 Jan 5
8
4 Jan 4
7212 Apr 30
5912 Jan 4
4012 Jan 3
413 Jan 4
21 Jan 2
/
4
2 Jan 15
/
1
4
6 Jan 3
2 Jan 8
15 Jan 8
132 Mar 27
55 Jan 11
8
2618alay 2
3753 Jan 4
11513 Jan 13
4 Jan 6
/
1
4
31 Jan 2
/
4
21 Jan 4
115 4 Jan 13
3
1012 Jan 5
4 Jan 4
13 Jan 4
4
13 Jan 4
8
1014 Jan 8
9 Jan 13
66 Jan 2
21 Jan 3
43 Mar 19
33 May 1
59 Jan 4
13 May 3
312 Jan 4
5 8 Jan 3
3
2434 Jan 29
33 Jan 9
5112May 2
101 Jan 4
62 Jan 2
612 Jan 3
134 Jan 4
/
1
2 Jan 5
/
1
4
11 Jan 2
4 Jan 13
23 Jan 2
3
111 Jan 4
/
4
6518 Jan 18
17s4Mar27
12 Jan 2
3 Jan 16
1313 Jan 6
133 Jan 2
3
101 Jan 4
36 Jan 3
2314 Jan 8
40 Feb 26
4212 Jan 17
224 Jan 4
/
1
5 Jan 8
8 Jan 3
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
3 per share $ per share $ per share
26 Apr 18
15 Mar 254 July
/
1
30 Apr 23
25
Apr 287 Jan
8
84 Feb 15
/
1
11 Feb
/
4
912 July
523 Apr 21
4
9 Apr 3812 July
/
1
4
9 Feb 14
3 Feb 1012 July
/
1
4
117 Apr 20
8
212 Apr
9 July
5312 Apr 25
15 Feb 35 July
96 Apr 4
4512 Jan 85 Aug
243 Feb 21
4
2512 July
618 Feb
612 Apr 13
7 June
/
1
4
7 Mar
8
59 May 2
51 Apr 30 June
/
4
6 Feb 15
/
1
4
4
312 July
3 Feb
967 Apr 23
65 Jul) 9712 Der
8
107 Feb 4
6912 Jan 105 Dec
1213 Mar 15
3 Mar 17 July
75 Apr 24
15 Feb 684 Dec
/
1
120 Apr 17
85 Apr 11018 Dec
6312 Apr 26
3518 Mar 72 July
94 Apr 21
643 Apr 90 July
4
1014 Apr 23
312 Jan
1012 June
107 Feb 6
214 Mar
8
1012 June
388 Mar 29 145
Jan 373
Oct
2314 Jan 30
418 Apr 15 June
67 Jan 26
8
1 Max
63 June
4
54 Mar 12
43 Nov
5114 Jan
29 Feb 5
/
1
4
814 Mar 38 July
5 Apr 6
/
1
4
3
11 Feb78 July
/
4
5512 Apr 9
513 Jan 381 Dec
/
4
2414 Feb 5
3 Feb163 July
8
714 Jan 30
/
1
4
15 Mar
8
7 July
9638 Jan 24
Apr 85 Doe
24
733 Feb 3
4
1918 Feb78 July
493 Feb 21
4
12
/
1
4
Feb45 July
6 Feb 5
/
1
4
2 Feb912 June
414 Apr 25
114 Mar
37 June
8
57 1ay 4
85
5, Mar
4 July
/
1
4
1114 Feb 19
218 Mar 12 July
618 Feb 5
3
7 Feb5 8 July
3
37 Feb 3
/
1
4
5
Jan 271 July
/
4
14914 Jan 30
75 Feb15314 July
/
1
4
1218 Feb 21
27 Jan
8
107 July
8
37 Feb 5
/
1
4
61 Mar 40 July
/
4
467 Feb 5
8
135 Feb 48 July
8
12412 Apr 26
Jan 11918 Aug
80
9 18 Feb 7
212 Apr 137 July
8
6 Jan 24
8
114 Jan
67 June
291 Apr 27
/
4
6 Feb 2314 Nov
/
1
4
124 Apr 17
Jan 115 Dec
72
25 Apr 24
/
4
213 Jan 211 July
612 Apr 20
12 Apr 10 July
312 Apr 21
53 July
4
/ Apr
1
4
23 Apr 23
4
14 Jan
4 July
247 Apr 23
8
2
Apr 2213 July
25 Apr 21
14
312 Feb
Oct
86 Apr 21
35 Apr 71 Aug
3012 Apr 11
13 Mar 27 July
/
1
4
/
1
4
50 Jan 26
/
1
4
24
/ Jan 56 8 July
1
4
3
453 Feb 15
4
9 Feb 5913 July
/
1
4
8412 Apr 9
2412 Mar 711 July
/
4
17 Feb 6
/
1
4
518 Feb 213 July
4
1638 Apr 20
/
4
84 July
/
1
11 Mar
10 Feb 8
11 Jan
/
4
111 July
/
4
28 Feb 21
Feb 32 July
11
52 Apr 20
23 Feb 45 July
1214 Mar 634 Dec
/
1
664 Jan 30
/
1
112 Apr 18
42 Apr 10618 July
Feb 91 July
77 Jan 23
35
1018 Apr 13
9 8 June
3
253 Mar
1812 Apr 20
61 Feb
/
4
1912 July
412 Mar 12
/ Mar
1
4
618 July
20 Jan 30
6 Feb 311s June
8 May
2 Feb
10 Feb 16
63 June
712 Feb 16
112 Dec
4
2114 Mar 14
/
1
318 Feb 154 Sept
8812.May 4
Jan 73 July
30
23 Feb 5
73 Feb 26 Sept
3
1814 Apr 12
/
1
4
5 Apr 25 July
/
1
4
Apr
714 Apr 13
614 June
1
41 Apr 26
3
45 Feb30 July
512 Mar 167 July
223 Feb 5
3
4
111 afar 16
88 Apr 105 June
Jan 4414 J1119
61 Apr 27
27
1418 Feb35 8 July
33 8 Apr 23
5
5
30 Nov SO June
6312 Feb 13
60 Feb 9
3712 APr 61
Jan
311 Feb 5
193 Dec4118 July
/
4
8
1414 Apr 19
3 Feb1012 June
1412 Apr 26
8
34 Mar 123 July
/
1
20 Feb 23
5
/ Jan 27 June
1
4
81 Apr 26
34 Feb 78 Sent
63 July
3
Jan
5 Feb 21
1
1414 Feb 21
213 Apr 12 June
/
1
78 Feb 6
3712 Feb 794 July
14 Feb 2314 June
2312 Apr 19
8
/
1
4
4371 Jan 19
4 Mar 373 July
151, Oct 2218 Sept
8
24 Apr 23
49 Feb 98 Sept
96 Apr 23
/
1
4
49 Feb 99 Sept
/
1
4
97 Apr 18
143 Apr 30 121 Mar 14018 Sept
2312 Apr 18
13 Apr 2112 May
4
Jan 313 July
10
3614 Feb 5
4
6 Apr 193 July
/
1
4
1938 Feb 6
8
353 Apr 23
1014 Feb 50 July
812 Mar 3812 Sept
3518 Apr 12
9714 Apr 24
35 Apr 7818 July
414 June
112 Dec
3 Jan 31
13 Feb
512 June
2 Feb 20
/
1
4
/
1
x444 Jan 17
1914 Fob 444 Dee
/
1
Jan
128 Apr 14 11312M ty 120
1912 Feb 5
10 Feb 2514 July
53
113 Apr 11
8712 Feb 106 Nov
Preferred
100
Jones & Laugh Steel pref _100
Kaufmann Dept Stores $12.50
Kayser (J) dr Co
5
Kelly-Springfield Tire
5
6% preferred
No par
Kelsey Hayes Wheel conv.c1A1
Class 13
1
Kelvinator Corp
No par
Kendall Co pt LA ser A_No par
Kennecott Copper
No par
Kimberley-Clark
No par
Kinney Co
No par
Preferred
No par
Kresge (9 9) CO
10
7% preferred
100
Kress (S H)& Co
NO par
Kroger Groo & Bak
No par
Laclede Gas Lt Co St Louis 100
5% preferred
100
Lambert Co (The)____No par
Lane Bryant
No par
Lee Rubber & Tire
5
Lehigh Portland Cement___5
1312 Jan 3
7% preferred
100 73 Feb 23
/
1
4
Lehigh Valley Coal ____No par
213 Jan 8
Preferred
50
5 Jan 3
Lehman Corp (The)___No par 651 Jan 4
/
4
Lehn & Fink Prod Co
4
5 163 Jan 23
Libby Owens Ford Glass No par 33145l5y 4
Life Savers Corp
5 1714 Jan 8
Liggett & Myers Tobacco__25 73 Jan 6
Series B
25 7412 Jan 8
Preferred
100 129 Jan 13
Lily Tulip Cup Corp__No par
18 Jan 15
Lima Locomot Worlui__No par 25 May 2
Link Belt Co
No par
1214 Jan 3
Liquid Carbonic
Ns par 2612 Mar 1
Loew's Incorporated
No par 25 Jan 6
/
1
4
Preferred
No par 72 Jan 2
Loft Incorporated
No par
15 Jan 2
8
Long Bell Lumber A No par
114 Jan 12
Loose-Wiles Biscuit
25 3.812 Feb 26
7% 1st preferred
100 1193 Jan 11
4
Lorillard (P) Co
10 15 4 Jan 8
3
7% preferred
100 102 Jan 26
Louisiana 011
No par
11 Jan 10
/
4
33 Apr 4
8
Preferred
100
714 Jan 2 2312 Apr 4
Louisville Gas & El A.No par 15 Jan 9 21 Feb 7
Ludlum Steel
1
15 Jan 8 1912 Feb 20
Cony preferred
No par 871.0.1ay 2 97 Feb20
MacAndrews & Forbes
10 30 Jan 5 345 Apr 28
8
6% preferred
100 95 Jan 13 101 Apr 16
Mack Trucks Inc
No par 2818May 3 4134 Feb 6
Macy (R II) Co Ine___No par 44',,M ay 2 6218 Jan 30
Madison Sp Gard vi e_No par
258 Jan 2 7
Apr 27
Magma Copper
10 1512 Jan 17 22 Apr 16
Malltnson (H R)& Co_No par
11 Jan 2
/
4
414 Apr 24
7% preferred
100
753 Jan 9 333 Apr 24
8
/Manati Sugar
100
1 Jan 8
33 Jan 23
4
Preferred
100
11 Jan 3
4
914 Apr 26
Mandel Bros
No par
414 Jan 23
812 Jan 26
Manhattan Shirt
25 1214 Jan 4 2038 Feb 1
Maracaibo Oil Explor_No par
13 Jan 10
4
3 Feb 17
/
1
4
Marancha Corp
5
453 Jan 8
53 Feb 5
8
Marine Midland Corn
5
6 4 Jan 5
3
9 Feb 6
Marlin-Rockwell
No par 2113 Jan 8 32 Jan 25
Marshall Field de Co
1212 Jan 4 195 Apr 11
No par
8
Martin-Parry Corp_ _ _ _No par
612 Jan 24 124 Mar 3
/
1
•Bld aid asked prices, no sales on this day. I Companies reported In receivership.
3055
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FIFTH PAGE PRECEDING.
4 July
/ Jan
1
4
3 Feb 29 July
/
1
4
4
137 Apr 253 June
3
4 Feb 2018 July
143 Mar 9512 Dec
3
/
4
912 Feb 311 Dec
Apr96 Nov
74
8
13 Feb 463 July
/
1
4
2414 Feb 65 July
/
1
4
7 June
11 Mar
/
4
VS Ma
195* .
11113'
514 June
7 Feb
8
/
1
3 Feb 264 July
63 July
4
14 Jan
97 July
8
3 Jan
3
/
1
4
9 June
112 Jan
512 Apr 23 July
12 Jan
4 June
538 Nov
47 Nov
8
5 Dec 1112 Jan
Feb2314 Dec
ft
3
414 Jan 183 June
77 Dec
8
12 Jan
a Optional sale. c Cash sale. s Sold 15 days. z Ex-d vidend.
y Ex-rights.
New York Stock Record-Continued-Page 6
3056
May 5 1934
ga'FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Apr. 28.
Monday
Apr. 30.
Tuesday
May 1.
Wednesday
May 2.
Thursday
May 3.
Friday
May 4.
Safes
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
S per share S per share $ per share $ per share 5 per share $ per share Shares. Indus.& 5fiscell.(Con.) Par 3 per share
$ Per share $ per share $ per Mars
3412 3412 3312 3412 3214 33
317 327
8
4
.
8 313 323
4
4 3218 323t 8,100 Mathleson Alkali WorksNo par 31317 1aY 3 403 Jan 24
14 Feb 465$ Nov
42
4212 41
4112 40
4012 397 4012 3912 40
8
39 4 4014 3,200 May Department Stores___10 30 Jan 2 4438 Apr 23
93 Feb 33 Sept
3
4
773
758 73
834 Feb 21
4 8 Jan 2
3
8
713 712
71
118 Apr
8
900 Maytag Co
No par
73
8 73
714
714
812 July
718 718
2712 2778 2718 2712 27
2714 2712 2712 *253 2712 2714 2714 1,800
10 Jan 2 2812 Apr 26
4
No par
Preferred
318 Apr 1514 Aug
76
76
76
76
*73
76
*74
76
*74
90
76
Prior preferred
76
77
No par 49 Jan 3 9212 Apr 3
15 Apr 58
Oct
*30
3012 297 3018 285 293
8
8
4 2812 2812 *2812 29
29
29
1,500 McCall Corp
No par 24 Jan 11 32 Apr 13
13 Mar 303 Sept
4
234 27
8
212 23
27
8 3
412 Feb 6
4
118 Jan 8
212 218
212 212
23g 27
8 4,000 :McCrory Stores classANo par
47 June
8
3 AM'
8
3
3
23
4 23
4
25
8 23
8
13 Jan 4
8
212 25
8 •258 3
414 Feb 6
118 Dec
Class B
*25
8 23
4 1,100
6
No par
Jan
22 2214 2012 2112 *2012 207 *1912 2012 20
8
514 Jan 2 2534 Mar 17
1,000
100
2018 *20
Cony preferred
212 Mar 21
21
Jan
9
9
*83
8 9
914 914
4 Jan 4 1012 Apr 21
*73
4 812
3 Apr
818 June
300 McGraw-IIIII Pub Co_No par
812 812 *77
8 98
5
4512 47
x44
4538 4312 4418 4414 46
45
463
8 4514 46
18 Mar 483 Oct
21,100 McIntyre Porcupine Mines_.5 3812 Jan 25 5014 Apr 2
8
*8712 90
86
8718 8614 8614 85
8514 8412 85
4412 Jan 953 Aug
4
85 12 8512 1,800 McKeesport Tin Plate_No par 8318 Mar 27 9414 Feb 21
814 85
8
818 838
918 Apr 10
8
5
814
412 Jan 2
8
814
73
4 8
13 Mar 1312 July
7
54: 8
4
13.700 McKesson & Robbins
3314 3418 315 33
3112 323
4 32
3312 32
323
Cony prat series A
4 3218 3312 12,400
35 Mar 25 July
8
8
50 117 Jan 2 3412 Apr 27
414 45
8
37
8 43
5 8 Mar 17
8
3 8 418
7
1 Jan 6
33
8 418
5
25,800 :McLellan Stores
33
4 38
3 3 July
3
No par
7
14 Feb
34 4
3
53
51
55
553
4 52
52
5114 5114 *503 5314 *5112 5314 1,100
912 Jan 2 56 Apr 27
8
100
218 Jan 227 July
8% cony pref ser A
8
3414 3414 33
34
33
26 Jan 2 36 Apr 25
333
4 3318 337 *3212 34
*3212 333
83 Feb 2834 Oct
4
8
4 2,200 Melville Shoe
No par
912 93
4
812 914
854 83
4
2 Mar 20 July
.4
9
85
8 914
9
3.400 Mengel Co (The)
8 8 87
3
1
8
63 Jan 13 11 Jan 22
*45
47
4412 4412 *45
47
*42
48
*36
43
*40
22
Jan 57 July
48
10
100 30 Mar 21 52 Apr 19
7% preferred
2412 24
24
2414 2418 2412 24
2512 24
243
5 1612 Jan 4 30 Feb 19
4 25
7 Feb 21 Sept
2512 2,900 Mesta Machine Co
26 Apr 18
*2512 2612 *2512 2612 *253 26
*2512 26
4
*2512 253
1312 Mar 22 Sept
253 26
4
4
200 Metro-Goldwyn Pict pref__27 21 Jan 5
524 53
8 *518 512
518 518
518 518
934 June
518 514
5
418 Jan 9
612 Feb 16
158 Mar
5
1,400 Miami Copper
5
8
133
8 123 1338 125 1338 1212 13
4
137 1418 13
4
8
115 Jan 9 143 Feb 5
1278 1278 5,800 Mid-Continent Petrol__No par
8
33 Mar 16 July
4
1614 165
8
1214 Jan 8 2178 Feb 19
3 Mar 173 July
8 151s 1512 1412 1514 1418 1518 1414 145 •143 153
4
4 3,300 Midland Steel Prod____No par
4
*83
85
83
83
*83
85
26 Mar 72 Sept
83
83
*82
400
85
8% cum 1st pref
*82
85
100 7012 Jan 12 8514 Apr 21
*4618 49
4618 4618 *44
*4614 49
*4414 48
4712 *4312 48
13 Apr 363 Dec
8
100 Minn-Honeywell Regu_No par 36 Jan 4 52 Feb 1
4
4
4
4
57 Jan 30
8
37
8 37
8
218 Jan 4
7 Feb
8
33
4 4
53 July
4
312 3 8
8 4,500 Minn Moline Pow Impl No par
7
312 35
*2814 30
2814 2814 *26
4
287 *26
8
6 Feb
287 .26
8
1718 Jan 11 353 Feb 1
30 July
28
27
2712
300
No par
Preferred
20
203
8 183 2012 1812 19
18
1938 18
8
7 Jan 22 July
4
185
8 1812 185
8 6,100 Mohawk Carpet Mills
20 1212 Jan 4 223 Apr 21
93 93
44
x46
25 Mar 83 Dec
4412 3,100 Monsanto Chem Co
45
4612 447 4514 43
4312 44
3
10 243 May 2 2'4612 Apr 30
3038 2714 283
8
3014 31
4 2718 2838 2718 277
838 Feb 287 July
28
8
8 2712 2814 141,500 Mont Ward & CIo Ino__No par 2114 Jan 4 355 Feb 15
*48
49
48
48
*46
49
25
*48
49
48
48
*46
Jan 56 July
48
300 Morrel (J) & Co
No par 37 Jan 4 5114 Apr 13
*7
8
1
7
8
218 June
7
8
7
8
7
8
141 Jan
3
4
13 Feb 8
8
5 Jan 8
8
3
4
2,700 Mother Lode CoalltIon_No par
3
4
54
7
3
7
s
9
1018 101s
93 10
8
912
87
8 93
8
9
914
918 95
87 Dec
8
714 Jan 6 12 Feb 21
14 Jan
8 8,200 Moto Meter Gauge &Eq____1
32
33
31
345 35
8
32
2838 31
4
2838 2938 2912 30
73 Mar 363 Sept
8:May 2 443 Feb 15
4
4
6.100 Motor Products Corp No par 285
123 1312 113 123
4
8
4 1114 113
4 1158 113
Ill Mar 113 July
4 1112 115
8
8 1112 1214 8,500 Motor Wheel
9 Jan 5 1612 Feb 16
5
14
14
125 1312 123 13
8
8
4
112 Mar 103 July
123 1314 1314 1314 1314 1312 2,000 Mullins Mfg Co
4
4
514 Jan 12 155 Apr 23
No par
38
*3518 4318 *3518 4318 *3518 43
*39
4312 38
5 Mar 25 June
*31
43
No par 1218 Jan 12 46 Apr 21
Cony preferred
*23 8 2512 2312 233 *23
5
8
24
6 Mar 183 June
2212 23
*22
24
8
*22
133 Jan 6 2514 Apr 13
4
233
4
No par
600 Munsingwear Inc
10
9
9 14
el, Jan 9 1158 Feb 16
87
8 918
85
8 83
4
15 Feb
8
812 83
4
1112 July
83
8 858
812 83 14,800 Murray Corp of Amer
4
193 •18
8
•18
1912 *18
Jan 2012 July
1914 •18
8
19
*17
183 *17
4
19
1518 Jan 2 2134 Feb 21
Myers F & E Bros
No par
2212 223
8 205 217
8
8 195 2012 1914 2018 1918 20
8
114 Apr 27 July
1918Niay 3 3214 Jan 30
No par
19 4 2053 26,500 Nash Motors Co
3
718 718
678 7
658 63
4
118 Feb
612 63
4
878 Feb 23
73 July
4
65
8 65
8 *65
414 Jan 9
8 7
1
5,800 Natlonal Acme
912 93
014
93 Dec 1018 Dee
8
75 Feb 13 1314 Jan 31
8
4
912 913
914 914
914
9
93
8 9 8 2,400 National Aviation Corp.No par
3
9
*9
912 *85
8 9
*85
8 912 *85
114 Jan
8 9
97 July
8
85
8 858 *8
83
8
314 Jan 6 1234 Mar 19
100 :National Hellas Hess pret_100
4114 403 4112 401g 4012 397 4014 3914 40
4
41
8
3112 Feb 605 June
8
3914 40
10 3914N122y 3 4912 Jan 16
19,300 National Biscuit
•142 14318 *143 14318 142 14214 •142 14318 *14214 14318 *14212 14318
100 131 Jan 3 148 Apr 2 118 Mar 145 Aug
400
7% cum prat
1712 167 177g 1678 1712 1712 1712 9,700 Nat Cash Register A___No par
1814 1812 1714 1818 17
8
8
518 Mar 233 July
8
1613 Jan 8 235 Feb 6
8
8 1618 163
165 167
8
4 16
8 163 167
1012 Feb 253 July
167
8 16
4
163
8 1614 1678 25,100 Nat Dairy Prod
No par 13 Jan 4 18 Apr 21
218
2
223
2
2
214 214
218 214
212 June
218
2
3 Mar 16
18 Mar
1 Jan 9
218 2,500 :Nat DepartmentStoreeNo par
213 22
4
1812 2014 1812 1912 1812 19
114 Feb
10 June
18
19
5 Jan 17 2212 Apr 18
100
1812 1812
830
Preferred
30
2878 2912 2858 293
2978 3058 29
8 275 2918 2778 287 78,100 Nati Distil Prod new......No par 2314 Jan 3 3158 Feb 1
207 Deo 3314 Nov
s
8
8
28
29
28
30
30
28
5 Feb
2714 29
8
193 Dec
*2714 30
8
1612 Jan 5 327 Apr 24
293 30
4
2,200 Nat Enarn dc Stamping_No par
145 145
*143 150 *145 150
14012 141
4314 Feb 140 Nov
141 14112 141 14214 1.300 National Lead
100 135 Feb 10 16012 Apr 18
*140 148 *14012 148
*14012 145
143 143
143 143 *14012 147
100 122 Jan 16 143 Apr 18 101 Mar 12814 Nov
Preferred A
200
8
*10912 11812 *109 1165 *109 11812 *109 1163 *109 1165 *109 11658
8
75 Feb 10918 July
8
100 10012 Jan 9 108 Mar 16
Preferred B
113 113
8
8 11
113
8 107 113
8
8 103 1114 105 103 x103 105 13,800 National Pow dr Lt____No par
4
812 Jan 4 1512 Feb 6
6 7 Apr 2012 July
8
8
4
8
8
4918 50 8 4712 49
3
4712 48
4718 4818 4718 473
15 Feb 5518 July
25 45 Mar 22 5814 Feb 5
4 48
4812 4,600 National Steel Corp
183 19
4
1753 18,
4
8 1712 1712 17
Apr
285 June
8
25 1112 Jan 10 211s Apr 24
1712 *163 1712 17
4
1773 2,900 National Supply of Del
*53
59
*51
55
*51
59
*5112 56
17
Feb 6014 June
*51
100 3312 Jan 4 60 Apr 23
55
*51
55
Preferred
1612 16
167 17
8
16
1614 1312 16
4
13 May 3 183 Feb 1
612 Jan 27 July
13
No par
133
4 1338 1414 7,700 National Tea Co
23
25
2114 24
2118 2212 22
227
8 22
112 Jan
1218 June
2214 22
612 Jan 4 3014 Apr 13
No par
2258 3,600 Nelaner Bros
4634 463
4 4614 465
8 45
46
44
46
8
4414 4414 44
44
2,000 Newberry Co (J J)_ _ No par 4112 Apr 2 497 Apr 10
•103 1041.2 *10312 105 .103 105
103 105 *103 105 *103 105
100 100 Apr 3 104 Apr 10
7% preferred
1018 10
101? 103
1014 10
4 10
1 Mar - -3- July
-38
1012
11 4
9 8 10
7
1, 6 Jan 10 13 Mar 6
10
10
3,100 Newport Industries
4
•1912 2112 1912 193 *19
1912 1918 1914 1918 1918 •19
'
.
618 Apr 2312 July
4
No par
15 Jan 5 243 Feb 7
2112
700 N Y Air Brake
.
*6
7
6
7
*6
7
6
6
*4
612 *5
254 Dec 117 June
814 Mar 19
8
100
3 8 Jan 11
5
612
400 New York Dock
*14
153 •14
8
16
*13
15
*13
15
*13
6
Oct 22 June
14
8 Jan 8 20 Mar 13
100
1314 1314
Preferred
100
53
3
4
3
4
3
4
3
4
3
4
3 Dec
8
12 Jan 2
33
3
4
23 June
114 Feb 7
4
58
3
4
113
3
4 2,200 IN Y Investors Ine__ __No par
1812 1812 18
183
8 18
18
173 1818 167 1712 1714 183
8
8
1158 Jan 3 2278 Feb 1
14 Jan 2212 Aug
3
8 3,900 NY ShIpbldg Corp part stk..1
85 85
*8312 84
*835 85
8
833 8358 *8310 8412 *8312 8412
8
31
Jan 90 June
4
20
100 7312 Jan 2 893 Apr 13
7% preferred
96
96
*96
*96
98
98
96
96
*9712 98
*9712 98
70 Nov 1017 Aug
8
No par 82 Jan 5 9912 Apr 10
20 NY Steam $6 pref
4
10818 10818 *10812 1083 10818 109 *109 1097 *109 1097 109 109
8
Jan
8
83 Nov 110
200
No par 90 Jan 15 109 May 9
47 let preferred
41
4214 393 403
4
4 393 4014 40
4
4114 3912 4012 3934 4038 13,000 Noranda Mines Ltd
8
173g Jan 387 Sept
No par 3314 Jan 4 4412 Apr 9
183 187
4
8 173 1812 1712 177
4
8 165 173
8
4 1634 1714 1718 1758 37,500 North American Co
1214 Dec 3612 July
133 Jan 9 2514 Feb 6
8
No par
*41
44
43 43
*417 4212 415 415
8
8
8 4014 4012 41
Jan
41
31 Dec 46
600
50 34 Jan 9 45 Apr 20
Preferred
57
8 6
53
4 57
8
512 53
4
514 53
4
.514 513
512 53 10,500 North Amer Aviation
9 July
4 Feb
834 Feb 1
8
1
458 Feb 10
74
74
73
7312 7212 7212 72
7218 707 707
8
39 Nov 70 July
1,000 No Amer Edison pref __No par 4712 Jan 4 74 Apr 28
8 6812 69
.42
43
*42
43
*42
43
43
43
42
42
*4218 - _
263 Apr 43 June
4
20 Northwestern Telegraph.
34 Jan 9 43 Apr 26
312 312
312 33
4
312 317
324 33
8
314 318
333 - -38 1,900 Norwalk Tire & Rubber No par
3
57 July
8
1 18 Feb
412 Feb 19
233 Jan 8
13
13
125 13
8
1212 125
; 1214 127
8 1218 1238 1214 125 26.700 Ohio Oil Co
8
175 July
8
8
1218May 3 157 Feb 5
4114 Feb
No par
47
8 47
8
43
4 43
4
45
8 43
8
438 43
8
4
438
358 Jan 4
37
83 July
7 Feb 5
4
118 Feb
8 414 4,900 Oliver Farm Equip
No par
*22
23 .213 22
4
2112 2112 21
2112 2012 21
8
20
314 Feb 303 June
2112
4
900
No par
Preferred A
12 Jan 8 273 Feb 5
518 518
47
8 47
s *5
53
8
5
5
5
13 Mar
4
83 July
4
514
47 Apr 30
8
614 Jan 2
900 Omnibus Corp(The)vto No gar
514 514
1312 133
4 13
1314 *1212 13
12
1212 113 1214 113 1212 3,000 Oppenheim Coll & Co No par
4
4
15 June
718 Jan 4 1453 Mar 31
212 Feb
16
1614 1512 153
4 1514 153
8 1514 153
4 1512 157
8 1514 155
1018 Feb 2514 July
8
No par
143 Jan 6 193 Feb 16
4
8 4,700 Otis Elevator
*993 100
4
*993 100
4
*993 100
4
993 993
4
4 993 993 *9912 993
9312 Apr 106 July
4
Preferred
100 92 Jan 18 101 Feb 27
4
30
4
1
62,
6
618
_61s
53
4 6
3 5,500 Otis Steel
,
512 53
512 554
418 Jan 4
8 Feb 19
514 51,
114 Mar
914 June
No par
t111
- 2118 215
8 193 20 f 183 1912 1914 1914 *1914 20 1 1914 2013 1,306
4
4
1
214 Feb 213 June
100
9 Jan 2 25 Feb 20
'
4
Prior preferred
85
85
84
85
84
84
8234 84
8218 8212 *82
3112 Mar 063 July
1,957 Owens-Illinois Glass Co____25 7814 Jan 3 94 Jan 30
4
83
1812 19
1814 1812 18
185
8 18
18
25 1512 Jan 6 2312 Feb 7
15 Dec 32 July
173 1814 *1818 1812 2,800 Pacific Gas dr Electric
4
333 343
4
8 3312 333
4 327 3314 3214 327
8
22 Dee 433 Jan
8 32
No par 2312 Jan 2 37 Feb 7
8
325
8 3212 3314 4,000 Pacific Ltg Corp
29
29
2712 283
8 27
27
27 27
100 2612May 3 34 Feb 5
6 Feb 20 July
2612 2612 2612 263
8
900 Pacific Mills
83 83
813 813
4
4 82
82
65 Mar 94114 July
100 72 Jan 11 8512 Mar 13
81
82
8112 8112 8012 8012
90 Pacific Telep dr Teleg
111 111 •110 112 *111 112
100 103 Jan 3 11212 Apr 26
111 111
9914 Nov 11112 Sept
110 110 *10912 112
6% preferred
80
6'z Mar 19
87 Apr 25
8
*73
8 75
4 8
8 •73g 8
53 Dee
4
733 77
g
75
8 75
75
8
912 Sept
712 73
4 1,700 Pac Western Oil CorpNo par
47
8 5
412 434
45
8 47a
65 Feb 23
8
412 43
4
8
13 Mar
4
37 Jan 4
412 45
8
412 45 47,600 Packard Motor Car___No par
8
67 July
8
•103 1118 11
4
11
4
103 103 *103 1118 *1034 1118 107 107
4
4
8 June
4
300 Pan-Amer Petr it Trana .......5 103 Jan 9 1112 Jan 30
8
8
14 July
27 27
*27
2912 •2612 30
1 24 Jan 4 3512 Feb 6
27
2718 2612 2612 26
6
Jan 363 Oct
26
1,000 Park-Tilford Inc
8
*114
13
8 *114
1 Jan 11
2 Feb 5
114 *114
138 *114
138
13
s
3 Mar
8
138 13
114
8
700 Parmelee Transporta'n_No par
3 July
17
8
114 Jan 2 2 12 Apr 6
17
8
17
8 17
8
13
4 13
4
15
8
15
8 *158
134
900 Panhandle Prod & Ref_No par
13
4 13
4
5 API'
8
424 June
*16
18
1512 16
1512 16
100 12 Jau 3 2112 Apr 6
8% cony preferred
531 Jan
15
15
150
16
16
*16
18
20 June
43
8 43
4
418 45
8
418 412
13 Jan 2
4
414 412
57 Feb 16
8
414 45
8
43
8 412 32,600 :Paramount Publix ctfs-10
18 Apr
212 June
412 438
4
4 12
67 Feb 15
8
1
314 Jan 11
37
8 414
33
4 418
354 4
4
3 Jan
4
414 July
458 23,500 Park Utah C M
23
4 27
8
25
8 27
4 14 Mar 2
No par
112 Jan 4
212 July
8
25
8 3
27
8 3
9,200 Falba Exchange
23
4 27
8
3
3
14 Jan
21
22
2012 2112 203* 223
No par
1012 Jan 4 2418 Apr 23
Preferred class A
4 213 2318 22
114 Jan
20,900
22
4
23
1414 Deo
23
4
4 18
1812 175 1818 1712 18
1738 1734
183 183
8
1734 18
6,100 Patine Mines & Enterpr No par
173 Jan 9 2112 Jan 2
53 Jan 25 Nov
8
8
418 414
3
2 Jan 2
4
4 14
458 Apr 23
4
4
4
4
37
8 4
5,500 Peerless Motor Car
37
8 4
918 July
3 Feb
4
*58
59
5814 583
No par 5618 Mar 27 64 Jan 30 32512 Feb 60 4 Deo
57
1,200 Penick & Ford
4 5712 5712 5718 5718 5712 58
57
3
623 623
4
4 61
60
62
6212 6014 62
7
5918 593
No par 5112 Jan 4 67 8 Mar 3
4 59
6014 9,100 Penney (J C)
1914 Mar 56 Dec
*1075 108
8
1075 1075 1075 10758 *1073 10812'1073 10812.1073 10812
8
8
100 10512Mar 8 108 Feb 19
8
200
8
8
l'referred
8
90
Jan 108 Aug
5
5
218 Jan 9
33
4 4
434 5
514 Apr 26
*334 414
4
4 18
4
4
1,200 Penn Coal & Coke Corp _ _50
95 July
8
3 Feb
4
*57
8 6
53
3 s Jan 6
7
4 53
73 Feb 5
4
4
512 53
4
512 512
514 514 2,000 Penn-Dixie Cement_ __No par
514 524
3 Jan
4
912 June
*2812 29
29
*24
*25
29
29
*25
*24
100 13 Jan 8 32 Apr 24
2812 *25
2812
Preferred series A
418 Mar 32 July
3518 3538 3312 3518 33
*3612 3718 355 36
8
4,400 People's 0 L & 0(0610_100 27 Jan 4 4378 Feb 6
335
8 33
33
25 Dec 78
Jan
•13
14
013
14
14
*1314 14
No par
*13
14
914 Jan 3 15 Feb 23
*13
*13
14
Pet Milk
612 Feb
1514 June
*12
4
5
1212 117 123
8
9 Jan 5 1414 Feb 3
1112 117
8
8 115 1158 •1112 12
3,400 Petroleum Corp of Am
8 113 117
8
658 Jan
IS July
1710 17
18
25 1458 Mar 27 187 Apr 26
173
1812 1714 1818 17
8 17
8
1738 1712 1712 16,500 Phelps
-Dodge Corp
412 Jan
187 Sept
8
34
3378 3378
3318 3318 *33
*335 34
8
34
34
400 Philadelphia Co 6% pref_ _50 2414 Jan 2 37 Feb 9
*33
34
2112 Nov
36 July
4
*6214 6212 *6214 6412 *6214 6412 6214 6214 *50
641 *6018 6412
100
No par 49 Jan 12 643 Feb 17
46 preferred
3814 Dec 62 July
458 5
45
8 45
8
518
45
8 47
8
638 Feb 21
412 45
*5
8
412 41
2,500 Phila & Read 0 & I
No par
314 Jan 4
912 July
2:2 Feb
8
1812 183 1838 18
183
8 1814 183
4 1812 19
4 18
3.500 Phillip Morris & Co Ltd___10 1112 Jan 3 2014 Mar 26
183 183
4
8 Feb 447 June
2
*17
1712 1612 1612 1514 1638 •1512 1712
4
100 Phillips Jones (7orp.__ _Ns par
9 Jan 5 21 Apr 2
*1712 183 *1718 18
3 Feb
163 July
4
7213
721 *55
65
06012 721 *61
721 *55
65
8
20
100 58 Feb 27 747 Apr 7
7% preferred
71
*65
35 June 35 June
4
1712 1814 18
183
8 1818 1812 185s 19
33,600 Philips Petroleum
No par
1512 Jan 9 z203 April
434 Jan
187 1958 1814 19
12
183 Sept
4
1312 Feb 3
8 Jan 11
•712 8'e
8
8
813 *8
100 Phoenix Hosiery
0712 81
•818 810 *8
5
812
15 Mar 173 Des
8
4
2 Jan 16
612 Feb 19
5
4
8
358 35
312 33
8
3 Dec
312 334 14,500 Pierce-Arrow Mot Car Co
33* 35
33
4 4
4
41 1
712 Nov
7
5 1,300 Pierce 011 Corp
118 Jan 30
25
3 Jan 4
4
3
4
3
1
1
3
4
3
4
3
4
3
4
3
14 Jan
4
17 June
3
4
3
4
3
8
3
4
814 83
Preferred
600
101)
712 Jan 15 1034 Feb 14
37 Feb
8
*714 9
*712 9
73
4 8
1 *8
*9
9
97
8
137 June
,
2 Feb 6
112 15
8
8
114 Jan 13
15
8
15
8
15
8 2,200 Pierce Petroleum
15
8
No par
112 13
112
112
112 Jan
23 June
4
*112
138
1812 Jan 8 273 Apr 27
2634 *2512 2638 2512 26
8
2612 2714 2614 2612 26
2,500 Pillsbury Flour Mills.. No par
93 Feb 267 June
8
8
2612 27
300 Pirelli Coot Italy Amer shares 7014 Jan 22 8412 Mar 24
751g 751
*7412 80
*7414 78
*7412 80
4
333 Apr 75 Nov
8
*743 85
•735 85
8
100 Pittsburgh Coal of Pa
*12
*12
14
14
*9
100
14
14
912 Jan 9 1812 Feb 11
4 Feb 23 July
1512 14
*12
16
•14
36
*33
100 30 Jan 8 4212 Feb 1
36
Preferred
36
*33
*33
36
*33
36
17
Jan 48 July
033
*3312 36
no sales on this day. 1 Companies reported in receivership. a Optional sale. c Cash sale. 8 Sold 15 days. z Ex-dividend. v Ex-rights.
• Bid and asked prices,
New York Stock Record-Continued-Page 7
3057
Or 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
Apr. 28.
Monday
Apr. 30.
i Tuesday
May 1.
Wednesday
May 2.
Thursday
May 3.
Friday
May 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
S per share $ per share $ per share $ Per share $ Per share $ per share Shares. Indus.& Mlscell.(Con.) Par
9,
2 912 ,
4
834 9
qi
9
9 18
83
4 84
9
918 4,300 Pittsburgh Screw & Bolt No par
3514 38
371 3714 3512 3512 3312 3312 3312 3312 33
/
4
33
100 Pitts Steel 7% cum pref100
*212 3
3
3
23
4 3
3
3
3
3
1,100 Pitts Term Coal Corp
*3
314
100
133 1434 1312 1512 1312 15
4
16
14
14 .14
740
15
6% preferred
100
153
4
*312 37
312 312
312 312 *314 312
314 314 *318 313
300 Pittsburgh United
25
51
51
5012 5012 4912 5014 49
4812 4812
49
160
Preferred
49
49
100
*318 4
*3
4
*11
4
*2
4
.112 4
Pittston Co (The)
*112 4
No par
1314 1312 12% 1318 123 13
4
123 1314 1212 13
4
125 123
8
4 6,800 Plymouth 011 Co
5
•10
108 10
10
10
10
600 Poor & Co class B
912 10
3
9 4 93
3
4 *9 8 10
No par
*45
8 434
45
45
45
8 4%
412 412 1,300 Porto Ric
8 43
4
413 434 *43
-Am Tob Cl A_No par
*218 21
*218 212
213 218
Class B
500
2
No par
2
214
2
2
*2
2212 23
2118 22
21
2112 21
22
21
21
2112 2112 3,600 Postal Tel & Cable 7% prof 100
5
334 37
312 3
314 3%
33
8 33
8 1.900 :Pressed Steel Car
3
318 33
No par
8
318 3 8
17
17
*16
19
16
1612 16
16
16
*15
Preferred
1612 .15
300
100
353 3614 348 3512 337 3434 3418 3512 3414 35
4
3414 351i 9,800 Procter & Gamble
No par
*107 lO7Iz 107 107
107 107
10712 10712 10712 108 *107 10912
5% prof (ear of Feb 129)100
290
%
3
8
12
53
12
12 79,900 :Producers & Refiners Corp_ 50
5
8
3
8
14
12
14
3
8
314 314
3
318
11
23
4 3
13
27
4 2
8
112 13$
11,300
Preferred
50
3
38
3812 373$ 3818 371 373
83$ 387
4 387 3714 3618 3712 10,300 Pub Ser Corp of N J___No par
8
•81
82
*79
8218 *79
82 .80
82
812 817
$5 preferred
82
*81
8
100
No par
*96
97
*9512 97
*9512 963
4 9512 9512 943 943
8
300
6% preferred
100
4
4 943$ 945
.10414 10614 *10412 10512 *104 1045 *10212 10412 *10212 104 *10212 10414
8
7% preferred
100
.11712 121 *11612 121 *11812 121 *11812 121 .11812 121 *11812 121
8% preferred
100
*102 103 •102 1027 •102 1025 102 102 .102 1027 102 103
8
8
8
500 Pub Ser El & Gas pf 35_No par
56
5612 557 563
14 53 4 5412 5412 551 11,600 Pullman Inc
4 55
553
4 54
/
4
No par
3
55
12
3
8 1112 12
11
8
1112 11
115
8 1118 1138 1118 115 16,500 Pure 011 (The)
No par
737 737
8 74
74
731 7334 *7212 7312 7214 7212 7214 7284
/
4
260
8% cony preferred
100
1612 163$ 15
/ 1612 155 1614 1514 15
1
4
8
1514 1518 153
4 7,900 Purity Bakeries
No par
/ 1.3
1
4
818 814
77
73$ 818
712 8
77
8 814 123,500 Radio Corp of Amer
814
No par
8
812
3412 3514 333$ 3512 3312 3412 3614 39
Preferred
363 395 10,000
4
8
50
375* 39
303$ 3112 23
304 277 291 293$ 313
/
1
Preferred B
/
4
4 30
8
4
313
4 3013 313 74,000
No par
314
3% 318
3
3
3
338
27
318 3 8
3
3% 3
/ 21.600 :Radio-Keith-Orph____No par
1
4
2014 2014 20
2018 1918 1912 1814 1914 18
183
4 1814 1812 3,100 Raybestos Manhattan_No par
•11
113
4
11
11
1,300 Real Silk Hosiery
*912 10
11
1014 1014 .10
10
10
10
.58
6234 58
58
Preferred
10
.5612 58
*5613 58
100
*5612 58 .5612 58
414 414 .4% 414
4
4% 414
600 Reis (Robt) & Co____No par
4
*312 4
312 37
•25
3012 •25
100
3012 .253 3012 *245 2712 26
8
1st preferred
8
26
*26
100
30
113 117
4
11
115
8 10
10
1012 1014 10% 11,200 Remington-Rand
103 11
8
/ 11
1
4
1
.62
63
6112 6112 *6014 67 .61
300
1st preferred
6218
6214 6014 6014 .59
100
.60
67
2d preferred
•60
67
*58
67 .60
*58
67 •58
100
67
67
412 412
414 412
4
4
419
418 414
418 7,300 Reo Motor Car
4
418
5
21
2112 197 207
8
8
8 195 2014 1914 2038 183 1912 187 19% 41,300 Republic Steel Corp___No par
8
4
5818 581
553 573
4 52
4
4 55 553
5212 54
6% cony preferred
543
4 53
100
13,700
54
.12
1234 117 12
1218 *1114 1218
8
*1112 123 •11
5
4
500 Revere Copper & Brass
123
4 12
.2414 26
.2411 253
Class A
10
100
*2314 2512
4 2414 2414 .2418 26 .2418 26
2638 287
8 253 2812 25% 26
4
25
2612 25
2558 2518 2558 8,600 Reynolds Metal Co __No par
1214 1214 1218 1218 113 12
No par
1218 1214 1218 1218 12
12
4
2,100 Reynolds Spring
437
43
4212 43
4214 43
/
1
4238 4384 424 43% 434 4314 16,300 Reynolds (It J) Tob class B10
/
1
.57
60 .57
Class A
57
10
57
.57
30
60
60
57
57
*57
60
103 103
8
8 10
1014 1014 1014
No par
10
10
12
*948 1112 .10
700 Ritter Dental Mfg
*3134 32
315 3214 3158 315* 3112 317
4
8 31
31 12 303 3112 3,900 Roan Antelope Copper Mines_
*814 812
8
814
8
5
8
900 Rossia Insurance Co
8
8
8
814 .818 812
•33i4 3384 33
3338 3312 333
4 3412 3458 347 35
3538 3512 1,100 Royal Dutch Co (N Y ahares)
22
2214 2014 213
4 1912 203
10
8 19
/ 2012 203 207
1
4
2012 208 11,600 St Joseph Lead
8
543 543
8
4 533 5434 53
8
No par
533
4 5112 53
6,400 Safeway Stores
52 52
5212 53
•10312 104
104 104
100
104 104
104 104
340
6% preferred
10334 104
4
1033 1033
4
110 11012 110 11014 .110 11012 1097 11012 110 11014 11012 11012
100
570
8
7% preferred
.93 1014 .9
8
93
4
9
200 Savage Arms Corp____No par
9
.83
4 9
4 8
/
1
.834 87
4
8
S3
34
3518 3418 3518 3312 343
5
8 3212 3412 3214 3312 325 333 85,200 Schenley Distillers Corp
4
8
6
6
1
582 53
512 4,400 Schulte Retail Stores
4
514
55
8 53
512 512
4
582 512
28
2813 2614 28
253 26
100
4
Preferred
1,260
25
26
25
2413 25
24
.47
49
49
49 .48
49 .4813 49
No par
30 Scott Paper Co
49 49
49
49
36
3618 35
36
3412 3512 3414 3512 343 3514 353 36
5,900 Seaboard 011 Co of Del_No par
8
4
*35
8 418
33$ 33$
312 312 *314 418 .314 4
No par
400 Seagrave Corp
*314 4
4834 493
8 461 4838 461 4712 443 47
/
4
/
4
4618 53,900 Sears, Roebuck & Co No par
8 45
4
443 457
4
.258 27
212 23$
212
1
212
23$
900 Second Nat Investors
238
212
212
238
23$
•415 44
8
•415 435 .413$ 4412 .415 44
8
8
1
8
Preferred
200
4158 4158 .3812 44
.13
4 114
11 118
/
4
118
118
118
No par
118
114 2,200 :Seneca Copper
1%
114
118
8
884
7
/ 818
1
4
1
75
712 73
4
712 8
26,200 Servel Inc
8
7
/ 8
1
4
113 118 1114 113
4
4
11
1114
No par
103 1118 101.1 10 4 1014 10 8 8,100 Shattuck (F G)
8
3
5
•10
11
.10
11
.10
103
4 10
400 Sharon Steel Hoop
10
No par
10
8
8
10
*97 107
714 71
/
4
7
718
63
4 7
67
No par
8 7
2,200 Sharpe & Dohme
7
•63
4 67
7
8
.47
473
4 475, 475 *47
48
48
Cony preferred ser A_No par
48
49
49
700
4812 49
83
4 9
8
/ 9
1
4
83
4 9
83
4 9
12,700 Shell Union 011
No par
858 9
85* 88
*70
75 .68
751 .70
7512 *7312 77'z 75 75
100
Cony preferred
200
76
76
193 1938 1814 19
18
18
183
4 177 183
No par
4 173 18
8
4
1812 11,000 Simmons Co
.10
4
1014
95
8 93
912 95
10
8
982 98
10
1014 1,300 Simms Petroleum
93 10
4
.103 11
4
103 103
4
105 103
8
4 1012 1012 1012 101
25
103 1012 2,300 Skelly 011 Co
8
.012 693 •
6
4 6612 681 .67
6813 67
68
100
6812 6612 6612 661
Preferred
,
600
.25
20
.25
29
*25
29
25
25 .25
100 Sloss-Sheff Steel & Iron 100
29
*25
29 *35
40 .3314 38
*297 3818 .297 4018 .2978 38 .297 38
8
8
100
7% preferred
8
15
/ 163
1
4
8 1418 1512 15
4
1512 143 1512 1514 16
1512 17
23,900 Snider Packing Corp__No par
1614 163
8 153 163
4
8 155* 157
8 155s 16
1618 163 43,200 Socony Vacuum Corp
25
154 161
/
1
8
101 10112 *100 102
100 10114 1013 1013 101 1013 10112 10112 1,500 Solvay Am Invt Tr pref__100
4
4
4
3212 3212 3214 3238 32
3214 311 32
3113 313 3112 1.700 So Porto Rico Sugar ___No par
/
4
31
8
•126 130 .127 130 .1273 130 •1273 130 •12814 130 .12814 130
/
1
4
4
4
100
Preferred
1712 175
1712 173
4 173 173
8
4 1714 1712 1714 173
25
's 4,100 Southern Calif Edison
8 1712 172
•1114 12
•10
12 .10
12
*103 12
8
*1014 113 *1012 113
4
Spalding (AG)& Bros_No par
4
.70
7312 70
70
*59
68
.64
68 •60
65 •60
65
10
lot preferred
100
*1012 1412 *1012 14
.8
13
/ .1014 157
1
4
11
12
1114 1112
60 Spang Chalfant & Co Inc No par
•60
62
60
60
•50
60 .50
60 .50
60 •50
60
Preferred
70
100
7
74 73
/
1
4
738
63
4 718
8
63
4 7
65* 67
18,900 Sparks WithIngton____No par
65, 718
614 63
512 6
.43
8 57g •412 6
*412 6
.45
8 6
130 Spear & Co
No par
.2212 23
2184 2114 21
2114 21
21
2012 2012 .2012 2112
500 Spencer Kellogg & Sons No par
912 97
97 101
8
/
4
914 93
4
9
93
4
4
9
93
9
/ 9 8 52,300 Sperry Corp (The) v to
1
4
1
•l012 12
*9
12
*9
12
.8
12
*8
12
.8
12
Spicer Mfg Co
No par
31
3112 30
30
28% 29
2712 28
2713 2712 *28
Cony preferred A
30
200
No par
643 66
4
60
65
5913 6112 5012 6112 52
55% 5614 593 31,700 Spiegel-May-Stern Co_No par
4
2114 2112 21
213
8 21
2114 203$ 2112 205* 21
20 4 213 30,400 Standard Brands
3
8
No par
67
8 7
612 634
614 63,
6
612
614 612 3,100 Stand Comm Tobacco_No par
6
63
8
1212 125
8 1218 125
1118 12
8 113 1218
4
1114 1112 11
1138 8,800 Standard Gas & El Co_No par
14
143
8 13
137
8 13
1312 13
1312 1212 13
1214 13
8,000
Preferred
No par
2813 2813 27
2712 281 29
/
4
*26
28
25
/ 253
1
4
4 251 2518 1,200
$6 cum prior pref
/
4
No par
327 33
30
3212 *26
2612 28
30
28
29
2718 293
8 3,600
37 cum prior prof
No par
•13
8 112
112 112 *13
8
11
/
4
13
8
1%
13, 138
8
600 Stand Investing Corp No par
13, 13
10718 1077 108 108
8
10814 10814 .10812 10913 109 109 8 10912 1093
3
4 1,100 Standard 011 Export pref__100
3618 367
8 35, 3612 34
8
35
3318 35
3378 3412 3334 3412 23,400 Standard Oil of Calif
No par
.40
4014 40
40
•40
4014 40
40
•3934 401 *39 4 40
300 Standard 011 of Kansas_ __10
/
4
3
.
4514 455, 4455 4514 435 4455 43% 4412 434 4414 4414 4434 49,600 Standard 011 of New Jersey_25
8
/
1
.13
1312 125 123
8
4 1214 1212 12
1218 1134 1134
1214 1214
1,200 Starrett Co (The) L B No par
4 .59
5912 5755 .5814 583 5914 59
5912 603
4
5912 5912 593
4 6,200 Sterling Products Inc
10
PER SHARE
Range Stnce Jan. 1.
On basis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per share
$ per share
7 Jan 5 11% Apr 4
113 July
4
17 Feb
30 Jan 4 43 Feb 21
4
1014 Jan 383 May
312 Feb 21
2 Jan 19
67 July
12 Feb
818 Jan 4 1712 Feb 23
4
Jan 2312 July
2% Jan 2
5 Feb 19
612 July
/ Feb
1
4
37 Jan 2 597 Feb 19
154 Feb 84 July
/
1
13 Jan 4
4
5 Feb 21
7 June
% Apr
121231ay 3 163 Jan 30
4
175 July
8
63 Feb
4
8
984 Jan 2 147 Feb 5
13 Apr
4
1354 July
614 Jan 30
3 Jan 12
15 Mar
8
8 June
11 Jan 3
/
4
314 Jan 30
4 May
% Feb
21 Jan 3 292 Feb 6
4 Feb 40 June
/
1
4
512 Feb 16
17 Jan 5
8
513 June
5 Jan
8
7 Jan 5 22 Feb 17
6
Jan
18 June
3
337
8May 1
4114 Jan 23
19 8 Feb 4712 July
5
10212 Jan 22 109 Apr 3
97
Apr 1103 Nov
4
14 Jan 2
114 Mar 15
27 June
8
14 Jan
1187i1ay 2
137 Feb 19
8
2 Nov
13 June
34 Jan 4 45 Feb 6
325 Nov 57% June
8
87 Jan 2 84 Feb 6
597 Nov 8812 Jan
2
79 Jan 8 9614 Apr 27
75 Dec 101% Jan
90 Jan 8 106 Feb 21
84 Dec 11212 Jan
105 Jan 12 11912 Feb 17
Jan
99 Nov 125
90 Jan 10 103 May 4
83% Dec 10313 Jan
8
50 4 Jan 8 593 Feb 5
,
18 Feb 5818 July
1018 Jan 8 147 Feb 16
212 Mar
153$ Sept
583 Jan 9 80 Feb 6
4
30 Mar 697 Sent
1214 Jan 6 19 Feb 5
/
1
4
3
57 Feb 25 8 July
612 Jan 4
918 Feb 6
3 Feb
1214 July
8May 4
2314 Jan 4 395
1314 Feb 40 May
15 Jan 4 3434 Apr 18
612 Feb 27 July
214 Jan 9
4% Feb 17
1 Mar
53 June
4
16 Jan 9 23 Feb 5
5 Feb 205 Sept
8
83 Jan 9 14 Feb 8
8
8
512 Feb 207 June
45 Jan 23 6014 Apr 26
25
Jan 60 May
21s Jan 5
6 Apr 2
413 July
14 Jan
1312 Jan 3 3834 Apr 2
11 Jan
/
4
1812 June
8
1114 July
63$ Jan 6 133 Feb 23
213 Feb
323 Jan 5 6912Mar 14
8
712 Feb 3712 July
30 Jan 8 67 Mar 14
8 Feb 35 4 Dec
3
318 Jan 2
512 Feb 23
18 Feb
63 June
8
113 Jan 4 253 Feb 23
4
4 Feb 23 July
Jan 4 6713 Feb 23
39
9 Feb 5412 July
5 Jan 8 1412 Apr 11
114 Jan
12 June
1114 Jan 29 2812 Apr 11
214 Mar 25 June
1512 Jan 2 2734 Apr 26
6 Feb 2112 June
612 Jan 9 1312 Feb 25
112 Feb
15 July
/
1
4
3934Mar 21 4512 Jan 9
2613 Jan 35414 Sept
57 Jan 5 597 Jan 3
60
Jan 624 Jan
/
1
9 Jan 17 1312 Feb 8
1131 June
/
4
812 Feb
8
263 Jan 3 3318 Apr 26
233 Nov 2612 Nov
8
4 Jan 3 1014 Feb 8
2 Apr
107 June
8
33 Apr 30 3918 Feb 19
4
1738 Mar 393 Nov
1912513y 1
277 Feb 5
3
618 Feb 311 Sept
/
4
44 Jan 5 57 Apr 23
28 Mar 623$ July
/
1
4
84 Jan 3 1043 Apr 24
72 Apr 9412 July
4
9812 Jan 15 112 Apr 20
8084 Feb 105 Sept
8 Jan 13 1214 Feb 15
214 Apr
12 July
2614 Jan 6 387 Apr 11
8
4514 Aug
24 Nov
8 Feb 5
33 Jan 4
4
5 Mar 1014 July
8
15 Jan 2 303 Apr 16
4
3 Apr 35 4 July
/
1
4
3
41 Jan 10 50 Apr 5
28
Jan 447 July
8
25 8 Jan 6 38% Apr 11
3
8
15 Feb 433 Sept
2 8 Jan 18
3
478 Feb 7
43 July
4
1% Feb
4013 Jan 4 511 Feb 5
/
4
1213 Feb 47 July
114 Feb
414 Jan 26
2% Jan 2
5 June
Feb 48 July
32 Jan 8 45% Feb 2
24
1 Jan 6
2 Jan 22
/ Mar
1
4
35* June
Apr 24
43 Jan 8 0
4
112 Feb
713 July
8
6 Jan 2 137 Mar 9
/
/
1
1
4
4
5 Apr 13 July
/
1
4
1314 Feb 23
12 July
518 Jan 11
113 Feb
77 Feb 5
4 4 Jan 2
3
212 Feb
85 June
8
384 Jan 8 49 May 3
/
1
2114 Mar 41% July
11% July
312 Feb
77 Jan 3 1112 Jan 27
8
58 Jan 2 89 Jan 26
2812 Mar 61 July
43 Feb 31 July
17 Jan 3 2418 Feb 5
47 Feb
9 Jan 4 1112 Feb 5
123 June
8
77 Jan 10 1118 Apr 25
97 June
3 Feb
22 Feb 5712 July
6818 Apr 26
543 Jan
4
15 Jan 9 2712 Feb 17
35 July
7
Jan
2312 Jan 2 42 Apr 23
884 Feb42 July
63 Jan 3 17 May 5
4
5 Mar
8
94 July
/
1
1518 Jan 4 197 Feb 5
17 Nov
6 Mar
8
451ay 2
86 Jan 6 1013
58 Feb92 July
31 May 3 3938 Feb 5
15% Jan
485* July
115 Jan 16 130 Mar 20 112
Jan 132 July
Jan
1418 Nov
/
1
28
1514 Jan 4 224 Feb 7
3
4
Jan
117 July
5 4 Jan 10 13 Apr 21
8
301 Jan 11 74 Apr 21
2518 Mar 61 June
8
7 Jan 22 153 Apr 23
412 Feb1512 July
30 Jan 23 62 Apr 24
1712 Feb50 June
8 Feb 21
3 8 Jan 5
5
3 Feb8 June
4
77 Apr 18
2 Jan 3
512 June
13 Jan
15 Jan 5 2412 Feb 23
84
713 Apr 22 July
52. Jan 5 113, Apr 2
712 July
218 May
16 June
Jan
8 Jan 10 13 Feb 7
5
211 Jan 2 3112 Feb 20
/
4
111 Mar 3212 Jura
/
4
19 Jan 4 6712 Apr 25
Feb2112 Dee
1
8
20-1* Mar 27 2514 Feb 1
4
133 Mar 375 July
93, Aug
4 Jan 9
1
Jan
8 Mar 13
638 Jan 4 17 Feb 6
518 Mar 2212 June
78 Jan 8 17 Feb 6
/
4
7
61 Dec25 8 June
18 Jan 10 33 Feb 6
15 Dec61 June
1712 Jan 4 3812 Apr 24
15 Dec66 June
27 June
% Jan 13
12 Mar
17 Jan 5
,
9613 Jan 2 1093 ,,y 4
/
4
9212 Mar 1021 Sept
3M
331,May 2 4278 Jan 30
1912 Mar 45 Nov
334 Feb 13 41 Apr 21
/
1
12
/ Apr 397k Dee
1
4
4318N1ay 2 5018 Feb 17
223 Mar 4712 Nov
4
6 Jan 15 1414 Apr 10
4 Feb
1112 June
4714 Jan 4 6134 Apr21
4538 Dec 6034 Sept
*2
23
8 *2
218
2
2
.2
218
2
2
2
300 Sterling Securities cl A_No par
2
37 June
Pe Jan 2
5, Jan
3 Feb 6
55
,
,
,
5 2 5 2 *5 8 582 *5
.
512 6
•518 51
Preferred
400
No par
58 53
3 Jan 3
7 Feb 6
112 Feb
73 June
4
8
3538 3514 *35
3612
.36
37
3818 .35
36% .35
36, *35
100
Convertible preferred__ __50 30 Jan 12 364 Feb 1
20 Mar 3814 July
/
1
8
8
8
8% 87
85
812 85
s
85
8 87
8
8
814
8% 814 7,600 Stewart-Warner
10
814 Jan 8 10 8 Feb 21
5
213 Feb
1112 July
912 912
4
87
8 918
83
8 83
4
812 83
814 812
814 812 10.700 Stone & Webster
No par
6 Jan 6 1314 Feb 6
512 Dec 1914 July
6
618
5
/ 6
1
4
512 53
43 Jan 2
4
514 55
8
514 512
514 512 21,100 :Studebaker Corp(The)No par
94 Feb 21
/
1
112 Mar
83 June
8
.29
30
29
31
29
27
*30
29
2638 265
27
Preferred
27
500
100 1913 Jan 2 47 Feb 19
Apr 3818 June
9
6178 617 .6012 6112 6012 61
8
593 6012 60
4
80
*58
No par 5112 Jan 2 62 Apr 21
6013 1,200 Sun 011
35 Feb 59 Nov
4
112 112 .111 112
Preferred
130
1115, 1115, 1113 112 .112 11612 112 112
100 100 Jan 17 11312 Apr 23
89 Mar 103 July
19
19
19
19
20
19
19
•19
.18
20 .18
500 Superheater Co (The)__No par 15 Jan 8 2514 Feb 5
20
712 Feb 27 July
8 23
8
212 212
24 25
/
1
23
214 23
8
2
/ 23
1
4
8
2/ 212 3,600 Superior 011
,1
4
1
14 Jan 3
/
1
3 Feb 1
412 July
44 Jan
.1012 11
8
1112 1112 105 11
12
1012 10
12
1,200 Superior Steel
/ 1012 11
1
4
100 1014 Jan 4 15 4 Feb 19
8
3
2 Feb 223 July
*584 53
5% 53,
5
5
*43
4 5
*412 5
Sweets Co of Amer (The)___50
500
43
4 43
4
314 Jan 9
5 Jan 26
/
1
4
10 July
1 Mar
18 •1%
17
•13
8
Fs .11
.114
, 17
17s .118
8 .118 17
Symington Co
No pa
8
114 Jan 3
212 Feb 19
3 June
38 Apr
3
/ 33
1
4
.33
4 .312 4
Class A
No par
4 414
300
.312 4
312 312 .
3 Jan 11
/
1
4
338 3 4
53, Feb 23
3
514 July
14 Apr
/
4
4
12 .111 1218 113 111 *113 1218 12
/
4
12
4
*11% 12
12
500 Telautograph Corp
5 10 Jan 2 1514 Feb 1
34
8
183 July
818 Feb
51
53
8 53
4 1,400 Tennessee Corp
512 53$
555 55,
5
418 Jan 8
51 2 512
518 538 *53
63 Feb 19
4
13 Feb
8
71 Aug
8 2512 26
1 Jan 12 2938 Feb 5
2514 253
4 25
/ 2613 2534 263
4
4 2518 253
2513 14,600 Texas Corp (The)
261
25 23
10
/ Feb 30% Sept
1
4
353 3512 3412 3514 34
8
% 3514 3414 3
/
4
3
438 341 9.90() Texas Gulf Sulphur _No par 3410lay 3 4314 Feb 6
5
3
4% 347
15% Feb 4514 Nov
41, 412
8
412 45
414 43
8
5,100 Texas Pacific Coal & 011_10
414 41
412 45
/
4
414 414
318 Jan 8
138 Mar
612 Apr 4
612 May
83 Jan 6 12 Apr 2
4
9
9
8% 9
81
; 85
8
8,
8 855
814 812 12,400 Texas Pacific Land Trust_....1
81s 812
1118 June
312 Mar
133 133
2
8 1314 1314 13
No par
1318 1212 13 .1214 13 .1218 125
10 Jan 4 1513 Jan 30
SOO Thatcher Mfg
8
5 Feb 2218 July
4314 .4078 4318 .407 4318 4318 4318
4314 .41
4338 •41
cony pref__No par 39 Jan 15 44 Jan 29
8
100
.41
33.60
275* Feb 44 July
•Bid and asked prices, no sales on this day. (Companies reported In receivership. a Optional sale. c Cash sale. z Ex-dIvidend. y Ex-rights.
New York Stock Record-Concluded-Page 8
3058
tar FOR
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Apr. 28.
May 5 1934
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE EIGHTH PAGE PRECEDING.
Monday
Apr. 30.
Tuesday
May 1.
Wednesday
May 2.
Thursday
May 3.
Friday
May 4.
3 per share S per share $ per share 3 per share $ per share $ per share
912 1034 1014 1014 103 103
104 103
4
8
2 *912 10
912 10
613
6
6,
4 65
8
618
614 814
6
6
6
4 6
53
1814 1814 *15 4 19
•1814 19
3
*1812 184 .157 187 *154 184
8
8
8 83
8 *77
*814 85
77
8 83
8 *77
8 838 x778 74 *73
4 9
167
8 1638 1638 1612 165
1714 1712 16
8 1614 1614
163 1718
8
4
4 18
38 4
7
34 4
33
4 34
34 33
4
34 34
19
19
•19
*19
21
21
19
19
*19
21
•19
21
1314 1312 1212 1314 125 13
8
1213 13
122* 13
127 1314
8
4 83
/ 854 85
1
4
84
/ 843
1
4
85
8413 8412 84
844 82
84
*3512 42 .3512 42
*37
41
*3514 42 .35
40
*3514 404
9612 9612 9612 9612 9612 96
9614 9614 *95
96
9618 9618
712 77
8
72* 75
2
72*
718
7
73
8
74 714
714 712
323 3314 3112 3212 3112 3212 3158 32i2 315 325
4
8
8 32
3212
4 67
64 7
63
8
63
4 67
8
63
8 63
4
612 63
4
4
85
8 63
*1014 103
4
94 10
9
912
9
9
9
9
*9
10
5
5
43
4 5
43
8 43
4
43
4 5
43
4 Vs
43
4 43
4
.7712 7812 7712 7712 7713 7713 7712 7712 •7714 847 *7714 847
8
8
384 387 *38
2
3812 38
38
373 373
4
4 375 38 .38
8
3812
*212 23
4
213 212
212 24
212 212
4
212 212 *24 23
712 712
64 7
64 7
65
8 64
6
4 712
67
8 672
14 314 *3
318
314
3
.
3
3
312
3
3
3
*3
*434 44
43
4314 43
4312 4312 4312 4214 4314 43
4314
56
5412 5533 5412 56
56
54
55
533 5412 .5312 57
4
43
423 4313 42
44
8
4238 43
4312 4214 43
425 435
8
8
174 1712 17
173
8 165 17
8
1614 167
8 163 167
8
8 165 163
8
4
.204 203
2012 20
4 20
20
1912 195
8 1912 191 .
1912 203
4
2318 234 2238 2318 213 227
/
1
4
8 213 234 2178 225
4
/
1
8 225 2312
8
287 29
28
2812 275 28
8
27
27.8 2634 27
27
27'2
.11418 115
4
/
1
4.115 1153 .115 115
/
1
4.115 1153 115 115
4
115 115
44
4412 411 4414 4214 43
/
4
413 4212 42
4
4312 4312 4334
53
4 610
534 54
57
58
6
633
012
5
5'2
512 54
3312 33
333 335
8
8 33
333
8 323 33
4
3218 3258 3112 323
4
18
175 1814 17
8
1614 17
16
167
8 1578 1612 16
163
4
10
1014 *9
912 10
9 4 94
,
94
9 2 1014
97 10
,
8
54 55
8
5
458 45
514
8
412 5
5
5
44 44
7414 745
8 7212 7312 7014 72
70
7114 694 71
7012 71
1612 165
8 1612 163
4 163 165
8
8 1614 1638 1614 185
8 164 165
8
*965 983 *9612 9814 97 97
8
8
*96
97
*9612 973 .97
4
973
4
.23
4 312 *212 3
.213 3
*214 3
*214 3
*214 3
95
8 93
.1012 103
4 .912 103
4
4 104 1018 .914 10
*914 1018
12 5712 •50
5712
60
5713 *50
*50
5712 .50
593
4 57
*55
45
8 43
4
44 45
8
43
8 43
4
43
8 45
8
438 45
8 *414 45
8
.60
66
*60
66
*62
6112 *60
6412 6413 6412
6412 .60
/
4
8 464 4712 481 4612 4513 46
/
1
475 473
8
455 4618 4578 4714
8
44
44
*413 44
8
*35
44 .36
44
43 43
•43
50
238 212
218 214
2
23
8
24 214
24 214
24 214
/
1
2713 274 264 2712 2512 2612 25
2612 25
265
8 254 2614
19
218,3 19
4
4
19
185 1858 .183 In
8
8 19
193 193
8
19
27
.2
8 .2
27
8 *2
27
8 .2
27
8 •2
24
2
2
22
2114 213
22
4 2114 2114 2012 201/ 21
21
*2014 21
1112 1034 11
105 1034 104 107
•1112 114 11
8
8 11
11
86 .72
86 .72
.7214 86 .72
88 .72
86
•72
86
41
4114 4114 40
40 40
40
4014 *3812 407
8 384 40
3
.131 1317 12912 1317 127 127
8
127 127
130 130
130 130
3
93
4 94
912 94
918 93
8
94 914
94 9 8
3
914 914
8
5114 5114 505 51
50
51
50
50
4912 5014 4914 50
9
9
918
9
83
4 83
94 94
/
1
4
852 83
4
84 84
154 1614 1512 155
8 14
/
1
15
1412 15
1438 15
*1412 1513
74 .65
74
.65
65 65
.58
70
*58
893
4 584 58'2
84 9
814 85
8
812 812
74 83
8
8
8 14
818 8
,
4 211s 223
215 223
8 213 2234 2118 223
8
8
8 2118 22
2112 2214
5218 5612 523 553
545 57
8
4
4 52
55
523 547
4
8 5312 55 8
3
11414 11718 11412 116
119 120
11312 1173 114 117
4
11434 11734
*615 67
8
617 614 *6112 6218 62 62
8
.615 624 62
8
625
8
4612 4918 463 473
49
50
8
8 455 473
8
8 455 4612 4614 4714
8
9413 9214 9312 9213 923
8
941 943 x93
/
4
4 91
914 91
913
4
.10112 10312 *10112 10312 .101 10312 101 102 .101 102 *101 103
34 35
8
312 35
8
312 312
312 312
33
2 312
314 333
112 112
112
112 13
112
8
112 *13
13
8
133
1$8
138
2514 257
24
8 2418 25
243
8 23
2412 224 2338 2312 24
1014 10
10
1014 1014 10
10
10
1014 1014
1012 105
8
6914 711 70
.7014 72
/
4
701 7114 7112 *70 4 72
/
4
3
7112 72
334 3313 *334 3313 33
3314 3314 3312 33
3318 33
334
*4
3
/ 34
1
4
418
4
4
33
4 334
34 33
4
33
4 34
213 213
4
*193 21
8
4 2014 21
193 19
4
/ 1912 2012 *194 21
1
4
.7312 76
72
7312 *7013
•7312 76
•69
•70
__
.7618 767
8 76
764 76
76
76
76
75 75
733 7412
4
72* 714 •
.
714 87
8
714 8
714 71 .7
/
4
712
7
7
*66
6912 86
66
66
6712 66
67
68
68
6712 685
8
.718 714
7
7
7
7
612 612
612 65
8 •613 7
27
2712 264 27
2614 27
2512 2614 25
/ 2814 2618 2613
1
4
•10414 1053 1054 1053 .10414 1054 103 10414 *103 1053 .103 1054
4
4
/
1
4
/
1
5
5
*47
8 5
•
514 512
514 514
43
4 44 .44 5
.10
11
.812 103 .10
4
1012 *812 103
8 •812 1014 •812 104
.23
4 27
8
25
8 23
8
23
8 23
8
213 212
212 24 *212
3314 *3212 3314 3214 3213 .3112 3212 *3112 3214
3314 3312 33
74 73
8
6
/ 718
1
4
612 64
612 7
65
8 67
8
65
8 7
.2514 3012 *2552 30
*25
30 .2512 30 •2512 304 *2512 30
*25
8 3
25
8 24
25
8 238
24 212 .238 24
238 212
1114 1114 1034 103
4 103 11
8
105 11 14 1014 10 4 10 8 105
8
3
5
8
24
24
22
2338 2112 2112 .2218 2512 214 2118 •2214 253
8
*243 36
4
*233 25
4
24
24
*2312 25
*2312 2512 *2414 25
44 5
412 478
412 412 *412 5
.412 5
•412 514
13
4 2
*Ps
14
114
114 *114
13
4 *114
112 .114 14
*23
24
2214 2312 2158 22
2112 22
2212 2212 2214 2214
*587 59
8
8
587 584 577 577 .
8 5714 587 .5712 5814 55714 58'*
8
8
525 53
8
5112 53
5138 52
483 52
4
49
50
485 51
8
304 3112 30
31
32
/ 314 3114 3218 3112 3214 3134 32
1
4
384 395
/
1
8 3712 394 37
38
3658 3818 364 375
/
1
8 37
3814
.8814 90
*8814 90
89
90
89
90 .883 90
4
00
90
12
12 .1112 1212 11
11
1212 1212 .12
123 .11
8
113
4
__ .24
___ *24
_ .24
_ •24
__ •24
.24-.65
69 .65 68
65 65
*6318 - -34 *63 15
138
6413 ---643
4
.72
77
72
72
72
72 .704 72
*704 72
71
7112
*65
66
65
66
64
65
6414 65
6414 6414 *6414 65
*1064 10812.10612 10812 107 108 .10714 110
10714 109
10814 1091 1
101 101
10018 10018 *100 1001 100, 10014 100 100
/
4
4
1007 1007
8
8
34 34
33
2 34
33
4 33
4
33
4 34
3
/ 33
1
4
4
34 33
2
114
il
133
Ils
118
1 14
118 14
1 18
114 .
118
133
22 22
21
22
203 21
4
193 203
4
2014 21
4 19 4 21
3
*23
24
*2212 233 .2212 25 .22
8
25 .22
24
.2113 23
.53
60 •53
5514 *53
5512 .53
56 .53
55
*53
55
.2118 2312 21
2118 19
2018 1912 1912 .1918 21
*1918 22
*29
30
2912 28
*283 29 •28
8
2912 28
2814 28
28
.25
8
8 27
23
8 212 .23
3
2 8 25
5
8 234
258
238
2 8 25
,
8
911 914
833 64 .
9
8
814 9,
4
9
9
10
10
45
8 43
412 412
4
412 45*
438 412
414 414
414 44
7
7
6
/ 7
1
4
714
*63
4 67
7
74 7,
2
8
7
74
203 2112 21
2112 2012 22
8
2212 23
21
2214 21
2178
7512 74
7712 7712 7412 7612 74
764 7312 7412 74
78
8 50
504 52
5214 53
5012 51,
51
2 .50, 515
504 511
4
25
25
25
2434 25
27
271 2514 2514 25
/
4
•2418 26
4514 .45
49
4718 45
49 14 4914 46
49
4812 46
4612
36
36
3513 3512 *3512 37
37
.3718 4114 37
*3512 37
553 5512 53
8
/ 55
1
4
5318 54
5212 531 504 5212 514 521
/
4
.64
6514 644 64'z 6413 643
4 6412 6412 *64
6412 64
64
21
21
22
22
.185 2114 21
8
.1812 20
•1812 2114 21
512
518 538
54 53
8
54 512
5 8 54
,
514 514
514
46
/
4
45
45
46
*4214 50
4414 4414 441 45
45
45
185 19
8
4
18
/ 19
1
4
19
19
4
193 194 183 1918 183 19
8
8
2612 247 2538 2314 253
4 233 2514 24
4
4 25
25
2612 263
4
35
8 35,
,
33
8 33i .3 2 33
4
4
3 2 34 34 34
5
63
8 612
63
8 61
812 612
/
4
8
612 65
64 64
67
8 7
Safes
for
the
Week,
Shares.
600
2,700
100
300
2,800
3,900
300
30,800
1,800
600
16,300
10,500
14,100
1,000
6,500
300
1,100
1,200
3.400
800
1,700
1,400
17,900
5,500
1,200
35,200
2,700
100
9.600
49,900
6,900
31.700
1,820
1,500
8.900
15,200
100
400
10
3.200
200
2,100
60
3,000
14,700
500
100
1,100
1,400
1,600
300
2,800
2,600
1,300
3,300
200
5,600
69,800
30,600
16,900
600
86,600
2.800
200
6,500
1.500
6,500
1,700
3.50
2,400
2,000
1,200
___ ___
170
60
330
600
3,800
110
1,400
600
700
32,000
800
5,100
500
100
1,800
270
2,200
200
18,800
10,300
34,200
180
300
___ ___
120
80
90
80
150
1,600
5,200
2,800
170
1,800
900
1,200
1,600
2,900
8,700
3,800
18,800
1.300
490
300
790
1,100
400
7,400
350
3,300
9,200
900
6.400
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Highest.
PER SHARE
Rangefor Previous
Year 1933.
Lowest.
Highest.
Indus.&Miscall. (Conti.) Par $ per share
$ Per share $ Per share $ per share
The Fair
8 Jan 6 124 Feb 16
23 Mar 1212 May
No par
s
Thermold Co
918 Feb 19
3
1
1
5 2 Jan 4
Feb 1012 July
Third Nat Investors
1 1312 Jan 2 1938 Feb 6
10 Mar 2114 July
Thompson (J R)
25
713 Jan 18 11 Feb 5
8 Dec 1512 June
Thompson Products Inc No par 134 Jan 4 2014 Feb 16
53 Jan 2014 Sept
8
512 Jan 29
3 Jan 3
Thompson-Starrett Co_No par
12 Mar
912 June
19 Mar 31 2413 Jan 30
12
$3.50 cum pref
No par
Jan 30 June
812 Jan 4 144 Apr 23
Tidewater Assoc 011
34 Jan 111 Sept
No par
/
4
8518 Apr 30
Preferred
100 6412 Jan 4
2313 Apr 6514 Nov
Tide Water Oil
94 Apr 26 Dee
/
1
No par 31 Mar 26 40 Apr 27
100 80 Jan 11 9612 Apr 27
45 Feb 80 Dec
Preferred
812 Apr 24
Timken Detroit Axle
10
34 Jan 4
112 Mar
814 June
Timken Roller Bearing_No par 294 Jan 4 41 Feb 5
133 Feb 3512 July
4
813 Feb 5
Transamerica Corp__ __No par
25 Mar
8
812 Jan 3
93 July
8
812 Jan 2 1312 Feb 17
Transue dr Williams St'l No par
24 Mar 1712 July
63 Feb 3
4
44 Jan 8
Tr -Continental Corp__No par
23 Feb
4
81 July
/
4
No par 8014 Jan 9 78 Apr 20
41
Apr 275 May
8% preferred
Trim Products Corp_No par 33 Jan 8 40 Feb 3
2018 Feb 387 July
8
158 Jan 3 3 12 Feb 23
Truax Traer Coal
13 Apr
No par
51 July
/
4
95 Feb 19
8
/ Jan 4
1
4
2 Mar 123 June
10
4
Truscon Steel
4
25 Jan 6
8
4 Jan 15
Ulen & Cm
No par
81 June
/
4
33 Jan
Under Elliott Fisher Co No par 36 Jan 5 5113 Jan 20
914 Feb 3912 July
8
Union Bag & Pap Corp_No par 43 Jan 8 607 Feb 23
512 Jan 60 July
Union Carbide & Carb_No par 4112121ar 27 504 Jan 19
1934 Feb 517 July
8
Union 011 California
812 Mar 234 July
25 154 Mar 21 2012 Feb 5
154 Jan 9 21 Feb 5
Union Tank Car
1013 Feb 2234 June
No par
1758 Feb 13 374 Feb I
1612 Mar 464 July
United Aircraft & Tran_No par
/
4
No par 23 Jan 8 291 Apr 26
1311 Feb 2758 July
United Biscuit
92 May III Dec
Preferred
100 107 Jan 9 11512 Apr 27
4
United Carbon
101 Feb 38 Dec
/
No par 35 Jan 4 453 Apr 25
4
84 Feb 7
4 Dec 1412 June
412 Jan 4
United Corp
No par
2213 Nov
3
Preferred
No par 24 4 Jan 3 3778 Feb 7
404 June
618 Dec 12 Sept
91 Jan 8 1814 Apr 28
/
4
United Drug Inc
5
8
87 June
3 8 Jan 2 107 Apr 26
3
8
United Dyewood Corp
10
8 Feb
4
6 Apr 25
1 Mar
84 July
318 Jan 10
United Electric Coal___No par
2314 Jan 68 Aug
United Fruit
No par 59 Jan 5 77 Apr 21
137 Dec 25 July
8
1412 Jan 4 2018 Feb 6
United Gas Improve
No par
8212 Dec 100
Jan
Preferred
No par 86 Jan 8 9812 Apr 27
13 Jan
353 Feb 19
513 July
100
13 Feb 13
4
:United Paperboard
313 Mar 217 July
8
/
1
4
7 Jan 8 13 Feb 20
United Piece Dye Wka_No par
35 Dec 85 July
100 49 Jan 12 88 Feb 21
8)4% preferred
3 Feb
4
6 Apr 20
714 July
United Stores class A__No par
314 Jan 11
45 Mar 86 July
Preferred class A___ _No par 5418 Mar 21 66 Apr 16
Apr 24
214 Apr 5112 July
/
1
Universal Leaf Tobacco No par 4014 Feb 26 504
Apr 35 June
10
8
Universal Pictures tat pfd 100 167 Jan 8 464 Apr 11
3 Feb 18
14 Apr
33 July
8
Universal Pipe & Bad
1
114 Jan 2
612 Ma
2212 July
U S Pipe & Foundry
20 18 Jan 4 33 Feb 7
124 Apr 10 may
/
1
8
193 Feb 23
1812 Jan 11
let preferred
No par
1
4 Jan 31
Oct6 June
DI Jan 5
US Distrib Corp
No par
7 Feb 2938 July
1913 Jan 4 2712 Feb 5
U 9 Freight
No par
318 Feb
17 July
814 Jan 2 1514 Feb 5
/
1
4
US & Foreign Seettr_ No par
3612 Mar 84 July
/
1
4
No par 63 Jan 5 78 Feb 28
Preferred
18 Feb 5313 July
US Gypsum
20 3712 Mar 22 5012 Jan 24
7% preferred
100 115 Jan 10 132 Apr 26 10114 Jan 121 Sept
132 Apr
1178 June
5
U S Hoff Mach Corp
5
4 8 Jan 9 1018 Apr 21
4
1313 Feb 94 July
U 9 Industrial Alcohol_No par 4914M11y 4 843 Feb 9
114 Jan 24
23 Mar 1714 July
8
8 Jan
/
1
4
US Leather v t o
No pa
414 Feb27 July
191 Feb 1
/
4
14 Jan
/
1
4
No par
Class A v t e
30 Feb7814 Sept
80 Jan 30
100 5511 Jan
Prior preferred v t o
1234 Feb 2
4
2 13 Feb1413 July
73 Jan
U 9 Realty & Impt___No pa
24 Apr 21
24 Feb25 July
No par 144 Jan
U 9 Rubber
6114 Apr 20
511 Feb43 8 July
100 2418 Jan
7
1s1 preferred
13512 Feb 16
8
1312 Jan 1054 Sept
U S Smelting Ref & Min___50 965 Jan 1
3912 Jan 58 Sept
6318 Apr 21
50 5413 Jan 1
Preferred
233 Mar 6712 July
8
8
100 4558:slay ' 597 Feb 19
U 9 Steel Corp
53 Mar 10512 July
100 88 Jan 9 9912 Jan 5
Preferred
No par 99 Jan 5 110 Feb 6
Jan 10913 Dec
59
U 8 Tobacco
54 Feb 6
1
25 Jan 5
8
Utilities Pow & Lt A
14 AD
84 June
1 Jan 2
Vadsco Salem
No par
17 Jan 25
8
3 Jan
8
318 July
4
7 8 Mar 3614 July
5
Vanadium Corp of Am_No par 21 Jan 5 313 Feb 19
5
412 Jan 2 114 Apr 18
15 May
8
10 July
Van Raalte Co Inc
2012 May 65 Sept
100 2544 Mar 1 98 Feb 5
/
1
7% 1st pref
2318 Dec 31 Sept
5 245 Jan 4 343 Apr 23
4
8
Vick Chemical Inc
54 Jan 23
318 Jan 11
5 Feb
8
Virginia-Carolina Chem No par
73 July
8
33 Mar 2812, July
8
100 1413 Jan 3 26 Feb 5
6% preferred
3532 Mar 8312 July
100 59 4 Jan 8 7312May 1
3
7% preferred
Virginia El & Pow 28 pf No par 65 Jan 2 78 Jan 30
60 Dec 8553 Jan
9 Feb 23
44 Jan 11
24 Feb
15 May
Virginia Iron Coal & Coke_ 100
100 52 Jan 4 79 Mar 9
Vulcan Detinning
123 Feb 677 June
4
8
8 8 Feb 20
7
Waldorf System
No par
5 Jan 2
/
1
4
54 Dec 12 July
/
1
Walgreen Co
No par 2214 Feb26 284 Apr 4
Apr 1012 Sept
100 8412 Jan 4 10534 Apr 30 75
651% preferred
4
No par
84 Feb 1
23 Jan 4
Walworth CO
8
83 June
4 Apr
Ward Baking clam A__No par
218 Mar 20 July
613 Jan 5 12 Feb 5
34 Feb 5
21/ Jan 11
Class 13
No par
2
53 July
53 APr
1112 Apr 447 July
100 274 Jan 5 36 Jan 24
8
Preferred
Warner Bros Pictures
5
44 Jan 6
1
Feb918 Sept
814 Feb 5
$3.85 cony prof
No par
1813 Jan 19 314 Apr 24
414 Feb2412 Oct
Warner Quinlan
478 June
15 Jan 4
8
No par
5 Mar
8
37 Feb 16
8
Warren Bros
24 Feb223 June
No par
53
9 8 Jan 4 13 Jan 24
3
8
Convertible prof
No par
8
16 Jan 8 287 Apr 23
712 Feb35 8 June
5
Warren Fdy & Pipe
No par 2334 Apr 9 31 Jan 20
5 Feb30 Dec
Webster Eisenlohr
7 Jan 25
8 July
1
No pa
Jan
412 Apr 30
Wells Fargo & Co
1
Is Apr
214 Jan 23
312 June
1 Jan 17
WO880/106 & Snowdrift No par 15 4 Jan 4 273 Feb 21
7 Mar 3712 July
8
3
Cone preferred
No par 5212 Jan 5 60 Feb 23
40 Mar 63 July
Western Union Telegraph_100 48'
1714 Feb7714 July
8
-,,May 4 867 Feb 6
/
1
4
Westingnie Air Brake_No par 26 Jan 5 38 Feb 6
4
113 Jan 3552 July
4
Westinghouse El & Mfg___50 35 Jan 4 4714 Feb 5
/
1
4
193 Feb583 July
8
let preferred
6012 Feb98 July
50 8312 Jan 17 92 Jan 30
Weston Eleo Instruml_No par
313 Feb1314 July
84 Jan 3 14 Feb 5
10 Mar 2214 July
Class A
163 Jan 5 23 Mar 27
8
No par
West Penn Elea class A_No par 4412 Jan 8 68 Apr 26
30 Apr 73 June
37 Apr 773 June
Preferred
100 513 Jan 8 77 Apr 20
4
4
3313 Apr 6912 July
6% preferred
100 45 Jan 3 67 Apr 16
West Penn Power pref
8812 Dec 1103 Jan
100 8912 Jan 2 10911May 4
8
80 Dee 101
6% preferred
100 783 Jan 10 10112 Apr 21
2
Jan
West Dairy Prod ol A_ _No par
3 Jan 10
212 Apr 114 June
614 Jan 30
Class B v t c
4 Mar
No par
212 Jan 30
l's Jan 3
414 June
147 Jan 12 271 Feb 8
2
Westvaco Chlorine Prod No par
5 Mar 2013 July
/
4
19 Jan 6 29 Feb 21
Wheeling Steel Corp___No par
74 Jan 35 July
Preferred
100 38 Jan 4 57 Feb 26
15 Feb 67 July
White Motor
50 1653 Jan 8 2813 Feb 19
14
Jan 2812 July
WhiteRkMinSpr ctfnewNo par 24 Jan 4 3113 Apr 19
23 Oct 29
Oct
White Sewing Machlne,No par
37 Feb 6
8
14 Jan 8
4 Jan
41 July
/
4
Cony preferred
54 Jan 12 1114 Apr 20
118 Jan
No par
1012 July
Wilcox 011 & Gas
53 Apr 5
4
34 Jan 9
2 Mar
5
513 Juno
9 Apr 11
Wilson dr Co Inc
44 Jan 8
No par
11 June
4 Jan
1214 Jan 9 264 Apr 13
Class A
4
No par
Jan 22 June
Preferred
19 Mar 7213 July
100 53 Jan 8 841, Apr 11
Woolworth (F NV) Co
544 Apr 21
.
10 4114 Jan
254 Apr 504 July
Worthington P & W
100 21 Jan 5 314 Feb 5
8 Mar 397 July
8
Preferred A
100 34 Jan 10 53 Jan 24
14 Mar 51 June
Preferred B
100 30 Jan 10 42 Jan 24
14
Feb 47 June
Wright Aeronautical___No par
164 Jan 8 75 Jan 27
6
Apr 24 May
Wrigley (Wm) Jr (Del)No par
5412 Jan 11 65 Apr 20
3412 Feb5714 Dec
Yale & Towne Mfg
_ __25 14 Jan 5 22 Apr 24
7
Jan 23 Juno
Yellow Truck & Coach ol11.10
418 Jan 2
7 Feb 19
/
1
4
Co24 Mar
7 July
/
1
4
Preferred
100 28 Jan 2 4713 Apr 26
18 Mar 42 July
15 Jan 8 22 Feb 19
/
1
4
Young Spring & Wire.No par
312 Mar 1918 July
Youngstown Sheet dr T_No par 2112 Jan 3 33 Feb 19
/
1
4
712 Feb
3753 July
Zenith Radio Corp._ ..No par
4 Feb 5
/
1
4
3 Jan 12
5 I7eo
12 Feb
54 Jan 16
Zonite Products Corp
7 Feb 19
/
1
4
1
35 Feb
8
812 July
.
Bid and asked prices, no sales on this day. I Companies reported In receivership.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
a Optional sale.
c Cash sale. 2 Sold 7 days. x Ex-dividend.
y Ex-rights.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
3059
On Jan, 1 1909 IS Exchange method of quoting bonds was changed and prices are now "and interesr-except for income and defaulted bonds.
-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
NOTICE.
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 4.
*1 .
.4 a.
Price
Friday
May 4.
Week's
Range or
Last Sale,
4. .
,0,2.1
.
0
5
U. S. Government.
Ind
Ask Low
High No.
First Liberty Loan-34 of '32-47 J D 1033144 Sale 1037341101144 397
1 D ____ ____ 100174a.lan'34 ---Cony 4% of 1932-47
1 D 101,133 Sale 1033
Cony 44% of 1932-47
.421011142 176
J D 101% 1013 1027°44Apr'34 --211 cony 44% of 1932-47
.
Fourth Lib Loan 44% of '33-38 A 0 101331 Sale 101 33 1013, 491
,
44% (2d called)
_ 1021744 Sale 102134410217o 263
Treasury 44e
1947-1952 A 0 1111444 Sale 1103,
44111 1.3a 1142
Treasury 41.4s to Oct 15 1934.
thereafter 34%
1943-45 A 0 10274a Sale 1021144102510 570
Treasury 4s
1944-1954 J D 1073344 Sale 1067,
421075442 342
Treasury 3)4s
1948-1956 M 5 101 11Sale 1051744106
736
Treasury 34s
1943-1947 J D 1031344 Sale 103744 1031$44 233
Treasury 3s___Sept 15 1951-1955 M 9 1006,8 Sale 9925
.1003n 1723
Treasury 3)45 June 15 1940-1943 1 D 103243 Site 10314421037
% 393
Treasury 34e Mar 15 1941-1943 M S 103233 Sale 103138,10329.3 515
,
Treasury 34s June 15 1940-1949 J D 101193 Sale 101 13001,933 814
,
Treasury 348
Aug 1 1941 F A 1031933 Sale 10393, 103293, 1017
Treasury 3 Its_ _ _ ____1944-1946
- 1021344 Sale 101274410213o3599
Fed Farm Mtge Corp 34,s__1964 51S 102544 Sale 101u:41025n 551
--Home Owners Mtge Corp 49_1951 J J 1002232 Sale 100123,1002231 1379
State & City-See note below.
Foreign Govt. 8. Municipals.
1947 F A
Agri° Mtge Ranks 1 63
Feb 1 1934 subtle(' coupon__
A0
Sinking fund 69 A _Apr 151948 -With Oct 15 1934 coupon___ - .,
Akershus (Dept) 614 Se
1963 MN
Antlopula (Dept) coll 76 A 1945 J J
External e f 75 ser 13
1945.5 1
External ,t 7e ser 1_1
1945.5 J
External 9 1 7s ser D
1945.5 1
1957 A 0
Externals f 78 let ser
External see s I 78 211ger 1957 A 0
External sees f 7e 3d ser 1957 A 0
Antwerp (City) external 58_1958 J D
Argentine Govt Pub Wks 88_1960 A 0
Argentine 88 of June 1925 1959 J D
Extl to f Os of Oct. 1925._ --1959 A 0
1957 M 5
External St Os series A
External 68 series B_Dee 1958.5 D
Esti s f 8s of May 1920-1960 M N
Externals t 13s (State Ry)_1960 M 5
Exit 65 Sanitary Works_ _1961 F A
Extl 89 pub wks May 1927 1981 SIN
Public Works extl 5)4s,..,.1902 P A
Argentine Treasury 53 _ _1945 M S
Australia 30-yr 58___July15 1955.5 J
f-External Ss of 1927_ _Sept 1957 M S
External g 434s of 1928_1956 M N
Austrian (Govt) a t 78
1943 1 D
Internal sinking fund 78_1957 J 1
22181'____
243 Sale
8
2218 Sale
225 25
8
7918 Silo
113 Site
8
llis 113
4
1118 12
1118 12
1012 1112
10is Ill
10'21.113
4
917 Site
8
7538 Silo
75 Silo
7512 Site
75 Silo
7112 Site
754 Site
7412 Silo
7518 Site
75 Silo
68 I Site
9318 9518
95 i Site
95 Silo
9314 Silo
993 997
4
8
76 Silo
3
23%
2212
22
243
8 21
2414
1
2414
2314
2
24
7918
4
31
1114
1214 24
1034
1112
8
11
11
2
103
4
1118
8
1134 Apr'34 _-__
1118
1138
12
1018
11
3
9118
9178 32
74
7538 59
7318
753
8 59
7338
7512 48
7318
7514 39
7318
75
57
7318
753
8 26
46
7314
75
735s 17518 37
20
733 A 75
8
37
6612
88
94
9418 35
95
65
94
9418
95
43
9178
9314 61
9912
997
8 11
7234
22
76
Bavaria (Free State) 610_1945 F A 4112 Sale 4138
4212 27
Belgium 25-yr esti(349
1949 M S 10118 Silo 101 8
103
11
1988 J J 10034 10112 1003
External s f 68
4 10112 20
External 30-years f 7O
1955 1 D 107 Silo 10618
23
107
1956 MN 105 Sale 10412 105
Stabilization loan 7e
46
Bergen (Norway)58-013t 15 1949 A 0 793 85
8
8212 Apr'34 -External sinking fund 58.-1980 M 5 8012 8112 8018
6
8112
Berlin (Germany)8 f 649
1950 A 0 33 Site 3212
7
3414
External s f 69_ -June 15 1958 J D 33 4341 3212
15
35
4
Bogota (City) esti s188
1818
1945 A 0 18 1 20
1934 18
Bolivia (Republic of) ext189_1947 M N
918 Silo
812
914 15
External secured 78 (fiat).1958 I J
77e Site
7
63
8
External 5175 (flat)
1969 M 8
77 Site
8
25
7
8
Bordeaux (City of) 15-yr 69_1934 MN 169 170 169
4
16918
Brazil(US ot) external 89_1941 J D 3114 3212 3114
3214 33
External 91 03.4s of 1928 1957 A 0 263 Silo 28
8
2612 74
External s I 849 of 1927 1957 A 0 263 Silo 28
8
287
8 48
78 (Central RY)
1952 1 D 2714 Silo 2812
9
2714
Bremen (State of) esti 7e
4
1935 Ni S 543 5718 5412*
14
56
Brisbane (City) s 1 58
1957 M 5 8414 Silo 8412
843
4
5
Sinking fund gold Eis
4
1958 P A 843 Silo 813
7
8
847
8
20
-year a 1 Os
1950 J D 9312 94
93 Apr'34 ____
Budapest (City) sills t 68_1962 1 D a4318 Sale 43
433
8 17
Buenos Aires(City)64s 2 B 19551 .1 6518 67
6518
10
67
External s t (is ser C-2
Apr'34 ____
1960 A 0 69_ 60
External a 1 89 ser C-3_ __ _1900 A 0 8118. -6i 63
Apr'34 __
Buenos Aires (Pros') eat! 69_1961 M 5 4512 Silo 4512
7
4018
Stpd (Sep 1 '33 coup on)1961 M S 3818 Silo 384
397
8 52
Externals f 64s
8
1961 F A 463 ____ 41
Apr'34 ____
Stpd (Aug 1 '33 coup On)1981 F A
40 Site 40
13
41
Bulgaria (Kingdom) at 7s__ _1987 1 J 2212 Site 2212
2212 10
Stabil'n 8 1 74s__Nov 15 1968 MN
24 Site 24
215
8 11
Caldas Dept of(Colombia)7348'46 J J
1412 1612 14
15
21
Canada (Dom'n of) 30-Yr 49_1900 A 0 9.534 Silo 9914
993 177
4
59
1071
1952 M N 1077 Silo 10738
8 47
4)4s
1938 F A a1033 Silo 1035
8 1033
8
4 29
Carlsbad (City) at Ss
1954 J J 7814 704 78
1
78
Cauca Val (Dept) Colom 749'46 A 0 1412 1612 1312 Apr'34 _
Cent Agric Bank (Gee)
_1950 M S 564 Silo 56
31
57
Farm Loan St 8s__July 15 1980 .1 J 4912 Silo 49
7s.5012 39
Farm Loans 1 68__Oet 15 1960 A 0 49
50
49
64
501
Farm Loan tho ser A Apr 15 1938 A 0 555 Silo 55
8
5534 31
Chile (Itep)-Ext1 5 f 78
1942 MN
157 SID 133
8
8
157
8 35
External sinking fund 89 1960 A 0 1514 Silo 134
153 183
8
Ext sinking fund (is_Feb 1981. F A
1514 Silo 133
4
1534 140
Ry ref eat a f 6s
153 207
4
153 Silo 1312
Jan 1961 J J
4
Ext sinking fund 69__Sept 1961 Ni 5 1512 Silo 1334
153
4 91
External sinking fund 89__1962 M S 155 Salo 1314
8
1538 88
External sinking fund 69_1903 M N
1512 Silo 1314
153 143
4
Chile Mtge lik 6348 Juno 30 1957 1 D 1518 Silo 1418 I
1512 123
S f 654s of 1920__June 30 1961 J D
1614 Silo 15 j(
1614 38
Guar s 1 6s
Apr 30 1961 A 0 1514 Silo 14 1
1512 70
Guar s t 6s
1518 Site 133 i
1982 M N
4
1518 51
Chilean Cons Muni° 7s
1980 ME 5 1012 Sala 10 1
11
6
8
Chinese(Hukuang RY)5s_ _1951 J D 387 Silo 3878 I
3912 43
Christiania ((Oslo) 20-yr St (is '54 M 8 9018 93
90
Apr'34 __
cologne(City)Germany 8491950 M S 3238 ____ 324
3312 12
Colombia (Rep)6s of'28_ _Oat'61
3112 3014
Oct 1 1933 and sub coupons on. A 0 30
31
21
Apr 11938 and sub coup's on ---- 27 Silo 253
8
27
107
3112 10
Enter 69(July 1 '33 coup on)'61 J J 2814 3112 31
WithJuly 1 1934 eoupon on__ ..-.. 27 Sala 2514
72
27
Colombia Mtge Bank (3 49 of 1917 A0 2212 Sala 21
2212 38
2212 8119 2112
2212 46
Sinking fund 7s of 1926_1916 MN
2118 23
Sinking fund 7s of 1927_1917 F A
2012
2212 57
Copenhagen (City) Se
1952 1 D 7918 80
7812
701
4 21
1953 M N 7612 Silo 7514
7012 44
25-year g 449
3514 176
Cordoba (City) extl a f 7a,,.1957 F A 35 Sits 3314
36
8
Apr'34 __
External St 79__ __Nov 5 1937 MN 335 40
487
8
Cordoba (Pros') Argentina 7s1912 5 J 4812 Silo 4312
5
Costa Rica (Republic)Apr'34 ---78 Nov I 1932 coupon on_1951 M N
35
____ 33
4
213
4 ___ 213
7
22
76 May 1 1936 coupon on_1951 -_
9214 Apr'34 ____
93
Cuba (Republic) 5s of 1904_1944 M S 9114 External 50 of 1914 ser A 1949 F A 94__ 95 Apr'31 ___
7612 11
76
7612 - 80
External loan 449
1949 F A
4
78
Sinking fund 539s Jan 15 1953 .1 J 7714 Silo 7714
3434 33
Public wks 549 June 30 1915 1 D 3438 8113 34
1514
11
Cundlnamarca 814s
1959 Ni N
143 Silo 1334
8
Range
Since
Jan. 1.
Low
High
100444 104144
1001,331001133
10134,10411 3,
1021.4410231n
1131211,, 104,
44
10234410213n
10411441111,n
97134410231n
1015144107244a
100%1 106
9853441031344
9313
.10(Po
98334410317n
983.4410333n
9519311011913
97174,1032933
101744 10213o
101334,1023n
100123310022n
182
4
20
1538
16
6812
134
9
938
818
818
8
8
824
5312
5312
63
53
5358
533
8
5312
5238
5258
4712
803
4
8812
89
83
914
50
25
25
2512
2512
815
8
173
4
17
17
1714
1434
145
8
145
8
9912
7312
7812
787
8
7838
7812
7812
7314
7812
7812
7112
99
9738
9738
95
100
76
4014 5912
95 105
94 10412
99 109
957 1063
a
4
88
8212
8812 8212
3212 52
3012 4912
1718 24
618 113
4
53 1012
4
514 1012
149 17014
4
223 3612
2014 32
2014 32
2012 32
5318 6318
7314 88
8772
73
83
955
8
3118 4612
4618 684
47
60
4514 63
3914 48
264 4418
3138 4612
27
42
187 24
a
23
2812
103 183
2
4
92
997
8
10314 1033
4
1003 10118
4
6711 8012
103 19
4
55
73
4612 69
4612 69
4912 70
9
16
718 16
7
153
4
7
153
4
73 154
4
714 155
8
718 16
912 1512
10
1814
818 1512
8
)513
7
12
273 4278
8
813 93
8
31
50
2112
185
8
21
1812
15
1512
15
834
5912
14%
2978
251a
353
8
3212
3534
321s
24
24
26
84
7812
3.5l4
36
5338
30
183
4
747g
93
627
8
6172
23
104
33
22
95
95
78
8418
417
8
193
4
.... ...
$,32
BONDS
3.. o
N. Y. STOCK EXCHANGE 4*E
Week Ended May 4.z..'a..
Price
Friday
May 4.
Week's
Range or
Last Sale.
.2. .
d.
j.:
ti:it
Range
Since
Jan. 1.
Foreign Govt. & Munk.(Con.)
Bid
High
Ask Low
High No. Low
Czechoslovakia (Rep of) 8s__1951 A 0 9912 Sits 993
4
88 101
9912 18
Sinking fund 8s ser B
1952 A 0 99 101 100
90 101
5
100
Denmark 20
-year extl eis
1942 1 .3
963 5113 953
4
4
9614 31
864 9714
External gold 5349
1955 F A 9114 Oils 90
833 9512
9114 56
4
External g 44s__Apr 15 1982 A 0 83 Salo 82
71
87
67
83
Deutsche Bk Am part ctf 60_1932
Stamped extd to Sept. 1 1935_ --- 6914 717 73
Apr'34 ____
8
7112 77,
4
Dominican Rep Cust Ad 534s '42 M 5 63 Silo 6218
433 65
9
63
let ser 534s of 1928
1940 A 0 513 59
57
4
36
40
55
57
211 series sink fund 5)4s
1940 A 0 5434 55
6
543
4
56
374 57
Dresden (('ity) external 7s 1945 M N a5314 Sets 53
46
584
5
54
Dutch East Indies esti 88_1947 J .1 16114 Salo 16212
16412 20 150 185
40-year external Os
1982 M S 16438 Sale 162
4
16412 35 1511 165
30
-year extl 54s
Nov 1953 M N 1635 Sale 16212
8
5 151 16412
16358
30
-year ext 54s___Mar 1953 M S 163
____ 165
Apr'34 ____ 15112 165
El Salvador (Republic) 8.9 A.1948 J 1 5518
484 60
5212 Apr'34 ____
.1 1 51
38
55
51
54
Certificates of deposit
Apr'34 ____
Estonia (Republic of) 7s____1967 1 J 75
577 76
8
8
75
7512 75
9714 13
Finland (Republic) ext 6s___1945 54 5 9612 9712 298
79
9734
Externalsinking fund 78_1950 M s 9912 s 7 99 4
8612 10014
S
3
997
8
8
9 ,8 91 963
7
sink fund
External
7812 99
975
8 10
63.4s_1956 Ni
9112 Site 904
External sink fund 549-1958 F A
78
934
9112 40
9512
Finnish 1VIun Loan 645 A__I954 A 0 93
77
1
9414
9414
95
External 64s serial B____1954 A 0 933 Salo 933
4
4
933
4
7512 95
1
Frankfort(City of) 51 6348._1953 M N
3114 347 33
293 48
4
9
8
35
French Republic eat) 748_1941 1 D 1825 Sits 1793
4
8
1823
4 29 15414 1823
4
External 78 of 1924
1949 J D 182 Silo 180
23 160 182
182
German Government InterneUm:111135-yr 510 of 1930_1905 J D 453 Salo 433
4
404 8312
8
4
465 585
German Republic esti 7s
1949 A 0 7112 Sale 6812
6412 87,
2
733 453
4
German Pros' & Communal Bks
4
(Cons Agile Loan) 834s A.1958 J D 4014 Silo 3818
363 7112
28
41
Graz (Municipality) 88
573 8619
8
8
1954 MN 8618 Site 823
11
8618
Only unmatured coupons on _ __
62
62
- 58
Apr'34 ____
____ 62
(It Brit & Ire (II K of) 5 49_1937 -- 120 Sale 11918
FA
2
84 1113 124
120
4
t'll% fund loan L oPt 1960A990 MN (411634 Site 211614 211614 76 109 11712
Greek Government steer 78.1964 MN
2914 32
2812 Apr'34 ____
22
33,2
8 t sec 6s Aug '33 coupon-1988 F A 2318 21
183 31
4
7
24
24
Haiti (Republic) a 1 6s ser A.1952 A 0 75 Site 75
7411 81
11
75
Hamburg (State) tle
3334 58
1946 A 0 3412 Silo 3412
12
3514
Heidelberg (German) extl 7349'50 J 1 27
Apr'34 ____
2714 31
30
44
Heigh:10(3re (City) ext 0 34s 1980 A 0 9412 Silo 9312
9412 55
724 95
Hungarian Manic Loan 7to 1945 J J
285 4414
8
3934 Silo 3814
7
393
4
External ,f 75 (coup)
4312 Sae 4218
1946 J J
4312
30133 45
7
Hungarian Land M Inst 734s '01 M N
5018 Sale 5018
3312 5012
1
5018
Sinking fund 748 ser B
31
5018
1961 M N 5018 Site 5018
2
5018
Hungary (King of) s f 743_1944 P A
3112 4214
383 4012 3812 Apr'34 ____
4
Irish Free State extl et 59
4
1960 M N al143 Silo 114
14 11018 116
11514
Italy (Kingdom of) extl 7s 1951 J 13 1003 Silo 9934
8
993 102
3
10038 78
Italian Cred Consortium 78 A '37 M S 9934 Site 98
95 100
7
993
4
External eee vile ser B
914 100
1947 M 9 98 Site 98
2
98
Italian Public, Utility extl 78_1952 1 J 92
9238 903
8614 931a
4
923
4 18
Japanese Govt 30-yr 81649_1951 P A 934 Silo 9112
86
9612
933 101
4
Extl sinking fund 549_1985 MN 82 Site 813
731 88
8
8314 47
:
Jugoslavia (State Mtge Bank)
4212
Secured s t g 79
32
1957 A 0 42 Sae 42
4212 11
23
27
27
Apr'34 ____
27
7s with all unmet coup A957- -- 18
374 62
1947 F A 6134 Site 60
28
Leipzig (Germany)8 t 78
62
Lower Austria (Pros') 754s_1950 I D 81
____ 8118 Apr'34 __._
60
814
Only unmatured coups attach'd __ 8212 ____ 50 Feb. ____
50
63
34
Lyons (City of) 15-year 88_1934 M N 16914 Silo 169
9 149 170
16938
Marseilles (City of) 15-yr 69.1934 MN 16912 Silo 16734
4
6 149 170,
16912
8
Medellin (Colombia) 6129_1954 J D
8% 163
12 Silo 1118
18
12
5
Mexican Irrig Asstng 448_1943 MN
4,
4
73
4 53 Apr'34 ____
2 73
9
Mexico (US) extl 5.9 ot 1899 £ 45 Q J -------- 4 Sept'33 ____ -.-- --614 10
812 Apr'34 _
Assenting Soot 1899
1945 ---- ____ 25
918 Apr'34 ____
712 1114
Assenting Sc large
718
718 25
718 8
Assenting 5s small
438
Assenting 40 of 1904
714
3
5
5
5 Sile
1984 ---414 Mar'33 -----------53
8 6
Assenting 48 of 1910
_
Assenting 4s of 1910 large
8 Apr'34 __
---- --_- ____
54
3
4
424
838
2
5
Assenting 4s of 1910 sinall
5
,....2 --_- ___
•
Tress 89 of'13 assent (large)'33 J J
•
•
•
*
Small
*
4
Milan (C)ty. Italy) esti 634s 1952 A 0 893 Site 893
8511 917
4
8
a
29
90
Minas Geraes (State) Brazil
21
17
4
External s t 830
1958 M 8 183 2012 1718
1814 59
1834 Site 1814
Ext 600 641 series 31-.1959 M S
1712 23,
3
183
4
2
36
2714 35
35
Montevideo (City of) 7s
1952 1 D 35
10
35
31
2614 31
2912
External s t 6s series A
1
2912
1959 MN 27
New So Wales (State) extl Se 1957 F A 9312 Silo 9212
85
98
9312 14
8514 95118
External s f 55
9312 16
Apr 1958 A 0 9312 Salo 93
8
Norway 20-year ext 69
9112 101,a
1913 F A 1003 Silo 9918
10012 30
1914 F A 9914 101 99838
9014 101
20-year external Os
10934 26
4
8912 100
30-year external 68
1952 A 0 991 Silo 9812
9978 60
2
8
40-year s f 5 49
1334 95,
18
94
1965.5 D 937 Sets 93
8012 92
External a t 5s___Mar 15 1963 M S 9114 Silo 903
8
914 26
8312 91
Municipal Bank ext18159.1967 I 0 90
5
__ _ 90
90
91
81
8
8
Municipal Bank extl 9 f 59_1970 J D 90, Silo 90
90 18
4
3134 Salo 313
313 5512
14
4
Nuremburg (City) extl 6s
1952 P A
35
7712
(35
7212 18
Oriental Devel guar 69
1953 M 3 7212 Site 7114
4
623 74
Extl deb 534s
1958 MN 6814 7212 69
6912 18
7618 93
4
0 (City) 30-year 8 ? 68_1955 M N 9114 Silo 91 14
,
310
927e
98 10312
Panama Mew esti 554,,,_._1953 1 D 10312 Silo 10314
6
10312
2918 44
2
Esti a f 5seer A___May- 1983 M N 3914 13113 23914
3912
15
293 44
8
8
40 Silo 39
Stamped_
40
Pernambuco (State of) extl 75 '47 hi 5 1312 Silo 1212
15
1414
107 184
8
812 17
1512 10
Peru (Rep of) external 7s
4
1959 11/I 5 1512 Silo 143
5 2 144
7
104 Silo
Nat Loan sills f Os 1st ser 1980 J D
112
93
4
11
614 1418
23
Nat loan esti s Its 211 ser_ 1961 A 0 11 Silo
91
11
4
77
59
16
Poland (Rep of) gold 89
77
1910 A 0 77 Salo 75
88 1074
1073 178
8
Stabilization loan 9 f 79_...1917 A 0 10714 Silo 10314
6914 87
103
External sink fund 4:83
87
1950 / J 8534 Salo 85
18
244
4
1812
Porto Alegre (City of) 81_1981 J D
1712 1912 18
1718 244
Ent guar sink fund 710_1988 1 .1
173
8 13
174 Silo 1718
83 100
Prague (Greater City) 7)4s._1952 M N 92 100
Apr'34 ____
99
3978 76
Prusala (Free State) extl 6349 '51 Ni 5 33 Silo 3718
374 58,
2
39i2 35
3612 5712
Externals f Os
1952 A 0 38 Silo 3512
2 102 10612
Queensland (State) extl ef 78 1941 A 0 10312 105 1011
4
10512
25-year external 6s
9412 103
3
10214
1917 F A 101 102 102
Rhine-Main-Danube 78 A
50
674
4
55
1950 Ni 5 55 Silo 53
Rio Grande do Sul extl to f 89_1916 A 0 2314 Silo 23
26
20
13
2414
External sinking fund 133_1968 J D
1814 24
23
19
Silo 1814
1838
External e 1 7s of 1926
1312 24
193
8 15
1812 Silo 1812
1986 MN
External s f 7s munic loan_1987 J D
13
20
1812 Silo 1812
1838 2414
Rio de Janeiro 25
-Years t 81_1916 A 0 2014 Sao 20
1712 2238
2014
6
External s 1 854s
1712 22
20 3
8 33
2014 Silo 20
1953 F A
Rome (City) sill 649
8712 92
9112 42
1952 A 0 9112 Silo 9012
Rotterdam (City) esti 89_1984 M N 1173 Silo 1173
3 112 134
4
4
1173
4
Roumania (Monopolies) 79_1959 F A
2314 40
2912 11
2312 8113 2612
Saarbrueeken (City) 69
684 79
23
79
1953 I J 79 Silo 78
Sao Paulo(City)s 1 80__Mar 1952 MN
2314 30
3
2112 2512 25
25
Externals t 034s of 1927_1957 M N
3
173 24
2112 2312 23
2312 13
San Paulo (State) 02118 f 88_1936 .1 J 31 12 Silo 3014
3112 18
18
33
External sees!89
8
133 25
8
14
25
1950 1 J 297 2318 2012
External a f 75 Water L'n_1956 Ni 5 20
1312 21
2
23
2412 23
External 9 t (19
8
125 22
1988 J J
4
20,8
1038 Sits 1914
Secured a 1 78
65
864
7912 118
8
1940 A 0 783 Silo
Santa Fe (Pray Ant Rep) 7s_1942 Ni S 30
33
18% 34
2
77's
3
0
30
Saxon Pub Wks(Germany) 78 '45 P A 6212 Silo 60
554 67
7212 41
a
Gen ref guar 634s_ _
607
48
5912 10
1951 M N 4912 Silo 494
For footnotes see page 3064.
NoTE.-Sales of State and City securities occur very rarely on the New York Stock Exchange, dealings in such securities being almost entirely over the taunter.
weurities, will be found on a subsequent page under the general head of "Quotetiong for Unikted Securities."
Bid and limited quotations, however, by active dealers in these,
New York Bond Record-Continued-Page 2
3060
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.
1i
1
...a.
Foreign Govt. &Munk.
(Cond.)
Saxon State Mtge Inst 72_1945 2 D
Sinking fund g 61
/
4
2__Deo 1946.1 D
Serbs Croata & Slovenes 8a_1962 M N
All unmatured coupon on__ ____
Nov 1 1935 coupon on
External sec 72 ear B
1962 M N
November coupon on___ _ _ ---7e Nov 1 1935 coupon on 1962 ,.. _Silesia (Pray of) ext1 7.
1958 J
Silesian Landowner, Assn 6.1947 F A
Samna (City of) exti 82_1938 MN
Styria (Prov) external 78_1948 F A
Sweden external loan 6148_1954 MN
Sydney(City)2 f 51e
/
4
1955 F A
Taiwan Ely, Pow s t 54a_ _1971 J .1
/
1
Tokyo City Sa loan of 1912_1952 M 5
External 2 f 51 guar___ _1961 A 0
/
4
2
Tolima (Dept of) exit 78_ _1947 24 N
Trondhiem (City) let 53;2_1957 MN
Upper Austria (Prov) 7s
1945 J D
Only unmatured coups attch -- External,I 84
/
1
2_June 15 1957 J
Uruguay (Republic) extl 82_1946 F A
Aug 1 1934 couponon ___ _
_
External et f 66
limo M21
_.,
Nov 1934 coupon on
1980 --External. t 88____May 1 1964 MN
Nov 1934 coupon on_ _1984
Venetian Prey Mtge Bank-7e '52 -.A0
Vienna (City of) net 8 f 6e._1952 MN
Unmatured coupons attached_ MN
Warsaw (City) external 78_1958 F A
Yokohama (City) eat] 82_1961 J D
Railroad.
Ala GI Sou led cone A 56_ 1943 1 1:$
cons 48 ear B
r
1943 2 D
Alb & Suaq let guar 3446_1946 A 0
Alleg & West let inl 48
199.3 A 0
Alleg Val gen guar g 42
1942 M S
:Ann Arbor 1st g 48_ _July 1995 Q J
Atch Top & 13 Fe
-Gen g 0_1995 A 0
'
Adjustment gold 42-lull 1995 Nov
Stamped
July 1995 MN
Cony gold 48 of 1909____1955 1 D
Cony 48 of 1905
1955 J 13
Cony g 4a issue of 1910_ 1960 I D
Cony deb 430
1948 2 D
Rocky Mtn Div let 48
1965 J J
Trans
-Con Short L let 48.19581 2
Cal-Arts let & ref 434, A_1982 M El
All Knox & Nor 1st g 52_1948 J D
Atl & Charl AL let 434e A 1944 J 1
1,8 30
-year Si series B__1944 J 2
Atlantic City let cons 48_1951 .1 2
AU Coaat Line Ist cone 42July 52 M S
General unified 045 A
1964 1 D
LAN coil gold 4s__--Oct 1952 MN
Atl & Dan let g 411
19482 1
2d4,
1948 J 1
1949 A 0
Ail & Yad let guar'42
Austin & NW 1st au a58_19411 .1
Price
Friday
May 4,
Week's
Range SY
Last Sale.
Bid
6018
56
2518
1718
1358
233
8
1513
13
In,
goW
Range
&nee
Jan. 1.
Ask Low
/
4
613 601
4
60 60
2612 2514
1938 19
1312
18
24 233
2
17 153
4
17 13
6658 Sale 861
/
4
533 57 53
4
/
1
4
17018 ____ 3170
80 __ _ _ 793
4
10512 Sale 10514
91 Sale 9014
67 6914 68
6818 70 6912
70 Sale 68
1134 Sale 113
4
8312 8512 82
85 ____ 83
/
1
4
---- --__ 74
74___ 74
38
45 39
33
364 36
3018 363 3612
8
3018 Sale 3018
34 Sale 34
3114 Sale 31
104 105
8912 Sale 8734
75 Sale 75
8518 Sale 8412
747 Sale 73
8
High No Low
High
62
5634 71
19
564 70
3
60
24
26
2118 28
16
194 19
22
1312 35
1312 15
2414 26
18
2514
1234 20
1612 34
11
17
Apr'34 ---5238 6712
6712 17
89
50
17
55
3 150 170
170
55
80
Apr'34 _.....
27 102 10934
108
11
93
91
80
8134 7312
6934 44
/
1
4
8814 73
70
8
611 7334
/
4
19
70
1112 17
1
113
4
67
/ 8714
1
4
Apr'34 --_62 88
4
86
74
76
Apr'34 ---484 74
1
74
3 344 46
39
365
33 4018
7
2
30 42
Apr'34 ---274 40
21
34
29 42
/
1
4
1
34
2718 40
5
3212
Apr'34 ---97 2 109
5
58
90
25
90
50
78
2
75
53 6814
82
66
77
9 86
747
8
10314 ,:-.-- 981
/
4
99 Sale 9832
965 Sale 96
8
87 9012 8812
102 10214 10214
55 59 55
101 Sale 10012
9312 __-- 954
95 Sale 9414
9438 ___ 9438
95 105 95
94
95 95
1033 Sale 103
8
975 Sale 9812
8
10
2 103 10218
103 Sale 1027
8
99 4
103583
10112 10114 10112
104 4 105 104
,
90 Sale 90
984 Sale 97
89 Sale 89
/
4
82 Bale 811
49 Sale 49
42
483 45
4
82 64 62
914 933 914
4
:
A137'34 --2 ,
99
21
96
/ 55
1
4
Apr'34 -- ,
1023
4 12
Apr'34 --,,
91
102
Apr'34 ---,
953 112
4
943
8
7
9518 11
Apr'34 --,,
1045
8 56
9758 30
7
103
10418 29
Jan'34 ---,
10112
b
Apr'34 ---,
90
2
9838 61
73
91
8418 27
19
51
I
45
2
62
9
92
94 10312
96 99
85 9658
7334 8812
96 1034
29 60
8
93 1027
84 95
/
1
4
83 9612
8212 954
/
1
80 97
78
/ 95
1
4
9514 105
82
99
/
4
9514 1031
95 105
9934 103
8678 10112
88 10514
75 90
82
981
/
4
74 92
68 85
39
5378
35
47
46 64
794 92
/
1
Bait & Ohio let g 4a-July 1948 A 0
Refund & gen Si series A.1995 0
la gold S.
July 1948 A 0
Ref & gen fls series C
19951 D
P L E & W Vs SYS ref 4a 1941 MN
Southwest DM Mt 54_
1
1950
Tol & CM Div let ref 4a- _1959
.1
A
Ref & gen Ste series D
2000 M 13
Cony 43,4.
1960 F A
1996 M El
Ref & gen M 5s'eer F
Bangor & Aroostook 1st 52_1943 1 1
Con ref 42
1951 1 1
Battle Crk & Stur let go 38_1989 I D
Beech Creek let go g 48_ _ _1938 1 1
24 mar g Si
1
1938
Beech Creek ext Mt g 340_1951 A 0
Belvidere Del ccui, ini 3142_1943
2
Big Sandy 1st 42 guar
13
1944
Bc•ton & Mainenst Si A 0_1967 M 5
et Ms.aeries II
1955 M N
Mt g 41 ear JJ
/
4a
1961 A 0
Boston ANY Air Una let Ais 1955 F A
Bruns & West let go 9 4
8_1938 1 .1
Buff Rod],& Pitts gen ga 5a1937 1M S
Consol 434s
1957 MN
Burl C It & Nor let & coil 52_1934 A 0
Certificates:of deposit
----
9934 Sale 99
170
100
844 179
82 Sale 8012
1061 Sale 106
/
4
107
49
96
75
93 Sale 92
97 4 Sale 9714
3
984 22
9812 Sale 97
9812 59
8612 Sale 864
/
1
8612 14
8012 Sale 80
831 42
/
4
673 Sale 6612
8
7012 325
80 4 Sale 801g
3
8312 87
1053 -- __ 106
10618
4
6
944 30
9414 gale 94
6312 6614 65
1
65
10012 1007 0012 1004 14
8
100
99 4 Apr'34
3
81 ____ 83 Mar'34 --92____ ___ ____
1003 102 10012 Mar'34 ---,
4 8512 Sale 8412
8712 58
88 Sale 8814
/
1
4
49
90
79 4 827 82
3
8
83 4 18
3
8814 7112 7112
72 4 18
,
1001 Sale 10014 10014
/
4
1
104 Sale 104
1044 22
75 Sale 75
76
/ 28
1
4
•
35 40 40 Apr'34 ----
884 100
672 88
4
9812 107
77 9718
85 9812
8318 1004
/
1
68 88
67 85,8
67
7234
6712 85 8
7
101 1063
4
75 95
60 65
90 101
92 99
/
1
4
83 83
___
__
9818 10012
9018
73
734 90
/
1
88 844
51
7312
8878 10014
97 1041
/
4
/
1
4
80 80
•
34
40
Canada Sou cone go 52 A__ _1982 A 0
Canadian Nat guar 41
/
4
2____1954 M 8
30
9_1957 J J
-year gold guar 41
/
4
Guaranteed gold 41
/
42_ _1988 J D
Guaranteed g 58
J1113' 19691 1
Guaranteed g Si
Oct 1969 A 0
Guaranteed g &
1970 F A
Guar gold 41
/
48___June 15 1955 J D
Guar g 430
1958 F A
Guar g 448
Sept 1951 M 3
Canadian North debit 78._1940 J D
-year a f deb'81e
25
19461 J
/
4
10-yr gold 41 _Feb 15 1935 1 J
/
4a
Canadian Pao Ry 47. deb Ma- -,-,
-1948 M a
Coll tr 434s
19443 J
Si equip tr et&
Coll tr g Si
Deal 19543 11
Collateral trust 41
/
4
s____1960 J 1
mg 1 .1
Car Cent let cons 242
Caro Clinch &0let 30-Yr 58_1938 J D
let & cons g 6s ear A-Dec 15'521 D
19811 D
Cart & Ad let go g 42
Cent Branch U P 1st g 42_1948 I D
:Central of Oa let g 51-Noy 1945 F A
1945 M N
Consol gold Es
Ref & gen 534. series B1959 A 0
Ref. & gen 5a series C_ _1959 A 0
Chatt Div pur money g-;1_195I 1 D
4
Mac & Nor Div 1st g 58_1946 1 2
Mid Ga & All Div pur m ss'47 J J
1946 1 J
Mobile Div 1st g 55
1961 I J
Cent New Engl let go4a_
Cent RR & Bkg of Ga coil Si1937 M N
Central of NJ gen g fee
1987 1 1
1987 J J
General 4e
Cent Pac 1st ref gog 4s_1949 F A
Through Short L Ist gu 48_1954 A 0
1960 P A
Guaranteed g 5a
Charleston & Say% 1st 72_ 1936 J J
Chem & Ohio letCOO g 5/L.-1939 M N
1992 M 8
General gold 4442
1993 A 0
Ref & Impt 4342
I
-1995
Ref & ImPt 434e aer
J
B-Craig Valley lat Es__May 1940
-1
Poeta Creek Branch 18148_1946
..1
R & A DM 1st con g 42_1989
1989 I 1
2d consol gold 4s
Warm Spring V let g As-1941 M El
F.r rootnotes see page 3064.
104 Sale 10114 104
20
/ 10352 26
1
4
1035 Sale 103
2
10518 Sale 1054 10512 36
/
1
1053 Sale 105
10512 21
2
/
1
11114 Sale 1104 11114 66
1113 Sale 1107
4
8 112
57
11112 112 11034 11158
5
1094 10912 109
10912 28
/
4
1073 10712 1071 107 4 34
2
3
10738 Sale 107
10712 44
10812 10834 10812 1083
4 21
11658 Sale 11618 11858 13
103 Sale 10258 103
18
82
/ 171
1
4
028 Sale 8052
4
9612 Sale 943
4
9612 53
10518 Sale 1045
2 1055
8 25
100 Sale 9912 100
63
9212 89
9218 Sale 9134
41 ____ 3712 Mar'34 ____
-- 105 8 10518 11
,
105 4 106 1053
3
1054 10614 21
7812 84 8214
83
3
52
5334 52
39
54
60
70 65 Apr'34 _--3458 35 35
3812 39
2118
2114
18
2
23
21
8
23
23 2114
353 Sale 35
2
2
353
8
34 ____ 35 Jan'33 ---------21 Jan'34 _--_ _
1
3414
37 3414
8218 41
i218 Sale 79
4
6712
6712 75 66
7
1054 ____ 10558 106
11
95
95 Sale 9478
944 Sale 9378
9412 178
2
921
/
4
9214 Sale 9214
863 152
4
84 Sale 84
104 _ _ 104 Apr'34 ____
10834 109 10818 10938 26
-10712 Sale 10712 10834 39
4 10218 28
102 Sale 1013
62
1011 Sale 10112 102
/
4
/
1
4
10212 105 102 Apr'34 ---4_ - 9812 Apr'34 ____
983
4
1003 101 8 1003 Apr'34 ____
4 - -3
____ ___. 9812 Apr'34 ---_
____ 9912 Jan'34 -___
102
92 108
9881 1047
8
9812 1057
8
994 10558
105 11114
104 8 112
7
105 1111
/
4
1024 10912
100 10734
10012 10753
105 10914
108314 11812
1004 103
81
827
8
7434 97
994 106
774 100
714 93
/
1
324 3712
9534 10518
904 107
70
84
29
54
41
65
22 38
1272 26
124 26
18
37
---- --20
214
28
35
85 8218
53 •7212
95 106
78
95
7512 95
734 93
6378 87
103 104
1054 11018
4
98 4 1083
3
9958 10218
81312 1024
9712 102
/
1
4
9012 9812
974 10112
8712 99
99
9912
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.
ij
10
-44
May 5 1934
Price
Friday
May 4.
Week's
Range or
Last Sale.
Did
Ask Low
Railroad,(Conlinueci)Chic & Alton RR ref g 32_1949 A 0 864 Sale 653
4
Chin Burl& Q-III Div 310_1949 J J 983 Sale 9814
4
/
1
4
Illinois Division 42
1949 J J 103 Sale 10334
1958 M 8 102 Sale 101
General 42
let dc ref 41 ear B
1977 F A 101 Sale 101
/
4s
/
1
let & ref 5a ear A
1971 P A 1064 Sale 10638
Chicago & East Ill 1s1
_1934 A 0 --------81
:C & E Ill Ry(new co) 88_- 1951 M N 18 Sale
gen5s
17
/
1
4
Certificates of deposit_ 1312 17
10712 Sale 10658
Chicago & Erie lst gold 5a
7
1982 1II
/
1
4
Chicago Great Weet let 42 1959 M S 53 Sale 52
:Chic Ind .k Loutsv ref 6a
1947 J J 374 4134 42
41
40
Refunding gold 52
1947 J J 36
3912 41
Refunding 40series C
19471 1 36
194 21
/
1
let & gen Ss series A
1966 M N 18
194 191
/
1
let & gen 6s series B_May 1966 J J 18
/
4
/ 9412 93
1
4
Chic Ind & Bou 50
-year 42_ 1956 J J 92
Chic I., 8 & East lst 442s
4
8
1969 .1 D 1043 1057 105
Chi M & St P gen 48 ear A 1989 I .1 73 Sale 713
/
1
4
4
6812 6812
Gen g 31 ear B_May 1989.1 .1 66
/
4
s
Gen 4142 ear C
May 1989.1 J 76 Sale 76
Gen 414s ser E
May 1989 J J 76 Sale 76
Gen 41 ear F
/
42
May 1989.1 J 7612 82 82
,..g t.
caW
Singe
Jon. 1.
High No. Low
High
6712 35
512 7018
8
99
60
88
9958
104 2 69
,
97 10412
102
67 924 1025
4
102
42
8818 102
1073
8 3?
98 1073
2
81
. 53 8118
3
.
56
2512
10
2
Apr'34 .....,
984 21
10712
a
91 1084
5512 101
3
516 5
9
42
1
33
4712
Apr'34 -__
26
4212
Feb'34 _ -_, 40 41
21
' 1238 23 8
7
2012 12
. 13 25 8
3
93
' 71
9312
Apr'34 ---99 105
737
2 61
0:9 74
4
/
1
4
684
/
1
5 .4
71
29 '61 8312
78
7912 45 6332 8/
82
1
65 84
8
Chic MIlw SIP & Pao 52 A__1975 F A 517 Sale 50
533, 583
3
37 564
/ /
1
4
1
Cony adj 52
Jan 1 2000 A 0 17 Sale 164
181 853
4
1234 2358
An/ in
Chic & No West gen g 3
/
1
42_1987 M N 6812 687g 6812
--52
70
8,1_ 77
/
1
754 34
General 48
78 73
1987 MN 75
2
a 3 ii
77
/
1
4
78
Stpd 42 non-p Fed inc tax '87 M N -,..- 78
81 80
81
13
Gen 440 stpd Fed ins tax-1987 MN 78
6312 823
4
8638 21
68
8734
/
1
4
Gen 52stpd Fed ino tax-1987 MN 86 Sale 85
6013 62
1987 M N --------62 Jan'34 ---450 stamped
/
4
95
33
79 98
4
16
-year secured g 6 8
1936 M 13 943 Se.13 941
/
1
4
4314 6612
63
71
lit ref it 52
May 20371 D 62 Sale 6112
A7
AO
/
1
1st & ref 41 stpd_ _May 2037 1 D 544 Sale 541/4
/
4
8
-•14 -39
/
1
3884 60
614
5718 52
let & ref 434s ear C May 2037
D 5412 Sale 544
,
41
1949 MN 47 Sale 46
5014 707 . ,,_
Cony 41 series A
/
4s
5
18
59 • ; ...3,:
73
8
/ChM R I & P 113 gen 4a
1 725 Sale 72
,
1988
5 65 73
8
73
. ---- 73 727
„
Certificates of deposit
•
•
•
cUr
Refunding 2010 4s
1934 I2678 15
Certificates of deposit
_ -__ 254 Sale 2414
20
29
2814 18
Secured 414s series A
1952 MS 2812 2712 2612
2012 3234
Certificates of deposit _ . 23
'2 27 27'2 Apr'34 -- 22 28
484 1884
15
102
Cony g 434e
1980 1111N 1312 Sale 1314
--12 83 105
"
4 105
Oh St L de NO 5a_June 15 1951 .1 D 10412 105 043
_ 8312 SePt'33 ---- .- __Gold 31
/
4
s
June 15 1931 1 D 79
85
3 6314 8684
85
Memphis DM let g 4s_ 1951 .1 D 82 _-- 8212
14
4
77
Chic T H & So East let 5s__1960 J D 77 Bale 743
551280
,
17 44 2 62
59
Inc gu Es
Dec 1 1980 M S 5612 5712 5712
/
1
4
Chic 17n Sts'n let go 44 A_11183 J .1 105 101314 10512 10614 21 10038 10612
/
1
2
35 1054 1094
let Si series B
19632 1 10818 10912 10814 109
---9714 107
107
21
Guaranteed g Se
1944 J D 108 10638 108
let guar 61 series 0___A963 J .1 11414 Sale 11312 11414 ,,,., 1104 115
/
4
a
85
/
4
ChM & West Ind con 4.
905 ee e
2 , 72
1952 J 1 901 Sale 8812
/ 9118
1
4
let ref 5442 series A
1962 M II 101 Sale 9912 10118 42 844 104
60 Feb'34 --Choc Okla & Gulf cons 5a1952 M N- 61
51
96 62
9912
CM H AD 2d gold 434s
1937 2 1 100 ____ 9912 Feb'34 -__
/
4
99 101
0I St I.& 0 let g 4s_ _Aug 2 1938 CI F 1011 __ 101 Apr'34 ___
Cmn Lab & Nor let con gu 42_1942 MN 9618 __ _ 984 Apr'34 -- 85 9814
8 12 10012 107
4
Cin Union Term let 4442_2020 J .1 1083 gale 10634 1067
let mtge Es series B
2020 J .1 110 Sale 10938 11014 27 10438 11014
let mtge g 52 series 0
8
1957 MN 1095 Sale 0912 11012 27 10411 11012
9686 9684
/
1
Clearfield & Mah let go 58_1943 1 1 83 10014 964 Feb'34 -__
93
/ 17
1
4
4
754 9584
Cleve Cin Chi & St L gen 48_1993 J D 933 Sale 93
--_- 100 Apr'34 -Generals. eerie. B
1993 2 D 101
924 100
Ref & Impt 6.ear C
1941 1 .1 9914 10014 9938 Apr'34 --__
80 100
Ref elk leapt 52 ser D
901 45
/
4
19831 .1 8812 Sale 8812
742 9112
8
8012 104
/
1
4
Ref & impt 434,ear E
1977 J J 78 Sale 77
64 82
_ 0012 10112
Cairo Div let gold 4a
1939 1 J 10012
9 92
90
-90 87
5 68 10112
CM W & M Div let g 42_1991 J .1 87
90
.
St L Div let coil tr g 4a
1990 MN 911 ---- 91 2
/
4
'
92 '77
92
8- _ 99 Apr'34 ---Spr de Col DM let g 42
1940 IA 5 983
92 99
95 87 Apr'34 ---7324 87
W WVal Div let g 4a.,_ _ 1940 J .1 87
Cleveland & Mahon Val g 581935 J J
Cloy & Mar let go g 4;48-1935 M N
Clev & P gen gm 434,ear B 1942 A 0
Series B 314e
1842 A 0
Series A 41
/
4
8
1942 1 .1
1948 MN
Settee C 34
/
1
2
Series D 31
1950 A F
/
4
2
Gen 41 ear A
/
4
2
1977 F A
Cleve Sho Line let go 430_1961 A 0
Cleve Union Term B45143_1972 A 0
lst a f 59 series B
1973 A 0
let,f guar 4148 series C 1977 A 0
Coal River Ry let au 42
1945 J D
Colo & South ref & ext 440_1935 M N
General mtge 434. ear A 1980 M N
Col & H V let ext g 4e
1848 A o
Col & Toilet ex* 48
1955 F A
Conn & Pasaum Rly let 48_1943 A 0
Consol ay non-conv deb 42_1954 1 .1
Non-cony deb 42
19651 1
Non-cony deb 4s
1955 A 0
Non-cony deb 4,1
19562 1
Cuba Nor Ry let 514s
19422 13
Cuba RR 1st 50
-year Si g__1952 J J
lit ref 730 scrim A
19361 D
lst Hen & ref 82 ser B
1936.3 D
3
/
1
1014 ---- 014 102
/
1
10012 -__ 9912 Feb'34 ---10012 --__ 98 June'33 ---90 --__ 86 Jan'33 --__
10052 --__ 0014 Dec'33 --8514 ____ 91 Aug'33 ____
Oct'32 _--879712 10012 91 Sept'33 --__
100 Sale 10012 101
/
1
4
27
3
4
28
993 Sale 99 4 101
9534 67
9512 Sale 95
913
4 40
90 Sale 8912
100 10112 100 Apr'34 __
9714 Sale 96
'2
97 4 08
3
7914
78
794 7914
2
1014 102 10118 Apr'34 _-__
__ 10212 Apr'34 ---101
92 15 77 June'33 --,
55
5878 53
53
6
52 63 58 Mar'34 ---52 60 59 Mar'34 ---52
56
60 56
3
354 48
34 Sale 33
28
2712 Sale 2714
25
2312
24
2518 27
.
5
22
2012 22 22
1
Del &Hudson let & ref 42_1943 M N
Si
1935 A 0
Gold 534.
1937 MN
13 RR & Bridge 1st gu g 42_1936 1 A
7
Den & It0 let cona g 48..-1938 1 .1
Coneol gold 4442
1938 J J
Den AR GI West gen Si Aug 1955 1 A
7
Ref & Impt Si ear B__Apr 1978 A 0
Wes M & Ft Dodge 4s ctfa_1935 1 J
Des Plainea Val let gen 4;0_1947 M 8
Det & Mao let lien g 4s
1955 J 13
Second gold 41
1995 2 D
Detroit River Tunnel 41
8._1981 MN
/
4
Dul Missabe & Nor gen 5a
1941 J 1
Dul & Iron Range 1s1 Se
1937 A 0
Dul Sou Shore & All g Sa
1937 J J
East Ry Minn Nor Div 1st 42'48_ A 0
East T Va & Gs Div 1s1 58_1956 MN
Elgin Joliet & Earn let g 52_1941 MN
El Paso & SW let Si
1985 A 0
Erie & Pitts g gu 31 ser B1940 J 1
/
41,
Series C 3
/
1
42
1940 .1 .1
Erie RR let cone g 48 prior_ 1998 J J
let consol gen lien g 4a._ _1998 2 .1
Penn coil trust gold 48_1951 F A
50
-year cony 42 series A__ _1953 A 0
Series B
1953 A 0
Gen cony 48 aeries D
1953 A 0
Ref & !rapt Si of 1927
1967 M N
Ref & inapt Si of 1930-1975 A 0
Erie & Jersey let if 6a
1955 J J
Geneesee River 1811 1 68_1957 J J
Fla Cent & Pen let cons g 52 1943 1 1
:Florida East Coast let 41
/
42_1959 J D
1st & ref Es aeries A
1974 hi 11
Certificates of deposit...... ----
95
95 Bale 93
186
804 95
/
1
,
10214 Sale 1024 102 4
2
97 1021
/
4
1041 41
/
4
1033 Sale 103
4
92 1044
1014 - 1014 1014
4
9914101¼
5912 100
5712 Sale 57
3518 811
/
4
62 6218
61
63
5
42 83
225 Sale 2212
8
24 2 88
,
17
/ 32
1
4
4
443 Sale 4212
453 108
4
238 4912
7
7 Mar'34 ____
/
1
4
612 7
4
8
/
1
4
78
95
71 Feb'34 --.„
65
71
20
2312 2112
2312
5
2318
20
12
1018 20
12
1
114 12
1013 Sale 1013
4
4 102
9 84 10212
10514 ___ 103 Jan'34- 103 1037
/
1
4
_
/
1
4
8
108 107 106
10618 12 1024 1084
411 45 45
/
4
473
2
3
23 491
/
1
4
/
4
95 ____ 95 Apr'34_
89
/ 98
1
4
10538 Sale 10518 1057
8 15
. 91 105
/
1
4
10212 Sale 102
10212
2 944 103
88 Sale 88
88
1
8112 90
98
/ 99 96 Feb'34 -1
4
9414 96
983 ____ 9712 Apr'34 _-_
4
95 97
/
1
4
9334 Sale 93
9414 51
794 9414
77 Sale 7612
78
111
8814 79
/
1
4
10114--- 9918 Apr'34 __ _
994 100
/
1
7512 77
7612
77
28 624 7712
7512 77 7612
77
18
83
77
____ 75 73 Apr'34 _
62 75
76 Sale 747
8
7752 200
8014 797
8
754 Sale 75
77 428
/
1
4
80
7914
11014 Sale 109 2 1103
3
4 34
98 11034
108 1103 109
4
110
17
97 110
45 _-_- 45 Apr'34 ____
34
45
6114 621 61
/
4
62
5
59
634
117s Sale 1112
1212 61
11
19
1118
11 Bale 11
8
11
1712
--83
994 102
9918 99
/
1
4
_....
._- -'-....._" -...." -...." ---'
11 1014
--844 10112
82
9814
75 917
3
95 101
84 97
/
1
4
85 811
/
4
98 10118
97 103
a50
444
44
1914
18
1614
16
58
59
5812
39
3212
30
29
i
New York Bond Record-Continued-Page 3
3061
i•
Prise
Week's
1,
ande
k
zI
Friday
Range or
3:,
Since
...2..
May 4.
Last Sale. siS
Jan. 1.
-_Bid
Railroads (ContIntrect)Ask Low
High No. L910
Railroads (Constnusti)High
... Bid
High No. Low
Ask Low
High
:
Fonda Johns & Gloy 4141_1952
:Minn & St Louis 53 ctts___1934 51 N
6
114 914 Apr'34 ---4
913
1
712 13
Proof of claim tiled by owner__ MN 1014 15
12
12
let & refunding gold 4s_1949 M 8
4
514 41
4
4
/
1
4
94 5
2
/
1
4
(Amended) 1st cons 2-45-1982
Ref & ext 50-yr bs ger A-1982 Q F
24 414
3
6
3 Mar'34 ____
8
8 I Bus
Proof ot claim flied by owner MN
313 15
4
15
Certificates of deposit
Q F
4 Apr'34 _ _2
4
118 454
Fort St 17 D Co let g 433s__1941 J J 9114 9712 83 Feb'34 ---83 85 M St P dr SS M con g la ins ffU'335 J 45 1 Sit3 434
43
47
344 49
Ft W & Den C lat g 54s..-1961 J O 10414 __ 103 j Mar'34 ---1933 J J 4013 Sae 4012
9814 10414
1st cons 53
334 4212
5
4112
1st cons 65 gu as to Int
1933 J J 5213 8)13 5214
5314 28
38
56
Galy Hous & Rend lat 5135 A '38 A 0 90
9118 14
75
9112 91
9114
lit & ret 6s series A
37
3714 Apr'34 ---1946 5 J 36
20
374
Oa & Ala Ry 1st cons 53 Oct 1915 J J 23
25 24 Apr'34 ---1513 26
25-year 534*
1949 M 13 32 Silo 3114
1613 34
15
32
Gs Caro & Nor let gu g 5a19291978 .1 J 78 Stls 78
let ref 5341 set B
24
79
60
80
Extended at6% to July 1 1931 J J 29 1 40 26 i(Feb'34 ---204 27
1st Chicago Term at 43_1941 MN 77
85 Jan'34 ---85
88
Georgia Midland let 3s_.,._1946 A 0 55411584 030 1Apr'34 ---40
61) Mississippi Central 1st 53_1949 5 3 81 85 77 Apr'34 ---7812 7715
Gouv & Oswegatchte let 53_1942 J D 85 11100 100 1 Jan'33 _-_- ____ _-__
Or R. dr I art let gu g 443s.. _1941 1 J 10153 IL-- 100181Mar'34 ____
95141001* 22.10-111 RR let 55 set A----1959 3 5 211 13113 2012
/
4
22
14
28
25
Grand Trunk of Can deb 75_1940 A 0 10812 8)13 10814 1083
Mo Kan & Tex let gold 4s_-1990 .1 D 9012 8,13 9012
31 105 109
924 54
75
/ 9214
1
4
15-year 5 f 63
1938 5/ S 10812 5113 10814 10853 32 1025s 1055 Mo-K-T RR pr lien 53 eer A-1962 1 J 87 Bib • 8812
3
8773 50
70
9112
Grays Point Term let 55..
1947 J D ____ __ _ 96 !,Mar'30 ---- _-_- - 1962 .1 5 76 13113 7412
40-year 4s minim B
76
9
6113 79
Great Northern gen neerA.1936 1 1 9814 111513 9712
Prior lien 4)4* set D
86 9 -12
9
99 214
634 834
5
1978 1 J 78
8114
811 814
4
let & ref 41 series A
/
4a
1981 5 J 945 9512 984
4
Cum adjust 5s see A_Jao 1967 A 0 5912 8113 59
78
994
981
4 55
115
60
444 6912
General 5431 series B
1952 3 1 96 13113 94
764 99 Ihio Pac let & ref bs set A-1955 F A 32
43
97
33 3312
36
254 39
8
General 5s series C
1973 1 .1 9114 8113 91
-_,..- 3134 __ _ 34
6874 921
4
9212 66
Certificates of deposit
35
22
18
35
General 445 series 0
1978 J J 82. sue 82
General 45
8714
864 57 67
4
.
17
1975 11 El 151 13113 154
106
1113 20
/
1
4
General 443series E
1977 J 5 8214 13 as 81
664 8812
8512 100
1st dr ref 55 series F
351 129
4
1977 M S 3214 8d3 324
24
3814
Green Bay & West deb oda A _-- Feb 33 46 32 Apr'34 ___
28
32
/
4
34
Certificates of deposit, 311 ___ 33
8
2314 35
Debentures We B
Feb
44 65
34 324
lit & ref 5s ear G.
244 3813
3412 32
CI5
/ 84
1
4
11 51
5
1978 1 N 32 4
51
4
Greenbrier Ry let gu 45
1940 MN 1004
9812 10014
Certificates of deposit__ 314 __ _ 3314
10014 (Apr'34 _
34
18
29
34
Gulf Mob & Nor let 540 B_1950 A 0 82 85 84
6213 8612
114 £4 tI- 1113
Cony gold 541
5
85
3
124 132
/
1
1949 rill
8
1612
let mtge 55 aeries C
1950 A 0 771380 81 Apr'34 ____
59
81
1st ref g 59 series H
4
3514 19
1980 A 0 325 8513 3214
24
3812
Galt dr 8I latter & ter 55Feb 19523 J ---- ---- 67 Feb'34 ____
- 314 ____ 3214
57
70
34
Certificates of deposit
10
234 34
Stamped (July 1'33 coupon on) J J ___ 79 55 7
lit & ref 53 ser I
)eo'33 _-_- ---357 119
3
1981 VA 3214 131.13 32
2414 3812
Hocking Val 1st cons g 4333_1999 J J 105 1 8,13 105
---3
10514 43 984 1057
Certificates of deposit_, 3154 - 3314
34
34
26
5
Housatonic Ry cons g 531937 MN 9812 100 994 100
3
31
82 1007 Mo Pao 3d 7s ezt at4% July 1933 iiN 84s886 8413
8413
2
7214 89
H & T C 1st g bs int guar_ _1937 J .1 1024 10314 10214 10314
85 Mar'34 -- _.
Mob & Bir Prior lien g 55-1945 5 3 83 91
4 97 104
,2
.
i
85 91
9,
9
0
Houston Belt & Term let 55_1937 J 1 1004 8113 10014 101
J J 81
9114 101
19
83
91
Small
/
1
Had & Mauhat let 5s set A _ _1957 F A 88 Bile 8714
1945 J J ____ 70 60 Jan'34 ---72 897
3
8974 117
let M gold 45
48
60
AdjustmentIncome 53 Feb 1957 A 0 44 Silo 43
J
4512 110
Small
32 504
69 80 Feb'34 ---55
80
:Mobile & Ohio gen gold 45-1938 5/1 S ___ 974 9912 Jan'34 ---99
9912
Illinois Central let gold 45_1951 1 J 100 ____ 98 1 Mar'34 ___.
924 100
Montgomery Div let a 53_1947 F A 2313 231 2412
4
194 27
2
2412
let gold 3)43
1977 hi S 13
83
Ref & impt 4Hs
9212
1951 1 J 93
1712
1678 174
92 Mar'34 _
4
10
211
/
4
Extended lot gold 3431_1951 A 0 92 ---- 93 Mar'34 ....924 93
Sec b% notes
1933 M S 164 1712 1712
14
23
2
18
let gold 35 sterling
___ Mob & Mal let gu gold 4s...._1991 M S 8412 8814 8412 Apr'341951 51 8 76 --- 73 1 Mar'30 ____
8412 8412
1937 J J 102s3 _ _ 10212 103
Collateral trust old 4s
Mont C 1st gu 63
6814 85
834 25 ____3
1952 A 0 82 Iliti- 8012
17
8774 103
Refunding 45
74 884
33
1st guar gold 5s
88
1955 54 N 8712 8)13 8713
19373 J 1014 8113 1004 10153 17
81 10113
1
82
83 82
63 82
Purchased lines 343
Morris & Essex let gu 3343-2000 5 0 83 Et il3 8714
1952 J 1 82
46
88
74
/ 8912
1
4
Collateral trust gold 45_ _ 1953 MN 7814 8113 78
Congtr M be ser A
6213 7953
7814 50
1955 MN 10114 Sils 10114 1011 25
/
4
77 1011
4
9813
Refunding 5a
81
16
97
1955 MN 964 Bib 964
/
1
4
Conitr M 414s set B
904 14
1955 MM 91 8113 9212
73 95
15
-year secured 643s g
90 10212
1936 J J 10153 Sila 101 i 10112 14
40
-year 445
Aug 1 1956 P A 7012 Bile 7014
5813 Ms Nash Chatt & St L 43 ger A__1978 F A 9012 94 94 Apr'34 ___.
139
74
824 9412
Cairo Bridge gold 4s
87 984 N Fla & S lst ill g 55
103
9814 Apr'34 _
1950 3 O 984
4
1937 F A 103 1031 103
99 104
1
/
1
4
Litchfield Div let gold 31_1951 1 J 80 83 8214
75 824 Nat RY of Mez pr lien 441_1957 I 3 --------18 July'28 ____ ___
6
8233
__
.. _
Lenten, Div & Term g 33311953 J 1 8712 ---- 85 4 Apr'34 ___
Assent cash war rot No 4 on -, _78 85
/
1
4
7
24 _414
8
3
/
1
4
31
4
3 8113
/
1
4
Omaha Div lstgold 33._ _1951 F A 72 __ _ 76
Guar 4s Apr '14 coupon 1977 A
73 78
1
76
_
--_- _-- 124 July'31 ____ ____
St Louis Div 42 Term g 33_1951 J .1 78 11311a 78
78
Assent cash war rot No 5 on -- -66
2
78
24 _-4
312 412 4 Apr'34 ___
Gold 3333
1951 1 1 921411--- 82121Apr'34 ____
Nat P.11. Mel pr lien 440 Oct '23
69
85
Springfield Div let g 343_1951 1 J 86 4, ____ $O 4 Mar'34 ____
67 80
Assent cash war rat No 4 On - 2,114 5
5
412
4'2 514 44
Western Lines let g 43. _1951 F A • 86 --- 86121Mar'34 ___
1951 A 0 --------22 Apr'28 _--- ___ _ _
let consol 4e
75 8813
III Cent and Chic St L. & N- Assent cash war rdt No 4 on 4
3 s 16
7
312 414 35
2
-5
0
Joint let ref 55 series A__ _1963 I O 811 filile 811411186
14 63
87 Naugatuck RR let g 43
7112 Nov'32 _._- _ ..
82
87 68
/
4
1951 M 1st & ref 4J43 genies C__1963 J D Mg Sue 754 g 784 178
New England RR cons 5e,.1935 J 1 37 -- -- 83
62 81
io - 1
a
88
1945 1 J 83
82 Apr'34 .--Consol guar 43
66
894
Ind Bloom & West let ext 43 1910 A 0 96 _ _ 95 Feb'34
917 8212 Feb'34 .--- 8213 8212
3
9712N J Junction RR guar lat 43 1985 F A 87
Ind III & Iowa let a 49
7313 73
75 95 New On Great Nor 53 A
734
1
95
3
1983 J J 70
1950 .7 J 95 1 Sale 95
5713 77
Ind & Louisville let gu 45__ _1958 1 .1 17 1 .25 25 Feb'34 ____
751k
25
25
7
NO & NE let ref&Impt 443 A '52 1 5 75 8111 78
54
7512
Ind Union Ity gen 58 set A_ _1965 3 J 10314 ---- 10214 Apr'34 ____
New Orleans Term let 43_ _1953 3 J 85 87 86
984 103
871
62 8714
/
1
4
5
Gen & ref bs series B
2812 2712 Apr'34 -221 0 Tex & Me: n-o Inc 55_1935 A 0 20
1955 1 J 10312 - - 103 4 Mar'34 ____ 100 103
16
2914
tint-Chi Nor 1st 65 eer _ _1952 J J 37 A 8110 3613
4
2814 4412
12
261
4
1st 55 series B
40
1
1951 A 0 2814 8113 281
1958 32
Adjustment 8s set A.July 1952 A 0 12 1 Bib 1152l
/
4
9
1314 164
204 33
let 59 series C
184
A1955 P A 254 2914 291 Apr'34 --lat 53 series B
4013
5
24s
264 2412
25
3653 12
1958 1 J 3514 361 3514
7
let 44s series D
1714 3112
1956 1 A 22
let g bs series C
2914
2914 17
/ 29
1
4
25
41
374 11
1958 J J 354 361 3514
2014 33
1st 541 series A
1951 A 0 27
lot Rye Cent Amer let 54IB 1972. 51 N 6613 Bile 6534
454 6612 N &0 Bdge gen guar 4 As_ _UM J 3 1001 1021 10112 1011
8
6612
4
97 10113
1
let coil trust 6% a notes_1941 fa N 73
494 7412 N Y B & MB let con a 55-1935 A 0 102114 ___ 1017 Mar'3 _-__ 10114 102
10
74
4
731 7313
let lien & ret643
1947 F A 6212 65 64
8
65
434 654
:Iowa Central 53 etre
/
4
44 114 NY Cent RR cony deb 63-1935 M N 991 5113 9973 10014 45
/
1
19383 D 11 Bile
5
914
11
83 101
1s1 & ref g 43
90 107
1993 F A 89 8113 89
213 54
8
413
412
4
5
1951 51 13
Consol 4s series A
734 9012
7214 178
Ref &!mot 4gg series A-201.3 A 0 7014 Eitto 704
8014 75
James Frank & Clear let 4j959 1 D 88 1 BIls 85
Ref dr Rapt be series C.--9013 A 0 773 SU; 7712
694 8314
801 187
4
14
87
8314
87
Kai A &G It let gu g 53
48,1* 885
193 1 1105 103 Mar'31 --_- --....
3
- N Y Cent& Hud Riv M 31431997 5 1 891
91
901
794 904
Kan & M 1st gu g 4s
3
199 A 0 9213 96 92 Apr'34 _
Debenture gold 4s
79 --9214
1931 51 N --------977 Apr'34__-85 10013
K C Ft S & M Ry ret g 4s
193 A 0 a4734 8113 348
4
97
8
30-year debenture 45
315
5354
20
50
69
8018 98
1912 3 J 957 8,13 951
Certificates of depoalt
A 0 4714 8113 48141 471
73 322
354 52
4 17
Ref & lmpt 430 set A __ _2013
60
75
- 7012 Sits 7014
Han City Sou let gold 331950 A 0 7713 alb 76 g
7712 64 624 7713
Lake Shore coil gold 341_1993 -4
FA 831 8/I3 824
731
4 59
691s 83 4
5
Ret & impt 155
Apr 1950 J J 118014 lido 801 I 8114 27 674 84
841
4 31
Mtch Cent coil gold 3341-1993 F A 8213 1E1113 8218
71
844
Kansas City Term let 45___1960 1 J 100 g Eitta 9914 10014 82 934 101
N Y Chic & St L 154 g 45_1937 A 0 9913 8,13 99
994 46
851s 991
4
Kentucky Ceotral gold 45_ _ _1987 J J 99141101 10013 10012
9013 10912
3
79
59
Refunding 5435 series A-1973 A 0 7712 8113 76
5513 8012
Kentucky & Ind Term 4331_1961. 1 J 89
73 89
1
89
- 89
68
Ret 443 series C
1978 NI S 6514 8113 65
298
4714 70
Stamped
1961 .1 J 8854 4
941 881 Apr'34 ____
7814 126
1935 A 0 7753 Sda 76
80
881
4
3-yr6% gold notes
49
80
Plata
1951 J
8953 --- 89 Apr'30 ____ ___ ___ N Y Connect 1st gu 445 A_I953 1 A 104 Stla 10312 104
96 104
28
7
let guar 55 series B
1953 P A 107 ____ 106 Apr'34 --- 101 106
Lake Erie & West let a 5s_ _ _1937 J J 10014 El de 100131 10011 50
1
8312 10153 N Y Erie 1st Olt gold 4s__ _ _1947 M N --------102
9314 102
102
2d gold 55
1941 J J 9212 5,13 9213
70
1933 NI S --------1013 Mar'34 _-- 100 100
95
3d extended 4433
931 13
Leke Sh & Mich So g 31411997 J D 914 alla 9014
9114 16
81
92
N Y Greenwood L gu g 59_1946 M N 8613 8754 87
88
7 68
87
/
1
4
Lehigh dr NY let gu g 4s_ _1945 M S 8114 8113 81.41
57
83 NY & Harlem gold 3431.-2000 AS N 901 -___ 90 Apr'34 -_827
3 20
88
92
/
4
Leh Val Harbor Term gu 53_1954 F A _101 4 Bib 101 I 1014 44
100 100
824 1014 NY Lack & W ref 434* B.- _1973 51 N 103 ____ 100 Feb'34 __
Leh Val NY lei au a 434s_1940 J J 9753 5813 91312
8314 99
975
4 19
97
954 97
1
NY & Long Branch gen 45_ _19it M5 95 ---- 07
Lehigh Val(Pa) cons g 4e_.2003 SI N 8412 8113 83
/
1
4
8714 32
47 68
_ _ 9512 June'29 ___ ____ _ _NY & NE Bost Term 43_1939 A 0 90
General cons 44s
2003 PA N 7214 8115 7214
74
30
52
7412N If N H & H n-o deb 45_1917 M
54 6
/ 1 5
4
65 7i 65 Apr'34 ___
General cons 53
2003 MN 79
82
8112 80
58
54 83
6012
1
51
Non-cony debenture 3131_1917 M 8 6012 SO 6012
6012
Leh V Term Ry 1st gu g 531941 A 0 1041 --_- 105
105
4
1
94 105
27
57
45
58
Non-cony debenture 340_1954 A 0 56 13113 56
LX & East let 150-yr Sc gu_1965 A 0 10514__ 1.04131Apr'34 ____
91 105
6412 21
544 8412
Non-cony debenture 43_1955 5 3 534 8511 63
Little Miami gen 4e series A 1983 MN 984 j10014 97 AFelo'34 ____
95 9712
52 64
634 50
/
1
Non-cony debenture 43_1953 M N 637 Sin 6312
3
Long Dock coasol g 65
1935 A 0 10341105 103 410312 22
99 10312
5712 21
45
597
4
551 Stls 54
s
Cony debenture 8 MI
.....1956 1
Long Island91
87
7114 877
Cony debenture 63
3
19183 5 86 13113 8512
General gold 45._
1939 J D 102731103 10214 1Apr'34 __-9914 1024
89
71
8913
68
1910 A 0 8814 8113 87
/
1
Collateral trust 83
Unified gold 4s
1919 M 8 1004 --- 100141 1001
4
95 10014
5
34
57
44
58
Debenture 4s
1957 M N 5514 8113 5412
Debenture gold ba
19333 D 997 8110012 1004 lApr'34 _ _ 1004 102
574 704
6912 116
let & ref 441 ger ot 1927.19975 D 6918 Bile 8812
20
-year pm deb 53
1937 M N 1004 B de 1001
4 10214
9314 10312
7
9814 41
8314 984
Harlem Ft & Pt Chas let 4s1954 111 N 9314 B de 98
Guar ref gold 45
1949 M 8 10012 101 10014 101
27
9213 10114 NY 0& W ref g 45----June 1992 M 5 65 fide 5413
574 71
55
67
Louisiana & Ark let belle. A_1989 .1 J 6814 Silo 6612
6814 76
5018 637
8
831
4 43
50
634
63 6213
General 43
D 62
19553
Louis &Jeff Bdge Co gt1 a 4s 1945 51 S 99 4 8113 9814 100
24
84 100
90
90
90 Jan'34 ___NY Providence & Boston 4s 1942 A 0 944
Louisville & Nashville 5s
1937 hiN 10814 - - 4 108
3 102 10813 NY & Putnam 1st coo gu 45_1993 A 0 82 - / 87
104
1
87
717a 87
8/
1
4
Unified gold 4s
1910 J 1 10278 SO 1021 1027
/
4
9413 10314 NY Sum & West let ref 53_1937 1 S 7253 74
3 92
50
75
5
734
714
let refund 5431 series A
2003 A 0 10112 8113 10332 10112 34
92 1014
/
1
4
1
5612
43
5612
24 gold 4413
60 5612
1937 F A 51
lst & ref 53 series B
2003 A 0 10173 8113 101)581 1011 40
/
4
90 1024
4
54
381 5812
4
General gold 53
1 A 5312 5413 534
7
1910
jet dr ref 444s series C
2003 A 0 944 Side 944
9414 95
83 97
971
4
8254 97 4
4
1
Terminal let gold lie
1933 51 N 96 Silo 98
A 0 110513 106 10512 108
Gold 59
1941
6 10112 106
58
42
72
NY Westch & B leaser I 4 yis'46 5 3 57 B 13 53'1
5914
Paducah & Mom Div 45_1946 F A 98lsl 9714 19814 Apr'34 ___
82
9814
St Louis Div 241 gold 35_ _1980 M B
75 roi4i 7014
5
0141
805* 71
Nord Lty sit sink fund 641_1950 A 0 16012 ___ 1584 16012 85 128 16112
-.. 102 Apr'34 ___
Mob & Montg let g 4143 1945 MS 10213 .,
•
964 1024 2Nortolk South 1st & retbs1981 F A
*
South Ry joint Monon 43_1952 J J 8012.18112 8112
6 644 83
82
/
1
4
2113 15
Certificates of deposit
714 22
20 214
19
M N 98 A 9912 9814
99
18
AU Knox!dr Cln Div 43_1955
85 9912 :Norfolk & South let a Ss_ _1941 M N
•
•
N & W Ry let cons g 45
4 1054 48
98 10553
/
1
4
1993 A 0 10514 Bib 1047
1934 1 J 100181100% 1000 10014
2 10014 101
Mahon Coal RR let Si
Div'l let lien & gen a 4s__ _1944 J .1 10458 Sole 10312 104
/ 29 1001s 10812
1
4
75
6
5714 75
Manila RR (South Lines) 43_1939 M N 7114 75 175 41
Pocah C & C Joint 4s
104
12
99 4 10412
1
1941 J D 104 fida 104
7214
1959 51 N 7214 7212 17214
1
85 724 North Cent gen & rat 59 A 1974 M 5 1014 ___ 98 O3t'33 ___ ___ _ __
let ext 43
99 10012
Gen & ref 434s series A
Manitoba SW Colonlaa'n 53 1934 J D 11004 105 1004 Imex.34 ____
9912 Feb'34 _--994 10212
1974 M 8 100 105
59
/ 70 /North Ohio 1st guar g 55
1
4
Man GB dr NW let 343s.._ _1941 J J 67 hal 470 i Mar'34 _
8
60
35
60
1945 A 0 62'e ____ 591s
.
2
24
5
64
Apr111933
Max Internet let 4s asstd_1977 MS --------9 Lmar 34 ____
3514 64
(moon on
.
557 62 64
3
5s ex April & Oct coupons..... --__ ____
35
Michigan Central Detroit & 13Ely
43
___ 43 Jan'34 __
1910 J J 100 102 9914 lApr'34 ____
94 102
344 52
Certificates stamped
52 Apr'34 ____
City Air Line 4e
5013 58
1951 tvf S 82 988 179 14May'28 -- ____ ____ North pada° prim lien 42_1997 Q j 9812 Bus 974
9873 79
83 99
Jack Lane & Bag 3;0
1952 IR N 9441- _ 194 I Apr'34 __
86
94
Gen Iles ry & id g 39 Jan 2017 Q F 6912 8113 6912
let gold 3545
56
70
60
71
6
754 934
Ret & impt 44s series L_2047 J J 89
Ref & impt 4135 set C___1979 .1 J 93 I 8113 9273. 93
734 904
10
90
891 8912
4
84
I
62 854
1940 A 0 834085 84
864 103
4 1014 255
Ret & Impt fls series 13_2017 J 1 10014 Sib 991
Mid of N J let ext 55
445(188011931 J D 9412 Bile 94121 9413
7814 96
1
7614 9712
954 35
/
1
Ref & impt 53 series C__ _2047 J J 9512 Bus 95
Mil & Nor 1st art
9153 15
1934 .1 D 9153 Bile 9112
65
7518 97
9553 21
9314
Ret drImpt 55 series D__2047 J J 9412 9613 94
Cons ext 445(1884)
7414 44
58
/ 754 Nor RI of Calif guar a 5s---1933 A 0 --------100
1
4
Jan'34 _-__ 100 100
5411 Spar & N W 1st gu 43_1947 M 8 7314 Silo 7314
704 75
/
1
51
10
66
72
Og & L ChaM let ItU g 42.--1918 J J 66 13113 65
Mllw & State Line lat 345-1941 J J 72 ---- 70141Mar'34 _-__
Gil
I
4
IMO
For footnotes see page 3064.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.
i'4
It
',a.
--
Prke
Friday
May 4.
Week's
Range or
Last Sale.
4. .
.11
at
Range
Since
Jars. 1.
--95
--
n
BONDS
N Y. STOCK EXCHANGE
.
Week Ended May 4.
3062
New York Bond Record-Continued-Page 4
ii
Price
Week's
4. •
S3
.
b
Friday
Range or
. May 4.
...a
Last Sate. ror
Railroads (Continued)Bid
High No,
Ask Low
Ohio Connecting Ry 1st 48_A943 M 5 100 --__ 97 Mar'32 ---1936 1 0 102114 ---- 102 MaY'34 ---Ohio River RR lat g ba
1937 A 0 10238 ___ 10212 10212
General gold 158
2
Oregon RR & Nay com g 48_1946 -1 D 1017 Bale 10112 102
34
8
1
Ore Short Line let cons g 58_1946 J 1 10912 11012 10912 10912
1946 J J 11112___ 11112 11112
Guar stpd cons ba
8
1961 J J 9714 gale 965
8
975 116
4
Ore-Wash RR & Nay 48
Pao RR of Mo let ext g 48 1938 F A 9978 Sale 99 4
3
997
8 17
19381 J 100 10012 10058 10018
2d extended gold 58
5
Paducah & Ills lets f g 4348_195.5 J .1 10212 ____ 0212 10314
b
Paris-Orleans RR eat 5348_1968 M S 148'2__-_ 14812 14912 13
1942 M B 74
Paulista Ry let ref s f 7e
1
75
75
75
Pa Ohio & Del let & ref 4491A'77 A 0 10014 Sale 100
10078 41
Pennsylvania RR cons g 411_1943 M N 10314 _ -- 03
3
103
Consol gold 4s
1948 MN 1043 10514 104s 10518 24
4 as sterl ritpd dollar May 1 1948 M N 1047 Sale 0418 10478 19
8
Conaol sinking fund 4j4s 1960 F A 10812 Sale 073
4 10812 36
General 453s aerie@ A
1985 3 D 1005 Sale 10058 1015 109
8
8
Gereral Is series B
1968 1 0 10618 Sale 0512 10618 89
15-year secured 034111
1936 F A 10614 Sale 0614 10612 138
40
-year secured gold 58 1964 MN 1013 Sale 10158 1023 105
4
4
Deb g 4%s
1970 A 0 9014 Sale 8912
9114 193
General 4%8 series D
1981 A 0 9612 Sale 9614
9688 221
Peoria dr Eastern 1 at cc as 48_1940 A 0 78 Sale 78
9
79
Income 45
April 1990 Apr 1258 15
13
8
138
4
Peoria & Pekin Un 1st b Xs_ _1974 F A 101 Sale 101
101
11
Pere Marquette let set A 58 1958 1 1 8712 Sale 87
,
44
/
1
4
88
1st 4e series B
1958 1 1 7718 79
774
/
1
7812 10
1980 M B 7912 sale 7812
7912 110
lag 4%sseries C
Finis Balt & Wash let g 48_A943 MN 105 Sale 10414 105
27
General Ss series B
1974 F A 10612 108 10612 10612
2
General g 434s Berle. C_1977J J 103 Sale 10212 103
20
Philippine Ry lat 30-yr a f 45 1(07 J .1 28 Sale 2712
2934 33
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.
PCC&StLgu 434s A
1940 A 0
Series B 433s guar
1942 A 0
Series C 434s guar
1948 MN
Series D 45 guar
1945 MN
Series E 434s guar gold
1949 F A
1953 J 0
Series F 4s guar gold
Berke 0 48 guar
1957 MN
Series H cons guar 48
1960 F A
1963 F A
Series Icons guar 434e
Sodas-I cons guar 4 348_
1964 M N
General M Is aerie, A_ ,,.1970.5 D
1975 A 0
Gen mtge guar Is ser B
Gen 434s series C
1977 1 J
Pitts Mc% & Y 2d gu 60
1934 J J
Pitts Bh & L E 1st g Si
1940 A 0
let consol gold 58
19431 1
Pitts Va & Char bet 48
1943 MN
Pitts &W Va let 4348 ser A..1958 J 0
let M 434a series B
1958 A 0
let M 483s series C
1960 A 0
Pitts Y & Ash let 41 ser A....1948 1 D
let gen 55series B
1982 F A
Providence Seeur deb 4 1
/
1957 MN
Providence Term 1st 4e
1956 M 13
Range
mace
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Ended May 4.
iPrice
I
Friday
...,a,
May 4.
1,
.
0
Range
since
Since
Jan. 1.
Railroads (Concluded)Bid
Ask Low
High No. Low
High
Tenn Cent lilt 65 A or B__ _1947 A 0 6878 Sale 67
46
6878
684
6
Term Assn of St L let g 4)45_1939 A 0 106 10618 106
10614 17 10058 1064
let cons gold 58
8
1944 F A 1065 -- -- 1065
8 1085
8
1 10188 108
Gen refund 8 f g 48
1953 1 .1 9614 Sale 9534
961 44
/
4
82 967
8
Texarkana & Ft S lat 5341 A 1950 F A 9413 Sale 94
95
7514 97
25
Tex & NO con gold 58
19431 J 8712 893 89 Apr'34 ---, 64
4
90
Texas & Pao let gold ba
/
1
4
2000 1 D 1063 Sale 1064 10634 10
9114 107
Gen & ref bs series B
/
1
1977 A 0 85 Sale 844
64
8518 11
87
Gen & ref 58 Bertha C
1979 A 0 8414 Sale 84
8512 34
65 8614
Gen dr ref Is series D
1980 J D 85 Sale 8412
8612
853
4 45
65
Tex Pao-Mo Pac Ter 5%0 A_1964 MS 9014 Sale 89
9014 18
87
9014
Toi & Ohm Cent 1st gu 5_1935 J J 10112 Sale 10058 10112 12
9412 10214
Western Div 1st g ba
1935 A 0 102_ 102
102
2
9713 102
General gold .58
8 - 1935 3 D 1005 10112 10012 Apr'34 --,, 96 10034
Tol St L & W 50
-year g 411-1950 A 0 8434 87 8512
23
86
8784 8612
Tol WV &0gu 48 ger C_
. 964 Apr'31
1942 M S 100
/
1
Toronto Ham &Bull 1st li 45 1946 J D 9312 -- - 9314
95
9314 14
iiUnion Pao RR let & Id gr 48 1947 .1 J 104 Sale 10414 1043
/
1
4
4 79
998 105
4
lat Lien &re140
June 2008 M S 991 Sale 984
/
4
/
1
89 1004
99
/ 96
1
4
/
1
Gold 4348
/ 101
1
4
19871 J 10014 Sale 99
86 898 10112
4
112
10 lieu & ref 5.
20 10213 112
June 2008 M 13 11012 113 111
40
/
1
4
-year gold 48
19683 D 95 Sale 93
9518 99
82 953
/
1
4
4
UN J RR & Can gen 4a
1944 M 5 104 ____ 102 Mar'34 ---- 10018 1023
4
Vandalia cons g 48 series A 1985 F A 101
102 Apr'34 ---99 102
1957 MN 101 102 101 Apr'34 ___„
Cons If 4s Berko B
9718 101
312 ____ 4
Vera Cruz & P asat 434s_ _ _ _1933 J J
4
2
2
/ 5
1
4
Virginia Midland gen 5s.1938 MN 102_ 10218 102
/
1
4
2 98 10218
/
1
4
97 90 Mar'34 ---Va & Southwest 1st gu 5s.. 2O03 1 J 91 -75
/ go
1
4
let cons ba
8514 85
1958 A 0 84
8534
7 67 87
4
Virginia Ry 1st bs series A_ _1962 IN N 1063 Sale 10813 107
/ 69
1
4
9918 108
let mtge 434s series j3_ _ _1962 MN 1014 Sale 10012 1015a 36
/
1
go lops
10412 ____ 105
11 1011 106
/ 106
1
4
/
4
10318 ____ 106 Apr'34 ---- 102 10612
1054 --- 10412 Mar'34 ---- 103 10412
100 ____ 9918 Mar'34 __-9918 101
9658 ---_ 8912 Aug'33 ---- --10018 -- 994 Apr'34 __-_
99 --9914
/
1
10218 ___- 1018
9 98 102
4 102
10014 --_ 98 Nov'33 -- _ 106 108 1078 Apr'34 __-_ 1008 1078
4
4 --4
105
_
106 Mar'34 -- 10148 106
105 10612 106
10612 27
94 10634
Sale 10512 10638 11
10,512
943s 10612
100 Sale 100
/
1
4
1003
4 51
8454 100
/
1
4
_ ____ KB Sept.33 __ ____ ____
i.52.1 ____ r10412Dee'33 ____ ____ ----------- 100 M'33 _-- ____ __
Mar
__
994 -.-- 94 Oct'33 ...._
74 --- 80
5680
1 -_- - 80
78 Sale 78
56
3
79
7918
7888 Sale 78
56
80
28
80
984 _ _ 9414 Mar'34 ___
/
1
9414 9414
104 f08 104 Apr'34 --- 101 105
.
50 ---_ 713 July'33_-- _-__
_ _
4
/
4
8712 -__ 911 Apr'34 ___
811 - / 911
4
/
4
95
:Wabash RR 1st gold ba_ _ _1939 MN 9212 Bale 9212
57
74
95
7812
2d gold ba
80
/
1
1939 F A 754 80
18
564 8312
/
1
let lien 50
-year g term 48_1954 J J ____ 6978 60 Feb'34 --60 60
98 9112 Apr'34 --, 70
Dirt & Chic Kat 1st 59
1941 1 J 85
92
j 55
5912 5518
5514
0
Dee Moines Div let g 48....1939
48
55
/
1
4
56 53
53
Omaha Div let g 3340_
2
1941 A 0 bl
45 55
_
Toledo & Chic Div g 4_1941 M S 7318 ____ 63 Deo'33 --- _
28
/
1
4
26
Wabaab HY ref& gen 5330A 19751W S 25 Sale 25
iiii8 19
Certificates of deposit2112 25 25 Apr'34 --,
14
/ 25
1
4
26
Ref & gen 58(Feb'32 coup) B'78 116
2812
ii 23 2512 25
15
_ 2112 ____ 2414 Apr'34 --Certificates of deposit
16
2414
2612 50
4
Ref &gen 4%5 series C___1978 A0 243 Sale 244
_.1513 281
/
4
23
_ 2112 2538 23
20
2512
Certificates of deposit
16
27
Ref & gen 58 wales D
25
1980 iCb 2514 Sale 2514
lb
28
Certificates of deposit..___ - _ 2112 ____ 2312 Apr'34 ---2312
14
-Warren 1st ref gu g 334s_ _ _2000 FA --------50 Feb'33 ---- __ __
Washington Cent let gold- 1948 A 61 79 ---- 79 Apr'34 ---48
79 ---7
9
Wash Term let gu 3348
g3 9712
1945 F A 9812 Sale 97 Apr'34 ---1945 F A 100 ____ 95 Nov'33 ---- _
let 40
-year guar 45
8512 114
ior, Ili,
/
1
4
Western Maryland lilt 40_1952 A 0 84 Bale 84
70
let & ref 5%s aeries A__1977 J J 9412 Sale 931
961/4
West NY & Pa let g 5s
1037 1 J 1051$ Sale 1054 1054
7 10233 1053
4
General gold 4s
1943 A 0 9934 Sale 9913 10014 33 85 10038
383
4 69
3
Western Pao let ba set A-1946 IN S 37 4 Sale 3612
30 4634
855
3
8 67 65
West Shore 1st 4a guar
2361 1 J 855 Sale 85
68
81
10.
Registered
2361 1 .1 8012 8178 81
17 82
8 86
2
Wheel & L E ret 4345 ser A 1968 M S 97 98 97
4
9718
0 85 9718
4 101
4 9313 10138
1968 M S 99 10078 1005
Refunding 58 series B
99
RR let oonsol 4s
10
1949 M S 97 98 98
861 100
4
8
57
/ 13
1
4
3
Wilk & East let SU g ba
1942 1 0 5518 57 4 563
393 59
3
/
1
4
100
4 100 10134
Will & SF let gold 58
19383 D 100 10112 100
9912
9912
Winaton-Salem S121 let 48_1960 J J 98 100
3
go 100
17
1814 10
Mb Cent 50-yr let gen 46_1949 J J 1512 17
/
1
4
1414 22
13
143
4 12
Sup & Dul div & term 1st 4e'36 M N 1014 13
10
1712
Wor & Conn East lat 4%8_1943 J J 5112 ____ 8514 Sept'31
--
- di
9 82 975
4
97 86 10154
39
8618 10134
-- ---- -_
--- -___
9984 -- 9984
___
73 90 4
___
3
--- ---- ----- --45
68 ---937
8
14
4413 667
8
•
INDUSTRIALS.
5
47
72 :Abitibi Pow & Pap 1st 58 1953 J D
3
5312 784 Abraham & Straus deb 530_1943
/
1
A 0
With warrants
St Jos & Grand Iald 1st 4_j947J J 9512 100 98
8 86 98
98
Adams Express coil tr g 48___1948 IN SI
St Lawr & Adr let g 58
1 8912 ___ 8912 Apr'34 ___
1996
77 8912 Adriatic Elea Co exti 711
1952 A 0
2d gold Ils
1996 A 0 88 Sale 88
797 88
1
8
88
Albany Perfor Wrap Pap 61_1948 A 0
Bt Louis Iron Mt & Sou1944 F A
Allegany Corp coil tr 58
Ely &0Div let g 48
1933 M N
•
•
•
Coll dr cony be
1949 J D
St L Peor & N W 1st gu 58_1948 11 7814 7912 7912
1950 A 0
57
/ 82
1
4
7
801
/
4
Coll & cony Ss
-San Fran pr lien 4s A_1950 1 1 2258 Sale 2214
:St 1,
2412 45
1634 28
Allis-Chalmers Mfg deb 5a_ _1937 MN
Certificates of deposit --, --, 21 Sale 2018
..
10
21
17
26
Alpine-Montan Steel let 7s_ _1955 M S
Prior Hen ba series B
1950 1 .5 24 Sale 2312
1778 30
17
26
Certificates of depoalt ---- --- 2114 24
2212
Amer Beet Sugar 6s
18
28
2
2312
1935 F A
Con M 434e series A
19781W S 20 Sale 19
6s extended to Feb 1 1940___ F A
1413 2512
161
22
CUB of depos stamped ---- 19 Sale 18
/ 2412 American Chain 5-yr 68___ _1938 A 0
1
4
14
2012 71
MN 8012 Sale 80
St L El W 1st g 48 bond ctfa_ _1989 -6413 81
81
Amer Cyanamid deb 58
33
1942 A 0
58 g 4s Inc bond etfa_ _Nov 19893 J 6112 Sale 6112
8112
4258 63
7
Am & Foreign Pow deb 5s 2030 IN B
1st terminal & unifying 58_1952 1 J 6212 Sale 6212
66
48 6912 American Ice if deb 58
37
19533 D
Gen & ref g 58 ser A
19901 3 5434 Sale 543
43
5812 Amer 30 Chem cony 5343_1949 MN
4
5612 35
St Paul & K C SD L let 4 y38_1941 F A 29 4 Sale 29
24
3734 Am Internat Corp cony 5%8 1949 1 J
304 18
8
SIP & Duluth let con if 4_1988J D 88 ---- 90 Feb'34 --Amer Mach & Fdy if 6s
84 93
1939 A 0
St Paul E Or Trk let 434&.19473 1 7612 Bale 7212
7 63
7612 Am Rolling Mill cony 5s__ _1938 M N
7612
St Paul Minn & ManitobaAm Elm &R lat 30-yr ba ser- '47_ A 0
A
Cons M Si ext to July 1 1943-, ,...
10578 Sale 053g 10612 151
,
97 10612 Amer Bug Ref 5
-year 6s
1937.5 J
Am Telep &Teleg cony 45_ _1936 M S
94 101
Mont ext BO gold 4s
4
4
12 7 i b - ___ _ _ _ 0034 1003
3
Pacific ext gu 4s(sterlIng).1940 J J 983 Sale 983
89 985
4
1
4
9884
30
-year cell tr 58
4
1946 1 0
St Paul Un Dep 1st dr ref 56_1972 J J 108 __-- 107
j.g(p) J J
24 101 108,8
108
36
-year. f deb be
20
-year s f 5348
1943 MN
SA & Ar Pass 1st gu g tr.__ _1943 1 J 8518 Sale 8412
8518 112 6013 853
Cony deb 434e
8
1939 1 1
Santa Fe Pree dr Phen lat be_1942 M 5 105 1063 10512 Apr'34 ____
i965 F A
97 10512
/
1
4
4
Debenture 58
Scioto V & NE let gu 4s_ __ _1989 MN 1031 ____ 102 Apr'34 ____
/
4
97 102 :Am Type Founders 68 ctf8_1940 ---/
1
4
S
:Seaboard Air Line let g 48-1950 A 0
Am Water Works & Electric *
•
2013 2312
3
2218 26
Certificates of deposit
2218
19441W S
2218
10-yr 5s cony coll tr
Gold 4sstamped
iiii0 A - 5
. -(
*
Deb it Unties A
•
1975 MN
Cerrito of deposit stamped-- A 0 23 Bale 23
25
15
33
23
Adjustment 58
Oct 1949 F A
6
7
54 712 Am Wilting Paper let 8 65_1947 J J
614
1
614
•
Refunding 4s
1959 A 0
•
Anglo-Chilean Nitrate 7s___1945 MN
Certificates of deposit ---- -,-,
74 13
/
1
7
954
Ark & Mem Bridge & Ter 58_1964 IN S
/
1
4
97 1078 9
8
let dr cons(is series A
1945 M S 1218 Sale 1134
1312 111
9
/ 1612 Armour & Co (III) let 4341_1939 J D
1
4
......, 1034 Sale 1012
Certificates of deposit
J .1
812 145 Armour & Co of Del 5%s__ _1943 jivi Ds
8
25
12
All & Blrm 30-yr 1st g 48
Armstrong Cork cony deb ba 1940 1 D
-1933 i`l 5
'
•
:Seaboard All Fla Os A otts_1935 A 0
434
5 Sale
4
538 56
712 Associated 0116% g notes_ _1935
0
7
Series 13 certificates
1935 F A
43
4 7
4
/ 74 Atlanta Otis L let be
1
4
11
5
5
So & No Ala e00/3gu g 58-.1936 F A 1034 ___ 10318 Apr'34 _ _ _ _ 10058 10318 Atl Gulf & W I SS coll tr tle_ _1959 J J
Gen cons guar 50
-year 313_1983 A 0 10312 107 107
Atlantic Refining deb 5s...-1937 J .1
91 107
5
107
So Pao co1146(CentPao coil) 19491 D 724 Sale 7118
58
67
73
747
5
let 434e(Oregon Lines).4_1977 M 8 8354 Sale 821
835 132
4
63
/ 8414 Baldwin 14 0 Works let Ss. 1940 IN N
1
4
30
20
-year cony ba
19343 0 100 10014 100
3
10018
925810014 Batavian Petr guar deb 4%0_1942 1 J
Gold 4348
1968 M S 67 Sale 67
/
1
4
Bell Telep of Pa 5s sorted B__1948 J J
531s 72
14
6912 63
Gold 434s with warranta_1969 MN 6712 Sale 67
bat & ref As series C
1960 A 0
72
53
69 119
Gold 434a
1981 MN 67 Sale 66
5212 71
6812 102
Beneficial Indus Loan deb 6.1946 IN 5
San Fran Term lit 4s_ _ _1950 A 0 9712 Sale 97
Berlin City Elec Co deb 0130 1951 J 0
/
1
4
9712 26
827 98
s
5
So Pao of Cal let con gu 8-8_1937 MN 10414-_ 103 Mar'34 ___ 101 103
Deb sinking tund 6345_ _1959 F A
So Pao Coast let gu g 4s__1937 J .1 9938 997; 99 Mar'34 ____
Debenturee 68
1955 A 0
99 99
So Pan RR let ref 48
1965 J J 90 Sale 8914
9014 206
70
9014 Berlin Else El& thiderit 6341 1956 A 0
Stamped (Federal tax).....1955 1 J -_-- -- 924 May'30 --- ----- Beth Steel let &ref 5e-guar A '42 M N
Southern Ry 1st cons g 513_1994 J J 103 sale 10212 103
30
86 104
-30
-year 0 m & Iranis t 68-1939 J .1
Devel & gen 48 aeries A
1956 A 0 6934 Sale 69
6718 73 4 Bing & Bing deb 6348
5
713 119
4
1950 M 16
Devel & gen 6s
1958 A 0 8812 Sale 88
90
75 95 :Botany Cons Mills 6348.-1934 A 0
41
1958 A 0 95 Sale 9414
Devel & gen 6345
A0
Certificates of deposit
78 97
/
1
4
94
97
1996 1 .1 100 Sale 99
Mem Div 1st g 58
100
Bowman-BR Hotels let 75..1934
7 8084 100
82 Lows Div let g 4s
1951 J J 8612 Sale 86
Strop as to pay of 1435 pt red M S
8612 10
6814 8612
5 84 102 :B'way de 7th Ave bat 5e____1943 J D
East Tenn reorg lien g 50_1938 M S 10112 Sale 10112 10112
56 81
31
80
77
Mobile & Ohio coil tr 4E1_1938 M g 7714 79
Brooklyn City RR let bs__ 1943_
.1
14 A9 .34 ____
7
14
93 17
4
BlEyn Edison Inc gen Si A1949 J J
:Spokane Internal let g 5s1955 J .1 13
_ _
Gen mtge As series E
Staten Island Ry let 434..._l9433 D --------60 May'32 __ ___
19523 J
- - Bklyn-Manh R T sec 68
1968 J 1
Sunbury & Lewiston let 48_1936 1 1 --------100 Feb'34 __ 100 100
Week's
Range or
Last Sale.
High
Low
___
_
100 1023
_--8
89 10212
92 1023
8
10414 111
10412 11112
8313 9778
8714 100
84 10012
10084 10314
12314 14912
50
75
85 1007
8
101 103
100 10514
9978 105
103 10812
88 1028
/
1
4
4
97 10713
/
1
4
10334 1064
/
1
9114 103
7814 92
83 963
/
1
4
4
57 813
4
7
1914
85 10114
/
1
4
5813 88
604 7812
/
1
511 7912
/
4
10012 105
100 1081
/
4
9214 103
23
/ 3114
1
4
Reading Co Jersey Cent coil 48'51 A 0 964 Sale 95 4
/
1
8
9012
Gen & ref 4%a serieedA
1997 J J 101 Bale 10012 10114
Gen & ref 4348 serierdB
1997 1 J 101 Sale 0014 10114
Rensselaer & Saratoga 60-1941 m
___
-- 113 Oct'30
Rich & Merch let g 49
1948 M NN 38 -55 40 July'33
Richm Term Ry lat lEU 5e_ _1952 1 J 10158 __ 99 4 Jan'34
8
Rio Grande Juno let gu 58_1939 0 91 98 90 4 Apr'34
3
1 ____ 114 Oct'33
:Rio Grande Sou let gold 40_1949 1 J
Guar 48 (Jan 1922 coupon)1940
_ 314 July'33
1
Rio Grande West let gold 48_1939 J .1 9114 92 908
2--4
9212
let Con dr roll trust 4s A 1949 A 0 63 sale 61
6314
:R I Ark & Louis 1st 4%8_1934 M B
*
1 i 61
Rut
64 66
-Canada 1st gu g 4s_1949
66
1941 1 J 734 744 734
Rutland let con 434e
/
1
/
1
/
1
7314
For footnotes see page 3064.
May 5 1934
*
•
•
103
10312 21
813
4
82
4
1087
8 108
/
1
4
1
68
6812 13
67 4
3
7112 105
628
4
663 113
4
42
4538 382
9712
9914 73
/
1
764 Apr'34 ----
93 104
62
8253
9418 110
56
6812
514 74
/
1
44 6912
25 46
90
/ 9914
1
4
564 70
/ /
1
1
4
98 Sale 98
9878 18
81
9614 80
80
42
8612 Sale 8612
88
7
1027 10314 1024 103
8
20
5418 Sale 5314
5614 238
/
1
75'2 Sale 754
761 10
/
4
9812 Sale 98
984 .35
/
1
87 Sale 8412
87
42
10612 ..• __ 1063
8 10658
7
107 Stile 10518 108
282
104 Sale 10312 10414 77
10614 Sale 1057
a 10814 10
10258 103 10212 10213
5
1083 Sale 1073
8
4 108
/ 116
1
4
1073 Sale 10712 108
4
123
1103 Sale 1104 111
4
/
1
84
109 Sale 109
110
77
108 Sale 1075
3 108
143
331 38 40 Apr'34 ____
/
4
71
9878
80 817
8
64
9058
9313 10314
35
5918
62
7984
83
/ 983
1
4
4
6718 87
105 10712
958 1184
4
/
1
9918 1044
/
1
10414 1004,
10153 10418
1051 109
/
4
10314 18818
10578 111
107 113
10318 108
35 50
1057 Sale 105
8
/
1
4
8614 Sale 8614
10558 111
6414 90
10312 Sale
82
83
10618 109
66
69
6914 Sale
6312 Sale
43 Sale
99 Sale
78
93
5112
1412
85
9
8
Sale
Sale
9012
Sale
105
:
9_ 1_0_
98 Sale
10996347'82
60
106
4713
1212
8912
975
3
109472
95318
973
4
Sale 593
4
Sale 106
1085 860
4
88
14
535 190
8
1412 60
8913
1
9812 200
981 41
/
4
ma 47 :22_
10 38 1_4
9 4
:
60
10614
15
33
An
''''84
5
834
/
1
8712
62
174
4
go
99
/
1
4
86
9812
106 1044
9 58 96
2
6
/
1
50
6112
1035 107
$
10718 107 4 10753 10712
1
1 102 10712
10012 104 103
10312
8 10238 116
10934 Sale 10912 110
27 106 11012
11278 Sale 1117e 11278 65 106 113
10414 Sale 10314 10412 10
84 108
5178 Sale 5118
524 50
444 6584
4338 484 4514
7
4312 67
46
4214 47 4314
4412 26
425 6514
8
454 49 457
8
4914 26
4014 74
112 Sale 11112 11334 141
994 11588
10238 Sale 10214 1023
4 84
99 1025
4
3018 ---- 30 Apr'34 ____
80
30
5
*
15
18
1713
8
20
46
20
•
•
•
*
*
86 Sale 8512
72 86
3
86
109 Sale 1083
4 10988 13 105 10958
/
1
4
108 Sale 1071 108
/
4
6 10514 110
1011 Sale 10114 102
/
4
9314 102
76
New York Bond Record—Continued—Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.
*.,e,
P....it'
Price
Friday
May 4.
Week's
Range or
Last Sale.
1.
co
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.
... .4.
.i.'"E
...i..
3063
Price
Friday
May 4.
Week's
Range or
Last Sale.
.1 .
:P..
co
Range
Since
Jan. 1.
Industrials (Continued)—
Bid
Ask Low
Bklyn Qu Co di Sub con gtd be '41 M N
65
70
57
let 55 stamped
1941 J J 67
573
4
Bklyn Union El let g be___ _1950 F A 04 Sale 91
Bklyn Un Gas let cons g 58_1915 MN ill Sale 1103
4
let lien di ref fhl aeries A__1947 M N 11778 ____ 11712
Cony deb g 54s
1936 1 J --------158
Debenture gold be
1950 J D 104 Sale 1023
4
1st lien & ref series B
1957 M N 1073 Sale 10714
8
Buff Gen El 414s series B__1981 F A 1043 1043 1044
8
4
/
1
:Bush Terminal 1s1 48
1952 A 0 5112 58
50
Consol be
1955 J J 20 Sale 1912
Bush Term Melo be gu tax ex '30 A 0 4714 Sale 4714
By-Prod Coke let 514s /L...1945 MN 8314 8412 83
Cal0& E Corp tint & ref 58_1937 MN
Cal Pack cony deb be
19403 J
Cal Petroleum cony deb a t Is '39 F A
Cony deb St g 54s
1938 MN
Camaguey Sugar 7s ctfe__1942. _
Canada BS L let di gen 6s.._1941 A -0
Cent Diet Tel let 30-yr 5a__1943 J D
Cent Hudson 0 & E &Lien 1957 M S
Cent Ill Eleo & Gas 1st bs___1951 F A
Central Steel let g at 8e____1941 NI N
Certain-teed Prod b4s A.. _1948 M S
Chesap Corp cony be May 15 '47 M N
Ch G L et Coke let gu g 58_1937 J J
:Chicago Railways let bs nod
Aug I 1933 25% part pa
F A
Childs Co deb bs
1943 A 0
Chile Copper Co deb ba_.,j947 J J
CM 0& E lit M 4e A
1988 A 0
Clearfield Bit Coal let 4s
1940 J J
Colon Oil cony deb Os
1938 J J
:Colo Fuel & Ir Co genii 5s 1943 F A
Col Indus let & coil 55 gu_ _ _1934 F A
Columbia G &E deb 5a May 1952 M N
Debenture Se
Apr 15 1952 A 0
Debenture 58
Jan 15 1961 J J
Columbus fly P & List 44e 1957 J J
Secured cony g 554s
1942 A 0
Commercial Credit at 540_1935 3 J
Comml Invest Tr deb 548_1949 F A
Conn fly & L 1st dc ref g 4 ha 1951 .1 3
1951 j J
Stamped guar 44e
Consolidated Hydro-Elec Works
of Upper Wuertemberg 78_1956 3 J
Cons Coal of Mdlet .- ref 58 1950 3 D
Certificates of deposit
Consol Gas(NY)deb 548_1945 F A
Debenture 44e
1951 J D
Debenture Is
1957 J J
Consumers Gas of Chic gu 581936 J D
Consumers Power let S,C 1952 MN
Container Corp let fie
1946 J D
15-year deb es with warr_1943 J D
Copenhagen Telep 58 Feb IS 1954 F A
Corn Prod Refg 1st 25-yr s 158'34 M N
Crown Cork & Seal 8 1 62_ _ .1947.' D
Crown Willamette Paper 6/1_1951 1 J
Crown Zellerbach deb 5e w w 1940 PA S
:Cuban Cane Prod deb 6s___1950 J J
Climb T & T let & gen 58___1937 .1 3
Del Power & Light let 448_1971 J J
let & ref 434s
1969 J .1
let mortgage 434s
1969 J J
Den Gas & El List & ref it t 58'51 M N
Stamped as to Penne tax,1951 MN
Detroit Edison be ear A
1949 A 0
Gen & ref be aeries B
1955 J 1)
Gen & rails aeries C
1982 F A
Gen & ref 434s series 0.1981 F A
Gen & ref Is series E
1952 A 0
Dodge Bros cony deb 6s
1940 M N
Dold (Jacob) Pack let 6s
1942 MN
Donner Steel let ref 7s
1942 J J
Duke-Price Pow let Os ser A_1966 MN
Duquesne Light 18t 448 A 1987 A 0
let Mg 436s series II
1957 M S
East Cuba Sug 15-yr e f g 734537
M
Ed El Ill Bklyn 1st cone 4s__1939 J S
J
Ed Elea(N Y) 1st cone g 513_1995 3 .1
El Pow Corp (Germany) 83.4,10 M 5
let sinking fund 8148
1953 A 0
Ernesto Breda 7s
1954 F A
Federal Light & Tr lit 58.. 1942 PA 8
Is International series_ _1942 M 5
1st Hen, f 55 etamped___1942 M 8
let lien 65 stamped
1942 M S
30-year deb lis series B1954 J D
Federated Metals a 17,
18393 D
Fiat deb 51 g 7s
1946 J .1
Framerican Ind Dev 20-yr 748'42 J J
:Francisco SUFI let s t 7345,1942 M N
Gannett Co. deb 65 set A__ _1943 F
Gas &El of Berg Cocotte g 5131949 J
Gelsenkirchen Mining Ile__ _1934 M
Gen Amer Investors deb beA1952 F
Gen Baking deb at 54s____1940 A
Gen Cable lets 1 548 A_1947.1
Gen Electric deb g 3148____1942 F
Gen Elec(Germany) 7s Jan lb '45 J
Eltdeb 04e
1610 3
20
-year of deb Os
1948 M
Gen Petrol let Wilk I'd 5
8_1940 F
Gen Pub Sem deb 514s
19393
Gen Steel Cast 5148 with wart'493
:Gen Theatres Equip deb 06_1940 A
Certificates of deposit
Good Hope Steel Air sec 74_1945 A
Goodrich(BF)Co lst0 As__1947 J
Cony deb 65
1945 1
Goodyear Tire & Rubb 1st be 1957 M
Gotham Silk Hosiery deb 98_1036 J
(Gould Coupler let It 6s_1940 F
Gt Cons El Pow (Japan) 7s__1944 F
let & gen 51 6348
19503
Gulf States Steel deb 54e__ _1942 J
A
13
8
A
0
J
A
J
D
N
A
J
.1
0
0
J
D
N
D
A
A
J
1)
Hackensack Water 1st 48-1952 J J
Hansa SS Lines& with warr_1939 A 0
liftmen Mining Os with warr_1949 .1 J
Havana Elec coneol g 58____1952 F A
Deb 514s series of 1926_1951 131 5
(Hoe(R)& Co lit 61411ser A 1934 A 0
Holland-Amer Line 68 (flat)_1947 MN
Houston 011sink fund 5341 __1940 M N
Hodson Coal let s 1 5s ear A_1962 J D
Hudson Co Gas let g 5s____1949 MN
.
Humble Oil& Refining be _ _1937 A 0
Illinois Bell Telephone 641_1956 J D
1940 A 0
IllInole Steel deb 442
Moder Steel Corp mtge 613_1948 F A
1936 M N
Ind Nat Gas & Oil rat 62
For footnotes see page 3064.
High No. Low
High
Industrials (Continued)—
Bid
Ask Low
High No. Low
High
Mar'34 ____
57
60
1978 A 0 971* sale 9614
Inland Steel let 414s
975
8 82
86
975
8
Feb'34 _
573 5734
4
1981 F A
let Met 414s ser B
97 Sale 96
97
78
8512 97
96
37
7513 96
(Interboro Rap Tran let 68_1968 1 J 693 Sale 6912
4
7012 117
654 7214
•
111
23 1063 1113
*
4
10
-year 6s
•
4
1932 A 0
Apr'34 _-- 1104 11712
/
1
Certificates of deposit __ ____ --- 3213 3314 3212 Apr'34 ---32
3812
a
Feb'34 __-- 158 158
*
10
-year cony 7% notes_ __1932 M S
.
104
14
98 10414
Certificates of depoelt __ ____ --- 73
74
7312
74
3
6713 75
1077
8 10 1043 10834 Interlake Iron 1st be B
4
7413 Sale 7312
1951 MN
7412 14
80
7718
1047
8
1
99 1053 Ink Agric Corp let & coll tr Se—
8
51
7
50
60
Stamped extended to 1942_ _ M N
7334 791 78
/
4
78
5
62
79
20
26
124 2612 lot Cement cony deb 55.. __J948 M N 903 Sale 8912
4
903 101
4
79
/ 90
1
4
/
1
4
5014
12
453 6012 Internet Hydro El deb 6s___1944 A 0 65 Sale 64
8
/
1
4
677 270
8
4018 693
8
8312
7
6112 88
Inter Mere Marine a f 68„...1941 A. 0 60 Sale 5912
44
6312
6014 17
Internet Paper be ser A & B_1947 J J 7918 Sale 7918
8012 39
5713 8212
1063 Sale 10658 1064
8
/
1
2 1034 107
Rots f (is series A
1955 M 8 6712 Sale 65
/
1
4
671 116
/
4
384 73
/
1
10112 Sale 1003
4 10112 90
8612 10112 Int Telep & Teleg deb g 4 Ai 1952 J J
59 Sale 5812
62
145
4814 693
4
10214 Sale 10214
8
10212
963 1023
8
4
Cony deb 44s
1939 J J 6534 Sale 65
5718 7312
6912 208
8
10212 10314 10212 10213
994 10312
Debenture be
1955 F A 63 Sale 611
/
4
66
279
52
693
4
64
6
/
1
4
3
2
/ 12
1
4
618 7
Investors Equity deb Is A 1947 1 D 0712 Sale 9712
98
8
8238 98
33
3412 3334 Apr'34 ---1812 333
4
Deb 55 ser B with warr
1948 A 0 97
98
97
97
3
88
98
1073
--- 10718
10718
4 104 8 1075
5
8
Without warrants
1948 A 0 9714
_ 961,2 Apr'34 --__
87
/ 98
1
4
107 410714 107
107
5 10418 10772
65 Sale 64
6812 49
4512 69
/ K C Pow & Lt let 434s ser B 1957 .1 J 106 Sale 106
1
4
1063
8
7 1004 10612
110 Sale 110
110
2 10118 110
let mtge 4 4s
1961 F A 1063 Sale 10618
8
1063
8 27 1003 10712
8
6518 Sale 65
6812 40
5218 717 Kansas Gas & Electric 440_1980 1 D 9514 Sale 94
8
9514 70
7213 9514
10734 152
96 110
106 Sale 105
Karetadt (Rudolph) 1st 6s 1943 MN
3018 ____ z3078
31
7
19
31
1045
8 35
10412 Sale 104
981 105
/
4
__
Certificates of deposit
2412 Sale 2318
2412 27
1612 25
Keith (B F) Corp 1st 65____1946 M S 6918 70 70
71
32
51
72
*
•
•
Kelly-Springfield Tire 60_1942 A 0 52
5314 52
/
1
4
55
16
48
5912
59
58 Sale 57
68
43
65
Kendall Co 5)4s with warr_11348 l'd S 92 Sale 92
933
4
6
7418 951 2
81
143
80 Sale 7912
56
33
Keystone Telep Co let Is___1935 J .1
781 793 78 Apr'34 --__
/
4
4
734 7934
10012 86
92 101
100 Sale 100
Kings County El L dr P 5s_1937 A 0 10618 Sale 10618
10618
5 104 107
38 Apr'34 ____
43
_
_ _
Purchase money 85
__ 1343 Apr'34 _--- 122 135
4
1997 A 0 136
65
65
2
64
65
5014 ii Kings County Elev 1st g 4s__1949 9 A
864 / i8
1
37
8712
8618
10
75
5512
6
30
55 Sale 55
59
Kings Co Lighting let bs__ _1954 3 J 108
__ 108 Apr'34 _--- 10314 108
2912 Sale 2812
31
42
1713 3312
First and ref 614e
-17 117
Apr'34 --__ 108 120
1954 3 J 116 1 8712 75
69
8
8878 Kinney(OR)& Co 74% notes'36 J 0 99
867 Sale 86
9912 9318
98
/
1
4
2
8112 100
88
9
70
8612 ____ 6712
88
Kresge Found'n coil tr 68_1936 3 D 97
9813 9718
983
4 34
823 100
4
86 Sale 8512
86
33
6612 88 (Kreuger dc Toll el AS,etts_1959 M S 18
19
1914
1914
2
1214 2134
Sale 9434
954
955
8 63
73
955
8
10412 18
10412 Sale 104
901 1043 Lackawanna Steel let Is A__I950 M S --------1053
/
4
4
4
10614 26
97 10614
*
Laclede G-L ref & ext 5s_ ___1934 A 0
•
8 1013
4 18 10112 103
1013 Sale 1013
4
Certificates of deposit- 89
/ 92
1
4
9112
9113
2
85
93
1071 Sale 10712 10812 27 101 108
/
4
Coll &ret 53 series C_1953 1-A
65 Sale 6212
-is
673
4 72
50
89
/
1
4
_
_
9334 ___ 983 Nov'33 ___ s _
8
Coll & ref 5 48 aeries D___1980 F A 647 Sale 635
8
8
6512 21
50
89
/
1
4
103 104 10312 10312
ii 11;33- Lautaro Nitrate Co Ltd 6s__1954 3 J 17 Sale 15
4
1
54 1912
1712 189
Lehigh C & Nay 8 f 43is A__1954 3 J 97
9712 97
97
2
81
9912
37
427 40
8
423
4
6
39
60
Cons sink fund 448 ser C_19,543 J 97 Sale 971
/
1
4
/
4
971
/
4
1
80
9914
1634
19
10
1814 20
12
254 Lehigh Val Coal 1st & ref s f be '44 F A 89 Sale 8814
89
6
794 91
16
19
19
16
15
1114 24
let & ref et bs
61
65
624
1954 F A
6218
1
40
624
106 Sale 106
1063
8 76 10112 10712
let dr rots 1 be
1984 F A
5712 59
583
4
59
6
424 59
/
1
10018 Sale 9912 10112 139
903 10110
1st & ref, f be
8
5612 59
1974 F A
525 Mar'34 ---8
40
55
4 104
/ 107
1
4
103 Sale 1033
/
1
4
Secured 6% gold notes___1938 J J 9318 95
974 1045
/
1
8
925
8
97
10
8118 97
10414 Sale 10114
1064
/
1
6 100 1061 Liggett d Myers Tobacco 75_1944 A 0 1263 Sale 126
8
/ 12812 47 11918 1284
1
4
/
4
,
107 Sale 1064 10712 21 1004 108
/
1
bs
8
1951 F A 1115 112 11112 112
14 106 112
93 Sale 93
9412 31
70
9612 Loew's Inc deb a 1 (is
102
1941 A 0 10114 Sale 101
31
85 102
74
784 2
/
1
0
52
8114 Lombard Elec 75 ser A
9713 16
7558 75
19523 O 974 Sale 9612
8538 9712
9112 Sale 2911
/
4
9112 17
75, 9112 Lorillard (F0 Co deb 78
8
1944 A 0 120 12012 120
12012
7 11212 12012
--------10014 Apr'34 --„ 10018 1013
8
bs
____ 105
9912 10618
/ 10618 14
1
4
1951 F A 106
1037 Sale 10314
8
104
35
9712 104
Louisville Gas & El(Ky) 58_1952 MN 1024 Sale 1017
/
1
8
10318 93
88 1034
/
1
955
8 11
7913 951 Lower Austria Hydro El 8481944 F A 8212 85
/
4
95 Sale 95
83
83
8
51
833
4
947 Sale 94
8
96
31
70
96
*
•
(McCrory Stores deb 534e_ _1941
107 Sale 106
107
89 10312 107
Proof of claim filed by owner__
- 60 Sale 5812
60
9
50
68
McKeseon & Robbins deb 54850 „./
1
III N 324 Sale 824
/
1
84
80
58
/ 863
1
4
4
*
1033
4 26
10312 Sale 103
9414 1037 (Menet! Sugar let s f 74_1942 A 0
8
10hz
3
1011 ___ 101
/
4
8958 102
Certificates of deposit_ ____ ____ 1812
1912
3
10
20
10
1031
1034 Sale 1013
4
Stamped Oct 1931 coupon 1942 ;CO
*
94 104
1O2'z 24
10212 Sale 101
86 1021
/
4
Certificates of deposit ______ ---20
20 Feb'34 _--16
6
20
•
102 Sale 101
102
8
873 1023
Flat stamped modified _ _ _ ____
4
4
,.
8
1067 Sale 10614
107
9
963 107 (Manhat fly(NY)cons g 4e 1990 -4
A0 50 Sale 50
5112 23
424 5112
/
1
1061 13
/
4
10614 Sale 106
984 1064
4113
/
1
Certificates of deposit ___ ___ -- - 48 2 50
4312 39
/
1
,
37
48
10711 13
107 Sale 107
2d 4s
963 10712
35
38
35 Apr'34 ___8
2013 .1
30
40
41
89 10212 Manila Elee RR & Lt St 58_1953 NI 8 82
1021
90
95 Mar'34 ..
102 Sale 102
9312 97
8 10714
10612 107 1065
10
97 10714 Mfrs Tr Co etre of panic in
1054 188
/
1
1054 Sale 105
/
1
A I Namm & Son 1st 6s1943 J D
9814 10512
72 Sale 72
72 ___ s
60
773
4
93
9114 93
92
12
79
/ 93
1
4
Marton Steam Shovels f 68_1947 A 0 51
534 55
/
1
58
8
44
81
102
6
94 102
9912 105 100
9018
8
91
Market St fly 78 ser A-April 1940 Q J 907 95
33
68
91
941 38
/
4
9414 Sale 94
7412 96
Mead Corp let 6e with warr_1945 M N
7718 79
78
79
11
53
81
10612 45 1013 10318 Meriellonale Dee 1st 75 A1957 A 0 1077 1097 108
1063 Sale 106
8
4
8
108
1
94 116
14 10212 109
10818
108 Sale 108
Melt Ed 1st & ref Si ear C__1953 J J
96 Sale 9512
96
35
77
9612
1st g 4148 series 13
1968 M S 8618 Sale 8518
863
8 26
71
88
•
*
•
Metrop Wet Sew & Dr 548_1950 A 0 9012 Sale 9012
9112
4
80
92 2
,
*
*
1033 10412 103
4
/ 103
1
4
/
1
4
0 10018 1033 Met West Side El (Chic) 48_1938 F A
4
11918 124 11812 Apr'34 ---- 110 11878 Miag Mill Mach let at 7s...._1956 J D
5012 68
5112
5112
1
50
78
514
513
4 10
515 5312
8
4512 6912 Midvale St &0 coil tr s t 58_1938 M S 1024 Sale 102
10212 96
974 10212
/
4
51
513
8 18
511 52
47
6914 Milw El Ry & Lt let be B1981 J D 84 Sale 8218
/
1
4
843
4 99
57
85
8512 8758 85
/ Apr'34 --, 833 89
1
4
8
1st mtge be
1971 J J 8214 Sale 81
8212 51
58
83
/
1
4
79
20
64
79 Sale _7,6
79
Montana Power let be A_1943 J 1 9838 Sale 973
4
9812 86
7913 9812
77
771 78
4
/
4
75
7712
Deb be series A
1962 J D 77 Sale 77
de
80
11
53
813
4
42
783 Sale 764
4
4
/
1
783
8012 781 Montecatini Min & Agile—
/
4
7812 83
764
/
1
77
1937 J J 9718 Sale 9718
34
64
80
Deb g 78
97
/
1
4
2
98
9812
67
65
6718 12
5113 6718 Montreal Tram let &ref 56_1941 J .1 10012 Sale 1003
8
10012
7
954 101
105
3 101 105
1021g 106 105
Gen dc ref et be series A.,1955 A 0 811 8312 8214 Apr'34 ___/
4
8214 3214
1007 102 101
8
101
2
0 100 8 102
3
Gen di ref a 1 Ss series 13.._1955 A 0 811 86
/
4
74
Feb'34 ____
74
74
12 Sale 10612 10714
106
3 10212 109
Gen & ref s I 44s series C_1955 A 0 75
____ 68 Nov'33 ___
_ _
__
3414 Sale 34
3414
3
19
41
Gen & ref 51 5s series D._1955 A 0 813 ---- 85 Mar'34 ____
4
Morrie & Co 1st s 1 4 4s____1939 J 3 9612 Sale 96
96 12 29
8412 97
/
1
4
9312 913
93
4
9312 14
794 9312 Mortgage-Bond Co 48 ser 2_1989 A 0 :31_ _ 40 Dec'32 ____
/
1
4
__ _
__
108 ____ 104 Feb'34 ---- 104 104
Murray Body let 814s
96
944
/
1
5
8ii 10
-0
19343 D 94 - -78 94
*
Mutual Fuel Gas let gu g 58_1947 11 N 10318 ___ 105
10518
9
95 1054
957 Sale 95
8
0678 24
791: 97
Mut un Tel gtcl 811 ext at 5% 1941 MN 103 10312 10312 Mar'34 ____
97 10358
10412 Sale 10414
105
37 102 1054
/
1
725 Sale 7212
8
7614 31
59
771 Namm (Al)& Son_See Mfrs Tr
/
4
1022
4 _ _ 10214 Apr'34 -- -- 100 10234 Nassau Elec gu
6212 53
6218 Sale 6112
g 4s etpd1951 .1 J
534 821
/
1
/
4
5012 gale 50
r5012 10
1
483 65
8
9512 86
86
6513 86
Nat Acme 1st s f 613
1942 J D 53
474 53
1
49
43
48
95
6312 Nat Dairy Prod deb 534s __1948 F A
260
78
05 Sale 9438
/ GO
1
4
4812 Sale 4618
4812 33
451 8312 Nat Steel 1st coll be
10212 128
91 10213
/
4
1958 A 0 10212 Sale 102
105 sale 10334 105
3
3 103 106
/
1
4
110
Newark Camel Gas cons 68_1948 J D 109 11014 110
5 1033 110
8
94
14
04
96
0334
76
94
10314 75
Newberry (JJ) Co 54% notes '40 A 0 103 Sale 10214
884 10414
86 Sale 8512
23
87
/
1
4
8
6818 891 New Eng Tel & Tells A___1952 J D 1113 Sale 1115
11214 88 105 1123
/
4
4
/
1
4
4
*
•
1st g 43.4e series B
1075
8 10 101 10814
8
1961 MN 1075 Sale 10714
1058 142
8
/
1
4
914 Sale
3
1.11 NJ Pow & Light let 4341___1960 A 0 86 Sale 85
/
4
6912 6612
8612 43
584 Sale 58
/
1
584
/
1
6
5518 6318 New On Pub Serv 1,1 5, A__1952 A 0 64 Sale 624
/
1
64
34
4112 65
1033 Sale 1033
4
4 10414 71
95 1044
/
1
First & ref be series B____1955 J D 6312 Sale 63
6458 35
40
/ 67
4
so1 65
8812 Sale 864
137
/
1
89
9
72
90
N Y Dock let gold 4s
6358
61 Sale 61
1951 F A
9912 Sale 9812
9958 269
8914 10014
Serial 5% notes
504 22
50
4914
37
55
1938 A 0 48
803 95
8
91
91
e
89
95
NY Edison 1st & ref 84e A_1941 A 0 114 Sale 113
/ 114
1
4
26 10912 114
*
•
let lien & ref 58 series B 1944 A 0 1073 Sale 10714
lO84 25 10512 11018
8
80
86
81
82
10
684 87
let lien & ref 55 series C 1951 A 0 1073 Sale 10714
108
24 10512 10912
4
78 Sale 78
70
8
8518 794 NY Gee El Lt II & Pow g 5,1948 J D 113 Sale 11178
113
13 107 1133
4
87
8714 21
88
87
71
89
Purchase money gold 48_1949 F A 10412 105 10414
1047
23
9912 1047
8
NY LEA W Coal & RR 514s'42 M N
95 Apr'34
9214 96
754
752 95
11 10014 101
1003 102
4
5
96 101
NY L E & W Dock & Imp Is '43 J .1
4
99 102 1003 Apr'34 ___
/
1
4
87 1004
/
1
513 55
8
53
53
3
3914 56
NY Rye Corp Inc 6s_ __Jan 1965 Apr
814
5
714 9
/
1
4
7 4 812 8
3
943 Sale 26414
8
6458 25
53
6714
Prior lien (le aeries A
67
65 Apr'34 ____
63
70
19613 .1 65
35 Sale 3412
35
7
2912 36
NY & Riches Gas lit Oa A 1951 NI N 10512 Sale 10512 106
10
96 106
8
93
4 754 Apr'34 ---7
934 IN Y State Rye 4 3.4e A ette_1962 ____
418 30
44 Sale
314
112 418
"
•
84s series B certificatee 1962 __
412
412
412 Sale
5
212 458
____ 377 39 Dee'33 8
_ NY Steam 65 series A
10818
1 10214 110
1947 MN 108',10818 Sale 10818
86 Sale 8512
8712 'lb
65 -- 83
let mortgage 511
10512
6
1951 M N 10512 Sale 10518
985 106
8
39
51
42 Sale 4012
443 200
8
let mortgage be
10412 15
1958 M N 10412 Sale 10312
9738 105
110 111 110
6 10514 111
110
N Y Telco let &
MN 10612 Sale 105
/ 107
1
4
92 103 107
10512 21 10318 10512 NY Trap Rock gene t 4%u 1939
8
105 Sale 1047
let Os
57 Sale 5612
51
63
1946 J D
5818 35
10318 Sale 1071 1084 43 1053 11012 Meg Lock & 0 pow let Is A 1955 A 0 10218 103 10112 10212 18
/
4
/
1
4
90 10212
106 Sale 1054 10612 68 10212 10612 Niagara Share deb 54s____1950 M N 683 Sale 6812
/
1
707
8 81
4
50
7218
463 Sale 46
4
47
28
414 5912 Norddeutsche Lloyd 20-yrs flis'41 MN
/
1
5618 Sale 52
5638 79
4518 73
100 101 100
101
4
94 101
Certificates of deposit
50
52
51
51
1
4834 57 8
7
g5 81
New York Bond Record-Concluded-Page 6
3064
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.
•
Frile
Friday
May 4.
Week's
Range or
Last Sale.
ig
Range
Stnee
Jan. 1.
High
Bid
Ask Low
Industrials (Continued)
High No. Low
224 40
Nor Amer Cem deb 6345 A-1940 MS 3112 35 34 Apr'34
9014 49
North Amer Co deb 5s
1961 P A 8914 Sale 8912
6312 91
7 61
874
No Am Edison deb 58 ser A..1957 MS 86 Sale 86
87
Deb 5348 ser B___Aug 15 1963 FA 91 Sale 90
9212 27 62 9418
Deb 58 ser C
Nov 15 1989 MN 8312 Sale 83
564 86
8412 24
21
Nor Ohio Trac dc Light 64_1947 MS 101 Sale 100
7472 102
101
33
Nor States Pow 25-yr Si A__1941 * 0 102 Sale 10112 102
8912 10212
let dc ref 5-yr 138 Her B____1941 * 0 1055s Sale 105
10558 18
944 10558
Norweg Hydro-El Nit 5%8_1957 MN 8014 Sale 794
79
90
813
4 23
Ohio Public Service 734s A__1946 AO 1043 10512 1043
89 107
4 10512 12
4
let & ref 75 series B
78 1023
4
1947 FA 102 10212 1023
s 1024 13
Old Ben Coal 1st tla
23
15
1944 P A
1914 1912 19 Apr'34
Ontario Power N F lt 6s....1943 FA 1074 10812 107
4
1075a 14 101 1073
1 101 10412
Ontario Transmission 1st 59_1945 MN 104 106 10412 10412
14
Oslo Gas & El Wks esti 58_1963 M
6912 86
4
86 Sale 833
86
Otis Steel let mtge (is ser A_I941 M
5638
9958 Sale 5238
28
563 186
/
Pacific Coast Co let g 58_1946 J D
Pacific Gas& El gee az ref be A '42 J
Pacific Pub Sets 5% notes__1936 MS
Pacific Tel & Tel let 58_ _1937 J J
N
Ref mtge ba series A
1952
:Pan-Am Pet Co (Cal)cony 68'40 3D
Certificates of deposit
Paramount-B'way 1st 5349_1951 JJ
Certificates of deposit
:Paramount Pam's Lanky 6s_'47
Proof of claim filed by owners.
JO
Certificates of deposit
:Paramount Publix Corp 534s ISO P A
Proof of claim filed by owner
Certificates of deposit
Park-Lex 634s ctfs
1953
Parmelee Trans deb 68
1944
Pat dc Passaic0& E cons be 1949 MS
N
Pathe Exch deb 75 with warr 1937
Pa Co gu 334a coll tr A reg._1937 MS
Guar 3349 coll trust ser B_1941 P A
Guar 3345 trust ctis C1942 3D
Guar 334a trust etre D
1(444 ID
Guar 48 ser E trust ctfa
1952 MN
Secured gold 434s
1963 MN
Penn-Dixie Cement lert 65 A 1941 MS
Pennsylvania P & List 43.4e 1981 *0
Peep Gas L & C 1st cons 65_1943 *0
Refunding gold bs
1947 MS
Pbila Co seo 58 series A
1967 ID
Mina Elec Co let & ref 4345 1967 MN
let & ref 45
1971 P A
.▪ 1
Phila & Reading C & I ref 58 1973
Cony deb 68
1949 M
Phillips Petrol deb 5348_1939 3D
Pillsbury Flour Mills 20-yr 68'43 AO
Pirelli Co (Italy) cony 711...A952 MN
Pocah Con Collieries let a 6 bs'Si
Port Arthur Can & Dk 88 A.1953• A
Ellst mtge 69 series B
1953 P A
Port Gen Eleo 1e143.4,ser C 1960 MS
Portland Gen Elm let 511_1935
Porto Rican Am Tob cony 6.1942 JJ
Postal Teleg & Cable coil 55.1953Ii
:Pressed Steel Car conv 214.1933 JJ
Pub Son'El & Girt& ref 4348'67
1st & ref 434,
1970 FA
lit & ref 48
1971 *0
Pure 011 sf 534% notes
1937 P A
E 1514% notes
1940 MS
Purity Bakeries s I deb 58_1948
(Radio-Keith-Orpheum pt pd ctfs
for deb 6s & com stk (65% pd)_
Debenturegold 68
1941
Remington Arms let Cf 68_1937 MN
Rem Rand deb 5348 with warr'47 MN
Repub I & S 10-30-yr Sea 6_1940 * 0
J
Ref & gee 6348 swim A1953
Revere Cop & Brass 6s set A 1948 MB
Rhelnelbe Union 5 f 7s
1946 1
J
Rhine-Ruhr Water series 6 1953
RhIne-Westphalia El Pr 78-1950 MN
Direct mtge 611
1952 MN
Cons mtge 68 of I928
1953 P A
Cons M 68 of 1930 w1th warr'55 * 0
:Richfield Oil of Calif 68..„1944 MN
N
Certificates of deposit
Rime Steel 1st 5 f 78
1955 P A
Roch OkE gee M 6345 ser C '48 MS
Gen mtge 434s series D_ _1977 M
Gen mtge bs series E._1962 MS
Royal Dutch la with warr I945 * 0
Ruhr Chemical s f Os
1948 * 0
38 Sale
10578 Sale
86 Sale
107 Sale
1083 Sale
8
•
444 4614
44 Sale
44 Sale
•
4912 Sale
3612
105
8514
10612
1073
4
•
4418
35
3812
10618 10612
1053 10612
4
10112 Sale
100 Sale
984 Sale
93 Sale
4612 22
190
44
95
44
60
2812 5414
4814 • 503
4
•
4912 Sale 4814
18
14
18
26
313 a26
4
4
-- 1083
10834-95 9612 96
10014 ---- 9912
85
9478
933 -- - 86
4
_ _ 864
93-94
97 95
4
1003 Sale 10014
74 Sale 74
9532 Sale 9412
1104 Sale 1101s
102 Sale 101as
87 Sale 85
10572
1055a
102 Sale 10132
61 Sale 603
4
4812 Sale 48
9934 Sale 9914
1064 Sale 064
- 01
86 88
10034--- 801s
89
92 8912
89 _
8612
4814 Sale 4714
9378 Sale 91
474 Sale 4714
53 Sale 5212
0512
0514
0118
993
4
98
93
105
2
1
2
12
4912
18
a26
10834
9812
Apr'34
Dec'33
Jan'34
Feb'34
95
1003
4
765
s
9512
111
10214
87
106
10214
657
2
5114
100
10712
Jan'34
Apr'34
95
Apr'34
503
4
94
4914
55
177
36
47
215
1064
1054
102
100
9812
94
24
2
50
82
67
35
_
3
62
18
173
16
46
112
7
75
23
42
192
21
5
10112 Sale
9118 Sale
9912 10018
90 Sale
97 Sale
444 Sale
38 Sale
6418 Sale
634 Sale
624 64
63 Sale
10112
90
9912
87
97
4334
38
6312
6314
6338
63
10138
915e
10018
90
9912
4434
38
8432
6458
65
65
*
34
324 334 33
543 Apr'34
s
5414 _
10714 10712 10714 10714
994 101 101 Apr'34
104 Sale 104
1043
4
128
127% Sale 126
72 Apr'34
•
29
5412
934 2212
2318 3512
10318 109
85 983
8
94
9912
943 9434
4
86
86
86 4 863
1
4
85 95 4
3
85 4 101
1
664 77
79
9512
10075 lit
2
83 1023
6314 88
10114 1063
4
9314 10214
503 69
4
39
5518
8918 100
105 109
101 10112
67/2 804
95
69
8612
70
39
57 4
3
9512
78
324 574
4712 63
•
10012 10612
100 1063
4
93 1024
904 10012
87 9812
7514 9812
35
364 sApr'34
N 109 Sale 109
113
St Joseph Lead deb 6345_1941
9614 9514
St Jos Ry Lt Ht & Pr 1st 58.1937 MN 95
9614
61
Rocky Mt & P 55 stpd _1955 3' 53 61 6012
St L
80 82 Apr'34
St Paul City Cable cons En_1937• J 68
'
3
_ 80
80
Guaranteed Ss
1937
J 68-95
96 95 s
1
9512
San Antonio Pub eery IN Si 1952
_ 3712 Apr'34
Schulco Co guar 630
1946 3' 41
41 -- - 3512 Apr'34
45
Stamped (July 1933 coup on)
41 100 38 Mar'34
Guar f 6341 seriee B__ _1946
41
50 40 Mar'34
Stamped
2
Sharon Steel Hoop s f 5348_1948 FA 73 Sale
Shell Pipe Line at deb 55_1952 MN 9914 Sale 9814
9914
N 98 Sale 97
Shell Union Oil s f deb 5s___1947
9814
984
Deb 5s with warrants____1949 £ 0 984 Sale 97
7412
Shinyetau El Pow 1st 63.45_1952 3D 7334 Sale 7312
68
Siemens & Halske s f 75.___1985 33 66 Sale 66
4
1951 MS 803 Sale 5914
Debentures f 6341
603
4
Sierra & San Fran Power 58_1949 P A 10012 Sale 10012 10012
50
Silesia Elea Corp s 634s1946 P A 47 Sale 47
2
53
fillealan-Am Corp coll Sr 78_1941 P A 5278 Sale 527
4 10418
1937 MS 104 Sale 1033
Sinclair CODS 01115-yr 7s
1043 Sale 10412 105
4
let lien 83.4s series B
1938
953
s
Skelly 011 deb 5341
1939 MS 9518 Sale 94
J 10812 Sale 108
1084
Boum Bell Tel & Tei 181 s f be '41
10812
(Pwest Bell Tel let & ref 55 1953 P A 10838 Sale 108
86
Southern Colo Power 65 A 1947 3, 85 8514 85
8
4 10633
Stand 011of N J deb bs Dec l5'46 P A 1057 Sale 1053
1044 Sale 104
10412
Stand 011 of N Y deb 4 34a_2951 J
•
Atevens Hotel let 65 series A '45
Studebaker Corp 6% g notes'42 ID
4914 Sale 47
5114
Certificates of deposit
Syracuse Ltg Co. 1st g 58.....1951 J D 11118 ____ 11118 Apr'34
10838
Tenn Coal Iron az RR gun 59_1951 Ii 10838 ____ 10838
8718
Tenn Copp & Chem deb 68B 1944 MS 8718 Sale 86
80
e
1947 3D 7912 Sale 787
Tenn Else Pow 1st 88
1944 AO 10218 Sale 10178 10214
Texan Corp cony deb 5s
55
1960• J 544 Sale 5378
Third Ave Ry hit ref 45
3112
Ad)Inc bs tax-ex N Y_Jan 1960 * 0 30 Sale 29
100
' 98 100 100
3
1937
Third Ave RR let 558
Tobacco Prods(N J) 634s._2022 MN 10612 Sale 10612 107
9053
Toho Elea Power 1st 71_1955 MS 90 Sale 90
Tokyo Elec Light Co Ltd
6812
1953 J D 664 Sale 65
let 65 dollar series
Trenton 0 & El lit g 58___1949 MS 108 _ --- 1084 Apr'34
5152
Truax-Traer Coal cony 8345_1943 MN 5212 54 25152
953
4
Trumbull Steel lit 8 f 69_,.1940 MN 9518 9512 95
'
I
Twenty-third St Ry ref 55_1962
731s
8
N 733 80 72
Tyrol Hydro-Elec Pow 73.45-1955
71
1952 FA 7014 Sale 67
Guar sec s f 78
4
32
6
58
26
25
404
10018 10614
67
86
10414 1074
1054 1107
2
•
28
463
4
30
44
44
30
38
106
86
107
1083
4
12
52
17
27
9
30
3
12
67
74
99
21
-2
14
47
86
38
8
37
•
9612 103
78
92
85 10012
90
74
80 10114
43
73
364 6612
61
7312
5514 71
55 4 71
3
584 71
•
20
3514
5414 56
994 1073
4
86 101
94 105
1024 14214
5212 7412
1053 114
4
72
9614
3534 61
4514 82
2
4575 80
14
9812
71
3534 41
30 36
32 40
30
40
38
76
40
151
8912 10014
93
894 993
4
8938 993
67
4
20
645 7618
4
81
2
66
43
6814 69
13 863 101
4
3 434 6812
878 5814
4
4
90 1024 1043
4
22 101 10512
844 9612
93
8
25 1054 1085
67 10518 110
7 634 86
261 10412 107
64 100 1044
•
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 4.
...,4:
May 5 1934
Price
Friday
May 4.
Range or
Wek'sil
Last Sale.
1 •
1
Range
Since
Jan. 1.
Bid
Industrials (Concluded)Ask Low
High No. Low
High
Uj1gawa Bleo Power if 75_1945 M 13 824 Sale 8214
83
29
7312 87
Union Else Lt & Pr(Mo)58_1957 A 0 10514 Sale 105
10514 19
9612 1053
4
Un E L & P (III) 1st g 534s A 1954 J J 107 Sale 1063
4 107
11 102 107
•
•
Union Elev Ry(Chic) .. __1945 A 0
Union Oil 30-yr 65 A-May 1942 F A 11212 Sale 11235 113
588 10712 113
Deb fis with
1024 35
__Apr 1945 J D 10214 10212 102
9434 103
United Biscuit of Am deb 65 1942 MN 106 Sale 106
warr_1063
4 30 10234 107
4
United Drug Co(Del) bs____1953 M 5 843 Sale 834
85 226
60
851
4
194 Apr'34 ---United Rya St L 1st g 4s-___1934 1 J 194 21
17
2012
85 9:
U S Rubber lmt & ref bs Bar A 1947 1 .1 8712 Sale 8612
8818 191
United SS Co 15-year . _ _1937 IN N 95
9912 98
98
98
9012 98
4
Un Steel Works Corp 6348A.1951 1 D 4114 4212 403
4212 82
13s403 6659
4
Sec."f 6 341 series C
1951 1 D 4114 Sale 40 4
3
42
14
403 661
4
4
Sink fund deb 63413 ser A,....1947 J J 4114 Sale 4034
42
16
4034 67
On Steel Works(Burbach)7a 1951 A 0 11412 11912 allS all5
10 107 120
28
D 27 29
29
Universal Pipe & Red deb 68 1936
4
13
29
Unterelbe Power & Light 88_1953 A 0 --_- 5472 55 Apr'34 --7334
47
Utah Lt & Trio let et ref 55_1944 A 0 74 Sale 7312
5712 :512
7514 36
4
Utah Power & Light let 138_1944 F A 763 Sale 7612
794 63
6013 81
Mks Elec L & P lat a f g 65.1950 J .1 1054 - - 00 May'33__ _
8
J 1097 Sale 093
4 1094
Utica Can & Elec ref & ext be 1957
6 102 10EK
8
Util Power & Light 53.4e_,.,._1947 J D 367 Sale 3512
384 100
2218 41
Deb Sc with warrants__1959 F A 33 Sale 323
4
364 256
1812 3818
Vanadium Corp of Am cony 58'41 A 0 85 Sale 844
8712 40
62
8912
Vertientes Sugar 7s etf.s. _._1942 --4
9
7
712 16
338 14
184
1
1818 18t8
Victor Fuel 1st 51 be
1953 3 J 1812 Sale 184
10534 15
Va Elm & Pow cony 5348_1942 M S 10512 Sale 105
96 1063
4
75 a65
065
8514
Va Iron Coal & Coke 1st g ba 1949 M 8 65
3
60
510258 17
Va Ry & Pow 1a1 & ref bs._ _1934 3 J 10014 Sale 100
99 110
10978 Sale 0912 1104 134 1083 11C4
Certificates of deposit
4
50 4412 Apr'34 ___
1212 4412
Walworth deb 8345 With werr '35 A 0 37
37
Without warrants
A 0 35 ---- 37
1
1538 37
46
1st sinking fund 13a ser A _1945 A 0 46 Sale 43
77
21
50
6412 259
Warner Bros Pict deb 6s,..,,1939 34 5 62 Sale 6052
4072 67
25
10
Warner Co let mtge 6s
1944 A 0 22 Sale 22
20
25
4612 36
Warner-Quinlan Co deb 68_1939 M S 464 Sale 44
30
4812
5 1074
1 10512 10738
Warner Sugar Refin let 75_1941 .1 D 10714 __ 073
597
8 56
Warren Bros Co deb 98
42 63
1941 IN S 5512 Sale 50
105
__ 05
5 984 105
Wash Water Power s f be -1939 J J 10473
11218
5 105 11218
Westchester Ltg Sc etpd gtd 19501 D 111 11212 111
10712 14 10314 10812
West Penn Power eer A 56_1946 M 13 10712 Sale 107
1012 1104
5 104 112
let 5e series E
1063 M 13 1104 111
1073
4 84 104 10812
1st me Sc series0
1956 1 D 10734 -...._ 107
9714 104
Western Electric deb 5a,..,.,.,1914 A 0 10212 Sale 1022 10314 65
42
914 102
Western Union coll trust 54_1938 1 .1 101 Sale iO0z 101
9012 37
7414 9012
Funding & real eet g 4348_1950 MN 90 Sale 894
1023
8 48
15
-year 8449
96 10214
1936 F A 102 Sale 102
95
56
25-year gold be
794 9514
1961 I D 9434 Sale 94
9412 132
9412
30
-year 58
79
1960 M 5 9418 Sale 9312
513
4 40
Westphalia Un El Power 68_1953 1 1 51 Sale 5034
4234 683
4
964 47
Wheeling Steel Corp 1st 5%81943 J 1 9612 Sale 96
8214 967
8
867
2 49
let & ref 434s series B_ ..._1953 A 0 8512 Sale 85
72 873
4
White Sew Mach (Is woth wart'36 1 J 554 75 04212 Oct'33
6412
69
2
1 J 6118 ---49 6/
Without warrants
Partio 5 f deb (is
1940 M N 6052 ____ 484 Mar'34 -- 48
52
IWIckwire Spencer St'l 1st 7/ _'35
912 1114 914
_
914
1
Ctf dep Chase Nat Bank___
7
1412
9
10
_912
Ctfs for col ds ref cony 75 A 1935 MN
912
4
412 14
10518 46
Wilson & Co. 1st s f 69 A_ _1941 A 0 10434 Sale 104
973 106
4
864 188
l'oungstown Sheet & Tube &'78 .1 .1 85 Sale 8412
7412 8914
8712 82
let mtae 5 f 5a ear B
1970 A 0 85 Sale 8412
7412 8912
Matured Bonds
(Negotiability Impaired by Maturity)
MATURED BONDS.
N. Y. STOCK EXCHANGE
Week Ended May 4.
t •
i1
..1...
Price
Friday
May 4.
West's
Bangs or
Last Sale,
11
Riggs
nee
Ant. 1.
High No. Low
Ask Low
Bid
Forum n Dort. & Municipals.
High
74 1178 9 Apr'34 __-Meedeo Trees 68 assent large '33 J 1
812 11
712 :112
1 ,I __ ____ 114 Feb'34 -__
Small
Railroad.
Burl C R & Nor Ist & coll 58_1934 A 0
(Chic R I & Pac ref 43
1934 A 0
:Norfolk & South 1st g 59-1941 MN
:Norfolk South 18t & ref bei196I F A
(R I Ark & Louts 1st 434s__ _1934 M 8
St Louis Iron Mt & SouthernRIv & CI Div lift g 48
1933 MN
:Seaboard Air Line let g 48_1950 A 0
Gold 48 stamped
1950 A 0
Refunding 49
1959 A 0
Ati & Birm 30-Yr 1st ir 45._1933 M 5
37
26
38
22
19
40
Sale
Sale
Sale
Sale
6212 Sale
2538
__
2252 /5
11
12
2012 2312
Industrials.
(Abitibi Pow & Paper let 59_1953 J D 4714 Sale
:Botany Cons Mills 6348_1934 A 0 1912 Sale
Bowman-Bilt Hotels 1st 75...1934
3 ___
Stmp as to pay of $435 pt red._ M 8
934 Sale
:13-way & 7th Ave let cons 581943 J D
5412
:Chic Rya ba stpd 25% Part Paid- F A 54
44 Salo
(Cuban Cane Prod deb 6a....1950 J J
East Cuba Bug 15-yr erg 730'37 M 5 1412 Sale
Gelsenkirchen Mining 6s__.,1934 IN S 57 Sale
(Gen Theatres Equip deb 5_1940 A 0 10 Sale
1512 18
(Gould Coupler 1st s f 6s_.A940 F A
(Hoe(R)& Co lat 6343 ser A 1934 A 0 2834 32
(interboro Rap Tran 68-.1932 A 0 3558 3612
-year 7% notes
1932 34 5 7614 Sale
10
Laclede 0-L ref & ext 5s...._1934 A 0 9112 92
:Menet' Sugar 1 5 t 7343_1942 A 0 1612 233
4
23
Stmpd Oct 1931 coupon_1942 A 0 16
15
Flat stamped modified
2712
Met West Side El(Chic)43.-1938 F A 114 15
(Pan-Am Pet Co (Cal) oonv 65'40 J D 4412 Sale
:Paramount Yam Lanky 65_11347
Proof of claim filed by owner._ J D 4912 Sale
(Paramount Publix Corp 5343 '50
Proof of claim Bled by owner_ F A 4914 Sale
(Premed Steel Car cony g 56.1933 1 J 554 5912
tRadio-Keith Orpheum 6e..1941 J 0 3114 3714
(Richfield 011 of Calif 68..A944 M N a325 Sale
8
(Stevens Hotels series A___1945 .1 1 27 Sale
(Studebaker Corp 6% Sotes-1942 .1 0 4912 Sale
Twenty-thlrd St Ry ref 5.1_1982 J J 2833____
Union Eleo Ry (Chic) 59---1945 A 0 1212 23
40 Apr'34 --.,
2512
273
4 89
373
4
38
2
21
2352 81
183
4
2012 25
3514
20
1414
8
15
4814
3112
40
25
25
6112
64
142
2518 Apr'34 --25 Apr'34 --11
11
13
2212
2212
1
4712
20
1712
735
144
64
27
27
14
2514
46
1912
184 483
4
12
25
4834 361
25
49
412 May'33
934
93
4
54
54
4
433
12
1412
5534
57
10
1112
1612
18
34
34
35 4
3
3614
74
7612
9112
9212
21
21
20 Apr'34
20 Feb'34
13 Apr'34
44
4612
49
5012
7
1
50
35
16
114
7
3
6
53
34
1
....
_
___
40
41
49
52
51
57 Apr'34 ___
36
37
2
324
34
52
253
4
2814 40
4812
52
114
28 Aug'28
18 Anr194 __-
95s
47
24
74
544
84
872
25
8112
704
79
9
10
15
1214
2552
1
7
6
5412
88
1
2212
80
13
1912
40
42
7714
954
2334
20
20
18
474
294 55
2914 55
6112 6615
1814 41
214 86
16
2814
3534 684
.
-11;2.
7- - -
34 67
r Cash sale not included in Year's Range.
10312 11114
a Deterred delivery sale not included in Year's Range.
104 109
654 874
*Look under list of Matured Bonds on this page.
84
57
t Accrued interest•payable at exchange rate of 34.8665.
964 1023
4
Companies reported in receivership.
5514
41
254 313
4
e Cash sales in which no account Is taken in computing the range are given below:
86 100
Gen. Elec.(Germ.) 75 1945, May 1 at 53. Va. Ry. & Pow. 58 1934, Apr. 28 at 106.
1014 10714
z Deterred delivery sales In which no account is taken in computing the range,
9414
80
are given below:
4
382
63 8 733 Copenhagen Tel. bs 1954. May 2 at 91. Kansas C. Ft. S.& M.45 1936, May 4 at
7
102 10858 Finland thi 1945, May lot 9534.
4731.
5158 Gt. Brit. az Ire. 4% 1990, May 2 at 116, Norway 6s 1944, Apr. 30 at 9834.
3
37
Panama Ss 1963, May 3 at 3834.
834 95 4
3
Apr. 30 at 117.
16
•
Harpen Mining 65 w u 1949, Apr. 23 at Solasons 68 1936, Apr. 30 at 16934.
6434.
734
Truax-Traer Coal 6345 1943, Apr, 30 at
2
48
Harstadt 68 1943. Apr. 30 at 29 •
71
50.
27
45
44
- 5
8
52
171
71
182
1
48
12
3065
Financial Chronicle
Volume 138
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, April 28 to May 4, both inelusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par Price. Low. High. Shares.
RailroadsBoston & Albany
100 138%
Boston Elevated
100
Boston & MainePrior preferred
100
Class A lst pref atpd_100
Class D 1st pfd stpd _100
Chicago Jet Ry & Union
Stockyards pref
100
East Maas St RyCW11111011
100
lat preferred
100 1351
Preferred B
100
Adjustment
100
Maine Central com__ _100
Preferred
100
NY N Haven&Hartford100
Norwich Worcester pf _100 113%
Old Colony RR
100
Pennsylvania RR
50 32%
MiscellaneousAmerican Cont'l Corp_
•
Amer Pneu Service com.25
Preferred
50
First preferred
50
Amer Tel .k Tel
100
Amoskeag Mfg Co
•
Bigelow Sanford pref _ _100
Boston Personal Prop Tr_•
Brown Co 6% cum pref..'
lirown Durrell Co corn_.•
last Gas d, Fuel ABM6% cum pref
100
4%% prior preferred 100
Eastern Steamship cont. •
Economy Grocery Stores _•
Edison Elect Ilium
100
Employers Group
General Capital Corp_ _•
Georgian Inc cl A prat_ _20
German Cr & Invest Corp
25% 1st preferred _ _ _ _"
Gilchrist Co
Gillette Safety Razor
Hathaway's Bakeries pfd."
Hygrade Sylvania Lamp.
•
Preferred
•
International Hydro-Elec •
Libby McNeil Libby
Loew's Boston Theatres_25
Mass Utilities Assoc v t 0_ •
Mergenthaler Lyno Co
•
National Service Co
•
New England Pub Serv.
Co corn
New Eng Tel & Tel____ 100
Pacific Mills
100
Reece HUI Hole Mch Co.10
Shawmut Assn tr etre_ _ _•
.
Stone & Webster
•
Swift & Co
25
Torrington co
•
Union Twist Drill Co_ _5
United Founders corn_ _ _ _ 1
U Shoe Mach Corp
25
Preferred
25
Venezuela Holding Corp.•
Venezuela Mexican 011
Corp
10
Waldorf System Inc
•
Waltham Watch Co el B
Common
Prior preferred
100
Preferred
100
Warren Bros Co
•
Warren(SD)Co
•
80
110
20
35
13
22
10051 10051
134
1234
554
234
10
24
1651
11334
100
31%
2
13%
5%
2%
10
24
18%
11354
101
3334
734 75
3%
3
551 734
22
22
112% 112% 120%
634 751
63-4
86
86
11
11
15%
14
2% 3
Mining-Calumet & Heela
25
Copper Range
25
Hancock Consol Mining 2'
Isle Royale Copper Co _.2'
New River Co com
_100
Preferred
100
North Butte
2 50
Old Dominion Co
25
Pond Crk Pocahontas Co
Quincy Mining
25
Shanon Copper Co
25
Utah Apex Mining
5
Utah Metal & Tunnel__ _1
7
High.
Low.
100 10914
165 55
138 139
69% 70
34
13
22
Range Since Jan. I.
May
Apr
Jan 139
Jan 70
2334 Jan
934 Jan
Mar
19
42% Feb
16% Feb
Feb
25
10
86%
Jan 10051 May
161
490
70
119
50
10
351
10
43
902
1
65/
1%
154
7
22%
14%
100
78%
2751
Jan
2% Jan
Mar
Jan
14
Mar
7
Jan
Feb
3
Jan
Mar 1434 Feb
Feb 27% Mar
Feb
Jan 24
Feb 113% May
Apr
Jan 101
Feb
Jan 39
834
85
474 Jan
3
Feb334
800
5% May 10%
505
Apr 28
10 22
5,834 107% Jan 125%
6% May 10%
380
Jan 86
7 79
12%
9% Jan
250
16
Jan
5
391
4
Jan
2
101
509 45
211 55
7%
255
48 16
589 125%
7%
40
175 20
1%
55
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Apr
Mar
Jan 68% Apr
Apr
Jan 72
Jan 10% Feb
Feb 18% Apr
Jan 154% Feb
Jan 12% Feb
Feb
Jan 26
Mar
2
Jan
66
71
954
17
137% 137
11
11%
21%
154
68%
71%
934
17
140
11%
22%
53.4
11%
5
10%
18
20%
80
7
534
5%
1
24
h
11%
5%
11%
18
22
80
734
5%
5%
134
24%
h
50
83
294
10
60
20
75
60
15
1,870
110
10
10
3%
834
12%
19
7974
4%
4%
5%
1
23%
34
Apr
Jan
Jan
Jan
Mar
Apr
Jan
Feb
Apr
May
Apr
Jan
11%
6
12%
24
25
84
93.1
73.4
6%
234
27%
I
Apr
Feb
Jan
Apr
Apr
Apr
Feb
Apr
Feb
Feb
Feb
Mar
1
94
28%
12
834
834
1654
5934
1354
h
6634
34%
154
1
96%
28%
1251
8%
934
1734
6134
135:
1
68
34%
151
31
975
20
50
698
658
201
472
40
288
1,832
40
230
51
83
25
10
654
574
14
493.4
8
51
663.4
3234
1%
Jan
Jan
Jan
Jar
Jan
Jan
Jan
Jan
Jan
Jar
Jan
Jan
Slay
134
96%
343
12%
994
1334
19
62
15
134
6834
36
3
Feb
Apr
Feb
May
Feb
Feb
Feb
Apr
Apr
Feb
Apr
Mar
Mar
2
654
2%
834
160
139
55
17
10%
534
55
17
1051
1254
534
55
17
II%
1234
14
10
30
824
15
4%
534
25e
154
434 534
554
5
25c
250
134
154
71%
94
854
1651
59%
54
67
47e
33.4
46
450
I
1634
1%
15c
234
2%
218
289
100
25
6
27
50
695
48c
460
151
248
17
60
174
782
22c
556
274
354 18,055
2
Slay
5% Jan
5%
45
17
934
10
Jan
Jan
Jan
Jan
Jan
Jan
5
854 Feb
Apr
6
55 Slay
i .b
21
1334 Jan
1234 Mar
654
33 Jan
Jan
3
554
Apr60c
20c
1
Jan
234
35:
134 Feb
30
Jan 50
250 Jan 80e
154
Jan
Mc
17
Jair
10
Jan
1
234
Apr 22c
12c
3
Jan
750
551
1
Jan
Feb
Feb
Apr
Feb
Feb
Mar
Jan
Feb
May
Apr
Apr
Feb
Feb
BondsAmoskeag Mfg Co 611_1948
Apr
52,000 65% Jan 76
76
76
Brown Co 534s
Apr
5.000 40
Feb 59
59
1946
59
5 56s
Apr
Jan 58
8,000 34
1950
58
5734
Chicago Jot fly 0, Union
/Mk Yards is
1940
103% 10354 2,000 9314 Jan 1043.4 Apr
East Maas Street fly
Series A 45:s
May
Jan 52
6,000 38
1948 51
52
50
Series B 53
May
Jan 56
1948
9,000 39
523.4 56
l'ond Ck Pocolionta.s 7535
Mar 108
May
2,000 102
108 108
z Ex-dividend. • No par value.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, April 28 to May 4, both inelusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
IVeek.
Sale
of Prices.
Par Price. Low, High. Shares.
Abbott Laboratories com.
•
Acme Steel CO
25
Adams Mfg Co(JD)corn •
Adams Royalty Co corn..'
Advanced Alum Castings.5
Allied Products Corp cl A.
•
Amer Pub Serv pre( _ _ _100
.
Amer-Yvetto Co Inc com.1
Asbestos Mfg Co corn _ _ _1
.
Assoc Tel & Tel SO prat __•
Assoc Tel Util•
Common
S7 cumul prior pref._ •
Automatic Products cent _ h
Automatic Washer cony pr•
33.4
17
954
3
1754
7
Range Since Jan. I.
Low.
4834
42
15
3
354
17
851
h
234
17h
493.4
44
16
3
351
17
954
51
3
173.4
150
450
60
400
150
250
190
20
SOO
10
Jan
40
2734 Jan
Jan
6
I% Mar
234 Jan
Jan
10
Jan
5
54 Jan
234 May
834 Jan
51
h
894
134
54
34
734
134
300
30
1,450
20
54 Jan
54 Feb
23-4 Jan
134 Jan
High.
51
475:
16
3
434
203,4
13
54
334
173-4
Apr
Feb
Apr
Jan
Jan
Feb
Feb
Feb
Jan
May
54 Jan
1% Mar
934 Feb
Feb
3
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High Shares.
Bastian-Blessing Co corn_•
6% 6%
Bend% Aviation com____• 17%
1655 1834
13erghoff Brewing Co _ _ _ _I
7%
7(4 834
Milks Mfg Co cony A......•
I% 1%
Borg-Warner Corp com.10 24
23
2434
7% preferred
106 10654
100 106
Brach & Sons(E J) corn..*
11
11
Brown Fence & Wire al A.
11% 115:
•
Butter Brothers
10 1034
1034 11%
3% 3%
Canal Const Co cony pref•
Castle 8‘ Co(AM)corn _10
1334 15%
Central Cold Storage com20
8
8
•
Central Ill P S pre
19
24
Central III SecurCommon
54
54
1
3.4
Cony preferred
834
8
Central Ind Pow pref _ _100
11
11
51
51
Cent Public Serv class AI
54
Cent SW Util common_ _ _•
1
I%
134
Preferred
6%
6
*
Prior lien pref
1454 1534
• 14%
10
Cherry-Burrell Corp corn *
10%
Chicago Corp common
2%
•
234 2%
Preferred
26% 2654
•
Chicago Elec Mfg cl A •
7% 8
Chic Flexible Shaft com _5
10
10
Chicago Mall Order com_5 14
15
14
Chic & N W Ry corn__ _100 11
10% 12%
Chic Rivet & Mach corn....
13% 17%
• 16%
•
Chic Towel cony pref_....,.
76
76
Chicago Yellow Cab cap.._• 14%
12
15%
Cities Service Co corn _ _ _•
.
2% 354
234
%
.1.4
Club Alum Utensil corn •
19% 20
Coleman Lp & Stove corn "
Commonwealth Edison 100
5431 57
Cord Corp cap stock
554 6
5
534
Crane Co common
951 9%
25
93.4
5954
Preferred
100 58% 58
Curtis Mfg Co corn
6% 654
5
Deep Ftock 011Corp cv pf.•
7
7
De Mote Inc pref w w
12
•
12
Dexter Co (The) corn -- 5
551 6
554
12% 13%
Elee Household OBI cap...5
6% 674
General Candy Corp Cl A.5
1234 1451
Gen Household Util corn_• 13
•
Godchaux Sugar Inc cl B.
8% 931
Goldblatt Bros Inc com • 18
17% 19
Great Lakes Aircraft A_ _ _•
51
5:
31
18% 20%
•
Great Lakes D & D
Greyhound Corp new corn * 14%
13% 14%
Hall Printing common...10
7% 811
5% 5%
Hart-Carter cony prof _ _ _ _ •
19
19
Hart Schaff & M corn_.100
Houdaille Hershey cl 13_.•
451
431 534
19
19%
•
Class A
66
66
Illinois Nor Util pref _ _ _100
24% 24%
Indep l'neu Tool vtc com_•
13% 14%
Iron Fireman Mfg v t e_ _ _• 14
12% 13
Jefferson Elec Co com____•
23%
23
Kalamazoo Stove corn_ _ _•
34
34
Katz Drug Co common _ _I
2% 2%
Ken-Rad Tube & L corn A.
17
14
Ken Util Jr cum pref....50 14
19
1934
Keystone St & Wire corn_• 19
6
Kingsbury Brew Co cap__1
634
3
3
Leath & Co cumul pref_ •
Libby McNeil & Libby. 10
5% 614
634
234 2%
Lindsay-Nunn Pub $2 prf•
31% 32
5
Lynch Corp common_
200
3,100
5,950
100
7,150
60
250
300
8,250
10
200
30
680
Range Since Jan. 1.
High.
Low.
534
16
7%
1%
2034
93
8
6
4
2
13
651
12%
Feb
10
Jan
Jan 2334 Feb
1134 Jan
May
Feb
Apr
3
Jan
2834 Feb
Jan 10614 May
1134 Mar
Jan
Feb
12
Jan
125: Apr
Jan
3% Apr
Jan
Apr 20% Feb
Feb
8
Jan
Apr
Jan 24
54 Apr
350
554 Jan
250
10
634 Feb
34 Jan
800
Si Jan
200
Jan
250
4
5
Jan
110
9% Mar
90
1% Jai
16,00
300 2254 Jan
7
Feb
20
Jan
50
8
May
250 14
1.500
654 Jai
7.750
Mar
6
20 65
Jan
1,350 11% Jar
154 Jail
5,150
100
% Jan
Apr
30 15
2,300 34
Jan
7,150
5% May
1.400
734 Jan
140 44
Jan
100
554 Mar
40
551 Jan
May
20 12
354 Feb
510
851 Jan
1,100
4
Jan
450
3,450
834 Jan
450
354 Jan
900 15% Mar
51 Jan
400
Mar
600 17
551 Feb
1,350
350
354 Jar
50
514 Jan
10 10% Jan
950
334 Jan
Jan
150 11
10 42% Jan
Jan
250 17
Jan
550
8
Jan
150 11
Jan
200 20
Jan
100 21
251 Jan
50
Jan
20 11
600 11% Jan
May
6
1,050
Apr
10
3
3
5,750
Jan
15: Jan
300
Jan
150 30
200
20
11
McCord Rad & Mfg A_ _ _* 1151
300
951
9
•
McGraw Electric corn
400
20
McWilliams Dredging Co •
20%
50
35
35
Mapes Cons Mfg cap stk.•
1634 17% 2,100
Marshall Field common • 1634
50
Material ServiceCorpcom10
3% 3(4 334
50
3
3
Mer & Mfgs Sec cl Acorn.1
750
Mickelberry'sFdProdcom 1
155
154
Middle west Util corn...*
54 58,700
54
%
2,150
•
1 51
$6 cony pref A
54
150
•
h
h
Mirliandrnited corn
50
1
Convertible preferred_ •
I
134 1%
130
Midland Util 7% pr lien100
154
15
50
Modine Mfg corn
15
•
Monroe Chemical Co
50
40
38
•
Preferred
30
21
21
National battery Co pt..*
250
National Leather co m _ _ _10
154
1%
154
400
Natl Secur Invest com_ _ _1
151
I%
151
2451 2554
600
National standard corn •
National Union Radio coml
300
134
134
54
1,400
NoblItt Sparks Ind corn_ _• 1334
1334 1454
100
5
5
•
Nor Amer Car corn
350
No Amer Lt & Pow com •
2%
29-4 231
150
Northwest Bancorp com •
43.4 43.4
20
Northwest Eng Co corn..'
554 554
554
450
Ostikoah Overall corn
451 43.4
•
10
Convertible preferred_ •
19
19
650
Penn Gas & F.lec A corn... 15
1431 1554
Perfect Circle (The) Co_ •
50
3034 3034
Pines W luterfront Co corn 5
150
1%
1
1
150
Potter Co (The) com__•
531 6%
634
Prima Co common
250
854 8%
Process Corp corn
200
2
254
2
•
Public service of Nor 111
Common
450
18
17
• 17
Common
300
1631 1754
60
6% preferred
290
62
59
100 62
7% preferred
160
100 6534 6254 6554
Quaker Oats Go
Common
470
111 11234
• Ill
50
12254z123
100
Preferred
Rath Packing corn
10
50
26% 2615
Raytheon Mfg v t c corn50c
150
354 3%
v Cc 6% Ord
5
50
156
13-4
Reliance Internat A Corn.'
50
3
3
Reliance Mfg Co
Common
1,050
10 1654
16
1734
Rollins Hos Mills cony pi.*
90
1054 1054
Ryerson & Sons Inc come
50
1751
1731 1751
Sangamo Electric
Preferred
54
100
200
55
Sears Roebuck & Co com_•
100
4634 48
Southern Union Gas com.•
1
300
1
Southw Gas & El 7% p1100
40
5751 58
Stniail i•eriging cony pi._•
3
400
334
334
Common
134
25
54
•
Swift International
29
15 32%
323-4 6,150
Swift & Co
25 1734
1634 1734 8.350
Tel Bond & Share-Class A
3
SO
3
•
Thompson (J RI corn..25
8
300
834
12th St Store pref A
100
•
5
53-4
United Ptrs & Pubs corn.
10
•
5i
34
44
100
U S Gypsum Co com _20
40
40
Utah Radio Prod com___•
350
154
134
154
154 Feb
854 Feb
1434 Apr
5: Feb
2
Jan
13% Jan
Jan
17
103.4 May
Jan
4
3151 Feb
Apr
15
10% Feb
19
Feb
15% Feb
17% Apr
Apr
76
1554 May
434 Feb
54 Jan
Jan
25
62
Feb
8% Jan
11% Jan
65% Jan
Mar
7
751 Mar
18% Jan
634 Jan
13% Feb
7% Mar
16% Apr
10)4 Mar
32% Feb
I% Feb
Jan
22
15% Apr
934 Feb
Feb
9
20
Mar
654 Jan
23
Jan
66
May
25% Apr
15% Apr
16% Jan
2751 Feb
38
Apr
6% Feb
Jan
23
1934 Feb
934 Jan
Apr
3
73-4 Apr
2% Feb
4034 Feb
254
33.4
1434
32
1234
331
94
1
54
54
5,
54
1
954
Jan
Jan
Jan
Jan
Jan
May
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
20
95(
2634
35
193.4
5
434
35.1
5:
2%
51
1s4
2
16
Apr
Apr
Jan
Apr
Apr
Mar
Feb
Jan
Feb
Feb
Feb
Feb
Niar
Apr
20%
19%
1
15:
21
h
12
454
154
39.4
454
334
15
6
23
1
23.4
75:
2
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jab
Jan
Jan
40
23
24
1%
2734
134
18
636
41.4
654
75:
83.4
20
1631
323%
254
734
1234
3%
Apr
Feb
Feb
Apr
Feb
May
Feb
Feb
Feb
Jan
Mar
Feb
Feb
Apr
Jan
Feb
Apr
Jan
Feb
13
13%
34
Jan
Jan
Jan
Jan
38 3,4
22
22
65
70
Feb
Feb
Feb
Niar
Apr 12334 Jan
106
Mar
115
Jan 124
24% Jan 26% Apr
Jan
4
I% Jan
Jan
2
1
Ain'
Mar
3
2% Apr
144 Jan
1014 May
1254 Jan
1911 Apr
Jan
16
Feb
20
Jan
40
4154 Jan
34 Feb
40
Jan
Apr
55
Feb
51
231 Mar
Mar
60
% May
24
Jan
14
Jan
234
3234
1831
2
Jan
63.4 Jan
154 Jan
h Jan
3954 Apr
1% Jan
314 Mar
1054 Feb
834 Apr
h May
50
Jan
2% Jan
vi Apr
534 Feb
Jan
Apr
Feb
Financial Chronicle
owes
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par Price. Low. High. Shwas.
May 5 1934
"Ma
Util & Ind Corp
•
1% I%
Convertible preferred_ •
431 4%
Vortex Cup Co-.
Common
• 117
1131 12
•
Class A
28
28
Wahl Co corn
•
111 2
Walgreen Co
•
2531 28%
Ward (Montg)& Cool A_• 108
common_108 111
Waukesha Motor Co com..
•
32
32
Wayne Pump
Common
•
1
1
Wieboldt Stores Inc corn_ •
1434 15
Wise Bankshares corn
•
3
3
Yates
-Amer Mach pt pref •
% %
Zenith Radio Corp com__•
344 341
331
Bonds
Chic City Ry Ss
1927
Chicago Rye 5s sex' A_1927
51
13
51
13
1,050
650
Range Since Jan. 1.
Low.
High.
34 Jan
1% Jan
2
6
Feb
Feb
480
50
1,300
350
180
90
831
25
1
17%
88
2331
Apr
Jan 12
Mar 2831 Apr
234 Feb
Jan
Jan 2854 Apr
Jan 115% Apr
Feb
Jan 35
100
200
300
100
1,000
%
1031
214
34
3
Jan
Jan
Jan
Jan
Jan
51,000
6.000
4631 Jan
Apr
13
131
1854
4
131
5
Jan
Feb
Feb
Feb
Feb
Jan
53
1934 Jam
•No par value. 3E1
-dividend.
-Record of transactions at
Toronto Stock Exchange.
the Toronto Stock Exchange, April 28 to May 4, both inclusive, compiled from official sales lists:
Stocks-
AMC.,
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Abitibi Pow & Pap corn_ _•
6% preferred
100
Beatty Bros com
•
Preferred
100
Beauharnois Power corn__•
Bell Telephone
100
Blue Ribbon Corp corn_ _ _•
614% preferred
50
Brazilian T L & Pow corn _•
Brewers & Distillers com_•
B C Packers corn
•
Preferred
100
B C Power A
•
Building Products A
•
Burt(F N)Co com
25
Canada Bread corn
•
Canada Cement com
•
Preferred
•
Canada Steamship pref _100
Canada Wire & Cable B_ •
Canadian Canners com _ _ _•
Convertible preferred_ _•
1st preferred
100
Can Car & Fdry com___ _•
Preferred
25
Can Dredge & Dock corn.'
Can General Elea com-_50
Preferred
50
Indust Alcohol new
•
New preferred
•
•
A
B
•
Canadian Oil com
•
Canadian Pacific Ry___25
Canadian Wineries
•
Cockshutt Plow com
•
Consolidated BakerIes-•
Consolidated Industries- •
Cons Mining & Smelting 25
Consumers Gas
100
Cosmos Imperial Mills_ •
Dominion Stores corn_ __ _•
Easy Washing Mach corn.'
Fanny Farmer com
•
Preferred
•
Ford Coo! Canada A_ _ __•
Frost Steel & Wire corn_ •
Preferred
•
General Steel Wares com •
Goodyear T & Rub pref 100
Gypsum Lime & Alabast_•
Earn United Theat com_25
Hinde & Dauche Paper_ •
Hunts Ltd A
•
Internatl 511111st prat_ _100
Internatl Nickel com
•
*
lot Utilities A
B
•
Kelvinator of Can corn_ •
Preferred
100
Lake of Woods Mill com_ •
Laura Secord Candy com •
Loblaw Groceterias A___•
•
B
Loew's Tbeat(M)Pref-100
Maple Leaf Milling com....•
Massey-Harris com
•
Monarch Knitting pref..100
•
Moore Corp com
100
A
100
B
Mulrheads Cafeterias corn •
Preferred
10
National Sewer Pipe A __ _•
Ont Equitable 10% paid100
•
Orange Crush corn
Page-Hersey Tubes com__•
Photo Engravers dr Elec. •
•
Pressed Metals com
Riverside Silk Mills A_ •
•
St Lawrence Corp
50
A
Simpson's Ltd pref-100
Standard Steel Cons com_•
•
Steel of Canada com
Preferred
25
•
Traymore Ltd corn
20
Preferred
Twin City Rapid corn_ •
•
Union Gas Co com
Walkers(Hiram)com____•
Preferred
•
•
Weston Ltd (Geo) corn...,.
Winnipeg Electric corn_ •
Banks
100
Commerce
100
Dominion
100
Imperial
100
Montreal
100
Royal
100
Toronto
Loan and Trust
100
Canada Permanent
Huron & Erie Mortgage 100
•
205 paid
Ontario Loan & Deb._ _ _50
Toronto General Trusts 100
•No par value.
1.85
7
119%
431
1034
1.80
1134
2234
33
334
8
4554
7%
86
874
7
23
62
1031
14
1334
1634
774
734
159
17934
20%
3
2234
45
634
27.90
3
1754
1734
134
534
65
1634
112
163.4
70
17
70%
7
36
88
750
534
3434
• 1831
37
178
178
208
125
78
14
105
120
Range Since Jan. 1.
Low.
High.
Toronto Curb.
-Record of transactions at the Toronto
Curb, April 28 to May 4, both inclusive, compiled from
official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Beath & Son (WI)) A_ •
Biltmore Hats corn
•
Bissell Co (T E) corn.. •
•
Brewing Corp com
Preferred
•
Bruck Silk
•
Canada Bud Brew com__•
Canada Malting com.._ _•
Canada Vinegars com _ _ _•
Can Wire Bound Boxes A *
Cosgrave Export Brew_10
Distillers Seagrams
*
Dominion Bridge
•
Dom Motors of Can_ _ _10
Dom Tar es Chem com•
Preferred
100
English Elec of Calutda A_•
B
•
Goodyear Tire & Rub com•
Hamilton Bridge corn. •
•
Honey Dew pref
Howard Smith corn
•
Humberstone Shoe coal_ _•
Imperial Tobacco ord__ _ _5
Langleys pref
Montreal L H & P cons •
National Grocers pref _100
Nati Steel Car Corp
''
Power Corp of Can com •
Rogers Majestic
•
Robert Simpson pref__100
Service Stations corn A__•
Preferred
100
Shawinigan Wat & Pow..•
Stand Pay & Idatis corn_ _•
Preferred
100
Stop & Shop corn
•
Tamblyns Ltd (G) pref 100
Toronto Elevators com •
Preferred
100
United Fuel Invest P1-100
Walkerville Brew
•
934
2934
10
3234
2634
14
834
1734
3434
3%
4
120
26
1174
334 331
15
9
9
15
4
4
10
9% 11
14,190
29
3134 8,854
1934 1934
415
10
11
2,465
3234 34
1,535
28
2634
185
14
14
315
834 10
285
1734 1934 8,635
3434 38
485
50c 60o
155
3% 34
195
24
25
2534
13
13
20
4
4
15
120 125
130
614 634
10
8
8
5
10
240
1034
26
26
100
1131 II%
695
60
60
5
3774 3834
245
10834 10834
20
1534 1534
10
388
1234 13
04 534
295
95
5
95
8% 834
170
55
51
58
117
2334 24%
355
3% 314
40
22
23
731 734
110
26
104 105
280
27
2734
77
99
98
17
110
1734
5.285
934 10
Range Since Jan. 1.
Low.
334
734
2
5
15
1834
734
2834
2131
13
531
17%
2534
500
2
18%
12
4
90
6
6
734
24
1054
25
3394
9034
1434
714
5
80
6
3231
18
134
1714
434
90
17
8934
934
534
Apr
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Feb
Jan
May
Jan
May
Jan
Jan
Jan
Feb
Jan
Mar
Apr
Mar
Mar
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
High.
4
10
5
11
3134
22
12
3554
27
1894
10
26%
37
800
534
30
16
6
138
9%
11
1034
26
1254
60
3934
110
1834
15
7%
98
10%
80
24%
434
25
9
106
28
100
2034
10
Feb
Mar
Apr
May
Apr
Mar
Mar
Mar
Feb
Feb
May
Jan
Mar
Jan
Feb
Feb
Feb
Mar
Feb
Feb
Feb
May
May
Feb
May
Feb
Mar
Feb
Feb
Feb
Mar
Feb
Apr
May
Feb
Feb
Apr
Apr
Mar
Apr
Apr
May
750 1.00 Jan
1.85 2.00
2.25 Apr
135
414 Jan 1034 Apr
9
9
Feb
10
874 Jan 10
834 834
Jan 8531 Apr
55 69
85
85
934 Feb
334 Jan
579
7
734
Jan 120 May
620 110
119 120
531 Apr
4
Jan
834
15
434 5
Apr
1 2331 Jan 32
29
29
2334
1014 1131 6,995 1934 Apr 1434 Feb
1.80 1.85 7,880 1.80 May 2.95 Jan
334
22
334 Feb
234 Apr
25
3
3
Feb
Feb 13
58 10
11
1134
10 2331 Jan 3234 Feb
29
29
Jan 2334 Feb
40 16
22
2234
99
34
Jan 34 May
365 27
33
Jan
385
3
334 4
534 Jan
Feb
9%
8
834 Jan 12
831 1,400
Feb
Jan 53
189 33
4534 4655
011s
Apr
Jan
20
9
3
734 874
3,197 1234 Jan 1534 Mar
• 15
1434 15
Jan 1314 Mar British American 011
10
9
12
65
365
2
334 354
Apr Crown Dominion 011- •
Jan
50
711 734
8
6
Jan
4% Mar
8,760 1234 Jan 1534 Apr
• 1434 1434 15
Jan 8834 AIR Imperial Oil Ltd
86
35 75
8634
6,825 1934 Jan 27% Apr
27
415
874 934
874 Jan 1034 Feb International Petroleum-. 26% 26
255
7
634 Jan
774
934 Mar McColl Frontenao 011 com• 13% 1344 1434 2,867 1034 Jan 1414 Apr
186 7154 Jan 86
8414 85
100 86
Preferred
14
60 1134 Jan 1634 Feb
14
Apr
325 750 Feb1.55 Feb
900 1.00
5 900
Jan 34% Feb North Star 011 corn
458 20
23
2334
1.75 2.00
220 1.40
Preferred
5
Apr
Jan 3.00 Mar
150 150
3 124% Feb'ISO
525 16
Feb 62 May Superteet Petroleum ord_* 2434 2434 26
62
Jan 29% Max
197 59
62
105 107
88 99
Preferred A
Apr
100
325 1034 May 14
1014 1134
Jan 107
May
4034 41
75 18
* 41
Apr Thavpra Ltd met
Jan
45 14 May 18
14
41
1434
ASnv
1134 1334 1,935 11% May 2014 Jan
• No par value.
1234 13
75 1254 Apr 1974 Jan
Jan 1534 Apr
115 12
1331 15
-Record of transactions at
Montreal Stock Exchange.
7,456 1234 Jan 1834 Mar
16
17
315
7% 8
774 Apr 1131 Jan the Montreal Stock Exchange, April 28 to May 4, both in714 754
896
734 Apr 1034 Feb clusive, compiled from official sales lists:
271
734 Jan 1234 Jan
931 1031
1.50 Jan
120 400 Jan
500 50e
Sales
Friday
Apr
Feb 170
518 131
159 184
Last Week's Range for
Range since Jan. 1.
Mar
Jan 182
178 180
96 165
Week.
ofPrices.
Sale
734 Jan 11% Feb
11
175
11
-Par Price. Low. High Shares.
Stocks
Low.
High.
Mar
113 1931 Feb 23
20
2134
3
3 May
3
20
534 Apr Agnew-Surpass Shoe
7
265
7
8
•
Jan
811 Feb
Apr
Jan 21
21
10 13
21
88
88
5 72 Feb 90 Mar
Preferred
•
Feb Alberta Pac Grain A_
Jan 37
37
40 28
37
25
33( 3%
•
3
Jan
7
Feb
Jan 2514 Feb Amal Eleo Corp prat_ _50
8,450 15
2214 24
14
14
40 10
Jan 12
Feb
Feb Bathurst Pow & Pap A__•
Feb
3
3
10
3
3
73(
635 73.1 2,555
3
Jan
814 Mar
45 May Bell Telephone
Jan
45
45
10 30
119 11934
386 110
100 119
Jan 120
Mar
4% 4%
6
Feb Brazilian T L & P
50
334 Jan
1034 1044 11% 8.367 1034 Apr 1434 Feb
Apr B C Packers
Jan 113
112 113
137 106
392
2% 3%
231
2% Jan
•
ni Jan
8% Feb Brit Col Power Corp A • 2934 29
834 634 1,825
454 Jan
29%
652 2254 Jan 3274 Feb
2% Feb
134 May
35
234 2%
3,210
83( 7
•
414 Jan
Oh
8% Feb
5
5% Jan
734 734
834 Feb Bruck Silk Mills
18
19% 2,250 16
• 18
Jan 22
Mar
1214
Jan 1614 Apr Building Products A
140
12
9
80 1814 Jan 2334 Feb
• 2234 22% 23
108 108
1 99
Jan 10834 Apr Canada Cement
8% 1,261
8
834
•
654 Jan 12
Feb
27.35 29.00 17.602 21.15 Jan 20.00 Apr
323 32
100 4534 45% 47
Preferred
Jan 5234 Feb
3 May
4
60
3
634 Feb Can North Power Corp--• 21
291 16% Jan 2244 Mir
2034 21
1.50 Feb Can Steamship pref.-100
950 Apr
100
95c 95c
110
734 834
734
214 Jan
9
Apr
534 Feb Canadian Bronze
30
534 534
434 Jan
27
28
127 17
• 28
Jan 27
Apr
Jan 92 May
92
9 80
92
109 109
25 95
Preferred
100
Jan 109
may
Feb Can Car & Foundry--•
35 1131 Apr 14
1131 1134
7
885
7
734
634 Jan
9% Mar
Apr
59
58
65 4734 Jan 59
Preferred
205 12
25 1334 1334 14%
Jan 16
Feb
Jan 1814 Apr Canadian Celanese
1734 1734 3,909 14
660 1654 Jan 22% Mar
• 2034 19
20%
1734 1734 1,160 1334 Jan 1754 Apr
117 117
Preferred
3 104
100
Feb 120
Apr
80
77
3
40
40
15 30
Canadian Converters....100
Jan 45
Mar
Jan Canadian Cottons
555
8
134 1%
134 Apr
88
68
25 41
100 58
Jan 72
Feb
434 Jan
534 534 1,285
831 Feb
90
100
90
Preferred
1 70
Jan 92
Apr
Apr Canadian Fairbanks pf-100
Jan 68
65
32 45
88
85
85
35 65 May 65 May
Jan 1714 Feb Can General Eleo pref. 50
880 11
1634 1734
62
62
5 58
Jan 62
Apr
Jan 113 May Can Hydro-Eleo pref.,.l00 72
112 113
60 96
70
72
121 5434 Jan 78
Apr
130 130
10 10934 Jan 130 May Can Indus Alcohol
• 11% 1114 13% 5,530 1134 May 2034 Jan
Feb
3
134 Mar
25
214 234
11% 1114 13
Class 13
620 1144 May 19% Jan
631 Feb Canadian Pacific Ry___25 1614 16
6
Apr
100
6
6
17
4,314 1234 Jan 1844 Mar
1644
225 1434 Jan 20% Feb Cockshutt Plow
16
7
7
7%
•
385
7 May 1034 Feb
Feb Con Mining & SmeltIng_25 159% 15914 165
Apr
7
9
7
25
6
508 132
Jan 170
Mar
100 20c Jan 90c Jan Dominion Bridge
800 600
• 34% 3414 38
587 2554 Jan 37
Mar
Mar Dominion Coal pref. ..100
Jan 77
230 55
72
70
7034 74%
62 10
Jan 78
Apr
Feb Dominion Glass
Jan 29
1934
120 14
18
94
94
100
10 80
Jan 100
Mar
18
17
85 1614 Apr 2031 Apr Dominion Rubber pref_100
80
80
10 5934 Feb 80
May
Jan 2414 Feb Dom Steel & Coal B___25
23
25 19
2334
434
4% 4% 2,080
534 Apr
234 Jan
3 May Dominion Textile
1.20 Feb
60
3
3
• 8514 84% 88
3,101 67
Jan 8554 Apr
Apr 1034 Apr
200 10
log 10%
125 125
100
Preferred
10 112
Jan 125 May
406 42% Jan 7334 Mar Dryden Paper
8814 70%
•
554
950
531 8
4
Jan
7% Feb
7
0% Mar 11% Jan Eastern Dairies
73.4 1,138
31( 4
•
30
3
Jan
5
Feb
37
189
36
1
1
Enamel & Beating Prod_•
16
2
Feb
331 Mar
30
3754 3831
13
Foundation Co of Can-•
13
120 10
Jan 1814 mar
1.00 Jan General Steel Wares
400 500 Feb
800 800
434
434 4%
•
540
334 Jan
6
Feb
414 Apr Gurd (Charles)
Feb
2
4
100
4
• 10% 10% 11
205
634 Jan 1134 Apr
Apr Gypsum Lime & Arnbas •
8
114 Jan
178
591 6%
6%
6% 6%
362
47-4 Jan
854 Feb
3,827
834 Mar Hamilton Bridge
334 Jan
534 6
6%
634
8%
216
534 Jan
934 Feb
25,749 4031 Mar 5751 Jan Hollinger Gold Mines_ _5 15.50 15.00 18.3
3454 41
6,125 11.40 Jan 19.50 Apr
Feb 17% Jan Holt Renfrew pref
1831 1831 2,320 16
50
50
100
5 35
Feb 39
Apr
Feb 3994 Apr Howard Smith Paper (M)• 10%
1,120 28
3734 39
9% 1014 4.386
4
Jan
1014 May
534 Apr
Jan
2
50
334 334
65
73
Preferred
100 73
110 33
Jan 73 May
27.20 29.00 9,436 21.15 Jan 29.00 Apr
lot Nickel of Canada__• 28
2
International Power
2
•
5
2
Jan
3
Jan
Feb
Jan 168
62 123
159 161
20% 21
Preferred
100
90 14 Jan 21 Apr
Mar Lake of the Woods
Jan 186
223 133
172 180
11% 11%
•
220 1114 Apr 15
Feb
Feb
Jan 180
48 141
17331 178
70
Preferred
100
70
55
Jan 73
Mar
Feb Lindsay (C W)
Jan 201
6 167
195 198
2
2
25
•
334 Mar
134 Apr
Mar
21 13031 Jan 168
164 18531
•
5% 5%
534
990
454 Jan
Massey-Harria
8
Feb
Jan 208 May McColl-Frontenao
78 182
202 208
1334 1334 1434 7,901 1054 Jan 1444 Apr
Montreal L H & P Cons...* 38)4 373( 38% 2.438 33
Jan 3914 Feb
Apr Montreal Tramways-100 120
Jan 140
15 118
125 130
119 120
70 10934 Jan 125
Feb
mar National 13rewerlee
Jan 95
49 70
78
78
• 27% 27% 28
1,781 2334 Feb 2894 Mar
Apr
Apr 15
14 14
14
14
25 3534 843( 8514
Preferred
235 31
Apr
Feb 36
Feb 105 May Natl Steel Car Corp....* 15
7 102
10331 105
15
1514
345 1234 Jan 1834 Feb
Apr
Jan 120
34 105
120 120
8
8
8
80
Niagara Wire Waving.-.•
8
Mar
B
Mar
•
31
31
Preferred
50 31
Mar 31
Mar
ta.
Friday
sates
Last Week's Range for
Week.
SW,
of Prices.
Stocks (Concluded)
-Par Price. Low. High. Shares.
Ogilvie Flour Mills
*
Preferred
100
Ottawa L H & Power__100
Preferred
100
Penmans
•
Preferred
100
Power Corp of Canada__•
Quebec Power
•
St Lawrence Corp
*
A Preferred
50
St Lawrence Flour MI113100
St Lawrence Pap pref__100
Shawinigan Water & Pow •
Sherwin Williams of Can_•
Simpsons preferred_ -100
Southern Can Power____*
Steel Co of Canada
•
Preferred
25
Twin City preferred___100
Viau Biscuit prat
100
Wabasso Cotton
•
Western Grocers Ltd Pf 100
West Kootenay pret__100
Windsor Hotel pref-100
Winnipeg Elea pref. _100
Woods Mfg prof
100
BanksCanadienne
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
100
100
100
100
100
100
100
Range Since Jan. 1.
High.
Low.
200 200
138 138
86
86
100 101
53
534
100 100
12
1234
18
19
234 335
104 1135
3434 35
26
23
23
2431
19
19
684 70
1415 1434
3834 3734
38
38
234 234
34
37
33
33
85
85
2
2
334 334
10
10
40
40
5
11
10
35
40
10
1,015
270
4,438
4,705
20
3,734
6,003
30
45
103
589
60
10
280
10
5
50
305
5
118
180
125
79
90
47
87
74
15
114
514
33
12
174
1234
60
11
28
31
234
17
20
85
2
391
4
20
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
May
Apr
Jan
Jan
May
May
Jan
Jan
209
135
92
102
62
100
15
20
314
1115
39
26
2434
21
704
16
38
384
233
23
37
87
2
18
12
40
Feb
Apr
Mar
Feb
Feb
Apr
Feb
Feb
Feb
May
Feb
May
Feb
Mar
Apr
Mar
Mar
Mar
May
Feb
Apr
Feb
May
Feb
Feb
Feb
140 140
159 160
16534 16534
175 175
175
1954 195 198
264 265
265
164 166
165
118
42
8
6
184
108
109
138
129
152
145
169
263
12913
Jan
Jan
Jan
Jan
Jan
Apr
Jan
145
166
16534
175
203
276
16614
Feb
Feb
May
May
Feb
Feb
Feb
1215
334
1135
2515
23
144
3635
38
234
334
40
140
*No par value.
-Record of transactions at the
Montreal Curb Market.
Montreal Curb Market, April 28 to May 4, both inclusive,
compiled from official sales lists:
Stocks-
3067
Financial Chronicle
Volume 138
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sate
Par Price. Low. High Shares.
Assoc Breweries of Can...* 11
1133
11
Cumulative preferred 1611
92
92
Assoc Oil& Gas Co
23o 22sio 2315o
•
Brewing corn of Canada..
915 11
9%
Preferred
294 29
32
British-American Oil Co...* 15
14% 15%
Can Dredge & Dock Co-23% 2333
•
Can Foreign Invest Corp..* --18-- 16
18
a
8
Canadian Wineries
7% 8
Caroni Macaroni Prod B.
2% 2%
Preferred A
30
834 8%
Commercial Alcohols_
70o 750
•
Cosgrave Export Brew_ _10
8% 9%
8%
Distillers Corp Seagrams-• 1794 1734 1931
Dominion Eng Works
27% 27)1
-•
Dominion Stores
21
•
21
Dom Tar & Chemical Co-"
3
3)1
315
Cumulative preferred 100
25
25
Home Oil CO
* 1.60
1.60
1.63
Imperial 011
a 1434 14% 15
Imp Tobacco Co of Can_ _5 1134 11% 1134
Inter City Baking Co.
14% 1415
-100
Int Paints (Can) A
4
4
•
Int Petroleum Co
27
• 2634 26
Melehers Distilleries A- 17
• 1433 12
8%
9%
8
Mitchell & Co (Robert).-•
631 7
651
Regent Knitting Mills.-5% 5%
5%
Reliance Grain Co
38
3
•
United Distillers of Can..
235 234
Walkerville Brewery
9% 10
9)1
•
Walker Gooderh & Worts" 3411 3413 41
Preferred
• 1631 164 1651
Public UtilityBeauharnois Power Corp_•
7
7%
7
C North Pr Corp prat.._100 984 98
99
City Gas & Electric Corp.*
5% 64
54
Hydro-Elee Sec Corp_
6% 6%
*
Inter Utilities Corp Cl A_ _•
3% 3%
34
Class B
900 1.00
1 90e
Pr Corp of Can cum pf _100
72% 74)4
South Can P Co prat _100
88
87
Range Since Jan. I.
Low.
High.
Feb
94 Jan 13
550
Feb 92 May
20 90
2,680 200 Jan 35c Jan
May
2,415
94 May 11
4,281 29 May 32 May
Jan 1515 Mar
1,455 13
60 20% Jan 3415 Feb
Jan 18 may
9
150
7% May 1134 Jan
75
2% Apr
Jan
2
11
894 Jan
8)4 Jan
10
1% Jan
655 50e Apr
9% may
5% Jan
15
Mar 26% Jan
1,060 17
Feb
Jan 28
95 20
so 194 Feb 22% Mar
531 Feb
2% Jan
12
Jan 29% Feb
15
1
Feb
58 1.50 • Jan 1.90
Apr
124 Jan 15
5,50
Ian 12% Feb
11
1,14
Jan
40 14 r Mar 1.5
Feb
Jan
5
3
20
3,401 lox Jan 27% Apr
17 May
AD
9,605 11
8" Mar 11% Jan
3,450
5% Jan 104 Feb
200
615 Feb
Jan
2
730
Jan
4
3 IMay
50
3)1 Apr
211 AD
345
Jan 10 May
9,295 3.90
Jan
2,351 34% May 58
662 1634 May 17% Jan
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, April 28 to May 4,both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Par Price. Low. High. Shares.
Bell Tel Co of Pa pref_100
Budd (E G) Mfg Co_
•
Cambria Iron
50
Electric Star Battery--100
Fire Association
10
Horn & Hard (Ph) corn.. *
Horn & Hard(NY)com__•
Preferred
100
Insurance Co of N A_ _10
Lehigh Coal & Navig_ •
Lehigh Valley
50
Mitten Ilk Sec Corp___25
Preferred
25
Pennroad Corp v t c____*
Pennsylvania RR
50
Penns Salt Mfg
50
Phila. Elea of Pa $5 pref__*
Phila Elec Power pref....25
Phila. Rapid Transit....50
50
7% Preferred
Phila & Rd Coal & Iron-*
Philadelphia Traction___50
Ctfs of deposit
Reliance Insurance
10
Tonopah-Belmont Devel_l
Tonopah Mining
1
Union Traction
50
Ctfs of deposit
United Gas Impt com---*
Preferred
•
Victory Insurance Co..-10
115
20
82
2
234
3
32
102
3214
5
124
2434
2334
1614
9734
Range Since Jan. 1.
High.
Low.
114 116%
625 111% Jan 117% Mar
733 Apr
535 Jan
6%
300
Feb
38% 39%
40 34
Jan 40
43% 44%
93 4333 May 51% Jan
49
100 31% Jan 50% Apr
49)1
Mar
20 71
Jan
82
81
20
5
25 17
Jan 285 My
20
Apr
20 82 May 100
82
82
49% 50%
400 39% Jan 514 Apr
534 Jan 104 Feb
7% 8% 1,400
247 13
Jan 20% Feb
17% 18%
1
24 Apr
200
Feb
2%
2
315 Apr
2% 2%
800
71 Jan
44 Apr
3% 6,400
24 Jan
3
31% 33% 4,100 2914 Jan 394 Feb
Mar 614 Jan
58
58
25 51
210 93
Jan 103% Apr
102 102%
324 3215
710 30% Jan 32% Apr
Jan
Apr
1
6
5
500
54
124 14
44 Jan 15% Apr
• 965
3% Jan 2934:
A
6% F .
4% 4%
80
606 16% Jan
24% 24%
1
Apr
23% 23%
6
9
18% Jan 2 % Apr
200
4% Jan
8% 8%
Mar
1
In Jan
34% 1,500
17 Feb
eyr
p
191 s MAab
% Ap
% 1% 6,100
900 x514 Jan 1134
9% 10%
9
9
Jan
10
16% 16% 3,800 14% Jan 20)1 Feb
97
70 86
Jan 98% Apr
97)1
8% Apr
44 Jan
7% 8
300
BondsElec & Peoples tr etfa 4s•
2635 2734 $8,000
45
264 2615 3,000
Ctfs of deposit
• No par value. x Ex-dividend.
1534 Jan
Jan
18
29% Apr
27% Apr
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, April 28 to May 4, both inclusive, compiled from official sales lists:
Stocks-
rrway
OUNW
Last Week's Range for
ofPrices.
Week.
Sate
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Mining
Big Missouri Mines Corp_ 1
2,000 2714c
27)1c 30c
Bulolo Gold Dredging...
500 23.50
33.00 34.35
Cartier-Malartic Gold M _ 1
lo
60 6110 21,100
Falconbdge Nickel Mines.* 3.70 3.70 3.97
250 3.00
Greene Stabell Mines
500 67c
84e 850
Internat Purch WarrantiLl
100
6
6
6
Lake Shore Mines
450 42.50
1
484 50
Label Oro Mines
17e 190 146,250 814c
1 1815c
Noranda Mines
3.907 33.25
• 39.90
3915 42
Premier Gold Mining Co-1
2,000 1.05
1.31 1.35
Quebec Gold Mines
320 41e 17,600 32c
380
Read-Authier Mine
4.835 26c
1
9440 1.00
Sise.oe Gold Mines
1 2.18 2.13 2.25 14,625 1.43
Sullivan Gold Mines
1 390
38e 400 11,900 25c
Tack-Hughes Gold Mines..1 6.00 6.00 6.45
1,165 5.80
Wayside Con G Mines.50c
1,800 38e
410 45e
Wright Hargreaves Mines *
2,115 6.15
6.75 9.40
100 100 Jan 13o
Jan
Appalachian Corp
•
120 120
Arundel Corp
* 18
357 1531 Feb 1834 Jan
1734 lax
Atlantic Cst Line(Conn)50 40
394 40
125 3974 May 45% Feb
Black & Decker com--- •
813 Feb
7
540
751
7
84 Jan 1614 Apr
Preferred
40
1634 1611
i5
27 112
Jan 1184 Apr
Ches& Pot Tel of B pref100 117
117 1184
16 24.4 Jan 294 Max
Comm Credit Corp pre1B25
29
29
Jan 10431 Apr
10 90
64% 1st preferred_100 10434 104% 10474
10 24
Jan 2834 Apr
284 284
25
7% preferred
Feb
292 5254 Jan 65
594
Consol Gas E L & Power_•
56
11 10515 Jan 111
Apr
1104 111
6% preferred ser D__100
Jan 108
Apr
30 101
1084 10814
514% pref w leer E__100
Mar
111 93
Jan 103
102 10213
100 102
5% Preferred
91 18
Jan 22
Max
Emerson Bromo Seitz cl A •
1914 20
Jan 42 May
373 19
Fidelity .4 Deposit
3834 42
50 41
Apr
48 10% Jan 20
Fid & Guaranty Co
1933 20
10
7
914 May
15
Jan
Home Credit Co pref___50
935 94
914 Apr
Houston Oil preferred__100
454 Jan
530
834 9
9
1
23 75c Mar
1
Mfrs Finance corn v t___25
134 Jar
7% Jan
811 Apr
15
1st Preferred
8% 8%
25
69
235 May
4
2d preferred
24 215
Fet
25
113 2
2,24
Maryland Cas Co
14. Jan
2.15 Fet
2
2
Afarch & Miners Transp_ _• 33
Jan 35
10 28
33
Fet
33
Mon Ti PemaPS7% pref_25
17.11 18%
129 13
Jan 1851 Mal
94 Apr 1294 Jar
581
New Amsterdam Cas___10 104
913 104
4 74% Jan 86
Northern Central
86
Api
86
50
Penna. Water & Power....* U
47 4515 Jan 5531 Api
5515
54
Seaboard Comm Corp
Api
314 May
4
Common class A
334 314
5
10
50 Jan 150 Fet
865
90
9c 10e
Jan 10
Feb United Rye & Electric... _5C
Jan
Fel
3
7
64 654 3,765
64
10
Jan 100
Mar US Fid at Guar
Ap,
20 654 Jan 85
85
85
Apr 144 Mar West Md Dairy Corp pfd__ ---_
110 2651 Mar 29
AD:
29
29
Jan
Feb Western National Bank_20 29
8
Jan
5% Feb
Bonds
Jan 1.50
Feb
Jan 80
Mar Baltimore City
$300 984 Jan 10314 Ap
10333 1034
48 conduit
1962
Jan 9814 Mar
• 300 99
Jan 10434 Ap
1044 1044
1961
4s Jones Falls
45 sewerage !rapt- _1961
103% 10415 1,400 9413 Jan 10434 Ma:
Jan 104 Ma;
500 99
104 104
48 School House_ ___1961
May 50o Feb
500 9915 Jan 104 Ma:
104 104
4s School House_ ___1957
Jan 34.50 Apr
500 954 Jan 104 Ma:
104 104
4s annex impt
1954
Jan
90 Mar
10114 1014 1,000 10134 Apr 1014 Ap
45
1937
Feb 4.15 Mar
10815 10815 1.000 10854 May 10833 Ma.
1939
Mar 1.20 Apr Consol Gas 1st 58
Ar
Lexington Ry 1st 5s_ _ 1949
9634 9613 1,000 9631 May 97
May
6 May
891 Ja
Mar
4,000 • 7
8
8
Jan 54.25 Apr Maryland Elec Ry 64s_'57
Ar
8,000 1334 Mar 17
17
68
17
1933
Jan 2514c Apr
Ma
Jan 46
10,000 39
43
43
Jan 44.75 Apr North Ave Market 6s_1940
Fe
84 Jan 12
1,000
9
9
Jan 1.75 Mar Unit Ry&EI let 6s(flat)'49
Fe
813 Jan 10
7,000
1st (is ars (flat).
9
1949
9
May 70c Apr
Fe
84 Mar 12
915 6,000
1st 48 (flat)
1949
9
Jan 1.25
Apr
tart Ay egfa matl
1050
FL 4.4
934 MS
51% 9
8% Jan
15.000
Jan 2.25 May
Jan 50c Apr
*No par value.
Jan 8.00
Apr
Apr 48)1c Feb
-Record of transactions
Pittsburgh Stock Exchange.
Jan 10.25 Apr
Unlisted Mines
Arno Mines
4c
•
8,400
So
50 5130
Cent Patricia Gold Mines.1
2,200 54130
75e 75e
Eldorado Gold Mines
_1
2.93 2.93
100 2.93
Howey Gold Mines
1,550 98c
1 1.34 1.20 1.38
MoVittie Graham Mines 1
500 670
74e 750
Parkhill Gold Mines
1 67c 5914o 714 55,775 36c
San Antonio Gold Mines..1
400 1.76
3.74 3.80
Sherritt-Gordon Mines_ __1 1.11
650 1.00
1.11 1.17
Stadacona Rouyn Mines.* 28o
22e 300 128,707 840
Sylvanite Gold Mines..
1,600 1.30
2.60 2.62
Thompson Cadillac Mines 1
200 20%c
%
)1
Jan 18e Feb
Jan 78c Mar
May 4.30 Mar
Feb 1.37 Apr
Apr 1.20
Jan
Jan 7113c May
Jan 4.10 Apr
Jan 1.43
Apr
Jan 30c May
Jan 3.20 Apr
Jan 58c Mar
Unlisted
Abitibi Power & Paper Co• 1.85 1.80
2%
Abitibi ctf of dap 6% pf 100
7% 711
74
Brew & Distillers of Van__• 1.65 1.60 1.75
Canada Malting Co
* 334 32)1 34%
Canada Bud Breweries
*
10% 10%
Claude Neon Gen Ad_ _ _ _•
40c 50c
Consol Paper Corp
3)1 3%
Ford Motor of Canada A_• 23
22% 24
a 115.4 11% 11%
Fraser Companies
Voting trust certificates *
8% 9
Gen Steel Wares pref. 100 29
25
29
Lobiaw Groceterias Co A.*
17% 17%
Price Bros Co
100
451
3% 4%
Preferred
100 3434 32
34%
• No par value.
Jan
214
713
Feb
May 2.95
Jan 35%
Jan 12
Jan 80e
Jan
313
Jan 2513
Jan 124
Jan
9
May 29
Mar 18
4%
Jan
Jan 3414
311
776
59 88%
5
340
5%
500
170 , 3
1,155 80e
155 51
141 72
3,441 90o
4
360
1,530 1.60
360 28
84
20
705 40c
4,915 1.75
876 154
3
299
235
130
292 25
70 1433
6,233 950
7
318
Feb
May
Feb
Mar
Mar
Jan
Jan
Feb
Apr
Apr
May
Apr
May
Apr
at Pittsburgh Stock Exchange, April 28 to May 4, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Allegheny Steel corn
• 20
Amer Fruit Growers
Amer Window Glass pi 100
Armstrong Cork Co
maw-Knox Co
• 1215
Calorizing preferred_ _25
Carnegie Metals Co
24
10
Columbia Gas & Elec.
Devonian Oil
10 16
Duff Norton Mfg
•
Duquesne Brewing cora 5
Class A
5
Follansbee Bros pref....100 20
Fort Pitts Brewing
1
2
Koppers Gas & Coke pf 100 85
Lone Star Gas
•
McKinney Mfg
14
*
Pittsburgh Brewing
50
Preferred
so 3033
Pittsburgh Forging Co_ •
Pittsburgh Plate Glass_ _25
Pittsburgh Screw & Bolt...*
20
14
15%
224
1215
3%
133
14
154
12
34
535
20
2
82
64
14
4
304
4
.51
9
21
14
1515
22%
1231
3)1
24
15%
16
12
34
594
22
24
85
74
111
415
33
4
51
913
Range Since Jan. 1.
160 20
1
75
14 11
25 14
190 1013
34
10
2,200
134
395 11%
9
730
10 10
2%
•100
415
1,200
12
9
2,400
65
26
1,89
515
1
300
313
406
3034
13
3
so
25 3915
900
7
High.
Feb
Apr
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Ma
Feb
May
Jan
Jan
Jan
2214 Feb
Apr
154 Apr
26% Feb
1613 Jan
3% Apr
Feb
3
Feb
19
Apr
16
12 May
414 Feb
531 Feb
Feb
30
213 Apr
Apr
85
831 Feb
Mar
Feb
5
Feb
39
534 Feb
Apr
57
1115 Apr
Financial Chronicle
3068
Friday
Sales
Last Week's Range for
Said
Week.
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
Pittsburgh Steel Foundry _•
Renner Company
1
Ruud Mfg
San Toy Mining
1
Shamrock Oil & Gas
Standard Steel Spring_
•
United Engine & Fdry_ •
Vanadium Alloy Steel_
•
Victor Brewing Co
Western Pub Serv v t C. •
1Vestg'honse Air Brake_ •
Westg'house Elec & Mfg 50
Unlisted
Lone Star Gas 6% pref _100
3
2
723%
2
2
15
40
2%
16%
2133
1933
I%
4%
30%
37
3
215
15
40
2%
16%
22
19%
133
4%
32
39%
70
500
80
500
50
50
120
35
2,125
120
521
156
71
7233
119
Range Since Jan. 1.
Low.
2
1%
94
3
3c
1%
9
16
16
90c
433
27
363%
May
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Jan
64
High.
3
233
15
7c
433
1813
2535
20
1%
7
3533
47
75
May 5 1934
Friday
Sales
-Its Range for
Last Wee
of Prices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
44
44
2 40
Mar McQuay-Norris com
6% 7%
162
Apr Mo Portl Cement com__25
643
150 1513
Apr National Candy corn
• 17% 17% 20
11
50
11
9
Mar Rice-Stix Dry Goods com _• 11
99
99
10 90
1st preferred
100
Feb
25
233 2%
1
Apr Scullin Steel pref
128 116%
Feb Southwest Bell Tel pref 100 120% 12013 121
11
310 10
11
Jan Wagner Electric corn_ _15
10 100
100 100
Preferred
100
Mar
Feb
Bonds
Feb
1933 1913 $1,000 1913
1934
Feb :United RYa 4s
Home Owners Loan Corp 4s 100.16 100.16100.17 9,125 100.16
• No par value. amn de suit.
Feb
High.
Jan 47
May
9
Jan 21
Jan
1231
Jan 99
Jan
4%
Jan 121
Apr 12%
Apr 100
Feb
Feb
Feb
Feb
May
Feb
May
Jan
Apr
Apr 193% Apr
May 100.17 May
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, April 28 to May 4,
-Record of transactions at both inclusive, compiled from official sales lists:
Cleveland Stock Exchange.
Cleveland Stock Exchange, April 28 to May 4, both inFriday
Sales
clusive, compiled from official sales lists:
Last Week's Range for
Range Since Jan. I.
• No par value.
Stocks-
Friday
Sales
Last Week's Range for
IVeek.
ofPrices.
Sale
Par Price. Low. High. Shares.
Akron Rubber Reel pref100
Apex Electrical Mfg
Brown Fence & Wire cl B.
•
Central United Nat'l_ _ _20
City Ice & Fuel
Cleve Elec
8% pref__100
Cleve fly ctfs of dep._ _100
Cleveland Trust
100
Cleve Union Stkyards_
•
Cleve Worsted Mills
Cliffs Corp v t c
•
Corr McKin Steel votg _ I
Dow Chemical
100
Preferred
Faultless Rubber
Federal Knitting Mills_ __•
Foote-Burt
•
Geometric Stamping
Greif Bros Coop'ge A_
*
Halle Bros
5
Ilarris-Seybold-Potter _ •
Interlake Steamship
Jaeger Machine
10
Kaynee
Lamson Sessions
McKee (Arthur G)cl B.- •
Metro Paving Brick
Miller Wholesale Drug-'
Murray Ohio Mfg
National Refining
25
Preferred
100
Nestle LeM ur cum cl A_ •
Ohio Brass B
Packer Corporation
Patterson-Sargent
Richman Bros
Seiberilng Rubber
Selby Shoe
Sherwin-Williams
25
100
AA preferred
WestResInv 6% pr pref 100
Youngstown S & T cum
5%% preferred
100
5%
8
3%
12%
21
108%
5345
57
62% 6243
11
733
10
10
123.3
8433
92
111
27%
3733
37%
6%
213
213
23%
16
1
28
5
8%
4
69
6%
8%
333
13
22%
108%
.57
71
11
9
10
13
92
III
28
3743
7
213
2313
16
1
28
5%
14
14
5
5
5.33 6
4
4
2% 233
4% 4%
5% 5%
60
60
3
3%
15
15
4
4
19
20
42% 4333
315 sn
223% 22%
6613 69
10643 106%
24
24
50
50•
Range Since Jan. 1.
Low.
High.
Jan
4
255
6%
Jan
140
6
8%
313 Apr
000
Jan
16
21
10
55 17% Jan 2333
158 100% Jan 108%
107 39% Jan 57
82 50% Jan 83
Jan
11
75 10
733 May
13
119
Jan
12
45
9
933 Jan
17
130
250 6933 Mar 100
20 108% Mar 111
Jan 28
25 25
Jan 44%
20 34
Mar
35
6
73-3
15 Jan
100
313
10 21% Jan 25
Jan
9
18
10
33 Feb
75
15 21% Jan 33
200
313 Jan
5%
Apr
Apr
Apr
Jan
Feb
Apr
May
Mar
Apr
Feb
Jan
Jan
Apr
Apr
Feb
Jan
Jan
Feb
Feb
Apr
Feb
Feb
Feb
Feb
16
Jan
733
Apr
14
Apr
4%
Jan
4%
Apr
4%
Jan
7%
Jan 71
Jan
3%
Jan
18
Mar
4%
Jan 20
Jan 49%
Jan
5%
Apr 24%
Jan 69
Jan 106%
Jan 25
Apr
Jan
Feb
Apr
Jan
Jan
Feb
Mar
Mar
Feb
Feb
Feb
Jan
Jan
Apr
May
Apr
Jan
50
100
36
79
250
150
70
10
1,000
61
10
100
199
70
55
45
57
142
10
8
4
5
2%
213
4
5
45
143
1315
3%
14%
39
213
21%
47.13
99
24
Jan
34
5814 Apr
• No par value.
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, April 28 to May 4, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
Aluminum Industries_
•
American Laundry Mach20
American Rolling Mill.
.25
Central Trust
Champ Coat 1st pref__100
Cin Ball Crank pref
Gin Gas & Elec pref. _100
Cincinnati Street
50
Cincinnati Telephone_ 50
City Ice dc Fuel
•
Crosley Radio A
Eagle-Picher Lead
20
Early dr Daniel
Formica
•
Gerrard (S A)
Gibson Art corn
1233
14%
1443
22%
.55
100
13
14%
23
55
100
7833
5%
70
21%
1313
5%
1413
11
.13
1333
8013
6
70%
2213
13%
6
1413
11
13
14%
70
13%
1413
9
Hatfield Camp pref. _100
9
22
IIobart
"
223%
Kahn A
40
103% 1015
• 313%
Kroger corn
30% 33
Ma nischewitz corn
7
•
7
Stagnevox Ltd
%
%
33
Mead Corp pref
38
38
100
Procter & Gamble
34% 35
• 35
8% preferred
100
170 171
5% preferred
100 108
108 108
Randall A
•
183% 19
B
6% 6%
Rapid Electrotype
•
153% 153%
United Milk A
•
733 7%
U S Playing Card
10
26
27
U S Print tom
•
4
4
Wurlitzer 7% pref._ _100
10
10
Range Since Jan. I.
Low.
High.
733
11
18
55
92
1%
66
4%
62
17
8
4%
1433
10
33
9
16
Jan
Jan
18
Jan 28
May 55
Feb 100
Apr
3%
Jan 83
Jan
Jan 71
Jan 24%
15
Jan
Jan
733
Apr 18%
Jan
16
Feb
33
14%
Jan
Jan
Jan
Feb
May
May
Feb
Apr
Apr
Apr
Jan
Apr
Mar
Jan
Jan
Apr
May
25
9
65 1813
10 10
84 23%
70
5%
161
13
3 28
176 3343
67 161
13 103%
24 14
10
3%
25 12
40
6
125 17
153
233
10 10
Apr
93-4
Jan 27
Jan
10%
Jan 33
Jan
7
Feb
1%
Apr 38
Mar 41
Jan 171
Mar 108
21
Jan
9
Jan
16
Feb
17
Feb
Jan 28
Jan
6
Apr 10
Mar
Jan
May
Apr
Jan
Feb
May
Jan
May
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Apr
45
911
103
6
10
100
175
661
292
231
215
112
7
10
450
162
• No par value.
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange, April 28 to May 4, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
9
20
A S Aloe Co com
4%
•
American Inv B
122
100 122
Brown Shoe pref
18%
Coca-Cola Bottling com__1
6%
5
Curtis Mfg corn
3%
5
Columbia Brew corn
6
6
Hamilt'n-Brown Shoe cm25
50c
Hyd Pressed Brick cora 100
International Shoe com . 4333 4333
8
Key Boiler Equip corn_ •
1743
20
Laclede Steel corn
9
4%
122
1813
6%
333
6%
50c
4433
8
1713
Range Since Jan. 1.
Low.
High.
20
9
May
9
433 Apr
413
100
15 119% Jan 122
18%
25 1213 Jan
Jan
205
5
7%
5
333 Mar
4%
235
3% Jan
8
Apr 50c
100 40c
236 43% Mar 4933
533 Jan
8
10
19
100 13% Jan
May
May
May
Apr
Feb
Apr
Feb
May
Jan
May
Apr
Stocks-
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Alaska Juneau
10% 19%
,
Anglo Calif Natl Bank
------ 1133
133
Assoc Ins Fund
6%
Atlas Imp Diesel Eng A...
140
Bank of California N A...
6%
Byron Jackson
21
21
Calamba Sugar corn
19%
7% preferred
1
Calveras Cement
California Copper
53
10%
California Cotton Mills
42%
Calif-Ore Pow 7% Pref
3113
California Packing Corp -72
Calif Wat Svc pref
1313
Calif West Sts Life Ins cap.
3013
Caterpillar
3043
7033
Coast Cos OckE 6% lot pfd 72
Cons Chem Indust A
27% 27
543
Crown Zellerbach v t c
5%
54
Preferred A
54
53
Preferred B
53
743
Emporium Cap
733
19%
12
1%
6%
140
7%
21
19%
1
.33
11
42%
34%
72
14
32
72
2715
6%
56
56
713
57
1713
2
9
5%
1%
4%
40
713
613
12
25%
92
8%
59
2043
2
9
57,3
Fireman's Fund Insur
Food Mach
--iorfi
Foster & Kleiser
General Paint A
Golden State Co Ltd
533
Haiku Pine
Preferred
Hawaiian C & S Ltd
Hunt Bros A corn
Investors Assoc
Langendorf United Bak A __12
Leslie Cal Salt
La G & E Corp pref
92
Lyons Magnus Inc A
833
Magnavox
Magnin 67 prof
Market St fly corn
1%
2d preferred
2%
91
Natomas
New w
No American Inv torn....
6% preferred
534% preferred
No American 011 Cons__ _ _ -----Oliver United Filters A_
Pacific Gas & Elec corn
18
6% 1st preferred
22%
513% preferred
20
Pacific Lighting Corp
33
6% preferred
86
Pacific Pub Serv non-vot. _ -----Non-voting preferred_
4%
Pacific Tel & Tel corn
-----6% preferred
ParaffIne Co corn
35
443
4033
8%
6%
1213
2513
92
33
90
90
1% I%
213 2%
89,13 95
933 933
533 533
31
31
28
28
7% 8
9% 1013
3
3%
18
18%
21% 22%
1943 20
3233 33%
85
87%
1%
1
4% 4%
8113 83
11043 111
35
35%
Low.
375 1943
575
8%
425
1
404
2
8 121
5,961
313
150 20
150 19
100
1
1,675
34
95
4.45
10 30
6.591
19
15 6433
190
2,903 23%
89 58
584 24.13
3,317
44.3
325 34
517 34
650
6%
134
7,808
200
112
1,431
80
100
32
410
50
642
120
10
100
3.545
5
16
aii
125
10
10
42
560
210
225
3,581
3,930
968
585
374
556
2,158
122
90
745
High.
May 2313 Jan
Jan
12% Apr
Jan
Apr
Jan
743 Apr
Jan 159
Feb
Jan
733 May
Feb 25% Mar
Feb 20
Jan
Apr
Apr
Jan
3-3 Feb
Jan
12% Feb
Jan 45
Feb
Jan 3433 May
Jan 73% Apr
Apr 19
Feb
Jan 3313 Apr
Jan 74
Apr
Jan 2713 Apr
Jan
633 Apr
Apr
Jan 56
Jan 5613 Apr
Jan
813 Feb
47% Jan 6113
10% Jan 20%
133 Jan
3
643 Jan
9
413 Mar
7%
1% Jan
2
433 Apr
40
May 52
Jan
8%
5
Jan
7
10% Apr 14%
24
Jan 25%
7943 Jan 94%
11
833 May
Jan
1
90
Apr 90
1% May
2% Star
61
Jan 100
844 Mar 10%
4% Jan
7%
17
Jan 33
17
Jan 30
733 Jan
9
6
Jan
11
23-4 Jan
433
1533 Jan • 2313
1943 Jan 23%
1734 Jan 21%
23% Jan 36%
7113 Jan 89
Feb
1%
1% Jan
71
Jan 86
103
Jan 111%
2534 Jan 36
fly Equip & Rlty 1st pref_
10
115
513
1013
San Joaq Lt & Pr
5 6734
pr pf 8713 8713 87%
Schlesinger & Sons(B
2
2
2
138
Shell Union
833
. 9
1,569
833
Preferred
15 62
73
73
Southern Pacific
24% 24% 2733 2,957 18%
So Pac Golden Gate A
7
5
7%
280
-----Spring Valley Water
100
533 5%
Standard Oil of Calif
34
3333 3
6% 3,320 3333
Tidewater Assoc Oil corn
1,479
1233 13
813
176 6433
85
6% Preferred
--8334 83
Transamerica Corp
633 6% 17,150
615
Union Oil of Calif
1,918 15%
1613 17%
260
4
Union Sugar Co corn
6% 6%
615
275 1933
2233 2233
United Aircraft & Transp_
45 185
Wells Fargo Bit & U T.
214 215
283 10%
10% 1013
Western Pipe & Steel Co
Jan
10%
Jan 90
2%
May
Jan 11%
Jan 8633
Jan 3333
Jan
7%
Jan
533
May 42%
Jan
14
Jan 85
Jan
8%
Mar 20%
Jan
733
Feb 3713
Jan 215
Apr 14
Feb
May
Jan
Feb
Feb
Feb
Feb
Jan
Apr
Jan
Jan
Apr
Apr
Feb
Feb
Apr
Mar
Star
Apr
Apr
Mar
Apr
Mar
Jan
Apr
Apr
Feb
Mar
Apr
Feb
Slur
Apr
Apr
Star
Apr
Apr
Apr
Apr
Apr
Jan
Feb
Feb
Mar
Apr
Jan
Apr
May
Feb
Feb
Apr
Feb
Apr
Feb
-Record of transacSan Francisco Curb Exchange.
tions at San Francisco Curb Exchange, April 28 to May 4,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
IWeek.
Par Price. Low. High. Shares.
Range Since Jan. I.
Low,
High.
Alaska Mexican
5
Alaska Treadwell
25
Alaska United
5
Amer Tel & Tel
100
Amer Toll Bridge Del.__1
Anglo Nat Corp
•
Argonaut Stirling
5
Aviation Corp Del
5
Chrysler Corp
Cities Service
•
Claude Neon Elec
•
Claude Neon Lights
Coen Cos A
•
•
Crown Will hat pref
Sc
5e
46
46
7
7
112 120
250 27c
613 7
9
9%
713 8
45
46%
2% 3%
11.43 1133
800 82o
1.50 1.50
6243 68
200
Jail 15o
2c
300 35
Jan 73
200
5
Jan
16
715 1083.3 Jan 125
2,125 20c Star 320
420 3.15
Jan
73(
1,355 4.50
Jail
JAN
145
633 Feb Ion
450 45
May 5913
849
4%
134 Jan
50
8
Jan 12%
660 600
Jai
1%
20
1
Jan 1.85
147 4313 Jan 70
Jan
Feb
Jan
Feb
Jan
Apr
Apr
Jan
Feb
Feb
Feb
Feb
Apr
Apr
Emsco Derrick
General Motors
10
1
Idaho Slaryland
•
Italo l'etroleum
•
Preferred
Libby McNeill
10
•
Nat Auto Fibres A
.1
Occidental Petroleum
O'Connor Moffatt
•
Pacific Eastern Corp__ _1
Pacific Portland Cern__100
Pacific Western Oil
•
Pineapple Holding
20
7%
35%
2.75
250
1.05
534
7%
38
4.40
213
4.25
733
933
750
6%
990 3334
1,650 2.75
1,721
100
3,348
52c
200
3
405 3.75
400 32
50
3
558
133
100 4.25
100
7
2.514
613
Apr
Feb
Jan
Feb
Feb
Apr
Feb
Feb
Jan
Star
Jan
Apr
Apr
7%
37
2.85
260
1.20
6
9
40
4.40
233
4.25
733
10%
Apr
813
Jai
4243
Apr 3.75
Jai
35c
Jai 1.80
Jai
713
Jai
934
Apr 56
Jai
734
JAI
3
Jar 4.25
Feb
81-3
Jan 10%
•
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Radio Corp
•
Republic Pete
10
Shasta Water corn
•
25
So Calif Edison
554% preferred
25
6% preferred
25
So Pat Golden Gate pf_100
I
U S Petroleum
Universal Cons Oil
10
8%
3.75
19%
17%
17%
1934
45
27c
3.10
8%
3.75
20%
17%
18
20
45
27e
3.10
Range Since Jan. 1.
High.
Low.
654 Jan
100
Jan
4
70
190 15% Jan
138 1534 Jan
225 15% Jan
287 17% Jan
Jan
10 39
1,000 260 Apr
Apr
30 3.10
9%
554
20%
22%
19%
22%
48
42c
5%
Feb
Jan
Apr
Feb
Feb
Feb
Mar
Feb
Jan
• No par value.
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, April 28 to May 4,
both inclusive, compiled from official sales lists:
Stocks-
3069
Financial Chronicle
Volume 138
Friday
Sales
Last Week's Range for
1Veek.
ofPrices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
214
1
Allied Brew
Altar Cons Mine
1
American Republics_ ___10
Angostura Wuppermann.1
Arizona Comstock
1
•
Atlas Pipeline
1
Auto City Brew
1
Bagdad Copper
Bancamerica-131air
1
Betz & Son
1
*
3
B G Sandwich Shops
Black Hawk Cons Nfine_ _1
Brewers & Distil v t c
. 1%
Brewing Corp of Canada _."
Preferred
Cache La Poudre
20 17%
Carnegie Nfetals
2%
1
Central America Mine_ _1
Como Mines
1
Croft Brew
1
3
1
Alaska Juneau Gold Min 10
100 1914 May 23% Jan Delay Stores
19% 1914
Distilled
5
Bolsa Chica Oil A
10
Jan
3
3
500
3
334
4% Jan DistillersLiquors
& Brew
5
Byron Jackson
600
•
754
754 Apr
Jan
651
7%
4
1
California Bank
25 16
18
Apr 2334 Jan Eagle 131rd Mine
400 16
16
1
Chrysler Corp
Feb Elizabeth Brew
100 4754 Apr 60
5
47% 47%
Fade Radio
1
Claude Neon Elec Prod_ _• 1014
1014 10%
200
7% Jan 12% Feb Flock
Brew
2
Consolidated 011 Corp_ *
100 10
11% 11%
Jan 14% Feb
.
w
Douglas Aircraft Co Inc_ _•
19% 20
200 15% Jan 28% Jan }uhrmann & Schmidt_ __ _ I
10
Emsco Derrick & Eq Co_ ..•
8% Apr G....oldenCycle
Jan
3
7% 7%
7%
500
1
Gdyear T&R (Calif) pf _100 71
71
Apr narvard13rew
71
Jan 71
139 66
Helena Rubinstein pref.._ _•
(Akron) corn
100 3454 May 41% Feb
•
3454 3434
1
*
7
Hancock Oil corn A
6% Jan
200
7%
851 Feb Heilman Brew
7
*
Holly Sugar pref __ _100
..
20 55
67% 67A
Apr 67A May Hendrick Ranch
Huron Holding
1
Los Ang Gas & El prof.
Feb
Jan 95
92%
25 79
92
C
-d
1
Los Angeles Invest Co_ _10
356 334
2% Jan
1,300
334 Apr
Ironrite Ironer
•
Lockheed Aircraft Corp_ _1
1% Jan
1,900
3% Mar
234
2% 214
1
Pacific Finance Corp eom10
4,700
Feb Kildun Mining
7% Jan 10
956 10
93
1
Preferred A
200
951 Jan Milner Air
Mar
951 9%
9
10
Pacific Indemnity Co_ _10
400
8%
8
854
734 Jan
9% Feb
1
Pacific Gas & Elec corn_ _25
100 16
18% 18%
Jan 23% Feb Niacassa Mines N
•
551% 1st pref
19% 19%
100 18% Jan 2014 Feb Nfacta dden Pub'l pref
25 19%
Nfayfag
Pacific Lighting com
Feb Metal warrants
100 23% Jan 36
3351 3351
•
Textile
•
Jan 88% Mar
6% pref
•
20 71
8651 87
1
Pac NIutual Life Ins
150 21% Jan 28% Feb Molybdenium Corp
23% 24
10
10
Pacific T & T com
80
Mar National Surety
2
Feb 84
82
82
100
Newton Steel
•
Pacific Western Oil Corp_•
754 7%
10
6% Jan
8% Apr Oldetyme Distil
1
Republic Petroleum Co_ 10
1.000
4%
5% Jan
Apr
4
4
4
O'Sullivan Rubber
1
Scour 1st Natl Bk ot L A _25 33
1,350 30
Mar 36% Jan Paramount
32% 34
Publix
10
Shell Union 011 Corp com_*
600
8% Jan II% Jan Paterson Brew
8% 8%
83-4
1
signal Oil& Gas A
500
4% Apr Petroleum Conversion
Jan
454 4A
2
*
_ _ _1
Socony Vacuum Corp__ _25 16%
300 15% Jan 19% Feb Polymet Mtg
16%
16
1
So Calif Edison Lttl com_25 1751
Feb Railways Corp
2,100 15% Jan 22
1751 1714
II
1
Orig pref
15 31% Jan 37% Feb Rayon Industries
33
33
25
1
7% are A
500 20% Jan 25% Feb Remington Arms A
25 24
23% 24
1
6% Prot 11
Feb Rhodesian
25 19% 19% 20
600 17% Jan 22
Selec Tr
5
834% prof C
1951 Feb Richfield Oil
17% 18
25
400 15% Jan
•
So Counties Gas6% pfd100
Feb Rustless Iron
Jan 89
7 75
88% 88%
•
Southern Pacific Co_ _ _100
200 18% Jan 33% Feb
2554 26
Standard Oil of Calif
2,900 3351 May 4234 Jan Seaboard Fire
• 34
33% 36
10
Superior Oil com
May Simon Brew
100 19
19
May
25 19
19
19
1
Taylor Milling Corp
Feb12% Apr Siscoe Gold
9
11
100
•
11
1
Transamerica Corp
8% Feb Squibb Patt Br pref
654 Jan
64 6% 2,300
651
"
1
Union Oil of Calif
1,000 16
Mar 20% Feb Sylvanite Gold
25 16%
16% 1734
1
Weber Showcase &
Fixe Gulf Producing __ _ _
T xas
lot prof
Feb434May Tobacco
*
4
20
4% 434
Prod (Del)
10
* No par value.
United Cigar
1
N w1
5
United
New York Produce Exchange Securities Market.- United Merch & Mfg v t c 1
States
Following is the record of transactions at the New York Utah Metals Fidelity__ _2
1
1
Produce Exchange Securities Market, April 28 to May 4, Victor Brew
West Indies Sugar
1
both inclusive, compiled from sales lists:
Willys-Overland
5
C-d
5
Friday
Sales
Range Since Jan. 1.
Last Week's Range for
Bonds
1Veek.
Sale
ofPrices.
Amer La France 5745-193
6
StocksPar Price. Low. High. Shares.
Low.
High.
Fox Metro c 6 As__ _1932
-d
Home Owners L 3s w 1 1952
Abitibi l'ower
•
151
A Jan
300
151
2
4,
Feb
1951
Preferred
100
100
9
9
4% Jail
9
Mar Shamrock 011k' Gas 6s 1939
Admiralty Alaska
00
1,500
1
Jan 36e Feb
20c 22c
Allegheny Corp pr w I__
500 26% Mar 3554 Apr
2931 2934 31%
• No par value.
34
1.10
1%
14
1%
1%
11%
6
151
251
2.60
2%
631
1%
5%
4%
211
834
49c
154
2.25
1%
2.45
5
15e
3%
32c
310
3314
Range Since Jan. 1.
Low.
High.
4% Feb
334 Mar
3% Apr
7% Mar
Apr
65c
4% Apr
4% Apr
50c Apr
3% May
Apr
5
May
3
Apr
60c
2% Jan
Apr
11
Apr
31
19% Jan
33.4 Mar
2% Apr
90c Feb
3
Apr
700
2%
200
1.50
600
5%
1,000
5%
1,500
55e
800
4%
300
351
1,000
35c
314 1,100
700
451
1,900
3
1,000
56c
1% 4,600
5,000
31
31
50
18% 1,40
900
2%
100
1.50
3,500
62c
10,40
3
2%
1.00
2
3%
40e
4%
2%
25c
2%
3
54
25c
1%
9
28
15%
1.15
1.25
490
1%
Apr
Jan
Jan
Jan
Mar
Apr
Apr
Mar
Jan
Jan
Feb
Mar
Apr
Apr
Apr
Jan
Jan
Feb
Feb
Jan
134
24%
2%
11%
6
1%
30c
25c
35c
234
A
111
25
2A
11%
6
1%
35c
25c
35c
3%
14
60
1,700
300
1,700
6,200
600
700
2,300
700
600
100
100
1,500
300
200
100
3,400
1,000
3%
13%
7A
1.00
A
51
%
51
18%
2
6%
6
A
30c
22e
35c
2%
31
Apr5
Jan 45%
Jan
1034
Apr
2%
1.14
Jan
Jan
134
Apr
1%
Feb
1%
Jan 25
3%
Feb
Jan
1134
May
6%
Jan
234
Mar
%
51
Jan
May
1
Jan
4%
Jan
1
Apr
Apr
Mar
Star
Apr
Feb
Apr
Apr
Apr
Mar
May
Apr
Feb
Feb
Feb
Apr
Star
Feb
2.60
35%
134
2%
651
151
351
47-4
7
451
91
A
25c
2%
834
5
351
380
2%
2.60
100
20
38
100
1%
100
2%
200
654
700
1%
400
4
511 35,300
400
751
4% 5,600
700
1
14
100
50e
500
2,100
3
8% 16,900
200
5%
331
300
49c
300
500
251
1.95
18%
1
234
651
A
314
3
7
151
51
A
25e
2%
654
5
3%
30c
1%
Jan
Jan
Mar
Feb
May
Jan
May
Apr
Apr
Jan
Jan
Mar
Jan
May
Jan
May
Jan
Jan
Mar
2.90
38
2%
3
63.4
251
8%
19%
751
53-4
1
134
%
4
8%
6%
3%
%
2%
Apr
May
Feb
Feb
May
Apr
Feb
Jan
May
Feb
Jan
Jan
Star
Jan
Apr
Mar
Apr
F eb
Apr
4%
134
2.25
154
2.45
5
2934
15c
•8
11
6%
2%
1
3
30c
31c
100
4%
156 4,400
2.25
300
400
1%
2.65 1,900
5% 2,700
30
2934
3,600
200
800
854
11
100
100
6%
3% 12,000
100
1
100
3
3.400
400
31c
200
43-4
11
1.45
154
1.50
4
6%
15c
714
11
6%
1.13
34
211
18c
20c
May
Jan
Jan
Feb
Jan
Jan
Feb
May
Apr
Apr
Slay
Feb
Jan
Jan
Feb
Feb
4%
1%
2.60
334
3.20
7
32%
29c
10%
15
651
5%
114
5%
11
14
Slay
Apr
Apr
Jan
Apr
Jan
Apr
May
Mar
Feb
May
Feb
Apr
Feb
Feb
Feb
38%
33
99%
10051
45
387 52,000
%
3314 3.000
6,000
100
100% 93,67
6,750
59
3834
24
9934
9154
45
May 43
Apr 34
May 100
Jan 10051
May 60
Apr
Apr
May
Apr
Apr
2%
1.50
4%
5
50c
4%
351
350
3%
4
2
55c
114
31
31
17%
2
1.50
580
2%
4% 5
32% 3431
8% 9
1.00 1.10
134
134
51
56
1.i 1%
New York Curb Exchange--Weekly and Yearly Record
NOTICE,
-Gash and deferred delivery sales are disregarded in the week's range, unless
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 they are such sales
is taken of
in computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (April 28 1934) and ending the present Friday,(May 4 1934). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
Week Ending May 4.
Stocks-
Indus. & Miscellaneous.
Aero Supply class B_
•
Ainsworth Nita Corp__ --10
Air InvestorsWarrants
Ala Gt Sou RR ord
50
Allied Mills Inc
*
Aluminum Co common__.
•
6% preference
100
Aluminum Goods Nftg_ •
Aluminum LtdCommon
•
Series C warrants
Amer Capital*
a Class A
$5.50 prior preferred_ •
p $3 preferred
•
Amer Cyanamid el B n-y ..•
Amer Equities Co
1
Amer Founders Corp__ _ _1
7% prof series B
50
6% prof ser D
50
Amer Investors COM
•
Amer Laundry Mach_ 20
Amer Pneumatic Service •
Amer Thread pret
5
Anchor Post Fence
•
Arcturus Radio Tube_ _1
Armstrong Cork com _ _•
Art Metal Works corn_ _5
Assoc Elec Indus LtdAm dep rdt ord shs-C1
Associated Rayon
Atlantic Coast FIsheries _•
2% 211
1454
14
14
100
200
51
61
8%
7234
74
11
61
834
71
7354
10
51
61
814
74
75 A
107-4
100
25
1,600
1,700
500
300
3274
32% 32%
9
9
100
99
1914
14
1751
33.4
254
64%
21
193.4
154
54
17
17
33.4
20
3%
1454
3
4
1%
54
20
354
451
451
351
4%
151
200
2%
100
6434
300
21
21% 22,850
100
154
1,200
51
25
17
75
17%
334
100
700
15
300
3
300
4
1,100
2
300
11he
22% 3,000
1,200
354
43-4
351
534
100
500
000
Rance Since Jan. 1,
Low.
234
10
Jan
Jan
High.
4
15
Jan
Star
A Feb
Jan
40
7% Jan
65
Mar
65% Jan
834 Jan
1
Jan
6311 Apr
9% Jan
8534 Jan
78
Jan
1151 Feb
25
3
Jan
Feb
36
10
Apr
Apr
134
58
1551
1531
1
54
9%
10
2
1074
3
334
134
fro
1434
151
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
211
65
2134
2251
254
134
2134
2251
434
18
311
4
254
1
2634
451
Apr
Apr
Feb
Apr
Feb
Feb
Apr
Apr
Feb
Jan
Jan
Apr
Mar
Feb
Feb
Apr
Mar
4
231 Jan
Jan
2
1551 Jan
534 Mar
6 11 Apr
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High Shares.
Atlas Corp common
•
53 preference A
•
Warrants
Atlas Plywood Corp
•
Automatic-Voting Nfach_•
Axton-Ffsher Tobacco 4-10
Balwin Loco Works warr__
Bauman(L)7% 1st prof100
Bellanca Aircraft v t o_ _ _1
Benson & Hedges corn _ ....•
Convertible preferred..'
Blekfords Inc corn
•
Bliss(E W)Co common_ •
Blue Ridge Corp com_ _ _ 1
.
83 opt cony pref
•
Bohack (II C)corn
•
•
Rondo's Inc
Bower Roller Bearing_ ._ _5
Bowman-Bilt 7% 1st pi. 100
Bridgeport Machine
•
Brill Corp class A
•
Brill° Nife com
•
Brown Forman Distillery.1
Burro Inc corn
•
Burma Am dep rctsreg...„
Butler Brothers
10
Cable Radio Tube v t c_ •
Calamba Sugar
20
Canadian Indus Alcohol A•
Carnation Co corn
•
Carrier Corporation
•
Catalin Corp of Amer_ _ _ _ I
Celanese Corp of Amer
7% 1st panic pre _ _ _100
12%
4734
434
741
754
451
214
854
654
251
6
14
1551
3%
11%
1134
1734
6
00
Range Since Jan. 1.
Low.
High.
Feb
Apr
Feb
May
Apr
Feb
Feb
Apr
Feb
Apr
Apr
May
Mar
Feb
Apr
Apr
Jan
Mar
Apr
Apr
Feb
Mar
Mar
Feb
Feb
Apr
Jan
Mar
Jan
Apr
NIar
Apr
'16
2054
II%
1751
7
83.4
12,800
13
1,400
47%
1,500
411
200
8
754 2,300
100
6034
600
834
40
24
400
434
400
3
100
854
814
100
800
79-4
1,400
2%
300
39
100
14
300
6
14
600
200
351
200
2%
100
131
100
651
1,110
16
300
174
400
354
1134 5.000
100
110
2054
100
1311
1.900
200
1734
1,600
8
651 5,800
103.4
39
451
55i
254
5934
754
19
354
251
4
611
234
17-4
3151
9
434
1254
2
A
154
554
15
154
354
4
i,
,
203.4
1114
1334
574
334
,
Jan
Jan
Slay
Jan
Jan
Mar
Jan
Apr
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Slay
Jan
Jan
Jan
May
May
May
Feb
Jan
Mar
00
05
90
May 104% Feb
11 11
4651
451
7%
734
60
734
24
434
254
854
83-4
6%
251
383-4
14
6
1354
3%
24
154
634
15
151
351
1034
475
153.4
49
651
8
8%
6934
11
24
6
4
10
814
1054
354
3934
1454
614
1754
4
311
3%
734
2134
354
311
1234
%
25
2011
IS
9
634
Financial Chronicle
3070
Sales
Friday
Last Weat'a Range for
ofPrices.
Week.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Celluloid Corp corn
•
$7 div preferred
Centrifugal Pipe Corp- •
Charis Corporation
•
Chic Nipple class A_ _50
Chic Rivet dr Mach
•
Childs Co pref
100
Cities Service corn
•
•
Preferred
Preferred B
Preferred BB
Claude Neon Lights
1
Cleveland Tractor
•
Columbia Pictures
•
Compo Shoe Mach ctfs_ __I
Consolidated Aircraft__ __*
Consol Auto Mer v t o__ •
Cons Retail Stores
5
Cooper Bessemer Corp_ •
Cord Corp
5
Corroon & Reynolds com_l
$6 preferred A
•
Courtaulds Ltd
Amer dep rcts ord reg-£1
Cramp(Wm) Sons_ _100
&
Crane Co corn
25
Crocker Wheeler Elec____•
Crown Cork Internatl A__•
Davenport Hosiery MIlls.•
De Haviliand Aircraft Co
Am dep rots ord reg.
Detroit Aircraft Corp__•
Dictograph Prod Co
2
Distillers Co Ltd
Amer deposit rots
Distillers Corp Seagrams.•
•
Doehler Die Casting
Dominion Bridge Co
•
Dorn Steel & Coal cl B__25
Dow Chemical
•
Driver-Haulm corn
10
Dubilier Condenser
1
Duval Texas Sulphur-- •
Dunlop Rubber Co Ltd
Am dep rcts ord reg_ £1
Durham Hosiery Mills 8-*
Easy Wash Mach B
•
Edison Bros Stores corn- •
•
Eisler Electric corn
Elea Power Assoc corn_ _1
Class A
1
Electric Shareholding
Common
1
$6 cony pref w w
•
Emerson Promo Seltzer
New class B
2%
Equity Corp corn
106
Ex-cell-0 Air & Tool new_3
Range Since Jan. 1.
Low.
High.
4
6%
3
26
600
50
100
1,400
100
4,200
180
32,300
900
500
20
700
400
300
400
3,600
400
200
500
3,700
400
200
May
10
2731 Apr
454 Jan
951 Mar
Apr
455 Feb
14% Jan
151 Jan
11% Jan
Jan
1
Jan
9
Jan
Jan
2455 Feb
Jan
8
7% Jan
81, Jan
1% Jan
3% Apr
554 Feb
154 Jan
10% Jan
19
Jan
Jan
44
7% Jan
Apr
20
% Feb
17% Apr
Feb
42
454 Feb
26% Feb
2% Feb
20% Feb
1% Feb
6% Feb
Apr
30
Feb
14
12% Mar
lit Feb
2% Feb
6% Jan
851 Jan
Feb
4
26% Apr
13% 13%
151
8% 10
6
651
7
7%
100
500
1,300
1,200
1,700
1055 Jan
Apr
1
Jan
8
Jan
64 Jan
1
,
14%
154
11
8%
8%
19%
1831 20%
2,700
12
Feb
20%
Apr
34
4
13% 14
14
%
4
4
200
3,800
300
Feb
10
55 Jan
4
May
14
55
4
Apr
Jan
23%
19%
1051
34%
4%
92%
2035
851
700
9,600
300
12
200
1,700
400
200
800
20
16%
3%
34%
2%
6951
12%
55
4
Jan
Mar
Jan
May
Jan
Mar
Jan
Jan
Jan
24% Apr
26% Jan
11% Apr
34% May
555 Apr
92% May
Apr
23
1 . Feb
9% Apr
13% 13%
1%
6
6
24% 24%
1
5% 6
5% 5%
500
100
400
100
300
700
500
1355
1
6
8
%
4
351
May
Jan
Fe
Jan
Jan
Jan
1355
2
854
28%
1%
8%
8
335
49%
3% 3%
49
49%
400
75
2
36
Jan
Jan
4% Feb
Feb
52
I%
6
1851 19
151
5% 651
75
4,600
800
1854 May
1% Jan
5% May
19% Jan
254 Feb
851 Feb
11
1555
1635
455
2654
12%
2%
6
6
1731
955
34%
92%
10
27%
545
14%
%
14
33%
2%
19%
2
2051
X
4%
2634
12
8%
ill
2%
4
5%
2%
25%
23%
17%
934
3431
4%
84
19%
881.
8%
12
27%
534
1655
N
17%
36
3%
23
251
20%
51
451
27
13%
9%
ire
mar
554 Jan
Fairchild Aviation
855
751 831 4,800
8%
1
Fajardo Sugar Co
50 66% Jan 8954
71
71
100
Falstaff Brewing
431 Jan
1,600
8%
1
651 751
Federated Capital corn_ •
15.1
1% 1%
100
1% Apr
7% Jan 1451
Ferro Enamel
1251 1351
700
• 12%
1% Jan
231
1% 5,400
FIciello Brewery
1%
1
First National Stores
114 114
10 11151 Jan 117
7% 1st preferred_ __100
8% Jan 20%
Fisk Rubber Corp
12,000
1 14% 13% 16
Jan 81
$6 preferred
100
78% 79
300 65
Flintokote Co cl A
454 Jan 12%
9% 11% 2,800
9%
•
Ford Motor Co Ltd
8%
5% Jan
Am dep rcts ord reg..£1
7% 8% 13,400
Jan 24%
4,000 15
Ford Motor of Can Cl A • 22% 22% 24
Jan 34
325 20
30
Class B
33
• 30
X Mar
155
Foremost Dairy Prod pref•
600
% 1
Foundation Co
6% Feb
8%
Foreign shares
200
734
•
Franklin (H H) Mfg_
2%
51 Jan
700
•
3
134 Jan
8%
150
100
7% Preferred
Jan
General Alloys Co
351
2%
2
400
•
234
General Aviation Corp_ _1
954
May
5
5
8,600
5
6
Gen Electric Co of Gt B
500 1051 Mar 1151
10% 10%
Am dep rcts for ord reg£1
Gen Fireproofing corn_
200
5% Jan
•
855
6% 6%
Gen Investment corn_
3
755 Jan
1%
800
Jan 22
•
1755 18
336 cony prat class B_
200
6
General Tire & Rubber__25
1,175 64% Jan 99
9751
88
6% preferred A
Jan 89
75 80
100
8551 87%
Glen Alden Coal
• 16% 1651 17
3,000 10% Jan 2051
Globe Underwriters
8% Jan
7
2
600
631 655
634
Godchaux Sugars
•
Class B
100
451 Jan 1034
8% 8%
Gold Seal Electrical
1
51
51
ire 2,400
44 Jan
Gorham Inc A corn
151 Jan
•
3% 3%
200
451
$3 preferred w w
•
1651 1655
100 15
Feb 1751
Gorham Mfg v t c
•
19
15
300 13
Jan
1551
Grand Rapids Varnish_ •
554 Jan
300
651
6
731
Gray Tel Pay Station
1955
• 15
15
1,000 13
Jan
16
Great A tl & Pae TeaNon-vol corn stock_
Jan 150
142 146
•
90 122
7% 1st preferred_ _ _ _100 x122% z12255 124%
100 121
Jan 127
Great Northern Paper.
500 19% Mar 24
.25 23
Greenfield Tap & Die_ •
300
Apr
5
554 5%
6
Greyhound Corp
5 13% 13% 1451 13,800 5% Jan 1551
55
Grocery Stores Prod v to 25
100
54
55 Jan
Guardian Invest con:
100
III Jan
51
Hall(CM)Lamp Co
*
Happiness Candy
•
Hartman Tobacco
•
HazeltineCorp
•
Helena Rubenstein Inc_ •
Holly Sugar Corp
•
Horn (A C) corn
•
Horn & Hardart
Huylers Co corn
1
Hydro Elec Securities_
•
Hygrade Food Prod
b
Hygrade Sylvania
•
Imperial Tob of Canada _ _5
Imp Tob of Gt Brit & Ireld
Amer dep rots
£1
Indus Finance v t c
10
Insurance Co of No Am_ 10
International Products_ •
Interstate Equities
$3 cum cony pref
Interstate Hosiery Mills.*
1
Irving Air Chute
Jonas dr Naumburg corn...
Kingsbury Breweries_ _1
1
Kreuger Brewing
•
Lakey Fdy & Mach
Lane Bryant 7% pref__100
Lefcourt Realty Corp- -1
•
Lehigh Coal de Nay
Lerner Stores common_ •
Libby MeNeli & Libby__10
*
Loblaw Groceterlas A
Louisiana Land & Explor_•
5
251
20
11%
51
5%
12%
1%
8%
6%
17%
3
5
34
231
9%
1%
27
251
2151
1
6%
5
22
1151
600
200
7,800
200
300
100
200
175
300
1,300
500
50
600
32% 32%
151 1%
50
51
1% 1%
100
100
900
100
5
31
151
9
1%
27
251
20
1
.5%
4%
22
11%
20
2751;
5
54
651
12%
151
70
3
8
28
.5%
17%
2%
20
27%
5%
51
6%
1351
1%
70
3
z8.%
30
6%
17%
331
100
200
1,400
200
100
1,000
800
350
100
1,000
700
2,700
500
3,500
Apr
Apr
Jan
Feb
Mar
May
May
Feb
Jan
Apr
Feb
Feb
Feb
Apr
Feb
Apr
Apr
Apr
Jan
Feb
Mar
Mar
Apr
May
Feb
Apr
Feb
Mar
Feb
Feb
Mar
Feb
Jan
Feb
Feb
Apr
Apr
Apr
Feb
Jan
Mar
Feb
Apr
Apr
Mar
Jan
Feb
Feb
Mar
May
Jon
Apr
Feb
Mar
354 Jan
% Jan
n11 Feb
Jan
3
14 Jan
May
27
2 jJan
16% Jan
51 Jan
5% Apr
3% Jan
1955 Mar
11% Jan
6% Jan
ire Mar
4
Mar
12% Mar
Mar
29
Apr
3
Feb
2134 Apr
2
Jan
8
Feb
5% Apr
24
Feb
12% Apr
28
Jan
Jan
Jan
Jan
32% Apr
Apr
3
5134 Apr
131 Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Mar
Jan
22
Feb
30% Mar
Feb
1
Feb
951 Jan
14% Apr
2% Apr
Apr
70
Apr
3
10% Feb
31% APT
754 Apr
Apr
18
351 Apr
34
38%
1
15%
19
351
6%
10%
54
65
1%
531
14
14%
251
May 5 1934
Friday
Sates
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Lynch Corp
5 30% 3051 3355
Mapes Consol Mfg Co__ •
34
34
Massey-Harris corn
5% 5%
•
Maryland Casualty
2
1
2
231
Mathieson Alkali Works
Part paid rots 1st paymt
32
34
Mavis Bottling class A...
51
1
1
Mayflower Associates_
45
46
•
McCord Rad & Mfg B
4
4
McWilliams Dredging...
19% 20%
Mercantile Stores corn_ •
13
1355
Merritt Chapman 5:Scott•
1% 1%
11% 11%
834% A preferred__ _100
Mesabi Iron Co
ha
he
Michigan Sugar Cu
1
155
•
Midland Royalty Corp
$2 cony preferred
7% 9%
Midland Steel Prod
11% 10% 1131
Midvale Co
y48
49
•
Minn-Honeywell Reg
98% 100
Preferred
100 100
Mock Judson Voehrbager-•
1731 1951
Molybdenum Corp v to..i
734 855
7%
Montgomery Ward
107 110%
107
Moody's Investors Service
Panic preferred
2051 2051
Natl Bellas Hess com
I
Natl Bond & Share
•
Natl Container corn
1
•
$2 cony preferred
Nat Dairy Products
100
7% pref class A
National Investors com_ _1
3555 preferred
1
Warrants
Nat Leather corn
•
Nat Rubber Mach
NatService common
Cony preferred
•
Nat Steel warrants
•
Nat Steel Car Corp Ltd_ _•
Nat Sugar ref
•
Nat Union Radio Corn.. 1
•
Natomaa Co
New stock
•
Nehi Corp corn
•
Nelson (Herman) Corp_.5
Neptune Meter class A_ •
New England Grain Prod_*
New Mex & Ariz Land
1
New York Auction
•
New York Shipbuilding
Founders shares
1
•
Niagara Share B
Niles-Bement-Pond
•
Nitrate Corp of Chile
Otis for ord B shares....
Northam Warren pref. •
Northwest Engineering_ _•
Novadel Agana New
•
Ohio Brass class B
011stock Ltd corn
6
Pacific Eastern Corp
Pan-American Airways...10
Parke Davis & Co
•
-Proof
Parker Rust
•
Pennroad Corp v t c
1
Pepperell Mfg Co
100
Philip Morris Inc
10
Phoenix Securities
Common
1
$3 cony pref series A __10
Pie Bakeries Inc corn
*
Pitney-Bowes Postage
Meter
•
Pitts & Lake Erie R11_50
Pittsburgh Plate Glass.
.26
Potrero Sugar
5
Propper McCallum Mills_•
Prudential Investors
•
Pyrene Mfg Co com
10
Quaker Oats Co cons
•
Railway & UM Invest A_ _1
Railroad Shares Corp...*
Rainbow Luminous•
Class fl
Raytheon Mfg v t c_ -50c.
Reeves(Daniel) corn
•
Reliance International A.•
Reliance Management_ •
Reybarn Co
10
Reynolds Investing
1
Roosevelt Field Inc
5
Roses International
•
Royal Typewriter
•
Ruberoid Company
•
Russeks Fifth Ave com _ -5
33.4
3154
36
900
100
100
000
200
4,700
300
200
300
200
100
100
100
400
900
900
75
290
500
7,100
120
100
351 3% 12,800
3154 3331
600
36
3935 1,500
40
40
100
1116
34
1%
9155
81,
6
21%
2%
41
24%
64%
3
82
751
151
431
15
34%
I%
94
9%
1%
551
454
23
1%
2
17
17
4
451
11% 11%
134
6%
50
900
50
200
300
1,600
33,800
200
400
100
500
3,800
750
1,000
100
100
100
50
800
200
100
1,500
200
99% 100
131
1%
54
54
X
X
155 1%
5% 6%
54
1%
4
15
34
51
90
9
1%
5%
454
23
1%
2
54
3551
6
20%
14
1051
2%
39
24%
62
2%
82
651
Ili
,
51 24,100
100
3551
400
651
21% 3,000
50
14%
200
1054
1,900
2%
1,400
41
1,00
24%
1,15
65
3% 10,500
7
86
7% 6,900
1%
I% 134
27% 2755
1051 13
451
74
5131
4
4%
74
75
4951 54
151 1%
1
151
7
8
2%
11051 112
51
%
54
54
1
3
2%
1%
61$
334 334
1351 13%
3
3
151
151
251
1
1%
1% 1%
54
1354 13%
32
32
7
751
800
100
1,10
Range Since Jan. 1.
Low.
41
34%
8
3
Feb
Mar
Feb
Feb
32
Jan
Apr
Jan
Jan
16
Jan
10% Apr
1% Mar
Jan
10
616 Jan
May
38%
234
47
4%
2655
14
2.54
14
81.
Jan
Jan
Feb
Feb
Jan
Apr
Feb
Mar
Apr
Jan
6% Mar
9
Jan
2151 Jan
951 Jan
Feb
16
Apr
49
42
87
9
5
88
Mar
Jan 100
Jan 20% Apr
9% Apr
Jan
Jan 11651 Apr
20% May
22
2
30%
25
29
414 Apr
Feb
36
4051 Apr
4151 Apr
Jan
Mar
Feb
Feb
80
Jan 100
154 Jan
3
40% Jan 56
1%
X Jan
251
1
Jan
3% Jan
754
lir,
Feb
351
151 May
4
9%
Apr
1455 Jan 18%
29
Feb 36
% Mar
1%
7255 Jan 100
8% Mar 1014
I
1%
Feb
2
Jan
7%
3% Jan
6
22
Mar 27
1
Jan
2%
May
2
4
11 • Jan
335 Jan
9% Jan
51
32
5%
20%
14
8%
1%
35
22%
5351
254
80
2%
Mar
Feb
Mar
Feb
Jan
Feb
May
Apr
Jan
Feb
Jan
May
Apr
Apr
Apr
Feb
Mar
Feb
Apr
Jan
Feb
Jan
Mar
Apr
Feb
Apr
Jan
Jan
Jan
Feb
Feb
Jan
Apr
2
Feb
Apr
30
14% Mar
Feb
4%
Feb 81
Jan 5751
Jan
354
Jan
255
Jan
851
Apr
3%
Apr 122
Ma
1
51
Jan
Apr
Apr
Apr
mar
Jan
Feb
Feb
Jan
Feb
Feb
he
4%
1655
3%
2
3%
131
2%
55
14
3451
10
Apr
Feb
Feb
Mar
Feb
Apr
Apr
Feb
Feb
Jan
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Feb
83
551
51
40%
51
55
455
48
1
5
24%
Apr
Feb
Apr
Apr
Feb
Feb
Feb
Apr
Jan
Jan
ArP
Jan
Jan
Jan
6155 Apr
Feb
3
6214 Feb
Jan
Jan
Mar
255 Mar
55 Mar
10% Feb
X Jan
1% Jan
13
Apr
2% Jan
% Jan
1% Jan
34 Jan
51 Jan
51 Feb
9
Jan
28
Jan
5
Feb
350 50
79
Safety Car Heating&Ltg 100 75
75
10,400
3% 4
3%
St Regis Paper corn
2%
10
40
200 21%
48
7% preferred
100 42
2,500 1751
Schiff Co corn
• 34% 3451 37
•
616
200
Schulte Real Estate
he
3.4
900
Seaboard Utilities Shares_l
he
%
%
34
100
251
Securities Corp gen
2% 2%
•
200 3(1
Seeman Bros corn
46
•
4654
Segal Lock & Hardware_ _•
51
1,200
%
51
Selber,Ing Rubber Co. •
254
3% 3%
200
Selby Shoe corn
22% 22%
50 20
•
Selected Industries Ina
$5.50 prior stock
50 4034
25
58% 5851
Common
151
600
1
1%
1%
Allotment certificates... 56% 55
800 40
5951
Selfridge Prov Stores
Amer dep rcts
155
300
251
£1
2% 231
Sentry Safety Control_ _ _
%
300
•
34
51
•
Beton Leather Co
100
7
7
7
Shenandoah Corp
Common
155 1% 1,700
1
151
Sherwin-Williams corn.
.25 69% 6551 69% 2,900 4755
6% preferred AA____100 106% 106% 106%
co 100
Smith (A 0)Corp corn
50
27
2351
• 26% 26
Sonotone Corp
331 351 2,20
2/*
1
3%
Spanish & General Corp
Am dap rots for ord br £1
200
34
X
31
Spiegel. May. Stern Co
200 80
86%
84
844% preferred
100
Stahl-Meyer corn
100
4%
451 451
151 2
300
Standard Brewing
%
•
Starrett Corporation
51
700
1
1
its
234 251
500
151
6% preferred
10
75 32
Steel Co of Can ord
a3451 a3451
8% 851
100
Stein(A)& Co corn
7
1%
1% 1,100
1%
Stein Cosmetics
Si
•
150
Stetson (J 11) Co coin_
9
951 951
*
451 5
800
Stutz Motor Car
4
Sullivan Machinery Co...' 12
12 zI3
300
851
Sun Investing Co
455 454
100
454
4
•
Swift & Co
25 16% 15% 1751 12,500 13%
Swift Internacional
2951 3254 3,400 2351
15 32
Apr
20% Mar
7
Feb
15% Feb
Jan
51
Jan 37
Jan
734
May 23%
May
16%
Jan
1054
Jan
351
Feb 51
Jan
2551
Jan 7351
Jan
4%
Jan 101
Jan
7%
1
Jan
18% Jan
4
Jan
351
1,300
36
61
2,700 39
151
100
1
1,200
800
554
300
2%
60 109
900
55
100
is
200
200
100
300
100
200
6,400
100
1,100
200
100
400
High.
3051 Apr
30% Jan
451 Jan
151 Jan
Jan
2% Fen
Jan 69% May
Jan 10751 Feb
Feb
Jan 43
Jan
431 Mar
Ma
Jan
Apr
Jan
Jan
Jan
Jai
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
35 Feb
Apr
Mar
214 Mar
1% Feb
Apr
3834 Feb
10% Feb
Apr
10% Jan
1034 Mar
17% Apr
554 Feb
Feb
19
32% Apr
86%
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Low. High. Shares.
Stocks (Concluded) Par
Taggart Corp corn
244
•
Tastyeast Inc class A_ _ _•
Technicolor Inc corn
94
•
Tobacco & Allied Stocks_ *
Tobacco Prod Exports ' 144
Todd Shipyards
•
Transcont'l Air Trans_ 1
2%
Trans Lux Pict Screen
Common
2%
1
TM-Continental warrants_
Triplex Safety Glass Co
Ain dep rots ord reg__205 2044
Tubize Chatillon Corp_ I
9
Class A
1
Tung-Sol Lamp Works_ •
•
$3 cony pref
Union Amer Invest
•
Union Tobacco corn
United Aircraft & Transp
Warrants
United Carbon pref. ..100
United Carr Fastener_ ___•
United Chemical corn_
*
$3 partic preferred
United Dry Docks
•
United Founders
1
United Molasses Co
Am den rots ord ref.. _g1
United Profit-Sharing__ •
10% preferred
10
United Shoe Mach com_25
United Stores v t c
•
US Dairy Products 13_ _ •
U S Foil Co class B
1
United Wall Paper Fact. •
S Finishing COM
Preferred
100
11 S & Intemat'l SecurCommon
•
1st pref with warr
United States Lines pref. _•
U S Rubber Reclaiming _-•
Universal Insurance
8
Utility Equities Corp_ _ _.*
•
Priority stock
Utility & Indus corn
Cony preferred
•
Vogt Mfg Co
Waco Aircraft CO
NVaill Co corn
•
waltt ec Bond class B. _ ..*
Walgreen Co warrantsHiram Walker-Gooderharn
& Worts Ltd corn...."
Watson (John Warren).._•
Wayne Pump Co corn
_•
Western Auto Supply A..*
Westvaco Chlorine Prod
7% Preferred
100
West Va Coal & Coke __•
Western Cartridge
6% Preferred
100
Western Tab & Stet v t c_•
Williams (It C) & Co._-.*
Wil-low Cafeterias
Cony preferred
•
Youngstown Sheet dz Tube
54% preferred
100
2% 24
1
1%
9
9%
48% 484
144 1%
26
27
245 2%
900
4,100
4,300
100
1,400
300
400
Range Since Jan. 1.
High.
Low.
14
34
744
45
%
19
144
Jan
Jan
Mar
Feb
Jan
Jan
Apr
244
144
114
49
1%
27
444
Apr
Apr
Jan
Apr
Apr
Apr
Jan
24
14
1,100
500
144 Apr
144 Mar
34 Jan
24 Feb
2015 2045
84 94
21
25
6
6%
26
2745
200
3,100
800
500
200
1944 Jan
84 May
May
21
Jan
3
1544 Jan
20% Mar
Jan
15
3044 Jan
744 Mar
Apr
30
22
23
*re
315
300
300
194 Jan
% Jan
Feb
25
41 Jan
8
8
109 112%
11% 12
100
600
GOO
300
200
6,200
8,000
6%
94
544
3
15
1
"re
1544 Jan
Feb
Feb 11244 May
May
12
Jan
11
Feb
Jan
Jan 26% Feb
Jan
241 Feb
Jan
145 Feb
3,500
400
100
600
300
100
34
12% 144 14,600
344 4% 3,600
3
500
9
9
5
344
14
6
574
4
44
544
2
24
9
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Jan
Apr
6%
444
94
68%
144
1%
14%
4%
5
9
Apr
Feb
Feb
Apr
Feb
Feb
Apr
Apr
Feb
Apr
146
50
74
144
846
244
44
1%
444
74
1645
2
144
344
144 Jan
494 Ma
Vs Jar
1
Jan
54 Jai
146 Jan
Jan
36
44 Jan
Jan
34 Jan
10% Jan
14 Jar
Jan
1
Jan
2
2
60%
14
144
10
4
53
2%
5%
9
19
234
1'i
4%
Feb
Feb
Mar
Apr
May
Feb
Feb
Feb
Feb
Jan
Apr
Feb
Jan
Feb
2%
144
34
234 234
144
1
74
6644
54 6
144 14
64
664 67%
13
4
50
10
48
4%
16%
146
52%
34
1%
10
245
48
1%
444
744
18
2
1%
345
300
500
100
300
150
200
125
700
300
100
2,000
400
200
100
3444 May
34 Jan
Jan
Jan
19
5744 Jan
44 Feb
144 Feb
484 Apr
Apr
Jan
Apr
92
54 Apr
34%
344 414 10,100
300
45
44
600
1%
1
200
45
46%
91
344
904 91%
344 534
275
2,000
8145 83
1344 1334
1645 164
125
100
100
63% Jan
94 Jan
1134 Jan
10
10
17'
50
50
10
85
34
83
14%
14%
275
5344 574
300
9
9
72
71
75
66
400
68%
144
400
144 16% 61,400
45
400
474
5045 534 2,600
Apr
Mar
64 Feb
10%
Apr
Jan
59%
Feb
48
40
6
56
46
1
10%
28%
31
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
57%
1044
72
68%
24
234
5044
60
4%
2344
345 34
19
19%
22
49
6011
May
20
Public Utilities
Ala l'ower $7 pre
524 57
100 31% Jan 584
•
AM Cities Pow dr Lt
Cony class A
32
324 334
Jan 34%
25
25
New Maas 13
24
14 Jan
444
244 24 1,800
1
Amer Dist Teleg NJ
7% cony pref
Jan 1094
1094 10945
5 102
100
Amer & Foreign Pow warr.
10
54 Jan
94
Amer Gas & Elec cora_• 24
23% 264 15,20
18% Jan 33%
Preferred
8544 864
27
Jan 87%
72
• 86
Amer L & Tr corn
104 Jan 19%
25 16% 154 1644 1,70
Am Superpower Corp corn *
2%
445
24 Jan
244 344 28,00
151 preferred
66
66
100 5144 Jan 70
66
Preferred
23% 23
24;6
800 134 Jan 33
Arkansas Pr & Lt $7 pref.•
36
4
284 Jan 42
3644
Assoc Gas & ElecCommon
1
1
300
24
1
31 Jan
Class A
1
1,700
24
1
its Jan
16
$5 preferred
6%
300
Jan
244
244
•
Warrants
4,600
Jan
44
.14
Assoc Telep Util corn _ _ - -•
'its
400
44
sos Jan
Bell Telephone of Can_ _100 120
120 120
100 11144 Jan 120
Brazilian Tr Lt & Pow_ •
10% 11%
1,100 10% Apr
1444
British Col Pow el 11
714 May
745 74
300
744
•
Buff Niag & East Pr pref 25
1644 1644
400 15% Jan
19%
$5 first pref
71
200 68% Jan 7544
72
• 71
Cables & Wireless LtdArn dep refs pref sirs _ LI
344 344
100
Feb
3%
Carolina P & L $7 pref.- *
25 35
40
Jan 40
40
Cent Hud G&Evt0---•
300
Apr 13
9
944
Cent PAL 7% pref.
164 1645
Mar 16%
50 14
100
Cent & So'west Util tom._1
1
300
Jan
1
2
Cent States Elec corn..._1
144
14 1% 3,500
1% Jan
24
6% pre( x-war
400
Jan
3
8%
545 6
100
7% preferred
10
250
9
Mar 15
10
100
Cony pf opt series'29 100
7
150
844
Mar
4
94
Cities Serv 1'& 1,36 prof..'
21
110
2344
9
Jan
2345
Cleve Elea Illum com__-• 29% 29
500 25
Jan 304
30
Columbia Gas & Mee
Cony 5% prat
475 63
100 89% 894 94
Jan 103
Commonwealth Edison _100 554 55
800 3444 Jan 614
5734
Common dr Southern Corp.
Warrants
4( Jan
•Ie 5,700
4
Community P & 1. lot pref•
94 11%
175
444 Jan
11%
Consol GE L&P Bait com • 57% 55% 59
2,400 53
Jan 65
Duke Power Co
100
East Gas & Fuel Assoc__ •
44% prior pref
100
6% A pref
100
East States Pow corn B. •
Elec Bond dr Share com_ _ _5
$5 cumul preferred_...•
$6 preferred
•
Electric l'ower & Light
Option warrants
Empire Dist El 6% pref100
Empire Gas & Fuel Co
100
6% preferred
64% preferred
100
7% preferred
100
100
8% preferred
European Electric Corp
Class A
Option warrants
Gen G & E cony pref 13, •
Gen Pub Serv $6 pref___•
Georgia l'ower 36 pref. _ .•
Hamilton Gas com v t 0._I
•
Illinois & L $.6 prer
3071
Financial Chronicle
Volume 138
100
100
244 Ap
Jar
13
20
2044
21
22
20
204
22
23
75
50
200
100
1034
154
12%
17
Jan
Jan
Jan
Jan
2544
22%
294
32
1144
1
14
47
60
34
2234
114
1%
144
50%
6344
'is
28
125
3,700
200
150
200
1,200
750
10
1
7
25
44
Iu
104
Jan
May
Jan
Jan
Jan
Jan
Jan
12%
2%
19
57
644
34
30
Apr
Apr
Feb
May
Feb
Feb
Jan
Feb
Feb
Apr
Feb
Apr
Feb
Feb
Feb
Feb
Feb
Mar
Feb
May
Feb
Jan
Jan
Apr
Feb
May
Jan
Feb
Feb
Jan
Apr
Apr
Feb
Feb
Feb
Feb
Apr
Feb
Feb
Feb
Apr
Apr
Feb
Feb
Feb
Feb
Sales
Friday
Last Week's Range for
Week.
Public Utilities
of Prices.
Sale
(Concluded)
Par Price. Low. High. Shares.
Indols P & L 6%% Pref 100
Internal Hydro-Elec-Fret 33.50 series
50
Internat'l Utility
ClaSS A
5
1
Class B
Warrants
Italian Superpower A
•
Warrants
Long Island LtgCommon
•
100
7% preferred
Pref class B
100
1,775
144
Jan
314 Apr
100
900
100
1,100
200
34
44
34
134
44
May
Jan
Slay
Jan
Jan
25
28
27
30
341
34
4
2
44
244
544
65
57
800
110
125
34 Jan
454 Jan
3634 Jan
2
Marconi Wirel T of Can_l
244
234 244 11,000
3
800
Memphis Nat Gas
5
344 34
344
100 51
Met Edison $6 pref
74
74
44
700
Middle West Util corn...
15
•is 21,
Is
'
.%
800
14
$6 cony pref A w w
75 46
5444
Mohawk & Hud Pr let pf-•
54
425 23
2d preferred
* 2544 2544 284
30 100
Mountain Sts Tel & Tel 100 110
110 1114
250 354
64
National P & L 36 pref...._• 60
60
30 1145
14
Nev-Calif Elec corn. ..100
14
300 30%
3044 32
N Y Steam Corp corn
•
600 11444
N Y Telep 634% pref _100 1154 115 1184
Niagara Hud Pow
Common
4%
15
6
5% 6% 10,700
Class A opt warrant....
,
116
te 2,100
44
144
Class 13 opt warr
100
134
135
Class C option warrants..
3,200
416
44
Nor Amer Lt & Pr
200
2%
3
1
New common
34
11% 14%
800
$6 preferred
•
500 1534
Nor States Pow corn A.100
22
234
Ohio Pub Service
20 71
71
72
7% 1st pref class A - _100
1,000 194
Pacific 0& E 6% 1st p125 2244 21% 224
1944 19%
25
100 1844
544% 1st pref
2%
444 44
100
Pacific Pub Serv lot pref_ *
27
200 27
27
Pa Cent L & P pref
•
300
Philadelphia Co corn
8
134 1344
50 Kam
Phila Elec $5 pref
1014 10245
Pub Service of Indiana
•
17
12
2
19
37 prior preferred
17
50 15
Pub Serv Nor III corn....5
17
Puget Sound P ar
• 15
1444 16%
300 1144
$5 preferred
8% 10
34
544
•
$6 preferred
84
544
100
Ry Sr Light Securities- •
10
Shawinigan Wat & Pow_ _•
Sou Calif Edison
25
5 orb; preferred
25
pref series B
534% preferred C...25
25
Sou Colo Pow cl A
•
Southern Union Gas
•
Standard P & L corn
•
Corn class B
Swiss Am Elec pref._ _100
•
Tampa Elea Co com_
Toledo Edison 7% pf A 100
•
Union Gas of Can
United Corp warrants
United Gas Corp corn__ _1
•
Pref non-voting
Option warrants
pref 100
United GA E
United Lt & Pow com A_..*
•
$6 cony 151 pref
U S Flee Pow with ware..1
Warrants
Utah Pow & Lt $7 pref___*
Utll Pow & Lt new corn__ 1
100
7% preferred
Former Standard Oil
Subsidiaries
25
Borne Scrymser Co
50
Buckeye Pipe Line
25
Chesebrough Mfg
100
Eureka Pipe Line
•
Humble Oil & Ref
Imperial 011 (Can) coup..'
Registered
10
Indiana Pipe Line
10
Northern Pipe Line
Ohio 0116% Preferred-100
25
South l'enn Oil
Standard 011(Indiana)_ _25
10
Standard 011(KY)
25
Standard 011 (Nob)
Standard 011(Ohio) from 25
Swan Finch Oil Corp_ _25
Other 011 Stocks
1
Amer Maracaibo Co
Arkansas Nat Gas
•
Common class A
10
Preferred
25c
Carib Syndicate
•
Colon 011 Corp corn_
Columbia Oil & Gas vtc_•
10
Consol Royalty 011
Cosden 011 Co
1
New common
100
Preferred
Creole Petroleum
Crown Cent Petroleum_ _ _1
Darby Petroleum
5
Derby Oil& Ref Corp com•
Gulf Oil Corp of Penna__25
Indian Ter Ilium 011
Non-voting class A._ _*
•
Class II stock
International Petroleum.'
Kirby l'etroleum new.
._.l
Leonard 011 Develop_ _ _25
Lion 011 Refining Go
•
•
Lone Star Gas Corp
McColl Frontenac
011Co cum
Margay Oil Corp
Mich Gas & Oil Corp
•
Feb Middle States Petrol
Feb
Class 13 v t c
•
Mountain & Gulf 011Co_l
Jan' Mountain Producers_ _ __10
Feb National Fuel Gas
•
Feb New Bradford Oil Co__ 5
Feb Nor Cent Texas 011
5
Nor European 011 corn_ _1
Feb Pantepeo 011 of Venez. •
Feb Producers Royalty
1
Mar Pure 011 Co 6% pref_100
Apr Reiter Foster 011
•
Feb Richfield 011 pref
25
Feb Ryan Consol Petro
•
Apr Salt Creek Coi5sol Oil_ _ _1
23% 24%
344
2
2%
4144
34
344
16
45
214
14
3434
43
1544
86
234
26%
1644
32
1945
17%
244
144
444
344
45
2744
87
544
1%
2%
404
59%
344
16
34
Ire
214
144
1044
834
3444
1264
3544
4144
1444
14%
534
544
86
2245
2646
15%
14
20
3
May
72
72
64
53
High.
Mar
72
54
Low.
59
72
314
34
Range Since Jan. I.
50
75
324
500
19%
300
17%
100
244
100
14
100
444
1,100
344
350
4545
200
2734
20
87
1,700
544
244
800
3% 14,900
42% 3,400
900
10
5944
344 5,100
1845 4,300
800
44
100
ho
300
2245
134 5,000
450
13
17
3144
1745
1544
146
44
344
2%
36
2144
7745
344
144
134
17
'
I s
46
244
844
44
he
19
64
1%
'is
3 .
1
Feb
Feb
Feb
Feb
Feb
8% Feb
69% Apr
60% Apr
Jan
4% Feb
Feb
Jan
4
Apr
Jan 75
44 Feb
Jan
Jan
2% Feb
Jan 64% Jan
Feb
Jan 40
Jan 11144 Apr
Jan 69% Feb
Apr
Mar 16
Mar
May 38
Jan 11944 Feb
Jan
Jan
Jan
Jan
Apr
Jan
Jan
94
36
2%
'is
Feb
Feb
Feb
Feb
3% Apb
Apr
16
324 Feb
May
734
234
2044
444
27
1444
10244
Apr
Mar
Feb
May
Apr
Apr
Slay
Jan
Jan
19
20
Apr
Feb
Jan
Jan
Jan
20
13
11
Apr
Apr
Feb
Jan
24%
Apr
Jan
Jan
Jan
Jai
Feb
Jan
Jan
Jan
Jan
Ma
Jan
Apr
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Jan
36
21%
19%
4
244
10
744
49%
28
894
64
Feb
Feb
Feb
Feb
May
Jan
Jan
Jan
Apr
Jan
344
4544
134
62
5%
24%
2634
24
174
Mar
Feb
Feb
Feb
Apr
Apr
Mar
Feb
Mar
Apr
Mar
Apr
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
11
50
6
814
Jan 38
200 32
Mar
364
50 11835 Jan 126% Feb
12645
Apr
Feb 36
50 31
3545
454 6,700 3344 Jan 46% Apr
1544 Apr
1544 18,200 12% Jan
100 13
Jan 15% Apr
14%
Feb
4% Jan
100
514
7
Feb
446 Jan
100
544
Feb
400 834s Jan as
87
2,700 174 Jan 2444 Apr
24
Mar 3244 Jan
2734 29,400 25
16% 2,500 1444 Jan 17% Feb
100 1344 Jan 164 Feb
14
GOO 20
May 284 Feb
2044
10
Apr
3
3
43.4 Jan
54:
34
2,900
Jan
144
Feb
144
344
33.4
2%
1
144
146
344
4
1%
3,30
300
1,700
1,300
1,200
900
Jan
1
2% Jan
244 Mar
1% Jan
44 Jan
144 Mar
244
345
54
34
1%
2
Feb
Apr
Mar
Feb
Feb
Jan
64
244 244
544 544
12
124
144
1
641 646
2
2
6244 6544
400
100
9,900
4,100
600
400
2,000
144 Jan
Feb
5
944 Jan
3.4 Jan
5% Jan
1% Jan
58% Jan
34
84
13%
1%
74
244
76%
Jan
Mar
Apr
Feb
Jan
Feb
Jan
264
244
100
244 244
100
244 24
21,200
27
26
24 244 2,700
Jan
Jan
Jan
445
44
27%
24
Feb
Feb
Apr
Slay
144
344
1
1234
44
2
234
19%
14
a.ar
4%
744
1,600
100
3,800
'is Jan
Mar
4
544 Jan
34 Mar
5% Jan
844 Feb
14
14
74 741
344 34
2
100
30
Feb
12
6% Jar
3
Mar
Apr
14
8% Feb
5
Apr
44
Si
44
44
44 544
16
17
144 2
3
3
44
36
144
244
44
45
51
53.4
44
45
144 14
2
2
500
100
2,600
1,800
500
200
500
5,800
6,50
41
1,100
1,60
100
100
4
34,
4
14
14
14:
34,
36
44
4344
44
4
146
Ti5
14
31
54
184
244
344
34
244
45
63
1
4
34(
4
'4
4%
7
7
!
,4
5
164
14
51
3.4
144
44
"us
,1
3
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Apr
Jan
Apr
Apr
Jan
Apr
Jan
Mar
Jan
Feb
Jan
Feb
Mar
Apr
Financial Chronicle
3072
Friday
Sales
Last Week's Range for
Week.
Other Oil Stocks
Sale
of Prices.
Par Price. Low. High. Shares.
(Concluded)
Salt Creek Prod Assn _ _ _10
Southland Royalty Co_ _ _5
5
Sunray Oil
1
Swiss Oil Corp
Texon Oil & Land Co_ •
Venezuela Mex Oil
10
Venezuela Petrol
5
Mining
Bunker Hill & Sullivan__ 10
Bwana Mc'Kubwa Copper
Amer Shares
55
Chief Consul Mining
1
Consol Min & Smeltg Ltd25
Consol Mink Smelt Ltd_25
Cresson Consol G M
1
Cue! Mexican Mining_60c
Eagle richer Lead
20
Evans Wallower Lead_
•
Falcon Lead Mines
Goldfield Consol Mines_ 10
Hecla Mining Co
25
Hollinger Consol G M___5
Hud Bay Min &
e
Internal Mining Corp_ _1
Warrants
Iron Cap Copper corn_ .10
Keer Lake6Mines
4
Kirkland Lake G M Ltd_ _1
Lake Shore Mines Ltd.....1
Mining Corp of Canada_ •
New Jersey Zinc
25
Newmont Mining Corp_10
NY & Honduras Rosario10
Nipissing Mines
5
Pacific Tin Spec Stock_ _ _
Pioneer Gold Mines Ltd_ _ I
Pond Creek Pocahontas. •
Premier Gold Mining. _1
St Anthony Gold Mines_ _1
Shattuck De nn Mining _ _ _5
Silver King Coalition_ __5
So Amer Gold dr Plat new_l
Standard Silver Lead__ _.1
1
Teck-Hughes Mines
Tonopah Mining
1
Un Verde Extension_ __50c
Utah Apex Mining Co__5
Walker Mining
1
Wenden Copper
1
Wright-Hargreaves Ltd •
Yukon Gold Co
Bonds
Alabama Power Co
1st & ref 5s
1946
1st & ref 55
1951
1st & ref 5s
1956
1st & ref 5s
1968
lst & ref 435s
1967
Aluminum Cost deb 58'52
Aluminum Ltd deb 515_1948
Am Commonwealth Pow
1940
Cony deb 6s
1953
5345
1943
Amer & Cont bs
Am El Pow Corp deb 6857
Amer G & El deb 5E1_2028
Am Gas& Pow deb 63_1939
1953
Secured deb bs
Am Pow & it deb 65_2016
Am Radiator 435s_ _ _ _1947
Am Roll Mill deb 5s__1948
431% notes_ _Nov 1933
Amer Seating cony 66_1936
Appalachian El Pr 58_1956
Appalachian Power 615_2024
1941
bs
Arkansas Pr & it 5s._1956
Associated Eiec 455s_.11153
Associated Gas & El Co
Cony deb 5168
1938
1948
Cony deb 435s
1949
Cony deb 4%s
Cony deb Ss
1950
Deb 5s
1968
Cony deb 5558
1977
Assoc Rayon 58
1950
Aasoc T & T deb 5558 ASS
Assoc Telep Util 5101_1944
Certificates of deposit_
Os
1933
Certificates of deposit_
Atlas Plywood 5155_ _1943
Baldwin Loco Works
1938
6s with warr
65 without warr____1938
Bell Telep of Canada
1st M 55 series A___1955
1st M Is series B....1957
lat M 55ser C
1960
Bethlehem Steel 6s_ __1998
Birmingham Eiec 4358 1968
Birmingham Gas 55_ __1959
Boston Consol Gas 53_1947
Broad River Pow 55._1954
Buffalo G.E. let & ref 58'39
Gen & ref 59
1956
Canada Northern Pr be '5:5
Canadian Nat Ry 7s_ _1935
Canadian Pan Ry 68..1942
Capital Administration
Ss series A ex-w____1953
Carolina Pr & Lt 5s._.1956
Cedar Rapids M & P 55 53
'
Central German Pow
1934
Os panic ctfs
Cent Arizona Lt dr Pr 5s'60
Cent Ill Light bs_ _1943
Central Ill Pub Service1956
&series E
1st & ref 4155 ser F.1967
1968
58 series G
1981
415e series H
Cent Maine Pow 58 D 1955
1957
si 4165 series E
Cent Ohio Lt & Pow 58 '50
Cent Power 55 ser D...1957
Cent Pow & Lt 1st 55.1956
Cent States Elec 58_ _1948
534s with warrants.1954
Without warrants.
Cent States P & L 5%8.'55
Chic Dist Elec Gen 415s'70
Deb 534s_ _ _Oct 1 1935
Chic Pneu Tool 5%8_1942
1927
Chic Rys 58 ctfs
Cincinnati Street KY
1952
5)4s series A
1955
63 series B
616
636
2
4236
134
I%
10%
34
616
6%
15%
134
13%
°is
34
494
274
1316
39% 45
1
1
1%
160
115
115
dh
6
1
4%
2%
%
16
88
83%
83
74% 74
69% 67%
103% 103
86
88
8916
64
9634
1053.4
73%
37%
15%
16%
17
19%
70
56%
22
51%
1%
1
1% 135
92
9315
15% 1616
8616 89%
31% 3316
28
31%
60% 6416
103% 104%
8915 92
e10936 10915
64%
64
9534 soy,
8535 85%
10516 105%
78
78%
3636 38%
zioH
1634
, 1515
1615
16%
19%
69
56%
174
1716
22
224
77
19%
1611
16%
1716
17%
20%
71
57%
1816
1816
2216
22%
784
5.
8,000
23,000
3,000
6,000
41,000
86,000
55,000
6,000
5,000
97,000
30,000
170.000
19,000
59,000
18,000
39,000
29,000
16,000
6,000
15,000
88
87% 90
22.000
75% 74
7515 50,000
109% 1094 110
40,000
45% 46
2,000
92
9315 36,000
106 106
4,000
75
7815
76%
67%
74%
68
101
95
76
5731
60%
4536
4636
454
52%
84%
96
8115
54
39% May
Jan
Mar
Mar
Feb
May
Jan
Jan
Apr
Jan
03, Jan
215 Mar
8% May
3% Jan
16 Jan
5% Jan
% Jan
3% Jan
% Jan
% Apr
15 Jan
8% Jan
15 Jan
135
51
45
28
211
17
1055
14
1
66
59
60
65
51
9516
72
2%
63%
57%
35%
2%
2715
14%
17
1%
"le
3
12%
5%
%
815
1%
5
2%
114
36
10%
54
Feb
Jan
Apr
Apr
Feb
May
Apr
May
Mar
Apr
Jan
Feb
Feb
Feb
Apr
Feb
Feb
Apr
Feb
Apr
Mar
Apr
Jan 89
Apr
Jan 85
Apr
Jan 84% Apr
Feb
Jan 75
Jan 7035 Apr
May
Jan 104
Jan 91
Feb
May
18,000
2
Feb
I
Jan
1,000
Jan
2
1
5,000 79
Jan 9316 May
74,000
Feb
9% Mar 20
162,000 73
Jan 9015 Apr
37,000 1615 Jan 34
Feb
73,000 1415 Jan 32%. Apr
182,000 4115 Jan 67% Feb
11,000 97% Jan 104% Apr
41,000 7055 Jan
Apr
92
5,000 10115 Jan 117% Feb
4,000 4754 Jan 70
Apr
58,000 76
Jan 97
Apr
7,000 59
Apr
Jan 87
5,000 102
Jan 106
Apr
162,000 57
Jan 79% Apr
05,000 25% Jan 42% Feb
108% 108 108% 39,000
10811 109
44,000
109
10811 10915 35,000
12054 120 120% 6,000
69
68% 70
33,000
58
57
sssi 6,000
106% 106% 20,000
51
55
55
12,000
107% 108
12,000
105% 107
3,000
9235 02% 4,000
,
10416 10436 10416 61,000
11435 114 115
59,000
72
72
65% 65%
72
7211
65
65
101
100%
9415
73%
5431 53
60
5835
44% 4136
45% 42
4235
4911 49
82%
83
9511 95%
81
54
5256
Apr
Feb
6
Feb
2
23.1 Apr
11
Feb
5% Jan
116 Mar
Jan
Mar
Mar
Mar
Feb
Feb
Mar
Jan
Jan
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Mar
Mar
Apr
128
124 13136 65,000
94% 9411 96
133,000
46
93
Jan
Jan
Jan
Feb
May
Mar
Jan
Feb
2
200
800
54
4,000
54
50
30
800
2%
200
2715
14
10,600
100
17
1% 5,000
uni 25,000
100
21,5
500
935
3% 2,100
400
he
616 17,300
116
900
416 3,700
2,500
2%
100
%
19, 3,800
20,500
3.000
88%
85
83
7435
6935
104
91
54
4%
nu,
2
6%
2%
126
High.
6311
8% om
88
85
02
15%
87%
32
29
61
'
Is
616
16%
13%
14
5%
1%
1%
52%
50
30
235
2631
12%
17
114
015
'If
34
9
161
136
131
63.4
51
Low.
Jan
1%
2,500
1
I%
200
14 Jan
Feb 170
1,100 132
Feb 170
20 132
34 Jan
1%
5,000
Jan
1
2
5,700
535 Jan
735
500
%
15 Jan
200
14 Jan
6,300
el.
35 Jan
19,000
6
Apr
1,900
19%
11,800 11% Jan
835 Jan 14%
16,200
3,300 1055 Jan 14%
6%
2,400
311 Jan
Feb
I%
200
1
%
100
% Jan
200
15 Feb
7,700 4135 Jan 54%
500
1
1
34
6
1536
13
1231
535
111
,
18
3.4
49%
835
3%
616
116
416
216
1,400
800
2,400
100
1,100
1,100
1,800
634
5% 6
1%
135
211 2%
636
2
2
51
Range Since Jan. 1.
13,000
66,000
46,000
18,000
22,000
15,000
24,000
38,000
110,000
79,000
141,000
3,000
53,000
00,000
32,000
8,000
25,000
743.6 7715 14,000
7,000
7ssi so
13
10
10
11%
1115
12g
53
44
91(
10
14%
14
5016
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
28%
23%
24%
2515
25
29%
7535
60
22
23
26%
264
784
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Mar
Feb
Feb
Feb
Feb
Apr
Bonds (Continued)
Cities Service 58
1966
Cony deb bs
1950
Cities Service Gas 515e '42
Cities Service Gas Pipe
Line 6s
1943
Cities Serv P & L 5358 1952
,
1949
515s
Cleve Elea III 158 5s 1939
C,ommerz und Privat
Bank 5355
1937
Commonwealth Edisonlst M bs series A...1953
1st Si 58 series B___1954
057
9 6
1st 415s series C__1 5
455s series D
4555 series E
1960
1st M 4s series F
1981
535s series G
1962
Com'wealth Substel 5358'48
Community Pr & Lt bs 1957
Connecticut Light & Power
1956
415s series C
1962
58 series D
Conn River Pow 58 A 1952
Consol GE L &P 416e 1935
Stamped
Consol Gas (Balto City)1954
gen mtge 4165
1939
5s
Consul Gas El it dr P(Balt)
4345 series G
1969
445series II
1970
1st ref 4s
1981
Consol Gas Util Colst & coll 65 ser A__1943
Cony deb 6365 w w_1943
Consol Publish 7)48 stp '36
Consumers Pow 4%s_ _ 1958
1936
lot & ref 55
Cont'l Gas & El 5s._ _1958
Continental 011531s 1937
Cosgrave Meehan 6;651945
Crane Co 5s.._ _Aug 1 1940
1940
Crucible Steel 55
Cuban Telephone 7%e 1941
Cudahy Pack deb 555s 1937
Is
1946
Cumberld Co P& L 435856
Dallas Pow & Lt 135 A_1949
1952
bs series C
Dayton Pow & Lt 5s._1941
Delaware El Pow 5558._'59
Denver Gas & Elea 58_1049
Derby Gas & Elea 5s._1946
Det City Gas 6s ser A.1947
1950
55 1st series B
Detroit Interns t Bridge
Aug 1 1952
635e
Dixie Gulf Gas 6358_1937
1967
Duke Power 415s
Eastern Util Assn 5s.1935
Eastern Mil Invest Corn
1954
5s series A w w
Edison Elea Ill (Boston)
1934
2
-year Ss
1935
5% notes
Elec Power & Light 59_2030
Elmira Wat, Lt & RR be'56
El Paso Elea 58
1950
Empire Dist El 5s_ _ _ _1952
Empire Oil & Ref 5548 1942
Ercole Marelli El 6%s-1953
with warrants
Erie Lighting 55
1967
European Elec6%5_1965
Without warrants
European Mtge Inv 78 C'67
Fairbanks Morse 59...1942
Federal Water Serv 5155'54
Finland Residential Mtge
1961
Banks 6s
Firestone Cot Mills 58.'48
Firestone Tire dr Rub be'42
First Bohemian Glass 75 57
Fla Power Corp 5155_1979
Florida Power & Lt bs 1954
Gary El & Gas 5s ser A 1934
Gatineau Power let 55 1956
Deb gold 68 June 151041
1941
Deb 6s series B
General Bronze Be__ _1940
General Motors Acceptance
5% serial notes
1935
5% serial notes
1936
105% Jan 137
Feb Gen Pub Serv 55
1953
Apr Gen Pub Util 636s A_195b
Jan 97
74
Gen Refractories 65_ __1938
102% Jan 108% May
with warrants
Apr
Without warrants
101% Jan 109
101% Jan 109% May Gen Vending 6s
1937
105
Jan 1204 May Gen Wat Who & El 5s_ 1943
51
Jan 7015 Mar Georgia Power ref 59._1967
40% Jan 60
Apr Georgia Pow & Lt 5s_ _1978
104
Jan 106% Mar Gestural 65 x-warrants 1953
36% Jan 55
Mei, Gillette Safety Razor 55'40
103% Jan 108
Apr Glen Alden Coal 45_ __1965
103% Jan 107
May Glidden Co 536s
1935
Jan 95
Mar Gobel (Adolf) 6555_1935
81
102
Jan 105% Apr
with warrants
102% Jan 117
Apr Godchaux Sugar 755s_1941
Grand (F W)Prop 611_1948
70% Jan 90 • Apr
Certificates of deposit _
.
52% Jan
Feb Grand Trunk ItY 6355 1936
76
,
103
Apr Grand 'I rush West 48_1950
Feb 110
Great Northern Pow 5s '35
45% Apr 63% Mar Great Western Pow 58 1946
76% Jan 94
Apr Guardian Investors 58 1948
Apr Guantanamo & West fis '58
100
Jan 107
Gulf 01101 Pa 5s
1937
52% Jan 76% Apr
58
1947
47% Jan 68
Feb Gulf States UM 5s._ _1956
52
Jan 7435 Apr Hackensack Water 58.1938
4714 Jan 68
Apr
be series A
1977
85% Jan 101
Apr Hall Printing 535s_ _ _1947
75
Apr Hamburg Electric 78_ _1935
Jan 95
Jan 76
May Hamburg El Under 655s'38
57
41
Jan 61% Feb Manna (51) Os
1934
4135 Jan 62
Apr Hood Rubber 535s
_1936
27% Jan 52% Apr
7s
1936
28
Jan
Apr Houston Gulf Gas 68_1943
51
Jan 45
Feb
635e with warrants_1943
35
334 Jan 5334 Apr Hone L & P 1st 4158 E.1981
Jan 86% Apr
1953
62
bs series A
Jan 96% Apr
tat & ref 415s ser D.1978
74
5414 Jan 8455 Apr Hudson Bay M & S 65.1935
46
Jan 54% Feb Hung-Italian Bk 7165-1963
llygrade Food 6s A__1949
1942
50
Jan 81
Apr
6s eerie, B
Apr Idaho Power 55
19-17
5216 Jan 83
May 5 1934
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Price. Low. High.
525-4
5315
673-4
52% 56,000
48
48% 53% 073000
6635 6815 67,000
8134 81%
47% 44%
47% 44%
107
106%
82
48%
48
107
5011 503.4
Range Since Jan. 1.
Low.
30%
30%
46%
17,000 5736
249,000 274
107,000 2755
24,000 105
3,000
Jan
Jan
Jan
High.
52% Apr
5311 May
6816 Apr
Jan 82
Jan 49%
Jan 49%
Jan 107%
62%
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
105%
105%
101
100%
10034
9136
106
87%
5416
Mar
Mar
Apr
Apr
May
Apr
Mar
May
Apr
Jan
1063-4 106% 10615 1,000 100
10735 108
Jan
9,000 104
10255 1024 102% 61,000 9135 Jan
1025-4 102% 102% 31,000 101% Jan
103
102% 103
7,000 102% Feb
106%
108
104
10315
103%
May
May
Mar
Apr
Feb
103% 101
101
16,000
104
103 104% 22,000
10
10
% 9915 10011 33,000
0
99% 10036 54,000
99% 0934100)4 39,000
91% 260,000
913-4 90
10534 106
106
29,000
8654 86% 87% 78,000
51
5036 5216 55,000
92
92
84%
86
85
72%
9415
563%
3655
7,000 102
5,000 10435
Jan 109% Apr
Jan 109
Mar
107 108
14,000 105
107
106 106
1,000 103%
106
102% 101% 10236 53,000 93
Jan 10854 Mar
Jan 107
Mar
Jan 103% Apr
109
51%
101
10416
53%
103%
97%
933-4
103
108% 108%
109 109
46% Mar
Apr
Apr
Apr
Apr
50
5234 115,000 33% Jan 52%
Mar 13
11
6
1155 12,000
2,000 63
Jan 72
70
72
10311 10435 50,000 9435 Jan 105
10411 104% 62,000 102% Jan 105
5331 5635 364,000 3635 Jan 57
35,000 101% Feb 10435
103% 104
494 Jan
9
6% 64 3,000
Jan 99
9735 98% 44,000 85
9316 9315 13,000 7354 Jan 96
7,000 64% Jam 75
7316 75
Jan 104
103 103% 33,000 98
106 10636 2,000 10315 Jan 106%
43,000 74
Jan 94
92% 94
109% 109 10934
104% 104%
10634 107
87% 8811
88
104% 104% 10415
8216 84%
83
100% 98% 101
91
8911 91%
97,35
1836
102%
4414
83%
68
68%
8334
4434
88
4031
Jan
7
Jan 9731
Jan 10234
Jan 100%
Feb
May
Apr
Slay
4,000
10%
Jan
Mar
1816 19
l00%
102%
44
83%
85%
67
68
looy,
102%
48%
84%
86
6915
71;i
8311 8314
97% 97%
72%
86
Jan
Jan
06 10036 26,000
4336 4416 10,000
9,00(
87
88
ssy, 42 167,000
80
29
63
18%
Jan 10015 Apr
Jan 4136 May
Jan 89% Apr
Jan 42
May
27,000
53,000
41,000
4,000
22,000
159,000
7331
894
93
62
5616
5315
Jan 8935
Jan 101
Jan 102
Jan 7055
Jan 80
Jan 71
47,000
65,000
26,000
6,000
16,000
34
7734
69
6815
60
Jan
Jan
Jan
Jan
Jan
59
92
8735
87
74
6235
93
8831
87%
81
103% 4,000 10235
10135 13,000 102
%
3,000 64
81
4715 48,000 25%
13515 141
91
92
8
8
57
5515 57
84
83% 83
61
62
62%
52
5315
10134101%
7015 7134
71
10035 10155
75,000
88,000
4,000
34,000
40,000
22.000
4,000
8,000
02,000
38,000
98%
85
2%
40
5915
40
4614
94
5735
9755
7735 81
103 103
3815 40%
37% 3855
105 106
86
8734
10015 10016
103% 10455
4235 42%
24
25
10415 105
104% los%
87
90
10555 106
10435 10455
7755 79%
7815 79
44
46
100% 100%
76
78
78
80
71% 74%
57
61
98
99
103 103%
98
98%
110 11334
55
55
66
69
66
67%
101% 102
24,000
1.000
3,000
8,000
47,000
26,000
7,000
16,000
9,000
3,000
30,000
70.000
19,000
15,000
1,000
33,000
5,000
6,000
2,000
15,000
12,000
39,000
8,000
39,000
7,000
40.000
49,000
5,000
16.000
19,000
13.000
7715
95
16
16%
10035
,
70
9316
9435
24
12
101
99%
66
100%
99
61
7516
44
10055
66
74%
42
31
8115
93%
8535
104
4915
48
50
8735
10335
42%
101%
104%
8755
106
78%
7615
100%
76
78
73%
60
99
98%
110
55
102
25
7,000 100% May 10115 Feb
43,000 100% Jan 103% Mar
199,000 2516 Jan 5155 Apr
2,000 62
Jan 85
Apr
2,000 64
Jan 86
May
52,000 4616 Jan 6935 May
86,000 4655 Jan 72
Apr
4,000
4,000
138
92
105%
87%
110
Ayr
105
Apr
May
107
88% Apr
105
Apr
Apr
85
101
May
91% May
3%
79
85
94
103% 103
I03% 103%
81
44% 44
7735
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
415 416 1,000
9631 9714 58,000
101% 101%
1,000
10034 100% 1,000
8235 8635
83
100% 100 100%
101% 100% 102
68
68
68
7631 78
6811 68
69%
62%
92%
88%
87%
12,000 104%
1,000 99
34,000 10234
20,000 65
2,000 9235
36,000 5755
73,000 84%
49,000 73
Apr
Apr
Stay
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Jan
Apr
Apr
Apr
Apr
88
983.4. Apr
Apr
Apr
Apr
Mar
Apr
Apr
67% Apr
93
Mar
9136 Mar
9036 Mar
81% Apr
Jan 104% Apr
Jan 104% Star
Jan 881-4 Apr
Jan 4716 Apr
Jan 14635 Apr
Mar 94
Apr
Jan
Mar
9
Jan 61
Feb
Jan 8435 Apr
Jan 65
Feb
Mar 73
Jan
Jan 10134 Apr
Jan 7235 Mar
Jan 101% Apr
May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
85
103%
41
41
106
88%
100%
10516
48
26%
105
106
92%
106
104%
83
82
7034
10111
81
83
7715
6135
99
104%
99%
118%
56
71)
71)
102
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Feb
Apr
Mar
Apr
Apr
Apr
Mar
Apr
Feb
Jan
Jan
Mar
Apr
Apr
Apr
Mar
Apr
Mar
Apr
Mar
Apr LE
Apr
Apr
Financial Chronicle
Volume 138
Bonds Continued)
-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Price. Low, High.
8
Illinois Central RR 4,538'34
1934
4%sstarnped
1937
65 w 1
III Northern CBI 55_1957
lii Pow & L 1st 65 ser A '53
1st & ref 545e ser 13_1954
let & ref 5s ser C
1956
St deb 5455 __May 1957
Indiana Electric Corp
(is series A
1947
6455 series 13
1953
58 series C
1951
Indiana Gen Serv 5s._1948
Indiana Hydro-Elea 58 '58
Indiana & Mich Eleo be '55
5s
1957
Indiana Service 5s_ _ _ _1950
let lien & ref 55.... _ _1963
Indianapolis Gas .53 A _1952
Ind'polis P & L .58 ser A '57
Intercontinets I'ower 65'48
International Power See
Secured 645s ser C 1955
78 series E
1957
75 series F
1952
International Salt 5s 1951
International Sec 55_ _1947
Interstate Sr & Steel 535s'46
Interstate Nat Gas 69.1036
Interstate Power 5s 1957
Debenture 65
1952
Interstate Public Service
5s series D
1956
4 as series F
1958
Investment Co of Amer
5s without warr _ _1947
Iowa- N eb L & P 513_ _ _195i
56 series B
1961
Iowa Pow & Lt 4458_1958
Iowa Pub Serv 5s
1957
Italian Superpower of De
Deb 6s without war_1963
Jacksonville Gas 5a.... _1942
Jamaica 'Nat Sup 53451955
Jersey C P & L 4458C_1961
bs series 13
1947
Jones & Laughlin 5s .1939
Kansas Gas & El 6s._ _2022
Kansas Power be
1947
Kansas Power & Light
68 series A
1955
to series 13
1957
Kentucky Utilities Co
let nage 55
1961
635s series I)
1948
5456 series F
1955
55 series I
1969
Kimberly-Clark ba... _1943
hoppers G & C deb 53 1947
Sink fund deb 5346_1950
Kresge(S S) Co 5s_ _ .._1945
Certificates of deposit_
Laclede Gas Lt 515e....1935
Larutan Gas Corp 63.4s '35
with privilege
Lehigh Pow Secur 64..2026
Lexington Utilities 58_1952
Leonard 'nett 735s_ _ _1946
Without warrants _
. __
Libby McN & Libby 58 '412
Lone Star Gas 58
1942
Long Island Ltg 68._1945
1.os Angeles Gas & Elec55
1939
545s series F
1947
5355series F
1943
1961
6s
1942
Louisiana Pow & Lt 5s 1957
Manitoba Power 5355.1951
Mansfield MM & Smelting
7s ex-warrants
1941
Mass Gas deb 58
1955
514s
1946
McCord had & aligns with warrants__ A943
Melbourne El Sup 735e '46
Memphis Pow & 1,1 55 1948
Metropolitan Edison
48 series E
1971
5(3 series F
1962
Mid States Petrol 634s 1945
Middle West Utilities
55 etre of deposit_ _ _1932
5s ctfa of del)
1933
ba ctfs of dep
1934
5s efts of deposit_ 1935
Midland Valley to. _1943
Milwaukee Gas Lt 4456'67
Minneap Gas Lt 43.46_1950
Minn Gen Elan 55....„1934
Minn P & L 444a
1955
5s
1955
Mississippi Pow ba. _1955
Miss Pow & Lt bs_ _ _ _1957
Mississippi River Fuel
6s with warrants. _1944
Miss River Pow let 55 1951
Missouri Pow & Lt 5458'55
Missouri Public Serv 58'47
Monongahela West Penn
Pub Serv 534 ser 13_1953
Mont-Dakota Pow 53 '44
Montreal L It dr P Conlat & ref 58 ser A_ _1951
5s series 13
1970
alunson S S Line 6%8_193:
With warrants
Narragansett Elea be A '57
56 series B
1957
Nassau & Stitt Lt 5s1945
Nat Pow & Lt (le A _ __2026
Deb 55 series B.___2030
Nat Public Service 55 1978
Certificates of deposit _ _
National Tea 5s
1935
Nebraska Power 43.46_1981
2022
6s series A
Nelsner Bros Realty 6s '48
Nevada-Calif Elec 55_1956
New Amsterdam Gas be '48
NE Cask El Assn 58_1947
1948
Cony deb be
1950
Cony deb Ss
New Eng l'ow Assn 56.1948
Debenture 544s__ _ _1954
New Orl Pub Serv 4348 '35
1949
es serie8 A
N Y Central 68w L _1944
N Y Central El 545a 1950
93
90
10041
7736
71
69%
6235
92% 94% 310,000
93% 93% 8,000
89% 92 211,0(10
9931 100% 34,000
80,000
76
78
27,000
71
75
68
70 112,000
6235. 65% 35,000
74%
7635
63%
104
63% 63%
94
104%
44% 444(
43
45
8531
94% 93%
334
74%
78
65%
104
67%
95
105
48%
48%
85%
9435
5
9345
98
93
101
100%
63
62%
83% 83
10434
56% 56%
4645 46
933,4
99
Jan 95% Mar
Apr 93.31 Apr
Apr 9335 Apr
Jan 10031 May
May
Jan 78
Apr
Jan 75
Apr
Jan 70
Apr
Jan 66
Feb
Apr
Apr
65,000 8334
8,000 85
5,000 83%
23,000 84
15,000 46%
4,000 57%
3,000 103
89,000 4135
55,000 2834
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
98
10335
102
10135
85
84%
10445
6145
48
Mar
Mar
Mar
May
Jan
Apr
May
Feb
Apr
48
4245
Jan
Jan
64
61
Feb
Feb
GO
5345
603( 13,000
60
5145 55% 60,000
83
88%
8845
93
86
8234
8835
87%
93
8135
83
89%
8935
944(
8735
75
934
9131
8235
52
4745
4335
37
Bonds (Confinued)-
High.
Low,
54% Jan 7531
Jan SO
59
Jan 63
47
Jan 104
98
Jan 6731
47
Jan 96
71
Jan 105
91
25% Jan 48%
24% Jan 4834
Jan 88
71
Jan 9544
76
5
244 Jan
8,000
5,000
15,000
1,000
15,000
6,000
2,000
68,000
79,000
6,000
120,000
3,000
94%
99
9445
10144
63%
84
10434
58
4745
76%
64
Range Since Jan. I.
3,00
83,000
39,00
58,00
131,00
Jan
67
63% Jan
Jan
64
Jan
75
58
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
May
83
8946 Apr
8945 Apr
95;4 Apr
8735 May
Jan 78% Apr
72% 7235 72% 16,000 62
53
Feb
3334 Jan
4735 68,00
4544 42
Jan 10435 May
104% 104% 10435 4.000 100
73% Jan 9345 Mar
9345 80,00
9335 92
Jan 101
Apr
99% 10045 74,000 83
100
May
8,00 10334 Jan 106
105% 106
May
10,00
Jan 89
62
89
88
11,00
6045 Jan 86% Apr
84% 85
99
99% 13,000
15,000
9445 95
6491
8245
70
66
6545
96
0545 95
99
9835
101
100%
100
6545
70
63
66%
8334
73
6645
96
9645
99
103%
100%
28,000
3,000
2,000
39,000
10,000
70,000
43,000
17,000
18,000
73
20,000
45
87%
96
92
10591
10536
10574 10534
101
107%
9034 9035
5735
5991
9931
45
89
96
92
106
10.53-4
105%
101%
108
9134
60
Apr
Apr
Jan 68
47
NA
Jan
58
Jan 73
51
4531 Jan 68
8834 Jan 9831
8235 Jan 97
8444 Jan 99
Jan 104
89
mg
87% Jo
Mar
Apr
Apr
Mar
Apr
Mar
May
Apr
Apr
Jan
10031 Apr
Jo
Feb
Jan 86
Apr
Jan 76
30
6834
8235
67
Jan
Jan
Jan
Jan
5,000 102
2,000 943(
6,000 9544
15,000 89
13,000 9934
56,000 68%
31,000 38%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1,000
66,000
1,000
1,000
6.5% 65% 2,000
9331 9335 24,000
20,000
99 100
64
74
83
64
6334 67% 13,000 40
10236 10234 10235 2,000 10136
5,000 70
92
92
92
9331
7034
7536 Feb
50
93
6145
54%
100 10031 4,000
8245 8145 82% 51,000
73
70% 7545 12,000
45
89
96
Jan 10055
Jan 96
8434
7334
40,000
82
84
92
9435 51,000
68% 7035 12,000
66
73
5331
Mar
65
Apr
89
9736 Mar
0431 Apr
107
106
105%
10234
109
93%
60
Feb 7044 Apr
Jan
94
Apr
Jan 100
Apr
Jan
Apr
70
Jan 103% Jan
Jan
Apr
92
Jan
Jan
Jan
May
84
94% Apr
7045 Slay
9,000
5% Jan
1034
8,000
535 Jan 10%
12,000
535 Jan
1035
6,000
5% Jan
1035
1,000 60
Jan 75
132,000 93% Jan 104%
103
46,000 73
8731
Jan 89
111,000 10035 Jan 10231
10145
29,000 5534 Jan
773,483.t5i
42,000 64
Jan
8291
29,000 40
Jan 61
75,000 4834 Jan 69
6491
3,000 9035 Jan 100
99 100
105% 105% 1,000 9845 Jan 106%
7,000 7045 Jan 95
94% 95
Jan 56
53
52% 5531 36,000 37
8
841
7%
8634
731
8
8
731
70
103
8734
10135
75
82%
55
63%
9
9
9
9
70
104%
8845
102%
77
8331
58%
65%
8535 8734
58
58
88,000
1,000
61
47
108% 10991 27,000 10435
109 109% 3,000 10334
9
834
10331 103%
1033.4 103%
99
7431
7491
65
65
935
104%
104%
9935
7531
66%
26,000
23,000
11,000
3,0(10
28,000
31,000
735
98
98
98
57
4735
7%
11% 1235 112,000
1131
101
101
10145 20,000 9731
102 10235 15,000 9136
102
101% 100% 10145 10,000 77
9,000 43
77
75
78
7744 7831 123,000 57%
100 100% 18,000 85
5534 5744 104,000 30%
5591
5535 56% 14,000 39
55%
5545 5435 56% 86,000 3835
35.000 5131
68
69
67
41,000 54
72% 7134 74
55% 53% 56% 130,000 3635
42% 23,000 25
4234 40
11445 11345 11635 5148000 11345
83
83
9,000 69
74
Apr
Apr
May
Apr
Apr
Apr
May
Jan
Jan
Feb
Feb
Feb
Feb
Apr
Apr
Apr
Apr
AprMayApr
Apr
Apr
Apr
Apr
Feb
88% Apr
58
May
Jan
Jan 189% 1‘y
10934 Slay
Jan
12% Feb
Jan 104% Apr
Jan 10434 Mar
Jan 100% Apr
Jan 83
Feb
Jan
74
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jo
Jan
Jan
Jan
May
Jan
16% Feb
102
Mar
102351 Apr
10144 May
84
Mar
79
Apr
Apr
101
65
Feb
61
Feb
61% Feb
72
Apr
77% Apr
59% Apr
441i Apr
12234 Mar
83
May
3073
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price, Low. High.
3
Range Since Jan 1.
Low.
High.
N Y & For Inv 534s 1948
May
Jan 81
with warrants
81
5,000 70
81
N Y Penna & Onio 4.366 '35 10134 1013,4 10135 25,000 9645 Jan 101% Apr
Apr
N Y P&L Corp 1st 4%8'67 9391
Jan 94
92
93% 98,000 74
Mar
N Y State G & E 4%8_1980 7831
7735 79% 60,000 6431 Jan 83
5358
Jan 9334 Apr
1962 90
9135 2,000 80
90
Apr
NY & Westch'r Ltz 432004 97
Jan 99
96% 9734 11,000 88
Jan 10434 May
1954
55
1,000 98
104% 10435
Niagara Falls Pow 68_1950
107 10336 35,000 104% Jan 110% Mar
Feb
1959 106
bs series A
7,000 100% Jan 107
106 106
Apr
Nippon El l'ow 634s1953 78
Jan 78
36,000 65
7734 78
No American Lt & Pow
Jan 100% Apr
91
1935 1003.4 10035 10035 2,00
5% notes
Apr
5% notes
Jan 100
18,000 82
1936
9934 100
Apr
545e series A
95,00
2531 Jan 56
1956 5245 5244 55
Apr
Nor Cont Util 545s...1948 36
Jan 36
18,00
3445 36
20
North Indian G& E 6s 1952 94
Jan 9431 Apr
4,000 71
93% 94
Northern Indiana P 5
Se series C
76
1966 78
78% 13,000 54.31 Jan 784 May
Jan 7644 Mar
5e series D
7545 7645 15,000 55
1969
Mar
435sseries E
Jan 74
47,000 50
1970 717-4
72
70
No Ohio P & L 5%5_ _1951 9891 97% 9835 27,000 7045 Jan 98% May
Apr
Nor Ohio Trac & Lt ba '56 95
Jan 96
11,000 68
94
95
No States Pr ref 445s_ _1961 9245 9134 9235 144,000 7334 Jan 9234 May
545% notes
14,000 7134 Jan 92% Apr
9035 92
1940 92
Apr
N'western Elect 6s_ _ _1935 7935
Jan 87
23,000 54
7945 80
N'western Pow 6s_ .._1960
24,000 1245 Jan 25
May
2245 25
14
Certificates of deposit_ _ _
Jan 2246 May
2235 214( 2245 2,00
N'western Pub Sell, 55 1957 69
7144 9,000 5034 Jan
69
Ogden Gas to
1945 961( 96
9644 41,000 7731 Jan 9645 May
Ohio Edison 1st 55._1960 9441
93% 9436 165,000 6735 Jan 94% May
27,000 9531 Jan 105
103% 105
Ohio Power let 53 13_ _1952 104
Mar
1st & ref 444e ser D 1956 10131 100 10131 125,000 85
Jan 10134 May
Ohio Public Service Co
5.000 7031 Jan 100
98
Apr
98
65 series C
Apr
5s series D
1953 9145 9035 9145 22,000 63% Jan 93
95
4
5%a series F
Jan 9434 Apr
9244 92% 14,000 63
9345 9545 66,000 7334 Jan 9631 Apr
Okla Gas & Elec 55
1950 94
9
61
Apr
6s series A
9045 25,000 66
Jan 92
1940 8991 89
Okla Power & Water 58'48 5634 56% 5745 28,000 44
Jan 60
Feb
64
Oswego Falls 6s
1941
65
3,000 5131 Jan 65
Apr
Pacific Coast Pow 5s_ 1941
_
Jo
4
0 9131 90% 91% 22,000 77
9336 Apr
Pacific Gas & El Co
1941 10931 1083-4 10
1st(Beetles B
Mar
931 11,000 10131 Jan 110
1st & ref 5356 ser C.1952 10636 105% 10644 29,000 9531 Jan 10631 Apr
11,00
103% 104
1955
56 series D
Jan 10434 Apr
92
1st & ref 4455 E__ _1957 9945 98% 9945 97,00
Mar
85% Jan 100
1st & ref 4455 F__ _ _1960 9945 9835 9945 79,000 8531 Jan 100
Mar
42,000 70
May
7935 81
Pacific Investing be A.1948 81
Jan 81
Pacific Pow & Ltg 56.._1955 a40x 48% 51,35 128,000 3536 Jan 57
9 %
8
Feb
Pacific Western 011645a '43
25,000 76
92
With warrants
Jan 9445 Apr
z91
13,000 8535 Jan 99
9745 99
Apr
Palmer Corp 65
1938
Park & Tilford Go
1936
Feb 86
2,00
May
86
77
86
5944 Jan 83
8131 48,00
Apr
Penn Cent L & P 4358 1977 8131 81
71
1979 8835 87% 8834 28,00
58
Jan 88% May
27,00
May
7236 75
Penn Electric 45 F._ _ _1971 7435
Jan 75
57
Penn Ohio Edison
19,00
46% Jan 74
Apr
6s series A ex-warr_ _1950 7234 7135 73
34,00
1135 Jan
69
Apr
1959 6544 65
Deb 535sseries B
70
Jan 10234 Apr
71,00
79
Penn-Ohio P & L 5358 1954 10191 101% 102
Jan 10534 Apr
95
1956 10331 10134 10334 14,00
Penn Power 56
2,000 75
96
96
Jan 9735 All*
Penn Pub Serv 6sC _ _1947
2,000 64
88
1954 90
90
May
Jan 90
Is series D
100% 10035 6,000 86
Jan 10035 May
Penn Telephone 55 C..1960
104 104
2,000 95% Jan 104
May
Penn Water Pow 4%s B '68 101
108 108% 13,000 10336 Jan 10855 May
1940
Ss
Peoples Gas L & Coke
78
1981 78
7935 31,000 62% Jan 7935 Apr
48 series B
Jan 99
Apr
1957 9434 9431 96% 32,000 75
68 series C
2
Jan
1979
25-4 354 12,000
574 Jan
Peoples Lt & Pr 55
11036 111
18,000 10551 Jan 11134 Apr
Philp, Electric Co 5s1966 111
10735 10834 30,000 10435 Jan 10931 Apr
Phil& Elec Pow 5345_ _1972 108
105% 10535 19,000 100
Jan 10535 Apr
Phil Sub Co G & E 44.56'57
20,000 7431 Jan 9131 Apr
8934 91
Fledmont & Nor bs_ _1954
29,000 93
Slay
9935 100
Jan 100
Pittsburgh Coal 65____1949 100
4,000 85
92
91
Ma
92
Apr
Pittsburgh Steel 6s_ _ _1948 92
2,000 40
40
40
Jan 5435 Feb
Pomerania Elec 68._ __1953
90
Jan 90% May
9036 5,000 83
Poor & Co 65
7,000 83
90% 91
Jan 9534 Mar
6'40
9
Portland Gas & Coke 5193
56,000 74% Jan 100
98 100
May
Potomac Edison 5(3_1956 100
Jan 92
4,000 73
May
9134 92
1961 92
445s series F
1,000 10234 Jan 10535 Mar
10531 10531
Potomac Elea Pow 56_1936
Jan 3435 Apr
27
1,000 18
27
1947 27
Potrero Sugar is
23,000 63
Mar
Jan 79
PowerCorp(Can)4358 B '511 7536 7531 76
Power Corp of N Y6236 6331 2,000 5135 Jan 63% Apr
1947
5458
8831 88% 2,000 70
Apr
1942
Jan 90
6358 series A
Power Securities 65._ _1949
Jan 6234 Apr
,
8,000 45
5931 613g
American series
Feb
Prussian Electric 6(3._ _1954 5534 5335 5544 42,000 49% Apr 73
9944 100
Apr
52,000 8334 Jan 100
434513 '57 100
Pub Serv of N
115 11645 21,000 103
Jan 11635 At
,
Pub Serv of NJ pet ctfs_ _ _ 116
Pub Serv of Nor Illinois
Apr
8841 29.000 65% Jan 90
let & ref 58
Me 8834 87
85
8644 30,000 6034 Jan 8635 Apr
1966 85
58 series C
Jan 7934 May
56
1978 7835 7834 79.% 5,00
4358 series 13
May
31,00
55% Jan 79
7734 78
1980 78
4455 series E
Jan 784( Apr
79 111,00
55
77
15t & ref 435e ser F_1981 78
1937 9774 9744 9831 82,000 7636 Jan 9831 Apr
6 45sseries G
713-6 Jan 9374 Apr
645s series II
1952 9235 92% 9345 124,00
Pub Serv of Oklahoma
Jan 8644 May
62
86
1961 86
5s series C
8635 6,00
Apr
32,00
5731 Jan 89
1957 8634 8534 88
5s series D
May
Jan 85
17,000 42
Pub Serv Subsid 5348_1949 85
85
83
,
1
Puget Sound P & L 5358'49 5534 5435 56% 99,000 413 Jan 5935 Feb
1st & ref 5s series C_1950 525-4 51% 5434 84,000 39% Jan 5734 Feb
Feb
1st & ref 4358 ser D.1950 4744 4635 50
71,000 36% Jan 53
Jan 10031 Apr
Quebec Power as
9935 99% 5,000 89
Apr
Jan 89
Queensboro G & E 5346_' 8 87
87
8735 7,000 62
19 2
8
5
Reliance Mgt ba
1954
Apr
Jan 76
1,000 59
with warrants
76
76
May
39
Republic Gas 68
18,000 1434 Jo
32
39
1945
Slay.
Certificates of deposit_ ._
Jan 37
79,000 15
3435 303.5 37
,
Feb
Rochester Cent Pow 58 '53
48.000 28% Jan 47
45
42
Apr
Rochester Ry & Lot 54_1954
109 10936 10,000 10235 Jan 110
Ruhr Gas Corp 6%5_ _1953 453-4 45'
Feb
34,000 4136 Nfar 68
47
Ruhr Housing 6455_ _ _1958
Apr 7034 Feb
4,000 37
38
39
Ryerson (Jos T)& Sons
55
1,000 9135 .18D 101% Apr
101 101
Safe Harbor Water Power
4356
95% Jan 105
10331 10435 37,00
Mar
1979
St Louis Gas & Coke 68'47
3% Jan
32,00
Feb
11
8% 10
San Antonio Puulic Service
55 series B
1958 9036 89
9035 51,00
Jan 9035 May
65
San Joaquin Lt & Pow
58 series D
Apr
93
5,00
93
7534 Jan 96
Salida Falls 5s
19 7 10845 108% 10835 3,00 103% Jan 10834 May
955
5
Saxon Public Wks138_ _1937
623( 6231 5,000 60
Jan 7234 Mar
Schulte Real Estate 65 1935
with warrants
Feb
1,000 10
1135 Feb
1044 1035
without warrants
Feb
945 944 1,000
Jan
12
7
Scripp(E W)Co 5356_1943
88
Jan 8931 May
8934 12,000 73
Seattle Lighting 5s_ _ _1949 34
34
Feb
36
56,000 23% Jan 41
Serve]Inc 59
88
Jan 8836 May
88% 7,000 71
Shawinigan W & P 4358'67 53
Jan 92% May
1948 92% 923.4 9274 48,000 72
4356 series B
1968 9245 92
9231 43,000 7244 Jan 9234 May
1st 511 series C
Jan 100% May
99% 10035 66,000 79
1st 4%8series D _ _ 197 19
7
092
9
945 9235 9235 66,000 72% Jan 9235 May
Sheffield Steel 535e_ _1948
9931 osy, 10,000 85% Jan 9931 Apr
45% 45% 1,000 41% Jan 4935 Feb
Sheridan Wyo Coal 6s_1947
3074
Bonds (Continued)
-
Financial Chronicle
Sales
Last Week's Range for
Sale
of Prices.
Week.
Prim. Low. High.
Sou Carolina Pow 5s__1957 7635 75
76% 20,000
Southeast P & L 68_2025
Without warrants
6931 6835 73% 78,000
Sou Calif Edison 5s._ _1951 10431 104% 104% 75,000
Refunding 5s June 1 1954 1043j 104 101% 27,000
103% 104
5,000
Refunding 5e Sep i1952
10635 107% 17,000
Gen & ref 511
1939 107
9535 42,000
94
Sou Calif Gas Co 4358_1961 95
23,000
100% 101
1st ref 5s
1957 101
33,000
98
98
Sou Calif Gas Corp 56.1937 98
So Counties Gas 4518_1968 9331 92
93% 31,000
Sou Indiana Ry 4s.._ _1951 6735 67% 6935 6,000
Sou Natural Gas 68_ _ 1944
7435 31,000
Unstamped
7331 73
1,000
73
73
Stamped
63
18,000
63
Southwest Assoc Tel 58 '61
44,000
88
86
Southwest G & E be A_1957 86
86% 87% 13,000
5e series B
1957
68
68% 38,000
S'western Lt & Pr 5s...1957 68
10,000
54
S'western Nat Gas 815_1945 5231 52
6035 23,000
58
So'West Pow & Lt 58_2022 60
So'West Pub Serv 68 A 1945 8231 8235 84
4,000
23,000
Staley Mfg 68
1942 10035 100% 101
Stand Gas & Elea 6s 1935 8331 80% 85 168,000
85 192,000
Cony 68
1935 8431 80
95,000
56
53
Debenture 68
1951 55
5535 76,000
Debenture 6s_Dec 1 1988 5435 52
a80 a80
2,000
Standard Invest 530_1939
79
2,000
79
5s ex-warrants
1937 79
Stand Pow & Lt e8....1957 5131 5035 53
04,000
Stand Telep 535s
1943 2231 21% 22% 10,000
Stinnes (Hugo) Corp
43
48
78 without warr Oct 1'36
3,000
4835 48% 5,000
Stamped
1936
47% 48
715 without warr____1946 48
4,000
43% 4,000
43
Stamped
1946
Sun 011 deb 5358
40.000
1939 10431 104% 105
102% 102% 2,000
Sun Pipe Line 58
1940
Super Power of III 434s'68 7934 79
80
39,000
let 435s
7735 7934 21,000
1970
68
1961 9631 96
96% 7,000
10635 108
Swift & Co let m sf 56_1944 108
20,000
5% notes
47,000
1940 10331 103% 104
Syracuse Ltd 535s_ _1954
107% 107% 1,000
105 10535 3,000
5$ series B
1957
71
Tennessee Elee Pow 58 1950
72% 10,000
Tenn Public Service 5s 1970 6131 61
64% 38,000
Tern'Hydro Elee 635e 1953 83
83
82
17,000
54
54
Texas Cities Gas 58_1948 54
2,000
Texas Elee Service 50_1960 8531 84% 86% 45,000
Texas Gas Util Si:L....1945 1531 15% 1835 21,000
Texas Power & Lt 515.. _1956 9131 91% 92% 59,000
be
1937 10231 10235 10255 58,000
65 A
2022 8635 8535 8635 11,000
75% 77
Thermeld Co 65w w 1934
25,000
71
70
68 stamped
3,000
1937
Tide Water Power 58_1979 7035 70
71% 20,000
Toledo Edison 5s
1962 10131 101% 101% 02.000
5035 53% 31,000
Twin City Rap Tr 5348'52 51
5134 50,000
50
171en Co deb 68
1944 50
Union Elee Lt& Power
10451 104% 6,000
5s series B
1967
102 10335 22,000
435s
1957 103
17n Gulf Corp & July 1 '50 10535 105 105% 98,000
105 10535 9,000
United Elea N J 4s_ _ _ _ 1949 105
84
8,000
86
United El Serv 78 x-w_1956 86
9,000
5734 58
United Industrial(335s 1941
5755 5831 10,000
let 65
1945
47% 5035 60,000
United Lt& Pow 6&_ _1975 48
7735 78
10,000
5358
Apr 1 1959
15,000
Deb g 635s
1974 5031 50% 52
5354 99,000
United Lt & Ry 5%3..1952 .5234 52
81
82%, 38,000
fis series A
1952 82
6s series A
47% 14,000
1973 4731 46
U S Rubber
68
1936 10131 101 101% 23,000
100% 10134 10.000
635% serial notes _ 1935
98% 99% 2,000
635% serial notes_ _ _ 1936
98% 99
4.000
631% serial notes_ 1937
97
97% 12,000
% serlalnotes__ 1938
9734 9735 2,000
631% serial notee_ _ _1939
97,4 97% 3,000
631% serial notes_ __ 1940
9,000
Utah Pow & Lt 138 A __ 2022 0034 COM 61
73
73
4,4
3.000
1944
Va Elee & Power 5s_ _1955 10031 100 101% 38,000
76% 51,000
Va Public Serv 5355 A _1946 7231 71
68
72
1st ref 58 ser B
36.000
1950 69
65% 68
68
15,000
1946 67
Waldorf-Astoria Corp
1434 26,000
78 with warrants_ _ _1954 1435 14
14% 12,000
78 ctfs of deposit_ _1954 1434 14
102 102% 12,000
Ward Baking 65
1937 102
Wash Gas Light 58_1958 9534 94,4 9544 119,000
Wash Ry & El 44
94% 5,000
94
1951
Wash Water Power 515_1960 9334 9334 94% 25,000
West Penn Elea U....2030 6935 69
70
31,000
101% 102
West Penn Power 48..1961
10,000
82
West Penn Traction 55 1960 82
82
4,000
64,4 66,4 74,000
West Texas Util 58 A1957 65
Western Newspaper Union
68
1944 4431 444.‘ 46,4 36,000
Western United Gas & Elec
lst 535s series A
57,000
1955 8634 86,4 88
104,4 105
3,000
Wheeling Eiec 53
1941
WLsc Elec Pow 5s A_ _ _1954 10431 10451 10434 1,000
Wise
-Minn Lt & Pow 58'44 8954 88,4 89,4 27,000
Wise Pow & Lt 56 F__1958 7634
76,4 79,4 15,000
5e series E
15,000
1956 7634 7634 80
96
Wise Pub Serv 6s A_ _1952
96,4 5,000
90
90
Yadkin Riv Pow 58
1941 90
6.000
York Rya Co 58
20,000
1937 9631 96,4 98
Foreign Government
• And Municipalities
Agricultural Mtge Bank
75
1946
75
1947 2635
Buenos Alma (Province)
78
1952
1952 42
7s stamped
7358
1947
7348 stamped
1947
Cauca Valley 78
1948 1131
Cent Bk of German State &
Prov Banks 68 B
1951
1952 4631
68 series A
Danish 5348
1955
1953
5s
Danzig Port Waterways
1952
6%s
German Cons Munio 78'47
1947
Secured 65
Hanover (City) 7s_ _1939
Hanover(Ploy)6%8_1949
Indus Mtge Bk (Finland)
1st mtge coil I 78....1944 9851
Lima (City)Peru 634s 1958
1958
Maranho 75
1951
Medellin Is ser E
1951 4535
Mendoza 7348
42
Stamped
23,4 26
26,4 27
2,000
14,000
Range Since Jan. I.
Low.
5131 Jan
High.
76% Apr
74%
105
105
104%
107%
96
10134
9851
943‘
73
Apr
Apr
Apr
Apr
May
Apr
Mar
Apr
Apr
Apr
Jan 7435
Jan 7434
Jan 64%
Jan 89
Jan 88%
Jan 69
Jan 54
Jan 66%
Jan 84
Jan 101
Jan 88%
Jan 88%
Jan 58%
Jan 59
Jan 82
Jan 83
Jan 57%
Jan 24
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Feb
May
Apr
Apr
Ayr
Apr
Apr
Apr
Apr
Apr
Jan
48
47
44
37
103
101
59
5734
73
103%
98%
10335
100
55
44
74
51
63
14%
6734
8935
5635
50
55
50
88%
23%
3334
Jan
Mar
Jan
Max
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
58
55
51
50
106
104
81%
81
97%
108
104%
108
107
75
67
86%
61
8831
25
9235
103
8635
79%
78
7151
102
58
51%
Jan
Feb
Jan
Jan
Mar
Mar
Apr
Apr
Apr
May
Apr
Mar
Apr
Jan
Feb
Apr
Feb
Apr
Apr
May
Apr
May
Feb
Feb
Apr
Apr
Apr
Apr
95%
92
10154
100
73%
533(
53M
2751
50
31
35%
56
28%
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
105
10335
105%
10535
90
69%
67%
52%
79
68
584
8251
52
Mar
Mar
Apr
May
Apr
Jan
Jan
Apr
Apr
Feb
Feb
Apr
Feb
90
89%
77
70%
69%
69%
68
413.34
5435
89
55%
51
4734
Jan 10134 Apr
Jan 10131 May
Jan 9955 Apr
Jan 99% Apr
Jan 9935 Apr
Jan 9835 Apr
Apr
Jan 99
Jan 6735 Feb
Apr
Jan 75
Jan 101% Apr
Apr
Jan 80
Apr
Jan 76
Apr
Jan 70
13
10%
96%
79
83%
80
55
94%
61
48
Jan 20
Jan 16
Jan 103
Jan 95%
Jan 95
Jan 96
Jan 71
Jan 101%
Jan 82
Jan 67%
26
Jan
4351
9334
9335
93
10234
82
89
8331
893(
5134
59
60
42
6251
6334
47
34
40
57
87
43%
48%
82%
32%
64%
66
29%
18
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Friday
Sales
Foreign Government
Last Week's Range for
and Municipalities
of Prices.
Week.
Sale
(Concluded)
Par Price. Low. High.
Mortgage Bank of Bogota
713 issue of May '27_.1947
7s issue of Oct '27..1947
Mtge Bk of Chile 6s__ 1931
1931
Parana (State) 7s____1958
Rio de Janeiro 630.-1959
Russian Govt
1919
6355
651s certificates_ _ __ 1919
554s
1921
5358 certificates_ _ _1921
Saar Basin Cons Co 7s 1935
Santa Fe 78
1945
Santiago 75
1949
1455
12%
16
22
22
12%
1235
16
65
10231
99
64
5935
58
7835
66
76
Jan
Feb
Feb
May
Apr
Apr
Apr
Apr
Apr
Apr
46% Apr
Jan 88
May
Jan 105% Apr
Jan 104% Apr
Apr
Jan 90
Jan 7954 Apr
Jan 80
Apr
Jan 9654 Apr
Apr
Jan 90
Apr
Jan 98
18% Jan
19% Jan
28
27
Mar
May
41
25%
35
31
8
50
46
5134
48
16
Mar
Feb
May
Apr
Feb
4834
42
51,4
46,4
12
59,4
45
85
77,4
60,4 33,000
47
20,000
85,4 3,000
77,4 1,000
50
Ian
43
Jan
Jan
80
62% Jan
73
70
89
80
Feb
Feb
Apr
Feb
65,4
37.5.4
34,4
3434
38,4
6851 9,000
3851 7,000
12,000
36
3834 5,000
12,000
40
44
3535
34
34
36%
Jan
Apr
Apr
Apr
Apr
6955
5935
5735
53
55
Mar
Feb
Feb
Feb
Feb
9834
10
14
13%
45
40%
10031 58,000
5,000
10
1534 7,000
13% 13,000
4535 7,000
11,000
42
86%
5
12%
10%
26%
26%
Jan 10035 Apr
Jan 12% Mar
Jan 21
Feb
Jan 20% Feb
Jan 4535 May
Jan 4235 Apr
Jan
Jan
Jan
Jan
Jan
22% 9,000
22% 11,000
1435 43,000
12% 36,000
1635 7,000
Range Since Jan. 1.
Low.
15
16
834
8%
14%
Jan
Jan
Jan
Jan
Jan
High.
2235
22%
15%
17
19%
May
May
Feb
Feb
Feb
Mar
5
235 Jan
49,000
5 May
2
Jan
598,000
2,4 Jan
531 May
187,000
5 May
234 Jan
196,000
Jan
Jan 120
1,000 108
6,000 18,4 Jan 31% Apr
28
Feb
3,000
10
551 Jan 13
'No par value. a Deferred delivery. ft Sold under the rule. r Sold for sash.
z Ex-dividend.
Abbreviations Used Above.
-"cod" Certificates of deposit. "cons" Consolidated.
"cum" Cumulative. "cony" Convertible. "m" Mortgage. "n-v" Non-voting
stock. "v t c" Voting trust certificates. "w
When Issued. "w w" With warrants. "x w" Without warrants.
e Cash sales in which no account is taken in computing the range are given below:
American Rolling Mill 434s, 1933, May 1 at 108.
e Deferred delivery sales in which no account is taken in computing the range
are given below:
Associated Gas & Electric 5348, 1938, May 1 at 1734.
Pacific Western Oil 634s, w w 1943. May 2 at 9034.
Sullivan Machinery, April 28 at 1334.
y 25 shares Midvale Co. sold on May 3 at 28, ex-dividend.
5
5
5
5
4• 5
3% 5
334 535
335 5
120 120
26
28
935 10
CURRENT
42
41,4
51,4
46
11,4
8,000
3,000
1,000
2,000
6,000
May 5 1934
NOTICES.
-Robinson & Co., Inc., municipal bond brokers-counselors, Chicago,
announce that Carroll G. Taylor, who has been closely identified with Joint
Stock Land Bank securities for more than 15 years, has been elected executive Vice-President of their company.
-The Continental Bank & Trust Co. of New York will supervise the
preparation and certify to the genuineness of signatures and seal of. and also
act as fiscal agent of, $500,000 coupon 3% sewer bonds of the Town of
Greenwich, Conn.
-Benjamin & Ferguson, members New York Stock Exchange, announce
the admission of Theodore D. Carlson to general partnership. Mr. Carlson
has been associated with the firm for several years in a statistical and sales
capacity.
-R. W. Pressprich & Co. have opened a branch office in Philadelphia
in the Girard Trust Co. Building, under the management of John R.
Woolford, who have been connected with them for several years.
-S. B. Chapin & Co., members New York Stock Exchange, announce
that Garrett Mott, Walter Morrow and Frank A. Beebe have become
associated with them at their main office in New York.
-Fenner & Beane announce that Alan S. Meyerhoff has been appointed
manager of their Atlantic City office, and Henry F. Jordon manager of the
Investment department in the Cleveland office.
-Charles L. Babcock Jr. dc Co. ofthis city announce that E.H.Babcock,
formerly of the National City Bank is now associated with them.
-Kidder, Peabody & Co. announce the establishment of a department
to specialize in Government bond trading, under the supervision of Philip
S. Patton,formerly with Hemphill, Noyes & Co.
-Announcement is made of the formation of Say & White to conduct
a general investment security business with offices at 29 Broadway. This
firm succeeds W. F. Sey & Co., Inc.
-George W. Beaver, formerly with the N. W. Harris Co.. Inc., is now
associated with F. S. Moseley & Co. in their New York office as manager
of the municipal department.
-B.J. Van Ingen & Co., Inc., 57 William St., New York, is distributing
a booklet containing an analysis of the municipal light and power system
of Seattle, Washington.
-The Southern Minnesota Joint Stock Land Bank is the subject of
a comparative analysis issued by C. G. Novotny & Co., Inc., 80 Broad
Broad St., New York.
-James Talcott, Inc. has been appointed factor for Earl W. Thomas
Shoe Co., Inc., Henniker, New Hampshire, manufacturers of ladies' shoes.
-Saunders, Ashplant & Co. of New York, specialists in Canadian
securities, announce that Edwin F. Peet is now associated with the firm.
-W. R. K. Taylor & Co.. members of the New York Stock Exchange,
announce the removal of their offices to 120 Broadway, New York.
-Augustus B. Field Jr.. a member of the New York Stock Exchange, has
been admitted to general partnership in Joseph Walker & Sons.
-W. C. Simmons & Co. have admitted Thomas Trager, formerly with
-P. Murphy & Co., to general partnership in their firm.
G. M.
-Alford & Didrichsen of this city announce that William J. Budd,
formerly of Gertler & Co.. has become associated with them.
-Clinton Gilbert & Co., 120 Broadway, New York, have issued an
analysis of Central Hanover Bank & Trust Co. capital stock.
-First La Salle Co., Chicago, announce the removal of their offices
to larger quarters at 11 So. LaSalle Street.
-Wallace & Trost of Bufaalo, N. Y. have reopened their New York
office and are located at 25 Broad Street.
-E. A. Pierce & Co. has opened a branch office in Texarkana, Tex.,
under the management of L. L. Tidwell.
-Bristol & Willett, 115 Broadway, New York, are distrbuting the May
issue of their Over-the-Counter Review.
-Ballman & Main, municipal bond dealers of Chicago, have moved
their offices to 105 W. Adams Street.
-W. M. Weston Jr., has become associated with Doty, Fay & Co. in
charge of their Boston office.
-J. R. Bridgeford & Co. announce the removal of their offices to 57
William Street, New York.
-Vanderhoof & Robinson announce the removal of their offices to 31
Nassau Street, New York.
-R. H. Johnson & Co., Inc. have moved their offices to the fifth floor
of 70 Wall Street, this city.
-Bleecker, Park & Co. are -now located in their new offices at 120
Broadway, New York.
-Hetfield & Co., Inc. announce the removal of their offices to 63 Wall
Street, New York.
-Jas. P. Cleaver & Co., Inc. have changed their address to 19 Rector
Street, this city.
-J. Walter Bell & Co. have moved their offices to 57 William Street,
New York.
-Hicks & Byrd are now located at 67 Broad Street. New York.
-P. B. P. Gould has moved to 120 Broadway, New York.
Financial Chronicle
Volume 138
3075
Quotations for Unlisted Securities-Friday May 4
Port of New York Authority Bonds.
B14
Arthur Kill Bridges 410
series A 1935-46
M&S
Ask
Public Utility Bonds.
Bid
Ask
Bayonne Bridge 48 series C
jari 3 85
88
1938-53
Inland Terminal 434s ser D
Geo. Washington Bridge95
M&S 92
1936-60_,
4s series 1.11936-50
J&D 94.20 4.10 Holland Tunnel 4348 series E
43.4± ser 11 1939-53 M&N 94.25 4.15
IVI&S 94.10 4%
1935-60
89
91
U. S. Insular Bonds.
Philippine Government4s 1946
4943 Oct 1959
34s July 1952
93 April 1955
bs Feb 1952
554s Aug 1941
Hawaii 43.43 Oct 1956
Bid
95
9812
9812
101
101
104
103
Ask
98
Honolulu 5s
10012 US Panama 3s June 1 1961_
10012
28 Aug 1 1936
103
28 Nov 1 1938
103 Govt of Puerto Rico4145 July 1958
106
106
5s July 1948
Bid
101
10314
4
1003
4
1003
Ask
104
104
10114
10114
Par Bid
Ask
Alt
Par BW
Amer S PS 5043 1948_M&N 453 483 N Y Wat Ser 58 1951_51&N 8712 89
4
4
Atlanta 0 L 58 1947.._J&D 9912
__ Nor!& Portsmouth Tr 55'36 10314 1043
4
Central G & E 5943'46J&D 4512 4712 Old Dom Pow 5s_May 1551 53
5512
1st lien coil tr 65 '46_M&S 4812 51 Pacr Shoals P 55 1952 _ _ A&O 71
74
Fed P S 1st (is
_ _J&D 82612 2812 Pennsylvania Flee 55 1962_
813 8314
4
Federated UM 53.43'57 HAS 4212 4412 Peoples L & P 534s 1941 J&J 3512 3712
1947III Wat Ser 1st 58 1952_J&J 87
89 Public Servo! Colo 68 1961_ 93
9438
Iowa So CBI 530 1950..J&J 65
67 Roanoke W W 5e 1950_J&J 7312 7512
Kan City Pub Serv 35 1951_
3212 34 Sierra & San Fran 2d B 5s '49 8612 8812
Keystone Telephone 5945'
55 64
6512 United Wat Gas & E 5s 1941 86 2 -,
Louis Light 1st 58 1953-A&O 10012
10312 105
- Virginia Power 58 1942
News N & Ham 55 '44_J&J 91 12 94 Western PS 53.45 1960_F&A 6418 66,
-12
s
Public Uti ity Stocks.
Par Bid
Ask
Par Bid Ask
Alabama Power $7 pref _100 52
55 Idaho Power 6% Ore!
• 64
Arkansas Pr & Lt $7 pret_ • 36
7% preferred
38
_
100 84
12 112 Illinois Pr di Lt 1st pret___• 23
Assoc Gas & El °rig pref._
25
$6.50 preferred
•
1
2 Interstate Power $7 prof...• 1414 153
4
$7 preferred
•
1
2 Jamaica Water SupplY pt_50 4614 4812
Federal Land Bank Bonds.
Atlantic City Elea $6 pret• 80
82 Jersey Cent P & L $7 pf _100 70
73
Bangor Hydro-El 7% pf _100 9712 101 Kansas Gas & El 7% p1100 76
79
Bid
Ask
Bid Ask
48 1957 optional 1937_M&N 100 10012 494s 1943 opt 1933.---J&J 100 10012 Birmingham Elec $7 pref...• 3712 40 Kings Co Ltg 7% pref__100 83 85
48 1958 optional 1938.51.4N 100 10012 4345 1953 opt 1933____J&J 100 100,2 Broad River Pow pref__100 34
3614 Long Island Ltg 6% pf _ 100 5412 56
4148 1956 opt 1936____J&J 100 1003 “is 1955 opt 1935____J&I 100 10034 Buff Niag & East pr pret_25 1614 163
4
7% preferred
70
100 67
4
4.1.is 1957 opt 1937_ Ada 100 1003 4145 1958 opt 1936____Jda 1003 101
Carolina Pr & Lt $7 pret_ _• 3912 41
Memphis Pr & Lt 7% pref..' 50
55
8
4
434s 1958 opt 1938_..M&N 10012 1011 1 4345 1953 opt 1933____J&J 10014 10034 Cent Ark Pub Serv pref_100 54
58 Metro Edison $7 prof B___• 7.3
-5s 1941 optional 1931.M&N 10114 1013 4345 1954 opt 1934___J&J 100 4 10034 Cent Maine Pow 6% pf _100 62
64
6% preferred ser C____• 7212 7412
,
4
preferred
7412 Mississippi PA L $6 pret_ _• 31
100 72
434s 1942 opt 1932___51&N 100 1003417
33
Cent Pr & Lt $7 pref. _ _100 1712 20 MLss River Power prof_ _100 86
89
Cent Pub Serv Corp pret_•
14
1
Mo Public Serv pref.__ _100
8
11
New York State Bonds.
Cleve Elec Ill Erl pref.. _100 10814 11014 Mountain States Pr com__•
1
3
Columbus Ry. Pr & Li
$7 preferred
12
100 10
Bid
Ask
Bid
Ask
let $6 preferred
85
100 82
Nassau & Suffolk Ltg of 100 51
55
Canal & HighwayWorld War Bonus$6.50 preferred B
SO
100 77
Nebraska Power $7 prof.
_100 93 101
58Jan & Mar 1934 to 1935 92.25 1.25
43.(s April 1933 to 1939_ 82.50 2.25 Censol Traction(N J)_._100 34
_ Newark Consol Gas
100 10112
55 Jan & Mar 1936 to 1945 53.25 3.00
434s April 1940 to 1949_ 93.00 ___ Consumers Pow 5% pref..
• 7012
New Eng Pow Assn 6% pf100 50, 5 4
4 -11
5s Jan & Mar 1946 to 1971 83.50 ___ Institution Building100 81
83 New Jersey Pow & Lt $6 pf• 8312 68
6% Preferred
92.50 2.25
4s Sept 1933 to 1940
100 83
8514 N Y & Queens E L P pf 100 100 105
6.60% preferred
lighway Imp i Ms Sept' 3_ 11912 ___
93.20 3.10 Continental Gas & El43 Sept 1941 to 1976
Northern States Pr $7 pf 100 6312 6612
Canal Imp 43.j6 Jan 1964... 118
___ Highway Improvement100 51
$7 preferred
54 Philadelphia
57
Can & Imp High 434s 1965_ 118
48 Mar & Sept 1958 to '67 93.20 3.10 Dallas Pow & Lt 7 7 pref 100 98 101 Somerset Un Co $5 pref__50 54
___
,
100 83
Md Lt_
Canal Imp 48J &J '60 to'67 93.20 3.10 Dayton Pr 0, Lt $13 pret_100 9612 98 South
'
Jersey Gas & Elec_100 164 113 -Barge CT 45 Jan 1942 to '46 93.10 3.00 Derby Gas & Klee $7 pref.• 65
6812 Tenn Elec Pow 6% pref_100 45
48
Essex-Hudson Gas
___ United GA E(N J) prof 100 47
100 164
51,
2
Foreign Lt & Pow units__
7412 80 Wash Ry & Elec com___100 300
New York City Bonds.
Gas & Elec of Bergen__ _100 100
_
100 94
5% Preferred
Bid
AA
Ask
Bid
Hudson County Gas _ _ __100 160
_-_ Western Power 7% pref _100 82
a38 May 1935
10014 1003
4
100 10014 a4348 June 1974
d3 t48 May 1954
10014 1003
9212 a494s Feb 15 1978
4
92
Investment Trusts.
a3546 Nov 1954
10014 1003
9212 a4 3s Jan 1977
4
92
was Nov 1955 & 1956
Par Bid
Ask
984 9714 a434s Nov 15 1978
Alt
Par Bid
10014 10034
04559 & N 1957 to 1950.... 9812 99 a4 34s March 1981
1 15.28 16.81 Major Shares Corp
•
2
10014 10034 Administered Fund
045 May 1977
4 Amer Ilankstocks Corp _ _ _ .. 1.17 1.31 Maas Investors Trust
• 18.79 20.42
10314 1033
9814 983 a43.4s Si dc N 1957
4
045 Oct 1980
1.00 1.09 Mutual Invest Trust
1.16 1.27
4 Amer 13usiness Shares
10314 1033
4
9814 983 a4348 July 1967
c434s Feb 15 1933 to 1940_ 94.25 __ a4 Hs Dec. 15 1974
3 8 414
5
4 Amer Composite Tr Shares_
10314 1033
04943 March 1962 & 1964_ 10014 1003 04.40 Dec 1 1979
612 712 Nation Wide Securities Co_ 3.33 3.43
10314 10334 Amer & Continental Corp
4
a494s Sept 1960
Am Founders Corp 6% pt 50 16
19
Voting trust certificates
1.26 1.36
10014 10034
a43is March 1960
50 16
19
N Y Bank & Trust Shares
7% preferred
1017 10214
8
314 „9914 100 a6s Jan 25 1935
a4 yi s AprIl 1966
6 No Amer Bond trust ars_ _
4
10334 10414 Amer & General Sec cl A__•
85
10014 10034 a6s Jan 25 1936
8812
a4 94e April 15 1972
• 38
43 No Amer Trust Shares. 1953 1.81 --$3 preferred
105 10512
4
10014 1003 a6s Jan 25 1937
•
2.33
13
4 212
Amer Insuranstocks Corp.
Series 1955
a Interchangeable. 9 Basis. c Registered coupon (serial). d Coupon.
5
53
4
Assoc Standard Oil Shares__
2.31
Series 1956
Bancamerica-Blair Corp_ - -230 2.85
314
312
Series 1958
New York Bank Stocks.
Bancshares. Ltd part shs 50c 1.08 1.33 Northern Securities
100 72
78
• 3.24
Basic Industry Shares
Par Bid
Ask
Par Bid Ask
I
British Type Invest A
.50 .75 Pacific Southern Invest pf.
33
Bank of Manhattan Co_ _10 31
• 29
33
Nat Bronx Bank
25
50 20
•
13
Bullock Fund Ltd
Class A
5,4 63
Bank of Yorktown
4
100 30
..25
Nat Safety Bank & Tr.
40
712 71^Cl 12
Sit
assB
Chase
3
4
112
•
13.55 29
3012 Penn Exchange
25
512
- Canadian Inv Fund Ltd.... 3.30 3.55 Plymouth Fund Inc cl A.100
City (National)- _ _ __12,i
.97 1.07
1
2914 303 Peoples National
4
80
100
2112 2212 Quarterly Inc shares
1.30 1.40
Central Nat Corp class A_
Comml Nat Ilk & ir___100 145 155
Public Nat Bk &Tr
25 --- - 35
33
12 212 Representative Trust Shares 8.36 9.11
Fifth Avenue
Class 11
100 1050 1090 Sterling Nat Bank & Tr_25 1912 21
First National of N Y
• 20
Century Trust Shares
213 Royalties Management
4
3
8
I
100 1680 1720 Trade Bank
32
100 27
Commercial Nati Corp
3 4 4t8
3
Flatbush National
100 30
35 I Yorkville(Nat Bank of)_100
30
40
2.01 ___ Second Internet Sec cl A___•
3
Corporate Trust Shares
1
Kingsboro Nat Bk
...I
100 50
1.94 ___
Class 13 common
Series AA
•
18
1
50 28
Accumulative series
1.94
6% preferred
33
Trust Companies.
2.25 2.36 Selected Amer Shares Inc__
Series AA mod
1.19 1.28
2.25 2.36 Selected American Shares__ 2.59
Series ACC mod
Par Bid Ask
Pari Bid Ask
Banc& Comm Italians_ _ _100 145
Selected Cumulative Shs___ 6 6
__ Empire
20 1914 20,4 Crum & Foster Ins SharesBank of New York & Tr_100 365 373 Fulton
Common B
10 181 2214 Selected Income Shares_ __ _ 3.46 4.00
100 250 270
Bank of Sicily Trust
100 1001 10512 Selected Man Trustees Shis_
7% preferred
53
8 6
20 10
12 Guaranty
loot 363 367
hankers
4
• 193 2312 Spencer Trust Fund
163 173
4
4
66 Irving Trust
10 64
1
18
191. Crum & Foster Ins com...
Bronx County
8% preferred
07'2 10212 Standard Amer Trust Shares 2.80 3.05
20
6
8 Kings County
1001 1800 1830- Cumulative Trust Shares..
Brooklyn
• 3.93... Standard Utilities Inc
6
.75
100 104 109 Lawyers County
25 4212 441' Deposited Bank Shs ser A
2.43 2.70 State Street Inv Cory
• 68.07 71.35
Central Hanover
3.28 3.70 Super Corp of Am Tr Shs A 2 89 ___
20 133 137 Manufacturers
20 22
2312 Deposited Insur Shs A
Chemical Bank & Trust_.10 41
Diversified Trustee Shs B
AA_
2 16
73
8
43 New York
251 105 108
Clinton Trust
B
3.15 3.40
307
50 4() 50 Title Guarantee& Trust..201
03 11,
4
4
C
Colonial Trust
458 518
D
BB_
2.19
100 1112 1312
Continental Bk & Tr
Dividend Shares
1.20 1.22
C
5.58
10 133 1514 Underwriters Trust
4
100 40
50
Corn Each Bk dc Tr
D
28
32
5.70
20 52
54 United States
100 1730 1780 Equity Corp cv Prof
Equity Trust Shares A
2.70 3.05 Supervised Shares
1.28 1.40
Fidelity Fund Inc
* 46.1 49.70
Guaranteed Railroad Stocks.
Five-year Fixed Tr Shares__ 3.76 ___ Trust Fund Shares
4
33
3 33
(Guarantor In Parenthesis,)
Fixed Trust Shares A
• 8.33 ___ Trust Shares of America
Vs 315
B
_ Trustee Industry Shares _
1 06 1.18
•
Diridend
Fundamental Tr Shares A__ 7.20- 2.08 2.45
418 - - 8 Trustee Stand InvestmentC
43
Par in Dollars.
Bid.
Ask.
Shares B
2.06 2.40
•
378 ___
D
Fundamental Investors Inc 2.05 2.25 Trustee Standard 011 Sins A
512
Alabama & Vicksburg (III Cent)
100
8.00
90
95
General Investors Trust__1 4.22 4.66
47 1
8
B
12
Albany & Susquehanna(Delaware & Hudson)
.100 11.00
202
206
Guardian Invest prof w war
2.30
912 1214 Trustee Amer Bank Shs A
Allegheny & Western (Buff Roch ds Pitts)
100
6 00
100
105
Huron Holding Corp
1 03 1.13
Series B
.30 .50
Beech Creek (New York Central)
50
2.00
35
as
Incorporated Investors_ ___• 17.89 19.23 Trusteed N Y Bank Shares
1.50 1.65
Boston & Albany (New York Central)
100
8.75
136
140
Independence Tr Shares__• 2.16 2.46 20th Century orig series .._
1.60
Boston & Providence (New Haven)
100
8.50
150
Indus & Power Security...' 133 1454
Series B
2.65 3.05
8
Canada Southern (New York Central)
100
3.00
52
Internal Security Corp(Am)
Caro Clinchfleld &Ohio(L &N A CL) A% ___ _100
83
4.00
87
Class A common
United Gold Equities (Can)
18
1
•
Common 5% stamped
100
5.00
85
91
•
Class 11 common
is
12
Standard Shares
1 2.35 2.61
Chic Cleve Chic & St Louis pret(NY Cent)
100
5.00
86
90
644% preferred
14
100 14
114
18
U S & Brit Int class A com •
Cleveland & Pittsburgh (Pennsylvania)
50
3.50
76
79
8% Preferred
100 14
Preferred
•
5
18
8
Bettertnan stock
50
2.00
43
46
Investment Co. of Amer
125 1318 1
8
US Elec Lt & Pow Shares A
Delaware (Pennsylvania)
25
2.00
41
43
New common
10 2312 2612
1.98 2.08 '
13
Georgia RR & Banking(L dr N. A C L)
100 10.00
168
175
7% preferred
Voting trust cris
• 2312
.74 .82
Lackawanna RR of NJ (Del Lack & Western)_100
4.00
74
78
Investment Trust of N Y_•
418 4s8
45 8 514 Un N Y Bank Trust C 3
Michigan Central (New York Central)
100 50.00
900
Low Priced Shares
512 ___ Un Ins Tr Shs ser F
13
4 218
Morris & Essex (Del Lack ds Western)
50
3.875
71
73
New York Lackawanna & Western(D L & W)_100
5.00
93
98
Telephone and Telegraph Stocks.
Northern Central (Pennsylvania)
60
4.00
85
88
Old Colony (N Y N II & Hartford)
Par Bid Ark
100
7.00
101
Par Bid Ask
105
Amer Dist Teleg(NJ)com • 74
Oswego & Syracuse (Del Lack & Western)_ _ _ _ 60
4.60
New England Tel & Tel_100 94
71
96
75
Cinch)& Sub Bell Telep__50 673 70
Pittsburgh Bess & Lake Erie(U S Steel)
50
1.50
33
4
-34 Northwl3eliTel pt 614% 100 108 11012
35
Cuban Telep 7% pref___100 26
Preferred
50
3.00
65
31 Pac & AU Teleg U S 1%.25 16
20
..Empire dr Bay State Tel_100 4312 ___ Koch Telep $6.50 1st pt_100 98l100
Pittsburgh Fort Wayne & Chicago (Penn).__100
7.00
145
150
Franklin Teleg $2.50____100 3314 ___ So & Atl Teleg $1.25____25 19
Preferred
100
7.00
160
183
21,
2
Int Ocean Teleg 6%____100 77
Rensselaer & Saratoga (Delaware & Hudson)
.100
124
85 Tri States Tel dr Tel
6.90
• 100
128
Lincoln Tel & Tel 7%
St Louis Bridge 1st prof (Terminal Kit)
Preferred
6.00
10
• 90
100
97 104
8 124
128
Mount States Tel & Te1.100 10912 112
2nd preferred
Wisconsin Telep 7% Ore! 100 10712 111
100
62
3.00
65
New York Mutual Tel_ _100 17
Tunnel RR St 1.0111.9 (Terminal RR)
100
124
3.00
- -128
United New Jersey RR & Canal(Penna)
100 10.00
228
232
Sugar Stocks.
Utica Chenango & Susquehanna(D L & W)_100
90
6.00
95
Valley (Delaware Lackawanna & Weetern)
5.00
100
88Par Bid
Ask
Par Bid Ask
Vicksburg Shreveport & Pacific (III Cent)___..100
80
5.00
5
.
Fajardo Sugar
• 87
80 Savannah Sugar Ref
100 70
9112
Preferred
80
5 00
100
85
Haitian Corp Amer
7% preferred
114 Ps
100 95
•
9712
Warren RR Of NJ (Del Lack & Western)
3.50
50
50
55
United Porto Rican ctis___•
14 _
Jersey & Sea Shore (Penn)
West
61
3.00
50
64
Preferred ctfs
•
, 14
8
• No par value.
d Last reported m.trket.
e D.ifaulted.
I Ex-coupon.
z Ex-stock dividends.
z Ex-dividends.
101
104
104
107
7212
-ia
Financial Chronicle
3076
May 5 1934
.
Quotations for Unlisted Securities-Friday May 4-Concluded
Chain Store Stocks.
Bohack (H C) corn
7% preferred
Butler (James) com
Preferred
Diamond Shoe pref
Par Bid
• 1112
100 56
12
100
314
100
100 58
Aeronautical Stocks.
Ask
Par Bid
Ask
100 135
14 Lord & Taylor
100 85 -_-_-_-_
let preferred 6%
64
100 80 ____
212
Sec pref 8%
100 961_
714 Melville Shoe pref
19
____ Miller (I) & Sons pref___100 15
MockJuds&Voehrger pf 100 69
-____ Murphy (G C)8% pref _100 10712 1 15
Edison Bros Stores pref _100 83
Fan Farmer Candy Sh pf_.• 32
Fishman(M II) Stores_-__• 1012 11 Nat Shirt Shops (Del).. -•
1st preferred
94
100 84
Preferred
2nd preferred
4
1233 12712
Great A dr P Tea pf
Kobacker Stores pref___100
10
Kress(S 11) 6% pref
100
Lerner Stores pref
37
. Reeves (Daniel) pref___ 100 105
3514
100 90
1 -14 Schiff Co preferred
1038 --1
6
90 100 U S Stores preferred___ _100
Par
Bid Ask
King Royalty corn
1514
5412 58
$8 preferred
8
414 53 Locomotive Firebox Co_ _ _•
Macfadden Publica'ns corn 5
2
1
99. Macfadden Publica'ns pf _ ..•
-1
1 -12 Merck Corp $8 pref____I00
10
•
2512 32 National Casket
Preferred
7
4
*
1412 National Licorice com _ _ _100
11
4012 4312 Nat Paper & Type pref_ 100
5512 New Haven Clock pref _ _100
53
1812 2012 NewJersey Worsted pref 100
Northwestern Yeast_ --100
114 118
.. ____ Ohlo Leather
100
Okonite Co $7 pref
1-7
•
912 Publication Corp corn
6
100
43
4
$7 let preferred
4
•
2218 2318 Riverside Silk Mills
•
8 214 Rockwood & Co
13
100
Preferred
4
8 73
63
312 Rosy Theatre preferred A _•
2
100
4
223 25,1 Ruberoid Co
100
9017 ....Standard Screw
4
/
s 111 Stetson (J B) common......•
3
25
Preferred
2012 2312
102 106 Taylor Milling Corp
*
_ Taylor Wharton Ir&St COM •
100
Preferred
38
33
64--5712 62 Tenn Products Corp pref _50
27 Tubize Chatillon cum pt.100
25
100
59 US Finishing pref
57
10
8412 9312 Unexcelled Mfg Co
13 Welch Grape Juice pref_100
8
212 338 White Rock Min Spring100
$7 1st preferred
55
100
$io 282 preferred
738
638 - 50
4412 4712 Wilcox-Gibbs corn
100
Woodward Iron
2212 24
100
Worcester Salt
114
100
_ Young (J S) Co com
100
7% preferred
34
8--31
Industrial and Railroad Bonds.
-94
-9
Chicago Stock Yds 55._1961
Consol Mach Tool 75__1942
Congo! Tobacco 45_ ___1951
Consolidation Coa1434s 1934
EquIt Office Bldg 55_1952
1938
Haytian Corp 8s
1946
Hoboken Ferry 5s
International Salt 58
1951
Journal of Comm 63.4s..1937
Loow's New Brd Prop
J&D
68 1945
Merchants Refit; 65_ _1937
N Y & Hob F'y 5s '46..J&D
NY Shipbldg 55 1940_M&N
NorthAmerican Refractories
1944
63.45
Piedmont & Nor Ry 58_1954
Pierce Butler & P 6345_1942
8113 86 Prudence Co guar collateral
1961
53.4s
13
610
981 --__ Realty Assoc sec 6s'37_J&J
28 61 Broadway 5545 '50..A6c0
e24
Stand Textile1st 6348'42 unas'nted3d&S
57
54
19 Struthers Wells Titusville
e17
1943
80
(1W1
Tol Term RR 4 Y45'57_M&N
1937
99 10012 Ward Baking let 6s
Witherbee Sherman 68_1944
48
5238 Woodward Iron 55 1952 J&J
Insurance Companies.
A"4
Par Bid
Par Bid Ask
55
10 53
Aetna Casualty & Surety_10 5012 5212 Hartford Fire
4
10 383 403 Hartford Steam Boiler... 10 513 53,,
4
4
Aetna Fire
5 24
10 193 2114 Home
25 `
4
Aetna Life
Home Fire Security
58
1 1 1 2,4
10
25 56
Agricultural
Homestead Fire
10 153 1714
4
10 1812 21
American Alliance
10
Hudson Insurance
4 6
714 -43
6
American Colony
5 1812 2112
American Equitable
714 812 Importers dr Exp. of N Y_25
10
4 714
53
American Home
4
113 1112 Knickerbocker
812 1112
5
.2
American of Newark... ii
4
33
3
5
American He-Insurance. 10 3934 4134 Lincoln Fire
4
.
4
10 183 20,
American Reserve
4 21 1
13
2
26 2314 2434 Maryland Casualty
American Surety
25 1412 1512
2312 Mass Bonding &Ins
10 22
Automobile
MerchantsFireAssurcom2 ti 3014 32
314 414 Merch & Mtn Fire Newark _ 5
2 ti
514 714
Baltimore Amer
6412
25 64
Bankers & Shippers
National Casualty
10
4 9
73
100 463 470
Boston
National Fire
10 5414 5614
National Liberty
2
18
4 63
53
5 17
Camden Fire
4
2312 National Union Fire
20 82
85
10 22
Carolina
5 10
New Amsterdam Carr
1034
100 185 192
City of New York
10 243 2614
4
4
4
Connecticut General Life_10 281 293 New Brunswick Fire
10 1112 14
New England Fire
_. 2
Consolidated Indemnity.
36
5 V12 1412 New Hampshire Fire .10 35
Continental Casualty
20 3012 34
10 1612 21 12 New Jersey
Cosmopolitan Fire
5 11 12 1412
New York Fire
12.50 693 7314
4
212 313 Northern
214
Eagle Fire
2.50 1914 203
4
2512 North River
Employers Re-Husurance_10 23
4
5 103 1112 Northwestern National _25 103 107
Excess
Ask
93
90
891275
70 -- 8412 ____
3512 38
91
89
ell
10
.25612 --38
e34
6412 ---35
___
44
9814
10114
ell
e31
48
100
10318
13
36
Chicago Bank Stocks,
Par Bid
Ask
Amer Nat Bank &Trust_100 100 ____ First National
Harris Trust & Savings
Continental III Bank &
4
4
100 443 453 Northern Trust Co
Trust
Ask
8
7
118
Ask
Bid
10
8
76
72
8
6
434 53- 3
3412 3713
122 126
3514 ---97 ---_
25
5
_-I
4412
38
_ _
56
:
137 1-40
2012 2312
40
33
914 113
4
82 88
23
2414
_
6-6
1050
25 69
72
Pacific Fire
66
10 62
Federal
I
14
10 6212 6412
4
Fidelity dr Deposit of Md.20 403 42 Phoenix
3134 3334
5
4
93 1012
7 Preferred Accident
6
5
Firemen's of Newark
4
5 2114 223 Providence-Washington. 10 2714 2914
-1- 64Franklin Fire
19
14
1612 General Alliance
10 1814 193
Rochester American
4
• 1012 12
912 12
24 St Paul Fire dr Marine__ _25 130 134
10 20
Georgia Home
8 2
13
4
283
3012 Security New Haven_ _10 28
5 29
Glens Falls Fire
We 73
10 1814 2014
4
4 Globe & Republic
5 1034 133 Southern Fire
5
2
-m.25 96
Springfield Fire & Merit
99
51
Globe & Rutgers Fire____25 48
6012 66
312 412
10
4
5 1914 203 Stuyvesant
Great American
8,2 12
100 440 465
734 10 Sun Life Assurance
Great Amer Indemnity___ _1
4 33
23
4
7112 Halifax Fire
67
4
100 443 458
10 1614 173 Travelers
U 8 Fidelity dr Guar Co_ _.2
30
6
25 25
Hamilton Fire
4
63
88 ____
4 36
3012 U 8 Fire
10 29
38
Hanover Fire
130 ---- Harmonla
2.50 25 4 2714
4
10 213 2314 Westchester Fire
3
27
22
8
5
4712 5012
Realty, Surety and Mortgage Companies.
6534
8912
Par Bid
A sk
Par Bfd Ask I
134 Lawyers Title & Guar__100
1
Bond dr Mortgage Guar_ _20
23
4 312
12
8
27 IN Y Title .ic Mtge
Empire Title & Guar.. _100 20
101
114 2
20
Lawyers Mortgage
Bid
Bid Ask
80
Adams Express 48 '47_J&D 78
_
American Meter 681946_ _ _ _
noi4 int
Amer Tobacco 4s 1951_F&A 80_43
Type Fdrs Os '37_IVI&N e35
Am
43
Debenture 68 1939M&N e35
Am Wire Fab 78 '42_51&S 83 93
Bear Mountain-Hudson
76
River Bridge 75 1953 A&O 72
Par Bid
Ask
68
7 Kinner Airplane & Mot. _ I
3 Warner Aircraft Engine _ __•
8
7
11.2
Industrial Stocks.
Par
•
American Arch $1
100
American Book $4
,
Amer Dry Ice Corp
American Canadian Prop_•
American Cigar $13 pref__100
•
American Meter corn
50
Bliss(E W)let pref
10
2d pref B
Bohn Refrigerator pref_ _100
Bon Arai Co II common___•
13runsw-Balke-Col pref__100
Canadian Celanese corn _•
100
Preferred
•
Carnation Co common
100
Preferred $7
Chestnut & Smith pref 100
Color Pictures Inc
Colts Patent Fire Arms..._25
Columbia Baking cora____•
•
1st preferred
•
2d preferred
*
Crowell Pub Co $1 com
100
$7 preferred
De Forest Phonofilm Corp__
•
Dictaphone Corp
100
Preferred
•
Doehler Die Cast pref
50
Preferred
Dixon (Jos) Crucible_ ___100
Douglas Shoe preferred__100
•
Draper corn
100
Driver-Harris pre
Eiseman Magneto pref_ _100
Flour Mills of America..._•
Gen Fireproofing $7 pf 100
Graton & Knight com____•
lee
Preferred
Herring-Hall-Mary Safe_ 100
100
Howe Scale
100
Preferred
Industrial Accept pref
Par Bid
5
Aviation Sec Corp(N E)__•
1
•
Central Airports
Ask
Par Bid
100 110 113
100 240 245
100 380 390
New York Real Estate Securities Exchange
Bonds and Stocks.
Bid
Active Issues.
Home Loan BondsHome Owners' Loan Corp
3s (int & prin quar US)
1944-1952
BondsBway di 38th St Bldg 751945
Broadmoor (The) 6s_ _1941
Broadway Barclay Office
1941
Bldg 6s
1939
Butler Hall 65.
Central Zone Bldg etfs
Dorset (The)(15 ctfs
11 Park Place Corp 413_1948
502 Park Av Bldg 6s'41 or ctf
Hotel Lexington Os__ _ _1943
Montague Court Office Bldg
1945
6548
Ask
Active Issues.
1314
Bonds (Concluded)Mortgage Bond (N Y) 5345
(Ser 6)
1934 40
10014, 100'12 New Weston Hotel Annex
1940 24
68
New York Athletic Club
138
1946 29
41
____ ill John St Bldg 6s...1948 42
19
Ili Park Central Hotel etfs___
1712
31
27
Pennsylvania Bldg 55 1939 22
3112 3412 Penny (I C)Corp 5345_1950 100
37_ Sherry Netherlands Hotel
2912
26 --1948 25
635
25 ____ Trinity Bldgs Corp 544e-1939 9412
..2460 Broadway Bldg Mr_
s_
812
15
15
28 2124-34 Bway Bldg MU_._
2512 West End Ave dr 104th St
1939 15
131dg 6s
___ "Stocks
31
.
City & Suburban Homes __
3'2
1
French (F F) Investing____
50
Hotel Barbizon, Inc
As
44
30
45 12
2
- 11s
2912
12
-18
18
5
214
Other Over-the-Counter Securities-Friday May 4
Railroad Equipments.
Short Term Securities.
Allis-Chal Mfg 55 May 1937
Amer Wat Wks bs 1934 A&O
Atlantic Refining 5s._.1937
Bethlehem Steel 5e.....1936
Bid
9814
106
106
10214
Ask
9914
107
10614
10258
1937
Humble Oil bs
Mag Pet 4 Iis_ _Feb 15 1935
1936
Midvale Steel 56
Pennsylvania By 6 3.4s_1936
Water Bonds.
Ask
9712 Hunt'ton W 1st 68'54__NI&S
1st m 5s 1954 ser 13__Pil&S
9912
55 1962
____
-___ Joplin W W 5857 ser A PA &S
Kokomo W W 5s 1958AdeD
monm con ty let 55'56 J&D
101 103
ow, Monon Val W 53.48 '50.1d4.1
98
Mehra W W 1st 55'57_M&N
9712 99
92 St Joseph Wat 55 1941 A&O
89
9912 ____ South Pitts Water CoF&A
let 58 1955
99 ____
gg 10012
let & ref 58 60 ser A ..J&J
1st & ref 5560 ser II.J&J
Terre Hte WW 6849 A J&D
98
1st m 581958 ser B J&D
98 ____
_ Texarkana W 1st 5558 F&A
97
/
87
85 _-- Wichita Wat let 65'49_11 US
1st m Is '56 ser 13......F&A
__
(
1st m 53 1960 ser C.11 1.1rN
85
8912-83
Bid
Alton Water 58 1956__A&O 95
Wat let 53 A 1956-A&O 98
Ark
Ashtabula W W bs'58_Adr0 88
Atlantic Co Wat 59'58 Pd&S 88
BIM WW 1st 5to A•54A4,0
8
181 m 5 1954 882 B__J&D
1st be 1957 series C__ F&A
Butler Water bs 19.57....A&O
City of Newcastle Wat 58'41
City W (Chat) 55 B '54 J&D
z/.7
1st 58 1957 series c_wg
Commonwealth WaterF&A
let As 1956 B
1st m 55 1957 ser C_F&A
Davenport W Is 1961_ _J&J
E S L & Int W 5s 1942A&J
1st m Os 1942 ser B__Jdr.1
let 5s 1960 ser D____F&A
Ask
Bid
Bid Ask
3.00 2.00 Kanawha & Michigan ea.__ 3.50 2.50
Atlantic Coast Line 65
4.00 3.00 Kansas City Southern 544s. 5.00 4.00
Equipment 6343
3.00 2.00 Louisville dr Nashville 65.... 3.75 3.25
-14 Baltimore & Ohio (Ss
162
Equipment 634s
3.75 3.25
4.25 3.76
Equipment 4 3.48 & 5s
10612
Buff Roch & Pitts equip 6s__ 5.00 4.20 Minn St P dr SS M 4 Ms dr bs 8.00 6.00
Equipment 644s & 75_ _ __ 8.00 6.00
Canadian Pacific 434s & 13s_ 4.25 3.75
9.00 6.00
3,75 3.25 Missouri Pacific 63.45
Central RR of NJ 68
Equipment 65
9.00 6.00
3.75 3.00
Chesapeake & Ohio 6s
3.75 3.00 Mobile & Ohio ba
8.00 6.50
Rid Ask
Equipment 63.48
3.75 3.00 New York Central 434s & 55 4.20 3.75
Equipment 55
____
101
Equipment 68
4.20 3.75
. Chicago & North West 6s... 5.50 4.50
Equipment 75
4.20 3.75
5.50 4.50
Equipment 63.4s
95
97
9612--. Chic It 1k Pac 43.4i Jo Is... 8.00 6.50 Norfolk & Western 4 y45._ _ _ 2.00 1.00
91
4.25 3.75
8.00 6.50 Northern Pacific 75
Equipment 65
92
88 _- 5.50 5.00 Pacific Fruit Express Th.__ 4.00 3.00
Colorado & Southern Os
9012 92
3.00 2.00 Pennsylvanla Itit equip 5*.. 3.10 3.00
97
9912 Delaware & Hudson 6s_
4.40 8.75 Pittsburgh & Lake Erie 634s 4.25 3.00
Erie 444s 55
93 __._
4.40 3.75 Reading Co 4 34* & be
3.75 3.25
Equipment 65
100 ____
4.25 3.75 St Louis & San Fran 55
8.00 6.50
Great Northern fls
4.25 3.75 Southern Pacific Co 43.45
4.25 3.75
102
Equipment 55
Equipment 78
4.21 3.75
3.75 3.25
- Hocking valley Is
3.75 3.25 Southern lty 4 S45 & 55
4.40 3.75
100 101
10014--Equipment 65
Equipment Os
4.40 3.75
4.25 3.75
99
Illinois Central 4 As & 55_
4.25 375 Toledo & Ohio Central 65._ 3.50 2.00
9312 ____
Equipment 65
3.00 2.00
80
77
Equipment 78k 6545...... 4.25 3.75 Union Pacific 75
101
95
94
• NO Par value. 4 Last reported market. s Defaulted. z Ex dividend.
___.
Bid
8
1047
10112
102
106
Ask
8
1053
Financial Chronicle
Volume 138
3077
General Corporation and Investment News
RAILROAD-PUBLIC UTILITY-INDUSTRIAL-MISCELLANEOUS.
Below will be found in alphabetical arrangement current news pertaining to all classes of corporate
entities-railroad, public utility and industrial companies. This information was heretofore given
under classified headings, such as Current Earnings, Financial Reports, Steam Railroads, Public Utilities
and Industrial and Miscellaneous.
Monthly Gross Earnings of Railroads.
-The following
are comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Inter-State Commerce Commission:
Length of Road.
Gross Earnings.
Month.
1933.
January_ _ _
February
March
April
May
June
July
August
September_ _
October
November_ _
December._ _
1932.
Dec.(-)•
Per
Cent.
1933.
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
-62,022,941
-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
-16.73
-19.67
-23.89
-15.02
+1.41
+14.43
+25.13
+19.36
+8.62
-0.13
+2.87
+0.93
Miles
241,881
241.189
240,911
241,680
241,484
241,455
241,348
241.166
240.292
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
ine• (+)or
1934.
1933.
1933.
1934.
January __ _ - 257,719,855 226,276,523 +31,443,332 +13.90 239,444 241,337
February _ _ _ 248,104,297 211,882,826 +36,221,471 +17.10 239,389 241,263
Net Earn ngs.
Month
(÷) Of Dec.(-).
1933.
1932.
Amount.
January
February
March
April
May
June
July
August
September
October
November
December
$
41;,603,287
41,460,593
42,160,029
52,585,047
74,844,410
94,448,669
100,482,838
96,108,921
94,222,438
91,000.573
66,866,614
59,129,403
$
45,964,987
56,187,604
68.356,042
56,261,840
47,416,270
47,018.729
46,148,017
62,553,029
83,092,822
98,337,561
63,962,092
57,861.144
$
-361.700
-14,727,011
-25,256,013
-3,676,793
+27,428,140
+47,429,940
+54,334.821
+33,555,892
+11,129,616
-7,336,988
+2.904,522
+1,268,259
January
February
1934.
62,262,469
59,923,775
1933.
44,978,266
40,914,074
+17,284,203
+19,009,701
Per Cent.
-0.79
-26.21
36.64
-6.55
3 Months Ended March 311932.
1933.
1934.
Operating profit
$291,183
$114,243
$288,828
Expenses and amortization
50,805
56,254
51,604
Depreciation
78,429
77,756
76,615
Interest and exchange loss
17.131
22,777
Federal taxes
8,000
17,000
20.955
4,290
Subsidiary Preferred dividends
4,291
3.720
Net profit
$140,658
$113,157 1o:8449,188
Earnings per share on 7
746,313 shares
capital stock (par $10)
Nil
$0.19
$0.15
J. S. Van Leer, Treasurer, has been elected a director and a member of
the executive committee to fill existing vacancies. D. C. Blackie was
elected Assistant Treasurer.
-V. 138, p. 2906.
Algoma Central & Hudson Bay Ry.(& Subs.).
Years Ended Dec. 31
6 Mos.End.
Period1932.
1931. Dec. 31 '30.
1933.
Railway receipts
$766,920 $1,165,683
$842,187
$661.643
Steamship receipts
267.699
125,050
148,501
205,507
Gross revenue
$810,144
$1.047,694 $1,034,619 $1,293,733
Railway working exps
693,131
731,567
635,499
1,097,640
Steamship working exp196,949
226.260
129,660
132,263
General manageanent
79,993
85,230
82,397
47,073
Taxes
40,285
40,601
45,081
20,762
Net loss
prof$37,336
$49,040
$61,047
$25,454
Other income:
Int A. E. T. bonds_
3,750
22,500
Int. on inv. and dep
10,353
37,420
13,413
27.415
Rental-Montreal River
leased lands
25,000
6,000
12.500
Transferred from res. for
French Govt. taxes_
117
586
418
Miscellaneous
2
Gross income
$72,689 loss$23,010 loss$13,292
$24,881
Miscellaneous expenses.
13,120
14,720
11,042
17,546
Jointnet
$59,569 1os437,730 loss$30,838
$13,839
Ry. bonds (5%)
.
252,000
Rent (A. C. Terminal)
149,781
149,781
149,781
124,818
accrued on unInterest
paid rental
16,226
8.737
Accr. int. on 5% mtge.
inc.deb.stk. &(or) Ms.
515,425
515,425
515.425
Net deficit
$621,863
$711,673
$696,043
$362,980
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Liabilities
Asset,
Preferred stock-- _ 500,000
Prop. & invest. in
500,000
affiliated cos___19,223,841 19,252,607 Common stock... 4,207,550 4,207,550
374,249 5% mtge. inc. def.
Mat'ls and supplies 339,166
stk.and(or) bds-10,308,500 10,308,500
Debtors and debit
237,190 26 mtge.6% 50-yr.
274,967
balances
gold bonds
318,800
Invest. British War
318,800
236,403
236,403 Equip. ett. obits.. 192,000
Loan
224,000
89,182
79,081 Creditors & credit
Cash
balances
2,029,580 1,407,716
1,552,536 1,525,511
Deficit
Accrued rental
461,826
295,818
Accrued interest 1,546,275 1,030,850
Dep reciation res've 1,531,619 1,603,377
Capital surplus... 1,574,034 1 572,
,839
Total
22,193,140 21,587,245
Total
1934.
$99,201
1933.
$160,863
1932.
$155,562
1931.
$412,317
$0.25
$0.42
$0.40
$1.07
Alabama Tennessee & Northern RR. Corp.
-Earnings.
Calendar YearsOperating revenues- --Operating expenses, &c..
1931.
1930.
$958,312 $1,175,231
817.360
1,091.899
1933.
$707,407
734,349
1932.
$758,665
727,165
Operating income__ __ loss$26.942
Non-operating income__
927
$31,500
1,333
$140,952
1,013
$183,332
1,934
Gross income
1°88326,015
Interest, rentals &c.....
67,467
$32,833
146.464
$141.965
254.256
$185,266
269.564
$113,631
$112.292
$84,298
Deficit
-V. 135, p. 3159.
$93,482
Aldred Investment Trust.
-Earnings.
3 Months Ended March 31Profit after expenses and debenture interest____
Loss on securities sold
1934.
$1,255
118,154
1933.
$5,682
18,792
Deficit
'1.3,110
$116,899
The balance sheet as of March 31 1934,shows total assets of $10,275,932,
of which securities costing $10,106,236 had a market value of $5,628,883.
This compares with 310,183,161 cost of securities on Dec. 31 1933, and
market value of $4,477,352.
The principal portfolio changes during the March quarter follow: Sales.
600 shares Eastern Rolling Mills; 2,500 Gillette Safety Razor common;
590 American Writing Paper, preferred; 3.000 Shwainigan Water & Power
common; $50,000 Duke Price Power 6s, 1966 and $20,000 Houston Gas
Securities 5s, 1952.
Consolidated Gas of New York; 200 Gillette Safety
Razur p4erzHer1.100 Gorham Manufacturing; $7,000 International
Porchas
Power Securities Corp. 0 6;is, 1955: $31,000 E 78, 1957 and $43,000 F
78, 1952.-V. 138, P. 2087.
+int -441
l
"ftAlleghany Corp.
-Readjustment Plan Approved.+117.74
At the special meeting held on May 2, the stockholders approved a plan
+53 39
+13.64
for the readjustment of the 1950 bonds. The corporation also advises that
the deposit of bonds to complete the effectiveness of the plan is progressing
-7.46
satisfactorily.
+4.54
+2.19
Removed from List.
The New York Produce Exchange has removed from the list the certificates of deposit for 20
-year collateral trust convertible 5% bonds, of 1950.
+38.43
-V. 138. p. 2237.
+4(r.46
-Earns.
Addressograph-Multigraph Corp. (& Subs.).
-v.136. p. 4263.
Affiliated Products, Inc.(& Subs.).-Earnings.Quar.End.March 31Net income after taxes__
Earns, per sh. on 382,000
shares of corn, stocks
(no par)
-V. 138. p. 2906.
22,193.140 21.587,245
Allegheny Steel Co.-Earnings.-
1932.
Th ree Months Ended March 311934.
1933.
Gross sales
$4,339,236 $1.699.470 $2.219,711
Cost of sales
1.534,612 2,286.479
3.635,833
Selling. adminis. and general expense
146.795
139,129
180,769
Miscellaneous losses
5.793
14
15,611
Depreciation
172,148
189.396
189,682
Loss for period
$163,681
$391,503
Pt$317.341
Other income
19,382
31,743
25,124
Net loss
$131,937
$366,379
13f3336,723
Federal taxes
42.769
Net loss
$131,937
$366,379
Pf 3293,954
Preferred dividends
58.495
Deficit
sur.$235,459 $131.937
$366,379
Earnings per share on 610,695 abs.
common stock (no par)
$0.38
Nil
Nil
-V. 138, p. 1938.
Allied Distributors, Inc.
-Investment Trust Averages
Slightly Lower.
Investment trust securities reacted moderately during the week ended
April 27. reflecting the movement in the securities markets in general.
The average for the common stocks of the 10 leading management trusts,
influenced by the leverage factor, as compiled by this corporation, stood
at 15.01 as of the close April 27, compared with 15.64 on April 20.
The average of the non-leverage stocks stood at 16.46 as of the close
April 27, compared with 16.79 at the close on April 20. The average
of the mutual funds closed at 11.39 compared with 11.66 at the close of
the previous week.
-V. 138, p. 2907.
Aluminium, Ltd.
-Tenders.
The Union Trust Co. of Pittsburgh, trustee, will until noon May 23
receive bids for the sale to it of 5% s. f. debenture gold bonds dated July 1
1928 to an amount sufficient to exhaust $300,725, at prices not exceeding
105 and interest.
-V. 138. p. 1920.
Amerada Corp.(& Subs.).
-Earnings.
Quar. End. Mar. 311934.
Gross operating income- $1,873,943
Operating & adm. exps.,
taxes, leases aband.,&c
932,302
1933.
1933.
$982,730 $1,392,621
835,052
853,910
795,278
Operating income..___
Other income
$941,641
119,329
$147.678
138,832
$538,711
162,500
$483,793
167,133
Total income
$1.060,970
Deprec., depletion and
drilling expenses
535.971
$286,510
$701,211
$650,926
488.449
475.828
592,702
$524.999 loss$201,939
922,075
767,375
Nil
$0.68
$225.384
922.075
$0.24
$58,225
922,075
$0.06
Net income _ _ _ ----Number of shares
''d
Earnings per share
-V.138, p. 2734.
1931.
$1,279,071
American Beverage Corp.
-Sales Increased.
-
The corporation, holding company controlling Carl H. Schultz Corp.,
Schoneberger & Noble, Inc. and The Brownie Corp., manufacturers of
Schultz Club Soda, which on Dec. 6 1933 entered the alcoholic beverage
business with a complete line of liquors, reports consolidated sales for the
first quarter of 1934 of $304.941. This figure compares with sales of
strictly non-alcoholic beverages in the same quarter of 1933 amounting
to $134,833. This is an increase of 125%. Sales of non-alcoholic beveraKes
in the first quarter of 1934 were $173,030, or an increase of 28%.-V.
138, p. 2237.
rican Caramel Co.-Trefiriav-Steerereekid.'
Ftaltimore Stock Exchange has suspended from dealing the common
and p eferred stocks, because of failure to furnish stockholders and the
Exchange with current financial statements despite frequent requests.
-V. 111, P. 789.
American Bank Note Co.-Earnings.1933.
$29,300
25,704
1932.
$69,242
36,970
1931.
$133,891
68,172
$55,004
73.537
18,278
$106,212
76,119
21,029
$202,063
78,760
18,792
Net profit
def$180,726 def$36,811
Pref. dive, of foreign sub.
7,819
5.545
67,434
Preferred dividends
67,434
Common dividends_
$9,064
8,088
67.435
$104,512
5,868
67,435
326,387
Quar. End. Mar.311934.
x Operating profit
def$118,641
Other revenues
22,273
Total income
Depreciation
Mine11. charges, &c
May 5 1934
Financial Chronicle
3078
def$96.368
69,994
14,365
Deficit
$66.458
$109,790
$255,980
Shares com, stock outstanding (par $10)....
652,773
652.773
652,773
Nil
Earnings per share
Nil
Nil
x After expenses and Federal taxes.
Consolidated Balance Sheet March 31.
1934.
1934.
1933.
Liabilities
Assets
Land, bldg., maPreferred stock___ 4,495,650
chinery,
_ _10,888,181 11,161,290 Common stock__ 6,527,730
Inventories
1 633,527 1,702,145 Pref. foreign subs. 391,032
Accts.receivable_ _ 504,897
955,986 Accounts payable_ 197,908
Corn.stk. acquired
Reserve for taxes_ 139,939
for resale
28,674 Advances on cus48,852
Marketable invest. 1,996,450 2,126,067 tomers' orders__ 115,712
67,434
Contract deposit
111,820 Pref. diva, payable
108,385
Cash
1,722,757 1,065,086 Approp. surplus__ 437,520
Invest, of approEarned surplus___ 5,048,828
priated surplus_ 437,520
432,063
Def. dr unadj. chgs
81,184
127,335
Total
17,421,752 17,710,467
- 138, p. 2088.
V.
Total
$295.177
652,773
$0.05
1933.
4,495,650
6,527,730
391,032
250,671
124,643
194,856
67,434
432,062
5,226,387
17,421,752 17,710,467
American Colortype Co.
-First Quarter Sales Gain.
Quarter Ended March 31Sales
-V. 137, p. 2978.
1934.
1933.
$1,661,799 $1,402.113
Increase.
$259.686
American Commercial Alcohol Corp. (8z Subs.).
3 Months Ended March 31Operating income
Depreciation
Federal taxes
1934.
$878,444
65,029
123.028
$690,387
260,901
$2.65
Net profit
Shares capital stock outstanding (Par $20)
Earnings per share
- 138. P. 2907.
V.
1933.
$126,648
49.877
$76,771
194 747
$tizia
-Forms New Chemical Sub.
American Cyanamid Co.
The American Cyanamid Co. and the Pittsburgh Plate Glass Co. have
formed the Southern Chemical Corp. to produce chemicals in connection
with the operation of the alkali plant being constructed at Corpus Christi,
Texas, by the Southern Alkali Corp., also owned by the first two companies.
W. B. Bell is Chairman of the new company and H. L. Derby is President.
- 138, p. 506.
V.
-Earnings.
American Gas & Electric Co.(& Subs.).
Period End. Mar.31- 1934
1934-12 MOS.-1933.
-Month-1933.
Subs. Cos. ConsolidTd
(Interco. Items Elim.)
Operating revenue
$5,125,976 $4,453,228 $58.407,035 $56,454,492
Operating expenses__ -- 2,525,650 2,148,886 27,806,893 26,150.913
Operating income__ -- $2,600,325 $2,304,341 $30,600,141 $30,303,578
56,633
807,822
828,996
61.871
Other income
Total income
$2.662,197 $2,360,974 $31,407,964 $31,132,574
Res.for renew. & replace.
7,054,678
602,965 7,791.941
(depreciation)
643,830
927,765 11,171,623 11,392,012
930,917
Interest & other deducts.
417,750
5,005,037 4,937,675
Pref. stock dividends-417.490
American Ice Co.(& Subs.).-Earnings.1932.
Quar. End. Mar.311933.
1934.
Net prof. aft. int., depr.,
_loss$272,422 loss$223,866
$86,104
Federal taxes,
&c__Earnings per share on $6
Nil
Nil
$0.56
preferred stock
-V.138, p. 2908.
1931.
$48,086
$0.32
-Earnings.
American Home Products Corp.(& Subs.).
Calendar YearsNet sales
Costs and expenses
1930.
1932.
1931.
1933.
$14,706,770 $15,355,739 $16,491,742 $14,918,115
11,746,970 11,466,131 12,307,441 11,033,107
Operating income... $2,959.801 $3,889,609 $4,284.300 83,885.008
84.695
164.942
198,739
115.954
Other income
Total income
Interest, &c
Depreciation
Federal tax
Foreign tax
$3,075,755 $3,974.304 $4,449,242 $4,083,747
91,931
512,211
350,880
332,480
85,162
218,071
197,654
127,378
324,801
362,694
357,497
291,765
220,848
237.116
253.488
238,576
Net income
Minority interest
Dividends
81,996.324 $2.648,257 $3,374,910 $3,361,005
4,058
1,075
4.287
1.982,695 2,630,355 2.564,417 2,564.415
Surplus
Previous surplus
Total surplus
-Dr
Adjustments
$13,629
5,040.322
$13,844
5,297,003
$809.418
4,543,088
$792,303
3,851,410
*5,053.951 85,310,847 15,352,506 $4,643,713
100,625
y270.525
y153,874
55,503
$4,900.077 $5,040,322 85.297.003 $4,543,088
Total surplus
611,000
672,100
611,000
672.100
Shares of capital stock
$5.50
x$4.26
$5.52
$2.97
Earnings per share
x Earnings per share based on average amount of shares outstanding
Substantially all of this represents the book value of obduring year. y
solete equipment charged off and prior period adjustments.
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
Liabilities-$
$
$
$
Assetsy Capital stock__ 672,100 17,832,439
xLand,b1dgs.,equip3,215,201 3,398.647 Minor. stockholders
ment,‘ke
485
485
1,664,715 1,911,408 int. in sub. cos_
Cash
647,467
Accounts payable- 775,893
U.S. Liberty bonds_ 257,758
470,470
55,312 Dividend payable._ 268,840
28,800
Marketable scour
11,500 Res.for foreign each 69,299
6,500
Investments
Accts.& notes rec__1,882,497 1.951,241 Res.for Federal and
652,216
682,647
2,361,630 2,291,966 State taxes
Inventories
305,533
243,875 Res. for conting- 225,575
.
Prepaid expense_ _ 190,652
4,900,077 5,040,322
Earned surplus
Good-will and trade
1 15,084,982 Capital surplus--2,012,838
marks
9,607,754 24,948,932
Total...... __ _9,607,754 24,948,932 Total
x After depreciation of $1,064,073 in 1933 and $906,847 in 1932. y Repsented by 672,100 $1 par shares in 1933 and 672,100 no par shares in 1932.
-V.137, p. 1581.
--Earnings.
American Power & Light Co.(& Subs.).
1933.
1932.
12 Months Ended Dec. 31Subsidiaries
Operating revenues
Operating expenses, including taxes
$72,383,602 $74,331,189
36,527.471 35.601,722
Net revenuesfrom operation
Other income
835,856.131 138,729,467
309,705
562,493
Gross corporate income
Interest to public and other deductions
Interest charged to construction
Property retirement reserve appropriations
$36,165,836 $39,291,960
16,560,583 16,622,072
Cr71,870 Cr299,490
5,314,484 4,891.858
Balance
Preferred dividends to public
Portion applicable to minority interest
$14,362,639 $18,077,520
7,164,313 7,129,455
79,581
106,621
Net equity of American Power & Light Co. in
income of subsidiaries
$7,118,745 $10,841.444
American Power & Light Co.
of American Power & Light Co. in
Net equity
$7.118,745 $10,841,444
Income of subsidiaries (as shown above)
55,446
Other income
959,735
$669.958
Balance
Portion apphc. to minority interests
$412,493 $7,439.362 $7,748,207
Balance
$669.958
Amer. Gas * Elec. Co.Bal. of subs, cos, earns.
applic. to Amer. Gas
& Electric Co
$669,958
Int. & pref. stock diva
424,335
from subs. cos
41,735
Other income
$412,493 $7,439,362 $7,748,300
Totalincome
Expenses, including taxes
Interest to public and other deductions
$412,493 87.439,362 87,748,300
$1,136,029
Total income
Expense
38,499
213,566
Interest & other deducts.
177,811
Pref. stk.(Ms. to public
8865.008 $12,987,056 $13,573,410
453,669
461,271
30.659
2,596,378
213,566 2,562,753
177.811
2,133,738 2.133,738
Balance carried to consolidated earned surplus-- $3,896,883 $8,483,282
-The above statement includes full revenues of a subsidiary
Notation.
without provision for possible revenue losses involved in rate litigation now
pending in Federal Court. A reserve in amount of $472,285 to provide
for such possible revenue losses has been set up on the books of the subsidiary.
-V. 138, p. 1392.
Balance
-V. 138, p. 2396.
$442,969 $7.829.293 $8,389,625
$706,151
Cr92
426,559
25,955
5,124,112
423,581
5,293,041
532,069
-Pay Interest.
American Gas & Power Co.
President Fred W. Seymour on April 20 announced that the May 1
1934 coupons of the company's 5% secured debentures due May 1 1953
-V. 137. p. 3147.
would be paid promptly on the due date.
-Correction.
American Machine & Foundry Co.
The income statement for the three months ended March 31 appearing
under this company's name in last week's Chronicle" is that of American
-V. 138, p. 2908.
Machine & Metals, Inc.
-Earnings.
American Machine & Metals, Inc.
1931.
3 Mos.End. Mar.31Gross profit on sales...Interest, discounts,&c_-
1934.
$146,698
27,866
1933.
$70,957
47,487
1932.
$92,727
43,201
Gross income
Costa and expenses
Depreciation
Interest
Profit on bonds retired
$174,564
159,770
29,607
25,155
$118,444
130.110
14,786
26.332
Cr52,416
$135,928
197,298
21,114
31.305
$342,995
339,765
47,231
39,000
$39,968
$368
$113,789
$83,001
Net loss
I'
-V. 138, p.2563.
\
-Earnings.
-American Metal Co., Ltd.
Earnings for 3 Months Ended March 31 1934.
Profit after development expenses and inventory adjustment__
Other income
NMI
Total income
Interest
Administration expenses
Depreciation
Depletion
$267,659
93,569
$361.228
238,154
105,412
191,743
9,685
$183,766
Net loss
-The above net loss does not reflect company's interest in results
Note.
of operations of subsidiaries less than 80% and more than 50% owned,
nor does it include net profits of $8,264 realized during the quarter on
-V.138, P.2908.
sales of securities and transferred to contingent reserve.
$7,174.191 $11,801,179
172,056
221,811
3,105,252 3,096,086
-Notes Exchanged.-,
American Rolling Mill Co.
All the
% gold notes of this company, which matured Nov. 1, last,
have now been exchanged into the new 5% convertible notes due May 1
1938. There were $13,992,000 of the old notes outstanding at the original
maturity date and $671,000 were turned in to the Guaranty Trust Co. for
exchange on Nov. 1 last. The time for additional exchanges was extended
until May 1, and the remaining $13,321,000 have now been exchanged.
The new 5% notes are convertible into 40 shares of common stock for
each $1,000 principal. These notes also are redeemable on 30 days' notice
in whole or in part at 103, up to and including Nov. 1 1934. The redemption price will lm reduced by 34% for each 12 months thereafter.
-V. 138.
p. 2908.
-Business Shows Improvement.
American Snuff Co.
-
President Martin J. Condon says: "Business of the company so far
this year has been ahead of last year.
"We dont know, however, whether some of this added business was
borrowed from later months. The money which the Government has been
putting into the South has undoubtedly been a factor in the in eas V. 138, p. 1045.
-50-cent Preferred DividenP 1
-.American Steel Foundries.
A/
The directors on May 3 declared a dividend of 50 cents per share on Wel
7% cum. pref. stock, par $100, payable June 30 to holders of record June 15.
A like amount was paid in each of the five preceding quarters, prior to
which the company made regular quarterly distributions of $1.75 per share.
Accruals on the pref. stock, after the payment of the June 30 dividend,
will amount to $7.50 per share.
1934.
Quer. End. Mar.311933.
1932.
1931.
Net loss after deprec.,
$201,027
$495,532
taxes, & min. lot
$350,300 prof.$66,395
-V.138, P. 1564.
American Water Works & Electric Co., Inc.
-Output.
-
Output of electric energy of the company's electric properties for the
week ended April 28 1934, totaled 35,957,000 kwh., an increase of 23%
over the output of 29.232,000 kwh. for the corresponding period of 1933.
Comparative table of weekly output of electric energy for the last five
years follows:
1932.
Wk. End.
1934.
1933.
1931,
1930.
Apr 1 7_-- 32.857,000 27,314,000 29,494.000 34.669,000 36,710,000
Apr 1 14-... 35;004,000 27,681,000 29,581,000 33,590,000 36,326,000
Apr 1 21... 35,224,000 28,319,000 28,835,000 34,972,000 36.094.000
Apr 1 28... 35.957,000 29,232,000 28,123,000 33.012,000 36,288,000
-v. 138. p. 2909.
Quar. End. Mar. 311934.
Net sales
$1.114,097
Costs and expenses
1,114,566
Operating profit
Other income
1931.
l93.
1933.
$875,863 $1,317,842 $2,227,726
885,609 1,269,620 2,061,711
loss$469
5,806
loss$9,746
5,732
$48,222
26,862
$166,015
55,182
$5,337
77,033
41,097
loss$4,014
77,317
51,838
$75,084
77,677
53,467
41,118
48,588
48,366
$221,197
80,013
70,145
3.924
38,343
Total income
Interest
Depreciation _
Federal taxes
Other deductions
Net loss
$104,426 pf.$28.772
$181.757
$154,181
Current assets as of March 311934, amounted to $1,749,535 and current
liabilities were $499,319, comparing with $1,618,701 and 5219,119, respectively, on March 31 1933. Total assets aggregated $9,088,516 on
March 31, last, against $13,921,692 on March 31 1933. Inventories at
cost or market whichever is lower were $953,792, compared with $767,973.
Capital surplus on March 31 1934, amounted to $1,160,976 and deficit
from operations was $154,811.-V. 138, p. 2564.
American Zinc, Lead & Smelting Co.
-Earnings.
Calendar YearsNet sales
Cost of goods sold
1932.
1933.
1931.
1930.
$5,986,807 $3,883,785 $5,338,891 $6,638,254
x5,403,977 x3,703,624 4,541,813 5.788,379
Gross profit on sales-- y$582,830 y$180,161
$797,078
$849,875
Other income
9.365
10,807
35,087
47,893
Total gross income_ _ _
$592,195
$190,968
$832,165
$897,768
Administrative, selling
and other expenses_ _ _
See x
See x
319,129
347.564
Interest charges(net)_
Cr.1.184
24,061
Deprec. and depletion
292,461
280,933
301,773
335,519
Federal income taxes_ _ _
45,000 Cr.25,000
__ $254,734 def$64,966
Net profit
$212,446
$190,622
Previous earned surplus- 1,241,128 1,306,094 1,093,648
1.264,504
Total surplus
$1,495,862 $1.241,128 $1,306.094 $1.455,126
Divs. decl. on pref.stk.
361,478
Earned surplus at end
of period
$1,495,862 $1.241,128 $1,306,094 $1,093,648
x Includes administrative, selling and other expenses. y Profits from
operations.
Consolidated Balance Sheet Dec. 31.
Assets1933.
1932.
1933.
1932.
aProperty acct._.$4,594,534 $4,774,142 Preferred stock___$1,920,013 $1,933,213
Investments
352,196 bCommon stock__ 200,000
342,643
200,000
Ore stocks InvenReserves
83,132
80,232
tories, &c
2,107,046 1,624,467 Accounts payable_ 281,143
130,839
Cash
423,759 Drafts In transit._
161,887
92,850
29,110
Notes and accts.
Taxes accrued__
51,467
40,943
receivable
744,681
336,269 Rester Fed.inc.tax
45,000
Due from crop'. _ _
Earned surplus.__ 1,495,862 1,241,128
14,090
Plant & fact!. to be
Capital surplus- 4,040,932 4,048,365
dismantled
85,417
85,417
Deferred charges to
operations
157,200
110,482
Total
$8,207,498 $7,706,731
Total
$8,207,498 $7,706,731
a After reserves for depreciation and depletion of $6,926,692 in 1933 and
$6.650,392 In 1932. b Represented by 200.000 $1 par value shares.
Earnings for 3 Months Ended March 31.
1934.
1933.
$644,629
$1,640,664
1,385,045
542,894
Net sales
Cost of goods sold
1932.
$990,371
866,350
Gross profit on sales
Other income
$255,619
3,542
$101,735
8,248
$124,021
4,981
Total income
Expenses
Interes tcharges (net)
Depreciation and depletion
Federal taxes
$259,161
76 938
or97
80,250
15,050
$109,983
61,173
Cr2,101
75,000
$129,002
72.330
Cr2,422
75,000
Net loss
-V.138, p. 2909.
prof$87,020
$24,089
$15,906
Anaconda Wire & Cable Co.
-Earnings.- '
Quarter Ended March 31
Profit on manufacturing operation
Other income (net)
1934.
$557,744
16,022
1933.
$25,591
5,016
Total income
Expenses
Depreciation and obsolscence
Profit before Federal taxes
•=1...._138, P. 2909.1
,
$573,766
236,300
191.026
$30,607
220,178
195,009
$146,440 loss$384 580
AnchorTCap Corp.
-Balance Sheet March _ 31.Assets--1934. - 1933.
- Liabilities1934.
1933.
aLand, buildings,
Preferred stock_ _.$3,171,800
equipment, &e44,645,846 $4,477,086 cCommon stock__ 2,307,580 $3,171,800
2,168,111
Patents & patent
Capital surplus._ _ 497,375
497,375
rights
63,001
1 Earned surplus
718,450
421,177
Cash
202,677
474,294 Accounts payable,
Notes & accts. rec
535,290
450,389 &c
438,996
266,549
Inventories
1,703.021 1,180,382 Notes payable_
125,000
Prepaid insur., dte
64,897
55,826 Federal taxes, &e_
92,356
67,468
bCom.stk. In tress 136,818
Provision for exOther assets
9,780 change fluctua'n
55,277
Total
$7,351,551 $6,847,758 Total
$7,351,551 $6,647,758
- After-depreciation of
a
- -33,0.187150 1171934 and $276887299 in 19331
b 3,000 shares at cost. c Represented by 230,758 no par shares - 1934
in
and 227.408 in 1933.-V. 138, p. 2910.
Andes Copper Mining Co.
-Earnings.
(Including income of Potrerlllos RR. Co.)
Calendar Years1933.
1932.
1931.
1930.
Copper sold (lbs.)
39,720,293 36,805,381 53,773,271 128,676,601
Rev,from copper sold- - $2,686,764 $2,440.376 $4,757,488 $17,082,020
Prod. cost, lees value of
silver and gold
2,835,510 2,813,407 3,998,401
9.822.435
Operating profit
loss$148746 loss$373,032
$759,088 $7,259.585
Other income
34,697
247
107.702
219,438
Total
loss$114049 loss$372.785
$886,791 $7,479,023
Miscellaneous charges- 72,292
82,133
18,339
879.810
455,332
Int.incl. disc,of debs
406,235
274,279
222,733
Deprec. of plant & equip
399,985
598,677 1,299.784
378,455
Exp. pertaining to nonlae
operating units
105,867
176,337
Net loss
Dividends paid
3079
Financial Chronicle
Volume 138
American Writing Paper Co., Inc.-Earnings.-
$1,147.523 $1,415,945
Deficit
$1.147,523 $1,415,945
Eiba. cap,stock outstand3,582,379 3,582,379
ing (no Par)
Earnings per share
kNil
,Nil
$24,505prof5076,696
.
5 831,362
$24,505
$744,666
3,582,379
Nil
3,582,379
$1.41
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
$
Liabilities$
Assets
-$
IS
Mines,claims,land
x Capital stock_ _ _83,369,425 83,369,425
94,039
90,844
& concessions_ _33,275,782 32,917,748 Accr. hit. & taxes_
Buildings, machry,
Accts.& wages pay 514,253 3,916,880
equipment, &c_51,657,821 51,657,821 Notes payable_ _ _ _ 6,000,000 6,000,000
25,309 Deprec. reserves_ _ 5,014,793 4,346,312
Investments
25,309
Suppls. & metals 6,624,152 7,109,383 Adv. by Anaconda
101,113 Copper Mining
Accts. receivable
92,613
2,755,578
Cash
66,902
55,355
Co. At subs
Deferred charges__ 3,088,782 3,174,868 Res. for milting_ _
2,925,079 2,673,511
Deficit
94,819,814 95,053,145
Total.
94,819,814 95,053,145 Total
x Represented by 3,582,379 no par shares.
-V. 136, p. 3348.
-Earnings.
A. P. W. Paper Co., Inc.(& Subs.).
1931.
9 Mos.End. Mar.311932.
1934.
1933.
Sales
$2,227,912 $1,982,828 $2,332,384 $3,047,077
Cost of sales
1,974.875
1,503,010
1,472,287 1,305,661
Gross profit
Other income
$755,625
13,772
$677,167
6,778
$829,374 $1,072,202
6,381
14,305
Total income
Depreciation
Gen. & admin. expenseLoss, Canadian company
Interest
$769,397
73,950
457,943
$683.945
73,790
452,577
157,932
163,029
$843,679 $1,078,583
Z1.315
72,638
628,999
567,235
23,254
175,887
170,540
Prof. before Fed. taxes
Shs.com.stk.out.(no par)
Earnings per share
-V. 138, P. 684.
$79,572
158.207
$0.50
loss35,451
156,000
Nil
$33,266
156.000
$0.21
$179.128
156,000
$1.15
Archer-Daniels-Midland Co.
-Earnings.
--Period End. Mar.31- 1934-3 Mos.-1933.
19349 Mos.-1933.
Net profit after charges
and taxes
$564,959
$630,512
$214,681 $1,492,537
Earns, per sh. on 549,546
shs. corn. stk.(no par)
$0.92
$0.82
$2.39
$0.28
-V. 138, p. 864.
Artloom Corp.
-Earnings.
-Calendar YearsLoss from operations--Depreciation
1933.
$76,825
75,038
1932.
$178,561
76,853
1931.
$312,645
82,601
Net loss
prof.$1,787
Dividend on pref. stock_
61,886
Dividend on corn. stock_
$255,414
23,464
$395.246
$352,876
91,000
84.343
(75c)150,000
1930.
$287,476
65,400
Balance, deficit
$60.099
$278,878
$479,589 L$593.876
Balance Sheet Dec. 31.
Assets.-1933.
1932.
Liabilities1933.
1932.
xLand, bldgs.;maPreferred stock _ _ _$1,173,200 $1,173,200
chinery, &c____$3,113,891 $3,184,906 yCommon stock__ 3,000,000 3,000,000
Patents, &c
1
1 Accounts payable_
15,995
8,270
Cash
76,470
350,900 Misc. current Ilab
1,342
Accts.receivable
232,280
152,343 Res. for rebates,
Treas. pref. stock. 522,800
175,839 returns & allow.
6,667
19,524
Govt.securities..._ 835,592 1,001,583 Accrd. wages, &c_
6,135
7,108
Accrued int. on
Surp, arising from
investments....
11,144
purch. & retire.
Inventories
623,504
391,734 of pref. stocks
90,335
Deferred charges._
29,851
21,683 Surplus
1,152,856 1,071,861
Miscell. assets _ _ _ _
1,970
Total
$5,447,503 $5,278,990 Total
$5.447,503 $5,278,990
x After depreciation of $1,015,240 in 1933 and $940,201 in 1932. y Represented by 2100,000 no par shares.
Quar. End. Mar. 311934.
1932.
1933.
1931.
Net loss after deprecia'n
and all charges
$28,185
$56,261
$213,217
$68,695
The balance sheet shows the company to be in a strong position, with
current assets totaling $1,969,219, against current liabilities of $196,143,
a ratio of slightly over 10 to 1.-V. 138, p. 2736.
Art Metal Construction Co.
-Earnings.
Calendar YearsNet shipments
Other income
1933.
1932.
1931.
1930.
$1,873,195 $3,294,747 $5,424,072 $7.918,624
33,876
33,890
44,925
88,705
Total income
Cost and expenses
$1,907,071 $3,328,637 $5,468.997 $8,007,329
2,264,451 3,762,807 5.922.038 7,416,468
Net profit before taxes def$357,380 def$434,170 def$453.041
$590.861
Estimated taxes
70,904
Res,for exch. losses_ _ _ _
3,931
105,671
Net deficit
$357,380
$430,239
$558,712prof$519,957
Dividends
304,541
609,083
Deficit
$357,380
$430,239
$863,253
$89,125
Shares of capital stock
outstanding (par $10)320.570
285.550
320,570
320.570
Earnings per share
loss$1.11
loss31.51
$1.62
loss$1.74
Balance Sheet Dec. 31.
Liabilities1932.
1933.
aPlant& property.$1,741,g46 $1,829,137 Capital stock
$3,205,700 $3,205,700
Cash, etfs. of dep.,
114,687
Accounts payable_ 126,968
Arc
864,917
732,173 Reserve for taxes
3,304
4,105
Bills and accts. rec. 1,016,287 1 279,476 Other reserves-- 240.660
373,260
Inventories
956,338 1.033,842 Surplus
1,716,856 1,911,493
Investments
690,802
690,802
Pats., goodwill, &o
1
1
Deferred chargo3
24,098
43,012
Total
$5,294,289 $5,608,445 Total
a After depreciation.
-V.137. p. 3499
55,294,289 $5,608,445
Associated Electric Co.(& Subs.).
-Earnings.
-
12 Months Ended March 31Electric revenues
Gasrevenues
Miscellaneous revenues
1934.
1933.
$14,228.385 $14,193,223
3,237,179 3,322,530
1,820.367 2,136.246
Total operating revenues
$19,285.932
Operating expenses
8,515,964
Maintenance
1,364,443
Provision for retirement,renewals & replacements_ 1,070,774
Taxes (incl. provision for Federal income taxes).- 1.067,382
Operating income
$7,267,369
Other income(net)
444,601
Gross income
$7.711.970
Deductionsfrom income-Subsidiary companies:
Interest on funded and unfunded debt
$1,861,047
Interest during construction
Cr24.556
Amortization of debt discount and expense,&c-98,059
Balance
$5.777.421
Associated Electric Co.:
Interest on funded debt
3,550,000
Interest On unfunded debt
93.079
Amortization of debt discount and expense
248,357
Balance of income
-V.138, p. 1558.
$19,651,999
8,595,766
1,287,567
1,260,690
1,156,652
$7,351,324
380,325
$7,731,649
$1,874,981
Cr35.361
146.045
$5,745,985
3.543,750
26.823
248,072
$1.885.984 $1,927.340
3080
Financial Chronicle
Associated Gas & Electric System.
-Earnings.
-Consolidated Statement of Earnings and Expenses of Properties,
-Decrease--12 Months Ended March 31%
1934.
Amount.
1933.
Electric
$73,026,492 $72,705,851 4320.641 x
Gas
15,589,961 16,378.017,
Ice
2,282,397 2,520,214
237,817 9
Transportation
1,429,252 1,669,034
239,982 14
Heating
1,562,354 1,491,013
x71,341 x5
Water
1,208,008 1,246,865
38,857 3
Total gross operating revenues $95,098,464 $96,011,194
$912,730 1
°pea% expenses, maint., &c
47,539,959 46,084,097 x1,455,862 x3
Taxes
10,149,290 8,098,998 x2.050,292 x25
Provision for retirements (depre.) 8,155,387 8,215,457
1
60,070
Operating income
x Increase.
$29,253,828 $33,612,642 $4,358,814 13
Output Up 12.1%.
-
Associated Oil Co.(& Subs.).-Earnings.Quar. End. Mar. 31- 1934.
1933.
1932.
1931.
89,067.893 $8,246,017 $8,855,149 $10,374,917
6,986,146 6,794,610 6,634,775 7,359,862
Operating income_ --- $2,081,746 $1,451,408 $2,220,374 $3,015,055
Other income
57,781
39.033
36,141
121,826
Total income
$2.139.528 $1,490,441 $2,256,515 $3,136,881
Interest, discount, &c
99,356
156,876
197,867
120,549
Deprec. & depletion__ - 1,314,655
1,329,680 1,234,757
1,258,880
Aban.of undevel.leases38,200
Prop. retirements (net)_
Cr30,893
Canceled leases, develop.
expenses, &c
25,322
42,223
635,012
Net income
Dividends
Balance, surplus
Previous surplus
Appropriated surplus_
$718.208
1,145,206
$85,691
$727,736 $1,069,245
572,603
1,145,206
def$426,998
885.691
$155,133 def$75,961
25,026,942 24,190,718 33,816,447 36,420,266
2,233,037
Profit & loss, surplus-324,599,945 $24.276,409 $33,971,580 $34,111,268
Earns.per sh.on 2,290,412
shs.cap.stk.(par $25)_
$0.31
$0.04
$0.32
$0.47
-. x Including' repairs, maintenance, administration, insurance iiii other
charges
.-V. 137, p. 2736.
Atchison Topeka 8c Santa Fe Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
litFrom Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 2910.
Atlanta & West Point RR.
-Earnings.
March
1931.
-1932.
Gross from railway
$131.i28
$100,439
$172,390
$126,920
Net from railway
19,269
def6,421
32,219
7,270
Net after rents
1,112 def26,355 def12,059
11,418
From Jan 1
Gross from railway
358,154
492,246
280.742
357,534
Net from railway
39,357 def27,814
46,814
def4,552
Net after rents
def14,767
def13,332
def86,169 def6 764
-V.138, p. 2239.
---Atlas Powder Co.
-50-cent Dividen
For the week ended April 21, the Associated System reports net electric
output of 51,947,944 units (k
-wh.), an increase of 12.1% over the same
week of last year. This contrasts with an increase of 14.0% for the four
weeks to date when compared with the same period a year ago.
Gas sendout of 348,870,600 Cu. ft. was 11.4% above the output for the
corresponding week of 1933.-V. 138, p. 2910. 2736.
Gross revenue
x Total oper. expenses
May 5 1934
200,000 shares of Fox Film Corp. stock at $15 a share from the Chase
National Bank of New York. Mr. Odium stated that the purchase was
purely an investment and not with the view of obtaining control of the
Fox Film Corp.
The same syndicate is also reported to have an option on two lots of
200,000 shares each of Fox Film stock at higher prices. Exercise of these
options will depend on future developments, it was said.
-V. 138. p. 1554.
1934.
1933.
1932.
1931.
$8,674,550 $6,843,677 $9,292,373 $12,534,767
1,884,428
489,712 1,919,475 2,789,390
1.152,945 def337,824
906,801 -1.697,408
23,107,554 20,098,974 26,814,640 36,123,862
4,011.135 1559,780 4,608,099.8 1, 17
1,840,612 def920,624
1,860,639 4,665,300
Atlanta Birmingham & Coast RR.
-Earnings.-
The directors have declared a dividend of 50 cents per share
the
common stock, no par value, payable June 11 to holders of record May 31.
A similar distribution was made on March 10 last, which was the first
distribution made on the common stock since June 10 1932 when a quar-V. 138, p. 2910.
terly of 25 cents per share was paid.
Austin Silver Mining Co.
-Stock Offered.
The company.a Nevada corporation formed last February to acquire and
-year lease the 85 patented mining claims and certain
operate under a 35
real estate owned by the Austin Properties Corp. in the Reese River 'Austin) Mining District, Lander County. Nev., is entering the market for
capital after having registered its stock with the Federal Trade Commission.
Klopstock & Co., Inc., 120 Broadway, New York, are agents and underwriters for 392,500 shares of capital stock of $1 par value which will be publicly offered as a speculation at $1.50 per share.
Shares to be outstanding, including this offering, total 775,000, and the
total authorized are 1,000.000. There is no funded debt and no pref. stock.
The offering consists of 300,000 shares of the authorized but unissued
stock and 92,500 shares now outstanding. The 300,000 shares will be sold
for the company's account to net the company $1 a share.
The properties comprise appro:drnately 800 acres of developed mineral
lands. The lease runs to Feb. 26 1969.
Ore was first discovered in this district in May 1862. From then until
1887 the district, it is stated, was an active producer of high-grade silver
ores, the total value of which has been variously estimated from $50,000,000 to $65,000,000. The suspension of operations in 1898 was caused by
a combination of high operating costs and uncertain silver prices, resulting
in the sale by the Manhattan Mining & Reduction Co. of the properties
to the Austin Manhattan Consolidated Mining Co.
To facilitate its development program the company plans to erect
promptly a 100
-ton per 24
-hour day flotation mill and expects to increase
Its milling capacity to 300 tons per day within about six months following
-ton unit. Proceeds from the sale of the
the installation of the initial 100
shares are calculated as sufficient to carry out this program.
R. M. Atwater Jr. of New York is President of the company. He estimates net profit per ton before Federal and State income taxes as $6.56.
without including credit for probable extraction in excess of 90% of the
metal content of the ores or for the possible recovery of gold or of any other
metal besides silver and without tang into account an expected reduction
-ton operation per day of 24 hours, which
of costs upon stepping up to a 300
it is expected will be reached by Nov. 1 1934.
Besides Mr. Atwater, directors are: Charles F. Unroll, V-Pres., Treasurer of Lander County, Nev., William A. Marshall, Treas., New York and
Bedford, Mass., Thomas J. Fitzgerald, Sec., of Klopstock & Co.. Inc.,
New York, Dr. Max Winkler of Bernard. Winkler & Co., New York, Paul
Klopstock of Klopstock & Co., Inc.. New York, and Clare M. Torrey,
Thomas, Torrey & Griffith, New York.
Baldwin Locomotive Works (8c Subs.).
-Earnings.
-
March
1934.
1933.
1932.
1931.
Gross from railway
$275,903
$221,075
$255,560
$341.786
Net from railway
27,579
10,042 def14,104 def21,008
Net after rents
def3,950 def16,240
def44,964 de164,498
From Jan. 1
Gross from railway
590,976
752,315
693,787
903,823
,
Net from railway
def27,361 def145,590 def142,296
Net after rents
def51,275 def104,341 def237,457 def255,405
Calendar Years1933.
1932.
1931.
1930.
Railway oper. revenues_ $2,604,545 $2,413,794 $3,327.527 $44,098,580
Railway oper. expenses_ 2,578,042 2,998,945 3,893,500 4,354,938
Railway tax accruals,._
154,169
159.847
185,442
190,559
Uncoil, railway revenues
1,925
346
1,004
1,798
Railway oper. deficit_
Equipment rents
Joint facility rents
$129,593
111,584
9,669
$745,345
96.408
11,168
$753,213
190,841
9,204
$447.920
204,584
12,638
Net ry. oper. deficit
Other income
$250.846
44,718
$852,921
56,202
$953,258
52,011
$665,142
73,079
Total deficit
Rent for leased roads_ _ _
Total interest accrued,.,
Other deductions
$206,128
50
14,311
2,885
$796,719
$901,247
$592,063
2,103
3.075
1,095
4,365
1,594
4,887
12 Months Ended March 31Sales
Costs and expenses
Depreciation
1934.
1933.
1932.
$9,254,843 $9.511,304 $17,698,359
10.335.179 11,154,606 19,172,292
1.850,854
1.846,245
1,812,806
Operating loss
Other income
$2,931,190 $3,489,547 $3,286,739
748,422
651,877
732,602
Loss
Interest and miscellaneous deduct
Federal taxes
Midvale minority interest
-
Net loss
-V. 138, p. 2565.
$2,182,768 $2,837,670 82,554,137
1.481,762
1.374,575
1,645,528
26.500
105,057 Cr131,674
200,730
$3.769,587 $4,080,571
$4,426,896
-Earnings.
-Bangor & Aroostook RR.
Period End. Mar.31- 1934
-Month-1933. 1934-.3 Mos-1933.
Gross oper. revenues_ -- $715,114
$774,080 $1,995,336 81,983,507
Net rev,from operations
331,789
430,041
859.806
1,023,228
Tax accruals
61.772
72,333
161,521
183,631
Operating income_ _ -Other income
-Dr
$270,017
17,757
$3357,708
31.824
3698,285
45,448
$839.597
61.706
Gross income
8252,260
$325,884
$652,837
$777,891
$223,374
8801.898
$906,707
$598,544
Interest on funded debt65,232
67.135
195,744
201,405
Other deductions
779
303
2,650
Balance Shee Dec. 31.
1.904
1933.
1932.
1933.
1932.
Net income
$186,249
$258,446
$454,443
574,58
Assets
Liabilities
-V. 138. p. 2911.
Inv. in road & eq_24,055,106 24,096,649 Corn. stk. (no par)
Misc. phys. prop__ 1,222,799 1,222,866 150,000 sharee_21,528,653 21.528,653
& Insurance Shares, Inc.
-Stock Dividen AInv. in ann. cos__ 262,347
(par $100)
252,814 Pref.stk.
A semi-annual stock distribution of 2M % has been declared on the
Other investments
10,155
8,949 51,803 shares _ _ 5,180,300 5,180,300
Deposited Bank Shares NY, series A, payable July 2 to holders of record
Cash
138,184
33,548 Long term debt__
35,206
May 15. A similar payment was made on this issue on Jan. 2 last -V.138,
Traffic & car serv,
Loans & bills rec..
71
p. 1921.
bals. payable. _ _
Traffic & car serv.
67,844
53,248
balance receiv_
39,928
36.947 Audited accts. and
." ,Bankers National Investing Corp.
----Larger Dimden
wages payable.. 615,406
Net bal. rec, from
506,701
The directors have declared the following quarterly dividends: 32 4ts
agents & cond'rs
14,832
13,118 Misc. accts. pay__
7,351
13,612
per share on the no par class A and class B stocks and 8 cents per share on
Misc,accounts rec.
69,001
75,602 Other curr. liabils_
5,958
6,483
the no par common stock, all payable May 25 to holders of record May 14.
287,452 Deferred liabilities
Mails & supplies_ 274,452
5,495
7,789
The company from Feb. 25 1933 to and incl. Feb. 26 1934 paid quarterly
Int. & diva. rec.__
566 Tax liability
286
8,011
8,560
dividends of 24 cents per share on the class A and class B stocks and 6 cents
Other curr. assets.
29
82 Accr. deprec., road
per share on the common stock.
-V. 137, p. 4531.
Work. fund adv.
2,965
30,170 and equipment_ 1,883,039 1,763,449
Other def'd assets_
18,411
Unadjusted credits
11,791
14,648
Barcelona Traction, Light & Power Co., Ltd.
-Earns.
Insur. prem, paid
Additions to prop.
Period End. Mar.31- 1934
-Month--1933. 1934-3 Mos-1933.
in advance
447
881 thru. Inc. & surp
22,977
22,167
Pesetas.
Pesetas.
Pesetas.
Pesetas.
Other unadj. debts 193,346
210.096
Gross earns. from open. 10.238,607 9,861,445 31.879,886 30,747,722
Deficit
3,072.530 2,833,012
Operating expenses
3,632,691 3,329.583 10,796,099 9,772,578
Total
29,374,888 29,102,753 Total
29,374,888 29,102,753
Net earnings
6.605,916 6,531,862 21.083,786 20,975,144
-v. 138, p. 2239.
The above figures have been approximated as closely as possible, but
will be subject to final adjustment in the annual accounts. They are
" '`Atlanta Gas Light Co.
--Date for Deposits Extended.
also subject to provision for depreciation, bond interest, amortization
With $2,714,090 principal amount, or two-thirds of the total issue of
and other financial charges of the operating companies.
-V. 138, p. 2240.
$4,000,000 notes already on deposit under the company's offer of April 30
to exchange general mortgage bonds, 6% sinking fund series, due 1944,
Barnsdall Corp.(& Subs.).
-Earnings.
for such notes, the management announces an extension to May 15 1934,
3 Months Ended March 311934.
of the period in which deposits will be accepted. A letter to noteholders
1932.
x1933.
Profit after interest and.Federal taxes $759,712 lossS155,278
$383,581
indicates that the owners of substantial additional amounts of notes have
Deprec.,intangible develop. costs. &c
640,344
697,525
773.706
stated that they intend to make the exchange.
The issuance of the new bonds is subject to the approval of the Georgia
Net profit
$119,368 loss$852,803 loss$390,125
Public Service Commission. Petition for such approval has been filed
Earnings per share on 2.258.777 shit.
and the Commission has set May 10 for the hearing.
capital stock (par $5)
Nil
N11
consummation of the plan," the letter states,
$0.05
"General acceptance and
x Investments in leaseholds for the period were charged against earnings
"will materially improve the position of the exchanging noteholders because
In lieu of depletion, all investments in leaseholds having previously been
own a mortgage security subject to only $426.000 of prior debt.
they will
charged off against capital surplus.
whereas the notes now held are unsecured and are subject to the $426,000
E. B. Reeser, President, in a letter to stockholders, dated April 27, says
-V. 138.
of prior debt and also $2,304,000 of general mortgage bonds."
in part:
p. 2399. 2565.
Substantial improvement has taken place in the operations, as well as
-Acquires Fox Film Stock.
in the condition of the company.
"was4rtlas Corp.
Sales of all refined products at the refineries showed an increase of 16%.
Floyd B. Odium, President of the Atlas Corp., confirmed reports that
while sales of gasoline showed an increase of 25% over last year.
this company, in conjunction with a British syndicate, has purchased
Net deficit.
•
Financial Chronicle
Volume 138
3081
The average price received for all products at the refinery was $.05529
Consolidated Balance Sheet Dec. 31.
per/gallon as compared with 5.03524 per gallon in 1933, the increase in
Assets-1933.
1932.
Lialrittnes-1933.
1932.
the realization being 57%. The average price paid by the refineries for
y Land, buildings,
x Capital stock___$3,630,904 $3,630,903
crude oil, including transportation, was $.0268 per gallon as compared with
mach'y & equip.$2,564,277 $2,693,485 Gold bonds
1,411,500 1,767,100
5.0139 per gallon in 1933, or an increased cost of 93%.
Cash
79,395
483,385 Accounts payable_ 390,161
194,840
In our marketing division considerable improvement was shown but the
Accts.& notes rec_ z908,826
475,471 Federal tax renet result continues unsatisfactory.
Inventories
4,591,690 2,976,775 serves
236,527
In the producing division it has been difficult to increase our production
Demand loan to
Accrued accounts_
75,443
27.784
because of the rigid proration through Federal control. The daily average
officer
300,000 Reserve for conproduction for the three months of this year was 11.863 barrels as compared
Cash surr. val. life
tingencies
36,820
36.820
with 11.610 barrels for the same period of last year. The average price
insurance policy
67,850
62.850 Surplus
2,945,592 1,803,457
realized was $1.01 per barrel this year as compared with $.66 per barrel
Other assets
222,238
161,769
last year.
Marketable securs.
54,946
59.601
The outlook for increasing our daily production is exceptionally good
Patents, licenses,
because of the development of valuable properties in Lou4.1ana, on one
good-will, &o
103,977
124,196
of which four wells have been completed. 'rho fourth well was finished last
Deferred items_
133,748
123,374
week and showed a potential of 15.000 barrels per day. Our first completion on a property in New Mexico, with an initial production of 500
Total
88,726,947 $7,460,906 Total
$8,726.947 87.460.906
barrels per day, will also be helpful. In the State of Kansas an "offset"
z Represented by 352,418 no par shares. y After depreciation. z Less
completion assures company of the development of a valuable property.
allowance for doubtful accounts of $13,000.-V. 138. p.2913.
In California a new well has just been completed on a 100% owned property, with an initial of 1,000 barrels per day. The allowables from these
Blumenthal & Co., Inc.
new properties will improve our production considerably.
-Stock Option.
H. H. Shell, Vice-President and General Manager of this company,
We are pleased to announce the sale of our stock interest in the Barnshas been granted an option to buy at $15 a share 6,000 shares of common
dall-O'Nell Oil Co. of Milwaukee, without loss to us. Our ownership in
stock held in the company's treasury, the New York Curb Exchange anthis company was 85% of the common stock and 21% of the preferred
nounced on April 30. The option, terminable by either party on60 days'
stock. A. condition of the latter provided that in the event dividends were
notice is to run for three years. The company will pay Mr. Shell,in addinot paid each year, control of the management passed into its hands.
tion to his salary, 5% of the net profits after deductions of a sum equal
The company was seriously handicapped by reason of excessive rentals on
to current dividends on preferred stock and all proper charges.
leases made during the peak prices of 1928 to 1930. In addition to this
-V. 138.
uncontrolled situation, the demoralized price structure which has existed
p.2913.
for some time, made it impossible to earn sufficient to cover the preferred
IN. Borg-Warner Corp.(& Subs.).-Earnings.dividends.
The deal provided that we should retain
Quar. End. Mar.31distributing plants at Racine
1933.
1934.
1932.
and Watertown, Wis. We have acquiredthe desirable site in the City of
Net profit after depreciation, taxes,
a
interest, &e
Milwaukee for our bulk plant and are proceeding with the replacement
$865,09310555381,9k
5170,220
Earns, per au, on 1,150,909 sbs. com.
of outlets on the basis of present-day values. We expect to replace the
stock (par $10)
gallonage within a short time at a cost much less than we obtained for our
Nil
$0.70
$0.09
stock, and we will of course own 100% of the new organization.
- 138, P.2913.
V.
After careful consideration, the board authorized the sale of a 7% interest
Boston Consolidated Gas Co.
-April Output(Cu. Ft.).in the Great Lakes Pipe Line Co., the profit on which was approximately
Month$200,000. The corporation retained sufficient stock interest to permit it
1934.
1933. % Change.
January
it to use the line to its best interests.
1,172,408,000 1,132.707,000
Inc. 3.5
February
The charge against earnings for depreciation, intangible development
1,171,444,000 1,049,060,000
Inc. 11.7
March
Costs, and lease costs was $640,343 as against $697.525 for the same period
1.126.368,000 1,137,186,000
Dec. 0.9
April
of last year.
988.598.000 1.008.856.000
Dec. 2.0
V.
The corporation and its subsidiaries have paid all bank loans in full - 138, p. 2739.
and at the end of March, had a net current condition of 33 to 1.-V. 138.
Boston Elevated Ry.-Earnings.p. 2911.
-Month of March--- 3thurst Power & Paper Co., Ltd.
.
"1
-Admitted to List.
Receipts1934.
1933.
New York Produce Exchangias admitted to the list the class
From fares
e
52,335.213 52.117.194
comm
stock (no par).
From operation of special cars, special motor
-V. 136, • 3155.
coaches and mail service
2,268
1,826
Beaumont Sour Lake & Western Ry.-Earnings.From advertising in cars, on transfers, privileges
at stations, &c
March76.479
41.378
1934.
1932.
1933.
1931.
From rent of equipment, tracks and facilities_ _
Gross from railway
2.498
2,510
$107,345
$226,388
$160.414
$160,499
From rent of buildings and other property
Net from railway
4,244
36,914
42,395
4,472
23,777
66,880
From sale of power and other revenue
Net after rents
def10,900 def20.017
def21,270
577
524
def4,532
Or From Jan 1
Total receiptsfrom direct operation of the road-- 52.386.180 52.203,007
Gross from railway
453,109
462,872
614,119
328,070
Net from railway
Interest on deposits, income from securities, &c__
132,073
72,146
5.308
127,339
21.596
92,269
Net after rents
def11,998 def57,871
de177,175 def71,715
Total receipts
-V. 138. p. 2240.
52,391.488 52.224.604
Cost of Service
Bell Telephone Co. of Pennsylvania.-Eamings.Maintaining track, line equipment and buildings_ $235.534
$184,783
Maintaining cars, motor coaches,shop equip.,&cQuar. End. Mar,31- 1934.
258.985
257.968
1932.
1933.
1931.
Power (including gasoline for motor coaches)
Gross earnings
147,522
149.467
$14.944,706 $14,713,932 $17,411,172 $15,511,833
Transp. exp. (incl. wages of car service men)
Net after taxes
676,054
679.672
3,553,824 3,043,218 3,854,834
5.734,559
Other general operating expenses
Total income
167,369
181,231
3,601,635 3,125,830 3,978,348 5,014.084
Net income
1,552.715
2.025,833
1.976,333 3,103,115
Total operating expenses
Preferred dividends__
51,485.465 51,453.123
325,000
325,000
325,000
325,000
Federal, State and municipal tax accruals
Common dividends
125,528
126.864
2,200,000
2,200,000
2.200,000 2,200,000
Rent for leased roads
103.363
103.363
Subway, tunnel and rapid transit line rentals_ _ _ _
Deficit
233,363
231.550
$499.167
$972,285
$548,667 sur$678,116
Interest on bonds and notes
-v. 138, P. 2565.
321,861
338.945
Miscellaneous items
5,611
5,975
Bessemer & Lake Erie RR.-Earnings.Total cost of service
52,275.193 $2,259.822
March1934
1933
1932
1931.
Excess of cost of service over receipts
35,217
Gross from railway
$455.356
$168,567
$255,340
$470,240
Excess of receipts over cost of service
1,6.294
Net from railway
def87,133 def174.036 def138,670 def156,72 5 -V. 138. p. 2739.
Net after rents
def63,245 def185,405 def159,267 def182,742
From Jan. 1
--"Bourjois, Inc.
-25
-Cent Dividend.
Gross from railway
1,107,771
509,319
739.105 1,332,202
A dividend of 25 cents per share has been declared on the common s ock,
Net from railway
def359,970 def429,337 def422,352 def464,812
no par value, payable May 21 to holders of record May 15. The company
Net after rents
def317,281 def442.500 def471,807 def547,155
on Oct. 20 1933 paid a dividend of 50 cents per share, the first since June
-V.138,P. 2565.
15 1932 when 25 cents per share was distributed.
-V.137, p. 2276.
7Sianey)
-Bigelow-Sanford Carpet Co., Inc.
ividend Date
Changed-Current Distribution at the Old Rate.
The directors have declared a dividend of $2 per
pref. stock, par $100, payable June 1 to holders of shadon the 6% cum.
record May 10.
covers the quarterly dividend of $1.50 per share which ordinarily This
would
have been payable May 1 and a dividend of 50 cents per
share for
month ended May 31 1934. The last previous quarterly payment the
was
made on pref. stock on Feb. 1 1934.
Preferred dividends are now payable
1, instead of on Feb. 1, May 1. Aug.March 1, June 1, Sept. 1 and Dec.
1 and Nov. 1, as previously.
-V.
138. p. 2240.
Birmingham Electric Co.
-To Pay $3.50 per Share on
Account of Accruals.
-
The directors have declared a dividend of
pref.stock, no par value, and $3 per share on$3.50 per share on the $7 cum.
the $6 cum.
value, both payable to holders or record May 1 as soon as pref.stock, no par
litigation with the
National Power & Light Co. is ended.
Distributions of 75 cents per share on the $6 pref. and 87 cents
$7 pref. stock were made on Oct.2 1933, as compared withper share
on the
per share on the $6 pref. and 88 cents per share on the 87 pref. stock75 cents
paid on
April 11933. Previously, the company paid dividends on both issues
regular rate. No payments were made on July 1 1933.-V. 138. p. at the
150.
--Blue Ribbon Corp., Ltd.
-50
-cent Pref. Dividend
dividend of 50 cents per
A
share was recently declared OD the
cum. pref. stock, par $50, payable in Canadian funds on May 1 to 05 o
holders
of record April 28. In the case of non-residents of Canada, a 5% tax will
be deducted. The company in each of the preceding nine quarters
tributed a dividend of Mee amount, prior to which regular quarterly disdistributions of 81 I cents per share were made.
-V. 138, p. 865.
Bohn Aluminum & Brass Corp.(& Subs.).
-Earnings.
Calendar Years1933.
Gross profit from sales 52,800,717
Other C. (incl. Mt. and
royalties)
104.806
1932.
1931.
1930.
$320,501 $1.551,101 $2,103,061
123,648
40,453
137,141
Gross profit & income_ $2,905,523
724,684
234,378
interest
101.219
Bond
Other deductions
39,163
Prov.for Federal taxes-236,527
Prov. for loss on dep.
76,000
accts.with closed banks
$444,149 51,591.554 $2,240,202
508,557
740.942
887.796
362,870
396,981
421,275
109,959
113.987
114,114
183,330
44,310
91,421
seii• & general expenses_
Depreciation
Bristol-Myers Co. (Del.).
-Annual Report.
-
The company, a holding company, was formed in August 1933 under the
Drug Inc. plan of reorganization. Although the company has not yet
had a full year of existence, nevertheless it is the owner of all thc •-anital
stock of the Bristol-Myers Co. of New Jersey, an operating company,
formed in 1929 to continue a drug business established in 1887. The
original management still conducts the business.
Consolidated Income Account Year Ended Dec. 31 1933.
Sales, less returns, allowances and discounts
$8,265,821
Cost of goods sold, selling, advertising and administrative
expenses (including depreciation of $119,951)
5.742,205
Profit from operations
52,523.616
Income from & profit on sale of securities & other income
170.261
Total income
52.693.877
Provision for Federal and foreign income taxes
361.532
Provision for adjustment of securities to market quotations
42,571
Provision to reserve for advertising
133.623
Net profit for the year ending Dec. 31 1933
$2.156,151
Net profit of sub. cos. for the 8 months ending Aug. 31 1933
1,687,240
Net profit from Sept. 1 1933, date of acquisition of subsidiary
companies, to Dec. 31 1933
5468.911
Earning_... = sh. on 700.280 shs. common stock (par $5)
i
$3.07
Consolidated Balance Sheet Dec. 31 19331
--..
. AssetsLlabiiUiesCash
$2,267,338 Accounts payable and acCtfs. of deposit of banks
134,066 crued expenses
$284.887
U. S. Govt. securities
303.188 Accrued Federal and foreign
Other marketable securities
785,015 Income taxes-1933
363,217
a Accts. receivable-trade.
380,494 Liability to employees on subOther receivables
110,510 scriptions to co's stock.30,429
Employees' accounts
7,470 Reserves for advertising, incl.
Inventories
813,194 deferred credit therefor_ _
184,348
Other assets
185.046 Reserves for fluctuation in
Company's stock & cash held
foreign exchange
23.627
against employees'subscrip
71,678 c Capital stock
3,501.400
Land
154,270 Capital surplus
1,755,789
I, Ridge. machinery, equipProfits since organization_ _ _
468,911
ment,furniture, &c
1,208,293
Advertising supplies and deferred charges
192,048
Trade marks, good-will, &a
1
r-1111
Total
$6,612,609 Total
$6.612,609
a After reserve for doubtful accounts and discounts of $43.011. b
reserves for depreciation of $760,320. c Represented by shares After
of $5
par value. Includes 15,975 2-5 shares to be issued for capital
stock of
Drug Inc.
-V.138, ..---- ..-..-.-,
p 2913.
issl
'-.I
.....--,... -,
sur$1.142.134
Loss
$720.568
5233.314
567,348
Common she. outstand_
352,418
-Stock Placed on a $1 Annual
352,418
352,419
352,419 "-,...Bower Roller Bearing Co.
$4.24
Earned per share
Nil
Dividend Basis.
$0.84
$2.06
111.141
11 1114411411
.
.-The Income statement for 3 months ended March 31
Quarterly Earnings
The directors have declared'a quarterly dividend of
cents -.
1are a
will be found in April 21 issue, page 1913.
the capital stock, par $5, payable July 20 to holders 25 recordper tii--.
of
July 1. A
Net profit
Dividends paid
51.494.552 loss$720,568
352,418
$295.333
528.647
$725,596
792,944
3082
similar disbursement was made on March 20 last which was the first since
-V.138.p.1401.
July 25 1932 when a dividend of20cents pershare was paid.
-Brandon Corp.
-Pays $3.86 Accumulated Dividend.
A distribution of $3.86 per share on account of accumulations was made
on May 1 on the 7% cum. pref. stock, par $100, reducing accruals to $4.14
per share. The company paid a dividend of $3.50 per share on this issue on
April 2last and one of $1.75 per share on Jan. 21934. See V. 138. p.2566.
Briggs & Stratton Corp.-Earnings.-
1931.
1932.
Quar.End. Mar.311933.
193..
,
Net earns, after charges
$196,648
and taxes
38.959
31.341
$210313
Earns,per sh.on 300,000
$0.65
20.03
shs. cap.stk.(no par)_
Nil
$0.70
On March 31 1934 cash and marketable securities amounted to $1.305,118
liabilities to $224,391.
and total current assets to $2,069,790, against current
-V.137, p. 3152.
r
'Bruck Silk Mills, Ltd -Admitted to List.
May 5 1934
Financial Chronicle
Tire Toronto Stock Exchangjhas admitted to the list 0.000 additional
shares
(no par) stock. T
brings the listed capital of the company
to 125,000 shares. These additional shares represent the total amount
which was added to the company's capitalization at a recent meeting of
shareholders, whereby directors will be able to realize through the sale
of 25,000 shares sufficient funds to retire all bonds outstanding against
the company.
-V. 138, p. 2240.
Canadian Pacific Lines in
MarchGross from railway---Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net aftn rents
-V. 138, p. 2401.
1934.
$293,136
111.397
78,616
752.926
217,866
126,099
-Earnings.
Maine.
1931.
1932.
1t'33.
3272,541
3228,607
2206,895
63,800
61,077
70.541
33.767
30,358
39.015
592.588
185,766
96.086
675.079
171.325
76,869
787,203
161,091
58,789
Canadian Pacific Lines in Vermont.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p.2402.
1934.
$78,709
def18,147
def38,914
1933.
$66,180
def28,723
def50,186
1932.
387,921
def17,283
def43,612
1931.
3128,710
5,099
36,133
347,187
263,414
179,124
227.689
def52,936 def36,120
def63,174 de179,861
def126,799 def148,179 'clef131,547 def128,359
Canadian Pacific Ry.-Earnings.1934-3 Mos.-1933.
-Month-1933.
Period End. Mar.31- 1934
39,946,321 38,800,156 227,487,171 323.572.705
Gross earnings
7.922,660 24,260.732 22,275.226
8,427,391
Working expenses
3877,495 33,226.439 21,297.479
31,518.929
Net profits
-Earnings.
Burlington & Rock Island RR.
Earningsfor Fourth Week of April.
-1931.
March
Increase.
1933.
1934.
$99,322
$88,420
$56,1.73
Gross from railway
263,353
$2,731.000 22.486.000 3245.000
Gross earnings
def8,969
10,021
def6,887
Net from railway
def4,818
-V. 138, p. 2914.
def18,157 def20,440 def10,498 def43,451
Net after rents
From Jan 1
Unification of Canadian Lines Only Solution of Rail Problem
330,963
305,492
191.728
196,442
Gross from railway
42,598 def16,500
in Canada.
def2,452
def11,279
Net from railway
def23,671 def121,656
Net after rents
def54,938 def49,531
E. W. Beatty, President, at the annual meeting held May 2 stated:
-V.138, p. 2240.
"I have mentioned the improvement in rail earnings since the beginning
of the present year. The increase has been mainly in the earnings of the
-Complaint Issued.
Butterick Publishing Co.
railway in eastern Canada. In a very peculiar sense the prosperity of
A combination and conspiracy to destroy the second-hand or used magathis company depends upon the prosperity of agriculture and therefore of
zine and periodical business in the United States is charged in a formal
western Canada, from which territory about 60% of freight earnings are
complaint just issued by the Federal Trade Commission against five nanormally derived. Obviously, therefore, an improvement in conditions
general
tionally known publishing houses and three large distributing concerns.
in the West is essential in order to justify the claim of made prosperity.
indicates the
Violation of Section 5 of the Federal Trade Commission Act, which ProI can only express the hope that the progress already
hibits unfair methods of competition, is alleged. The respondents are:
beginning of the general revival of industry and agriculture, which we are
Pictorial Review Co.
Butterick Publishing Co.
all anxiously awaiting."
Internat'l Circulation Co., Inc.
McFadden Publications, Inc.
Mr. Beatty further declared that the railway structure of Canada is
-M News Co.. Inc.
S
Frank A. Munsey Co.
unsound and in good times as well as bad involves economic waste of many
Midwest Distributors, Inc.
Street & Smith Publications, Inc.
millions of dollars per annum. He pointed out that increased competition
The first five named are publishers. The others are distributors of from water ways and motor traffic has aggravated the problem and as remagazines and periodicals. All have their offices in New York City.
gards this development would have water carriers, buses and trucks reguDestruction of the second-hand, or used, magazine and periodical business
lated in the same manner as railways. He declared unification of railway
through the combination and conspiracy charged against the respondents
transportation to be the "only adequate solution of Canada's railway
that the
Is sought to be accomplished in two ways, the complaint sets out. They are:
problem." Regarding objections to such a plan, he pointed out the Govagreements from magazine and periodical retailers not to sell
Obtaining
Government cannot escape from obligation for the funded debt of operaor deal in any way in second-hand or used publications of this character.
-owned system, but a partnership arrangement in respect to
ernment
with
By refusal, on the part of the respondent publishers and distributors, to
tion of the properties jointly would give the Government more moneymore
sell or distribute their publications to any retailer who continues to sell
which to take care of these obligations, at the same time providing with
second-hand or used magazines or periodicals.
for Canadian Pacific proprietors. He said present legislation of a
money
Respondents are notified that June 1 1934, at the Commission's offices
respect to the railways fully protects the public from consequences
In Washington, D. C.. are fixed as the time and place when they are rerailway monopoly.
quired to appear to show cause why an order should not be issued against
Regarding the dividend policy. Mr. Beatty said directors felt it in the
them requiring that they "cease and desist from the violation of the law
interest of the stockholders that "the financial resources of the company
-V. 137. p. 871.
charged in the complaint."
should be strictly conserved until earnings should show a return to more
4
figures and a definite trend toward stability."
-- normalstockholders approved the change in the by-laws to permit estabCalifornia State-Western States Life Insurance Co.
The
-V.138. p. 2914.
office at Toronto.
lishment of a transfer
Dividend Action Postponed.
No action has been taken on the quarterly dividend ordinarily declared
-Earnings.
Catalin Corp. of America.
at this time on the capital stock. The last quarterly payment, amounting
1933.
1932.
Calendar Yearsto 50 cents per share, was made on Jan. 29 1934.-V. 138. p. 2914.
$121,582
$91,280
depreciation
7,000
- Net earnings after
11,000
-Production.
(The) Calgary & Edmonton Corp., Ltd. corporations' land Patents
6,000
5,977
Synthetic resins
Production and royalties from producing wells on the
3,000
6,744
Provision for bad debts
in March, 1934, amounted to 27,800 barrels with a royalty of 311,465,
10,500
Officials' salary paid in stock
against 18,861 barrels with a royalty of $8,088 in March, 1933.
It was further announced that the C. St E. Longview Well No. 1 drilled
$64,802
Profit before taxes
$97,838
into the top of the limestone on April 21 at a depth of 5,580 feet. The
casing has been run in this well and the cementing job completed. Drilling
Balance Sheet Dec. 31.
Into the limestone proper was expected to commence about May 1.
Liabilities1933.
1932.
1932.
1933.
Assets
The Associated Royalties Well No. 1, it was stated, drilled to a depth of
$28,034 y Capital stock_ - - 3536,814 5486,814
$49,266
Cash
3,810.feet and reported to be running casing.
67,602
21,331
48,816 Accounts payable.
Accts.receivable_ _ 129,892
A new lease was completed south of Turner Valley: drilling to commence
14,418
17,544
17,691 Trade accept. pay_
5,887
Notes receivable_
-V. 138. p. 2401.
June 1 next.
11,733
13,928
57,734 Loans due stkldrs76,709
Inventories
-Earnings. x Mach.& equip_ _ 165,608 139,406 Surplus
90,938
182,458
Calumet & Hecla Consolidated Copper Co.
1,881
2,606
Prepaid rent cfc Ins_
1931.
1932.
1933.
1934.
Quar.End. Mar.3112,000
6,000
Synthetic resin_ -$258,815 $2,095,037
$858,390
$1.368,201
Copper sales
Process patents dr
1,387
Interest
324,992
375,756
good-will
19,072
5,972
5,264
2.779
Miscellaneous
1,300
Investments
$264,787 $2,115,496
$863,654
$1,370,982
Total receipts
)813,025 $630,555
$813,025 $630,555 Total
Total
Disbursements-193277Rep
in
IT- -Of $71,046- 1933 anoi 246.971 in
depreciateit
After...
4.492,986 7,962,959 7.330,487 6,826,690
Coppw on hand Jan. 1
sented by 536,892 shares in 1933 and 486,892 in 1932.-V. 138, p. 2914.
adminis.
Prod., selling,
1,861,112
661,568 1,069,891
566,039
and taxes
642,879
154,115
519,460
-Earnings.
613,180
Cerro de Pasco Copper Corp.(& Subs.).
Deprecia'n & depletion.
42.451
14,622
9,674
5,735
Miscellaneous
1932.
1931.
1933.
4
1930...
Calendar Years&c $7,069,239 $4,014,522 $7.650,646 219,679,809
Sale of copper,silver.
Total expenditure-- $5,677,940 $9,153,661 $8.569,116 $9,373,132
252,767
547,790
559,955 1,275,347
Divs. and int.received-.
Less cop, on hand Mar.
3,759,393 4,728,775 3,464,964
3,908,803
Inventory Dec.31
3,301,513 7,166,013 7,924,952 6,522,161
31
211,525,833 38,026,681 $12,939,376 $24,420,119
Total
Net expenditures...-- $2,376,427 $1,987,648ski$644,164 $2,850,971
Smelting,refining & gen.
735.474
1,123,9961t& 379,377
1,005,446
Loss for quarter
4,378,488 3,885,888 9,645.325 15,165,014
expenses and taxes
-V.138, p. 2914.sissa4111
Inventory previous year 3,759,393 4.728,775 3,464,964 6,006,350
-Earnings.
Ginger Ale, Inc. (8c Subs.).
Canada Dry
$3,387,952 def$587.982 def$170,913 33,248,755
Net profit
1934-6 Mos.-1933.
1934-3 Mos.-1933.
280,711
1,543,908 6,175.631
Per.End. Mar.31Dividends paid
Cr280,711 Cr1,543,908 Cr5,624,096
$1,435,523 $1,156,893 $2,657,122 $2,219,()86
Gross mfg. profit
Capital distributions.
Adv., selling, distrib. &
2,206,605 2.036.313
1,046.946
23.387,952 def$587,982 def$170,913 $2,697,220
administration exp..,... 1,223,947
Balance, surplus
def3,282,992 1,878,188 4,841,870 7,380,241
Previous surplus
$182.773
$450,517
$109,947
$211.576
Operating profit
58,051
62,608
29,248
33,465
Other income
$104,960 $1,290,206 24.670.957 $10,077,481
Total
$240,824
$513.125
Deprec. and depletion- 3,686,834 4,573,198 2,792,769 5,235.591
$139,195
$245,041
Total income
104,056
96.928
27.198
48,447
Depreciation
1,600
Bal., profit & loss_.def$3.581,874df$3,282,992 $1,878,188 $4,841,870
4,973
1,600
3,962
Interest
9,560
32,490
9,245
9,845
Federal taxes
Consolidated Balance Sheet Dec. 31.
37,294
119,238
14,764
79.765
Other deductions
1932.
1932.
1933.
1933.
288,814
$259.496
$86,388
$103,022
$
LiabaUtes$
Net profit
Assets
y Capital stock.- _ 6,200,000 6,200,000
ins. cap. stk. outatand.
&a., mines
/Metal,
503,387
512 +531
503,387
512,531
Capital surplus:
& minerals, &c.,
(Par 25)
$0.18
0.50
$0.17
$0.20
Earnings per share
Stockholders'
leases, plant
-V. 138, p. 865.
equipment, &c.21,036,566 24,180.849 equity in owned
3,447,352 3,454.852 Properties
37,451,351 37,451,351
Investments
Canadian Eagle Oil Co. Ltd.-Postpones Div. Action.- Supplies for opera41,389
Deferred items_
57,845
• -V. 137. p. 1940.
'
430,759
2,234,647 2.516,612 Accounts payable.. 481,289
tions, &c
See Mexican Eagle 011 Co.. Ltd. below.
146,251
114,648 Drafts payable
142,626
260,104
Mdse. inventory
-To Construct Plant.
Canadian Industries, Ltd.
739,349 Deficit
3,581,874 3,282,992
Accts.receivable 2,095,454
or a 2225.000 plant at
789,521
Ore inventory_ _ _ 702,395
The company will start immediate construction it is stated. ConstrucSelkirk, 21) miles north of Winnipeg. Canada.
concenMetal and
East
now being
trate inventory_ 3,908,803 3,759,392
tion of the plant. which has been contemplated since 1928. is -V. 138.
Short term marketundertaken because of development of mining in the West.
250,000
250,000
able securities
a,
p 2740.
U. S. Treas. Ws 5,340,000 4,500,000
Rational Rys.-Earnings of System.
Canadian 672,534
1,710,872
Cash
Earningsfor Fourth Week of April.
1933.Increase.
1934.
40,868,715 40,986,758
40,868,715 40,986,758 Total
Total
$548,263
$4,098.601 $3.550.33E3
Gross earnings
x After reserve for depredation and depletion of $76,733,601 In 1933
as Traffic Vice-President. He
-V. 138.
Alistair Fraser. K.C.. has been appointed department since Oct. 31 1933. (1932. $73,046,767). y 1,122,842 shares without par value.
had been Acting Vice-President of the traffic
P. 2403.
-v. 138, p. 2914.
Financial Chronicle
Volume 138
Certain-teed Products Corp.(& Subs.).-Earnings.-
Quar. End. Mar.31- 1934.
Gross oper. prof.after deduct. repairs & maint. x$197,613
Inc. from other sources6,258
1933.
1932.
1931.
$200,690
16,486
$438,412
27,214
$972,057
34,927
Total
$465,626 $1,006,984
$203,871
$217,176
Selling, admin.& general
1.... expenses and bank int.
778,940
668,810
506,747
520,425
Depreciation
275,063
212,727
I See z
12 9,573
0
Depletion
1.879
3,272
1
727
Interest on bonds
171,630
138,090
132,348
132,723
Federal taxes
4,315
3,000
Sundry adjustm'ts (net) Cr10,796
Dr9,049
Cr45,336
Cr1.087
MI
Net deficit
$233,892
$441,106
$511,937
$631,506
p. x After charging depreciation and depletion.
-V. 138. P. 1733.
-, ,.:......-4..---.=my--
Charleston & Western Carolina Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
0.From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p.2242,
1934.
$204,378
86,437
66.131
1933.
$163.502
53,246
35,090
1932.
$176,435
52,275
35,940
1931.
$241,622
75,285
51.824
543,837
209,707
149,346
427,903
121.391
66,675
465,1414
93,845
39,310
639.258
142,242
70,592
Chase Brass & Copper Co., Inc.
-Lighting Fixtures to
Be Sold on Instalment Plan.
An exclusive contract has been signed with Commercial Investment Trust,
Inc.. New York, by the Chase Brass & Copper Co., Inc., Waterbury,
Conn., a subsidiary of Kennecott Copper Corp., for financing instalment
sales of the new line of Chase lighting fixtures.
Under this arrangement authorized dealers ofthe Chase company throughout the country will be enabled to offer an attractive merchandising plan,
based upon a small down payment with the balance payable in convenient
monthly instalments, and the complete financing facilities of C.I.T.'s
nation-wide chain of more than 130 branch offices will be placed at the
disposal of Chase dealers.
According to S. D. Maddock, C.I.T. Vice-President, this program should
result in substantially increased sales for Chase, and extensive arrangements are being made by the Chase company for backing the dealers' sales
campaign.
-V.137, P. 4017.
Chesapeake Corp.
-Disposed of 21,500 Shares of C. do 0.
Stock.
The corporation reports tiltA sold an additional 21,500 shares of com--it
mon stock of the Chesapeake & Ohio By. at a profit of $98,912 during the
quarter ended March 31 1934. The present holdings of 0. & 0. stock
amount to 3.687,237 shares.
rgforithsEidicliiiarch 31:
1934.
- 1933. .
19327
.
Interest and dividends received
$2,581,609 $2,545,125 $2,548,010
Interest on long term debt
538,865
458,963
553,345
Other interest
223,817
427,798
456,317
General expenses
13,511
9,944
12,152
Capital stock tax
13,432
4.5x Profit
$1,871,886 $1,568,518 $1,526,196
Dividends
1.115,842
899,872 1,349,809
Surplus
$756,044
$668,646
5176,387
x Profit before loss on sales of securities.
EarnedSuiPlus Accotitt
-Balance Jan. 1 1934. $9,arch 31 1934.
436,607; balance from income account, $1,871,886; total, $11,308,494;
dividends on common stock,$1.115,841;adjustment of 1933 general expense.
$7,409; blance, March 31 1934, $10,185,243.
Capital Surplus Account March 31 1934.
-Balance Jan. 1 1934, $8,709,482: profit from bond conversions (less expenses incident thereto).
314,819; profit on bonds purchased and tendered to sinking fund trustee,
$6,908; profit from sale of securities (21,500 shares Chesapeake & Ohio
By. common stock), $98,912; balance March 31 1934, $8,830,121.
-V. 138, p. 2242.
Chicago Burlington & Quincy RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
p. From Jan, 1Gross from railway
Net from railway
Net after rents
1934.
1932.
1933.
'1931.
$6,677,859 $5,166,697 $7,392,290 $9,849,837
2,185,703
1,133.093 2,546,030 3,182,698
1,337,556
169,725 1,476,196 2,047,495
SIMPIIII
Zel
18,689,899 15,435,888 21,362,322 29,066,639
5,648,610 3,301,164 6,147.490 9,480,416
3,060.761
471,682 3,107,938 5,973,799
Annual Report-President Ralph Budd says in part:
0. Freight Increases.-The decline in traffic volume and revenue experienced
,
for the past four years reached the lowest point in March. Loadings increased from May to the end of the year, compared with 1932, the improvement being general in character.
p.A comparison of car loads shows:
cars (allall commodities) in 1933
790,498
Total cars (all commodities) in 1932
761,188
Increase in 1933(3.85%)
29.310
Comparison by classes of commodities 1933 with 1932:
Tons carried in 1933
23.944,824
Tons carried in 1932
23,196,303
Increase in 1933 (3.23%1
748,521
Magnus.
Increase.
Tons.
Products of agriculture -$14,086,378 $2,017,945 6,095,156 Increase.
1,089,587
Products and animals- - 9,872,998
z507,399 1,767,387
x84,571
Products of mines
12,051,134 z1,778,035 8,941,025
x953,203
Products of forests
2,662,397
784,123
922,513
266,570
Manufactures & miscell_ 21,646,428
835,718 5,719,658
450,052
Less carload tonnage_ . 6,322,015
.
x910,098
499.085
x19.914
Total
$66,641,350
$442,254 23,944,824
748,521
x Decrease.
Products of agriculture increased 16.7% in revenue and 21.8% in tonnage.
Notwithstanding a decrease of 42% in the
of wheat and
25% in corn, the movement of wheat decreased production the corn move7.6% and
ment increased 69.5%,an improvement in prices resulting in the marketing
of old grain. An increase of 29% in the acreage of sugar beets was reflected
in the movement.
Passenger Decreases.
-The continuance of the general business depression,
as well as reduction in fares, resulted in a decrease of 8.06% in passenger
revenue for the year. This decrease would have been considerably greater
had it not been for the Century of Progress Exposition in Chicago. Exclusive of suburban passengers, 30,954 more revenue passengers were carried
than in the previous year, or an increase of 1.62%. The number of passenger one-mile units increased 20.88%, due primarily to the large volume
of business handled to the Century of Progress. It is a satisfaction to be
able to report that this increase in business was handled with a decrease
of 11.82% in train miles. Sleeping car, parlor car and observation car
miles decreased 10.93%, and the total passenger train car miles, including
mail and express, decreased 5% below 1932.
The average revenue per passenger mile (exclusive of commutation)
was 1.930 in 1933 compared with 2.53c in 1932, being a reduction of 23.7%.
The basic passenger rate was reduced on Dec. 1 1933 for an experimental
period of six months from 3.6c per mile to the following: 3c per mile one
way, 2c per mile 10
-day round trip for first class travel, as well as 2c oneway and 1.8c for 10
-day round trip coach travel. The basic rate of 3.6c
had come to have little significance since the average per passenger mile
in 1933 was less than 2c, as stated above, due to the influence of numerous
and general excursion fares, some of which were less than lc per mile.
The average number of employees during the year was 22,703, a decrease
of 7.2% under 1932. By agreement with employee representatives and in
common with other railroads, the 10% deduction for all basic wages which
3083
was made in 1932 was continued through 1933. The salary reductions up
to the maximum of 20% in the case of higher officers were also continued.
Compensation from 1916 to date has been as follows:
All Employees.
CornPetsCOMPC11satton
action
per Hour
Total
Total
Total
per Hour
Total
Hours
CornpenCompenWorkedHours
WorkedCents.
Worked
satton.
satton.
Worked.
Cents.
65.23
29.43 1925_ 71,382,543 109,434,306
1916_640,560,509 137,806,740
1917__ 49,179,625 144,141,364
63 59
34.12 1926__ 72,724.082 114,362,167
64.91
1918._ 73,228,161 153,050,419
47.85 1927_ 70,611,833 108,776,391
65.38
1919.. 77,361,289 137,337,588
56,33 1928__ 73,307,468 110,599,163
66.28
1920_105,469,707 155,664,133
67.75 1929__ 73.392,027 110.730,656
1921__ 77,226,421 115,655,488
66.77 1930._ 64,022,687 93,531.181
70.70
1922__ 75,198,754 120,217,000
62.55 1931__ 51,442,873 72,766,239
66.03
1923._ 82,017,006 133,189,229
61.58 1932_ 36,965,641 55,981,648
63.98 1933_. 34,226,577 52,054,731
65.75
1924-- 73,022,209 114,128,388
Capital Expenditures.
-Owing to abandonment of 65 miles of unprofitable
branch lines and retirement of obsolete equipment, there was a net credit
to capital account, the net change being as follows:
For road
Cr $2.060,495
For equipment
Cr 8,181.523
62.311
For general
Cr$10,179,707
Total
Burlington Transportation Co.
-During the year a total of 1,680.153 bus
miles were operated and in this way the operation of unprofitable steam
trains was avoided to an extent that a saving of $175,186 was effected.
There was a decrease of 19.69% in the total operating revenues and 11.4%
in the number of passengers carried by Burlington buses, compared with
a decrease of 21.6% and 24.9%, respectively. in 1932.
Traffic Statistics for Calendar Years.
1930.
1931.
1932.
1933.
9,353
Average miles oper___
9.313
9,262
9.237
Operations
Rev. passengers MT..
11,920,934
7,064,344
9,856,396
7,753,105
Rev, pass. carr. 1 m__ 387,064,918
347,833,554 472,741,806
606,612,275
Rate per pass. p. m___
1.737 cts.
2.721 as.
2.370 cts.
2.102 eta.
Rev. freight (tons).41,701,447
31,815,102
23,944,824
23,196,303
Rev. freight 1 mile---x7,761,587,000 x7,447,777.900 8,888,693,958 11,356,358,912
Rate per ton per m.....
.979 eta.
0.960 eta.
.993 cts.
1.003 eta.
Earns. per pass. tr. tn.
$1.17
$0.92
$1.42
$0.91
Earns, per fr't tr. m__
$7.02
$4.99
$6.46
&5.25
Oper. rev, per mile__
515.149
58,498
$11,943
$8.588
x All freight.
Income Account for Calendar Years.
1933.
1932.
1930.
1931.
Railway Operarg Revs.
$
Freight
63,319,234 63.182,739 88,237.564 111.157,128
Passenger
6.722,104 7,311,279 11,205,062 15,360.186
Mail
3.903,932 4,008,204 4.407,436 4,736,925
Express
1,311,051
1.594,579 2,536.106 3,501.775
All other transportation_ 1.786,599
2,687,998 3,603,112
1.965,481
Incidental
1,027,115
1,577.195 2,216,891
1,077,106
Joint facility
426,941
567,600
404,241
803,405
Total ry. oper. revs--- 78,496.975 79,543,629 111,218,960 141,379,422
Railway Oper. ExpensesMaint. of way & struct's 8,561,684 9,576,465 13,721,164 20,311.640
Maint. of equipment -- 12,140,500 13,341,550 17,785,942 22,553,488
Traffic
2,450,820 2,536.072 2,913,238 3,456,600
Transportation
27,374.245 28,952.904 38,030.549 46,922,911
Miscellaneous operations
641,122
952,425 1,444,452
658,758
General
3,390,388 3.532,451
4,200,626 4,426,143
Transportat'n for invest. Cr197,160
Cr80,596 Cr137,974 Cr237.421
Total ry. oper. expens. 54,361,599 58,517,604 77,465,969 98,877,813
Net rev,from ry.oper. 24,135,376 21,026,025 33,752.990 42,501,608
Railway tax accruals- - 6,918,697 8,148,156 9,955,502 11,191,877
Uncollectible ry. revs-20,455
30,200
23,739
31,176
By.operating income.. 17,196,225 12,846,693 23,773,749 31,279,532
Eire ofequip.
-net
-Dr. 1,375,888
1,223,759
1,087,321
987,165
J't facility rents. net,Dr. 2,329,111
2,030,437 2,279,667 2,236,146
Net ry. oper. income.. 13,491,225
Other Non-oper.Income-.
Miscall,rent income- -745,117
Divs.& miscell. interest_
802.425
'Miscellaneous income--14,287
9,592,497 20,506,918 27,956,064
738,685
599,967
24,266
712,514
1,540.188
46,372
632,584
2,847,134
45.380
Tot,other non-op.inc. 1,561,829
1,362,919 2,299,074 3,525,099
Gross income
15,053,054 10.955,417 22,805,992 31,481,163
Other Deducts. from Gross Inc.
Miscellaneous rents- --183,923
213,577
191,846
224.591
Interest on funded debt- 9,084,635 9,084,635
9,084,635 9,084,635
Mt. on unfunded debt.32,355
42,774
30.848
46,807
Amortization of discount
on funded debt
145,271
145.271
145,271
145,271
Miscell,income charges_
8,847
Total other deductions
from gross income-- 9,455.031
Net income
Dividends
5,598.024
5,125,161
9,452,601
9,486,257
9,501,304
1,502.816 13,319.735 21,979,859
z
x8,541,935 y17.083,870
Inc. bal. transferred to
profit and loss
1,502,816 4,777,800
4.895.989
472,863
Barns, per sta. on capital
stock (par $100)
$3.27
$12.86
$7.79
$0.88
x In addition, a dividend of 5% (58,541.935) was charged to profit and
loss. y In addition, an extra dividend of 5% (58,541,935) was charged to
surplus in 1930. z A dividend of 3% was paid from surplus in June 1932.
General Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
AssetsLiabilities$
$
Road&
pml597,984,185 608,163,893 Capital stock__170,839,100 170,839,100
Inv. in Mill. cos:
Funded debt__ _219,672,000 219,872,000
Stocks
32,321,249 32,321,249 Traf.,
bats_ 1.213.588 1,219,668
Bonds
639,815
576,885 Accts. & wages_ 3,708,663 3.917,440
Notes
3,710.935 3,712,601 Matured interAdvances_
7,561,451 7.268,143 est, Arc
658.472
965,422
Other investmls 4,412,307 4,286,826 Funded debt
Misc. ph.prop
754,441 1,080,253
mater, unpaid
2,600
2,600
Dep. In lieu of
374,339
iscell. accts._
431,295
mortg'd prop.
Accrued int., dm 2,265,793 2,265.793
sold
21,500
Other current
Impts. on leased
liabilities
157,858
156,780
property
14,703
14,703 Tax liability... 5.454.688 5,418.389
Cash
9,694,671 6,970,714 Insur., &c., res_ 1,444.265 1,585,981
Time drafts and
Deferred liabil
124,659
148,908
deposits
884,433
697,023 Accrued deprec_ 66,511,076 68.572.675
Special deposits_
3,940
5,140 Unadjusted, arc
Rents receivable
27,344
31,106 accounts
1,603,998 1,662,253
Loans & bills roc
362,843
232,041 Additions to
Materials & supp 7,724,146 8,944,263 property
664,502
654,398
Int. & dirs. rec.
105,264
130,962 Funded debt reBal. from agents
837,640
631,461
tired
44,044,177 44,044,177
Traf.,
bats.
567,238
493,032 Sinking fund reMisc. accounts_ 4,752,613 4,270,706 serves
600
600
0th. curr. assets
384,226
369,711 Profit and loss...161,416,721 166,196.876
Disc,on fund.di 4,849,291 4,994,562
Deferred charges
386,079
258,233
Other unadJust.
debits
2,463,912 2,293,898
Total
680,464.027 687,747,404
-V.138. p. 2914
Total
680,464,027 687,747,401
Financial Chronicle
3084
Chicago & Eastern Illinois Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
1934.
$1,186,596
325,905
128,007
1931.
1932.
1933.
$889,923 $1,233,671 $1,416,023
187,947
239,839
116,284
def68,839
501
def71,825
3,243,606 2,782,023 3,409,569 4,035,642
249,154
411.168
357,473
677,393
50,082 def281,981 def304,413 def510,747
Reorganization Plans Considered.
Plans for the reorganization of the company were discussed April 27 by
vankers and insurance company representatives with Jesse Jones, Chairman of the Reconstruction Finance Corporation according to Washington
dispatches, which add: "The committee is considering a plan. Mr. Jones
said, but had not reached a decision. The railroad ONV138 the RFC 165,916,500.-V. 138, p. 2914.
Chicago Great Western RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
V.
- 138, p. 2915.
1931.
1932.
1933.
1934.
$966,019 $1,443,430 $1,679,437
$1,272,252
528.076
447,302
111.711
318,995
265,142
184,461
97.447 tlef122.893
3,500,185 2,893,016 4,009,683 4,801.434
1,490,183
325,309 1.040,542
747,869
671,807
232,549
. 55,339 def404,915
Chicago & Illinois Midland Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138,P. 2243.
1934.
$237,936
59,432
56,410
1933.
$284,607
123,341
115,710
1932.
$371,584
193,111
177,958
1931.
$240,910
57,824
38,966
756,745
218,515
195,436
694.654
208.216
186,357
833.736
330.267
301,003
706,422
113,030
67.843
Chicago Indianapolis 8c Louisville Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
V.
- 138, p. 2915.
1934.
$661,505
119,953
def35.056
1933.
$503.116
74,000
def46,246
1,579.066
1,814,585
175,209
303.799
def98,652 def189,457
1931.
1932.
$757,124 $1,012,013
134,932
216,925
59,590
def26,873
2,214,658
393,900
def97,372
2,929.701
579,042
70.658
-AssumpChicago Milwaukee St. Paul & Pacific RR.
tion and Pledge.
the company (1) to
-S. C. Commission on April 21 authorized
The I.
assume obligation and liability as lessee and guarantor in respect of not
exceeding $1,716,000 equipment-trust, series M, 4% certificates, and (2)
to pledge,as collateralsecurity for the guaranty ofsuch certificates,$258,000
of 1st & ref. mtge. 6% bonds, series A.
The report of the Commission says in part:
Our certificate, issued Feb. 20 1934, approved, as desirable for the
improvement of transportation facilities, equipment to be acquired by the
applicant as follows: 25 all-steel baggage-express cars to cost $456,000. 50
all-steel passenger coaches to cost $1,260,000. and 30 modern, high-speed
locomotives to cost $4,004,000, a total cost of $5.720,000. Since that date
the applicant has modified its plans by eliminating the locomotives from the
equipment to be financed through the aid of the Public Works Administration. thus reducing to $1,716,000 the cost of the equipment to be so
procured at present.
In connection with the acquisition of this equipment, the applicant will
enter into an agreement with the Chemical Bank & Trust Co., as trustee,
and certain vendors, creating the Chicago Milwaukee St. Paul & Pacific
RR. equipment trust, series M, and providing for the issue thereunder by
-trust certificates.
the trustee of not exceeding $1,716,000 of equipment
Pursuant to the terms of the agreement, the vendors will acquire the equipment which will be constructed by the applicant at its shops in Milwaukee.
Wis., pursuant to a separate construction contract to be made by it with the
vendors. The vendors will then sell the equipment to the trustee, which in
-V. 138. p. 2915.
turn will lease it to the applicant.
Chicago & North Webtern Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 2915.
1932.
1931. '
1933.
1934.
$6,204,924 $4,849,696 $6,457,177 $8,725,342
293,353 1,150,550 1,771,934
1,298,912
831,137
227,338
576,187 def564,641
17,309,218 14,350,511 18,446,399 25,044,350
1,064,615 2,921,283 4,510.193
3,375,714
135,242 1,721,700
1,164,676 def1463,245
Chicago Rock Island & Gulf Ry.-Earnins.MarchGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
-V.138, p. 2243.
1934.
$284,001
50,535
def26,281
1933.
$246,219
57,673
def30,951
1931.
1932.
$363,634 ' $471,340
166,349
140,214
120,832
70,651
842,410
176,733
def54,533
764,648
180,214
def93,516
1,089,612
410,169
208,913
1,414,401
511,042
354,725
Chicago Rock Island 8c Pacific Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
V.
- 138, P. 2915.
1931.
1932.
1933.
1934.
$5,306,253 $4,343.162 $5,958,991 $8,215,001
1,885,356
1,326,233
492,658
870,187
972,487
506,018
209,917 def265,614
15,004,911 13,272,538 17.584,173 23.606,829
1,438,422 3,189,286 5,334,493
2,397,515
647,210 2,593,925
363,696 def816,451
-Earnings.
Chicago Pneumatic Tool Co.(& Subs.).
Calendar YearsManufacturing profits
Gen ,selling & admin. expenses
Other income charges
1933.
$1,404,951
1,806,740
1931.
1932.
$815,302 $2,159,451
2,265.406
1,478,831
301,169
204,829
$401,789
59,638
$867,858
62,471
$407.124
96,117
$342,151
Net loss
Prov.for loss on foreign exchange._ _ _ prof430,037
$805,387
31,157
$311,007
310,026
Gross loss
Income credits
587.886 loss$836,5441084621,033
Net profit before minority interest..
-Balance, Dec. 31 1932.
Statement of Earned Surplus Dec. 31 1933.
$3,506,202. Deduct: Difference between stated value and cost of preference
treasury transferred to capital surplus, $310.737: charges
stock held in
applicable to operations of prior years, $52,350; balance, 53,113,115.
Add: Net profit for year 1933 including credits on account of foreign exchange. $93,090; difference between face value and cost of debentures purchased for the sinking fund in 1933, &c., $45,972: total, $3,282,177. Deduct: transfer to reserve for exchange fluctuations of credits arising from
conversion of the accounts of foreign subsidiaries to U. S. dollars as per
income statement. $430,037: less provision for loss on exchange charged to
income in years 1931 and 1932. 5341,183. total, $88,854; balance, Dec. 31
1933, Per balance sheet, $3,193,323.
-The above statements include the results of operations of ConNote.
solidated Pneumatic Tool Co., Ltd., and certain of its subsidiary companies
and branches for the fiscal year ending Nov. 30 1933 and of its remaining
May 5 1934
subsidiary companies and branches for fiscal years ending at various dates
from Sept. 30 to Oct. 311933.
-(a) The above statement includes for each year the results of
Notes.
operations of Consolidated Pneumatic Tool Co., Ltd. and certain of its
'
subsidiary companies for the fiscal year ended Nov.30, and of its remaining
subsidiary companies for various fiscal years ended Sept. 30 to Oct. 31.
inclusive. (b) The above statement includes depreciation charges of
$243,266 for the year 1933. $253.040 for the year 1932. and $317.656
for the year 1931.
Consolidated Balance Sheet Dec. 31.
1932.
1932.
1933.
1933.
Liabilities
Assets
521,429
348,517 Notes payable_ __ _ 509,425
221,169
Cash
Notes & accts. rec. 1,531,443 1,180,103 Accts. pay.& accr.
466,396
5,379,130 5.412,274 liabilities & taxes 601,704
Inventories
34,229
Bond int. accrued_
32,632
Long-term notes &
161,988 Long - term notes
sect3. receivable 150,516
71,428
payable
isc, investments,
15-yr. 535% gold
,
59,750
advances, &c_ _ _
debentures
2,369,000 2,445,000
x Land, buildings,
mach.,eqpt.,&c.10,393,969 10,551,398 Mtge. pay.-For'n
subsidiary
22,286
34,705
Unamort. disct. &
70,329 Reserve for ins.&c. 118,188
32,631
60,574
expenses-debs.
Minority interest
Insur. taxes, duty
322,832 Foreign subsist_ _
33,150
52.607
& develop. exp_ 340,460
9 Cap.stock-Pref.
stock
8,920,000 8.920,000
z Common stock _ 1,994,690 1,994,690
Surplus
3,504,060 3,506,202
18,137,011 18,047,441 Total
18,137,011 18,047.441
Total
x After depreciation of 53,658.028 in 1933 and $3.476,856 in 1932.
y Represented by 178.400 shares (no par). z Represented by 109,469
shares (no par).
-The above balance sheet includes the assets and liabilities of
Note.
Consolidated Pneumatic Tool Co., Ltd., and certain of its subsidiary
companies, as of Nov. 30, and of its remaining subsidiary companies as of
-V. 137, P. 3331.
various dates from Sept. 30 to Oct. 31 inclusive.
--Earnings.
Chicago Union Station Co.
1933.
Calendar Years51,300.107
Operating deficit
Non-operating income._ 4,949,605
Gross income
Int., amortization, &c
Net income
1932.
5991,405
4.639,082
1931.
1930.
$953,450 $1,183,979
4,602,081 4,832,732
$3,649,498 $3,647.677 53,648,631
3,509,498 3,507.677 3,508,631
$140,000
$140,000
$140,000
53,648,752
3,508,752
$140,000
Comparative Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
Liabilities$
$
$
$
Assets2,800,000 2,800,000
Investmqa in road84,325,331 90,953,941 Capital stock
67,000,000 67,000,000
399,226 1,793,399 Funded debt
Cash
1,697,050 1,696,294 Non-negot. debt to
Special deposits
affiliated cos.._17,273,442 19,027,446
Time drafts as dens 1,000,000
Traffic dr car ser32 wages payable__ 124,794
52
119,43
vice balance_ __.
Int. mat'red unp'd 1,692,050 1,691,294
Net bal. receivable
147 Unmat. diva. decl. 140,000
273
140,000
from agents. _ _ _
750,004 Unmat. int. tweed
29,167
29,167
Misc.accts. receiv. 791,487
28,082 Deferred liabilities
28,887
44,102
499
Mat'l & supplies
3,871 Tax liability
3,871
2,121,197 1,956,197
Rents receivable
250 0th. wadi. credits 165,151 5,446,844
150
Work, fund adv..
304,219
Insur. & other Ms. 304,219
Disc.on fund.debt 1,713,3581.780,117
944,130
0th. unadj. debts_ 1,082,396
91,346,300 98,254,486
Total
-V. 137, P. 10
47.
Total
91,346,390 98,254,486
-Earnings.
Chicago 8c Western Indiana RR.
-1932.
Calendar Years
$117,964
$105,902
Operating revenues
Inc.from lease of road.- 2,122.670 2,117,245
Joint facil. rent income_ 2,464,020 2,398,286
51,680
48,818
Miscell. rent income
16,876
62,189
Equipment rents
Income from unfunded
11,242
2,117
securities & accounts..
20,809
21,656
Miscellaneous earnings_
1931,
$135,555
2,109,275
2,761,098
54,872
6,370
1930.
$174,018
2,133,961
2,603,405
53.501
27,665
6,181
21,949
11,134
23,822
$4,826,525 $4,734,949 $5,095,300 $5,027,508
Total
222,977
198.454
243,657
Operating expenses
319,376
Int. on funded debt_ --- 3,241,532 3,264,848 3,284,128 3,288,451
133.752
130.077
126,635
Rent for leased road---133,717
10,264
5,974
14,055
Joint facility rents
15,623
1,220
1,183
928
Equipment rents
4,469
601,824
731,619
751,016
Tax accruals
979.036
Amortization of discount
49,986
49,980
48,534
49,672
on funded debt
39,036
40,990
76,583
Miscellaneous expenses..
36.189
$4,398,760 $4,325,864 $4,774,694 $4,597,378
Total
427.764
409,085
Net income
430,130
320,606
Surplus forward from
348,910
172,853
previous year
724,095
242,741
557
207
Other credits
212,905
41,596
Total
Dividends paid
Other debits
$776,881
8582,495
225,000
8,586
8604,943 $1,367,130
800,000
300,000
324,388
132,090
5172 853
Surplus Dec. 31
8348,910
$771 582
$242 742
Earned per share on com
8.45%
8.18%
8A10%
6.41%
Comparative General Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
3
LiabilitiesAssets$
$
Investments:Road 79,365,295 77,635,030 Capital stock: corn, 5,000,000 5,000,000
Equipment _ _ _ _ 3,782,976 3,836,595 Funded debt
73,353,200 72.134,801
Non-nego. debt to
Impts. on leased
9,499
9,499 affiliated cos_ _ _ 4,513.407 4,169.948
my. property..
539 Loans & bills pay. 455,000
576
Cash in sink. fund_
650,000
Misc. phys. prop__ 1;144,850 1,444,850 Traffic & car serv7,843
6,215 ice bal. payable_
Inv.In MM.roe....
5,744
10,205
435
360 Audited accts. &
Other Investments
183,170 wages payable._ 590,255
479.192
Cash In treasury _ _ 182,450
27,387
Special deposits_ __ 1,636,444 1,663,018 Misc. accts. pay..
42,424
Int. matured, unTraffic & car serv- •
21,440 paid
19,639
ice bal. receiv.
1,009,219 1,007,057
Divs, matd. unpd
Net bal. rec. from
500,000
0
500.00
2,967
2,384 Unmatured dive
agents & condra.
Misc,accts. rec.
840.710
580,869 declared
388,770
304,218 Unmat. int. accr'd 382,251
Mat. dr supplies.. 258,580
8,3111
Int. & diva. rec.
220 Unmat.rents neer_
55
3,333
1,717
Rents receivable..
3,333
3,333 Other curr.
28,437
Deferred assets- _ _
19,653
7,906 Other defd. Habil_
2,589
Rents& ins prems,
Tax liability
1,491,661 1,511,359
paid in advance_
1,050 Accrued deprec.1,966
Disc.on fund. debt 1,155,499 1,203,688 equipment
1,868,117 1,804.786
Other unadj. debits 3,456,397 3,265,158 Other unadjusted
950,708
1,003,102
credits
Addit'ns to prop
through income
1,102,813 1,102,813
dc surplus
Funded debt rethrough intired
54,682
54,582
come dt surplus].
348,910
Profit & loss-Bal. 771,582
5.299
Total
92,172,004 90,169,542
-V.137, p. 3145.
'renal
92,172,004 90,169,542
Financial Chronicle
Volume 131
Chicago St. Paul Minn. & Omaha Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, P. 2915.
1934.
1932.
1931.
1933.
$1,212,124
$902,294 $1,255,461 $1,610.598
251,585
23,170
142,030
206.128
97,510 def113,621
def22,870
41,770
3.491,834 2,739,586 3,633.537
671,620
297.794
118,802
234,009 def302,458 def183,154
4,615,537
429.567
def71.088
Chile Copper Co. (8c Subs.).
-Earnings.
Calendar Years1933.
Copper produced (lbs.) _123.045.827
Copper sold (lbs.)
147.827.409
Operating revenue
$9,499,934
Operating costs
6.822,371
Net operating income_ $2,677,563
Other income
1.307,439
Total income
$3.985,002
Federal taxes. &c
327,810
Int. & discount on bonds 2,352,229
Depree.. plant & equip.. 1,644.223
1931.
1932.
1930.
81,370,608 171,627.952 179,191.243
126,756.152 131,769,358 219,485.323
$7,642,858 $10,966.614 $25,774,662
6.310,527 6.664,853 11,806.713
$1332,331 $4,301,761 $13,967.949
846,003
309,350
$1,332,331 $4,611,111 $14,813,952
443,161
368.597
1,873,839
2,168.497
2,249,331
2,168,496
1,419,502
1,480.944 2,520.711
Net income
Dividends
/3085
4 i- '-• ,-,
6
,
Clark
Equipment Co.
-20
-cent Dividend
'- --'
1 (" '
The directors have declared a dividend of 20 cents per share on the common stock, no par value, payable June 15 to holders of record May 30.
A similar distribution was made on this louse on March 15 last, as against
25 cents per share on Dec. 28 1933. The last previous quarterly payment
was also one of 25 cents per share, made in December 1931.-V. 138, p.2917.
Colorado Fuel & Iron Co.(& Subs.).
-Earnings.
-
9
uar.End. March 31x Total earnings
Other income.
1934.
1933.
$537.779 def$60.159
66,105
61.813
1932.
$288,892
73.913
1931.
$525.204
104,743
Total income
Interest
Depree. and exnaustion
of minerals
$603,884
$362,805
404.985
$629,948
405,493
$1,657
402,312
330.843
350.041
357.099
471,670
Deficit_ _ .
YPf$273 041
$750,695
$399.279
$247,215
x After operating expenses. selling and administration and general
expenses. y Before provision for interest on funded debt.
-V.138. p.2091.
Colorado & Southern Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 2742.
1934.
$397,177
58,905
def16,108
1933.
5369.869
24,193
def50,762
1932.
$472,462
65,555
def19,590
1931.
$642,057
94,164
9,500
$518,509 $8.250,905
loss8330,260loss$2705098
1,174.282
1,120.848
1,457,170 2,050,260
5,519.378 12,142,629
167,109
124,408
221,362
412,472
def50,220 def92,645 de123,283
Balance deficit
157,882
$337.260 $2,705,098 $5,000.869 $3,891,724
Shs.cap.stk.out.(par$25) 4,415,503 4,415,503 4,415.503 4.415,503
Earnings per share
$0.11
Nil
Nil
$1.86 Color Pictures, Inc.
issolves-Pays Dividend in Partial
Liquidation Consolidated Balance Sheet Dec. 31.
1933.
The directors have authorized the immediate distribution to stockholders
1933.
1932.
1932.
Assets
of 89,987 shares of the common stock of Technicolor. Inc., on the basis
Liabilities
a Prop. Invest., _131.010,184 133,174,673 Capital stock__ .110,387,575 110,387,575
of two shares of the Technicolor stock for each five shares of Color Pictures
Dar. chgs., incl.
stock, and of $134,980.20 at the rate of 60 cents for each share of Color
Funded debt_ __ 30,889,000 33,386,000
disc, on bonds 6.255,283 6,816,042 Notes payable__ 3,000,000 3,000.000
Pictures stock, as a dividend in partial liquidation. Any cash or other
Supp.on hand &
assets ultimately remaining will be distributed as a final dividend in liduidaRes. for renewl3
exp. prepaid_ 6.137,081 6.782,117 & replace.. intion as soon as practicable.
Copperin process
438,302
434,914
On and after May 16 1934. the stockholders may surrender
surance, &c__
and on hand__ 4,342,473 5,592,372 Int. Si taxes accr 1,032,782 1,085,244
of the Manhattan Co., 40 Wall St., N. Y. City, their certificatesto Bank
of
Accts. receivable
of Color Pictures, Inc.. for cancellation, and upon such surrender stock
758,806
628,296 Accts. & wages
they
Mark. securities
1,792,197 2,258,563
will receive as soon as practicable certificates of common stock of Techni29,771
payable
Cash
color, Inc. upon the above basis, together with a check for the amount
3,284,024 3,779,883
2,320,053 1.308,908 Surplus
of the cash dividend to which they are entitled, and a receipt evidencing
Total
their right to receive the final dividend in liquidation. No fractional shares
150,823,879 154,332,180
150,823,879 154,332,180 Total
of Technicolor, Inc. stock will be issued, but if a stockholders would othera After reserve for depreciation of plant and equipment, of $29,450,87k
wise have been entitled to fractional shares he will receive an equivalent
In 1933. and $27,317.914 in 1932.-V. 136, P. 3160.
I.
payment in cash based upon the market value of a share of Technicolor.
stock as of the close of
1934.
'Chrysler Corp.
- he -Inc. common transfer books of Color business on May 15be
-Special Distribution of 25 entis
The stock
Pictures,
closed after
directors on May 3 declared a special dividend of
cents May 15 1934 and will not thereafter be opened. Inc. will
It is announced that the corporation has been dissolved.
per share in addition to a regular quarterly dividend of like
The office of Color Pictures, Inc. is located at 15 Broad St., N. Y. City.
amount on the common stock, par $5, both payable June 30 Lorillard Spencer is President.
23
to holders of record June 1. The common stock was placed
on a $1 annual dividend basis three months ago, by the
declaration of a quarterly of 25 cents per share.
The company on Dec. 31 last paid a dividend of 50 cents
per share and on Sept. 15 1933 a special distribution of like
amount, making in all a total of $1 per share for the year
1933.
Consolidated Earnings Statement Quarters Ended March 31.
1931.
1932.
1934.
1933.
Sales
595.287,306 $33,059,489 $37.368,443 $39.758.
601
Cost ofsales
82.758,238 29,252,554 32,996,144 34,915,237
Gross profit
512,529,068 53,806.935 $4,372,299 $4,843,363
Int. & miscall. income-288,970
475,759
616.733
181,648
Totalincome
313,145,800 $3.988.583 $4,848,059 $5,132,334
Admin., engr'g, selling,
adv.,service & general
expenses
8,607,831 4,766,189 6,160,370 5,363.146
Interest paid & accrued_
728.769
730,261
606,276 2,251.874
Prov. for income taxes
(U. S.,&c.)countries20,345
23,913
627,842
8,602
Net loss
$979,927
Pf$3303,850 $3,038,082 $2.066,485
Common dividends_ _ _ _ 1,086,447
1,101,102 1.103,681
Deficit
stir 52,217,403 33.038,082 $3,167,587 $2,083,608
Earns, per eh. on 4,345,788shs.cap stk(par 35)
Nil
Nil
Nil
$0.76
-V.138, p. 2741.
Cincinnati Union Terminal Co.
-Balance Sheet Dec. 31.
1933.
1932.
Asada$
$
Invest, in road &
equipment, &c.41,138,283 38,228.047
Cash in hands of
treasurer
983,390 1.223,768
Special deposits
614,408
608,328
Miscall. accts. reo 870,274
84,209
Total def. assets__
5,311
6,025
Disct. on fund. dl. 980,688
670,134
0th. unadl. debits
1,434
43,617
Mat. Fe supplies__ 205,734
Other assets
6,550
Total
44,806,073 40,864,126
-V. 138. p. 857.
'
1932.
1933.
Liabilities
Common stock__ 3,500,000
35,000
Preferred stock.- 3,000,000 3,000,000
Funded debt
36,000,000 31,800,000
Non-negot, debt to
affil. cos
326,183 4,414,668
Audited accts. dc
wages payable 1.089,790
717,024
Int. mat'd unpaid_ 576,880
570,828
37,528
Divs. mat'd unpd.
37.500
Unmat'd int. am. 100,000
717
Miscall.sects pay.
121
27,268
Deferred liabilities
287,985
Unadjusted credits 148,277
1.000
570
Deficit
Total
44,806,073 40.864,126
Cities Service Co.(& Subs.).
-Earnings.
ix 3 Months Ended March31-1933
Columbia Gas & Electric Corp. (8c Subs.).
-Earnings.
.End. March 31- 1934-3 Mos.-133.
1934-12 Mos.-1933.
Gross revenues
823,776,308 $22,305,547 575.924,076 576,574,270
Oper.exps.&
.
13,406,809 12,247,930 46,549.983 44.407,707
Prov.for retire. & deplet. 2,319,228 2,116,466 7.189,294 6.632.027
taxes_Net oper. revenue_ _ _ _ $8,050,271 87.941.151 $22.184,709 525.534,535
Other income
54.769
64,737
232,496
278,704
Gross corporate inc.-- 58,105,040 $8,005,888 822,417.295 825,813369
int. on securs. ofsubs.in
hands of public, &c.__
927,408
879,499 3.270.911 3.202.907
Pref. divs. of subs. &
minority interests
_
667.095
584,746 2,667,435 2.491.622
Bal. applic. to Columbia Gas & El. Corp- $6,510.537 $6,541.642 $1b,478.949 520,028.740
Inc. of otn. suits. applic.
to C. G.& E. Corp..... Dr17,742
D721,431
35,815
Dr20.757
Total earns, of subs.
applic. to C.G.& E.
Corp
56.492,7k5 $6.520,211 516.514,764 520.007.983
Net rev. of C. G. & E.
Corp..
384.452
454,819 1.717,101 2319,039
Combined earns. applic.
to fixed charges of C.
G.& E.Corp
56,877,247 56,975.029 518,231,865 522.327,022
Int. cngs. &c.of C. G.&
Corp
1,372,640
1.508356 5.07,172 6.136.744
Bal. applic. to capital
stocks of 0.0 & E.
Corp
_ $5,504,607 55.466,674 812.534,692 516,190378
Preferred dividends paid
6.630,061 6,231.147
Balance
$5,904,631 $9.959,131
Earnings per snare (on common shares outstand
ing at end ofrespective periods)
$0.50
$0.86
Philip G. Gossler, President,says in part:
•
The payment of the current dividend on the common stock exhausts the
authorized issue of convertible 5% cum. preference stock, and the corporation will accordingly endeavor to assist holders of scrip representing
such preference stock in eliminating their fractional holdings (whether held
In their own possession or held for their account by Bankers Trust Co as
the corporation's transfer agent under the accumulation plan or otherwise)
either by the sale of their fractions or by the purchase of sufficient additional
scrip to make up a lull share of preference stock.
-V. 138. p. 2.04.
Columbia Pictures Corp.
-Further Foreign Expansion.
-
The corporation announces further developments in its foreign expansion
plans with the opening of a new distributing office In Shanghai, China.
This follows closely the inauguration of a number of exchanges in Japan.
indicating the growth of the company's activities in the Far Eastern market.
Within the past year exchanges have also been opened in Stockholm. Copenhagen and the United Kingdom. Plans are now under way for additional
offices in other territories.
-V. 138, p. 2)42.
Gross operating revenue
Operating expenses, maintenance and taxes
$46,438;326 $37,751,988
dividen(1_5_
30.135.952 25,096.884 - Columbian Ca bon
WNet oper. revenue before depict, & deprec
Other income
$16,302,374 $12,655,103
1,556.574
1,662,380
Total income
$17.858,948 $14.317,483
Subsidiary deductions:
Interest charges and amortization of discount__ 4,718,594 4,684,943
Preferred dividends paid and accrued
1,806,091
1,801,445
Po Earnings applicable to minority interests
432,432
371,392
Cities Service Co.,int. charges & amortiz, of disc't- 2,845,836 3,032,342
Reserves for depletion and depreciation
5,247,294 4,539,129
Net income
$2,808,699
$631,017
-N7. 138. P. 2916.
Clinchfield RR.-Earnings.March1934.
Gross from railway---- $558,457
Net from railway
302,534
Net after rents
296,915
From Jan. 1
Gross from railway...... 1.542,894
Net from railway
782,066
Net after rents
748,824
-V. 138, p. 2244.
1933.
$3368,991
162,670
117,370
1932.
$404,029
155,008
106,042
1931.
$519,701
208,139
183.366
1,133,704
509,086
376,735
1,150,873
397.746
239.302
1,480,490
500,634
478,073
Co. Dividend Rate Increased
Earnings Estimated The direc rs on May 1 declared a
quarterly
of 75 cents per share on the voting trust
certificates for common stock of no par value, payable June 1
to holders of record May 15. This compares with 50 cents
per share paid each quarter from March 1 1933 to and incl.
March 1 1934 and on Aug. 1 and Nov. 1 1932 and with
75 cents per share paid on Feb. 1 and May 2 1932. An
extra distribution of 25 cents per share was also made on
March 1 1934.
Preliminary estimate of this company and its subsidiaries for the
quarter ended March 31 1934, shows a net profit of $558.000 after depreciation, depletion, Federal taxes and minority interests, equivalent to
$1.03 a share on 538,420 shares of no par stock. This compares with
$242.333 or 45 cents a share in the first quarter of 1933.-V. 138. P• 2244•
Commercial Investment Trust Corp.
-Changes in Executive personnel of Factoring Division-New Contract.
Francis T. Lyons, who has been President of Commercial Factors Corp.,
has been elected Vice-President of Commercial investment Trust Corp. in
charge of all factoring activities, it was announced on April 30 by Henry
ntleson. President of the latter company.
At the same time Johnfritz Achelis was elected President of the Commercial Factors Corp. to succeed Mr. Lyons, who will, however, continue
his connection with that corporation as Chairman of the Executive Committee. Mr. Lyons will later be elected a director of the Commercial
Investment Trust Corp.
-ComThe combined volume of business of the C. I. T. factoring units
mercial Factoring Corp.. William Iselin & Co., Inc., and Meinhard, Greeff
& Co..fnc lastyear exceeded $218,000,000.
-V.135, p. 3861.
See Chase Brass & Copper Co., Inc., above.
Columbus & Greenville Ry.-Earnings.March
Gross from railway_ .._
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 2244.
1933.
$50,040
def6,598
def6,320
1932.
$75,478
3,244
3.670
1931.
$91,085
10,979
8.820
143,084
215,593
15,604. def28,336
6,198 def29,043
215,475
7,378
11,136
262,394
25,628
22,686
1934.
$77,579
6,684
3,130
-Earnings.
Commonwealth Edison Co.(& Subs.).
1934-12 Mos.-1933.
Period End. Mar 31- 1934-3 Mos.-1933.
.
Elec. light & power sales$19,496,501 $18,550,692 $73,023,505 $72,319,927
55,391
660,973
44,584
110,273
(net)__
Other oper. revs.
Total gross earnings--$19,606,773 $18,506,107 $73,684,478 $72,264,535
3,100,579 3,127,513 11,908,897 12.595,619
Power purchased
5,647,664 24,764,596 23,032,207
6,162,711
Operations
760.585 3,465,873 2,939,385
854,109
Maintenance
Taxes (State, local and
Federal, incl. munici3,164,765 2,870,227 10,601,589 10,062,256
pal compensation)2,000.000 2,000.000 8,000,000 7,809.782
Approp. for deprec'n
Net earns,from opera- $4,324,609 $4,100,118 $14,943.524 $15,825,286
481,653 2,554,687 2,302.454
594,501
Total other income
$4,919,110 $44,581,771 $17,498,211 818.127,740
Net earnings
2,221,774 2,229,143 8,901,067 8,788,282
Int. on funded debt_
193,978
104,912
25,609
31,477
Int. on unfunded debt
Amort. of debt discount
737,101
743.201
171,578
170,043
and expense
x Net income-Before
year-end adjustm'ts $2,495,817 $2,155,441 $7,749,031 $8,408,378
x Net inc.-After 1933
2,532,021 7,372,451 8,784,959
year-end adjustments_
Shares in the hands of
1,623,902 1.621,004 1,623,902 1,621,004
the public
x Earns, per sh., before
$5.19
$4.77
$1.33
adjustments.
$1.54
ear-end
x Earns, per share, after
$5.42
$4.54
$1.56
1933 year-end adjusts.
x The year-end adjustments for 1933 resulted primarily from revised
provisions for the necessary tax accruals during that year. The confused
status of many of the various taxes made estimating throughout the year
very difficult. Information available at the end of the year disclosed that
the amounts originally estimated for necessary tax accruals exceeded the
allocated
probable ultimate requirements. Such excess provision has been originally
to the several quarters of 1933, and as a result the net income
reported for the first three quarters has been increased. Adjustments in
other items, of less consequence, also account for some increase in the net
income for the first quarter of 1933.-V. 138, p. 2404.
-Earnings.
Community Power & Light Co.
[Including Controlled Companies.]
Period End. Mar.31- 1934-Month-1933. 1934-12 Mo3.-1933.
$259,919 $3.677,949 $3,843,666
revenue_ _ _ $262,467
Consol. gross
169,297 L264.707 2.265.947
183.551
Oper. exps.,incl. taxes-Balanceavail, for int.
amort.,deprec. Fed.
inc. taxes, diva, and
surplus
V. 138, p. 2404.
May 5 1934
Financial Chronicle
3086
Consolidated Balance Sheet Dec. 31.
[Including Consolidated Selling Co., Inc.]
1932.
1933.
1932.
1933.
$
$
LlaMitties8
Assets8
See b
See b
a Land, bidgs., &c 6,851,218 7,039,301 Capital stock
1 1st M.8% bonds_ 2,750,000 2.750,000
1
Good-will, &c.....
-year 7% notes 4,554,987 5,589,500
888,981 5
1 360,147
Inventories
22,500
500
704,877 5
-year 6% notes._
Accts. rec., less me1,025.907
7,250
147,081 Notes payable_ _ __ 194,250
236,810
Cash
208,520
Accounts payable_ 379,928
Cash & notes with
152,592 Accrued interest__ 2,213,504 1,903,842
d153,313
trustees
Res. for int. on 5c Inv. B. B. &11.
yr.income cony.
1
1
illa
Knight Corp- - 10,231 debenture
273
11,099
Deferred charges_
454,948 1,518.588
Deficit
10,093,441 10,481,813
10,093,441 10,481,813 Total
Total
a After depreciation of $2,631.218 in 1933 and $2,436.491 in 1932.
capital, 3,750,000 shares of no par value; outstanding, 1,b Authorized
751,023 2-3 shares in 1933 (1,540,789 1-3 shares in 1932) vrithout par value
(no value given). c 26,974 shares of class B common stock, carried at
-V. 137, p. 872.
nominal value of $1. d Cash only.
-Pays Accrued Dividends.
----Consolidated Rendering Co.
The directors recently declared a dividend of $1.4 per share to clear up
all accruals on the 8% cum. pref. stock, par $100, and a regular quarterly
dividend of $2 per share on the same issue, both payable May 1 1934. The
last regular quarterly payment on this issue was made on May 2 1932.-
-Earnings.
ne
Ccintintal Oil Co. (of Del.)(& Subs.).
1934.
1932.
1933.
1931.
Quar.End.Mar.31-
Gross income
Cost and expenses
Operating profit
Other income
$14.271,651 89,607.941 $11,244,915 $14',032,117
11,131,379 10,570,016 9,626,161 12,461,776
$3,140,272 def$962,075 $1,618,754 $1,570,341
149,921
Dr.8.157
60.079
289,142
$3,200.351 de11812.154 81,610.597 $1,859.483
Total income
366,036
419,617
396,328
474.483
Franchise taxes
320,921
513,300
304,247
729,639
develop. costs
Intangible
176,389
529,592
879,993
157,920
Depletion
995,143 1,022,475 1,883,514 1,977.752
Depreciation
128.220
140,583
291,586
133,475
Interest
Cr3,161
Cr948
Cr1,755
Cr2,827
Minority interest
prof.$1,211,483 $2,825,247 $1,872,848 82,491.143
Net loss
Earns, per sh. on 4,738,Nil
Nil
Nil
S0.25
593 shs. cap.stk.(par $5)
Consolidated Balance Sheet March 31.
.l
1933.
1934.
Assets
x Property acc't..41,552,123 42,473,931 Cap.stk. (par $5).23,892,986 23,692,988
Funded debt
6,183,990 9,284,925
Inv. in & adv. to
Funded debt due
controlled cos.,
85,842
not consolidated 4,420,824 8,252,138 In 6 months.... 1,254,700
9,270,325 8,404,102 Divs. payable... 1,170.772
Cash
Accounts payable_ 5.139,382 3,208,840
Ctfs. of deposit.- 1,000,000
Accr. liabilitlee._ _ 525,444 1,027,078
U.S. Govt.secure. 1,505,000
199,134
Notes & accts. rec. 4,013,595 3,835.253 Empl. stk. subset'. 208,388
Minority interest- 205,280
203,068
Crude oil & ret'd
20,198.342 16,111,843 Res.for ins. annult.
products
459,300 &contingencies_ 3,745,933 4,073,120
Mat'ls & supplies. 828.284
103,241 Paid-in surplus...46,294,785 45,815,723
Other curr. assets_ 111,474
Earned surplus._ 2 6,571def2742,358
,31
Other inv. & advs.
6,442,279 4,954.760
(net)
Unadj. deb.& sun921.705
814,015
dry assets
Prepaid & deferred
782.128 1,129,877
charges
90,718,189 84,845,948
90,718,189 84,645,048 Total
Total
-V. 139.
x After depreciation, depletion and intangible investment.
P. 2245.
$90,621 $1,413,241 31,577,719
-$1.75 Preferre Divz nd-Cosmos Imperial Mills, Ltd.
"
The directors have declared a dividend of $1.75 per share on account of
Consolidated Cigar Corp.(& Subs.).-Earning8.acumulations on the 7% cum. sink, fund. pref. stock, par $100, payable
1931.
1932.
1933.
1934.
Quar. End. Mar.31May 15 to holders of record April 30. In each of the seven preceding
Net profit after interest,
quarters, the company made a distribution of 873i cents per share, and in
1478,547
$244,536
$35,590
deprec.& Fed.taxes-- $105,253
addition, a further dividend of $3.50 per share on account of dividend
Shares of corn. stk. outaccruals was paid on Feb. 15.-V. 153, n. 1048. aria
250,000
250,000
250,000
250,000
standing (no par)$1.04 7
$0.15
Nil
N
Nil
-Preferred Dundends
I
Earns, per sh. on com__
--Brown Zellerbach Corp.
-V. 138, P. 1750.
The directors have declared dividend of 37h cents per share on the 86
B preference stocks, no par value, both
& Power Co. of cum.1series A and record May 14. A quarterly dividend of like payable
Consolidated Gas, Electric Light
June to holders of
amount
-Earnings.has been paid on these issues since and Incl. Dec. 1 1931.-V. 138. p. 2245.
Baltimore.
1931.
1932.
1933.
1934.
Quar.End.Mar.31Crum & Forster Insurance Shares Corp.
-Dividend
$7,840,169 $7,298,980 $7,604,451 87,793,343
Gross revenue
Rate Increased-Also Declares Extra of 10 Cents.-Expenses &depreciation 5,415.360 y5,048,156 y4,930,965 5,055,848
The directors have declared an extra dividend of 10 cents per share in
$2,424,808 $2,250,824 $2,673,486 82,737,495
Operating income_ _
addition to S quarterly dividend of 15 cents per share on the class A and
189,832
106,274
19,865
4,273
Other income
class B common stocks, par $10. payable May 31 to holders of record
May 21. This compares with 10 cents per share paid each quarter from
82.779.760 82,927.327
$2,429.081 $2.270.689
Gross income
Aug. 31 1932 to and incl. Feb. 28 1934. On the latter date, an extra of 10
743.622
727.944
759.924
721,631
-V.138, p. 1049.
Fixed charges
cents per share was also distributed.
$1,707,450 $1,510,765 $2,051,816 $2,183,705
Net income
..
1933
.
1in2s
Curtiss-Wright Corp.(& Subs) -Earn 93g.
.279,131
285,140
288,511
289,496
Preferred dividends
1934.
1,048,787
Quar. End. Mar. 311931.
Common dividends1,050.622 1,050,657 1,050,492
profit after deprec.,
Net
$855,787
84.753
int. and other charges-loss$209,979
$716,184
3302.01310841088124
$171,596
8367,333
Surplus
Earnings per share on
1,167,397 x1,167,229 x1,165,414
Shs.com.stk.out.(no par) 1.167.397
$1.63
1,141,214 shs. class A
81.51
$1.05
$1.21
Earnings per share
Nil
Nil
Nil
$0.26
stock (par 81)
to hydrox Average amount outstanding. y Includes amount credited
-V.138, p.2405.
138. p. 2405.
-V.
equalization account.
$78.915
-Annual Dividend Rate Cut in Half
-Tax Refunded.------Cushman's Sons, Inc.
Consolidated Gas Co. of New York.
The directors have declared a quarterly dividend of 25 cents per share
on their
The company is mailing common stockholders a 5% refund
December 1933, Which
March 15 dividend of 75 cents per share declared individend. Action was
that
from
represents the Federal tax deductedruling of the Treasury Department
the
taken by the company following declaration date determined liability for
that the record date and not the
-V. 138, p. 2917.
the tax.
-Earnings.-Consolidated Textile Corp.(& Sub.).
on the common stock, no par value, payable June 1 to holders of record
May 15. This compares with quarterly payments of 50 cents per share made
from Sept. 1 1932 to and Inc. March 1 1934. Previousli, the company
-V. 138, P. 2245.
distributed $1 per share each quarter.
-Meeting Postponed.
Deere & Co.
At the adjourned annual meeting scheduled to be held on May 24, the
stockholders will consider a proposal to decrease the authorized pref.
Dec. 31 '33. Dec. 31 '32. Jan. 2 '32. Jim. 3 '31.
Years Endedstock to 1,550,000 shares from 2,000,000 shares and the common stock to
Gross sales, less returns
1,005,000 shares from 1,250,000 shares, and on approving the cancellation
$7,347,379 $4,592,388 87,473,446 811,436,589
and allowances
of certain shares of pref, and common stocks recaquired by the company
6.298,560 4.573,228 7,227,940 11,897,188
Costof sales
-V. 138, P. 2920.
and held in its treasury.
8245.5061064460,598
819,160
$1,048,819
Gross profit
16,410
. DVy Stores, Inc.-Ad5ed to List.
41
.
106 491---.
34 090
Other income
ed
the
the list the ($1 Par)
'Pita ew York Produce Exchange as admitted
$279,596 loss$355,107
$35,470
$1,048,860
-V. 138, p. 2920
commo stock.
Total income
939,464
598,795
410.110
453,211
selling ar admin.exps
-Changes in
Denver & Rio Grande Western RR.
$319,199 $1,294,571
$374,640
Lossfrom operations.p1'of$595,649
255,039
220,828
218.597
Personnel.
218,609
Prov. for depreciation..
797,589
679,887
640,403
566,267
L. W. Baldwin, former Chairman of the executive committee, has been
Int. on bonds, notes, &c.
elected Chairman of the board. Thomas M. Schumacher, former ChairExcess book value of
over sales
man of the board, becomes Chairman of the executive committee. No
plants sold
2,034,694
-V. 138. p. 2920.
other changes were made.
value
40.000
Special res. for Inver- -Larger Distribution.
Dominion Textile Co., Ltd.
$229,227 $1,233,639 $3.254.607 82,347,199
Loss for year
A quarterly dividend of $1.25 per share has been declared on the common
stock of
stock, no par value, payable July 3 to holders of record Jund 15. Quarterly
Div.on 1st pref.
Consolidated Sell. Co.,
cllstributions of $1 per share were made on this issue from April 1 1933 to
64,000
28,255
and incl. April 2 1934, while from July 1 1925 to and incl. Jan. 3 1933 the
Inc
-V.137. p.4534.
company paid quarterly dividends of $1.25 per share.
$3,282,862 $2,411,199
$229.227 81.233,639
Loss for the year
Financial Chronicle
Volume 138
Dow Chemical Co.
-Stock Dividend Ruling.
The Committee on Securities of the New York Curb' Exchange has
ruled that the common stock be not quoted "ex" the 50% stock dividend
until further notice.
/
It is contemplated that the present rate of quarterly cash dividends will
be maintained provided that business conditions and earnings in the future
shall so warrant, it was announced. See also V. 1381 p. 2920.
Denver & Salt Lake Ry.-Earnings.1931.
1932.
March1934.
1933.
$146,990
$149,194
Gross from railway
$80,761
$96,642
35.662
62,045
Net from railway
9,079
30,905
30.424
Net after rents
50,346
2,320
19,323
., From Jan 1
484,052
Gross from railway
562,581
340,440
311,276
150.859
Net from railway
283,590
119,054
113,489
133,470
Net after rents
249,104
91,535
79,978
Calendar Years1930.
1931.
1932.
1933.
Operating Revenues
Freight
$1.469,642 $1.710,668 $2,038.529 $2.835,677
149.735
95,814
Passenger
64,917
47,737
106.701
Mail
101.953
102,229
101,189
34,299
Express
24.341
13.410
8,939
70,869
All other
42,198
24,244
29,825
Total oper.revenues-- $1,657,331 $1,915,469 $2,302,835 $3,197,282
Operating Expenses$626.161
Maint.of way &struct.- $214,820
$358,080
$246,893
641,779
Maint. of equipment.-395,303
294,125
276.358
Traffic
26,837
23.161
20,150
18.192
513,896
Transportation
395,597
321.236
301,981
180.930
General
131,228
120,153
116,466
Cr14,652
Tramp. for investment_ Cr42,343
Cr19.177
Total oper. expenses,._ $889,160
Net operating revenue
768,172
Tax accruals
166,811
Uncollectible revenue...
302
Hire ofequip.
-net
Cr110.290
$979.699 $1,303,369 $1,974,951
999,466 1,222,331
935,769
185.004
199,657
162,176
139
23
149
Cr86,565
Cr59,573
Cr38.980
Net railway oper. inc..
Other IncomeMiscell,rent income....
Inc.from funded secur_ _
Income from unfunded
securities and accrued
$711,348
*812,425
16,619
97,555
28,752
101966
,
266.019
107.937
6,280
112.657
19,806
30,994
12,724
21.491
Total oper. and other
income
$845.328
Deductions
Rent for leased roads:
Moffat Tunnel
345.900
Northwestern Terminal
RR. Co
57,378
Miscellaneous rents
151
Interest on funded debt:
First mtge. bonds.._ _
150.000
Income mortgage bonds..
275,000
Interest on unfund. debt
3.360
Miscall, income charges..
9,392
$859,359 $1,123,752
*974.137 $1,246,039 $1.264,181
345,900
345.900
345,900
51.120
151
54,848
151
65,732
151
150,000
412.500
7
10,513
150,000
660,000
572
9,164
150,000
660,000
1.081
11,070
Total deductions
$970,191 $1,220,635 $1,233.934
$841,181
Net income bal. trans.
30,247
to profit and loss
26,404
3.946
4,146
Comparative Balance Sheet Dec.31.
1932.
1933.
1933.
1932.
AssetsLiabilities
$
$
Road and equip_ 16,886,951 16,745,337 Capital stock
5,110,035 5,110,035
Improv. on leased
Long-term debt- _13,500,000 13,504,467
railway Property 222,915
87,436 Traffic & car serv.
3,045
Invest. in MM.cos.
7,599
balance payable
36,035
27,957
Other investments 2,611,234 2,719,209 Audited accts. and
Cash
129,377
wages payable... 278.430
598,449
728,894
Special del:Knits_
37,009
30,818
71,373
72.056 Miscall. accts. pay.
Traffic & car serv.
72,056
Int. matured unpd. 71,373
balances recely.
108,941 Unmatured interest
65,372
Net balance recely.
412,500
275,000
accrued
from agents and
3,057
9,615
Other current nab_
808,740
conductors
6,409
6,665 Unadjusted credits 859,205
Miscall. accts. rec.. 417.819
384,135 Corporate surplus:
Material & supplies 245,549
245,891
AddIt'ns to prop.
Accrued int.recely.
erty thru in16,422
16,068
28,717
Other curr. assets_
27,385
come & Burp
873
709
Deferred assets...
105
4,572 Profit and loss 1,037.913 1,079,792
Unadjusted debits
27,868
40,927
Total
21,207,374 21,188,796
-V.138, p.2406.
21,207,373 21,188,796
Total
Denver Tramways Corp.
-Earnings of System.
Quar. End, Mar. 31Total oper. revenue__ _
x Operating expenses__ _
Taxes
1934.
$683,994
516,894
73,134
1933.
$625,611
535,463
66,944
1932.
$829,862
615,509
100,694
1931.
$920,725
648,644
113,282
Net oper. income_
Total miscell. income__ _
$93,965
9,282
$23,204
11,282
$113,658
13,066
$158,798
12,607
Gross income
Int. on underlying bds
Int. on gen. & ref. bds
Amortiz. of discount on
funded debt
$103,247
33,687
68,289
$34,486
37,025
71,217
*126,724
39,275
74.265
$171,405
41,525
76,355
3,319
3,564
39.865
$49.961
104,412
$0.09
104.412
$0.47
1932.
'$52,896
4,678
def3,340
1931.
$67,308
14,941
3,539
1,303
3,072
Balance, surplus
def$32 def$76,829
Shares pref.stock outst'g
(Par $100)
104,412
104,412
Earnings per share
Nil
Nil
x Including depreciation.
-V. 138. IL 860.
Detroit & Mackinac Ry.-Earnings.-
March1934.
Gross from railway
$49,457
Net from railway
9,945
Net after rents
3.157
From Jan. 1
Gross from railway
125,559
Net from railway
8,190
Net after rents
def10.838
End. Dec.31Years
1933.
Total operating revenues $601,960
Maint. of way & struc
115,187
Alma. of equipment
88,349
11,662
Traffic
Transportation-rallline
249,334
44,921
General
528
Tramp. for invest.-Cr_
106,069
148,840
186,048
def11,681
9,329
27,855
def30,051
def14.490
356
1932.
1931.
1930.
*759.895 81.000,892 $1.082,774
136,571
168.941
302,397
121,996
170.249
196,820
15,103
19,084
24,144
284,184
326,289
407.447
49,118
53.122
66,388
184
2,819
37,295
Net operating revenue
Railway tax accruals...
Uncoil, railway revenues
$93,036
42,747
16
$153.107
50,001
354
$266,026
70,731
230
$122.873
91,650
31
Rallway oper.incomeOther income
$50,273
Dr3,296
$102,751
Cr3.131
*195,065
Dr5,393
$31,192
Cr11,624
Total income
Miscellaneous rents
Miscell. tax accruals_ __ _
Interest on funded debtInt. on unfunded debt
Miscell, income charges_
$46,977 .. $105,884
30
31
820
1,299
110,000
110,000
8.888
9,737
1,860
1,401
$189.672
$42,816
2.925
110.000
10,112
1,777
1,655
110,000
6,461
2,531
$16.193 Prcf$64.858
*77.831
Deficit
$75,012
1933.
$40,43
853
def4,732
3087
Condensed Balance Sheet Dec. 31.
Assets1933.
1933.
1932.
Investments
$7,329,915 $7,341,710 LiabilitiesCash
31,332
16,714 Preferred stock_-- $950,000
Special deposits.-200
1,640 Common stock.. _ 2,000,000
Traffic & car serv.
Long-term debt-- _ 2,750,000
balance recely'le
11,964
10,743 Loans & bills pay. 250,000
Traffic & car serv.
Net bal. rec, from
agts. & cond'rs_
5,593
balance payable_
29,187
3,367
Miscall. accts. rec.
19,871 Audited accts, and
22,257
Material& suppl
wages payable...
167,663
152,235
35,524
Other curr. assets_
85 Misc. accts. Pay...
55
2,990
Deferred assets.._
568 Int. mat.unpaid__
55,200
4,986
5,248 Unmet. int. accr'd
Unadjusted debuts
9,167
1,850
Other current nab.
1,500
Unadjust. credits_ 824.579
Add'ns to property
through income
and surplus. __ 1,856,693
Profit & loss deficit 1,204,449
Total
$7,560,391 $7,567.608
-V.138, p. 2920.
•
Total
1932.
$
$950,000
2,000,000
2,750,000
160,000
30,411
34,052
3,094
21.300
9,167
1,755
807.222
1.856,637
1.056,029
$7,560,391 $7,567,608
Dominion Stores, Ltd.
-April Sales Slightly Higher:Period End.Apri121- 1934-4 Wks.
-1933. 1934-16 Wks.
-1933.
Saks
$1,505,736 $1,505,417 $5.888,157 85,960,935
The company operated 19 fewer stores during the four weeks ended
April 21 1934,as compared with the same period of 1933.-V. 138. p. 2406.
2091.
Duluth Missabe & Northern Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-07. 138, p.2603.
1934.
. 1933.
1932.
1931.
$85,151
$52,104
$81,910 • $116.221
def459.315 def295,348 def360,711 def596.011
def469,086 def300,543 def369,059 def669,021
261,455
163,925
243,338
358,114
def1239,508 def913.390 def1,109,402 def1645,947
def1275,787 def933.839 def1138,120 def1883.920
Duluth South Shore & Atlantic Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
1934.
$164,087
11,986
def6,261
1933.
$125,543
def12,624
def35,383
1932.
$148,933
def3,686
def33,633
• 1931.
$269,812
50,330
14,636
443,370
362,862
418,938
747.756
1,956
def47,806 def52,320
117,395
def74,055 def129,067 def146.724
3,424
Income Account for Calendar Years.
1933.
1932.
1930.
1931.
Average mileage oper
561.58
559.62
560.03
573.66
Revenue
$1,654,053 $1.220,085 $1.936,851 $2.730,912
Freight
73.43.1
iron ore
298.791
223,845
122.363
158,454
402,648
250.774
Passenger
73,755
Mail
76,572
78,312
88,496
22,416
31.444
Express
64,609
51,641
90,521
74,050
160.152
Miscellaneous
164,145
$1,963,106 $1,634,036 $2,701,575 $3,749,601
Total
Expenses378,175
334,511
531,981
Maint, of way & struc708.588
376,019
395,033
Maint. of equipment- - 525,173
716,893
79,199
60,848
99,0416
90,431
Traffic expenses
792,611
869,334 1.254.141
Transportation expenses
1,614.600
15,102
1,165
Miscellaneous operations
22,368
31,783
70,179
1.00,685
125,442
114.757
General expenses
Dr103
Cr5,123
Cr1,323
Transp. for invest. Cr8,052
$1.635.436 $1.836,205 $2,524,727 $3,288,301
Total
327,670 def202,169
461.299
Net operating revenue176,848
320,893
355,153
Taxes accrued
216.918
399.487
521
1,360 •
44
Uncollected ry.revenue6,928
Operating income
Non-operating income
$109,393 def$523,583 def$178,319
17.774
90,543
87,930
$54,885
102.089
Gross income
Interest,rentals, &a-
$127,167 def$433,040 def$90,418
1,118,656
1,060,485
984..814
$156,974
1.012,400
$991,489 $1,493.525 $1.075,233
$855,425
Net deficit
General Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
Assets$
$ •
Common stock _12,000,000 12,000,000
Investment in road
Preferred stock.._10.000,000 10,000,000
& equipment:
45,113,059 45,373,243 Fund,debt unamt.20,905.000 21,038,000
Road
Equipment_ _ _ 3,200,621 4,241,152 Non-negot. debt to
Can. Pac. By.. 813,404
671,894
Sinking funds.. _ _ _
4,817
South Shore Dock
Dep. in lien of
1,000
Co
1,000
869
mtgd. prop. sold
6,593
5,247
269,017 Miscall. accts. pay.
Misc. phys. prop._ 219,940
Inv. in Mill. cos_ .x1,520,762 1,505,452 Traffic & car serv.
48,751
58,415
balances payable
Other Investments
5,225
286,069
97,918 Auditedvouctiers&
Cash
542,021
wages unpaid_ 205,489
19,796
12,175
Special deposits_
Loans & bilLs rec_ _
681
663 Mat.int. unpaid..19.915.490 19,311,215
Matured inc. eds.
Traffic & car serv.
3,000.000 3,000.000
balances receiv_ 109,917
119,040 unpaid
Unmat. interest on
Due from agents &
273.730
44,469 funded debt__ _ 272,150
conductors
47,998
322,460
262,928
Misc, accts. rec. _ 119,471
117,924 Tax liability
27,127
Material& supplies 272,408
423,1'05 Other current nab_ 684,360
Other curr. assets_
2S5 Accr. deprec.-eq_ 1,519.440 1,888.397
384
82,863
118,660
Working fund adv_
1,248 Oth. unadj. credits
928
Other def'd assets_
Additions to Pron.
5,986
through Inc. and
Rent & ins. prem.
63.931
59,205
paid in advance_
796
1.311 surplus
South Shore Dock
Co. construction
agreement acct..
73,381
Disc. on South Sh'r
Dock Co. bonds
30,176
Other unadjusted
debits
74,521
82,116
Profit and loss_..,18,740,9o3 16,960,246
Total
69,775.327 69,323,444
69,775,326 69,323,444 Total
xMineral Range RR. Co. stock. *751.995; Lake Superior Term. &
Trans. By. Co. stock, $87,30 ; Sainte Marie Union Depot Co. stock,
$37,500; Mackinac Transportation Co. stock, $21.667; New Jersey Bridge
Construction Co. stock, $250: Sault Ste. Marie Bridge Co. stock. $250;
South Shore Land Co., Ltd., stock. $3.000; South Shore Dock Co. stock,
$1,000; Railway Express Agency, Inc., stock, $100; Mineral Range Rli.
Co. equip. notes, $144,889; Mackinac Transportation Co. advances
*202.958, Sainte Marie Union Depot Co. advances, $30,905; Mineral
Range RR. Co. advances. $171,806; Railway Express Agency, Inc.,
advances, $7,203; Lake Superior Term. & Trans. By. Co. advances, $5,000.
Railroad Credit Corp. advances $53.939; South Shore Land Co., advances.
$1,000.
Abandonment and Trackage.
The I.
-S. C. Commission on April 9 issued a certificate authorizing the
company, a subsidiary of the Canadian Pacific Railway (1) to abandon
that portion of its main line of railroad which extends from Marengo in a
3088
Financial Chronicle
general westerly direction to a connection with the Chicago St. Paul
Minneapolis & Omaha RR., at Allouez, near Superior, 73.52 miles, in
Ashland, Bayfield, and Douglas Counties, Wis.;(2) authorizing operation
by the company, under trackage rights, over that portion of the main line
of the Northern Pacific which extends from Superior easterly to Ashland,
the terminus,63.85 miles, in the above named counties;(3) authorizing the
operation by the company, under trackage rights, over a line of the Wisconsin Central Railway, extending from Marengo northerly to Ashland,
12.07 miles, in Ashland County, Wis.; (4) authorizing tne company to
construct a track, 3,375 feet in length, in order to connect with the Wisconsin Central at Marengo.
The report of the Commission in concluding says:
An appropriate certificate will be issued, effective as to the abandonment
herein permitted when the construction herein authorized shall have been
completed, but in no event sooner than 30 days from and after the date of
the certificate. It will be provided that construction of the connecting
track shall commence on or before Oct. 1 1934, and be completed on or
before Dec. 31 1934. Suitable provision will be made for toe cancelation
of tariffs.
Commissioner McMannamy, dissenting said:
I am not in accord with the decision of the majority in this case. This
is a 73.52-mile section of applicant's main line which extends from Duluth
and Superior to the Straits of Mackinac and Sault Ste. Marie where it
connects with the owning company, the Canadian Pacific, for the East.
The record shows that the territory served by the line which is to be
abandoned includes some of the best farming sections in Ashland, Douglas.
and Bayfleld counties in which more then 6,000 people have established
homes, and that the depreciation of the property in this territory will be
substantial, in some cases amounting to practically a total loss.
It is shown that many ofthe highways are not kept open during the neavy
snows of winter and tnat often for three months in the spring they are
officially closed. 'mat hardship will result from the abandonment of this
line is admitted, but the majority brushes this aside with the statement that:
"It is impossible from the conflicting testimony to measure accurately
the hardsnip which the proposed abandonment would bring to those who
now use the railroad and who would be obliged to use the highways to a
larger extent in the future. That some hardship and inconvenience would
be experienced seems certain but judging from the small and scattered
population along the major part of the line the aggregate amount of injury
can not be regarded as great."
It is alleged that abandonment of the line in question will result in net
savings amounting to $23.860 per annum,but in view of the fact that applicant is to pay $49.987 per annum for trackage rights and $9,900 to build a
connecting track, it is reasonably certain that tne actual saving will be far
less than anticipated, if in fact it does not entirely disappear.
The report shows tnat the per-mile loss on the line proposed to be
abandoned was less than on the system as a whole, therefore, if the decision
of the majority is sound, this record would justify abandonment of the
entire system.
The majority dismisses as without merit "protestant's suggestion that
our action on the application be deferred until normal business conditions
throughout the country are restored." With this I disagree. Surely
it is not just to disregard in an abandonment proceeding the fact that
tne entire country as well as the railroads are just emerging from the worst
business depression that the country has ever experienced and that conditions are now such that a comparatively small additional increase in
traffic will put on a paying basis many lines now operating at a loss.
The finding of the majority that present and future public convenience
and necessity permits the abandonment of the 73.52 miles of railroad
involved in this proceeding does not square with my conception of public
convenience and necessity. In fact, considered solely from a railroad
viewpoint, there is little here to justify abandonment. The application
should be denied.
Chairman Lee and Commissioner Aitchison also dissented.
posit n
Commissioners Meyer and Splawn did not participate in he
of the case.
-V. 138, p. 2246.
-8% Common DividendA--Dunlop Rubber Co., Ltd.
'
The directors have declared a dividend of 8%, less tax, on the drtlinary
-V.137,
shares for 1933. In the previous year, a dividend of 4% was paid.
p.4017.
Eastern Massachusetts Street Ry.-Earnings.1934-3 Mos.-1933.
-Month
-1933.
Period End. Mar. 31- 1934
Railway oper. revenue_ - $608.524
$494.533 $1,807.663 $1,520,262
1.159,436
952,162
382.593
333.052
Railway oper. expenses 91,768
66,283
30.563
22.133
Taxes
33,852
32,653
12,283
9.839
Other income
Gross corp.income -Interest on funded debt,
rents, &c
Available for depreciation, dividends, &cDepreciation & equal_ Net income carried to
profit & loss
- 138. p. 2246.
V.
$205,207
$151.631
$590,311
$534.479
68,816
73.860
208,611
223,178
$136.391
109,296
$77.771
108.403
$381,699
353,172
$311.292
340,296
$27,095 def$30,632
$28,528 def$29,004
Eastern Rolling Mill Co.-Earnings.Quar. End. Mar.31Operating loss
Prov. for depreciation- -
1934.
$39,586
44.300
1933.
$21,379
44,509
1932.
$124,578
45,173
1931.
$18,781
48.267
$4,715
$169.751
$67,048
$65,888
Net loss
-Earned surplus deficit Jan. 1 1934,
Deficit Account March 31 1934.
$512,997; net loss for the quarter (as above), $4,715; total deficit, $517,712;
extraordinary credits. $13; earned surplus deficit March 31 1934. $517,699:
capital surplus March 31 1934. 5185.358; net deficit March 31 1934.$332,341
V.
- 138, p. 1923.
-Earnings.
Eastern Utilities Associates(& Subs.).
Period Ended Mar. 31
Gross earnings
Operation
Maintenance
Retirement res. accrual_
Taxes
Int. & amort. charges
1934
-Month-1933.
1934-12 Mos.-1933.
$689,944
$634,460 $8,260,723 $7,973,405
319.928
297,902 3,732,223
3,664,410
22,722
22,416
251,651
269,474
60,416
60,416
725,000
725,000
80,420
73,591
914,151
895,088
63,181
73.697
807,440
876,324
$201,367
$145,163 52,159.482 $1,776,550
Net income
Dividends on preferred stock of subsid.cos
127,152
127,152
$2,032,330 $1,649,398
Balance
Net income applic. to common stock of subs.
66.939
60,330
held by minority stockholders
Balance
Dividends on E. U. A.common shares
51.965.391 $1,589,068
685,587
1,370,975
May 5 1934
requirements on Auto-Lite pref. stock. In the first quarter of 1933, combined net profits of the two companies were $11,884. Outstanding common
shares of Auto-Lite, allowing for full exchange of the Moto Meter.,stock,
will total approximately 1,181,000 shares.
COmbined sales of the two companies for the first quarter were-more
than 100% in excess of the like period of last year, it was stated.pwst
C. 0. Miniger will continue as President of the Electric Auto-Lite Co.
and D. H. Belly as Vice-President, while R. G. Martin will bejelected
Vice-President, in addition to continuing as President of the MotosMeter
company. Mr. Martin, together with H. E. Talbott Jr., Russell McGee
and L. F. Stoll will become directors.
The combined companies will sell one or more products to every automobile manufacturer and will manufacture starting, lighting and ignition
equipment, automobile lamps, a full line of panel instruments, automobile
horns, hub caps, USL and Prset-O-Lite batteries, industrial gauges and
thermometers,and other miscellaneous products. The combined companies
will have approximately 20,000 service stations in the United States. .01
The main Electric Auto-Lite plant at Toledo is operating with full personnel at present, although the strike at that plant has not been officially
settled, officials stated.
Sales Increase.
Sales and shipments of this company during April were larger than for
any month since July 1931, according to President C. 0. Minigex. The
schedule for May is very substantial, he said.
-V. 138, p. 2746.
Electric Bond & Share Co.
-Earnings.
-12 Months Ended March 31x Gross income
Expenses, including taxes
1934.
1933.
1932.
$14,423,530 $16,936,349 $30,484,225
3,916,505
4,926,953
7,071.990
Net income
Preferred stock dividends
Common stock dividends
$10,507,025 $12,009,396 $23,412,235
8,433,930
8.433,930
8,249,308
1,137,642
6,910,035
Surplus income
$2,073,095 $2,437,824 $8,261,892
x Includes stock dividends received of $364.419 for 12 months ended
March 31 1934. and $440.761 for 12 months ended March 31 1933. Stock
dividends received are taken on the company's books either at par value
or if no par value then at stated value as shown in the balance sheets of the
respective issuing companies-or at market value if less than par value.or
stated value, as the case may be.
Note.
-Net excess of book value over sales price of investment securities
sold during the 12 months ended March 31 1934 ($1,956,208), and during
the 12 months ended March 31 1933 ($5,526,240), has been charged to
capital surplus. Net loss on United States Government, municipal and other
short-term securities sold during the 12 months ended March 31 1933
($10,515), heretofore charged to capital surplus was charged in December
1933, to earned surplus.
Analysis of Surplus for the 12 Months Ended March 31 1934.
Earned
Capital
Total
Surplus.
Surplus.
Surplus.
$52,895,447 8317546,938 8370442,385
Balance March 31 1933
Surplus income as months ended
2,073,095
March 31 1934 (as above)
2,073,095
1,319,324
Adj.of inc. tax accruals for prior years 1,295,937
2,615.259
36,455
Miscellaneous additions
270,799
307,254
Total
856.300.935 8319137,059 8375437,993
Excess of book value over sales price of
investment securities sold during 12
months ended March 31 1934,net
1.956,209
1,956,209
for investments in wholly
owned subsidiaries
2,500,000
2,500,000
239.373
Miscellaneous deductions
1,785
241,159
856,061,561 8314679,064 8370740.626
Balance March 31 1934
Comparative Balance Sheet March 31.
1934.
1933.
1934.
1933.
LiabilitiesAssetsa
$
$
$
Accounts payble
Cash in banks166,542
154,792
on demand._ 13,776,379 22,262,488 Divs. accrued or
decl. on pref.
Cash in banksstocks
time deposits_ 23,721,710 17.850,000
1,405,655 2,108,482
U.S. Govt.secs. 5,026,546 3,052,850 Taxes
1,176,434 1,803,067
x Capital stock _171,901,234 171,901,234
State, munic. Or
oth.short term
Dec.(anPron.fr.
securities_ ___ 1,386,688 3,445,073 cap. surplus). 4,803,279 6,180,604
Accounts recely_
213,234
358,432 Capital surplus_314,679,064 317,546,938
Accrued int. rec. 1,186,830 1,098,576 Earned surplus_ 56,061,561 52,895,447
Miseell. assets__
18.165
78,933
Investments ___ 504,679,526 503,841,384
Dferred charges
184,694
702,828
Total
550,193,771 552,690,564
Total
550,193,771 552,690,565
Shares
Authorized -Shares Outst'd'a--x Represented by:
Mar.31 '34. Mar.31 '34. Mar.31 '33.
$5 pref.stock
1,000,000
300,000
300,000
$6 preferred stock
2,500,000
1,155.655
1.155,655
(No par value-Stated value $100
a share; entitled upon liquidsdation to $100 a share and accumulated dividends.)
Com.stock and scrip ($3 par value) 20,000,000
5,267,147
5,267,147
Output of Affiliates.
Electric output for three major affiliates of the Electric Bond & Share
System for the week ended April 26 compares as follows (in kwh.):
1934.
1933.
Increase.
American Power & Light Co
75,579,000
66,437,000
13.8
Electric Power & Light Corp
32,637,000
28,573,000
14.2
National Power & Light Co
69.239,000
59,019,000
17.3
- 138, p. 2922.
V.
Elgin Joliet & Eastern Ry.-Earnings.1934.
March1933.
1932.
1931.
Gross from railway_ _ _ _ $1,073,496
$560,737
$930,452 $1,523,752
Net from railway
342,180
39,828
203,308
337,223
Net after rents
206,039 def$81,677
35,914
130,153
From Jan. 1
1,711,073
Gross from railway
2,534,875
2,530,928
4,317,327
504,261
115,155
Net from railway
370,451
865,875
134.286 def280,300 def112,856
Net after rents
255,089
- 138, p. 2573.
V.
-Board Re-elected.
Emporium Capwell Corp.
The stockholders re-elected all directors at the annual meeting held last
week. The board re-appointed all officers except W. T. Colville and H. J.
Lang, New York residents. Mr. Colville was Vice-President and Mr.
Lang, Assistant Secrotary.-V. 138, p.2922.
$1.279,803
$218,092
Balance
The companies are now making provision for retirements by charging
operating expenses each month. E. U. A. income from investments,
-Earnings
Erie Railroad.
previously accrued, is now taken into earnings when receivable. All
(Including Chicago & Erie.RE.]
previous year's figures affected, including retirement reserve and earned
Period End. Mar.31- 1934
-Month-1933.
1934-3 Mos.-1933.
surplus for the previous year, have been adjusted to a directly comparable
Operating revenues
$7,123,687 85,215,070 818.861,068 $15,582,428
basis. Certain other changes in accounting have been reflected in the
4,958,799 4,471,405 14,148,790 13.280,762
-V.138, p. 2745.
Oper. exps. & taxesprevious year's figures to bring them to a comparable basis.
Operating income- -- 52,164,887
lectric Auto-Lite Co. iiir-eoftel-Bgetrrrrri--Optrattr
$743,665 $44,712,277 $2,301,665
Hire of equip. & joint
)
el the Moto Meter Gauge & Equipment
(Iie merger of this company an
facil. rents
-net debit
271,956
252,286
832,587
860,715
Corp. has been declared operative. More than 55% of the outstanding
capital stock of Moto Meter, whi was the requirement for consummation
Net ry. over. income_ $1,892,931
$491.379 $3.87 ,69i $1,441,950
of the merger, has now been deposited for exchange for Auto-Lite common
V.
stock at the rate of one share of Auto-Lite for each 2% shares of Moto Meter, - 138, p. 2574.
stock.
-Larger Dividends.
period for deposit of additional Moto Meter shares under the ex- "'European Electric Corp., Ltd.
The
The directors have declared a quarterly dividend of 15 cents pe
are
change offer extends to May 19.
profits of the combined comon the class A and class B common stocks, par $10, payable in Can dian
For the quarter ended March 31 last, net Ion, exchange of the Moto
funds on May 15 to holders of record May 4. This compares with 10 cents
a
panies on a per share basis, allowing for Auto-Lite's earnings of 44 cents
per share paid on both issues on Feb. 15 last and on Aug. 15 and Nov. 15
Meter stock, were approximately equal to indicate combined net profits
1933 and with 7% cents per share distributed each quarter from Feb. 15
would
a share for the full year 1933. This quarter after allowing for dividend
1932 to and incl. May 15 1933.-V. 138, p. 2248.
of approximately $500.000 for the
Financial Chronicle
Volume 138
Engineers Public Service Co.
-Earnings.
-[Including Constituent Companies]
Period End. Mar.31- 1934-Month-1933.
1934-12 Mos.-1933.
Gross earnings
$3,422,269 $3,283,061 $41,991,090 $43,227,300
Operation
$1,459,812 $1,328,150$17,167,438 $17,171,073
Maintenance
198.945
180,958 2,264,578 2,336,946
Taxes
428.806
349,770 4.543,737 3,994,060
Net operating revenue $1,334,704 $1,424,182 $18,015,335 $19,725,220
Inc.from other sources a
1,413,005
632,816
52,233
55,306
Interest & amortization_
703,851
726.393 8,578,662 8,703,865
Balance
$683,086
$753,095 $10,069,489 $12,434,360
Appropriations for retirement reserveb
4.720,919 4,556,492
Balance
5,348.569 7,877,867
Divs. on pref. stock of constituent cos., declared_
2,140,761 3,135,943
Balance
13,207,808 $4,741,924
Divs. on pref. stock of constituent companies, not
declared (cumulative)
1,198,982
c2,194,190
Balance
$1.013,617 $3,542,942
Amount applic. to common stock of constituent
companies in hands of Public
17,588
def1,646
Balance for diva, of Engineers Public Sore. Co- $1,015,264 $3,525,353
Dividends on preferred stock, declared
580,887 2323,549
Balance
$434,376 $1,201,804
Divs, on pref. stock, not declared (cumulative)
c1,742,644
Balance for common stock
d$1,308,267 $1.201_,804
a Income from miscellaneous investments, also $4,335 (1933. 378,
)
interest on funds for construction purposes. b Equal to 11.2% 3 374
0933.
10.5%) of gross earnings. c These amounts were earned except for $1,459;737 in the case of certain constituent companies and for $636,750 in
the case of Engineers Public Service Co. Adjusting for minority interest and
inter-company eliminations $1,449,808 of the former amount would be
applicable to Engineers Public Service Co. d This deficit adjusted for
unearned preferred dividends of certain constituent companies, which are
not a claim against either Engineers Public Service Co. or its other constituent companies, would show a balance for the common stock of Engineers
Public Service Co. of $141.541.
During a period averaging about 29 years for which records are available,
the companies in the Engineers group have expended for maintenance a
total of 9.1% of their entire gross earnings for the period, and in addition
have set aside for reserves or retained as surplus a total of 9.9% of such
earnings after allowance for cumulative preferred dividends not declared.
-V.138. p. 2574.
Evans Products Co.(& Subs.).
-Earnings.
-Earnings for Quarter Ended March 31 1934.
Gross
profit on sales
Expenses
3089
Federal Screw Works(& Subs.).
-Earnings.
3 Months Ended March 311934.
Net loss after depreciation, interest
and other charges
prof.$19,656
Earnings per share on 199,675 shares
capital stock (no par)
$0.10
-V. 138, p. 1923.
1933.
1932.
$112,460
$101,469
Nil
Nil
Follansbee Brothers Co.(& Subs.).
-Earnings.
Calendar Years1933.
Net amount of sales_ --- $3,709,817
Cost ofsales
3,649.908
1932.
1931.
1930.
3,184,296
5.531,900
8.773.376
Gross profit on sales
Divs., rents, int., &c__ _
$59.909 loss$345,321
77.223
38.863
$90,590
92.191
$739,871
96.895
Total income
Sell. & gen. expenses__ _
Minority interest
Prov.for decline of sec.._
Depreciation
Interest
Loss on assets disp.of.,&c
U. S. income tax
$98,772 loss$268,097
270,112
335,601
1,254
Cr2,533
78.940
240,626
292.126
149,885
145.292
20.422
6,314
3.105
$182,781
461.012
86
$836,767
716,573
1,772
431.167
140,509
424,276
141.067
$665,572 $1,044,897
45.000
$849.992
180,000
$451,971
180.000
403.224
Net loss
Preferred dividends
Common dividends
$2.838,976 $5,622,490 $9,513,247
5.060
Deficit
$665,572 $1,089,897 $1,029,992 $1.035.195
Shs. com. stk. outstanding (no par)
172.852
172,842
172,842
180.000
Earnings per share
Nil
Nil
Nil
Nil
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
Assaf-Liabilities5
$
5
$
Cash
222.924 Notes payable _
483,828
550.000
U. S. Securities_ __
8,125
605,967 Accounts payable.. 155,166
87,248
Other marketable
Acced liabilities__ 152,983
93,568
securities
147,000
202,963 Pur, money mtges.
75,393
83,405
Notes & accts. rec_ 397,658
237,186 1st mtge. 5s
2,525,000 2.525,000
Inventories
1,671,389 1,362,351 Reserves
146.071
134,445
Dep. in closed bks.
4,423
Equity of minor.
Install. contr'ts for
stockholders in
sale of houses &
cap. & surplus
lots
27,508
of subsidiary___
43,301
41,340
40,086
Inv. in stocks of
6% pref. stock_ _ _ _ 3.000,000 3,000,000
other companies
95,696
227,452 y Common stock__ 4,321.300 4.321,050
a Land. min.prop.,
Surplus
748,427 1.413,999
bldgs., mach. &
equipment
8,731,371 8,632,112
Deferred charges
148,683
164,544
$720,458
75.293
Total
11,715,681 11,898,801
Total
11,715,681 11,698,801
z After depreciation and depletion reserves of 83,833.846 in 1933 and
$3,648,166 in 1932. y Represented by 172.852 shares in 1933 (172.42 in
Operating profit
$645,165
Oth income
Other
1932). no par value.
-V. 137, p.3333.
29,280
144
.
rood Machinery Corp.
Totalincome$674,445 ----Preferred Dividends
Interest and discount
The directors have declared three dividends of 50 cents per share on the
17.037
Provision for contingencies
634% cum. pref. stock, par $100, payable May 15, June 15 and July 15
45.000
hold. a record May 10, June 10 and July 10, respectively.
u 6 rs
e
Miscellaneous deductions
9171:000129
-V. 138.
Federal taxes
top.
$0
5 4.279 .. ---Ford Motor Co. of Canada, Ltd.--50-Cent Dividend.
"
Net profit
*The consolidated balance sheet as of March 311934. shows total assets of
4,715,140 comparing with $3,568,790 on Dec. 31 1933, earned surplus of
981,040 against $474354 and capital surplus of$1,018,600 against $4'74,354
Inventories totaled $301,387 against 8354.911.
Receives Laigt Order.
-
See Missouri Pacific RR. below.
-V. 138. p. 2922.
Falstaff Brewing Corp.
-Preliminary Earnings.
-
The preliminary report of the company for the quarter ended March 31
1934shows net profit of$4,753 after interest,depreciation and Federal taxes.
Current assets as of March 31 1934 amounted to $464,035 and current
liabilities were $117,040.-V. 137. p. 4535.
announced that the company will pay a dividend of 50 cents per snare on
botn the class A and class B capital stocks on May 28 to holders of record
May 8. The company on Dec. 21 last paid a dividend of $1 per share,
which was the first since June 20 1931, when a semi-annual payment of
60 cents per share was made.
Material improvement in domestic and overseas business of this company
since Jan. 1 was reported by Mr. Campbell. Unit sales in the first quarter
totaled 12,500, which was greater than for the first six months of either 1932
or 1933, Mr. Campbell announced. Export shipments contributed largely
to this total, he explained, these being greater than in any year since 1929.
-V. 137. p. 4195.
Fort Smith & Western Ry.-Earnings.-
March
1934.
1933.
1932.
1931.
Gross from railway
$50,115
$50.600
$49.524
$68,034
Federal Motor Truck Co.
-Earnings.
Net from railway
def7,091
def918
1,878
5,288
Net after rents
Calendar Years
-1930.
def6.079
def14,031
def4.484
1931.
dell.105
1933.
1932.
Operating loss
From Jan. 1
S423,774prof$160.113
$592,159
$115,270
Other income
Gross from railway.. _ _ _
169,502
159,435
173.315
69,782
227.418
126,170
34,229
48,694
Net from railway
14.951
7,425
def1,386
23,831
Net after rents
Total loss
def2,841
dell.292 def18,870 def12 428
$543,465
$353,992prof$286,283
$81,041
Depreciation
-V. 138. p. 2408.
92,948
86,304
83,687
95,001
Interest on funded debt_
14,690
1,479
38.062
334
Fort Worth & Denver City Ry.-Earnings.Net loss
$631,249
$165,062
$461,830prof$153,220
March1934.
1932.
1933.
1931.
Dividends
170,625
Gross from railway
397,554
$418,494
$364,014
1459.142
$577,890
Net from railway
136.103
100,838
165,630
163.591
Deficit
$165,062
$631,249
$632,455
Net after rents
$244,334
75,086
48,695
107,046
109,599
Shares of common stock
From Jan 1
outstanding (no par)_
499,543
499,543
499,543
499,543 Gross from railway
1.253,765
1,134,657 1,467,646
1,697,858
Earnings per share
Nil
Nil
Nil
Net from railway
$0.30
413,573
338,343
507.111
447.355
Net after rents
234,664
189,204
293.939
333,982
Comparative Balance Sheet.
-V. 138, p. 2248.
.tssetsDec. 31 '33. June 30'33. Liabilities
Dee. 3133. June 30'33.
Fort Worth & Rio Grande Ry.-Earnings.a Land, buildings,
y Capital stock...32,497,715
mach'y & equip _ 51,165.033 $1,193,992 Accts. payable, &c 233,667 $2,497,715
239,644
March
1931.
Cash
340.939
668,435 Accrued insurance
Gross from railway
$35,g09
$36334
$44,416
$35301
U.S. Govt.& other
and local taxes_ _
5,493
4,632
Net from railway
def17.306
def20,442 def24.169 def29,783
market, securiheave for deferred
Net after rents
deC26,093
def30,530 def35,713 def42.965
ties at cost
282,948
314,822 income
22,437
From Jan 1
24,829
Notes, acceptances
Contingent reserve
Gross from railway
134,533
105,146
102,531
93.199
& accts. receiv... 316,327
332,387 &c
138,656
Net from railway
153,264
def48,102 def73.670
def84,222 def79,654
Inventories
1,512,275 1,380,574 Surplus
1,347,299 1,329,653
Net after rents
def74,651 def105.920 def118,903 def118,268
Cash in closed bks. 209,786
-V. 138, p. 2248.
Cash surrender val.
Maur. policy....
29,909
26,754
Fox Film Corp.
-Earnings.
--Fed. Motor Truck
[Including wholly owned subsidiaries]
Co.capital stock z79,020
79,062
Earnings for 13 Weeks Ended March 311934.
261,740
Other assets
216,840
Gross income from sales and rental of film and literature
$9,061,009
Deferred charges_ _ 47,429
37,732
Other income
264.557
$4,244,406 $4,250,598 Total
Total
54.244.406 84.250,598
Total income
39,325,566
x After depreciation. y Represented by 499,543 no-par shares. z 12,Expenses, &c
2,525.533
-V. 138. p. 2574.
400 shares at cost.
Amortization of production costa
4,353.025
Participation in film rentals
1,354,323
-Extra Disbursement.
Ferro Enamel Corp.
Interest
77.887
Amortization of discount and expenses of funded debt
The directors have declared an extra dividend of 5 cents per share in
15,398
x Depreciation of fixed assets
addition to the usual quarterly dividend of 10 cents per share on tne common
69,024
Federal taxes
payable June 20 to holders of record June 9.
stock, no par value, both
125,000
Like amounts were distributed on March 20 last -V. 138. p. 1752.
Net profit
$805 376
Earns, per share on 2,439,409 she.comb.class A & B stocks.
-April Sales.
(M. H.) Fishman Co., Inc.
$0.33
x Not including depreciation of studio buildings and equipment of
Increase.
1934-4 Mos.-1933.
Inc7(ase.
1934-April-1933.
$165,809 absorbed in production costs.
-V.138, p.2923.
$28,54018768.651
$197,556
$226,096
$548,926
$219,725
-v. 138, p. 2408.
Gary Electric & Gas Co.
-Bond Extension Proposed.
This company, controlled by the Midland Utilities Co., will ask
Florida East Coast Ry.-Earning8
:of its $8.000,000 issue of hat lien collat. 5% bonds due July 1 next toholders
1934.
1932.
March1933.
an extension of the maturity date, according to John N.Shannahan, accept
1931.
Chair$1,172,269 $992,175 $996,639 $1,290,255 man.-V. 133, p. 640.
Gross from railway
railway
490,462
Net from
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138 p. 2747.
555,001
426,393
362.594
3,032,238' 2,688,260
1,293,592 1,179,785
915.193
818.796
450,718
296,067
2,886.726
1,240,293
771.088
503,501
325.522
3,702,775
1,448,989
906,486
General Asphalt Co.
-Earnings.
1933.
1932.
1931.
$6.360.295 $8,771,755 815.002,180
on4
651.937
7.174 prof844.567
12 Mos. End. Mar. 31- 1934.
Gross sales
$7,519,053
Net loss after depr..depl.,
taxes, &c
17.112
-V. 138. P. 2575.
Georgia RR.-Earnings.-
General Cigar Co., Inc.-Earnings.Quar. End. Mar. 31.
after
charges
Profit
r• Fed. taxes (est.)
Corn.stk.outst.(no par)
Earnings per share
-V.138, p. 869.
May 5 1934
Financial Chronicle
3090
1934.
$335,277
472,982
$0.52
1933.
1932.
1931.
$110,203
472,982
$0.04
$302,136
472.982
$0.45
$445,226
472,982
$0.75
General Electric Co.-Earnings.1931.
1932.
1933.
Quar.End. Mar.311934.
Orders received
$38,148,654 $25,511,644 $33,404,642 $60,366,297
37,876,399 61,959,801
Net sales billed
34,935,551 26,101.001
Cost of sales billed, incl.
oper.,maint.& deprec.
chgs., res. & prov. for
all taxes
31,823,107 24.933,341 35,420,871 53,755,240
Net income from sales $3,112,444 $1,167,661 $2,455,528 $8.204,561
0th. inc. less int. paid &
1,671,150 2,696,895 3,283,521
sundry charges
1.453,284
Profit avail, for div
$4,565,728 $2,838,810 $5,152.423 $11,488,082
643.748
643,756
643,761
643,767
Cash divs. on special stk.
Profits avail, for divs.
$3.921,961 $2,195,050 $4,508,668 $10,844,334
on common stock
Shs. corn. stk. outstand.
(no par)
28,845,927 28,845,927 28,845,927 28,845.927
$0.38
$0.16
$0.08
$0.14
Earnings per share
Receives Large Order for Oil Furnaces.
An order for 150 General Electric oil furnaces, to be used for the complete
heating of Mt. Holyoke college at South Hadley, Mass., has just been
received by the company. It is the largest order ever received for a single
installation. Ninety of these furnaces will be installed as the central
beating plant in one building. The others will be scattered about some of
the smaller and remotely removed buildings on the campus.
1933 Average Price of Incan- descent Lamps Lower.
MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 2250.
1934.
$296,467
52,342
50,312
1933,
$250,104
27,663
27,281
1932,
$256,562
13,896
18,509
1931.
$382,985
77,126
79,901
817,688
141,172
139,758
693,455
67,114
68,016
723,845
def18,994
def8,720
1,022,321
105,104
119,403
-New Directors.
(B. F.) Goodrich Co.
At the annual meeting of stockholders held on May 2, directors whose
term of office expired were re-elected for a term of three years as follows:
V. I. Montenyohl, Wesson Seyburn, Albert A. Sprague, and Corliss E.
Sullivan.
Two vacancies which had previously existed in the board were fill by
the election to the board of Thomas II. McInnerney, President of National
Dairy Products Co., and Sir Walrond A. F. Sinclair, Chairmand and Managing Director of British Goodrich Rubber Co.
At the meeting of the board of directors following the annual meeting
of stockholders, the members of the executive committee and officers of
the company were re-elected -V.138, p. 2576.
-Earnings.
Goodyear Textile Mills Co., Los Angeles.
Year Ended Dec.31Net profit
Preferred dividends_ _ _ _
Common dividends
1933.
z$98,693
133.721
1932.
y$134,842
133,721
1931.
x$142,832
133,721
1930.
$199,779
133,721
100,000
$9,111 def$33,942
31,121
def$35.028
Surplus
Earns, per sh. on 10,000
$6.61
Nil
$0.90
$0.11
shs.com.stk.(par$100)
x After deducting depreciation of 3133.214 and taxes and other charges
of $20,075. y After depreciation of $88,672 and taxes and other charges
-V. 137, p. 4536.
of $24,524. z After deducting earthquake expense.
-$1
"Goodyear Tire & /u.bber /Co., Akron, Ohio.
,
Preferred Dividend..)..
A statement showing that the average net price of incandescent lamps
has been reduced 58% since 1921, and that the 1933 average price was
lower than it was in 1930. 1931 or 1932, has been mailed by the company
with its 146th dividend on common stock to its 190,236 stockholders. The
price has been reduced notwithstanding increased manufacturing costs and
shorter working hours, the statement points out.
Price. however, is not the only factor, according to the statement.
Incandescent lamps nave been improved from year to year so that in 1933
the average efficiency was 41% greater than it was 12 years ago. This
increase in efficiency decreases the amount of electric current required to
produce a given quantity of light. The combination of lower lamp prices
and increased lamp efficiency, together with lower rates for current, has
resulted in giving a much greater amount of light for the same price, or
the same amount of light for a much lower price.
The directors on May 1 declared a quarterly dividend of $1 per share on
the $7 cum. pref. stock, no par value, payable July 2 to holders of record
June 1. A similar distribution was made on this issue on April 1 last, as
compared with 50 cents per share in each of the four preceding quarters.
A disbursement of $2 per share was also made on the pref. stock on March 1
last on account of accumulations.
After the payment of the July 2 dividend, accruals on the above issue
-V. 138, p. 2924. 2925.
will amount to $4.50 per share.
Company and Westinghouse Electric Reduce RCA Holdings
to 7 7o.
Co. and the Westinghouse Electric & Mfg. Co.
Operating income_ _ __loss$281,570 loss$279,168
78,654
79,640
Other income
$162,009
85,925
$201.281
216,619
loss$201.930 loss$200,514
Total earnings
x Interest
Federal taxes
Res.for loss on commits..
98.502
Earthquake expense
$247,935
18,190
$417,900
135,532
18,269
468,000
The General Electric
now own only 73.i% of the outstanding common stock of the Radio Corp.
of America, compared with 61% owned when the consent decree that
dissolved the relationship between the companies and R. C. A. was entered
on Nov. 21 1932.
On Feb. 20 1933 General Electric distributed 4,807,321 of its 5,188,755
common shares in the It. C. A. to its stockholders. while Westinghouse
disposed of 1,334.000 of its 2.842.950 It. C. A. common shares in like
manner. General Electric now holds only 134,516 common shares of Radio
while Westinghouse has sold more than one tnird of the shares held following the stock dividend. They have 19 months in which to dispose of
-V. 138, p. 2923.
the remainder of their holdings.
-Dividend PayGeneral Italian Edison Electric Corp.
ment Delayed.
The City Bank Farmers Trust Co., N. Y., in a recent letter to the
registered holders of "American shares" for capital stock of General Italian
Edison Electric Corp.,stated:
On April 9 1934, the General Italian Edison Electric Corp. paid a dividend of Lire 40 per share. In accordance with the terms of Article Fifth
issue of
of the deposit agreement dated as of Oct. 10 1929, covering the we have
General Italian Edison Electric Corporation "American shares,"
converted into dollars the amount of such dividend received on the Italian
shares underlying the "American shares" outstanding. After deducting
deposit
expenses and charges, to the extent provided in Article Ninth of thethe sum
agreement, we will hold for distribution on each "American share"
of $3.39. Actual disbursement of this dividend distribution, however, is
being held up pending the necessary amendment of the deposit agreement,
concerning which you have already been approached by us. [It had
previously been erroneously reported that this distribution would be made
on April 20 1934 to holders of record April 14. No date has as yet been
-Ed.]
fixed.
On April 2 1934 we were advised that the change in the par value of
the Italian Shares of the General Italian Edison Electric Corp.from Lire 500
to Lire 550 had become effective. Inasmuch as insufficient powers of attorney had been received to amend the deposit agreement in the manner
previously explained, and inasmuch as such agreement provides exclusively
for "American shares" representing Italian shares of Lire 500 par value,
the depositary had no other course but to close the transfer books. Such
transfer books, according to Article Fourteenth of the deposit agreement,
will not be reopened until 30 days after the deposit agreement had been
amended pursuant to the receipt of a sufficient number of executed powers
of attorney previously sent to all registered holders of "American Shares."
Under the requirements of the New York Stock Exchange, upon which these
shares are listed and traded, a dividend distribution cannot be effected until
the transfer books are reopened. Accordingly, receipt by you of the
dividend on your stock must await amendment of the deposit agreement.
Those holders who have not yet executed the power of attorney previously transmitted to them are again urged to do so with the least possible
delay in order that the deposit agreement may be amended and the transfer
books reopened and thus permit all holders of "American shares" to benefit
from the increase in the par value of the underlying Italian shares and
-V. 138. p. 2923.
receive the dividend to which they are entitled.
-Purchases Bonds.
General Refractories Co.
S. M. D. Clapper. President, at the annual meeting held on April 28
stated that the company had purchased during April $407,000 of its fiveyear b% cumul. income bonds,reducing the outstanding total to $4,745,000
and reducing the annual interest charges $24,420. Capithl surplus was
increased approximately $40,000 by the operation.
Stockholders approved a change in the by-laws fixing the number of
directors at a minimum of seven and a maximum of 15. There are at
-V. 138. p. 2924.
present nine directors.
-Earnings.
Georgia & Florida RR.
[Corporate and Receivers-Combined]
1934-3 Mos.-I933.
Period End. Afar,31- 1934-Month-1933.
$80,843
$188,798
$286,778
Railway oper. revenue.- $114,107
23,226
2.291
def35,246
19,088
Net rev. from ry. oper_def6,429
def1,899
def61,289
11,294
Income..__
Net ry. oper.
2,859
1,411
4,448
151
Non-operating income__
Gross income
Deductions from income
$11,446
1.286
def$5,018
514
3960 def$56,840
3,042
2,543
$59,384
$2,082
$5,532
Deficits applic to int__ sur$10.159
-3rd Week of April- -Jan. 1 to April 211934.
1933.
1933.
1934.
Period$349.378
$244,324
319.275
(est)$23,050
Gross earnings
-V. 138, p. 2924.
-Dividend Deferred.& Light Co.
----Georgia Powervoted to defer the quarterly dividend due May
have
15
Tne directors
value. The last regular quarterly payment
on the $6cum,pref.stock, no par issue on Feb. 15 1934.-V. 138. p. 2748.
made on this
of$1.50 per snare was
Goodyear Tire & Rubber Co. of Calif.(& Subs.).
1930.
1931.
1932.
1933.
Earns. Cal. Years$8.361,275 310.112,727 315,078,637 $20,018,568
Net sales
Cost, selling, adminis.
& general expenses_ _ _ 8.642,845 10,391,895 14,916,628 19,817,287
Net profit
Pref, dive. paid (7%)
$3300,432 loss$200,514
139,925
204,215
$25,529 loss$203,900
559,699
559,699
3534,170
$340,439
3763,599
Balance, deficit
$300,432
x Including amortization of note discount.
-All of the common stock is owned by the Goodyear Tiro & Rubber
Note.
Co. of Akron, Ohio.
Comparative Consolidated Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
Liabilities$
Assets
Land, bldgs., ma7% Preferred stock 7.995,700 7,995,700
4,000,000 4,000,000
chinery di equip_ 5,494,404 6,142,406 Common stock_
1,569,545 1,447,650 Accounts payable_ 479,332
Investments
901,200
3,151,962 3,207,315 Reserve for continInventory
997,153
gencies
180,410
y Accts.& notes rec 1,185,215
Surplus
Cash In banks and
1,948,026 2,248,459
909,968 1,542,663
on band
U.S. Govt.securs. 2,206,397 1,709,063
99,210
85,977
Deferred charges
Total
14,603,469 15.145,359
14,603,469 15,145,359
Total
x After deducting reserve for depreciation of $6,552.115 in 1933 and
36.258,389 in 1932. y After deducting reserves of $243,711 in 1933 and
$138,027 in 1932.-V. 137. p. 4536.
-Plan Approved-ShipGraham-Paige Motors Corp.
ments Up.
The stockholders on April 30 formally approved the plan for exchange
of the company's 7% preferred stock on the basis of 12 shares of common
stock for each share of preferred stock.
Shipments in April totaled 3,066 cars and were the largest for any April
In four years and compared with 2,920 cars in March and 963 cars in
April 1933. The company has set a tentative schedule of 2,347 cars for
May. Orders on hand for May shipment total 1,097 cars.
-V. 138.
p. 2925, 2748.
Granby Consol. Mining, Smelting & Power Co., Ltd.
Quar. End. Mar. 31Operating income
Miscellaneous income_
1934.
$16,802
1933.
$38,111
1932.
$97,577
1931.
$99,017
71,061
Total income
Depreciation
Depletion
$16,802
196,685
127.853
$38,111
196,685
66,225
$97,577
196,956
120,702
$170,078
$220,081 xprof170,078
$307.736 y$224,798
Net loss
Nil
Nil
Nil
x$.038
Earns.per sh, on cap. stk
:
Before depreciation and depletion. y Before providing reserve for
contingent loss on metal inventories.
Lewis A. Dunham, mining engineer of New York, and C. II. Locke,
attorney, have been elected directors in place of D. 0. Jackling and E. V.
Daveler.-V. 138, p. 2924.
Grand Union Co.
-Earnings.
3 Months EndedMar.31 '34. April 1 '33. April 2 '32.
$12,144
$211,017
Net profit after deprec., taxes, Arc__ $122,034
278,067
278,067
282,817
Shares common stock out.(no par)__
Nil
$0.32
$0.01
Earnings per share
-V. 138, p. 2576.
Granite City Steel Co.-Earnings..
Quar. End. Mar. 31Sales
Costs, expenses. &c_ __ _
1934.
$868,203
798,251
$69,952
3,901
1932.
1931.
1933.
$854,603 31,176,529 81.950.186
849,584 y1,323,172 y1,852.078
85.020 loss$46,643
398,108
4,655
9.987
12,464
Operating profit
Other income
$9.675 loss$36,656
$73,853
$110,572
Total income
Federal taxes and special
2,294
x1,240
22,426
charges
90.000
90,000
See Y
Depreciation
$337,896 prof$88.146
$18,441 , $80,325
Net loss
Earns, per sh. on 292,347
shares corn, stock outNil
Nil
Nil
$0.30
standing (no par)_
x Excludes Federal taxes. y Includes depreciation.
(W. T.) Grant Co.
-April Sales Off 5.05%.1934-April
-1933.
Dec ease. 1934-4 Mos.-1933.
$5.950,286 $6,267,376
- 138, p 2412, 2250.
V.
Increase.
$317,090[$22,107.246 $20.168,861 $1,938,365
,
-
reat Atlantic & Pacific Tea Co.
-Usual Extra Div.
The directors have declared an extra dividend of 25 cents per share in
addition to the usual quarterly dividend of $1.50 per share on the Common
stock, no par value, payable June 1 to holders of record May 4. Like
amounts have been payable each quarter since and including Sept. 1 1931.
-V.138, p. 2576.
Great Northern Iron Ores Properties.
-New Trustee.
The trustees have elected Louis W. Hill Jr. a trustee to fill the vacancy
caused by the death of Richard T. Nichols.
-V.138, p. 1034.
Great Northern Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p.2925.
1931.
1934.
1932.
1933.
$4,782,935 $3.779,304 $4,448,867 $6,360,996
735,002 1,416,616
1,350,066
603,978
574,260
638,005 def168,458 def48,975
536 396
12,759,756 10,489,095 12,039,843 17, ,
,,
808,176 3 321 549
2,629,693
831,547
836.736
578,471 def1,325,366 def1,324,933
Green Bay & Western RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, p.2250.
1932.
1934.
1933.
$104,114
$79,284
$93.488
10,53414,810
6,172
,
def901
1931.
$121,768
12,672
2.657
285,594
22.152
def2,123
354,391
38,010
8.610
269,840
24,330
3.032
245,767
26,983
5,180
Gulf Colorado & Santa Fe Ry.-Earnings.1932
1931.
March-1933.
$919,267
$834,856 $1,262,892 $1,336,214
Gross from railway
40.299
183,772
12,806 def145,586
Net from railway
def26,846 def162,496
def146,930 def341,491
Net after rents
From Jan. 1
2,635,749 2,734,922 3,661,082 3,965,971
Gross from railway
187,856
490,372
489 def28,428
Net from railway
def501.865 def603,783 def116,934 def429,900
Net after rents
-V.138, p.2251.
Gulf Mobile & Northern RR.-Earning8.932
March-1 .
$388.62
$277,690
$464,d84
Gross from railway
27,311
135,806
156,026
Net from railway
59,175 def16,213
72,728
Net after rents
From Jan 1
786,717
1,069,144
1,261.619
Gross from railway
31.037
261,506
Net from railway
362,352
def92,369
38,336
Net after rents
116,476
-V.138, p. 2749.
1931.
$345634
39,384
def12.006
1,072,846
144,875
def13,233
Gulf & Ship Island RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 2251.
1934.
$131,815
34,833
9,369
1933.
$106,161
30.858
640
319.363
60,242
def16,683
276,362
43,386
def50,111
1932.
$112,297
22,685
def5,578
1931.
$167,530
def12,846
def58,279
289,839
447,657
17,855 def45,949
def64,266 def171,739
-Earnings.
Hancock Oil Co. of Calif.
1934-9 Mos.-1933.
Period End. Mar. 31- 1934-3 Mos.-1933.
Gross oper. income
$1,074,669 $1,004,726 $3,390,583 $3.958,684
Costs, oper. & gen. exp..
incl. raw materials,
ever., selling & admin.
exps., State, county
1,118,818 3,140,470 3,922,990
and Federal taxes--- 1,032.348
60,160
14,925
28,052
Intangible develop.exps.
9.935
Deprec.,retirements and
106,367
40,171
120,446
36,816
amortization
Deprec. & lease amorti65,122
27,391
91,954
20,625
zation
Net loss
-V. 138, p. 1054.
$25,055
$196,578 prof$18.463
$204.757
-Earnings.
Hazel-Atlas Glass Co.(& Subs.).
Earnings foi the Quarter Ended March 311934.
Gross manufacturing profit, after deducting for materials used,
$1,498,039
labor, repairs and manufacturing expenses
Depreciation and depletion of properties
180,678
Manufacturing profit
Other income
$1.317,362
43,737
Total income
Selling, general and administrative expense
Provision for consigned inventories. contingencies, &c
Provision for Federal taxes (estimated)
$1,361,099
456.455
192,450
144,119
Net profit for the quarter
Balahce at Dec. 30 1933
Miscell. adjustments not applic. to operations of 1934 (net)-
$568,073
6,757,536
Dr135,957
Total surplus
Dividend paid
$7,189,653
543,011
$6,646,642
Balance at March 31 1934
434,474
Capital shares outstanding (includes treasury stock)
$1.30
Earnings per share
provision has been made for Federal taxes, but the above
-Full
Note.
-V. 138. IL 2094.
figures are subject to change after the annual audit.
Hershey Chocolate Corp.(& Affil. Cos.).-Earnings.1932.
1933.
1934.
1931.
Quar. End. Mar.31-c$2,007,952 b$1.319.575 $2,095,721 $3.206,706
Operating profit
Other income.
73,064
31,971
55,913
39,068
Total income
Cash discount, &c
Federal taxes
$2,081,017 $1,351,546 $2,151,634 $3,245,774
170,522
106,226
210.854
155,813
237,733
364,190
171.232
264.716
Net Income
Cony. pref. dividends
Common dividends
$1,660,488 $1.074.089 $1.743.379 $2.670,730
a270,971
a293,480
259,568
253,844
883,150
546.487 1,091,293
526,312
$381.115 $1,494,100
$268,033
$880,332
Surplus
727.529
706,520
7211.649
Shs.com.stk.out.(no par)
701.749
$1.65
$2.95
$1.12
Earnings per share
$1.64
a Does not include extra div. of $1 Per share payable in Feb. from previous fiscal years' earnings. b After deducting from gross profit on sales of
$1,880,468, shipping expenses of 374,602 and selling and general expenses
of $486,291. c After deducting from gross profit on sales of $3,046,136
shipping expenses of $517.870 and selling and general administrative
expenses of $520,314.
3091
Financial Chronicle
Volume 138
Consolidated Balance Sheet March 31.
1934.
1934.
1933.
1933.
LiabilitiesAssets
$
$
Land, bldgs., ma271,351
x 34 pref. stock___ 271,351
chinery, &c___18,939,301 18,698,011 y Common stock _ _ 728,649
728,649
Caqh
1,198,790 1,424,980 Accts. payable__ 727,863
723,269
Plet. stk. in tress_ 1,287,635
793,392 Notes & loans pay_
850,000
Corn. stk. in treas. 1,230,675
Mtge. due Dee_
150,000
Accts.receivable__ 1,508,674 1,156,456 Accrued Fed.taxes 769,460
780,944
Inventories
5,130,417 6,179,312 Accrued dividends 780.155
806,055
Deferred assets... 343,685
299,558 Depreciation res've 9,952,535 9,267.278
Surplus at organiz_ 2,820,830 P.793,596
Earned sur plus___13,588,334 12,180,565
Total
29,639,177 28,551,709
Total
29,639,177 28,551.709
x Represented by 271,351 no par shares. y Represented by 728.649 no
par shares.
-V.138. P. 2252.
Heywood-Wakefield Co.
-Earnings.-
Quar. End. Mar.31.
1934.
1933.
1932.
Net loss after charges__ $115,100
$255,018
$299,295
$2931983
16 ,
7.
Richard N. Greenwood, President, says in part:
Of the loss reported for the first quarter of 1934, slightly more than half
represents carrying charges on idle properties and depreciation.
In March, for the first time since March of 1930, the company operated
at a profit after all charges. While it is encouraging that the company
has succeeded in again reaching profitable levels, that accomplishment
should not be misinterpreted. Past corporate history shows that March
has been, rather consistently, the company's best month; and, therefore,
it would not of necessity follow that because a profit was earned in March
subsequent months would also be profitable. That will depend entirely
on the volume of business obtained and the price level at which it is taken.
neither of which is readily predictable at this time.
That the profit in March of this year was approximately the same as
shown in March of 1930, on a volume of business only 41% of the amount
then shipped, gives emphasis to the operating economies that have been
made effective in the intervening period.
Shipments billed in the first quarter were 41% greater than in the same
period of last year, while orders received were 56% in excess of 1933.
Consolidated Balance Sheet March 31.
Assets1934.
1933.
Liabilities
1934.
1933.
Cash & temporary
Accounts payable_ $129,877
$76,562
cash investments 3292.562 3916,929 Accrued pay rolls,
Accts.receivable__ 850,157
955,182 taxes, &c
127,930
139,763
Notes receivable__ 119,844
150.462 Notes payable
300,000
Inventories
1,942,199 1,565,000 First pref. stock__ 724,400
729,900
Mlscell. investm'ts
1,009
5,303 Second pref. stock 2,229,900 2,240.500
Plants & equipm't 3,721,491 4,445,435 Common stock__ 1,500,000 1,500,000
Patents& good-will
1
1 Surplus
2,043,468 3,442,310
Deterred charges._ 128,310
90,721
Total
$7,055,575 $8,129,035 Total
$7,055,575 $8,129,035
Cumulative dividends amounting to $202,832 ($28 per share) on the out
standing first preferred stock and $702,419 ($31.50 per share) on the out
standing second preferred stock were in arrears as at March 31 1934.
Contingent liability as lessee under various leases is not set forth in the
foregoing balance sheet, as the amount is not determinable.
-V.138. P.1406.
/
'Hollinger Consolidated Gold Mines Ltd.-Extra Div4- (--etA (1
a
z
An extra dividend of 5 cents per share has been declared in addition to
'
the regular monthly dividend of like amount on the capital stock, par $5.
both payable May 21 to holders of record May 4. An extra distribution
of 5 cents per share was also made on April 23 last, as compared with 15
cents extra on March 26 and 5 cents extra on Feb. 26.
Sells Pait of Holdings in San Antonio Cornpany.-
The Hollinger company has sold 150,000 shares of its holdings of San
Antonio Gold Mines, Ltd., stock, it was revealed at annual meeting of
the former by J. R.Timmins, Vice-President. Hollinger originally obtained
an option of 633,900 shares of San Antonio stock at approximately 44 cents
a share, and, according to Mr. Timmins, "on account of the great appreciation in the market value of San Antonio shares your directors thought
it advisable to secure the return of the investment, and your company
now holds 483,900 shares."
Mr. Timmins stated that during the present year it is planned to prospect
the areas immediately west of the present ore zone at the Hollinger mines
and also the area to the north. Crosscuts already have been started on
the 3,350-foot level and on the 3,950-foot level to open an area that has
not been explored below the 2,700-foot level. This development work
will be extensive and will not be completed this year.
The company plans to continue to treat its lower-grade ore, although
tonnage treated will be increased.
Regarding the dividend.polIcy, Mr. Timmins said: "Your directors are
of the opinion that in view of such unsettled factors as the price of gold
and the mining of marginal ore the period earnings of your company will
be more or less variable, and therefore they think it best to leave the regular
dividend at the present rate. However, your directors are also of the
opinion that the surplus reserves are sufficient to meet any exigencies that
may arise and that the earnings of the company should be largely distributed
to the shareholders. This will be done in the form of bonuses, which of
necessity will be of irregular amounts and payable at irregular times, as
earned.
'
Mr. Timmins, in a letter to the stockholders, says in protest of the
proposed Dominion tax of 10% on gold sold for over $30 an ounce: "At
the expected annual production of approximately 450,000 ounces of gold
at a price of $35 an ounce this means an additional tax of $1,575,000 a year
for the Hollinger mine, or 31.5 cents a share."
-V.138, p. 2252.
.
• •••••Homestake Mining Co.
-Extra Distribution of $Igtle-Vid.....(
The directors have declared an extra dividend of $1 per share in addition
to the usual monthly dividend of$1 per share on the capital stock, par $100,
payable May 25 to holders of record May 19. Like amounts were titstrinuted on Jan. 25, Feb. 26, Mar. 26 and Apr. 25 last.
-V.138, p. 2413.
Houdaille-Hershey Corp.(& Subs.).
-Earnings.
Calendar Years1933.
Gross profit from oper-- $1,210,341
Sell. & advertising exps_
190,330
Admin. & gen. expenses..
379,799
Other deductions
89,657
1932.
1931.
1930.
$935,876 $2,032,945 $2,030,852
239.933
453,372
861,820
383,696
579.270
749.602
219,494
102,797
178,188
Operating profit
Other income
$550,555
64,792
$92,753
62,783
8898.506
88,342
$241,242
108,029
Total profit
Depreciation
Federal income tax
$615,347
729,812
$155,536
755,197
$986,849
742.317
18,300
$349.272
506,678
Net loss
Deduct for minority int.
in subs. (net)
Dividends-class A..
Class B
$114,464
$599,660prof$226.232
$157.406
Deficit
565
9,137
107,911
123,814
436,210
436,208
419,419
$113,900
$716.708
$333.792 $1,013.033
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets
Liabilities$
$
y Fixed assets_ ___ 6,404,308 7,103,690 x Capital stock.... 9,425,009 9,452,078
Patents & g'd-will
1
1
Accounts payable
398,538
243.882
Cash
420,488 Accruals
820,632
135,229
163,005
Notes & accts. me_ 645,088
236,732 Federal tax reserve
21,332
21,332
inveatorles.- - _ 912,570
722,884 Reserves
22,727
112,615
Gov't ctts. & bonds 972,332 1,617,776 Long-term indebt_
8,419
7,818
Other assets
196,771 Min. int. in subs.... 399,989
361,770
476,335
Deferred charges._ 168,714
80,686 Deficit
153,002
70,862
Total
Total
10,285,417 10,379,029
10,285.417 10,379,029
x Represented by 170,481 (173.382 in 1932) no par shares of class A
stock and 783.596 (783,611 in 1932) no par shares of class B stock. y After
depreciation of 85,006,298 in 1933 and $4.292,273 in 1932.-V.138. p.2926.
3092
Financial Chronicle
Holyoke Street Ry. Co.
-Earnings.
-
Illinois Bell
(As Reported to the Massachusetts Dept. of Public Utilities.]
1932.
3 Months Ended March 311934.
1933.
Revenue-fare passengers carried
1,023,679
1,293,874
1,134,413
8.45 cts.
Average fare
8.4 eta.
8.37 cts.
prof.$729
Net loss after all charges
$8,672
$5.666
-V.137, p. 3326.
.
May 5 1934
-Loses Rate Case-Refuna
Telephone Co.
Oidel ed.-
The U.S. Supreme Court on April 30 ordered about $21,000,000 refunded
to Chicago telephone subscribers. At the same time the Illinois Bell
Telephone Co. was ordered to put into effect reduced telephone schedules
ordered by the Illinois Commerce Commission 11 years ago and delayed
by continuous litigation.
Although the company had fought the rates as confiscatory, unreasonable
Household Finance Corp.(& Subs.).-Earnings.and Illegal, Chief Justice Hughes, who wrote the opinion,said that the company had exaggerated its operating expenses by representing as deprecia1931.
Quar. End. Mar. 31- 1934.
1932.
1933.
tion reserves large amounts spent for capital outlay.
Gross inc.from oper____ $3,214,814 $3,243,318 $3,205,262 $2,999,566
"The questionable amounts usually charged to operating expenses for
Operating expenses
1.535,846
1,855,191
1,628,385
1,826,520
depreciation are large enough to destroy the basis for holding that it has
Net income from oper. $1,388,294 $1,388,127 $1,576,877 $1,463,720
been convincingly shown that the reduction in income through the rates
Other income credits_ _ _
4.790
3,104
2,851
in suit would produce confiscation," he stated.
1039
This was the third time the Chicago rate case had been before the Court.
Gross income
$1,389,332 $1,391,231 $1,579,728 $1,468,510
In 1923 the company brought suit when the Illinois Commerce ComInterest paid
255,425
178.901
288,855
107,553
mission amended the 1920 rates by reducing schedules applicable to four
148,024
Federal income tax
178,245
195,190
160,014
classes of service for coin-box phones in private residences and places of
Other charges
30,964
69,283
27.075
47.964
business.
Min. int. in earnings of
A temporary injunction was sought by the company and upheld by the
subsid. co
399
Supreme Court with the qualification that if the injunction was dissolved
the company must refund the amounts charged above the contested rates.
r Net income
$983,032 $1,085,553 $1,034,097' In February 1930,a three-Judge Federal court entered a final decree in favor
$1,038,225
2,918,340 of the company, but an appeal to the Supreme Court reversed the lower
Balance,surplus, Jan. 1. 3,780.297 2,933,220 2.891,530
court and remanded the case for further proceedings.
Total surplus_____
$4,818,522 $3,916,251 $33,977,083 $3,952,437
New evidence resulted in the entering last June ofanother lower court final
Other charges & credits
decree, permanently restraining the enforcement of the lower rates of 1923
Cr927
(net)
Dr29,794
Dr2,119
and releasing the company from its obligation to refund the excess charges.
Premium paid purchase
The Illinois Commerce Commission and the City of Chicago, which had
of Cent.Finance Corp.
-appeal, declaring that
intervened, appealed. The company brought a cross
69,831 •
Canada
disallowances had undervalued its property and disregarded certain operat224,358
177,600
222.623
Divs.-Part. pref. stock
223.067
ing expenses.
140,139
136,773
82,279
136,773
Class A common
Both appeals were acted upon on April 30. In the former the Supreme
410.210
412,137
302,581
309,358
Class B common
Court reversed the decree of the three-Judge court and remanded the case
with directions to dissolve the injunction and order the refund to subscribers.'
Balance, March 31_ _ _ $4,153,982 $3,177,667 $33,203.303 $3,250,627
19,472
133,100 (Inc- above)
In the other case, the Court ordered the suit dismissed, stating that the
Capital surplus
company had won in the lower Court and therefore had no right of appeal.
Total surplus per bal(New York "Times")
$33.197,140 $3,336.403 $33,250,627
ance sheet
$4,153,982
F. 0. Hale, President of the Illinois Bell Telephone Co., commenting
Consolidated Balance Sheet March 31.
upon the riding of the U. S. Supreme Court, indicated that the 'Company
is considering applying for a rehearing. His statement follows, in part:
1933.
1933.
1934.
"We have not yet had an opportunity to study the full text of the deLiabilities$
Assetscision of the Supreme Court and 'until we do we are unable to determine
Cash & Govt.scour 5,950,598 5,627,718 Partic. pref. stock.10,622,250 10,601,100
whether or not to apply for a rehearing. Our present understanding of
corn. stk. 4,559,100 4,559,100
a Class A
Install. notes Teothe decision is that it will in effect require a reduction of present rates on
receivable, net_34,097,157 36,237,382 b Cl. 13 corn. stk_ _10,086,025 10,311,925
the classes of service involved and refunds to subscribers for this service
Notes pay., banks 8,800,000 10,850,000
Other notes & acback to 1932."
775,000
111,541 Notes pay., other_
counts reedy__ c47,162
Mr. Hale further stated that payment of refunds will be under super668,754
Dividends payable 662,421
Notes meth,, from
vision of the District Court after the Supreme Court mandate has been
93,896 Employees' thrift
employees. secur d68,599
sent to it. He emphasized that the company's records are complete and
187,685
account
337,047
Due from restrict.
there will be no difficulty in making the refunds and that there is no ne625,669
255,808 Federal inc.,tax__ _ 677,874
1
& closed banks_
cessity for present or former subsidiaries assuming any expense in order
Min. Int. in CenOther receivables_ 273.700
-V. 138, p. 2926.
to make the refunds.
441,924 tral Fin. Corp.
425,965
Office equip., net
11,627
Canada
13,708'
lllinois Central RR.4dmitted to List.
Special temporary
trading privileprivileges
Curb
The ew York Cb Exchan e as admitted to unlis
335,000
reserve
e 1 1934 and the new 3-yr. 6% notes due
the 34} % gold notes due
,
i
Res, for conting. &
June 11937, "when as and if issued" in exchange for 4%% gold notes due
.
fluct. in foreign
June 1 1934.-V. 138, p. 2926.
105,445
36.532
exchange
13,406
Miscellaneous_
10.329
-Dividend Ruling.Imperial Oil, Ltd.
930,333
Purch. money °bill; 500,000
Earned surplus_ _ _ 4,153,982 3,177,667 , The Committee on Securities of the New York Curb Exchange has ruled
that the registered stock be not quoted "ex-dividend" until May 31 1934,
19,473
Capital surpluson which date both the coupon and registered shares shall be quoted "exdividend." See also V. 138, p. 2927.
40,863.184 42,768,270
40,863,184 42,768,270 Total
Total
shares. b Represented by
p a Represented by 182,364 no par value
Independence Fund of North America, Inc.
-Opens
403,441 no par value shares 1934 and 413.477 shares 1933. c Other
New Office.- .
-V. 138.
accounts receivable only. d Loans to officers and employees.
•
p. 1238.
In line with the general policy of the company, it has just opened an
office at 49 Federal St., Boston, Mass., under, the direction of Daniel E.
-Earnings.
Houston Oil Co. of Texas.
Ruggles, resident Vice-President. This office will serve the State of Maas.
Very recently the company has opened offices in Chicago, Philadelphia,
[Including Houston Pipe Line Co.]
W.
-V. 135, P. 140
Cleveland, Wheeling, W Va., and Buffalo.
1932.
1931.
1933.
Quar. End. Mar. 31- 1934.
.
$1,623,115 $2,786,716
$1,570,534 • $1,103,283
Gross earnings
e
iana Limestone Corp.-Admitted to List.
-4&5
1,636,619
968,736
723,259
800,961 _
Oper.& gen.exp.& taxes
Ae(New York Produce Exchange as admitted to the list
common
$380,024
$654,378 $1,150,097
stock
1).-V. 138, p. 1238.
from opera'ns- $769,572
r Income credits.24,564
23,586
18,427
39,966
Other income
-Earnings.Indian Motocycle Co.(& Subs.).
.
$678,942 $1,168,525
$809,539
$403.610
Total income
1932.
1931.
Calendar Years1933.
1930.
391,305
180.825
168,208
172,877
Int.,amort.& Fed.taxes
$913,845 $1,575,273 $2,167,088
Sales
$710,384
548,517
408,594
408,583
401,506
Deprecia'n & depletion_
936,929
1,697.571
Costs and expenses
. 676.6192,616.325
177.432
69,387
64,217
Properly retired & aban.
Depreciation
82,297
115.806
117,028
119,428
$20,146
$228,704
$175,607 loss$355,294 Net income
$138,890
Operating loss
$239,328
$548,532
$568,665
Shs. corn. stk. outstand17,304
28,941
Other income
16,544
27,032
1,098.618
1,098,618
1,098,618 1.098,618
ing (Par $25)
Nil
Nil
$b.03
$0.08
Earns, per sh. on corn....
Total loss
$31,987
$121,588
$210,387
$541,833
-V. 138, p. 1926.
18,531
Interest 19,256
19,357
10,558
-Earnings.All other charges
94,355
163,428
222,270
Hudson Motor Car Co.(& Subs.).
29,066
1934.
1933.
1932.
3 Mos.End. Mar.31•
1931.
• Net loss
$392,346
$774,461
$80.310
$235,299
Net loss after deprecia'n,
The earnings statement for the quarter ended March will be found In
Fed,tax provision and
.
April 21st Issue, page 2750.
$802,845 $1,491,005 $1,245,943prof$226,395
all charges
Nil
Nil
Nil
Earn,per sh. on cap.stk.
$0.14
Comparative Consolidated Balance Sheet Dec. 31.
Liabilities1933.
1932.
Assets1933.
April Output Higher.193
4
x Plant & equip.. $554,024 13790.009 Preferred stock... $451,840 $68 0
The company produced 21,000 cars during April. This is the biggest
Common stock_
. 684,870 2,700,000
Good-will, patents
month since February 1930 and compares with 18.000 cars produced in
500,000 Accts., notes and
and trade-marks
March. Production to date this year has exceeded the entire output in
447,397
20,671
accept,
139,439
Cash
11,070
-V. 138, P. 2926.
1933 by more than 10,000 units, It was stated.
Bank leans
45.705
45,705
34,500
Accts., notes, &c..
349,920 Taxes & accr. exps.
37,801
43,267
310,567
receivable
Hupp Motor Car Corp.-Earnings.329,820 Res. for merch'dise. •
442,506
Inventories
.
1933.
1932.
1934.
1931.
311lios. End. Mar.31122,400 to be delivered_
15,127
55,035
Other Investments
$712,042 $1,576,071
$5,256,168 '
Net sales
5,904 Capital surplus... '
200,000
1,581
Prepaid expenses.
1,302,893
1,892,397
5.723,038
Costs and expenses
Deficit from oper_
1,994,440
Not
11-.•
$316,326 available
$466,870
Operating loss
$590,851
Total
$1,374,783 $2,118,724
$1,374,783 $2,118,724
Total
6,470
52,284
86,123
Other income
-V. 138, p. 2750.
x After depreciation.
$309.856
$256,230
$.3S0,747
Loss
$538,567
-Tenders.
--International Agricultural Corp.
179,007..
203,925
127,995
300,164
Depreciation
The Bankers' Trust Co., corporate trustee, 16 Wall St.: N. Y. City, will
34,134
136.021
75,964
Idle plant expenses
until noon May 10 receive bids for the sale to it of 1st mtge. & coll. trust
$742,526
$522,997
$596,176
Net loss
$680,911
20
-year s. f. gold bonds dated May 1 1912 at prices not exceeding 103 and
int. For this purpose a sum of $156.790 is now held in the sinking fund.
Consolidated Balance Sheet March 31.
-V. 137, p. 2099.
1931.
1933.'
1933.
1934.
Liabilities
$
Assets
International Great Northern RR.
-Earnings.
Common stock___13,291,285 13,291,285
a Land, bldgs.,
1934.
1933.
1932.
March
1931.
196,854
equipment, &a_ 7,690,618 8,314,556 Accounts payable_ 436,283
$1,183,558 $1,040,346
Gross from railway
$889,905 $1,823,454
Reserves for reb Tools, dies, jigs
379,165
329,884
Net from railway
114,001
569,909
bates. &c
596,160
1
438,621
and patterns.- 590,568
152,784
201,123
Net after rents
356,882
Accr. taxes, insur. ,
def19,378
Good-will, tradeFrom Jan 1
1
premiums,
186,405
1
251,649
names, .50
3,093,477 2,695,759 2,671,705 4,112,936
Gross from railway
42,876
33,322
743,448 1,51Q,193 Accrued wages-.
Cash
879,443
691,135
258,498
Net from railway
914,829
Government bonds 1,510,243 2,324,152 Res. for for. exch.
380.679
264,297 def138,761 • 437,878
Net after rents
20,914
21,449
20,355 • 31,979 loss
Accr. int. receiv-V. 138, p. 2928.
269,650 Distributors' and
Notes & accts. rec. 298,221
75,301
102,273
2,135,258 2,155,083 dealers' deposits
Inventories
-Earnings.
International Rys. of Central America.
473,7'l1 Res. for conting_ 477.867
534,130
Cash In closed bk.s. 399.931
234,820 Deficit from oper- 506.854sur1490,263
1934-3 Mos.-1933.
Period End. Mar. 31- 1934-Monih-1933.
Other investments 228,475
51,361
$552,711
$491,565 $1,523,085 '$1,356,820
Gross revenues
to distrib_ 114,620
Advs.
270,660
265,655
Oper. expa. and taxes......
821,966
791,683
Loans & advs. to
260,765
I- officials & empl_ 252,588
607.037
Income applicable to
Notes receivable._ 507,037
$565,137
3282,051
$225,910
fixed charges
$701,119
Inv. in Common77,830
77.830
-V. 138, p. 2751.
1. With Alcorn Co.
48.707
51,246
Deferred charges..
-Resumes Common Dividend.
-----•(Byron) Jackson Co.
A dividend of 123' cents per share has been declared on the common
14,620,437 16,359,846
14,620,437 16.359,846 Total
Total
-V. 138, p. 2926.
a_After depreciation. b After amortization.
stock, no par value, payable May 15 to holders of record May 5. A quer.
Financial Chronicle
Volume 138
terly distribution of like amount was made on March 1 1931; none since.
Previously, the company paid quarterly dividends of 25 cents per share on
this issue.
-V. 138, p. 1926.
-Earnings.
Jamaica Public Service, Ltd.(& Subs.).
Period End. Mar.31
1934-12 Mos.-1923.
1934
-Month-1933.
$784,563
Gross earnings
$807,088
$65,666
$69,006
462,815
Oper. exps. and taxes_ _ _
479,504
41,991
40,843
P Net oper. revenue -Interest and amortiza'n_
$28,162
9,174
$23,675
9,291
$327,583
113.686
$321,748
111,663
$210,085
Balance
$213,897
$14,383
$18,988
During the 10ti years under Stone & Webster supervision, the company
has expended for maintenance, which is included in operating expenses,
-V. 138. p.
a total of 10.17% of the entire gross earnings over this period.
2414.
3093
Stores Corp. the deficit for the year was $605,062, in 1931. c Dividends
received from The Fair, Chicago.
Balance Sheel Jan. 1.
1933.
1934.
Assets1934.
1933.
8%, pref.stock_ -- -53,540,3 83,540.380
a Furniture, fixt.,
50
equipment, dm_ $365,510 $407,224 b Common stock_ 243.525 5,357,027
146.158
184.585
Land
75,292
75,292 Accts. pay., &c_
25,000
50,000
Improve, to leased
Notes payable_ _ _ _
86,002
properties
76,361
44,751 Conting. reserve_
Good-will
150,000
150,000 Res. for unearned
Sundry investment
6,513 int, charged to
8,300
instalments cusNotes rec, accruing
fr. sale of assets_ 2,225,000 2.125,000 tomers
5,900
29,151
351,132
Notes receiv. from
Deficit
assoc. 0:14
1,703.793
90,000
115,000 Capital surplus _
Inv. in The Fair d1,498,000 4,592,825
Inventories
574,544
586,883
C Accts. receivle_ 440,350
351.176
Cash
166,896
276,446
Deferred charges
28,778
72,324
Kansas City Southern Ry. Co.
-34th Annual Report,
Year Ended Dec. 31 1933.
-The annual report for 1933 has
just been issued. The remarks of President C. E. Johnston
Total
$5,699,031 $8,803,435
$5,699,031 $8,803,435 Total
covering operations for the year, will be found under "Reports
a After depreciation of 8377,597 in 1934 and 8328,599 in 1933. c Repand Documents" on subsequent pages. Our comparative resented by 243,524 shares, par 81 in 1934 and by 243,525 shares of no
par value in 1933.
After reserves of $40,000. d 166.500 shares of
income account and balance sheet were published in V. 138, common stock. Bookcvalue of this investment was written down by $3,p. 2415.
•
094,825 during the year.
-V. 137, p. 3335.
_
Company and Employees Sign Wage Agreement.---Laclede Gas Light Co.
-Receiver Sought.
-
The management of the company and the employees have reached a wage
A petition filed in Federal Court in St. Louis, April 28, by Joseph W.
agreement which became effective May 1. The employee representatives
Zeller of New York asks for the appointment of a receiver for the company.
included train, engine and yard service employees. The new agreements
He states in his petition that he is owner of four of the company's $1,000
have been signed by all of the parties, the company states. The statement
refunding and extension mortgage bonds, which matured April 1 last,. but
issued by the road says in part:
were not redeemed by the company.
. "The employees have made substantial concessions in the restrictive
Commenting on the receivership suit, E. P. Gosling. President of the
rules and penalties which-, as the President's emergency laws found, intercompany, pointed out that the plaintift who alleges he holds four bonds is
fen: with efficient and economical operation and proper service ro the railseeking to hold up the $10,000,000 bond extension plan already agreed to by
road's patrons. While we still feel tnat the K. C. S. plan would have been
a large majority of the bondholders.
-V. 138, p. 2929.
better for the employees, we are pleased that it has been possible to reach
an agreement. We are especially gratified that our employees have recogLake Superior & Ishpeming RR.-Earnings.nized in•these agreements teh necessity and wisdom of making rules which
March1933.
1932.
1931.
1934. •
will meet the practical requirements of railroad operation and competition,
Gross from railway
$44,334
$34,606
$23,170
$27,876
and believe it is a good omen for the future."
Net from railway
def27,657
def26,258 def24,883
def40,747
On•April 5 1933 the company notified its conductors, trainmen, engineers.
Net after rents
def43,442 def39,609
def40,989 def60,124
firemen-and hostlera of the cancellation on May 15 1933 of existing wage
From Jan 1
agreements. On April 6 1933the road gave notice of its intention to place
Gross from railway
93,705
67,377
81,836
150.911
After conferences with the emnew schedules in effect on May 16 1933.
Net from railway
def95,885
def77,824
def82,146 def110,378
ployee groups, a fact-finding board was appointed by President Roosevelt
Net after rents
def142,319 def117,938 def130,702 def170.371
and the new schedules'effective date was postponed at first to Sept. 15 1933,
. and then, again at the instance of President Roosevelt, to March 1 1934. -V. 138. p. 2253.
On Feb. 28 1934 the brotherhoods notified their members to withdraw
---Zetgt
Lazarus & Co.
-Removed from List.
from service on March 1 of the new scale were placed in effect.
the 6ti%
New York Curb Exchange as removed from the 1
. 1 At the suggestion of Co-ordinator Eastman, negotiations were again
.-V.138, p. 2416.
prefer
ock (par $100) and the ua4nxnon stock (no par)
conducted between the management and the employees, with the resultant
agreement reached April 30.-V. 138. p. 2928.
-li. D.) Lee Mercantile 9o., Kansas City, Mo.,• • Kansas Oklahoma & Gulf Ry.-Earnings.
Smaller Dividend.443t44,e
1931.1932.
1933.
March-1934.
The directors have declared a dividen of 35 cents per share on the capital
$218,139
$161.195
Gross from railway •
$116,478
$165,592
stock, payable May 10 to holders of record May 4. This compares with
91.400
Net from railway
71,607
44,525
83,253
50 cents per share paid on Feb. 1 1934 and $1 per share paid each quarter
54,429
Net after mats
39,878
17,152
.52,931
to and including May 15 1930.-V. 138. p. 693.
pe From Jan 1
,
626,359
Gross from railway
447,645
382,986
461.355
Lehigh & Hudson River Ry.-Earnings.269,263
Net from railway
207,566
174,486
240,609
158,836
Net after rents
107,689
92,925
153,236
1931.
1934.
1933.
1932.
March- •
-V.138, p. 2253.
8151,418
$160,155
$147,511
$111,311
Gross from railway
44.224
35,069
51,540
30,320
Net from railway
Co.
-Removed from List.
om
4.625
16,445
27,676
6,706
Net after rents
New York Curb Exchange as removed Worn unlisted trading privolisted
From Jan 1
ileges e capital stock (no par).
. 132, p. 3159.
491,458
•
417,673
333,668
392,266
Gross from railway
127,275
87,701
122,052
96,976
Net from railway
Kelsey Hayes Wheel'Co.(& Subs.).
-Earnings.
38,447
9,860
52,274 .
27,551
Net after rents
3 Months Ended March 311934. • .1933.
-V.138, p. 2254.
Net profit after depreciation and interest, but
before Federal taxes
$127,303 loss8363.363
-Annual Report.
Lehigh Valley RR.
-V.138. p. 2253.
Traffic Statistics for Calendar Years.
1930.
1931.
1933.
- 1932.
Kendall Co.
-Meeting Again Adjourned.
Tons revenue freight--- 16,209,269 15,627,158 21,181.622 25,592,021
At the time of the adjonrned meeting on April 25, there had not yet
Tons freight one mile_3,084,003,088 2967463,463 3887686,659 4611706,622
been received proxies covering the necessary two-thirds of the outstanding
- $32,837,093 $32,474,361 841,653,736 $50,287,945
Freight revenue
preferred stock which is required to act on the proposed amendments.
$1.96499
31.96650
$2.07807
Average revenue per ton $2.02582
Therefore no action was taken at the April 25 meeting, which was again
1.141 cta.
1.113 cts.
1.133 cts.
Avge.rev. per ton per m. 1.08 cts.
adjourned to June 5 1934, to allow additional time to secure the required
1,519,235 2,147,503
1.115.599
969.171
carried- - - -Passengers
representation.
-V. 138. p. 2751. •
Pass. carried one mile_ _111,475,045 117,893,000 149,358,955 190,557.369
Kennecott Copper Corp.
Passenger revenue__ - -., $2,413,546 $2,823,744 $4,192,211 $5,512,486
-Earnings Up.
82.567
$2.53115
82.759
Avge. revenue per pass.. $2.49032
Stephen Birch, Chairman, at the annual ftteeting held on May 1, stated
Av.rev, per pass. per m. 2.165 cts. 2.395 eta. 2.807 cts. 2.893 cts.
that earnings during the first four months of this sear were at an annual
$5,848
$6.642
$9,194
$5,178
rev. p.m.of road
Net op.
rate of 87 cents a share after depreciation, with the trend of earnings continuing upward, compared with 21 cents a share earned in 1933.
Comparative Income Account for Calendar Years.
• "Since the first of the year," said Mr. Birch, "the corporation has sold
1930.
1931.
1932.
•
1933.
85,513 tons of copper compared with 38,000 tons for the corresponding
1.362
1,362
1,362
1,359
Average miles operated_
period last year, and has received 8 cents a pound for it compared with
Operating Revenues
5 cents last year."
Anthracite coal freight_ _311.720.018 $11,651,562 $14,516.307 $17,305,031
In reply to a stockholder who asked a question relating to dividend
1,465,940
1.261,871
1.034,329
Bituminous coal freight_ 1,102,194
resumption, Mr. Birch said:
Merchandise freight_ _ 20,014,880 19,788,470 25,875,558 31.516,974
"The directors realize the situation and are going to give it due con5,512,486
2,413,546 2,823,744 4,192,211
Passenger
sideration. We have been working on a copper code to stop 'sniping' so
368,806
344,635
341,588
322,613
Mail
that we can make calculations. The directors are just as anxious as you
962,166
611,765
357,485
•
340.049
rpress
are to have dividends because they are large investors in the stock of the
1,744,284 2,119,592 2.310,340 2.398,101
ther transp. revenue
company. We will know more about dividend resumption after we get
1,134,684
911.940
622,368
519,866
Incidental revenue
'the code working.
Mr. Birch added: "The company is in a strong financial position. We
Total oper. revenue $38,177.450 $38,739,138 $50,024,627 $60,664,188
do not owe the banks anything, we have 815,000,000 in cash and altogether
we have about $50,000,000 in quick assets. -V. 138. P. 2929.
Operating ExpensesMaint. of way & struct_ $2,925,096 $3,166,566 $4,664,229 $5,925,266
(S: S.) Kresee Co.
-Sales Up.
Maint, of equipment_ _ _ 8,192,684 8,612,862 11,447,869 13,198,354
1,549,138 1,699,014
At the amnia meeting of the stockholders held last week, Pres. C. B.• Traffic expenses
1,265,849 1,400,664
Van Dusen said that from available figures earnings in the first quarter
Transportation expenses 16,200,397 16,811.737 21.479,507- 25.285,944
339,451
279,558
would prove much more pleasing than a year ago. He said no accurate
195.592
195;991
Miscellaneous operations
1,706.824
1,569,968
estimate of earnings can be made without physical inventory, which is
1,509,840
General expenses
1,455,901
10.198
10,847
11,080
taken only once a year.
Transp'n for invest.-Cr.
3,851
R. R. Williams, Vice-President in charge of merchandising, stated that
sales for the first four months this year would show an increase of approxiTotal operating exp_ 330,232,1)67 $31,686;181 $40.979,422 $48.144,655
Net operating revenue__ - 7,945,383 7,052,957 9,045,205 12.519.533
mately 16% over toe like period last year. He said sales in April would
show only a modest increase over April 1933, due to the fact that part of
Total tax accruals, &c__ 2,350,482 2,675.751 3,179,114 2,692.344
-V. 138. p.2581.
the Easter sellingseason fell in April last year.
Operating income_ __ _ $5,594,901 $4,377,206 $5,866,091 $9,827,189
676.548
391,462
Dividend income
657.066
-April Sales.698,888
Kroger Grocery & Baking Co.
803.966
588,312
436,966
Miscellaneous income_ _ _
942,422
-4 1Veeks Ended-16 Weeks Ended
PeriodApr. 21 '34. Apr. 22'33. Apr. 21 '34. Apr.. 22 '33.
$979,774 $1,480.514
Total other income__ _ S1,641,310 81,094,032
$17.333,901 $15.314,935 $66,817,213 $60,019,090
Sales
Total income
5,471,238 6,845.865 11,307,703
7.236,211
The total number of stores in operation during the four weeks ended
Income Charges
April 21 1934 were 4,356,compared with 4,672 in the same period in 1933.Hire of equipment
$795,853 $1,057,972 $1.194,484
$1.079.651
V. 138, p. 2752.
•
94.897
Joint facility rents
206.398
370,986
407,681
Rent for leased roads2,342,832 2,342,682 2,342,697 2.342,711
-Earnings.
Kresge Department Stores, Inc.
298.096
Miscellaneous rents- - - 365,098
365,978
394,771
[Inc. wholly owned subs.: Palais Royal, Inc., and Royal Stores Corp.)
475,091
Miscell, tax accruals- _ _
500.494
510,062
484,198
1932.
1934.
1933.
1931.
Interest on funded debt_ 4,429,059 4,186,093 4.054.011 4.034,855
Year End.Jan.3183,463,900 $3,736,188 $4,557.167 $4,714,657
76,181
Int. on unfunded debt
163,906
276,761
277.460
Net sales
268,117
Miscell. income charges_
416,334
327,665376,564
Cost of sales SD expenses_ 3,552,176 3,816,440 4,468,349 4,622,558
Separately oper. prop_ _ _
272,355
- 175,674
588.818
$92.098
def$88,276 def$80.252
'Operating profit
c189.574
109.932
413,543
116,072
Total deduc.from inc $10,012,044 39,404,281 $9.106,910 $8,784,432
Other income
Net loss
2,775,833 3,933,043 2,261.045sur2,523,271
8278,392
$29,680
8505,641 'Preferred dividends
10.630
10,630
$27.796
Sr Total income_ -49,896
53.958
43,620
Common dividends
1,512,543 4.235.119
Depreciation
53,837
10,000
Contingent reserve
a150,000
Deficit
3.111
$2,775.833 $3.933,043 33.784.218 31.722.478
Other deductions
Shares common stock
$228,496 14302.022
1,210,034 1,210,034
loss$29,151 1068524,278
outstanding (par 850) 1,210,034 1,210.034
Net profit
Nil
$2.08
Nil
Nil
Earned per sh. on coin_ _
a Provision for impairment of advances to Kresge Dept. Stores Corp.
After taking into account one-half of the year's losses of Kresge Dept. -V. 138, p. 2929.
b
E
Financial Chronicle
3094 •
Los Angeles & Salt Lake RR.-Earnings.-
-Earnings.Lehigh Coal & Navigation Co.
12 Months Ended March 31Consol. net income. incl. co.'s proper.
of undistributed earnings & losses of
subs, whose stock is either owned or
controlled, after int., taxes, depre.,
1934.
1933.
1932.
$837.888 $1,811.178
51,957,557
Earnings per share on 1.930,065 shares
capital stock (no par)
$1.01
Net income of parent co. accruing from
direct oper. and from railroad rentals, dive- &c.,after taxes & charges 1,934,669
Earnings per share on 1,930.065 shs.
capital stock (no par)
$1.00
-V. 138, P. 2929.
$0.43
$0.94
1.907,919
2,384,142
$0.99
$1.23
-Pays Coupons.
Leipzig Overland Power Companies.
Brown Brothers Harriman & Co.,as fiscal agents, on April 30,announced
-year 13;6% bonds
that coupons on Leipzig Overland Power Companies 20
due May 1 1946 will be paid at their face amount in current dollars upon
presentation at their New York office. The regular payment for the
service of this interest has not been received, but the bankers hold a special
deposit under the indenture securing these bonds which may be used for this
-V. 137. p. 3326.
purpose.
Quar. End. Mar.31Sales
Cost of sales, oper. and
general expenses
1934.
$147,341
1933.
$84.823
1932.
$114,552
1931.
$132,587
141,276
81,260
100,088
110,490
Profit from operations
Other income
$6,064
426
$3.562
866
$14,464
1,070
$22,097
1,540
Total income
Prov. for Federal and
State taxes
$6,491
$4,428
515,534
$23,637
1,200
720
2,496
3,886
Net income
Dividends paid
$5,291
3,153
$3,708
313.038
11.243
$19,751
11,701
81.795
$3.708
82.138
$0.40
$0.11
$0.17
Balance Sheet March 31.
1934.
Liabinties1933.
-1934.
Assets
$4,083 Notes payable_
$19,982
Cash
Accounts payable_ y$11,499
163
Accts. receivable_ _
2,907
1,094 Fed.& State tax..,.
1,344
Accr. int. receiv....
94,596
9,012 Capitalstock
10,882
Inventories
72,563
5,359 Surplus
1,708
Prepaid insur., dm.
Market. secur. (at
54,277
38,400
cost)
161,113
x Land. bidgs., dm. 108,213
1
1
Good-will dc leases
871
Deferred charges
58,050
$0.59
1933.
$8,000
6,959
2,999
157,895
59,085
-Earnings.
Loew's, Inc.(& Subs.).
Mar. 15'34. Mar.16'33. Mar. 11 '32. Mar.13'31.
$6,680.713 $4.429,244 $7,965,424 $9.765,410
2,707,241 2,415,963 2.700,695 2,885,450
Net profit before subs.
$3.973,472 82.013,281 $5,264,729 86,879,960
dividends
Earnings per share on
.22
$3.13
$1.04
$2.38
common stock
-V.138. p. 1057.
-Accrued Dividen A
Loew's London Theatres, Ltd.
The directors have declared a dividend of 35 cents per share on K&ount
of accumulations on the 7% cum. pref. stock. par $10. payable in Canadian
funds on May 15 to holders of record May 5. It is stated that, effective
with this distribution, accruals will amount to $1.40 per share. In the
-V.135.p.3702.
case of non-residents of Canada a 5% tax will be deducted.
-Earnings.
Loft, Inc.
1933.
1934.
$3,270,030 $2,911,415
145,358
185,618
121,512
124,337
3 Months Ended March 31-Net sales
Net profit before depreciation
Depreciation and amortization
.
Net profit
-V. 137, P. 4537.
$61,281
$23,847
.
1
-Committee's Reportia1441,
Long Bell
' Lumber Corp.
Co. let mortgage
The bondholders' committee for the Long-Bell Lumber
6% gold bonds (C. T. MacNeille, Chairman) In a letter dated March 27
to holders of certificates of deposit for the bonds, states: We are pleased
to report further progress toward a voluntary reorganization, through
which we hope to retain Long-Bell's going-concern value. Approximately
12).1 million dollars in liabilities have already been canceled. However.
large direct and contingent liabilities remain to be disposed of and the
reorganization manager. appointed by this committee, is continuing its
efforts toward their elimination.
Since our last report, $425,100 additional bonds and certificates have
been acquired through tender or purchase by the sinking fund agent for
surrender to the trustee and cancellation. This leaves only $31,000 of
bonds or certificates to be purchased to complete sinking fund requirements
up to June 15 1933, in the manner determined upon.
From June 15 1933 to Jan. 1 1934 all sinking fund payments were made
of tile anticiIn cash, and officials of the company are hopeful that In viewsufficient net
pated improvement in demand for lumber, there will be
Sales Corp. to continue such payments in
earnings from operations of the
cash for at least the six months' period ending July 1 1934; but it is not
anticipated that such earnings will exceed sinking fund requirements.
The company reports tnat while prospecting for oil and gas on its cut
over lands in the South continues by those who have leased such lands from
value has as yet been brought in.
the company, no well of commercial
(The committee at the same time sent out a copy of a letter which the
Central Republic Trust CO.as trustee, has addressed to the holders of the
bonds incident to the complaint in Chancery in the Circuit Court of Cook
County, Ill., which it has filed as trustee under the indenture securing
the bonds.)
Con=07kited Income Account for Quarter Ended7vIar.31:11
1933.
1934.
8212,721
$98,006
Loss before charges
304,046
286,782
Depletion
179.456
178.536
Depreciation
395.137
405,926
Interest
i
\
\
$969.250 81,091.360
loss
stock Removed from List.
fre New York Curb Radian
eges the class B common stock
as removed from unlisted trading privil.-V. 137, p. 4706.
par)
'Long Island RR.-Earnings.1932.
1931.
1933.
1934.
March8.9 92,013 $1,751,220 $2,379,889 $2,841,915
Gross from railway
615,820
743,986
398,909
456,589
railway
Net from
473,240
323,081
108,339
170.410
Net after rents------ From Jan. 1
5,634.288 5,508,518 6.937,004 8,166,505
Gross from railway
1,154,977 1,521,908 1.621.918 2,023,984
Net from railway
781,582 1,220,893
692,282
339,872
Net after rents
Off Series E Certificates. 4
bays
amounting to $114,000
.
11 •The company on May 1 paid off a maturing issue
certificates.
-V. 138, p. 2930.
of the series "E" of its 5% equipment trust
3,684,437
1,184.606
463,851
3,060,186
763,581
57.938
3,979,767 4,791,821
1,133,012
725,922
301.810 def103,726
Louisiana & Arkansas Ry.-Earnings.1934.
$344,016
114,096
78,877
MarchGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.138, p. 2254.
1,038.982
356,034
236,816
1933.
$308.864
111,175
67,478
'1931.
$441,154
124.237
63,738
bogs*
1,265,838
363,127
182,767
1932.
$359,953
97,776
51,612
938.697
1,087,524
348.040 ' 307,866
214.489
165,117
1934.
$93.458
26,003
5,354
1933.
$52,646
def2.095
def14,972
1932.
$50,161
1,713
def5,045
1931.
861.383
4,165
def7,787
241,565
60,333
7.658
MarchGross from railway
Net from railway_
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 2254.
165,122
def1,975
def40.015
147,625
6,942
de -17,006
193,033
17,825
def18,568
-Louisiana Steam Generating Corp.
-Tenders.
The Chase National Bank of the City of New York, trustee, is Inviting
tenders for the sale to it, at prices not exceeding 102% and int, of 1st mtge.
6% gold bonds,due Nov. 1 1939, in an amount sufficient to exhaust $56,932
in the sinking fund. Tenders will be received at the Bank, 11 Broad St..
N. Y. City up to and incl. May 16 1934.-V. 138, P. 2083.
-Earnings.
Louisville & Nashville RR.
1933.
1932.
1931.
1934.
$6,504.572 $4,555,262 $6,013,779 $8,014,184
613,220 1,085,042 1,557,347
1,896,561
708,048 1,076.772
277,013
1,625,941
March
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 2930.
18,307,665 14,706,766 17,187,193 23,410,105
5,309,864 3,064,418 2,376,471 3,661,131
4,405,305 2,083,702 1,147,242 2,239,381
MacAndrews & Forbes Co. (8c Subs.).-Earnings.--
$181,565 5234,939
$181,565 $234,938 Total
Total
x After deducting reserves for depreciation of 8146,225 in 1934 and
-V. 138, p. 1056.
$154,699 in 1933. y Includes accrued expenses.
28 Weeks EndedOperating profit
Deprec., taxes, &c
1931.
1932.
1934.
1933.
$1,351,399 $1,018,627 $1,349,217 81,665,615
284,407
411,784
513,668
264,576
5,587
127,164
266,737
34,878
MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138. p.2254.
Louisiana Arkansas 8c Texas Ry.-Earnings.-
Lessings, Inc.-Earnings.-
Balance
Earnings per share
May 5 1934
1934.
1933.
1932.
$243,672
29,856
151,947
$158.649
30,306
75,999
$139.896
31,242
114,290
$52.344
$61.869
Surplus
Shs. common stock outx326.543
303,894
standing (par $10)_ _ _
$0.35
$0.70
Earnings per share
-V. 137. P. 4537.
xNo par value shares.
def$5,636
$18.476
1326,543
$0.33
x335.700
0.56
Quar. End. Mar,31.
Net Inc. after expenses
and Federal taxes_ _
Preferred dividends_ _ _ _
Common dividends
1931
$217,826
31,500
167,850
-Larger Dividend.
Frontenac Oil Co., Ltd.
A quarterly dividend of 20 cents per share has been declared dd th
common stock, no par value. payable June 15 to holders of record Ma 15.
Previously, the company made quarterly payments of 15 cents per share
-V. 137. p. 3502.
on this issue.
-Changes Name of Its
McKesson & Robbins, Inc.
Liquor Division.
The corporation on April 30 announced the change in name of Its liquor
importing and distributing organization from Spirits Import Co., Inc. to
McKesson Spirits Co., Inc. Simultaneously it was announced that the
subsidiary has established sales offices and a warehouse at 40 East 30th
St., N. Y. City.
During prohibition. McKesson & Robbins, Inc. distributed wines and
liquors on a National basis for medicinal use. Since repeal. however, the
organization found it necessary to establish a special subsidiary company
-V. 138. p. 2931.
to handle this line of business.
-Securities Authorized.
Maine Central RR.
-S. C. Commission on April 28 authorized the company to issue
The I.
$313,000 of 4% registered eerial collateral notes, to be sold at par and the
proceeds used for maintenance.
The Commission's order of Aug. 15 1928, as modified April 30 1930,
was further modified so as to permit the pledge, as collateral security for
the serial notes, of $444,000 of Portland & Ogdensburg Ry.4 % 1st mtge.
gold bonds.
By its certificate of March 26 1934 the Commission approved, as desirable
for the Improvement of transportation facilities, certain maintenance to
be applied to the property of the applicant, consisting of the installation
of new rail and other track material, at an approximate total cost of $318.423. The company proposes to finance this maintenance through the aid
of the Federal Emergency Administration of Public Works. To evidence
its borrowings it proposes to issue promissory notes pursuant to the terms
of a contract executed by it on April 9 1934 with the United States of
America, represented by the Feder .1 Emergency Administrator of Public
Works. These notes will be designated 4% registered serial collateral
notes, will be dated as of the date of the payment against which they are
delivered, will be payable to the Administrator or registered assigns, will be
in the denomination of $1,000 or multiples thereof as requested by the
Government, will be registered as to principal and interest, will bear interest
from and after one year from their respective dates at the rate of 4% per
annum, payable semi-annually on April 15 and Oct. 15, and will mature
seml-annually-$21,000 on Oct. 15 1935,820.000 on April 15 1936. $17,000
on Oct. 15 1936, and a like amount on each April 15 and Oct. 15 thereafter
to and incl. April 15 1944. The notes will be redeemable, at the option of
the applicant, as a whole or In part in the inverse order of maturity, all,
but not a part, of the notes of any maturity being redeemable on any
semi-annual interest payment date at par and accrued interest.
-V. 138.
P. 2931.
Marlin-Rockwell Corp.(& Subs.).
-Earnings.
Quar. End. Mar.31
Net profit after deprec..
Fed. taxes, &c
She. cap. stk. outatand.
(no par)
Earns, per share
-V.138, p. 2582.
1934.
1933.
$99.380 log8E53,796
315,245
$0.31
364,145
Nil
1932.
1931.
loss$2,720
$119,919
364.145
Nil
364.145
$0.33
-Bond Extension Plan Operative.
••••26-,Mengel Co.
The directors have declared operative as of May 10, the plan for extension
for five years the $2.958,600 of 7% mortgage bonds which matured on
March 1 1934. Deposits with toe company for tile extension of the bonds
totaled over 80% of the amount outstanding.
The plan gives the bondholders the privilege of converting their bonds
Into common stock at $12.00 a share. or 8 shares for each $100 of face value
of the bonds.
-V. 138. p. 2754.
EdisoLh
Co.-Admitted to List.
ae admittedto the list 8885.
1st mtge.
eston Stock Exchan
May 1 1932. and due May 1 1962. 'roe
golf1716s, series F, 5% d
total amount of this series of bonds now outstanding and on the list is
55.479,500. The 5885.400 of bonds now being added to the list were issued
in exchange for other bonds issued by the company and $1,000 of bonds
issued by Delaware Gas Light Co. the property of which was subsequently
-V. 138. p. 2932.
acquired by the company.
Financial Chronicle
Volume 138
-Mexican Eagle Oil Co., Ltd.
-Defers Dividend Action.
Pending outcome of the hearing on the Amatlan suit against the above
company about a month from now, the directors postponed consideration
of tne payment of a dividend on the 7% 1st preference shares due April 30.
It is expected that the decision in toe suit will be made not later than the
end of June. During 1933 the company paid the following dividends on the
aforementioned stock: 7% in May to cover the dividend for the year to
April 30 1932;7% in August to cover the dividend for the year to April 30
1933;and 331% in November to cover the semi-annual payment then due.
The Canadian Eagle Oil Co., Ltd., similarly postponed consideration
of the dividend due at this time on the 7% 1st preference stock. This
company also paid a total of 1734% on the 1st preference shares at the same
time and for the same periods as the Mexican Eagle Oil Co., Ltd. (see
above).
-V. 137. p. 1947.
Miami Copper Co.
-Earnings.
Calendar YearsGross
Expenses, taxes. &c_...
Depreciation,&c
Net loss in adjust.of sec.
Reserve in connection
with tax adjustment_
1933.
$161,855.
639,385
292.849
Balance, deficit
Other income
$770,379 31,846,809
4,683
29,852
$951,024 sur$580.642
65,265
146,070
Total deficit
Dividends
$765,696 $1,816,956
$885,759 sur$726,712
-(473's %)1,774,401
1930.
1931.
1932.
$851,291 $4,394,231 $8,425,632
7,301,944
5,020,370
2,259,116
324,885
543,045
330,132
63,172
45,680
Deficit
$885,759 $1,047,688
4765,696 $1,816,956
Earns. per sh.on 747,116
shs. cap.stock (Par $5)
Nil
Nil
Nil
$0.97
x Before deducting gain on sale and adjustment in value of securities
amounting to $234,560.
Balance Shed Dec. 31.
1932.
1933.
1933.
1932.
Assets
x Mining prop.,&c.11,876,209 12,327,355 Capital stock
3,735,580 3,735,580
Development
2,755,318 2,756,772 Accounts payable.
44,211
39,314
Construction, &c.. 4,408.715 4,687,525 .4c
Ranches and other
Taxes accrued and
lands
328,758
in suspension.__ 299.977
462,315
Ore and metals
392,108 Reserved for taxes
254,479
335,081
58,370
in dispute, &c
422,777
Materials &supple. 378,724
5,035,330 5,263,113
24,347 Surplus
Unexpired ins.,,kc.
3,217
11,876,209 11,865,041
865,867 Depletion
Cash & securities_ 807,426
Accts.receivable
55,033
14,991
Loan to Miami
Commercial Co_
43,385
Miami Copper Co.
snares
40,000
40,000
Total
Total
21,044,780 21,571,785
x Alter depletion.
-V. 136. p. 2623.
21,044,780 21,571,785
Mid-Continent Petroleum Corp.
-Reduces Capital,
The stockholders on May 2 approved the reduction in capital from
$55,272,301 to $18,579,120 by reducing the amount of capital represented
by 1,857.912 no par shares of stock now issued, and changing the par
value of the stock to $10 per share. The reduction in capital of $36,693,181
will be transferred to capital surplus account and the directors were authorized to cause an appraisal and revaluation of the assets of the company
to be made and to charge an excess of book values over values as determined
against the surplus created by the revaluation of toe company's stock.
V. 138. p. 2583.
Midland Life Insurance Co., Kansas City, Mo.Dividend Resumed.
A dividend of80 cents per share was recently declared on the capital stock,
Par $10, payable May 1 to holders of record April 25. The last distribution, amounting to 40 cents per share, was made on Feb. 1 1933.--V. 138.
p. 1757.
." Midland Royalty Corp.
----Accumulated Dividend
The directors have declared a dividend of 25 cents per share o CCOLUIG 01
accumulations in addition to a quarterly dividend of 50 cents per share on
the $2 cum. cony. preference stock, no par value, both payable June 15 to
holders of record June 5. A distribution of 25 cents per share on account of
accruals was made on March 15 last, while on Feb. 15 a payment of 50
cents per share was made.
Accumulations after the June 15 dividend will amount to $3.75 per share.
-V. 138, p. 1757.
Midland Steel Products Co.
-Earnings.
The income account for the quarter ended March 31 1934, follows:
Manufacturing profit, $337,947; expenses, &c., $146,340; operating profit,
$191,607; other deductions, $9,435; depreciation, $100,019; Federal taxes.
$11,296; net profit, $70,857.-V. 138, p. 2932.
Midland Valley RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 2255.
1934.
$99,227
35,289
22,801
1933.
$86,437
24,323
8,268
1932.
$133,389
53,912
35,687
1931.
$171,396
48,702
24,496
308,127
126,217
80.748
302,099
124,475
73,566
402,522
155,447
94,526
513,651
171,914
95,537
Milwaukee Electric R.& Light Co (8c Subs.).
.
-Earns.
12 Mos.End. Mar.31- 1934.
1933.
1932.
1931.
Operating revenues
$24.919.367 824,642,727 $28,472,521 330,484,554
Operating expenses
12,490,144 12,319.577 13,540.857 14,084,812
Maintenance
1,890.868
1,916,866 2,393,417
2,701,990
Taxes
3,396,000 3,596,243 3,910,500 3,923.997
Net oper. revenues..__ $7,142,355 36.765,041 38,627,747 $9,773,754
58.334
130.140
Non-operating revenues412,912
359,065
$7,200,688 36,895,181 $9,040,660 $10,132,820
Gross income
Interest charges, net_- 3,204,724 3,335,025 3,339,445 2,796,878
Approp. for deprec. res. 2,412.355 2,461.111
2.852.845 2,937,408
$1,583,609 $1,099,046 $2.848.369 34,398,534
Balance
1,376.043
1,381,116
Preferred dividends....
1.443.619
1,459,404
$207,565 def$282,070 31,404,751 32.939,130
Comparative Consolidated Balance Sheet.
Mar.31 '34. Dec. 31 '33.
Mar. 31 '34. Dec. 31 '33.
Liabilities$
Assets$
Prop'y & plant.132,063,660 131,656,528 6% pref.stock- 4.500,000 4,500,000
Investments ___ 2,575,830 2,572,442 6% pref. stock,
Due from attn.
issue of 1921_ 20,692,200 20,692,200
companies __
439,227 1,058,069 Common stock_ 21,000,000 21,000,000
Cash
4,141,379 1,267,018 Funded debt_ _ _ 63,226,500 63.226,500
286,035
Depos. for pay't
Due to atilt. cos.
54,313
of mat.int.,&o
604,226
348,622
81,478 Accts. payable.
717,187
Notes & bills roe
819,691
69,279
40,248 Sund. curr. liab1,184,477
Accounts recely. 1,801,545 1,792,774 Acct.. liabilities_ 5,083,966 2,903,539
Mat'l & supplies 3,067,597 3,013,180 Deprec. reserve_ 21,633,035 21,027,514
Prepaid accts.__
122,143
106,958 Miscall. reserve_ 2,318,160 2,245.876
Died. & exp. on
94,158
Prem,on pi. stks
94,158
securities... _ _ 3,810,763 3,908,622 Surplus
8,219,277 7.851,552
Other def'd cbgs
37,203
Bal.for com.divs.&sur
Total
148,477.250 145,497,317
-V. 138, p.2083.
Total
148,477,250 145,497,317
3095
Midvale Co.
-Dividend Ruling.
The Committee on Securities of the New York Curb Exchange on April 27
ruled that the capital stock be not quoted ex- the cash distribution of $20
per share until May 3.-V. 138, p. 2932.
-Tenders.
Midvale Steel & Ordnance Co.
The Guaranty Trust Co. of New York, trustee, will until 10 a. in. on
May 17 receive bids for the sale to it of 20 year 5% cony. s. f. gold bonds,
due March 1 1936, to an amount sufficient to exhaust $1,220,325.at prices
not exceeding 105 and tot.
-V. 138, p. 874.
Mineral Range RR.
-Earnings.
Calendar YearsAvge. mileage operate&
Freight
Passenger
Mail
Express
Miscellaneous
1933.
47.59
$55,189
12
3,354
2,687
4,704
1932.
56.59
$48,897
29
2,540
4,398
5.534
1931.
56.59
$136,670
184
3.800
6,572
8.216
1930.
56.59
$198,148
752
4,390
10,153
11.998
Total
ExpensesMaint. of way & struc.Maint. of equipment__
Traffic expenses
Transportation expenses
General expenses
Transp'n for investment
$65,946
361,398
3155,443
3225,441
24,847
15,785
2,307
34,364
6,000
Dr7
33,547
13,030
2,435
48.170
7,243
Cr28
34,839
33,291
2,341
82,653
9,220
Cr3
53.366
43,091
2,307
107.719
9,821
Cr42
Total
383,310
Net operating revenue
- def17,363
Taxes accrued
7,355
$104,397
def42,999
17.572
$162,342
def6,899
32,794
$216,263
9.178
36.170
$60,571
14,551
$39,694
27,940
$26.992
34,130
$46.020 def$11.753
98,592
121,817
$7,137
114,789
Operating deficit
Other income
$24,718
15,124
Gross income
Interest, rentals, &c_ _ _ _
Net deficit
-V. 136. p. 2971.
$9,594
96,586
$106.180
3144,613
$133,571
$107.651
Minneapolis & St. Louis RR.
-Earnings.Gross earnings
-Third Week of April- -Jan. 1 to April 161934.
1933.
1934.
1933.
$134,933
3140,305 32,145,348 31.961,077
Steps Taken to Reorganize Road.
Steps to expedite the reorganization of the railroad, in receivership since
1923, as part of the Administration's recovery program, are being taken by
holders of the company's bonds, acting in co-operation with the management of The Mutual Trust Fund.
Because of the improvement in economic conditions throughout the
States served by this carrier, bondholders are anxious to effect through a
loan from the Reconstruction Finance Corporation the wiping out of
receiver's certificates; tax liens and other preferred claims outstanding to
the amount of $2,900,000. Applications for such loans have already been
approved by the I.
-S. C. Commission. The release of these credits, now
frozen, would greatly add to buying power in the road's territory, in addition to advancing the plans for reorganization.
Aid of the Federal Railroad.Co-ordinator, Joseph Eastman, is also asked
by bondholders in a letter which states:
"According to the record, the I.
-S. C. Commission has on two occasions
in the past approved loans to be made by the RFC to the receiver for the
Minneapolis & St Louis RR. Because of the demands made by the RFC.
such loans have not been made.
"With the improvement in business in the territory served by the road,
the revival of the distilling industry, and the better conditions prevailing
in the money market, it would seem that now is the time to take advantage
of the favorable situation and proceed to the termination of the receivership
and the reorganization and rehabilitation of the railroad."
The road, besides serving important areas in Minnesota, Illinois, Iowa
and South Dakota, also owns valuable terminal properties in Minneapolis,
which are also used by the Northern Pacific, Great Northern and Rock
Island. Of the total $46,560,000 of bonds outstanding against these properties. exclusive of the receiver's certificates, a substantial amount is held
investors in the Middle West.
g;
Receiver's Certificates.
The I.
-S. C. Commission on April 26 authorized the company to issue
$973,000 of receiver's certificates to renew or extend matured and maturing
certificates of like principal amount.
The report of the Commission says:
On March 31 1934,the U. S. District Court for the District of Minnesota,
Fourth Division, authorized the applicant, among other things, to extend or
renew for a period of six months or longer, at a rate of interest to be agreed
upon, obligations to banks, trust companies, and individuals, evidenced by
receiver's certificates aggregating $973,000, or to issue new certificates in
lieu of those outstanding. The certificates to be extended or renewed were
issued pursuant to our orders of May 12 1931, and Nov. 14 1933. All the
certificates will mature May 25 1934, except $100,000 thereof, which were
issued May 25 1931. and matured May 25 1933, and which were among
those authorized to be extended or renewed by the order of Nov. 14 1933.
No certificates of notification have been filed with us showing that these
certificates have been renewed or extended.
The applicant proposes to issue the new certificates at par to the banks,
trust companies, or individuals from which the loans were obtained, or
upon their orders, or to issue the new certificates to others and apply the
proceeds thereof in satisfaction of the indebtedness evidenced by the outstanding certificates. Our order herein will authorize the issue of certificates
to bear interest at a rate not to exceed 63i% per annum, and to be sold at
not less than par.
-V. 138, p. 2932.
Minneapolis St. Paul 8c Sault Ste. Marie Ry.-Earns.[Including Wisconsin Central Ry.]
1932.
1931.
March1934.
1933.
Gross from railway
31.694.933 $1,391,764 $1,797,101 $2,458.342
Net from railway - - 21,170
304,762
165,754
def99,404
def57.249
Net after rents
def111,918 def360,948 def306,229
From Jan. 1
4,940,150
7,003,869
Grose from railway
4.777,302
4,038.171
690.602
Net from railway
314,567 def364,573 def273,551
Net after rents
def458,815 def1,198.592 def1,219,325 .def351.902
-V.138, p.2932.
Annual Report, Year Ended Dec. 31 1933.-C. T. Jaffray,
President, says in part:
Products of Agriculture.
-There was an increase in shipments of grain,
partly offset by a decrease in shipments of grain products and hay.
The expected heavy movement of the 1932 grain crop during the first
part of 1933 did not materialize. Due to damage from grasshoppers,
drouth in certain districts, and low prices, a considerable part of the carryover from the 1932 crop was not shipped to market but was used by the
farmers for feed.
The 1933 grain crop was planted under favorable conditions. Later, a
very protracted and destructive period of dry weather ensued so that only
about one-half of a normal crop was harvested. Owing to the small crop,
market conditions, and the grain embargo by North Dakota authorities,
Soo Line shipments of 1933 grain from Aug.1 1933 to Dec.31 1933 amounted
to only 10,517,000 bushels. It is estimated that the amount of grain on
our line in the hands of farmers and in elevators on Dec. 31 1933 was
15,400,000 bushels.
Shipments of grain to Minneapolis and Duluth markets from Western
territory tributary to our line, compared with corresponding shipments of
the previous year, were as follows:
1932.
1933.
(Bushels)
(Bushels)
Before Aug. 1
3.895,000
10,707,000
After Aug. 1
•
10,517,000 13,763,000
Total
21,224,000 17.658,000
The following table shows the grain crop harvested in each of the years
shown and subsequently shipped to market over our line during the 12
month period beginning Aug. 1 of each year shown:
3096
Financial Chronicle
May 5 1934
IearBushels.
YearBushels.
YearBushels.
Mississippi Central RR.
-Earnings.1915
83.527.877 1921
36.832.469 1927
54,138,346
1916
March
34.233.059 1922
59,429,961 1928
56,816,503
1931.
1932.
1933.
1934.
1917
Gross from railway
28,560.411 1923
34,657.645 1929
32.867.641
$43.409
$91,896
$59,444
$62.557
Net from railway
1918
52,002,485 1924
66.280,641 1930
13,080
41,556,685
19,568
2,332
1,715
Net after rents
1919
30,393,424 1925
55,374.519 1931
12,118,000
def2,297
6,550
10,443
def6,119
From Jan. 1
1920
41,232,301 1926
24,470,000
30,627,251 1932
Grose from railway
160,755
118,217
258,550
162,034
Products of 'Forests increased as a result of greater business activity in
Net from railway
20,490
def4,173 def20.728
41,562
the last eight months of 1933.
Net after rents
3,063 def21,016 def44,011
14,457
Products of Mines increased as a result of greater iron ore shipments, our
total tonnage being 457.855 tons compared with 62.491 tons in 1932.
Calendar Years
1932.
1933.
1931.
1930.
Total ore shipments by all railroads from mines in the Lake Superior District
Grose operating revenue $604,360
$609,782
$995.829 $1,317,572
In 1933 were 21,623.898 tons compared with 3.588.608 tons in 1932. Lignite
Operating expenses
552.244
590,318
1,095,644
766.831
coal shipments increased during the year, total tonnage being 470,814 tons
compared with 457,403 tons handled in 1932. Bituminous coal shipments
Net operating revenue
$52,116
$19,464
8228.999
$221,927
decreased due to business and weather conditions and the increased use of
Tax accruals
34,229
43,774
42,773
63.033
lignite and natural gas. The South St. Paul packing plants began the use
Uncoil, railway revenue_
81
88
589
44
of natural gas in the fall of 1933. thereby causing a loss to the railroads of
approximately 125,000 tons of dock coal per annum, the rail revenue on
Operating income- -$17,826 def$24,398
$185.636
$158,849
which would be about $225,000. Sand, gravel and stone continued to show
Equipment rents
345 .
297
On .642
34
large decreases on account of the further slackening of construction activities,
Joint facility rents
5.291
2,551
15,392
24,062
especially during the first part of the year. Highway construction was
Miscellaneous
1.984
2.861
5,583
8,543
negligible.
Passenger Revenue was $621,963, a decrease of 8124,749, or 16.7%. On
Gross income
825,446 def$18.690
$208,645
$189,813
Equipment rents
Dec. 1 1933, general reductions were made by the Western Lines in the
35,542
37.668
56,934
40,500
Joint facility rents
basic passenger fares from 3.6 cents per mile to 3 cents per mile for one-way
8,413
8,254
8.871
9,472
first-class travel, 2 cents per mile for one-way coach travel, and 2 cents
Interest on funded debt..
97,008
105,887
113,353
120.292
Miscellaneous
per mile for round-trip on all classes of transportation, and, in addition,
22.456
7.803
1,672
2.483
the surcharge for travel in sleeping cars was eliminated. Since the estabNet income
def$137,974 def$178,302
lishment of these fares, there has been a substantial increase in local travel,
$25.815
817.065
Sinking fund deductions
and while they are in effect for an experimental period until May 31 1934,
157,191
148,313
140,847
133.907
It is expected the reduced rates will be made permanent on approximately
Deficit
the present basis with possible slight modifications. Through passenger
3295.165
8326,615
8115,032
$116,842
traffic continued light on account of general conditions.
Bus and Truck Competition.
-During the past year the Minnesota LegisBalance Sheet Dec. 31.
lature enacted new laws for the regulation of trucks and buses, but the
Assets1932.
1933.
1933.
1932.
need for further legislation by the States, as well as the Federal Govern$8,995,815 $9,011,584 Capital stock
Investment
83,940,000 $3,940,000
ment. still exists. Contract and private truckers are still able to cut rates
Cash
74,328
Long-term debt_ - 1,857,001) 2,034,800
promiscuously and consequently any drastic efforts to meet this comDeposits to Pay
Loans & bills pay_ 500,000
250,000
petition would be too costly to attempt. Close watch is being kept of
coups. due Jan. 1 102,500
102,500 Traffic & car serv.
various experiments in all parts of the country to regain traffic from trucks
Loans and bills rec.
3,462 balances payable
10,788
8,851
with a view to adopting any methods which appear advisable. It is conTraffic & car servAudited accts. and
templated that arrangements will soon be completed for store-door delivery
ice balances rec_
13,116
15,693
wages payable
48,558
51,154
of carloads of automobiles at certain selected points, which, together with
Due from agents
Miami'.accts. pay.
867
1,705
the use of automobile cars equipped with the new loading devices, and
and conductors_
4.791 Interest matured
4.976
reduced rates in Western territory (which will probably be followed shortly
Miscellaneous acand unpaid..,.47,479
51.246
by reductions from Eastern territory) is expected to return to the rails a
counts receivable
12,540 Other curr. habits_
15,838
1,316
674
substantial share of this business.
Malls & supplies_
74,910
81,774 Other def. habil&
1,188
3,015
Interest receivable
Other unadjusted
36
General Statistics for Calendar Years (Soo Line Only)
Working fund adcredits
738,056
709,742
1933.
1931.
1932.
1930.
1,170 Add'ns to Prop.
vances
894
Miles operated
3,188
3,188
3,200
3,308
through surplus
Other deferred
41.390
41,407
Passenger carried
185,341
199,891
233,527
422,493
1,768 Sinking fund res.. 2,323,914 2,141,863
assets
Pass. carried 1 mile
31.072,595 31,891,941 40,866,982 61,217.879
Unadjusted debits
11,995 Profit and loss_ __ _det200,692
24,873
96,180
Av.rev.per pass. per mile 2.002 cts. 2.341 cts. 2.8l9 cts. 3.011 cts.
Freight carried, tons_ _ 4.621,023 4,163.821
5,572,766 8.268,856
89,309.863 $9,330,637 Tors'
Total
89.309,863 89,330,637
Tons carried one mile_ - -986.941,841 886,004,536 1141,233273 1799,473004
V
Av.rev, per ton per mile 1.121 cts. 1.194 cts. 1.164 cts. 1.121 ca. - . 138, p. 2255.
Income Account for Calendar Years (Soo Line Only).
Missouri Illinois RR.
-Earnings.
1932.
1933.
1931.
1930.
Freight
$11.059,272 810,574,601 $13,278.653 $20,175,142
March
1934.
1933.
1932.
1931.
Passenger
621.963
746,712 1,151,941
Gross from railway
1,843.375
860,092
$83,736
$85.654
8110,913
Mail
627,910
653,583
664,714
712,978
Net from railway
9.164
25,246
24,601
25,940
Express
139,948
179.794
315.050
Net after rents _____ _ _
452,395
14,952
def7,115
8,264
10,631
Miscellaneous s
249,806
292,960
422,222
From Jan. 1
530,451
Incidental
168,043
288,654
148,492
Grose from railway
221.311
455,319
182,515
229,612
319.157
Net from railway
56,464
11,364
48,488
81,382
Total
812,866,943 $12,596,141 $16,121,233 $24,169,660
Net after rents
27,444 def28,378
6.167
13.543
Maint. of way & struc_ - 1,920.157 2,057,763 2,466.788 3,686,647 - 138. P. 2255.
V.
Maint. of equipment- - 2,550,259 2,961.240 3,372,693 4,667,265
Traffic expenses
437,121
472.307
515,907
555,884
Missouri-Kansas-Texas RR. Co.
-Annual Report for
Transportation expenses 4,965,401
5,275.957 6.444.151
8,320,718
Miscellaneous operations
35,060
50,872
91,425
143,004
1933.
-The remarks of President M.H. Cahill, together with
General expenses
734,745
715,763
779.166
827.948
comparative income account and balance sheet and other
Transp. for invest.-Cr_
19.202
12,456
45,244
29,313
Total
810.630,286 211.514.699 813,624,886 818.172.155
Net operating revenue
2.236,656
1,081.442 2,496.347 5,997.505
Railway tax accruals, &c 1.004,469
1.217,224
1,571,942
1,817.390
Railway oper.Income_ $1,232,187 def$135,781
8924,405 84,180,115
Non-Operating Income
Hire of equipment
2127,474
8140,760
8119.029
862.998
Joint facility rent income
156.495
159,627
181,015
164,112
Dividend income
4,169
4,180
16,173
18,577
Miscellaneous income_
95,449
601,466
938,597
1.098,192
Gross income
31.618,907
$767.119 $2,159,218 85.523,994
Deduct
Hire ofequipment
8163.293
8153.297
8145,081
$271,768
Joint facility rents
358,640
353.811
384,421
380.709
Miscell. tax accruals_ _ _ _
6,675
5,595
2.949
6.197
on mtge. bonds_ 4,088,887
Interest
4.092,334 4.483,029 4,605,740
Interest on equip. oblig.,
leased line ctfs.. &c_ - - 1.633.656
1.587.249
1.031.525
790.506
Amortiz. of discount on
funded debt
56.623
58,325
77,377
88,950
Miscell. income charges54.628
55,550
69.511
71,075
Net deficit transferred
to profit and loss.- _ 84.843,496 35,539,040 $4,014.675
8690.953
Balance Sheet Dec. 31 (Soo Line Only).
1933.
1932.
1933.
1932.
Assets$
$
s Road & equip_ 120,995,012 123,519,448 Common stock_ 25,206,800 25,206,800
Sinking funds. _
2.217
1,867 Preferred stock_ 12,603.400 12,603,400
y inv.in prop. of
Funded debt.... 93,240,800 93,871,800
affil., &c.,cos. 23,312,821 23,120,486 Govt. grants._
3,225
3,225
M.St. P.& S. S.
Depos. in lieu of
Marie By.4%
mtge.proPertY
4,885
4,885 leased line °Us 11,256,400 11,256,400
sold
Misc.[Aye. prop 3,125,155 3,106,918 Non-negot. debt
Wis. Cent. Ry.
to Mill. cos._ _ 7,894,840 3,044,011
pref. stock... 11,256,400 11,256,400 Loans & bills pay 14,562,377 14,720,351
395,861 Traffic.&c.,baLs.
662,578
Cash
312.095
319,167
141,738 Vouch. & wages 1,575,306 1,715,981
414,866
Special deposits_
1,111 Tax liability_ _ _
LATEWS & bills n3c.
1,210
858,551
970,915
Int. & dive. rec.
90,645 Prem. on fd. dl.
3.728
843
919
Receiver of 'Wis.
Int., &c., due__ 2,438,445 1,996.515
196,084 Unmatued rents
Cent. Its'. Co.
Other Investm% 2,052.403 2,072,736 accrued
6,790
6.816
Traffic, &c., bal.
146,390 Fund.debt ma151,123
281,081
365,764
Bal. from agents
tured, unapid
3,000
1.951.170 2,747,053 Int. accrued. &c.
Mat'l & supplies
418,374
462,884
13,311 Misc. accounts.
13.423
0th. curr. assets
49,695
70,516
405,382 Receiver of Wis.
Miscall. accts. _
428,880
Def. debit items 7,324,316 7,257,427 Cent. By.. _ _
623,232
Unadjust. debits 2,246.699 1,566.080 Other curr.'lab_
152.759
115,498
Ins, and cas. res.
43,045
Other unadj.cred
559,951
818,725
Deferred items_ 1,061,344 1,387,230
Add'as to prop.
thru inc.& sur.
240.645
258,431
Fund, debt ret'd
thrtt inc.& sur.
287,000
265,000
Sinking fund res.
2,216
1,867
Profit and loss
657,542 7,182.409
174,312,630 176.324,905 Total
174,312,630 176.324,905
Total
x After deducting reserve for equipment depreciation of $14,834,928 in
1933 and $15,289,009 in 1932. 'y Securities of affiliated, &c., companies
include stocks, $12.008,382; bonds, $8,000,000; other advances. $2,607,778
In 1933 and $2,389,444 in 1932; W. C. Ky. Co. advances. 8696,660.V. 138, p. 2932.
tables, will be found under "Reports and Documents" on
subsequent pages. Our comparative income account and
balance sheet tables were published in V. 138, p. 2255.
General Statistics for Y ars Ended Dec. 31.
,
1932.
1933.
1931.
1930.
Average miles operated_
3,294
3,294
3,241
3,189
Passengers carried_ __ _
452,647
560,450
619.362
886,795
Pass,carried one mile... 86.748,192 106.569.881 115,932,266 154,528,714
Revenue pass. per mile__
2.14 eta.
2.12 cts.
2.95 cts.
3.27 cts.
Revenue tons carried.. 7,113,442 7,327.853 9.457,890 11,681,526
do. lm.(000 omitted) 1.827.697
1,810323 2,248.866 2,920.824
Rev, per ton per mile_ _ _
1.17 cts.
1.22 cts.
1.22 cts.
1.26 cts.
Rev, per mile of road.-87,801
88,270
310.608
$14,410
-V.138. p. 2932.
Missouri & North Arkansas Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Grose from railway
Net from railway
Net after rents
-V.138. P. 2418.
1934.
884.736
11,880
def865
1933.
868.716
9,469
def1,092
1932.
378.749
def588
def11.300
1931.
$121,231
26,918
12,210
241,880
31,327
def4,109
164.410
14,820
def43,663
242.301
4.970
def29,698
318.362
12,504
def28.263
Missouri Pacific RR.
-Earnings.
-MarchGross from railway
Net from railway _ _ _ .._.
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
1934
;
1933.
1932.
1931.
36.436,808 $4,624,681 $6.360,600 88,621,537
1,607,357
732,686 1,637,633 2,194,210
854.590
80,632
939,127 1,358,800
17.648.071 14.349,526 18.238,008 24,536,002
4.199,668 2,630,328 3.917,133 6.518,213
1.970.873
583.341
1,778,010 4.160,299
Places Large 01 der.
The trustees have been authorized by Federal Judge Faris to
purchase
and install in 300 box cars the automobile loading device manufactured by
the Evans Products Co. of Detroit at a cost of approximately
$133,800.
-V. 138. p. 2932.
Mobile & Ohio RR.-Earnings.MarchGross from railway
Net from railway
Net after tents
From Jan 1
Grose from railway
Net from railway
Net after rents
1934.
3778,815
126.327
22,315
1933.
1932.
8580,177
3734,297
99,499
96,879
2,837 def$23,572
1931.
8994,878
192,417
49,718
2,155,791
1,629.360 2,000,136
343,971
122,253
134.835
27,986 def160,337 def207,607
2,739,398
387.618
34,531
Traffic Statistics for Calendar Years.
1933.
1932.
1931.
1930.
Average miles operated_
1,216
1,225
1,152
1.157
Operations
Passengers carried
211,354
160,537
202,862
368,109
Pass. carried ono mile
16,374,217 15,016,124 15.464,751 24,512,702
Aver, rate per pass. mUe 1.603 eta. 1.865 cts. 2.708 eta.
Revenue tons moved... 2,932,738 2,564,366 3.571,357 2.992 etc
5,256.093
Tons moved one mile_ _ _840,138,952 769,975,696 947.250.395 1330843,147
Aver,rate per ton norm. 0.885 cts. 0.918 cts. 0.951 cts. 0.939 cts.
Aver.rev.train load(tons)
513.19
468.99
616.57
538.69
Gross earnings per mile_
86,577
$6.225
811.810
88.475
Volume 138
Financial Chronicle
Comparative Income Account for Calendar Years.
1933.
1932.
1931.
1930.
Freight
87.438,544 87,064,620 $9,011,542 $12.494,575
Passenger
262,439
280,088
418,802
733,346
Mail, express, &c
395,577
377,070
476,557
609,594
Incid'I & Joint fac.(net).
65,436
129,552
137,847
191,599
Total oper. revenues- 0,161,996 $7,851.329 $10,044,745 $14,029,114
Operating Expenses-.
Maint. of way & struc_- 1,034,886
2.256,960
1,506,947
1,184,233
Maint. of equipment-- - 1,869,916
2,004.972
1,511,893
2,704,327
Traffic
500,912
457,936
593,366
671,680
Transportation
3,029,286 3,354,230
4,339,777
5,449,675
Miscellaneous operations
4,587
4,315
22,106
3,267
General
434,564
487,085
595,207
584,662
Trans. for invest.-Cr
33,433
30,822
2.501
4,269
Total oper. expenses_ $6,828,676 $7,056,191 $9,004,218 $11,647,684
Net revenue from oper__ 1,333,320
2,381,430
1,040,527
795,139
Taxes
407,484
666,203
579,217
975,394
Uncollectible revenues
2,217
19,841
6,688
4,365
Hire of equipment
442,880
401,087
352,283
378,428
Joint facility rents
303.142
365,456
289,574
353,599
Total other expenses- $1.155,733 $1.304,941 $1.359,082 $1,728,104
Operating income
653,326
177,587 def509,802 def318,555
Non-Operating Income
Income from lease of rd.
202
237
77
56
Miscell. rent income_ _
38,778
27,107
38,289
29,679
Miscellaneous non-oper.
physical property.._ _ _
20,758
24,632
12,449
16,549
Dividend income
6.658
9.950
6,658
6,658
Income from funded secs
43
480
480
Income from unfunded
securities & accounts_
69,044
44,148
51,764
35,663
Miscellaneous income
399
650
1,248
899
Total gross income-- $263,821 def$402.976 def$207,612
$792,869
Deductions
Miscellaneous rents____
9,574
9,213
9,443
9,025
Int. on unfunded debt_
58,025
115,744
17.138
115,181
Misc,income charges__
6,687
5,410
4.548
,
Interest on funded debt- 1.478,169
1,448,175
1,463.441
1.386,647
Int on equip.obligations
.
305,516
272,795
240,414
209,525
Net loss
Common dividends
Deficit
$930,554
81.549,892 $2,237,427 $2,002,504
a2%)722106
$1,549,892 $2,237,427 $2,002,504 51,652,570
General Balance Sheet Dec. 31.
Corporate and Receiver's Accounts Combined.
1933.
1932.
1933.
AssetsLiabilities
i
i
Road & equipm't_ 56,682,818 57,744,191 Common stock___ 6,007,200
Physical property 601,511
31,563,000
562,847 Funded debt
by. in MM. cos.:
Equip, trust oblig. 4.424,000
Stocks
877.599
172,604
172,504 Receiver's Ws_
Bonds
14,307
603.000
603,000 Governm't grants_
Notes
178,172
178.172 Loans 44 bills pay_ 2,517,015
Advances
65,159 Traffic. &c., bals_ 224,625
33,296
Other investments
8,386
8.386 Accounts & wages_ 2,202,111
Cash
121,628
1,020.255 1,068,536 Misc. accts. pay
Special deposits
553,016
516.056 but, matured unpd 2,166,155
Traffic, &c., bals. 333,563
245,927 Divs. mat'd unpd_ 268,192
Balance due from
3,000
Funded debt mat'd
agents & condue
772,811
47,899
48,115 Interest accrued
Misc. accts. recelv. 341,247
23,279
453,989 Other curl'. liabil's
Materials at suppl's 694,371
568,802 Deferred liabilities 239,685
Other assets
308,755
16,207
15.709 Taxes
Deferred assets_ _ _ 346,623
873,891 Operating reserves 194,893
Unadjusted debits 3,153,653 1.628,851 Accrued depreciation on equipl. 4,529,531
Other unadj. cred- 3,254,614
Additions to property through income & surplus_ 487,092
Profit and loss,.,, 4,587,129
Total
64,786,621 64,754,135
-V.138, p. 2932.
Total
1932.
$
6,016.800
32,169,500
4.965,500
1,070,599
14,307
2.517,015
141,895
2,303,173
197,972
737,655
269,002
3,000
706,829
24,174
262,122
310,672
157,959
4,536,607
1,795,971
466,100
6,087,284
64,786,621 64,754,135
Mohawk Hudson Power Corp.(& Subs.)
.-Earnings.-Period End. Mar,31- 1934-3 Mos.-1933.
1934-12 Mos.-1933.
Operating revenues
89,699,735 88,514,581 $35.715,853 $334,517,296
Oper,rev. deductions.-- 6,170.090
5.037.669 23.001,707 20,731,473
Operating income__ _ $3,529,645 $3,476,911 812,714,146 $13,785,824
Non-operating inc., net..
41.673
144,769
5,378
680,728
Gross income
$3,535,024 83,621,680 812,755,819 $14.466.552
Deduc'ns from gross inc_ 1,542,673
1.502.896
6,145,762
5,932,988
Balance
$1,992,351 $2,118,784 $6,610,058 $8.533,564
Divs, on pref. stocks of
subsidiaries
552,116
552,539
2,208,566
2,210,252
Net income
$1,440,235 81,566,245 $4,401,492 $6,323,312
-V.137. P. 2636.
Monongahela Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, P. 2256.
1934.
$453,922
326,845
215,238
1933.
$244,644
140,286
59,165
1932.
$3342,201
184.399
97.440
1931.
$427.745
204,495
105,521
1,204,584
769,939
462,212
734.339
421,339
189,482
976,143
485.100
226,503
1,251,752
579.730
285.586
-Morse Twist Drill & Machine Co.
-Dividend Resumed.
-
The directors have declared a dividend of 50 cents per share on the capital
stock, payable May 15 1934 to holders of record April 26. A similar distribution was made on May 15 1931; none since. The latter payment
compared with $1 per share paid on Feb. 14 1931 and with payments of
$1.50 per share In preceding quarters.-V. 137, p. 327.
s ------4VI
"
,n_12astel Brewing Co.-4mitted to List.
e York Produce Bache
has admitted to th list the ($5 par)
colZ)W'''Sr ck.-V. 137. v. 702.
o
.
Monsanto Chemical Works(& Subs.).-Ealnings.Quarter Ended March 31Gross profit
General expenses
Depreciation & obsolescence
Research expenses
1934.
$1,586,561
409,733
220,533
81.001
Operating profit
Other income
$875.294
86.362
Total income
Interest, &c
Federal taxes
8961,657
142,320
145,220
Net profit
Dividends
$674,117
135,000
Surplus
Earns, per sh. on common stock.--
039.117
81.56
3097
Comparative Consolidated Balance Sheet.
Mar.31'34. Dee.31'33.
Mar.31'34. Dec.31'33,
Assets$
$
Accounts Payable_ 847,361
Cash & U. S. ctfs_ 1,999,203 2,055,362 Accrued accounts- 215,420 1,089,864
231,612
Marketable securs. 437,509
250,281 Est. Income taxes_ 549,411
553,286
Customers' notes &
Funded debt
1,030,000 1,030,000
accts. receiv___ 1,753,586 1,590,406 Reserves:
Misc, accts. receiv
51,751
67,430
Depr.& obsolesc 5,042,117 4,893,847
Inventories
3,195,751 3,227,824
For reciemp. of
Other assets
1,387,393 1,363,105
return. cont. 584,055
552,219
Land
1,253,472 1,249,972 For flue,of exch. 234.298
234,298
Btdidings
3,260,879 3,250,652
For contingenc_ 291,625
204,238
Mach. & equipm't 9,915,804 9,630,432 Capital stock
4,320,000 4,320,000
Pats. es processes..
2 Paid in surplus
2
5.393.063 5,389,206
Deferred charges.. 111,814
134,588 Earned surp. acq'd
from pred. corp_ 2.582,772 2,718,058
Earned surplus__ _ 2,277,042 1,602,925
Total
23,367,165 22,820,055
Total
23,367,165 22,820,055
-V.138, p. 2932.
Moto Meter Gauge & Equipment Corp.
-Merger Declared Operative.
-See Electric Auto-Lite Co.above.
- 3 Months Ended March 311934.
1933
.
872,709
132,503
Gross profit
Expenses, depreciation & other charges
$298,728
114,852
Profit
Other income
5183.876 loas$59,794
6,963
1.276
Net profit
Earns, per share on 741,862 shs, cap. stk.(par $1) _ $190.839 loss$58,518
$0.26
Nil
Net profit for month of March 1934 was $102,686 after taxes
Current assets as of March 31 1934 amounted to $1.590,495and charges.
and
liabilities were $240,253. comparing with $1,323,819 and $198,921.current
respectively, on Dec. 31 1933.-V. 138, p. 2755.
Motor Wheel Corp.(& Subs.).-Earnings.-
Quer. End. Mar.311934.
1933.
1932.
1931.
Net profit after charges
deprec. and Fed. taxes $269,172loss$227,578 loss1228,609
$44,791
Earns, per sh. on 850,000
shs. cap.stk.(par S5)$0.32
Nil
xNil
x$0.05
x No par shares.
Current assets as of March 31 1934, including S416,036 cash amounted
to $44,134,873 and current liabilities were $1.840,294. This
compares
with cash and marketable securities ofS950,472, current assets
and current liabilities of $838,426 on March 31 1933.-V. of $2,323_ ,714
137. p. 3503. -,
Nashville Chattanooga & St. Louis Ry.-Earnings.-
MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railwaY
Net from railway
Net after rents
-V.138, P. 2932.
1934.
$1.232,797
255,658
177,306
3,416,046
668,372
459,107
1933.
1932.
1931.
890,760 51,092.042 81,490.337
93,826
108,482
252.856
45,381
60,298
168,413
2,788,482
3,104.052 4,104,391
285,401
242,279
495,273
143,045
90,223
257,911
National Acme Co.-Earnings.-
Quer. End. Mar.311934.
Net loss after all ehargesprof$58,144
Earns,per sh.on 500 000
shs.cap.stk.(par ill $0.11
-V.137. P. 3337.
1933.
$154,794
1932.
5263.820
1931.
5242376
Nil
Nil
Nil
National Candy Co.(& Subs.).-Eainings.Quar.End. Mar.311934.
1933.
1932.
Net profit after deprec.
allowance for Federal
taxes, &c
Earns, per sh.on com.stk
-V. 137, p. 3503.
$84.874
$0.26
$91,940 1055$21,541
$0.29
Nil
1931.
$112,859
$0.35
National Distillers Products Corp.(& Subs.).
-Earns.
3 Mos. Ended March 31x Operating profit
Interest
Provision for contingencies
Federal taxes
y1934.
85,267.116
56.524
500,000
878,314
1933.
8235.543
16,333
23,327
Net profit
$3,532,278
$195.883
Earns, per sh.00 2.022.053 shs. corn.stk. outst'g
$1.90
$0.10
x After depreciation. y Includes Penn-Maryland, Inc.
acquisition Jan. 31 1934, and exclusive of Alex. D. Shaw &since date of
Co.
-V. 138.
p. 2933.
---National Enameling & Stamping Co.
-Resumes Dividend.
-The directors on May 4 declared a dividend of 50
cents per share on the common stock, no par value. payable
June 30 to holders of record June 4. This is the first dividend to be paid since March 31 1930 when a similar distribution was made.
-V. 138, p. 2257.
National Steel Corp.
-Earnings.
--
dromi 1934.
$3,345,973
3 Months Ended March 31- 1*
Operating profit
Depreciation and depletion
Interest
Federal taxes
846,112
493,700
363.833
Net profit
$1,642.328
Earns, per share on 2,156.832 shares
capital stock (no par)
8sL$0.76
-V. 138. p. 2933.
1933.
1932.
81,539.789 82,024.655
689.927
785,560
513,678
536.945
55.340
109,351
$280,844
$592,799
80.13
80.27
National Tea Co.
-Earnings.
--
12 Weeks EndedMar.24 '34. Mar.25' 33. Mar.31 '32. Mar.31 '31.
Net earnings after int.,
deprec.& Fed.taxes-$87,192
$339.832
8146,468
8206,458
Shares com. stock outftanding (no par) _ ___
644,953
627 736
627,736
627,736
Earnings Per share
$0.10
80.51
80.20
$0.27
Period End. Apr. 21- 1934-4 Wks.
-1933.
1934-16 Wks.
-1933.
Consolidated sales
'$4.608,491 $5,022,922 $18,435,416 $19,664,358
The number of stores in operation declined from
April 21 1934, which Is a decrease in number of 1,360 to 1.260 as of
stores in operation of
7.36%.-V. 138. p. 1758.
%•
"
•••••..Nedick's Stores, Inc.
-Proposed
1933.
1932.
As part of.the program for building the Expansion, eer$995,235 $1,040,032
which has acquired the business and stores business of this corporation,
popularly known as the Nedick
297.043
343.332
Stands, announcement is made that A. M.
208.334
230,480
of the Whelan Drug Co. and more recentlyRosenthal, formerly President
Vice-President of the United
96.851
96.269
Cigar Stores Co. of America in charge of Metropolitan
District operations,
has been elected President and director of
Nedick's Stores, inc., with
8393,006
8369,951
executive offices at 1157 Broadway, N. Y. City.
49,667
48,369
. The new company, it is anticipated, will
of expansion. The company now operates ashortly embark on a campaign
large number of stores in New
8442,673
$418,320
York City and adjacent beach resorts.
84,386
87,112
Mr. Rosenthal is extremely optimistic as to
the future and states that the
61,367
55.349
company is in strong hands. He
innovations which will greatly add toanticipates the installation of many
the Popularity which Nedick's Stands
$296,920
$275,859
have enjoyed for many years.
133,389
133.314
There are 40 orange-drink stands at present in
once held more than 180 leaseholds and grossed the NOW& chain, which
$10,000,000 from 1921 to
8163.531
$142,545
1927, the widely-known chain at that time extending
from New York
$0.70
$0.64
o ChIcago.-V. 133. p. 1300.
•
-April Sales.Neisner Brothers, Inc.
-April
1934
-1933.
$1,300,074 $1.278.039
-V.138, p. 2419.
Incr,ass.1 1934-4 Mos.-1933.
.0451$4,836,223 $3,827,782
$22
Nevada Northern Ry.-Earninge.March
1934.
1933.
Gross from railway
$18,981
$23,700
Net from railway
def5,294
1,987
Net after rents
def8,116
def487
From Jan 1
Gross from railway
72,819
58,767
Net from railway
def15,891
6,935
Net after rents
def25,272
194
-V.138, P. 2257.
Ne
list.-
Increase.
$1,008,441
1932.
$24.928
def3,620
def7,741
1931.
$47,475
13,759
7,954
87.587
def984
def15,877
131,927
26,743
10,057
as removed the warrants from the
-Newmont Mining Corp.
-Earnings.
Calendar Years
Income-Dividends
Interest
Fees for services sold
Net gain realized on securities sold
Other income (net)
1932.
1933.
$213,433
$177.450
131,173
113.038
117,400
78,862
92,537 loss690,456
11,370
27,603
Total income
Expenses
-Taxes
Interest
Exploration exp. (excl. salaries) on acct. of
ventures abandoned during year
Administrative, engineering & office salaries.
rent & all other corporate expense
$489.489 loss$217,080
22,133
40,496
49,946
25,656
29,424
59,311
238,503
306,864
$155,410 loss$655,335
34,510,966 35,166,301
Net income
Previous balance
$34,666,376 $34,510,966
Comparative Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
$
$
LiabilitiesAssets
s
$
Common stock._ 5,316,480 5,316,460
a Stocks of listed
12,478
25,992
39,860,524 39,405,566 Accounts payable.
companies
1,000,000
Miscell. stocks
3,197,118 3,444,991 Loans pay.(secur.)
75,000
62,992
Tax reserve, die- __
Bonds listed (at
562,341 Capital surplus_._ 4,321,757 4,321,757
558,342
cost)
Earned surplus..__34,666,376 34,510.966
-not listed
Bonds
1,180,117
(at cost)
756,152
Cash
609,402
34,243
21,443
Other assets
Balance Dec. 31
44,393,576 45,236,661
Total
44,393,576 45,236,661
Total
a Stocks of listed corporations at cost, market value Dec. 31 1933,
$24,891,664 (1932, $9.221,707).-V. 138, p. 2258.
New Orleans Texas 8c Mexico Ry.-Earninge.1934.
$155,957
46,165
54,561
1933.
$109,630
12,273
29,328
1932.
$143,766
23,917
29,358
1931.
$207,425
48,022
59,761
447,142
132,379
164,310
337,497
45,909
88.442
453,995
79,315
85,184
573,623
100.500
133,911
-$52,500,000 Maturities Met
York Central RR.
-The company met the
Without Recourse to an RFC Loan.
maturity of $52,500,000 of securities on May 1 without
recourse to an RFC loan which was available on a temporary basis for this purpose. The maturities comprised
$48,000,000 of New York Central & Hudson River RR.
4% debentures and $4,500,000 of Boston & Albany 4% bonds.
The company found it unnecessary to call on the RFC to
meet this temporary need and, instead, made arrangement
with banks. The management believes also it will be
able to do without an RFC three-year loan of $19,911,000
which is available for _the refunding.
Reconstruction Finance Corp. Loan o1'$19,911400 p-S. C. Commission on April 26 approved
-The I.
proved.
the application of the company for an immediate short term
loan of $19,911,100 by the Reconstruction Finance Corporation for specified purposes, with the provision for an additional loan of the same amount for a term of three years.
The report of the Commission says in part:
The Application.
The applicant requests a loan of not exceeding $19,911,100 for a term of
three years or for such longer term as the Finance Corporation, upon
expiration of the three year term may have the power to grant, the loan
to be used to provide in part for the payment, or to reimburse the treasury
of the applicant In respect of the refinancing of bonds and certain of its
equipment trusts maturing in 1934. It asks that the funds be made available
toll on or before May 10. The question of an extension of the Present loan
must be left for consideration upon an appropriate application, when this
loan nears its maturity. It also requests an immediate temporary or
"interim" loan of the same amount for a term of approximately 15 days, to
be used for the payment, in part, of the bonds on May 1, said loan to be
repaid or converted into the three-year loan, according to the needs which
may develop under its plan of refinancing.
We have heretofore approved loans to the applicant by the Finance
Corporation totaling $27,499,000. These loans are currently outstanding
(April 1 1934) in the amount of $25,078,737. The applicant asserts that it
expects to borrow the remaining $2,420,263 during April 1934. The
collateral security which we required to be pledged consisted of $57,075,000
of the applicant's ref. & improv. 5%,series C bonds due in 2013; $4,494,000
of 6%. series B bonds issued under the same mortgage; and $7,000,000 of
Boston & Albany RR. 6% refunding bonds due in 1943, guaranteed as to
principal and interest by the applicant. All of these securities are now
on deposit with the Finance Corporation.
Necessities of the Applicant.
The maturities of funded debt during 1934 which the applicant proposes
to pay in part with the proceeds of the loan requested consist of $48,000,000
4% debenture bonds of the New York Central & Hudson Inver RR., due
on May 1; $4,500,000 4% improvement bonds of the Boston & Albany RR.
due May 1, guaranteed by the applicant as to payment of principal and
interest; and $7,411,100 of equipment trusts maturing as follows: $1,546,100 on April 15: $1,686,000 on May 15:$2,017,000 on June 1; $569,000
on Sept. 1: $848,000 on Sept. 15; and $745,000 on Dec. 1.
The applicant proposes to issue, and to offer to its stockholders or their
-year 6% convertible secured bonds,
assigns, pro rata, at par. $59,911,100 10
and to use the proceeds of the sale to meet the above stated maturities.
The loan from the Finance Corporation is to provide cash equal to the face
amount of any bonds not subscribed for by the stockholders or their assigns,
the loan to be secured in part by the pledge of such bonds. The sale of the
balance of the issue will be handled by underwriters on terms providing
for payment by them to the applicant of the face amount of the bonds
plus accrued interest. The applicantlasserts that it has obtained subscription agreements on the part of its directors and certain other stockholders
for $12,800,000 of the bonds and has secured underwriting of $27,200,000
thereof by responsible underwriters.
In order to allow the necessary time for notification to stockholders of
the special meeting to be held to obtain approval of the plan and to obtain
subscriptions for the new bonds, payment upon such subscriptions will not
be required by the applicant until May 10 1934, although maturities
amounting to $52,500,000 must be met on May 1. The interim loan of
$19.911,100 is requested to aid in meeting the obligations due on May 1,
and the applicant asserts that it expects, with the aid of interim loans by
banks and bankers, to be able to arrange to obtain all funds needed on that
date. [The stockholders have approved the financing plan submitted by
the directors see V. 138, P. 2934.1
Security.
As security for the loan, the applicant offers a like amount of the new
10-year 6% convertible secured bonds, due in 1934, which it Porposes to
issue, plus such amount, if any, of its ref. & improv. mtge. 5% series 0
bonds, due in 2013 as may be required in order that the total collateral
security for all then existing loans to the applicant by the Finance Corporation including the loan herein under consideration, may be of a market value
of not less than 120% of such loans. As security for the interim loan it
offers such amount of its ref. & improv. mtge. series 0 bonds as may be
necessary in order that the total market value of the collateral for all of
the loans to the applicant by the Finance Corporation may be not less than
120% of the amount of the loans. The collateral belonging to the applicant,
now held by the Finance Corporation has an approximate market value of
$85,600,000.
The applicant requests that the terms prescribed for the three-year loan
shall include the provision that the applicant shall be permitted to redeem
from pledge at par, such convertible bonds as may be called for redemption;
an amount equal to the face amount of the bonds so redeemed to be applied
in reduction of the loans or retained by the applicant upon substitution
for the redeemed bonds of other collateral acceptable to the Finance
Corporation.
Bonds and equipment obligations of the applicant and its lessor and affiliated companies maturing in 1934. upon winch the applicant is liable as
issuer or guarantor amount to $77,617,343 including those embraced in the
plan now before us. Similar maturities during the next five years upon
which it is liable are as follows: $44,072,544 in 1935, $31,427,737 in 1936.
$11,761,000 in 1937, $11,375,000 in 1938, and $13,064,000 in 1939. Notes
evidencing indebtedness to the Finance Corporation in the amount of
$15.600,000 mature in 1935 and $9,478,737 in 1936. Under the provisions
of the act they may be extended for two years. Loans and bills payable,
amounting to $69,200,000 are all demand obligations. A note for $4,800,000
included therein evidencing a loan from the Railroad Credit Corporation is
payable on or before Dec. 29 1935.
There appears to be no necessity for complying with the applicant's
request for approval of the use of the proceeds of the loan for replenishing
its cash working capital. In the event of its final approval, the loan should
be available prior to maturity on May 1, of the bonds for payment of which
it is requested. We restrict our approval to a loan to the applicant specifically for the payment of the maturing obligations.
We do not view with approval the proposal of the applicant to secure the
new loan by the pledge of co lateral such that the market value of the
collateral for all loans to it by the Finance Corporation should be equivalent
to 120% of such loans. The result would be to permit in effect, the
withdrawal of a portion of the collateral deposited as security for previous
loans and its pledge for the new loan. Regardless of the increase in the
market value of this collateral since the date of its deposit, the stability
of the current price level of the securities is not entirely certain and in order
that both the old and the new loans may be properly secured, it appears
advisable to withhold approval of further advances, secured to any large
extent by the collateral previously pledged. This is particularly true in
view of the act that the applicant has additional collateral available for
pledging.
After securing the proposed issue of convertible bonds and the loan from
the Public Works Administration the applicant will have available for
deposit with the Finance Corporation as collateral for the loan herein under
consideration, $12,539,000 of its 5% ref. and improv. bonds. In addition
the applicant has in its treasury available for deposit, first preferred stock
of the Reading Co. (par $3,325,000), second preferred stock of the same
company (par $ 6,025.000), and all ($4,000,000) of the capital stock of
the Merchants' Despatch Transportation Co. The applicant also has made
advances, to the Pittsburg McKeesport & Youghiougheny RR., jointly
controlled by it and the Pittsburg & Lake Erie RR.,totaling approximately
$17,156,000. Advances in like amount have been made by the Pittsburgh
& Lake Erie RR. The advances by both companies are shown in the
accounts of the subsidiary as non-negotiable debt to affiliated companies.
The applicant's interest therein is available for assignment as collateral
without expense to it.
Under the provisions of the Emergency Transportation Act 1933, we
may not approve an application for a loan under the Reconstruction
FinanceCorporation Act, as amended, if we are of the opinion that the
carrier is in need of financial reorganization in the public interest. We are
confronted, therefore, with the problem of determining the suitability of
the applicant'sfinancial structure to the present and future conditions which
may no expected to exist in the field of transportation.
Although statistics of past earnings may not be accepted as wholly
indicative of the future ability of the applicant to meet its obligations, on
the basis of operating conditions as they existed prior to 1930,the applicant's
fixed interest bearing obligations do not constitute an unreasonable proportion of its total capitalization. It is not apparent at present that public
interest demands nor that it would be served, by resort to procedure of
reorganization under the Bankruptcy Act. The public interest may best
be served by a gradual reduction of the applicant's fixed interest bearing
obligations through the creation of sinking funds or by other means. The
plan presented by the applicant, providing as it does for conversion of a
portion of its funded debt into stock, is a step in the right direction, and
constitutes all of the reorganization of the applicant apparently desirable
in the public interest at this time.
09
-Removed from List
England Grain Products Co.
New York Produce Exchange
38, p.2757.
MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138. p.2933.
May 5 1934
Financial Chronicle
3098
Conclusions.
We conclude:
(1) That we should approve a loan of not exceeding $19,911,100 to the
applicant by the Finance Corporation for a term not to exceed 15 days, to
be used for the payment in part at maturity on May 1 1934, of $48,000,000
of 4% debenture bonds of the Hudson River Co., and $4,500,000 of 4%
improvement bonds of the Boston & Albany RR.
(2) That we should approve a second loan of not exceeding $19,911,100
to the applicant for a term not to exceed three years, to be used first to
repay such portion of the first loan as may not be repaid by the applicant
through the use of funds derived from other sources, and thereafter, in
the event that there is any balance of the second loan available or if the
first loan herein approved is not made, to repay, in part, such short-term
bank loans as may have been obtained by the applicant for the purpose of
paying, at maturity, the bonds for which the first loan is approved.
(3) That the applicant should deposit with the Finance Corporation as
-day loan, $12,539,000 of the applicant's 5%
collateral security for the 15
series 0 ref. & improv. bonds due in 2013. $3,325,000 first preferred stock
and $6,025,000 second preferred stock of the Reading Co., $44,000,000
capital stock of the Merchants Despatch Transportation Co. and an
assignment in form satisfactory to the Finance Corporation of all its rights
in or under indebtedness represented by non-negotiable debt to it of the
Pittsburg McKeesport & Youghiogheny RR.
. (4) That the applicant should deposit with the Finance Corporation as
-year
collateral security for the second loan such principal amount of its 10
convertible bonds as may equal the amount of the loan received, and all
of the collateral herein required to be deposited as security for the first
loan excepting the first preferred and second preferred stock of the Reading
(5) That the applicant should agree with the Finance Corporation, that
all stocks and (or) bonds deposited as collateral security for loans herein
and heretofore approved for it shall apply equally and ratably to all such
loans, except that upon repayment of the loan approved for a term not to
exceed 15 days, the applicant should be permitted to withdraw the collateral
consisting of $3,325,000 first preferred stock and $6,025,000 second preferred
stock, of the Reading Co.
(6) That the applicant should be permitted to redeem from Pledge at
-year,6% convertible bonds as may be called for redemppar, such of its 10
tion, an amount equal to the face amount of the bonds so redeemed to be
applied in reduction of the loan.
(7) That the applicant should agree to deposit from time to time as
additional collateral security for its loans from the Finance Corporation.
such other and additional securities as the corporation may require.
(8) That before any advance is made upon the loans the Finance Corporation should be satisfied, (a) that the applicant possesses or can obtain
without recourse to borrowing from the Finance Corporation, funds in
addition to the loans herein conditionally approved, with which to Pay at
Volume
138
Financial Chronicle
maturity on May 1 1934, the 4% debenture bonds of the Hudson River
Co. and the 4% improvement bonds of the Boston & Albany RR. and (b)
that the applicant has obtained an agreement or agreements satisfactory
to the Finance Corporation on the part of responsible underwriters, to
underwrite the sale and take up and pay for at face amount and accrued
interest, any balance of its proposed issue of 10-year,6% convertible bonds
not subscribed for under the exercise of stockholders' rights and not to be
pledged as security for the loans herein conditionally approved.
Financing Plan Avproved by I.
-S. C. Commission—Commissioner Porter, Concurring, Assails Financing Plan.—The
I. C. Commission on April 25 authorized the company:
-S.
(1) to issue 359,911,100 of 10-year 6% convertible secured bonds. $48.-
000,000 of 4% consolidation mortgage bonds, series C. $6,000,000 of 33i%
gold mortgage bonds 6,490,374.9 shares no par capital stock, and not
exceeding $52,500,000 of promissory notes; the convertible secured bonds to
be sold at par, the other bonds to be pledged as part of the collateral
security for the convertible secured bonds, 4,992,597 2-5 shares of the
capital stock to be exchanged share for share for like number of issued and
outstanding shares having par value, not exceeding 1,497,77734 shares to
be issued in conversion of the convertible secured bonds, and the promissory notes to be disposed of at their face value.
(2) To assume obligation and liability in respect of $3,205,000 of ref.
and improv. mtge. bonds. series D, of the Cleveland Cincinnati Chicago
& St. Louis Sty., 36,171,000 of ref, and improv, mtge. bonds, series A, of
the Michigan Central RR., and $4,500,000 of refunding bonds of 1934 of
the Boston &Albany RR.;said bonds to be pledged as part of the collateral
security for the convertible secured bonds.
(3) To pledge as part of the collateral security for the convertible secured
bonds $7,500,000 of ref. and improv. mtge. bonds,series C,of the applicant.
and as collateral security for the promissory notes all or any part of $175.000,000 of ref. and improv, mtge, bonds, series C, of the applicant, and
all or any part of any of the other bonds authorized to be issued, or in
respect of which obligation and liability are authorized to be assumed.
The report of the Commission says in part:
The applicant has applied to the Reconstruction Finance Corporation for
a loan of not exceeding $19.911,100 to aid it in paying the maturing obligations, and in case it borrows from that corporation all or any part of that
amount for a term exceeding 30 days but not otherwise, the applicant proposes, in accordance with a condition of the making of the loan, to create a
sinking fund for the retirement of the convertible bonds. The sinking fund.
if established will be created pursuant to the terms of an agreement to be
executed between the applicant and the Guaranty Trust Co. of New York.
trustee, under the indenture providing for the issue of the bonds. The
agreement will provide that the applicant will, on or before Aug. 1 next
succeeding the end of each bond year, as defined in the agreement, pay
$1,000,000 to the trustee for the uses of the sinking fund if the net income
for that bond year amounted to $1,000,000, or more, but that if the net
income is less than 31,000,000, the amount then payable is to be the net
income.
If the applicant does not have any net income for any bond year, it will
not be obligated to make any payment to the trustee for that year. The
obligation of the applicant to pay to the sinking fund in any subsequent year
will not be increased by the fact that in the preceding year it made no payment to the trustee or paid less than $1.000,000. It is also provided that if
during any bond year $1,000,000 or more of the bonds is retired, other than
with the use of sinking fund moneys, through the purchase or redemption
by the applicant or through conversion into capital stock, or by any one
or more of these methods, the applicant will not be required to make any
payment to the sinking fund for that year.
It is further provided that the amount payable to the sinking fund in any
bond year is not to exceed such a percentage of $1,000,000 as the principal
amount of the bonds outstanding at the end of the bond year is to $59.911,100. The moneys in the sinking fund are to be applied by the trustee.
to and including Nov. 30 next succeeding each sinking fund payment, to
the purchase in the market of the bonds at not exceeding the redemption
price then applicable, with accrued interest. The applicant upon notice
from the trustee is to pay any premium incurred in purchasing the bonds
and the interest accrued on the bonds.
Under the consolidation mortgage dated June 20 1913, made by the
Hudson River RR, to the Bankers Trust Co., trustee, $48,000,000 of
4% consolidation mortgage bonds, series C, are reserved to be issued in
exchange for a like amount of that company's 30
-year 4% gold debentures
maturing May 1 1934. The consolidation mortgage bonds, series A, are
also secured by a mortgage dated Jan. 15 1915, made by the applicant to
the Bankers Trust Co. and William H. Elmendorf, trustees. The series 0
bonds will be dated Aug. 1 1913, will bear interest at the rate of 4% Per
annum, payable semi-annually on Feb. 1 and Aug. 1, and will mature
Feb. 1 1998.
The applicant proposes to make an agreement under date of May 1
1934, with the trustee of the consolidation mortgage providing, with
respect to the series 0 bonds, for creating a sinking fund and for making the
bonds subject to redemption prior to maturity. The sinking fund would
become effective and operative when, and only when, any of the bonds of
this series are actually outstanding.
The agreement will provide that if on April 1 of any year any of them are
actually outstanding, the applicant will pay to the trustee for the sinking
fund an amount equal to one-half of 1% of the principal amount of the bonds
then outstanding, plus the aggregate amount of the bonds theretofore
retired through the operation of the sinking fund. The amount to be so
payable is not to exceed the net income of the applicant for the Preceding
calendar year, and the obligation to make these payments is not to be
cumulative. The trustee is to apply the moneys paid into the sinking fund,
with any accretions thereto, to the purchase in the market or otherwise of
the bonds at not exceeding their principal amount and accrued interest.
If the bonds are selling at a premium, the trustee, upon the request of the
applicant, will purchase them at the price specified in the request, provided
the applicant pays to the trustee the amount of any premium, or makes
satisfactory arrangements for the payment of it. The applicant is also
s miti gdre t%.pay the interest accrued on any bonds purchased for the
r ca n
fun
The sinking fund moneys may also be applied to the reimbursement of
the applicant to the extent of the principal amount of any of the bonds
called for redemption and redeemed by it.
The agreement will also provide that in case any of the series C bonds is
released from pledge as collateral security for the convertible bonds the
applicant will not reissue, sell, pledge, or otherwise dispose of any of the
bonds released without reserving to itself the right to redeem them. The
reservation would be effected by stamping the bonds prior to their reissue.
sale, pledge, or other disposition, with a legend, substantially in the form
given in the agreement, whereby the holders of the bonds would agree
that the bonds were subject to redemption at the option of the applicant
either as a whole or in part on any date from Aug. 1 1934. to Aug. 1 1975
inclusive, at 105; thereafter to Aug. 1 1995, inclusive at 10234: and thereafter to and including Jan. 31 1998, at 100, with accrued interest in each
case to the date fixed for redemption.
The applicant states that pending the completion of the proposed financing, it may be necessary for it to borrow on temporary loans not exceeding
$52,500,000 to pay the bonds which will mature on May 1 1934, in the
respective amounts of $48,000,000 and 34,500.000. Authority is requested
to issue from time to time prior to May 15 1934, not exceeding $52.500,000
of promissory notes bearing interest at not exceeding 6% per annum, and
to be payable on demand or at such times not more than 30 days after date
as specified therein, and to pledge and repledge as security for the notes
all or any part of the $175.000.000 of refunding bonds, series C. of the
applicant, all or any part of the proposed 359,911,100 of convertible bonds,
and all or any part of the various issues of bonds proposed to be pledged as
security for the convertible bonds.
If the holders of the convertible bonds exercise the right to convert all
the bonds into no par value stock, the securities pledged as collateral would
be released from pledge. Among these securities would be 348,000.000 of
4% consolidation-mortgage bonds, series C, and $6,000,000 of
% goldmortgage bonds covered lay this application. The first mentioned bonds
are to be issued to refund maturing bonds, and the latter to reimburse, in
part, the applicant for expenditures for additions and betterments. The
effect of exchanging the convertible bonds for no par stock would be to
capitalize these underlying bonds by the issue of stock. Therefore, any
of these bonds upon being released from the lien of the indenture securing
the convertible bonds should be held by the applicant subject to our further
order, and the order herein will so provide. The issue of $59.911.100 of
convertible bonds, whether or not any are subsequently converted into no
par stock, would capitalize to the extent of $5,911,100 of expenditures made
•
3099
in retiring installments of equipment-trust obligations, and that amount of
lba.sis for the issue of additional
expenditures may not hereafter be used as a
securities.
Commissioner Porter, concurring, said in part:
I feel constrained to concur in this action, not because I endorse what is
being done,for I do not, but solely because of the far reaching results which
at this critical juncture might follow from our withholding approval. It
would be most unfortunate if our authorization to the Central to do what
Is proposed in this case should be regarded in any sense as a precedent to
be followed by other carriers. It seems to me proper, therefore, in these
circumstances to make a few observations on what is here being done.
The credit reputation of this railroad goes back well into the last century.
For an uninterrupted period of 62 years prior to 1932 dividends were paid
on its capital stock and large personal fortunes nourished and entrenched
by investments therein. Through the great financial panic of 1873 dividends
were paid at the annual rate of $8. In the panic of 1893 dividends at the
rate of $5 were maintained. During this entire period the total cash dividends declared amounted to over 3660,000,000 with the minimum dividend
In 1885.
In all but five of at least 40 years preceding 1932 Central stock sold above
par. In 1927 the price of the present stock rose to $171.50; in 1928 to
$196.50; and in 1929 to a maximum of $256.50. In 1932 its market value
dropped to $8.75. The mean between the extreme prices of 1929 and 1932
was, therefore, $132.63. From the low of 1932 the price of the stock rose
nearly 700% to $58.50 in July 1933. The present price is around $35.
This, briefly, is the background against which we are asked to authorize
-par stock into an equal number of shares
conversion of the present $100
without par value, and the issue of approximately 1,500,000 additional
no par shares, on call for three years at $40 and seven years at $50 per share
by the holders of approximately $60,000,000 of new convertible 6%
collateral-trust bonds, of 1944 for the issue of which our authority is also
sought in this proceeding.
The Central announced this plan of financing on Feb. 21 1934. At noon
that day trading in the new 6% bonds was inaugurated on the unlisted
market in New York City on a "when issued" basis at an initial quotation
of $111 bid-3113 asked. During the pendency of the application before
us these bonds have sold at a premium of as high as 22%. The "rights"
accorded the present stockholders to subscribe to the new bonds, from
which the Central is to receive no return, have sold as high as $2.75. A
distribution to the present stockholders of the Central of what is equivalent
to a dividend of approximately $2.50 per share is thus proposed to be made
out of the proceeds of a speculative appeal to the public created with our
approval. On the total of approximately 5,000,000 shares of stock now
outstanding, this distribution at present prices will amount to $12,500.000
at a time when the Central is urgently in need of funds.
Prior to the filing of these applications on March 20 1934, representatives
of the Central and its bankers sought conferences with us, beginning in
January, to discuss the financing of its 1934 requirements. To my knowledge at no time did we give assurance that we would pass upon the merits
of this or any other plan prior to the filing of appropriate applications.
Except for the present emergency in railroad financing, I believe that
Instead of giving our unqualified approval of the plan now before us, we
should, under the law which directs us to act in the public interest, prevent
such a squandering of railroad credit.
In the first place, this program is designed to take care of less than half
of the Central's 1934 financial requirements, to say nothing of some $36,000,000 of maturities, including equipments, in 1935, and $25,000,000 of
short-term loans, due in 1935 and 1936. heretofore made by Reconstruction
Finance Corporation with our approval. In addition to the two issues of
bonds due May 1 1934, totaling $52,500,000, and approximately $9,000,000
of equipment obligations maturing throughout the current year, the Central
has outstanding a total of 369,200.000 of floating debt carried on its books
as loans and bills payable. This is the figure at Dec. 31 1933, according to
the papers before us. Of this sum $64,400,000 is represented by demand
paper held by banking institutions in New York, Chicago, Cincinnati. and
Pittsburgh, and by the Central's own Securities Corporation, the remainder
being a loan of $4,800,000 by the Railroad Credit Corporation which is
also on demand with conditional maturity at or before Dec. 29 1935.
Against this floating indebtedness the Central held cash at the end of 1933
amounting to 320.682.205. Probably the Central's current cash requirement is at least $15,000,000.
It seems to me that if, at this time, we are to permit the Central to market
Its future credit, for as long a period as 10 years, we should insist that it
enlarge its program to cover this floating debt and thus provide for its total
requirements in one operation. If provision were also made to take care
of this large and unwieldy amount of floating indebtedness the Central's
Present credit position would be greatly improved immediately and that
Improvement, in my judgment, would result in a very substantial increase
(say 20 points) in the present market price for the stock. With the stock
selling at around 55 to 60 a call on additional shares for 10 years would be
reasonably priced at around par. With the conversion price placed at
$100 no valid argument would remain for issuing no par stock. With the
record of the Central's credit history in mind will anyone conclude that
its future credit, expressed in terms of the market value of its stock, should
not reasonably be expected to reach that figure in a period of returning
prosperity over the next decade? To do so would evidence very little confidence in the Government's recovery program. Is it too much to expect
that a stock with the volatility displayed by the rise from 38.75 in July 1932,
to $58.50 in July 1933, on the brief and temporary recovery in business
experienced at that time, will soon pass the conversion price of 40,after the
financing is concluded? History shows the natural and reasonable business
capacity of this property will place its stock well above that figure. Its
natural position is par or better. It is the existence of this condition and
the anticipation of the rise appealing to the speculative instinct which
has already elevated the price of these convertible bonds to a premium of
22%.
A price of only 52 for the Central's stock now outstanding is equivalent
to the value per share of the stockholders' equity at 40 after the new stock
is issued. A price of only 65 per share for the present stock is the equivalent
of that equity at 50. Every point of appreciation in the market price for
this stock above 52 in three years or 65 in the next seven years is equivalent
of a gift of $1,500.000 to the purchasers of these bonds which appear as
reasonably good investments without this sweetening. The gift of this sum
to the stockholders, representing as it does the credit of the Central,
carries no public interest.
Emphasis is placed upon the fact that the proposed new convertible bonds
will, by their terms, be redeemable at the option of the issuer at prices
ranging from 105 until 1937 to par from 1943 to maturity. For the year
1933 the Central reported a deficit in net income of $5.400.000 which would
have been substantially larger had not the Central,during that year. effected
further deferment of its charges for maintenance and depreciation. It is
clear that this call provision will be ineffective for the immediate future
which is recognized in the present market price of 118 for the bonds.
In our conversations with the representatives of the Central and its
bankers we have been told that one of the reasons why it is desirable to
change the existing stock to a no par basis is that the laws of some of the
States under which the Central is incorporated prohibit the sale of stock at
less than par. In the public interest we should not become a party to a
scheme for circumventing legislative restrictions which the States have seen
fit to place upon the issues of securities, the necessity for which appears
abundantly demonstrated by the proposal now before us.
Reverting again to the Central's credit and bearing in mind the character
and value of the security which will underlie the new issue of bonds, I am
unable to bring my mind to an understanding of necessity for dressing up a
prime 6% obligation of this carrier with a conversion privilege which is
appraised in the market place at a premium of $220 per 31.000 before the
bonds are issued. Such a leverage should be used only sparingly, if at all.
and certainly should not be exhausted on piece-meal financing which results
in substantial profits being diverted from the carrier to its stockholders.
In a series of subscription offerings in financing of this type, the consummation of each successive step reduces the appeal to the stockholder through
dilution of his equity, thereby lessening the cash return to the offerer and
the general success of the plan. With a lessened appeal in the second
installment of financing is it reasonable to suppose the stockholders will be
agreeable to accepting a lower rated coupon on their bonds than that now
proposed?
Part of the leverage on the new bonds, it should be noted, is created by
an increase of over $1,000,000 per annum in the Central's fixed charges
resulting from stepping up the 4% interest on the maturing debt to 6%.
which it is proposed to pay on $60,000,000 of bonds to be issued in refunding.
We have not been advised of the carrier's plans for taking care of the floating debt of $69,200,000 and its other 1934 requirements, but if they are to
be financed on the same basis as this initial operation (and it is not clear
how a less favorable one can be put over) there will be created a further
3100
Financial Chronicle
animal burden of about $1,000.000 to the Central's fixed charges. Should
for taking care of 1935 maturities and the
similar plans be promulgated,
existing debt to RFC (which, according to its application the Central
proposes to increase to the full amount of $27.499,000 authorized by us)
the annual fixed charge requirements of the Central will be further increased
by a substantial sum. To these items there must be added fees to bankers
for underwriting insurance which in the present program amount to
$474,000 at IV,%. Of course, the cost of this financing ultimately will
fall upon rates and the stockholders themselves.
What I have already said applies to the proposals before us as an isolated
proposition. There are, however, other carriers in need of capital financing
in the next two years. Naturally their proposals, when matured, would be
patterned largely after any plan for the Central which we may now approve.
If we acquiesce in the views of this applicant and its bankers that the
pressure of the times is so onerous to its financing that the Central should
be permitted to market its future credit at discounts of 40 and 50% for its
stock, at what figures may we not be urged to approve equity financing in
respect of other roads of much lower credit standing? Once we indulge in
the fiction of no par stock for one of the premier railroads of the country
can we gracefully refuse to approve similar issues for other carriers? This
will be most embarrassing. One of the outstanding characteristics of railroad capital structures to-day is the almost universal adherence to the
sound principle of definitive capital stock. Are we about to launch upon
an administrative policy which will negative the efforts made in the last
of railroading?
50 years to correct the financial abuses of the pioneer dayssecurities which
Are we now to let down the bars to speculative orgies in rail
past look tame by comparison?
will make the excesses of the recent
Ruling on Stockholders' Rights.
May 5 1934
--Earnings.
Niagara Hudson Power Corp.(& Subs.).
Period End. Mar.31- 1934-3 Mos.-1933. 1934-12 Mos.-1933.
kwh. generated & purch_1660953 688 1283028,679 6346538,514 5242551,920
Sales of mfg. & mixed
2371903 700 1980601,900 8174583,100 7910643,000
gas (cu. ft.)
Sales of natural gas
31,154,043
18,663,416
(therms)
$18,842,865 $17,158,341 $70,684,969 $69,694,006
Operating revenues
revenue deductions 10,696,458 4,577,631 40,281,725 x38,499,840
Oper.
Operating income__ $8,146,407 $7,580,710 $30,403,244 $31,194,166
1,022,902
691,701
232.433
156,368
Non-oper. income, net..
Gross income
Deduct,from gross inc
$8,302,775 $7,813.143 $31,094,945 $32,217,068
3,086,881 3.199,785 12,679.294 12,739,212
$5.215,894 $4,613,357 $18,415,651 $19,477;855
Balance
Divs.on pref.stks.of subs. 3,003,933 3.010.051 12.029,294 12,041,527
$2,211,961 41.603.306 $6,386,357 x$7,436,328
Net income
x Changed to give effect to major adjustments made later in the year
1933.-V. 138, p. 2584.
--Earnings.
Northwestern Pacific RR.
1933.
1934.
1932.
1931.
March$246,400
$169,202
$244,639
$308,466
Gross from railway
16,528 def50.794 def34,867 def64,162
Net from railway
def83,324 def76,355 def109.855
def10,214
Net after rents
From Jan. 1
496,884
647,982
866,136
691,867
Gross from railway
def18,943 def157,167 def132,354 def223,267
Net from railway
def95,782 def256.078 def253,342 def3513.3 4
Net after rents
-V.138, p.2260.
Referring further to the notice received from the company that holders of
capital stock of record March 5 1934, would be offered, subject to approval
-S.
by stockholders and to such action by the I. Commerce Commission and
necessary, the right
by the Reconstruction Finance Corporation as may be secured bonds, due
-year 6% convertible
to subscribe at par, flat, for 10
their holdings
May 10 1944, to the extent of 12% of
And referring to the ruling of the Committee on Securities dated March 1 'Northwestern Public Service Co.-Pref. Dividends
1934, that said capital stocic be not quoted ex-rights until further notice;
, The directors on April 27 declared a dividend of 87% cents per shar
accompanied 1:9
that all certificates delivered after March 5 1934, shall bea "when issued' the 7% cum. pref. stock, par 3100, and a dividend of 75 cents per share on
due-bills, and that said rights be admitted to dealings on1934, that settlethe 6% cum. pref. stock, par $100, both payable June 1 to holders of record
basis on March 5 1934; also to the ruling dated April 26
May 21. Similar distributions were made on these issues on March 1.
ment of outstanding due-bills shall be made on April 30 1934. Committee
Previously the company had made regular quarterly payments of $1.75
been received of the necessary approvals. the
Notice having
per share on the 7% pref. and $1.50 per share on the 6% pref. stock up to
stock on April 30
on Securities further rules that transactions in said capital
and including June 1 1933.-V. 138, p. 2758.
1934, shall be ex said rights.
Rights to subscribe expire May 10 1934, and trading therein will cease
-Excess Tolls Ordered Returned.
Ohio Bell Telephone Co.
at the close of business on May 8 1934, except that transactions may be
Common Pleas Judge George P. Baer has granted a motion for appointmade for "cash" on May 9 1934.
ment of a receiver for the $13.000,000 widen the Ohio P. U. Commission
that no United States
On the basis of information received it is believed
- found was collected in excess by this company during the years 1925 to
Stock Transfer Tax is payable on sales of the above mentioned rights.
1932. The Commission's decision ordered the fund returned to some
Earnings of New York Central RR.
200.000 subscribers in Ohio. Judge Baer did not announce the name of
the receiver.
-V. 138. p. 2084.
[Including all Leased Lines.]
1934-3 Mos.-1933.
-Month-1933.
1934
Per.End. Mar.31Northern Pacific Ry.-Earnings.Railway oper. revenues_$27,965,563 $19,837,958 $75,532.887 $62,189,248
Railway oper. expenses.. 19,846,445 15,456,853 56,253,325 47,987.258
1932.
1933,
1931.
1934.
March$4,048,719 $2,998,130 $3,693,124 $5,390,244
Gross from railway
Net rev,from opers__ $8,119,117 $4,381,104 $19,279,562 $14,201,990
929,826 def223,203,
751,738
Net from railway
7,075,024 7,150,662
_ _ 2,360,600 2,362,671
Railway tax accruals_
299,086
774,711 def498,251
461,700
Net after rents
15,117
50,646
5,316
4,391
Uncollectible ry. revs__ _
From Jan 1
Equip. & joint fac. rents 1.363,040 1,052,026 3,942.696 3,500,143
10,717,127 8.368,302 10,509,134 14,701,691
Gram from railway
1,593,851 def911,483 def321,069 1.427.997
Net from railway
$961,089 $8,211,194 $3,536,067
Net ry. oper. income- $4,391,084
387,848
1,037,745 -1,699,259 -1,374,242
Net after rents
Miscell.& non-oper.inc- 1,879,697 1,787.734 5,324,224 5,552,457
37th Annual Report.
$6,270,782 $2,748,824 $13,535,419 $9,088,524
Gross income
Charles Donnelly, President, says in part:
Deducts,from gross inc_ 4,894,425 5,101,669 14.707,396 15,317,180
-The charges for maintenance of equipment
Maintenance of Equipment.
$1,376.356d1$2,352,845 $1,171,977 $0,228,655
were $10377,086, a decrease of $604,158, or o.26%. Of the total charges
Net income
64.336.630 represents depreciation, accrued at the rate of 4%.
V.
- 138. p. 2934.
-The charges for rnaintenace of way
Maintenance of Way and Structure s.
--Notes.
RR.
New York New Haven & Hartford its order, entered Feb. 9 and structures were $5,180.412. a decrease of $555,797. or 9.69%
-S. C. Commission on April 27 modified
The I.
General.
1934, by which the company was authorized to issue not exceeding $3.500.$425,000
FinancialResults of Operation.--The net railway operating income in 1933
000 of4% registered serial collateral notes, limiting the amount to amount.
was $5,975.973, an Increase of $3,985,584 over 1932. The net income of
as the company will not issue any more of the originally authorized
the company in 1933, after paying all charges, was $303,979. In 1932, the
V.
- 138, p. 2935.
-Earnings. net deficit amounted to $1.991.406.
There was included under non operating income in 1933 a special dividend
New York Power & Light Corp.(& Subs.).
of $4,000,000 from the Northwestern Improvement Co. In 1932. a special
1934-12M0s/-1933.
Period End. Mar. 31- 1934-3 Mos.-1933. $22,568,436 $21,937,371
dividend of $5,600,000 was received from the same company.
$5,353,493
$6,086,027
Operating revenues
In 1933, a dividend of $2.4X0,537 was received from the Chicago, Bur
Oper.revenue deductions 3.897,364 3,216,056 14.447.000 13,318,816
lington & Quincy RR. In 1932, a similar amount was received.
In 1933, interest on Spokane, Portland & Seattle Ry bonds amounting to
$8,121,436 88,618.555
Operating income..-- - $2,188,663 $2,137.437
$225,000 was received, as against $72.419 received from that company
27,807
11,372
4,147
3,469
Non-oper. income, not.
in 1932.
Operating revenues of the company increased $494,500, or 1.05%, as
$2,192,133 $2,141,584 $8,132,808 $8,646,362
Gross income
compared with 1932. Operating expenses decreased $2,439,687, or 5.89%.
1.119,267 4,695.716 4,414,433
1,175.786
Deduct,from gross inc
Return on Property Investment.
Net Railway
7,', Return on
aRailway Property
$1.016,346 $1,022,317 $3,437,091 $4.231.929
Year Ended
Net income
Over. Income
Investment
Investment
Dec. 31-V. 136, p. 3161; V. 133, p. 3458.
$19,861,077
$586.395.122
3.387
1924
-Earnings.
22,227,319
596.316,581
3.727
New York Railways Corp.
1925
24,213.700
608.490,106
1934-3 Mos.-1933.
3.979
1926
Period End. Mar.31- 1934-March-1933.
22,592.837
617,172.925
3.661
1927
$422,539 $1.247,496 $1,206,845
$449,780
Gross earnings
def10,684
25,088,572
624,378,240
41,434
4.018
1928
3.306
34,768
•Surplus after charges
21.410,344
632.230,551
controlled companies
3.386
1929
These figures include interest on bonds of certainliability) widen are in
•
14,293,213
636,501,1k9
2.246
1930
(for which New York Railways Corp. states it has no
declared.
629,982,744
6,801.420
1.080
1931
default, and exclude interest on income bonds which has not been
1.990,389
625,074,620
.318
1932
-V. 138. p.2584.
624,909,184
5,975,973
.956
1933
a Including material and supplies and working cash at end of year.
New York Shipbuilding Corp.-Earnings.1931.
1932.
1933.
1934.
Quar. End. Mar. 31Industrial Development.-During the year 166 new industries were establisned on the company's lines and 101 left, either because of abandonment,
x Net profit after taxes,
$230,305 log83127,392
$129,289
interest and deprec'n_ 410,050
merger with other companies, or removal to other locations, resulting in a
extraneous
net gain of 65 industries.
x Before loss of $53,200 on disposition of marketable securities
-V. 138. D. 2096.
tolshipbuilding operations.
-The following statement shows taxes accrued each year during
Tax s.
the past four years:
-Earnings.
New York Telephone Co.
1931.
1930.
1932.
1933.
1934-3 Mos.-1933.
$7,575,471 $7.519,752 $6,638,021 $5,739,906
State taxes
Period End.Mar.31- 1934-Month-1933.
Cr136,417 Cr744,080
103,798
Federal taxes__
925 $45,066,446
$46,280,
$15.725,965 $15.006,102
Operating revenues
41.724
40.715
Canadian & misc. taxes_
39,547
39.334
451,387
288,342
142,068
82,021
Uncollectible oper. rev
$7,480,778 $6.816,387 66,677,355 $5,883,251
Total
.
Operating revenues---$15.807,986 $15,148,170 $46,568.567 $4o,517,833
-A comparison of pay
Comparative Statement ofPayrolls and Employees.
11.240,459 11.400.930 32.732,533 34,084.726
Operating expenses
rolls and number of employees for a period of years ended Dec. 31,follows:
$4,50,527 $3,747,240 $13,836.034 $11,433,107
Average
A wage
oper.
Net
1,215,961 4.520,700 3,680,049
1,514,832
No. of
Payrolls.
No. of
Payrolls.
Operating taxes
Empt.
EMPi.
$7,753,058
27,133 1929
S45.950,886
1924
25,403
45,902,423
Net oper. income-- 13,052,695 $2.531,279 $9,315,334
26,831 1930
22,809
46,188,348
1925
40,723,725
26,111 1931
44,938,046
19,716
1926
Gains 4,474 Stations.
33,920,725
gain of 4,474 stations in April. contrasting with
25,728 1932
1927
44,952.702
17,726
26,236,647
The company reports a
last year and one of 16.251 in April
25,841 1933
46,261.766
1928
16,174
24,497,904
a loss of 14.575 in the same month the year the company added 11,185
1932. In the first four months of of 70.917 and 59,484, resepctively,
-There are now 35,077 owners ofstock and about 35,000
&curler,Owners.
telephones to its lines, against losses
owners of bonds of the company.
in the same periods in 193b and 1932.-V. 138. p. 2757.
-During the year the funded debt outstanding was
Financial Condition.
a
reduced from $309,457,500 to
""-North German Lloyd (Norddeutscher Lloyd), Bremen the past 10 years since 1923. $309,222.500, decrease of$235,000. During
funded debt outstanding, which amounted to
$319,849.500 in that year. has been reduced to the extent of $10,627,000.
-Time for Deposits Extended.
and Interest charges which amounted to $14,707,679 in 1923, have been
-year 6% sinking fund gold
The company is notifying holders of its 20
reduced to $14,241,028 in 1933. or $466,651.
plan of readjustment
bonds that the time for depositing the bonds upder the June 1 1934. On
extended to and including
Passenger and Freight Statistics.
dated Dec. 4 1933 has been
$11,990,000, or more than
April 21 the company announced that more than
1930.
1931.
1932.
1933.
had been deposited. Since that
$1,395,553
72%, of the principal amount outstandingbeen received, and it is expected
6979,999
No. of pass. care
$788,775
6748,811)
date deposits in excess of $258.000 have to declare the plan operative.
No. pass. care. 1 mile. _ _ _ 165,142,886 155,891,317 200,744,511 257,074,433
future it will be possible
3.006 eta.
that in the near
Av.rate per pass, per mile
2.726 cu.
2.340 cts.
1.943 cts.
plan have already
Bondholders who have deposited their bonds under the representing, if
No. tons revenue freight
.
amount
19,685,492
14,927,702
received a payment of $20 per $1,000 principal per annum due Nov. 1
11,503,889
carried
12,484,110
fixed interest at 4%
No.tons revenue 1 mile_ .3,568,371,982 3,087,635,028 4.074,528,222 5,420,866,297
the plan becomes operative,
after May 1 are entitled to a
Av. receipts per ton per
1933, provided for in the plan, and on and
representing interest due May 1
1.20201s.
1.247018.
1.256 cts.
mile revenue freight_,. _
further payment of the same amount, assented to the plan will receive
1.127 cts.
..I
Rev, per mil, of road
1934. Bondholders who have not yetbonds with the Chemical Bank &
111.542
$8,935
68,821
upon deposit of their
III C$6,901
(ay. mi.)
these payments
-V. 138, p. 2936.
Trust Co., 165 Broadway, N. Y. City, depositary.
•
Results for Calendar Years.
1930.
1931.
1932.
1933.
Operating Revenue-Freight revenue
$40.224,392 $38.789,246 $50,823,027 $65,135,270
5,472,083 7,727.955
Passenger revenue.
3,208,871 3,648,156
Other transport'n rev_ _ _ 3.081,856 3,503.923 4.293,864 5,496.346
Incidental & joint facil'y 1,053,558 1.142,852 1.723.112 2.282.842
Total oper.revenues--$47,578,677 $47,084,176 $62.312,087 $80,642,412
Operating Expenses
Way and structures- -.- $5.180.413 $5,736,210 $7,609,676 $9.884,413
Equipment
10,877,086 11,481,244 13,859,732 17,053.769
Traffic
1,731.035 1,904,494 2,354,376 2,750.178
Transportation
-- 17,630,188 18,566.525 23,625.564 28,589.123
1.484,482
762,874 1.100.411
Miscell. operations
647.090
General.
2,975,290 3,120,953 3.675.151 3,131,839
159,384
142.065
Transp.for investml Cr.
139,102
47.610
Total oper. expenses.. _$38.993.492 $41,433,180 $52,082,847 $62,734,420
Net oper. revenues
8.585.185 5,650,997 10,229.240 17,907.992
Taxes & uncollec. revs_ _ 5,907.098 6.700.564 6,826,459 7.499,174
Ry. oper. income_ _
$2,678,086 df$1049567 $3,402,780 $10,408,818
922.217 1,421,760
573,561
Equipment rents. net. _ _
729,898
Joint facility rents, net
2,567.989 2.466,395 2,476.423 2.463,635
Net ry. oper.income $5,975,973 $1,990,389 $6.801,420 $14,293.213
Non operating Income.. 8,892,909 10,603,628 16.852.586 17.984.868
Gross income
$14,868,882 $12.594,017 $23,654,006 $32,278,082
Int. on funded debt
14.241,028 14,264.259 14.391,742 14,500,227
549.139
359.928
Other deduc. from inc...
321,164
323,875
Net income
Div. approp'ns(4%) _ _
3101
Financial Chronicle
Volume 131
$303,979 df$1991406 $8.902.236 $17,228,716
9,920.000(5)12400,000
Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
AssetsPlant, property,
$2,673,500 S2,675,500
-54.355,357 84.438,533 Funded debt
equipment, ,he
15,311
15,716
Deferred liabillt _
Miscellaneous in35,000
25,000
815 Notes payable_
15
vestments
10,915
19,834
7,067 Accounts payable_
6,229
Cash
Due Ohl. compa3,575
Working funds.. _
955
10,935
42,112 flies (current). _
42,587
Accts. receivable
105,858
4,433 Accrued liabilities_ 105,256
Unbilled revenue.
579,472
601.099
36,982 Reserves
31,182
Materials dr supp_
542,152
y Preferred stock. 542,152
Def. charges & pre460.000
14,740 z Common stock..460,000
paid accounts.. 125,349
60,407
60,407
Capital surplus...
59,111
50,395
Earned surplus....
v4 564,295 54,544,682
54,564,295 84,544,682 Total
Total
x Plant and property at appraised values. y Represented by 6,416
shares of no par value.
shares of no par value. a Represented by 42,500
-V. 137. p. 4699.
Oregon-Washington RR. & Navigation Co.-Earns.MarchGross from railway
Netfrom railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, p.2260.
1931.
1932.
1933.
1934.
$873.798 $1,157,030 $1,638.747
$1,293,434
194,981
94,513.
374.187
167.726 def108.593 def136,148 def115.760
3.640,870 2,421,905 3,400,537 4,691.409
386,157
20,870.
815.107
139,355 def648,807 def475,009 def504.286
Pacific Coast Co.(& Subs.).-Earnings.-
x1931.
1932.
1933.
Quar. End. Mar. 31- 1934.
Net loss after deprec.,
deplet. and taxes, but
$27.061
$15,467
$28,847
before bond interest_ _prof$12,610
-V.138, p. 2417.
x Does not include interest in Pacific Coast Cement Co.
Balance
$303.979 df$1991406 df$1017664 $4,828,716
Shs. outst'dg (Par $100)_ 2,480,000 2,480,000 2,480.000 2,480,000
$6.94
$3.59
Nil
Earned per snare
$0.12
GeneralBalance Sheet Dec. 31.
"
-Merger.
1933
fic Portland Cement Co., Consolidated.
t
----I
"
1933.
1932.
Liabilities
pd
Assets
mpanyr completed arrangements for the taking over ofthe Standof gypsum plaster with plants at Seattle.
Capitalstock _ _248,000,000 248,000,000
um Co. manufacturers
Inv. in road and
ard G
Ludwig. Nev. Operations will be combined under the
Long each a
equipment _ _ _610.236,329 611.185,268 Grants In aid of
562.942
568,381
construction Deposits In lieu
plaster division of the Pacific Portland Cement Co. under the direction
-309.222,500 309,457.500
of Martin Uldall, former President of the Standard Gypsum Co. The
of mtged.prop
111,495 Funded debt. _
131,720
Misc. phys. prop 11,744,597 11,687,592 Trat.& car serv.
latter company was established in 1929, and had a coastwide distribution.
356,144
385,994
bals. payable_
Combined assets of the two companies will exceed $20,000,000, it is stated.
Inv. In attn. cos:
Upon consolidation, the Pacific Portland company will own and control
Stocks _ -.__146,111.(150 144,232,323 Vouch.& wages_ 3,011,807 2,705 152
445,551
682,827
-V. 136, p. 2256.
eight cement and plaster mills.
34,117,447 34.111,379 Misc. accts. pay.
Bonds
2.476,261 2.475,261 Int. mat. unpaid 5,279,056 5,267.354
Notes
-Reorganization.
Advances_
4,504,236 6,492,237 Unmatured
---Paducah-Ohio River Bridge Co.
303,704
300,620
accrued
Other Investm't:
The holders of 1st mtge. 6X% sinking fund gold bonds dated Sept. 1
8,691 T./matured rents
Stock
8,711
1927, and 7% sinking fund debenture gold bonds dated Sept. 1 1927. and
8.107
8,107
Bonds
151,384 1.975.314 accrued _ _ _ _
all other creditors and holders of preferred stock are notified that a plan
63,129
78,552
158,219 Other currilabil.
U.S. Tr. notes
183,436
of reorganization and amendment thereto has been submitted for approval
70,609
55,920
Other def. habits
Contr. for sale
to the U. S. District Court for the Western District of Kentucky. Objec4,947,278 8,188,008
Tax liability_
of land gr'nt
tions, if any, to the plan must be filed on or before May 21. A digest
lands
3.279,020 3,835,456 Accrued deprec.
of the plan was given in V. 137, P. 2819.
Cash
7,041,549 5.626,070 of equipment. 63,314,272 59,915.724
Other unadjustTime drafts and
Panhandle Producing & Refining Co. (&
1.003,530
969,700
deposits
2,148.314 1,000,000 ed credits_
Earnings.
Special deposits. 5,276,118 5,264.416 Add'nz to prop.
1931.
1932.
1933.
1934.
3 Mos.End. Mar.31Loans& bills rec.
10,869 through Inc.
59,084
$697.003
$412.870
1334,688
x Gross oper. income__ $605,754
and surplus_ 1,386,419 1,343,782
Traf. & car serv.
707,926
457.437
380.365
605,806
y Costs. expense & tax-bale.reedy _ _
Fund dt. retired
626,468
888,762
111,689
87,253
69,902
44,710
Depr.. depletion, &c..._
Fr. agts. & con
582,082 through inc.
621,197
Misc. accts. rec. 3,230,166 3,401,048 and surplus_ _ 17.707,060 17 707,060
$122,612
630
$131.820
$115.579
$44,762
630
Operating loss
Material & suppl 5,802,658 6,432,569 Misc.fund res've
4.213
2,087
Dr13,439
10.284
Other income
Profit and loss
Interest, div. &
185,863,253 186,783,767
rents reedy.- 1.098,088
123,707 balance
$118,399
$145.259
$113,492
$34,478
Loss
Other currossets
48,656
56,918
8,158
2,916
4,951
12,535
Interest, &c
Wkg.fund advs.
29.379
26,694
Other def. assets
153,986
128,537
$126,557
$148.175
$118,443
$47,013
Net loss
Rents&Ins.nrem,
x After gasoline sales tax. y Includes intangible development costs.
paid in adv._
17,000
Oth.unadj.debts 2.416,748 2,635,656
The consolidated balance sheet as of March 31 last shows total assets
of $2,116,198 comparing with $2,532,986 on March 31 1933 and the profit
341,782,375 842.182.690
Total
841,782,375 842,182,690 Total
and loss deficit, after providing for unpaid dividend accumulations on pref.
-V.138, p. 2936.
stock, was $3,009,886, against deficit of $2,323,066. Current assets ineluding $32,741 cash, amounted to $526.276 and current liabilities were
•o Copper Co. of Utah -Removed from List
$752.883. This compares with cash of $18,702, current assets of $417,442
ew York Curb Exchange has removed from the list e capital
and current liabilities of $598,535 on March 311933. Inventories amounted
stock bar $1).-V. 138. D. 1412.
to $366,736, against $417,442.-V. 136, p. 2586.
Ard
Ohio Oil Co.
-Sells Leases.
The Company has sold 375 leases. including 2.546 oil wells in five Ohio
counties, to Carl Schwyn, independent oil operator of Cygnet. Ohio, a
Toledo dispatch states.
-V. 138. P. 2585.
Oklahoma City-Ada-Atoka Ry'.-Earnings.-
Panhandle & Santa Fe Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 2421.
1934.
$695,748
198.338
78,684
1933.
$584,260
24,452
def99,877
1932.
$695.795
110.939
def36,405
1931.
$872,850
92.713
def65.897
1.748.030 2.127.432 2,501.747
1.886,904
1931.
313.928
323,732
267.833
467.066
$54,384
107.444 def103,182 def104,750 def163.044
13,751
--1,755
-Reorganization Plan.
154,84g-........ Paramount Broadway Corp.
106.467
82,132
82,997
Peter Grimm, Chairman of the Protective Committee for Paramount
39,969
27,685
30,036
28,798
a year of
Broadway Corp. bonds announced April 30 that after almostParamount
--6,266
--9,597
--71
-50
negotiations the committee has agreed with the trustees of
Publix Corp. upon a plan of reorganization which the committee regards as
Onyx Hosiery, Inc.
Subsidiary.- ,
favorable to its bondholders. The plan of reorganization, which is subject
-Forms Sales
This corporation has formed a new company known as National Onyx
to the approval of the Bankruptcy Court, will become effective as of
Sales Corp. which will put into effect a new sales_ promotion and distribution
May I. Pursuant to this agreement, Mr. Grimm stated that the Paramount
Publix Corp. trustees have informed his committee that the arrears of
program for Onyx hosiery begiiming May 15. Under the new arrangement
taxes and penalties of the Paramount Building for the year 1933 and the
the Onyx line which hitherto has been sold direct to the retail trade will
be offered to wholesalers under carefully worked out methods for selective
first half of 1934 amounting to $540.332 were paid April 30.
The plan of reorganization agreed upon provides, in substance, as follows:
distribution. The new corporation will be headed by David Jacobs. Assothe present
ciated with him will be Patrick D. Murphy, George Brill and E. D. Merikle.
(1.) For new Paramount Boradway bonds to be issued for bonds.
Roy E. Tiles, Vice-President of Onyx, said in connection with the formabonds at the rate of $1,000 of new bonds for each $1,000 of old $8,875,000
tion of the new company that "for the first time in four years hosiery
(2.) For a fixed interest rate of3% per annum until 50% of the
manufacturers now feel that the industry in general is facing a change for
principal amount of outstanding bonds are retired, and, thereafter, a fixed
the better."
interest of 5Yi% per annum.
(3.) For payment of additional 236% Per annum interest, if earned by the
Oregon Short Line RR.
-Earnings.Paramount Building on which the bonds are to be a first mortgage lien. in
(4.) For a lease by Paramount Publix Corp. of a large amount of space
March
1932.
1931.
1933.
1934.
the building for a term of 10 years, or until the payment of one-half of the
Gross from railway
$1,631,192 $1,421,083 $1,746,180 $2,469,861
bonds (whichever event sooner occurs) with provision for renewals thereNet from railway
778,728
566,887
438,262
573.690
after.
Net after rents
381,905
223,076
112,720
273.345
(5.) For a lease of the Paramount Theatre for a term expiring with the
From Jan. 1
payment of one-half of the outstanding bonds (with provisions for renewal
5.204,313 6.981.605
Gross from railway
4.757,358 4,079,142
thereafter) guaranteed by the new Paramount Publix Corp., (that is, the
1.483,317 2,041,717
Net from railway
1,035,401
1,531,884
corporation which will acquire the assets of the present Paramount Publix
484,445
Net after rents
887,820
78,281
620,076
Corp.), on the basis of a minimum fixed rental subject to increase in rental
--Nr, 138, p. 2260.
by a graduated scale of gross percentages.
-Annual Report
Oregon-Washington Water Service Co.
(6.) For a sinking fund of $200,000 per annum until one-half of the outstanding bonds are retired and thereafter all of the income after payment of
Calendar Years1933.1930.
5)4% per annum on the bonds, is to be applied to sinking fund purposes.
$548,119
$492,565
$465,667
$443.957
Operating revenues
(7.) The bonds are to be callable at any interest date at Par, accrued fixed
162,564
169,734
163,120
194.592
Operating expenses
interest and accrued additional interest provided for.
18,934
18,859
19,458
19,771
Maintenance
62,442
(8.) The new Paramount Publix Corp.is to deliver a guarantee of 3% Per
60,054
66,050
63,889
General taxes
annum fixed interest (continuing in effect until one-half of the outstanding
bonds have been retired) within a year and also guaranteeing during such
$214,031
$267,707
$247,177
Net earns, from oper. $201.326
1,120
Period that not less than $100,000 par value bonds shall be retired in each
1,04)7
7,634
6.413
Other income
year, or if it fails to deliver such guarantees it is to deliver to the trustee for
the bondholders 50% of the stock of the company which is to own the
$254,811
$215,152
$274,120
Gross corp. Income_ _ _ $202,422
Q
Paramount Building, (that is, in effect. 507, of the equity in the building).
Interest paid or accrued
(9.) Lease of space to the Paramount Publix Corp. and the lease of the
136,971
136,156
136.276
136,901
on funded debt
theatre are to be assigned to the trustee for the bondholders as further
& replace.
Res.for retire.
security for the performance of the guarantee by Paramount Publix Corp.
and Federal inc. tax,
(10.) Paramount PublLx Corp. is to cancel the liability of Paramount
32,822
30,120
38,455
42,583
and misc. deductions_
Broadway Corp. (which now owns the Paramount Building) in so far as that
liability is claimed as an offset to any amount due for use and occupation of
$85,834
$99,389
$48,060
$22,937
Net income
space in the Paramount Building by the Paramount Publix Corp. trustees.
Divs, paid on preferred
The indebtedness claimed to be due by Paramount Broadway Corp. to
38,496
38,496
39,956
16.040
stock
MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 2260.
1934.
$29,012
10,809
1,821
1933.
$28.406
9,659
-673
1932.
$36,971
10.014
-2,463
I
3102
Financial Chronicle
Paramount Publix Corp. is in the neighborhood of $5,000,000. The amount
due by Paramount Publix Corp. to Paramount Broadway Corp. for use and
occupation is in the neighborhood of about $200,000.
(11.) The Paramount Publix Corp. trustees are to realease all claims
against Paramount Broadway Corp. and all claims against Paramount
Broadway Corp. bondholders and Chemical Bank & Trust Co. (as trustee
for such bondholders) based upon payment of interest on the bonds on
Jan. 1 1933, thereby relinquishing the claim made that such payment was a
preferential one to the Paramount Broadway Corp. bondholders.
(12.) The Paramount Broadway Corp. bondholders are to release all
claims against Paramount Publix Corp.
(13.) The Paramount Broadway Corp. bondholders are to be represented
on the board of directors of the new Paramount Publix Corp.
(14.) A formal agreement is being prepared and as soon as it has been
executed by the proper parties, the bondholders will be formally notified.
The Paramount Broadway Corp. committee in addition to Mr. Grimm,
Presidem of Wm. A. White & Sons. consists of Robert Goelet; Harold V.
Smith, Vice-President of Home Insurance Co.; George McAneny, President
of Title Guarantee & Trust Co.; J. Russell Forgan of the firm of Field, Glore
& Co.. and Robert E. Dowling. Counsel for the committee is Stroock &
Stroock.-V. 137, P. 327.
Paramount Publix Corp.
-Resignation.
-
Ralph A. Kohn, Vice-President and a director of this corporation and
its subsidiaries on May 1 announced the acceptance of his resignation
from these positions.
-V.138, p.2937.
C.) Parker & Co.
-Resumes Dividend.
-
The directors recently declarea a quarterly dividend of 10 cents per share
on the class A stock, no ioar value, payable May 1 1934 to helders of record
April 25. Similar distributions were made on this issue on Feb. and
May 2 1932; none since.
-V. 135. p. 2004.
‘
-----Parker-Rust Proof Co.
-10% Stock Dividend
A 10% stock dividend has been declared on the common stock,
value,in addition to the usual quarterly cash dividend of 75 cents perno par
share,
both payable May 21 to holders of record May 10. An extra cash distribution of 75 cents per share was made on the COMMOD stock on Nov.20 last.
3 Mos.End. Mar.31- 1934.
1933.
1932.
1931.
Net profit after deprec.
& other charges but
before Federal taxes.... $280,816
$64,796
$96,161
$208,830
-V. 138, D. 2096.
Parmelee Transportation Co.(& Subs.).-Earnings.Quar. End. Mar. 31- 1934.
1933.
1932.
1931.
Net loss after dePrec..
interest. &c
$93,314
$300,863
$343,437
379 574
R. J. Wyatt has been elected Secretary and Treasurer,
Rank, who has been elected President. The latter officesucceeding Levin
had been vacant
during recent years.
-V. 138. p. 1760.
Pennroad• Corp.
-Trustees Deny Pennsylvania RR. Influences.General denial that the Pennsylvania RR. influenced decisions of the
voting trustees of the corporation was made in an answer filed
Court, Wilmington, Del., April 30 by Effingham B. Morris, in Chancery
William M.
Potts and Joseph Wayne Jr., voting trustees of Pennroad.
The answer was filed to the accounting suit brought against them and
the Pennsylvania RR. by Joseph W. and Julia A. Perrine, both of Philadelphia, and owners of Pennroad voting trust certificates. The corporation
and the railroad filed their answers several weeks ago. The trustees admit
that during 1929, 1930 and 1931 Pennroad acquired the securities mentioned in the bill of complaint for about $115,000,C00. but deny that
expenditures were caused in any way by the railroad or its directors. the
It
is further denied that the corporation is under control or domination of the
railroad.
The complainants seek to have the voting trustees and the railroad
account for losses alleged to have been caused Pennroad through the
alleged domination of toe trustees by the railroad and to have the voting
trust agreement set aside.
-V. 138, p. 1913.
Pennsylvania Reading Seashore Lines.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rants
-V.138,P.2261.
1934.
$427,742
def31.594
def202,493
1933.
$104,677
def41,017
def90,051
1932.
1931.
$133,406
8170.020
def37,471
def78.875
def81,392 def126,997
1,207,862
320,692
372,685
470,009
def133,045 def113,306 def146,035 def226,355
def621.798 def255,031 def278,209 def378.976
Pennsylvania RR.
-To Pay Series D Certificates.
-
On May 15. the company will pay off a maturing issue of its 44%
series D equipment trust certificates, amounting to $1.310,000. No new
financing will be involved in taking care of this maturity,it was announced.
-V.138. p.2938.
Pennsylvania Water & Power Co.-Earning8.3 Months End. March 311934.
1933.
1932.
Gross income
$1,380,740 $1.314.178 $1,208,873
Net revenue after expenses, maintenance, renewals, and replacement
expenses and taxes
790,862
775,853
782,116
Interest charges
263,603
265.056
265.475
Net income
Dividends paid
3527,258
327,172
3510.797
324,901
$516,641
322.386
Surplus
Earnings per share on 429,848 shares
capital stock outstanding (no par)..
-V.138, p. 1224.
$200,086
$185,897
$194,255
$1.22
31.18
$1.20
Peoples Drug Stores, Inc.(& Subs.).
-Earnings.
3 Mos.End. Mar.311934.
1933.
1932.
1931.
Net sales
84.017,795 83,758,919 34,162,663 84,230,188
Other store income
61,513
60.512
65.735
72,544
Total store income_ $4,079,308 $3,819,431 $4,228,398 84.302,723
x Operating profit
272,138
130,665
130,992
164,070
Deducts., less other inc_
3,238
7,529
15,659
26,151
Federal taxes
39,663
17,855
13.840
16,550
Net profit
$229.237
$105,281
$101,493
$121,369
Preferred dividends__ -33.786
34,081
37,699
39,064
Common dividends
29,709
29.984
Surplus
$165,742
341.216
$63,794
$82,305
Shs. com. stock outstanding (no par)_ _ _
118,837
119,937
122.737
123,743
Earns, per share
$1.64
$0.59
$0.52
$0.66
x After costs, expenses and depreciation.
Current assets as of March 31 last, including $1.620,829 cash, amounted
to $4,266,378 and current liabilities were $990.259. This compares with
cash of $938,521, current assets of 33,534,404 and current liabilities of
$938,169 on March 31, of previous year. Inventories totaled $2,585,024
against $2,489,082. Earned surplus on March 31 1934, was $2,468,168 OS
compared with $2,039,838 on March 31 1933. Total assets amounted to
$7,514,990 against 37,015,063.-V. 138. p. 2587.
-Phoenix Hosiery Co.
-87M-cent Preferred Dividend.
-
A dividend of 87% cents per share has been declared on the 7% cum.
1st pref. stock, par $100. rayable June 1 to holders of remit May 10. A
similar distribation was made on this issue in each of the four preceding
quarters, as compared with 8834 cents per share on March 1 1933 and 87
cents per share on Dec. 1 1932.-V. 138. p. 1061.
Pierce Arrow Motor Car Co.(& Subs.).
-Earnings.
3 Months Ended March 31- •
Net loss after taxes, depr., int., &c..-v. 138, p. 2760.
1934.
3308.544
1933.
$259,505
1932.
3193,534
May 5 1934
Peoples Gas Light & Coke Co.
(& Subs.).
-Earnings.
Period End. Mar.31-1934-3 Mos.-1933. 1934-12 Mos.-1933.
Gas sales
$9.164,517 88,010.884 331,850.042 $32,459,891
Other oper. rev.
-net....
231,100
221,852
1,024,244
639.563
Total gross earnings__ $9,395,617 88.232.236 332,874,285
Gas purchased
2,813,299
1,792,959 8,619,769
Operation
2,815,415 2,517,420 10,454,428
Maintenance
340,118
321,751
1,403,888
State. local & oth. taxes
936,174
737,086 3,304.862
Federal income taxes_ _ _
112.747
169.429
301,181
Depreciation
734.969
674.894 3,021,758
Net earns, from oper_ $1,642,894 32.018,695 $5,768,399
Total other income
267,288
204,521
900,173
Net earnings
$1,910,182 $2,223,216 $6,668,572
Int. on funded debt---- 1,172,676
1.211.392 4,732.492
Int. on unfunded debt
7.264
9,033
33,779
Anaort. of debt discount
& expense
44,319
61,952
196,243
Net income
$685,922
$940,838 $1,706,057
Ste. in hands of public
676.156
674.476
676.156
Earnings per share
$1.01
$1.39
$2.52
-V. 138, p. 2937.
333,099,454
7,239,469
10,929,664
1,403,399
2,766,826
480,656
2,698,128
$7,581,311
949,687
$8,530,998
4,598,241
116,532
278,510
$3,537,714
674,476
$5.25
Pierce Petroleum Corp.
-Seeks Settlement of Tax ClaimsResignation.
Alvin Untermeyer, attorney and a director of this corporation, at the
annual meeting of-stockholders, held on May 1. stated that the company
had practically arranged a settlement of tax claims with the Government
last Augustfor between 31,000.000 and 31,500,000, but that tne negotiations
had fallen tnrough because tne Secretary of the Treasury as a matter of
policy had decided not to settle tax suits that were being tried before
the Board of Tax Appeals. Arguments before the Board of Tax Appeals
will be made on May 14, he stated, and will take about two days.
Arthur Sachs, of Goldman Sachs as Co., retired from the board of directors.
-V. 137, p. 4540.
Pittsburgh & Lake Erie RR.
-Earnings.March1932.
1934.
1933.
Gross from railway
3842,730 81.1628
1 3 .989
$1.446,326
0
Net from railway
20,938
121,649
338,890
Net after rents57,569
157.170
361,426
From Jan. 1Gross from railway
3,671.833 2,596,906 3,281.505
Net from railway
142,951
296,254
604.249
Net after rents
244,402
421.137
760,833
- 138. p. 2939.
V.
1931.
1.715.643
314,218
365,114
4,854,836
759,950
974,457
Pittsburgh Plate Glass Co.
-Forms New Chemical Sub2 diar
si 62
2 .y.-See American Cyanamid Co. above.
-V. 138, p.
Pittsburgh & Shawmut RR.
-Earnings.
March
-1934.
Gross from railway
395.706
Net from railway
,
Net after rents
38,399
From Jan. 1Gross from railway
224,600
Netfrom railway
60,831
Net after rents
73.996
- 138. p. 2262.
V.
1933.
352,173
1,963
969
142.205
1.229
1,974
19 8;809
83
62
11,931
11,424
1931.
376.236
11,285
10,150
187 080
14:664
5
2 3.15
33. 71
2 4
14,525
28,922
Pittsburgh Shawmut & Northern RR.
-Earnings.931.
March1934.
Gross from railway
$110,358
Net from railway5.19
216.9651
Net after rents
.
From Jan. 1Gross from railway
293,480
Net from railway
62,279
Net after rents
34.097
- 138. p.2263.
V.
19 9.891
33
63.
9,747
1.504
$ 2.
9 857
1932.
12.167
5,361
3111,996
33,439
29,629
207.059
21,926
1,174
264.622
27.417
8,027
323.163
83,245
67,912
Pittsburgh & West Virginia Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 2262.
1934.
$274,869
103,831
121.618
1933.
$163,058
32,932
23,477
1932.
3206.397
56,487
47.802
1931.
8 336
$274:541
5
685,753
236,220
257,867
474.833
84,847
63,586
591.744
124,304
89.625
767,376
183.452
204,466
82,985
Pleasant Valley Wine Co.(N. Y.).
-Initial Dividend
New Director.
An initial dividend of 15 cents per share has been declared on the capital
stock, par $1, payable Juan 1 to holders of record May 15 (see offering in
V. 138. p. 10151).
Rudolph Eberstadt, of Tobey & Co.. has been elected a director, replacing Emily C. Howell,resigned.
-V.138, p. 1061; V. 137. p. 4540.
Portland General Electric Co.
-Changes in
Naotlos has be nerecerhedltrom the Chr Nald bae4eankCollateral.yerk. tre
l ef ive et & ref re ag getion el B 4 mof tseries, 4ue
.
7o he elty o
f
Sept. 1 1960, of the following releases from the lien of the above mentioned
mortgage as of 'April 20 1934: 2,600 shares Young Electric Co.
stock, par $1, and $7,900 of Young Electric Co. gen. mtge. Sold capital
bonds.
series A 6%, and of the following deposits as additional security under the
above mortgage. 500 shares Molalla Electric Co., capital stock, par
and $7,900 of Molalla Electric Co.. en. mtge. gold bonds, series A$100.
6%•
As of April 20 1934, the following Was held as collateral security under the
company's mortgage and deed of trust dated Sept. 1 1930: 368,400 of Milano Electric Co. gen. mtge. gold bonds, series A 6%;
,
$25,400 of Yamhill
Electric co, gen. mtge. gold bonds, series A
6%; 1,000 shares Molalla
Electric Co. canital stock, par $100; 7,146 shares Yamhill Electric
capital stock, par $100; 1,500 shares Clackamas Power & Irrigation Co..
capital stock, par $100; 100 shares Electric Appliance & Construction Co.,
Co.
capital stock, no par value, and 335 shares Electric Supplies & Contracting
Co. capital stock, par 3100.-V. 137, p. 3194.
Power Corp. of Canada, Ltd.
-Production Increased.
-
A marked increase in power output for the month of March as compared
with March of 1933 is reported by the utility companies
sidiaries of or affiliated with the Power Corp. of Canada. which are subMarch production amounted to 160.589,734 k.w.h., as compared with 145.390.441
k.w.h., an increase of 15.199,293 k.w.h., or 10 A %. The March
totals
for Southern Canada Power Co. and Canada Northern Power Corp. con93 wer
stituted a record for the companies.
es
Comparatire figures (in k.w.h.) are as follows:
Month of March1933.
Southern Canada
19,299,230 14.881,
240
Canada Northern
43.100,359 39,495,280
East Kootenay
5,922,256 5,919,392
B. C. Columbia Power
38,592,009 39,261,439
Northern Br. Columbia
936,280
963,890
Winnipeg Electric
16,850.400 17,090,700
Manitoba Power
35,646,000 27,500,000
Northwestern Power
243,200
278,500
Total
-V. 138, D. 682.
160,589.734 145,390,441
Procter & Gamble Co.
-Obituary.
-
Colonel William Cooper Procter. Chairman of the board, died at Cincinnati, Ohio, on May 2.
Volume 138
Financial Chronicle
Revises Profit Sharing Plan.
A change in the profit-sharing dividend rate from a flat rate of 8%
to a sliding scale, ranging from 5% to 15% according to length of service,
nas been made by the company. Employees who are receiving the 8%
dividends will not be reduced, but if they have been with the company
for more than six years they will automatically receive a higher rate.
The profit-sharing plan of the company, which is based on stock ownership, has been in operation for 48 years. Under tne plan an employee is
authorized to subscribe for common stock of the company in an amount
equal to his annual salary. Tne employee sets aside a percentage of his
wages each year to be used for payments on the stock. Until the stock
account is paid up dividends are credited to it. After the stock is fully
paid for the profit-sharing dividend is distributed to stockholding employees
In cash.
-V. 138, p. 2939.
'"-----Producers & Refiners Corp.
-Stocks to Be Removed from
New York Stock Exchange.
The Committee on Stock List of the New York Stock Exchange was
granted authority by the Governing Committee on May 1 to strike from
the list the 7% cumulative convertible preferred stock and the common
stock of the corporation upon receipt of advice that the Court has confirmed the public auction sales of the properties and assets reported concluded by the receiver on April 14 1934.
The Committee on Stock List has been further advised by the receivers
that the U. S. District Court for the District of Wyoming will consider
and determine whether to confirm or not to confirm all sales on May 7 1934.
The advice by the receivers to the Committee on Stock List was as follows:
The public auction sales of the properties and assets of Producers &
Refiners Corp. (except cash and accounts receivable) were concluded on
April 14 1934. The total amount of the successful bids for all of such
properties and assets is $10.309,501. exclusive of the prices bid for inventories of crude oil, refined and partly refined products and chemicals to
be paid for by the purchasers thereof on the basis of certain posted market
quotations for the quantities on hand at date of delivery as ordered by the
courts.
"Out books have not been closed for the quarter ending March 31 1934,
but our preliminary figures for the items of cash, accounts receivable and
the inventories mentioned above as at March 31 1934 are as follows:
$1,545,625
Cash
365,000
Accounts receivable
1,580,273
Inventories
'The above figure for inventories covering crude oil, refined and partly
refined products is based upon market at March 311934; chemical inventories have been valued on a cost basis. The above figure for accounts
receivable, Is net after deducting existing reserves for bad and doubtful
accounts. In addition to the above accounts receivable, we carry an account
receivable item on our books amounting to $240,595, which covers the sale
of receivership properties and payment therefor by assignment of allowed
claims, such sales having been heretofore approved by the courts. This
item will be ultimately paid by assignment of claims at the distributive
share value thereof, which will reduce the allowed claims accordingly.
Our accounts payable arising out of receivership operations as at March 31
1934, will be approximately $735,000, after deducting certain obligations
to be assumed by the purchasers of the properties in the event the sales
are confirmed. The total amount of claims allowed against the defendant
company (before interest) is $13,872,459, from which ultimately will be
deducted the purchase price of properties heretofore sold, and approved
by the Court, in the sum of $240,595, such purchase price being payable
out of allowed claims at the distributive share value thereof as finally
-V. 138, p. 2939.
fixed by the Court."
-To Consolidate
Propper-McCallum Hosiery Co., Inc.
•
Activities.The stockholders will be asked to approve at a meeting on May 12 an
offer received by toe company for the purchase of the stock of the St. Johns
Silk Co., Ltd., of Canada, a wholly owned subsidiary, and also the purchase of a large claim against this subsidiary.
The directors have approved the acquisition. This move is in line with
the company's policy to consolidate its activities in order to effect the
necessary economies in operation of its plants, the company explained.
-V. 137. p. 704.
Public Service Co. of Northern Illinois (& Subs.).
Period End. Mar. 31- 1934-3 Mos.-1933. 1934-12 Mos.-1933.
Total gross earnings,___ $9,258,236 $8,560,694 $34,760,909 $33,797.499
5.718,491 24,608,724 22,834,103
Total oper. exps. & taxes 6,357,033
Net earns, from oper_ $2,901.203 $2.842,203 $10,152,184 $10,963,396
343.264
110.789
44,567
Other income
41,285
Net earnings
$2,942,488 $2,886,769 $10,262,974 $11,306,661
6,334,115
Int. on funded debt_
6,633.332
1.679.868
1,646,259
213.652
Int. on unfunded debt_ 8,506
9,362
2,958
Amort. of debt discount
& expense
726,445
820:958
199.321
192.830
Net inc.-before yearend & intermin adj_ $1,100.441
$998,218 $2.800,178 $4,032,449
Net Inc.
-after 1933 yr.end & interim adjust_
4.086.884
2.745,743
1.052,653
The above income accounts are not strictly comparable because the income
account for the 3 and 12 months ended March 31 1934 includes figures for
two small operating subsidiaries which in the past have been consolidated
only in the annual statements and not in the quarterly statements. Had
the earnings of these two subsidiary companies been consolidated in the
foregoing income account for the 3 months ended March 31 1933 the total
gross earnings would have been $61,968 greater and the net income $13.567
greater. Had the earnings of these two subsidiary companies been consolidated for the 12 months ended March 31 1933 the total gross earnings
would have been $256,479 greater and the net income $4,639 smaller.
Since the balances in the companies' surplus accounts which were transferred to capital surplus as of Feb. 28 1934 Included the excess of earnings
over dividends declared and paid (exclusive of preferred dividends paid
out of paid-in surplus) for the period April 1 1933 to Feb. 28 1934. the
foregoing income account for the 12 months ended March 31 1934 could
not properly show the deduction of dividend requirements on the preferred stocks and the resulting amount available for common stock. Were
such excess available for dividends on the company's stocks, the indicated
earnings for the 12 months ended March 31 1934 on the common stock
outstanding at March 31 1934. after preferred dividend requirements,
would amount to $2.78 per share before allocation of 1933 year-end and
interim adjustments and $2.69 per share after such adjustments. The
net income for the 12 months ended March 31 1933 was reported a year
ago to be $4.72 per share of common stock: the net income for that period
after allocating 1933 year-end and interim adjustments was $4.81 per share
of common stock -V. 138. p. 2263. 2085.
-Quarterly Distribution.
Quarterly Income Shares, Inc.
Payment of $573.056, constituting the quarterly distribution to shareholders of this corporation for the quarter ending April 15 1934. was made
on May 1 by the Chase National Bank of New York, dividend disbursing
n
aget.
This distribution, together with the quarterly distribution to shareholders of $469,659 on Feb. 1 brings the total distribution of this supervised
investment fund for 1934 to 81,042.715. V. 138. p. 2589.
-Compensation Paid to Officers
Radio Corp. of America.
-An overwhelming majority of the stockholders at
Upheld.
the annual meeting held on May 1 signified their approval
of the salaries 'paid to officers of the company. In this
connection, President David Sarnoff issued the following
statement:
No bonuses have been paid to officers of the Radio Corp. of America for
the years 1930, 1931, 1932 and 1933.
Similarly, no bonuses have been paid to officers of RCA subsidiary companies since 1931.
control
In 1930, when your company acquired complete ownership andin those
in effect
of its last two subsidiaries, pursuant to prior arrangements
and in consideration of their profitable operations for the year,
companies,
supplemental compensation was paid to their officers, amounting in total
3103
to $186,873. In 1931, the last year when such supplemental compensation
was made in subsidiary companies, these payments totaled $114,750. the
For the year 1928, the gross income of RCA was 8101,851,603. and
net profit $19,834,798. For the year 1929, gross income was $182,137,738
and net profit $15,892,561. Under authority provided in the by-laws, the
supplemental
directors of the Radio corporation authorized the payment of
year
payments
compensation to officers of the organization. These amounted for the to
in total
to officers of the RCA and its subsidiaries,
1928,
1% of the corporation's net profit and
$165.815. and represented less than
payments
only 1-6 of 1% of its gross income for that year. In 1929, such net profit
totaled $187,386, and represented 1 1-6% of the corporation's
and only 1-10 of 1% of its gross income for that year.
the
These payments were made in recognition of special services and of
markedly increased income to the company. The action of the board
the
directors was taken at a time 'when many corporations throughout the
plans. In
country had established bonus or similar profit-sharing paid only when
was
Radio Corp. of America, supplemental compensation
ceased.
the company earned profits: when profits ceased, such payments diversifiThe rapid growth of the radio art and industry, and the broad ability
cation of the Radio corporation's activities, have required specialized
this
and technical skill on the part of its management. Notwithstanding and
schedule,
fact, the corporation has always maintained a modest salary
throughout
during the depression,in line with extensive economics effected
substantially
the entire organization, salaries of all officers have been
reduced.
persons are employed by your corporation and its
Approximately 20,000
or more a
subsidiaries. Of this number. only 54 receive salaries of $10,000 no officer
year, and
year, only four receive salaries in excess of $25,000 a in excess of $51,250
is paid a salary
of the RCA or any of its subsidiaries
Per annum.
of the
In 1930, on his own recommendation, the salary of the Chairman
present
board was reduced from $60,000 to $48,000 per annum, which is his
salary.
When I was elected President of RCA in 1930, a salary increase of $5,000
$60,000 per
was authorized by the board of directors, making my salarywas reduced
salary
annum. In 1932, on my own recommendation, my paid me per annum.
being
to $51,250 per annum, which is the amount now
1929 as
My present salary as President of RCA is less than I received in
Executive Vice-President of the corporation.
David Sarnoff, President, at Annual Meeting.
Statement by
the
quarter
The annual report for 1933 stated that during the final in a netof
profit
year corporation's business improved materially, resulting compared with
from operations for the three months of $1,211,000. This
a net loss of $540,000 for the same quarter in the year 1932. the corpo-The upward trend in
Net Income for First Quarter of 1934.
ration's earnings, noted during the last quarter of 1933. has continued
corthat
during the first quarter of 1934. Final income figures show three the
months
poration earned a net profit of $1,235,725 during the first three months
loss of S478,164 during the first
of 1934, compared with a
of 1933. Profit for the first quarter of 1934 was $24,448 ahead of profit
quarfor the final quarter of 1933, notwithstanding the fact that the final
ter of the year generally produces the larger income. has also improved
-Since the first of this year RCA
RCA Cash Position.
and
Its cash position. Our balance sheet as of Dec. 31 1933 showed cash
the quarter,
marketable securities of $20,545,000, whereas at the end of $22,800,000.
March 31 1934,cash and marketable securities amounted to
on
liabilior an increase of $2,255,000. The ratio of current assets to current
was
ties on Dec. 31 1933 was 5.2 to 1, while on March 31 1934 the ratio
5.7 to 1.
bearing upon the comThere are a number of other important factors
As will
pany's present situation that will be of interest to shareholders.
substantial
be noted from the balance sheet, the Radio corporation has & Musical
investments in the Radio-Keith-Orpheum Corp. and in Electric
Industries, Ltd.
Earnings of RK0.-The Radio-Keith-Orpheum Corp. earned a net profit
of $403,616 for the first quarter of 1934,compared with a loss of $1,297,947
1933.
which that company sustained for the first quarter ofLtd., has been ex.-Electrle & Musical Industries,
Progress of EMI
RCA
better business. The market price of the stock owned by since
periencing
in Electric & Musical Industries, Ltd., has increased substantially price
the market
the beginning of last year. Based on current quotations,
of approxiof these holdings is $12,750,000. which represents an increase 1933. The
beginning of
mately $10,000,000 over the market price at the has continued good.
Electric & Musical Industries, Ltd.,
business of
radio communiNew Domestic RCA system -Quite recently,in the field of
system
cation, the company has established a domestic radiotelegraph June 1
Washington and San Francisco, and by
between Boston, New York,
to this system. Applithis year Chicago and New Orleans will be added with the Federal Radio
cations for construction permits have been filed
Detroit
Commission for authorization to join Seattle, Los Angeles and will be
cities
to the network, and it is expected that other important
added later.
-Arrangements completed
Western Union Facilities Available to RCA.
available to the
by RCA with the western Union Telegraph Co. now make
messages
public all Western Union facilities for collecting and delivering
system. The
the cities linked by this new RCA domestic radiotelegraph the Western
in
call boxes and messengers of
large number of branch offices,
of the
Union are available to us for this service. RCA is thus relieved branch
necessity and expense of establishing and maintaining duplicate
offices, delivery and collection facilities.
15 words at
The rates for this new RCA domestic service are based on
at the
the regular wire-line rate of 10 words, and 60 lettergram wordsgrow in
new
wire-line rate of 50 words. We believe that thishave service will without
been made
The new arrangements
value and importance.
of America
impairing the complete independence of either the Radio Corp. business.
of its own
or the Western Union Telegraph Co. In the conductexisting arrangements
to previously
This new plan is supplemented
messages for
with the Western Union whereby marine and international
22,000
transmission by the RCA system may now be filed at any one of
Western Union offices in the country.
31.
Consolidated Income Account 3 Months Ended March
1931.
1932.
1933.
1934.
$24,562,683
Gross income from oper_$18,869,246 $12,981.059 $20,322,408
280,689
262,815
240,995
264,673
Other income
inc.fr.all sources$19,133,919 $13,222.054 $20,585,223 $24,843,372
Total
Cost of sales, gen, open.
develop., sell. & ad20,821,011
ministrative expenses_ 16,493,574 12,665,307 18,334,904
354,874
329.015
57,820
115.581
Interest
1,875,967
1,218,080
827,091
1,001,537
Depreciation
125,000
150,000
150,000
152,500
Amortizat'n of patents
100,000
50,000
135,000
Prov.for Fed.inc. taxes_
$503,224 $1,566,520
$1.235,7251084478.164
Net income
343,500
343.019
Preferred A dividends959.372
Preferred B dividends
8263,648
$160,204
def$478,164
Surplus for period-- $1.235,725
9,851.184 11,327.789 23,010.538
9,269,091
Surplus at Dec.31
Surplus at March 31-$10,504,815 $9.373,020 $11,487.994 $30.274.186
Earns, per share on com$0.02
Nil
Nil
Nil
mon stock
-V. 138. p. 2939.
-Earnings.
Railway Express Agency, Inc.
1934-2 Mos.-1933.
-Month-1933.
Period End. Feb. 28- 1934
Revs. and Inc.
$8,426,081 $18,391,044 $16,825,328
Charges for transP
$9,122.097
338.823
385,043
161,349
178.269
Other revs. & income.-Total revs. & income - 39,300.366 $8,587.430 $18.776.087 $17,164,151
Deducts, from revenues &inc.5,897,035 12.200.838 12,028.821
Operating expenses
6.073.564
218.966
260,404
107.466
129.889
Express taxes
Interest and discount on
286.438
288,473
143,190
funded debt
144.210
5,691
3,840
3.278
1,605
Other deductions
$6.349,268 $6.150,969 812.753.555 $12.539.916
Total deductions
x Rail trans!). revenue... $2,951,098 $2.436.461 $6.022.532 $4.624.235
-V. 138.
Payments to rail and other carriers-express privileges.
p.2425.
3104
Financial Chronicle
Railway & Light Securities Co.
-Earnings.
-
3 Mos.End. Mar.31Interest rec'd & accruedCash dividends
1934.
$65.185
52,404
1933.
$51,825
68,073
Totalincome
Expenses and taxes
Int. & amortiz. charges_
$117.589
14,302
50,429
$119,899
13.239
52,496
Net income
Profit on sale of secur.
after related Fed. tax_
$52,859
$54.162
1931.
$74.577
116,683
1932.
$82,305
116,667
$198,971
12.305
68.496
$191,259
14,232
69,051
$118,170
$107,977
26,897
Balance
$52.859
$54.162
3118,170
8134,874
Note.
-No gains or losses from sales
reflected in the
above statement of income. Profit on of securities arefor three months
securities
ended March 31 amounted to $53.769 insales of
1934. $16.699 in 1933 and $61,023
in 1932.
Balance Sheet March 31.
Assets1934
1933.
1934.
1933.
Bonds and notes-83,877,846 $3,222,914 Preferred stock_ __$2,113,600 82,113.600
Stocks
3,816,555 3,607,490 Coll, trust bonds__ 4,151,000 4,760,000
Accept. notes rec_ 399,657
149,884 Accounts payable_
15,887
34,888
Cash
338,371 1,214.537 Coup, int. accrued
78.514
81,083
Accts.receivable
20,527
24,428 Tax liability
5,350
1,150
Accr. int. receiv__
61,805
50,549 Suspense
50
UnamortIxed debt
x Common stock 2,146,447 2,146,447
difict. & expense 230,265
282,087 Special surplus
110,714 loss26,808
Reacquired secure. 132,120
490.365 Earned surplus
255,635
191,843
Cash pledged with
trustees
260.000
Total
$8,877,147 $9,302,254 Total
$8,877,147 $9,302,254
x Represented by 163.140 no par shares.
-V, 138. p. 1244.
Reading Co.
-Traffic Statistics for Calendar Years.
1933.
1932.
1931.
1930.
Average miles operated.
1,462
1,461
1,457
1,458
Number of tons of mdse.
freight carried
13.581.318 12,701.149 19,387,684 26,516,581
No. tons anthra. carried. 15,068,897 14.162.288 16,261,055 16,073,224
No.tons bitum. coal carr 11,060,860 11,082,195 14,865,940 18,546,491
No. tons all fght. carried 39,711,075 37,945,632 50,414,679 61.136.296
Avge.rev, per ton per m. 1.113 etc
1.141 eta. 1.162 cts. 1.168 cts.
Number Pass'gers carried 8.339.645 9.367,541 11,634,032 14.224,192
No. pass'gers carried 1 m149,726,039 174,460,676 210,071,570 259,744.467
Avge. distance Per passenger (miles)
17.95
18.62
18.06
18.26
Total passenger revenue. $3.752.527 $4,524.998 $6,200,188 $7,893,915
Av.fare per Pass. Per m- 1.859 cts. 1.931 cts. 2.177 cts. 2.291 cts.
The comparative income account and balance sheet was published in
the "Chronicle" of March 3, Page 1551.
Dividend Tax Refund.
The directors have declared a tax refund of 1 h' cents per share on
common stock. par $50, payable May 10 to holders of record Jan. the
11.
This will reimburse the common stockholders for the 5% Federal tax which
previously had been deducted from the quarterly dividend of 25 cents per
share which was made in December 1933 and payable Feb. 8 to holders of
record Jan. 11. The regular dividend of 25 cents per share for the current
quarter has been declared on the common stock, payable May 10 to holders
of record April 12.-V. 138, P. 2940.0.
Reliance Mfg. Co. of Illinois.
-Earnings.
-
Quars. End. Mar.31
-1934.
Net profit after charges
and taxes
$145,197
corn. stk. outstand(par $10)
220_ 330
Earnings per share
30.52
-V.138, p.2589. JA
1933.
1932.11
1931.
856,880
$101,502
$141,265
229,402
$0.11
41 25%000
$0.28
251),l100
,.... $0.44
'------rnticrafieldl Oil Co. of Calif.
-Bank Committee Approves
Reorganization Plan.
The bank creditors committee, representing unsecured claims of commercial banks throughout the United States, has adopted a
approving the plan of reorganization of the Richfield Oil and Pan resolution
American
companies designed to carry into effect the offer of Standard Oil Co. of
California. It also recommended that banks represented by it, and other
claimants, deposit their claims immediately in order to get the benefits of
said plan of reorganization. Some of the banks have already deposited their
claims, it is said.
Simultaneously the committee filed application in the U. S. District
Court to intervene in the Richfield receivership proceedings. In this connection, Robert B. Murphy. of Call & Murphey, attorneys for the Richfield bank creditors committee, said:
"The making of application by us for leave to intervene in the Richfield
receivership proceedings, is a technical procedure solely for the purpose of
participating in the hearing as to what are mortgaged and unmortgaged
assets of the Richfield company,in which undertaking we have been engaged
for some time. The intervention has no relation to the proposed reorganization of the Richfield and Pan American companies to carry into effect the
offer of the Standard Oil Co. of California."
Approximate Distribution of Debentures Under Plan.
-
Estimates on the returns in securities to bondholders and unsecured
claimants under the plan of reorganizing the Richfield Oil and Pan,American
Petroleum companies were issued by the Richfield reorganization committee.
The estimates give the approximate distributable amount or debentures
of the company, guaranteed as to principal and interest by Standard Oil
Co. of California, and, the common stock of the Standard CM Co. of California, all being subject to certain contingencies set forth in the plan of
reorganization. Reduced to dollar valuations the estimates are approximately as follows:
Richfield bondholders. $404.97 on each $1,000 bond. Pan American
bondholders. 8545.97 on each $1,000 bond. Richfield unsecured creditors,
$159.21 on each $1,000 unsecured claim.
The plan, based on an offer of Standard Oil Co., contains an explanation
of the method by which the committee arrived at its estimates.
-V. 138,
p. 2940.
Roan Antelope Copper Mines, Ltd.
-Earnings.
-
Quarter Ended March 311934.
1933.
Profit after expenses, deb. int. and reserve for
depreciation, but before taxation (est.)
£59,765
xf43.517
x After expenses, payments due Rhodesian Selection Trust, Ltd., under
quota arrangements, and debenture interest, but before depreciation and
taxation.
Estimated gross revenue for the quarter ended March 31, last, was
£878.020.-V. 138. p. 877. ...age
Rochester Gas & Electric Corp.-Earning8.-
12 Mos.End. Mar.311934.
1933.
1932. '
1931.
Gross revenues
$13,290,864 $13,534,829 $14,231,536 $14,925,561
Net after tax and deprec. 4,594,347 4,820.093 5,335,580 5,039,594
Surplus after charges and
pref. di v.
1,657.476
1,779.406 2.473,924 2.039.933
-v.138. p. 2941. at
-
Royal Typewriter Co., Inc.
-Earnings.
-
Quarter Ended March 31Net profit after charges, depreciation and taxes__
Earnings per sh. on 268,618 abs. corn. stk.(no par)
-V. 138, p. 1760.
I
1934.
1933.
$283 059 loss$99,401
0.80
Nil
Safeway Stores, Inc.-Sales.-
Eided- -16 Weeks Ended--:Apr.21 '34. Apr.22'33. Apr.21 '34. Apr.22'33.
PeriodSales of Safeway System$17.630,191 $16.256,401 $69,435.154 $62,513,688
Stores in operation now total 3.240 compared with 3,320 last year.
-V. 138, P. 2426.
May 5 1934
St. Joseph & Grand Island Ry.-Earnings.-
MarchGross from railway
Net from railway_ _ _ Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
-V.138. p. 2266.
$246,149
164.984
57,532
$173,823
66.766
35,831
1932.
$198,412
71.898
39,658
1931.
$285,943
97.205
51.245
712,752
336,047
192.547
488,009
172,151
84.445
570,439
192,904
100,517
796,100
276,853
145.706
St. Louis Brownsville & Mexico Ry.-Earnings.-
MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 2266.
1934.
$501,739
202,885
120,716
$344,650
85,547
21,707
$602,531
294,509
197,191
$701,517
263,247
158,938
1,351,799
552,843
343,170
161.681
428,338
229,043
1.075,097
827.424
554.378
2,04.4,477
718,179
439.258
St. Louis
-San Francisco Ry.-Earnings.-
MarchGross from railway
Net from railway_ _ Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
Abandonment.
-
1934.
1933.
1932.
1931.
$3.431,262 $2,807,884 $3,536,641 $4,742,314
669,011
306,167
735,813
1,218,695
380,035 def73,996
333,939
878,129
9,904,352 8,521,967 10,218,283 13.884,999
2,011,805 1.039,291
1,649.661
3.542,983
1.087.153 def115.947
479,260 2,377.296
The I.
-S. C. Commission on April 23 issued a certificate permitting the
company and its trustees to abandon that part of the Aurora branch,
extending from Miller in a northerly direction to South Greenfield. 12.1
miles, all in Dade and Laurence Counties, Mo.-V. 138, p. 2941.
St. Louis
-San Francisco Ry. of Texas
-Earnings.
-MarchGross from railway
Net from railway _ _
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents- --V. 138, p. 2266.
1934.
$78,100
def12,229
def43,652
1933.
$73.285
def12,269
def43,386
1932.
$72,713
def19,318
def52,437
1931.
$92,094
def14.687
def50.096
236.217
208,872
234,906
304,796
def25,181
def54,012 def64.012 def13,212
def116,911 def145.200 def169,708 def117.493
St. Louis Southwestern Ry.-New Directors.
-
Walter E. Meyer, of New York, who filed suit in New York In March
prevent the Southern Pacific from exercising control of the St. Louis to
&
Southwestern,on May 2,lost his seat on the Cotton Belt Board of directors.
Another New York director, Walter Douglas, also was not re-elected at the
annual meeting.
Paul J. Longue and Ben C. Dey. both of New York, were elected to
succeed Messrs. Meyer and Douglas.
Directors re-elected are Hale Holden. W. W. Cumberland, Frank M.
Gould, Alfred II. Swayne and Paul Shoup, all of New York; Daniel Upthegrove, St. Louis, and A. D. McDonald. San Francisco.
-V.138. p. 2941.
St. Regis Paper Co.
-Annual Report, 1933.-
F. L. Carlisle. President, says in part:
Although the volume of sales of company's products, plus its income from
royalties, rentals, &c., for the year 1933 decreased 16% from 1932. reduced
manufacturing, selling, administrative and general expenses brought about
a larger operating income. Non-operating income, however, was off
$486,329, due mainly to the passing of the dividend on the common stock
of United Corp., of which the company holds a substantial
as
investment. The net loss for the year, exclusive of book lossamountsalean
on the
of
investments, exceeded that of 1932 by $36,629.
During the year the company's secured bank loan was reduced from $5,500,000 to $4,000,000, notes payable were reduced from $1,980,000 to
$1,198,000 and funded debt of subsidiries from $3,275,500 to $2,959,500.
These transactions represent reductions in the liabilities of the company in
the amount of $2,598,000. Furthermore, at the end of the year the company's net working capital (exclusive of secured bank loan and funded debt
due in 1934) was about $400,000 more than at the beginning of the year.
Sales of common stock of United Corp. were made from time to time during 1933. A total of 339.400 shares was disposed of at an average price of
approximately $10 per share. These sales resulted in a book loss of
$953,395. At the end of the year the company still held 1.528.166 shares of
United Corp. common.
•
Consolidated Income Account.
Calendar Years1933.
1932.
1931.
1930.
Net sales, royalties,
86,854,928 88,185,971 $13,249,823 $16,575.770
Costa and expenses
6,162,943 7.566,341 11,684,308 14.005,068
Operating income_ _ _ $691.985
.
$629,630 81.565.516 $2.570,702
Dividends received.
370,162
812,736
1,656,184
1,921,010
Prof. on sale secur. (less
Federal tax)
See x
177,514
1,369,270
Other income credits_ _ _ _
134.578
178,333
165.670
230,205
Total income
$1,196,725 $1,620,699 83.564,885 86,091.187
Interest
528,669
636,205
712,704
545,498
Depreciation
775,857
709.150
766,910
666,860
Taxes
213.356
278,355
235,833
253,012
Other income charges_ _ _
275,978
308,671
260,908
263,129
Extraordinary charges_ _
815.101
1,070.332
566,771
Sub. pref. dim.&c
68,091
61.682
105,956
105,167
Net income
def$1,480.327 xdf$1443698
$915,803 14,257,521
Preferred dividends_
80,802
324,894
324,724
Common dividends
2.239,855 4.044,867
Deficit
81,480.327 $1.524,500 $1,648,947
x Losses on sales of investments amounting to $368,273 were $112.070
charges to
earned surplus account.
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1033.
1932.
Assets
Liabilities
a Lad, building,
Funded debt
2,959,500
mach., equip,
Demand bank loan 4,000,000 3,275,500
;kc
44,960,858 45,611,732 Notes payable._ _ _ 1,198,000 5,500,000
1,980,000
Investm'ts in NiagAccounts payable. 1,045,340
879,764
ara Hudson Pwr.
Accrued accounts- 183,567
173,458
Corp.& United
Dividend payable
Corp
18,839,282 23,023,448
Jan. 2 1934,...
13,992
Other investments 6,754,913 6,777,668 Reserve.; for cont g 1,839,219
.
Marketable securs. 342,248
91,581) M iscell. reserves._ 147,104 1,848,252
133,513
Consigned mdse
14,273
22,524 Deferred credits._
3,597
5,439
Sinking fund, &c
373
1,710 Due to MM. cos
90,219
46,373
Cash
1,299,996 1,612.316 Pref.stk. of subs 1,163,253 1,048,989
Special deposit_
13,084
13,998 Pref. stock
4,428,300 4,428,300
Notes receivable
75,410
204,711 Common stock_._41,224,640 41,224,640
Accts. receivable 1,576,218 1,146,400 Capital surplus._ _19,645,934 21,212,828
Inventories
2.783,312 3,158,239 Earned surplus_
1,337,337
Claims receivable_ 107,837
Int. & divs.
700
188.122
Duefrom ani.cos. 232,801
241,133
Cash surr. value
tnsur. policy... 172,676
183,956
Adv. on materials
& lumbering operations
28.078
5,780
Defer, debit items
740,604
809,106
Total
77,942,665 83.092,393 Total
77,942,665 83,092,393
a After reserve for depreciation and depletion of 810.617.669 in 1933 and
09,910,504 in 1932.-V.137. p.705.
Financial Chronicle
Volume 138
San Antonio & Uvalde Gulf RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
- 138, P.2266.
V.
1934.
$128,890
56,864
30,241.
1933.
$65,157
11,964
def14,265
1932.
$104.347
29,057
der3,529
1931.
$177,999
64,174
29,021
338,457
143,191
63,747
192,334
36,609
def43.762
333,000
114,573
17,423
476,798
172,403
72,368
San Diego & Arizona Eastern Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
- 138, P. 2266.
V.
1934.
1933.
$45,675
$45,877
3,053,
415
2,538
136,206
12,453
10,440
138,435
6,029
def2,415
ded711
1931.
$77,090
13.112
9,626
128,367
def2,471
def14,460
223,668
34.132
23,269
1932.
$49,938
Seaboard Oil Co. of Delaware.
-To Restate Surplus.
The stockholders will vote May 16 on approving a proposal to restate
the surplus account and the reflection thereof on the books o4 the company.
-V. 138, p. 2267. 2942.
Sears, Roebuck & Co.
-Sales Continue Higher.
Period Ended Apri123 1934-4 Wks.
-1933- 1934-12 Wks.
-1933
Sales
$23.731,274 $18.519,608 $66,489,522 $48,562.085
-v. 138, p. 2267.
-Second Southern Bankers Securities Corp.
-Trading
SuspeVed.-&-h-The
altimore Stock Exchangihas suspended from dealing the common
stock, ecae of failure to fur h stockholders and the Exchange with
us
current financial statements.
-V. 132, p. 3733.
Sharon Steel Hoop Co.
-Obituary.
-
Henry A. Butler, a director of the Sharon Steel Hoop Co., Bessemer
Cement Co. and senior partner of Butler, Wick & Co., stock and brokerage
firm, died April 26 at Youngstown, Ohio.
-V. 138, p. 2267.
Sharp & Dohme, Inc.
-Earnings.
-
Quar. End. Mar. 31
.
1932.
- :1934.
1931.
1933.
Gross profit
$1,369,108 $1,124,965 $1.263,576 $1,555,029
Expenses
895,086 1,024,824
1,164,186
913,435
Charges (net)
40,483
48,243
45,389
45,439
Depreciation
34,612
39,719
31,343
38,534
Federal taxes
19,639
19,514
37,693
51.036
Netbrofit
Preferred dividends_
$320,664
y257,721
$122,403
114,542
$144,018
200,449
$276,418
200,449
Surplus
$62,943
$7,861 def$56,431
$75,969
Earns, per sh. on 776,627
shs. corn. stk.(no par)
Nil
Nil
$0.09
$0.15
x Includes on a consolidated basis the accounts of Sharp & Dohme, Ltd..
a wholly owned foreign subsidiary. y Regular dividend of 8714 cents Per
share and a dividend of 25 cents per share on account of accumulations
(amounted estimated by Editor).
-V. 138, p. 2942.
Sierra Pacific Electric Co. (Sc Subs.).
-Earnings.
Period End. Mar
.31- 1934
-Month-1933.
1934-12 Mos.-1933.
Gross earnings
$110,425
$100.722 $1.407,970 $1.421,964
Operation
37,132
48,417
590,323
580.483
Maintenance
5.029
65,098
6,195
56.168
Taxes
15,672
14,575
193,786
183.755
Net oper.revenue_ _-$567,692
$592,627
$51,425
$32,700
Interest & amortization..
10,335
125,736
109,028
10.497
Balance
$40,928
$483,598
$22,365
$441,956
Reserve for retirements
100.478
100,000
Balance
$383,598
$341.477
-V.138, P.2268.
Shell Union Oil Corp.
--Annual Report for 1933.
The total write-offs for the year for depreciation, depletion, drilling
expenses, &c., together with corresponding items for the year 1932. are
given in detail as follows:
1932.
1933.
Depreciation
$23,920.038 $22,969,910
Depletion
799.897 1,131,783
Intangible drilling
3.510,008 2.833,131
Surrendered leases and abandoned wells
1,943,139 1,128,043
Retirements and miscellaneous write-offs
1,491.988 1,384,972
$31,665,072 $29,447,842
The following statement shows the changes in the propertie.• of company
since the organization of the Shell Union Oil Corp.:
Property Accounts and Reserves
Oillands,leases, pipelines, refineries,distributing facilities,&c.,
at the inception of Shell Union Oil Corp
$198,566,540
Less-Accumulated reserves for:
Depletion
$13,809,500
Depreciation
26.109,334
Drilling expenses
5,527,906
45,446,741
Additions and acquisitions
$153,119,799
382.441,856
$535,561,655
Deduct-Reserves provided from earnings since inception of Shell Union Oil Corp.:
Depletion
$16,149,137
Depreciation
188,025.713
Drilling expenses
61,357.661
265.532,511
$270,029,144
Consolidated Income Account Years Ended Dec. 31.
1933.
1932.
1931.
1930.
$
$
$
$
Gross oper. earnings- _167,011,471 161,124.753 177,582,783 x240297,494
Oper. & gen. expense--138,401,446 128.415,204 152,850,337 192.099,292
Iasi
Gross income
28,610,025 32.709,548 24.732,4•6 48,198,201
,
Depletion, deprec'n, &c. 29,447.842 31,665,072 45,344.101 46,700,224
Propor'n applicable to
minor stockholders in
subsidiaries
43.081
1,451
'55,665
Int.on debentures. &c
4,412,473 5,289 891
6,395.202 6.537.887
5,250,291 4,288,496 27,008.310
Loss
5,095,574
Excess par over cost of
debentures redeemed- 1,009,326 y4.948,572
4,240,965 prof660,076 27,008,310 5,095,574
Deficit
Previous surplus
def12,840,176df12.501,110 18,821,201 35,265,642
Total surplus
def17.081,141 dill,841,034 df8,187,109 -30170,i) 8
-6
Preferred dividends_
1.100.000
2,200,000
Common dividends
9,148,867
Approp. for Fed. Income
tax of prior years, &c.,
999,143 3,214,000
charges
Balance, surplus_ __def17,681,141df12,840,176df12,501.110 18.821,201
x Including a half interest in the income of Comer Oil Co. y After
deducting unamortized balance of debenture discount and expense of
$1,738.665.
3105
Balance Sheet Dec. 31.
1930.
1932.
1931.
1933.
$
Assets$
$
$
Property accounts
535,561,656 530.015,288 532.645,336 543,960,149
Inv., incl. int. in Comar
Oil Co
12.690,073 11,988,530 11,493,992 11,683.876
1,665.166 1,118,231
Advances to assoc. cos..- 3,773,560 4,328,388
Crude oil, &c
33,236,137 33,511,836 32,226.241 47,471,046
Materials and supplies_ 4,178,262 4,343,973 5,368,337 7,171.793
Accounts & notes receiv_ 12.500.926 113,154,744 15,624.810 17,539.640
Long-term adv. & other
notes receivable
2,627,214 3,378.911 4,130,760
Short-term & dem.loans 12,573,068 12,600.000 22,474,118 18,719.696
U. S. Treas. short-term
obligations
9.138.828 3,030,313 1.998,827
Acctsreceiv.under prop.
sales agreement
1,625.000
Other accts. & notes rec.
& sundry sec.& depos. 3,376,342 2,323,557
Cash
6,771,941 1(.925,825 12,377,969 6,679,960
150.806
Marketable securities72,366
Deferred charges
6,727.963 8,335,937 12,140,901 18,330,992
Total
640,528,757 637.185,663 653,091,974 676,956.949
LiabititiesPreferred stock
40,000,000 ••0,000,000 40.000.0v0 4.,000.000
x Common stock
233,672,821 233,672.821 233,672,821 233,672,822
793.333
555.309
Minority int.in subsid
248,996
388,849
Funded debt
79,636,500 91,141,500 117,440,500 125,501,00
15,422,751 12,787,307 1,726,630 17.910,884
Accounts payable
Sundry accruals
1,908,506 2,251,875 3,107,078 2,821,672
Purch. money oblig., &c 2,999.006 7,633,704 13.801,322 13.195.228
Accr.Fed. tax, &c., pay. 3,188.805 2.918,686 5.241,873 4,196.615
Deprec. & deplet., res 265,532,512 244,231,035 226,047,550 21.5,044.196
Special reserve
15,0000,00 15,00(.,100 15,000,000 15,000,000
Deficit
17,081,141 12,840,176 12,501,100 sur18821201
la
Total
640,528,757 637,185,603 653,091,974 676,956,949
x Represented by 13,070,625 no par shares. y Accounts payable only.
Consolidated Statement of Earnings-Quarter Ended March 31.
1931.
1932.
1934.
1933.
$45.400,621 $30,719,411 $37,152,255 $44,213,397
Gross oper. earnings
Expenses
36,997,808 32,166,756 29,315,268 41,267,362
Gross income
Deprec.,depletion, &c
Interest
Minority interest
Net loss
Preferred dividends
$8,402,813 y$1.447,345 $7,836,987 $2,946,035
7,456,993 6,662,772 9.156,664 11,292,880
1,563,692
1,414,717
980,823
1,139,269
Cr7.065
7,906
6,089
Cr9,835
$41.091 $9,239,550 $2,742,301
$9,903,472
550,000
Deficit
$41,091 $9,239.550 42,742,301 $10,453,472
x The above operating loss for the first quarter of 1932 was before taking
credit for a profit of $2,459,458. realizable upon cancellations of its own
debentures, which were purchased for cash during the first quarter.
y Loss.
The profit of Shell Pipe Line Corp., controlled by Shell Union 011 Corp.
for the quarter ended March 31 1934, was $2,471,975 after interset, depreciation, &c., but before Federal taxes, against a profit of $2,586,647 in
the first quarter of 1933.
Cash and marketable securities totaled $30,162,711 on March 31 last,
-V.138. D. 2268.
ag02st $23,806.177 at the end of March a year ago.
.....
..-Earnings.Skelly Oil Co. (Sc Subs.)
11931.
- 1934.
Quar. End. Mar.31
1 02
73
$5,686,484 $3,271,264 • $3,98,249 $4.800,766
Gross earnings
3,786.453
2,629,031
4,526.397 3.147,721
Operating expenses
Cr44,469
10.935 Cr165,314
Other income (net)
212.581
187,560
168.626
154,342
Interest charges
1,578,076
1,335,600
1.353,097
depletion- 1,145,038
Depreciation,
Cr126,436
Disct. on debts. Pureb51,831
Non-operating charges
$776,345
$278.628
$146.655 $1,282,679
Loss for quarter
179,700 •
Preferred dividend
Deficit
-V.137, p. 3340.
$146,655 $1,282,679
$278,628
$956,045
-Shows Loss
(L. C.) Smith & Corona Typewriters, Inc.
for 1933.
While this corporation showed a loss for the full year after depreciation,
this loss was entirely in the first six months, H. W.Smith, President,says.
In the second half the company showed a net income of $84,560 after
depreciation.
In prior years the company took into operations the unrealized profit or
loss on foreign exchange, but this was not done in 1933. Last year the
exchange profit was $83,536-V. 137. p. 4710.
Southern Pacific Co.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138. P. 2942!
1931.
1932.
1934.
1933.
$8,698,334 $6,531,487 89,095,013 $12.519,058
872.209 1,734,231. .
2.241,370
1.068.207
177,040
1,069,429 def369,484
23,813,447 19,144,712 26,359.727 36,285,289
1,815,712 4,377,003 6,814,330
4,817,145
i118,952 2.348.496
1,384,933 def1.864,005
-
-Annual Report for 1933.
Socony-Vacuum Corp.
Herbert L. Pratt, Chairman of the Board, and J. A. Brown
of the Management Committee state in substance:
Results.-Consolidated gross income of the corporation during 1933.
-after eliminating inter-company transactions, was $459,469,313, compared with $450,367,886 in 1932.
Consolidated net profit for the year 1933 was $22,545,462, compared
with $5,320,282 in 1932, and with a net loss of $4,169,248 in 1931. This
was equivalent in 1933 to 71 cents per share on the 31,708.45714 shares of
capital stock outstanding at end of the year. In determining the 1933
net profit there were deducted $36,747,988 for depreciation, depletion
-carried insurance premiums,
and amortization charges; $2,201.298 for self
and $377.209 representing the net equity of minority interests in profits
of subsidiary companies.
Dividends paid during 1933 amounted to $10,829,272. A dividend
of 10 cents per share was paid on March 15 1933. Unsatisfactory conditions existing in industry caused a suspension of further dividends until
Dec. 15 1933, when a dividend of 25 cents per share was paid.
During the year 1933, taxes paid in the United States by Socony,Vacuum
Corp. and subsidiaries, including Federal and State gasoline, lubricating
oil and pipeline taxes, amounted to $70.514.896, compared with $58.510,861
in 1932.
Working Capital.
-Current assets at Dec. 31 1933 were $248.222.545.
or over six times current liabilities, which totaled $39,559,401. Current
assets were $125,350,588 in excess of combined current liabilities and
funded debt. At Dec. 31 1932 current assets were $291,660.044 and
current liabilities, $53,400,215.
Current assets at Dec. 31 1933 included: Cash and marketable securities, $80.447,328; accounts and notes receivable. $48.489,391: inventories of crude oil, refined products, operating materials and supplies,
$119,285,826. Of the accounts receivable, $1,084,823 were loans to
employees. There were no loans to directors of the corporation.
Marketable securities and investments at Dec. 31 1933 were carried
at a cost of $56,890,534. the market value being $55,303,917 on that
date. Inventories of crude oil and refined products were carried at the
lower of cost or replacement market.
Treasury Stock.
-At Dec. 31 1933 there were in the treasury 803,452
shares of capital stock of Socony-Vacuum Corp., carried at cost of acquisition, which averaged slightly under $8.46 per share. Noldividends
were paid on this stock.
3106
Financial Chronicle
Investment in Standard-Vacuum Oil Co.
-In December 1933 the stockholders approved the merger of the marketing business in the Far East
of Socony-Vacuum Corp., with the crude oil producing and refining business of the Standard Oil Co. (N. J.) in the Dutch East Indies. The
merged company is known as the Standard-Vacuum Oil Co. Corporation
owns one-half of the capital stock and the entire issue of $13,093,000 of
bonds. The other half of the capital stock is owned by the Standard
Oil Co.(N. J.).
The investment in Standard-Vacuum Oil Co. at Dec. 31 1933 is shown
in the balance sheet at $75.892,742, which represents the book value
of the assets transferred by Socony-Vacuum Corp. to the new company,
less advances payable. This figure does not include any values for trademarks, trade names, the excess of present property values over original
cost, or any allowance for the good-will built up in the Far East during
the past 40 years. Such values might be estimated and added to corporation's investment in Standard-Vacuum Oil Co., but it is proposed
to eliminate all such items from the corporation's balance sheets.
Fixed Assets.
-Gross fixed assets at Dec. 31 1933 were $838,127,057.
Reserves for depletion, depreciation and amortization were $452,804,731.
or 54% of the gross value. Net fixed assets were $385,322,326.
Good-will and appreciation of properties, previously included in fixed
assets, have been shown separately in the balance sheet this year.
Capital Stock.
-At Dec. 31 1933 there were outstanding 31,708,45734
shares of Socony-Vacuum Corp. capital stock, including the shares in
the treasury. Although the merger of Standard 011 Co. of New York
and Vacuum Oil Co. became effective in July 1931. there are outstanding
2,743 shares of' Vacuum 011 Co. stock not yet preseeted by stockholders
for exchange. The shares of Socony-Vacuum Corp. stock to be issued
in connection with such exchanges are included in the amount of outstanding capital stock.
.5urplus.-Total surplus of $67,688,908 at Dec. 31 1933 included $11,732.203 reserve for insurance, $25,652,814 capital surplus and $30,303,891
earned surplus.
Review of Operations During the Year 1933.-Damestic and foreign
sales volume for the first half of 1933 was below the corresponding period
of 1932 and the price levels were unprofitable. Conditions improved
during the last half of the year, however, to such an extent that the total
sales volume for the 12 months exceeded that of 1932. and the operations
for the full year showed a net profit.
The sales of all crude oil and refined products during 1933 were 105,571,310 barrels of 42 U. S. gallons. Products sold include gasoline, kerosene,
fuel and gas oils, road oils and automotive and industrial lubricating
oils and greases.
Crude Oil Producing Properties.
-Corporation has continued its policy
of co-operation in the effect to conserve crude oil reserves, which has
resulted in operation of its producing properties at less than capacity.
Gross production of crude oil by wholly owned subsidiaries in the United
States during 1933 averaged 105,154 barrels per day. At the close of
the year 6.284 producing oil wells were in operation and 717 oil wells were
shut in. During the year approximately 48,000.000,000 cubic feet of
natural gas was sold. The corporation;owns leases and lands in many
of the principal producing fields in thelUnitediStates of which approx mately 270.000 acres were being actively operated. Approximately
3,614.000 acres of unproven oil and gas rightslinithe UnitediStateslwere
being held for possible future development.
In the Dutch East Indies the Standard-Vacuum merger gives corporation a half interest in important oil production and reserves. Through
its ownership in the Near East Development Corp., the corporation has
a participation of approximately 10%, in substantial crude reserves developed by Iraq Petroleum Co. Affiliated companies have a small crude
oil production in Europe. Corporation and its affiliates are continuing
their efforts to augment their crude oil production reserves in the United
States and abroad.
Pipe Lines.
-Pipe line systems of wholly owned subsidiaries in the United
States include 2,301 miles of gathering lines and 4,687 miles of trunk
lines, through which 66,489,678 barrels of crude oil were handled. The
Mediterranean Pipelines, Ltd., in which" corporation holds an interest
through its investment in the Near East Development Corp., will transport
Iraq crude oil. It is expected that movement of this oil will begin late
in 1934.
Manufacturing.
-Corporation and its subsidiaries operated 18 refineries
in the United States, with a maximum daily capacity of 279,500 barrels
of crude oil and 132,700 barrels of cracking stock. These plants produced approximately 64,000,000 barrels of gasoline, kerosene, gas and
fuel olls, and 4,000,000 barrels oflubricating oils and miscellaneous products
during 1933. There were 22 plants operated during the year for the
manufacture of gasoline from natural gas. The net production of such
natural gasoline was over 42,000,000 gallons. A subsidiary operates paint
mills at Long Island City, N. Y., Beaumont, Tex., and Los Angeles, Calif.
Marine Operations.
-Standard-Vacuum Transportation Co. a wholly
owned subsidiary, dwns or operates under charter a deep-sea fleet of 56
vessels of American and foreign register, with a total dead-weight tonnage
of 660.992 tons. Two American tankers of 15,000 dead-weight tons
each are now under construction. During the year nearly 44,000,000
barrels of crude oil and refined products were transported in coastwise,
intercoastal and °reign business. For inland waterway'and,harbor
transportation the company operated 18 self-propelledibarges, 140 towing
barges and 25 tugs, which handled over 57,000,000 barrels of crude oil
and refined products in 1933. Three additional self-propelled, barges
are under construction.
Foreign Operations.
-The business of Socony-Vacuum is international
in scope and character. In addition to the operations of the corporation
transferred to Standard-Vacuum Oil Co., business is conducted in more
than 40 foreign countries through branches and affiliated companies in
Mexico. South America, Asia Minor, Egypt, North and West Africa
and in all European countries except Russia. In the ArgentinelRepublic
the marketing operations of The Texas Corp. and Vacuum 011 Co. formerly conducted separately, are now carried on by a jointly owned company
which is erecting a refinery at Buenos Aires. In seven European countries refineries are operated by affiliated companies,tincluding a plant
erected and placed in operation in France during 1933.
Notwithstanding increasingly rigid governmental restrictions and
problems presented by fluctuations of currencies of otherjcountries in
terms of the dollar, the 1933 sales and profits in foreign countries as a
whole exceeded those of 1932.
-Co-operation with Federal and State governments and with
Employees.
the oil industry in carrying out the National Recovery program is estimated to have added over 5.000 men to the payroll since July 1 1933.
The number of employees in the United States alone at Dec. 31 1933
was 39.688 compared with 34,905 at the end of 1932. Domestic payrolls for 1933 totaled $60,984,758 compared with $59,885,404 in 1932.
-At the end of the year there were 107,525 stockholders
Stockholders.
of record.
Consolidated Income Account Year Ended Dec. 31 1933.
$459.469,313
Gross operating income
383,945,380
Costs, operating and general expenses
2,201,298
Self-insurance premiums charged
12,862.962
Federal and other taxes
Operating income
Reserved for depletion & lease amortization
Intangible development costs
Depreciation
$60,459.674
3,859,527
2,013,003
30,875,459
Net operating income
-Interest & dividends received
Non-operating income (net)
Miscellaneous income (net)
Profit on foreign exchange
$23,711,686
2,954,445
575,810
1,611,577
Less: Interest paid (other than on funded debt)
$5,141,833
1,562,426
Income before interest & discount on funded debt
Interest & discount on funded debt
$3,579,407
27,291,093
4,368,422
Applicable to minority interest (net)
$22,922,670
377.209
$22,545,462
Net profit accruing to corporation
ies e0.71
Earnings Per share on 31.708,458 shares capital stock_
-In addition to the amount of taxes shown above, $61,838,709
Note.
gasoline and Federal excise taxes. re....1
was paid (or accrued) for State
May 5 1934
Dividends received in 1933 from unconsolidated affiliated companies
exceeded the corporation's equity in the net earnings of such companies
by $334.144.
Consolidated Statement of Surplus Year Ended Dec. 31 1933.
Reserve for insurance-Balance, Dec. 31 1932
$10.584,133
Premiums charged to operations during year
2,201,297
$12,785,431
1,053,228
Losses incurred during year
Balance, Dec. 31 1933
$11,732,202
Capital surplus
-Balance, Dec. 31 1932
25,881,737
Miscell. adjustments during year (net) arising from change
In minority interest
228,923
Balance, Dec. 31 1933
Earned surplus-Balance, Dec. 31 1932
Net profit for year
$25,652,813
24,612,269
22,545,461
Less: Provision for funding past service:annuities
$47.157,731
6,024,567
Less: Dividends paid during year
$41,133,163
10,829,271
Balance, Dec. 31 1933
$30,303,891
Total surplus
$67.688,908
Consolidated Balance Sheet Dec. 31.
1933.
1932.
Assets$
$
Cash
23,556,794
15,573,374
c Marketable securities at cost
56,890,534
63,822,230
Accounts & notes receivable
47,404,568
57,489,025
Crude & ref'd prods, at lower of cost or market 110,086,903 140,793,240
Materials & supplies at cost
9,198,923
12,902,035
Due from employees
1,084.824
1,080,140
d Socony-Vacuum Corp. stock
6,793,455
6,003,520
Investments in & advances to affiliates & others 113,048,080
26,521,940
Real estate, producing properties, pipe lines, refineries, vessels & distributing stations
a385,322,3261. 672.149,125
Good-will, trade marks, &c
228,123.581
1
Prepaid & deferred charges
8,551,296
10.179,540
Total
990,061,283 1,006,514.169
Liabilities
Accounts payable
33,017,924
40,277,186
Taxes payable
6,442,597
7,382.177
Funded debt:
Standard Oil Co. of N. Y.-434% gold debentures
-maturing in 1951
50,000,000
50,000,000
434% serial gold debs.-completely maturing
14,952,000
in 1948
15,993,000
-4;4% serial gold
Magnolia Petroleum Co.
2,602,000
debs.-completely maturing in 1935
4,203,000
-5% 1st
General Petroleum Corp. of Calif.
14,904,600
mtge. s. f. gold bonds
-maturing in 1940
16,356,500
Other funded debt
5,051,000
952,936
Purchase obligations
2,824,373
4,998,314
Deferred credits
5,663,930
1,790,667
Minority int. in cap. stock & surp. of sub. cos
4,973,119
b792,711,438 792,711,738
Capital stock (par $25)
25,652,814
Capital surplus
25,881,737
30.303,891
Earned surplus
24,612,269
11,732.203
Reserve for insurance
10.584,134
990,001,283 1.006,514,169
Total
a After reserves for depletion, depreciation and amortization of $452,804,731. b Includes 6,8574 shares still to be issued. c Market value,
$55,303,916 in 1933 and $63,114,414 in 1932. d803,452 shares at cost
in 1933 (688.766 in 1932).
To Change Name and Reduce Value of Stock So as to Eliminate $228,123,580 Intangibles.
At the annual meeting, in addition to electing directors for the ensuing
year the stockholders will be asked to consider proposals to change the
name of the corporation, to reduce the par value of its capital stock, and
to revise its by-laws. Details of these proposals and the reasons for subaaranOlin
mitting them follow:
1111•00111amilar
. 0.4P 4 we011
0
0
-Because of changed conditions directors think it
To Change Name.
desirable that the parent corporation conduct business directly and under
its own name as far as conditions are suitable, instead of serving primarily
as a holding company as heretofore. With this in view, it is felt that
the corporate name should reflect the nature of the business. Directors
therefore recommend that the name be changed from "Socony-Vacuum
Corp." to "Socony-Vacuum 011 Co., Inc."
• 411011111
-For the purpose of integrating
Reduction of Par Value of Capital Stock.
Its business, Socony-Vacuum Corp. (formerly Standard Oil Co. of New
York) has on several occasions during past years exchanged blocks of its
capital stock for the complementary businesses and properties of other
companies, notably the Vacuum Oil Co. in 1931, the White Eagle Oil &
Refining Co.in 1930.the General Petroleum Corp.in 1926 and the Magnolia
Petroleum Co. in 1925. The Vacuum Oil Co., prior to merger with your
corporation, had also acquired several properties in this manner.
As a result of these transactions Socony-Vacuum Corp. received in
some cases intangible assets attaching to the companies acquired, such as
trade marks, trade names, licenses and other values commonly termed
good-will, and in other cases certain tangible assets carried on the books
of the selling companies at appreciated valuess at the time of sale. No
change in the book value of these assets has been made by the corporation
since their acquisition and directors feel that this is an appropriate time
to take steps to write them off in part or in whole so that the balance
sheet of the corporation will not reflect values for these intangible assets
or for appreciation of these tangible assets. The items under consideration have been segregated on the consolidated balance sheet as at Dec. 31
1933 under the caption "good-will and appreciation of properties (including
2
trade marks and trade names)" and amount to $ 28,123,580. To write
off this amount gradually against earnings would,for a long time to come,
result in charges against earned surplus otherwise available for dividends
and it is felt that this would neither be in the best interest of the stockholders nor conform with good accounting practice.
Directors therefore recommend the reduction of the par value of the
capital stock (including the stock now outstanding) from $25 to $15 per
share and the immediate elimination of the entire $228,123,581 by writing
it off against the capital surplus thus made available. This change will
not in any way affect the value of the proportionate interest of the stockholders in the assets and earnings of the company.
By-Laws.
-The original by-laws were adopted in 1882, and since then
amendments have been made from time to time in many provisions to
meet changing needs. Other provisions have been retained although
their usefulness has long been outlived. Directors feel the present by-laws
as a whole are antiquated and do not readily meet the requirements of
a large operating company. They recommend a complete revision of the
by-laws.
411.1
a.•
s-
15-cent Dividend Declared.-
A dividend of 15 cents per share was declared on the capital stock, par
$25, payable June 15 to holders of record May 11. A like amount was paid
on March 15 last, while on Dec. 15 1933 distribution of 25 cents per share
was made which was the first since March 15 1933 when the last quarterly
-V.138. p.2762.
payable of 10 cents per share was made.
Southern Pacific SS. Lines.
-Earnings.--
.
MarchGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 138, p. 2268.
1934.
$401,854
def12,663
def13,595
1933.
1932.
$329,043
$395,185
def69,101 def123,941
def69,993 def125.310
1931.
$560,005
def81,353
def82,705
1,022,651
878,842 1,169,330
1,537,488
def198,752 def266,120 def355,332 def318,725
def201,483 def272,033 def358,374 def322.783
Financial C4ironicIe
Volume 138
4---'
-Trading Suspended 0'
-----Szrthern Bankers Securities Corp.
Baltimore Stock Exchange has suspended from trading the common
and p ella,ed stock and the
0 bonds due 1938, because of failure to
furnish stockholders and the Exchange with current financial statements.
- 132. P. 2603.
V.
Southern Public Utilities Co.-Eainings.[Incl. Salisbury . Spencer Ky.]
8t
Period End. Jan.31- 1934
-Month-1933. 1934-12 Mos.-1933.
Grossincome
$1,065,419 $1,022,433 $12.682,940 $12,905,530
Oper.exps.,incl. taxes
660.498 8,656,224 8,554,689
719.737
426.738
426,504
General expense
26,551
38,937
Renewals & repl. reserve
128,182
127.108 1.528,430 1,512,180
Interest on underlying &
347,634
311.906
divisional bonds
27,712
25,567
Int. on S. P. U.00.5%
824,350
824,350
bonds
68.695
68,695
Profit
-V. 137, p. 2637.
$84,297
$111,865
$935.523 $1.239,937
Spokane International Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 138, P. 2427.
1934.
$36,885
def1,568
def6,903
1933.
$28.929
def13,976
def20,248
1932.
$41,000
def13,692
def22,183
1931..9
$66.031
13,882
6,159
103,135
def7,569
def25,572
84,264
def36.677
def56,340
132,850
def29.158
def54,276
182.214
22.646
def2,387
Spokane Portland & Seattle Ry.-Earnings.-MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Grose from railway
Net from railway
Net after rents
- 138, P. 2427.
V.
1934.1 31.
9
$495,323
$387,i50
$276,g66
$482,722
146.645
77,865
48,876
231,871
56,572
152,765 def32,136 def10,195
786,859
1,152,150
126,944
461,599
231,293 defI15,537
1.137.927
247,969
def9,636
1,398,991
376,7_45
92,246
-11
•-•••
-Earns.
(& Subs.).
Standard Fruit & Steamship Corp.
3 Months Ended March 31Operating loss
Depreciation
Net loss
- 138, p. 1063.
V.
1934.
$99,657
221,744
"1932.
1933.
$160,417prof$174,425
247,631
256.874
$321,401
$417,291 prof$73,205
-Earnings.
Standard Oil Co. of Calif.
1930.
1931.
Calendar Years1932.
1933.
Operating income
526,501,473 $30,747,401 $31,864,406 $55,673,961
Non-operating income_ _Dr1,497,393 1,360,504
1,368.510 3,401,347
Total net income
$25,004,080 $32,107,905 $33.232.916 $59,075,308
Deprec., depl. & amort. 17,143.177 17,341,913 18,023,323 19,330,007
650.000 2,070,000
Income tax (estimated). 6300,000
751.000
Net profit to surplus_ $7,560,903 $14,014,992 $14,559,593 $37,675,301
Surplus beginning of yr-223,272,324 235,662,653 253,135,219 253,389,103
608,765
Adjustments
745.091
Dr804,385 Dr179,521
Total surplus
$230,028.842 $249498,124 $268439.903 $291673,169
Subs. co pref. dividend_
20,000
20.000
20,000
Parent co. cash dividend 16.378,625 26,205,800 32,757.250 32,114,950
Stock
6,423,000
Surplus end of year.a$213.630,217 $223272,324 $235662,653 $253135.219
Shs. cap.stock (no par)- 13.102.900 13,102,900 13,102,900 13,102.900
Earnings per share
$1.11
$2.93
$1.07
$0.58
a Of which $174,268,157 capital surplus and $39.362,059 earned surplus.
b Includes reserve for contingencies.
Consolidated Balance Sheet Dec. 31.
1933.
1932
1933.
1932.
Assets
Liabilities
Cash
16,899,308 11,906,766 Accts. payable_ 4,469,737 3,756,227
Accts.receivable 20,287,527 19,776,868 Gasoline tax pay 1,145,391 1,086,877
Matket. secur
1,400,000
5,680,089 2,351,294 Notes pay. subs.
Invent.,oils
42,429,150 48,464,025 Purchase money
Invent., mat. dr
1,066,667
obligations...
supplies
6,154,444 5,955,243 Fed, excise tax
Invent.
-other
1,113,475
347,441
payable
merchandise _
579,247
613,064 Acct. Dab.(Fed.
0th. curr. assets
743,000
78.437
139,313 tax)
Inv. in non-affil.
89,306
94,378
Other curr. liab.
companies
623,133
333,351
9,488,875 9,499,960 Deferred credits.
Inv.In affil cos. 13,555,659 14,131,955 Gen.ins. reserve 11,801,294 11,567,848
a Fixed assets_ _446,139,368 458,666,507 Ftes, for empis.
Prepd.&def.chgs 6,466.960 6,504,618 benefits
2,060,000 2,060,000
Res.for canting. 4,854,000 4,309,000
Pref.stk. of sub.
company
400,000
400,000
b Capital stock_327,572,500 327,572,500
Capital surplus_174,268,157 173,639,330
Earned surplus_ 39,362.059 49,632,995
Total
567,759,054 578,009,615 Total
567.759,054 578,009,615
a After reserve for depreciation and depletion of $243,244.149 in 1933
and $233,960.059 in 1932. b 13.102.900 no par shares.
Quar. End. Mar.31.
1934.
1933.
1932.
1931.
Operating income
$7,465,701 $3,562,230 $7.193,819 38,563,116
Other income
236,068
108,067
248,005
670,214
Total income
$7,701,769 $3,454,163 $7,441,824 $9,233,330
Deprec., depl. & amort- 4,128,178 4,173,150 4,321,583 4,598,720
Federal taxes
250,000
190,000
266,000
Net profit
$3,323,591 loss$718,987 $2,930,241 $4,368,610
Sibs. cap.stk.out.(no par) 13.102,900 13,102,900 13,102.900 13,102,900
Earnings per share
$0.22
$0.25
Nil
$0.33
-V. 138, P. 1582.
Staten Island Edison Corp.
-To Extend Bonds.
-
Arrangements are being made with the holders of $3,318,000 ref. and
improvement 6s, due May 14 to extend them to various dates viz.: Nov. 14
1934, Feb. 14 and April 14 1935, at the same rate of interest. Holders
who will not consent to the extension will receive payment in cash on
-V. 138. P. 2763.
maturity date.
Studebaker Corp.(& Subs.).
-Earnings.
-x Earnings for Three Months Ended March 31 1934.
$10,654.336
Net sales
Profit from sales after deducting costs and expenses
172.698
Depreciation
23,404
481,606
Repairs and replacements
Loss
Interest received (net)
$332,312
2,679
$329,633
Net loss from receiver's operations
x Report of receivers for Studebaker Corp. and Rockne Motors Corp.
and principal subsidiaries (excluding White Motor Co.).
In the first quarter of 1933 there was a net loss of $3.156.206 after deducting proportionate share of net losses of White Motor Co. and PierceArrow Motor Car Co.against which there is no comparative figure this year.
-V,138, p. 2592.
3107
-AG
ring Brewers, Inc.-ymitted to List.
'Pin 1%.1"_ew York Produce Exchange as admitted to the list the common
stock Par $1).-V. 137, p. 329.
Stone & Webster, Inc.(& Subs.).
-Earnings.
Period End. Mar.31- 1934-3 Mos.-1933.
1934-12 Mos.-1933.
Consol. gross earnings__$12,106,120 $11,895,042 $47,262,665 $50,367.069
Bal. available for pref.
dlv. requirements_-- 1,435,676 1,732,437 5,014,853 8,023.777
Pref, div. requirements
6,867.708 6,867.671
-V. 138, p.2098, 1930, 1762, 1735.
Superior Steel Corp.-Earnings.Quer End.March 31.
Net sales
Expenses, &c
1932.
1931.
8548,350 $1,028,442
630,918 1.111,261
1934.
$952,683
897,525
1933.
$358,548
460,904
prof$55,1581
5,228
$102,356
5,220
$82,568
8.891
$82.819
15,519
Loss
prof$60,386
Deprec.,int., tax res. &c
66,652
$97,136
x75,201
$73.677
x76,967
$67,300
x77.128
Loss
Other income
$144,428
Net loss
$172,337
$150,644
$6,266
xIncludes inventory and other adjustments.
Current assets as of March 31 last including $214,732 cash, amounted
to 81,337,864 and current liabilities were $305,374. This compares with
cash and Government securities of $385,423, current assets of P.113,832
and current liabilities of $173,589 on March 31 1933. Inventories amounted
to $814.554 against $606,581.-V. 138, p. 2098.
Sweets Co. of America, Inc.
-Earnings.
Calendar YearsNet sales
Expenses, costs, &c
1933.
$717.585
732,772
1932.
1930.
1931.
$585,483 $1,089,325 $1,192.672
1.032,244
630,709
934,656
$154.669
13.649
$160,427
28,756
Gross income
loss$15,187 loes$37.207
Income charges,&c
41.599
91,903
Loss sale of treas. stock_
29,736
Federal taxes
$168,318
42.9421
$189,184
Net profit
Dividends
$113,107
76.243
Operating profit
Other income
loss$15,187 loss$45.226
8,019
loss$86,522 los4129,110
22.229
62.873
12,268j
$126,311
99.991
$26,320
Balance, surplus
$36.864
def$86,522 def$151,339
100.000
78.280
Shs.cap.stk.out.(par$50)
82,201
79,076
$1.26
Earnings per share
$1.44
Nil
Nil
Comparative Balance Sheet Dec. 31.
1932.
1932.
Liabilities1933.
Assets
1933.
$23,901
$41.724 Accounts payable. $46,372
$34,756
Cash
47.378 Accr.items, wages,
42,099
Acets receivable
7,389
3,994
2,551
13,134 interest, &c____
Adv. empfs' acct.
.
100,000
81 Mtges. payable... 100,000
Notes receivable._
10.499
27,158 Res. for contingles
35,417
Mdse. inventory
2,500
2,500
42,822 Due to sub. co__ __
4,281
Deferred charges
Capital stock
1,045,955 1,009,884
L'd, bldgs., mach.,
93,265
592,139 Capital surplus...
equipment, &c_ x345,564
116,530
Invest.in subs_ __
2,500
2,500Earned surplus def321.184
Trade-marks. pat503,766
503,766
ents, &c
Total
$970,933 $1,270,704 Total
$970,933 $1,270,704
x Afteirdr3preciation of $158.658.-V. 138.p. 2943.-
-Tenders.
Syracuse Lighting Corp., Inc.
Holders of the 1st & ref. mtge. :gold bonds, 53 % series due 1954, are
,
4
being notified that the Chase National Bank of the City of New York.
as successor trustee, is inviting offers for the sale to the sinking fund, at
prices not exceeding 105 and int., of a sufficient amount of these bonds to
exhaust $31,846 held in the sinking fund. Proposals, wnich should be sent
to the bank, 11 Broad St., N.Y. City, will be received up to noon. May 11
-Period End:March 31- 1934.-3 Mos.-1933. 1934-12 Mos.-1933.
Operating revenues
$2,414,440 $1,860,613 $8.485,439 $7,447.733
Operating revenue deduc 1,698,227 x1.250,411 6,041,571 x4,985.108
Operating income- --Non-operating inc., net.
$716,213
409
$610,202 $2.443,868 $2,462,625
1,708
401
1,602
Gross income
Deduce.from gross Inc
$716,622
300.646
$610,603 $2,445,470 $2,464,333
314,085
1,227,552 1,185.023
Net income
$415.975 4296,518 $1.217.918 41.279,310
x Changed to give effect to major adjustments made later in the year 1933.
-V.138. P. 683•
Telautograph Corp.-Earnings.1931.
1932.
Quer. End. Mar. 31.
1934.
1933.
Net profit after deprec..
$91,912
$85.556
Federal taxes, itc__ ._
$71,423
$46,989
Earns.per sh.on 228,760
40.40
$40.37
shs. core. stk. tpar $5)
$0.20
x$0.31
x No par shares.
Toe balance sheet as of March 31 1934 shows total assets of 82,646.884.
comparing with $2.6 8,822 on Dec. 31 1933 and earned surplus of 8482,138
against earned stu plus of $485,110. Cash on March 31, last• was $111.411.
-V.138. p. 1414.
Tennessee Ce tral Ry.-Earnings.-.
March
Grose from railway
Net from railway
Net after rents
From Jan 1- '
Gross from railway
Net from railway
Net after rents
-V.138, p. 2764.
1934.
$191,509
55,486
35,882
1933.
$148,061
27.594
10,642
1932.
$178,496
36,520
17,874
1931.
$233,074
36.028
12,693
560.711
171,844
108,253
476,805
117,118
61,179
515,034
102,070
50.245
685,038
93.051
27,585
-16% Rate Cut Ordered.Tennessee Public Service Co.
Thb Tennessee P. U. Commission has ordered a 16% reduction in the
electric Oates of this company, a subsidiary of the National Power & Light
Co., amounting to about $230.000 annually.
This reduction had been contemplated for some time but had been held
in abeyance by the Commission in the hope tnat the City of Knoxville.
Tenn., and the Public Service company would get together on the question
concerning the city's entrance into tne sale of electricity.
Such a development the Commission now believes is "hopeless' and
ordered the company to reduce rates so consumers would not have to wait
until the Knoxville plant is constructed-about two years-for lower rates.
The Commission intimated also that construction of a distribution plant
by the city might be halted by litigation.
-V.138, p.2592.
-Tenders.
-Terre Haute Traction & Light Co.
The State Street Trust Co., trustee, Boston. Mass., will until 12 o'clock
noon May 15, receive bids for the sale to it of 1st consol. mtge. 5% gold
bonds dated May 1 1904, to an amount sufficient to exhaust $40,462.V. 136. p. 3346.
Texas Mexican Ry.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Grose from railway
Net from railway
Net after rents
-V. 138. P. 2428.
1934.
$73,564
32,622
25,100
1933.
$449,215
def5,756
def13,019
1932.
$51,299
8,664
1,448
1931.
3106.265
17,829
8,183
204,578
51,437
27,562
152.731
def10,076
def32.862
145.447
3.326
def20,689
247.966
def1.273
def32.I05
3108
Financia
Texas Gulf Producing Co.
-23/2% Stock Dividend.
The directors have declared a 23.i% stock dividend on the no par value
common stock payble June 16 to holders of record May 18. A similar
distribution was made on this issue on March 31 last and on Feb.25. May 27.
Aug. 31 and Dec. 23 1932.-V. 138, p. 2498. .
Texas & New Orleans RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 2270.
1931.
1934.
1932.
1933.
$2.674,225 82,152,828 $2,778,820 $3,909,118
535.773
491,438
151,404
304,308
192,171
54,798 def282,373 def152,965
7,432,954 6,341,697 8.244.568 11.718.191
1.081,147
701.769 1,463,901
337,264
102,547
def205,924 def928,427 def667,983
Texas Pacific Coal & Oil Co.(& Subs.).
-Earnings.
Quarter Ending March 31
Gross earnings
Expenses
1934.
$896,079
765.269
Operating profit
Other income & non-recurring income
$130.809 def$84,741
6,313
5,917
Gross Income
Deductions
Reserves for depreciation, depletion, &c
$136,726 def$78,428
59,510
51,383
115,045
124,908
1933.
$766,334
851.074
Deficit
8252,983
$39,566
Note.
-March 31 1933 quarterly figures are not comparable with figures
previously published because those figures did not include certain subsidiaries.
-V. 138, p. 2944.
-Earnings.
(John R.) Thompson Co.(& Subs.).
Calendar YearsSales
Cost and expense
1931.
1932.
1930.
1933.
$10,935,245 $12.151.021 814,360.331 $14,943,517
10.409.517 11,084.413 12.865,262 13.523.261
Operating income..
Other income
$525.727 81,066,607 81.495,069 81.420,256
273,452
113,347
7,770
97.825
Total income
Federal taxes '
Other deductions
Deprec. and amortiza'n_
$623.552 $1,179,954 $1,502,839 $1,693,708
126,000
149,800
58,000
402,673
320,917
431.712
472,635
417.323
488.245
Net income
Common dividends
def$185,610
223,556
$287,570
297.534
8904.203 81,126.585
375,000
945,000
$529.203
8409,166 def$9,964
Surplus
Profit and loss surplus_ _ 5.218,319 7.127,484 7,472.586
Shs.corn. out.(par $25).
300,000
300,000
298.556
Earns, per sh. on corn..
$0.95
$3.01
Nil
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1933.
LiabilitiesAssets$
$
:
Prop. dr equip.. 9,425,036 9,688,738 Common stock- - 7.500,000
Good-will, &c_ _ _ _ 4,000,000 4,000,000 Accounts payable_ 214,603
5,853
843,129 Res.for inc. taxes_
Securities owned_ - 473,851
31,058
32,572 Insurance reserve_ 266,305
ACCt8. & notes rec _
20,197
236,472
Inventories
195,848 Res. for conting._
20,427
16,951 Fur. money mtges. 140,000
Accrued interest. _
36,100
36,100 Mtge. due in 1934. 128,500
Reacq.stk.(at par)
946,879
Cash
999,807 Accrued dividends
Accrued taxes, inDeposits as secur716,415
169,355
187,151 terest, &c
ity on leases_ _ _
Deferred income
22,177
Due from employ.
134.325 Capital surplus_ _ 1,500,000
for stock purch_ 134,044
5,218,319
66,231
63,798 Earned surplus
Maicell. assets_ _ _ _
75,813
Tax anticip. warr.
117,103
101,177
Deferred assets
$181,585
6.997,674
300,000
$3.75
Chronicle
May 5 1934
''Calendar Years1932.
1930.
1933.
1931.
Manufacturing profit.-- $7,312,196 $3,383,809 $7,112,935 $13,242,953
Selling, adminis. & general, &c., expenses_ -- 1,896,324
1,904,675 2,640,165 3,409,596
Operating profit
Other income
$5,415,872 $1,479,134 $4,472,770 $9,833,357
547,290
534,519
619,470
553,760
Total income
$5,963,162. 82.013,653 85.026,530 $10,452,827
Depreciation
1,863,321
1,974,975 1,946,969 1,992,885
Federal taxes
435,000
210,000
890,000
Other deductions
221,732
221,101
298,317
45,821
Idle plant expenses
275,825
298,408
Prov.for Canad. inc. tax
1,995
Special reserve provisions a 994,433
Net profit
Dividends
$2,172,851 loss$482,828 $2,571,242 $7,524,122
1,687,966 3,315,803 6,029,365 7,236,424
Surplus
$484,885 def$3798631 def$3458123
$287,698
Shs. capital stock outstanding (no par) -- 2.411,380 2,411,380 2,411,638 2,411.842
Earnings per share
$0.90
Nil
83.12
$1.06
x Consisting of $325,000 securities owned (largely governmental).
property not now used in operations. $200,000 investments in
$230,393
and advances to affiliated companies and $239,039 miscellaneous assets,
including contracts for housing, restricted bank balances, etc.
Consolidated Balance Sheet Dec 31.
1933.
1932.
1932.
Assets$
$
$
x Property acct._ _17,287,787 18,768,735 y Capital stock _ _ _ 6,000,000 6,000,000
Cash
1,497,168 1,345,207 Accts. payable_ _ 1,010,755
425,812
Securities owned _12,713,091 12,211,172 Accr. taxes, dm_ _ _ 561,395
86,400
22,397
20,781 Reserve for conNotes,&c., receiv _
551,334 tingencies, &c_ _ 1,055,689 1,055,689
Accts.receivable 1,522,387
7.073,746 4,927,406 Surplus
Inventories
34,079,610 33,505,895
2,437,946 2,955,999
Other assets
152,928
293,161
Deferred charges
42.707,449 41,073,797 Total
Total
42,707,449 41,073,797
x After depreciation. &c.amount ng to $15,507,644 in 1933 and $14,042,129 in 1932. y Represented by 2,411.380 no par shares.
Earnings for Quarters Enrkd March 31.
1934.
1933.
1932.
1931.
Net profit after deprec.
Federal taxes, &c--- - 81,278.199 loss$276.066
$217.617 81,314,639
Shares corn, stock out
standing (no par)____ 2,411,380
2,411.380 2.411.638 2,411,842
Nil
Earnings per share... _
$0.53
$0.09
$0.54
-V. 137. p. 3510.
Toledo Peoria & Western RR.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 2270.
1934.1931.
$112,d87
$145,876
$116,167
8133,129
29,077
18.396
18.983
25,425
13,677
6,777
7,950
15,122
1932.
401,025
317,961
325,437
388,093
75,057
59,042
46,918
76,097
7.500,000
28,180
24,457
16,053
45,347
214,335
68,342
220,530 ----Trask Timber Co.
-To Pay Bondholders 25 Cents on the
20,197
268,500
Dollar.
A meeting of all holders of 1st mtge. 6% gold bonds, dated Dec. 15 1926.
75,000
is to be held on June 18 at the Detroit Trust Co., 201 West Fort St., Detroit,
Mich., for the purpose of voting upon a proposal by virtue of which all
799,557
bondholders will,be enabled to procure 25 cents on the dollar of face value
5,651
of their bonds in cash in lieu of the security afforedd by the property
1,500,000
subject to the indenture of trust and certain provisions will be effected to
5,627,484
subject certain properties of certain of the guarantors of said bonds to the
obligation owing to said holders of said bonds.
The Detroit Trust Co. further stated:
"It is deemed advisable to submit this proposal to bondholders by reason
15,732.369 16,299,597 Total
15,732,369 16,299,597
Total
of the fact that an extremely disastrous fire caused a vast amount of damage
x After deducting 84.666.824 for depreciation and amortization in 1933
to the timber covered by the trust indenture securing these bonds, and has
and $4,178,240 in 1932.-V. 138. p. 2098.
thereby greatly reduced the value of the security.
-V. 124. p. 806.
Thompson Products, Inc. (& Subs.).
-Earnings.
Calendar Years1933.
a Manufacturing profit_ $1,168,144
Sell., gen. & adm. expo_
790,b69
Other deductions
47,251
Int. paid,less int. earned
24,945
Depreciation
125.601
Federal taxes
6.000
Net profit
Previous surplus
Adjustments, &c
1932.
1931.
1930.
8863.967 81.131,338 81,518,845
779,960
889,260
989,347
Cr2.964
70.944
112,451
20.569
11.392
8,411
248,500
266,580
281.550
21,000
$173,678 loss$182,098 log4106.838
1.610.838 1,857,664 2.300,90
34.638
8106.087
2,867,162
Total surplus
81,819.154 $1.675,566 82.194.131 82,973.249
Preferred dividends_
26,164
26,905
Common dividends
310,302
626.724
Adj. of mach.& eq. acct.
910.764
64.728
Expenses of Thompson
Products, Ltd
18,651
Balance, surplus
8908,390 81.610.838 81,857.664 82,300.969
Earns.per sn.on 263.160
she. com.stk.(no par)
Nil
Nil
$0.56
10.30
a After deducting cost of goods sold, including materials, labor and
factory expense.
Consolidated Balance Sheet Dec. 31.
1933.
1932.
Assets1933.
1932.
Cash
,
$211,871 $161,720
$
Notes, &c., pay.- 8231,527 $293,085
Notes, accpts. &
accts. receivable 425.367
355,916 Accounts payable_ 270,050
208,174
39,567
876,217
809,278 Accrued accounts_
20,648
Inventory
Treasury stock
114,372
114,372 Special agreem. for
per. of equip... 124,507
150,437
Officers & person'l
6,918
8,333
83,891 Res. for empl. ins_
corp. accts. rec.
49,984
96,000
Land contract pay.
132,000
Sundry accts. rec.,
88,340
103,460 7% pref.stock.... 365,400
368,700
deposits, &c_ _ _ _
60,675 x Common stock__ 2,631,600 2,631,600
Inv. in MM. cos
60,675
Capital surplus_
Land, bldgs., ma633,731
chinery, &c _ _ _ 1,958,022 3.458,577 Profit & loss surplus
908,390 1,610,838
Good-will, patent
823,756
826,698
rights, &c
65,356
80,959
Prepaid expo., &c..
Total
$4.673,960 $6,055,548 Total
64,673,960 $6,055,548
x Represented by 263,160 shares of no par value (incl. 6,297 shs. in treesnry).-V. 138, p. 2270.
Tide Water Oil Co.
-Six New Directors.- _
Six additional directors were elected at the annual meeting held on May 2.
They are Henry W. De Forest, H. Paul Grimm, Elisha Walker, J. Paul
Getty, George N. Armsby and Paul Shoup. All the retiring directors,
except Henry S. Sturgis, were elected. Mr. Sturgis was not a candidate
for re-election.
A recent amendment to the by-laws increased the directorate to 12
-V. 138, p. 2944.
members from eight.
-Dividend Rate Increased.
Timken Roller Bearing Co.
The directors on May 1 declared a quarterly dividend of 25 cents per
share on toe capital stock, no par value, payable June 5 to holders of record
May 18. This compares with 15 cents per share distributed on tois issue
each quarter from June 5 1933 to and incl. March 5 1934 and with 25 cents
per share previously paid.
Trico Products Corp.-Earnings.Quar. End. Mar. 31Net profit after charges
and taxes
Shares com, stock outstanding (no par)
Earnings per share
-V. 137, p. 3340.
1934.
1933.
1932.
1931.
$550.769
8170.757
$356,459
$514,262
374,991
$1.47
374.991
$0.45
374,991
$0.95
374.991
$1.37
1933.
$336.181
1932.
$359.303
-Earnings.
Truscon Steel Co.
3 Months Ended Mar.31Net loss after depreciation, taxes. &c_
1934.
$146,100
Receives Government Order.
The company has received an order for 2,000 tons of reinforcing bars
from the Federal Government to cost approximately 8100,000.-V. 138, Ir•
1931, 1762.
Union Electric Light & Power Co. of Illinois.
-Earns.
1934.
1933.
12 Mos.End. Mar.311932.
1931.
$3.891.204 $3,891,263 33,884.411 33,887,511
Operating revenues
25,413
Operating expenses
25,961
35,000
36.803
Net oper. revenues_ _ _ $3,865,24.3 $3,865,851 $3,849,411 $3,860,708
40.194
Non-operating revenues_
23.850
10,930
423
Gross income
83,905,437 $3,889,701 $3,860,341 83,851,132
464,864
Interest charges, net...
479,140
713.392
1,112.294
Appropr.for deprec. res. 1,008.830
1,008.846
1,007,070
1,007,873
$2,431,743 $2,401,714 82,139,881 81,730,965
Balance
480,000
Preferred dividends__ _ _
480,000
480.000
480.000
Balance for corn, diva.
31,951,743 $1,921.714 81,659,881 81,250,965
and surplus
Comparative Consolidated Balance Sheet.
Mar.31 '34. Dec.31 '33.
Mar.31 '34. Dec.31'33.
Assetss
•
Property & plant_ 36,042,457 36,028,707 Preferred stock__ 8,000,000 8.000,000
Common stock...l2,500,000 12,500,000
Cash on dep. with
128,438 Funded debt
trustees
7,500,000 7,625,000
Due from attn. cos. 2,168,169 1,699,568 Interest payable._
210,251
Deposits for pay't
Dividends payabie
120,000
Sundry curl. Bab
of matured int.,
123,554
866
122,681
326,814 Taxes accrued_ _ _
862.361
801,379
5,948 Interest accrued
2,562
Prepaid accounts_
103,125
mnIts
Balance in ,
Retirement reserve 6,575,356 6,290,907
closed or under
Other reserves....
2,395
2,601
823
restriction_ _ _ _ .
Surplus
3,501,650 3,480,746
Bond and expense
842,277
on securities.... 831,748
Total
39,168,442 39.031,751
-V.138, p. 1562.
Total
39,168,442 39,031,751
Union Street Ry. of New Bedford, Mass.
-Earnings.
-
(As reported to the Massachusetts Department of Public Utilities.)
Quer. End. Mar. 311934.
1933.
1932.
1931.
Rev, passengers carried_ 3,022,084 2,470,657 3,057,170 3,657,636
Average fare
6.6c.
6.4c.
6.5c.
6.7c.
Net loss after charges_ _ _
811,862
$29.229
$35,157
39,458
-V. 138. p. 862.
Volume
Union Pacific
MarchGross from railway
Net from railway
Net after rents
From Jan IGross from railway
Net from railway
Net after rents
-V.138. p.2944.
3109
Financial Chronicle
13P
-Earnings.RR.
1934.
$5,278,008
1.457,834
806,564
1933.
$3,970,161
1.086,445
626,587
1932.
$5,323,471
1.764,969
1,100.172
1931.
$7,509,115
2,055,248
1.142.795
14,594.644
4,017,345
2,089,565
11,328,439
2,595.078
1.275,383
15,211,026
4,279,843
2,422.562
21.084.671
5.772,612
3.220,388
-Earnings.United American Bosch Corp.(& Subs.).
1930.
1931.
1932,
1933.
Calendar YearsNet sales
$3,440,557 $3,004,006 $6,323,085 $10,901,870
6,982,927 11.114,385
3,374,274
3,210,512
Costs & expenses
Profit on Eisemann Fund
Cr78,769 Cr328,515
claim
400,164
292,141
265.101
124,214
Depreciation
574,039
574.699
Additional reserves
681,471
Federal taxes
571,786
Unapplied burden
68,850
Loss from operation of
18,084
Chicopee Realty Corp
75,273
Miscell. charge-offs- 29,564
$365,635
Net loss
$10,665 51,857;128 $1,447,253 -.
b Federal taxes of Robert Bosch Magneto Co., Inc.
March 31.
Consolidated Income Account Quarter Ended
1932.
1933.
1934.
$709,143
$457,300
$1,288,042
Net sales
Net profit after charges, deprec.,
58,124 1os876,503 loss306,259
under applied burden
•
Earnings per share on 278,399 shares
Nil
Nil
$0.21
capital stock (no par)
The income account for the quarter ended March 31 1934 follows: Net
sales $1,288,042; costa and expenses $1,251,237; depreciation $33,321;
Profit $3,484; overappiied burden $54,640; net profit $58,124.
The balance sheet as of March 31 1934 shows total assets of $5,087,562.
and capital surplus of $1,401.729. Current assets as of March 31, including
$87,367 cash, amounted to $2,568,503 and current liabilities were $1,007,524. Inventories totaled $1,650,768.
Balance Sheet Dec. 31.
1932.
1933.
Liabilities1932.
Assets1933.
z Capital stock...$2,580.000 52.580.000
Y Real est., plant,
304,048
equimn't.&c-..$2,072,8l8 $2,099,019 Accts. payable _ _ _ 402.387
250.000
1 Conting. res.. &c. 100,000
1
Pat. & trac., &c _ _
183.929 Notes & trade acCash
134,958
146.296
312.585
cept. payable__ _
Notes & accts. re67,589
117,896
301.226 Accr'd accounts_ _
539,404
celvable, &c___ _
94.896 Capital surplus. _ _ 1.343,605 1,308.444
m Iscell. receivles_
79,471
1,645,414 1,700,867
Inventories
Cash surrender val.
7,094
insur. policies_ _
5,295
238,124
Govt.claims, Arc. _
238,125
31,220
140,988
Deferred charges_ _
54,856.475 54,656.379
Total
Total
$4,856.475 $44,656,379
-V. 138.
x Represented by 278,399 no par shares. y After depreciation.
P• 700.
-The operating accounts of foreign subsidiaries included in this
Note.
statement were converted into United States dollars at the exchange rates
prevailing Dec. 31, or par of exchange, whichever was lower.
Balance Sheet March 31.
Liabilities1933.
1934.
Asset,'$321,345 $235,753 Accounts payable_
Cash
Accrued expenses.
Accts., notes, ScFederal & foram
cent. and drafts
taxes, estimated
266,372
receivable, net.. 594,381
-year 6% cony.
695,069 10
754,517
Mdse. Inventories_
debentures
101.131
60,206
U. S. Govt. obilz.
11,57f: Minority int. In
14,976
value of life Insur.
sub. companies_
255,324
402,617
Other assets
Deferred income_ _
, Land, bides., milI Common stock__
chinery AZ equip.
(less deprecia'n) 2,116,115 2,102,819 Surplus
Licenses, patents,
3
3
&c.36.75(.
44,234
Deferred assets_ _ _
1934.
$181,394
87,761
1933.
577.338
41,757
66,801
4,068
1,726,0(0 1,800,000
115.659
118,179
9,706
40,222
1,000,0001 1,656,272
1,088,038f
84 308,395 33.704.799
Total
54.305,395 53,704.799
Total
-V. 138. p. 2429.
x Represented by 250,000 shares of no par value.
-Earnings.
United Chemicals, Inc. (& Subs.).
Dec. 30 '33. Dec. 31 '32. Jan. 2 '32. Dec. 27 '30.
Years Ended$1,177,032 $1.120.688 $5,089,549 $6,356,154
Net sales
3,111.020
832,649
871,075
Cost of sales
799,303
714.780
278,124
/41,915
Sell. & adm.expenses.-66.130
137,395
6,693
35.452
Other deductions, net.468,217
497.376
139.834
159,003
Depreciation.
99,897
86,874
x4.394
x12,677
Pros', for Federal taxes.
Net profit for year. _ loss$143,090 loss$141,009
Portion of net profit apCr62,270
Cr11,963
plicable to min. int.__
Balance applicable to
United Chem.,inc_loss$131.127 loss$78,739
40,073
Dividends paid
$542,103
$815.123
259,877
338.972
$282,226
315,838
$476,150
345.450
$33,612 sur$130,700
$118,812
$131,127
Deficit
Earnings per share on
$1.28
Nil
Nil
Nil
corn. stock (no par). _
x Taxes other than Federal income.
Comparative Balance Sheet.
Dec. 30'33. Dec. 31 '32.
LiabilitiesDec.30'33. Dec.31 '32.
Assets$97.773
$96,582 Accts. & notes pay $83,596
$176,898
Cash
979
Reserve for taxes.
Marketable seen*
11.093
7,245
653,578 Deferred credits _ _
482,446
ties at cost
143,810 Min. int. in subs.:
Accts. & notes rec. 156,709
272,700
Preferred stock. 272.700
333,400
354.136
Inventories
859,751
Corn. stk.& surp 860,686
7,430
4,564
Interest receivable
1,916.700 1,025.275
154,428 13 pref. stock
111.505
Deferred charges
Permanent Invest _ d959,242 1,002,709 Comrr on stock_._c2.812,643 2.888.804
a1,875,887 1,934,430
Fixed assets
Patents, contracts,
794.167
798,302
good-will. &c_ _ _
34.860
34,860
Organization exps_
$4.954,550 $5,155,395
Total
$4,954,550 $5,155.395
Total
a After depreciation of $482,622. b Represented by 36,668 no par shares..
1931.c Represented by 102,000 no par shares. d94,740 shares Westvaco
1932.
Calendar Years1933.
-V. 137. P. 3511.
Chlorine Products Corp. common stock at book value.
Gross profit
$6,841,609 $7,080,222 $8,754,236 $9,174,929
6.653,620 ----i
6,492.054
5,818.203
-Admitted to List.32_,
Expenses & depreciation 5.427.858
ed Cigar Stores Co. of America.
"L
5
The ew York Stock ExchangOhas admitted to the list the $100 par
Operating profit
$1,413,752 $1,262,019 $2,262,182 $2,521,309
-V. 138, p. 294 .
stock.
preferr
49,297
51,160
47,726
Other income
48,232
-Earnings.
United Drug, Inc.(& Subs.).
Total income
$1,461,984 $1,309,745 $2,313,343 $2,570.606
235,563
221,888
215,512
Interest
Earnings for 3 Months Ended March 31 1934.
217.017
$436,378
283,145
265,613
Federal and State taxes_
149,047
195,496
Net income after all charges and Federal taxes
50.31
46.835
46,844
Other deductions
36.828
34,669
Earnings per share on 1,400,560 she. capital stock (par $5)-.- -V.138, p. 1931.
Net profit
$908,357 $1,778,997 $2,005,062
$1,014,802
116,050
109,385
102,739
Preferred dividends- - - _
99,902
-Earnings.
United Securities, Ltd.
771.500
929.311
Common dividends
900,650
765.552
1931.
1932.
1933.
1934.
Years End. Mar. 31$740,301 $1,117,512
Surplus
$149,348 def$95,032
$10,400
$1,170
$1,839
$852
Interest on loans
Sim. common stock out95,185
101,785
97,584
94,653
Interest on bonds
470,766
450,325
standing (no par)_ _ __
450,325
450.325
406,739
413.456
386,649
359,925
Divs. from investments_
$4.01
$3.71
Earnings per share
$1.79
$2.03
24
117
50
62
Miscellaneous income_ _ _
Note.
-The income statement for the quarter ended March 31 1934 was
Published in V. 138, p. 2765.
$512,348
$486,122 $ 516.529
Total income
$4455,492
18,569
49,645
53,928
29,942
Expenses
Consolidated Balance Sheet Dec. 31.
277,745
273,996
270,041
265,865
Interest on bonds
1932.
1933.
1933.
1932.
S
AssetsLfabiltries$
$
$216,032
$192,888
$162,152
$159,684
Balance, surplus
241.797
Cash
746,665 Accounts payable. 276,903
600,506
102,522
102,522
102,522
102.522
Common dividends
Investments
28,254 Notes payable. _ _ - 300,000
31,282
277.934
300,541
Cash surrender val.
Accruals
$113,510
$90,366
$59,630
Balance, surplus
$57,162
011ie Insurance _
69,931 Linb. in connection
91,778
Balance Sheet March 31.
Notes & accts. rec _
with employ.stk.
897.050
930,515
413,281
Inventories
purchase plan _ _ 345,401
1933.
1.606.553 1,249,259
1934.
1933.
1934.
Employees' stock
Amount pay, new
$
$
LinbflUfes$
Assets$
445.492
Purchase plan _. 345,751
plant
449,621
z Investments_ _ _ _10,189,579 10,226,860 Common stock_ _ _ 5,126,173 5,126,173
Return. containers
-year 6% deben15
4,815.000 4,892,000
1,289 Funded debt
Prepaid charges__
racks, &c
3,040,000 3,200.000
ture bonds
50,078
4,249
50,311
7,461
95,000 Accts. pay.& accr.
Callloans
22,000
y Land, buildings,
86,856
Reserves
87,415
24 Res. for American
99
Accts. receivable. _
machinery and
7% cum.cony, pre22,388
5,732
exch. on bd. int.
2,468
78,453
Cash In bank
equipment,&c.- 6,696,648 6,754,942
ferred stock. _
1,399.800 1,433.600
112.108
558
618 Acer. int. on bonds 110,344
Trustees accounts.
Construction work
x Common stock &
25,631
25,631
121,332 Div. payable
121,696
Accr. div.& int
In progress
600,492
Initial surplus. _10.349,080 10.349.080
265,043
322.045
Surplus
Other assets
59,113
45,431 Earned surplus_ _ _ 3.360,952 3,258,880
Cost of stock of
10.412,385 10,447.592
Total
10,412,385 10,447.592
Total
subsidiaries _ _ _ 8,800,660 8,800,660
x Market value March 31 1934 was approximately $7,133,000 ($5,176,026
Deferred charges
91,976
169,536
in 19331.-V. 136, p. 4087.
Total
19,905,584 19,261.428
19,905.584 19,261,428
Total
-Earnings.=
United Dyewood Corp. (8c Subs.).
x Represented by 450,325 no par shares, y After depreciation and
1930.
1931.
1932.
1933.
Calendar Yearsobsolescence of$ .620,170 in 1933 and $4.429,853in 1932.-V. 13 P 276
4
56,108.5481
Net sales
Not reported
4,490,184
Cost ofsales
-United Carbon Co.-ensgular Common Dividen
Selling, gen., &c. exp_ - _ 1,448,533
Retire
Stock
-Earnings.United Biscuit Co. of America(& Subs.).
Preferred
The directors on Ap
30 declared the regular quarterly dividend of 44
cents per share on the common stock, no par value, payable July 2 to
holders of record June 16. The stock is on a $1.75 per share annual dividend basis. A payment of 43 cents per share was paid on April 2 last, as
against 40 cents per share on Jan. 2 1934 and 25 cents per share on Oct.
2 1933.
All of the outstanding 7% non-cum. pref. stock, par $100, have been
called for redemption as of July $ next at 110 and 011113. at the Guaranty
Trust Co. of New York, 140 Broadway, N. Y. City. On March 31 1934
there were outstanding 16,326 shares of this stock.
1934.
Quar. End. Mar.311933.
.1932.
1931.
$517,342
Total income after taxes_
$230,745
$287,625
$229,875
207.479
Depreciation & depletion
158.65./
169.078
207.618
$3309,863
Profit_
$128,970
561,667
$22,257
Current assets as of March 31 last, including $1,080.116 cash, amounted
to $3.499.213, and current liabilities were $473,872. This compares
with cash of $313,389, current assets of $3,110.806. and current liabilities
of $456,419 on March 311933.-V. 138, p. 1763.
United-Carr Fastener Corp.(& Subs.).
-Earnings.
3 Mos.End. ar 31
Gross profit from oper
Commercial expenses...
NetsundrY charges
Depreciation
Minority interests
Debenture interest (net)
Income taxes
1934
$472,075
166,837
37,954
54.315
546
19,393
30,425
Cense'. et income...
$162.604
19331932..
$180.026
5215,812
104,820
124,458
30,334
18,250
46,347
45,675
Cr2,167
249
22,743
24,755
1,644
1,028
$247,875
141,224
23,313
48,718
1,251
27,870
3,703
$781
$1,796
def$23,078
Operating profit
Other income
$169,831 1068533,191
21,636
173,059
5340,140
32.836
5575,985
13,774
$589,759
$372.977
$342,890 loss$11,555
Total income
138.243
98,574
93.803
85,397
Depreciation
73,365
73,388
39,253
Federal taxes
62.769
45,700
64,429
Miscell. deductions
19,575
General reserve
86.324
Other appropriations
$209.482
$155,314
Net income
$257,493 loss$209,040
13.576
9.245
11,404
Equity of min. lot
16,369
275.112
268,485
252,357
7% preferred dividends_
241.204
$79,206
$122.416
$472,801
Deficit
$81
Note.
-Income accounts of foreign subsidiaries have been converted at
average rates of exchange prevailing during 1933. with the exception of
depreciation converted at equivalent of U. S. dollar cost.
Capital Surplus Account Year Ended Dec. 311933.
Balance, Dec. 31 1932, representing excess of par value over
5291.441
cost of treasury stock purchased prior to 1933
141,306
Excess of par value over cost of treasury stock purchased in 1933
Reduction in par value of common stock to $10 per share to
provide additional capital surplus for the purpose of writing
down investments in subsidiaries
12.526.470
Total
$12,959,217
Amounts by which investments in capital stock of subsidiary
companies were written down as at Dec. 31 1933
12.951,592
Balance, Dec. 31 1933
$7,625
3110
Financial Chronicle
Consolidated Earned Surplus Account, Year Ended Dec. 31 1933.
-Balance
Dec. 31 1932, $2,362,981. Add prior period adjustments representing
cancelation of reserves not required, revision of charges for exchange
fluctuations, &c., $895,324; total; $3,258,305. Deduct: Surplus balances
of subsidiaries at date of acquisition of their capital stocks, eliminated from
earned surplus, $368.094: excess of par value over cost of treasury stock
purchased, transferred to capital surplus, $291,441; provision for French
dividend tax, payable when as and if surplus of French subsidairy is remitted to parent company, $169,405; sundry prior period charges,including
adjustments of inventories, experimental costs written off, settlement of
litigation, &c.. $184,909; net portion of above adjustments, credited to
minority interests in subsidiaries, $41.964; balance Dec. 31 1932, as
adjusted, $2,202,492. Net profit for the year 1933. $241,123. Parent
company's portion of increase in net current assets in foreign countries
due to fluctuations in foreign exchange during 1933 ($1,059,649; less provision for parent company's portion of amount by which net current assets
included in balance sheet at current rates of exchange exceed same if converted at approximately $4.86 per pound sterling and 50.039 per French
franc, $793,386; net increase, $276.264) total, $2,719,878. Dividends paid,
$241,204; balance Dec. 31 1933, 52,478,674.
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
Assets$
$
Liabilities$
$
Plant property_ _ _ 1,194,387 1,758,176 Preferred stock_ _ _ 4,500,000 4,500,000
Cash
910,394
526,494 Common stock_ _ _ 1,391,000 13,918,300
Securities
262,933
461,049 Min. int. in subs.
Bills & accts. rec.. 1,020,396 1,111,327
companies
137,805
110,904
Inventories
3 037.776 2,261,144 Bank acceptances. 301,226
Invest. & advances 421,370
20,364
169,606 Ldters of credit_ _
Cash for pref. div_
62,534 Bonuses & commis. 117,802
56,047
Good-will, patents,
38,048
Taxes
605,696
&c
2,331,710 13,887,639 Notes & accts. pay 421,678
62,534
56,047
Pref. stk. in treas.
Pref. dive. pay_(at par)
4,943
1,297,300
927,600 Susp. cred. items_
Res've for deprec.,
Prepaid insurance,
421,694
conting.,&c.
taxes, &c
40,601
14,260
362,981
807,220 Consol. surplus
Deterred debitx1,101,818
Reserves
7,625
Capital surplus_
Earned surplus... 2,478.674
10,572,915 21,059,452
Total
10,572,915 21,059,452
Total
x As follows: Reserve for amount by which net current assets of foreign
subs at Dec. 31 1933 rate of exchange exceed same if converted at $4.86
per pound and 50.039 French Bank, 3851,967: reserve accumulated to
Dec. 31 1933 for possible fire loss, &c. in subs, not carrying full insurance
coverage $80.447; reserve for foreign div. tax payable when, as and if
surplus of foreign subs. is remitted to parent company, $169,405.-V.
137, p.4711.
-Output Higher.
United Gas Improvement Co.
Apr. 28'34. Apr.21 '34. Apr.29'33.
Weeks EndedElec. output of U. G.I. Syst.(kwh.)- 67,520,019 67,908,897 60,890,543
-V. 138. p. 2945.
May 5 1934
United States Playing Card Co.
-Dividends Earned.
President Arthur R. Morgan, at the annual meeting,stated that earnings
for the first quarter were in excess of dividend requirements and were
larger than for the first quarter of 1933. The company is increasing its
percentage of total card business, Mr. Morgan stated, and the outlook
has been improved by the trend toward higher-quality cards.
Mr. Morgan said that the management was giving careful attention to
the manufacture of other lines, but that no decision nas yet been made.
-V. 138, p. 1583.
United Steel Works Corp. (Germany).
-Bonds
Drawn
for Redemption.
Dillon, Read & Co.,fiscal agent, announces tnat $300,000 of the 25
-Year
634% s. f. mtge. bonds, series A, on $108,000 of the same issue, series C
have been drawn for redemption on June 1 out of moneys to be paid before
that date to the fiscal agent for sinking fund purposes. Payment will be
made at par and int. at the office of Dillon, Read & Co. in New York. At
tne option of holders, principal and interest may be collected in sterling at
the office of J. Henry Schroder & Co.at the exchange rate prevailing on the
date of presentation.
Dillon, Read & Co., April 30 stated:"We are advised by counsel that,
under the terms of toe law of the German Government of June 9 1933, the
United Steel Works Corp. is required to make interest and sinking fund
payments on the bonds above referred to in reichmarks to the Conversion
Bank for Foreign Debts, a German public corporation, for the account of
the person or persons entitled to receive such payments under the terms of
-V.138, p. 2767.
the indenture and supplemental indenture."
United Verde Extension Mining Co.
-Status.
April 2 1934.
April 1 1933.
Cash on hand
$334,962
$2,085,452
Marketable securities
1,238,554
a3,014,958
Other investments
b219,010
317,734
a Cost $3,264,498. b Cost 51,126,447.-V. 138, P. 2598.
Utah Ry.-Earnings.1934.
March$43,015
Gross from railway
1.290
Net from railway
def14,892
Net after rents
From Jan
181,252
Gross from railway
41.712
Net from railway
def13,001
Net after rents
-V. 138, p. 2271.
1933.
$80,392
27,255
10,291
1932.
$87,823
22,510
5,143
1931. •
$99,404
28,128
9.653
368.336
162.022
86,316
402,410
160,336
80,608
407.262
140,117
69,112
-Earnings.
Utica Gas & Electric Co.(& Subs.).
1934-12 Mos.-1933.
Period End. March 31 1934-3 Mos.-1933.
51,253,825 $1,240,060 $4,855.658 $5,003,030
Operating revenues
2,915,677
2,944,767
702,704
755,269
Oper.rev. deductions.-$537,356 $1,910,891 $2,087,353
Operating income__ -- $498.556
1,598
947
568
3,368
Non-oper.income, net..
$537,924 $1,914,258 $2,088,951
$499,503
Gross income
981,116
989,055
242,841
250.555
gross IncDeducts.from
$933,142 $1,099,896
$256,662
$287.369
Net income
-V.136, P. 3724.
U. S. Distributing Corp.(& Subs.).
-Earnings.
Calendar Years1933.
1932.
1931.
1930.
Sales and oper. revenue..$21,262,375 524,943,282 $31,780,154 $37,293,814 "-Smaller Final
' iV*1.1
Venezuelan Oil Concessions, Ltd.
19,611,015 23,248,536 29,843,616 35,041,048
Cost of sales, &c
declared a final dividend of 6%, less tax, on t
irectors
The directors have d
Gen.& admin. expenses..
852.493
913,166
969,915
936.578
l
shares, making a total of 10% for the year 1933, compared witk
1234% in the preceding year.
_
Net profit from oper. $798,867
$781,581
$966,623 $1,316,188
The final dividend paid a year ago amounted to 734%.-V. 1.36, p. 2991.
Other income (net)
140,115
267.185
224,707
610,634
-Extra Dividend.
" Vick Chemical, Inc. (Del.).
Total
$1,066,052 $1,392,215 51,191,330 $1,456,303
The directors on May 4 declared an extra dividend of 10 cents per shar
Deprec., depletion, &c
428,565
476,245
590,510
616,471
in addition to the usual quarterly dividend of 50 cents per share on the
Int. paid (less received)_
297,021
404.257
347,495
394.060
capital stock, par 55, both payable June 1 to holders of record May 16.
Federal taxes
45.000
Like amounts were paid on March 1 last and on Dec. 1 1933.-V. 138. IL
Minority interest
Cr576
1763.
Net profit
5686,292
$71,284
5367,590
$381,684
Vicksburg Bridge & Terminal Co. Protective Committee
Surplus, Jan. 1
2,029,547
1,879,607
1,602,700
1,933,806
x Excess of par value.-13,920
119,600
32,000
86.800
Opposes Independent Bondholders' Committee.
Miscellaneous adjust_
6,310
The committee for the first mortgage 6% sinking fund gold bonds, o
Total
$2,037,692 $2,016,384 52,427,307 $2,729,759
which John J. Shinners IS Chairman, in a letter to the holders of the bonds
Divs. Pattison &Browns,
states in part:
Inc.. prior pref. stock_
12,000
18,000
6,000
A committee known as "independent bondholders' committee" has filed
Divs. Corp. pref. stock_
724,682
with the Federal Trade Commission in Washington a registration statement
Excess of cost of cap.stk.
enclosing a form of deposit agreement, and is now soliciting the deposit of
of sub. co. acquired
bonds under such agreement.
over book value
51,300
We strongly recommend that you give careful scrutiny to its terms in
Loss on abandoned mines
488,617
order that you may appreciate what your rights and liabilities will be if
Adjustment (net)
130,776
323,990
1,971
you deposit your bonds under the broad provisions of that agreement.
Res. for contingencies
300.000
We wish particularly to call your attention to the fact that the so-called
Surplus, Dec. 31
"independent committee," in calling for the deposit of bonds under its
51,737,692 $1,879,607 51.602.700 51.933.806
deposit agreement, has failed to present a plan for the reorganization of
x Of preferred stock over stated value of common issued in conversion
the financial affairs of the Bridge company. Under these circumstances,
thereof.
those who deposit must contribute to the expenses of the committee as proConsolidated Balance Sheet Dec. 31.
vided by the terms of the agreement, if they seek to withdraw their bonds
1933.
1932.
1933.
1932.
upon the subsequent announcement by the "independent committee" of
Assets$
$
Liabilities$
any specific plan of reorganization.
x Prop., plant and
Preferred stock...10,037,200 10,145,700
The documents filed in Washington show only one of the six members of
equipment
15,960,258 16,357.334 z Common stock._ 2,000,252 1.978,552
the "independent committee" to be the owner of any bonds. This gentleCash
294,282
368,095 Bonds & mtges_ __ 3,103,435 3,495,800
man (C. L. Warner) owns $3,000 of bonds. Three of the members of the
y Notes & accts.
Notes payable.... 4,535,156 5,296,418
Shinners committee personally own $145,000 principal amount of bonds
receivable
4,379.673 5,314,214 Accounts payable
and the other members directly represent trust estates, institutions and (or)
Inventories
1,612,357 1,513,340
and accrued __ 1,922,814 1,589,763
individuals owning bonds of the principal amount of $202,500.
Comp. ins, funds,
Contr.liabior pur.
We also wish to advise you that one of the members of the so-called "incash ez marketof cap. stock_ _ _
154,000
306,500
dependent committee" is a party complainant in the proceedings filed in
172,815 Prey. for Federal
178,954
able securities_ _
the Federal Court at Mississippi under which receivers were appointed for
Leaseholds & impt.
taxes, &c
116,034
122,000
the Bridge company.
201,588 Unearned income.
to leased prop'y 164,830
15,997
15,997
We urgently recommend that you do not deposit your bonds with any
36,975
8,192 Deferred liabilities 309,131
Accr. int. receiv._
336,460
committee until we may have an opportunity to recommend a definite
324,000 Conting. reserve
Inv. in attn. cos_ _ 324,000
300,000
course of action. We feel that caution by the bondholders at this time will
66,845 Surplus
Other investments 109,019
1,737,692 1,879,607
-V. 138, p. 2078.
best serve their respective interests.
685,014
885,396
Other assets
1
1
Good-will
Virginian Ry.-Earnings.155,359
Deferred charges.. 285,972
March1934.
1932.
1933.
19 1772
6
3
Gross from railway
$1,313,431 $1,037,766 81,307,942 $1,30 ,.
Total
24,231,718 25,166,798
Total
24,231,718 25,166,798
522.763
656,964
Net from railway
727,163
486,410
442,919
x After reserves for depreciation and depletion of $3,714,919 in 1933
Net after rents
421,292
548.478
625,463
and $3,340,672 in 1932. y After reserve of $149.491 in 1933 and $140.168
From Jan 13,977,153
In 1932. z Represented by 400,05034 shares (no par) in 1933 and 395.Gross from railway
3,729,240
3.337,013
3.736,726
71934 in 1932.-V. 137, p. 3511.
Net from railway
1,858.123
1,741.101
2.031,742
1.672,008
1,481.132
Net after rents
1,446,136
1.564.493
1,782.492
United States & International Securities Corp.
- -V. 138. p.2946.
Comparative Balance Sheet.-
.
Mar.31'34. Dec.31 33.
$
Assets$
291,605
41.508
Cash
310,000
Short-term credit. 310,000
Accts. rec., accr'd
6,162
Interest. &c...._ 294,139
a Secure, at cost._42,113,025 42,305,138
Mar,31'34. Dee.31'33.
Accts. payable.._
46,650
6,534
Reserved for taxes
20,750
14,500
Demand loan pay_
150,000
b First pref. stock23,980,000 23,712,000
c Second pref. stk. 500,000
500,000
d Spec'l reserve__ 9,475,000 9,475,000
e Common stock24,855
24,855
Capital surplus.._.10.038,574 10,703,858
Operating deficit- 1,477,157 1,523,842
Total
42,758,673 42,912,905
42,758,673 42,912,905
Total
a The aggregate value of securities owned based on market quotations
was less than the above book value by approximately $17,875.000 in
March and 520,976,000 in December. b Represented by 239,800 (247.000
in December) no par $5 div, shares. c Represented by 100,000 no par $5
div. shares. d Set up out of amount paid in cash by subscribers to 2d pref.
stock. e Represented by 2,485,543 no par shares.
-Cumulative dividends are in arrears on the first pref. stock from
Note.
Nov. 1 1930 and the 2d pref. stock from May 1 1930.-V. 138. p. 2598.
-Trading Suspended.
United States Mortgage Co.
The Baltimore Stock Exchange has suspended from dealing the common
of failure to furnish stockholders ahd the-Exchange with
stock because
current financial statements.
Corp.-yading Suspended.
Vibe New York Produce Exchange as suspended from trading the ($1
par)
al stock.
-V. 137. p. 886.d
"Vollmer Brewing
(Hiram)
Walket-Gooderham
&
Worts, Ltd.
-New
Director.
The Peoria (Ill.) distillery will go into production in May, it was stated.
George T. Chisholm of Osier, Hammond & Co., Toronto, was added
to the board of directors.
-V. 138. p. 1583.
-Larger Quarterly Div.
Washington Ry.& Electric Co.
A quarterly dividend of $3 per share has been declared on the common
stock, par $100, payable June 1 to holders of record May 17. Regular
quarterly dividends of $1.75 per share were paid on this issue from Sept. 1
1927 to and ind. Marcn 1 1'44, while on March 10 last the company
also made an extra distribution of $20 per share.
-V. 138, p. 1919.
Wabash Ry.-Annual Report.
General Statistics for Calendar.
32 Years.
1933.
1931.
1930.
Fr't (tons) car'd 1 mile 3,030.718,995 3003596501 4180439536 5237266000
5.010809
Aver.rec. per ton per m- $.010457
8.009933
$.009976
Rev, freight car'd (tons) 12,705,620 12,860,939 16,554,157 21,405,516
783,686
587,005
Rev, passengers carried1,535,155
1,173.049
96,332,343 116,203,246 157,015.443 188,805.733
Pass.carried 1 mile
$.02101
5.02192
Rev,per pass, per mile
3.02538
8.02838
Financial Chronicle
Volume 138
Income Account Years Ended Dec. 31.
1933.
1932.
1931.
1930.
Aver, mileage operated2,471.97
2,523.83
2,523.83
2,520.87
Freight revenue
$31,691,927 832,466.114 841,525,531 $52,247,176
Passenger. .
2.546,7323,984,708 5,359.000
Mail
719,530
831,650
873,381
904,777
Express
408,696
529,284
876,562 1,192,121
Miscellaneous
1,362,450 1.411,853 1.903.143 2,267,677
Total oper.revenues_ _836,207,016 $37,785,634 $49,163,326 $61,970,752
ExpensesMaint.of way & struct-- $4,360,051 $4,602,831 $5,421,979 $7,621.983
Maint. of equipment
6,148,120 6,255.128 9,052.868 10,317.394
TraMc
1,549.75s 1.824,757 2,343,357 2,272,975
Transportation
13,977,602 15,991,915 22,197.142 24,311,522
Miscell. operations
319.175
156.191
392,868
206,850
General
2.736.483 2,470.258
1.469,28.3 1,847.901
Transp, for investment_
Cr46,752 Cr137,237
83,636
Cr44,482
Total oper. expenses_ -$27,577,369 $30,684,901 $42,024,255 $47,249,762
Net rev. ry. oper
8,629.647 7,100,732 7.139.071 14.720,990
Tax accruals
1,817,106 2,387.722 2,631.176 2,626,506
Uncollectible _
22,375
14,286
8,883
20,613
Operating income_
Other oper.income
_ *6,803,658 $4,692.397 $4,485,520 $12,080,198
710,413
684,954
635,454
672,871
Total oper.income_ _ - $7,439,112 $5.365,267 85,170,474 $12,790,611
Hire offreight cars
-Dr. 2,421.493 2.568,284 3,123,274 2.791.861
Joint facility rents
2,103.672 2.100,562 2,211,575 2,041,286
Oth.deduc.fr. open Inc245,789
202,620
171,752
168,455
Net oper.income
$2.745,490
2;524,669 def$366,995 $7,711,675
Non-operating income.971.059 3,384,148
845,382
523,423
Grossincome
$604,065 $11,095.821
$3,268,913 $1,370,051
Rent for lease of roads
359.568
356.902
354,940
356,956
Int.on funded debt
7,046,640 6,826,755 6,787.348 6,643,264
Int. on unfunded debt410,471
218,213
789,373
549,743
0th.deduc.fr.gross Inc100,089
93,020
72,679
138.630
Net loss
$44.823,058 $6,673,695 $7,050,746 prf$3781755
Dividends paid
3,691,485
Deficit
$4,823,058 $6,673.695 $7,050,746 sur$90.270
Shares of common stock
outstanding (par 8100)
667.340
667.440
667,864
704,961
Earnings per share
Nil
$0.29
Nil
Nil
Comparative Balance Sheet Dec. 31.
1932.
1933.
Assets$
$
Investment in road and equipment
293,929,579 298,884.392
Improvements on leased railway property
24,102
Sinking fund
4,116
10,111
Deposits in lieu of mortgaged property sold
9.222
523
Miscellaneous physical property
2,053,398 2,058,699
Investment in affiliated companies
13,901,177 13.713.891
Other investments
25,153,124 25,139.587
Cash_.
2,941,449 2.226,235
---Special deposits
6.298
3,865
Loansand bills receivable
4.024
8,961
Traffic and car service balances receivable
743,364
744,483
Net balance receivable from agents & conductors
646,943
646,511
Miscellaneous accounts receivable
2,143,438 2,087,250
Material and supplies
1,820.273 3,043,2/3
Interest and dividends receivable
1,299,944 1.297.595
Rents receivable
58,901
54,941
Other current assets
34,293
24.850
Workingfund advances
227.438
97.848
Insurance and other funds
47,298
47.798
Other deferred assets
4,288
4.288
Rentsand insurance premiums paid in advance...-•
65,629
89,093
Other unadjusted debits
998.958 1,200,489
Securities issued or stemmed, unpledg•ed
383,406
383,406
Securities issued or assumed.
1,545.924 1,545,924
Pledged
Total
347,892,885 353.447,544
LiabilitiesCapital stock
138,492.967 138,492.967
Funded debt
156,715,771 156,042.335
Traffic and ear service balances payable
2,154,410
1.613,211
Audited accounts and wages payable
1.372,004 1,415,720
Miscellaneous accounts payable
283,405
418,722
x Interest matured,unpaid
6.329,069 3,260.98
Dividends matured,unpaid
1.6
1.6209
Funded debt matured, unpaid
7,200
Unmatured interest accrued
2,176,346 2,138,986
Unmatured rents accrued
464,437
445.939
Other current liabilities
148,677
127,186
Deferred liabilities
956.384 1,016.440
Tax liability
1,701,851
1,952.166
Accrued depreciation
18.410.926 18.178,602
Other unadjusted credits;
1,317.8.33 1,264,326
Corporate surplus-additions to property
668,915
659.359
Profit and loss balance
17,104.275 26,006.509
Total _____________
_
_________ 347,892,885 353,447,544
x Includes interest
_
_ general mtge bonds due
1932 and subsequent in 1933, $6,033,030 and 33,016,515 in 1932. Feb. 1
May 1 Interest on 1st Mtge. 5% Gold Bonds Paid.
-
The interest due May 1 1934 on
Wabash Ry. 1st
bonds due 1939 was paid on that date the 138, p. 2946. mtge. 5% gold
-V.
West Virginia Coal 8z Coke Corp.
-Earnings.
-
3 Months Ended March 311934.
1933.
Production-tons
625,251
546.147
Gross profit on coal sales
$154.428
$55,192
Other operating profit and income
207,193
153.142
Gross profit from operations
$361,621
$97,949
Selling, administrative and general
117.936
97.052
expenses
Interest on funded debt
14.6281
Depreciation and depletion
127,7591
142.914
Provision for Federal income taxes
14.000
Net profit
387.297 loss$142,017
Earns, per sh. on 400,000 shs. cap. stk.(no
$0.22
Nil
par)...
As a result of the purchase and retirement of a block of
stock amounting to 114,684 shares, as reported in the 1933 the company's
annual report.
the capital stock and surplus accounts of the company have been adjusted
as reflected in the following condensed consolidated balance sheet as of
March 311934:
Consolidated Balance Sheet March 31 1934.
Assets
LiabititieqCash
$399,236 Vouchers & accts. payable... $293,545
Accts. & notes rec. (net)
769,223 Accrued interest & taxes
86,727
Inventories
317,114 Equipment purchase notes_ _ _
69,500
Prepd. accr. & other Items_ 114.422 Operating reserves
51,471
Investments
61,446 Funded debt
1,036,100
Fixed assets-(Less deprec. of
Reserve for contingencies
434,588
82,844,155)
6,043.732 x Capital stock
5,103,066
Surplus
542.878
Earnings for current year
87,297
Total
$7,705,173 Total
$7,705,173
x Represented by 400,000 no par shares.
-V. 131, p. 288.
Western Electric Co.
-Sells Loew Stock.
-
The company has disposed in the open market of roughly 164,000 shares
of its total holdings of 264,000 shares of Loew'si Inc., leaving a balance
of about 100,000 shares still held. It Is understood teat this balance is
not being offered for sale at the present time. The holdings were originally
3111
acquired as a result of Western Electric Co.'s holdings of Film Securities
Corp. notes -V. 138. p. 1553.
•
Walgreen Company (& Subs.).
-Earnings.
-
6 Mos.End. Mar.31- 1934.
1933.
1932.
1931.
Net sales
$26,583,664 $21,563,193 325,072,280 $26,061,014
Costs, expenses, &c..-- 25,363.362 20,961,545 24,214.306 25,124,130
Operating profit
$1,220,301
$936,884
8601,648
$857,974
Other income
109,878
138.445
85,630
128,717
Total income
81,330,180
$986.691 31.075.329
$687.278
Other charges
141,934
145,952
176.305
154,745
Federal taxes
103,050
19,174
64.690
22,840
Net profit
$1,085,196
8522.152
$855.894
$787.546
Sub. preferred dividends
.1,072
11,095
2,948
20.479
Walgreen pref. dividends
132,847
131,713
157,500
137.560
Common dividends
379,546
190.756
Surplus
Shares corn, stock outstanding (no par)_ Earnings per share
$571,729
$196,735
8629.507
759.435
760.315
801.980
$1.25
$0.51
80.78
Balance Sheet March 31.
1934.
1933.
1934.
AssetsLiabilities
$
$
a Land, buildings,
6).6% pref stock _ _ 4,084,700
.
equip., &c
6,070,552 6,440,171 bCommon stock__ 5,524,402
Cash
1,326,629 1,133,898 Stocks of sub. cos_
32,354
Accts.. notes.,&c.,
1,950,939
Accts. pay
receivable
333,867
306,826 Empl.invest. ctts_
31,100
Negot. warehouse
Accr. salaries. &c. 300.682
receipts
171,758
Fed, tax reserve
501,112
Inventories
7.735,265 6,050,032 Fur, money ()Mfg_
Mtges.& notes rec.
Earned surplus_ _ _ 4,596,384
(not current)
265,964
328,640
Cash value insur.
policies
151,236
131,531
Investments other
cos., at cost_
419,171
418,166
c Invest. MM.cos.
at cost
200,000
200,000
Good-will, &c__ _ _
1
1
Prepaid items__
347,230
465,941
$687.299
858.409
$0.80
1933.
4.139.400
5.536.490
83,021
1.491.978
31,100
193,152
361,711
16.750
3,621.605
Total
17,021,675 15,475,207 Total
17,021.675 15.475.208
a After depreciation of $3.989,396 in 1934 and $3,470,88.5 in 1933.
b Represented by 759,435 no par shares in 1934 and 760,315 in 1933.
c Represented by 2,000 shares of preferred stock of Walgreen Managers'
Investment Co.
-V. 138, p. 2598.
Western Dairy Products Co.
(& Subs.).-Earnings.Quar. End. Mar. 31- 1934.
1932.
1931.
1933.
Net sales
$2,865,004 32,662,566 $3,490,103 $44.517,719
Costs and expenses
2,839.858 2,614.568 3,380.570 4.043.808
Operating profit
$25.146
$473,911
$447.998 - $109,533
Other income
1,428
2.387
2,999
4.558
Total income
826,574
$50,385
$114.096
$476.910
Depreciation
126.302
104,957
142.460
127,276
Interest
89,106
89,908
92.004
101.005
Federal taxes
1,698
28,013
Net loss before subsidiary dividends_ -- $188,834
$105,189prof$205.432
$146,178
-V. 138. p. 1931.
Western Pacific RR.-Earnings.MarchGross from railway
Net from railway
Net after rents _____..
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 2946.
1934.
1933.
3896.267
8632,675
172,975
def18,261
78,723 def 80,640
1932.
1931.
$765,482 $1,020,421
def22,167
def12.689
def98,086 def83.918
2,366,819
1,810,436
2,311,821
2,782,041
358,331
def98,994 defl24,783
22,563
110,102 def312,519 def39,657 def236,399
Western Ry. of Alabama.-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, P. 2272.
1934.
8120.673
4
def5,070
1933.
$104,132
def889
def2.217
1932.
3121.921
4.262
def159
1931.
$183,020
34.779
27.781
346,180
11,684
1.409
296,458
def12,444
def18.695
359,964
def19,302
def34.625
525.204
51.563
35.309
Westinghouse Air Brake Co.(& Subs.).
-Earnings.
-3 Mos.End. Mar.311934.
Net profit after depreciation, taxes, &c___ _loss8271,723
Earnings per share on
capital stock (no par)
Nil
-V. 138, p. 2947.
1933.
1932.
1931.
817,290
8379,594
3990.529
$0.01
$0.12
$00.31
Westvaco Chlorine Products Corp.(& Subs.).
-Earns.
3 Months Ended March 311932.
1934.
1933.
Net pralt after deprec., Fed. tax., &c. $160.314
$109,046
$ 93.984
Earnings per sh. on 284,962 shs.
conunon stock (no par)
$0.24
$0.19
$0.42
Current assets as of March 31 1934, including $462.650 cash and Government securities, amounted to $1,448,526 and current liabilities were
$326,746. This compares with cash and Government securities of $312.824.
current assets of $1,204,925 and current liabilities of $154,884 on March 31
1933.-V. 137. p. 3341, 2992.
Western Maryland Ry.-Earnings.Period End. Mar.31- 1934-Month-1933.
1934-3 Mos.-1933.
Operating revenues
$915,673 $3,731.624 $2,730,723
31.416.739
Net oper. revenue
1,360,079
1,014.630
513.435
340.766
Net ry. oper. income...
271,778
474,294
814,100
1,225,416
Other income
8.784
24,306
37,333
13.463
Gross income
$285.241 $1,249,722
$483,078
$851.433
Fixed changes
808,953
269,066
816,008
271,837
Net income
8440.769
8214.012
/35.425
313.404
Period-3d Week of April- -Jan. 1 to April 211934.
1934.
1933.
1933.
Gross earnings (est.)-- - $193,589
$203,954 $4,390,908 $3,342,585
Traffic Statistics for Calendar Years.
1933.
1932.
1931.
1930.
Miles of rd. oper. (aver.)
891.79
895.43
891.73
892.93
No. pass. car, earn. rev.
150,224
156,129
306.023
210,715
No. pass. car. I mile - 4,281,983 4,190,009 5,108423 6,423,457
No. pass. carried 1 mile
per mile of road
7,211
10,817
7,056
8.602
Total passenger revenue
$91,172
$122,428
$171,605
$90,088
Av.rev.rec.from ea. pass. 59.969 eta. 58.395 eta. 58.101 eta. 56.076 eta.
Av.rev. per pass. per rn_ 2.104 as. 2.176 cts. 2.397 cts. 2.672 cts.
No. tons car of freight
earning revenue
11.718,462 10,498,243 14,030.158 16.271,788
No. of tons car. 1 mile_ _1428191266 1329,338066 1707,155194 2025,749792
No. tons carried 1 mile
per mile of road
1,601,488 1.490,741
1,911,858 2,262,321
Total freight revenue__ _811.901.802 $11.383.066 313,929,941 316.599.264
Av. rev, per ton per mile
3.00833
3.00856
8.00816
30.0819
3112
Financial Chronicle
Income Account for Calendar Years.
1931.
1933.
1932.
Operating RevenuesFreight
-Coal & coke_ - $6,882,793 $6,378,369 $7,725,995 $8,211,798
8,387,466
5,004,697
6,203,946
Miscellaneous
5,019,010
171,605
90,088
Passenger
91,172.
94.669
93,894
90,850
92,677
Mall
55,873
34,593
18,257
Express
22,458
57,350
32,342
Milk
8,976
21,344
125,948
101,761
85,329
Other revenue
75,824
& Baumer Candle Co., Inc.
-Resumes Dividend.
A dividend of 10 cents per share has been declared on the common stock.
to par value, payable May 15 1934 to holders of record May 1. Regular
quarterly distributions of like amount had previously been made on this
Issue up to and incl. May 15 1933; none since.
-V.137, p.4026.
Wisconsin Electric Power Co.
-Earnings.
12 Mos.End. Mar.311933.
1934.
1932.
Operating revenues
$3,211,124 $3,202,342 $3,166,098
Operating expenses
38,530
31,938
45.720
Taxes
464,000
348.000
303,000
Total transport. rev._$12,185,799 $11,696,045 $14,314.960 $17,104,711
561.437
353,458
Grain elevator
259,123
40,868
126,321
142,629
Other incidental revenue
118,382
126,516
225
6
Joint facil.revenue-Cr_
Gross income
$2,812,685 $2,825,488 $2,817,736 $2,597,683
Net interest charges- -- _
488,711
507,532
630,921
600,204
Approp. for deprec. res.
946,347
953,023
735,624
676,759
$1,277,627
Balance
Preferred dividends_ _ _ _
279,061
$138,726
3.853,590
$129,534
4,472,732
74,171
516,932
2.660,123
185,703
1,120
11,552
12,120
-Earnings.
Wisconsin Gas & Electric Co.
1933.
1932.
1934.
12lifos.End.Mar.31-'1931.
Operating revenues
$5,371,266 $5,438,382 $5,922,057 $6,069,608
Operating expenses
2,413,871
2,503,587
2,527,390
2,595,052
293,495
328,339
Maintenance
336,458
381,077
823,037
828,418
Taxes
696,848
806,197
89,130
529,872
2,599,516
220.409
214
12,157
10,828
Net oper. revenues_ -- $1,842,491
Non-oper. revenues_ ___
35,044
Total
30,145,475 30,995,024
Total
-V. 137, p. 3498.
83,069
$1,183,208 - $444,334
895,197 . 884,823
346,344
361,930
858.333
Net loss
-ir. 138, p. 2947.
8802,419
-Earnings.
White Rock Mineral Spring Co.
Quay. End. Mar. 31Net income after deprec.
• and Federal taxes_ __ _
Earns, per sh. on 250,000
abs. corn. stk.(no par)
-V. 138. p. 2768.
1934.
1933.
1932.
1931.
$131,308
8127,170
$184.121
$212,526
80.43
$0.40
80.62
50.73
•
Wichita Falls & Southern RR.-Earnings.March.
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-v.138, p. 2272.
-
1934.
$46,923
14,092
7,896
1933.
$42,854
9,744
3,708
1932.
$69,695
•• 34.235
26,535
1931.
$47,629
2,955
def5,900
131.507
29,254
10,317
119.402
23,072
5,954
148.069
40,694
16,391
146,498
12,793
def13,767
-Receiver's Report.
Wickwire Spencer Steel Co.
Quarter Ended March 31Net loss after int., bad debts, pros'. for deprec. &
other charges
-V. 138, p. 1764.
1934.
$83,452
1933.
$300,954
$1.162,566
281,304
$1,290,808
290,432
Total
30,145,475 30,995,024
1934.
1933.
.3112Mos.End.Mar
1932.
1931.
Operating revenues
$2,683,838 82,788,356 $3,262,286 $3.483,490
893,012
868,733
ncepensee
ii!pTatgf ex
ia nt
1,046,679
1,179,500
102,058
98.548
121,924
168,647
515,332
Taxes
437,458
486,738
476,160
Net oper. revenues... $1,275,588 $1,281,463 $1,606,944 81.659.182
278
Non-oper. revenues.. _ _ _
Dr3,388
2,924
15,514
Gross income
$1,275.866 $1,278,075 $1,609,868 $1,674,696
,609,868
Interest on funded debt_
475,000
475,000
456,916
442,167
Amortization of bond
discount and expense_
13,894'
13,492
16242;646436
cr2 8
4,053
Other interest charges..
3,984
Interest during construct
Cr2,112
Cr3,807
Cr44.216
Approp. for deprec. res.
410,152
416,447
411,514
416,270
Balance
- $373,514
$371,264
$678,118
$673,188
224,015 • 224,286
Preferred dividends_ _ _ _
213,488
166,772
Bailor. $149,499
com.divs.&sur.
$146,978
$464,630
$506,416
Comparative Balance Sheet.
Mar.31'34. Dec.31'33
lifar.31'34. Dee.31'33
$
Liabilities$
Assets$ .
$
Property & plant.21,783,555 21.817,514 6% Pref.stock.... 3,890,200 3,890.200
155,500 Conimonstock(820
155,500
x Securities of co_
38,601
38,601
par)
Other investments
5,225,000 5,225,000
117,023 Funded debt . 10,000,000 10,000,000
18,009
Due from affil. cos.
100,948 Prem.on pref. stk..
442,031
Cash
56,415
Due to ann. cos..
Deposits for pay1,556 . 89, 9
1. 1
64
44
Accounts payable.
ment of matured
87,930
133,407 Sundry curt. Bab_
11,756
interest, &c
124.286
249,248
308,405 Accrued liabilities.. 446.063
Accounts receiv_ _ 319,921
309,512
195,339 Deprec. reserve... 2,004,238 1,986,061
Material &supplies 180,700
Miscell. reserves.- 329,553
Prepaid & suspense
321,416
173,783 Prem.on pref. stk
142,805
accounts
Surplus
Discount and ex•
1,261.643 1,246, 3594
58 14
337,354
pense on scour.. 334.006
1?:718
$258,231
103,034
Total income
Depreciation and exhaustion of minerals
Interest and discount
$775,139
277,929
$2,389,399
496,205
602,386
Wisconsin Michigan Power Co.
-Earnings',
1933.
$725,044
466.813
$1,065,035
Profit
100 259
Interest and income from investments
'
Difference between cost and par value of bonds
17,914
redeemed and in treasury
$671,302
278,543
$2,229,792 $2,287,282
85.060
102,117
$497.211
Bal.forcom.divs.&sur. $392,759
$881,263 $1,000,376
Comparative Balance Sheet.
Mar.31'34. Sept.30'33
Mar.31'34. Sept.30'33
$
$
Liabilities-$
Assets$
stock...
9 8
3 00
Property & plant _ 27,301,993 27,573,501 Preferred p st8__ 4,7421 2 4,7421 2
93 80
0
Capital expends.. Cr16,301 Cr231,137 Prem. on
Common stock. 6,000,000 8,000,000
Cash & sec. on dep
433,919 Funded debt
with trustees
10,400,000 10,400,000
294,421 Accounts payable_
Sundry investm'ts 278.685
103,165
119,216
252,054 Sundry ourr. nab. 312,285
221,670
Cash
3 8 094
221:0
9 ,4
103,834 Inter-co. accounts
rec._
83,739
Not & bilse
to attn. cos
857,482 Due
Accts. receivable
782.753
114,311
704,475 Taxes accrued_
Mat'l & supplies... 503,968
514,379
793,032
13,642 Interest accrued...171,250
Inter-co. accounts
171,250
Dividends accrued
Due from sub. &
69,660
69,812
Sued.seer.!tab.._
affil. cos
27,466
25,988
Reserve
9,163
Prepaid accounts_
35 782
6', 17
8
5,922,323 6,268,518
Bond & note disc._ 330,287
339,357 Surplus
1,674,363 1.692,027
Dep. for pay, of
4,434
5,204
mat. int., &c_ _ _
286,167
314,709
0th. def. chgs
324,800
Reacquired semi*. 325,500
176,248,418 175,801.583
1934..
$1,987.652
922,617
$1,959,488 $2,314,852
570,582
522,107
613,767
630.178
Balance
Preferred dividends..
-Reduces RCA
Westinghouse Electric & Mfg. Co.
Holdings.
-V. 138. p.2947.
See General Electric Co. above.
-Earnings.
Wheeling Steel Corp.(& Subs.).
-•
Quartets Ended March 31Profit from operations
Repairs and maintenance
$1,907,979
51,509
$1,877,535
Gross income
Net interest charges__ _ _
581,747
624,486
Approp. for deprec. res.
Total deductions__
$3,266,264 $3,240,697 $3,461,720 $3,462,126
1,960,974
1,011,012
612,893
Net income
936,051
Shis. common stock out529 690
530,528
532,643
532,869
standing (par $100)-Nil
0.89
Nil
Earnings per share
Nil
General Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
Liabilities
Assets
Common stock. 53,286,898 53,284,398
Cost of property
owned
171,265,586 170,184,604 1st pref. stock_ 17,742,050 17,742,050
6,138,200 6,160,700
Cash
1,961,881 2,149,311 2d pref. stock
Special deposits_
20,678 Funded debt..62,232,866 62,244,886
20,485
EqUip. tr. obllg_ 1,984,200 2,530,300
Traffic and car
Non-negot. debt
service balance
230.000
to Mill. co's_
230,000
receivable_ _ _ _
111,716
81,473
L0811138, bills pay 1,208.729
1,250,000
Net balance rec.
Traffic & car ser- •
from agents &
211.397
244,616
vice bal. pay_
110,783
conductors_ _ _
105.461
Audited accts. &
Miscell.accounts
798,916
789.244
wages payable
654,787
313,442
receivable_
14.430
37,886
1,377,544 Misc.accts. pay.
Mat'l & supplies 1,235,413
408,745
408,908
Int. matured....
Int, and divi539,051
16 Unmet. Int. accr
548,023
74
dends receiv_ _
Unmatured rents
Other current
7,552
1,988
85,488
79,679
accrued
assets
16.169
24,775
12,610
9,075 Other curr. liab_
Work.fund advs.
60,803
401,232 Other def'd liab..
58,377
390,499
Disc. on fd. debt
661,832
Tax liability _ _
661,850
Insur. premiums
209,649
20,761
31,973 Oper reserve...
252,400
paid in adv._ _
Accrued deprec'n
Other unadjust.
equipment _ _ 5,808,273 5,191,458
725,001
740,448
debits
Depr. & depl. of
prop. W. Va.
C.& P.Ry.Co. 1,069.788 1,059,583
992,327
450,804
0th. unadj. cred
23,118,751 22,157,149
Profit and loss
176,248,418 175,801,583
Total
-V.138, p. 2947.
$1,290,003
271,427
Total
30,026,091 29,795,242
Total
30,026,091 29,795,242
x Includes pref. stock: 61.5% series, 6,214 shares; 6% series, 1.116 shares.
-V. 138, p. 2599.
$169,862
5,423.101
51,330
327,990
2,674,188
150,997
10,992
11,104
14,096
$1,364,932 $1,481,908
288,463
295,931
Bal.forcom.divs.&sur. $1,098,566 $1,076,469 $1,185,977 $1,018,576
Comparative Consolidated Balance Sheet.
Dec. 31'33
LtabilitieiMar.31 'Mar.314 34. Dec. 3133
S
$
$
Assets$
Property & plant _26,002,382 25,998,664 61-i% prof.stock_ 3,492,000 3,492,000
6% pref.stock __ _ 1,642,200 1,642,200
Deposit for paym't
.
75,070
223,514 Common stock_ _ 8,000,000 8,000,000
of mat. int., &c_
5,746 Funded debt
Due from still. cos. 1,604,694
8,018,000 8,141,000
800,891 Due to affil. cos. _ 266.716
Cash
383,747
86,483
801,810 Sundry curr. liab_
Accrued rental...
86,462
Investments
798.037 x783.038 Inter-co. accounts
30
Taxes accrued_ _._
Discount and ex246,976
410,388
Interest accrued..
pense on securi66,817
170,009
ties
1,162.179 1,181,579 Prem.on pref.stk.
1,299
1,299
Reserves
8,572,791 6.333,796
Surplus
1,632,829 1,518,036
Total oper. expenses
$7,845,337 $7,521,365 $9,647,901 $11,638,562
6,154,132
5,163,151
4,560,319
Net rev,from ry. oper
4,499,711
1,013,593
Tax accruals
843,366
736,550
780.213
618
296
Uncoil. railway;revenue_
2,594
3,106
Total oper. income
$3,760,567 $3,776,999 $4,319,487 $5,139,922
Income Items
30.017
22,791
Joint facility rent income
30,661
72,465
Joint facil, rent deduct
Dr226,663 Dr216,487 Dr219,560 Dr226,864
310,164
220.478
Hire of equipment (net)_
453,833
123,690
Total other income
$142,112
Gross income
4,202,315
Deductions from Gross Income
56,749
Rents for leased roads328,975
Miscellaneous rents..._
Int. onifunded debt_
2,705,101
116,479
Int. onlequip. certifs-.35,151
Int. on unfunded debt
10,732
Amort.of disc, on fd. dl...
13.073
Misc. income charges---
1931.
$2,873,233
42,123
234,000
Net oper. revenues
$2.808,594 $2.822,404 $2.817,377 $2,597,110
Non-operating revenues_
4,091
3,084
359
573
Total oper.revenues_ ..$12,345,048 $12,081,684 $14,811,053 $17,792,694
Operating Expenses1,959,383
1,419,684
2,580.968
Maint. of way & struc
1.583,674
3,303,822
2.543,695
Maintenance of equipm't 2,301,643
2,110,688
521,677
530,026
Traffic expenses
436,119
381,166
4,656,479
4,005,487
3,149,717
Transportation expenses 3,119,418
131,740
106,135
67,425
Miscellaneous operations
54,584
562,186
556,281
451,584
General expenses
429,978
118,310
53.106
Transp. for invest.-Cr_
113.852
25,126
Net oper. income
$4,060,202 $3,714,863 $4,343.198 $5.253.239
Other Income
38,829
44,850
67,299
Miscellaneous rents_
66.583
44,564
43,916
Misc. non-oper. prop_
55,613
51,958
6,222
3,631
Dr19,603
Net inc.from misc. prop. Dr11,487
1,549
82
Dividend income
82
32
4,320
335
3,298
Income from funded secs
5,380
65,225
27,096
22,589
Inc.from unf.sec.& accts.
18,486
7,339
7,837
7,755
Inc. from sinking funds_
9,376
1,813
1,788
1.694
1,784
Miscellaneousincome.._
May 5 1934
Total
23,426,884 23,377,876
Total
23,426,884 23,377.876
x Includes the following securities of Wisconsin Michigan Power Co.:
-V. 138, p. 1562.
Preferred stock, 6% series, 1.555 shares.
Wright Aeronautical Corp.-Earnings.1934.
Quar End. Mar. 31Net profit after charges. 100475,109
Earns. per eh.on 599.857 •
Nil
she. cap.stk.'no par)_
1933.
$105,384
$0.18
1932. •
1931.
$334,724 lcss$356,859
' 80.56
Nil
Transfer Office Moved.
It has Just been announced that on Nov. 1 1933 the corporation's stock
transfer office was removed from 29 West 57th St. to 30 Rockefeller Plaza.
-V. 138. p. 518.
N. Y. City.
For other Investment News, see page 3119.
Financial Chronicle
Volume 138
3113
geports and glantuxents.
PUS4MMEO AS ADVEMPMEMENTS
MISSOURI-KANSAS-TEXAS RAILROAD COMPANY
and Controlled Companies
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1933.
St. Louis, Mo., April 10, 1934.
To the Stockholders:
The Board of Directors submit herewith report of the operations and affairs of your property for the year ended December 31, 1933. A summary of results of operation compared with the year 1932 is as follows:
(—)Per Cent.
Inc.(-Her Dee.
1933.
1932.
$25,696.675.17
18.998,204.18
$27,239,827.04
19,227,904.93
—$1,543,151.87
—229.700.75
5.67
1.19
Net Operatin Revenue
Taxes----------IJucoliectible RailwayRevenues
$6,698,470.99
1.646,435.05
28.586.04
$8,011.922.11
2,222,009.64
19,187.11
—1,313.451.12
—575.574.59
+9.398.93
16.39
25.90
48.99
Railway Operating Income
Miscellaneous Income
$5,023,449.90
50,040.91
$5,770,725.36
136,917.36
—747.275.46
—86.876.45
12.95
63.45
Rentals and Other Payments
$5,073,490.81
1.737,846.83
$5.907,642.72
1.677.328.74
—834;151.91
+60,
-518.09
14.12
3.61
Income for Year Available for Interest
Fixed Interest Charges for Year
$3.335,643.98
4.173,763.70
—894.670.00
—10.087.65
21.15
.24
Operating Revenues
Operating Expenses
Balance Available for Interest on Adjustment Bonds
Interest on Adjustment Bonds
Net Income
Blackface denotes debit.
FINANCIAL.
There was no change in the amount of preferred or common
stock outstanding in the hands of the public during the year.
Long term debt was decreased $84,100 by retirement of
equipment trust notes which, matured during the year.
Underlying bonds amounting to $2,000 were exchanged
during the year for a similar amount of Prior Lien Series
"A" Bonds.
Equipment notes amounting to $237,746.05 were issued
during the year. These notes mature serially over a period
423 months. Five notes amounting to $51,684.01 were paid
during the year.
Interest on Adjustment Mortgage Bonds outstanding in
hands of the public, due April 1 and October 1, 1933, was
declared by the Board of Directors as due and payable.
OPERATION.
$4.230,313.98
4,183,851.35
5838 119.72
678.878.36
$46.462.63
678.878.36
—884.582.35
$1 516 998.08
$632 415.73
--884,582.35
ADDITIONS AND BETTERMENTS.
The more important road improvements completed during
the year were:
New warehouses for accommodation of industries at
Kansas City, Oklahoma City, Tulsa, Waco, and Houston.
-pound rail,
Relaying 17 miles of main line with new 90
-pound relay rail,
-pound rail, and 7.5 miles of 90
replacing 90
replacing 85-pound and 90-pound rail.
Separation of grades at three crossings of streets and
highways, one of which was constructed by the State at no
expense to the Railroad Company.
Investment in road property increased $215,474 during
the year.
Expenditures for new equipment, including four new
lounge cars, amounted to $246,452 and expenditures for
improvement to existing equipment amounted to $107,535.
The amount of equipment retirements for the year, less
replacements, was $1,610,944. There was a net decrease in
value of equipment owned amounting to $1,256,957.
INDUSTRIAL DEVELOPMENT.
Total operating revenues during 1933 were $1,543,152 less
During the year, 190 new industries and industrial exthan in 1932, or 5.67 per cent. Operatindexpenses during
pansions, representing an investment of approximately
1933 were $229,701 less than in 1932, or 1.19 per cent.
.
$6,400,000, were established along rails of this compad.
The depressed condition of business generally continued While the number of new industries represents an increase
throughout 1933.
of approximately 20 per cent as compared with 1932e
The movement of farm products was seriously curtailed amount of investment increased nearly 250 per cent:
M. H. CAHILL, President.
by continuing unfavorable market conditions, affecting
especially live stock and perishables, and by crop shortages
DELOITTE, PLENDER, GRIFFITHS & CO.
49 WALL STREET. NEW YORK
throughout our territory. Extreme drought conditions in
March 12, 1934.
our richest wheat areas in northwest Oklahoma resulted in
To the Directors of
almost complete failure of that crop. Effective October 12,
Missouri-Kansas-Texas Railroad Company,
1933, the Federal Government established a national policy
25 Broad Street,
of loans to cotton growers, which had the effect of holding
New York, N. Y.
We have made an examination of the Consolidated Balance
cotton in storage for more favorable prices; this together
with the .policy of acreage reduction, established by the Sheet of Missouri-Kansas-Texas Railroad Company and its
December 31, 1933, and of the
Federal Government, resulted in a curtailment in the move- Subsidiary Companies as at
Consolidated Statements of Income and Surplus for the year
ment of cotton to our Texas Gulf ports.
.
ended December 31, 1933.
Pipe line competition and the unsettled condition of the
In connection therewith, we made an examination or
petroleum ,industry, which prevailed throughout the year, test of the accounting records of the companies and other
supporting evidence and obtained information and explanaresulted in a reduction in our oil tonnage.
While truck competition in the movementIof practically tions from officers and employees of the companies; we also
made a general review of the accounting methods and of
all commodities was severe, definite progress was made in the
operating and income accounts for the year, but we did
meeting this condition'more effectively. We have regained not make a. detailed audit of the transactions.
some of the traffic previously lost to the trucks.
In our opinion, based upon such examination, the attached
In 1933 the revenueifrom passengers carried 'was less than consolidated balance sheet and consolidated statements
of income and surplus, and the notes thereon, fairly present,
in 1932 by $445,976, or 19.55 per cent.
Train operation, both freight and • passenger, was satis- in accordance with accepted principles of accounting consistently maintained by the companies during the year under
factorily maintained during the year. The property is being review, their consolidated financial position at Dec. 31 1933
maintained in good physical condition to meet all requr; and the result of their operations for the year.
—
DELOITTE , PLENDER. GRIFFITHS & CO.. AUDITORS
meats of the service.
3114
Financial Chronicle
May 5 /931
MISSOURI
-KANSAS-TEXAS LINES
CONSOLIDATED GENERAL BALANCE SHEET.
ASSETS.
Dec. 31, 1933.
Investments at Cost:
Investment in Road and Equipment:
Road
Equipment
Dec. 31. 1932. '
Increase.
Decrease.
$214,574,010.56
42,057,123.75
$256,631,134.31
212.50
999,871.68
527,000.00
1,732,014.22
586,019.09
$11,751,638.96
$64.527.09
349,532.63
Total Current Assets
Deferred Assets:
Working Fund Advances
Other Deferred Assets
$3,325,064.09
$11,101,151.52
•
$261,431,484.45
$5,628,825.74
150,000.00
920,584.16
7,745.02
40,782.40
308,327.02
512,299.69
842,001.68
2,662,802.57
9,467.91
18,305.38
Total Investments
Current Assets:
Cash
Demand Loans and Depoeits
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
Material and Supplies at Cost
Interest and Dividends Receivable
Other Current Assets
$257,672,617.01
212.50
996,423.33
527,000.00
1,653,436.88
581,794.73
$260,476,251.80
Deposits in Lieu of Mortgaged Property Sold
Miscellaneous Physical Property
Investments in Affiliated Companies—Pledged
Investments in Affiliated companies—Unpledged
Other Investments
$214,358,536.16
43,314,080.85
$66,002.78
332,769.54
$16.763.09
3,755,064.35
9,444.66
62,895.02
325,902.39
386,706.17
808,470.00
2,998,466.99
61,524.98
18,100.31
$215,474.40
$1.256,957.10
$1,041,482.70
$3,448.35
78,577.34
4,224.36
$955, 232.65
$2,303,761.65
150,000.00
125,593.52
33,531.63
$2,834,470.19
1,699.64
22,112.62
17,575.37
335,664.42
52,057.07
.
205.07
$650,487.44
$1,475.69
$414,059.72
$398,772.32
$15,287.40
Unadjusted Debits:
Rents and Insurance Premiums Paid in Advance
Other Unadjusted Debits
$25,036.15
199,693.10
$23,435.02
219,384.84
$1,601.13
Total Unadjusted Debits
$224,729.25
$242,819.86
$18,090.61
$272,216,192.29
$273,824,715.59
$1,608,523.30
$5,528,364.39
15,730,515.52
11,392.905.46
$5,528,364.39
15,730,515.52
11,392,905.46
17,547,000.00
31.095.000.00
17,545.000.00
31,097,000.00
Total Deferred Assets
Total
The following Assets not Included in Balance Sheet Accounts:
Securities Issued or Assumed—Unpledged:
Preferred Stock, Series "A"
COMMOD Stock
Long Term Debt
Securities Issued or Assumed—Pledged:
Long Term Debt
Long Term Debt Held for Exchange of Underlying Securities. per contra
$19.691.74
•
$2,000.00
52,000.00
Intercorporate Assets.and Liabilities are excluded.
LIABILITIES
Increase.
Drs.31,1933.
Stock:
Capital Stock:
Preferred, Series "A"(Par value $100.00 Per share)
Common (No par value. See note)
Stock Liability for Conversion:
Preferred, Series "A"(Par value $100.00 per satire)
Common (No par value. See note)
Total Stock
Long Term Debt:
Mortgage Bonds_
Equipment Trust Obligations
Income Mortgage Bonds
Total Long Term Debt
Current Liabilities:
Loans and Bills Payable
Traffic and Car Service Balances Payable
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Interest Matured Unpaid
Dividends Matured Unpaid
Funded Debt Matured Unpaid
Unmatured Interest Accrued
Unmatured Rents Accrued
Other Current Liabilities
Total Current Liabilities
Deferred Liabilities:
Other Deferred Liabilities
Dec.31,1932.
$66,672,073.08
66,672,747.67
$66,671,000.83
66,672,747.67
31,662.53
16,736.81
32,734.78
16,736.81
$133,393,220.09
$133,393,220.09
$93,094.179.30
168,200.00
13,577,567.24
$93,094,179.30
252,300.00
13,577.567.24
$84.100.00
5106,839,946.54
$106.924,046,54
$84,100.00
$186,062.04
546.350.92
2,879,011.90
75,826.40
1,636,012.92
'
16,702.75
1,546.00
454,350.21
87,457.91
129,558.63
$481,341.79
1,967,593.12
94,016,20
1,628,828.89
17.187.00
2,642.00
452,622.43
120,222.51
83.547.96
56.012.879.68
$4,484.001.90
$1,164,877.78
36.162.83
Decrease.
$1,072.25
51,072.25
5186,062.04
65,009.13
911,418.78
7.184.03
1,727.78
46,010.67
$18,189.80
484.25
1,096.00
32,764.60
$269,869.72
5263.706.89
Unadjusted Credits:
Tax Liability
Accrued Depreciation—Road
Accrued Depreciation—Equipment
Other Unadjusted Credits
$767.320.16
136.649.49
12,221,805.91
460,708.60
$1.128.659.18
136,649.49
11,810,546.77
396,394.27
$410,959.14
64,314.33
Total Unadjusted Credits
$13,486,184.16
513.472.249.71
5113,934.45
$89,251.33
12,024,840.77
$89,131.80
14.834.358.66
119.53
$12,114,092.10
$14.923,490.46
52,809,398.36
$272,216,192.29
$273,824,715.59
$1.608,523.30
$5,528,364.39
15,730,515.52
11.392.905.46
$5,528,364.39
15,730,515.52
11.392,905.46
Corporate Surplus:
Additions to Property through Income and Surplus
Profit and Loss—Balance
Total Corporate Surplus
Total
The following Liabilities not included in Balance Sheet Accounts:
Securities held by or for the Company—Unpletiged:
Preferred Stock, Series"A"
Common Stock
Long Term Debt
Securities held by or for the Company—Pledged:
Long Term Debt_
Liability to holders of underlying Long Term Debt in exchange for which
securities are held, per contra
-
17,547,000.00
31,095,000.00
17.545.000.00
31,097.000.00
$361,339.02
$2,809,517.89
$2.000.00
52,000.00
There were 808,938.9429 shares Common Stock outstanding in hands of the public Decembet 31. 1933.
There were also 203.0673 shares included in Stock Liability for Conversion on December 31, 1933.
The Company Is guarantor, jointly with other Companies, of the securities of certain terminal companies, none of whicn is in default.
Dividends on 7% Cumulative Preferred Stock, Series "A," have not been declared or paid in respect to the period subsequent to September 30, 1931.
No provision is made in the above balance sheet for proposed additional assessments in respect to prior years' Federal Income Taxes, also Kansas
State Taxes, liability for which is not admitted by the Company.
The Company's program for retirement of equipment will result in a charge to Profit and Loss in 1934 of approximately $5,500,000.
Financial Chronicle
Volume 138
3115
MISSOURI-KANSAS-TEXAS LINES
CONSOLIDATED INCOME ACCOUNT YEAR ENDED DECEMBER 31, 1933. COMPARED WITH YEAR ENDED DECEMBER 31, 1932.
1933.
Amount.
Average Mileage Operated
1932.
Per Cent
of Gross
Revenue.
3.293.93
Operating Revenues:
Freight
Passenger
Mail
Express
Miscellaneous
Incidental
Joint Facility
Per Cent
of Gross
Revenue.
Amount.
Increase.
Decrease.
3,293.93
$21,314,966.76
1,835,170.38
1,052,640.10
504,939.55
708,194.01
197,916.77
82,847.60
$22,151,230.38
2,281.146.12
1,092,975.50
696,664.40
705,781.01
217,652.07
94,377.56
81.32
8.37
4.01
2.56
2.59
.80
.35
525,696.675.17
100.00
$27,239.827.04
100.00
$3,093,173.85
3,843.890.23
1,469,285.41
8.745,473.97
169,079 07
1,684,507.28
7,205.63
12.04
14.96
5.72
34.03
.66
6.55
.03
$3,079,235.55
3,672.340.06
1,358,799.99
9,332,466.13
189.172.43
1,612.569.51
16,678.74
11.30
13.48
4.99
34.26
.70
5.92
.06
518,998,204.18
73.93
$19,227,904.93
70.59
$229,700.75
56.698.470.99
Total Operating Revenues
82.95
7.14
4.10
1.96
2.76
.77
.32
26.07
$8,011,922.11
29.41
51.313.451.12
Operating Expenses:
Maintenance of Way and Structures
Maintenance of Equipment *
Traffic Expenses
Transportation Expenses
Miscellaneous Operations
General Expenses
Transportation for Investment-Cr
Total Operating Expenses
Net Revenue from Rallway_Operations
Railway Tax AccruaLs
Uncollectible Railway Revenues
$836.263.62
445,975.74
40,335.40
191.724.85
$2.413.00
19,735.30
11,529.96
51,543,151.87
513.938.30
171,550.17
110,485.42
$586,992.16
20,093.36
71,937.77
9,473.11
41,646,435.05
'28,586.04
$2,222,009.64
19,187.11
Total
51,675.021.09
$2,241,196.75
5566,175.66
Railway Operating Income
55,023.449.90
55,770,725.36
5747,275.46
$14,760.53
75.724.91
5,667.85
182,939.02
$16.841.94
67,057.37
8,765.88
179,223.65
$8,667.54
$7,205.47
Other Operating Income:
Rent from Locomotives
Rent from Passenger Train Cars
Rent from Work Equipment
Joint Facility Rent Income
$575,574.59
59.398.93
$2,081.41
3,098.03
3,715.37
3279,092.31
5271.888.84
Total Operating Income
$5.302.542.21
56.042,614.20
Deductions from Operating Income:
Hire of Freight Cars-Debit Balance
Rent for Locomotives
Rent for Passenger Train Cars
Rent for Work Equipment
Joint Facility Rents
$1.321,734.75
36,110.05
96,432.47
4.764.87
899,755.92
51.217.817.62
38,243.83
110,112.99
6,776.85
887,238.24
$103,917.13
Total Deductions from Operating Income
52.358,798.06
$2,260.189.53
$98,608.53
Net Railway Operating Income
$2,943,744.15
$3,782,424.67
5120.435.15
273,833.55
4,369.60
1,539.00
8,844.85
34,155.71
1,081.75
5113.823.17
247,569.59
10,709.47
1,651.50
21,346.80
101,820.34
1,389.25
Total Other Operating Income
Non-Operating Income:
ii. Income from Lease of Road
Miscellaneous Rent Income
Miscellaneous Non-Operating Physical Property
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and Accounts
Miscellaneous Income
Total Non-Operating Income
5740,071.99
$2,133.78
13.680.52
2,011.98
12,517.68
$838.680.52
$6,611.98
26,263.96
56,339.87
62.50
12,501.95
67,664.63
307.50
5444,309.61
$498.310.12
$3,388,053.76
54.280,734.79
$11,016.28
9.540.02
31,579.14
274.34
$10,131.64
12,666.66
27,190.39
432.12
$52,409.78
550.420.81
53.335,643.98
4,173,763.70
Gross Income
$4,230,313.98
4,183,851.35
$894,670.00
10,087.65
$838,119.72
678,878.36
$46,462.63
678,878.36
$884.582.35
Deductions from Gross Income:
Miscellaneous Rents
Miscellaneous Tax Accruals
Interest on Unfunded Debt
Miscellaneous Income Charges
Total Deductions from Gross Income_
Balance Available for Interest
Fixed Interest Charges
Balance Available for Interest on Adjustment Bonds...._
Interest on Adjustment Bonds
•
$54.000.51
5892.681.03
$884.64
$3.126.64
4,388.75
157.78
51,988.97
Net income
61,516,998.08
$632,415.73
$884,582.35
Boldface denotes debit. * Depreciation on equipment has been accrued at the rate of2% per annum,the same as for the year 1932. x After applying
a credit of $300,000 created out of prior years' income.
CONSOLIDATED PROFIT AND LOSS
-DECEMBER 31, 1933
Balance to Credit of Profit and Loss December 31, 1932-- - $14,834,358.66
Credits:
Profit on Road and Equipment Sold
4,792.74
Unrefundable Overcharges
1,18250
Donations
119.53
Miscellaneous Credits
2,030.97
Debits:
Debit BalanceiTransferreci from Income
$1.516,998.08
Surplus Appropriated for Investment in Physical Property
119.53
Debt Discount Extinguished through Surplus
2,169.80
Loss on Retired Road and Equipment
57,653.56
Delayed Income Debits
1,215.104.11
Miscellaneous Debits
25,598.55
Total
Total
$14.842,484.40
$2.817,643.63
Balance to Credit of Profit and Loss December 31. 1933 __ - $12.024.840.77
MISSOURI-KANSAS-TEXAS LINES
OPERATING REVENUES AND EXPENSES FOR TEN YEARS ENDED DECEMBER 31, 1933.
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
EXPENSES.
Year.
Average
Mileage
Operated.
Freight.
Passenger.
Mail.
Express.
3,193.14
3,188.54
3,188.54
3,188.54
3,188.54
3,188.57
3,188.57
3,241.25
3,293.93
3.293.93
REVENUES.
Year.
542,331,704.74
43,777,643.01
45,050,764.19
43.961,759.91
45,262.652.73
44,619,989.79
36,862,328.04
27,544,230.22
22.151,230.38
21.314,966.76
$10,457,070.86
9,325,059.52
8.669,898.05
7,812.203.39
6,767,528.93
6.206.420.5.3
5,046,263.20
3,417,738.22
2,281.146.12
1,835,170.38
51.189.965.90
1.143,052.49
1.107,607.25
1,116,558.05
1,201,406.65
*1,823,921.67
1,174,945.52
1,131,261.97
1,092,975.50
1,052.640.10
81,827.782.55
1,758,952.12
1.768,780.98
1,790,566.06
1.824.972.93
1.843,833.85
1.573,163.33
1,271,546.90
696,664.40
504,939.55
Maintenance
of Way and
Structures.
Maintenance
of
Equipment.
$7,563,137.47 $11,517,474.98
1924
7,404,573.56
1925
11,422,782.90
7,818.706.89
1926
11,203,004.57
8,240,609.29
1927
10.398,911.11
7.861,519.94
1928
10,143.557.86
7,708.903.72
1929
9,854,928.29
5,532,387.96
7,045.201.11
1930
3,980,347.73
1931
5,250,595.06
3,079,235.55
1932
3,672.340.06
1093
3.093.173.85
3.843.890.23
* Includes 8534.882.37 Retroactive Mail l'ay
Miscellaneous.
5665,305.33
705,652.37
758,824.51
822,602.9,6
842,687.88
805.033.45
677,004.54
587,316.16
705,781.01
708,194.0
Other.
5837,515.65
782,554.03
744.890.69
677,837.60
649,869.30
725,239.86
615,154.42
431,286.17
312,029.63
280.764.37
Traffic.
Transportation.
General and
Other.
Total.
51,138.962.06
1,177,621.43
1,319.917.96
1,390,797.22
1,379,157.80
1,516,157.57
1,490,864.86
1.525.08.3.97
1,358,799.99
1.469.295.41
517,363,774.08
17,592,364.34
17,625,954.47
17,271,332.46
16,920,528.89
16.149,710.01
14,017,281.79
11,685.843.44
9,332,466.13
9.745_473.07
$2,148,686.10
2,020,786.13
2,011,485.76
2,037,523.62
2.629,051.40
2,226.639.98
2,139,266.92
2,059.529.16
1,785,063.20
1_946_2140.72
539,732.034.69
39,618.128.36
39,979,069.65
39,339,173.70
38,933,815.89
37.456,339.57
30.225.002.64
24,501,399.36
19,227,904.93
19 999.2E14.1R
Total.
657.309,345.03
57.492,913.54
58,100,765.67
56,181,527.97
56.549,118.42
56,024,439.15
45.948,859.05
34.383.379.64
27,239,827.04
25.696,675.17
NET
REVENUE
817,577,310.34
17.874.785.18
18,121.696.02
16,842.354.27
17,615.302.53
18,568.099.58
15,723,856.41
9.881.980.28
8.011,922.11
6.699.470.99
3116
Financial Chronicle
May 5 1934
THE KANSAS CITY SOUTHERN RAILWAY COMPANY
THIRTY-FOURTH ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 1933
Kansas City, Mo., May 1, 1934.
To the Stockholders of
The Kansas City Southern Railway Company:
The thirty-fourth annual report of the affairs of your
Company, being for the year ended December 31, 1933, is
herewith presented.
SUMMARY OF OPERATIONS.
That portion of the system lying within the State of Texas,
the mileage of which is included in the operated mileage of
your Company, was operated separately by its owner, the
Texarkana and Fort Smith Railway Company, which
maintained its own general offices and books of account at
Texarkana, Texas, in accordance with the State law. The
reports of that company are, however, combined with those
of the parent Company in so far as necessary to enable a
comprehensive survey of operations for the entire line from
Kansas City to the Gulf.
The succeeding statement shows the results of operation
for the year, compared with such results for the preceding
year:
1933
Average Mileage Operated
1932
882.81
Railway Operating Revenues:
Freight
Passenger
Excess Baggage
Mail
Express
Other Passenger-train
Milk
Switching
Special Service Train
Other Freight-train
Incidental and Joint Facility
85.11%
2.03
.01
1.75
.77
.03
.11
8.41
.03
.09
1.66
88,233,887.04
310,337.18
1,675.21
210,546.52
126,139.55
4,320.72
15.250.07
775,432.83
1,707.35
2,108.58
194,032.26
$9,362,762.87
100.00%
89,875.437.31
100.00%
8512,674.44
$951,114.90
1,639.523.94
543,435.88
2,872,491.50
20,260.87
818,703.08
4,832.89
10.16%
17.51
5.80
30.68
.22
8.74
.05
$1,019,372.04
1,642,730.63
595.334.69
3,246,758.50
50,340.23
863,841.56
6,561.51
10.32%
16.63
6.03
32.88
.51
8.75
.07
$68,257.14
3,206.69
51,898.81
374,267.00
30,079.36
45,138.48
1,728.62
$571,118.86
Railway Operating Expenses:
Maintenance of way and Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Investment-Cr
Total
83.38%
3.14
.02
2.13
1.28
.04
.15
7.85
$12.024.85
.02
1,605.55
.02
5,962.22
1.97
$6,840,697.28
73.06%
$7,411,816.14
26.94%
$2,463,621.17
9.97%
.03
$1,023,125.47
2,825.14
10.36%
.03
$1,586,110.65
16.94%
$1,437,670.56
Equipment Rents-Net debit
Joint Facility Rents
-Net debit
$345,255.06
79,181.75
3.69%
.84
$403.108.67
76.628.69
Net Railway Operating Income
$1,161,673.84
12.41%
$957,933.20
Ratio of Annratine R:nnnana and Tampa to l'InntatInir Ravannma
The combined statistics of the Kansas City Southern
and the Texarkana and Fort Smith also include the properties and operations of the following wholly owned and
directly operated subsidiaries of the parent Company:
The Maywood and Sugar Creek Railway Company,
Kansas city & Grandview Railway Company,
Fort Smith and Van Buren Railway Company,
The Kansas City, Shreveport and Gulf Railway Company.
DIVIDENDS.
Quarterly Dividend No. 104 on the Preferred Stock of
your Company, amounting to $105,000.00 and being at the
rate of M of 1 per cent., was declared March 15, 1933,
payable April 15, 1933, out of available surplus, to stockholders of record March 31, 1933.
The omission of dividends on the Preferred Stock, which
had been paid quarterly without interruption since July,
1907, was made necessary because there were no earnings
available for that purpose.
OPERATING REVENUES.
The decrease of $512,674.44 in Operating Revenues for
the entire year approximated the decrease for the first
quarter. The results for the second period were on a level
with those for the preceding year. Although the revenues
for the third quarter were substantially greater than for the
corresponding period of 1932, the gain was offset by a
recession in the fourth quarter. The principal decreases, as
well as increases, in Operating Revenues were as follows:
$89,230.23
87,143.59
33,637.77
40,252.87
183,328.83
39,865.43
24,693.29
19,568.38
412,357.05
68,190.04
55,923.48
258,914.91
36,952.31
29,029.39
12,027.26
159,567.57
16,178.12
39,008.42
14.56% $148,440.09
Railway Tax Accruals
Uncollectible Railway Revenues
Railway Operating Income
$265,608.75
119,882.57
787.90
46,475.39
53,632.21
1,670.13
5,201.69
24.95% $58,444.42
8933,439.99
2,514.95
•
75.05%
$2,522,065.59
Net Revenue from Railway Operations
Decrease.
87,968,278.29
190,454.61
887.31
164,071.13
72,507.34
2,650.59
10,048.38
787,457.68
3,312.90
8,070.80
155,023.84
Total
rreight Revenue
Decreases on account of
Produce of Agriculture:
Cotton and cottonseed and products
Fresh fruits and vegetables
Flour and meal
Animals and Products:
Fresh meats and other packing house products
Products of Mines:
Bituminous coal
Coke
Crude petroleum
Gravel, sand and stone
Manufactures and Miscellaneous:
Refined petroleum (Gasoline)
Less
-than-Carload Consignments
Miscellaneous items (Net)
Increases on account of
Products of Agriculture:
Corn
Oats
Mill products other than flour and meal
Animals and Products:
Hogs and other live stock
Products of Forests:
Lumber, logs and piling due largely to river
revetment work
Box, crate and cooperage material for transportation of beverages
Increase
882.81
22 02 OL
4.08%
.78
$89,685.48
310.19
82,553.06
$57,853.61
9.70% $203,740.64
AR 41 el-
n
0001
.0070
Increases on account of (Concluded)
Manufacturers and Miscellaneous:
Automobiles, trucks and parts
$118,695.17
Bar and sheet iron, etc
66,939.07
Lubricants and petroleum products other
than gasoline
60,651.83
Beverages
29,626.58 8265,608.76
Passenger Revenue
Decrease in local traffic
Decrease in interline traffic
$84,739.12
35,143.45 119,882.57
Mail Revenue
Decrease due to reduction in train service
Express Revenue
Decrease due to general business conditions and competition of
motor trucks
Switching Revenue
Decrease due to lesser number of cars handled at
Kansas City
$18,143.38
Other points
4,383.95
Increase due to greater number of cars handled at
Port Arthur _
34,552.18
All Other Revenues
Decrease (Net)
46,475.39
53,632.21
12,024.86
39,100.37
Net decrease in Operating Revenues
$512,674.44
Operating Revenues as reported for the year include the
sum of $53,446.12 derived from the emergency rate increases
authorized by the Interstate Commerce Commission in Ex
Parte No. 103. In the fifteen months ended March 31, 1933,
during which carriers were required to deposit with The
Railroad Credit Corporation their collections from the
increased rates, pursuant to the Marshalling and Distributing
Plan, 1931, your Company deposited the aggregate of
$296,452.37, of which $29,645.23 had been refunded by The
Railroad Credit Corporation to December 31, 1933. The
emergency rate increases were cominued in effect by the
Interstate Commerce Commission until September 30, 1933,
but the revenues derived therefrom subsequent to March 31,
1933, were retained by your Company.
OPERATING EXPENSES.
The decrease of $571,118.86 in Operating Expenses more
than offset the decrease in Operating Revenues, and may be
classified as follows:
Maintenance of Way and Structures
Decreases on account of
Track maintenance
Maintaining joint facilities
Tie renewals
Supervision
Miscellaneous items (Net)
Increases on account of
Bridges, trestles and culverts
Ballast
$39,203.57
39,201.27
29,256.47
22,469.43
11,314.43
57,678.08
15,509.95 868,257.14
Financial Chronicle
Volume 138
Maintenanc e of Fquirment—
Decreases on account of
Running repairs to
Locomotives
$32,089.22
Freight-train cars
38,300.91
Classified and running repairs to passengertrain cars
19,044.17
Miscellaneous items (Net)
9,796.95
Increases on account of
Classified repairs to
Locomotives
61,360.70
Freight
-train cars
11,635.37
Classified and running repairs to work equipment 23,128.49
Traffic—.
Decrease on account of
Solicitation and supervision
Stationery and printing
Miscellaneous items (Net)
Transportation—
Decreases on account of
Locomotive, yard and train service
Consumption of fuel
Price of fuel
$29,257.88
20.347.66
2,293.27
3,206.69
51,898.81
$225.056.60
$26,322.44
4,276.15 30,598.59
Station forces
Casualties
Miscellaneous items (Net)
Miscellaneous Operations—
Decreases on account of
Dining car service
Miscellaneous items
General—
Decreases on account of
Law expenses
General officers
Clerical forces
Miscellaneous items
Increase on account of
Pensions
43.611.31
30,961.65
44,038.85 374.267.00
$27.006.76
3,072.60
$19.194.07
16,806.65
14,922.98
13,022.14
18,807.86
Transportation for Investment—Cr.—
Increase due to the lesser quantity of materials for construction
purposes conveyed in transportation trains
Net decrease in Operating Expenses
30,079.36
45.138.48
1,728.62
$571,118.86
REVENUE TONNAGE.
The revenue tonnage movement for the year, as compared with that of the year preceding, was as follows:
For the year ended December 31, 1932:
Revenue Tons one mile—North
Revenue Tons one mile—South
For the year ended December 31, 1933:
Revenue Tons one mile—North
Revenue Tons one mile—South
Decrease in Revenue Tons one mile
544,933.506
277.082,520 822,016,026
511.589,788
299.451,943 811,041,731
10,974,295
TAXES.
Following is a statement of charges on account of taxes,
compared with the preceding year:
1933.
Decrease.
1932.
State,county and municipal taxes-3911,028.94 $1,021,914.84 $110.885.90
Federal taxes
22,411.05
21,200.42
1,210.63
Totals
5933,439.99 $1,023,125.47 $89,685.48
The decrease in State,county and municipal taxes was due
to reductions in assessed valuations in the several states.
The increase in Federal taxes represents the payment of the
capital stock tax and miscellaneous excise taxes.
WAGE ADJUSTMENTS.
The deduction of 10 per cent, from the basic rate earnings
of trainmen, enginemen, yardmen and telegraphers, in
conformity with an agreement reached by national committees representing the railroads and organizations representing the employees, was continued in effect during
the year.
The 10 per cent reduction in rates of pay of all officers
and supervisors, and the 10 per cent deduction from the
basic rate earnings of all other employees,except those carried
upon the so-called incapacitated employees' pay roll, were
also continued during the year.
In addition, the practice of enforced vacation days without
pay, inaugurated in 1930, was continued throughout the
year, applying to all officers and employees not specifically
covered by contract.
It has for some time been apparent to the management
of your Company that more practical and flexible rules and
working conditions should be worked out for its employees
in train and engine service in place of the very complicated,
rigid and restrictive rules and working conditions under the
old agreements, which seriously obstruct efficient and economical operation and proper service to your Company's
patrons, and thereby seriously hinder it in its endeavors to
meet present day conditions.
Accordingly, on April 5, 1933, the Company served notice
on the organizations representing the conductors, trainmen,
engineers,firemen and hostlers of the cancellation on May 15,
1933, of the agreements covering rates of pay, rules and
working conditions for these classes of employees. On
April 6, 1933, the Company gave natice of its desire and intention to place in effect May 16, 1933, new schedules of
rates of pay, rules and working conditions for conductors
and locomotive engineers. As provided by law, conferences
were held with the representstives of these employees, also
with a member of the United States Board of Mediation,
during the course of which a strike vote was taken. The
President of the United States appointed a fact-finding
board, in accordance with the law, which.body conducted
a hearing and rendered a report to the president, which was
favorable to the Company's position in the matter. An
excerpt from the report follows:
3117
The restrictive rules and regulations above referred to, and of which the
carrier complains and which the employees are very Jealous of their rights
thereunder, are enforced by heavy penalties, which are inflicted for the
purpose of compelling the carrier to give a certain kind of work to switching
crews and other kinds of work to crews on certain road trains: that is, local
freight trains, through freight trains, fcc. To illustrate, for expample, if
under certain conditions the members of a road crew are required to do a
few minutes switching in order to expedite the movement of a train or to
set out a car needed by a shipper, the carrier must pay 4 hours' extra pay
in some cases and a day's extra pay in others. If a switching crew handles
a car out on the main line, it receives an extra day's pay for 1 or 2 hours'
work. It clearly appears that the employees do not claim they are entitled
to these payments as reasonable compensation for the work involved, but
that the amounts of the penalties are purposely made very large for the
purpose of preventing the carrier from requiring such work to be done:
and it has accomplished its purpose to a very great degree in that respect.
The result of these rules has been to interfere seriously with the most
practical and economical operation of the railroad and the rendering of
reasonable service to its patrons. This condition has been aggravated by
a falling off of the traffic, on account of the depression and the rapidly
growing competition of the unregulated trucks and other means of transportation.
It has been necessary for the carrier, on account of the decline in business.
to reduce the number of switching crews at a considerable number of point
to only one crew working about 8 hours or to take off the switching crews
entirely. The rules under these conditions cause material delay to the
operations of the carrier and the service to shippers, unless the carrier
incurs the penalties referred to. These penalties, as already stated, are
so heavy as to prevent the carrier from incurring them except where it
cannot possibly be avoided, and it was clearly demonstrated that they
prevent the most economical and efficient operation of the railroad and
proper service to its patrons.
At the suggestion of the President of the United States
the Company delayed the placing in effect of the new schedules. They were finally made effective September 15, 1933,
but at the same time, out of deference to the President's
wishes, application thereof was suspended until March 1,
1934.
On February 28, 1934, the four train service brotherhoods
notified their members to withdraw from the service March 1
if the new schedules were placed in effect on that date. At
the urgent suggestion of the Federal Co-ordinator of Transportation, negotiations have since been conducted with
representatives of the brotherhoods, having in view the
possibility of an agreement which will afford your Company
sufficient relief from the burdensome rules to justify withdrawal of the new schedules. During these negotiations
the effective date of the application of these schedules
has been suspended.
COST OF MATERIAL AND SUPPLIES.
The cost of lumber and metal products (other than rails
and fastenings), which comprise a large part of the materials
used in construction and maintenance, was slightly higher.
The actual increases in the cost of materials purchased were,
however, less than the market advances, due to the existence
of some contracts unaffected by NRA codes and to some advance buying. The cost of fuel oil increased .91 per cent,
while that of coal receded 6.62 per cent.
MILES OF RAILROAD.
The track mileage operated by your Company at the end
of the year was as below stated:
First
Main
Track.
Main Line Owned or Controlled-- _787.88
Branch Lines Owned or Controlled 81.95
Second
Main
Track.
21.41
Total Milage Owned or Control'd 869.83
21.41
Branch Lines Operated under Lease
Linea Oper. under Trackage Rights 5.94-7.04
5.ii
Total Mileage Operated
882.81
26.52
Other
Tracks.
449.49
31.49
Al!
Tracks.
1.258.78
113.44
480.98
1,372.22
5.94
26.95
495.78
1,405.11
The total track mileage was reduced from 1,408.38 to
1,405.11, making a net change of 3.27 miles, all in other
than main tracks.
EQUIPMENT.
The Rolling Equipment'owned or otherwise controlled
on Decenther 31, 1933, consisted of:
Locomotives
Passenger-train Cars
Freight
-train Cars in Commercial Service
Freight
-train Cars in Work Service
Cabooses
Work Equipment
Total Units
Under
Owned.
Total.
Trust.
144
131
13
5757
2,482
3.275
5:1
283
283
--59
—59
___
61
61
3,073
806
3.879
During the year 6 locomotives, 20 passenger-train cars,
808 freight-tram cars, 19 cabooses and 2 work equipment
units were retired by dismantlement or otherwise. The net
loss on 842 units voluntarily retired was $514,319.67, and
instead of being charged against operating expenses, as
would ordinarily be done, such loss was charged against
surplus under special authority of the Inter-State Commerce
Commission.
INVESTMENT IN ROAD AND EQUIPMENT.
The following tabulation shows the expenditures made
during the year for Additions and Betterments to road and
equipment, the credits resulting from retirements and other
adjustments in the investment account:
Expenditures.
Road
$165,476.31
Equipment
68,138.94
General Expenditures
Totals
Retirements. Adjustmls.
Totals.
$183,795.92 $13,817.93 $4,501.68
864,991.66
499.81 797,363.43
62.83
62.83
$233,614.35 $1,048,787.68 $13.380.95 $801,792.28
The condition of your main line with respect to ballast
at the end of the year, there being no changes,is shown below:
Section of6 inches or more under ties
Section of less than 6 inches under ties
Deferred ballasting on Leeds-Grandview line
Total main line mileage owned
771.23 mAles
3.90
12.75 "
787.88 miles
Financial Chronicle
3118
The weights of rail in the main line at the end of the year
were as follows:
65.48 miles
10.99 "
128.62 "
579.72 "
3.07 "
Rail weighing 127 pounds per yard
Rail weighing 115 pounds per yard
Rail weighing 100 pounds per yard
Rail weighing 85 pounds per yard
Rail weighing less than 85 pounds per yard
787.88 miles
Total main line mileage owned
Work was continued upon the schedule for the reinforcement of track through the application of tie plates, with a
view to stability, permanence and economy of maintenance.
The expenditure for this purpose was $13,953.80.
Other principal items of additions to and betterments of
your road property, together with the amounts expended
therefor, were as follows:
$90,102.65
Renewal of 5 bridges
Construction of 3 new highway bridges-Company's proportion 26,044.94
11,247.24
Construction of yard tracks at Sugar Creek, Mo
$127,394.83
Total
The expenditures for additions and betterments include
the cost of 2 sidings to serve industries not heretofore reached
by your tracks, and 4 additional sidings to accommodate
industries previously established on your line. Incidentally,
41 new industries located on existing tracks of your Company.
During the year work was commenced on the construction,
in your Company's shops, of 100 new steel frame automobile
box cars, having capacity of four automobiles each, upon
which an expenditure of $58,890.24 was made. Improvements to equipment, involving an expenditure of 89,247.80,
consisted mainly in the following:
-Application of square thread arch tube and washout plugs,
Locomotives
flexible stay bo!ts and improved blow-off equipment.
-Application of Bradford metal draft arms and gear,
Freight-train Cars
A. R. A. type D couplers, cast steel body bolsters, center sill cover
plates, and Evans loaders providing double capacity for 6 automobile
box cars.
EQUIPMENT TRUSTS.
The aggregate face amount of Equipment Trust Notes
and Certificates outstanding December 31, 1933, was as
below set forth:
Trust No.34, dated January 15, 1920:
Balance last reported
Paid during the year
$180,800.00
63.600.00 $117,200.00
Series E, dated September 1 1923:
Balance last reported
Paid during the year
$648,000.00
1C8,000.00 540,000.00
$657,200.00
Total
DEPRECIATION RESERVE FUND.
Moneys equaling the amount of charges to operating
expenses representing the so-called depreciation of equipment, and for the amortization of equipment retired and of
property abandoned in connection with improvements,
together with proceeds from the sale of obsolete equipment,
are deposited in a special fund set aside for additions to and
betterments of your property. The total amount so deposited,
and withdrawals therefrom, are shown by the statement
following:
DEPOSITS.
Charges for Depreciation of Equipment:
From June 1, 1916, to December 31, 1932....$4,712,690.78
From January 1, 1933,to December 31, 1933 372,149.42 85,084.840.20
Chargesfor Amortization of Retired Equipment:
From January 1, 1918,to December 31, 193281,127,061.53
From January 1, 1933,to December 31, 1933
3,871.11 1,130,932.64
Charges for Amortization of Abandoned Property:
From January 1, 1918,to December 31,1929
Proceedsfrom Sale of Obsolete Equipment:
From June 1,1916,to December 31. 1932
-Net:
Income from Bank Balances and Investments
From June 1, 1916,to December 31, 1932_ - - $125,844.75
From January 1, 1933. to December 31, 1933
22.796.76
Replacement Fund released by Trustee under Equipment
Trust, Series D:
From January 1, 1925, to December 31, 1925
Total Deposits
1,086,535.97
331.858.17
148,641.51
22,592.59
$7,805,401.08
WITHDRAWALS.
Payments for New Equipment:
From June 1, 1916, to De$1,090,270.04
cember 31, 1932
From January 1.1933, to De59,055.24 $1,149,325.28
cember 31, 1933
Redemption of Equipment Trust Obligations:
From January 1, 1932, to De$181,600.00
cember 31, 1932
From January 1. 1933. to De171.600.00
cember 31, 1933
353,200.00
Improvements to Equipment:
From June 1. 1916, to De$1,983,426.87
cember 31, 1932
From January 1, 1933, to De169.00
cember 31, 1933
1,983.595.87
Shop Improvements, etc.:
From January 1, 1922, to De$2301,386.38
cember 31, 1932
From January 1,1933. to De3,292.10 2304,678.48
cember 31, 1933
Improvements to Bridges:
From January 1.1933. to DeFrom January 1, 1933, to December 31,
1933
Other Improvements:
From January 1, 1931, to December 31.
1932
Amount temporarily withdrawn for other
purposes
Balance December 31, 1933
91,246.52
123,230.20
900,000.00 86,905,276.35
$900,124.73
May 5 1934
GROUP INSURANCE.
The agreement entered into with the MetropolitaniLife
Insurance Company, referred to in previous annual reports,
providing for a plan of group insurance affording comprehensive protection to employees of your Company against
loss by death, accident, illness, and total and permanent
disability, was continued in effect to and including September 30, 1933, when it was canceled, and a revised group
insurance plan was made effective October 1, 1933.
The subnormal business conditions prevailing during the
past four years have resulted in a considerable reduction in
the number of employees of your Company, most of them
in the younger groups. The increasing average age of
insured employees and an unfavorable experience as regards
total and permanent disability payments made it very difficult to maintain a reasonable average premium cost under
the old plan. The revised program provides life, accidental
death and dismemberment, and nonoccupational accident
and health protection, omitting the total and permanent
disability feature of the old plan.
Under the revised plan, the employees were divided as
follows:
Class I. Those earningsless than $1,200.00 per annum.
Class II. Those earning $1,200.00 to $1,799.99 per annum.
ClassIII. Those earnings $1,800.00 to $2,999.99 per annum.
Class IV. Those earnings $3,000.00 and over per annum.
Employees coming under the revised plan are insured as
stated below:
Class II. Class III. Class IV.
Class I.
A. Life insurance
$1,000.00 $2,000.00 $2,500.00 $3,500.00
B. Accidental death and
dismemberment insur2,000.00 2,500.00
1,000.00
ance
3,500.00
10.00
7.00
15.00
C. Health benefits (weekly)
20.00
D. Nonoccupational acci10.00
15.00
7.00
dent benefits (weekly)
20.00
Total monthly cost of employees
$1.60
$2.90
$3.80
$5.25
The remainder of the premiums is paid by your Company,
the estimated cost to it being $39,600.00 per annum.
At the close of the year 3,079 employees, or 93.5 per cent.
of those eligible, were insured under the revised plan. The
life policies in force at that date aggregated $5,320,750.00.
Payments to employees and their beneficiaries, both plans
combined, amounted during the year to $180,789.51, classified as follows:
39 Death claims
$94,813.60
6 Accidental death and dismemberment claims_ - - 8,534.80
42 Accident claims
2,023.60
497 Health claims
26,176.95
86 Total and permanent disability claims
49,240.56 3180.789.51
Since the inauguration of the plan of goup insurance for
employees, the Insurance Company has paid claims aggregating $1,636,458.63.
LEASE OF TEXAS LINE.
On October 1, 1933, the Interstate Commerce Commission
made a further order in the proceeding involving the lease
by your Company of the two segments of the line in Texas,
owned by the Texarkana and Fort Smith Railway Company,
modifying its previous order so as to permit the discontinuance of the general offices of the Texas line. The State
of Texas, and others,filed a suit in the United States District
Court at Kansas City, the purpose being to prevent the
removal of the general offices of the Texas line from Texarkana. The District Court upheld the Commission's order
and denied the relief sought, and an appeal has been taken
by the State of Texas and the other complainants to the
Supreme Court of the United States. Nevertheless, on
February 1, 1934, the lease was made effective and the
general offices at Texarkana were discontinued, so that
substantial savings might be realized at once. Your Company is protected against penalties of the Texas law by the
decree of the Federal Court.
TAXATION.
Litigation over your Company's tax assessment in Louisiana for the year 1933 has resulted in a compromise, by whioh
the amount of taxes paid in that state for that year has
been reduced about $71,000.00. A similar suit, attacking
an excessive assessment in the State of Oklahoma for the
same year, is now pending in the Supreme Court of that
State. Investigation and litigation of tax levies in three
Oklahoma counties through which your property extends
has resulted in a saving of approximately $31,000.00 in
taxes for the year 1933. There are no new developments
with respect to the case covering Federal income taxes for
the years 1920 and 1922 to 1925, inclusive.
FEDERAL VALUATION.
By enactment of the Emergency Railroad Transportation
Act, 1933, the Congress repealed the recapture provisions
of the Interstate Commerce Act, directed the dismissal of
all proceedings for the recovery of such money, and provided
for the liquidation of the railroad contingent fund. The
provisions amending the valuation section of that Act have
not served to reduce the expense to the carriers of compliance with the valuation orders of the Interstate Commerce
Commission.
Financial Chronicle
Volume 138
COST OF FEDERAL VALUATION.
Prior to
1933.
1933.
Field work
$68,824.72
Valuation orders, Interstate Commerce Commission
260,537.09 $11,718.40
Contribution to Presidents' Conference Committee
12,483.29
322.58
Appraisal of Real Estate
General and miscellaneous
103,625.75--7--333,347.37
2, 75.91
7
Totals
Total.
$68.824.72
272,255.49
12,805.87
103,625.75
336,123.28
1778,818.22 $14,816.89 $793,635.11
SEPARATELY REPORTING SUBSIDIARY
COMPANIES.
In addition to those subsidiaries heretofore mentioned,
your Company controls, by virtue of its ownership of securities, all the property of the following separately reporting
companies, whose balance sheets and income accounts are
also published in the statistical section of this [pamphlet]
report:
THE KANSAS AND MISSOURI RAILWAY
AND TERMINAL COMPANY.
A company operating an electric switching line in and
through Kansas City, Kansas, which connects with the
present terminal tracks of your Company and forms an
intermediate connection between your line and an interurban
line serving an industrial territory from Kansas City, Kansas,
to Lawrence, Kansas, a distance of about 35 miles. Its
property consists of 5.56 miles of main track and 5.44 wiles
of yard and side tracks. Control is had by your Company
through ownership of all the capital stock and bonds. •
THE ARKANSAS WESTERN RAILWAY COMPANY.
A standard-gauge line from Heavener, Oklahoma, to
Forester, Arkansas, consisting of 55.55 miles of main track
and 5.08 miles of yard and side tracks, together with rights
of way, buildings and appurtenances; controlled by. your
Company through ownership of all the capital stock and
bonds.
THE KANSAS CITY, SHREVEPORT AND GULF
TERMINAL COMPANY.
Union depot property at Shreveport, Louisiana, including
its real estate, buildings, and 1.55 mile of yard and terminat
tracks; controlled by your Company through ownership of all
the capital stock and bonds.
PORT ARTHUR CANAL AND DOCK COMPANY.
Lands, slips, docks, wharves, warehouses, one grain elevator (capacity 500,000 bushels), etc., all at Port Arthur,
Texas; controlled by your Company through ownership of
all the capital stock. The bonds of the Dock Company are
outstanding in the hands of the public.
Yazoo & Mississippi Valley RR.
-Earnings.MarchGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
-V.138, P. 2272.
1934.
$927.324
234,299
40,032
2.756,292
727.454
101.349
3.085,683 4,195,263
676.080
383.584
6,525 de1470.093
York (Pa.) Ice Machinery Corp.
-Receives Two Large
Contracts.
President W. S. Shipley on April 25 announced receipt of contracts for
the installation of air conditioning equipment in two large department stores
-John Shillito Co., Cincinnati, Ohio and F. & R. Lazarus Co.,Columbus,
Ohio. The total cost of these installaions will be over $250,000, representing approximately 1000,tons of refrigeration and the air conditioning of
over 450,000 sq. ft. of floor space. The equipment to be bastaled consists
of one central system and 66 individual type air conditioning units. The
company is at present instaling an air conditioning system in the Miller
& Rhoads Co.(Department Store) at Richmond, Va.-V. 138 p. 1940
(L. A.) Young Spring & Wire Corp.(& Subs.).
-Earns.
3 Mos. Ended March 31Gross profit after depreciation
Other income
1934.
$565,715
13,132
1933.
$128.199
28,662
1932.
$137.912
43,398
Total income
Expenses
Interest and other charges
Income taxes
$578,847
205,998
5,966
55,000
$156.861
143,817
4,600
$181,310
170,000
4,737
800
Net income
$8,444
$5,773
Shs. corn. stk. outstand. (no par). $311,883
388.198
412.500
388,198
Earnings per share
$0.02
$0.75
$0.01
A meeting of the board of directors has been scheduled for June 4 to
discuss dividends. L. A. Young, President, states:
"I feel reasonably certain that, barring any unforeseen developments
of a serious nature, usually termed acts of God,a dividend may be declared.
"We have tnany large contracts for springs and garnish mouldings.
The garnish moulding division is doing exceptionally well, all of the plants
working two or three shifts.
are holding up strongly and.
from all information we can Shipping orderstrade and in the automobile
gather in
industry generally, we anticipate a very our
-V. 138.
strong summer season."
p. 2099.
Zenith Radio Corp.
-Earnings.
-
Period End. Jan.311934-9 Mos.-1933.
Net loss after expenses, 1934-3 Mos.-1933.
deprec., &c., but before Fed. taxes
$392,563
$190,590 Prof$91.277
$40,464
-V. 138. p. 1940.
Zonite Products Corp. (& Subs.).
-Earnings.
3 Mos.End. Mar.31Operating profit
Interest
Depreciation
Federal taxes
1934.
$174.188
4,229
18.575
21,918
Net profit
Shs. cap. stk. outstanding (par Si)
Earnings per share
-V. 138, p. 2768.
Under an agreement entered into as of February 1, 1923,
all the property of the Port Arthur Canal and Dock Company
is leased to the Texarkana and Fort Smith Railway Company for operation by the Railway Company pursuant to
the terms of the lease.
THE K. C. S. ELEVATOR COMPANY.
One grain elevator (capacity 1,570,000 bushels), situated
at Kansas City, Missouri; controlled by your Company
through ownership of all the capital stock. No bonds have
been issued or authorized.
THE UNION LAND COMPANY.
A company owning 85.82 acres of land in and adjacent to
Kansas City, Kansas, suitable for industrial sites. All the
capital stock is owned by The Kansas and Missouri Railway
and Terminal Company, and control of the Land Company is
had by your Company through its ownership of the Terminal
Company. No bonds have been issued or authorized.
INDUSTRIAL LAND COMPANY.
A company owning 674.9 acres of land, mainly situated
in the w rtheastern part of Kansas City, Missouri, and
acquired for future yard expansion; controlled by your
Company through ownership of all the capital stock and
bonds.
KANSAS CITY SOUTHERN TRANSPORT
COMPANY, INCORPORATED.
A company organized during the year under the laws of
the State of Louisiana to contract for the collection, transportation and delivery of less-than-carload freight. It owns
no equipment or real property, and is controlled by your
Company through ownership of all the capital stock.
The death on April 11, 1933, of Mr. Clinton D. Burdick,
who had served as a Director of your Company for more than
5 years, is recorded with deep regret.
The death on January 31, 1934, of Mr. Mason B. Starring,
who had been a Director of your Company for nearly 12
years and a member of the Executive Committee during the
past 6 years, is likewise recorded with regret.
The appended balance sheets and statistical statements
give full detailed information concerning expenditures for
improvements, and the results of operation.
A. report, including balance sheet, income account and
other pertinent matter, in form prescribed by the Interstate
Commerce Commission, has been filed with that body at
Washington.
By order of the Board of Directors.
C. E. JOHNSTON, President.
CURRENT
1932.
1931.
1933.
$832,233 $1.099,680 $1.446.511
190,485
326.355
247,331
105,253
26,140
97,715
2,503.568
605.401
def75.450
3119
1933.
$112,375
2,631
19,407
13,247
1932.
$267,125
4,107
18,540
29.581
1931.
8398,893
263
18,962
46,162
$129,466
$77,096
$214,897
8333.506
822.747
$0.15
817 209
$6.09
845.556
$0.25
845,556
$0.39
NOTICES.
Coincident with the change in the corporate name of Evrart, Noyes &
Bond, Inc. to Ewart & Bond. Inc., announcement is made of an expansion
program which includes the opening of eight new branch offices; the election
of three new officers, an increase in personnel in New York. and the appointment of 16 wholesale representatives throughout the country. Branch
offices have been opened in the following cities: Detroit.636 Buhl Building;
Denver, U. S. National Bank Bldg.; Philadelphia, 1608 Walnut St.; Dallas,
Praetorian Building; San Francisco, 672 Russ Building; Chicago, 120 So.
LaSalle St., and Seattle, 1411 Fourth Ave. In addition the firm has
branches in Boston and Kansas City. Herbert L. Rackliff and Don F.
Whittaker have been elected Vice-Presidents in New York and Charles R.
Carney, Vice-President in Boston. Leslie C. Stutts, Al F. O'Donnell,
Robert V. McElroy and Leslie H. Crandall have become associated with
the firm in their New York office.
Rene Leon and George Carmichael have been admitted to partnership
in the firm of Munds, Winslow & Potter, members of the New York Stock
Exchange. Mr. Leon, who acted in an advisory capacity for the Coinage
Committee of the House of Representatives, was formerly in the foreign
exchange department of the Guaranty Trust Co. and a partner of W. C.
Langley & Co. He is credited with being the first economist to recommend
suspension of the gold standard during the depression, and the placing of
silver on a parity with gold.
Mr. Carmichael has been associated with the firm for the past seven
years. He received his early training in the banking and investment business
in his native State of North Carolina. Since coming to New York he has
been affiliated with several investment firms, specializing in commodities
and is recognized to-day as an authority on certain leading staple commodities.
-Several officers of Baker, Kellogg & Co., Inc., of this city are severing
their connections therewith and forming the new Stock Exchange firm
of Luitweller, Kellogg & Co. to transact a general bond brokerage business.
Baker, Kellogg & Co., Inc., will continue their investment banking business
as heretofore. This change was made under an entirely friendly arrangement between Baker, Kellogg & Co.and its former officers who are forming
the new partnership, and was effected largely to conform with the general
tendency of separating the functions of investment banking and the bond
brokerage business.
-Formation of the co-partnership of Bamberger & Co., members New
York Stock Exchange, at One Wall St., is announced by L. Richard
Bamberger, the Stock Exchange member and formerly a partner of the old
firm of Bamberger Brothers; Richard Rosenbaum, formerly the Stock
Exchange partner of Curtis & Co.. and Bruce W. Dold, formerly with
Bamberger Brothers and one-time treasurer of Independent Wireless
Telephone Co. and of Radio Marine Corp.
-E.G. Horner and W.F. Lecraw have been elected Vice-Presidents and
directors of Foster & Co., of this city. Mr. Horner has been associated
In the past with Field, Glore & Co. and Mr. F. A. Vanderlip. Mr. Lecraw
in the past years has been with Kountze Brothers-later with Standard
Statistics
-and for the past several years with Foster & Co.
-Cohu Brothers, members New York Stock Exchange, announce the
admission of John M.Archer and Frederic V. Schaettler as general partners.
Mr. Archer has been with the firm for the past year in its sales department,
while Mr. Schaettler retired recently from partnership in Rose, Cammann
tic Co.
Financial Chronicle
3120
May 5 1934
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS-DRY GOODS-WOOL-ETC.
COMMERCIAL EPITOME
Friday Night, May 4 1934.
COFFEE was quiet but prices on the 28th declined 5 to
9 points on Santos and 5 to 11 on Rio. Trade selling weakened the market. On the 30th ult. futures closed 4 to 7
points higher on Santos with sales of 750 bags and 2 to 7
points higher on Rio with sales of 2,000 bags. On the 1st
inst. with Brazil having a holiday trading here was quiet
and prices ended unchanged to 2 points lower with sales of
1,750 bags in both contracts. On the 2nd inst. futures
declined 10 to 14 points on Santos contract and 7 to 10
points on Rio with sales of 5,000 bags of the former and
2,000 bags of the latter. On the 3rd inst. futures after
showing early weakness rallied and ended with net gains of
3 to 5 points on Santos and unchanged to 1 point lower on
, Rio, with sales of 7,000 bags of the former and 1,000 bags
of the latter. To-day futures closed 5 to 11 points lower.
Rio prices closed as follows:
May
Dec
8.09 July
8.291
8.24
Santos prices closed as follows:
July
Dec
10.70 1 Sept
11.181
11.08
COCOA wasinactive on the 28th ult. and closed unchanged
to 5 points higher. July ended at 5.17e. and March at 5.89
to 5.90e. On the 30th ult. futures ended 2 to 3 points
higher on a fair demand from commission houses; sales 853
tons. July ended at 5.17c., Sept. at 5.37c., Oct. at 5.450.
and Dec. at 5.62e. On the 1st inst. futures ended unchanged
to 5 points lower under scattered liquidation. Sales were
710 tons. On the 2nd inst. futures ended 4 to 6 points higher
with sales of 1,541 tons. July closed at 5.19c., Sept. at
5.37c., Oct. at 5.45c., Dec. at 5.58c. and Jan. at 5.64c.
On the 3rd inst. futures ended unchanged to 3 points lower
with sales of 817 tons. July closed at 5.19c., Sept. at 5.37c.,
Oct. at 5.42c. and Dec. at 5.58c. To-day futures closed 10
to 25 points higher with sales of 300 lots. January ended at
5.79c., March at 5.92c., July at 5.40c., Sept. at 5.57c.,
Oct. at 5.65c. and Dec. at 5.72e.
434c. On the 3rd inst. futures closed unchanged to 3 points
lower. Exports were light and totaled 120,985 lbs. to Leghorn, Antwerp and Genoa. Hogs were unchanged to 100.
higher for best grades and 5c. lower on others; top $3.95.
Cash lard quiet; in tierces 5.70c.; refined to Continent 4e.;
South America 43/sc. To-day futures ended 3 to 5 points
lower.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs. Frt.
5.80
May
5.77
0.70
5.70
5.70
5.h7
6.00
5.97
July
5.90
5.90
5.85
5.82
september
6.20
6.17
6.10
6.10
6.07
6.05
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 nominal; extra India mess,
nominal. Cut meats, firm; pickled hams,4 to 6 lbs., 8%e.;
6 to 8 lbs., 8/c.;8 to 10 lbs., 834c.; 14 to 16 lbs., 123 c.; 18
%
to 20 lbs. 11/43.• 22 to 24 lbs., 10c.; pickled bellies, clear,
f. p. b. N. Y., 6 to 8 lbs., 13c.; 8 to 10 lbs., 12/c.; 10 to
'
'
12 lbs., 1234c.; bellies, clear, dry salted, boxed, N. Y., 14
to 16 lbs., 9/c.; 18 to 20 lbs., 9/0.; 20 to 25 lbs., 934e.;
25 to 30 lbs., 9/0. Butter, creamery, firsts to higher score
than extras, 233 to 26e. Cheese, flats, 1234 to 19e. Eggs,
%
mixed, checks to special packs, 14 to 20c.
OILS-Linseed was steady at 8.7e. for tank cars. Cocoanut, Manila coast tanks, 2/c.; tanks, New York, spot, 2/
to 23 c. Corn, crude, tanks, f. o. b. Western mills, 4/c.
%
China wood, N. Y. drums, delivered, 834 to 8/e.; tanks,
spot, 7.9 to 8.0c. Olive, denatured,spot,Spanish,87 to 880.;
shipment, Spanish,87 to 88e. Soya bean, tank cars, f. o. b.
Western mills, 60.; cars, N. Y., 7c.; L. C. L., 7.50. Edible,
olive, $1.60 to $2.15. Lard, prime, 9/0.; extra strained,
winter, 8c. Cod, dark, 32 to 330.; light filtered, 33 to 34o.
Turpentine, 53 to 60e. Rosin, $5.50 to $6.641
Cottonseed oil sales to-day, including switches, 31 contracts. Crude, S. E., 434 bid. Prices closed as follows:
May
June
July
August
5.00
5.0.
5.24
5.26
5.08ISeptember
5.20 October
5.27 November
5.40!December
5.45@o.48
5.57
5.59€45.68
5.67
-
PETROLEUM.
-The summary and tables of pi173s1V:
merly appearing here regarding petroleum will be found on
an earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
RUBBER futures after advancing early on the 28th ,
reacted and closed with net losses of 23 to 41 points. May
SUGAR futures were quiet but steady on the 28th. ended at 12.570., July at 12.80e., and Sept. at
13.03e.
Reports that the President would sign the sugar bill this On the 30th ult. futures advanced sharply on news of the
week caused some buying. On the 30th ult. futures closed international agreement to curb output for the next five
years beginning
1. Early prices
1 point lower to 2 points higher with sales of 9,550 tons. higher, but thereJune some recession were 83 to 100 points
was
later under profit taking
Duty free sugar was easier. On the 1st inst. prices closed 1 sales and the ending was with net gains of
79 to 91
higher with sales of 6,750 tons. Duty frees were Sales amounted to 13,360 tons. May ended at points.
point
13.48e.,
easier. On the 2nd inst. futures closed 3 to 4 points higher July at 13.68e., and Sept. at 13.90c. World markets soared
on sales of 20,800 tons. On the 3rd inst. futures closed un- on the restriction news. The restriction plan was favorably
changed to 2 points higher on sales of 17,100 bags. To-day received in some quarters, but in others it was feared that
prices will advance sharply and stay at a level not commenprices closed 1 to 2 points higher and as follows:
surate with present day economic conditions. Prices here
1.64 December
1.68
July
reached the highest levels in four years. On the 1st inst.
1.61 March
1.74
September
futures closed 63 to 72 points higher with sales of 14,960
LARD futures advanced 15 to 20 points on the 28th ult. tons. May ended at 14.140., July at 14.34 to 14.35c., and
on a good speculative demand on the theory that May liqui- Sept. at 14.57 to 14.580. The continued sharp advance at
London and Singapore led to buying. The 15c. level was
dation had culminated. A sharp reduction in stocks is crossed for the first time since May
10c. to 150. lower with the top $3.70. ing a high of lo.24e. There was 1930, with March touchexpected. Hogs were
considerable foreign
Cash lard firm; in tierces 5.820.; refined to Continent 4/c.; noticed. On the 2nd inst. prices ended 12 to 20 buying
points
America 434 to 4/c. On the 30th ult. futures closed lower after having reached new high grounds early in the
South
session. Sales amounted to 10,250 long tons. May ended
2 to 3 points lower with trade selling more than enough to
satisfy the scattered speculative demand. Exports were at 14.02c., July at 14.220., and Sept. at 14.440. On the
3rd inst. futures advanced 9 to 19
only 97,140 lbs. to Liverpool, Copenhagen and Antwerp. long tons. May ended at 14.13c. points on sales of 9,260
June at 14.230., July
Hogs advanced 5c. to 10c. with the top $3.90. Cash in at 14.21c., and Sept. at 14.580. To-day futures
closed 79
5.77c.; refined to Continent and South America to 80 points higher, May ending at 14.95c., July at 15.15 to
tierces
unchanged. On the 1st inst. the ending was 7 points lower 15.17c., Sept. at 15.40 to 15.42., Oct. at 15.15e., Dec. at
on liquidation owing to moderate tenders against May con- 15.69 to 15.75c., and March at 16.05 to 16.10e.
HIDES were quiet. On the 28th futures closed 10 to 20
tracts. Stocks totaled 120,317,154 lbs. or an increase of
3,456,583 lbs. A decrease had been expected. Hogs were points higher on old contracts and unchanged to 10 points
unchanged to 5c. higher with the top $3.85. Cash lard higher on the new. June old ended at 11.10 to 11.25e.
and Sept. at 11.50 to 11.60c.;
easier; in tierces 5.72c.; refined to Continent 434o.; South On the 30th ult. prices closed March new, 12.40 to 12.55e.
10 to 30 points
43.is. On the 2nd inst. there was no change in and 15 to 20 points lower on new contract with lower on old
America
sales of 360,prices. There was some selling early in the session on the 000 lbs. Old contract closed with Sept. at 11.40o. and Dec.
monthly statistics but the market appeared to have at 11.75 to 11.80c.; new, Sept., 11.40 to 11.50c. and Dec.,
bearish
been completely liquidated and the undertone was steady. 11.80e. On the 1st inst. futures closed 1,0 to 25 points lower
with old June at 10.700., Sept. at 11.15c:
Exports were rather light, totaling 143,500 lbs. to Gothen- new Sept., 11.25o. and Dec., 11.65c. and Dec. at 11.6043.,
On the 2nd inst.
African ports. Hogs were futures closed 5 to 15 points lower;old
berg, Genoa, Naples and North
contract Sept., 11.10e.,
steady and Sc. higher with the top $3.85. Cash lard steady; Dec. 11.450.; new,Sept. 11.15e., Dec., 11.55e. and March,
in tierces 5.7204 refined to Continent 434s.; South America 11.90c. On the 3rd inst. futures closed unchanged to 5
Volume 138
Financial Chronicle
points lower with old contract Sept., 11.05c. and Dec.,
11.40e.; new contract March, 11.88c. To-day futures closed
unchanged to 12 points higher; standard Sept., 11.15 to
11.25c.
OCEAN FREIGHTS failed to show any improvement.
CHARTERS included: Grain-Montreal. May, 10-20, Antwerp
Is. dd., Rotterdam is. 330., two ports is. 5d.; booked a few
loads New York-Hamburg at 7c. and bookings were somewhat larger from
Montreal at 9c. to Hamburg. Coal
-Hampton Roads, May, Rio 11.s.
Time
-West Indies round,delivery United States north of Hatteras,prompt
$1.
COAL-Bituminous production showed a gain of 700,000
tons last week. The total output was 6,500,000 tons or
1,700,000 above that of a year ago. The surrent three weeks'
aggregate was 18,255,000 tons and the weekly average 6,085,000 tons, as against 14,322,000 and 4,774,000 respectively
a year ago. ,
SILVER futures on April 28 continued to advance, ending with net gains of 9 to 20 points after sales of 5,025,000
ounces. May ended at 43.65e., July at 43,89c., Sept. at
44.25c. and Dec. at 44.700. On the 30th ult. futures closed
78 to 90 points lower on sales of 7,000,000 ounces. Some
13,025,000 ounces were tendered for delivery against May
contracts. May ended at 42.85e. July at 43.05c., Sept. at
43.30c. and Dec. at 43.90c. On the 1st inst. futures after
'
early weakness advanced sharply to end with net gains of
10 to 23 points; sales 13,925,000 ounces. There were
1,175,000 ounces tendered for delivery against May contracts. May ended at 43.10e. July at 43.17c., to 43.20e.,
Sept. at 43.33 to 43.40, Oct. 43.15c., Dec. 43.75e. and Mar.
44.40e. On the 2nd inst. futures closed 50 to 91 points
lowe;with sales of 6,800,000 ounces. May ended at 42.60c.,
July at 42.65e., Sept. at 42.83c. and Dec. at 43.09c. On
the 3rd inst. futures advanced 30 to 66 points with sales of
4,300,000 ounces. There was some reaction from the top.
May closed at 42.90e., July at 43.00c., Sept. at 43.34e. and
Dec. at 43.75c. To-day futures closed 4 points lower to
10 points higher with sales of 2,175,000 ounces; May 42.90
to 43.00c., July 32.100., Sept. 43.30e. and Dec. 43.80e.
STEEL.
-The outlook particularly for heavy products
was good. Prospects for fabricated structural steel are the
best since the early part of the depression. The Navy is
expected to take a large tonnage of steel plates and some
10,000 tons of steel were ordered recently for some minor
ships. The automobile industry has been purchasing less
freely of late but reports from that center are very encouraging. Operations were up to 55.7% of capacity.
PIG IRON production in April increased 12% over March
and was the highest since August 1933. The daily average
was 58,488 tons against 52,243 tons daily in March, according to the, "Iron Age". There was a net gain of 13 furnaces
during the Month. This trade journal made the composite
price $17.90 as against $17.57 a week ago. Inquiries were
rather light during the week.
COPPER was quiet for domestic account but the price
was steady at 83/ic. European quotations were 8.223/i to
8.25c. It appears likely that all non-blue eagle copper,
including that from surplus stocks, will be barred from local
sales. In London on the 3rd inst. standard copper fell 2s.
6d to £32 us. 3d. for spot and £32 16s. 3d. for futures; sales
50 tons of spot and 550 tons of futures; electrolytic bid off
2s 6d. to £35 12s. 6d.; ask dropped 5s to £36; at the second
session spot standard declined is. 3d. and futures fell 2s. 6d
on sales of 25 tons of spot and 175 tons of futures.
TIN recently was weaker both here and abroad. London
on the 3rd inst. had the sharpest break in several weeks owing
to the news of the 10% increases in production over the next
six weeks. Spot Straits tin here was 54 to 543/gc. Demand,
however, was light. In London on the 3rd inst. spot standard
fell £4 to £233 15s.; futures dropped £3 100. to £231 15s.;
sales, 50 tons of spot and 750 tons of futures; spot Straits
fell £4 15s. to £236; Eastern c. i, f. London declined £1 to
£237; at the second session standard tin advanced 15s. on
sales of 10 tons of spot and 285 tons offutures. Consumption,
according to the current bulletin of The Hague Statistical
Office of the International Tin Research and Development
Council, in the 12 months ended February 1934 amounted
to approximately 128,000 tons against 99,833 tons in the
same period last year and 129,003 tons in 1932. Consumption during Feb. 1934 amounted to approximately 9,250 tons
against 8,196 tons in Feb. 1933 and 8,936 tons in Feb. 1932.
World consumption of tin plate also showed a substantial
increase. In the 12 months ended Feb. 1934 it amounted to
approximately 3,150,000 tons against 2,290,000 tons in the
same period of 1933. In Feb. 1934 the output was 215,000
tons against 188,000 in Feb. 1933 and 188,000 in Feb. 1932.
United States production of babbit metal during the 12
months ended Feb. 1934 amounted to 152% of the production during the preceding 12 months.
LEAD was in fair demand chiefly from corroders, makers
of lead pipe, tin foil, mixed metals and jobbers. Shipments
in April are expected to make the best showing since August.
Prices were steady at 4.250. New York and 4.10e. E.St.Louis.
Most of the demand was for May shipment. In London on
the 3rd inst. spot was unchanged at £11 6s. 3d.; futures up
is. 3d. to £11 13s. 9d.; sales 150 tons of spot and 100 tons
of futures; at the second session prices fell is. 3d. with no
sales.
3121
ZINC was quoted at 4.40c. but it was intimated that this
figure could be shaded $1 per ton on a firm bid. Demand
was small. In London on the 3rd inst. prices were unchanged
at £14 16s. 3d. for spot and £15 2s. 6d. for futures; sales 625
tons of spot and 150 tons of futures.
WOOL.
-Boston wired a Government report on May
2, saying: "The wool constimption report just released by
the Bureau of Census for the month of March shows that
mills were consuming wool during the first quarter of the
year much more rapidly than was indicated by sales of raw
wool in the Boston market during that period. This appears
still to be thi3 case. Very little trading is going on now in the
market. Isolated transactions indicate a fairly firm price
level. For example, eight months' Texas wool sold at an
estimated scoured basis around 78c. Sample bags of good
French combing 64s and finer territory wools in original
bags have been taken by mills at 82c. to 83c. scoured basis."
A later Government report from Boston said: "A few
manufacturers are inquiring for combing wools but they
apparently are not in any hurry to buy. Occasionally they
take a few sample bags. In many cases the chief interest
is in determining the qualities, amounts and prices of wools
available. Quotations are about steady to firm on spot
domestic wools. There are indications of sentiment being
bolstered up a little in this market by the fact that opening
prices at London this week were off from the previous close
less than had been anticipated before the opening." In
London on May 1 the third wool auction opened with offerings of 7,992 bales of which 6,043 sold. Interest keen owing
to German embargo on imports until May 5. Selection fair.
Merinos were 5% lower than at the last series and slipes
dropped 5 to 10%. Fine crossbreds were 5 to 73 % lower,
while other crossbreds fell 73/ to 10%. In London on May
2 offerings were 7,113 bales; home and Continent good
buyers; prices firm. Withdrawals of speculators lots at
firm limits numerous. Details:
Sydney, 909 bales; greasy merinos, 16 to 218.; Queensland. 1512 bales;
scoured merinos, 2034 to 3234d.; greasy, 13 to 188. Victoria, 940 bales:
scoured merinos, 18 to 29d.; greasy, 1334 to 2234d. South Australia. 635
bales; scoured merinos, 1834 to 3330.; greasy. 1734 to 2034d. New
Zealand, 2164 bales; scoured crossbreds. 934 to 2534(1.; greasy, 5%.3. to
16346. Cape, 257 bales; scoured merinos, 28346. to 31348. Kenya, 259
bales; greasy merinos, 1034 to 12346. Tasmanian greasy combbacks sold
at 2134 to 22d. New Zealand slipe ranged from 7d. to 17d., the latter
price for halfbred lambs.
In London on May 3 offerings were 6,720 bales. The
catalogue consisted largely of crossbreds with Yorkshire the
best buyer. Prices were firm. Best slipe grades frequently
withdrawn at firm limits. Details:
Sydney, 154 bales: scoured merinos, 204 to 2730.; greasy, 1834 to
2134d. Victoria, 607 bales; scoured merinos, 26 to 288.: greasy. 19 to
22d. Queensland, 259 bales; scoured merinos, 2634 to 3334d.: greasy. 1634
to 1830. West Australia, 56 bales; greasy merinos. 1634 to 19346. New
Zealand. 5305 bales; scoured merinos, 29 to 31d.; greasy, 15 to 206.; scoured
crossbreds, 10 to 31d.; greasy. 534 to 1834d. Cape, 171 bales; greasy
merinos, 8 to 106. Kenya, 115 bales; greasy merinos, 734 to 934d. New
Zealand slipe ranged from 834d. to 1630., the latter price for halfbred
lambs.
SILK-On the 30th ult. prices closed 1M to 43.c. lower
with sales of 1,460 bales. Some 40 bales were tendered for
delivery against May contracts, making the total thus far
this month 970 bales. May ended at $1.16 to $1.1834,
June, $1.19; July, $1.22; Aug., $1.213/; Sept., $1.21 to
i
$1.22; Oct. and Nov., $1.21 to $1.213/2, and Dec., $1.21.
On the 1st inst. futures were easier in the early trading but
firmed up later on and ended unchanged to 1 Mc. higher
after sales of 1,030 bales. June ended at $1.20 to $1.203';
July, $1.22 to $1.2234; Aug., Sept. and Oct., $1.22 to $1.23;
Nov., $1.223/I, and Dec., $1.22 to $1.23. On the 2nd inst.
futures closed M to 1
higher after sales of 690 bales.
June ended at $1.21; July and Aug., $1.23; Sept., $1.23M;
Oct. and Nov., $1.23, and Dec., $1.233/2. On the 3d inst.
futures closed 3,i to 2c. lower after sales of 530 bales. May
ended at $1.18; Aug.,$1.21; Sept.,$1.22,and Oct., Nov.and
Dec., $1.213'. To-day futures closed 1 to 4c. higher with
sales of 55 lots. July ended at $1.22; Aug., $1.23; Sept.,
$1.23; Oct., $1.24; Nov., $1.24 to $1.243/2, and Dec., $1.24.
COTTON
Friday Night, May 4 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
75,235 bales, against 79,174 bales last week and 74,694
bales the previous week, making the total receipts since
Aug. 1 1933 6,896,498 bales, against 7,789,791 bales for the
same period of 1932-33, showing a decrease since Aug. 1 1933
of 893,293 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
5,512 4,847 14,431 5,244 2,298 1,069 33,401
Texas City
406
406
Houston
-68i 1- 86 2rigg -r7s56
.
igi 1,670 7.279
Corpus Christi- -------------------136
136
Beaumont
New Orleans
9,44:56 11:560 :7.11; 1:470 2r,064 1",r76 edig
Mobile
592
418
154 1,008
135 2,488
181
Pensacola
-----_,.
31
10
---54
95
Jacksonville ------------------------1
1
Savannah
.)
288 1.264
Brunswick
19
19
Charleston
-iiii --ig -i'i
:::: 16
904
155
Lake
13
13
Wilmington
ii
5§
--------66
1
120
Norfolk
12
6
-_,..,4
111
235
Baltimore
--_---- 1.192
--------483 1.675
Totals this week_ 17.311 18.649 18.259
9.259
5,680
6.077 75,235
3122
Financial Chronicle
The following table shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared with
last year:
1933-34.
Receipts to
May 4.
Stock.
1932-33.
This SinceAug This SinceAug
Week. 1 1933. Week. 1 1932.
1934.
1933.
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1933-34. 1932-33. 1931-32. 1930-31. 1929-30. 1928-29
22,555
24,058
24,310
4,137
3,435
10,737
7,752
19,991
7,854
3,058
1,705
4,157
11,077
5,360
5,314
5,340
5,230
9,566
1,834
4,802
6,527
4,717
14,837
3,579
1,523
3,354
955
911
735
320
266
1,517
826
275
1.559
201
3,675
439
224
1,535
Galveston-Houston
New Orleans_
Mobile
Savannah _ __ _
Brunswick
Charleston__.
Wilmington__
Norfolk
port News_
All others_ ___
33,401
7,279
27,199
2,488
1,264
19
904
120
235
2.326
6,312
2,389
1,035
16,954
6,752
Total this wk_
75,235
90,027
53,102
31,266
49,161
40,133
Since Aug_ 1
6.596.498 7.789.791 9.239.706 8.272.275 7.826.968 8.791.266
The exports for the week ending this evening reach a total
of 127,931 bales, of which 12,497 were to Great Britain,
1,951 to France, 9,514 to Germany, 14,911 to Italy, 66,016
to Japan, 2,969 to China, and 20,073 to other destinations.
In the corresponding week last year total exports were
196,456 bales. For the season to date aggregate exports
have been 6,478,675 bales, against 6,618,242 bales in the
same period of the previous season. Below are the exports
for the week:
Exported to
Week Ended
GerGreat
May 4 1934.
- Britain. France. many.
Exports from
Galveston
Houston
Corpus Christi_ _
New Orleans_ _
Lake Charles_
Mobile
Pensacola
Panama City...
Savannah
Brunswick
Norfolk
Gulfport
New York
Los Angeles_ _
San Francisco_ _
Total
Total 1933
Total 1932
2,336
8,204
677
1,037
1,350
177
2,817
1,422
3:iii
374
10
10
204
19
• ____
12,497
1,951
Japan. China. Other.
5,802 35,708
2,544 23,772
1,450
4,932
300
1,565
68
-
54
1,537
19
80
31
200
1,305
1,389
3:5i4
1,402
9.514 14,911 66,016
275
Total.
9,666 57,634
7,552 46,233
850 2,477
1,265 9,851
90
767
300 3,276
68
54
350 1,887
19
80
41
10
4,063
1,471
2,969 20.073 127,931
19,411 13,824 69,620 20,676 25,812 1,900 45,213 196,456
34,576 14,355 30,196 10,492 8,846 13,304 36.461 148,230
From
itO. 1 1933 to
Great
GerMay 4 1934.
Exports from- Britain. France. many.
Exported to
Italy. I Japan. China. Other.
Total.
249,336 229,874 230,702 173,416 500,458 80,939 299,751 1764,476
Galveston
247,162249.512 412,091231,284 535,0 I 88,786 315,750 2079,615
Houston
7,348 43,098 375,490
Corpus Christi_ 97,748 53,900 28,788 17,621 126,98
179 22,316 117,481
3,119
20.159 24,062 43,250 4,396
Texas City_
3,516 2,141 1,928 18,948
2,176 1,000
3,495 4,693
Beaumont
270,169105,850 241,228138,891 171,467 31,464 149,840 1108,909
New Orleans
10,013 24,353 25,241 2.857 17,761 8.081 24,482 112,787
Lake Charles
39,609 8,701 75,683 11,674 19,531 1,000 10,089 166,287
Mobile_ _ _.
670 12.841
100
____
8,900___
____
3,171
Jacksonville...
__ 1,684 86,419
21,159 1,432 33,903 12:992 15,249
Pensacola
8,600 8:500 1,172 55,903
259 15,801___
21,571
Panama City
__ _ 8,668 154,564
100 65,837 1:324 16.868
61,767
Savannah
36,553
5,868
____
30,660
Brunswick_ _
2,130 112,941
66
379 59,437
50,929
Charleston_ _ _ _
1,351 13,909
12,059
500
Wilmington...
360 17,097
_-_
798
6,301
274
7,300 2,064
Norfolk
50 10,234
19
3,674
171
6,320
Gulfport
1,098 1,398 8,089 27,525
369
7,390
263
8,918
New York _ _ _ _
8,371
___ 7,914
205 .
151
101
Boston
8,297
____ 125,607 5,171 2,723 149,576
6,508 1,180
Los Angeles
__ 40,623 1,862 1,605 48,546
1,675
575
2,206
San Francisco_
203
203
____
Seattle
Total
1158,441 707,4691288.506596,683 1586,812236,867903,8976478,675
1143,288 748,871
Total -- ... ..n. ...nAnn ono 1530,217664,759 1393,856 254,890882,361 6618,242
1.41, AA, nal onoon,n0.250270/7272.1127AcOlade
_ . . 1932-33_
-It has never been our practice to include In the
-Exports to Canada.
NOTE.
virtually
above table reports of cotton shipments to Canada. the reason being that
impossible
all the cotton destined to the Dominion comes overland and it Is from the to give
customs
returns concerning the same from week to week, while reports to
hand. In view.
districts on the Canadian border are always very slow in coming
however, of the numerous inquiries we are receiving regarding the matter, we will
the, sports to the Dominion the present season
say that for the month of Marchcorresponding month of the preceding season the
have been 24,972 bales. Ins he
were 11,578 bales. For the sight months ended Mar. 31 1934 there were
exports
the eight months of 1932-33.
188.555 bales exported, as against 125,066 bales for
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 4 at
Great
GerOther CoastBritain. France. many. Foreign wise.
Galveston
Galveston
33,401 2,045,286 22,555 1,857,939 631,751 670,743
Texas City
38,089
406 177,315 3,584 232,824
11.360
Houston
7,279 2,173.449 24,0582,636,382 1,055,089 1,591.210
Corpus Christi_ _ _
136 319,933 1,168 292.486
56.431
66,118
Beaumont
4,140
20.571
9.610
____
28,494
New Orleans
27,199 1,346,649 24,310 1.718,354 E91,864 971,712
Gulfport
606
Mobile
94,907 127,662
2.488 145.139 4,137 284,152
28,122
Pensacola
15,162
95 141,2J7
____ 120,393
Jacksonville
4,329
9.565
1
13,544
____
8,940
Sa%annah
1,264 165.535 3,435 137,155 108,20o 132,669
Brunswick
19
36.553
35,917
Charleston
48,589
52,119
904 128.485 3,354 152,307
Lake Charles_ __ _
25,32e
72.293
13 102.888 1,204 159,575
Wilmington
120
51,289
16,901
20,158
22,408
955
Norfolk
16.865
48,801
23o
38,550
50,633
911
Newport News
8,689
New York
72,669 198,195
141
10,033
Boston
18,749
2,432
Baltimore
3,670
1,675
29,716
13,656
356
Philadelphia
9 ,,t.1.
,
7K 92c A ROA 40R On n97 7 7R0 701 9 RR7 901 4 MO 90R
May 5 1934
Total.
Leaving
Stock.
400
4,133
2,300
3,243
4,000 17,000
3,698 14,472
168
1;666
302
1,666
1,087
1.86 19:666
605.051
666,318
108.205
48,589
1,557 93,350
16,865
500 23:666 1,252,110
Total 1934.. 5,701
Total 1933
16.446
Total 1932 _ _ 16,278
* Estimated.
6,845
7,896
9.630
9,198 51,559
7,997 50,619
8.973 68,053
3,500 76.803 2,790.488
5,650 88.608 3,980,600
3,633 106,567 3,891,760
New Orleans..
Savannah
Charleston_
Mobile
Norfolk
Other ports *_ _
3,000 26.700
25,546
SPECULATION in cotton for future delivery was rather
light, and prices declined under general liquidation, owing
to uncertainty over Waehington developments and sharp
declines, at times, in silver futures. Prices were down at
one time to the lowest point seen since early in January.
On April 28 prices advanced 9 to 11 points early, on trade
and foreign buying owing to the firmness of wheat and an
advance in silver futures, but subsequently lost these gains
under renewed liquidation, and the ending was 2 points lower
to 1 point higher. Most of the selling was believed to have
come from the same sources that were heavy sellers late
last week. The weather was unsettled, with rains in the
Central and parts of the Western belt. Some were buying
early on the idea that the technical position had become
stronger after the heavy liquidation last week.
On the 30th ult., after showing early steadiness" prices
reacted under renewed liquidation, and ended with net
losses of 20 to 27 points. The foreign demand, which gave
considerable support on last week's decline, was absent, and
there was very little demand from any other source. The
market followed the line of least resistance and shot downward rapidly. New Orleans and wire houses were the chief
sellers. The late weakness in stocks undermined confidence.
There was some trade buying, but it was not heavy enough
to have any effect. The weather was generally favorable,
although heavy showers fell in some portions of the Eastern
and Central belts. There was little in the news to inspire
active operations on either side of the market. The action
of the market was disappointing to those who had believed
that the recent liquidating movement had culminated and
that the technical position had become stronger.
On the 1st inst. prices showed a further decline of 13 to
18 points. New lows for the movement were made. The
market, at the low point, was 17 to 21 points off, and was
over 2c. a pound, or $10 a bale, below the mid-February
high mark. Prices were the lowest recorded since early
January. May dropped to 10.53c., and all months through
January went below the 11c. level. It was a nervous market,
with prices fluctuating over a range of 15 points, and at no
time were they above the previous day's closing. Liverpool
cables were better than due, but received very little attention. Some 7,300 bales of May notices were issued. Liverpool, the Continent and Bombay sold, and there was renewed Wall Street liquidation. New Orleans and Japanese
interests bought, and there was some trade price-fixing.
New outside speculation was largely lacking. Washington
reports said that Senator Smith was pushing his bill to
purchase cotton for relief purposes.
On the 2nd inst. the market reversed its downward trend
and ended with net gains of 19 to 26 points. Firmer Liverpool cables than expected, and buying by the trade and
spot interests caused the advance. Many felt that a to:Rinical rally was due after the recent liquidating movement
which carried prices down about $10 a bale from the high
of the season, made in February. There was nothing particularly constructive in the news to encourage aggressive
buying. New Orleans and local traders were the most conspicuous sellers. However, the recent heavy liquidation appeared to have culminated. Offerings were comparatively
light. Spot business was very quiet. The weather was generally favorable. The New York Cotton Exchange Service
reported a decrease in fertilizer sales in eight of the nine
principal cotton growing States, with Georgia missing. The
total of 573,000 tons compared with 856,000 tons for the
same States in April last year. It attracted a good deal of
attention and influenced some late buying.
On the 3rd inst. the market moved feverishly over a range
of 8 to 14 points, and closed at about the low of the day,
with net losses of 7 to 8 points. Trading was very light.
There was nothing in the news to encourage buying. Early
prices were firmer, owing to steadier Liverpool cables, foreign trade price-fixing and Liverpool buying on the differences. There were further rains in the Western belt,
but generally favorable weather prevailed in the Eastern
section. Rumors of further strained relations between
Japan and China and reports of an impending trade war
between Japan and England attracted ,considerable attention. Both these countries are large consumers of American cotton. China was reported to have covered short
hedges here to the extent of about 15,000 bales, and was
showing more interest in spots in the South. Georgia's
fertilizer tag sales in April totaled 96,000 short tons.
To-day prices ended with net gains of 29 to 33 points,
under buying stimulated by better Liverpool cables than
Financial Chronicle
Tuesday, Wednesday, Thursday,
May 1.
May 2.
May 3.
Friday,
May 4.
Movement to May 4 1934.
lop(34)_
.
Range_ _
Closing- 11.200
11.00n
10.85n
11.05n
10.97n
11.28n
Range_ _ 11.26-11.37 11.05-11.31 10.85-11.01 10.97-11.12 11.03-11.15 11.07-11.31
Closing_ 11.25-11.26 11.05-11.06 10.91-10.92 11.10-11.11 11.03-11.04 11.33-11.31
Vor.Range_ _
Closing. 11.31n
11.09n
10.98n
11.16n
11.09n
11.40n
)ec.Range._ 11.34-11.48 11.14-11.42 10.96-11.12 11.08-11.23 11.15-11.26 11.19-11.4)
Closing_ 11.37-11.39 11.14-11.16 11.0111.2211.15-11.48fan.
(1935)
Range_ 11.44-11.64 11.21-11.47 11.02-11.16 11.15-11.29 11.20-11.30 11.26-11.5
,
Closlng - 11.4611.2111.06 -- 11.28-11.29 11.21-11.53-11.5
,
,. b.e
Range _ _
Closing
.
War.
Range.. 11.52-11.65 11.30-11.59 11.13-11.28 11.27-11.38 11.31-11.42 11.36-11.61
Closing_ 11.6311.30-11.33 11.17-11.18 11.3811.31-11.33 11.64-11.61
1 yrilRange_ _
Closing.
n Nominal.
Range of future prices at New York for week ending
May 4 1934 and since trading began on each option:
Option for
Apr. 1934
May 1934_
June 1934
July 1934_
Aug. 1934
Sept. 1934.._
Oct. 1934__
Nov. 1934__
Dec. 1934_
Jan. 1935_
Feb. 1935
Mar. 1935._
Range for Week.
10.53 May 1 11.09
Range Since Beg titling of Option.
8.91 May 22 1933 11.86 Mar. 23 1934
Apr. 28 9.13 Oct. 16 1933 12.54 Feb. 13 1934
11.42 Jan. 15 1934 12.50 Feb. 13 1934
Apr. 28 9.27 Oct. 16 1933 12.71 Feb. 13 1934
10.94 Apr. 26 1934 12.38 Mar. 6 1934
11.35 Apr. 26 1934 12.77 Feb. 13 1934
Apr. 28 10.05 Nov. 6 1933 12.89 Feb. 13 1934
11.14 Apr. 26 1934 12.70 Feb. 23 1934
Apr. 28 10.73 Dec. 27 1933 13.03 Feb. 13 1934
Apr. 28 11.02 May 1 1934 13.09 Feb. 13 1934
10.70 May
1 11.21
10.85 May
1 11.37
10.96 May
11.02 May
1 11.48
1 11.54
11.13 May
1 11.65 Apr. 28 11.13 May 1 1934 12.64 Mar. 26 1934
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
May 4Stock at Liverpool
Stock at London
Stock at Manchester
1933.
bales.. 930,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
1933.
678.000
1932.
614,000
1931.
877,000
212,000
107,000
104.000
211,000
1,037,000
782,000
825.000 1,089.000
596,000
278.000
18,000
84,000
78.000
5.000
8,000
525,000
234,000
25,000
86,000
121,000
316,000
195.000
26,000
96,000
73,000
501,000
384,000
13,000
115,000
71,000
Ship- Stocks
vrzents. May
Week. i Season. Week,
4.
Ala,BIrming'm
Eufaula
Montgomery
Selma
Ark, Blytheville
Forest City
Helena
Hope
Jonesboro_ _ _
Little Rock
Newport_
Pine Muff
Walnut Ridge
Ga., Albany_
Athens
Atlanta
Augusta _ _ _ _
Columbus....
Macon
Rome
La., Shreveport
hliss.Clarksdale
Columbus_
Greenwood.Jackson
Natalie,..
Vicksburg.--
Yazoo City
Mo., St. Louis_
N.C.Greensb'ro
Oklahoma15 towns._
S.C., Greenville
Tenn„Memphis
Texas, Abilene_
Austin
Brenham
Dallas
Paris
Robstown_
San Antonio _
Texarkana
Waca
629 29,753
23
9,937
237 31,628
.51
38,176
321 127.334
8
17,90.
45,124
205 48,158
151
30,818
624 110,417
25 29,992
729 105,626
70 53,319
11,13
20
156 32,342
2,616 137,257
747 147,796
1,350 23,790
53 18,865
12,345
36
240 53,229
633 127,256
603 19.464
100 143,577
23 27.020
11
4,647
30 21,564
5 27,301
4,627 232,989
5
7,447
I
528 803.011
5,206 lSO.77Oj
22.921 1,746.1871
811 73,380
1 19,590
12 27,084
119, 97,820
503 53,322
_ __ _I
5,477
.
2041 32,560
233 92,061
American
-
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U. S. interior stocks
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &a., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
Total East India, &c
Total American
430,000 390,000 281.000 427,000
49,000
64,000 125,000
88,000
933.000 924,000 658.000 968.000
192,000 300,000 263,000 155.000
2,867,291 4,069,208 3,998,327 3,423.260
1,467,685 1,709.661 1.664.135 1,112,593
836
51,737
44,970
9.962
5,939,812 7,508,606 7,034.432 6.193.815
500.000
288.000
333,000
58,000
134,000
121,000
90,000
372,000
1,226,000
40,000
67,000
88,000
64.000
486.000
972,000
86,000 124,000
48,000 116,000
34,000 127,000
63.000
65,000
630.000 656,000
818,000 1,025.000
440,000
2,501,000 2,005.000 2,012,000 2,553,000
5.939.812 7,508,606 7,034.432 6.193,815
Total visible supply
8,440.812 9.513,606 9,046,432 8.746.815
Middling uplands, Liverpool _ - 5.93d.
5.89d.
4.53d.
5.396.
5.90c.
Middling uplands. New York__ - 11.30c.
8.55c.
10.00c.
8.64d.
7.35-1.
Egypt. good Sakel, Liverpool.... 8.788.
9.506.
Broach, fine, Liverpool
5.20d.
4.21d.
4.66d.
4.41d.
Tinnevelly, good, Liverpool
5.63d.
4.34d.
5.47d
5.166.
Receipts.
Week. I Season.
911 9,524
135 5,724
75 28,474
347 31,130
1,145 45.604
190 10,961
386 17,434
297 13,094
449 7,573
1,110 35.101
522 12,736
2,702 26,923
493 9,041
386
74
100 58,457
7,758197,707
4,107121,377
1,500 12,861
1,303 32,310
200 9,697
434 23,158
1,650 26,864
626 10,175
833 41,502
218 13,014
6 4,352
140 5,664
70 8,885
6,923 21.904
_ _ _ 18,009
Ship- Smcke
mentt . May
t
5.
Week.
2,322 39,762
954
9,960
77 39,708
803 57.836
329 187,134
42 23.197
200 68,225
396 63,013
89 20,036
4,229 144,862
50.215
2,387 124,161
79 65,711
1.379
2
25,965
46
1,028 226.684
4.004 124.088
1,859 21,969
19,782
267
190
12,538
418 75,516
89 127.431
89 15,739
722 130,913
25
36,253
8.581
24
2 34,713
12 32.076
143,827
3.71
27,269
27
5,644 71,264 2,359 715.932
4,462 88,876 4,130 139,436
34,659403,357 22.0691,836,356
____ 2,140
795 87,822
229 22,906
____ 2,240
472
62 3,736
17.005
741 6,463 1,724 96,821
124 52,761
959 7.543
____
6.482
572
7
266
160 11,309
38
199 45,136
597 12.828
417 73.787
592 8,759
T....•..1
9,528
6.813
49.479
42,481
36,082
15,465
32,640
16,734
2,818
56,564
11,604
43,700
5.998
3,031
47,225
258,511
103,988
21,668
37,887
14,217
61.837
36,435
10,105
63,903
24,866
5.553
11,342
13,916
144
22.200
54,720
98,664
421.807
648
3,018
6.769
21,382
8,234
264
670
15,977
10,798
CA ...........
44 1001 con LAIC On .1 CA
.
1All,n0K
no 000 5 Ilr.d 0114
.
.
CM 11111117fICIARI
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 38,432 bales and are to-night
241,976 bales less than at the same period last year. The
receipts at all the towns have been 14,746 bales less than
the same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
May 4 for each of the past 32 years have been as follows:
1934
1933
1932
1931
1930
1929
1928
1927
11.30c
8.30c.
5.65c.
9.70c.
16.404.
19.90c.
21.386.
15.986.
926
1925
1924
1923
1922
1921
1920
1919
18.85c.
23.95c.
30.05c.
26.986.
19.786.
12.786.
41.604.
29.204.
26.75c. 1910
20.05c. 1909
12.65c. 1908
10.304. 1907
13.00c. 1906
11.85c. 1905
11.50c. 1904
15.386. 1903
1918
1917
1916
1915
1914
1913
1912
1911
15.30c.
10.904.
10.404.
11.50c.
11.804.
7.85c.
13.704.
10.886.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Total Continental stocks
1,067.000 991.000 706.000 1,084,000
Total European stocks
2,104,000 1,773,000 1,531.000 2,173.000
India cotton afloat for Europe... 121,000
88,000
34,000 127.000
American cotton afloat for Europe 192,000 300,000 263,000 155,000
Egypt, Brazil,Sze.,afrt for Europe 90,000
64,000
63.000
65,000
Stock in Alexandria. Egypt
372,000 486,000 630.000 656,000
Stock in Bombay, India
1,226,000 972,000 818,000 1,025,000
Stock in U. S. ports
2,867,291 4,069,208 3,998,327 3,423,260
Stock in U. S. interior towns- _ --1,467,685 1,709,661 1,664.135 1,112.593
U.S. exports to-day
836
51.737
44.970
9,962
Total visible supply
8,440.812 9,513,606 9,046.432 8.746.815
Of the above, totals of American and other descriptions are as follows:
Movement to May 5 1933.
Receipts.
_
Closing. 11.0110.7410.5610.82n
10.7411.03n
'UMRange_ _
'
Closing. 11.06n
10.82n
10.64n
10.88n
10.80n
11.10n
'layRange-- 11.11-11.21 10.90-11.16 10.70-10.85 10.81-10.97 10.86-11.00 10.91-11.19
Closing. 11.11-11.12 10.9010.73-10.75 10.95-10.97 10.87-10.88 11.18-11.19
Lay.
Range__
Closing. 11.160
10.95n
10.79n
11.00n
10.92n
11.23n
Towns.
•
Range__ 11.01-11.09 10.74-11.05 10.53-10.68 10.70-10.70 10.74-10.82 10.82-11.06
awavopaNNO.0.0paw-4-40.
Monday,
Apr. 30.
-woa....0.w0.k.
,
Saturday,
Ayr. 28.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
ww
FUTURES.
-The highest, lowest and closing price:, at
New York for the past week have been as follows:
w.w,p
w
.. 8ww
.1ww.t.
1.1.14 VI ....4m4-41.DbIl.w.:4
1.40° mtowl4 wi..2.1-1
Sat. Mon. Tues. Wed. Thurs. Fri.
11.15 10.95 10.75 11.00 11.00 11.30
1.240....4w-4
April 28 to May 4Middling upland
Continentalimportsfor past week have been 96,000 bales.
The above figures for 1934 show a decrease from last
week of 125,039 bales, a loss of 1,072,794 from 1933, a
decrease of 605,620 bales from 1932, and a decrease of
306,003 bales from 1931.
a
due and reports of rains hindering the crop in Texas. Forwere buying more freely, and the demand from
the trade was better.
The official quotation f3r middling upland cotton in the
New York market each day for the past week has been:
eign interests
3123
w
Volume 138
Futures
Spot Market
Closed.
SALES.
Market
Closed.
Spot. Contr'ct Total.
Saturday___ Quiet, unchanged__ Barely steady---------Monday ...- Wet,20 pts. dec... Easy
Tuesday _ _ uiet,20 pts. dec._ .. Steady
---- 20:;i136 20,700
Wednesday
.uiet 25 pts. adv__ Very steady
---- --Thursday.. Wet, un hanged-- Barely steady
-___ 1,300 1..6()
c
Friday
Quiet, 30 Pts. adv-- Very stead
y'-- -------Total week_
22.000 22,000
Since Aug. 1
94,210 198,100292.310
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
May 4ShippedVia St. Louis
Via Mounds.&c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
-1933-34---
-1932-33-
nce
Since
Week. Aug. 1.
Week. Aug. 1.
6,923 211.325
3.710 144.459
2.603 126,766
4.289
154
1.322400
242
11,590
14,732
lo
4,775 146.442
3.356 130.706
5.471 431.206
3,086 293.137
20,014
928.651
10,606
587.723
1,675
304
2.643
29,652
14,152
201,280
356
295
5.911
14.123
9.063
143.752
Total to be deducted
4.622 244,084
Leaving total net overland *...15,392 684,567
• Including movement by rail to Canada.
6,562
166.938
4.044
420.785
Deduct Shipments
-
Overland to N.Y., Boston,&c
Between interior towns
Inland, &e..from South
May 5 1934
Financial Chronicle
3124
The foregoing shows the week's net overland movement
this year has been 15,392 bales, against 4,044 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 263,782 bales.
-----1933-34----- -----1932-33
Since
In Sight and Spinners'
Since
Aug. 1.
Week.
Takings.
Week. Aug. 1.
Receipts at ports to May 4
75,235 6,896,498 90,027 7,789,791
420.785
4.044
Net overland to May 4
684,567
15,392
Southern consumption to May 4- _110,000 3.759,000 105,000 3,871.000
Total marketed
200,627 11,340,065 199,071 12,081,576
309,959
Interior stocks in excess
205.447 *29.577
538,432
Excess of Southern mill takings
105.522
-228,186
over consumption to April 1_ _ _ --169,694
162.195
12.497,057
- 11,773.698
Caine into sight during week
Total in sight May 4
North.spinn's'takings to May4-- 25,145 1.115.567
27,857
770,916
* Decrease.
Movement into sight in previous years:
Since Aug. 1Bales.
119,420 1931
109,251 1930
123.615 1929
Week1932
-May 9
1931-May 10
1930
-May 11
Bales.
14,874,422
13,209,424
14,048,867
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:
Week Ended
May 4.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Montgomery- _ _
Augusta
Memphis
Houston
Little Rock- _
Dallas
Fort Worth _ _ _ _
Closing Quotations for Middling Colton on
Saturday. .Monday. Tuesday. Wed'day. Thursd'y. Friday.
11.251
10.95
11.05
10.85
11.00
11.20
11.24
10.97
11.00
10.85
10.97
11.20
11.03
10.72
10.80
10.56
10.75
11.00
11.19
10.88
10.97
10.75
10.90
11.11
11.29
10.98
11.07
10.85
11.00
11.22
10.95
10.65
10.70
10.50
10.65
10.85
11.24
10.93
11.02
10.79
10.95
11.17
11.05
10.70
10.80
10.60
10.75
10.95
11.25
10.95
11.05
10.85
11.00
11.20
11.93
10.62
10.70
10.48
10.65
10.86
11.90
10.55
10.65
10.45
10.60
10.80
11.90
10.55
10.65
10.45
10.60
10.80
-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,
Apr, 28.
Monday,
Apr. 30.
Tuesday, Wednesday, Thursday,
May 3.
May 2.
May 1.
Friday.
May 4.
May(l934) 10.94 Bid. 10.71 Bid. 10.59 Bid. 10.75-10.72 Bid. 1098b11.00
June
11.14-11.15
10.8710.87-10.88 10.74-10.75 10.9011.10July
August September
11.04-11.2911.23-11.24 11.00-11.01 10.89-10.90 11.05October
November
11.11-10.99 -11.16 -11.15 -11.42December. 11.36Jan.(1935) 11.41 Bid. 11.16 Bid. 11.04 Bid. 11.21 Bid. 11.21-11.48 Bid.
February _
11.33 Bid. 11.31 Bid. 11.58 Bid.
11.28 Bid. 11.1711.51 March
April
Tone
Steady.
Quiet.
Steady.
Quiet.
Quiet.
Quiet.
Spot
Strong.
Steady.
Firm.
Options_ Steady. Barely stdy Steady.
WORLD CONSUMPTION OF ALL COTTONS AT
HIGHEST MARCH LEVEL SINCE 1929 ACCORDING TO NEW YORK COTTON EXCHANGE-USE
OFLAMERICAN COTTON ALSO HIGHER.
World cotton spinners used more bales of all kinds of
cotton during March of this year than in any March since
1929, according to a report issued April 30 by the New York
Cotton Exchange Service. March consumption registered
an increase over February, and the increase was slightly
larger than the usual seasonal increase. The proportion
of American cotton now being consumed by world cotton
spinners is slightly smaller than a year ago and two years
ago, but is somewhat larger than three years ago and four
years ago. The Exchange Service's report continued:
World consumption of all kinds of cotton totaled approximately 2,201,000
bales during March as compared with 2,069,000 bales in February, 2,114,000
bales in March last year, 2,040,000 bales two years ago, 1,964,000 bales
three years ago, and 2,133,000 bales four years ago. The increase of
132,000 bales from February to March was slightly larger than the lisual
seasonal increase. On a persentage basis, the increase was 6.4% as compared with an average increase from February to March in the past six
years of 4.4%.
Both American and foreign cottons shared in the increase. Consumption
of American cotton in the world increased 8.1% from February to March
as compared with an average increase in the past six years of 5.4%. World
consumption of foreign growths increased 4.5% as compared with an
average increase of 8.2% in the past aix years. During the eight months
of this season from Aug. 1 to March 81, world consumption of all growths
of cotton aggregated 17,013,000 bales as compared with 18,112,000 bales
In the corresponding part of last season, 15,671,000 bales two seasons ago,
14,773,000 bales three seasons ago, and 17,235,000 bales four seasons ago.
The United States and the Orient and minor cotton-consuming countries used more cotton in March this year than in March a year ago, while
Great Britain and the Continent used slightly less than last year. Domestic
mills consumed 543,000 bales of all growths during March as compared
with 496,000 bales in March last year and 489,000 bales two years ago.
British spinners used 221,000 bales as compared with 224,000 bales last
year and 223,000 bales two years ago. Mills on the Continent consumed
.684,000 bales as against 693,000 bales last year and 670,000 bales two
years ago. The Orient and minor cotton-consuming countries used 753,000
bales as compared with 701,000 bales last year and 658,000 bales two
years ago.
World cotton spinners are using a smaller proportion of American cotton
and a larger proportion of foreign cottons than a year ago and two years
ago, but are using a larger proportion of American cotton and a smaller
proportion of foreign cottons than three years ago and four years ago.
During March, world cotton mills consumed 1,177,000 bales of American
cotton as compared with 1,201,000 balm in March last year, 1,171,000
bales two years ago, 979,000 bales three years ago, and 1,059,000 bales
four years ago. World consumption of foreign growths totaled 1,024,000
bales in March as against 913,000 bales in March last year, 869,000 bales
two years ago, 985,000 bales three years ago, and 1,074,000 bales four
years ago. On a percentage basis, American cotton constituted 53.5% of
the total consumption of all growths during March as compared with 56.8%
in March last year, 57.4% two years ago, 49.8% three years ago, and
49.6% four years ago.
During the eight months from Aug. 1 to March 31 this season, world
cotton spinners used 9,354,000 bales of American cotton as compared with
9,288,000 balm in the corresponding portion of last season, an increase
of 66,000 bales. Consumption of foreign growths from Aug. 1 to March Si
this season totaled 7,659,000 bales as against 6,824,000 bales in the
corresponding period last season, an increase of 835,000 bales. During
the eight months of this season from Aug. 1 to March 31, American cotton
constituted 55.0% of the total amount of cotton consumed in the world as
compared with 57.6% in the corresponding portion of last season, 515% two
seasons ago, 49.1% three seasons ago, and 53.1% four seasons ago.
The Cotton Exchange Service issued a report on April 23
showing the world consumption of American cotton. The
report follows, in part:
World consumption of American cotton during March totaled approximately 1,177,000 bales as compared with 1,089,000 bales in February,
1,201,000 bales in March last year and 1,171,000 bales two years ago.
In the United States, consumption of American cotton increased 13.8%
as compared with an average increase of 7.1% from February to March
in the past six years; the increase in the United States was somewhat
larger than the usual seasonal increase. In foreign countries, spinners increased their consumption of American cotton 3.8% from February to
March as compared with an average increase of 4.1% in the past six
years. The increase in consumption of the American staple abroad was
just about seasonal.
The United States and minor cotton-consuming countries consumed more
American cotton in March this year than in March a year ago, but Great
Britain, the Continent, and the Orient used less than a year ago. The
United States, the Continent, and minor consuming countries used more than
in March two years ago, while Great Britain and the Orient used less.
Domestic mills used 529,000 bales of American cotton in March as against
485,000 bales last year and 477,000 bales two years ago. British mills
used 114,000 bales as compared with 129,000 bales last year, and 127,000
bales two years ago. Spinners on the Continent consumed 848,000 bales
as against 355,000 bales last year and 328,000 bales two years ago. In
the Orient, mills consumed 162,000 bales as compared with 213,000 bales
lad year and 228,000 bales two years ago. Minor cotton-consuming countries used 24,000 bales as against 19,000 bales last year and 18,000 bales
two years ago.
The world stock of American cotton on March 31 was approximately
14,981,000 bales, as compared with 16,679,000 bales at the end of March
last year and 17,278,000 bales two years ago. The stock on plantations
In the South was the smallest in several years, totaling 1,333,000 bales as
against 2,443,000 bales a year ago and 2,418,000 bales two years ago.
The stock of American cotton in public warehouses in the United States
and afloat to and at ports of Europe and the Orient was also the smallest
in several years, aggregating 10,572,000 bales compared with 11,731,000
bales last year and 11,842,000 bales two years ago. The stock of American
cotton at world mills was the largest end-March world mill stock since
1927, totaling 3,076,000 bales as against 2,505,000 bales last year and
3,013,000 bales two years ago.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that there has been
abnormally cold weather in the eastern half of the cotton
belt and too much rain in some parts although in the rest
of the belt conditions have been more favorable. Planting
generally has made fair to good progress but germination and
growth has been slow because of low temperatures.
Texas.
-In the southern part of this State, cotton is up
to a good stand but in the north planting has been slow.
Memphis, Tenn.
-Planting is well advanced but warmth
is needed for germination.
Galveston. Tex
Amarillo,Tex
Austin, Tex_
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
El Paso, Tex
Henrietta. Tex
Kerrville, Tex
Lampasas. Tex_
Longview, Tex
Luling. Tex
Nacoadoe.ies, Tex
Palestine, Tex
Paris. Tex
San Antonio, Tex
Taylor, Tex
Weatherford, Tex
Oklahoma City, Okla
Eldorado, Ark
Fort Smith, Ark
Little Rock. Ark
Pine Bluff, Ark.
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
Meridian, Miss
VIcksbur . Miss
Mobile, la
Birminghain7Ala
_Montgomery Ala
'
Fla
Miami. Fla
Jacksonville.
Rain. Rainfall.
1 day 0.03 In.
4 days 1.32 in.
1 day 0.04 in.
2 days 0.03 in.
3 days 0.38 in.
1 day 1.52 in.
1 day 1.12 in.
.2 days 0.44 in.
.._.4 days 1.47 In.
1 day 0.02 in.
0.16
1 day
-3 days 0.38 in.
1 day drg.62 in.
3 days 0.28 in.
1 day 0.14 In.
2 days 0.19 In.
2 days 0.62 in.
2 days 1.18 in.
1 day 0.06 in.
2 days 0.95 In.
2 days 1.54 In.
1 day 0.18 in.
2 days 1.59 In.
2 days 0.32 in.
.1 day 0.58 in.
1 day 0.45 in,
1day 0.57 in.
d.y
days u.89 in.
2 da
1 day 0,481n.
1 day 0.28 in.
2 days 1.08 In.
1 day 0.90
2 days 0.70 In.
4 days 1.47 In.
3 days0.52 in.
high 7Theoril ter
tr
l mean 70
high 86 low 42 mean 64
high 82 low 52 mean 67
high 88 low 42 mean 65
nigh 88 low 64 mean 71
high 84 low 62 mean 73
high 80 low 62 mean 71
high 76 low 50 mean 63
high 82 low 60 mean 71
big g2 (
11;11 mean 68
high 84 low 48 ' t a
g a l
,:
l
1 3 1 RA
1 1
high 86
high 80
high 80
high 78
high 82
hign 84
high 80
high 80
high 84
high 82
high 82
high 82
high 85
nigh 85
high 82
high 84
high 84
high 82
high 81
high 84
high 82
high 82
high 84
IT;13
low 52
low 48
low 50
low 46
low 56
low 48
low 42
low 40
low 42
low 44
low 44
low 43
low 52
low 45
low 56
low 50
low 46
low 46
low 54
low 44
low 50
low 60
low 64
mean 2
mean 69
mean 64
mean 65
mean 62
mean b9
mean 66
moan 61
mean 60
mean 63
mean 63
mean 63
mean 63
mean 69
mean 65
mean 70
mean 67
mean 85
mean 64
mean 66
mean 56
mean 66
mean 71
mean 74
Financial Chronicle
Volume 138
Rain. Rainfall.
1 day 044 in.
2 days 1.0o in.
3 days 0.26 in.
4 days 1.01 in.
3 days 0.39 in.
1 day
1.18 in.
1 day
1.74 in.
3 days 1.06 in.
3 days 0.79 in.
2 days 0.39 in.
1 day 0.33 in.
9 days 0.12 in.
dry
3 days 0.73 in.
1 day 0.46 in.
2 days 0.45 in.
days 0.35 in.
1 day 0.10 in.
3 days 0.44 in.
1 day
0.22 in.
Pensacola, Fla
Tampa, Fla
Savannah, Ga
Atnens, Ga
Atlanta. Ga
Augusta, G a _
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.0_ __
Memphis, Tenn
Chattanooga. Tenn
Nashville, Tenn
Thermometer
high 78 low 54 mean 66
high 86 low 64 mean 75
alga 85 low 52 mean 68
high 84 low 44 mean 64
high 82 low 44 mean 63
high 84 low 50 mean 67
nigh 84 low 48 mean 66
hign 83 low 02 mean 68
Mita 84 low 42 mean
high 86 low 50 mean 68
high 90 low 47 mean 69
high 78 low 34 mean 56
high 84 low 40 mean 59
high 82 low 44 mean 63
high 84 low 40 mean 62
high 83 low 34 mean 59
hign 80 low 48 mean b4
high 82 low 44 mean 63
high 86 low 42 mean 64
high 84 low 42 mean 63
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
Above zero of gaugeAbove zero of gauge_
Above zero of gaugeAbove zero of gauge..
Above zero of gauge_
May 4 1934.
Feet.
7.0
13.5
10.3
. 11.9
21.0
Map 5 1933.
Feet.
17.3
30.2
15.1
15.9
47.9
Dallas Cotton Exchange Weekly Crop Report.
The Dallas Cotton Exchange each week publishes a very
elaborate and comprehensive report covering cotton erg')
conditions in the different sections of Texas and also in
Oklahoma and Arkansas. We reprint this week's report,
which is of date April 30, in full below:
TEXAS.
NORTH TEXAS.
Commerce (Hunt County).
-Crop preparations are from ten days to two
weeks late. Considerable planting and replanting yet to be done. Very
little cotton up sufficient moisture in top and subsoil. DrY, warm weather
badly needed. About 200 bales of unsold Government loan cotton in local
warehouse. Insects in vegetaole gardens unusually active.
McKinney(Collin County)
.-Planting has been very slow,now being about
20% planted with about 5% up to a good stand: Weather has been too
cool with a little too much moisture. Farmers are reporting appearance of
boll weevil, but it is too early to arrive at any degree of damage that they
might do. We need at this time warm sunshiny weather in order for seed
to germinate properly.
Sherman (Grayson County).
-Cotton prospects in this section are not
any too good. Crop is fully three weeks late, with only about 30% planted
and 10% up. Have had entirely too much rain and the fields in most places
are wet and grassy. Past few days are having sunshine and planting has
started again. most all the past season's crop has been sold except 1,000
bales of Government cotton stored at compress. Farmers have plenty of
good seed for replanting.
Weatherford (Parker County)
.-Condition seems perfect in the way o
moisture. Practically no planting yet. Need warmer weather with hot
sunshine to plant and bring up cotton. Farmers will begin next week to
plant freely. Too early to tell anything about insects. About 160 bales
being held at press and in country.
Wills Point (Van Zandt County).
-Crop in this section is off too late start
due to continued rains and cool weather. Only about 15% has been Planted,
with very little cotton up. The weather has turned more favorable and
rapid pregress should now be made in planting. Approximately 2,000 bales
now held in storage.
WEST TEXAS.
Abilene (Taylor County).
-Some cotton has been planted, but weather
has been too cool the last of week. Land in fine state of cultivation, plenty
of moisture, need sunshine. Planting will be in full swing this week.
Acreage will be about same as last year (after plow-up).
Anson (Jones County).
-Just starting to plant cotton. Weather has been
too cold. Moisture Just right, some weeds.
Lamesa (Dawson Counly).-This county needs rain within next two
weeks, otherwise will get late start; have no subsoil moisture.
Quanah (Herdsman County).
-Soil mostly too dry. Light rains past few
days over part of territory. Moisture spotted, need general rain. Very
little cotton planted. Weather unseasonably cool at night. No cotton
up. No cotton being held other than Government loan cotton and it being
moved to port as fast as possible. About same acreage will be planted as
was left last year after plow-up.
Snyder (.Scurry County).
-Cotton condition is very good at present. Indicated crop, as per Government prospective acreage. 20,000 bales as against
32.000 this past season. Sufficient moisture, with State of cultivation
very good. About 20% cotton planted, some is up too fair stand. About
4,000 bales in stock at Snyder, practically all of it in the Government 10cent loan, farmers cannot afford to sell.
CENTRAL TEXAS.
Calvert (Robertson CoutUy).-Ample rain has been received to have the
excellent condition for planting. About 75% planted, practically
soil in
all bottom lands. About 30% cotton up. Quite a bit of planting has been
done the past few days, and a railfall of about one inch would be very welcome just now, to insure a perfect stand on practically all of same, otherwise
weather conditions have been ideal. About 100 bales Of cotton held in town.
Cameron (Milan Co.).-Condltion of soil this territory fair to good.
Need dry weather two weeks, 65% cotton planted and about 15% up to
good stand. Cotton held approximately 4,500 bales. 90% Government
loan cotton.
Ennis (Ellis county).-Thero is reduction of acreage after the plow-up of
last year about 15%. acreage planted to date about 70%. Moisture
sufficient at present, crop prospects are good. Germination has been good,
stands are good, quality of seed good. Crop ten days late. Cotton on
hand unsold 2,000 bales, part Government.
Hillsboro (Rill County)
.-Crop 40% to 50% planted in this county.
Condition of soil favorable for germination. Acreage around 5% less than
last year after plow-up. Stocks on hand, likely to sell soon 2,500 bales.
LaGrange (Fayette County)
.-Ail cotton planted, about 80% up., Condition of soil Is good. Need two weeks dry weather. About 3,000 bales
held around here, all in strong hands.
-1t look like this section is about 50% done
Lockhart (Caldwell County).
planting. 10% up to a good stand and was doing fine until this high north
wind hit it. I guess it will be all right as soon as it warms up. We need
two weeks more of dry weather. The whole Spring has been one continuous
rain.
.-This section has fully complied with GovernNavasota (Grimes County)
ment program, and while much cotton has been planted and some up,
quite a bit to be planted, think we are about ten days later than last
with
season. Light rain will be helpful permitting full germination, as much
of the planted cotton will not come up because of' heavy packing rains about
two weeks ago.
-At present time we are badly in need of dry
Waco (McLennan County).
weather. Unusual amount of rain delayed crop Preparations a great deal.
Think that there is not more than 3( % of the cotton acreage planted and
amount of cotton already up is negligible. Planting will be done more
intensively as soon as farmers will know allotments under Rankhead bill.
Expect greater part of planting to be done next two weeks, which will not
be unusually late. Am011In of cotton held in this county is approximately
1Z.000 bales, of which about 7,500 bales are located in Waco and rest in
ether parts of the county. This includes cotton both on compresses and
that held by farmers, including dime loan cotton.
EAST TEXAS.
-Have had too much rain for past two weeks.
Jefferson (Marion County).
'
Ground ZOO wet and cold. About 15% Planted, possibly 10% up. Cotton
3125
held in compress about 400 bales. Need dry warm weather for two weeks
to finish planting.
-Approximately 20% planted,small per cent UP.
Longview (Gregg County).
Too wet in parts, too cold, germination slow. Most fields clean. Work
10 to 15 days late.
SOUTH TEXAS.
Corpus Christi (Nueces County).
-Cotton planting in this section has been
finished except in spots where grass and weeds have taken hand and caused
replanting. Entirely too much rain and cool weather for good progress
except in Alice, San Diego, Falfurrias and Beeville sections, where plant is
from 5 to 7 inches high, other sections from 2 to 4 inches high, and plant
mostly of poor color. Crop is from two weeks to over three weeks late.
All this section visited by heavy rains last night and to-day is like Fall
weather (28th). So far no insects. Warm nights and dry weather needed
in all this section.
Cuero (DeWitt County).-Soll condition is fairly good. Need 10 days or
two weeks of dry weather. Ample subsoil moisture. Percentage of cotton
planted'95%, and 75% up. Chopping has begun in some parts of this
territory. About 300 bales on compress unsold.
-Cotton acreage about 10% below last
Gonzales (Gonzales County).
season after reduction by plow-up. About 95% planted. First cultivation
made rapid progress past week, no chopping to date. Grass in rows will
probably cause more labor than usual in chopping, and may reduce a good
stand. Weather conditions good past week, with exception of cool nights
with retarded growth.
-Estimate 85% of the cotton has been
San Antonio (Hexer County).
Planted, and 70% is up. Ample moisture throughout this section, since
the first of the year have had about five inches more rainfall than the
average. Fields as a whole are clean,some few were weedy, but past week
has been dry and they are being pretty well cleaned. We would judge
crop about a week late. Too early to tell anything about insects. Very
little old cotton now held in this territory, most of it moved when the
market advanced to 12 cents a few weeks ago.
OKLAHOMA.
Altus (Jackson County).
-Very little cotton planted to date in Western
Oklahoma, possibly 2%, with none yet up. It will be about ten days
before planting will be under way to any appreciable extent. We have a
fair amount of moisture, I think enough to insure a good stand if planted
now, however, we will need more rain in ten days or two weeks. There are
some 20,000 bales stored in the two compresses in Atlus at this time.
Anadarko (Caddo County).
-10% planted. Too cool, fields clean, moisture none too good. Prospect good for boll weevil.
Bristow (Creek County).
-Cotton clean. No weevil yet. 10% up, 50%
planted. Too cold and dry. Some will have to plant over. Some cotttn
up,land too dry for some to come up till it rains. Cold north wind drying
ground out.
Chickasha (Grady County).-ChIckasha territory has had approximately
1 inch to 334 inches of moisture during past week. No big washing rains
so far this Spring in our immediate territory. I doubt if our soil was ever
in better condition than it is at present, most all farmers prepared their
ground early and some double-listed prior to planting. I estimate 15%
of cotton planted, very little if any up. Days as well as nights rather cool
for this season of the year. I estimate on both cotton compresses in
Chickasha approximately 16,000 bales of cotton.
Cushing (Payne County)
.-Considerable cotton being planted. Ground
in excellent condition, too cold. May have to replant, beginning to need
rain. 25% of cotton planted, and about 25% of last year's cotton being
held.
Frederick (Tillman County)
.-Condition in every respect good for beginning of a cotton crop. Very small per cent planted, none up but nearly
all land in good state of cultivation. It will be some week or ten days
before planting will start generally.
Hugo (Choctaw County).
--Cotton 65% planted, 10% up. Too dry, need
rain. Stocks of cotton at press unsold less than 1,000 bales. Cultivation
good.
-Dust storms past week, top soil getting dry.
Prague (Lincoln County).
40% ZO 50% planted, none up. Weather too cold, frost this morning.
Need light rain and warmer weather.
ARKANSAS.
.-Government allowance this county.
Ashdown (Little River County)
27,000 acres. Land preparation somewhat better than last year. About
75% planted, 20% up fair to good stands, too much rain and cold weather.
We need warm and dry weather. About 6,225 bales on this press, but at
least 4,500 owned by shippers and co-ops.
Conway (Faulkner County).
-Soil in good condition, moisture plenty.
Temperature cool, very little cotton planted. Planting will be started next
week. Acreage will be reduced to Government's requirements.
Magnolia (Columbia County).
-Soil conditions fair. Season five to ten
days late. About 50% cotton planted. Owing to general heavy rains
and low temperature most of that planted will have to be replanted. Sufficient seed on hand for this purpose. Acreage will be about same as last
year-after plow-up. Need warm dry weather to overcome sethark.
Quite a lot of land yet unbroken. Most farms too wet to plow to-day.
Weather unseasonably cool to-day.
.-Soil condition good. Much better preparaMorrilton (Conway County)
tion than last year. About 25% planted, very little up yet. Plenty of
moisture, but no heavy washing rains yet. Weather too cool for good
germination.
-The cotton farmer is in good spirits. He
Pine Bluff (Jefferson County).
has received the legislation asked for and the outlook for him and his crop
Is above the average. The land works well, and planting nearly completed
along the river. The uplands willfinish around May 10. We have had no
storms or excessive rains. Warmer weather would not be objectionable.
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week! Receipts at Ports.
Ended
I 1934. 1933. 1932.
Stocks at Interior Towns.
1934.
1933.
Receiptsfrom Plantations
1932.1
Feb.
2....100.030182.110223.6452,027,7062,118,211 2,123.944
9_ . 85,311 121,163249.848 1,964,746 2,084.0262,102,990
16.. 84.994102,480175.417 1.910,901 2,648,0632,080,961
23.. 73,560122,954 161.6691.861,686 2.014,6662,032.312
Mar.
2_ _
,
101,012 184,065 1.815,1741,977,396 1,997,909
9._ 63,824 72.119 158,701 1,759,566 1,964,1391,961,116
16__ 80,965 48,558 125,715 1.720,902 1,932,2471,908,510
23_ _ 76,297 78.838 130,968 1,687,665 1.903,091 1,872,878
30... 64,579 71,916 115,587 1.662,788 1,874,180 1.847,155
April
6__ 68.255 75,548 93,799 1,620.1201,839,230 1,812.832
13._ 70,948 56.769 62,040 1,581,871 1.806.896 1,781.096
20__ 74,294 80,344 76,1591,546,878 1.772,6981,747.767
27_. 79,174 92,386 88,6241,506,117 1,739,038 1.710,830
May
4__I 75,235 90.027 53,10211.467,6851,709,661 1,664.135
1954.
1055.
1061,
43,331 161,920189,128
22,351 86,978228,894
31,149 65.517 153,388
24,345 89,557 113.020
24,391
8,216
42,301
43,060
39,702
64,142 149,662
58.462121,908
16,666 73,109
49,682 95.336
43,005 89,864
25,587
32.699
39,301
38,413
20.3.58
24.435
46,143
58,729
59,476
30.304
42,830
49.687
36,803 60,650 6.407
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 7,076,600 bales;
in1932-33 were 8,025,209 bales and in 1931-32 were 10,040,366
bales. (2) That, although the receipts at the outports the
past week were 75,235 bales, the actual movement from
plantations was 36,803 bales, stock at interior towns
having decreased 38,432 bales during the week. Last year
receipts from the plantations for the week were 60,650
bales and for 1932 they were 6,407 bales.
Financial Chronicle
3126
May 5 1934
--As shown on a previous page, the
SHIPPING NEWS.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates exports of cotton from the United States the past week have
at a glance the world's supply of cotton for the week and reached 127,931 bales. The shipments in detail, as made
since Aug. 1 for the last two seasons from all sources from up from mail and telegraphic reports are as follows:
Bales.
which statistics are obtainable; also the takings or amounts NEW ORLEANS
-To Genoa-April 25-Maddalena Odero,
2,650
2,650
gone out of sight for the like period:
50
To Coruna-April 26
-Cody, 50
•
Cotton Takings,
Week and Season.
1932-33.
1933-34
Week.
Season.
Week.
Season.
9,560,326
Visible supply Apr. 27
8,565,851
7.632,242
7,791.048
Visible supply Aug. 1 _ ____
169,694 12,497,057
American in sight to May 4... '162.195 11,773,698
85,000 1,919,000
88,000 2.130,000
Bombay receipts to May 3._ _
725,000
11,000
398,000
Other India ship'ts to May 310.000
37,000 1,622,400
19,000
917,000
Alexandria receipts to May 2_
10,000
487,000
8,000
434,000
Other supply to May 3 *b____
8,870,046 24.159.340 9,856.020 24.167,105
Total supply
Deduct visible supply May 4- 8,440,812 8.440,812 9,513,606 9,513,606
429.234 15,718,528
342,414 14,653,499
Total takings to May 4.a315,234 11,666,128274,414 10,887,499
Of which American
114.000 4.052.400
68,000 3,766,000
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,759,000 bales in 1933-34 and 3,871,000 bales in 1932 -33
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners. 11.959,528 bales in 1933-34 and 10,782,499 bales
in 1932-33 of which 7,907,128 bales and 7,016,499 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1 as cabled, for three years, have been as follows:
1933-34.
1932-33.
1931-32.
Since
Week. I Aug. 1.
May 3.
Receipts a!
Since
Week. Aug. 1.
Since
Week. Aug. 1.
85,000 1,919,000 88,000 2,130,000 101,000 1,638,000
Bombay
Since Aug. I.
For the Week.
Exports
Ram--
Great
Great Conti- iJap'n&
Britain. nent. China. Total. Britain.
Bombay
1933
-34._
1932-33._
1931-32__
Other India
1933-34._
1932-33_.
1931-32_.
6:666
Total all
1933
-34-1932-33._
1931-32__
8.0001 11,000 22,000
4.0001 17,000 13,
6.0001 11.0001 6,000
31,000
9.000 22,
6,000 13,000 23,000
,
1,000 6,000 7
1,000
4,000
7,009
Conti Japan &
font.
China.
Total.
54.000 283,000 561,000 898,000
37,000 233,000 862,0001,132,000
16,000 118,000 734,000 868,000
10,000 218,000 507,000
11,111
89,000 309.000
218,000
16,000 84,
3,000
11,00
10.000
272,
126,III
100,
725,000
398,000
302,000
790,000 561,000 ,693,000
542,000 862.000 ,530,000
336,000 734,000 .170,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
3,000 bales. Exports from all India ports record an increase
of 7,000 bales during the week, and since Aug. 1 show an
increase of 93,000 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 2.
1932-33.
1931-32.
185,000
8,091,849
Receipts (cantars)This week
Since Aug. 1
1933-34.
95,000
4,674.259
100,000
6,594.698
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Exports (Bales)
-
236,852
To Liverpool
5,000 154,064
To Manchester.&c
To Continent and India_ _ 13,000 550,390
3.000 66,443
To America
4,000 120.538 4,000 180,317
6,000 96,118
135,049
9,000 386,527 11:666 490,296
1.000 30,131
34.085
21.000 1007749 20.000 633,314 15,000 839.747
Total exports
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
Note.
statement shows that the receipts for the week ended May 2 were
This
185,000 cantars and the foreign shipments 21,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both yarns and cloths is steady. Demand for both yarn and
cloth is improving. We give prices to-day below and leave
those for previous weeks of this and last year for comparison:
1934.
32s Cap
Twist.
SW, Lbs. Shirt- Cotton
ire:, Common Hideo 32s Cap
Uprds. Twist.
to Finest.
1933.
83 Lbs. Shirt- Cotton
into, Common Middrg
to Finest.
Uprds.
s. d.
s. d.
d.
d.
d.
s. d.
s. d.
d.
Feb.
4.94
6.29 8140 9%
3 18 8
0 092
2__ 914011%
5.09
6.80 83418 934
3 0 6
1 093
9____ 104‘15114.1
3 0 6
6.68 83418 934
4.95
1 18 9 3
16____ 10301134
6.67 8140 934
3 0 6
4.95
1 093
23„-- 103499117i
Mar.
4.79
3 0 6
6.55 8 0 934
1 @93
2__._ 1034©12
5.17
3 0 6
6.65 8340 934
1 @93
9-- 1014012
6.26
6.62 834@ 934
3 (qi 6
1 49 9 7
16-__. 10 01139
5.13
3 0 6
6.46 8340 934
1 99 9 3
23-__. 93401114
5.16
3 0 6
6.35 8140 934
1 0 93
30____ 93101131
April
3 @ 6
5.28
6.40 844@ 934
1 (9) 9 3
g____ 9340113-i
5.37
3 0 6
6.35 8140 934
1 © 93
13____ 931g113.4
5.30
3 @ 6
6.18 83(@ 9%
1 (9) 9 3
20.... 931011
3 (9) 6
5.53
5.88 834(510
1 093
27- ... 93401031
May•
5.89
3 0 6
5.93 814010
1 18 9 3
4-- 93(6111034
-Cody,250
250
To Oporto-April 26
To Porto-Colombia-April 21-Sixaola, 500
500
To Buena-Ventura-April 21--Sixaola. 100
100
To Panama City-April 21-Sixaola, 10
10
To Colon-April 21-Sixaola, 5
5
To Antwerp-April 28-Beemsterdijk. 100
100
To Rotterdam-April 28-Beemsterdijk, 150
150
-Lucia C,100
To Fiume-April 28
100
-Lucia 0,1,655
To Venice-April 28
1,655
-April 16
-Santa Marta, 50
To San Salvador
50
-Lucia C,527
527
To Trieste-April 28
-Uruguay, 3,354
To Bremen-April 30
3,354
-Uruguay, 50
50
To Gdynia-April 30
To Japan-(?)-Addl-Slemmestad, 300
300
PENSACOLA-To Genoa-April 26-Monrosa.68
68
-To Barcelona-April 26
-Mar Cantabrico.
CORPUS CHRISTI
850
850
-Alabama,177
To Dunkirk-April 28
177
To Japan-April 27-Hoyeisan Maru, 1.450
1,450
GALVESTON-To Japan-April 27-Taketoyo Maru.
-8,242;
April 28-Kirishima Marti, 7,295; Sanyo Maru,670Fresno City, 7,811-April 30-Hoyeisan Mau, 9,300;
35.708
Hanover,2,390
-Fresno
To China-April 27-Taketoyo Maru, 522_ April 28
City,747,.. p
1,305
-Chancellor,888
-April28
To Liverpool
888
-Chancellor,1,448
1,448
To Manchester-April 28
264
To Oslo-April 30-Thode Fagelund,264
572
To Gothenburg-April 30-Thode Fagelund, 572
244
To Copenhagen-April 30-Thode Fagelund, 244
To Gdynia-April 0-Thode Fagelund, 1,414.._April 301,431
Tannenfels,17
-City of Joliet, 1,060.-April 30To Bremen-April 28
2,675
Tannenfels,1,615
-City of Joliet, 142
142
-April 28
To Hamburg
-Mar CantaTo Barcelona-April 28-Prusa, 889-April 30
5,102
brico.4,213To Genoa-April 28--Prusa,402---Apri130--Ida Zo,3,016-- 3,418
399
-Cody.399
To Lisbon-April 28
1,588
To Oporto-April 28-Co0y, 1.588
66
-Cody,66
To Bilbao-April 28
1,069
-Lucia 0,1,069
To Venice-April 30
1.315
-Lucia C.1.315
To Trieste-April30
-May 2-Shickshinni, 19
19
BRUNSWICK
-To Bremen
-Mar Cantabrico, 1,136...
HOUSTON-To Barcelona-April 28
2,260
April 30-Prusa, 1.124
136
To Oslo--April 28-Thode Fagelund, 136
728
To Gothenburg-April 28-Thode Fagelund, 728
356
To Copenhagen-April 28-Thode Fagelund,356
To Gdynia-April 28-Thode Fagelund, 1,489.--April 271,519
Tannensfels,33
--Ida Zo, 1,681--.April 30-Prusa,863.. 2.544
To Genoa--April 28
-Ida Zo,26
26
To Salonica-April28
To Bremen-April 27-Tannenfels,1,422
1,422
-HanTo Japan-April 26-Slemmestadt, 8,404_ _ _April 28
over. 6.738._ _Api11 30-Kirtshima Maru. 5,250- _April
28- Taketoyo Maru,3,380
23,772
.
-Hanover. 411_ _April 28-Taketoyo
To Cnina-April 28
1,389
Maiu,978
To Piraeus--Apr1130--Prusa, 10
10
-Alabama,350
350
To Havre-April30
-Alabama,1,000
1,000
To Dunkirk-April30
-Alabama.250
To Gnent-April30
250
121
To Lisbon-Apri130---Cody,121
To Oporto-Apri130-Cody,1,497
1,497
To Leixoes-Apri130--Cody,400
400
-Cody,34
34
To Gijon-April30
-Cody,75_
75
To Santander-April30
-April30
-Chancellor,5,280
5,280
To Liverpool
-Chancellor,2,924
2,924
To Manchester-April30
-Cody,140
140
To Coruna-April30
-City of Alma, 31
-1%U 25
GULFPORT-To Bremen
31
10
-April 28- oundria, 0
To Liverpool
-April 28
-Scythia. 10
10
-To Liverpool
NEW YORK
1,537
SAVANNAH
-To Bremen-April 30-Hazelside, 1,537
270
To Rotterdam-April 30-Hazelside, 270
50
To Lisbon-April 30-Hazelside, 50
30
To Barcelona-April 30-Hazelside, 30
-Devon City, 204
204
-To Liverpool-April 27
LOS ANGELES
200
-Seattle, 200
To Bremen-April 27
-President Wilson, 100; Kwanto Maru,
To Japan-April 27
3,384
1,700.. -April 30-Chichibu Maru, 1.584
-President Wilson, 275
275
To China-April 27
19
SAN FRANCISCO
-To Great Britain-(?)-, 19
50
To France
-M-50
1,402
To Japan
-M-1 402
292
MOBILE
-To Liverpool
-April 29-Kenowis, 292
745
To Manchester
-April 24--Kenowis, 745
200
-April 21-Mar Cantabrico,200
To Barcelona
374
To Havre-April 21-Alabama,374
100
To Ghent
-April 21-Alabama,100
-Lucia C,193
193
To Trieste-April 25
-Lucia C. 1,372
1,372
To Venice-April 25
-To Bremen
-May 1-Gateway City, 54
54
PANAMA CITY
-M--City of Norfolk, 80
80
NORFOLK
-To Bremen
-To Liverpool-April 29-Nishmaha, 277LAKE CHARLES
277
To Manchester-April29-Nishmaha.400
400
-West Moreland,72
To Ghent
-April 26
72
-West Moreland, 18
18
To Rotterdam-AprU 26
Total
127,931
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnizled by Lambert & Barrows, Inc., are
as follows ,quotations being in cents per pound:
High
Density.
Liverpool .25o.
Manchester.25c.
Antwerp .350.
Havre
.25c.
Rotterdam .350.
.40c.
Genoa
Oslo
.46c.
Stockholm .42o.
•Rate is open.
StandHigh
Density.
ard.
.50e.
.25o. Trieste
.250. Flume
.500.
.500. Barcelona .35o.
•
.40e. Japan
•
.50o. Shanghai
.55o. Bombay.
.35o.
.61o. Bremen
.57e. Hamburg .35o.
Only small Iota
Standard.
.65o.
.65o.
.500.
•
•
.550.
StandHigh
Density. ard.
Piraeus
.75e.
.90o.
Saionica .75o.
.90o.
Venice
.65e.
.500.
.530.
Gopenlegen.380.
Naples
.40o.
.55o.
Leghorn .400.
.55o.
.570.
aothenberg.42e.
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales,stocks, &c.,at that port:
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Apr 13. Apr. 20. Apr. 27.
.
65,000
54,000
48,000
933,000 940,000 930,000
445,000 452.000 442,000
23,000
52.000
50,000
7,000
26,000
21,000
61,000
56,000
59,000
150,000 163.000 150,000
May 4.
51.000
930,000
430,000
37,000
9,000
63,000
160,000
Financial Chronicle
Volume 138
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.
Saturday.
Monday.
Market, {
12:15
P. M.
Quiet.
Moderate
demand.
Mid.Upl'ils
5.955.
5.96d.
Tuesday. Wednesday. Thursday.
Friday.
Moderate
demand.
Quiet.
Quiet.
Quiet.
5.85d.
5.97d.
5.91d.
5.93d.
Futures.f
Steady. Steady,un- Steady,
Steady, Steady,unSteady,
Market { 3 to 5 pts. hanged to 7 to 9 pts. 4 to 5 pts 1 to 2 pts changed ta
opened I advance. 2 pts. dec. decline,
decline, 2 pts. dec.
advance.
Market,
4
P. M.
Quiet but
Quiet.
Quiet, Very stay.,
Quiet but Steady.
stdy.. 4 to 1 to 2 pts. stdy., 12 to 11 to 12 pts 1 to 3 pts. 2 to 5 pts
6 pls. ad v. decline. 14 ots. dec. decline.
decline.
advance.
Prices of futures at Liverpool for each day are given below:
Sat.
Apr. 28
to
May 4.
New Contract.
I
Mon.
Tues. I
Wed.
I Thurs. I
Fri.
12.00 12.0012.15 4.0012.15 4.00'12.14 4.0612.15 4.00112.15 4.00
d.
May (1934,.... __ July
October
December
-Jan.(1935)
_ _ __
March
May
July
October
December
Jan.(1936)_---_ -.
March
-- __
d.
d.
5.71 5.71
5.72 5.73
5.66 5.67
5.6 5.68
5.64 5.65
5.65_ 5.64_ .
5.64 -- 564 _ __
4. d.
5.69 5.6
5.71 5.62
5.6 5.56
5.63 5.54
5.63 5.59
5.64 _ _ _
5.63 .._ ._
5.63_ __
5.63__ _
d.
d.
5.57 5.66
5.58 5.67
5.52 5.
5.50 5.58
5.50 5.58
5.5L.. _
5.50 __ __
5.50.. _ _
5.50_ _.
d.
d.
5.69 5.72
5.70 5.73
5.63 5.66
5.61 5.6
5.61 5.6
5.62. __
5.61_ 5.61.. __
5.62. _ _
d.
d.
5.6 5.68
5.67 5.69
5.61 5.63
5.59 5.61
5.59 5.81
5.60__ __
5. .._ __
5.6 __ ...
5.6 __ _.
d.
5.73
5.74
5.67
5.65
5.65
5.65
5.64
5.64
5.64
5.65 __ __ 5.6 __ _ _ 5.50... __ 5.62 _ _ __ 5.61_ __ 5.65
5.65.. _ 5.64._ _ 5.51_ .. 5.62.. __ 5.61.... _ 5.65
BREADSTUFFS.
Friday Night, May 4 1934.
FLOUR was in slow demand and rather easier of late.
WHEAT was rather active on April 28, and, under heavy
commission (house and local buying, stimulated by complaints
of dry weather from practically all wheat States, and reports of insect infestation in the winter wheat belt, prices
advanced 12 to 1%c. On the 30th ult., continued dry
/
1
weather and dust storms influenced a good demand from commission houses and short covering, and prices closed 12 to
/
1
12 higher. There'was a broader outside public interest.
/
1c.
Routine news was bullish. A private report put the winter
wheat condition at 75.1% against 75.3% a month ago, indicating a crop of 494,000,000 bushels, or 5,000,000 bushels
under the April 1 estimate. The report said that moisture
is needed over practically the whole belt. The United States
visible supply decreased 2,054,000 bushels. Winnipeg was
unchanged to %c. higher. Liverpool ended unchanged to
/ lower.
1d.
2
On the 1st inst. prices ended 12 to 1%c. lower, owing to
/
1
the weakness in cotton and silver futures and more favorable weather reports. There was a slight rally from the
low point, on short covering and buying by commission
houses late in the session. One authority estimated the
winter wheat crop at 485,000,000 bushels, or 25,000,000
bushels less than his April 1 estimate. The report
that the soil in the Northwest and parts of western stated
Canada
is in a deplorable condition just
at seeding time, and that
the full intended spring wheat acres may
not be seeded.
Stock of wheat held by city mills on April 1 was officially
estimated at 101,300,000 bushels against 109,700,000
bushels
a year ago. Liverpool closed / lower
1d.
2
to / higher.
1
2d.
Winnipeg was % to %c. lower.
On the 2nd inst. early prices were slightly higher,
on buying owing to bullish crop estimates
and the strength of
corn, but later on came a recession on selling
based on
bearish weather reports, and the ending
was % to / lower.
1c.
2
Private estimates of the winter wheat
crop averaged 485,000,000 bushels, or 7,000,000 bushels under
the April 1 estimate by the Government. The condition was
placed at 73.6%
of normal against 74.3% a month ago.
Wheat acreage abandonment as of May 1 amounted to 13.3%, leaving
35,524,000
acres for harvested, according to Bartlett, Frazier
Co.
Good rains fell in the Texas Panhandle, and
there were
scattered local showers in Oklahoma, Kansas and the Northwest. Private reports said that heavy showers occurred
in
parts of South Dakota, and good general rains in
Texas.
Liverpool closed % to %d. higher. Winnipeg ended unchanged to / lower.
1c.
2
On the 3rd inst prices ended % to lc. lower, on general
liquidation owing to beneficial rains over practically
the
entire wheat territory and a forecast for further
precipitation. Demand was small. The weekly Governmen
t report
said crops made fair to good progress east of
the
river, but generally poor in Missouri, while in Mississippi
the Western
plains there was general deterioration because
Spring wheat seeding is nearing completion in of drouth.
Minnesota,
but germination is poor. Liverpool closed
unchanged to 5fid.
lower. Winnipeg finished % to / higher.
1c.
2
To-day prices advanced 12 to 1%c., under
/
1
buying on the
belief that rains were insufficient to relieve
the drouth.
Commission houses were good buyers.
DAILY CLOSING PRICES OF WHEAT IN NEW
YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
9631 9731 9531 9534 9531 9734
No.2 eed
3127
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
7
May
7831 8031 78% 7831 7831 7931
July
7851 7931 7731 7731 763.1 7731
September
7934 8031 7831 7831 7731 783.1
Season's High and When Made.
Season's Low and When Made.
May
Oct. 17 1933
12831
July 18 1933 May
7131
July
Nov. 14 1933 July
94
Oct. 17 1933
7054
September -- 9331
Feb. 5 1934 September.- 7431
Apr. 19 1934
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
6531 b5
6431 6454 b431 66
July
6631 6631 6531 6531 6531 6631
October
6831 6831 6731 6731 6731 6831
INDIAN CORN advanced with wheat on April 28, under
a fair demand from commission houses, and ended V2 to
/ higher. Cash houses were buying May and selling July
1c.
2
at 2%c. difference, and spreaders sold corn against purchases of wheat. Receipts were light. On the 30th ult.,
continued liquidation of May caused early weakness, but
later on prices rallied in sympathy with wheat, and ended
1 to 11c. 'higher. Receipts were small, but there was no
/
2
improvement in shipping demand. On the 1st inst. prices
dropped % to / owing to selling in response to the weak1c.,
2
ness in wheat. There was a moderate rally from the low,
on buying stimulated by a better cash demand. Cash interests bought May and sold July at 3%c. difference.
On the 2nd inst. prices ended % to 12 higher. A better
/
1c.
shipping demand influenced heavy covering of shorts. There
was considerable changing over hedges from May to July at
2%c. difference, and September at 4%c. difference. On the
3rd inst. prices declined % to / in sympathy with wheat.
1c.,
2
Commission houses sold. To-day prices ended % to /
3
4c.
higher, in sympathy with wheat. The uncertainty over the
disposal by the Government of crib corn had an unsettling
effect on the market.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
605s 61
6031 6131 6131 6131
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
44
4531 4431 4531 4531 48
July
47H .1831 4731 4831 4731 4834
September
48% 4931 49
4991 4931 4934
Season's High and When Made.
Season's Low and When Made.
May
82
July 17 1933 May
40
Apr. 17 1934
July
583.4 Nov. 14 1933 July
43
Apr. 17 1934
September --__ 57
Jan. 15 1934 September
45
Apr. 17 1934
OATS were quiet, but advanced / on April 28, in re1c.
2
sponse to the firmness in wheat. Offerings were not large,
but neither was the demand. On the 30th ult. prices closed
% to 12 higher, under buying by commission ;houses stimu/
1c.
lated by the rise in wheat. Offerings were rather light.
There was a decrease in the United States visible supply
of 1,650,000 bushels. Crop reports were bullish. On the
1st inst. prices ended unchanged to %c. lower. Cash interests were buying May and selling the late months. Northwestern houses were switching from May to July at even
money. A good demand appeared on the dips. On the 2nd
Inst. prices ended % to / higher, with selling pressure
1c.
2
light. On the 3rd inst. prices ended % to / lower. The
1c.
2
weekly weather report said that stands of oats are irregular,
particularly in fields that were not planted until the supply
of soil moisture became too scanty for proper germination.
To-day prices advanced % to 1%c., in response to the
strength in wheat.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
4031 4134 4131 4134 4131 43
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
2831 2934 2931 2991 2934 3031
July
2831 2934 2931 2931 29
301
September_
29
2931 2931 2931 293-4 29%
Season's High and When Made.
Season's Low and When Made.
May
563.1
July 17 1933 May
243.4
Apr. 17 1934
July
4011
Oct. 3 1933 July
2431
Apr. 17 1934
September _. 3754
Jan. 30 1934 September
2631
Apr. 17 1934
DAILY CLOSING PRICES OF OATS FUTURES TN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs, Fri.
May
32
3131 3131 314 3131 3231
July
3331 33
3231 3231 3231 34
RYE was rather quiet, and prices ended % to I/2c. highor
on April 28, in sympathy with other grain. Selling increased on the advance, and there was a decline from the
high point of nearly lc. On the 30th ult. prices ended % to
/ higher, after being fractionally lower in the early trad1c.
2
ing. A private report put the condition at 60.2% against
75.6% a year ago. On the 1st inst. prices declined % to
1%c. Two cargoes of rye and one cargo of barley were
bought to go to Chicago from Duluth. On the 2nd inst.
prices closed at an advance of % to / Commission houses
1c.
2
were buying. Offerings were light. Private reports placed
the average condition at 61.5% of normal against 63.8% the
Government report of a month ago. The production was
estimated at 26,933,000 bushels. On the 3rd inst. prices
closed % to lc. lower, in response to the wealoess in
Demand was light. To-day prices ended 1 to 11 wheat.
/ higher,
2
c.
reflecting the rise in wheat.
DAILY CLOSING PRICES OF RYE FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
543.4 55
Mg 5554 5454 5531
July
5531 5531 55
3
6.53
544
September
57
5731 56
5631 5531 5631
Season's High and When Made. I
Season's Low and When Made.
May
11631 July 19 19331May
41
Oct. 17 1933
July
70
Nov. 21 1933 July
September_ _ _ 6631 Feb. 5 1934 September. 8031 Apr. 19 1934
.5231 Apr. 19 1934
DAILY CLOSING PRICES OF RYE FUTURES IN
WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
42
4131 4131 41% 4131
July
4331 4334 4234 42% 4231 4231
4431
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
38% 38% 38% 39%
39
38
May
40%
39% 39% 393 39% 39
July
41% 40% 40% 40% 41%
41
September
FUTURES IN WINNIPEG.
DAILY CLOSING PRICES OF BARLEY
Sal. Mon. Tues. Wed. Thurs. Fri.
35% 3534 34% 3434 3554 3634
May
3634 3534 3534 36% 3734
- 37
July
Closing quotations were as follows:
GRAIN.
Oats, New York
Wheat, New York43
No. 2 white
No.2 red,cif..domestic... 97%
42
No.3 white
Manitoba No.1.f.o.b. N.Y. 7534
4934
Rye,No.2.f.o.o.bond N.Y
Nom.
Chicago, No. 2
Corn, New York61% Barley
No.2 yellow, all rail
N.Y..4734 lbs. malting 5434
61%
No.3 yellow, all rail
42-80
Chicago, cash
FLOUR.
$4.25©4.50
Spring pats., high protein56.50186.70 Rye flour patents
6.25©6.50 Seminole, bbl., Nos. 1-3.. 8.6009.10
Spring patents
2.20
5.65@6.l5 Oats goods
Clears, first spring
1.85
Soft winter straights____ 5.50@5.90 Corn flour
Barley goods
Hard winter straights- 5.65t5.85
3.60
Coarse
Hard winter patenta---_ 5.85@6.05
Fancy pearl,Nos.2.4&7 5.45@5.65
5.35(5.60
Hard winter clears
All the statement below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for each
of the last three years:
bb13.1961bs bush 60 lin bush. 56 lbs. bush. 3211':. bush.56Ibs.bush.481bs.
223.000
2,000
189,000
579,000
187.000
155,000
242,000
44,000
31,000
57,000
515.000
21,000
9.000
89,000
250,000
220,000
19,000
74,000
4,000
17,000
1,000
32,000
17,000
103,000
14,000
10,000
7,000
22,00
4,000
9,000
80,000
112,000
14,000
7,000
7,000
86.000
159,000
163,000
121,000
36,000
15,000
36,000
177,000
41,000
43,000
20,000
121.000
280,000
12,000
4,000
147.000
31,000
16,000
12,000
23,000
2,000
10,000
93,000
2,000
2,000
35.000
7,000
115,000
52,000
23,000
total wk. '34_
Same wk.'33_
Same wk. '32_
348,000
464,000
340,000
1,747,000
5,282,000
3,415,000
1.615,000
7,468,000
3,348,000
640,000
2,489,000
1.447,000
776.000
87.000
247.000 2,147,000
652,000
103,000
Since Aug.113,382,000174,732,000 160,137,000 57,492,000 9,169,00042,619,000
1933
14,941,000 260,445,000 151,390,000 71,286,000 9,000,000 35.471,000
1932
16,165.000260,506,000l04.065.000 57.428,000 5,627.000 28,272,000
1931
Total receipts of flour and gt sin at the seaboard ports for
the week ending Saturday, April 28 1934 follow:
Receipts at-1 Flour.
I
Oats.
Corn.
Wheat.
I
Barley.
Rye.
bbis.196lbs'bush. 60 lbs. bush. 58 lbs. bush. 32 lbsibush.561bs.bush.4811.s.
11,000,
91,000
115,000
124,000
New York_ _ _
12,000,
53,000
34,000
26,000,
Philadelphia _
40,000
12,000
19,000
18,000
10,000,
Baltimore_ _ _ _
67.000
Ne'port News
10,000
1,000,
Norfolk
30,000
66,000
22,000,
New Orleans •
3,000
37,000
Galveston62,000
33,000,
St. John, West
4,000,
13,000:
Boston
24,000,
Halifax
242,000
333,000
253.000
Total wk.'34_
Since Jan.1'34 4,505.000 13,221,000. 2,029.000
69,000
1,710,000
40,000
893,000
136,000
1,000
25,000
71,000
132,000
287,000 2.659,000
Week 1933.,...
66,000
192,000
Since Jan.1'33 4,912,000 13,057,000 1,576,000 1,404,000
New Orleans for foreign ports
• Receipts do not include grain passing through
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, April 28 1934, are shown in the annexed
statement:
Exports fromNew York
Albany
Boston
Norfolk
New Orleans
Halifax
St. John. West
Total week 1934._
IV heat.
Bushels.
Corn.
Bushels.
1,000
746,000
224,000
91.000
.10,000
4,000
62,000
1,127,000
s fyi A ow
11,000
27 000
Oats.
Bushels.
Flour.
Barrels.
Rye.
Bushels.
Barley.
Bushels.
9,956
2,000
1,000
2,000
24,000
33,000
71,956
89.181
7.000
17,000
The destination of these exports for the week and since
July 1 1933 is as below:
Flour.
Exports for 1Veek
Since
1Veek
and Since
Apr. 28 July 1
July I to1933.
1934.
Wheat.
1Veek
Apr. 28
1934.
Since
July 1
1933.
Corn.
Week
Apr. 28
1934.
Since
July 1
1933.
Bushels. Bushels.
Bushels.
Bushels.
Barrels. Barrels.
317,000
69,000 34,757,000
United Kingdom_ 40,146 2,312,411 1,052,000 50,381,000
252,000
10,000
570,952
11,810
Continent
1,000
428,000
3,000
53,000
So. At Cent. Amer. 1,000
46,000
1,000
45,000
3,000
721,000
19,000
Weak Indies
1,000
47,000
____
Col.
Brit. No. Am.
11,000
668,000
180,448
____
Other countries
628,000
71,956 3,884,811 1,127,000 86,279,000 11,000
Total 1934
27,000 4,798,000
69.181 3.242.272 3,015,000 128,249,000
T..•.I 102?
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 28, were as follows:
United States
Boston
New York
afloat
"
GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush.
bush.
bush.
40,000
78,000
49.000
105,000
82,000
20,000
United StatesPhiladelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
On Lakes
Milwaukee
afloat
"
Minneapolis
Duluth
Detroit
Buffalo
Wheat,
bush,
262,000
823,000
290,000
24,000
516,000
2,344,000
1,031,000
2,470,000
1,208,000
29,606,000
4,379,000
320,000
2,957,000
546,000
6,000
2,716,000
60,000
11,000
19,084,000
12,939,000
160,000
2,660,000
Corn,
bush,
86,000
18,000
24,000
179,000
Oats,
bush,
65,000
60,000
Rye,
bush.
a164,000
173,000
58,000
8,000
170,000
375,000
2,000
6,000
Barley,
bush.
3,000
2,000
24,000
4,000
11,000
2,169,000
232,000
51,000
90,000
251,000
3,067,000
60,000
930,000
53,000
6,015,000
5,000
230,000
5,000
599.000
18,000
251,000
103,000
813,000
313,000
1,579,000
6,000
137,000
90,000
954.000
19,719,000 2,216,000 3,478,000
150,000
3,117,000 1,527,000
623,000
49,000
292,000
268,000
4,443.000 13,220,000 2,742,000 6,786,000
6,295.000 11,401,000 2,764,000 1,853,000
12,000
61,000
20,000
31,000
441,000
670,000 1,152,000
5,575,000
84,572,000 54,541,000 32,315,000 10.794,000 10,908,000
Total Apr. 28 1934_
Total Apr. 21 1934._ 86,604,000 57,377,000 33,865,000 10,944,000 11,272,000
Total Apr. 29 I933.,,.122,999,000 30,201.000 21,151,000 7,983,000 8,392,000
• Includes 33,000 Polish Rye, a Includes Foreign Rye, Duty Paid. b Also has
230,000 Polish Rye.
-New York, 367,000 bushels;
Note.
-Bonded grain not included above: Wheat
N. Y. afloat, 13,000; Boston, 129,000; Buffalo, 99,000; Duluth, 6,000; total, 614,000
bushels, against 3,615,000 bushels in 1933.
IVheat,
bush.
Canadian2,896,000
Montreal
Ft. William & Port Arthur74,967.000
Other Canadian and other
27,661,000
Water Points
Corn,
bush.
Oats,
Rye,
Barley,
bush.
bush.
bush.
105,000
452,000
129,000
4,974,900 2,202,000 5,020,000
1,559,000
448,000
354,000
Barley.
Rye.
Oats.
Corn.
Wheat.
Flour.
Receipts atChicago
Minneapolis_
Duluth
Milwaukee_
Toledo
Detroit
Indianapolis
St. LouLs__
Peoria
Kansas City.
Omaha
St. Joseph _
Wichita
Sioux City.
Butfalo
May 5 1934
Financial Chronicle
3128
Rye,
bush.
1,000
.75,000
Barley,
bush.
10,000
6,638,000
Total Apr. 28 1934...105,524,000
6,874,000
Total Apr. 21 1934_ _ _105,937,000
3,673,000
98,425,000
Total Apr. 29 1933..
Summary
32,315,000
84,572,000 54,541,000
American
6,638,000
105,524,000
Canadian
3,102,000 5,503,000
3,100,000 5,525,000
3,661.000 2,826,000
10,794,000 10,908,000
3,102,000 5,503.000
Total Apr. 28 1934,_190.096.000 54,541,000 38,953,000 13.896,000 16,411,000
Total Apr. 21 1934___192,541,000 57,377,000 40,739,000 14,044,000 16,797,000
Total Apr. 29 1933_221,424,000 30,201,000 24,824,000 11,644,000 11,218,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending April 27, and since July 1 1933 and July 2 1932 are
shown in the following:
Corn,
1Vheat.
Exports.
1Veek
Apr. 27
1934.
Since
July 1
1933.
Since
July 2
1932.
Week
Apr. 27
1934.
Since
July 1
1933.
Since
July 2
1932.
Bushels.
Bushels,
Bushels.
Bushels,
Bushels.
Bushels.
15,000,
745,000 5,491.000
North Amer_ 3,769,111 181,899,000252,221,000
328,000 39,171,000 19.456,000, 927,000, 30,470,000 59,126,000
Black Sea...
Argentina_ __ 2,226,090111,188.000 87,206,000, 5.574,000175,970.000 169,227,000
Australia ___ 1,209,111 76,132,000 134,312,0001
480,000 23,688,000 22,685,000, 153,000, 10,098,000 29,753,000
0th. countr's
Total
,
0
8,012.0'432,078,000 515,880,000' 6 669,0 0217,283,000263,597,000
WEATHER REPORT FOR THE WEEK ENDED
-The general summary of the weather bulletin
MAY 1.
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended May 1, follows:
The weather of the week continued quite similar to that prevailing
during the preceding two weeks, though in the Eastern States it was relatively cooler than previously. About the middle of the period abnormally
low rernperatures prevailed east of the Mississippi River, which brought
the coldest weather of record for so late in the season to some central
Appalachian Mountain sections, and light frost to the northern portions
of the east Gulf States. Precipitation was rather scanty, with much of
the week fair in most sections of the country.
Chart I shows that the temperature averaged much below normal from
the Mississippi Valley eastward, except in the extreme Southeast and locally
in the extreme Northeast where about normal warmth prevailed. Over an
extensive area of the East the weekly mean temperatures were from six
deg. to nine deg. below normal. In the Northwest and West another remarkably warm week was experienced. April completed the fifth consecutive
month with above normal temperatures over much of the western part
of the country.
Chart I shows also the southern limit of freezing weather. Frosts occurred
considerably farther south than in an average year at this season. In
Appalachian Mountain sections a hard freeze was experienced as far south
as West Virginia, subfreezing weather to southwestern Virginia, and
killing frosts over the northern Ohio Valley. In an average year killing
frost does not occur after the first of May south of east-central Pennsylvania, central Ohio, the northern portions of Indiana and Illinois, southcentral Iowa, and southeastern Nebraska.
Chart II shows that rainfall was fairly heavy in an area comprising
Georgia and central Alabama, and in another covering western Kentucky,
extreme southern Illinois, southeastern Missouri, and northeastern Arkansas. Elsewhere the amounts were light to moderate, with the Plains
States from central Oklahoma northward, the upper Mississippi Valley,
and also the western Lake region having another practically rainless week.
Good showers occurred in the Pacific Northwest, extending as far South
as northern California, but a large southwestern area remains dry.
The weather during the week brought little or no improvement to the
general situation as affecting agricultural interests. 'rho northwestern
drougth, in general, was intensified by further absence of rain, and high
temperatures prevailed at the close of the week; Inwood, Iowa, reported
90 deg. The most seriously affected area from the standpoint of drouth
comprises the States from northwestern Missouri and Kansas northward
to the Canadian border, Including eastern Montana. Much of this area
had only about half, or less than half, the normal amount of rain for the
month of April; Iowa reports only about 40% of normal.
Conditions in the South were fairly favorable, except that abnormally
cool weather retarded germination and growth of warm weather crops in
most places. Seasonal farm work made rather satisfactory progress, except
in central Alabama and Georgia where frequent rains interfered. In the
Ohio Valley the week was not only cool, but unfavorably dry in nearly
all sections north of the Ohio River. There were some good rains in Kentucky, but north of the river, to and including the Lake region, warzn
weather and rains are needed; the drouth is becoming rather acute in a
good many sections.
In the middle Atlantic area there was considerable sunshine and only
moderate rains, which permitted the soil to dry out, and field work was
resumed in many places. However, some sections remain too wet for
work, especially Maryland, and coolness retarded growth; vegetation is
some two weeks late. The Pacific Northwest was favored by good rains,
but the far Southwest remains much too dry.
-Winter wheat made slow to only fair advance in
SMALL GRAINS.
the northern Ohio Valley, de to generally copl weather and absence of
rain, but south of the river very goad progress was made, with moderate
to heavy rains very beneficial; moisture is seriously needed in seine western
sections, while general rains would be helpful. In Missouri progress was
generally poor, with some deterioration due to dryness; condition is mostly
fair. In Kansas wheat deteriorated badly in the western half and northeastern localities, while in the panhandle of Oklahoma sonic was reported
dying; in eastern Oklahoma and Texas fair to good progress was made.
if
Volume 138
Financial Chronicle
The crop deteriorated also in Nebraska, while continued dryness in eastern
Montana was unfavorable. In the Rocky Mountain region most winter
wheat is doing well, while good growth was made in the Pacific Northwest.
with some heading on light lands. Wheat has jointed in southeastern
Kansas and Is stooling in the Ohio Valley, while some heading was reported
from the southeast.
In South Dakota continued dry, dusty conditions have suspended much
seeding, while germination of grain already sown is uneven. Dust storms
occurred in North Dakota and Minnesota, with much reseeding believed
necessary; in the former State planting made excellent progress, with
much of the early up, while in the latter this work is nearing completion.
but germination is poor. In Montana seeding is nearly finished, but rain
is needed to start germination. Oats made fair to good progress in most
southern sections, but in the central valley areas they need rain and warm
weather generally. Seeding has progressed to the Northern States, with
some up in Wisconsin, but germination is poor in Minnesota.
CORN.—East of the Mississippi River corn planting was discouraged by
cool weather, and is not abreast of the season. Ordinarily, by the first
of May, seeding begins to southeastern Pennsylvania, central Ohio, and
the northern portions of Indiana and Illinois. This year in the Atlantic
States scarcely half of the corn crop has been planted as far north as southeastern Virginia, and is just well started in the Ohio Valley to southern
Indiana. West of the Mississippi better progress has been made. In Iowa
preparations made good advance and planting is becoming active in the
south where soil moisture is sufficient for germination. In general, the
Corn Belt needs warmer weather and rains.
COTTON.—The eastern half of the Cotton Belt had abnormally cool
weather, and there was too much rain in some sections, especially in Georgia
and portions of adjoining States. In the West both temperature and
precipitation were more favorable. In Texas cotton is up to a good stand
in the south, but planting made slow progress in the north, while in Oklahoma seeding is about normally advanced. From the Mississippi Valley
eastward planting in later districts made fair to very good progress in most
sections, but germination and growth were generally slow because of low
temperatures; there was too much rain in some places. Warmer weather
Is needed over the central and eastern portions of the Cotton Belt.
The Weather Bureau furnished the following resume of
the conditions in the different States:
Virginia—Richmond: Temperatures considerably subnormal; precipitation generally light. Ground drying and plowing resumed. Corn half
planted in southeast. Preparations for cotton begun. Wheat, oats.
meadows, and pastures fair. Potatoes still being planted. Gardens backward. Killing frosts in great valley on 26th and 28th damaged apple
bloom considerably; fruit blossoms average a week late.
North Carolina.—Raleigh: Much land prepared, but mostly too cool for
germination and growth of truck and other tender plants. Considerable corn planted; some transplanting of tobacco in southeast. Cotton
planting good progress in south and central coastal plain. Favorable advance of small grains and fruit.
South Carolina.—Columbia: Cool, especially since Saturday; moderate
rains. Cotton germination and growth rather poor in south and east.
with local replanting, but planting fair advance elsewhere, except extreme
northwest. Corn, truck and vegetables mostly good progress and in
south strawberry and English pea harvests begun. Tobacco and sweet
potato transplanting well advanced.
Georgia.—Atlanta: Cool, with frequent rains. Unfavorable for farm
work in north where planting of all crops delayed. Coolness delayed
germination and growth. Frosts in north Thursday, but slight damage.
Potatoes, cereals and pastures fair progress. Too cool for cotton; some
replanting necessary locally. Warm, dry weather needed generally.
Florida.—Jacksonville: Rather cool; heavy rain in northeast and moderate in west and south. Cotton condition and progress fair; chopping
beginning. Corn, tobacco and truck good. Potatoes mostly harvested.
Peanuts and cane coming up. Citrus excellent.
Alabama.—Montgomery: Cool, with moderate rains. Cotton planting
fair advance in north and middle, but finished in south; condition poor
to fair and progress rather slow account low temperatures; chopping begun
In south, but little up in north. Stands of corn good; Progress fair to good.
Setting sweet potatoes in central. Oats fair to good and heading. Vegetables and pastures fair to good.
Mississippi.—Vicksburg: Progress of germination and growth and condition and stands of cotton mostly rather poor, account prevalence of low
temperatures, with light frosts on some lowlands of north and central Sunday. Progress of planting and growth of corn generally poor to fair, with
rain needed in numerous localities. Progress of forage, gardens, pastures,
and truck poor to fair.
Loutsiana.—New Orleans: Moderate temperatures first half, but cool
thereafter; light to fairly heavy showers. Progress of cotton planting
good and completed, except in northeast; coolness retarding growth and
some replanting necessary; chopping good advance in south and west.
Corn mostly planted and stands largely good; cultivation progressed favorably. Cane, truck, oats and rice doing well.
Texas—Houston: Temperatures averaged near normal, except in extreme west and northwest where warm. Scattered showers over State.
Week mostly favorable for crops. Winter wheat, corn, oats, truck and
minor crops making rapid advance. Cotton coming up to good stands
In south, but planting slow progress in north. Cattle and ranges mostly
good, but rain badly needed in extreme west.
Oklahoma.—Oklahoma City* Somewhat cool, with light to heavy frosts
Saturday, but no damage. Light to moderate showers fairly general, but
more needed in central and west. Drouth serious in panhandle. Cotton
planting fair advance, but not general, although normally advanced.
Progress and condition of winter wheat fair, except some dying in panhandle. Corn planting nearing completion; much up to poor to good
stands, but too cool for germination and growth. Oats, gardens and
minor crops fair to good.
Arkansas.—Little Rock: Weather favorable for planting cotton and
corn. Planting cotton good advance, except in some northern portions
some up, but growth only fair due to coolness. Corn about planted in
southeast; some cultivated. Very favorable for wheat, oats, meadows.
pastures, truck and fruit.
Tennessee—Nashville: Corn planting continued; some up, but growth
slow. Cotton planting well advanced; warmth needed for germination.
Condition of winter wheat fair in west, but very good in central and east.
Oats, rye and barley fairly good. Fruit prospects generally good.
frost damage to early gardens and strawberries. Progress of potatoesSlight
slow.
Kentucky.—Louleville: Low temperatures until near end;
frosts
in north on 28th. Moderate to heavy rains beneficial, but killingneeded
more
in east. Corn planting continued slowly and discouraged by cold; coming
up in west' moisture sufficient and temperatures more favorable for germination at close of week. Pastures and grains improving since rain. Progress
of winter wheat very good; condition fair to excellent. Tobacco plants
small but improving slowly.
THE DRY GOODS TRADE
New York, Friday Night, May 4 1934.
Retail business as a whole continued in its post-Easter
slump. Failure of weather conditions to show any decided
Improvement, together with unfavorable reports from
the
securities and commodities markets, served to put a damper
on buying activities. Much is also heard once more of the
growing resistance to higher prices, on the part of the
consuming public, which has been accompanied by the setting
up of consumer councils in many sections of the country
organized for the purpose of circumventing the higher
price
demands through co-operative buying of certain articles.
Hopes are still entertained that the advent of warmer
weather and the inauguration of special promotions, such
as National Cotton Week and Mother's Day, will improve
matters, but a certain uneasiness among merchants over
the continued slack in sales appears unmistakable, and it
Is felt that it will bring in its wake a strong recurrence of
price-cutting unless consumer demand should experience a
3129
sudden revival within the very near future. While the spottiness in retail trade was again most pronounced in the
Eastern parts of the country, it was noted that even in
the heretofore favored Southern and Western sections
there (has been a decided falling-off in the physical volume
of sales, with increases in dollar value showing a corresponding shrinkage.
The low state of activity in the wholesale dry goods markets continued unabated. With reorders on spring lines
retarded by the slow movement of goods and buying of summer goods held back by continued unpropitious weather conditions, jobbers resorted to price reductions to stimulate
buying, without, however, causing more than a weak response, although the number of buyers registered in the New
York market showed a moderate increase. Wholesalers, on
their part, again confined their purchases to a few types
of seasonable wash goods, although they are expected to
come into the market within another week or so for the
buying of fall merchandise. The continued price-cutting
in silk goods, which received a further impetus by the recent
reduction in the price of viscose rayon yarns by one of the
larger producers, and which resulted in the establishment
of price quotations generally below the cost of production,
culminated on Wednesday in an order of the Code Authority
of the silk textile industry calling for a complete shutdown
of all production for the whole week of May 14 to 21. While
this measure is expected to temporarily relieve the situation,
it is doubted whether a permanent improvement can be
brought about without additional shutdowns or a radical
improvement in demand, or, as has been seriously suggested in some quarters, through the imposition of an import duty on raw silk. Trading in rayon yarns continued
to be dominated by the situation created through the recent
lowering of prices by the Industrial Rayon Corp., which was
followed by announcements of the leading producers that
no change in their prices was planned. The strike in the
two plants of the Viscose Co. having been settled, this leading viscose producer announced that the capacity up to
June 1 was sold, and that orders for June-July delivery
would be booked at present prices. Failure of the leading
producers to meet the recent price reduction has led to
reports that if market conditions should make action imperative, a sharp curtailment in output rather than a price cut
might be resorted to.
DOMESTIC COTTON GOODS.—Reflecting another sharp
decline in the raw cotton market, prices for gray cloths
suffered a further substantial drop. Temporarily a better
feeling prevailed, and orders reached considerable dimensions when a rally occurred on the raw cotton market. While
mills are anxious for orders, with sales during the last month
barely exceeding 50% of output, it is equally obvious, in
the view of close market observers, that many buyers are
virtually bare of goods. Under these conditions any moderate rally in raw cotton prices or improvement in the call
for finished goods should be reflected in better demand for
gray cloths, and for this reason moderate buying spurts
from time to time are to be expected, particularly, of course,
if, as has been agitated, a general curtailment order should
be issued. Trading in fine goods continued quiet, but prices
remained mostly unchanged in view of the reduction in
output practiced by many mills. Curtain goods moved in
fair volume, but at unsatisfactory prices. French crepes
were in good demand, with nearby deliveries hard to obtain.
Closing prices in print cloth were as follows: 39-inch 80's,
83
4c.; 39-inch 72x76's, 8% to 8%c.; 39-inch 68x72's, 714c.;
/
38%-inch 64x60's, 6%c.; 38%-inch 60x48's, 52
/
1
c.
WOOLEN GOODS.—Trading in the worsted division of
men's wear fabrics continued in its previous lull, but in
low-priced woolen suitings a substantial increase in sales
was noted, chiefly for use in sports model suits now being extensively promoted for spring, summer and early fall wear.
Reports from clothing manufacturing centers sound a distinct note of uncertainty as to the outlook for the near
future. One leading producer announced a reduction of $2
to $4 per garment for fall goods, inaugurating, at the same
time, a campaign against the substitution of cheap cloth
mixtures for pure quality fabrics. Retail business in men's
clothing bore a decidedly spotty character. Fall lines of
women's wear fabrics are expected to be introduced within
a week or so. Lightweight dress goods moved in fair volume
for late summer and early fall delivery, and a moderate
call continued for pastel flannels.
FOREIGN DRY GOODS.—While the outlook for the linen
season continues to be regarded as excellent, unfavorable
weather conditions and generally reduced activities in retail and wholesale trades have caused a temporary let-up
in the demand for linens. Consumer response to early
linen
promotions has been encouraging, and many additional
tail promotions in these goods are scheduled. Reports refrom
foreign producing centers forecast record shipments of
suitings and costume linen fabrics as well as cloth
in unbleached state to this country during May and early June.
Trading in burlap was spotty, with slight interest
in future shipments, but slightly increased activity shown
in spot
and afloat goods. Somewhat easier quotations reported from
the Calcutta market, where another appreciable
In stocks was a depressing factor, caused a further increase
In prices here. Domestically, lightweights were reaction
quoted at
4.65e.; heavies at 6.30c.
3130
Financial Chronicle
May 5 1934
State and City Department
MUNICIPAL BOND SALES IN APRIL.
The strength and activity which has characterized the
State and municipal bond market since the beginning of
1934 was maintained throughout the month of April, with
the result that sales of tax-exempt issues in that period
aggregated $103,721,522. This was the first time during
the current year that the monthly volume of long-term
financing by States and municipalities exceeded $100,000,000. Our figures, of course, do not include loans to municipalities by the Public Works Administration or any other
Federal agency.
The total municipal bond sales of $103,721,522 for April
compares with $97,977,554 in the previous month. The
figure in April 1933 was $10,899,995, although it must be
noted that the market at that time was at a virtual standstill
as a result of chaotic conditions in the banking field. Moreover, in speaking of the considerable volume of municipal
bond financing during April of the present year, it is well
to point out that the State of New York aecounted for
almost half of the month's total, through the award of
$50,000,000 bonds. This flotation and others of $1,000,000
or more which were negotiated during the past month are
summarized herewith:
$50,000,000 New York (State of) bonds, including $42,000,000 bearing interest at 3% and $8,000,000 at 24%. awarded to the City
Co. of New York, Inc., and associates, at a price of 100.169,
the net interest cost to the State being 2.88'7%. The total
includes four issues, due serially from 1935 to 1984 incl. The
bankers re-offered the bonds for general investment on a yield
basis of from 0.50% to 3%, according to interest rate and
maturity.
7,650,000 New York (City of) 4% revenue bonds, sold privately on
April 10 to a group headed by the City Co. of New York, Inc.,
at a price of 100.602, a basis of about 34%. The bonds, due
July 10 1935, were re-offered for public investment at a price
of 101 and accrued interest, to yield about 3.15%•
5,000.000 Seattle, Wash., 5% municipal light and power plant bonds,
due $250,000 annually from 1945 to 1964 incl., sold to a syndicate headed by the Central Republic Co. a Chicago, at a
price of 90.80, a basis of about 5.78%. Re
-offered for public
investment at prices to yield 5.25% for all maturities.
4,660,000 Pittsburgh, Pa., bonds, including $2,500,000 3gs, due from
1935 to 1939 incl., and $2,160.000 3gs, due from 1935 to 1964
incl. awarded to Graham, Parsons & Co. of Philadelphia and
associates at a price of 102.25 for the 3s and 103.50 for the
33s, the net interest cost of the financing to the city being
about 2.92%. Re-offered for public investment on a yield
basis of from 0.75% to 3.45%, according to interest rate and
maturity.
3,350,000 Kansas City, Mo., public auditorium bonds, including $2,090,000 4s, due from 1955 to 1974 incl., and $1,260,000 41s, due
from 1936 to 1954 incl., awarded to a syndicate headed by
the City Co. of New York, Inc., at a price of 100.019, a basis
of about 4.05%. The bankers made public re-offering of the
% bonds at prices to yield from 3% to 4%, according to
maturity, while the 4s were priced at par and accrued interest.
2,500.000 Port of New York Authority, N. Y., 4% Midtown Tunnel
notes, were sold privately to a group managed by the City
Co. of New York, Inc. Due July 1 1943: callable at any time
at par on 30 days' notice.
2,154,000 New Jersey (State of) 4% institutional building construction
bonds, due serially from 1936 to 1969 incl., purchased by
Lehman Bros. of New York and associates, at a price of 106.15,
a basis of about 3.58%. Re-offered on a yield basis of from
2.50 to 3.60%, according to maturity.
court house bonds, comprising $1,1,712,000 Alameda County.
Calif..
372,000 3%s, due from 1943 to 1959 incl., and $340,000 3s.
due from 1939 to 1942 incl., awarded to a group headed by
the N. W. Harris Co., Inc., of New York, at 100.008, a basis
of about 3.52%. The bonds due from 1939 to 1954 incl. were
re-offered for public investment on a yield basis of from 2.75
to 3.50%, according to maturity, while those due from 1955
to 1959 incl. were priced at 99.25.
1,500,000 Reading School District, Pa., 3g% bonds, due serially from
1940 to 1964 incl., awarded to Brown Bros. Harriman & Co.
of Philadelphia and associates at 101.54, a basis of about
3.64%. Re-offered for general investment at prices to yield
from 3.38 to 3.59%, according to maturity.
1,100,000 Cleveland, Ohio, bonds were sold as follows: $1,000,000, bearing various interest rates and due serially from 1937 to 1963
Incl., were awarded to a group headed by the McDonaldCallahan-Richards Co. of Cleveland at 92.35, a basis of about
5.85%, while the remaining $100,000, bearing 6% interest and
due from 1934 to 1939 incl., were awarded to VanLahr, Doll
& Isphording, Inc., of Cincinnati, at 97.57, a basis of about
6.90%.
1,000,000 Nassau County, N. Y., emergency relief bonds, comprising
$600,000 4gs,due from 1937 to 1944 incl., and $400,000 4s,
due in 1944, sold to Lehman Bros. of New York and associates, at a price of par. The 4g% bonds were re-offered at
prices to yield from 4 to 4.35%, according to maturity, while
the 4gs were offered at a price of par.
1,000,000 Oregon (State of) 4% veterans' aid bonds, due semi-annually
on April 1 and Oct. 1 from 1946 to 1950 incl_„ were awarded
to a group headed by Lehman Bros. of New York, at a price
-offered for general inof 99.31, a basis of about 4.06%. Re
vestment at a price of 100.50 and accrued interest.
Record of Issues That Failed of Sale During April.
Continuance of favorable market conditions for the sale
of State and municipal bonds is reflected in the lessened
number of local governments which fail to find purchasers
of their offerings. . Only 20 municipalities, whose issues
represented bonds in the aggregate principal amount of
$1,204,370, failed to dispose of their loans during the past
month of April. In April 1933 such municipalities numbered 55, while the principal amount involved was $22,583,680. In March of the current year 16 local units were
unable to sell. bonds having an aggregate par value of
$2,409,083.
In the table which follows we furnish a list of the unsuccessful April offerings, showing the name of the municipahty,
the amount and rate of interest named in the issue, together
with the reason,if any,assigned for the non-sale of the bonds.
Reference also is made to the page number of the "Chronicle"
where an account of each of the abortive offerings may
be found:
Name.
Page.
Int. Rate. Amount.
Report.
2781 Batlesville, OkAa
x
$100,000 Postponed
2614 Bellaire, Ohio
6%
15,810 No bids
2964 Cleveland, Ohio
various
105,100 Bids rejected
2615 aColton School District, Calif
5%
25,000 Award deferred
2964 Custer Co. S. D. No. 1, Mont
not exc.6% 51,000 Not sold
2965 Dunn County, No. flak
not exc. 6% 45,000 No bids
2785 Glassport School District, Pa
not exc. 5% 92.000 No bids
2785 Hardwick, Vt
4%
47,000 Bid rejected
2966 Hughes County, S. Dak
4%
40,000 Not sold
2966 Kearny, N. .1'
6%
60,000 No bids
2967 Meridian, Miss
x
86,600 Offer's canceled
2621 Niles City School District, Ohio_.
17,000 No bids
5X%
2788 North Olmsted, Ohio
6%
55,860 No bids
5%
2969 Princess Anne, Md
23,000 Bid rejected
2457 bRapid City, S. flak
5%
166.000 Sale postponed
x
2789 Roseville, Calif
250.000 Bid rejected
2623 cSioux Falls. S. flak
4%
25,000 Sale postponed
x Rate of interest was optional with the bidder. a The one bid received, an
offer of par by the American National Bank of San Bernardino, was taken under
consideration. b Offering was postponed indefinitely. c The sale was postponed
to April 30 and the result of same is given on a subsequent page of this section.
Federal Poor Relief Activities.
In its endeavor to assist States and municipalities in providing direct relief to the unemployed and otherwise indigent
citizens of the country, the Federal Government appropriated a total of $800,000,000 for that purpose. The initial
fund of $300,000,000, made available to the Reconstruction
Finance Corporation, had been completely expended by
May 1933. An additional sum of $500,000,000 was then
allotted to the Federal Emergency Relief Administration,
in accordance with the provisions of the Federal Emergency
Relief Act of 1933. From May 1933 to and including
December 1933 a total of $324,428,488 of the $500,000,000
had been distributed. Disbursements so far in 1934 have
almost exhausted the latest appropriation.
Public Works Administration Allotments.
The PWA has been allotting many millions of dollars
each month for the financing of construction projects sponsored by States and municipalities. In allotting such funds,
the PWA agrees to bear part of the expense of each project
approved,equal to 30% of the amount used by the municipal
borrower in the payment of labor and material. The balance
of the allotment consists of a loan by the PWA secured by
4% bonds of the municipality undertaking the project.
Allotments during the month of April aggregated $10,051,350, while in March they footed up to $15,270,781. The
following table indicates the page number of the "Chronicle"
where an account of each allotment during April has been
published, together with the name of the borrowing municipality and the total amount of each allotment:
Total Amount
Allotted.
Name.
Page.
$100,000
2781 Alma, Mich
26,000
2781 Arp, Tel
16,000
2614 Beaver City, Neb
2614 Bismarck S. D., N. flak. 308,700
2781 Blackwell S. D.,Okla---- 224,500
2782 Burlington,Iowa
34,000
2615 C888 Co.S.D. No.42,Tex. 14,000
142,000
2782 Chandler, Okla
2783 Cimarron Co. S. D. No.
11, Okla
32,500
2783 Columbia Co. S. D. No.
37, Ark
45,000
2783 Concho Co. R. D. No. 2,
'9,000
Tex
2783 Crown Point, Ind
129,000
2783 Cuthbert S. D., Ga
35,000
2616 Dawson Co. S. D. No.
30,200
76, Neb
38,000
2784 Elizabethtown,Ill
36,000
2784 Elizabethtown, N. C...
2617 Fairfax, Okla
30,000
2784 Findlay,Ill
50,000
2453 Forest Sep. S. D., Miss__ 73,700
2784 Franconia, N. H
100,000
32,000
2785 Glenwood, Ark
66,000
2617 Golconda, Ill
20,000
2617 Grafton, Ohio
9,000
2617 Grandview, Tex
705,000
2617 Great Neck, N. Y
9,000
2785 Grenada, Miss
2617 Hannibal, Mo
526,000
2785 Haverstraw Union S. D.
690,000
No. 1, N. Y
2453 Hinsdale, N. H
72,000
2618 Hinton, Okla
20,000
2618 Hones Path, N. C
10,000
2785 Huntington Corn. S. D.
No. 2, N. Y
82,000
2785 JoDaviess Co. S. D. No.
23,300
50, Ill
2785 Kearny, Kan
60,000
65,000
2786 Kermit, W. Va
2786 Lexington, Ky
155,000
100,000
2619 Lexington, N. C
68,000
2619 Little Rock, Ark
35,000
2786 Livermore,Ky
190,000
2786 Longmont, Colo
31,000
2786 Lynchburg, S. C
91,100
2786 Madawska, Me
19,000
2619 Magnolia, MINI
23,000
2619 Marshall, Tex
25,000
2788 Mazomanie, Wis
2619 Meredith, N.If
32,000
2786 Mifflin Twp.S. D.,Ohio- 75,000
Total Amount
Page.
Name.
Allotted.
2787 Mount Pleasant, N. C._ 75,000
2787 Muhlenberg county, Ky- 175,000
2620 Nashville,Tenn
120,000
2787 Nashville,Tenn
200,000
2620 Nehawka, Neb
21,000
2620 Nelsonville S. D., Ohio_
5,000
2620 New Britain, Norwich,
Morris, &c., S. D. No.
5, N. Y
119,500
2620 New York, N. Y
2,268,500
2787 Norman S. D., N. flak.. 43,500
2620 Normanagee, Tex
32,000
2788 North Wilkesboro, N. C.. 59,000
2621 Olton, Tex
34,000
2788 Onondaga, Marcellus,
Fayette & Otisco S. D.
No. 1, N. Y
154,000
2788 Orono S. D., Me
129,400
2621 Pasquotank Co., N. C.__ 50,000
2788 Pawtucket, R. I
102,000
2621 Peterstown, W. Va
14,000
2621 Port Chester, N.Y
65,000
2788 Pushmataha Co., Okla
69,750
2622 Putnam Valley, Phillipstown & Fishkill S. D.
No. 1, N. Y
370.000
2788 Ramapo Corn. S. D. No.
4, N. Y
50,000
2822 Redfield Ind.S.D.,S.Dak. 98,600
2788 Roanoke Ind. S. D. No.
59, Tex
24,500
2622 St. Bernard, Ohio
50,000
2622 St. Edward, Neb
5,000
2622 St. John S. D. No. 3,
N: flak
37,400
2789 St. Stephens S. D., N. C. 43,000
2623 Saunders Co. S. D. No.
39, Nab
23,000
2623 Sayre, Okla
40,000
2623 Shinnston, W. Va
48,000
2789 Society Hill, S. C
24,000
2789 Stevenson, Ala
20,000
2623 Sykesville, Pa
50,000
2789 Tidloute S. D., Pa
30,200
2972 Warren Twp., Ind
42,000
2624 Wayne, Okla
32,000
2790 West Bradford Twp, S.
D.,Pa
14,000
2624 Westerly, R. I
60,000
2790 Wilton, Conn
60,000
2624 Wilton, Conn
60,000
2458 Woodstock,Ill
10,000
250,000
2790 Worcester, Mass
166,000
2790 Zanesville,Ohio
Financial Chronicle
Volume 138
Short-term loans obtained by States and municipalities
during the month of April aggregated $47,963,994. This
figure includes $30,000,000 borrowed by the City of New
York. The month's total also includes loans of $5,000,000
by the State of Illinois and $3,000,000 by Boston, Mass.
Canadian long-term municipal bond sales in April comprised several small issues amounting to $533,900. The
total does not include interim loans of $15,000,000 by the
Dominion of Canada and $5,000,000 by the City of Montreal, Que.
As was the case in previous months of this year, there
was no financing undertaken during April by any of the
United States Possessions.
A comparison is given in the table below of all the various
securities placed in April in the last five years:
1934.
1933.
1932.
1931.
I
1930.
$
$
I
I
$
$
Perm. loans (13. S.)._ 103,721,522 10,899,99 69,637,025105,974.805 152,194,970
*Temp.loans(U. S.)._ 47,963.99 51,630,795127,015,886 117,323.000 79,494,000
Bonds U. S. POSEM89 1115
.
Nonel 1.250.000
Non
None
None
Canad. loans (perm.):
Placed in Canada_ -533,900 13,543,167 8,121,531 33,185.285 5,521.199
Placed In U.S
None 17,793,000 5,000,000
None
None
Gen.fund bonds N.Y.0
None 1.250,000
Nonel
None
None
Total
152,219,416 76,073.957 204,774,242274,276.090 244,710.169
* Includes temporary securities issued by New York City: $30,000,000 in April
1934, $22,948,800 In April 1933, 327,164,000 In April 1932. $93,000,000 In April
1931 and 166,500,000 in April 1930.
The number of municipalities emitting permanent bonds
and the number of separate issues made during April 1934
were 158 and 207, respectively. This contrasts with 223
and 275 for March 1934 and with 95 and 106 for April 1933.
For comparative purposes we add the following table,
showing the aggregate of long-term issues for April and the
four months for a series of years:
For the
Month of
Month of
For the
Four Months.
April.
Aprit.
Four Months.
1934
$23,644.9i5 $96,258,461
8103,721,522 5321.235,815 1913
1933
97,951,422
22,317,243
10,899,995
78,235,058 1912
1932
38,582,686 162,026.305
69.637,025 352,340,849 1911
1931
20,691,260 124,708,581
6105.974,805 555,578.394 1910
1930
37,462.552 117,402,998
8152,194,970 469,024,905 1909
1929
21.428,859 112,196,084
91,935,818 343,323,940 1908
1928
78.235.067
19,909,004
129.904,592 493,905,006 1907
1927
65,755,686
8,725,437
134,881,048 507,494.813 1906
1926
76,137,234
40,409,428
111,151,259 470,774,988 1905
1025
58,333,230
11,814,584
94,671,659 421,599,166 1904
1924
48,803,588
17,626.820
133,288,881 428,848,418 1903
1923
38,254,819
6,735,283
81,426,486 328,000,980 1902
1922
33.192,622
9,298,268
6137,176.703 429,237,993 1901
1921
48,650.275
88,104,218 292,561,134 1900
14,157,809
1920
86,194.759 240.267.877 1899
26,098,992
7,477,406
1919
27.336,696
3,570.963
52,713,484 158,952,753 1898
1918
48,631.385
13,060,323
14.999,882
90.130,471 1897
1917
668,277.482 169,324,775 1896
19,672,118
4,521,850
1916
29,496,406
8,469,464
686,899,155 206,902.393 1895
1915
11,599.392
26,402,049 171,261,251 1894
35,718.205
1914
f103,224,074 268,986,826 1893
26,680,211
9,175,788
a Includes $34,976,000 bonds sold by New York State.
b Includes 131,550,000 bonds sold by New York State.
C Includes $45.000,000 bonds issued by New York City at public sale.
d Includes $25,000,000 bonds sold by New York State and $3,000,000 purchased
by the Sinking Fund of New York City.
e Includes $55,000,000 bonds issued by New York City at public sale.
I Includes $70,000,000 bonds sold by New York City—S65,000,000 at publle
Sale and $5.000,000 to the Sinking Fund.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
NEWS ITEMS
Arkansas.—Constitutionality of Road Bond Refunding Act
Upheld.—The constitutionality of the Act passed early in
the year by the State Legislature, providing for the refunding of the $155,000,000 highway bond debt, was affirmed by
a decision of the Arkansas Supreme Court on April 30.
Refunding Board officials believe the decision affirming the
Act will clear the way for the deposit of bonds jr the refunding plan. The "Wall Street Journal" of May 1 carried
the following news report from Little Rock on the court
decision:
Constitutionality of the Act passed by the Arkansas Legislature a few
weeks ago, providing for refunding of 8155,000,000 highway debt, was
affirmed by the Arkansas Supreme Court in a decision returned Monday,
sustaining the decision of Pulaski Chancery Court, Little Rock, in a consolidated appeal case. Two Justices dissented on certain parts of the
decision.
Opponents of the Act had challenged the State's right to levy a tax on
gasoline used for any and all purposes. This provision repealed a formal
law permitting refund of taxes collected on gasoline used Or agriculturer
and industrial purposes. To provide sufficient debt service on the new
refunding bonds, the State Legislature had allotted gasoline taxes.
In the ruling Monday the Court held that the gasoline tax is a privilege
tax and not a property levy.
The Court said in part: "The State is not taxing the right to sell gasoline,
but only its sale and use for highway purposes as only a negligible part is
used otherwise. Let it be definitely understood that the tax is not a property tax, but a privilege tax for use of highways, and that the Legislature
has declared the public Policy of the S tate to tax all gasoline used or sold
In this State to prevent fraud or imposition on the State in the sale or use
of a coniParatively negligible quantity for other purposes."
In a second suit involving constitutionality of the highway debt Act.
the Peoples National Bank, holder of a highway warrant issued to a contractor, challenged the Ettate's rights in the matter of payment on highway
contracts. The Court upheld the State's right to offset claims of overpayment, if approved by the Highway Audit Commission or a court of competent jurisdiction.
Refunding Board officials believe that the decision affirming the Act will
clear the way for deposit of bonds for refunding, and that the process will
go forward without delay.
Bondholders' Committee Acts to Convert Issues.—It was
announced on May 3 by the bondholders' committee for the
highway and toll bridge obligations of this State that it is
prepared to aid all holders of such bonds in effecting a conversion into new Arkansas obligations, as required by the
refunding act approved as stated above. The maturities of
the bonds are extended under the refunding plan, but rates
3131
of interest will remain unchanged. For a five-year period
interest on the refunding bonds will be paid partly in cash
and partly in bonds.
(The official advertisement of this notice appears on p. vi
of this issue.)
Illinois.—Statement Issued on the Present Condition of
Special Assessment Bonds.—A detailed report has been compiled recently by the Blanchard Bondholders' Protective
Committees on special assessment bonds, both those of the
State as a whole, and in particular those Issued by suburban
Chicago municipalities, as to their present condition and the
future outlook. The holders of this type of bond is given
a brief explanation of the mechanics of their issuance and
payment, the cause of defaults such as have taken place as
to both principal and interest on many of them, and a
discussion is given as to the present status of the defaults
and the possibilities of overcoming the difficulties facing the
rehabilitation of these securities. The bondholders are presented with a comprehensive statement dealing with cause
and effect, together with a plan of action -Which, it is hoped,
will make possible sizeable recovery on their holdings.
Michigan.—Voters Defeat $38,000,000 Public Works Bonds.
—At the special election held on April 30—V. 138,P.2449—
the voters defeated by a wide margin the proposed issuance
of the $38,000,000 in bonds to finance public works projects
and provide employment, according to Detroit news reports on that date.
In connection with this report we quote briefly as follows
from an account in the Detroit "Free Press" of May 1:
Gov. Comstock's 838,000,000 public works bond proposal was buried
under an avalanche of negative votes in Monday's statewide election.
Exercising a veto power reserved to them in the Constitution. Michigan
taxpaying voters from Lake Superior to the Indiana line helped to roll up a
majority of better than 5
-to-1 against the Administration's huge program of
highway expansion and institutional rehabilitation in conjunction with the
Federal Public Works Administration.
With only 500 of the State's 3,438 precincts missing, early morning
tabulations showed:
For the bonds
43,581
Against
218.870
Detroit complete, and scattered out
-county precincts making a total of
934 out of 1,066 in Wayne, gave:
For the bonds
8,598
Against
36,172
It was the first major political rebuff for Gov. Comstock since his inauguration. In January, he cracked the whip over a reluctant Legislature
and demanded that it authorize "incipient insurrection" bonds or suffer
the penalty of an accounting at the hands oe the voters. In March, the
Legislature complied, after padding the program substantially with highway pork, and placing the final voice in the hands of taxpaying voters.
Their decision will deprive Detroit of three armories, to cost $1,660,000,
and undesignated highway extensions aggregating $2,500,000.
New Jersey.—Booklet Issued on Tax Collections in Municipalities.—Ira Haupt & Co., members of the New York Stook
Exchange, have prepared for distribution a booklet showing
tax collections for practically every political subdivision in
the State. The amount of cash collections as well as uncollected taxes are given in tabular form together with the
percentage of each to the total levy for 1933.
New Jersey.—Legislature Adjourns Until June.—The
State Legislature ended its 158th session just before evening
on May 2. Both Houses will be in recess until June 4 unless
vetoes by Governor Moore compel a session before that time.
The Legislature stopped its labors at the tune appointed, an
unusual procedure at any session. Some of the most important measures confronting the State were left pending the
June meeting, either because of powerful lobbies or due to
the impending May primaries, reports a Trenton dispatch
to the New York 'Herald Tribune" of May 3, which goes
on as follows regarding the session:
These measures include the sales tax, legislation for the control of public
utilities and bills to restrict municipal expenditures.
Jury Reform Passed.
Jury reform and the first gesture toward the legalization of certain forms
of gambling were achievements of the last session. To-day the Assembly
approved a Constitutional amendment which would permit pari-mutuel
betting on races of all kinds in the state. This must be passed by the 1935
Legislature and by the people at a referendwn to become the law of the state,
Jury reform was achieved after considerable political backing and filling.
Senator Joseph G, Wolber, of Essex County, sponsored the first bill, which
removed from the Governor and gave to the Supreme Court the power of
appointing jury commissioners. The bill that finally passed the Legislature
was one introduced by Senator William H. Albright, of Gloucester, which
was the same as Senator Wolber's, but retained the Sheriff as a member of
the jury commission in each county.
The Wolber bill, passed by the Senate, was hidden in co,mmittee in the
Assembly and the Albright bill went through. Governor Moore was holding
it when Assemblyman Thomas S. Doughty's bill, duplicating the Wolber
measure, was forced out of committee. The Governor then signed the
Albright bill at once.
Bills to Aid Cities Adopted.
Two measures designed to help financially distressed municipalities were
argoved. One, by Senator John C. Barbour. Passaic Republicall. would
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art
by permitting e
gibliatt ret!t e6' a ar pherlirlis
Orange
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wor ' on the plan, which will require that they will adhere to their contract until 1939. The other bill, by Senator Wolber, permits municipalities
and counties to stagger their debts for five years, with the requirement that
at least one-fifth of the deficit be included in this year's budget.
The Stout bills, authorizing construction of a new armory for Jersey City
and appropriating $200,000 for the job, were passed. The old armory was
destroyed -by fire. The selection of candidates for Assembly or Senate by
county committees when a vacancy occurs after the primary but 25 days
before the general election was approved.
The Port of New York Authority killed off measures which would have
reduced tolls on the George Washington Bridge and no action was taken on
the Albright bill, allowing the Highway Commission to charge tolls on the
Pulaski Skyway between Newark and Jersey City.
Governor Moore sent a special message to the Legislature, asking for
enaction of the Stout bill, which would adjust railroad taxes and litigation
which now involves $14,000,000 in railroad taxes.
The Assembly ordered an inquiry into the charges by William B. Harley.
former Common Pleas Judge of Passaic County, that he had paid 525,000
for his appointment to John McCutcheon, former State Comptroller, and
appropriated $50,000 to pay for the investigation. It may be extended
later into affairs in Monmouth. Middlesex and Atlantic Counties.
New York City.—Comptrolltx Issues Statement on Proposed
Taxation of Bonds Payable in Foreign Money.—The following
is the text of a statement issued from the Department of
Finance on April 30:
3132
Financial Chronicle
Comptroller W. Arthur Cunningham to-day called attention to a bill
which has passed both Houses of the Legislature and which is now pending
before Governor Herbert H.Lehman imposing a tax upon interest payments
on State and City securities demanded in foreign countries. This bill
would impose a 10% tax upon a resident of the United States who demanded
payment in currencies of a foreign country which is at a premium in terms
of the American dollar.
The tax would be deducted and withheld by the fiscal officers of the
State or Civil Division making payment.
The Comptroller explained that certain classes of City securities issued
before the war give the holder the option to demand payment in dollars,
pounds or francs. Ever since the dollar became at a discount with foreign
currencies, some American holders of these securities have been taking
advantage of the disparity in currencies to make additional profit for themselves at the expense of the City.
The bill would apply only to interest coupons presented for payment in
foreign currency. The City will continue to meet all its interest obligations
In Americanstoilers.
State of New York.
Int. 2011
No. 2501
3d Rdg. 1460
In Senate.
April 25 1934.
Introduced by Mr. Buckley—read twice, and by unanimous consent, the rule
was suspended, and said bill ordered to a third reading and ordered
engrossed
AN ACT in relation to the taxation of interest on bonds of the State or any
civil division thereof which may be payable in foreign currency.
The People of the State of New York,represented in Senate and Assembly.
do enact as follows:
Section 1. It is hereby declared that an emergency exists requiring the
enactment of the following provision:
Sec. 2. Notwithstanding any other provision of law to the contrary,
every holder of bonds corporate stock or other certificates of indebtedness
of the State or any civil division thereof, a resident of the United States
who, pursuant to an option or otherwise, shall hereafter demand payment
ofinterest thereon in the currency of a foreign country which is at a premium
in terms of United States currency, shall be required to pay a tax of ten
Per centum of the amount of the interest paid in such foreign currency.
The amount oft e tax so imposed shall be deducted and withheld from the
amount of interest due in foreign currency by the fiscal officer of the State
or civil division making such payment.
Sec. 3. This Act shall take effect immediately.
Corporation Counsel Lists City Bills Passed and Defeated.—
On A pril 28 Corporation Counsel Paul Windels issued the
following recapitulation of New York City administration
bills passed and defeated by the recent Lesiglature:
Passed.
First in importance was the economy bill which, in battered form,
passed after four consecutive defeats.
finally was
The companion bill, imposing furloughs upon employees of the Board
of Education and Board of Higher Education was passed in the last minutes
of the session.
The tax bill giving the city the right to impose taxes to make up budget
deficits.
The charter revision commission bill.
The five-cent-fare bill extending to September 1936 the right to charge
a five-cent fare on the municipal subway and giving the city full discretion
as to the method of making up deficits.
Four bills permitting the establishment of special condemnation courts
to prevent scandals and waste in condemnation practices.
Two bills permitting the issuance of corporation stock to the Public
Works Administration to carry through the loans of $137,000,000 for
public works in New York City, of which $40,000,000 will be a gift from
the Federal Government to the City of New York.
Eight bills affecting the Park Department, establishing authorities
to carry forward park projects or advancing parkway projects.
A slot machine bill, the most effective and far-reaching penal law to
-machine racket which has been enacted in any State
put a stop to the slot
in the country.
The so-called "fire bug" bill to aid in the conviction of fire-bugs.
Five multiple dwelling bills designed to improve living conditions in
multiple dwellings.
A bill to authorize the removal of the Fulton Street "El" in Brooklyn.
A bill greatly strengthening the Department of Purchase.
A bill validating the tax rates for the years 1933 and 1934.
The garnishee bill to provide income for the city to help defray the
cost of executing garnishee processes.
A bill taxing American citizens who send coupons on city bonds to
London for payment in foreign exchange which is at a premium with
respect to the dollar.
A number of other bills affecting the administration of the city's affairs.
Defeated.
Bill recognizing city's right to sue to compel the Interborough to continue Manhattan "El" service.
Bill relieving city of mandatory salary of custodian and administrative
employees. This was in violation by Tammany leaders in the Assembly
of express agreement with city representatives made in presence of Governor Lehman. Once again the school janitors, with lump sum payments
of $40,000 a year, have been protected by Tammany. have eliminated
Bill reorganizing magistrates' courts. This would
20 useless magistrates and saved $300,000 a year. Service Commission.
Bill combining Transit Commission with Public
annum.
This would have saved New York City $500,000 per Department.
Bill transferring Fire Prevention Bureau to Fire
commissions in New York and Kings counties.
Bill abolishing lunacy
This would have saved $250,000 per annum and prodcued better results.
Bill abolishing the useless Board of Water Supply, saving $200,000
per annum.
Four bills effecting economies in the conduct of city elections in the
amount of $192,000 per annum. These economies also were recommended
legislation,
by the O'Brien administration and, in anticipation of suchto pass this
the amounts were not provided in the budget. The failure
legislation imposes this extra burden on the city's budget.
authorized
The Brownell constitutional amendment, which would have was passed
a reorganization of the county governments in New York City,This was a
by the Assembly and beaten by Tammany in the Senate. who looked
hard blow to the hopes of the people of the City of New York
-worn system of county government which
forward to a reform in the out
The defeat of the
has been productive of so much waste of public funds. of county reform
Brownell amendment this year sets back the program
amendfor at least four years, because it will be impossible to present this to the
ment again until 1935 and then, necessarily, would be resubmitted
Legislature in 1937.
Tax Collection fethods to be Studied by Special Committee.—
The following announcement was released by the Department
of Finance on May 2:
Comptroller W. Arthur Cunningham announced to-day that in anticipaof new City tax laws he was
tion of passage by the Municipal Assembly organization of an additional
considering methods of collection and the
Department of Finance. He said that he had
administrative unit of the
asked the New York State Society of Certified Public Accountants to
in taxation
appoint an informal committee of its members who were skilled administerto advise with him and present their views on the best method of
collecting the proposed taxes.
ing and
comIn accordance with his request, the Society has named the following
appointed
mittee of which Mr. Isidor Sack of Lehman Brothers, has been
Staub, President of the Society:
chairman by Walter A.
Montgomery; Franklin
Harold E. Bischoff, Lybrand, Ross Brothers and
A. M. Cooper, Barrow, Wade,
0. Ellis, Patterson & Ridgway: WalterGetz; F. Cornelius Wandmacher;
&
Guthrie & Co.; Joseph Getz, Moyer
Marvin D. Waters, Hahn Department stores.
New York State.—Legislature Adjourns.—The 157th anend early on the
nualsession of the State Legislature came to anmuch confusion
morning of April 28,after both Houses, with
York City
and turmoil in the Assembly, had passed the New 1.04 a. m.
Charter Revision Bill. The Senate adjourned at
adjournment both
and the Assembly at 2.30 a. m. Before
May 5 1934
Houses passed the Kleinfeld bill providing for permanent
liquor control by a State Liquor Authority into which the
present Alcoholic Beverage Control Board was transformed
and legalizing the drinking of hard liquor at bars. A supplementary budget bill was also passed, carrying a total of
$6,544,799. Of this $5,120,000 will be devoted to debt
service,$500,000 to the payment by the State of claims,and
$250,000 for the prospective legislative investigation of
public utilities.
The following is a summary of the more important measures
enacted and defeated at this session, as it was given in the
New York "Herald Tribune" of April 28:
Enacted.
Governor Lehman's 11-point public utility reform program. including
the granting of authority, for municipal ownership and operation of gas
and electric plants. A 12th point, public letting of utility contracts in
excess of 825,000 was defeated.
Permanent liquor law.
Permitting branch banking by districts.
Removing restrictions from race track betting, creating new racing
commission and proposing constitutional amendment or pari-mutuel betting.
Extending for another year moratorium on foreclosures of mortgages
when interest and taxes are paid, and also extending for like period emergency law to curb deficiency judgment abuses.
Creating milk control division, with power to continue price-fixing for
another year.
Outlawing slot machines.
Enlarging scope for prison parole system.
Requiring annual inspection of automobiles.
Making minor traffic violations "infractions," not to be classed as misdemeanors or to be used against a person's credibility. Creating "poor
man's court" and creating judicial council and law-revision commission.
Authorizing tax-revision commission to make survey of county government.
Proposing $40,000,000 bond issue for unemployment relief.
Authorizing State to accept $27,000,000 Federal money for improving
barge canal.
. Adopting of $250,000,000 executive budget.
Continuing as emergency taxes the increases in personal income and
stock transfer taxes; and extra one-cent tax on gasoline; gross income tax
amended to allow same exemptions as personal income tax.
Prohibiting deductions from personal income tax based on capital losses.
Discontinuing emergency 1% retail sales tax after June 30.
Authorizing creation of municipal housing authrorities.
Authorizing New York City administration to effect economies and
Impose local taxes; continuing five-cent faro to Sept. 10 1936; authorizing
demolition of "nuisance" tenement houses; creating special term for city
condemnation proceedings.
Defeated.
Unemployment insurance.
Guaranteed mortgage authority.
Two per cent sales tax.
New York City charter revision and magistrates' court reform.
County government reform.
State regulation of fee-charging employment agencies.
Ratification of Federal child labor amendment.
Reapportionment.
Making three years' desertion ground for divorce.
Four-year term for Governor.
Constitutional amendment for amending Constitution by popular
initiative and referendum.
Rhode Island.—Legislature Adjourns.—The General
Assembly terminated its 1934 sitting at 5:37 a.m. on April
27, after an all-night session in which final approval was
given to a bill authorizing the return of hard liquor to saloons.
The following is a summary of the bills that passed and those
that failed at this session, as it appeared in the Providence
"Journal" of April 28:
Passed by Legislature.
Amendments to liquor law.
Horse racing, bill,legalizing pari-mutuel betting, subject to approval by
the people at the special election.
Provision for special election referendum at which voters will pass upon
28 State PWA projects, $1,000,000 bond issue for unemployment relief,
and $1,000,000 short-term bonds for current deficit.
Repeal of Central Falls State-controlled police commission.
Creation of board for milk control and minimum price-fixing.
Uniform narcotic drug law.
State use bill providing for manufacture at State Prison of materials
used by State, city and town governments.
Optional payment of taxes in quarterly instalments.
Authority for Providence to hire $3,000,000 for senior high school construction.
Resolution urging United States adherence to World Court treaties.
Stricter regulations for control of practice of dentistry.
Creation of special inter-party committee to study reduction of items in
annual appropriation bill with view to balancing budget.
Authority for Metropolitan Park Commission to study feasibility of
acquiring Colt estate for park purposes.
Appropriation of $60,000 for needy World War veterans.
Increasing of penalties for extortion to 15 years and $5,000 fine.
Prohibition of nudist colonies in the State.
Killed in Senate.
Department reorganization commission bill.
"Baby" NRA Act, writing penalties of National Act into State law.
Proposal for referendum on $19,650,000 metropolitan sewer projects.
State-wide caucus law reform.
Provision for census of handicapped children.
One per cent tax on gross earnings of public utilities to yield revenue for
support hinon .
schoti
of
Is a State-wide police teletype system.
Act to prevent persons other than lawyers doing work in connection with
legal matters.
-hour week for women,
Forty-hour' week for children under 16 and 48
and abolition of night work for women.
Popular election of Woonsocket Police Commissioner.
Diversion of $600,000 of gasoline taxes to cities and towns for road construction.
Popular election of sheriffs.
Measure to prevent fines system in manufacturing plants,
Bill for re
ferendum to legalize a State lottery to raffle money to balance
budget.
Authority for Governor to appoint members of Public Utilities Commission without advice and consent of the Senate.
Two per cent sales tax bill.
Killed in House.
Bill to create office of State purchasing agent.
for the Alcoholic Beverage Commission.
Budgetary control
Bill to abolish the office of Commissioner of Finance.
Creation of special committee to study problem of affording further State
aid for schools.
Measure to force operators of trucks for hire to show financial responsibility to State Board of Public Roads.
Domestic relations court bill.
Creation of office of public defender for indigent prisoners.
United States.—Senate Passes Modified City Bankruptcy
Bill.—On May 1 the Senate passed, by a vote of 45 to 28,
the municipal bankruptcy bid as modified by the complete
substitute amendment to the measure advanced by Senator
MeCarran of Nevada. The purpose of the bill is to enable
distressed cities, counties and minor political subdivisions,
Volume 138
Financial Chronicle
designated m the bill as taxing districts, to adjust their
debts with their creditors, under control of the Federal
Courts. This legislation had been urged as necessary to
prevent wholesale repudiation of municipal debts. It was
stated in the Senate debate that the defaulting municipalities and other taxing districts in the country had numbered
2,019 last January, and that there had been outstanding
municipal bonds of the par value of more than $2,000,000,000
in default as to principal or interest or both on Jan. 30.
Under the bill as passed by the House at the last session
and as reported out of the Senate Judiciary Committee,
there was less restriction, only 30% of the obligations having to be represented in the initiation of proceedings, -whereas
now 51% is required for action. It is believed that this
measure will receive final approval as it has the favor of the
Administration. We quote in part as follows from the New
York "Times" report on the approval of the measure, in its
issue of May 2:
The Administration's municipal bankruptcy bill, setting up a formula
under which insolvent cities, counties, towns and other State political
subdivisions may scale down their indebtedness and refinance themselves
in the next two years, was adopted by the Senate to-day by a vote of45 to 28.
Passage of the bill, which had already been adopted by the House in
much the same form, was followed on the Senate calendar by the corporate bankruptcy bill, seeking to set up a similar method for the readjustment of corporate indebtedness throughout the country. The latter measure was the pending "unfinished business" when the Senate recessed late
this afternoon until to-morrow.
The essence of the corporate relief bill, as well as the municipal relief
measure, is opportunity afforded for debtors to Mt around the conference
table with their creditors, survey the facts with reference to atillity to pay,
agree upon a plan of refinancing and settlement, and have that agreement
approved by the Federal Courts under their constitutional powers to deal
with bankrupts.
The municipal bill provides that any city, county, town or other political
unit which now or during the next two years finds itself insolvent may,
with the consent of 51% in amount of its security holders, file a petition in
court, accompanied by a plan of settlement agreed to by the same percentage of creditors.
Bill Differs from House Draft.
If the settlement plan meets the judge's approval, he may order it exeonly after receiving consent in writing from two-thirds of the
cuted, but
holders in amount of each class of securities and of three-fourths in amount
of all creditors.
The measure provides further that any group holding as much as 5%
of any class of the combined indebtedness may demand hearing in court
as to its rights.
The bill as passed by the Senate differed from the one adopted by the
House. The latter provided that court action might be started by a taxing
district with the consent of only 30-' of the security holders and that a
plan of settlement could either be filed with the original petition or worked
out later under protection of the courts.
The House bill called for a two-thirds ultimate approval by creditors,
as did the Senate measure, but not the 75% "gross" consent.
Because of the differences in the bills a conference was immediately
requested by the Senate. The changes were embodied in a single amendment offered by Senator McCarron as a substitute for the entire House bill
BOND PROPOSALS AND NEGOTIATIONS
AFTON SCHOOL DISTRICT (P. 0. Afton). Ottawa County, Okla.
-BOND SALE.
-The $18,000 issue of 4% semi-annual school bonds
offered for sale on April 2-V. 138, P. 2288
-was Purchased at par by the
Public Works Administration. Dated July 1 1933. Due $1,000 from
July 1 1938 to 1953 incl.
ALACHUA SCHOOL DISTRICT (P. 0. Gainesville), Alachua
County, Fla.
-An $11,000 issue of school bonds is reported
-BOND SALE.
to have been purchased on April 10 by the First National Bank of Alachua.
at a discount of $300, equal to 97.27.
ALBANY COUNTY (P. 0. Albany), N. Y.
-BOND OFFERING.
Felix Corscadden, County Treasurer, will sell at public auction at 2 p.m.
(Daylight Saving Time) on May 10 an issue of $195,000 not to exceed 4%
interest coupon or registered refunding bonds. Dated May 1 1934. Denom.
$1,000. Due May 1 as follows: $20,000 from 1935 to 1943 incl. and $15,000
in 1944. Bidder to name a single interest rate for all of the bonds, expressed
in a multiple of 31 of 1%. Principal and interest (M. & N.) payable in
Albany. A. certified check for $4,000, payable to the order of the County
Treasurer, is required. The approving opinion of Reed, Hoyt & Washburn
of New York will be furnished the successful bidder.
ALBANY COUNTY (P. 0. Albany), N. Y.
-REFUNDING BILL
APPROVED.
-The bill authorizing the County to refund up to $200,000 of
the bonds maturing in 1934 has been signed by Governor Lehman as
Chapter 309, Laws of 1934.
ALMA SCHOOL DISTRICT (P. 0. Alma) Bacon County, Ga.BOND ELECTION.
-An election on the proposed issuance of $6,000 in
school building bonds is said to have been called for May 7.
ALAMEDA (P. 0. Pocatello), Bannock County, Ida.
-BOND SALE.
-The $25,000 issue of water works bonds offered for sale on May 2-V.138,
-was purchased by the Public Works Administration, as 4s at par,
p. 2962
according to the Village Clerk.
AMERICAN FALLS INDEPENDENT SCHOOL DISTRICT NO. 1
(P. 0. American Falls), Idaho.
-BOND ELECTION.
-An election wit
be held on May 8 to vote on the proposed issuance of the $125,000 in not
to exceed 6% school building bonds mentioned in V. 138, p. 2450. Due
in 20 Years.
ARDEN SCHOOL DISTRICT (P. 0. Sacramento), Sacramento
County, Calif.
-BONDS NOTSOLD.-The $16.500 issue of4% semi-ann,
-was not sold as no bids
school bonds offered on April 23-V. 138, p. 2614
were received. Dated July 1 1934. Due from July 1 1939 to 1954 incl.
ASHLAND SCHOOL DISTRICT (P. 0. Ashland), Boyd County,
Ky.-CITY LOSES IN BOND DECISION-In a decision handed down
on April 24 by Judge Watt M. Prichard, of the Circuit Court at Catlettsburg, it was held that the Ashland Board of Education has a right to sell
its $103.000 of school bonds and he directed that the City Commissioners of
Ashland approve a resolution, presented by the Board of Education for
-V. 138. p. 2614-according to the Ashland "Independent" of
such sale
April 25. It was said by the City Corporation Counsel that he would take
the case to the Court of Appeals for a further ruling on the matter.
-In a letter
ATLANTA, Fulton County, Ga.-BONDS NOT SOLD.
dated April 27 we were informed by B. G. West, City Comptroller, that the
proposed sale of $500,000 refunding bonds did not materialize and the bonds
were not purchased.
-An $18,000
AUGUSTA, Richmond County, Ga.-BOND SALE.
% hospital bonds is reported to have been purchased recently
issue of
by an undisclosed investor.
-BOND
AURORA SCHOOL DISTRICT, Dearborn County, Ind.
-The $51,000 5% school building bonds offered on April 30-V.
SALE.
-were awarded to Marcus R. Warrender of Indianapolis,
138, p. 2963
at par plus a premium of $57, equal to 100.11, a basis of about 4.99%.
Dated July 1 1934 and due on July 1 as follows: $2,000 from 1935 to 1943
incl. and $3,000 from 1944 to 1954 incl.
-FEDERAL FUND ALLOTBEAUMONT, Jefferson County. Tex.
-The loan and grant of $216,000 for water system
MENT RESCINDED.
improvement that was approved by the Public Works Administration in
December-V.137. P. 4386 has been rescinded.
-A. G. Becker
BEAVER DAM, Brown County, Wis.-BOND SALE.
& Co. of Chicago, on April 10, was awarded at par an issue of $145.000 4%
sewerage disposal plant bonds. Denom. $1,000. Dated Feb. 11934. Due
3133
from 1935 to 1952 incl. (This report:corrects the original sale-notice given
in V. 138, p. 2781.)
-At the election
-BONDS VOTED.
BEEVILLE, Bee County, Tex.
held on April 17-V. 138. P. 1952
-the voters approved the issuance of the
$169,000 in warrant funding bonds by a count of 81 to 7.
-BOND
BELLEFONTE SCHOOL DISTRICT, Centre County, Pa.
SALE.
-The $35.000 4% armory building bonds offered on April 28-were awarded to E. H. Rollins & Sons of Philadelphia.
V. 138, p. 2963
at a price of 101, a basis of about 3.78%. Due in 1959: callable by lot
after five years. Holland & Co. of New York also bid for the bonds.
BELLEVILLE SCHOOL DISTRICT (P. 0. St. Louis), Mo.-BOND
-An issue of $115,000 5% school bonds is reported to have been
SALE.
purchased by F. J. Wade Jr. & Co. of St. Louis.
BEN AVON (P. 0. Pittsburgh), Allegheny CountyPa.-BOND
-TheIssue of $41,0004% bonds offered on May 1-V'.'138, p.2781
SALE.
was awarded to the Peoples-Pittsburgh Trust Co.of Pittsburgh, at par plus
a premium of $1,015.16, equal to 102.476.a basis of about 3.70%. Dated
Feb. 1 1934 and due on Feb. 1 as follows:$2,000from 1935 to 1953 incl. and
$3.000 in 1954.
The following is a list of the other bids received at the sale:
Premium.
Par
Public Works Administration
$765.00
Halsey. Stuart & Co., Inc
225.50
S. K. Cunningham & Co
225.50
McLaughlin, MacAfee & Co
109.88
Graham, Parsons & Co
537.10
Glover & MacGregor, Inc
537.10
George G. Applegate
623.20
E. H. Rollins & Sons
779.56
Singer, Deane & Scribner, Inc
-$5,000,000 DROP IN
BERKS COUNTY (P. 0. Reading), Pa.
ASSF-SSMENTS.-It is reported that realty assessments in the County
have declined about $5,000,000.
-A. T.
-BOND OFFERING.
BERWICK, Columbiana. County, Pa.
Spaide, Secretary of Overseers of the Poor, will receive sealed bids until
000 4;4_% Overseers of the Poor
10 a. m.on May 11 for the purchase of $45,
bonds. Dated April 1 1934. Denom. $1,000. Due April 1 as follows:
$2,000 from 1935 to 1946 incl. and $3,000 from 1947 to 1953 incl. Interest
is payable in A. & 0. Bonds will not be sold for less than-par. Issue was
approved on April 11 by the Pennsylvania Department of Internal Affairs.
Proposals must be accompanied by a certified check for 2% of the bid
payable to the Overseers of the Poor. Information with respect to the bond
issue, including copy of proceedings, will be furnished upon application to
Mr. Spaide
BISMARCK SCHOOVFDISTRICT (P. 0. Bismarck), Burleigh
-The
County, N. Dak.-FEDERAL FUND ALLOTMENT DETAILS.
loan and grant of $308,700 for school construction that was approved recentlyby the Public Works Administration-V. las. P. 2614-is confirmed
by the Superintendent of Schools, who further reports that the amount of
the loan will be $203,000, maturing serially in 20 years with $10.1.60 payable
each year.
BOONE INDEPENDENT SCHOOL DISTRICT (P. 0. Boone)
-BOND SALE.
Iowa.
-A $10,000 issue of 4% coupon refunding bonds
was sold on April 23 to the Carleton D. Beh Co. of Des Moines, at par.
Plus a premium of $275, equal to 102.75. a basis of about 3.70%. Denom.
$1,000. Coupon bonds, dated May 1 1934. Due $3,000 on May 1 1944 and
1945, and $4,000 on May 1 1946. Interest payable M.& N.
-The bids sub-BIDS REJECTED.
BOSTON, Suffolk County, Mass.
mitted for the $945,000 coupon bonds offered for sale on May 3 were
rejected. Among the bids received were the following: A group composed
of Estabrook & Co., First of Boston Corp. and R. L. Day & Co.. all of
Boston,submitted an offer of 100.04 for $610,000 bonds as 3;4s and $335,000
as 3Sic Kidder, Peabody & Co. and associates stipulated a price of 100.17
for $605.000 3)15 and $340,000 3s, while the City Company of New York,
Inc. and associates offered 100.03 for $635,000 33'4% and $310,000 3M%
bonds. The offering consisted of the following:
$310,000 street reconstruction bonds. Due $31,000 on May 1 from 1935
to 1944 incl.
200,000 sewerage works bonds. Due $10,000 on May 1 from 1935 to
1954 incl.
200,000 highway bonds. Due $10,000 on May 1 from 1935 to 1954 incl.
120,000 Hospital Department, Kitchen Building bonds. Due $8,000 on
May 1 from 1935 to.1949 incl.
50.000 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 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 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.
-The above bonds are being re-offered for sale
BOND RE-OFFERING.
on May 8. Rejection of the bids submitted at the initial offering resulted
from a dispute as which of the bids submitted was to be accepted. due to
the "split-rate" interest provisions contained in the notice of sale. The nem
offering details have been prepared so as to prevent any further confusion
as to their exact meaning, it is said.
-The City
-BONDS CALLED.
BOULDER, Boulder County, Colo.
Treasurer is said to be calling for payment at his office on May 14, various
Paving Improvement District, and Storm Sewer Improvement District
bonds.
-The
-BONDS AWARDED.
BOULDER, Boulder County, Colo.
$58,000 sewage system bonds that were offered for sale on March 20, the
award of which was deferred pending the approval of the Public Works
Administration-V. 138, p. 2114-has been awarded jointly to the National
State Bank, and the First National Bank, both of Boulder, on their bid of
$29 premium for 3.80s, equal to 100.05, a basis of about 3.79%• Dated
Jan. 1 1934. Due from Jan. 1 1935 to 1954 incl.
-J. E.
-BOND OFFERING.
BRIDGEVILLE, Allegheny County, Pa.
Franks, Borough Secretary, will receive sealed bids unti17:30 p.m.(Eastern
414, 4M or
Standard Time) on May 22 for the purchase of $30,000 4
5% bonds. Dated June 1 1934. Denom. $1,000. Due $5,000 on June
1 from 1937 to 1942 incl. Interest is payable in J. & D. A certified check
for $1,000, payable to the order of tho Borough Treasurer, must accompany
each proposal. The approving opinion of Burgwin, Scully & Burgwin of
Pittsburgh will be furnished the successful bidder. Sale of the bonds is
subject to approval of issue by the Pennsylvania Department of Internal
Affairs.
-ADDIBROADWATER COUNTY (P. 0. Townsend). Mont.
-In connection with the $42,000 (not $53,000)
TIONAL INFORMATION.
-it
4% jail bonds approved by the voters on April 10-V. 138, p. 2782
is stated by the County Clerk that the issuance of the bonds is contingent
the grant is approved
upon a Public Works Administration grant of30%. If
the issue will be sold direct to the Federal Government and not advertised.
BUENA VISTA, Rockbridge County, Va.-FEDERAL FUND Ar-The loan and grant of $10,000 for jail construcLOTMENT RESCINDED.
tion and repairs that was approved by the Public Works Administration
in January
-V. 138. p. 712
-has been rescinded.
BUCHANAN COUNTY (P. 0. St. Joseph), Mo.-BOND OFFERING.
-It is announced by H. F. Boyle, Presiding Judge of the County Court,
that the County Court will receive sealed bids until 2 p. m. on May 15, for
the purchase of an issue of $1,400,000 5% coupon or registered judgment
funding bonds. Denom. $1,000. Dated July 15 1934. Due serially in
20 years, beginning on July 15 1937. The bonds will not be sold for less
than par and accrued interest and delivery must be accepted in St. Joseph.
A certified check for 4% of the total issue, issued by Some bank or trust
company in St. Joseph that is a member of the St. Joseph Clearing House
Association. These bonds will be issued for the purpose of funding valid
and final judgments rendered against the county, pursuant to the Statutes
of the State. but said bonds have not been authorized by vote and are not
unlimited obligations.
-FEDERAL FUND ALLOTBLISHNELL,sMcDonough County, III.
-The Public Works Administration has allotted $80,000 for the
MENT.
construction of a gas plant. This includes provision for a grant eaual to
3134
Financial Chronicle
30% of the approximately $72,000 to be spent in the payment of labor and
the purchase of material. The balance is a loan, secured by 4% revenue
bonds.
BUTLER TOWNSHIP SCHOOL DISTRICT (P. 0. Ashland),
Schuylkill County, Pa.
-BOND SALE.
-The $30,000 435% coupon
,
school bonds offered on April 28-V. 138, p. 2963
-were sold at a price of
par as follows: $15,000 each to the Citizens National Bank and the Ashland
National Bank, both of Ashland.
BOND SALE CANCELED.
-John Cleary, Secretary of the Board of
Directors, later advised that the above sale had been canceled, due to the
fact that the amount obtained would be insufficient to pay for the cost
of constructing the new school building. A new sale will be arranged,
with the amount of bonds increased to $40,000.
CANANDAIGUA, Ontario County, N. Y.
-BOND SALE.
-The issue
of $5,000 unemployment relief bonds offered on Jan. 23-V. 138, P. 529
was sold to F. M. Kinde of Canandaigua, as 4;is, at par plus a premium
of $25, equal to 100.50, a basis of about 4.39%. Dated Feb. 15 1934 and
due $500 annually from 1935 to 1944 incl.
CANADIAN, Hemphill County, Tex.
-BONDS VOTED.
-At an election on April 20 the voters approved the issuance of $24,C00 in water works
extension bonds. (An allotment of $31,000 has been approved already by
the PubPc Works Administration
-V. 138, P. 2115.)
CARPINTERIA UNION SCHOOL DISTRICT (P.O.Santa Barbara)
Calif.
-BOND OFFERING DETAILS.
-The $10,000 issue of5% semi-ann.
school bonds that will be offered for sale on May 7, at 10 a. m., by D. F.
Hunt, County Clerk
-V.138. p. 2963, are more fully described as follows:
Denom. $1,000. Dated April 9 1934. Due $1,000 from April 9 1935 to
1944 incl. A certified check for 3% of the amount bid, payable to the
County Treasurer, is required.
CARTHAGE, Miner County, S. Dak.-FEDERAL FUND ALLOTMENTS RESCINDED.
-The loan and grant of $11,000 for sewage plant
construction, approved by the Public Works Administration in January
-V.138. p. 529
-has been rescinded.
CENTRAL FALLS, Providence County, R. L-$500,000 BOND
ISSUE BILL SIGNED.
-Joseph P. Curran, City Treasurer, reports that
the Governor has signed the bill authorizing the issuance of $500,000
bonds.
-V. 138, p. 2963. Proceeds of the sale will be used as follows:
$300,000 for bond retirement purposes and $200,000 to establish a sinking
fund against delinquent taxes.
CHARLEROI SCHOOL DISTRICT, Washington County, Pa.
BOND SALE.
-The $70,000 5% coupon bonds offered on April 24V. 138, p. 2615
-were awarded to S. K. Cunningham & Co. of Pittsburgh
at par plus a premium of $72.50, equal to 100.10, a basis of about 4.99%.
Dated March 15 1934 and due on March 15 1944.
-BOND ELECTION CONTEMCHEHALIS, Lewis County, Wash.
PLATED.
-It is reported that an election will be held soon to have the
voters pass on the proposed issuance of $110,000 in water main bonds.
It is stated that the Public Works Administration will make a grant of
$33,000 on the project if these bonds are approved.
CHICAGO, Cook County, Ill.
-APPOINTS ACTING DEPUTY
-Albert J. Keefe, formerly connected with the County
COMPTROLLER.
Treasurer's office, has been appointed Acting Deputy Comptroller,suceeding V. S. Petterson, deceased.
CINCINNATI, Hamilton County, Ohio.
-BONDS AUTHORIZED.
Ordinances passed by the City Council on April 18 provide for the is,
5% bonds, divided as follows:
suance of 230,500 33
$120,000 Anderson Ferry Road and other bonds. Part of the $2,850,000
authorized on Nov. 8 1927. Due $12,000 annually on Sept. 1
from 1935 to 1944 incl.
68,000 Front Street and other bonds. Part of the $2,000,000 authorized
on Nov. 5 1929. Due Sept. 1 as follows: 37.000 from 1935
to 1942 incl. and $6,000 in 1943 and 1944.
35.000 Colerain Ave. and other bonds. Part of the $2,850,000 authorized on Nov. 8 1927. Due Sept. 1 as follows: $4,000 from
1935 to 1939 incl. and $3,000 from 1940 to 1944 incl..
7,500 Beechmont Ave. and other bonds. Part of the $2,000,000
authorized on Nov. 5 1929. Due Sept. 1 as follows: $1,000
from 1935 to 1939 incl. and $500 from 1940 to 1944 incl.
All of the bonds will be dated June 1 1934. Int. payable semi-annually.
CLARK COUNTY (P.O. Springfield), Ohio -BOND OFFERING.
Harold M. Fross, County Auditor, will receive sealed bids until 12 in. on
May 17 for the purchase of $125,000 535% poor relief bonds. Dated June 1
1934. Due as follows: $24,500 Sept. 1 1934; 324,000 March 1 and $24,700
Sept. 1 1935:$25,500 March 1,and $26,300 Sept. 1 1936. Interestis payable
in M.& S. A certified check for $3,750, payable to the order of the County
Treasurer, must accompany each proposal.
-BOND SALE.
-The
CLEVELAND, Cuyahoga County, Ohio.
3800.000 coupon or registered water works bonds offered on April 30-were awarded as 4 hs to the McDonald-Callahan-Richards
V. 138,p.2615
Co. of Cleveland, at a price of 100.66. a basis of about 4.19%. Dated
Nov. 1 1932 and due on Nov. 1 as follows: $26,000from 1934 to 1943 incl.
and $27,000 from 1944 to 1963 incl. Second high bid of 100.30 for 4315
was submitted by Blyth & Co.
The following also participated in the purchase of the issue: Hayden,
Miller & Co., Otis & Co., Braun. Bosworth & Co. and Stranahan, Harris
& Co.
The following is an official list of the bids obtained at the sale:
Int. Rate. Premium.
BidderMcDonald-Callaghan Richards Co.; Braun, Bosworth &
& Co.; Hayden, Miller & Co.; Otis & Co., and Stranahan, Harris & Co
431%
35,280.00
Blyth & Co., Inc.; Lawrence Stern & Co. and First of
2,400.00
Michigan Corp
431%
Eldredge & Co.; E. H. Rollins & Co., Inc.; Lowry
Sweney, Inc.; Fifth-Third Securities Co., and Asset,
9,428.90
Goetz & Moerlein, Inc
434%
Fox, Einhorn & Co.; Gran & Co.; Nelson. Browning &
Co.; Walter, Woody & Heirnerdinger; Widman, Holz434%
8,666.00
man & Katz, and Ryan, Sutherland & Co
Merrill, Hawley & Co.; Johnson, Kase dc Co.: Mitchell,
Herrick & Co.; Banc-Ohio Securities Co.; Van Lahr,
4,647.00
Doll & Isphording, Inc., and Weil, Roth Sc Irving Co- _4%%
Halsey, Stuart & Co.; Bancamerica Blair Corp., and
8,800.00
Piper, Jaffrey & Hopwood
4X%
-Mr. West will receive sealed bids
ADDITIONAL BOND OFFERING.
until 12 in. (Eastern Standard Time) on May 8 for the purchase of $563,400
bonds heretofore deposited with the City by the Standard Trust Bank of
Cleveland as security for municipal funds deposited in that institution.
The securities offered include $518,500 Ohio municipal and county bonds,
$40,000 Louisville, Ky., bridge revenue bonds and $4,900 U. S. Government bonds. Proposals must be accompanied by a certified check of not
less than 1% of the amount of the bid. The offering includes 20 separate
blocks of bonds. Tenders may be submitted for the entire list or for each
issue separately.
-Referring to reports regarding the
DEBT PAYMENTS ASSURED.
many municipalities that propose to avail themselves of the debt readjustment and refinancing provisions contained in the Municipal Bankruptcy
Bill, should the measure be passed by Congress, Louis C. West, Director
of Cleveland's Department of Finance, under date of May 3 advises that
as a result of the recent sale of $1,000,000 sinking fund bond holdings
(V. 138. p. 2783) the City does not expect any delay in the payment of
both principal and interest requirements during the balance of 1934. He
further states that the improvement in tax collections "makes it extremely
unlikely that the City of Cleveland will have any trouble after the close
of this calendar year in meeting all its obligations on time."
-BOND SALE.
-The $150,000
CLEVELAND, Pawnee County, Okla.
Issue of coupon water works bonds offered for sale on April 30-V. 138,
-was purchased by the Public Works Administration, as 4s at par.
p. 2964
Due $7,500 from 1939 to 1958 incl. No other bids were received.
), Tenn.
-BOND ISSUANCE
COFFEE COUNTY (P. 0. Manch
PENDING.
-It is stated by the County Clerk that the voters approved
the issuance of the $50,000 in high school bonds at the election on Feb. 10
-but the County Court has refused to ratify the action.
-V.138, p. 1080
-The
COLUMBUS, Platte County, Neb.-BONDS AUTHORIZED.
City Council is said to have approved an ordinance recently authorizing
May 5 1934
the issuance of up to $60,000 in sanitary sewage bonds, to pay for the construction of improvements and extensions to the sanitary sewer system
of the city.
COLUMBIA SCHOOL DISTRICT(P.O. Columbia), Boone County,
Mo.-BOND SALE.
-An issue of $175.000 4% coupon school bonds was
purchased recently by Whitaker & Co. of St. Louis. Denom. $1,000.
Dated May 1 1934. Due $25,000 from May 1 1948 to 1954 incl. Prin.and
in (M. & N.) payable at the Mississippi Valley Trust Co. in St. Louis.
Legality to be approved by Benj. H. Charles of St. Louis.
Financial Statement, as Officially Reported April 26 1934.
Assessed valuation, 1931
$14,435,802.00
Assessed valuation, 1933
„ .
Total bonded debt, including this issue
699.000.00
Sinking Funds
$21,084.92
Net Bonded Debt
Population of School District (estimated) 17,000 population, 69itYof
,
77 l5.08
Columbia, 1930 United States Census, 14,967.
The above statement does not include the indebtedness of political subdivisions, having power to levy taxes on property within the School District,
COLUMBUS, Franklin County, Ohio.
-PROPOSED BOND SALE.
The City Council recently authorized the sale of $20,000 boulevard extension bonds. The sale will be attempted, it is said, notwithstanding
the fact that doubt exists as to whether the city has further debt-incurring
power, due to the plans for the sale of about $8,000,000 bonds to the
Public Works Administration.
CONYNHAM TOWNSHIP SCHOOL DISTRICT, Luzerne County,
Pa.
-BOND ELECTION.
-At an election to be held soon the voters will be
asked to authorize the issuance of$35,000school building construction bonds.
DALLAS, Dallas County, Tex.
-BOND SALE.
-The $100,000 issue
of coupon storm sewer impt. bonds offered for sale on April 18-V. 138,
p. 2452
-was jointly purchased by the Mercantile-Commerce Co. of St.
Louis, and A. W.Snyder & Co. of Houston, as 4s, less a discount of $1,460,
equal to 98.54, a basis of about 4.14%. Dated May 1 1934. Due $3,000
annually beginning in 1935, except $4,000 each third year, for 30 years.
The following is an official tabulation of the bids received:
DAVID CITY, Butler County, Neb.-BOND SALE.
-A $9,100 issue
of 4% water tower bonds is stated to have been purchased at par by local
investors.
DEAL, Monmouth County, N. J.
-FINANCIAL STATEMENT.
-In
connection with the proposed award on May 9 of $140,000 coupon or
registered beach impt. bonds, notice and description of which appeared in
V. 138, p. 2964, we have received the following:
Financial Statement.
'
Assessed valuation,real property, 1933
$7,711,831.00
Bonded debt, not including this issue
720,000.00
800
Winter polulation
4,500
Summer population
-BOND OFFERING.
DEARBORN, Wayne County, Mich.
-Myron A.
Stevens, City Clerk, will receive sealed bids until 4 p. m.(Eastern Standard
Time) on May 8 for the purchase of $97,000 not to exceed 4% interest
coupon sewer bonds. Dated March 1 1934. Due March 1 as follows:
$3,000, 1937: $4,000, 1938, and $5,000 from 1939 to 1956 incl. Principal
and interest (M. & S.) payable at the City Treasurer's office or at the
Chase National Bank, New 'York City. Bids must be for all of the bonds
and conditioned only upon approval of the issue by Miller. Canfield,
Paddock & Stone of Detroit.
DEER LODGE SCHOOL DISTRICT NO. 10 (P. 0. Anaconda),
Mont.
-SCHOOL REPAIR PROJECT ABANDONED.
-The District
Clerk reports that because of the long delay encountered in getting into
operation on the school building repair project, for which the voters
approved a 4% loan of $50,000, and on which the Public Works Administration allotted in that amount, the Board of Education has decided to
give up the planned improyements.
-BUDGET APPROVED.
DETROIT, Wayne County, Mich.
-The
tax budget for the fiscal year 1.934-1935, starting July 1, amounting to
$55,525,000, was adopted by the Common Council on April 24.
DORSET TOWNSHIP, Ashtabula County, Ohio.
-BOND OFFER-Warren Rose, Clerk of the Board of Trustees, will receive sealed
ING.
bids at the office of the County Auditor until 10:30 a. m.(Eastern Standard
Time) on May 7 for the purchase of $5,000 6% town hall improvement
bonds. Dated May 15 1934. Denom. $1,000. Due $1.000 on Sept. 1
from 1935 to 1939 incl. Interest payable annually on Sept. 1. Bids for
the bonds to bear interest at a rate other than 6%,expressed in a multiple
of y, of 1%, will also be considered. A certified check for $50, payable
to the order of the Township Trustees, must accompany each proposal.
The issue was approved at an election held on March 28-V. 138, p. 2452.
DOUGLAS COUNTY SCHOOL DISTRICT NO. 75 (P. 0. Water-BOND SALE CANCELLED.
-We are informed by the
ville) Wash.
County Treasurer that the sale of the $6,500 not to exceed 6% semi-ann.
school bonds scheduled for April 28-V. 138, p. 2784, was cancelled.
-BONDS PUBLICLY OFFERED.
DOVER, Morris County, N. J.
A syndicate composed of B. J. Van Ingen & Co., Inc., C. A. Prelm & Co.,
M.F. Schlater & Co., Inc., H. L. Allen & Co., all of New York, and C. P
Dunning & Co. of Newark, made public offering on April 30 of $435,000
531% coupon or registered sewer bonds at prices to yield from 4.25 to
4.75%, according to maturity. Purpose of the sale was to fund a like
amount of temporary impt. bonds which mature on June 1 1934. The present
issue is dated June 1 1934 and matures on June 1 as follows: $20,000 from
1936 to 1943 ind. and $25,000 from 1944 to 1954 incl. The bonds are
described as being direct and general obligations of the entire Town,payable
from unlimited ad valorem taxes levied against all taxable property therein.
They are part of the total of $635,000 bonds reported to have been awarded
on April 23, at a price of par, to the Dover Trust Co. and the National
Union Bank of Dover, jointly
-V.138, P. 2965.
DREXEL, Burke County, N. C.
-NOTE ,
SALE.
-A $70,000 issue of
6% tax anticipation notes is reported to have been purchased by the First
National Bank of Morganton.
DuBOIA,Clearfield County,Pa.
-BOND SALE.
-The issue of 330,000
3% street and public park bonds offered on April 30-V. 138, p. 2784
was sold at par and accrued interest to the City's Water Department, the
only bidder. Due serially from Feb. 1 1935 to 1949 incl.
DUNDEE, Yamhill County, Ore.
-BOND OFFERING.
-Sealed bids
will be received until 7:30 p. m. on May 7, by the Town Recorder, for the
purchase of a $3,000 issue of water bonds. Interest rate is not to exceed
6%, payable M.& N. Denom. $250. Dated May 11934. Due $250 from
1936 to 1947 incl., optional after 1936. All bids must be for a sum not
less tnan 95% of par. Prin. and int, payable at the office of the Town
Treasurer. A certified check for 2% must accompany the bid.
EAST CLEVELAND CITY SCHOOL DISTRICT,Cuyahoga County,
Ohio.
-DEFAULTED BOND PAYMENT -Laura Redmond, ClericTreasurer of the District. reported that payment would be made on April 30
of the $30,000 6% refunding bonds which were defaulted on Jan. 15 1934.
EAST MOLINE, Rock Island County, Ill.
-PROPOSED BOND
ELECTION -The question of issuing $100,000 bonds in order to satisfy
court judgments rendered in favor of holders of delinquent special assessment bonds is expected to be submitted for consideration of the voters at a
special election on June 30.
EASTON SCHOOL DISTRICT, Northampton County, Pa.
-BOND
SALE.
-The $30,000 3% coupon school bonds offered on April 30-V.
138. p. 2784
-were awarded to Graham, Parsons & Co. of Philadelphia, at
a price of 100.07, a basis of about 2.99%. Dated May 1 1934 and due
$3,000 on May 1 from 1935 to 1944 incl. The district sinking fund offered
par and accrued interest for the issue.
ELLENBORO, Rutherford County, N. C.
-BONDS APPROVED.
The voters are said to have approved recently the issuance of $20,000 in
water works bonds.
ELLWOOD CITY SCHOOL DISTRICT, Lawrence County, Pa.
ADDITIONAL INFORMATION.
-In connection with the report of the
proposed sale on May 11 of $75,000 4% coupon or registered building bonds
-V. 138, p. 2965
-we learn that the issue will be dated April 1 1934; in
$1,000 denoms. and mature on April 1 as follows: $3,000 from 1940 to 1944
incl. and $4,000 from 1945 to 1959 incl. Interest is payable in A. & 0.
Volume 138
Financial Chronicle
3135
Sale is subject to approval of issue by the Pennsylvania Department of
dent of the Board of Education, will receive sealed bids until 8 p .m.(DayInternal Affairs.
light Saving Time) on June 4 for the purchase of $40,000 414% coupon or
registered school bonds. Dated July 1 1934. Denom. $1,000. Due
EMORY INDEPENDENT SCHOOL DISTRICT (P. 0. Emory),
$2,000 on July 1 from 1935 to 1954 incl. Principal and interest (J. & J.)
Rains County, Tex.
-FEDERAL FUND ALLOTMENT RESCINDED.
payable in lawful money of the United States at the Green Island Bank.
The loan and grant of $5,600 for school building construction, approved
A certified check for $700, payable to the order of the Board of Education,
by the Public Works Administration in March-V.138. p. 2290
-has been
must accompany each proposal.
rescinded.
GREENLEAF SCHOOL DISTRICT (P. 0. Greenleaf), Washington
ENDERLIN SPECIAL SCHOOL DISTRICT NO. 22(P. 0. Enderlin)
County, Kan.
-BONDS VOTED.
-We are informed that the voters reRansom County, N. Dak.-PRICE PAID.
-The $13,500 school bonds
cently approved the issuance of $12,000 in school building bonds.
that were purchased by the Enderlin State Bank of Enderlin, on March 7-BOND OFFER"
V. 138. P. 2116
GUERNSEY COUNTY (P. 0. Cambridge), Ohio.
-were sold as 6s, at par. Due from March 15 1937 to 1947.
ING.-Ralph R. Castor, County Auditor, will receive sealed bids until
ERIE COUNTY (P. 0. Sandusky), Ohio.
-In
-OTHER BIDS.
2 p. m.on May 15 for the purchase of $10,800 6% poor relief bonds. Dated
connection with the award on April 26 a $28,660 poor relief bonds to
May 1 1934. Due as follows: $2,100, Sept. 1 1934; $2,100, Mar. 1 and
Fox, Einhorn & Co. of Cincinnati, as 334s, at a premium of $62, equal
Sept. 1 1935; $2,200, Mar. 1 and $2,300 Sept. 1 1936. Principal and
to 100.21, a basis of about 3.36%-V. 138, p. 2965
-we learn that the
interest(M.& S.) payable at the State Treasurer's office, Columbus, Ohio.
following other offers were submitted for the issue:
A certified check for 5% of the bonds bid for, payable to the order of the
John Nuveen & Co.,Chicago,4%,$85.98 premium;Otis & Co.,Cleveland,
County Auditor, must accompany each proposal.
4%, $41.22; Assel, Goetz & Moerlein, Cincinnati, 3%.$29.90; Mitchell
Herrick Co., Toledo, 315%, $11.53; Stranahan, Harris & Co., Toledo,
-BOND OFFERHAMILTON COUNTY (P. 0. Cincinnati), Ohio.
314%, $22.93; Ryan, Sutherland & Co., Toledo, 4%,$33; Johnson,
,
-E. J. Dreihs, Clerk of the Board of County Commissioners, will
ING.
Kase & Co., Cleveland, 3%,$63.50.
receive sealed bids until 12 M. on May 23 for the purchase of $1,000,000
4% selective sales tax poor relief bonds. Dated Jima 1 1934. Denom.
EUREKA SPRINGS SPECIAL SCHOOL DISTRICT (P. 0. Eureka
$1,000. Due as follows: $196,000, Sept. 1 1934; $192,000 March 1 and
Springs), Ark.
-The district is said to
-PROPOSED BOND ISSUANCE.
$198,000, Sept. 1 1935; $204,000, March 1 and $210,000. Sept. 1 1936.
have proposed the issuance of 5% refunding bonds to take up a total of
Principal and interest (M.& S.) payable at the County Treasurer's office.
$63,500 outstanding bonds. The issue would bear the date of July 1 1934
Coupon No. 1 on all bonds to be for a period of three months from June
and would be approved as to legality by a firm of Little Rock attorneys.
1 1934 to Sept. 1 1934. Bids for the bonds to bear interest at a rate other
It is said that these bonds would be secured by a general property levy.
than 4%, expressed in a multiple of 34 of 1%, will also be considered. A
certified check for $10,000, payable to the order of the County Treasurer,
FAIRFAX, Osage County, Okla.
-At an election
-BONDS VOTED.
held on April 25 the voters approved the issuance of $22,000 in 4% water
must accompany each proposal. Transcript of proceedings with reference
system bonds by. count of 138 to 38. Due in 25 years.
to the bond issue will be furnished the successful bidder. Bids to be on
forms to be furnished by the County.
FAIRFIELD COUNTY (P. 0. Lancaster), Ohio.
-BOND SALE.
-BOND OFFERING.
The $43,000 poor relief bonds offered on April 26-V. 138. p. 2617
HARRIS COUNTY (P. 0. Houston), Tex.
-were
Sealed bids will be received by H. L. Washburn, County Auditor, until
awarded as 31‘13 to the BancOhio Securities Co. of Columbus, at par
plus a premium of $51.60, equal to 100.12. a basis of about 3.20%. Dated
11 a. m.on May 9,for the purchase of a E470,000 issue of coupon road bonds.
Dated Dec. 15 1934. Due on Dec. 15 as follows:$35,000 4% bonds, maturMarch 1 1934 and due on March 1 as follows: $9,800. 1935; $10,400,
ing from 1934 to 1938:$30,000 4% bonds, due from 1939 to 1943; $25,000
1936: $11,100, 1937. and $11,700 in 1938. Other bids were as follows:
4% bonds due in 1944; $25,000 5% bonds, due from 1945 to 1948, and
Mitchell Herrick Co. Cleveland, premium $90.37 at 33i%; Johnson
Kase Co., Cleveland, premium $129.50 at 4%; Otis & Co., Cleveland, '
$20,000 5% bonds, maturing in 1949. Interest payable semi-annually.
'
Legal approval by Thomson, Wood & Hoffman of New York. A certified
premium $218.60 at 4%; Seasongood & Mayor, Cincinnati, premium
check for $4,000 must accompany the bid.
$65.65 at 3%, Ryan Sutherland &
Z;
Toledo, premium $21 at 4%;
Fox Einhorn, Inc., Cincinnati, premium $143 at 314%; Fairfield National
Co.'
HARRISON TOWNSHIP (P. 0. Terre Haute), Vigo County, Ind.
Bank, Lancaster, premium $81 at 3%,and Lancaster National Bank, -BOND SALE.
-The $125,533.25 5% Judgment funding bonds offered on
par, 4%.
-were awarded to John Nuveen & Co. of Chicago,
May 1-V. 138. p. 2785
at a price of 103.67. a basis of about 4.48%. Dated May 1 1934 and due
FAULK COUNTY (P. 0. Faulkton), S. Dak.-BOND SALE.
-The
as follows: $5,533.25, July 15 1935; $4,000, Jan. 15 and July 15 from 1936
$34,000 issue of 4% semi-ann. jail building bonds offered for sale on Apri127
to 1947 incl.: $4,000. Jan. 15 and $5,000. July 15 1948; 85,000, Jan. 15
-V. 138, P. 2617
-was purchased at par by the Public Works Administraand July 15 1949, and $5,000. Jan. 15 1950.
tion. Dated Feb. 1 1934. Due $2,000 from 1935 to 1951, optional after
five years. No other bids were received.
HARTFORD,Hartford County,Conn.-BONDSALE.-The$700,000
214% grade crossing elimination bonds offered on April 30-V. 138.
FLATHEAD COUNTY (P. 0. Kalispell), Mont.
-WARRANTS
p. 2966
-were awarded jointly to Lincoln R. Young & Co., Hartford, and
CALLED.
-C. A. Robinson, County Treasurer, reports that the following
Tyler, Buttrick & Co., Boston, at a price of 101.07, a basis of about 2.22%.
warrants were called for payment at his office on or after April 23:
The net interest cost set a record for low cost long-term financing by a
All county high school warrants, registered on or before March 24.
municipality during the past 30 years, it is said. The bonds are dated
District High School No. 6 warrants, registered on or before Dec. 30.
May 1 1934 and mature $100,000 annually on May 1 from 1935 to 1941 incl.
District High School No. 29 warrants, registered on or before Feb. 3.
The successful bidders made public re-offering of the issue at prices to yield
District High School No. 38 warrants, registered on or before Dec. 26.
0.75% for the 1935 maturity; 1936, 1.25%; 1937, 2%; 1938, 2.25%; 1939.
District High School No. 44 warrants, registered on or before Mar:26.
All general fund, registered on or before April 4 1934.
2.30%; 1940, 2.35%, and 2.40% on the 1941 bonds.
All bridge fund, registered on or before Jan. 19 1934.
-The
-BOND SALE.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
All road fund, registered on or before April 20 1934.
-were
$19,200 poor relief bonds offered on April 28-V. 138. p. 2617
awarded as 334s to the Ohio Bank & Savings Co. of Findlay at par plus a
FLINT RIVER TOWNSHIP INDEPENDENT SCHOOL DISTRICT
premium of $17.50. equal to 100.09, a basis of about 3.18%. Dated April 15
(P. 0. Burlington), Iowa.
-At the election on
-BONDS DEFEATED.
April 28-V.la,13. 2784
1934 and due as follows: $3,600, Sept. 1 1934; $3,700. March 1 and $3,800
voters rejected the proposal to issue $30,000
In school building bonds -the count of 326 to 313, less than the required
Sept. 1 1935; $4,000 March 1 and $4,100 Sept. 1 1936.
by a
Bids for the issue were as follows:
majority.
Premium.
Int. Rate.
BidderFOREST HILLS, Allegheny County, Pa.
-The
-BID REJECTED.
817.50
Ohio Bank & Savings Co., Findlay
334%
one bid submitted at the offering on May 2 of $95.000 not to exceed 414%
19.46
4%
Assel, Goetz & Moerlein, Inc., Cincinnati
coupon bonds
-V. 138, p. 2784-was rejected. The tender was an offer of
54.00
First National Bank, Forest
57,,
par, plus a premium, with interest on the issue at 434 %. Name of bidder
not made public. The bonds will be readvertised for sale. They are dated
HATTON SPECIAL SCHOOL DISTRICT (P. 0. Hatton), Traill
-It is reported that an election
May 1 1934 and mature on May 1 as follows: $5,000 from 1938 to 1941 incl.;
County, N. Dak.-BOND ELECTION.
will be held on May 14 to have the voters pass on the proposed issuance
$10,000, 1942 to 1948 incl., and $5.000 in 1949.
of $29,000 in school addition bonds.
-Gerald D.
FOSTORIA, Seneca County, Ohio.
-BOND SALE.
-FEDERAL FUND ALLOTKing, City Auditor, reports that an issue of $7,100 6% coupon refunding
HEARNE, Robertson County, Tex.
bonds was sold on April 25, at par and accrued interest, to the State.
-The loan and grant of $26,000 for street improveMENT RESCINDED.
Dated Sept. 11933. Due serially from 1935 to 1939 incl. One bond for
ment that was approved by the Public Works Administration in January
$1.100, others for $1,000.
-has been rescinded.
-V. 138, p. 714
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 21 (P. 0.
FREEPORT PARK DISTRICT, Stephenson County, III.
-BOND
-Robert
SALE.
-BOND OFFERING.
-An issue of $30,000 park bonds was sold on April 20 to the First
Rockville Centre), Nassau County, N. Y.
National Bank of Freeport at a price of 103.42.
R. Atkinson, Clerk of the Board of Education, will receive sealed bids until
8 p.m. (Daylight Saving Time) on May 22 for the purchase of $150,000 not
FREMONT COUNTY (P. 0. Fremont), Ohio.
-BONDS AUTHORto exceed 6% interest coupon or registered school bonds. Dated Jan. 1
IZED.
-The County Commissioners recently voted to issue an additional
1934. Denom. $1,000. Due Jan. 1 as follows: $8,000 from 1935 to
$11,161.82 selective sales tax poor relief bonds.
1952 incl. and $6,000 in 1953. Principal and interest (J. & J.) payable in
lawful money of the United States at the Bank of Rockville Centre Trust
GALVESTON INDEPENDENT SCHOOL DISTRICT (P. 0. Galveston), Tex.
Co., Rockville Centre. Bidder must name a single interest rate for all
-BOND SALE AUTHORIZED.
-A resolution is said to have
been adopted by the Board of Directors authorizing the sale of $160,000
of the bonds, expressed in a multiple of 34 or 1-10th of 1%. A certified
school bonds to the Public Works Administration.
check for $3,000, payable to the order of Harry W. Reeve, Treasurer, must
accompany each proposal. The approving opinion of Clay, Dillon &
GASTONIA, Gaston County N. C.
-TEMPORARY BORROWING
Vandewater of New York will be furnished the successful bidder.
AUTHORIZED.
-The City Council is said to have authorized recently the
Financial Statement.
borrowing of $100,000 with which to wipe out defaulted principal and
Valuations
interest and restore this municipality to sound financial standing. It is
$30,063.933
Assessed valuation, real estate and special franchise. 1934
understood that the plans for refinancing the city's bonded debt have been
52,600,923
Actual valuation, official estimate
finally completed.
Debt$1,157,000
Bonded debt outstanding
GEORGETOWN, Williamson County, Tex.
-CORRECTION.
-In
150,000
This issue
connection with the report given in V. 138, p. 2785, that local investors had
1.307.000
Total bonded debt
purchased $43,000 in bonds, we are informed by the City Secretary that the
Issue was voted but the city may not avail itself of the Government loan.
Population.
-Estimated. 1925, 9.000; 1930, 14,000; 1934, 16.000.
HENRICO COUNTY SANITARY DISTRICT NO. 3 (P. 0. High-A complete list of
GEORG1A.-DEALERS' REFERENCE LIST.
-The hearing
land Springs,) Va.-BOND LEGALITY QUESTIONED.
dealers interested in Georgia
contained in the revised edition
on the legality of the $100,000 water works system bonds approved by the
of "Classified Markets," justmunicipals Isthe press. Firms who specialize
recently off
-was held. In the Circuit
voters at the March 13 election-V. 138, p. 2966
In these bonds are indicated by a star placed before the listing. The lists
Court on May 5.
are alphabetically arranged under the cities in which the firms are located,
making an ideal mailing and prospect list. Over 150 other classifications are
-ADDITIONAL INFORMAHILL COUNTY (P. 0. Havre), Mont.
covered. including municipal bonds of all States of this country, besides
TION.
-In connection with the offering scheduled for May 28 of the $121.the various Provinces of Canada. Published by Herbert D. Seibert & Co.,
-we give the follow-V. 138, p 2966
000 5% semi-ann. refunding bonds
25 Spruce St., New York City. Price $6 Per copy.
ril
ing notice from the -Commercial West" of April 28:
"Advices of the intention of Hill County, Montana, to issue refunding
GOLDEN GATE BRIDGE AND HIGHWAY DISTRICT (P. 0.
bonds in the sum of $121,000, payable over a period of 10 years, have been
San Francisco), Calif:
-It is now reported that the
-PRICE PAID.
received by I. M. Brandjord, commissioner of State lands and invest$2.000,000 4%% semi-ann. bridge, Series B bonds sold to a syndicate headed
ments. A statement accompanying the notice indicates that the county
by /31yth & Co. of San Francisco
2617, was awarded for a total
-V. 138,
is in a good financial condition with an ordinary debt limit of $600,000,
price of $1,980,696.85. equal to 99.03, a P.
basis of about 4.86%. Dated
against which stands an indebtedness of $250,000."
July 1 1933. Due from July 1 1942 to 1971, inclusive.
HINCKLEY TOWNSHIP RURAL SCHOOL DISTRICT, Ohio.
CRANBURY, Hood County, Texas.
-FEDERAL FUND ALLOTBOND SALE-An issue of $3,800 refunding bonds, purchased by the State
MENT RESCINDED.
-The reduced loan and grant of $5,200 for water
Teachers' Retirement Board was approved on April 21 on Attorneysystem improvement, announced finally by the Public Works AdminisGeneral John W. Bricker.
tration recently
-V. 138, p. 2617
-has been rescinded.
HOT SPRINGS, Fall River County, S. Dak.-BOND SALE.
-The
GRAND COUNTY (P. 0. Hot Sulphur Springs), Colo.
-WAR$32,200 issue of sewage disposal plant bonds offered for sale on April 19RANTS CALLED -The County Treasurer is said to be calling for payment
-was purchased by the Public Works Administration, as
V. 138. p. 2785
office on May 10, ordinary county revenue warrants registered on or
at his
4s, at par. No other bids were received.
about Feb. 11 1934.
HOUSTON INDEPENDENT SCHOOL DISTRICT (P. 0. Houston),
GRAND FORKS INDEPENDENT SCHOOL DISTRICT NO. 1
Harris County, Tex.
-BONDS CALLED.
-We are advised by H. L.
(P. 0. Grand Forks), N. Dak.-BOND OFFERING.
-Sealed bids will be
Mills, Business Manager of the Board of Education, that the district will
received until 5 p. m. on May 8, by W.0. Rognile, Secretary of the Board
exercise its option and call for payment at the Chase National Bank in
of Education, for the Purchase of a $35,000 issue of certificates of indebtedNew York City on June 8, on which date interest shall cease, a total of'
ness. Interest rate not to exceed 514-%. Denom. $1,000. Due on Nov. 1
820.000 5% school building bonds, dated June 8 1914. They were issued
1935. A certified check for 2% of the bid is required.
by the Harris County Common School District No. 25, payable in 40
GRANITE SCHOOL DISTRICT *(P. 0. Salt Lake City), Utah.
years and optional any time after 20 years.
BONDS DEFEATED.
-At the election on April 24-V. 138, p. 896
-the
HUTCHINSON, Reno County, Kan.
-FEDERAL FUND ALLOTvoters rejected the proposal to issue $480,000 in school building bonds by
MENT RESCINDED.
-The loan and grant of $77,000 for building conmajority of about three to one. (An allotment of $626.500 has been apa
struction that was approved by the Public Works Administration in Januproved already by the PWA.)
ary
-V. 138, p. 531-has been rescinded. (At the election on April 10
GREEN ISLAND UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
the voters defeated the proposed issuance of $50,000 in bonds for this purGreen Island), N. Y.
-BOND OFFERING.
pose
-V. 138. p. 2785.)
-Charles A. Cusack, Presi-
3136
Financial Chronicle
HOUSTON, Harris County, Tex.
-BOND OFFERING.
--Sealed bids
will be received until 10 a. m. on May
for the purchase of the following bonds 14. by Mayor 0. F. Holcombe.
aggregating $1.425,000:
$274,000 43 % drainage bonds. Due as follows: $22,000. 1944: $14,000
,
5
In 1945; $22.000, 1946 to 1948; $18.000. 1949. and $22.000 from
1950 to 1956.
260,000 45V3 sanitary bonds. Due $20.000 from 1944 to
.1
inci.
240,000 4M % street impt. bonds. Due $24.000 from 1947 to1956 incl.
1956
117,000 4 S4% water works bonds. Due $13,000 from 1948 to 1956 incl.
72,000 434% bridge bonds. Due $8,000 from 1948 to 1956 incl.
52,000 41i% park bonds. Due $4,000 from 1944 to 1956 incl.
48,000 4:3% bridge and subway bonds. Due $8,000
1951 to 1956.
64,000 43-°7 general impt. bonds. Due $6.000 fromfrom to 1948, and
1940
$10,000 in 1949.
192,000 4 y,% refunding bonds. Due $32,000 from 1937 to 1942 incl.
106,000 43 % refunding bonds. Due $17,000 from 1937 to 1941, and
$21,000 in 1942.
The approving opinion of Thomson. Wood & Hoffman of' New York,
will be furnished. A certified check for 2% must accompany the bid.
(This report corrects the preliminary offering notice given in V. 138.
p.2966.)
The following information is furnished with the offering notice:
Tax Collections
Uncollected on
Assessed
Uncolleded
YearTotal Levy. Delinquent Date. Apr. 1 1934.
Valuation.
1928
$5,668,127.18
$35,244.39 $305,216,610.00
$521,175.60
1929
5,935.084.41
612,377.55
317,113.110.00
61.718.87
1930
6,529.299.12
756,925.28
334,013.180.00
275,583.91
1931
6,470,384.38
1.148,263.95
436,953.99 330,445,750.00
1932
6,359,697.09
1.238,376.01
322,709,410.00
822,135.26
1933
5,695.760.53
292,180,670.00
1,080.812.75
1,270,236.77
Taxes become delinquent on Dec. 31, and after that date a 2% increase
in penalty per month until 10% is reached plus interest at the rate of(6%)
SILT per cent per annum,
Estimated amount to be received from delinquent taxes 1934, $650,000.
Estimated amount to be received from miscellaneous sources 1934.
31.850,000.
IPSWICH, Essex County, Mass.
-TEMPORARY LOAN.
-The First
National Bank of Boston has purchased a $75,000 revenue anticipation loan
at 1.21% discount basis. Dated May 1 1934 and due on Dec. 1 1934.
Other bids were as follows:
BidderDiscount Basis.
Jackson & Curtis
1.49%
Faxon, Gado & Co
1.83%
!BEDELL COUNTY (P. 0. Statesville), N. C.
-BOND EXCHANGE
CONTEMPLATED.
-In connection with the $353,000 refunding bonds
that were approved recently by the Local Government Commission
V. 138, p. 2968
-it is stated by the County Accountant that these bonds
will not no offered for sale but will be exchanged with the rpresent holders
of the bonds. It is reported that the exchange will be handled through the
North Carolina Municipal Council in Raleigh.
1RONDEQUOIT (P. 0. Rochester), Monroe County, N. Y.
-BILL
PROVIDES FOR FUNDING BONDS GUARANTEED BY THE COUNTY.
-Under the provisions of a bill passed by the Assembly and transmitted
to the State Senate on April 18, the Town is empowered to issue up to
2350,000 bonds for the purpose of funding outstanding obligations incurred
for special improvements. Said bonds would constitute full faith and credit
obligations of the Town, payable from general taxation on property therein.
The bill also authorizes the Board of Supervisors of Monroe County, by
passage of an appropriate resolution, to guaranty payment of both principal
and interest on the bonds, inasmuch as the improvements for which the
obligations were incurred by the Town have been of direct benefit to the
County. It is further provided that if any part of the Act Is adjudjed
invalid by a court of competent jurisdiction, such judgment shall not
affect, impair or invalidate the remainder thereof.
JEFFERSON COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Arvada),
Colo.
-BONDS TO BE VOTED.
-It is stated that an election will be held
on May 14 in order to vote on the proposed issuance of $95,000 in 4%
refunding bonds. Dated June 15 1934. Due from 1935 to 1949. (In
V. 138, p. 2618, the pre-election sale of $70,000 of these bonds to a Denver
group, was reported.)
KALAMAZOO SCHOOL DISTRICT, Kalamazoo County, Mich.
BORROWING AUTHORIZED.
-The State Loan Board has authorized the
district to borrow $141,280 on notes in anticipation of the collection of
taxes during the current fiscal year.
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City), Wyandotte County, Kan.
-BOND ELECTION.
-The Clerk of the Board of
Education states that an election will be held on May 17 to vote on the
Issuance of the $1,200,000 in school building bonds, mentioned in V.
138. P. 2966.
KEARNEY SCHOOL DISTRICT (P. 0. Kearny), Buffalo County,
Neb.-BOND SALE DETAIL.S.-The $42.000 Kenwood school bonds
that were purchased as 335s by the Kirkpatrick-Pettis-Loomis Co. of Omaha
-V. 138. p. 2785
-were sold at par and mature as follows: $4.000. 1935
to 1942, and $5,000 in 1943 and 1944.
KEARNY (P. 0. Arlington), Hudson County, N..L-BOND OFFERING.
-William B. Ross, Town Clerk, will receive sealed bids until 8 p. m.
on May 9 for the purchase of 32,148,000 435, 4%.5. 514. 534• 5% or 6%
coupon or registered bonds, divided as follows:
$755.000 water bonds of 1931. Dated Dec. 1 1931. Due Dec. 1 as follows: $40,000. 1950 to 1954 incl.; $20,000, 1955 to 1957 bid.:
$45,000, 1958 to 1965 incl.; $20,000, 1966 and 1967: $45.000.
1968 and 1969. and $5.000 in 1970. Interest is payable in J. & D.
693.000 water distribution bonds of 1932. Dated Aug. 1 1932. Due
Aug. 1 as follows: $40,000, 1939; $5,000, 1940; $4.000. 1941;
$14,000. 1949; $25,000. 1951 and 1952; $35,000. 1953: $40,000,
1954: $25,000 in 1958, and $40,000 from 1959 to 1970 incl. Interest is payable in F. & A.
360,000 water supply bonds of 1932. Dated Aug. 1 1932. Due Aug. 1
as follows: $10,000, 1938: $15,000, 1939; 320,000, 1940 to 1945
incl.: $5,000, 1954; $20,000 from 1960 to 1969 incl., and $10,000
in 1970. Interest is payable in F. & A.
295.000 improvement bonds of 1932. Dated Aug. 1 1932. Due Aug. 1
as follows: $10,000, 1936 to 1939 incl.; $15,000. 1941 to 1944 incl.,
and $15,000from 1948 to 1960 incl. Interest is payable in F.& A.
45,000 assessment bonds of 1932. Dated Aug. 1 1932. Due $5,000 on
Aug. 1 from 1935 to 1943 incl. Interest is payable in F. & A.
Denom. $1,000. Principal and semi-annual interest on all of' the bonds
payable in lawful money of the United States at the Kearny National
will be
Bank, Kearny, or, at holder's option. at the Irving Trust Co., New York,
as to the water, water supply and water distribution issues; or, at holder's
option, at the Bankers Trust Co., New York. as to the improvement and
assessment bonds. The bonds will not be sold at less than par. Proposals
must be accompanied by a certified check for 2% of the amount of each Issue
bid for, payable to the order of the town. Separate certified checks are
required for each issue bid for. Opinion of Hawkins, Delafield & Longfellow of New York as to the legality of the bonds will be furnished the
successful bidder. These bonds are part of the total of $2,282,000 offered
on Sept. 27 1933. at which time no bids were received-V. 137, p. 2490.
Last week the town failed to receive a bid at an offering of 360.000 6%
-V. 138. p. 2966.
school bonds
-Two issues of
KENOSHA, Kenosha County, Wis.-BOND SALE.
bonds aggregating 363.000 are reported to have been purchased by A. G.
Becker St C. of Chicago. The issues are as follows: $30,000 refunding
bonds dated April 1 1934 and $33.000 refunding bonds dated May 11934.
KEWAUNEE COUNTY JOINT SCHOOL DISTRICT NO. 1 (P. 0.
-No definite date of sale has been
Algoma), Wis.-BOND DETAILS.
set as yet on the $97,000 4% seml-annual school bonds that were approved
voters on March 10-V. 138, p. 2786. Denom. $1,000. Dated
by the
March 1 1934. Due as follows: $6,000, 1934 to 1941. and $7,000, 1942 to
1948. all incl. Prin. and int. (3,1. dc S.) Payable locally.
-BOND SALE.
-The $200.000
KING COUNTY(P.O. Seattle), Wash.
issue of coupon or registered indigent relief bonds offered for sale on April
-was purchased by a syndicate composed of E. H.
30-V. 138, p. 2786
Rollins & Sons of Cnicago, the First National Bank, the Seattle Trust Co..
Ferris & Hardgrove and Wm. P. Harper & Sons Co., all of Seattle, and
Murphey. Favre & Co. of Spokane. as 64. paying a premium of $50. equal
May 5 1934
to 100.025, a basis of about 5.99%. Due in from 2 to 20 years. No other
bids were received.
The following information is furnished by the Deputy Clerk of the Board
of County Commissioners:
Tax Collection Statement as of Marche3 .
p rce 34.
lg
Tar Levy
Uncollected
Uncollected
Uncol- Uncollected
All
ofat End of
March 31,
lected
March 31, Percnt.Rol lected
Purposes.
First Year. Year of Levy. Mar. 31,
Mar.
1934.
Yr. of Levy.
1927._ $24,033,212.07 $1,808,835.50 $12,273,385.68 51.1
'34
.
8386,974.37 311.61
1928__ 26,500,400.43 1,962,575.99 14,074,675.07 53.1
345,759.30 1.30
1929._ 27,488,687.11 2,312.328.64 14,443,249.94 62.5
770,750.65 2.80
1930._ 28,447,421.36 3,896,247.96 16,775,293.76 59.0
1,785,784.36 6.28
1931._ 26,894,777.77 6,638,375.29 17.968,735.52 66.8
3,785,928.68 14.08
1932._ 23,832,818.19 6.753.418.41 20,798,252.90 87.3
5,987,335.77 25.12
1933
(cur)19,287,587.04
13,556.581.05 70.29 13,558,581.05 70.29
LA CANADA SCHOOL DISTRICT (P. 0. Los Angeles), Los Angeles
County, Calif.
-BONDS VOTED.
-At the election held on April 24-V.
138. p. V86, the voters approved the issuance of the $21,000 school repair
bonds by a wide margin.
LAGUNA BEACH, Orange County, Calif.
-BONDS DEFEATED.
At an election on April 9the voters defeated the proposed issuance of$25,000
in playground bonds by a count of 293 "for" to 351 "against."
LANCASTER, Lancaster County, Pa.
-BOND OFFERING -William
J. Coulter, City Clerk, will receive sealed bids until 4 p.m. (Eastern standard time) on May 16 for the purchase of 8295,000 3. 3
.33j or 4%
coupon or registered bonds, divided as follows:
2250,000 bonds, dated July 1 1934 and due on July 1 as follows: $3,000.
1936: 34.000, 1937: 36,000. 1938 and 1939: $9,000. 1940 and 1941:
$10,000 from 1942 to 1944 incl.: 312,000, 1945 and 1946; $15,000.
1947 and 1948: $20,000 from 1949 to 1952 incl.; $22,000 in 1953
and $25,000 in 1954.
45.000 bonds, dated June 15 1934 and due on June 15 as follows: $2,000
from 1935 to 1949 incl. and $3,000 from 1950 to 1954 incl.
Denom. $1,000. Bidder to name a single interest rate for all of the
bonds. A certified check for 2% of the value of the amount bid for, payable to the order of the City, must accompany each proposal. Bonds are
'being issued subject to the favorable opinion of Townsend,Elliott & Munson
pf Philadelphia as to their validity.
LENAWEE COUNTY (P. 0. Adrian), Mich.
-BOND CALL.
-Marian
L. Miles, Clerk of the Board of County Commissioners, reports that the
bonds and coupons now outstanding, issued by the Townships of Hudson.
Madison, Ogden or Deerfield, and due at any time between Dec. 31 1932
and the present date, will be paid upon presentation at the office of the
ty 193ad Commissioners, with interest on all past due bench; up to
7 Ro
4
April
LEXINGTON, Fayette County, Ky.-VALIDITY OF SCHOOL
BONDS UPHELD.
-The following report is taken from a Frankfort press
dispatch to the Louisville "Courier-Journal" of April 21:
The Court of Appeals to-day affirmed judgment of Fayette Circuit
Court upholding the validity of an issue of $350,000 of school improvement
bonds by the City of Lexington.
"Suit to test validity of the bonds was brought in Fayette Circuit Court
by James H. Combs against the city. In affirming the lower court's judgment, Judge Richard Priest Dietzman said the questions involved were
identical with those in another case in which the court upheld the validity
of about $1,000,000 in public works bonds issued by the City of Lexington.'
A more detailed report on this decision, as it appeared in the Lexington
"Leader" of' April 20, reads as follows:
"The Kentucky Court of Appeals, in an opinion handed down at Frankfort to-day, affirmed the jud• 'pent of Fayette circuit court upholding the
validity of an issue of $350,111 worth of city school bonds. The bonds
were voted by Lexington citizens last November for school improvement
projects under th Public Works Administration.
"Earlier, the court had held that both city and school PWA bond issues
were invalid because no provision for setting up a sinking fund for the first
five years had been included in city ordinances. The city consequently
adopted ordinances providing for a sinking fund, and the cases were again
taken to court.
"The Fayette tribunal ruled both issues valid. Later, the Appellate
Court upheld it with regard to the issue of city bonds. To-day's ruling
as to the validity of the school bonds opens the way for immediate progress
on both city and school projects."
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO.25 (P.O.
-Sealed bids will be received until
-BOND OFFERING.
Craig), Mont.
2 p. m.on May 28, by Minnie S. Maw,District Clerk,for the purchase of a
$12,000 issue of school building bonds. Amortization bonds will be the first
choice and serial bonds will be the second choice of the School Board. Prin.
and int. to be payable on amortization bonds in semi-ann. instalments
during a period of 21) years from the date of issue. Serial bonds due 8600
from June 1 1935 to 1954 incl. Bonds are dated June 1 1934. Interest rate
is not to exceed 6%,payable J.& D. Optional on any interest payment date
on or after five years from date. A certified check for $120, payable to
the Clerk, is required.
LIMA, Allen County, Ohio.-BOND OFFERING.-Clyde Welty, City
Auditor, will receive sealed bids until 12 m. on May 19 for the purchase of
lp
h09,050 6% series of 1933 refunding bonds. Dated April 1 1934. Due
Oct. 1 as follows: $26,050 in 1935 and $27.000 from 1936 to 1944 incl.
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 67
expressed in a multiple of % of 1%, will also be considered. A certified
check for not less than $2.700. payable to the order of the City Treasurer.
must accompany each proposal. City will print the bonds without cost
to the purchaser. Bids must be for Lima delivery; the expense of delivery
outside of Lima and attorney's opinion to be paid for by the successful
bidder. Bonds will be sold on the opinion of Peck, Shaffer & Williams ot
Cincinnati.
LINCOLN, Logan County, 111.
-PROPOSED BOND ELECTION.
It is planned to hold an election on the question of issuing $50,000 bondsfor
the purpose of placing the city on a cash basis.
LINN COUNTY (P. 0. Cedar Rapids), Iowa.
-BOND SALE.
County Auditor reports that the Merchants National Bank of' Cedar Rapids
purchased recently $72,000 4% semi-ann, funding bonds at par.
LIVERPOOL ROAD DISTRICT (P.O. Angleton), Brazoria County,
-BOND ELECTIO1V:-It is reported that an election is set for May
Tex.
12 to vote on the issuance of $60,000 In road bonds.
LOCKLAND CITY SCHOOL DISTRICT, Warren County, Ohba.
BOND SALE.--Tne Sinking Fund Commission recently purchased an issue
of 835,000 4% school construction bonds. The Public Works Administration in Oct. 1933 announced an allotment of$50.000 for the project
-V.137.
p. 2760. However, that agency agreed to sale of the bonds to the Sinking
Fund and will furnish a grant of $15,000 toward construction of the new
building.
-BONDS AUTHORIZED.-The Village
LODI, Medina County, Ohio.
Council recently adopted an ordinance authorizing the sale of $13,000 4%
water supply system bonds. Dated April 1 1934. Denom. $1,000. Due
$1,000 on March 1 from 1936 to 1948 incl. Principal and interest(M.& S.)
payable at the Village Treasurer's office. In January 1934 the Public
Works Administration announced an allotment of $17,000 for the project
V. 138, p.715.
LODI, San Joaquin County, Calif.
-BONDS DEFEATED.
-At an
election on April 23 the voters defeated a proposal to issue 8520,000 in bonds
for a proposed municipally-owned hydro-electric plant.
LOGAN COUNTY (P. 0. Bellefontaine), Ohio.
-BOND SALE.
The $11,000 coupon poor relief bonds offered on April 28-V.138, p.2619
were awarded as 3)(s to G. Parr Ayres & Co. of Columbus, at par plus a
premium of $6.50. equal to 100.05, a basis of about 3.20%. Dated April 1
1934 and due as follows: $2.100 Sept. 1 1934: $2,100 March 1 and $2,000
Sept. 1 1935;$2.300 March 1 and Sept. 1 1936. Other bids were as follows.
Bidderpremium.
Int. Rate.
'
Mite.hell, Herrick & Co
57.77
3g
McDonald-Callahan-Richarda Co
1.25
3
Seasongood & Mayer
12.75
4
Western Security Bank
350.00
Johnson. Kase & Co
11.25
3
Par.
Bellefontaine National Bank
Par.
Citizens Bank Co
4
Volume 138
Financial Chronicle
-FEDERAL FUND ALLOTMENT
LONGVIEW, Gregg County, Tex.
-The loan and grant of $42,000 for sewage treatment plant
RESCINDED.
-V.
construction, approved by the Public Works Administration in Dec.
137, P. 4222. has been rescinded.
-FEDERAL
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
FUND ALLOTMENTS RESCINDED.
-The loans and grants aggregating
$2,989,200, approved by the Public Works Administration during December and January, for office and sanitarium building, and harbor improvements
-V. 138. P. 532
-have been rescinded.
LOS ANGELES COUNTY SANITATION DISTRICT NO. 1 (P. 0.
-The Public
Los Angeles), Calif.
-FEDERAL FUND ALLOTMENT.
Works Administration recently announced an allotment of $134,000 for
sewer construction. The cost of labor and material totals approximately
$126,000, of which 30% is a grant. The remainder is a loan secured by
4% general obligation bonds.
-BOND OFFERING
LOS ANGELES, Los Angeles County, Calif.
NOT CONTEMPLATED.
-In connection with the report given in V. 138,
a $2.000,000 issue of water bonds would be offered for sale
D. 2967, that
on May 15, it is stated by the Deputy City Attorney that the Department
of Water and Power has taken no action leading to the sale of a block
of water bonds.
-The
-BOND SALE.
LOUISIANA, State of (P. 0. Baton Rouge).
$500,000 issue of 5% coupon or registered semi-ann. highway, series J,
-was purchased by the
bonds offered for sale on May 1-V. 138, p. 2292
Union Bond & Mortgage Co., Inc., agent, of Baton Rouge, at par. Dated
Feb. 15 1934. Due on Feb. 15 1939. No other bids were received, according to the Chairman of the Highway Commission.
-An
-TEMPORARY LOAN.
LOWELL, Middlesex County, Mass.
IMMO of $25,000 revenue anticipation notes was awarded on April 18 to
Burgess, Leith & Co. of Boston, at 4% discount basis. Due Feb. 15 1935.
-The $106,-BOND SALE.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-were
610 coupon poor relief bonds offered on May 3-V. 138, P. 2619
awarded as 33.4s to Stranahan, Harris & Co. of Toledo, at par plus a premium of $85.30, equal to 100.08, a basis of about 3.48%. Dated April 1
1934 and due as follows: $20,110, Sept. 1 1934; $20,600, March 1 and
$21,300, Sept. 11935; $22,000, March 1 and 322.600. Sept. 1 1936. Other
bids were as follows:
Premium.
Int. Rate
Bidder$224.00
Ryan, Sutherland & Co
4)1%
53.30
4 X%
Asset, Goetz & Moerlein, Inc
Lufkin),
LUFKIN INDEPENDENT SCHOOL DISTRICT (P. 0.
-The Attorney-General
Angelina County. Tex.
-BONDS APPROVED.
is said to have approved an issue of $85.160 in 5% refunding bonds. Dated
Feb. 1 1934. Due from 1935 to 1963. Payable at the office of the State
Treasurer.
-At the
-BONDS DEFEATED.
LUVERNE, Rock County, Minn.
-the voters rejected the proposal
election held on April 24-V. 138.,p. 2454
to Wile $30,000 in gas plant bons.
LUZERNE COUNTY(P.O.Wilkes Barre),Pa.-BONDOFFERING.William W.Mutter,County Controller, will receive sealed bids until 10 a. m.
(Eastern Standard Time) on May 19 for the purchase of $1.100.000 not to
exceed 4.X interest coupon funding bonds. Dated June 1 1934. Denom.
$1,000. Due June 1 as follows: $100,000 in 1941 and 1942:$200,000 from
1943 to 1946 incl. and $100,000 In 1947. Bidder to name a single interest
rate for all of the bonds. Payment of interest will be made without deduction for any tax or taxes, except succession or inheritance tax, now or
hereafter levied thereon under any present or future law of the Commonwealtn of Pennsylvania. The County assumes and agrees to pay all such
taxes. A certified check for )i% of the amount of bonds bid for, payable
to the order of the County Treasurer, must accompany each proposal.
Bonds are being issued subject to tne favorable legal opinion of Townsend,
Elliott & Munson of Philadelphia. This offering was previously reported
in V. 138, p. 2967.1
McCOMB,Pike County Miss.-BOND ISSUANCE CONTEMPLATED
-It is reported that this city will issue $151.500 in refunding bonds.
-FEDERAL FUND
McDOWELL COUNTY(P. 0. Marion), N. C.
ALLOTMENTS RESCINDED.
-The loans and grants aggregating $190,698,
for school construction purposes, approved by the Public Works Administration in Dec.
-V. 138, P. 180-have been rescinded.
.-BONDS DEFEATED
McMINNVILLE, Yamhill County, Ore.
It is stated by the City Recorder that at the last city election the voters
failed to approve the issuance of $56,000 in sewer system bonds. The
Civil Works Administration is reported to have taken over the project.
-FEDERAL FUND ALLOTMcPHERSON,McPherson County, Kan.
MENT RESCINDED.
-The loan and want of $100,000 for city hall
-V.
construction,approved by the Public Works Administration in January
138, p. 532
-has been rescinded.
-Sealed bids will be
MACON, Bibb County, Ga.-BOND OFFERING.
received until 5 p. m.(Eastern Standard Time) on May 8, by Viola Ross
Napier, Clerk of the Council, for the purchase of three issues of
%
coupon or registered bonds aggregating $104,000, divided as follows:
$21,000 surface and storm sewer bonds. Due on Jan. 1 as follows: $2,000,
1939 to 1944, and $1,000, 1945 to 1953, all incl.
49.000 sanitary sewer bonds. Due on Jan. 1 as follows: $3,000, 1939 to
1949, and 54,000, 1950 to 1953, all incl.
34,000 city hall and fire department headquarters bonds. Due on Jan. 1
as follows: $2,000, 1939 to 1944; $3,000, 1945 to 1949: $2,000,1950
to 1952, and $1,000 in 1953.
Denom.$1,000. Dated March 1 1934. Prin. and in (J. & J.) payable in
lawful money at the City Treasurer's office. No bid under par and accrued
interest will be considered. The approving opinion of Masslich & Mitchell
of New York, will be furnished. The bonds have been validated by the
Superior Court of Bibb County. A certified check for 2% of the par value
of the bonds, payable to the city Treasurer, must accompany the bid.
Delivery on or about May 15.
MADISON, Dane County, Wis.-MATURITY.-The $134,500 of 4%
sewer and bridge bonds that were purchased at par by the First Wisconsin
Co. of Milwaukee
-V. 138, P. 2786
-are due from Sept. 1 1934 to 1954,
according to the City Clerk.
MAHONING COUNTY (P. 0. Youngstown), Ohio.
-$500.000
BONDS OFFERED FOR INVESTMENT.
-The BancOhlo Securities Co.
of Columbus made public offering on April 27 of $500,000 6% refunding
bonds priced to yield 5.25%. Dated Sept. 15 1933. Denom. $1,000.
Due Sept. 15 as follows: $55,000 from 1935 to 1938 incl. and $56,000 from
1939 to 1943 incl. This is the issue for which no bids were obtained on
Aug. 24 1933-V. 137, P. 1615. The bonds are payable as to principal
and interest (M. & S. 15) at the County Treasurer's office and are to be
approved by Squire, Sanders & Dempsey of Cleveland. The bankers
state that the county has promptly paid all bond principal and interest
at maturity with the exception of Oct. 1 1933 bond maturities, which will
be taken up by the proceeds of the current financing.
Financial &element.
(As furnished by County Auditor, April 24 1934).
Real estate & public utility property (tax year 1933)
$337,164,020.00
Estimated tangible personal property (year 1934)
38,607,380.00
Total assessed valuation
$375,771,400.00
Total bonded debt(upon completion ofrefunding opeorat'n) _
6.532.530.95
Less-Utility tax secured poor relief bonds _$276440.00
450,000.00
Selective sales tax bonds
200,000.00
Sinking fund
5,606,090.95
Net bonded debt
Population, 1930 census, 236,142.
The above statement as to bonded debt does not include overlapping
debt of other political subdivisions for which the property represented by
the assessed valuation if subject to a tax.
MAINE (State of).-?WA REJECTS $43,000,000 POWER PROJECT.
-The Public Works Administration on May 1 announced rejection of the
application for a loan of $43,000,000 to finance the proposed Bay of Fundy
power project(V. 138. p. 2454). according to a Washington dispatch appearing in the "Journal of Commerce" of May 2 which further stated as follows:
"The PWA Board of Review closed consideration of the project in a report
to Administrator Harold L. Ickes in which it was said 'the Board is of the
3137
opinion that from an economical standpoint the time has not arrived for the
development of this project.' The project was known as the 'Quoddy
Tide Trap' and called for developing a tidal power plant and aluminum and
stainless steel plant at Passamaquoddy. It has long been promoted as a
pioneer project to develop hydro-electric power by harnessing ocean tides.
Previously it had been disapproved by the Federal Power Commission.'"
MALTA-McCONNELLSVILLE EXEMPTED VILLAGE SCHOOL
DISTRICT,Morgan County,Ohio.-BONDELECTION.--At an election
to be held on May 22 the voters will consider the question of issuing $60,000
school building construction bonds.
MARINETTE, Marinette County, Wis.-CORRECTION.-It is stated
by the District Clerk that the voters did not authorize the issuance of
$250,000 in school building bonds at the election on April 3, as reported
in V. 138, P. 2619. they merely approved the selection of a site.
-PAYS $5.000 ON
MARTINS'FERRY, Belmont County, Ohio.
-The town on April 24 paid the balance of $5,000
DEFAULTED BONDS.
bridge issue, according to report. The
bonds due on the original Stop 10
bonds had been allowed to default in March 1933.
-J. McCusker.
-PROPOSED BOND SALE.
MARYLAND (State of).
Chief State Deputy Comptroller, has announced that the State proposes
to offer for sale in August $2.000,000 of not to exceed 434% Interest emer407 genteral rtruci
i
A
e
ryTlett rands and
ue
.
ef
ion
fencTLegs agtgliemp
in
coure
ted Aug. 15
years. The relief boqds represent the final block of an original authorization of $12,000,000, the first portion of which was sold in August 1933. The
general bondt represent the fourth installment of an original issue of $2,523.000. of which $881,000 were sold in August 1933, $492,000 in February '
1934 and $420,000 in April 1934. This latter amount was turned over to
the State Teachers' Retirement System, which will also take over, in April
1935, the final portion of the total issue, amounting to $380.000.
-OBTAINS ADDITIONAL RELIEF GRANT.
MARYLAND (State of).
-The Federal Emergency Relief Administration on April 26 made a further grant of $1,800,000 to the State for poor relief purposes. On April 2
a sum of $1,500,000 was made available.
-$4,000,000 NOTES SOLD -The Bank
MASSACHUSETTS(State of).
of the Manhattan Co. of New York was the successful bidder for the $4,000,000 notes offered on May 3. Award was made as follows:
$2,000,000 refunding notes, dated May 11 1934 and due on May 1 1935.
were sold at par plus a premium of $11, at interest of 0.47%.
2,000,000 Metropolitan District notes, dated May 9 1934 and due on
Nov.23 1934,sold at par plus a premium of $7,based on interest
rate of 0.28%.
The following is a list of the bids submitted at the sale: Salomon Bros.
& Hutzler bid 0.32% plus $17 premium for the shorter maturities,and 0.50%
plus $47 for the longer. Whiting, Weeks & Knowles and Lee. Higginson
Corp. bid 0.32% Plus $11, and 0.65%. R. L. Day & Co. and associates
bid 0.33% for the shorter maturities only. Bankers Trust Co. group bid
0
0.34.7 plus $13 and 0.54% plus $26. Guaranty Co. bid 0.3507 plus $11
and 0.55% plus $40. First of Boston Corp. bid 0.35% and 0.595%. Shawmut Corp. offered 0.40% and 0.6007. Brown Bros. Harriman & Co. bid
0.4407 and 0.5907. Halsey, Stuart & Co., Inc., and associates bid 0.4807
plus $10 and o.59% plus $25. Central Hanover Bank & Trust Co. bid
0.49% and 0.69%.
1171
elec
-At the- MAZOMANIE, Dane County, Wis.-BONDS VOTED.
on May 1-V.138. p.2967-the voters approved the issuance of the $25,000
bonds by a two to one majority. Dated May 1
in 4% municipal building
1934. Due in 1954. It is said that a sale date nas not been designated.
-BONDS AUTHORIZED.
METUCHEN, Middlesex County, N. J.
The Borough Council passed an ordinance on April 16 authorizing the
issuance of $91,000 general improvement bonds.!
-Sealed
-BOND OFFERING.
MIDDLETOWN, Orange County, N. Y.
bids will be received by Mayor Harry Terhune and City Clerk P. E.
Benedict until 2 p.m.(Daylight Saving Time) on May 11 for the purchase
of $35.000 not to exceed 6% interest bonds, divided as follows:
$25,000 emergency relief bonds. Due May 1 as follows: $3,000 from 1935
to 1942 incl. and $1,000 in 1943.
10,000 public works bonds. Due $1,000 on May 1 from 1935 to 1944 incl.
Each issue is dated May 1 1934. Denom. $1,000. Bidder to name a
single interest rate for all of the bonds, expressed in a multiple of X of
1-10th of 1%. Principal and interest (M. & N.) payable in lawful money
of the United States at the Orange County Trust Co., Middletown. A
certified check for $700, payable to the order of the City, must accompany
each proposal. Legal opinion of Clay, Dillon & Vandewater of New York
will be furnished the successful bidder. Previous mention of these bonds
was made in V. 138. P. 2967.
-At the elec-BONDS VOTED.
MIDLOTHIAN, Ellis County, Tex.
-the voters approved the issuance of the
tion on April 3-V. 138. p. 2292
in water revenue bonds by a count of 61 to 6. It is said that a
$20,000
Federal allotment will be sought.
-It is stated by
MILLER, Lawrence County, Mo.-BONDS VOTED.
the City Clerk that the voters have approved the issuance of $35,000 in
water bonds. They are to be purchased by the Federal Government.
according to report.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND SALE.
The $120.000 issue of 4% semi-ann. Metropolitan Sewerage Area bonds
-was awarded jointly to the
offered for sale on April 30-V. 138. p. 2786
Milwaukee Co. of Milwaukee, and the Wells-Dickey Co. of Minneapolis.
paying a premium of $1,277, equal to 101.06, a basis of about 3.91%•
Dated Oct. 1 1933. Due $12,000 from Oct. 1 1944 to 1953 incl.
The following is an official tabulation of the bids received:
Price Bid.
Name of Bidder$119,560.00
Bluth & o., Inc., Chicago
120,119.00
York
The City Co., New
120,504.00
Brown Brothers Harriman & Co., Chicago
120,510.00
First Wisconsin Co., Milwaukee
120,744.00
Halsey, Stuart & Co.. Chicago
120,943.20
F. S. Mosley & Co.,Chicago
Wells Dickey Co., Minneap- 121.277.000
The Milwaukee Co., Milwaukee:
OFFERING.
-BOND
MINNEAPOLIS, Hennepin County, Minn.
Sealed bids will be received until 9:30 p. m. on May 11, by Chas. C. Swanson, City Clerk, for the purchase of the following coupon bonds aggregating
$1,100,000:
$500.000 sewage disposal system bonds. Due on June 1 as follows: $17,000.
1937 to 1940, and $18,000. 1941 to 1964, all incl.
600,000 sewage disposal system bonds. Due on June 1 as follows: $21.000.
1937 to 1952, and $22,000, 1953 to 1964, all incl.
Denom.$1,000 each, as nearly as practicable. Dated June 1 1934. These
bonds are to be issued under and pursuant to Chapter 341, 1933 Minn.
Session Laws, for use in construction work in connection with the Sewage
Disposal System to be constructed and established in the Minneapolis-St.
Paul Sanitary District. The bonds are not to be sold for less than their face •
value and accrued interest. A certified check for 2% of the face value of the
bonds bid for, payable to C. A. Bloomquist, City Treasurer, is required.
(An allotment of $11,525.000 for this project was approved recently by the
Public Works Administration-V. 138, P. 2967.)
-The two
-BOND SALE.
MISSISSIPPI, State of (P. 0. Jackson).
issues of bonds aggregating $850,000, that were offered for sale on May 3V. 138, p. 2786-were purchased by a syndicate headed by the Deposit
Guaranty Bank & Trust Co., of Jackson, as follows:
$600,000 hospital removal 'bonds as 434s. Dated Oct. 1 1932. Due on
Oct. 1 as follows: $74,000, 1942: $312,000, 1943. and $214,000 in
1944. Authorized by Chapters 115 and 116. Laws of 1926. as
amended by Chapter 241. Laws of 1930 and Chapter 109, Laws
of 1932. Interest payable at the Guaranty Trust Co. in New
York.
250,000 hospital removal bonds as 4Vs. Dated May 1 1934. Due 1125.000 on May 1 1944 and 1945. Authorized by H. B. No. 1038.
Laws of 1934.
Denom., $1,000. Final approving opinion of Thomson, Wood & Hoffman of New York, will be furnished. Expense of issue will be paid by State.
-SUIT FILED AGAINST
MITCHELL, Scotts Bluff County, Nab.
BONDS.
-A suit is said to have been filed in the District Court recently
by the Western Public Service Co. of Scottsbluff, alleging fraudulent intent
on the part of city officials in issuing $39.886 in bonds to be used to pay
for the company's holdings in Mitchell, which the city voted to acquire in
condemnation proceedings. An injunction is requested by the company
to prevent the issuance or sale of these bonds.
3138
Financial Chronicle
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND SALE.
The $100,000 poor relief bonds offered on May I-V. 138, P. 2787
-were
awarded as 4s to Johnson, Kase & Co. of Cleveland at par Pius a premium
of $210 equal to 100.21, a basis of about 3.85'7. Dated Feb. 1 1934 and
0
due as Eollows: $18,800 Sept. 1 1934: $19,400 March 1 and $20,000 Sept. 1
1935; $20,600 March 1 and $21,600 Sept. 1 1936.
Other bids were as follows:
BidderInt. Rat . Premium.
Provident Savings Bank & Trust Co
$153.00
Seasongood & Mayer, Cincinnati
110.75
MOUNT VERNON, Westchester County, N. Y.
-MAY VOTE ON
CITY MANAGER PLAN.
-Thomas F. McKennell. former City Judge
and temporary chairman of the Committee of 100, announced on May 1
that 2,000 signatures had been obtained to a petition requesting that a
vote be held on the question of adopting the city manager form of government. Mr. McKennell stated that a special election on the subject probably
will be held In June or September 1934. On the same day. May 1, City
Comptroller Lynn reported that tax collections during April amounted to
$248,770 of which $56,743 was on account of the 1934 levy. 690,726 on 1933
arrears and the remainder against arrears of other years back to 1929. Mr.
Lynn pointed out that despite the rush of payments in April, taxes delinquent in the years from 1929 to March 31 1934 still aggregated $5,348,112.
Tax collections of $248,770 in the past month of April represented an increase of $139,752 over receipts in the same month last year, he added.
MUSKEGON SCHOOL DISTRICT, Muskegon. County, Mich.
BOND OFFERING.
-11. H. Linn, Business Manager of the Board of Edu•cation, will receive sealed bids until 10 a.m. (Eastern Standard Time) on
May 8 for the purchase of $50,000 public school refunding bonds. Dated
May 15 1934. Due May 15 1956. Bidder to name the tate of interest.
Alternate bids are asked on the bonds, based on the option of redeeming
them on any interest payment date or with no callable feature.
NANUET SIDEWALK DISTRICT (P. 0. Upper Nyack), N. Y.
CREATED BY LEGISLATURE.
-The bill passed at the recent session of
the State Legislature, providing for the creation of the above District and
legalizing the acts and proceedings of the Clarkstown Town Board with
respect to the issuance of bonds, has been signed by Governor Lehman.
NAPOLEON EXEMPTED VILLAGE SCHOOL DISTRICT, Henry
County, Ohio.
-NOTE SALE.
-An issue of $8,000 tax anticipation notes
purchased by the State Teachers' Retirement Board was approved on
April 17 by Attorney-General John W. Bricker.
NASSAU COUNTY (P.0.Mineola), N.Y.
-CREATION OF SPECIAL
FUND AUTHORIZED.
-At the recent session of the State Legislature a bill
(No. 769) was passed authorizing the County to establish a special fund,
to be known as the "cash basis fund," for the purpose of providing for
current expenditures pending the collection of taxes.
NEW JERSEY (State of).
-45,000.000 BONDS SOLD.
-The issue of
$5,000,000 series A, Act of 1933, coupon or registered emergency relief
bonds offered on May 2-V. 138, p. 2787
-was awarded as 3tie to a syndicate composed of the Guaranty Co. of New York, Bankers Trust Co.,
Salomon Bros. & Hutzler, J. S. Rippe! & Co., Edward B. Smith Sr Co.,
Kean,'Kayler & Co.: Phelps, Fenn & Co.; Graham, Parsons & Co.; Kelley,
Richardson & Co.; Hannahs, Bailin de Lee; L. F. Rothschild & Co., Boatmen's National Bank of St. Louis, Philadelphia National Co., George B.
Gibbons & Co., Inc., First National Bank & Trust Co. of Minneapolis
and the Trenton Banking Co. This group paid a price of par plus a
premium of $23,450, equal to 100.469, or a basis of about 3.14%. The
bonds are dated May 1 1934 and due $625,000 annually on May 1 from
11)35 to 1942 incl. Public re-offering is Ileing made by the bankers at
prices to yield 1% for the 1935 maturity; 1936, 1.75%; 1937, 2.25%; 1938,
2.75%; 1939. 3.10%; 1940, 3.25%; 1941, 3.30%, and 3.35% in 1942.
They are described as being legal investment for savings banks and trust
funds in the States of New York, New Jersey, Massachusetts add Connecticut, and, in the opinion of counsel to the bankers, are valid, general obligations of the State, the full faith and credit of which has been pledged
for the payment of both principal and interest. The following is a list of
the unsuccessful bids for the issue:
"Lehman Brothers and associates were second highest bidders with a
figure of 100.419 for 334s. Other members of this group were Halsey,
Stuart & Co. Inc.; Ladenburg, Thalmann & Co.; Stone & Webster and
•
Blodget,
Bancamerica-Blair Corp.; Hallgarten & Co.; F. S. Moseley
& Co.: J. & W.Seligman & Co.; the Manufacturers & Traders Trust Co. of
Buffalo: Wertheim & Co.; G. M.
-P. Murphy & Co.: the Mercantile Commerce Co.; Hemphill, Noyes & Co.; Rutter & Co.; Piper, Jaffray & Hopwood, and Stern Bros. & Co.
"This was followed by a bid of 100.33 for 3W,s, submitted by a syndicate
made up of the First National Bank of New York,the First of Boston Corp.,
the Northern Trust Co. of Chicago, Blyth & Co., Inc., Estabrook & Co.,
Dick & Merle-Smith, Inc., Roosevelt & Weigold, Bacon, Stevenson & Co.,
and the First of Michigan Corp.
"The Chase National Bank headed a syndicate that offered 100.109 for
3M % bonds. Other members of this account were the City Co. of New
York, Inc.; the Chemical Bank & Trust Co.; Brown Brothers Harriman &
Co.; Kidder, Peabody & Co.; R. W. Pressprich & Co.; Eldredge & Co.;
Wallace & Co.: the Wells-Dickey Co.; Schaumberg, Rebhann & Osborne,
Van Deventer, Spear & Co.; the First National Co. of Trenton."
NEW KENSINGTON, Westmoreland County, Pa.
-NO BIDS FOR
BONDS
-OPTION GRANTED.
-We are advised that no bids were obtained at the offering on May 1 of $150,000
-V. 138,
% coupon bonds
p. 2787
-and that a 30
-day option on the issue, as 5s, has been granted
to Singer, Deane & Scribner, Inc. of Pittsburg. Dated May 1 1934 and
due $30,000 on May 1 from 1940 to 1944, incl.
NEW LONDON, New London County, Conn.
-BORROWS $100,000
AT NEW LOW RATE.
-The city recently sold an issue of 73100,000 tax
anticipation notes at a discount of 1%,the lowest rate in its history. They
mature on Oct. 8 1934. The Director of Finance did not disclose the name
of the purchaser.
PURCHASER.
-It was later announced that the issue had been sold
to Lincoln R. Young & Co. of Hartford.
NEW YORK, N. Y.-$245,000 CORPORATE STOCK SALE.
-The
issue of $245,000 4% corporate stock offered on April 30-V. 138, p. 2968
was purchased at a price of par by the Cemetery of the Evergreens. Pro..
coeds of the sale, which had been pre-arranged, will be used to acquire
property in connection with the Interborough Parkway project. Issue is
dated April 30 1934 and due on April 30 1984.
FINANCING DURING APRIL.
-In addition to the foregoing transaction and the sale earlier in the month of $7,650,000 4% special revenue
bonds to the City Co. of New York, Inc. and associates
-V. 138, p. 2620
the City during April also effected the sale of the following securities:
$30,000,000 4% revenue bills of 1934. Due June 29 1934.
3,250,000 special revenue bonds of 1934, including $1,500,000 4s and
$750,000 30, both due April 15 1935, and $1,000,000 4s,
due July 10 1935.
1,500,000 334% tax notes, due April 151935.
512,300 4% revenue notes exchanged for a corresponding amount of
outstanding revenue bills.
200,0004 SI% assessment bonds for street park openings, due April
17 1937.
TAX OF 10% ON INTEREST PAYMENTS IN FOREIGN CURREN-Comptroller W. Arthur Cunningham on April 30 issued a stateCIES.
ment calling attention to a bill, approved by the State Legislature and
pending before Governor Lehman, imposing a, 10% tax upon interest
payments on State and City securities demanded in foreign countries.
The complete text of Mr. Cunningham's statement is given in an item on a
preceding page of this section.
-City Comptroller W. Arthur Cunningham in
TAX COLLECTIONS.
reporting on May 1 the volume of tax collections stated as follows:
"The total collections to May 1 1934 as compared with the total collections to June 1 1933 follows:
May 1 1934.
June 1 1933.
Borough$103,665,501.83
Manhattan
$90,059,536.67
15,537.835.19
Bronx
13,095,615.07
35,564,695.38
Brooklyn
31,135,365.74
21,494,775.15
18,093,816.51
Queens
2.533,778.42
2,309,674.46
Richmond
$178,796,585.97 $154,694,008.45
Totals
"The total amount received as payments on the last day of April, that
Is, the amount actually deposited in bank yesterday, and the amount
may 5
1934
mailed yesterday but not received until to-day was $78,881,903.42, as
compared with the last day's collections of May last year, that is, the
amount received and deposited on May 31 and the amount deposited on
June 1 reflecting remittances mailed May 31, which amounted to $58,982083.03.
"Included in the total receipts this year were $28,402,975.67 payments
on account of the second half 1934 tax as compared with $19,220,993.02
received to June 1 last year on account of the second half of the 1933 taxes.
"The total levy for 1934 is $472,544,112.15 as compared with that of
1933 which was $456,970,460.01. The first half of the 1934 levy as compared with the first half of the 1933 levy by boroughs is shown in the
following tabulations:
1934 Levy
1933 Levy
Borough1st Half.
1st Half.
Manhattan
$118,514,023.34 $119,938,293.59
Bronx
25,174,670.47
26,104,762.06
Brooklyn
53,983,799.55
56,436,697.36
Queens
29,045,119.33
30,966,145.14
Richmond
4,060.391.24
4,252,775.04
Totals
$236,274,402.94 $232,202,274.18
NEW ROCHELLE, Westchester County, N. Y.
-TAX COLLECTIONS.
-John P. Nestler, City Treasurer, announced on May 3 that tax
collections amounted to $2,396,170, representing 37.49% of the total 1934
levy. Mr. Nextler pointed out that the present year's budget was planned
on a basis of payment of only 35% of the year's taxes by May 15, when the
penalty period begins.
-PROPOSED
NIPPENOSE TOWNSHIP SCHOOL DISTRICT, Pa.
-The School Board has requested the County Commissioners
ELECTION.
to have the question of issuing $12,000 school bonds included on the ballot
at the primary election.
-BOND SALE.
-The issue
NORRISTOWN, Montgomery County,Pa.
of $50,000 grade crossing elimination bonds offered on May 1-V.138,
p. 2621
-was awarded as 3s to C. C. Collings & Co. of Philadelphia, at par
plus a premium of $321.50, equal to 100.643. Dated May 15 1934 and due
$5,000 on May 15 from 1935 to 1944 incl. An official list of the bids submitted for the issue follows:
Int. Rate.
Rate Bid.
Bidder.
3%
100.643
C. C. Collings & Co., Philadelphia
The Pennsylvania Company for Insurances on Lives
3%
100.5
and Granting Annuities, Philadelphia
3%
100.125
Montgomery Trust Co., Norristown
100.0211
E. W. Clarke & Co., Philadelphia
100.4261
/Moron & Co., Philadelphia
100.416
E. B. Smith & Co., Philadelphia
100.2996.
W. H. Newbold's Son & Co., Philadelphia
100.137
3
E. H. Rollins & Son, Inc., Philadelphia
100.066
Norristown-Penn Trust Co., Norristown
100.031
Edward Lober Stokes, Philadelphia
3
100.69
Battles & Co., Philadelphia
3Si o
100.65
Halsey Stuart & Co., Philadelphia
100.4106.
%
E. H. Rollins & Son, Inc., Philadelphia
334%
100.277
Yarnall & Co., Philadelphia
100.057
334%
Dougherty Corkran & Co. Philadelphia
100.6416.
334%
Montgomery National Bank, Norristown
-BONDS APPROVED.
NORTH CAROLINA,State of(P.O. Raleigh).
-The Local Government Commission is said to have approved the issuance
and sale of the following bonds: $159,000 Statesville refunding: $134,000
Rutherford County refunding; $26,000 Fremont refunding bonds.
-BOND AWARD DEFERRED.
-We
OGDEN, Weber County, Utah.
are informed that the Commercial Security Bank of Ogden, offered a price
of par recently for the purchase of $12,000 534% Playground bonds, but
no award was made by the City Council. Dated May 1 1934.
OLD LYME, New London County, Conn.-PWA ALLOTMENT
-The Public Works Administration allotment of $100,000.
RESCINDED.
for school construction, reported in V. 138, p. 1957, has been rescinded.
-BOND ISSUE AUTHORIZED.
OTTAWA,Putnam County, Ohio.
The Village Council passed an ordinance on April 17 authorizing the issuance of $19,000 5% municipal building construction bonds. Dated April 17
1936. Denorns. $500 and $300. Due $1,900 annually on Nov. 1 from 1936
to 1945 incl. Interest is payable in M. & N. The village will issue notes,
dated April 17 1934 and due on or before April 17 1936, in anticipation of"
the bond financing.
-COURT EMPOWERS CITY
PARAGOULD, Greene County, Ark.
-The following report on a favorable decision
TO BUILD POWER PLANT.
by the U. S. Circuit Court of Appeals is taken from the St. Louis "GlobeDemocrat" of April 19:
"Reversing an opinion which enjoined the City of Paragould, Ark., from
building its own electric light and power plant, the United States Circuit
Court of Appeals yesterday made the following comment:
"
'When private rights of an indefensible nature are sought to be derived from regulatory provisions, the case is peculiarly one for application
of the universal rule that grants of special privileges and franchises are to
be strictly construed in favor of the public right and nothing Is to be taken
as granted concerning which any reasonable doubt may be raised.'
"The decision, written by United States Circuit Judge John II. Sanborn
of St. Paul, Minn., reversed the holding of District Judge John E. Martineau, sitting at Jonesboro, Ark., that the City of Paragould be stopped
from building its own plant to compete with the plant of the Arkansas
Utilities Company which is now supplying the town. Kimbrough Stoneof Kansas City, Mo., presiding Judge of the Appellate Court, and District
Judge A. L. Wyman of Sioux Falls, S. D., concurred in the finding."
PARK COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Powell) Wyo.-The $70,000 issue of school bonds offered for sale on
BOND SALE.
-was purchased by the Public Works AdminisApril 27-V. 138, P. 2788
tration, as 45, at par. Dated Jan. 1 1934. Due $3.500 from Jan. 1 1940 to
1959 incl. No other bids were received.
PENSACOLA, Escambia County, Fla.
-BOND ISSUANCE CON-The City Manager has asked the Council to consider the
TEMPLATED.
issuance of bonds for the purpose of redeeming $134,000 of8% time warrants
sold some time ago, according to report.
PENNSYLVANIA (State of).
-OFFERING OF $20,000,000 BONDS.
Charles A. Waters, State Treasurer, will receive sealed bids until 12 M.
on May 8 for the purchase of $20,000,000 not to exceed 434% interest
series J war veterans' compensation bonds, as previously noted in-V. 138.
p. 2969. The issue will be dated May 1 1934. Certificates in registered form
will be issued in such amounts as the purchasers may require, in the sums
of $100,000, $50,000, $25,000, $10,000, $5,000 and $1,000; and in coupon
form in the sum of $1,000. Said certificates will be interchangeable as
to form. Coupon bonds may be registered as to principal only. Bidder
to name a single interest rate for all of the bonds, expressed in a multiple
of 34 of 1%. Principal and interest (M. & N.) payable in lawful money of
the United States at the Philadelphia National Bank, Philadelphia, Loan
and Transfer agent of the State. A certified check for 2% of the bonds
bid for, payable to the order of the State. must accompany each proposal.
The following additional information pertaining to the offering is taken
from the official notice of sale: "This loan is authorized by Section 16
added by amendment to Article IX of the Constitution of the Commonwealth of Pennsylvania, approved 'by vote of the people at the election
held Nov. 7 1933 and by an Act of the General Assembly, approved Jan. 5
1934. As of March 11934. the Commonwealth issued $30,000,000 in bonds
(series I) authorized by the Constitution and the said Act of Assembly.
Settlement for the bonds awarded must be made in full, with the Philadelphia National Bank, Loan and Transfer agent for the Commonwealth
Pennsylvania, on or before Tuesday May 15 1934.
"With the exception of $140,260,000 of bonds issued under the Act
of April 18 1919, the Act of March 6 1925, the Act of May 1 1933. and the
Act of Jan. 5 1934, for the payment of which $17,209,143.18 has been
deposited in the sinking fund, the Commonwealth is free of all bonded
Indebtedness not now fully provided for by moneys in the Sinking Fund.
The bonds now offered are a legal investment for trust funds In Pennsylvania."
PETERSTOWN, Monroe County, W. Va.-DETAILS ON FEDERAL
FUND ALLOTMENT-The Town Recorder confirms the report given
in V. 138. P. 2621, that the Public Works Administration approved a loan
and grant of $14,000 for sewer construction and he further reports that the
loan portion of the allotment will be $11,000,secured by bonds in denominations of $100, maturing as follows: $400, 1939 to 1958. and 850 1959 to
1964, all inclusive.
Volume 138
Financial Chronicle
PHILADELPHIA, Pa.
-PROPOSED SALE OF $5.000,000 BONDS.
In an address delivered at a meeting of the Philadelphia Association of
Security Salesmen at the University Club on April 27, City Treasurer,
Win. Hadley, indicated that the city will shortly sell from $4,000,000
to $5,000,000 bonds to take care of payments ordered by the courts. Mr.
Hadley stated that a reduction in the tax rate had resulted in a substantial
increase in tax payments and announced that the current financial situation
of the city is decidedly better than it was a year ago. He further declared
that the city will be in position to pay off the $16,000,000 3 % bonds
which mature on July 1 1934 and to satisfy $12.000,000 in bond interest
charges. In addition, $1,500,000 will be paid into the sinking fund. The
outstanding net debt of the municipality is $470,000,000.
PINE GROVE TOWNSHIP (P. 0. Akeley), Warren County Pa.BOND OFFERING.
-Sealed bids will be received by L. J. Hale, Secretary
of the Board of Supervisors, until 5 p. m. on May 16 for the purchase of
38,000 4 % District No. 1 water works system completion bonds. Dated
April 30 1934. Due April 30 as follows: $500, 1936 and 1938: $500
1940 and 1941: $500 from 1943 to 1945 incl.; $500 from 1947 to 1953 incl.
and $1,000 in 1954. Callable at district's option on any interest payment
date after five years from date of issue. A certified check for $150 must
accompany each proposal.
POPLAR, Roosevelt County, Mont.
-BONDS CALLED.
-IV Is reported that Nos. 1 to 20 of the 6% water bonds bearing date of Nov. 1 1917
were called for payment on May 1 at the office of the Town Treasurer.
PORTLAND, Multnomah County, Ore.
-BOND SALE POSTPONED.
-The City Auditor reports that the sale of the $100,000 6% semi-ann.
public works bonds scheduled for May 9-V. 138, p. 2969
-has been
postponed temporarily. Dated May 1 1934. Due from May 1 1940 to 1954.
PORTLAND, Traill County, N. Dak.-BONDS VOTED.
-At an
election on April 20 the voters approved the issuance of $4,500 in not
to exceed 6% sewer and drainage bonds by a wide margin. Due from
1937 to 1945.
PREBLE COUNTY (P. 0. Eaton), Ohio.
-The Preble
-BOND SALE.
County National Bank and the Eaton National Bank, both of Eaton,
jointly, have purchased an issue of 329,000 6% poor relief bonds at par
plus a premium of $300, equal to 101.03, a basis of about 5.48%. Due
March 1 as follows: $6,200. 1934: $5.300, 1935; $5,600, 1936; $5,800 in
1937 and $6,100 in 1938. Interest is payable in M.& S.
RENSSELAER, Rensselaer County, N. Y.
-Kath-BOND SALE.
erine B. Sanderson, Town Treasurer, reports that an issue of 37 000 53 %
registered emergency relief bonds was sold on April 13, at a price of par.
to John L. Bame of Nassau. Dated April 19 1934. Denom. $1,000. Due
31.000 annually from 1935 to 1941 incl. Interest is payable in J. & J.
RICHLAND SCHOOL DISTRICT(P.O. Bakersfield), Kern County,
Calif.
-BONDS VOTED.
-At an election on April 17 the voters approved
the issuance of $80,000 in school building bonds by a wide margin. It is
said that a Public Works Administration grant of $18,500 will be made
on this project.
RIO GRANDE COUNTY (P. 0. Del Norte) Colo.
-WARRANTS
CALLED.
-The County Treasurer is said to be calling for payment at his
office various county and school warrants. Interest on county warrants
shall cease May 10. and it ceased May 1 on the school warrants.
ROCKWALL, Rockwall County, Tex.
-BONDS VOTED.
-At the
election held on April 29-V. 138, P. 2788
-the voters are said to have
approved the issuance of the $35,000 in water works construction bonds.
RGSEVILLE, Placer County, Calif.
-BONDS PARTIALLY SOLD.
In connection with the $250,000 6% semi-annual water system bonds that
were offered for sale without success on April 5-V. 138. p. 2789, the City
Clerk reports that the Common Council passed a resolution authorizing
the sale of $50,000 of these bonds to Guy C. Myers. of New York City, as
5%s at par, with a 30
-day option to purchase at par the remainder of the
Issue at 5% interest. If exercised the bonds will have been sold as follows:
550,000 at 5%% and $200,000 at 5%. Dated May 1 1934. Due from
May 1 1935 to 1959 inclusive.
RUSHVILLE, Schuyler County, Ill.
-FEDERAL FUND ALLOTMENT.-The Public Works Administration has allotted $72,000 for the
construction of a gas plant. This includes provision for a grant equal to
30% of the approximately $65,500 to be used in the payment of labor
and material. The balance is a loan, secured by 4% revenue bonds.
ST. ALBANS, Franklin County, Vt.-PRICE PAID.
-A price of
pax was paid by the Peoples Trust Co. and the Franklin County Trust Co.,
both of St. Albans, for the issue of $35,000 4% refunding bonds purchased
on March 21.-V. 138, p. 2970.
ST. JOSEPH, Tensas Parish, La.
-FEDERAL FUND ALLOTMENT
RESCINDED.
-The loan and grant or $5,200 for street improvement,
approved by the Public Works Administration in November
-V. 137. 13•
4224
-has been rescinded.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND OFFERING.
-Sealed bids addressed to Fred P. Crowe, County Auditor will be
received until 10 am. on May 28 for the purchase of $30,000 5% voting
machine bonds. Dated May 15 1934. Denom. $1,000. Due $3,000 May
/5 and Nov. 15 from 1935 to 1939 incl.
ST. LOUIS COUNTY (P. 0. Clayton), Mo.-BOND ELECTION.
The following report on a bond election set for May 15 is taken from the
St, Louis "Globe-Democrat" of April 26:
The St. Louis County Court yesterday set May 15 as the date of the
election for approval of the $1,500,000 bond issue for a new court house
and $250,000 for an addition to the County Hospital. The Public Works
Administration has approved grants of $318,000 for the court house and
$70,200 for the hospital, dependent upon the passage of the bond issue.
"At the same time, a State bond issue of 310,000,000 will be voted on,
and in St. Louis an election will be held on the issuance of $16,100.000
in municipal bonds and $2,000,000 in school bonds."
ST. LOUIS COUNTY SCHOOL DISTRICT (P. 0.
FEDERAL FUND LOAN AND GRANT REJECTED. Clayton), Mo.-The allotment of
$150,000 to the Bayless Consolidated School District for the construction
of an elementary and a high school building, announced by the Public Works
Administration in January-V. 138, p. 718
-was rejected by the District
Board of Education on April 25 because of certain provisions in the Government's contract.
SALEM, Marion County, Ore.
-BOND OFFERING.
-Sealed bids will
be received until 8p. m. on May 7, by Mark Poulson, City Recorder, for
the purchase of a $25,000 issue of 4%% sanitary sewer bonds. Denom.
$1,000. Dated May 1 1934. Due on May 1 as follows: $1,000, 1935.
and $2,000 in 1936 to 1947. The approving opinion of Teal, Winfree,
McCulloch & Shuler of Portland, will be furnished.
A certified check
for 2% must accompany the bid.
SALEM, Essex County, Mass.
-TEMPORARY LOAN.
-Charles G. F.
Coker, City Treasurer, awarded on May 3 an issue of $300,000 revenue
anticipation notes to the Merchants National Bank of Boston at 0.44%
discount basis. Due Dec. 27 1934. The next best bid of 0.48% was submitted by Faxon, Gade & Co. of Boston.
SALEM SCHOOL DISTRICT NO. 24(P. 0.Salem), Marion County,
-NOTE ISSUANCE CONTEMPLATED.
Ore.
-The district is said to be
contemplating the issuance of $100,000 in 5% semi-annual short-term notes
to fund warrants outstanding. Dated May 1 1934. Due on May 1 in
1935 to 1937.
SALEM TOWNSHIP SCHOOL DISTRICT, Westmoreland County,
-The issue of $20,000 5% bonds scheduled for
-DATE OF BONDS.
Pa.
award on May 7, as reported in V. 138, P. 2970, will be dated May 1 1934.
Due May 1 1944; optional, at par and accrued interest, on any interest
payment date after proper notice.
SALISBURY TOWNSHIP SCHOOL DISTRICT, Pa.
-BONDS
AUTHORIZED.
-The Board of School Directors at a meeting held onc
April 9 authorized an issue of $25,000 4% bonds.
SAN CLEMENTE, Orange County, Calif.
-FEDERAL FUND
ALLOTMENT.
-A loan and grant of $46,000 was announced recently by
the Public Works Administration for water system improvement. The cost
of labor and material totals approximately $37,000. of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
-BONDS DEFEATED.
SAN GABRIEL,Los Angeles County, Calif.
-the voters defeated the
At the election on April 27-V. 138, P. 2789
3139
proposed issuance of $90,000 in school bonds, the count being 176 "for" to
471 "nay."
-FEDERAL FUND ALLOTSAN JOSE, Santa Clara County, Calif.
MENT'REDUCED.-The loan and grant of $460,000 for the construction
of a municipal auditorium, approved by the Public Works Administration
in January
-has been changed to a grant only of $117,000.
-V,138, P. 535
the city now being able to furnish the balance of the money from other
sources.
-FEDERAL
SANTA CLARA COUNTY (P. 0. San Jose) Calif.
FUND ALLOTMENT.
-A loan and grant of $185.500 for jail construction
announced recently by the Public Works Administration. The cost of
was
labor and material totals approximately $144.000, of'which 30% is a grant.
The remainder is a loan secured by 4% bonds.
-BOND OFFERSARATOGA SPRINGS, Saratoga County, N. Y.
ING.
-Mary A. Mulqueen, Commissioner of Finance, will receive sealed
bids until 12 m. (Daylight Saving Time) on May 16 for the purchase of
$400.000 not to exceed 6% interest coupon or registered bonds, divided as
follows:
$300,000 water works improvement bonds. Due June 1 as follows: $15,000
from 1936 to 1951 incl. and $20,000 from 1952 to 1954 incl.
100,000 public improvement bonds. Due $10,000 on June 1 from 1935
to 1944 incl.
Each issue is dated J11110 1 1934. Denom., $1,000. Interest is payable
In June and Dec. Principal and interest payable in lawful money of the
United States at the Adirondack Trust Co.. Saratoga Springs, in the case
of the $300,000 issue, and, with respect to the 3100,000 issue, at the Saratoga National Bank, Saratoga Springs. Bidder to name a single interest
rate for all of the bonds, expressed in a multiple of g or 1-10th of 1%. A
certified check for 38.000, payable to the order of the Commissioner of
Finance, must accompany each proposal. The approving opinion of Clay.
Dillon & Vandewater of New York will be furnished the successful bidder.
Financial Statement.
Assessed Valuation.
Real estate and special franchise 1934
331,049.740
Debt.
Total bonded debt,including these issues
31.148.000
Water debt,included above
388.000
Net bonded debt
760.000
The net bonded indebtedness will be about 2%% of the assessed vauaion upon the issuance of these bonds.
t
Tax Data.
Balance
Collected at
Uncollected as of
Close of
Year
Total Levy.
Year of Levy. April 15 1934.
1930
$865,677.47
$845,759.36 (See 1932 total)
1931
886,120.96
854,523.16 (See 1932 total)
19 33
3
2
846,049.07
$41,075.54*
788,075.16
.736,366.97
. •
341,482.94 (to April 15)
1934
770,106.45
* This amount includes 1932 and all prior delinquencies.
Fiscal year ends Dec. 31. Taxes are due in two payments (Jan. 15 to
Feb. 15 and July 15 to Aug. 15).
A tax sale is planned for Sept. 1 1934 on the 1933 delinquent taxes.
Population-1930 Federal Census, 13,169.
-CERTIFICATE
SCHENECTADY, Schenectady County, N. Y.
ISSUE SOLD.
-The issue of $260,0100 certificates of indebtedness offered
-was awarded to F. S. Moseley & Co. of
on April 30-V. 138, p. 2970
New York, which paid a price of par based on an interest rate of 0.91%.
Dated May 1 1934 and due July 19 1934.
A bid of par plus a premium of $26,for 2.45% certificates, was submitted
by Hemphill, Noyes & Co. of New York.
-BOND SALE.
SCIOTO COUNTY (P. 0. Portsmouth), Ohio.
The $108,500 poor relief bonds offered on April 30-V. 138, p. 2623
were awarded to Mitchell, Herrick & Co. of Cleveland as 33(s at par plus
a premium of $228.15, equal to 100.21. a basis of about 3.57%. Dated
March 1 1934 and due as follows: $21,700 Sept. 1 1934; $21,700 March 1
and Sept. 1 in 1935 and 1936.
The followingis an official list of the bids submitted at the sale:
BidderInt.Rate. Premium.
.
3i%$228 15
.
Mitchell, Herrick & Co.(Purcnasers)_.
in
Asset. Goetz & Moerle, Inc
3%
Portsmouth Banking Co
4g%
131St
4
National Bank of Portsmouth
180.02
Security-Central National Bank_
45
The bid of Fox, Einnorn & Co. for the bonds as 33s. at Par Plus
premium of $176. was withdrawn.
-PROPOSED BOND ISSUE.
SCRANTON, Lackawanna County, Pa.
-City Solicitor Jerome I. Myers informed the City Council that three
separate ordinances must be passed by Council in connection with the
proposed $322,000 bond issue. The ordinances were expected to be ready
for introduction on April 27.
-H. L. Collier,
-BONDS CALLED.
SEATTLE, King County, Wash.
City Treasurer, is reported to have called for payment from April 19 to
May 2 various local improvement district bonds.
-BOND SALE DESEDGWICK COUNTY (P. 0. Wichita), Kan.
TAILS.
-The $100,000 poor relief bonds that were jointly purchased recently by the Brown-Crummer Co. and the R. H. Middleuff Co.. both
-V. 138, P. 2974, bear interest at 4%% and were sold at a price
of Wichita
ooff about0.5t 3. Tre bonds mature $10,000 from 1935 to 1944. giving a basis
. 95
-The $5,000 water
-BOND SALE.
SHARON,Norfolk County, Mass.
-were awarded as 33s to the
bonds offered on April 26-V. 138, p. 2789
Merchants National Bank of Boston at a price of 100.12, a basis of about
3.48%. Dated May 1 1934 and due on May 1 as follows: $3,000 from 1935
to 1939, incl., and $2,000 from 1940 to 1954, incl.
The followingis a list of the other bids received for the issue:
Rate Bid.
Int. Rate.
BidderWhiting, Weeks & Knowles
Newton,Abbe & Co
3
.
* 60 54
1 :
42259
Webster & Atlas Corp
*High bid was rejected because it specified different terms than the
bonds carried.
SHEBOYGAN,Sheboygan County, Wis.-FEDERAL FUND ALLOTMENT RESCINDED.
-The loan and grant of $307,630 for school con-V.
struction, approved by the Public Works Administration in October
137, P. 3361, has been rescinded.
SHERMAN TOWNSHIP SCHOOL DISTRICT NO. 2 (P. 0. Gladwin), Gladwin County, Mich.
-REFUNDING ISSUE AUTHORIZED.
-State Treasurer Theodore I. Fry has approved the district's application
for permission to issue $3,450 refunding bonds.
SHIPPINSBURG SCHOOL DISTRICT, Cumberland County, Pa.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration
has allotted $50,000 for the construction of school buildings. This includes
provision for a grant equal to 30% of the amount used by the district in the
payment of labor and material on the prOjects. The balance is a loan
secured by 4% general obligation bonds.
SIOUX FALLS, Minnehaha County, S. Dak.-BOND SALE POSTPONED.
-The sale of the $25,000 4% semi-annual trunk sewer bonds,
previously postponed from April 9 to April 30-V. 138. p. 2623. has again
been postponed, this time to May 28. Due serially in 20 years.
mai
SKAGIT COUNTY SCHOOL DISTRICT NO.306(P.O. Mt. Vernon)
Wash.
-BOND ELECTION CONTEMPLATED.
-It is said that the
Board of School Directors will call an election for either May 5 or 15. to
vote on the Proposed issuance of $90,000 in school building bonds.
SOUTHBRIDGE, Worcester County, Mass.
-TEMPORARY LOAN.
-An issue of $250.000 tax anticipation notes was sold to Faxon, Gade
& Co.of Boston at 0.82% discount basis. Due as follows: $100,000 Oct. 30
$70.000 Nov. 20 and $80,000 on Dec. 20 1934.
SOUTH CAROLINA, State of (P. 0. Columbia).
-BILL SIGNED
PROVIDING FOR PIVA CONSTRUCTION PROGRAM.
-In a letter dated
April 30 we are informed by J. Wilson Gibbes, Clerk of the House. that
on April 16 the Government signed Act No. 1225. authorizing a $700,000
construction program for State institutions through the Public Works
Administration.
3140
Financial Chronicle
SOUTH CAROLINA, State of (P. 0. Columbia).
-NOTE SALE.
The State Treasurer reports that the $1,151,000 of school refinancing notes
offered for sale on April 24-V. 138. p. 2971-were purcnased at par by
McAllister, Smith & Pate, of Greenville, as 33•6s. Dated June 1 1934.
Due on April 15 1935.
ADDITIONAL SALE.-Tne $870,000 teachers' salary refunding notes
offered at the same time
-V. 138, p. 2971-were purchased by the S. C.
State Bank of Columbia at 3 J6%. Dated April 25 1934. Due $400,000
on Jan. 20 1936, and $470,000 on May 1 1936.
STARK COUNTY (P. 0. Canton), Ohio.
-BOND SALE.
-The
$200,000 coupon emergency poor relief bonds offered on April 30-V. 138.
p. 2623-were awarded as 3;is to Halsey, Stuart & Co., Inc., of Chicago,
at par plus a premium of $410, equal to 100.205, a basis of about 3.10%•
Dated May 1 1931 and due as follows: $39,200 Sept. 1 1934;$38,400 March
1 and $39,600 Sept. 1 1935; $40,800 March 1 and $42,000 Sept. 11936.
SULLIVAN, Moultrie County, I11.
-FEDERAL FUND ALLOTMENT.
-In allotting $70,500 for the construction of a gas plant, the Public
Works Administration made provision for a grant equal to 30% of the
approkimately $71,400 to be spent for labor and material. The balance is
a loan secured by 4% revenue bonds.
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
-NOTES AUTHORI7ED.-The Board of Supervisors on May 1 authorized Ellis T. Terry,
County Treasurer, to issue $600,000 not to exceed 6% interest tax anticipation notes to provide funds for current operating purposes. The borrowing
Is made necessary, it is said, due to the failure to collect about $1,500.000
of the taxes levied in ten towns of the County for 1933.
SULLIVAN COUNTY (P. 0. Bristol), Tenn.
-BOND SALE.
-The
$29,000 issue of 5% semi-annual high school bonds offered for sale on
May 1-V. 138, p. 2789
-was awarded to the Equitable Securities Corp.
of Nashville, and the Fidelity-Bankers Trust Co. of Knoxville. at a price
of 103.12, a basis of about 4.72%. Dated April 1 1930. Due on .April
1 1950.
-W.B.
SUMMIT COUNTY(P.O. Akron),Ohio.
-BOND OFFERING.
Wynne, Clerk of the Board of County Commissioners, will receive sealed
bids until 12 M. (Eastern standard time) on May 16 for the purchase of
$142.000 not to exceed 6% interest selective sales tax poor relief bonds.
Dated May 1 1934. Due as follows: $27,800. Sept. 1 1934: $27,300
March 1 and $28,000 Sept. 1 1935: $29,000 March 1 and $29,800. Sept. 1
1936. Principal and interest (M. & S.) payable at the office of the State
Treasurer, Columbus, Ohio. A certified check for 2% of the bonds bid
for, payable to the order of the County Commissioners, must accompany
each proposal.
Financial Statement.
Assessed valuation
$339,940,740.00
Total bonded debt
6,694,428.50
Cash value of sinking fund
108.442.77
Population. 1930, 344,131.
SUMNER, Bremer County, lowa.-BOND ELECTION.
-It is reported thaa an election was held on May 3 to vote on the issuance of $115,000
In municipal electric light and power plant bonds. The bonds are payable
out of the plant earnings, as is now permissible out of the statutes.
SWEETWATER SCHOOL DISTRICT (P. 0. Sweetwater), Nolan
County, Tex.
-BOND ELECTION.
-It is said that an election was held
on May 5 to vote on the issuance of $110,000 in bonds, divided as follows:
$65.000 school construction and $45,000 school gymnasium bonds. (In
V. 138, p. 1959. we tentatively reported the amount contempltaed as
being $188,000.)
TEANECK TOWNSHIP (P. 0. Teaneck), Bergen County, N. J.
BOND OFFERING.
-Henry E. Diehl, Township Clerk, will receive sealed
bids until 8 p. in. (Daylight Saving time) on May 16 for the purchase
of $212.000 5; % coupon or registered bonds, divided as follows:
,
5
8188,000 improvement bonds of 1933. Due June 15 as follows: $1,000.
1935: $2,000, 1936 and 1937; $3,000, 1938; $2,000. 1939: $3,000.
1940; $5.000, 1941; $10,000 in 1942 and 1943; $19.000, 1944;
$24.000, 1945; $32,000, 1946: $40,000 in 1947 and $35,000 in 1948.
24,000 assessment bonds of 1933. Due June 15 as follows: $3,000 in 1935
and 1936 and $9,000 in 1940 and 1941.
Each issue is dated May 5 1933. Denom. $1,000. Principal and interest
(J. & D. 15) payable in lawful money of the United States at the West
Englewood National Bank, West Englewood. The bonds will not be sold
at a price of less than 99 and the amounts required to be obtained on the
respective issues are $186,120 and 323.760. A certified check for 2% of
the bonds bid for, payable to the order of the Township, must accompany
each proposal. The approving opinion of Hawkins. Delafield & Longfellow
of New York will be furnished the successful bidder. These bonds are part
of the total of $229,000 for which no bids were obtained on Dec. 19 1933.V. 138. p. 186.
TOMAH, Monroe County, Wis.-FEDERAL FUND ALLOTMENT
RESCINDED.
-The loan and grant of 382,667 for street improvement,
approved by the Public Works Administration in January
-V. 138, P. 364,
has been rescinded.
TRINITY, Trinity County, Tex.
-FEDERAL FUND ALLOTMENT
RESCINDED.
-The loan and grant of $24,000 for water system improvements that was apprdved by the Public Works Administration in March
-has been rescinded.
-V. 138. p. 1783
-BOND
TUSCARAWAS COUNTY (P. 0. New Philadelphia), Ohio.
SALE.
-The $74,000 poor relief bonds offered on April 30-V. 138, p. 2623
-were awarded as 3s to Seasongood & Mayer of Cincinnati, at par
plus a premium of $82.85, equal to 1C0.11, a basis of about 3.42%. The
bonds are dated May 1 1934 and mature as follows: $14,000 Sept. 1 1934
and $15,000 March 1 and Sept. 1 in 1935 and 1936.
-TEMPORARY FINANCUNION COUNTY (P.O. Elizabeth), N. J.
-Arthur N. Pierson, Treasurer, has been authorized by
ING APPROVED.
the County Board of Freeholders to borrow $250,000 on tax anticipation
notes, to bear interest at not to exceed 5% and mature on Dec. 31 1934.
-It is announced
UNION Franklin County, Mo.-BOND OFFERING.
by W. F. Osiek, City Clerk, that he will sell at public auction on May 10,
at 1 p. in. an issue of 320,000 4% coupon water bonds. Denominations
31.000 and $500. Dated April 1 1934. Due in 1954, optional after 5 Years
At the election on March 6 the voters approved these bonds by a large
margin (V. 138, p. 1959). Prin. and int.(A. & G.) payable in Union.
-BOND SALE.
-The $9,000
URBANA, Champaign County, Ohio.
sewage disposal plant refunding bonds mentioned in V. 138. p. 1783. were
sold on March 5 at par as follows: $4,500 to the Cemetery Fund, $2,700
to the Champaign National Bank, Urbana, and $1,800 to the Citizens National Bank of Urbana.
-PROPOSED BOND ISSUE.
-An
UTICA, Oneida County, N. Y.
•
ordinance adopted by the Common Council and providing for the issuance
of $200,000 public improvement bonds was approved by the Board of Estimate and Apportionment on April 20.
VALLE VISTA SCHOOL DISTRICT (P. 0. Oakland), Alameda
-BONDS SOLD.
-The $12,000 school bonds offered for
County, Calif.
sale without success on March 20-V. 138, p. 2623-were sold on April 11
to R. H. Moulton az Co.of San Francisco, as 54 at par. Dated Jan. 11934.
Due $1,000 from Jan. 1 1936 to 1947 incl.
VERGENNES SCHOOL DISTRICT, Addison County, Vt.-BOND
-At an election to be held on May 10 the voters will consider
ELECTION.
the question of issuing $7,000 not to exceed 4% interest school gymansium
bonds.
VERMILLION, Clay County, S. Dak.-FEDERAL FUND ALLOT-The loan and grant of $34,000 for water system
MENT RESCINDED.
improvements that was approved by the Public Works Administration in
-has been rescinded.
January-V. 138, p. 719
It is said the City Council rejected this allotment because the1PWA
required the city to engage a special engineer for the project.
-PRICE PAID.
-The
VINELAND, Cumberland County, N. J.
S150,000 5 % coupon or registered sewer bonds purchased on April 10
Collings & Co.. both of Philadelphia,
by Leach Bros., Inc.. and C. C.
-were sold to the bankers at a price of 99. a basis
-V. 138. P. 2972
jointly
of about 5.85%. Dated June 1 1934 and due on June 1 as follows: $4,000
from 1935 to 1944, incl.; $5,000, 1945 to 1954, incl., and $6.000 from 1955
o 1964, Inclusive.
May 5 1934
WABASHA, WabEn.ha County, Minn.
-A meet-BOND OFFERING.
ing will be held at 7.30 p.m. on May 15, in order that the Common Council
may receive and consider subscriptions from local citizens and bids from
any source for $38,000 3%7 sewage disposal plant bonds. Denom. $1,000.
0
Dated June 1 1934. Due 32,000 in from 1 to 19 years from date, the city
reserving the right to.prepay all or any Part of said bonds on any interest
payment date.
WALLA WALLA, Walla Walla County, Wash.
-BOND OFFERING
DETAILS.
-In connection with the offering scheduled for 10 a. m. on
May 9, of the $380,000 water extension bonds
-we give
-V. 138, p. 2790
the following information from the official offering notice:
Said bondsshall each bear date the first day of July 1934,and bear interest
from that date until paid at the rate of not to exceed 5% per annum which
Interest shall be payable semi-annually on the first day of January and the
first day of July in each year. Both principal and interest shall be payable
In gold coin of the United States of America of or equal to the present
standard of value if and to the extent as may be from time to time, Permitted by law and otherwise in such medium of funds as may then be legal
tender for the settlement of debts due the United States of America. The
City of Walla Walla reserves the right to redeem in numerical order any or
all unmatured bonds on any interest-paying date on or after July 1 1939.
Provided, however, a proper notice of such intended redemption be given
as in said ordinance provided
Each bidder shall be required to submit a bid specifying:
1. The lowest rate of interest and premium, if any, above par, at which
the bidder will purchase said bonds; or
2. The lowest rate of interest at which the bidder will purchase said bonds
at par.
bonds shall be sold to the bidder making the best bid, subject,
however, to the right of the corporate authorities of said City to reject any
and all bids and readvertise for new bids. None of such bonds shall be sold
at loss than par and accrued interest, nor shall any discount or commission
be allowed or paid on the sale of such bonds.
WALTHAM, Middlesex County, Mass.-PWA ALLOTMENT RESCINDED.
-The Public Works Administration allotment of $98,000 for
-has been
water works system improvement, reported in-V. 138, P. 365
rescinded.
DISTRICT, Md.-PWA
WASHINGTON SUBURBAN SANITARY
ALLOTMENT RESCINDED.-Th I Public Works Administration allotment of $560,000 for extension of primary water mains, announced in
-is reported to have been rescinded.
November 1933-V. 137. P. 3530
-NOTE OFFERING.WATERTOWN, Middlesex County, Mass.
Treasurer, will receive sealed bids until 3:30 p. in.
H. W. Brigham., Town
on May 7 for the purchase of 3200.000 revenue anticipation notes, due on
Dec. 28 1934.
WELD COUNTY SCHOOL DISTRICT NO. 117 (P. 0. Greeley),
Colo.
-BOND CALL.
-It is ante unced by W.N. Hurd, District Treasurer,
that, subject to an election to be held on May 7, the district has called for
Payment its outstanding bonds in the principal sum of $24,000,dated July 15
1917, optional on July 15 1932 and due on July 15 1947. Denom. $500,
numbered from 6 to 53 incl. Bonds will be paid at the office of Amos C.
Sudler & Co. in Denver, on or before May 25, on which date interest
will cease.
PRE
-ELECTION SALE.
-It is reported that the refunding bonds were
purchased by Sudler & Co.. subject to the May 7 election. 43i% bonds,
dated May 1 1934. Due from 1935 to 1948.
-SEEKS
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
31.500,000 LOAN-County Treasurer William S. Coffey on May 3 received permission to borrow $1,500.000 on short-term tax anticipation
warrants which will permit the county to meet $5,000,000 in obligations
maturing on June 1 1934. The Treasurer stated that tax collection were
coming in at a faster rate than was the case last year.
-BONDS AUTHORWEST KITTANNING, i...strong County, Pa.
-The Borough Council adopted an ordinance on April 20 providing
IZED.
for the issuance of $45,000 4% water supply construction bonds. Denom.
$500. Due March 1 as follows: $500. 1935 to 1937 incl.; $1,000, 1938;
$1.500, 1939 to 1943 incl.; $2,000. 1944 to 1953 incl., and $1,500 front
1954 to 1963 incl.
-BONDS AUTHOR,
WILLIAMSBURG, Clermont County, Ohio.
IZED.-The Village Council has passed an ordinance providing for the
Issuance of $2,5006% drainage sewer bonds. Dated May 15 1934. Denom.
$250. Due one bond annually on Nov. 15 from 1935 to 1944 incl. Principal and interest (M. & N. 15) payable at the Village Clerk's office.
-BOND SALE.
-The $15,500
WILLOWICK, Lake County, Ohio.
refunding bonds sold to the Industrial Commission of Ohio were approved
on April 19 by Attorney-General John W. Bricker. The total includes
Issues of $12,500 and $3.000.
WINFRED INDEPENDENT SCHOOL DISTRICT (P. 0. Winfred)
-At an election on April 24
Lake County, S. Dak.-BONDS VOTED.
the voters approved the issuance of $54,000 in refunding bonds by a count
of 42 to 10. The bonds bear 4% interest for the first 5 Tears, and 5% for the
remainder. Due in 1954.
These bonds will be offered for sale on May 12, according to the District
Clerk.
YANKTON, Yankton County, S. Dak.-BOND SALE.
-The $7,000
issue of 4% semi-annual street improvement bonds that was offered for
-is now stated to have
sale without success on April 23-V. 138, p. 2972
been purchased at par by the Public Works Administration. Due front
April 1 1937 to 1954.
CANADA, Its Provinces and Municipalities
-BOND SALE.
-An issue of $100,000 5}5%
GLOUCESTER, N. B.
Improvement bonds is reported to have been sold locally at a price of 95,
or a basis of about 6.01%. Due in 15 years.
-BOND
GREATER VANCOUVER WATER DISTRICT, B. C.
REPORT.
-The District plans to issue $1,500.000 bonds, according to
report.
MONTREAL Que.-BONDS AUTHORIZED.
-The City Council on
April 27 authorized a bond issue of $3,000,000 to bear interest at not more
than 6% and mature in 40 years. Sale will be made to provide working
capital.
-PROPOSED FINANCING.
NOVA SCOTIA (Province_ of).
-The
Province plans to borrow $8,530,000 this year, of which $5,000,000 will be
used to provide for issues maturing in July, August and October, according
to the "Monetary Times" of Toronto of April 28.
PENETANGUISHENE, Ont.-BOND SALE.
-An issue of $20,000
% improvement bonds was sold recently to N. J. Robinson & Co. and
W. M. MacDonald & Co., both of Toronto, jointly, at a price of 99.25,
a basis of about 5.66%. Due in 10 annual instalments.
Optional bids of 98.50 and 98.25 were submitted by the Dominion Securities Corp. and J. L. Graham St Co., respectively.
PRINCE EDWARD ISLAND (P. 0. Charlottetown).
-BOND SALE.
-The issue of $300,000 4% bonds offered on May 1-V. 138, p. 2972was awarded to Hanson Bros. of Montreal, at a price of 99.32. Dated
May 1 1934.
QUEBEC, Que.-PLANS FUNDING BOND ISSUE-The Provincial
Legislature has authorized the consolidation of the city's floating debt
which amounts to $3,699,000.
SAINT COLOMB de SILLERY, Que.-BOND OFFERING.
-Sealed
bids addressed to Roger Gagnon, Secretary-Treasury, will be received
until 6 p. in. on May 7 for the purchase of $76,800 Sand 5%% bonds.
Dated June 1 1934.
SUFFOLK SCHOOL DISTRICT, Papineau County, Oue.--DE-The following is taken from the "Monetary
FAULT ORDER LIFTED.
Times" of Toronto of April 28: "The order issued some time ago declaring
the School Commissioners of Suffolk, Papineau County, Que., in default,
has been lifted, according to a notice published in the current issue of the
Quebec Official Gazette by E. Morin. Secretary of the Quebec Municipal
Commission. The notice states that from May 11934. the judgment of the
Superior Court for the District of Hull, dated June 12 1933, declaring the
municipality in default, shall cease to_have effect."
@FedFRASER