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Volume 137
,firtanciat
iirgatde
New York, Saturday, November 11 1933.
Number 3568
The Financial Situation
Mil praise is due the Chamber of Commerce of
the State of New York for the unqualified
and unequivocal stand it has taken in favor of a
speedy return to the gold standard by this country.
There is too much temporizing, too much inclination
to straddle on the part of financial and commercial
interests in taking a position with reference to this
all-important question, on the theory that it is the
fluty of the citizen to show loyalty to the President
in an economic struggle such as that in which he is
engaged. But where a moral obligation and an eternal truth are involved there can be no compromise.
In such a contingency it is the duty of the citizen to
ignore the dictates of loyalty, especially where the
welfare of the entire country is concerned, and to
take a firm stand against error. That is the issue
now confronting the public and the underlying principle involved.
The Chamber of Commerce acted on the question
on Friday of last week, and we gave the resolutions
adopted in our news columns in our issue of last
Saturday. A special meeting had been provided for
the occasion, so that the discussion might be free
and untrammeled. The outcome was in the highest
degree gratifying. In the broadest kind of a discussion sentiment was absolutely unanimous, and
every attempt to qualify or modify the action of the
Chamber proved futile, all amendments being voted
,with absolute unanimity.
d n almost
he importance of the step cannot be overestiated. Latterly the foreign exchange market trom
day to day has been one of complete demoralization,
with the fluctuations so wide and so violent
that a state has now been reached where they
have become a serious detriment to trade and where,
unless greater stability can be attained in the exchanges here and abroad, absolute ruin will result.
And the harm done will not be confined to this
country, but will extend to all the leading countries
of the world. The fixing of the price of gold is prov:
ing only one phase of the problem, and it looks very
much as if the course of the exchanges, both here
and abroad, were getting completely out of hand.
The price of sterling has been sweeping upward in a
perfectly startling way, the value of the pound, as
expressed in American paper dollars, rising in most
astonishing fashion. In the upward flight the pound
sterling has risen above $5.00, and rates are now
higher than at any time since the breaking out of
the European war back in 1914.
Each day has seen a further rise, and on Thursday
the rate touched $5.15, the advance for that single
H
/
day alone being 1734c. The upward swing this week
has been at the rate of 5c. to 17c. a day, and at
/
$5.15 comparison is with $4.7878 on the 1st of the
month. Turning further back, cable transfers on
London on Oct. 16 were still selling as low as
$44958 The advance from that figure to $5.15
/.
marks one of the most startling episodes in the whole
history of the foreign exchanges. In the progressive
rise the London price for gold on Thursday and
again on Friday went above that of the Reconstruction Finance Corporation, though the latter kept
steadily advancing its price, marking it up to $33.15
per fine ounce on Thursday, and to $33.20 on Friday. The upswing in sterling, however, was so violent that Europe actually placed, as stated, a higher
dollar value on gold than did the United States.
The domestic valuation made the paper dollar worth
62.35, while in the exchange market the gold value
of the paper dollar was only 61.75. On Friday, with
another advance in the price of gold by the Reconstruction Finance Corporation, this time to $33.20,
the dollar value of gold in London was $33.26. The
foreign value of the dollar on Friday,based on Paris
quotations, was 61.9 cents.
Imagine conducting foreign trade under such violent fluctuations, there being an utter lack of stability. It looks very much as if there was a flight
of capital from New York, and on such a scale that
the British authorities are unable to control the
flow. Press advices from London on Thursday
stated that Neville Chamberlain, Chancellor of the
Exchequer, had appeared in the House of Commons
on that day, as the dollar slumped so badly (the
rise in the pound sterling meaning,of course, a corresponding depreciation of the American dollar), and
proclaimed anew the "independence of sterling."
"The general policy of his Majesty's Government,"
said Mr. Chamberlain, "is to retain for the present
the independence of sterling, as has been explained
on several occasions, particularly in resolutions approved by Empire delegations at the conclusion of
the World Economic Conference." These are brave
words, and apparently they are made with absolute
sincerity, but in view of this week's experience it is
impossible to avoid the conclusion that the job of
controlling the fluctuations of the pound are proving too big even for the British Government, even
with the aid of the British Equalization Fund.
It is easy to see how trade is handicapped, both
here and abroad, by such violent fluctuations as
are now the lot of the ordinary business man and
the banker, with the pound sterling quoted at $4.49%
3364
Financial Chronicle
one month and $5.16V the next month. It is evi8
dent, too, that such violent swings first in one direction and then in another, involve extreme peril and
may, if continued, result in the complete breakdown
of the foreign exchanges throughout the entire
world. Everybody, of course, knows that depreciation of the American dollar is the objective in view,
and that, accordingly, this week's large-scale depreciation is in complete accord with the plans of the
Washington authorities, but a moment's reflection
ought to convince even Washington that the movement may be carried too far, with disastrous consequences. The simple truth is that meddling with the
foreign exchanges and the currency units is like
playing with wildfire.
It is at such a time as this that such outspoken
words, along safe and sound lines as those expressed
in the resolutions adopted last week by the Chamber
of Commerce of the State of New York, are calculated to do an infinite amount of good, since they
not only acquaint the Washington authorities with
the views of informed business men and merchants,
but their arguments are presented in very convincing fashion. A series of four resolutions, each one
couched in clear and unmistakable language, was
adopted. In the first of these resolutions the statement is made that "The Chamber of Commerce of
the State of New York, taking cognizance of recent
financial developments, hereby reaffirms its conviction that a gold 'standard is the most satisfactory
monetary system, from the standpoint of the American people as a whole, and expresses the belief that
as a delay in the declaration of a definite policy will
make the task more difficult, measures should be
taken with the utmost promptness looking toward
the restoration of a permanent gold standard in the
United States," There is no mistaking the meaning
of this resolution in favor of a gold standard.
In the second resolution the Chamber goes on
iecord against a commodity dollar or a managed currency, saying: "The Chamber believes it is of
the greatest importance to business recovery that
the Administration clearly and unequivocally announce that it will not adopt an automatic commodity dollar or a managed commodity dollar or
similar currency experiments, but will adopt a policy
directed towards the return to a gold standard."
In the third resolution the Chamber goes a step
farther and "records its belief that a rise in commodity prices should be accompanied by a rise in
national income, and that to accomplish this end
there must be confidence, a reasonable reward for
labor and enterprise, and confidence must not be
disturbed by uncertainty as to the future of, or
through an alteration of, our monetary unit." This
means that there must be stability of value and not
a flexible dollar which may have a certain gold content one day and quite a different content another
day, and that confidence cannot be attained in any
other way.
In presenting the resolutions the Committee on
Finance and Currency elaborates this point and
says with great force that "Uncertainty as to the
future of the monetary unit destroys confidence,"
and adds that "uncertainty either as to the kind of
money or as to the ultimate gold content of the
dollar is fatal," as it clearly is. It then goes to the
crux of the whole matter by saying that "it is our
view that this uncertainty is largely responsible for
the timidity of domestic capital, the unavailability
Nov. 11 1933
of which is an important influence in retarding recovery." The Committee well says that "no one
can logically blame the owner or conserver of savings of capital for hesitating to employ it so long
as the future of the dollar in which it is measured
is beclouded. Therefore, we do not believe that a
steady flow of savings into investment channels—a
process so essential to the economic progress of civilization—can be secured without a guaranty of monetary stability and of the recognition of the sanctity
of all contractual obligations"—which is, of course,
the literal truth.
In the fourth resolution the Chamber pledges cooperation to the end so much desired, saying that
"The Chamber pledges itself to co-operate towards
this end and urges its officers and all its members
to use every effort toward the accomplishment of
this result, on which our economic recovery must
depend."
In all this the Chamber of Commerce of the State
of New York may be said -to be rendering an inestimable service, and a service, moreover, which
has been sadly lacking in the past on the part of
the business community. The resolutions are statements of simple truths, but truths which deserve
the widest dissemination and which should be proclaimed over and over again in all parts of the
United States. The action of the Chamber should
carry all the greater weight inasmuch as it was
marked by almost absolute unanimity and was
strengthened and elaborated by the discussions on
the floor of the Chamber. With 315 persons present,
virtually all of them men of standing and prominence in the business world, only two dissenting
votes were registered against the resolutions and
report. In the audience were railroad presidents,
bank presidents, officials of great corporations employing thousands of workers, as well as small business men, all interested in a sound money policy.
Leonor F. Loree, President of the Delaware &
Hudson RR., was one of those who took part in the
proceedings, and made one of his characteristic
utterances, pointing out that a moral question as
well as an economic question was involved in the
action of our Government in departing from the gold
standard. Holding a bill of small denomination in
his hand as he took the floor and reading the promise
expressed on the face of the bill, saying that it is
redeemable in gold on demand at the United States
Treasury, he likened the action of our Government
in repudiating this promise and departing from the
gold standard to the step taken by the German Government at the outbreak of the World War in violating its treaty with Belgium and declaring the treaty
"a mere scrap of paper," with the result of causing
a great wave of moral indignation throughout the
United States, and it might be said throughout the
whole civilized world. So here the gold declaration
was treated as a mere scrap of paper, Mr. Loree
wound up by saying: "We have violated that obligation just as flagrantly as Germany violated its
treaty with Belgium."
Altogether, the Chamber of Commerce, in all this,
is simply living up to its past reputation and tradition, and it is to be hoped that other organized
bodies in the industrial and financial world will go
on record in the same fearless way in declaring adherence to the great principles which underlie the economic progress and development of the country and
which mean the presenvation of its moral rectitude.
Volume 137
Financial Chronicle
HE demands of the agricultural classes are insatiable, and therefore it is a great satisfaction to know that the President has rejected one of
their farm price plans, though it were to be wished
he had based the rejection on the ground that the
farming interests are asking altogether too much,
instead of urging that the scheme proposed is unworkable and not likely to yield the benefits expected. After three days of conferences with the
Governors of five Northwestern States, the President and the Department of Agriculture on Saturday last issued a statement turning down their
propositions. The Governors wished the Federal
Government to license immediately all handlers and
processors of agricultural products to pay fair exchange value, a price which on the average is 70%
above that now prevailing, as pointed out by the
President. Describing their proposition, the President said:
"To enforce the immediate adoption of such a
price, in view of the inability of the city consumers
to take present quantities of farm products at such
a price, the Governors advocated compulsory control
of marketing so that each farmer would have a
definite quota to sell each month, thus backing up
on the farm the products which could not be sold
at fair exchange value.
"The Governors declared their ability in their respective States to put over a program which amounts
substantially to the licensing of every plowed field
and marketing by a ticket punch system of all grain
and livestock."
In discussing this project Mr. Roosevelt pointed
out that the Department of Agriculture had examined with the greatest interest the outlines of this
plan, but had reached the conclusion that while
the farmers of these States, and possibly certain
others of the corn belt, might be willing to accept
complete regimentation of this sort under the combined leadership of the States and the Federal Government, there was nevertheless grave doubt as to
whether such a plan could be successful in such
States as Ohio, Pennsylvania and New York, where
there is a very large quantity of food produced, but
where there is also a large city population which
might make it difficult for the Governors to deliver
the co-operation necessary to make a plan of this
sort successful. The President urged furthermore
that there is still a very real question "as to whether
the highly individualistic farmers of the Eastern
and Southern agricultural areas are willing to submit to complete regimentation as to the time and
quantity of sale to the extent which the Governors
proclaim on behalf of the farmers of the Northwestern States."
The President stated it was the view of the Agricultural Department that the plan, if once attempted, could not be confined to any limited number of commodities produced in the Middle West,
but Would promptly be demanded by groups of producers of other commodities. Therefore it would
be likely, he reasoned, to mean complete compulsory regulation of production, time and method of
marketing, and price on every farm in America.
The President urged, furthermore, that the effect
of the adoption of the Governors' plan, even if successful in the Mid-West, might •be that the very
States the Governors are trying to help might be
left holding the bag while other States expanded
production.
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3365
On the other hand, the plan of the Agricultural
Adjustment Administration, the President pointed
out, was based on the payment of benefits to those
farmers who voluntarily co-operate in adjusting production to the market. The President explained
that there had been no opportunity as yet to send
out checks to the corn and wheat regions of the
West and Northwest, but the wheat checks were now
beginning to move and the corn-hog benefit checks
would begin to flow out into the country about the
first of January. Corn loan money would become
available within a few weeks. The Department of
Agriculture and the President believed, he asserted,
that the Governors could most promptly increase
the money in the hands of their farmers with the
maximum of long-time benefit by co-operating to
the limit with the plans which have already been
set in motion.
There is, of course, great force in all this, but the
President might have gone a step farther and told
these farmers that the Government was going to the
full limit in all this, and that the agricultural classes
could not in all reason and common sense expect the
President to go any farther without risk of involving the Government in such obligations and expenditures that it would before long face absolute bankruptcy. Above all, the President should have urged
upon these farmers that in considering their present
condition they must take into account the direct
money benefits that they are receiving from the
processing taxes that are being levied upon consumers for their benefit—that is, 30c. a bushel in the
case of wheat, 20c. a bushel in the case of corn, &c.
The President mentions these taxes as the best
means of relieving the farmers, but whether they
are or not, the farmer should not treat them as if
they were of no avail. The President tells them that
the benefit checks will now come along very rapidly,
but he neglected to impress upon them that the cash
benefits thus to be received must and should be
added to the price the agricultural classes are obtaining for their produce in order to arrive at their
true situation.
These farmers have been coddled so much that,
like union labor, they regard it as their bounden
duty to ask for more and still more, no matter what
aid they are already receiving. The plight of the
farmer was unquestionably a desperate one last summer, but the situation has so greatly changed now
for the better (in no small part as a result of the
aid extended to him by the Federal Government)
that the need would appear no longer to exist for
devising special benefits of an artificial character
to help him along. The President might also have
added that during the last few weeks the Government has directly intervened to raise prices by going
into the market and buying wheat on a large scale
for its various relief agencies, even buying wheat
futures. The December option for wheat at Chicago
sold on Thursday as high as 92c. a bushel, which
compares with 67y on Oct. 17. This great rise
2c.
in the interval has been in no small measure due
to the large purchases made by the Government on
behalf of its various relief agencies. If to the current price there be added the cash benefits that the
farmer is to receive as a result of the processing
taxes levied for his benefit, it cannot be claimed
that the farmer any longer has occasion for complaint, and that is a fact which ought to be remem-
Financial Chronicle
3366
Nov. 11 1933
holdings are now decreasing from week to week,
though no information is forthcoming as to how the
loss in gold is coming about. On Oct. 18 the gold
HE condition statements of the Federal Reserve holdings of the 12 Reserve banks stood at $3,592,banks this week show that purchases of United 084,000; on Oct. 25 there was a decline to $3,590,States Government securities are now being con- 788,000; on Nov. 1 to $3,587,905,000, and now for
ducted on a reduced scale. They also show that Fed- Nov.8 there is a further decrease to $3,578,289,000,
eral Reserve note issues are again on the increase. showing a loss for the three weeks of, roughly,
The amount of additional United States securities $14,000,000.
With Federal Reserve note issues larger, increasacquired during the week has been only a little in
excess of $10,000,000, the total of the Government ing the reserve requirement against the same, and
holdings having risen from $2,419,775,000 Nov. 1 to with the deposits reduced, thereby decreasing the
$2,430,101,000 Nov. 8. Only a short time ago the reserve requirement on that account, and with gold
acquisitions ran in the neighborhood of $35,000,000 holdings reduced, the ratio of total gold reserves
a week. The reduction is the result of a deliberate and other cash to deposit and Federal Reserve note
change of policy. This is explained in the "Monthly liabilities combined stands the same this week as
Review" for Nov. 1, issued by the New York Federal last week, namely, 65.2%. The amount of United
Reserve Bank. In discussing money market con- States securities held as part collateral for Federal
ditions, it is therein pointed out that since the mid- Reserve note issues increased during the week from
dle of May the Reserve banks have purchased a total $572,000,000 to $580,000,000.
of $563,000,000 of Government securities and excess
HANGES in dividend rates during the week were
reserves of member banks have increased by nearly
mostly of a favorable nature. The General
the same amount. As a result the indebtedness of
member banks at the Reserve banks is the smallest Motors Corp. declared an extra dividend of 25c. a
since 1917, and excess reserves over legal require- share on the common stock, in addition to the reguments are more widely held than at any other time lar quarterly dividend of like amount. The Seain recent years. "Member banks are therefore in a board Oil Co. of Delaware declared an extra diviposition to extend large amounts of additional credit dend of 10c. a share on common, in addition to the
as occasion arises. Under these circumstances pur- usual quarterly dividend of 15c. a share. The United
chases of Government securities by the Reserve States Freight Co. resumed dividend payments by
banks were reduced in volume during the latter part declaring a quarterly dividend of 25c. a share on its
of October," the comment says; and for the same capital stock, and the Caterpillar Tractor Co. also
reason, apparently, the purchases of United States resumed dividend payments on its no par capital
Government securities are now continuing to be stock by the declaration on Nov. 10 of a special diviconducted in a much smaller way than before. Mem- dend of 12 c. a share. A dividend of like amount
/
1
2
ber banks the past week also somewhat further re- was paid on this issue on Nov;30 1932. The Underduced their borrowings at the Reserve institutions, wood Elliott Fisher Co. increased its quarterly
as is evident from the fact that the discount holdings dividend on common from 1212c. a share to 25c. a
/
of the 12 Reserve banks fell during the week from share. The Sterling Products (Inc.) of Delaware
$116,507,000 to $112,261,000. As a consequence of declared an initial quarterly dividend of 95c. a share
these changes, the volume of Reserve credit out- on its capital stock.
standing, as measured by the total of the bill and
HE improvement that was noted in the report
security holdings, increased during the week
in amount of only a little over $6,000,000, the total
of business failures in the United States in
of these holdings having risen from $2,544,485,000 September is continued in the return for October.
Nov. 1 to $2,550,658,000 Nov. 8.
The business defaults for September were the lowest
On the other hand, money in circulation is in- for many years, and the same remark 'applies to
creasing, there having been an expansion during the October, the report for that month showing a sharp
week of $33,000,000 in money of all kinds, of which decline from every month this year excepting Septhe greater part consisted of additions to the Federal tember. October failures numbered 1,206, accordReserve note issues, both the ordinary Federal Re- ing to the records of Dun & Bradstreet, Inc., and
serve notes and likewise the Federal Reserve bank the total of liabilities for the month was $30,581,970.
notes, against which latter no cash reserves are re- For September there were 1,116 similar defaults,
quired. Last week the total of the Federal Reserve involving in the aggregate $21,846,906 of indebtednotes in circulation increased from $2,960,748,000 to ness. A considerable part of the increased liabili$2,967,302,000, and the present week there is a fur- ties shown for October is due to an increase in the
ther increase to $2,982,997,000. In like manner the number of the larger failures in that month, comamount of Federal Reserve bank notes in actual cir- pared with the preceding month. The defaults in
culation, which last week increased from $180,- the last-mentioned class in September were unusu363,000 to $188,840,000 further increased the pres- ally few in number. For October a greater number
ent week to $193,678,000. Deposit liabilities, how- appears, but still the figures for that month are
ever, have been greatly reduced the present week, very much below those for October 1932.
falling from $2,884,179,000 to $2,829,124,000. MemAdverse conditions throughout practically all of
ber bank reserve deposits were reduced from $2,590,- last year lead to heavy business defaults then. The
551,000 to $2,577,552,000, and Government deposits number and indebtedness shown were the largest
from $115,597,000 to $90,926,000 while nearly all on record. October was no exception to the other
the other items of deposits also suffered some reduc- months of that year. In that month last year 2,273
tion, these changes doubtless being ascribable to the failures were recorded, involving a total of $52,operations connected with the issuing of $500,- 869,974 in liabilities. The reduction in the number
421,050 of 10-12-year Treasury bonds for cash. Gold in October this year, compared with that of a year
bered by the Washington authorities as well as by
the farmer himself.
_
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Financial Chronicle
Volume 137
ago, is equivalent to 46.9%, and in the amount involved 43.3%. For the 10 months of this year 17,941
business failures have occurred against 27,280 for
the same time in the preceding year. The reduction
in the number this year is 34.2%. As to the liabilities $450,276,808 is reported for the 10 months of
1933, against $810,502,547 for the same time in 1932,
the decline this year equaling 44.2%. The change
for the better in October 1933 is somewhat greater
than for the 10 months.
Trading failures last month numbered 780, with
liabilities of $13,284,745. There were also 341 defaults in the manufacturing lines, for which the indebtedness was $8,849,876, and 85 in the division
classed as "other commercial," owing in the aggregate $8,447,349. In October 1932, 1,581 trading failures were reported, with liabilities of $26,116,260;
542 manufacturing defaults for $18,896,406 of indebtedness, and 150 of the third division, owing
$7,857,308. The improvement for the two large
,
classes was verS marked, perhaps somewhat more
noteworthy for the trading section. For the other
division, the number of defaults was much less last
month, but the liabilities were heavier this year
• than for October a year ago. There were a number
of large failures last month in the brokerage class,
which added to the liabilities for the third division.
-4-.-
HE estimate of cotton production this year has
been raised again by the Department of Agriculture. In its November report,issued at Washington on Wednesday of this week, the figures were
raised to 13,100,000 bales. Each month since the
opening of the 1933 season in August, the estimate
has been advanced. The September increase was
100,000 bales; from September to October 471,000
bales was added, and now for Nov. 1 production is
increased 215,000 bales over the month previous, a
total addition of 786,000 bales. Last year's harvest
was 13,001,500 bales. This was on an area much
larger than that allowed for this year.
Conditions have improved each month for the
growing crop this year, and the larger yield per
acre accounts for the increase. In some States
production has increased 20% or 30% for each
acre over last year. For example, in North
Carolina the estimate is 306 pounds; last year
it was 252 pounds. In Georgia it was 246
pounds, compared with 154 pounds; Alabama, 194
pounds against 150 pounds; Texas, 185 pounds
against 162 pounds, and Oklahoma, 204 pounds compared with 167 pounds. For the area as a whole
a yield of 208.7 pounds per acre is now indicated,
against 205.3 pounds a month earlier, and 173.3
pounds for the harvest of last year. The area for
harvest this year has been reduced to 30,036,000
acres. This omits the 10,396,000 acres taken out of
cultivation in accordance with the Government's
plan. Clearly, the planters in the South, with the
reduced area, have had more time to devote to cultivation of the crop that was left for them.
The Department, in its November report, states
very briefly that the increase in the past month has
been largely in Texas and Oklahoma. For the other
States only minor changes appear. There is no telling what production in these two States may amount
to before the season is closed next spring, especially
for Texas. In that State ginnings to Nov. 1 were
3,522,231 bales, leaving for yield the rest of the season, if the estimate for Texas at 4,350,000 bales is
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3367
•correct, only 828,000 bales to be picked. Last year's
)
production in Texas was 4,445 000 bales and the
ginnings to Nov. 1 1932 2,958,033 bales, leaving for
the rest of the season last year 1,486,000 bales. A
minion and a half bales added to the ginnings in
Texas for the remainder of this season would make
the total production for that State this year in
excess of 5,000,000 bales, which is not out of the
question. Conditions very similar exist in other
States, although not on so large a scale. Total ginnings to Nov. 1 have been 10,361,404 bales, the increase during October having been 4,510,000 bales.
Last year ginnings to Nov. 1 were 9,247,000 bales,
with October ginning amounting to 4,411,000 bales.
There remain this year for ginning after Nov. 1,
according to the November report, 2,739,000 bales;
a year ago the corresponding figures were 3,755,000
bales.
HE Government grain report for November was
issued at Washington late yesterday afternoon, and while there was little change during October in crop prospects, as is quite generally the case,
a slight reduction appeared for corn and tobacco,
as well as in the case of some of the minor crops. On
the other hand, there was an improvement for potatoes, sugar beets, rice and flaxseed. The yield of
corn this year is now estimated at 2,289,544,000
bushels, compared with the yield last year of 2,875,570,000 bushels. The estimate of a month ago was
2,291,398,000 bushels of corn. Production this year
is placed at 22.2 bushels per acre, compared with 26.7
bushels last year and an average for the five years,
1926-1930, of 26.1 bushels. The yield of wheat remains unchanged at 514,816,000 bushels, against the
1932 harvest of 726,283,000 bushels.
The potato crop for 1933 is estimated at 318,000,000 bushels, compared with an estimate of 307,000,000 bushels a month ago, and last year's yield
of 358,000,000 bushels. Production of potatoes per
acre this year is reduced to 98.5 bushels, against
106.1 bushels for the crop of 1932. The tobacco harvest this year is now estimated at 1,408,000,000
pounds, compared with 1,413,000,000 pounds a
month ago, and an average of 1,412,000,000 pounds
for the five years 1926-1930, inclusive. Last year
the yield of tobacco was down to 1,016,000,000
pounds. The yield of tobacco per acre this year has
increased to 809 pounds, against 772 pounds per
acre the average for the five years from 1926 to
1930, inclusive. Rice production this year is estimated at 36,800,000 bushels, compared with
40,600,000 bushels last year,
T
HE New York stock market the latter part of
this week enjoyed a sharp rise, which had as its
main basis the phenomenal flight of the foreign exchanges with resulting acute weakness in the gold
value of the American dollar. The fluctuations at
the half-day session last Saturday were inconsequential and the same is true of the pre-holiday dealings
on Monday, the day before the holding of the elections when the Exchange was closed. On Wednesday, however, a buying wave in stocks became decidedly in evidence, almost entirely owing to the rise
in the foreign exhanges, with a corresponding depreciation in the gold value of the American dollar, and
on Thursday the market developed actual buoyancy
for a time as a result of the same causes, buying
being conducted in large blocks and the market
fairly boiling in its upward move. A concurrent
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3368
Financial Chronicle
rise in wheat, cotton and other commodities served
further to add to the buoyancy in the stock market.
Last week it appeared as if the decline in the American dollar, which had always been the signal for a
rise in stocks and commodities had lost its potency as
a stimulating agency of that kind, but the present
week with the foreign exchanges rising to new high
points and the dollar dropping to new low points, to
the lowest point since the resumption of specie payments on Jan. 1 1879, speculation in both the stock
market and the commodity markets once more
proceeded apace and spectacular increases in prices
resulted all around for the time being. Cable transfers on London touched a high of $4.911 on Monday
/
as against $4.841% on Friday last; on Wednesday they
reached a high of $4.981 , on Thursday a high of
/
$5.15 and on Friday a high of $5.161 . The French
%
franc and the other continental currency units likewise established new high records from day to day.
The commodity markets distinguished themselves
in much the same way.
Ordinary influences counted for little, while the
inflation craze was again doing duty in bringing about
a general rise, but steel production showed a further
decline to 25.2 of capacity. Train loadings of
revenue freight on the railroads of the United
States for the week ended November 4, comprised 607,785 cars as against 587,302 cars in the
corresponding week of 1932. The production of
electricity by the electric light and power industry
for the week ended Nov. 4, was reported at 1,583,412,000 kwh. against 1,525,410,000 kwh. in the
same week of 1932, an increase of 3.8% against 5.8%
increase in the previous week, and much larger ratios
of increase in the several previous weeks. Bond
prices did not share in the upward flight of the stock
market, and as a matter of fact, many issues continued to show a distinctly weakening tendency, while
Government bonds also moved lower. The whole
stock market seemed to be indifferent to anything
except the inflationary developments though, perhaps also, the addition of enough States at the election on Tuesday to the number of those which had
already voted for the repeal of the Prohibition amendment to the United States Constitution, to make the
repeal effective, may also have to some extent served
to stimulate the rise in prices.
As indicating the course of the commodity markets
the December option for wheat in Chicago closed
yesterday at 893 0. as against 871%c. the close on
/
Friday of last week. December corn closed yesterday
at 47%c.against 445 c.the close the previous Friday.
%
December rye at Chicago closed yesterday at 605 c.
%
against 57c. the close on Friday of last week, while
December barley at Chicago closed yesterday at
483 0.against 461 c.the close on the previous Friday.
/
4
Spot price for cotton in New York yesterday was
10.05c. as compared with 9.80c. on Friday of last
week. The spot price for rubber yesterday was 8.50c.
against 7.90c. the previous Friday. Domestic copper
was quoted yesterday at 81%c. against 8c. the previous
Friday. Silver also moved higher—at least at New
York. The London price yesterday was 18 7-16
pence per ounce against 18% pence on Friday of
last week. The New York quotation yesterday was
42.75c. as against 40.80c. the previous Friday. The
foreign exchanges, as already indicated, which had
moved sharply upward last week (involving a corresponding depreciation in the gold value of the
American dollar) continued their upward flight in
Nov. 11 1933
very spectacular fashion. Cable transfers on London
yesterday closed at $5.11 as against $4.843 the close
4
the previous Friday, while cable transfers on Paris
closed yesterday at 6.263'c. compared with 6.07c.
the close on Friday of last week. On the New York
Stock Exchange 18 stocks advanced to new high
figures for 1933, during the current week, and 11
stocks touched new low records for the year. For the
New York Curb Exchange the week's record is 28 new
lows and 26 new highs. Call loans on the Stock
Exchangecontinued unchanged at%of1% per annum.
3
Trading was of moderate volume until Thursday
when it grew in magnitude, only to fall off on Friday.
On the New York Stock Exchange the sales at the
half-day session on Saturday last were 703,910
shares;on Monday they were 685,220 shares;Tuesday
was Election Day and a holiday; on Wednesday they
were 1,803,311 shares; on Thursday 2,902,625 shared,
and on Friday 1,365,930 shares.
On the New York Curb Exchange the sales last
Saturday were 101,855 shares; on Monday 142,585
shares; on Wednesday 224,965 shares; on Thursday
344,225 shares, and on Friday 212,600 shares.
As compared with Friday of last week, prices are
as a rule moderately higher. General Electric closed
yesterday at 209/i against 193% on Friday of last
week; North American at 17 against 163 ; Standard
%
Gas & Electric at 93/b against 91%; Consolidated Gas
of N. Y. at 383 against 40; Brooklyn Union Gas at
4
623/ against 62 bid; Pacific Gas & Electric at 183
4
against 183%; Columbia Gas & Electric at 125 against
%
123/2; Electric Power & Light at 6 against 532; Public
Service of N. J. at 343/ against 36; J. I. Case Threshing Machine at 70 against 673 ; International
%
Harvester at 383 against 38%;Sears, Roebuck & Co.
%
at 401% against 391%; Montgomery Ward & Co. at
203 against 193%; Woolworth at 393/i against 383 ;
%
%
Western Union Telegraph 51% against 50%;Safeway
Stores at 40% against 383 ; American Tel. & Tel. at
%
116 against 116; American Can at 911% against 903/8;
Commercial Solvents at 33 against 34; Shattuck &
Co. at 73% against 63/2, and Corn Products at 72
against 733'.
Allied Chemical & Dye closed yesterday at 132
against 1353/ on Friday of last week; Associated Dry
Goods at 123/i against 113% bid; E. I. du Pont de
%
Nemours at 795 against 79; National Cash Register
A at 15 against 141%; International Nickel at 21
against 19%; Timken Roller Bearing at 28 against
263 ; Johns-Manville at 511% against 513 ; Gillette
4
%
Safety Razor at 113/ against 113/; National Diary
2
Products at 15% against 143/; Texas Gulf Sulphur
2
4
at 403 against 39; Freeport-Texas at 46 against 451%;
United Gas Improvement at 15% against 161 ;
%
National Biscuit at 433/ against 421%; Continental
Can at 653/ against 643%; Eastman Kodak at 75
against 723/; Gold Dust Corp. at 173/ against 173/2;
2
Standard Brands at 241% against 243/2; Paramount%
Publix Corp. ctfs. at 15 against 1 8; Coca-Cola at
4
963/b bid against 973 ; Westinghouse Elec. & Mfg.
3
at 373/b against 35%; Columbian Carbon at 56
%
Reynolds Tobacco class B at 447 against
against 54;
433%; Lorillard at 17 against 173/g; Liggett & Myers
class B at 841% against 84, and Yellow Truck &
Coach at 43 against 41%.
4
Stocks allied to or connected with the alcohol or
brewing group showed no special strength, notwithstanding the favorable vote on the repeal of;the
Prohibition amendment. National Distillers closed
%
at 923 against 943% on Friday of last week; Owens
Volume 137
Financial Chronicle
Glass at 763/ against 731 2; United States Industrial
/
Alcohol at 693/i against 69%; Canada Dry at 27%
against 27%; Crown Cork & Seal at 353 against 33;
4
Liquid Carbonic at 273/i against 267 , and Mengel
%
& Co. at 93' against 8.
The steel shares were inclined to lag. United
States Steel closed yesterday at 403 against 41%
%
on Friday of last week; Steel pref. at 80M against 78;
Bethlehem Steel at 303/b against 30
Vanadium at
191 2 against 185 . In the auto group, Auburn Auto
%
/
closed yesterday at 41 against 383 on Friday of last
4
week; General Motors at 30% against 283 ; Chrysler
4
%
at 428 against 421/8; Nash Motors at 19% against
185 ; Packard Motors at 35% against 3%; Hupp
%
Motors at 3% against 33 , and Hudson Motor Car
4
at 105 against 105 . In the rubber group, Good%
%
year Tire & Rubber closed yeaterday at 34% against
33% on Friday of last week; B. F. Goodrich at 14%
against 13%,and United States Rubber at 17 against
16%.
The railroad shares moved with the general market. Pennsylvania RR. closed yesterday at 27
against 273 on Friday of last week; Atchison Topeka
& Santa Fe at 493 against 493'; Atlantic Coast
Line at 32 against 32; Chicago Rock Island & Pacific
%
at 3% against 33 bid; New York Central at 355
A
against 325 ;Baltimore & Ohio at 233 against 231/s;
%
A
New Haven at 17 against 163; Union Pacific at
1113' against 109; Missouri Pacific at 4 against 4;
Southern Pacific at 203 against 20; Missouri-KansasTexas at 8% against 83 ; Southern Ry. at 225
%
%
against 218 ; Chesapeake & Ohio at 403. against
4
393 ; Northern Pacific at 22 against 203', and Great
4
Northern at 17% against 183j.
The oil stocks also followed the course of the general
market. Standard Oil of N. J. closed yesterday at
%
43% against 427 on Friday of last week; Standard
Oil of Calif. at 423 against 411 ; Atlantic Refining
%
4
at 303' against 30. In the copper group, Anaconda
Copper closed yesterday at 153 against 14% on
Friday of last week; Kennecott Copper at 221 8
/
against 2134; American Smelting & Refining at 463/i
against 45 8; Phelps Dodge at 16 against 153 ;
4
Cerro de Pasco Copper at 39 against 3634, and
Calumet & Hecla at 53 against 4%•
RICE trends were irregular this week on stock
exchanges in all the leading European financial centers. The markets at London, Paris and
Berlin were depressed early in the week by apprehensions regarding international currency developments, but the trend improved later as the fears
diminished. The American policy of deliberate depreciation of the dollar in an attempt to raise commodity price levels kept all markets unsettled
throughout the week, as it again raised the spectre
of a disastrous race in currency depreciation. Official assurances in London allayed these fears somewhat, despite the drop of the dollar to well over $5 a
pound sterling in the London market. Chancellor
of the Exchequer Neville Chamberlain was asked in
the House of Commons, Thursday, if any steps were
being taken to keep the pound below the traditional
parity of $4.86 with the dollar. He assured the
House that the pound would be kept completely
independent of the dollar or of gold currencies. In
France the American measures were viewed with
much dissatisfaction, as it was feared that attendant
circumstances, such as a possible heavy return flow
of fugitive capital, ultimately might force abandon-
P
3369
ment of the gold standard there. Greater security
was felt on this point in Italy and Germany, owing
to the rigid governmental control in those countries. Holland, on the other hand, viewed the developments with great distrust. The monetary incidents far overshadowed all other developments.
Some comfort was derived in the London market,
however, from a further decrease during October
of 37,974 in the'unemployment roster, which lowered
the British aggregate to 2,298,753. French unemployment increased slightly last month, as about
5,400 were added to the official figures, which are
now 231,755.
Dealings in securities on the London Stock Exchange were very quiet in the first session of the
week, as all attention was directed to the gyrations
in the foreign exchange market. British funds suffered a small setback, and there were larger declines
in the industrial stocks. International issues also
eased, with Anglo-Americans particularly weak.
The British market again had a dull tone Tuesday.
British funds made up some of their losses of the
previous day, but industrial securities remained
soft. A lower price for gold in the London auction
market occasioned recessions in South African gold
mining stocks. Turnover in international issues
was small, owing to the holiday at New York. Business improved Wednesday, after issuance of favorable revenue figures by the Chancellor of the Exchequer. British funds were bright, and home rail
stocks also improved, while good features appeared
among industrial issues for the first time in the
week. International issues showed some gains,
despite the currency uncertainty. The London market was cheerful Thursday, notwithstanding the further sharp depreciation of the dollar. British funds
were in good demand, and most industrial stocks
also showed improvement. International stocks
were unsettled, as the higher quotations reported
from New York were largely offset by the lower
value of the dollar. Slight recessions occurred at
London yesterday, all securities again being affected
by monetary uncertainty.
Quotations on the Paris Bourse drifted slowly
downward in the initial session of the week. Turnover was small, but offerings outstripped demand,
,
and small declines were recorded in all sections.
Closing figures were the lowest of the day. The
downward tendency was resumed Tuesday, but
losses again were of small proportions, as the
market was inactive. In contrast with the general
trend, shares of French utility companies showed
small gains for the day. The aloofness of traders
was attributed to domestic political uncertainties
as well as the dubious international monetary outlook. After an uncertain opening, Wednesday,
prices improved slightly on the Bourse, and in some
instances net gains were registered. Trading was
again on a very small scale, as the currency fears
kept most investors away from the market. A fairly
cheerful opening, Thursday, was followed by irregular downward movements, and net changes for the
day were small. Foreign securities were in better
demand than French issues, as a further loss of
gold by the Bank of France increased the monetary
apprehensions. The Bourse was dull yesterday,
with most securities slightly lower.
The Berlin Boerse was dull and irregular as trading started last Monday. Liquidation was general
in the early dealings, but some buying appeared
3810
Financial Chronicle
Nov. 11 1933
situation, Mr. Roosevelt said he had no personal
hesitation in saying that he would not regard the
British Government as in default on its debts.
Chancellor of the Exchequer Neville Chamberlain
made a statement before the newly-assembled House
of Commons in London, the same day, which corresponded with that issued in Washington. Mr.
Chamberlain dwelt on the difficulties occasioned
by the unsettled economic and financial conditions,
and added that a further payment of $7,500,000 in
American currency would be made Dec. 15 "in acknowledgment of the debt pending a final settlement." Great Britain, he said, is ready to resume
the negotiations -whenever after consultation with
the President it may appear that this can usefully
be done. The 'Chancellor referred to the statement
made by President Roosevelt and quoted several
passages of that statement. The account of the
negotiations given by the Chancellor was accepted
find a solution for the baffling almost without comment by the M. P.'s. George
FFORTS to
to
problem of the intergovernmental debts have Lansbury, leader of the Laborite opposition, reagain ended in failure, at least for the time being. quested an opportunity to debate the matter before
Negotiations for a readjustment of the British debt the next payment is made. Sir Austen Chamberto the United States were discontinued in Washing- lain, half-brother of the Chancellor, asked if the
ton, Tuesday, after dragging along for a little more December payment will be in all respects on the
than a month. It had been evident for several same basis as that of last June, and was answered
weeks that no progress was being made, and the situ- affirmatively.
There was a good deal of informal conjecture in
ation was frankly acknowledged in statements issued
conversations by President Washington regarding the formula 'used for fixing
at the conclusion of the
Roosevelt and Chancellor of the Exchequer Neville the December payment by Great Britain at
Chamberlain. The expedient of a "token payment," $7,500,000, but no information was forthcoming on
adopted by the British Government last June, again that point. The sum is only 6.3% of the $117,670,765
will be utilized on Dec. 15, when the next instalment due, which consists of $39,482,888 principal and
is due. Against the aggregate of $117,670,765 due $78,187,877 interest. The inconclusive end of the
next month for principal and interest, London will discussions probably means that other debtor Govpay $7,500,000 in United States currency. This is ernments will adopt expedients in December correapproximately equal to the June payment of sponding to those of last June. France defaulted
20,000,000 ounces of silver, which are understood on the last two debt instalments, and is likely to
to have cost Great Britain about $7,200,000, or 36 do so again on the December payment of $22,200,926.
cents an ounce, although the payment was computed Belgium, Poland, Yugoslavia, Lithuania and
at a value of 50 cents an ounce. The conclusion of Estonia likewise defaulted last June. Italy, Czechothe discussions announced on Tuesday followed a slovakia, Rumania and Latvia followed the British
final conference on the subject last Saturday, held example and made small token payments. Finland
at the White House by President Roosevelt and his is now the only country with a perfect record on
advisers with Sir Ronald Lindsay, the British Am- its debt to the United States Government, and there
bassador, and Sir Frederick Leith-Ross, chief of the is considerable interest regarding that country's inBritish mission. It was widely reported after the tentions with respect to the $229,623 due Dec. 15.
conference a week ago that nothing remained to be The aggregate of payments due next month is $153,done, other than the issuing of the final statement.' 024,327, this sum including not only the instalments
President Roosevelt indicated in his statement on of the various settlements, but also the payments
Tuesday that the conversations had been requested due against the deferred instalments of the Hoover
by the British Government in notes delivered last moratorium year. The unpaid balances of last June
June and December. The discussions followed, he amount to $132,296,780, while those of last December
added,in accordance with the policy announced last are $25,254,511.
year, that a debtor may at any time approach a
ROBLEMS of interest to Russia and the United
creditor with representations concerning a debt or
States were discussed at Washington this week
requests for readjustment. "The conversations, now
concluded, have in no sense prejudiced the position in a series of meetings between the highest authoriwhich either Government has taken in the past or ties of the American Government and Maxim Litmay take in any subsequent discussion of the entire vinoff, Foreign Commissar of the Soviet Union. The
debt question," the President continued. "They establishment of formal diplomatic relations is
have, however, given an opportunity for a full and aimed at in these conversations and doubtless will
frank discussion of the representations which the be announced within a day or two. These arrangeBritish Government has made. These discussions ments, however, have generally been regarded as
have made clear the great difficulty, if not impossi- mere formalities since President Roosevelt initiated
bility, of reaching sound conclusions upon the the exchange of letters with President Kalinin in
amounts of international payments practicable over which preparations were made for the current disany considerable period of time in the face of the cussions in Washington. To all intents and purunprecedented state of world economic and financial poses the 16 years of official estrangement came to
conditions." After considering all factors in the an end when Mr. Roosevelt dispatched his invitation
later in the day, and the rally brought quotations
almost up to the previoui level. The tendency Tuesday was again uncertain, with dealings restricted
because of the monetary developments and the impending national elections in the Reich. Most industrial securities showed slight losses, but Government and State bonds were firm. Changes in
Wednesday's dealings were fractional, as business
was notable chiefly because of its very small proportions. The tone was uncertain, and at the close
gains and losses were about equally represented.
The trading Thursday was marked by further small
movements in equities, with changes taking place in
both directions. Some parts of the bond list were
sharply depressed, however, owing to a court decision that German holdings of German dollar bonds
are payable only in depreciated dollars. The tone
was good yesterday, but gains were small.
E
P
Volume 137
Financial Chronicle
to M. Kalinin a month ago. Foreign Commissar
Litvinoff, who was chosen by the Russian Government to conclude the negotiations, arrived in New
York, Tuesday, on the steamer Berengaria, and
promptly proceeded to Washington. He was greeted
by Secretary of State Cordell Hull and promptly
conducted to the White House, where a cordial welcome was extended by President Roosevelt. Views
were exchanged Wednesday and again yesterday
by President Roosevelt and Foreign Commissar Litvinoff, while conferences were in progress almost
continuously between State Department officials
and the Russian emissary. After the conversation
yesterday a joint statement was issued to the effect
that the President and M. Litvinoff had reviewed the
questions between the two countries which previously had been discussed between the Russian
official and Secretary of State Hull. "These conversations with the President and with the State
Department will continue in normal course," the
statement added.
Soon after the conversations were started in
Washington,it appeared that the officials of the two
countries aimed at immediate recognition, with the
idea of leaving the detailed discussions of more difficult problems to the future. This is a reversal of
the ordinary diplomatic procedure, by which outstanding problems are quietly adjusted in preliminary conversations and announcement then made
of a renewal of relations. Walter Duranty, the able
Moscow correspondent of the New York "Times,"
journeyed to Washington concurrently with M. Litvinoff, and reported that the talks in the capital were encouraging. Points of difference were
discussed broadly in the meetings at the State Department, and the results then "briefed" and presented to Mr. Roosevelt. One of the more interesting matters discussed from the Russian viewpoint
by Mr. Duranty in wireless reports from the Berengaria is that of credits for purchases in this country. "Regarding credits," the correspondent said,
"the Soviet is less eager than is generally supposed
and has undoubtedly decided to abandon the previous system of financing capital investment on a
short-term or comparatively short-term credit basis.
Financing of means of production, industry, transportation and the like will henceforth either be
handled at home or, if undertaken by foreigners,
will be for periods of not less than five years, which
really means loans, whether termed credits or not.
The Soviet would probably accept short-term credits
for some raw materials and commodities, like copper, cotton, hides, meat, fat and live animals, but
only to a relatively limited extent to which it could
be certain of paying the bills as they fall due."
N ALL European countries a re-examination of
1 international relations now is in progress, with
particular reference to the German withdrawal from
the League of Nations and the General Disarmament Conference. The war scare that followed the
German action has died down, but there is still a
good deal of anxiety regarding the pronouncements
likely to be made by Chancellor Hitler after tomorrow's general election in Germany. There were
indications early this week that Italy may take the
initiative, under the Four-Power pact, for adjustment of the disarmament dispute that led to the
German withdrawal. Captain Hermann Goering,
3371
the chief lieutenant of Chancellor Hitler, visited
Premier Mussolini in Rome, Monday and Tuesday,
and is said to have delivered a letter from Chancellor
Hitler in which thanks were expressed to the Italian
leader for his "action in favor of equitable systematization of international relations." The communication also is said to have contained an outline of the
German attitude on disarmament. "Captain Goering's presence is interpreted here," a Rome dispatch
to the New York "Times" said, "as an attempt to
break the ice and approach Great Britain and
France through Italy with a view to rendering possible a resumption of the discussion on disarmament." It was intimated officially in Rome yesterday that the international situation is not yet ripe
for a renewal of disarmament discussions. Captain
Goering made no formal proposals, it was announced.
The disarmament impasse was the subject of Parliamentary interpellations both in England and in
France this week. Foreign Secretary Sir John
Simon explained the British Government's views in
the first meeting of the House of Commons for the
Autumn session, Tuesdpy. He assailed British isolationists who desire the withdrawal of the London
Government from the League and the Locarno
treaty. "The view of the Government is that the
withdrawal of any party to the Locarno treaty from
the League does not by itself involve the release of
all parties from their obligations under the treaty,"
he said. "Much as we deplore Germany's recent
action, and unjustified as we think it is, that is
no reason for treating the door which she has
slammed as though it was bolted and barred. We
shall seize every opportunity of getting and keeping
in touch with her, as well as with the other signatories of Locarno." The co-operation of the United
States at Geneva was highly praised by the Foreign
Secretary, who declared that it has never been more
intimate, more cordial or more valued than in the
recent disarmament negotiations. David Lloyd
George, leader of one of the Liberal factions, upheld
the German position and attacked both France and
the United States for increasing their armaments.
The defense of the Government by Sir John Simon
did not satisfy the Labor opposition party, which
voted to offer a motion of censure next Monday on
the foreign policy of the National Cabinet.
Foreign Minister Joseph Paul-Boncour discussed
the French attitude in a meeting of the Foreign Affairs Commission of the Chamber of Deputies,
Wednesday. If Germany should refuse to accept
any control of armaments, members of the League
would apply the sanctions provided in the Covenant,
M.Paul-Boncour stated. Such sanctions are chiefly
economic, the Minister explained in reply to a question, but he intimated that "other sanctions" also
might be employed. The Locarno treaty is still considered binding on all nations that signed the accord, he assured the Deputies. Reliable assurances
had been received that Italy took a similar stand,
he said. German aloofness from the League was
emphasized Tuesday, in a Berlin election speech by
Foreign Minister Konstantin von Neurath. The
former allied nations have used the League as a
tool to perpetuate the Versailles Treaty, he declared.
Germany withdrew because she considered the
League in flagrant contradiction to a spirit of real
equality, Baron von Neurath added.
3372
Financial Chronicle
NNOUNCEMENT of withdrawal of the British
Government from the international tariff
truce was made by Walter Runciman, President of
the Board of Trade, in an address before the newlyassembled House of Commons, Tuesday. The move
apparently was a popular one, as the statement was
greeted with cheers. The British withdrawal leaves
only a few of the major trading nations as adherents of the truce, which was arranged at American
insistence during the course of the World Monetary
and Economic Conference last summer. The tariff
arrangement was previously denounced by Holland,
Ireland, Sweden and Switzerland, while France and
Denmark have made reservations which fall little
short of complete withdrawal. After careful consideration of the matter, said Mr. Runciman, "we
have come to the conclusion that the truce is no
longer of practical value." The British denunciation of the pact will take effect Dec. 7, or one month
after notification. It was noted in a dispatch to
the New York "Times" that the truce never has
been a real deterrent to British tariff increases, as
reservations made at the time of signing have permitted increases in import duties on at least 50
articles. The decision announced by Mr. Runciman
is believed to be the result of persistent depreciation
of the dollar, the dispatch added. "Henceforth
Great Britain will be free to protect herself by
tariffs of any height against a real or imaginary
flooding of her markets by cheap United States exports," the report said. Washington dispatches
indicated that the British withdrawal was expected,
and it was suggested also that a "tide of withdrawals" may set in. Secretary of State Cordell Hull
was quoted as saying, however, that the United
States has no intention of withdrawing from the
tariff truce.
A
Nov.
11 1933
in them. The supporters of M. Sarraut included
only his own party members and a small center
group under the leadership of Pierre Etienne Flandin. How soon the Government will fall is uncertain, but its end is expected almost as soon as
financial proposals are brought forward, the
"Times" dispatch said.
CONOMIC changes of far-reaching scope are to
be made in the Italian Fascist system of Government, under a decre which the Chamber of Deputies at Rome was asked to approve, Thursday, by
Premier Benito Mussolini. The decree "suggested"
by Signor Mussolini will give the Fascist Government the authority to guarantee and participate in
stock and bond issues of private .companies. The
guarantee may extend to an assurance of dividend
payments to stockholders, an Associated Press dispatch said. The intention is to pay dividends regardless of the condition of the company, while payments will be increased if the enterprise is profitable, it is said. Operations under this measure are
to take place through the Industrial Reconstruction
Institute, which is similar to the Reconstruction
Finance Corporation of the United States. Preparations already have been made for the first step under
this decree, which will consist of a guarantee of a
400,000,000 lire bond issue of the new Piedmont Telephone Co., until recently a part of the Piedmont
Hydroelectric Co. In a report to the Chamber of
Deputies, Premier Mussolini stated that the decree
is "designed to re-educate the investor to participate
directly in stocks of productive activities through
opportune investments which assure him the worth
of his investment, protect struggling companies from
speculative maneuvers and prevent companies which
remain on their feet from being absorbed by overlarge trusts." In financial circles of the Italian
TTLE expectation is entertained in France of a capital it was pointed out that the decree may result
long life for the Sarraut Ministry, which took in Government financing of all industry. The operaoffice last week and managed to survive its first tions of Italian industries already are controlled by
encounter with the Chamber of Deputies. Like sev- the State, it was pointed out in the Associated Press
eral of his predecessors, Premier Albert Sarraut is report.
Some relatively minor and long-expected political
expected to fall on budgetary questions, which remain unsettled. The new Premier gave no indica- changes were effected in Italy, Monday, when Pretion in his Ministerial Declaration, on Nov. 3, of the mier Mussolini assumed the Ministries of Aviation
means he intends to employ to close the gap of about and the Navy, in addition to the many portfolios
6,000,000,000 francs between the national income he already holds. Air Marshal Italo Balbo, who
and expenditure estimates of the 1934 budget. M. held the Air portfolio, was appointed Governor of
Daladier's Ministry fell in the valiant attempt to the Italian Colony of Libya in Africa, where it is
cut the salaries of civil servants as one means of suggested he will have important and difficult work
attaining a balance. Premier Sarraut, who formed to do. Admiral Giuseppi Sirianni was'transferred
a Government essentially similar to that headed by from the Navy post to the chairmanship of the Cogni
M. Daladier, proclaimed his intention of balancing Co., one of the largest units in the Italian steel
the budget and protecting the franc, but gave no industry. In addition to the Premiership and the
portfolios he assumed Monday, Signor Mussolini
indications of his plans for reaching this goal.
Premier Sarraut, who is a member of the same now holds the posts of Foreign Affairs, Home AfRadical-Socialist group that numbers M. Daladier fairs, Corporations and War. It is rumored in Rome
among its adherents, made an extremely long Minis- that the three military Ministries will be merged
terial Declaration, but it was described in a dispatch into a single Ministry of Defense in coming months.
to the New York "Times" as one of the most nebuEVOLUTIONARY disorders in Cuba, never
lous ever read in the Chamber. It consisted largely
quite absent in recent months, broke out on a
of a statement of party principles and an avowal
of loyalty to the country. When a vote of con- large scale in Havana, Wednesday, when a group of
fidence was requested, slightly more than half the 500 rebellious troops seized three of the chief fortChamber, or 306 Deputies, voted with the new Gov- resses at the capital in a move to unseat President
ernment. Only 32 voted against it, while all others Ramon Grau San Martin and place Dr. Carlos
abstained. Especially noteworthy was the absten- Manuel de Cespedes in the Presidential chair. This
tion of the Socialists, who supported the two preced- attempt was generally attributed to the ABC revoing Radical-Socialist regimes without participating lutionary organization in Cuba, which was chiefly
E
Li
R
Financial Chronicle
Volume 137
instrumental in ousting the dictator, Gerardo Machado. Most Cuban troops remained loyal to the
Grau San Martin regime, however, and after two
days of stubborn fighting the rebels were subdued.
Colonel Fulgencio Batista, who was a sergeant three
months ago, led the loyalist troops in a determined
attack on the rebels, who surrendered late Thursday, after the casualties on both sides had mounted
to about 100 dead and 175 wounded. A state of
war was proclaimed throughout the Island early
Wednesday by the President. The rebels, under
Colonel Juan Blas Hernandez, held the fortresses
of San Ambrosio, Dragones and Atares when they
started their venture, but during Wednesday night
their forces dwindled and they concentrated at
Atares for the final engagement Thursday. They
were unable to withstand an intensive bombardment from sea and land, and finally ran up numerous white flags over the walls of Atares Fortress.
Business in Havana was suspended during these
occurrences, as all banks and commercial offices
were closed. In Washington it was indicated that
the United States Government has no intention of
intervening in Cuba, despite the fresh outbreak of
disorders.
3373
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Noy. 3 1933. Nov. 4 1932. Nov. 6 1931.
Francs.
Francs.
Francs.
Francs.
—283,342,978 80.748,692,466 83,035,819,743 67,580,593,727
—417,000.000
868,084,479 2,985,559,662 13,374,307,445
Gold holdings
Credit bills. abroad..
a French commercial
h. bills discounted_ —518,000,000 3,041,438,261 2,776,531,007
6,860.176,378
b Bills bought abr'd
+1.000.000 1,302,743,057 1,996,356,231
Adv. against securs. +121,000,000 2,902.767.650 2,678,135,203 14051,429.166
Note circulation___ _ +1,095,000,000 82,194,578,200 83.021,910,490 2,864,935,564
Credit current accts. —2,072,000,000 19,255,762,346 24,293,107,058 82,794.909.410
30,178,140,051
Propor. of gold on
hand to sight Rah.
+0.49%
79.60%
77.38%
59.82%
a Includes bills purchased in France. b Includes bills discounted
abroad.
HE Bank of England statement for the week
ended Nov. 8 shows a gain of £55,102 in gold
holdings but as this was attended by an expansion of
£1,138,000 in circulation, reserves fell off £1,082,000.
Gold holdings have again reached a new high mark,
this time of £191,812,793, in comparison with £140,443,458 a year ago. Public deposits rose £17,703,000 while other deposits decreased £22,980,697.
Of the latter amount £19,348,614 was from bankers'
accounts and £3,632,083 from other accounts. The
reserve ratio is now up to 50.10% from 49.14% a
week ago; last year the ratio was 40.42%. Loans
on Government securities fell off £4,233,000 and those
on other securities increased £58,245. The latter
consists of discounts and advances which decreased
£181,966 and securities which rose • £240,211. The
HERE have been no changes this week in the discount rate is unchanged at 2%. Below we show
discount rates of any of the foreign central the figures with comparison for previous years:
banks. Present rates at the leading centers are
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
shown in the table which follows:
Nov. 8
Nov. 9
T
T
1933.
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Country.
Rate in
Effect
Date
Nov.10 Established.
Austria— —
Belgium___
Bulgaria...
Chile
Colombia_
czechosloyak's_ _ _
Danzig— —
Denmark.
England- —
Estonia-Finiand____
France_ ___
Germany -Greece
Rolland_ _ _
PreMous
Rate.
5
8%
8%
4%
4
Mar.23 1933
Jan. 13 1932
May 17 1932
Aug. 23 1932
July 18 1933
6
2%
9%
5%
5
3%
4
3
2
5%
5
234
4
7
234
Jan. 25 1933
July 12 1932
June 1 1933
June 30 1932
Jan. 29 1932
Sept. 5 1933
Oct. 9 1931
Sept. 31 1932
Oct. 13 1933
Rent. 18 1022
494
5
3%
2%
694
5%
2
5
7%
2
Country.
Rate in
Effect
Date
Noo.10 Established.
PreMoue
Rate.
Hungary-- 4% Oct. 17 1932 5
India
3% Feb. 16 1933 4
Ireland
3
June 30 1932 3%
334 Sept. 4 1933 4
Italy
Japan
3.65 July 3 1933 4.38
Java
434 Aug.16 1933 5
Lithuania
May 5 1932 714
7
Norway_.. 334 May 23 1933 4
Poland
5
Oct. 25 1933 6
Portugal6
Mar. 14 1933
34
Rumania
6
Apr. 7 1933 6
South Africa 4
Feb. 21 1933 7
Spain
6
Oct. 22 1932 534
Sweden_ __ 3
.
June 1 1933 334
Switzerland 2
Jan. 22 1931
%
In London open market discounts for short bills
on Friday were 1 1-16@1
as against/
7 3@15-16%
on Friday of last week and 1 1-16@13/g% for three
months' bills, as against 15-16% on Friday of last
week. Money on call in London yesterday was
At Paris the open market rate remains at VA% and
in Switzerland at 13/2%.
HE Bank of France statement for the week ended
Nov. 3 shows a decrease in gold holdings of
283,342,978 francs. Owing to this loss, the Bank's
gold is now at 80,748,692,466 francs, as compared
with 83,035,819,743 francs last year and 67,580,593,727 francs the previous year. Credit balances
abroad, French commercial bills discounted and
creditor current accounts record declines of 417,000,000 francs, 518,000,000 francs and 2,072,000,000
francs, while the items of bills bought abroad and
advances against securities register increases of
1,000,000 francs and 121,000,00Q francs, respectively.
Notes in circulation reveal a large gain, namely,
1,095,000,000 francs. The total of circulation is
now 82,194,578,200 francs in comparison with 83,021,910,490 francs a year ago. The porportion of
gold on hand to sight liabilities stands this week at
79.60%, which compares with 77.38% a year ago.
Below we furnish a comparisdn of the various items
for three years:
T
1932.
Nov. 11
1931.
Nov. 12
1930.
Nov. 13
1929.
£
£
£
£
£
Ctrculation_a
373,336,000 361,210,213 357,195,262 355,380,919 358,108,000
Public deposits
25,244,000 20,427,636 19,143.347 16,978,509 15,784,000
Other deposits
131,369,838 113,715,450 98,804,300 93,471,429 96,460,426
Bankers'accounts_ 91,295,138 79,858,220 60,461,123 60,321,291 54,705,309
Other accounts_ _ _ 40,074,700 33,857,230 38,343,177 33.150,138
Governm't securities 72,788,905 68,053,293 54,995,906 36,726.247 41,755,117
66,834,855
Other securities
23,077,376 29,586,291 41,033,085
Diset. di advances. 8,465,914 11,799,151 11,677,207 26,737,008 28,485,253
4,287,80
9,21C.079
Securities
14,611,462 17,787,140 29,355,878 22.449,204
Reserve notes Sr coin 78,479,000 54,233,245 39,641,325 64,899,627 19,275,175
34,661,00C
Coin and bull1on__
191.812,793 140,443,458 121,836,587 11,0,080,546 132,771,032
Propor. of res. to nab
50.10%
40.42%
33.60%
58.57%
30.88%
Bank rate
2%
20
1:,
601.
Ron
30
1.
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of
England
note issues, adding at that time £234,199,C00 to the amount of Bank
of England
notes outstanding.
HE New York money market did not entirely
escape, this week, the confusion created by the
managed currency of the Federal Government.
Dealers in bankers' acceptances effected a general
advance of 4% in yield rates on these instruments
3
and thus brought the market into conformity with the
M% buying rate for bills due up to 90 days maintained by the Federal Reserve Bank. This upward
revision of rates was considered precautionary and
due to the rapid advance in yields on short term
Treasury paper which, it was thought, might bring an
influx of bankers' bills into the market. There were
no other changes of any consequence in the money
market. Call loans on the New York Stock Exchange
were 4% for all transactions, whether renewals or
3
new loans. In the unofficial street market transactions were reported done every business day at 3/2%,
or a concession of M.% from the official level. Time
money rates were unchanged. Brokers' loans against
stock and bond collateral declined $10,000,000 in
the week to Wednesday night, according to the usual
report of the Federal Reserve Bank of New York.
T
HE Bank of Germany in its statement for the
_ first quarter of November shows an increase
in gold and bullion of 462,000 reichsmarks. The
Bank's gold is now 396,476,000 reichsmarks in comparison with 817,283,000 reichsmarks the same
period a year ago. Reserve in foreign currency,
silver and other coin and notes on other German
T
3374
Financial Chronicle
Nov. 11 1933
HERE have been no changes this week in the
banks record increases of 609,000 reichsmarks,
rediscount rates of the Federal Reserve banks.
26,508,000 reichsmarks and 5,049,000 reichsmarks
respectively. Notes in circulation show a decline of The following is the schedule of rates now in effect
132,659,000 reichsmarks, reducing the total of the for the various classes of paper at the different
item to 3,438,716,000 reichsmarks. Circulation a Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
year ago aggregated 3,502,238,000 reichsmarks and
Rate in
the year before 4,541,599,000 reichsmarks. The
Date
Federal Reserve Bank.
Effect on
Previous
Nov. 10.
Established.
Rats.
proportion of gold and foreign currency to note
Nov. 2 1933
3
234
circulation stands now at 12.1% in comparison with Boston
New York
2
Oct. 20 1933
234
Philadelphia
3
June 8 1933
334
26.8% last year. A decrease appears in bills of Cleveland
234
Oct. 21 1933
3
334
Jan. 25 1932
4
exchange and checks of 67,246,000 reichsmarks, in Richmond
Atlanta
334
Nov. 14 1931
3
Chicago
Oct. 21 1933
3
234
advances of 67,226,000 reichsmarks, in investments St. Louis
3
June 8 1933
334
Minneapolis
334
Sept. 12 1930
4
61,860,000 Kansgs City
of 257,000 reichsmarks, in other assets of
Oct. 23 1931
3
334
DaIjs
334
Jan. 28 1932
4
234
Nov. 3,1933
3
reichsmarks, in other daily maturing obligations of SMfFranclsco
27,140,000 reichsmarks and in other liabilities
TERLING exchange the present week has been
of 4,162,000 reichsmarks. A comparison of the
marked by a further sensational rise to the
various items for three years appears below:
highest figures recorded since the outbreak of the
REICHSBANK'S COMPARATIVE STATEMENT.
World War in 1914. Markets everywhere are hesiChanges
tant and nervous. Sterling rushed up to new high
Nov.? 1933. Nov. 71932. Nov. 71931.
for Week.
levels on several occasions. In Wednesday's trading
Reichsmarks. Reichsmark:. Reichsmark:. Reichsmarks.
Assets—
+462,000 396,476,000 817.283,000 1,101,298.000
Gold and bullion
cable transfers advanced to 4.973 , while sterling
4
66,719,1,00
48,934,000
61,252.000
Of which depos. abroad No change.
18,589.000 121,826.000 160,650,000
+609,000
Reserve in foreign curr_
futures passed the $5.00 mark, 90-day sterling going
—67,246,000 3,095.040.000 2,794,893,000 3,830,121,000
Bills ef exch. and checks
93.841,000
+26,508.000 208,050,000 185,685,000
Silver and other coin.._
to $5.02. In terms of sterling the value of the dollar
8,719.000
7.851,000
7.080.000
+5,049,000
Notes on other Ger. bke
99,141,000 112,268.000
—67,226,000
75,744.000
Advances
dropped to 97.69 cents. On the same day the dollar
—257.000 318,874.000 362,346,000 102,884,000
Investments
—61,860,000 552,182,000 812,558,000 870,077,000
Other assets
dropped to 63.68 in Paris, then to 63.50 and to 62.96.
iiaMuilies—
—132,659,000 3,438,716,000 3,502,238,000 4,541,599,000
Notes in circulation_
—27,140,000 389.235,000 366,211.000 398,903,000
The market was taken entirely by surprise on ThursOther daily matur.oblig
--4,162,000 222,532,000 765,708,000 850,386,000
Other liabilities
Propor. of gold 4, torn
day when sterling advanced over 17 cents for the
12.1%
27.8%
+0.5%
26.8%
curr, to note circul'n_
day, the rate for cable transfers going as high as 5.15,
a new post-war high. On the same day the ReconEALING in detail with call loan rates on the struction Finance Corporation placed the domestic
i% has value of gold at $33.15, but in the exchange
Stock Exchange from day to day, Y
again been the ruling quotation all through the week market gold dropped to $32.70. Rates for sterling
for both new loans and renewals. Time money has shot ahead so fast during the week that the exchange'
been in very little demand this week, only one or two markets were all quite demoralized and it was almost
small transactions of 90 day money having been re- impossible to effect any trades. One thing stood
4
ported. Rates are nominal at M@3 % for 60 days, out clearly throughout the week—that is, that there
4%for three, four and five months,and Yogi% for was a world-wide demand for sterling. Not only
3
six months. The market for commercial paper has were holders of dollars getting out from under, but
been fairly active this week. There has been more there is a marked movement away from the gold curpaper available and the demand has been somewhat rencies also. The gold currencies moved into new
0
brisker. Rates are 137 for extra choice names high ground against dollars, but they represented no
running from four to six months and 13/2% for names such disparity against sterling. During the week the
mean London check rate on Paris seems to have
less known.
ranged from a low of 79.85 to a high of 81.43 francs
HE market for prime bankers' acceptances has to the pound. These figures do not indicate that
continued quiet this week and the supply of sterling is firm with respect to gold, when it is
paper somewhat short. Rates were advanced on considered that under normal conditions or under
Thursday A of 1%, in both the bid and asked conditions of exchange such as existed prior to Great
-day maturities. Quota- Britain's abandonment of the gold standard in Sepcolumns for 30-, 60- and 90
American Acceptance Council for bills tember 1931, the pound would ordinarily exchange
tions of the
up to and including 90 days are M% bid and %% at the rate of 124.21 francs to the pound.
On a number of occasions during the past few weeks
asked; for four months, %% bid and M% asked;
sterling commanded as high as 82 francs to the pound,
3
for five and six months, %% bid and 4% asked.
The bill buying rate of the New York Reserve Bank but when consideration is given to the fact that
is M% for bills running from 1 to 90 days, and pro- sterling was in great demand in all the gold centers,
portionately higher for longer maturities. The it must be regarded as firm against these gold curFederal Reserve banks' holdings of acceptances in- rencies. At the height of the excitement on Thurscreased during the week from $6,644,000 to $6,737,-* day, Mr. Neville Chamberlain, Chancellor of the
000. Their holdings of acceptances for foreign cor- Exchequer, went before the House of Commons and
respondents, however, fell during the week from proclaimed anew the 'independence of sterling."
$30,750,000 to $10,700,000. Open market rates for "The general policy of His Majesty's Government,"
said Mr. Chamberlain, "is to retain for the present
accpetances are as follows:
the independence of sterling, as has been explained
SPOT DELIVERY.
on several occasions, particularly in resolutions
—180 Days— —150 Days— —120 Days—
Bid.
Asked.
Bid.
Bid.
Asked.
Asked.
approved by Empire delegations at the conclusion of
j
Prime eligible bills
Si
34
Si
34
—90Days— —60Dm— —30Days—
the World Economic Conference." He was asked by
Bid.
Asked.
Bid.
Bid.
Asked.
Asked.
a Labor member if by independence he meant that
bills
Prime eligible
FOR DELIVERY WITHIN THIRTY DAYS.
sterling should be independent of the dollar and tied
Eligible member banks
M% bid
with the franc, the Chancellor's answer was "No.
Eligible non-member banks
M% bid
T
D
T
Volume 137
Financial Chronicle
Independence means what it says: independence
from any other currency." The range for sterling
and 5.16 for
this week has been between 4.85
bankers'sight bills, compared with a range of between
4.70% and 4.853 last week. The range for cable
4
transfers has been between 4.85% and 5.163/8,
compared with a range of between 4.70% and 4.86
a week ago. The price of gold gyrated wildly as the
dollar dropped and sterling advanced, as did the
London check rate on Paris and the Paris gold quotations for United States dollars. The following
tables give the London check rate on Paris from day
to day and the mean gold quotation for the• United
States dollar in Paris, the London open market gold
price and the price paid for gold by the United States
(Reconstruction Finance Corporation).
MEAN LONDON CHECK RATE ON PARIS.
Saturday Nov. 4
79.875 Wednesday Nov. 8
Thursday Nov. 9
Monday Nov.6
80.57
Nov. 10
Tuesday Nov. 7
80.906 Friday
80.30
81.278
81.43
MEAN GOLD QUOTATION U. S. DOLLAR IN PARIS.
63.5
Saturday Nov. 4
64.6 I Wednesday Nov. 8
63.02
Thursday Nov. 9
Monday Nov.6
64.9
61.9
Nov. 10
Tuesday Nov. 7
63.27 Friday
LONDON OPEN MARKET GOLD PRICE.
Saturday Nov. 4
132s. 4;id. 1 Wednesday Nov. 8 _131s. 10d.
Monday Nov. 6
Thursday Nov. 9 ____130s. 11d.
131s. 10d.
Nov. 10 __129s. 8d.
Tuesday Nov. 7
129s. 11;id. Friday
PRICE PAID FOR GOLD BY U. S.(RECONSTRUCTION FINANCE
CORPORATION).
33.05
Saturday Nov.4
Wednesday Nov. 8
32.67
33.15
Monday Nov.6
32.84 Thursday Nov. 9
33.20
Tuesday Nov. 7
32.84 Friday
Nov. 10
3375
of the market to change prevailing conditions under which rates were so low owing to superabundance of
funds as to threaten the very existence of the discount market. London is lending much more freely
both at home and abroad. New capital issues for
the first 10 months of this year totaled £113,728,000,
against 07,919,000 in the corresponding period of
1932. Call money against bills is in supply at IA to
3't7o• Two-months' maturities are 31-32%,compared
with 7 to 15-16% on Wednesday. Three-months'
A
bills are 1%, against 15-16 to 1%,four-months' bills
1 1-16%, six-months' bills 1 1-16 to 13/%. On Saturday last there was £400,000 in bar gold available
in the open market, which was taken for Continental
A
account at a premium of 91 d. On Monday 000,000 was available in the open market, which was taken for Continental account at a premium of 9d.'
On Tuesday approximately £490,000 was taken for
2
Continental account at a premium of 83/d. On
Wednesday £400,000 was taken for Continental account at a premium of 113/2d. On Thursday L400,000 of bar gold went to the Continent at a premium'
of 9d. On Friday £520,000 was taken for the Continent at a premium of 7d. The Bank of England
statement for the week ended November 8 shows an •
increase in gold holdings of £55,102, the total stand-.
ing at £191,812,793, which compares with £140,443,-•
458 a year ago and with the minimum of £150,000,000
recommended by the Cunliffe committee.
At the Port of New York the gold movement for
the week ended November 8, as reported by the
Federal Reserve Bank of New York, consisted of
exports of $199,000 to France. There were no
imports and no change in gold earmarked for foreign
accounts. In tabular form the record is as follows:
Only a few weeks ago London brokers were advising their clients to buy United States bonds, in
the belief that conditions would improve here and
that the most extreme measures would not be
adopted by Washington toward currency debasement, but the present week these same brokers have GOLD MOVEMENT AT NEW YORK, NOV. 2-NOV. 8, INCLUSIVE.
Imports.
Exports.
advised their clients to dispose of their United States
None.
I
$199,000 to France.
bonds, and this movement, aroused by fears reNo net change in gold earmarked for foreign account.
specting the future of the dollar, has been largely
No exports of gold recovered from natural deposits.
instrumental in directing the flow of funds to London
The above figures are for the week ended Wednesand away from the dollar, and was, of course, re- day evening. On Thursday and Friday there were
fleeted to a marked degree in the advance in sterling no imports or exports of the metal or change in gold
and the lower price of dollars in all Continental earmarked for foreign account. There have been no
centers. The Washington Administration is sur- reports during the week of gold having been received
rounding its gold-purchasing operations abroad with at any of the Pacific ports.
the greatest secrecy. The Chairman of the ReconCanadian exchange, owing to the great advance in
struction Finance Corporation said that up to sterling and the drop in the dollar, has gone above
Thursday the Corporation had purchased 213,000 dollar parity. On Saturday last Montreal funds were
ounces of domestic gold, but would make no state- at a discount of %%. On Monday Montreal funds
ment about the gold purchased abroad. London were quoted at a discount of 3-32%. On Tuesday,
bullion brokers report that no American inquiries Election Day, there was no market in New York.
could be traced from day to day for gold in the open On Wednesday Montreal funds were at a discount of
market. It is known, however, that one private 1-16%. On Thursday Montreal funds went to a
American bank purchased gold from the Bank of premium of 1-16%, and on Friday the premium
France during the week, undoubtedly for the ac- was 1-16%.
count of the Federal Reserve Bank. Apparently the
Referring to day-to-day rates, sterling exchange on
gold thus bought has been either earmarked in Saturday last was firm. Bankers' sight was 4.853/
Paris or shipped to London. It is pointed out that @4.86; cable transfers, 4.85%@4.863
/. On Monday
since a great deal of the gold which has been taken' the pound moved up sharply against the dollar. The
for Continental account for months in the London range was 4.87%@4.91 for bankers' sight and 4.88®
open market and deposited in the vaults of the 4.91A for cable transfers. On Tuesday, Election
great London banks, Americans might easily effect Day, there was no market in New York. On Wedthe purchase of such gold without letting the pur- nesday sterling again moved up sharply, futures
chases be known to the market.
touching 4 983/s. Bankers' sight was 4.92%@
.
As pointed out here on several occasions, there is 4.97%; cable transfers 4.923/@4.983. On Thurs2
a plethora of funds in the London market, despite the day, sterling was extremely firm in light trading.
fact that money rates in Lombard Street were ad- The range was 5.01@5.14% for bankers' sight and
vanced about two weeks ago. London is calm about 5.013(@5.15 for cable transfers. On Friday, sterling
the increase in discount rates as the advance was a moved still higher, the range was 5.103.@5.16 for
deliberate and wholly justified endeavor on the part, bankers' sight and 5.103/2@5.163/ for cable trans-
3376
Financial Chronicle
Nov. 11 1933
fers. Closing quotations on Friday were 5.103/2 francs. Since Sept. 1 the Bank has lost approximately
for demand and 5.11 for cable transfers. Commercial 1,529,000,000 francs in gold. The total gold as of
sight bills finished at 5.103/; 60
-day bills at 5.10; Nov. 3 stands at 80,748,692,466 francs, which com2
90
-day bills at 5.09%; documents for payment (60 pares with 83,035,819,743 francs a year ago and with
days) at 5.10, and seven-day grain bills at 5.09k. 28,935,000,000 francs in June 1928, when the unit
o ton and grain for payment closed at 5.103/2.
was stabilized. By far the major part of the present
--.---loss in the Bank's gold holdings has been to other
XCHANGE on the Continental countries, as may gold bloc countries, particularly Belgium, Holland,
be seen from the above resume of sterling ex- and Switzerland. Despite the heavy loss in gold
change, has been exceptionally strong in terms of holdings, which may reach another billion francs
the dollar. This strength indicates merely that the before the end of the year, the Bank's ratio is at the
dollar has been clubbed down by the Washington high figure of 79.60%, which compares with 79.11%
Administration's gold-buying operations. Under nor- on Oct. 27, with 77.38% a year ago, and with legal
mal conditions of exchange as they existed prior to requirement of 35%.
German marks are, of course, only nominally
abandonment of gold by the United States, these
currencies would now all be below dollar parity, if quoted, as all mark exchange operations are under
only because seasonal pressure would be against the strictest of Government control. Considering
Europe and in favor of New York from about the the rigidity of this control, current quotations for
middle of August until the middle of January, when the mark are eloquent of the weakness of the dollar.
the European exchanges would again seasonally turn Par of the mark is 23.82 and the nominal quotation
in favor of London and the Continent. The par of on Thursday moved up 90 points to 38.50, or 1.468
the French franc in terms of dollars on a gold standard points above gold dollar parity. According to
is 3.92. In Thursday's trading the franc sold as high Berlin bankers, the United States policy of puras 6.313, despite the fact that throughout the week chasing foreign gold is unwelcome as it may ultiand for some weeks past there has been a movement mately increase the number of gold embargo counof funds away from Paris to London. The franc has tries. German debtor concerns, however, look with
been weak also in terms of guilders, belgas, and Swiss no small degree of satisfaction upon the American
francs, to such an extent that during the past several inflation policy.
The London check rate on Paris closed on Friday
weeks the Bank of France has lost considerable gold
to Holland, Belgium, and Switzerland. The foreign at 81.43, against 79.93 on Friday of last week. In
exchange market feels that it is rapidly approaching New York sight bills on the French center finished
a climax with respect to the gold currencies. It on Friday at 6.26, against 6.063/2 on Friday of
believes that the United States Government will con- last week; cable transfers at 6.263/2, against 6.07,
tinue its progressive appreciation of the dollar price and commercial sight bills at 6.253/2, against 6.06.
for gold, thereby bearing down the dollar quotations Antwerp belgas finished at 22.34 for bankers' sight
in gold currencies. It is felt that these maneuvres bills and at 22.35 for cable transfers, against 21.63
may force the gold countries to abandon their posi- and 21.64. Final quotations for Berlin marks were
tion. The premium on forward francs in the New 38.17 for bankers' sight bills and 38.18 for cable
York market has been dropping steadily. In Paris transfers, in comparison with 36.98 and 36.99.
A
the premium on sterling has been doubled in the past Italian lire closed at 8.421 for bankers' sight bills
2
week and amounts at the present writing to about 30 and at 8.43 for cable transfers, against 8.153/ and
centimes above par. However, it cannot be posi- 8.16. Austrian schillings closed at 18.10, against
tively asserted that the American operations may 17.45; exchange on Czechoslovakia at 4.77, against
cause serious dislocation of the gold currencies, 4.61; on Bucharest at 0.98, against 0.953/2; on Poland
though they may compel these countries to adopt at 18.10, against 17.52, and on Finland at 2.25,
some form of discriminatory measures in order to against 2.17. Greek exchange closed at 0.91 for
protect themselves from the results of what seems to bankers' sight bills and at 0.913/ for cable transfers,
against 0.873/2 and 0.88.
them an impossible course of action.
--•-London expects no currency war and in Paris no
XCHANGE on the countries neutral during the
one suspects the President of aggressive intentions
war is, of course, profoundly influenced by
toward Europe. It is even thought in Paris that
dollars in the sharp movements in sterling and the dollar.
Washington may soon be forced to buy
order to check the decline. For as the market is Holland guilders are exceptionally firm and moved
going now, it will almost immediately be impossible up 150 points in terms of dollars to 65.10 in Thursto find any buyers for dollars unless American day's wide fluctuations. Par of the guilder is 40.20.
governmental agencies do the buying. As Paris Swiss francs also made exceptional strides, moving
points out,the purchases of gold on European markets up 67 points on the day to 31.27, which compares
can have practically no other effect upon exchange with dollar parity of 19.30. As noted above, most
than the effect which would be produced by pur- of the gold lost by the Bank of France in the past
chases abroad of any other merchandise, namely, several weeks has gone to Holland and Switzerland,
sales of dollars. It is thought abroad that even whose currencies are exceptionally strong in terms
were the United States shortly to cease purchases of of francs. The gold. reserves of the Bank of The
gold in Europe, they would still have to enter the Netherlands total 895,000,000 guilders, which means
market and buy dollars in order to arrest the decline, gold cover for note circulation of 97%. Gold and
for Europe is thoroughly bewildered by the American silver reserves amount to 920,000,000 guilders,
attitude toward the dollar and confidence is nowhere making a note circulation cover of 99%. The
felt as to its stability. This week the Bank of France Scandinavian currencies are, of course, exceptionally
shows a loss in gold holdings of 283,342,978 francs. firm in terms of dollars, as these units move in
This follows upon a loss last week of 754,036.606 sympathy with the pound sterling, with which they
francs and a loss in the previous week of 214,411,214 are allied through commercial interests.
E
3377
Financial Chronicle
3
Bankers' sight on Amsterdam finished on Friday quoted 94, against 93/2. Peru is nominal at 21.50,
at 64.69, against 62.39 on Friday of last week; cable against 20.75.
transfers at 64.70, against 62.40, and commercial
XCHANGE on the Far Eastern countries is
sight bills at 64.55, against 62.25. Swiss francs
quoted firm in terms of dollars, but these units
closed at 31.00 for checks and at 31.01 for cable are all adversely affected by the serious gyrations
transfers, against 30.00 and 30.01. Copenhagen in the leading Occidental currencies, especially the
checks finished at 22.78 and cable transfers at 22.79, dollar and the pound. F6r instance, the New York
against 21.67 and 21.68. Checks on Sweden closed quotation for silver went on Thursday to 4278 cents,
/
at 26.32 and cable transfers at 26.33, against 24.98 which looks high in comparison with the prices
and 24.99; while checks on Norway finished at 25.64 prevailing before March, when silver was down to
and cable transfers at 25.65, against 24.37 and 24.38. around 2
63/2 cents. Early in April silver went as
Spanish pesetas closed at 13.30 for bankers' sight high as
303/ cents before the dollar went off the
bills and at 13.31 for cable transfers, against 12.99 gold standard. The London price of silver is around
and 13.00.
18 19-16 cents. Buying or selling exchange on
China is equivalent to a transaction in silver. The
XCHANGE on the South American countries is quotations for Japanese yen are also firmer, but this
entirely nominal. Thus far American concerns firmness is only relative in view of the decline in
with balances in Buenos Aires find it impossible to the dollar. The Indian rupee fluctuates, of course,
with the pound, to which it is attached at the fixed
withdraw any of their funds. The Argentine Govern- ratio of is. 6d. per rupee.
ment has offered to permit these American concerns
Closing quotations for yen checks yesterday were
to draw 60% of their frozen balances on condition 30.30, against 29.18 on Friday of last week. Hong
that they subscribe to a long-term 4% loan such as Kong closed at 37@37 1-16, against 35 1-16@35%;
/
was recently concluded between Argentina and British Shanghai at 33, against 315 @31 11-16: Manila at
/
8
interests. A recent dispatch from Rio de Janeiro 5032, against 503/; Singapore at 603's, against 567s;
Bombay at 38%, against 363/2, and Calcutta at 38%,
stated that Brazil will accept the recommendation
against 363' of Sir Otto Niemeyer, British expert and establish
a central bank. Finance Minister Oswaldo Aranha
HE following table indicates the amount of gold
is inclined to view Brazil's financial situation optibullion in the principal European banks as of
mistically and said that the 1934 budget would show Nov. 9 1933, together with comparisons as of the
a substantial surplus, the coffee exchange policies corresponding dates in the previous four years:
would be maintained, and the currency would not be
1929.
1930.
1931.
1932.
devaluated. The Bank of Brazil, he said, would Banks of- 1933.
I
£
£
£
£
soon possess enough exchange to satisfy all legitimate England __. 191,812,793 140,443,458 121,836,587 180,080.548 132,771,032
France _ a _ _ 645,989,539 664,286,558 540,644,749 408,772,228 322,384,878
50,052,200 101,511,050 103,861,100
demands of business.
37,698,600
Germany. b
17,377,100
99,068,000 102.593,000
89,867,000
90,315,000
Spain
90,424,000
56,017,000
57,222,000
58,918,000
Argentine paper pesos closed on Friday nominally Italy
76,204,000
62,687,000
36,894,000
35,459,000
71,340,000
Netherlands
73,086,000
86,240,000
29,358,000
37.006,000
73,355,000
77,431,000
74,594,000
at 40% for bankers' sight bills, against 3932 on Nat. Belg
21,348,000
25,624,000
51.303,000
Switzerland
89,165,000
61,691,000
13,433,000
11,860,000
_
Friday of last week; cable transfers at 41.00, against Sweden __ __ _ 14,189,000 11,443,000 9,121,000 9,561,000 13,420.000
9,582,000
7,400,000
Denmark
7,397,000
39%. Brazilian milreis are nominally quoted 83/2 Norway _ _ _ 6,573,000 8,014,000 6,500,000 8,134,000 8,152,000
955,870,824
Tot
1,262,174,432 1,272,284,616
for bankers' sight bills and 83 for cable transfers, Prey..week 1.263.300.3741 271.181.652 1,084,847,536 054,974,672 836,381,010
4
833,975,249
1.060.364.316
week_
against 83. amd 83 . Chilean exchange is nominally
4
a These are the gold holdings of the Bank of France as reported in the new form
gold held
Volume 137
E
E
T
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
NOV.4 1933 TO NOV. 10 1933, INCLUSIVE.
Country and Monetary
OWL
Noon Buying Rate for Cable Transfers, in New York.
Value in United States Money.
Nov. 4.
Nov.8.
Nov. 7.
Nov.8.
Nov. 9. Nov. 10.
EUROPE3
$
$
Austria,schillIng
.174125 .174062
Belgium, belga
.218281 .215000
Bulgaria, ley
.019250 .018000
Czechoslovakia. krone .046092 .045800
Denmark, krone
.216983 .218227
England, pound
sterling
4E60178 4.885000
Finland, markka
.021483 .021533
France,franc
060660 .060313
Germany, reichsmark .370100 .367627
Greece, drachma
.008762 .008700
Holland, guilder
.625069 .620750
.274000 .274000
Hungary, pengo
.081546 .081050
Italy, lira
.244050 .246311
Norway, krone
.173812 .172833
Poland,zloty
Portugal. escudo
.047405 .047100
Rumania,leu
.009600 .009525
.129730 .128948 HOLTSpain, peseta
.250433 .251555
Sweden,krona
DAY
Switzerland, franc__ .300378 .298400
.021416 .021433
Yugoslavia. dinar
ASIAChinaChefoo (yuan) dol'r .315000 .316458
Hankow (yuan)dolt .315000 .316458
Shanghal(yuan)doll .315025 .316458
Tientsin (yuan) don' .315000 .316458
Hong Kong dollar
.349062 .350937
.363750 .365406
India, rupee
.291000 .292250
Japan, Yen
Singapore (SE.)dollar .567500 .570625
AUSTRALASIA
Australia, pound
3.867500 3.887500
New Zealand. pound 3.877500 3.895000
AFRICA
South Africa, pound.-4.802500 4.820875
NORTH AMER..996562 .998333
Canada, dollar
.999187 .999500
Cuba, peso
Mexico. peso (silver). .280975 .281100
Newfoundland, dollar .994125 .996125
SOUTH AMER.Argentina, peso (gold) .898521" .892890
Brazil, millets
.084933* .084933*
.094175* .094675"
Chile, peso
Uruguay. peso...-. .738333* .735833"
.667200" .667200"
Colombia. peso
Nominal rates: firm rates not available.
$
.176687
.219508
.019000
.046700
.220665
*
.178250
.221781
.020500
.047216
.225722
4.948928
.021860
.061665
.375335
.008825
.635514
.276750
.082740
.248454
.177250
.047700
.009600
.131529
.254963
.305192
.021716
5E54423
.022420
.062201
.378790
.008968
.640530
.279000
.083438
.254037
.178833
.047883
.009833
.132416
.260287
.307728
.022000
5.142500
.022533
.063120
.384518
.009025
.651058
.282500
.084726
.258137
.181875
.049000
.009800
.133738
.265433
.312500
.021975
.318750
.318750
.319062
.318750
.353750
.370625
.295750
.575625
.325208
.325208
.323541
.325208
.380937
.376100
.299500
.586875
.327083
.327083
.325833
.327083
.364166
.383900
.302500
.600000
$
.181562
.224958
.0210004
.047950
.229800
3.941041 4.017500 4.092500
3.951250 4.027916 4.130000
4.890625 4.987500 5.108333
.999479 1.000052 1.000468
.999187 .999187 .999718
.281025 .277775 .276850
.997000 .997500 .997625
.911894*
.084933*
.095750*
.748000"
.667200*
.921871*
.085266"
.0968754
.754200*
.667200"
.9330044
.0841604
.0987504
.7683334
.8672004
of statement. b Gold holdings of the Bank of Germany are exclusive of
abroad, the amount of which the present year is £2,446,700.
British Political Problems-Debts, Tariffs and
Unemployment.
The announcement on Tuesday that the negotiations regarding the British war debt which had been
going on for some weeks at Washington had been
adjourned indefinitely came as no surprise to the
country. The scanty references to the negotiations
which have appeared from time to time in press dispatches had confirmed suspicion that no real progress was being made, and it was known at the close
of last week that the end had been reached. The
statement issued by President Roosevelt on Tuesday threw no important light on the nature of the
discussions or the underlying reason for the break'down. The statement merely announced that the
conversations "have in no sense prejudiced the position which either Government has taken in the past
or may take in any subsequent discussion of the entire debt question." They had, however,"made clear
the great difficulty, if not impossibility, of reaching sound conclusions upon the amounts of international payments practicable over any considerable
period of time in the face of the unprecedented state
of world economic and financial conditions," and it
had "therefore been concluded to adjourn the discussions until certain factors in the world situation
-commercial and monetary-become more clarified." The British Government, however, continued
3378
Financial Chronicle
to acknowledge the debt, and as a "tangible expression of this acknowledgement" would make on Dec.
15 a payment of $7,500,000 "in United States currency." "In view of these representations, of the
payment, and of the impossibility at this time of
passing finally and justly upon the request for a
readjustment of the debt," Mr. Roosevelt declared
that he had "no personal hesitation in saying" that
he wouldd"not regard the British Government as in
default."
The statement confirmed what had probably been
a general impression regarding the debt matter.
Great Britain had pressed for a large reduction of
its debt, the amount which it was willing to pay being unofficially indicated in Washington dispatches
as from 10 to 25%, while the Administration, on
its part, was unwilling to grant any such sweeping
abatement. The manipulation of gold prices in
which the United States is engaged, while it would
materially reduce the amount of the British payments at the present time if payment were accepted
in currency, leaves the future of the dollar and the
pound problematical, and the British negotiators,
and apparently the Administration as well, were indisposed to make long-term commitments until it
was clearer what the gold policy of the United
States is to be. The obvious fact that there is as
yet no general world economic recovery, and that
neither American nor European policies point in
the direction of financial or commercial stability,
were further obstacles which the negotiators could
not surmount.
The whole war debt question, accordingly, remains, as before, up in the air. The acknowledgement of the British debt by a trifling token payment
does, of course, have the effect of continuing and
renewing the obligation, but a settlement of the controversy is as far off as ever. The most that can be
expected from other debtor Governments is further
token payments from such of them as made such payments in December, while in the case of France and
a number of other countries there will probably be
no payments at all. There is little reason to expect
that Congress, even if it is fully advised, when it
meets in January, of the terms which the British
negotiators have proposed, will be inclined to modify
the debt agreements of its own motion, especially
in view of the immense financial obligations involved
in the so-called recovery program of the Administration. Meantime the American public, with no new
facts of a specific character to work upon, will continue to conclude, what is of course the primary
truth of the matter, that the great obstacle to any
reconsideration of the debt agreements is the fixed
purpose of the debtor Governments to treat the
debts as political obligations from which, either
wholly or in major part, the American Government
should absolve them. If, as seems to be the case,
Mr. Roosevelt has refused to accept this view, his
action is in every way heartily to be commended.
Close on the heels of the adjournment of the debt
discussions comes the announcement that Great
Britain has withdrawn from the tariff truce, the
withdrawal to take effect on Dec. 7. The tariff
truce, one of the few specific agreements registered
during the World Economic Conference, was merely
a general undertaking not to take "any new initiatives which might increase the many varieties of
difficulties now arresting international commerce,"
but Great Britain nevertheless reserved the right
Nov. 11 1933
to increase its tariff duties if such action was pending when the truce became effective, and according
to the London correspondent of the New York
?Times" the duties have actually been raised on at
least fifty articles. In giving notice to the House
of Commons on Tuesday that the truce had been
abandoned the President of the Board of Trade,
Walter Runciman, merely stated that "we have
come to the conclusion that the truce is no longer
of practical value." Mr. Runciman himself has
never had any interest in the scheme, and at the
London conference he held out almost to- the end
against its adoption. Notices of withdrawal have
already been given by The Netherlands, Sweden,
Switzerland and the Irish Free State, and withdrawal by France has been reported as imminent.
In the case of Great Britain the action appears to
have been induced by apprehension over the effect
upon imports of the declining American dollar.
Secretary of State Hull was reported on Tuesday
as saying that the United States would continue to
adhere to the truce, but with five or six European
countries abandoning it, and no likelihood that the
Economic Conference will be reconvened, any long
observance of the truce elsewhere seems improbable.
Meantime the British Parliament is again in session, and the MacDonald Government has been exerting itself to justify its course at the Disarmament
Conference. There is apparently some dissatisfaction with Sir John Simon as Foreign Secretary, but
the Government also realizes that its prestige has
waned among its own supporters as well as in the
country generally, and that Prime Minister MacDonald, once a forceful and resourceful leader, has
in recent months become increasingly a figure-head.
A number of recent by-elections have resulted either
in marked reductions of the Conservative majorities
Gr in Labor successes, and the municipal elections on
Nov. 1, although having no direct bearing on the
party situation in the House of Commons, have
registered important Labor gains. Speeches made
on Monday, the day before Parliament reconvened,
by Mr. MacDonald, Sir John Simon and Stanley
Baldwin, at a luncheon given by the Labor party
executive committee, have led to speculation as to
whether plans for a new party were not being
thought of. All three of the speakers took pains to
praise British parliamentary institutions and to
urge the dangers of dictatorship, while Mr. Baldwin
declared that "the United States to-day is practically under a dictatorship" and Sir John Simon saw
Americans "putting their faith in a man and not in
institutions." "The National Government of Great
Britain," Mr. Baldwin maintained, "is the present
guardian of democracy. If it breaks down in our
hands, it will pass from the world forever." Mr.
MacDonald spoke in the same strain, referring to.
"those on the extreme Right and some on the extreme Left who have given up all hope of democracy," and declaring that "it would be a crime for
Britain to return to partisan government at this.
time."
Except among Socialists, Communists and the.
Fascist followers of Sir Oswald Mosley, no important body of opinion in England has expressed
any wish to give up parliamentary institutions. The.
London correspondent of the New York "Herald
Tribune," however, points out that not only is thepresent Parliamentary situation under the National
Government a greatly unbalanced one, the Conserva-
Volume 137
Financial Chronicle
3379
navigation of the air, which is rapidly assuming
huge proportions. A plane out of control suddenly
crashed upon a dwelling, setting fire to the ruins
and cremating four of the occupants, while the two
men in the plane were killed instantly, thus leaving
no clue as to the cause of the disaster.
Some years ago the insurance company officers
saw the possibilities of such catastrophes and, as
underwriters they prepared to cover the particular
forms of risks arising from aerial navigation. While
such damage as might result from fire would be
covered in an ordinary fire policy it was realized
that loss might be sustained as a result of a crash
even though there were no fire. As a new personal
hazard was created which might result either in
bodily injury or death the field of accident insurance was widened.
Year by year the movement of mail carriers, of
planes carrying passengers and light freight has
grown amazingly and the Chicago Exposition this
year has been a potent influence in stimulating
travel through the air. Air navigation has become
firmly established. Routes are laid out which the
navigators closely follow. Daily one may see and
hear the mail carriers of the air as they pass with
methodical regularity high above dwellings in cities
and in the country but no precaution is taken to
guard against possible trouble.
It would doubtless be impracticable to attempt to
erect any unsightly sheds or even canopies to shield
exposed buildings and their occupants. Special insurance appears to afford the only means of adequate protection by reimbursement for damage
caused instead of prevention. As such disasters as
the recent one in New Jersey have been few it would
seem that cost of insurance ought not to be high,
especially upon isolated structures. The writing of
indemnity policies for operators, owners and passengers of automobiles and trucks has been expanded
to a huge volume and has been perfected to cover
all classes of hazards.
There surely is a growing and somewhat parallel
field for the benefit of owners and occupants of
buildings who otherwise are perfectly helpless in
the event of accidents in which they have no part
except that of victims. Progress creates new conditions which bring unusual hazards and call for new
forms of underwriting especially adapted to cover
newly-created risks. One of the clauses already
adopted is designed to protect the policyholder from
injury from objects falling from an airplane.
The Department of Commerce at Washington
puts out pamphlets embodying regulations and restrictions upon aerial navigation which serves a
very practical purpose. They cover airplanes, gliders, autogyros and balloons and are designed to
protect operators and passengers as well as the
properties and lives of persons on the territory over
which they pass.
One practical thought offered by an insurance
man is that routes for planes should so far as possible be along the courses of rivers and other bodies
of water so as to avoid congested cities. Just as
signs upon the highways have been multiplied and
made more conspicuous for the guidance of automobile drivers affording a guide as to direction and
warnings of danger ahead, so the air routes have
Broader Field for Insurance.
airplane accident at been marked for the benefit of pilots, the markings
Tragic effects of the recent
Shrewsbury, N.J., forcibly impresses one of a hazard by day and the lights by night serving an excellent
to persons and property on land and sea caused by purpose.
Lives being overwhelmingly in the majority and Liberals and Laborites small minorities, but that the
Conservatives are themselves divided, the extreme
Right wing objecting to Mr. MacDonald's leadership
notwithstanding that he is now essentially a Conservative, and the Left wing accusing the party of
reactionary tendencies. An appeal to the dangers of
dictatorship, accordingly, is suspected in some
quarters to cover a plan to force harmony among
discordant elements, exclude those who will not
loyally support the majority, and, perhaps with some
changes in the Cabinet, keep the present Government
more firmly in control.
Sir John Simon's speech in the House of Commons
on Tuesday was a defense of the British course at
Geneva. He admitted that Germany had a grievance
in the unwillingness of the other Powers to disarm,
but insisted that Great Britain must continue its
efforts to bring Germany and France to a common
ground. His reference to the Locarno pacts seemed
like a guarded concession to the opinion expressed
on Oct. 29 at a great public meeting in London, when
a resolution was adopted calling for a Government
declaration that Britain's armed forces "are no
longer at the disposal of the League Council to be
used against a declared aggressor nation." Sir
John Simon said in the Commons: "The view of
the British Government is that the withdrawal of
any party to the Treaty of Locarno from the League
does not, of itself and by itself, involve the release
of all parties from their obligations under the
treaty. But the withdrawal of Germany would raise
issues of so far-reaching a character that it would
be impossible to make a public statement of them
without careful consideration in consultation with
other parties to the treaty." Mr. MacDonald, on
the other hand, speaking on Thursday night at the
Lord Mayor's dinner, earnestly urged Germany to
continue its co-operation in the Disarmament Conference, and declared that any proposals it might
make would "receive the most favorable and the
most impartial consideration at our hands."
The most significant new legislation proposed to
the Commons was a bill, introduced on Wednesday,
transferring from municipal authorities to a national board practically the entire administration
of relief for able-bodied unemployed, although still
leaving the larger part of the cost to be met by
municipalities under the old poor law. The insurance against unemployment is broadened to include
children down to 14 years, the school-leaving age,
agricultural laborers, domestic servants and others
previously outside its scope, and the limit of 26
weeks in any year for which relief may be paid is
to be extended in certain cases. It is thought that
the bill will add 4,000,000 persons to the 12,000,000
already eligible for relief. One purpose of the bill
is to remove political influence from local relief
grants and make relief wholly a national matter, but
the bill has drawn Labor fire on the ground that
some of its provisions may be used for coercion by
the Government in case of strikes. The unemployment insurance system, fortunately, has a comfortable surplus of more than £5,000,000; how much the
new system will cost remains to be seen.
•
3380
Financial Chronicle
Nov. 11 1933
C
from 855 to 8234. Medium grade bonds have suffered also.
%
The Course of the Bond Market.
Western Maryland
77
and
The consistent downward trend of bond prices this week Illinois Central 5s,534s, 1977, declined from . to 7434held
1963, from 6234 to 603
4
Prices
continued the movement begun four weeks ago. In this somewhat better in the low-priced speculative group. New
time, highest grade (Aaa) bonds as an average have lost York Chicago & St. Louis 434s, 1978, declined from 4234 to
3.50 points, while medium to low grade issues, as typified by 42 and St. Louis Iron Mountain & Southern 4s, 1933 adthose of Baa rating, have lost 3.60 points. This tendency vanced from 48 to 4834. Moderate declines rather than advances predominated, however,
of high grade issues to decline in virtually as large an amount of stocks. Chicago Milwaukee despite the favorable action
St. Paul & Pacific 5s, 1975,
as the lower classes of issues has been more pronounced dur- declined from 3834 to 35% and Denver & Rio Grande 4s,
ing the current week, when Aa,a's suffered a loss of 1.90 1936,from 4034 to 38.
Weakness in high grade issues has been the most important
points, while Baa's are down only 1.33 points. In general,
railroad bonds show somewhat larger declines than utilities, development in the utility bond market during the last few
days. Brooklyn Edison 5s, 1952, New England
while industrials have not been greatly subject to the fall 434s, 1961, Pacific Tel. & Tel.5s, 1952,Public Tel. & Tel.
Service Elecin prices.
tric & Gas 4s, 1971, have been typical issues losing a point
But even more disturbing has been the severe decline in or more. Bonds in the lower investment classification have
long term U. S. Government bonds, particularly evident been erratic, in many cases prices being momentarily influthis week. The average price of eight long term Treasury enced by election results. Among eight cities and towns
which
issues declined 2.14 points this week, compared to 1.09 week, voted on municipal ownership of power plants this
three accepted the proposal
-Camden, N.
points last week. The new 43.4-33i% issue has fallen to a Akron and Sandusky, Ohio. San Francisco was J. and
one of
price below 99, from its issue price of 10134 and is now on those which turned it down.
Irregular movements with a tendency to weakness have
approximately the same basis as the Treasury 33‘s. At the
same time, bankers' acceptances have been advanced an been seen in the industrial section of the bond list this week.
average of M% by dill dealers. On Friday morning this Highest grade issues are off in some cases, steady in others,
while a few have advanced. Medium grade and speculative
week th re were practically no bids for Treasury bonds.
bonds have likewise varied in movement. Liggett & Myers
The bond-buying operations of the Federal Reserve banks 5s, 1951, are 13. points lower to 108% for the week, while
have again been cut down this week, with $10,000,000 of pur- P. Lorillard 7s, 1944, are up 2 to 120. Standard Oil of N. Y.
chases, compared to $20,000,000 last week and $25,000,000 434s, 1951, receded 13/i to 99 and Standard Oil of N. J. 5s,
off 1 to 1033.4. In the steel
the week before. This removal of support may have been 1946, also were Bethlehem issues holding group movements
were irregular,
ground better than
decline in governments.
partly responsible for the
others. Tire and rubber issues remained in a narrow range,
The emphasis of the Government on its gold-buying policy showing fractional changes.
This week's foreign bond market has been marked by a
has apparently had some desired results. This week, for
the first time, the value of the dollar in terms of foreign ex- substantial decline in prices for Argentine bonds. In line
change went lower than the value based on the buying rate with additional depreciation of the U.S. Dollar, all gold currency issues rose noticeably. The
for gold set by the Reconstruction Finance Corporation. 534s, which represent more or less Swedish 534s and U. K.
calls on Swedish kroners
All signs isdicate that inflation in a substantial way is ex- and British pounds, respectively, also rose in price. Gerpected by various elements of the financial world.
man bonds have been irregular, most corporate and municipal
Weakness was the rule in the railroad division. High issues appreciating fractionally, however. Japanese and
grade, long term bonds have been particularly adversely Italian issues continued stable. Cuban bonds, due to further
affected. Pennsylvania 434s, 1960, lost 134 points from 104 political adversities, broke sharply.
to 10234 for the week, Union Pacific 4s, 2008, 43/i points
Moody's computed bond prices and bond yield averages
from 883 to 84 8 and Baltimore & Ohio 4s, 1948, 33/i points are given in the tables below:
MOODY'S BOND PRICES.*
(Bated on Average Yields.)
1933
Daily
Averages.
.411
120 Domestics by Ratings.
120
Domes
Ac.
tic.
Aaa.
A.
Baa.
83.48 103.99
84.35 104.85
84.72 105.37
91.67
92.68
93.26
Stock
93.85
94.14
94.43
94.73
95.18
105.72
105.89
105.89
106.25
106.25
86.77
87.56
88.10
86.64
86.25
86.25
89.59
89.04
89.86
90 69
91.25
91.39
91.87
91.67
90 97
91.67
90.41
88.90
87.96
86.77
86.64
85.87
85.10
84.10
82.74
79.68
77.11
74.67
4
85.10
85.35
85.48
85.61
85.74
106.78 95.83
107.49 97.16
107.49 97.62
106.78 96.39
106.25 95.93
105.54 95.33
107.67 98.25
107.31 97.47
107.-4 98.25
107.67 99.04
107.85 100.00
107.85 100.33
107.67 100.00
107.14 99.52
106.96 99.36
106.96 99.04
100.25 97.62
105.72 96.54
105.54 95.33
105.20 93.85
104.16 94.43
103.82 93.99
103.99 93.28
103.32 92.25
102.30 90.55
99.36 87.30
99.68 85.35
97.78 83.35
Stock
100.00 85.87
99.84 85.10
99.52 84.48
101.64 87.83
102.30 89.17
Stock
99.04 85.48
102.98 89.31
104.51 90.83
105.89 92.68
105.37 92.53
105.54 92.39
105.03 91.81
105.54 92.25
104.85 90.69
108.03 100.33
97.47 82.99
103.99 89.72
85.61 71.38
•,
b3 t CO
glagr4
1
.
41R141*1
1111
III
75.61
74.46
74.77
77.88
79.11
74.67
78.77
81.30
83.23
82.38
83.11
82.99
83.85
81.66
92.39
74.15
82.62
57.57
81.30
82.14
82.74
Excha
83.23
83.35
83.48
83.85
83.85
MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Priced.)
120 Domestics
by Groups.
RR.
64.71 80.37
65.54 81.78
65.71 82.38
nge Clo sed
65.79 82.87
66.04 83.23
66.04 83.35
66.04 83.72
65.96 83.85
P. U. Indus.
74.98
75.82
76.25
97.31
97.62
97.62
76.67
77.00
77.11
77.33
77.33
97.78
97.62
97.78
97.94
97.78
78.55
78.66
79.34
77.11
77.00
76.67
80.72
80.37
81.30
82.50
83.97
84.22
85.23
85.48
84.72
85.87
84.72
83.85
83.23
82.50
81.90
81.18
80.84
80.14
79.11
75.92
74.05
72.06
98.25
98.25
98.41
97.94
97.31
97.31
99.04
98.41
98.57
98 73
98.73
98.73
98.41
97.94
97.16
97.31
95.93
94.73
94.14
92.68
92.25
91,11
90.27
89.31
87.69
84.85
83.35
81.30
85.35 67.33 85.45
86.38 67.42 87.30
86.64 68.31 88.10
84.72 66.73 86.64
84.60 66.47 86.38
84.97 66.73 86.38
87.69 71.09 90.27
86.91 70.90 89.59
87.83 72.26 91.11
88.63 73.05 91.81
88.77 74.15 91.96
88.77 74.36 92.25
89.17 75.19 92.25
89.17 75.71 92.25
88.23 74.87 91.96
88.23 76.67 92.39
86.91 75.40 90.97
85.35 73.35 88.90
84.60 72.06 87.17
83.60 70.43 85.61
83.48 70.15 86.12
82.87 68.94 85.61
81.78 68.04 84.47
80.72 66.98 83.35
79.34 65.62 81.66
76.67 62.56 78.55
74.46 58.32 74.86
72.16 55.73 71.38
Excha nge Clo sed
73.95 54.80 71.09
72.65 53.28 70.62
72.85 53.88 71.38
75.82 57.24 73.65
77.33 58.52 74.57
Excha nge Clo sed
72.06 54.18 69.59
76.25 57.98 73.15
79.45 60.60 75.50
81.54 62.48 77.77
80.49 61.34 76.25
81.18 62.95 76.25
81.07 63.11 75.09
81.90 64.31 75.71
79.34 61.56 71.96
89.31 77.66 93.28
71.87 53.16 69.59
78.55 67.86 78.99
54.43 37.94 47.58
74.67
73.25
73.35
78.10
80.49
81.90
79.91
80.14
82.14
82.74
76.35
80.60
83.85
85.99
85.99
87.56
88.23
89.17
88.23
89.31
71.96
87.69
65.71
78.44
83.11
84.97
86.25
85.48
86.38
86.64
87.56
86.38
99.04
78.44
85.61
62.09
79.34 101.81
87.30
76.35
60.97
71.77
84.35
83.11
78.10
RQ 04
74 411
AO RA
72.71
8782
712(1
08.41
All
1933
120
120 Domestics by Rat not.
Daily
Domes
Ac.
Baa.
Averages.
Aaa.
A.
Nov.10__
weeny
Oct. 27__
20_ _
13__
Sept.29._
22_ _
15_ _
Aug.25__
18__
11
July 28.21._
14._
June 30__
23..
16_
9__
May 28..
19._
12._
Apr. 28__
21...
14._
13._
Mar.24_
17..
10._
Feb. 24-17.10..
Jan. 27_.
20.13._
6_
Low 1933
High 1933
Low 1932
High 1932
Yr Ago
No.10'32
2 Yrs.Ago
No.10'31
120 Domestics
by Groups.
40
-ForRR. P. U. Indus. etgay.
7.78
6.18
6.67
7.68
6.06
6.59
7.66
6.01
6.55
Excha nge Clo sod
7.65
5.07
8.51
7.62
5.94
8.48
7.62
5.93
6.47
7.62
5.99
6.45
7.63
5.89
6.45
5.92
5.85
5.82
4.51
4.46
4.43
5.30
5.23
5.19
5.79
5.77
5.76
5.75
5.74
4.41
4.40
4.40
4.38
4.38
5.15
5.13
5.11
5.09
5.06
5.66
5.60
5.56
5.67
5.70
5.70
5.45
5.49
5.43
5.37
5.33
5.32
5.30
5.30
5.35
5.30
5.39
5.50
5.57
5.66
5.87
5.73
5.79
5.87
5.98
6.24
6.47
6.70
4.35
4.31
4.31
4.35
4.38
4.42
4.30
4.32
4.33
4.30
4.29
4.29
4.30
4.33
4.34
4.34
4.38
4.41
4.42
4.44
4.50
4.52
4.51
4.55
4.61
4.79
4.77
4.89
5.03
4.93
4.90
4.98
5.01
5.05
4.86
4.91
4.86
4.81
4.75
4.73
4.75
4.78
4.79
4.81
4.90
4.97
5.05
5.15
5.11
5.14
5.19
5.26
5.38
5.62
5.77
5.93
8.81
6.72
6.69
6.40
6.29
4.75
4.78
4.78
4.85
4.61
5.73
5.79
5.76
5.58
5.48
6.70
6.32
6.10
5.94
6 81
5.95
5.96
5.89
6.07
5.25
6.75
5.99
8.74
4.81
4.57
4.48
4.40
443
4.42
4.45
4.42
4.46
4.28
4.91
4.51
5.75
5.76
5.47
5.36
5.23
5 24
5.25
5.29
5.26
5.37
4.73
5.96
5.44
7.03
6.27
4.64
5.62
6.54
8.26
6.99
6.38
4.87
5.49
6.72
8.44
6.89
6.10
6.03
5.98
Stock
5.94
5.93
5.92
5.89
5.89
4.92
4.90
4.90
9.13
9.09
9.07
4.89
4.90
4.89
4.88
4.89
9.08
9.03
9.03
9.01
9.02
4.86
4.86
4.85
4.88
4.92
4.92
4.81
4.85
4.84
4.83
4.83
4.83
4.85
4.88
4.83
4.92
5.01
5.09
5.13
5.23
5.26
5.34
5.40
5.47
6.59
5.81
5.93
6.10
9.05
9.40
9.13
9.22
9.39
9.62
9.36
9.34
9.27
9.09
9.10
909
9.03
8.91
8.84
8.89
9.32
9.65
9.51
9.68
9.78
9.62
9.68
10 08
10.07
9.89
10.26
10.58
6.05
6.22
6.20
6.03
5.98
10.83
11.02
10.80
10.76
10.73
6.35
5.95
5.80
5 70
5.76
5.69
5.87
5.60
5.69
4.81
6.35
5.75
8.11
11.19
11.05
10.40
10.05
10.20
988
9.85
9.82
9.98
8.63
11.19
9.88
15.83
5.85
5.95
10.15
5.59
6.64
10.72
5.77
7.47
5.76
6.34
5.69
7.46
5.62
6.33
5.67
7.36
5.56
6.27
7.54
5.82
5.67
6.47
5.83
7.57
5.69
6.48
5.80
7.54
5.69
6.51
5.59
7.06
5.40
6.15
5.65
7.08
5.45
6.18
5.58
6.94
5.34
6.10
5.52
6.86
5.29
6.00
5.51
6.75
5.28
5.88
5.51
6.73
5.26
5.86
5.48
6.65
5.26
5.78
5.48
6.60
5.28
5.76
5.55
6.70
5.28
5 82
5.55
6.51
5.25
5.73
5.65
6.63
5.35
5.82
5.77
6.83
5.50
4.89
6.96
5.83
5.63
5.94
5.91
7.13
5.75
6.00
5.92
7.16
5.71
5.06
5.97
7.29
5.75
6.11
7.39
6.06
5.84
6.14
6.15
7.51
5.93
6.20
6.27
6.07
7.67
6.29
6.51
8.05
6.34
6.58
6.72
8.63
6.73
6.76
6.95
9.02
7.03
6.96
Stock Excha nge Clo sed
6.77
9.17
7.08
6.70
6.90
9.42
7.11
6.84
6.88
9.32
7.03
6.83
6.59
8.79
6.80
6.38
6.45
8.60
6.71
6.17
Stock Exoba nge CM sed
9.27
8.96
7.22
6.54
6.55
8.68
6.85
6.16
6.26
8.62
5.89
8.31
6.41
6.08
5 72
8.06
6 17
8 21
6 55
5.72
6.11
6.55
5.60
8.00
6.12
8.68
5.55
7.98
6.05
6.60
7.83
5.48
8.27
6.97
5.55
8.18
5.47
6.42
5.47
5.19
8.98
9.44
7.22
6.97
6.34
6.30
5.59
7.41
9.23 12.96 10.49
7.86
Notes.---* These prices are computed from average yield on the basis o one "ideal" bond (43(% coupon, maturing In 31 years) and do not purport to
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 show either
the relative
movement of yield averages, the latter being the truer picture of the bond market. t The latest oomplete list of bonds used in computing these Indexes was published In
the -chronicle" of Sept. 9 1933. Page 1820. For Moody's Index of bond Prices by months back to 1928, see the "Chronicle" of Feb. 6, 1932, page 907.
Volume 137
Financial Chronicle
3381
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, Nov. 10 1933.
Reports on general business are conflicting. Some report
that the decline has continued and that it is gaining momentum, while others take a more encouraging view and
state that the business atmosphere has cleared with the advent of colder weather. The recent more seasonable weather
certainly has stimulated retail sales. Industrial indices show
little recovery but the rate of recession from last week was
only fractional in many cases. There was a small decline
in the rate of steel output, which brought it about to the level
of the last week in April. Lumber production exceeded new
business, but mill inventories are in better shape than they
were a year ago. Electric output shows a gain over last
year, but it did not change much for the week. Carloadings
are larger than at this time last year and there has been a
substantial increase in bank clearings. Colder weather and
the election day holiday stimulated the demand and retail
business made the best showing of the fall season.
There was a good movement of women's coats, men's
clothing, topcoats and shoes. Sales of house-furnishings and
hardware were large. Wholesale buying was better, with
the demand for Christmas goods larger. Eaaly ordering of
holiday goods by hardware retailers was heavy. Steel operations were down to 25% on the average as a result of a
decline in steel specifications and the diminishing rate of
automobile requirements. Failure of rail and public works
tonnages to materialize was discouraging, but the demand
from these sources is expected to increase over the next
few weeks. Cotton advanced during the week on good
buying owing to a smaller crop estimate by the Government
than expected. It put the crop at 13,100,000 bales or
215,000 bales larger than the October estimate. Grain
markets were higher. Wheat advanced 23 to 23 0.for the
/
week, corn 3% to 34c., oats IX to 15 c. and rye 3N to
/
45c. The consumption of rye is expected to increase
materially now that the repeal of the prohibition amendment has become a certainty.
Coffee and cocoa advanced on speculative and chain store
buying, particularly of Colombian grades. Sugar, however,
shows a decline and there continued to be a lack of outside
interest. The revolt in Cuba hurt trading. Refined markets were quiet and featureless. Silver rose sharply during
the week on the belief that the Government would do something constructive as it has done for other commodities.
Silk was lower due to an increase in warehouse stocks to
93,625 bales. Deliveries of raw silk to mills in October
dropped to 28,521 bales, the smallest figure since 1924,
according to the Silk Association of America. Imports for
October amounted to 48,346 bales or about 10,000 below
the same month last year. Wool was quiet.
The weather during the week has been more seasonable,
the temperatures having dropped considerably. Snow fell
in many of the northern sections of the country. In the
South killing frosts were reported. To-day it was 32 to 40
degress here and fair. The forecast was fair and slightly
colder. Overnight at Boston it was 42 to 66 degrees;
Baltimore, 46 to 66; Pittsburgh, 36 to 64; Portland, Me.,
42 to 58; Chicago, 38 to 40; Cincinnati, 34 to 50; Cleveland,
4() to 48; Detroit, 34 to 48; Charleston, 68 to 74; Milwaukee,
36 to 40; Dallas, 46 to 50; Savannah, 66 to 82; Kansas City,
Mo., 38 to 48; Springfield, Mo.,42 to 50; St. Louis, 38 to 52;
Oklahoma City, 42 to 44; Denver, 24 to 60; Salt Lake City,
30 to 58; Los Angeles, 52 to 82; San Francisco, 58 to 70;
Seattle, 42 to 52; Montreal, 30 to 56, and Winnipeg,22 to 24.
Loadings of Revenue Freight in Latest Week Up 3.4%
as Compared with the Same Period Last Year.
Loadings of revenue freight for the week ended Nov. 4
1933 totaled 607,785 cars,according to the American Railway
Association. This was a decrease of 28,889 cars, or 4.5%
below the preceding week, but an increase of 20,483 cars, or
3.4%, above the corresponding week in 1932. It was, however, a decrease of 109,263 cars, or 15.2%; below the corresponding week in 1931.
The first 15 major railroads to report loaded 245,269 cars
on their own lines during the week of Nov. 4 1933, as compared with 254,330 cars in the previous week and 239,760
cars in the week ended Nov. 5 1932. Comparative statistics
ofIthese 15 carriers follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Loaded on Lines.
Week Ended.
Atchison Topeka & Santa Fe Ry
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chic. Milw. St.Paul & Pacific Ry.
Chicago at North Western By
Gulf Coast Lines and subsidiaries..
International Great Northern RR
Missouri-Kansas-Texas Line
Missouri Pacific RR
New York Central Lines
New York Chic & St. Louis Ry-Norfolk & Western Ry
Pennsylvania RR
Pere Marquette By
Wabash Ry
Total
x Not available.
Reed from Connections.
Nov.4 OM.28 Nov.5 Nov. 4 oa.28 Nov.5
1933. 1933. 1932. 1933. 1933. 1932.
20,541
21,190
17,338
17,322
14,582
2.069
2,343
5,316
15,004
41,604
4,431
17,997
55,689
4,505
5,338
22,522
22,094
17,954
18,387
14,333
2,015
2,418
5,414
15,225
42,923
4,314
19,044
58,008
4,348
5,331
22,434 5,192 5,344
21,606 8,322 8,778
16.679 7,345 7,936
16,932 6,351 6,265
13,435 8.958 8,775
2,491 1,403 1,166
2,055 1,773 1,853
5,427 2,847 2,624
14,734 7.442 7,205
40,013 54,302 54.730
4,152 7,658 7,484
18,070 3.524 3,617
52,834 33,774 34,449
3,984
4,914 6,247 6,477
5.013
7,636
6.465
6,082
7,809
1,064
1,755
2,447
7,120
51,685
6,787
3.494
34.607
6,358
245,269 254,330 239,760 155,138156,703148,322
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Weak Ended.
Illinois Central System
St. Louis-San Francisco By
Total
Nov. 4 1933.
Oct. 28 1933.
Nov. 5 1932.
27.867
13,800
28,216
14,434
28,236
13,968
41,667
42,650
42,204
Loading of revenue freight for the week ended Oct. 28
totaled 636,674 cars, the American Railway Association
announced on Nov. 3. This was a decrease of 13,808
cars under the preceding week this year, but an increase
of 19,390 cars over the corresponding week in 1932. It
was, however, a decrease of 103,689 cars below the corresponding week in 1931. Details follow:
Miscellaneous freight loading for the week of Oct. 28 totaled 233,539
cars, a decrease of 5,964 cars below the preceding week, but 7,356 cars
above the corresponding week in 1932. It was, however, a decrease of
39,564 cars under the corresponding week in 1931.
Loading of merchandise less than carload lot freight totaled 171,422
cars, a decrease of 1,668 cars below the preceding week, 5,796 cars below
the corresponding week last year and 42,917 cars below the same week
two years ago.
Grain and grain products loading for the week totaled 30,018 cars. an
increase of 1,522 cars above the preceding week, but 1.944 cars below
the corresponding week last year and 11,257 cars below the same week
in 1931. In the Western districts alone grain and grain products loading
for the week ended Oct. 28 totaled 19,274 cars, a decrease of 1,344 cars
below the same week last year.
Forest products loading totaled 23,889 cars, 228 cars below the Preceding week but 5.027 cars above the same week in 1932 and 243 cars
above the same week in 1931.
Ore loading amounted to 18.899 cars, a decrease of 7.916 cars below
the preceding week, but 12.915 cars above the corresponding week in
1932 and 6,243 cars above the same week in 1931.
Coal loading amounted to 130,438 cars, an increase of 2,121 cars above
the preceding week and 1,537 cars above the corresponding week in 1932.
but 10,630 cars below the same week in 1931.
Coke loading amounted to 6.339 cars, a decrease of 114 cars under
the preceding week but 1,780 cars above the same week last year and 1,053
cars above the same week two years ago.
Live stock loading amounted to 22,130 cars, a decrease of 1,561 cars
below the preceding week, 1,485 cars below the same week last year and
6.860 cars below the same week two years ago. In the Western districts
alone loading of live stock for the week ended Oct. 28 totaled 17,494 cars,
a decrease of 1,855 cars compared with the same week last year.
Four districts-Eastern, Allegheny, Northwestern and Central-western
showed increases compared with the preceding year, while the Pocahontas.
Southern and Southwestern reported small decreases. All districts,
however, reported decreases compared with the corresponding week in 1931.
Loading of revenue freight in 1933 compared with the two previous
years follows:
1931.
1933.
Four weeks In January
Four weeks in February
Four weeks in March
Five weeks in April
Four weeks in May
Four weeks in June
Five weeks in July '
Four weeks In August
Five weeks in September
Week ended Oct. 7
Week ended Oct. 14
Week ended Oct. 21
Week ended Oct. 28
Total
1932.
1,910,496
1,957,981
1,841,202
2,504,745
2,127,841
2.265,379
3.108,813
2,502,714
3,204,551
654,428
664.058
650,482
636,674
2,266,771
2,243,221
2,280,837
2,774,134
2,088.088
1,966,488
2,420,985
2,054,798
2,867,370
625,089
649,690
641,985
617,284
2,873,211
2,834,119
2,936,928
3,757,863
2,958,784
2,991,950
3,692,362
2,990,507
3.685,983
763,818
761,596
769,673
740,363
24.029.364
23.506.740
31.757.157
In the following table we undertake to show also the loadings for the separate roads and systems, for the week ended
Oct. 28. During this period a total of 56 roads showed
increases over the corresponding week last year, the most
important of which were the Pennsylvania System, the
Baltimore & Ohio RR., the New York Central RR., the
Norfolk & Western Ry., the Union Pacific System, the
Chicago, Milwaukee, St. Paul & Pacific Ry., the Chicago
Burlington & Quincy RR., the Southern Pacific Co. (Pacific
Lines), the Chicago & North Western Ry., the Erie RR.,
the Great Northern Ry., the New York, New Haven &
Hartford RR., and the Northern Pacific Ry.
3382
Financial Chronicle
Nov. 11 1933
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED OCT. 28.
Total Loads Receited
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1933.
1932.
1931.
1933.
1,636
3,056
7,836
903
2,867
10,770
646
1,271
2.875
8,052
683
2,520
10,426
726
1,837
3,603
9,387
818
2,944
13,355
696
218
4,661
9,966
2,611
2,479
11,407
876
27,704
26,553
32,630
32,258
6,161
8,705
12,987
138
1,459
8,872
2,101
21,079
1,898
446
359
5.128
8,278
11,469
123
1,412
7.980
2,319
20,270
1,994
464
319
8,580
11,206
14,179
226
1,771
9,783
1,796
25,671
2,016
699
439
6,621
5,395
12,691
1.760
927
6,408
32
27,499
2,039
50
179
64,205
59,756
74,466
63,601
688
1,437
8,020
22
308
205
1,460
2,142
5,846
3,616
4,314
4,348
4,747
1,252
5,331
3,561
605
1,598
7,706
38
404
178
1,370
2,132
5,364
3,649
4,085
4,227
3,841
1,654
5,154
3,281
676
1,876
9,414
51
411
293
1,093
2,772
6,309
4,208
5,804
6,938
4,574
1,175
6,213
3,436
884
1,568
10,555
50
119
2,217
700
5,600
7,182
175
7,484
4.062
4,746
595
6,477
1,791
47,297
45,186
54,243
54,205
Grand total Eastern District... 139,206
131,495
161,339
150,064
26,600
1,564
278
5,589
I
244
189
1,030
54,881
13,296
3,565
50
3,183
1,193
33,043
2,145
168
8,794
512
371
177
1,577
73,515
16,584
6,696
45
3,783
e
13,753
1,057
8
10,075
41
22
16
2,638
34,449
14,265
3,534
Eastern District
Group A
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N.H.& HartfordRutland
Total
Group B
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pitts. Shawmut & Northern_
Total
Group C
Ann Arbor
Chicago Ind. & Louisville
Cleve. CM. Chic & St. Louis....
CentralIndiana
Detroit & Mackinac
Detroit & Toledo Shore Line....
DetroitToledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis.
PereMarquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia-.
Wabash
Wheeling & Lake Erie
Total
Allegheny District
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauiey
Central RR.of New Jersey....
Cornwall
Cumberland & Pennsylvania...
LigonierValley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
C Penn-Read Seashore Lines_
28,473
2,911
278
5,065
840
323
189
960
58,008
12,392
5,236
37
3,233
1,204
119,150 111,663
Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
147,410
4,802
1,428
86,088
1932.
Group B
Alabama Tenn. & Northern...
Atlanta Birmingham & Coast__
All.& W.P.
-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
31,068 Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
6,119 Mississippi Central
5,438 Mobile & Ohio
13,161 Nashville Chatt.& St. Louis...
1,916 d New Orleans-Great Northern_
899 Tennessee Central
6,467
43
Total
25,437
1,923 Grand total Southern District
66
252
Northwestern District
61,721 Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. MIlw. St Paul & Pacific_
1,030 Chic. St. Paul Minn.& Omaha.
1,707 Duluth Missable & Northern..
10,896 Duluth South Shore & Atlantic.
49 Elgin Joliet & Eastern
135 Ft. Dodge Des M.& Southern.
1,995 Great Northern
711 Green Bay & Western
5,260 Minneapolis & St. Louis
7,041 Minn. St. Paul & S. B. Marie..
211 NorthernPacific
7,149 Spokane Portland & Seattle...
4,249
4,341
Total
534
6,757
1,936
Central Western DistrictAtch. Top.& Santa Fe System_
54,101 Alton
Bingham & Garfield
146,890 Chicago Burlington & Quincy_
Chicago Rock Island & Pacific_
Chicago & Eastern [Pinola
Colorado & Southern
13,119 Denver & Rio Grande Western_
758 Denver & Salt Lake
4 Fort Worth & Denver City....
9,918 Northwestern Pacific
41 Peoria & Pekin Union
26 Southern Pacific (Pacific)
9 St. Joseph & Grand Island
3,131 Toledo Peoria & Western
37,862 Union Pacific System
12,940 Utah
1,139 Western Pacific
3,275
1,487
84,709
22,094
19,C44
707
3,287
23,107
18,482
770
3,550
23,404
20,068
908
3,457
8,778
3,617
1,184
485
7,427
3,459
1,021
614
45,909
47,837
14,064
12,531
7,874
1,086
298
174
47
1,718
411
310
6,648
18,708
, 191
7,177
826
376
129
72
1,673
484
305
6,685
19,492
219
8,949
1.331
438
189
53
2,050
553
426
7,964
23,544
226
4,228
1,274
799
433
58
1,314
765
2,127
3,271
11,252
677
3,930
1,060
674
354
106
1,115
736
2,269
3,217
11,014
751
Total Revenue
Freight Loaded.
Total Loads Received
from Connections.
1933.
215
4,540
9,746
2,321
1,877
11,438
931
45,132
Total
Southern District
Group A
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Seaboard Air Line
Southern System
Winston-Salem Southbound...
Rattroads.
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
b Houston & Brazos Valley
International-Great Northern..
Kansas Oklanoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & Northern Arkansas_
Missouri-Kansas-Texas Lines..
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis
-San Francisco
St. Louis Southwestern
b San Antonio Uvalde & Gulf..
Southern Pacific in Texas & La_
Texas & Pacific
Terminal RR. Assn.of St. Louis
Weatherford Min.Wells & N.W.
1932.
1931.
*148
640
499
3,347
338
468
812
358
1,481
20,787
17,818
147
147
1,948
2,845
233
648
702
3,215
259
657
962
305
1,576
22,097
18,085
124
175
2,091
2,877
283
668
745
3,682
347
672
1,009
402
a1,891
25,336
19,648
128
221
2,374
3,379
1933.
134
534
999
2,025
502
359
1,219
300
689
8,030
3,667
367
220
1,429
2,192
1932.
139
529
1,007
2,159
192
342
1,074
245
689
8,082
3,364
238
219
1,537
1,892
"iii
259
585
612
-889
52,060
54,265
61,370
23,278
22,437
89,525
91,703
107,093
49,476
47,663
685
15,906
2,404
18,387
3,413
4,072
671
4,274
260
12,854
528
1,993
4,853
10,306
1,230
1,093
14,756
2,405
18,114
3,442
1,479
822
2,838
250
10,766
596
1,857
5,262
10,255
1,225
1,351
18,300
3,080
21,607
3,812
1,904
1,152
3,973
320
12,034
681
2,011
5,532
11,304
968
1,752
8,775
2,223
6,265
2,721
164
370
4,185
99
1,838
323
1,377
1,740
2,228
1,008
1,708
8,813
2,486
6,718
1,748
110
361
3,214
124
1,542
340
1,634
1.940
2,093
913
81,836
75,159
88,029
35,068
34,744
22,552
3,013
179
17,953
11,783
2,816
1,717
4,491
504
2,051
745
212
17,996
237
261
18,284
411
1,382
23,189
3,053
141
16,511
12,480
2.611
1,672
4,353
546
1,959
665
202
15,716
168
300
17,484
620
1,434
27,597
3,805
200
20,796
15,754
2,868
2,304
4,778
727
2,622
727
137
18,196
340
292
19,095
778
1,827
5,344
1,795
22
7,936
6,326
1,847
1,410
2,617
14
1,363
249
52
3,199
375
1,080
8,368
9
2.256
5,134
1,774
32
7,212
6,278
1,680
938
2,474
7
1,344
214
34
2,813
286
1,020
3,462
8
1,941
106,687
103,104
122,843
44.262
41,651
185
170
272
2,015
90
225
299
2,253
188
210
299
a2,057
3,371
689
121
1,166
2,496
714
138
954
2:1-.8
,- 1
231
1,592
1,129
364
700
103
5,414
15,225
39
271
9,653
2,460
2i52
281
1,568
1,352
84
835
101
5,879
15,114
51
234
10,203
3,123
2:65
1;851
282
2,022
2,155
334
930
151
6,037
19,380
45
177
10,720
3,750
722
1,493
773
628
259
263
2,624
7,205
17
170
3,484
1,431
1,831
772
1,367
654
394
198
322
2,436
7.569
18
151
3,307
1,201
6:136
4,991
1,748
22
6,133
1,754
2:049
2:030
5,639
1,510
27
5,644
1,622
25
3,025
1,991
56
3,099
2,062
40
37,465
37,438
45,723
26.196
25,22e
Total
Tots!
55.138
33,390
31,759
58,251
65,812
Estimated. b Included In Gulf Coast Lines. c Pennsylvania-Reading Seashore Linea include the new consolidated lines of the We t Jersey & Seashore RR., formerly part of Pennsylvania RR.and Atlant c City mt.,formerly part of Reading Co.; 1931 and 1932 figures included in Pennsylvania System and Reading Co. d Included
in Gulf Mobile & Northern RR. e Included in Pennsylvania RR.and Reading Co figures. 5 Previous week's figures.
Moody's Daily Index of Staple Commodity Prices
Displays Firm Tendency.
Raw commodity markets have displayed a firm tendency during the week under review, Moody's Daily Index
of Staple Commodity Prices advancing 3.8 points to 128.0.
It is now at the highest levels in the last month, and has
regained about one-third of the ground lost from July 18
to Oct. 16.
An encouraging feature of this moderate advance of the
Index is the ,fact that six of the 11 commodities which
show gains for the week are almost equally responsible for
it. Wheat, hides, hogs, corn, cotton and rubber are the
six in question, with silver, copper, cocoa, coffee and silk
contributing somewhat less largely because of their smaller
weighting. Scrap steel is the only staple showing a decline, while lead, wool tops and sugar are unchanged.
The movement of the Index number during the week,
with comparisons, is as follows:
Nov. 3
Fri.
Nov. 4
Sat.
Mon. Nov. 6
Tues. Nov. 7
Wed. Nov. 8
Thurs. Nov. 9
Nov. 10
Fri.
124.2
124.5
123.6
Holiday
126.3
128.3
128.0
Two weeks ago, Oct. 27
Oct. 10
Month ago,
Nov.10
Year ago,
-High, Sept. 6
1932
Low, Dec. 31
1933
-High, July 18
Low, Feb. 4
126.2
126.7
88.0
103.9
79.3
148.9
78.7
Indexes of Business Activity of Federal Reserve Bank
of New York-No Pronounced Movement Apparent
in First Half of October.
"No pronounced movement was discernible in general
business activity during the first half of October," states the
New York Federal Reserve Bank in its "Indexes of Business
Activity" as given in its "Monthly Review" of Nov. 1. The
Bank says that "sales of department stores in the Metropolitan area of New York were somewhat larger than in September after seasonal adjustment, although they remained
slightly below the level of a year ago. Moreover," the
Bank continues, "the movement of merchandise and miscellaneous freight over the railroads increased slightly more
than usually. On the other hand, the output of electric;
power was reduced unseasonally." Continuing, the Bank
says:
During September, a small recession in the distribution of goods and
general business activity is indicated by the available date. This bank's
seasonally adjusted indexes of merchandise and miscellaneous car loadings
and of production of electric power declined further and were only slightly
higher than in September 1932. Declines were shown in the Indexes of
merchandise imports, and of sales of wholesale establishments, department stores, mail order houses, and grocery chain stores. On the other
hand, increases were reported in sales of other chain stores, in merchandise
exports, and in new passenger automobile sales.
(Adjusted for seasonal variations, for usual year to year growth,
and where necessary for Price changes.)
1933.
1932.
Sept.
July
Aug.
Sept.
Primary Distribution
Car loadings, merchandise and miscellaneous....
Car loadings, other
Exports
Imports
Waterways traffic
Wholesale trade
53
48
44
50
37
86
60
63
56
75
59
112
56
62
47
67
63
109P
55
60
51p
63p
Distribution to Consumer
Department store sales, 2nd District
Chain grocery sales
Other chain store sales
Mall order house sales
Advertising
Gasoline consumption
Passenger automobile registrations
71
70
76
69
57
77
29
72
58
77
66
53
69
50
74
61
75
64
57
75
49p
66
55
78
61
57
60
62
76
65
179
82
68
62
118r
28
94
67
64
90
75
375
69
72
72
71r
17
83
61
50
80
60
126
74
701'
75
71r
20
75
59
47
78
113
72
69p
76
58r
24
70
132
176
132
132
177p
133
133
177p
135
General Business Activity.
Bank debits, outside of New York City
Bank debits, New York City
Velocity of bank deposits, outside of N.Y. CityVelocity of bank deposits, New York City
Shares sold on N. Y. Stock Exchange
Life insurance paid for
Electric power
Employment in the United States
Business failures r
Building contracts
New corporations formed in N. Y. State
General price love.*
132
Composite index of wages*
179
Cost of living
135
p Preliminary. r Revised. • 1913 averag,;!=100.
1•6511
53p
se
The purchasing value of the dollar was 128.2 cents in October, as compared with 128.4 cents in September, 139.9 cents in April and 100 cents
in 1923.
Food prices advanced 0.3% between Sept. 12 and Oct. 10, which made
them 6.8% higher than in October 1932 but 33.2% lower than in October
1929.
Rents averaged 0.6% lower in October than in September, although last
month an upward swing over the preceding month was noted. In comparison with the level of October 1932 there has been a reduction of 9.2%,
and with that of October 1929 of 31.4%.
Clothing prices continued on their upward trend, increasing 2.8% over
September and 20.7% over October 1932. They were, however, still
21.5% lower than in October 1929.
Coal prices were raised 1.9% over both their September 1933 and October
1932 quotations. The reduction in coal prices since October 1929 has
amounted to 9.3%.
The cost of sundries fell off 1.0%, owing chiefly to a substantial decline
in admission charges to motion picture theatres, concerning which information is collected as of October in each year. There was also a decline in
the prices of drugs and toilet articles, and an increase in prices of housefurnishings. The cost of sundries as a whole averaged exactly the same in
October of this year as in October of last year, but was 7.9% lower than in
October 1929.
Food *
Rousing
Clothing
Fuel and light
Coal
Gas and electricity- _
Sundries
•
Weighted average of
all items
Relative
Importance
In
Family
Budget.
33
20
12
5
56
Index Numbers of
the Cost of Living
Average Prices 1923=100.
Oct. 1933.
Sept. 1933.
73.4
63.2
77.7
87.0
84.0
92.9
91.4
Per Ct.Inc.(-1-)
or Dec. (-)
Between
Sept. 1933
and Oct 1933.
73.2
63.6
75.6
85.9
82.4
92.9
92.3
100
77.9
78.0
* Based on food price index of the U. B. Bureau of Labor Statistics.
+0.3
-0.6
+2.8
+1.3
+1.9
Lio
+0.1
Index of Wholesale Commodity Prices of National
Fertilizer Association Dropped Four Points During
Week of Nov. 4.
Wholesale commodity prices, as measured by the index of
the National Fertilizer Association, lost, during the week
ended Nov. 4 a large part of the gain shown for the preceding week. The index for the latest week declined four points,
receding from 68.9 to 68.5. (The three year average 1926.1928 equals 100.) During the preceding week the index
advanced seven points. That advance was the first upward
awing of the general index in more than a month. The
latest index number is seven points lower than it was a
month ago, but is 86 points higher than it was at this time
last year. The Association further said as follows under
date of Nov. 6:
During the latest week five groups declined, two advanced, and the
remaining seven showed no change. The largest loss was shown in the
grains, feeds and livestock group. This was the group that showed the
largest advance during the preceding week. Other declining groups were
foods, textiles, metals and fats and oils. The advancing groups were
fertilizer materials, and miscellaneous commodities. Neither of these
groups advanced materially.
Twenty-three commodities showed higher prices, while 26 commodities
showed lower prices for the latest week. During the preceding week there
were 34 price advances an d19 declines. In contradistinction, two weeks ago,
grains, cattle, and hogs declined during the latest week. Wheat prices,
however, were considerably higher than they were two weeks ago. Important commodities that advanced during the latest week were eggs, raw
sugar, apples, barley, rice, cotton seed, silver, calfskins, hides, rubber, and
cottonseed meal. Raw cotton prices were only slightly lower than a week
ago. Listed among the declining commodities were cotton yarns, burlap,
silk, lard, corn, wheat, oats, good cattle, hogs, copper and leather.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
•
Per Cen1Latest
Week
Each Group
Nov. 4
Group.
Bears to the
1933.
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Inn n
Changes in Cost of Living of Wage Earners During
October, According to National Industrial Conference Board-Slight Increase of 0.1% Noted
Over September-2.5% Higher Than in October
1932.
A halt in the rise of wage earners' living costs, as a whole,
was noted in October, according to the findings of the National Industrial Conference Board. There was a rise of
only 0.1 of 1% in October over September, as compared
with monthly increases ranging from 0.8% to 3.3% during
the preceding five months. Living costs in October were
2.5% higher than in October 1932, but 22.8% lower than
in October 1929. The Board under date of Nov.9 added:
Item.
3383
Financial Chronicle
Volume 137
A II rme.vma Arovi hi noel
Month
Ago.
70.2
70.3
48.2
65.8
67.0
84.4
76.8
78.7
83.4
46.5
87.0
65.2
70.8
90.3
70.6
70.3
50.5
66.1
66.7
84.4
76.8
79.2
83.4
46.7
87.0
65.1
70.8
90.3
69.9
70.3
52.2
66.4
69.1
84.4
76.0
80.3
81.6
47.9
87.0
64.4
70.2
90.3
60.4
64.0
37.5
44.8
61.0 •
86.6
70.7
68.0 .
77.4
42.0
87.4
62.2
68.8
92.1
AR 4
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 fertilizer
Agricultural implements....
Preceding
Week.
AR 0
110 2
AAA
Year
Ago.
4
Department Store Sales Increased Somewhat Less
Than Estimated Seasonal Amount from September
to October, According to Federal Reserve Board.
Preliminary figures on the value of department store
sales show an increase from September to October of somewhat less than the estimated seasonal amount. The Federal
Reserve Board's index, which makes allowance both for
number of business days and for usual seasonal changes,
was 69 in October on the basis of the 1923-1925 average as
100, compared with 70 in September and 77 in August.
Under date of Nov. 10 the Board further said:
In comparison with a year ago, the value of sales for September, according
to the preliminary figures, was about the same. The aggregate for the first
10 months of the year was 7% smaller than last year.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
October.*
Number of
Reporting
Stores.
Number
of
Cities.
-2
-2
-2
+8
+1
+11
+4
+4
-7
+4
+8
-9
-10
-9
-8
-3
-7
-5
-5
-8
-7
-6
-3
-9
56
54
35
35
52
25
57
19
15
24
23
71
so
A
Federal Reserve District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Jan. 1
to
Oct. 31.*
-7
486
216
26
15
14
23
15
28
9
10
14
9
23
* October figures preliminary; in most cities the month had the same number of
business days this year and last year.
"Annalist" Weekly Wholesale Price Index Declined
During Week of Nov. 6.
With a loss of 0.8 points for the week, the "Annalist"
Weekly Index of Wholesale Commodity Prices dropped to
103.0 on Monday, Nov. 6 (Tuesday, Nov. 7, election day,
being a holiday in most markets), from 103.8 on the Tuesday
previous (Oct. 31). The "Annalist" added:
In terms of gold the index declined to a new low of 66.3 from 68.4 Oct. 31,
the dollar dropping 1% cents to 64.4 during the six days as a result of the
new Treasury program of purchasing gold abroad at a price to force the
dollar progressively lower.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
(Unadjusted for seasonal variation.(1913=100.)
Nov. 6 1933. Oct. 31 1933.
Nov. 7 1932.
70.1
Farm products
84.8
85.6
94.4
103.3
Food products
102.0
72.8
Textile products
*118.2
x119.1
131.6
151.5
Fuels
151.5
105.2
Metals
95.0
104.6
Building materials
111.4
106.5
111.5
Chemicals
96.9
95.3
96.9
Miscellaneous
83.7
73.3
83.2
All commodities
103.8
88.9
103.0
c Ali commodities on gold basis
66.3
68.4
* Preliminary. x Revised. c Based on exchange Quotations for France, Switzerland, Holland and Belgium.
Losses in the grains, in steers and beef, and in the cotton and textile
group were only partially offset by a moderate recovery in hog prices.
Leather, copper and zinc also showed losses, while tin and rubber advanced
with the aid of the drop in the dollar.
The failure of the general price level to respond to the further forcible
depression of the dollar in terms of foreign currencies remains the outstanding phenomenon. As noted last week, there is complete lack of confidence in the ability of the Administration to raise prices by the foreign
gold purchase route, while the uncertainty as to the future of the currency
remains an Incubus on business activity generally.
The proposal of the Governors of Wisconsin, Minnesota, Iowa, North
Dakota and South Dakota for the fixing of prices for wheat at $1.39 and
3384
Financial Chronicle
corn at 94 cents, with other farm products in proportion, entailed also a
complicated system for backing up excess production on the farm. The
President rejected the program on the ground that it involved virtually
the complete regimentation of the farmers under State and Federal control,
a regimentation that he believed the farmers neither desired nor would
submit to, and that it was accordingly unworkable. As a matter of fact.
It is difficult to see how such a scheme, involving supervision of stocks on
every farm, could fail to result in evasion and bootlegging on a scale that
would make the bootlegging of liquor seem insignificant. While the particular program appears to have been disposed of, the agricultural unrest
behind it remains, and will undoubtedly constitute a serious factor when
Congress next convenes.
Trend of Business in Hotels During October Surveyed
by Horwath & Horwath-Total Sales Increased
3% Over October Last Year.
In surveying the trend of business in hotels during October,
Horwath & Horwath stated that "as the result of a marked
increase in restaurant sales the trend of total sales turned
upward again after remaining at practically the same level
during the preceling three months." According to the firm,
"total sales increased 3% over October 1932; room sales
decreased 1%,and restaurant sales increased 6%." Adding,
they said:
Total occupancy reached 57% which is the highest since January 1932,
and 68% of all hotels sold more rooms than in last October. However, with
the average rate 6% lower, the room sales did not quite equal those of a
year ago. The seasonal gain in occupancy over September was a little more
than usual.
Again Chicago and Washington had the largest increases over the corresponding month of last year, but these gains were not so great as in recent
months. All the other groups showed notable improvements in trend, both
in sales and occupancy. As a general rule hotels in the large cities continued to run ahead of last year, and while this was not true of the majority
of the small hotels in the smaller cities, nevertheless the comparisons for the
group under which these are classified-"Other Cities"
-are getting better
each month. This is an encouraging symptom as these hotels are little
affected by special events, such as the Exposition in Chicago.
INCREASES AND DECREASES IN SALES FROM THREE YEARS AGO.
April.
May.
June.
July.
%
New York
-53.5
Chicago
-50.9
Philadelphia_ _ _ _ -53.4
Washington
-45.6
Cleveland
-53.2
Detroit
-60.8
California
-55.2
All others report. -52.3
%
-49.5
-41.9
-52.7
-38.8
-52.6
-50.9
-54.4
-51.2
%
-45.3
+6.8
-51.5
-36.4
-47.6
-49.8
-48.0
-50.4
%
-42.4
+23.2
-49.2
-10.3
-39.3
-50.0
-47.0
-46.1
-49.1
-42.9
-39.6
-51.5
Sept.
Oct.
1+1 1 1711
Total
Aug.
%
-37.8
+41.7
-47.5
-5.9
-44.0
-37.3
-38.2
-45.5
%
-39.3
+26.5
-47.5
-10.6
-42.5
-39.1
-35.1
-44.4
-39.2
-38.7
-38.1
The following analysis by cities was also issued by Horwath
& Horwath:
Nov. 11 1933
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE.
1932.a
January ____
February ___
March
April
May
June
July
August
September...
October
November..
December...
Total
a Revised.
1933
Under
1932.
1933.
Kilowatt Hours
7,567,081,000
7,023,473,000
7,323,020,000
6,790,119,000
6,659,750,000
6,562,547,000
6,546,995,000
6,764,166,000
6,752,091,000
7,073,149,000
6,952,085,000
7,148,606,000
Kilowatt Hours
6,932,499,000
8%
6,285,704,000 b8%
6,673,536,000
9%
6,461,657,000
5%
6,999,646,000 c5%
7,231.057.000 c10%
7,479,170,000 c14%
7,683,925,000 c14%
7,343,635,000 c9%
83,153,082,000
____
Total.
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Texas
All others reporting
Room Rate
Percent of
Inc.(+)
Dec. (-)
Oct.
1933.
Oct.
1032.
43
57
39
53
57
49
44
55
49
-6
+38
-10
+4
-11
-13
53
-6
+5
+117
-10
+30
+5
--8
+2
+2
-1
+4
+6
+96
12
+32
+2
-10
-2
-2
-2
+138
8
+28
+0
+5
+5
+6
+1
50
81
30
69
65
50
48
60
52
+3
-1
+6
57
lk •
6 Total
Rooms. Reslauet.
Occupancy.
-8
-6
Production of Electricity in September 1933, as Compared with a Year Ago, Was Up 9%.
According to the Department of Commerce, Geological
Survey, production of electricity for public use in the United
States, totaled 7,343,635,000 kwh., as compared with
7,683,925,000 kwh. in the preceding month and 6,752,091,000 kwh. in the corresponding period in 1932. Of the
figure for September of the current year, 4,439,452,000 kwh.,
were produced by fuels and 2,904,183,000 kwh. by water
power. The Survey's statement follows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT HOURS).
Division.
Total by Water Power and Fuels.
July.
August.
September.
New England
520,597.000 555,267,000 524,270,000
Middle Atlantic_ _ 1,934,481,000 1,991,306,000 1.894,060,000
East North Central_ 1.644,827,000 1,684,007.000 1,625,773,000
West North Central_ 475,145,000 469.738.000 457,455,000
South Atlantic
836.476.000 858,553,000 870,310,000
East South Central_ 323,305,000 348,970.000 327,203,000
West South Central
395,694,000 395,248,000 397,091,000
Mountain
261,718,000 274,490,000 263,515,000
Pacific
1 086,927,000 1,106,346.000 983,958,000
Change in Output
from Previous Year.
Angusl. Seprber.
+24%
+9%
+19%
+2%
+25%
+13%
+5%
+23%
+8%
+8%
+3%
+14%
+8%
+20%
+6%
+8%
+25%
+3%
+9%
+14%
The average dal y production of electricity for public use in September
was 244.790,000 kwh., 1.2% less than in August. The normal change
from August to September is an increase of 2%•
The increased demand for electricity that started in May is apparently
slowing up to some extent, as the output for September was only 9% larger
than a year ago, whereas the August output was 14% above a year ago.
The daily production of electricity by the use of water power increased in
September, owing to increased flow in power streams caused by favorable
precipitation conditions in August and September.
Total for U. S____ 7,479.170.000 7,683,925,000 7,343,635,000
1932.
5%
b5%
7%
11%
13%
13%
16%
11%
10%
9%
6%
8%
41%
42%
42%
46%
45%
41%
41%
38%
36%
38%
41%
39%
9.4%
41%
1933.
43%
42%
45%
48%
49%
42%
38%
38%
40%
--
-b Based on average daily production. c Increase over 1932.
Coal Stocks and Consumption.
Stocks of coal at electric public-utility plants in September again increased and on Oct. 1 the total quantity on hand stood at 6,207,984 tons.
Of this amount 4,922,773 tons was bituminous (including lignite) and
1,285,211 tons was anthracite.
Consumption, on the other hand, declined. The total consumption of
bituminous coal during September was 2,556,229 tons, while the consumption of hard coal totaled 121.113 tons. Compared with the previous month,
this represents a decrease of 6.8% in the use of anthracite and a decrease
of 9.6% for bituminous.
At the rate of consumption prevailing in September, the stocks of bituminous coal on Oct. 1 were sufficient to last 58 days and the stocks of
anthracite were equivalent to 318 days requirements.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 kwh. or more per month, engaged in generating
electricity for public use, including central stations, both commercial and
municipal, electric railway plants, plants operated by steam railroads
generating electricity for traction. Bureau of Reclamation plants, public
works plants, and that part of the output of manufacturing plants which
is sold. The output of central stations, electric railway and public works
plants represents about 98% of that total of all types of plants. The
output as published by the Edison Electric Institute and the "Electrical
World" includes the output of central stations only. Reports are received
from plants representing over 95% of the total capacity. The output of
these plants which do not submit reports Is estimated; therefore, the figures
of output and fuel consumption as reported in the accompanying tables
are on a 100% basis.
[The Coal Division, Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.]
September Sales of Electricity Were 11.3% in Excess of
the Corresponding Period in 1932
-Revenue In
creased Only 0.5%.
The following statistics, covering 100% of the electric
light and power industry, were released by the Edison
Electric Institution on Nov. 7:
TREND OF BUSINESS IN HOTELS IN OCTOBER 1933, COMPARED WITH
OCTOBER 1932.
Sales.
Percent of Inc.(-Hor Dec.( )
Produced by
Water Power.
1932
Under
1931.
Month of Septembe
1933.
1032.
:Kilowatt-Hours Generated (Net)By fuel
By water power
Total kilowatt-hours generated
Additions to Supply
Energy purchased from other sources
Net International imports
6,804,266,000 6 223,591,000
,
215,827,000 -1.5
3
8,248,000 +85.2
283,479,000
254,075,000 +11.6
55,020,000
101,073,000
Total
Total energy for distribution
Energy lost in transmission, distribution, Jo
Kilowatt-hours sold to ultimate consumers.._
Sales to Ultimate Consumers (Kw-hrs.)Domest lc service
Commercial-Small light Ar power (retail)
Large light Jc power (wholesale)
Municipaistrect lighting
Railroads-Street and interurban
Electrified steam
Municipal and miscellaneous
Kilowatt-Hours Generated (Net)
By fuel
By water power
+0 3
.
212,655,000
70,824,000
Total
Deductions from Supply
Energy used in electric railway depts
Energy used in electric dr other depts
Total sales to ultimate consumers
Total revenue from ultimate consumers
P. C.
change.
4,193,374,000 4.068,233,000
+3.1
2,610,892,000 2 155,358,000 +21.1
,
61,379,000 -10.4
98,554,000 +2.6
156,093,000
159,933,000 -2.4
6.931,652,000 6,317,733,000 +9.7
1,101,594,000 1,079,913,000 +2.0
5,830,058,000 5,237,820,000 +11.3
040,118,000
910,841.000 +3.2
1,041,208,000 1,055,290,000 -1.3
3,253,883,000 2,697,663,000 +20.6
176,296,000
182,631,000 -3.5
304,138,000
304,595.000 -1.5
54,560,000
41,254,000 +32.3
59,855,000
45,546,000 +31.4
5,830,058,000 5,237,820,000 +11.3
$146,688,000 $145,975,800 +0.5
-12 Months Ended Sept. 30- P. C.
1933.
1932.
Change'
45.908.534,000 49,108,377.000 -6.5
32,080.337.000 29.613,230,000 +8.3
Total kilowatt-hours generated
77,088,871,000
Purchased energy (net)
2,799.171,000
Energy used in electric railway .14 other depts. 1,933,597.000
Total energy for distribution
78,854,445,000
Energy lost in transmission, distribution, &c...14.192,874,000
Kilowatt-hours sold to ultimate consumers_ _ _64,661,571,000
Total revenue from ultimate consumers.._ _51,778,892,100
Important Factors
Percent of energy generated by waterpower...
38.4%
Average pounds of coal per kilowatt-hour_ _ _.
1.46
Domestic Service (Residential Use)
Aver.ann. consumption per customer(kw-hr.)
603
Aver,revenue per kw-hr.(cents)
5.53
Aver, monthly bill per domestic customer_ _ .
$2.78
Basic Information as of Sept. 30.
Generating capacity (kw.)
-Steam
Water power
Internal combustion
Total generating capacity In kilowatts
Number of Customers
Farms in Eastern area (included with domextic)
Farms in Western area (included with coml-large)
Domestic service
Commercial-Small light & power
Large light & power
All other ultimate consumers
78.721,607,000
2,676,272,000
2,144,811,000
79,253,068,000
13,781,090,000
65,471,078,000
$1,872,012,800
-0.9
+4.6
-9.8
-0.5
+3.0
-1.2
-5.0
37.6%
1.49
600 +0.5
5.60 -1.3
$2.80 -0.7
1933.
24,087,100
8,975,200
461.700
1932.
24,155,500
8,888,100
450,500
33,524,000
33,494,100
506,071
500,041
204,228
19,843,724
3,689,204
529,449
64,549
206,858
19,874,513
3,690,284
557,015
65,339
Total ultimate consumers
24,126,926 24,187,151
a As reported by the U. S. Geological Survey with deductions for:certain plants
not considered electric light and power enterprises.
Financial Chronicle
Volume 137
Increase in Production of Electricity as Compared with
the Same Period Last Year Reduced to 3.8%.
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 Nov. 4 1933 was 1,583,412,000 kwh., an increase of 3.8% over the corresponding
period last year, when output totaled 1,525,410,000 kwh.
An increase of 5.8% was registered during the preceding
week. Beginning with the week ended May 6 last production has been larger than for the same week in 1932. The
current figure also compares with 1,621,702,000 kwh. produced during the week ended Oct. 28 1933, 1,618,795,000
kwh. during the week ended Oct. 21 and 1,618,948,000 kwh.
during the week ended Oct. 14 1933. The Institute also
reports as follows:
Of the seven geographical areas, the Rocky Mountain section, with a
gain of 29.2% for the week ended Nov. 4 1933 over the 1932 week, was the
only one to record a substantial improvement over the week of Oct. 28.
In that period a gain of 22.8% was registered.
All areas except the Rocky Mountain and New England districts declined
In comparisons with the preceding week. The output for New England
showed a gain of 5.2% over the 1932 period, compared with an increase of
4.8% the week before. The Middle Atlantic territory's gain of 1% compared with an increase of 4.2% in the previous week. The Central Industrial district had a gain of 5.5% over the 1932 week, compared with an
8.2% increase the week before. The Southern States showed a slight improvement of 0.8% in the week compared with a 2.5% advance in the
Oct. 28 period. Both the West Central and Pacific Coast sections showed
decreases from the 1932 week, the former being off 0.6% and the latter
0.8%.
PER CENT CHANGES.
Major Geographic
Divisions.
Week Ended Week Ended
Nov. 4 1933. Oct. 28 1933.
oa.21 1933.
Week Ended
Week Ended
Oct. 14 1933.
New England
Middle Atlantic
Central Industrial_ _ - _
Southern States
Pacific Coast
West Central
Rocky Mountain
+5.2
+1.0
+55
+0.8
-0.8
-0.6
+29.2
+4.8
+4.2
+8.2
+2.5
+0.7
+0.5
+22.8
+5.5
+1.8
+9.2
+3.6
+0.7
+0.0
+22.4
+5.0
+4.6
+9.9
+8.2
+0.4
-0.0
+22.1
Total United States.
+3.8
+5.8
+5.9
+7.4
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1930, is as follows:
Weeks!-
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept.30
Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
1933.
Week of-
1,435,707,000 May 7
1,468.035,000 May 14
1,483,090.000 May 21
1,493,923,000 May 28
1,461,488,000 June 4
1,541,713,000 June 11
1,578,101,000 June 18
1,598,136.000 June 25
1,655,843,000 July 2
1,538,500,000 July 9
1,648,339,000 July 16
1,654,424,000 July 23
1,661,504,000 July 30
1,650,013,000 Aug. 6
1,627,339,000 Aug. 13
1,650,205,000 Aug. 20
1,630,394.000 Aug. 27
1,637,317,000 Sept. 3
1,582,742,000 Sept. 10
1,663,212,000 Sept. 17
1,638,757,000 Sept.24
1,652,811,000 Oct. 1
1,646,136,000 Oct. 8
1,618,948,000 Oct. 15
1,618,795,000 Oct. 22
1,621,702,000 Oct. 29
1.583.412.000 Nov. 5
1932.
1931.
1933
Ore,
1932.
1,637,296,000
1,654,303,000
1,644,783,000
1,601.833,000
1,593,662,000
1,621,451.000
1,609,931,000
1.634,935,000
1,607,238,000
1,603,713,000
1,644,638,000
1,650,545,000
1,644,089,000
1,642,858.000
1,629.011,000
1,643,229,000
1,637,533,000
1,635,623,000
1,582,267.000
1.662,660,000
1.660,204,000
1,645,587,000
1,653,369,000
1.656,051,000
1,646,531,000
1,651,792,000
1 505 157 nnn
0.5%
2.2%
3.3%
4.8%
5.8%
7.4%
9.5%
10.9%
13.7%
14.7%
16.4%
15.4%
15.4%
15.6%
15.0%
15.2%
13.5%
11.8%
11.1%
12.7%
9.9%
10.2%
9.3%
7.4%
5.9%
5.8%
aR
Week of-
1,429,032.000 May 9
1,436,928,000 May 16
1,435,731.000 May 23
1,425,151,000 May 30
1.381,452,000 June 6
1,435,471,000 June 13
1.441.532,000 June 20
1,440,541,000 June 27
1,456,961,000 July 4
1,341,730,000 July 11
1,415,704,000 July 18
1,433,990,000 July 25
1,440,386,000 Aug. 1
1,426,986,000 Aug. 8
1,415,122,000 Aug. 15
1,431,910,000 Aug. 22
1,436,440,000 Aug. 29
1.464,700,000 Sept. 5
x1,423,977,000 Sept. 12
1,476,442,000 Sept. 19
1,490,863,000 Sept. 26
1,499,459,000 Oct. 3
1,506,219,000 Oct. 10
1,507,503,000 Oct. 17
1.528,145,000 Oct. 24
1.533,028,000 Oct. 31
1.529410000 Nnv
7
x Corrected figure.
DATA FOR RECENT MONTHS.
Month of-
1933.
1932.
1931.
January __
_
February. _
March
April
May
June
July
August
_.
September.
October _
November ..
December_
6,480,897,000
5,835,263,000
6,182,281,000
6,024.855,000
6,532,686,000
6,809,440,000
7,058,600,000
7,218,678,000
6,931,652.000
7,011,736,000
6,494,091.000
6,771,684.000
6,294,302.000
6,219,554,000
6,130,077,000
6,112,175,000
6,310,667.000
6.317,733,000
6,633,865,000
6,507,804,000
6,638,424,000
7,435,782,000
6,678,915,000
7,370,687.000
7,184,514,000
7,180,210,000
7,070,729,000
7,286.576,000
7,166,086,000
7,099,421,000
7,331,380,000
6,971,644,000
7,288,025,000
Tntftl
1930.
1933
Under
1932.
8,021,749,000 7.6%
7,066,788,000 10.1%
7,580,335,000 8.7%
7,416,191,000 4.3%
7,494,807,000 a5.0%
7,239.697,000 a11.1%
7,363,730,000 al5.5%
7,391,196,000 a 14.4%
7,337.106,000 a9.7%
7,718,787,000
7,270,112,000
7,566,601.000
----
77.442.112.000 86.063.969.000 89467 non non
a Increase over 1932.
Note.
-The monthly figures shown above are based on reports coveting approximately 92% of the electric light and power Industry and the weekly figures are
based on about 70%.
United States Department of Agriculture's Index of
Farm Exports Higher in September than August
Due to Cotton Shipments.
The index of exports of American farm products was 97
in September, compared with 66 in August, and with 90 in
September last year, says the Bureau of Agricultural Economics. The base period of 100 is the 1909-1914 five-year
average. Under date of Nov. 4 the Bureau added:
Record exports of American cotton accounted for the sharp rise in the
index figure in September, since the index for all commodities except cotton
was only 57. The index of cotton exports was 127 in September, with
total exports of 1,046,000 bales.
3385
Only 1,531,000 bushels of wheat including flour were exported during
September. Total exports during the three months ended Sept. 30 aggregated 4,642,000 bushels, or less than one-third the volume exported during
the corresponding period last year.
Increased exports of lard to Europe raised the index of that commodity to
123 in September. Exports of fruits lagged, the index for fruits falling to
163 The index for =manufactured tobacco was 129, the highest since
November 1932.
Annual Agricultural Outlook Report of United States
Department of Agriculture-Says Farm Outlook to
Improve as Recovery Continues-Domestic Demand
for Most Farm Products Expected to Improve
Further in 1934.
A better balanced production relative to demand for farm
products is in prospect in 1934 with further improvement in
demand as recovery in the industries proceeds, according to
the annual agricultural outlook report released Nov. 6 by
the United States Department of Agriculture. This report
was prepared by the staff of the Bureau of Agricultural
Economics assisted by extension economists from 40 States
who have been reviewing the situation in Washington during
the past week. This report presents the facts of supply,
demand and prices on various farm crops and livestock to
be used by farmers in planning their production programs
for next season. Much of this material is used as a basis
for formulating the agricultural adjustment program and the
probable effects on production of the adjustment work has
been taken into consideration by the economists in preparing
this report. The Department, in its report, continued:
The domestic demand for most farm products seems likely to improve
further in 1934 but prospects for improvement in the demand for American
agricultural products in 1934 are less favorable in foreign than in domestic
markets. It seems probable that further advances in prices offarm products
will be dependent primarily upon a more pronounced recovery in the output
of industries using non-agricultural products.
Total production of crops may be held to about the same level as in 1933
when production, especially of grain, was influenced by unusually low
yields in some crops. Plans for restricting the cultivated acreage in 1934
will tend to reduce the demand for production credit. Low interest rates
In central money markets indicate low cost of credit on good security through
agricultural credit corporations, production credit associations, and cooperative banks.
Present indications are that the total supply of cotton will still be large
notwithstanding the adjustment program provides for a reduction to
25,000,000 acres. The increase in the supply of foreign cotton is accounted
for by increased production and carry-over.
The world wheat market continues to be depressed by accumulated
stocks of wheat, a high level of production, and severe restrictions on the
Importation and use of wheat by European countries. Governmental action will continue to be a prime factor affecting the level of wheat prices
in the United States during the coming year.
Favorable aspects of the world wheat situation are to be found in the
prospect for improved business conditions in various countries and in the
possibility of a reduction in wheat acreage and some relaxation of import
restrictions as a result of the London Wheat Conference. Demand for
flaxseed and flaxseed products during the 1934-35 season is expected to be
slightly improved over the low level of 1933-34.
Supplies of most types of tobacco are still excessive even with the increased domestic consumption indicated for recent months. They are
particularly burdensome for burley and cigar types, and are materially
above normal for Maryland. fire-cured and the dark air-cured types.
Before next planting time it is probable that action will be taken by the
Adjustment Administration to control the 1934 production of all United
States types of tobacco.
The total supply of feed grains for the 1933-34 season is smaller than that
for any other year since 1901. Should the present unfavorable feeding
situation continue it will tend to discourage the production of livestock
for market in 1934. Because of the shortage of feed grains this year, the
price ratios between feed grains and livestock and feed grains and livestock products are no longer so high as to stimulate further increases in
livestock numbers and in some instances will probably result in some
decreases.
The supply of meat animals on farms,in terms of total live weight of the
three species-hogs, cattle, sheep and lambs-at the beginning of 1934
probably will be slightly larger than at the beginning of 1933. It seems
likely that the increase in cattle numbers will more than offset a rather
marked reduction in the number of hogs on farms and a slight decrease in
the number of sheep and lambs. Consumer demand for meats is expected
to show further improvement during 1934.
Commercial slaughter of hogs during the marketing year ending Sept. 30
next will be considerably smaller than that of the preceding marketing year.
Total live weight of hogs to be slaughtered is estimated at 12% smaller than
in the preceding year, this reduction from earlier indications having been
brought about by the slaughter of 6,000,000 pigs in August and September
under the emergency hog production control plan and by the short production of corn and other feed crops. The expected decrease in hog slaughter will occur largely during the winter marketing period, Oct. 1 1933 to
May 11934.
The upswing in cattle and calf slaughter which got under way in early
1933 is expected to continue for several years, but slaughter supplies in 1934
will probably include fewer of the better finished kinds and more of the
lower grades. Cattle numbers have been increasing since 1928 and are
expected to continue to increase through 1934. Demand for beef during
1934 may be stimulated somewhat as a result of reduced production of competing meats.
Sheep numbers in the United States are now on the downward trend of
the production cycle. World wool production in 1933 will be smaller than
in 1932. The trend of domestic wool prices during the remainder of this
year and in early 1934 will be influenced largely by the movement of prices
In foreign markets and changing relationship of the dollar to currencies in
the principal exporting countries.
Returns from dairying for several years have been relatively favorable
as compared with returns from most other types of farming. During the next
Year or two the comparative situation seems likely to be less favorable to
dairy producers. Evidences of weakness in the present situation are:
Record stocks of dairy products, a lowered rate of consumption, a high
Financial Chronicle
3386
rate of production, record numbers of cows on farms being milked, and
low prices of meat
-producing livestock that tend to make it more profitable
to use feed for dairy production than for meat production.
The number of hens and pullets of all ages reported on farms on Oct. 1
1933. was 1% larger than in 1932, but during the summer and early fall
of 1933 fewer eggs were produced than in 1932. A production of eggs this
fall and early winter as small as or even smaller than last season appears
probable. The larger proportion of pullets in the laying flock this season
should later help to improve the rate of layings per hen and result in a
production about equal to that of last winter.
The market outlook for commercial truck crops for fresh market during
the remainder of the present season and in 1934 appears to be somewhat
more favorable for producers than the situation has been during the last
two years. It appears that prices to growers for tonnage of truck crops
grown for manufacture may be somewhat higher in 1934 than the record
low prices of 1932 and 1933 and that larger acreages may be contracted
on certain crops.
The tendency to develop or at least to maintain orchards close to large
consuming centres and to neglect considerably those more distant is probably
the most significant factor in the fruit industry. This condition has been
brought about largely by the declining prices of the last three years during
which producers within economical trucking distance of market have been
able to reduce production costs relatively more than those at greater
distances,
October Failures Under 1932 Record by 46.9%.
The improvement that has occurred in economic conditions in the United States is clearly demonstrated by the
recent record of business failures. In the past few months
there has been a very great change for the better in the
matter of these insolvencies. This was especially true for
September, and now is further emphasized by the report
for October, which has just been completed.
The records of Dun & Bradstreet, Inc., show 1,206
failures in the United States for October, with liabilities
of $30,581,970. For September there were 1,116 similar
defaults, for which the indebtedness was $21,846,906. It
has been many years since the number of these defaults has
been so low for any month. This is true not only as to the
number, but also as to the amount involved. Last year at
this time the adverse conditions prevailing brought about
many more defaults and much heavier losses. For October
1932 there were 2,273 business failures, with liabilities of
$52,869,974. The reduction in the number for October
this year compared with a year ago, was 46.9%, while
liabilities for that month this year were 43.3% below those
for last year.
The monthly and quarterly failure figures, showing the
number and the amount of liabilities, are contrasted below:
Nov. 11 1933
Total Value of Exports and imports of Merchandise
by Grand Divisions and Principal Countries in
September.
The Department of Commerce on Nov. 1 1933 issued its
report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
September and the nine months ending with September
for the years 1932 and 1933. The following are the tables
complete:
TOTAL VALUE OF EXPORTS AND IMPORTS OF MERCHANDISE BY
GRAND DIVISIONS AND PRINCIPAL COUNTRIES.
Month of September.
Exports to
1932.
72,628,314
Europe
Northern North America,.,... 19,195,917
Southern North America...- 8,224,418
South Amerla
7,000,014
Asia
19,052,114
Oceania
3,127,766
2,808,617
Africa
Total
1933.
81,857,232
21.461,265
9,472,844
10,642,963
29,188,983
2,931,412
4,535,297
9 Months Ending September.
1932.
564,647,859
192,490,048
89,611,553
68,636,872
216,458.829
28,505,614
27,128,294
1933.
544.160.795
150,822,914
91,420,294
78,596,057
189,912,915
23,978,882
28,184,311
132,037,160 160,089,996 1.187,479,069 1,105,076,204
Belgium
Czechoslovakia
Denmark
Finland
France
Germany
Greece
Irish Free State
Italy
Netherlands
Norway
Soviet Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
British Malaya
China
Hong Kong
Netherland East Indies
Japan
Philippine Islands
Australia
New Zealand
British South Africa
Egypt
3,078,512
87,673
892.055
357,859
10.251,560
15,790,684
188,348
492,804
4,773,648
3,253,852
633,164
1,169,655
2,253,191
1,530,742
594,625
25.725,156
18,730,636
1,986,875
2,339,505
1,543,165
267,815
2,550,073
1,984.033
219,741
813,375
131,658
251,910
159,713
675,125
1,356,275
196.068
3,702,846
690,397
745,218
7.803,187
3,295,697
2,318,261
783,836
1,468,617
180,939
4,170,860
142,832
1,180,089
292,103
12,339,695
13,685,238
356,257
200,604
7,220,597
4.513,743
711,605
692,800
2,927,338
1,945,704
582,962
28,489,026
20,977,514
1,865,171
3,323,554
1,910,971
502.434
3,588,394
2,650,448
656,178
1,372,793
132,253
477,692
340,347
1,054,692
1,876.002
226.786
4,671,039
703,591
607,324
15,598,714
3,888,803
2,108,553
781,631
2,867.413
322,417
29,097,869
1,516,311
8,934,582
1,935,311
79,978,699
94,791,688
6,131,996
3,605,086
33,323,398
33,353,586
5,276,588
9,478.713
19,258,986
12.032,229
5,592,003
209,161.791
189,084,422
22,827,817
23,507,929
22,766,781
3,465,343
22,751.671
19.360,224
2,741.587
7,587,663
1,198,213
2,966,024
2,456,437
7.488,159
19.447,354
1,935,067
43,514,482
7,354,332
6,379,625
95,101,752
34,254,340
21,047,731
6,959,540
11,836,301
1.916,70
29,184.269
1,065,101
7,263,278
2,070,529
78,347,037
91,935,481
1,726,791
2,240,551
40,024,708
30,477,935
4,731,752
7,145,754
19,904,918
11,065,281
4,959,198
194,853,706
147,797,469
23,510,304
26,878,782
19,296,428
3,916,338
24,905,118
20,046,257
3,595,155
10,849,223
1,124,204
2,902,424
2,091,247
8,637,972
12,660,324
1,589,222
32,525,486
6,098,670
4,496,278
91,294,763
32,232,114
17,893,119
5,732,710
14,347.182
2,370,260
MONTHLY AND QUARTERLY FAILURE FIGURES.
Month of September.
Number.
Imports from
-
Liabilities.
1932.
1933.
1932.
1931.
1,206
1,116
1,472
1,421
2,273
2,182
2,796
2,596
2,362
1,936
1,944
1,983
3d quarter.- 4,009
7.574
5,863
392,104,058 1220,348,485 3161,278.635
1,648
1,909
1,921
2.688
2,788
2,816
1,993
2,248
2,383
335,344,909 176,931,452 351,655.648
47,971,573 83,763,521 53,371.212
51,097,384 101,068,693 50,868,135
2d quarter-. 5,478
8,292
6.624 8134,413,886 8261,763,666 5155,894,995
1,948
2,378
2,919
2,951
2,732
3,458
2,604
2,563
3,316
7,245
9,141
8,483 8193,176.882 $275,520,622 $214.602,374
October
September
August
July
June
May
April
March
February
January
lot quarter
1933.
1932.
830,581,970 $52,869,974 $70,660,436
21,846,906 56,127,634 47,255,650
42,776,049 77,031,212 53,025,132
27,481,103 87,189,639 60,997,853
$48,500,212 893,760,311 $60,386,550
65,576,068 84,900,106 59,607.612
79,100,602 96,860,205 94,608,212
-OCTOBER.
FAILURES BY FEDERAL RESERVE DISTRICTS
Number.
Distrias.
Boston (1)
New York (2)
Philadelphia (3).
Cleveland (4).__
Richmond (5)_ _ _
Atlanta (6)
Chicago (7)
St. Louis (8). _ _
Minneapolis (9)-Kansas City (10)
Dallas (II)
San Fran.(I2)
United States
1932.
1931.
150
321
51
95
74
40
177
42
43
39
40
134
188
488
94
234
119
137
312
82
93
103
105
320
187
403
165
255
92
131
353
126
108
125
130
287
1.206
2,273
2,362
1933.
$2,377,638
10,452,025
2,299,719
2,548,148
851,565
582,146
6,340,623
1,019,098
383,515
412,054
1,400,261
1,915,178
1932.
84,187,026
12,534,539
3,389,817
6,386.949
1,933,670
2,180,889
8,783,563
1,648,236
1,396.840
839,541
2,763,239
6,845,665
32,390,390
13,171,879
10.622,582
13,243,586
27,224,718
507,725
1,250,442
49,988,966
20,493,264
10,989,401
17,866,157
41,194,635
2,205,621
3,913.804
9 Months End, September.
1932.
1933.
1931.
For all 12 Federal Reserve districts the number of failures
last month was very much less than it was a year ago, and
liabilities were smaller. The greatest improvement appeared for the Cleveland District; also for Atlanta, Minneapolis, Kansas City and San Francisco districts. For the
St. Louis District there was a considerable reduction shown,
nearly as great as that for those first mentioned,
while for the Philadelphia, Richmond and Chicago districts
a much better return was made this year than in 1932.
The same is true as to the New England and New York
districts, although the betterment for the sections last
mentioned, while notable, was relatively less marked than
that shown for the other ten geographical divisions.
1933.
1933.
1931.
84.405,933
16,496.076
8,924,351
10,554.128
1,365,124
2,891,249
14,670,164
2,491 736
1,492,546
1,055,207
1,930.448
4,377.476
$30,581,970 852,869,974 $70,680,438
Europe
Northern North America-Southern North America....
SouthAmerica
Asia
Oceania
Africa
Total
Belgium
Czechoslovakia
Denmark
Finland
France
Germany
Greece
Irish Free State
Italy
Netherlands
Norway
Soviet Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
British Malaya
China
Hong Kong
Netherland East Indies
Japan
Philippine Islands
Australia
New Zealand
British South Africa
Egypt
287,775,215
141,429,974
129,467,572
157.607,668
275,150,024
5,909.243
18,380,201
324,479,866
130,607,221
97,826,021
148.271,229
305,586,962
9,382,079
20,611,160
98,411,322 146,651,848 1,015,719,897 1.038,764,538
1,766,254 2,793,084
1,228,392 1,586,099
122,707
146,323
625,576
862,892
4,023,036 5,664.340
6,753,831 8,504,548
138,468
392,320
26,857
69,356
3,130.870 3,107,988
2,746,150 3,958,807
762,159 1,399.068
697,545 1.353,038
703,842 1,466.921
1,348,262 3,539.640
1,013,777 1,145,072
6,421,418 12,093,455
12,507.424 19,978.643
1,831.358 1,369,196
2.424,524 1,873,030
5,127,822 6,762,872
86,688
155,308
804.152 4,539,346
5,531,613 6,559,378
134,224 1,092,468
4,374,839 3,512,897
213,016
147.866
382,911
657,660
223,161
310,141
1,475.895
929,209
1,547,492 3,847,540
1.903,025 7,866,750
1,619.481 3,800,058
328,509
438.44
2,412.803 3.719,934
12.135,074 14,216,69
6,200.702 5,055,534
316.794 1,347,503
105,302
755,418
46.341
507,881
162,057
431,034
16,609,504
9,620,992
986,546
6,165,070
31,855,034
55,287,505
6,043,094
261,245
30,900,083
18,510,602
7,600,193
7.053.406
8,640.195
16,942.032
9,104,094
56,449,954
136,303,376
18,813,440
31,376,454
46,423,347
2,886,960
11.985,017
63,025,097
11,717,679
46,520,912
1,945,063
2,403,131
1,791,460
17.085,300
25,883,170
26,091,037
19,627,687
2.968,133
20.409,977
99,451,111
67,132,543
3,703,048
1,557,397
1,807,732
4,043.018
18.620,862
10.009,248
1,252,008
6,009,321
32,064,911
57,017,203
4,275,756
313,506
28,637,427
23,873,024
9,233,307
8,294,406
8,692,698
19,902.730
10,289,249
78,454,670
127,468,532
18,049,894
23.404,940
44,208,087
2,671,049
22,186,343
00,389,587
7,990,731
37.854,704
1,231,732
3,662,420
2,720.029
10,603,548
28,992.782
37,821,829
27,542,196
2.567,240
22,417,841
91,885,779
79,220.871
5.147.362
3,630,021
2,613.923
3.675,202
Recent Gains in New York State Factory Employment
Maintained in October-Payrolls Dropped 1.6%
The number of persons employed in October in New York
State factories remained about unchanged from the September figure, according to a statement issued by Industrial
Commissioner Elmer F. Andrews, maintaining the gains
which had been made during the past six months. Total
Volume
137
factory payrolls, however, showed a decline of 1.6%, Commissioner Andrews said, adding:
The State Labor Department's index number of employment, based on
the three years 1925-1927 as 100, remained unchanged at 69.6, while the
payroll index number was lowered to 54.1. As against a year ago, both the
volume of employment and of wage payments were 17% above the levels
pre vailing at that time. These statements are based upon reports from
1,800 representative factories located in various parts of the State, employing in October nearly 366,000 persons and paying out more than $8,230,000 in
wages.
Usually, October returns indicate a small net advance over September.
This time, however, regular seasonal losses in some of the industries, coupled
with some let-up in the industries which had benefitted most from the large
gains of the past six months, counteracted the gains reported by industries
which were seasonally active. The percentage change in employment from
September to October in the last 20 years is shown in the following table:
Decreases,
September to October.
Increases, September to October.
-0.8%
1914
+2.0%
1925
1915
+0.4%
-4.6
1918
+1.1
1926
1916
+0.8
-1.4
1919
+0.1
+1.9
1927
1917
-1.9
1920
1921
+2.4
1928
+2.0
-1.7
1930
1929
+0.5
1922
+3.2
-3.1
1931
1932
1923
+3.0
+1.4
1924
+1.2
1933
No change (prehminary)
Metal Employment Shows Net Drop.
The recent large gains in employment in the metal group were checked in
October, with the group as a whole reporting a net decrease of 1.3%. The
slowing up in activity, though, was not general, and many Individual industries comprising the group showed larger working forces than in September.
Increases in personnel continued to be reported by the silverware and
jewelry; firearms, tools and cutlery; machinery and electrical apparatus;
railroad equipment and repairs; and business machines and other instruments
and appliances divisions. Structural and architectural iron concerns kept
about the same number of men employed as in September. Manufacturers
of brass, copper and aluminum; iron and steel; sheet metal and hardware;
cooking, heating and ventilating apparatus; and automobiles and automobile parts reported declines in activity and as a consequence showed fewer
Persons employed than In September. In boat and ship building and repairing, where a large increase in employment had occurred in September,
an especially sharp drop, due principally to curtailment In the New York City
dry-dock, was noted in October, with employment declining nearly onethird below the previous month's level.
Seasonal Gains Continue in Clothing and Millinery.
The clothing and millinery group continued to show seasonal activity
during October, with an additional increase of 2.6% in employment being
recorded. Further seasonal gains were reported by the women's clothing
and millinery industries. Settlement of the strikes which had occurred
the previous month in some of the New York City men's furnishings concerns and in women's undergarment shops, coupled with greater seasonal
activity, accounted for the rise in these divisions. Seasonal activity was
noted also in some of the firms making cloth novelties, fancy pillows, flags
and banners, embroideries and handkerchiefs. Concerns engaged in the
manufacture of men's clothing reported some curtailment, coincident with
the regular October letup in the fall and winter manufacturing season.
The men's clothing industry usually begins manufacturing for the fall and
winter trade a month or two before the other garment trades, and nearly
always closes the season ahead of the other industries. A lessening of
activity occurred also in laundries and dry cleaning plants.
Mixed Movements in Textiles.
The textile group, which had shown losses in September, reported a small
net increase in October. The woolens, carpets and felts division, the only
textile industry to report a rise in employment in September, took on additional operatives in October. Silk and silk goods mills also took on help
this month, while makers of cotton goods, knit goods, and rayon and miscellaneous textiles continued to let them go.
Net Decline in Food and Tobacco Group.
Opposite movements were apparent also in the food and tobacco group.
Many industries comprising the group were taking on help, but the losses
in other divisions more than offset these gains. The net result in the group
as a whole was a decrease of 2.5% in the number of persons employed.
A sharp Increase in employment, due principally to the settlement of the
strike which had been going on in some places, occurred in the tobacco
industry. Candy manufacturers were seasonally busier and continued to
take on additional help. Increases were noted also in the beverages and
sugar and other groceries divisions. Processors of flour, feed and cereals,
and of moat and dairy products, and bakeries reported fewer persons working in October than in September. An extremely sharp drop in numbers
working occurred in canneries, due to the usual contraction in activity at
the close of the summer canning season.
Most Other Groups Report Gains.
Increases in employment continued to bo reported in October by the
printing and paper goods; pulp and paper; chemicals, oils and paints; and
water, light and power industries. Good-sized gains were again noted
in furniture factories and in concerns making pianos, but these increases
were partly offset by losses in other wood products concerns. Many
workers engaged in the manufacture of pipes, cigar and cigarette-holders
were on strike. In the stone, clay and glass industries employment fell
off somewhat from the previous month's level. Most of the industries
comprising the furs, leather and rubber goods group reported recessions
in employment in October, with gains being noted only in the rubber
products and gloves, bags and canvas goods divisions. Further decreases
were shown in the shoo industry, with strikes continuing in Long Island City
plants. A large number of tannery employees were on strike in Gloversville
and Johnstown.
Net Rise in New York City Employment.
In New York City a net rise in employment of 1.5% was recorded in
October. Payrolls, though, dropped 2.4%. The rise in employment was
due principally to gains in the printing and paper goods, clothing and
millinery, and food and tobacco groups, for a good number of the other
industries were reducing their working forces. The settlement of strikes in
the men's furnishings and women's undergarment industries were factors
tending toward increased employment in these divisions. Women's clothing
and women's headwear concerns reported more employees than in September but they had reduced payrolls. Printing and paper goods establishments were seasonally busier. In the food and tobacco group most of the
rise was due to the ending of the strikes in cigar factories, and to increased
operations in candy plants and in sugar refineries. Additional workers
were taken on by chemical,oil and paint, and water, light and power plants.
The trend in most of the industries of the metal group was upward, but a
3387
Financial Chronicle
sharp drop in the number of workers engaged in ship building and repairing
caused the group as a whole to show a decline.
Most Up-State Cities Report Small Gains.
All the major up-State industrial centers, excepting Buffalo, showed
some gain in employment in October. In Buffalo, losses in iron and steel,
heating apparatus, and foundries and machine shops were the principal
factors in the sharp declines in employment and payrolls to be registered
In that district. Rochester factories showed small net increases in employment and payrolls, with gains noted in some of the metal industries and In
wood products concerns, and losses in canneries and shoe factories. Syracuse reported small increases in employment in a majority of the manufacturing industries, the net result being a 2% gain in both numbers employed
and in wage payments. In the Albany-Schenectady-Troy area a slight
increase occurred in the number of workers employed, but payrolls were
up more than 2%. Shirt and collar factories were taking on a large number
of persons. In Utica a net rise of 3.6 of 1% in employment, and a gain
of approximately 14i% in payrolls was recorded. Bin hamton employment was increased slightly, but total payrolls were lowered. Gains in
metal employment were offset by losses in shoe concerns.
The percentage changes in employment and payrolls in each of the
industrial centers is given below:
Sept. to Oct. 1933.
City.
Albany-Schenectady-Troy
Binghamton
Buffalo
Rochester
Syracuse
Utica
New York City
Employment.
Payrolls.
+0.4%
+0.4
+2.3%
-3.0
-6.4
+0.7
+2.4
+1.7
-2.4
+0.4
+2.1
+0.5
+1.5
FACTORY EMPLOYMENT IN NEW YORK STATE (PRELIMINARY).
% change Sept.
-Oct. 1933
.
Industry.
Stone, clay and glass products
Miscellaneous stone and minerals
Lime, cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and Jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, beating, ventilating apparatus
Machinery and electrical pparatus
Automobiles, airplanes. Are
Railroad equipment and repair shops
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical instruments
Miscellaneous wood, .Szc
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Gloves, bags, canvas goods
Rubber and gutta percha
Pearl, horn, bone, Oa
Chemicals, oils, paints, arc
Drugs and industrial chemicals
Pants and colors
Oil products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
1 aper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, rat pets, felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, teed and cereals
Canning and preserving
Sugar and other groceries
Meat and da.ry products
Bakery products
Candy
Beverages
Tobacco
Water, light and power
Total
Total State.
-0.9
+3.1
-7.8
+1.4
-1.3
+12.0
-1.9
-7.0
+0.4
-4.0
+5.0
-21.8
+0.9
-1.4
+1.2
-30.4
+5.6
+3.4
--1.5
+4.2
+25.6
-7.6
-2.7
-19.9
-15.9
-2.0
+3.7
+1.0
-1.3
+1.0
+2.3
+1.2
+0.9
No change
+2.4
+3.4
+4.4
+1.5
+3.6
+0.4
+0.8
+2.8
-2.8
-1.6
+2.6
-1.2
+8.8
+2.2
+19.4
+2.1
+0.9
--3.8
-2.4
-3.5
-39.7
+7.3
-0.4
-2.1
+8.5
+4.1
+44.5
+1.3
No change
N. F. City.
+35.9
+10.6
-41.0
-18.3
-1.6
+16.4
+0.4
•L0".5
+1.4
+1- 0:4
+7.2
+2.2
+0.8
-29.8
+1.4
-2.3
+7.1
+7.1
+14.1
-15.0
-3.7
•1-5.15
+3.9
+5.6
-1.5
+2.6
+4.0
+1.6
+2.6
+0.2
+3.1
+2.4
+7.1
-3.6
+3.0
-5.5
-8.3
-25.1
-1
-r -3:i
-2.8
+3.7
-0.9
+11.4
+3.5
+20.4
+2.1
+3.2
-3.9
+5.0
No change
+3.1
+7.3
-1.2
-3.0
+7.3
-1.2
+71.1
+2.2
+1.5
Marked Improvement in Construction Program of
Canada Reported by S. H. Logan of Canadian Bank
of Commerce-September Exports Reported High-Wheat
est in Value of Any Month Since May 1931
Export Situation.
"The outstanding features in Canada during the past
month have been a comparatively steady wheat export trade,
and a marked improvement in the construction program of
the country," says S. H. Logan, General Manager of the
Canadian Bank of Commerce. Mr. Logan said:
The value of construction contracts in October was nearly double that
reported in the prereviing month, and the largest for any month in the last
two years. While it would be premature to regard this surprising improvement in one of the major branches of our economy as heralding the longawaited revival in building and engineering work, it is highly satisfactory
to find, not only that larger projects of this kind have been undertaken in
what is normally a dull season, but also that the increase is in residential
and industrial building, although the change in the latter classification is
by far the greatest; accordingly, the improvement was due to a better
demand for housing accommodation and to an extension of commercial
3388
Financial Chronicle
facilities, rather than to an expansion of public works which, while helpful
in offsetting a decline in private operations, is frequently, in times like
these, the result of unemployment relief plans and unnecessaty for any
other purpose.
The wheat export situation is all the more significant because of the poor
record of this trade in the early part of the season. In August, the first
month of the new "wheat year," Canadian shipments were less than average
—about 3% of the total Canadian supply, whereas that month's exports
are usually 5% of the stocks of old wheat and the new crop—as well as the
smallest in the last seven years and below this country's normal share of
world trade in this cereal. The September clearances were nearly half as
large again as those in August,and were not only above the average for that
month in proportion to the supply, but also in excess of those in the like
period of most former years. The October record is, so far as total shipments are concerned, about as favorable as that of September. If wheat
trade continues on as good a basis as in the last two months, the quotas
set by the recent London Conference will have to be revised upward, in
which event that for Canada might be advanced, possibly to a figure
15,000,000 bushels above the present allotment of 200,000,000.
The industrial downturn in September was mainly in steel, although
there were small recessions in automobile and newsprint production. In
another major industry, lumbering in British Columbia, the output was
well above that in August and, in fact, on a level comparable to that of
the summer of 1931. While there were signs of lessened activity in some
secondary industries the majority were reported as still busily engaged.
The trade expansion was largely in the foreign field, although the volume
of goods moving into domestic consumption channels was also greater.
The September foreign trade returns present a most favorable picture, for
not only were exports well above those in any former month of the current
year, but they were the highest in value of any month since May 1931.
Further Decline Noted in Industrial Production in
Philadelphia Federal Reserve District During
September and Early October—Retail Trade Activity Shows Further Improvement.
"There was an additional improvement in retail trade
activity but a further recession in industrial production during
September in the Third (Philadelphia) District," stated the
Philadelphia Federal Reserve Bank, which added that
"these divergent tendencies continued in early October
for the third successive month." In its "Business Review"
of Nov. 1 the Bank further said:
Output of manufactures, after an unusually sharp rise between spring
and mid-summer, has shown a fairly steady contraction since a high peak
In July. Production of industrial fuels naturally has reflected a similar
trend. Activity in building trades continued at an unusually low level,
although lately it has shown some improvement in a certain type of construction heavier than that of residential building.
Industrial employment and payrolls in the aggregate, as measured by
12 occupations in this section, showed a continued gain for six months,
the most pronounced increases occurring in the third quarter, reflecting
the influence of the application of blanket or industry codes. Latest
preliminary reports from Pennsylvania factories and coal mines, however,
indicate that the number of wage earners and man-hours actually worked
in the first part of October decreased.
The value of retail trade sales in September again showed an exceptional increase and the volume has been fairly well maintained in October,
gains being most noticeable in the latter part of the month. Wholesale
and Jobbing business, on the other hand, failed to register the usual increase by a considerable margin in September. Other indicators of distribution. except that of new passenger automobile sales,show unsatisfactory
comparisons with the previous month, but virtually all of them are at
substantially higher levels than they were last year.
Manufacturing.
There has been a further falling off in the demand for products manufactured in this district since the middle oflast month,so that the aggregate
volume of new sales and re-orders has continued to decline from the peak
reached in July. Reports on unfilled orders thus show that there has
been an additional decrease in the total of advance business at factories
as compared with the previous month and in many instances the volume
is smaller than a year ago for the first time in several months. There also
has been some evidence of cancellations of orders.
The supply of finished goods at local establishments shows numerous
increases during the past month, but it still appears to be smaller than
a year ago, considering the manufacturing industry as a whole. Stocks
of raw materials also have increased since August and in most instances
are larger than they were last year, reflecting heavier buying in the rising
markets during the earlier months and a subsequent contraction in the
demand for finished products. Prices quoted by reporting manufacturers
have been somewhat more stable between the middle of September and
October, even though advances continue to exceed declines; compared
with a year ago, quotations for most commodities originated in this district are substantially higher. Collections have declined in the month,
but they compare rather well with the volume of payments a year ago.
Factory employment and payrolls In this district showed further increases from August to September, although the rate of these gains was
not as high as in the previous two months. In Pennsylvania, the number
of wage earners rose 4%, indicating an addition of about 33.000 workers
over August. The gain in payrolls was nearly 1%, while the total number
of employee-hours actually worked in September showed a decline of 4%
as compared with August, following a steady expansion in operating time
from a record low level in March. This falling off in working time was
probably due in part to the slackening of productive activity, particularly
in primary metal industries, stone, clay and glass, and in leather products.
As shown by the accompanying chart, the spread between employment
on the one hand and payrolls and working hours on the other has widened
since August, after becoming narrower for a few months ending in July.
In normal times the levels of employment, payrolls and working time
move rather closely together with a tendency for payrolls and employeehours to move at a somewhat higher rate than does employment if business
conditions are satisfactory.
Considering the employment situation as a whole, it appears that betyreen March and September there was a gain of approximately 185,000
wage earners In Pennsylvania factories. The largest increase-115,000
workers—occurred in the third quarter, reflecting largely the influence of
the compliance with the Industry or blanket codes. The estimated total
number of factory wage earners on the roll in Pennsylvania about the
middle of September was in the neighborhood of 795,000, or the highest
for any month since early 1931.
Nov. 11 1933
Incomplete reports for October indicate a decrease in employment but
practically no change in payrolls. Operating time appears to have decreased further. Indicating a contraction in productive activity for two
successive fall months.
Output of manufactures in this district continued to decline, in spite
of the fact that usually there is a decided increase In the three-month
period, August to October; it must be remembered, however, that there
was a sharp increase in production from a record low point in March to
July. a Period which is usually marked by seasonal recessions. This
Bank's index of factory production declined to 69% of the 1923-25 average
as compared with 71 in August and 74 in July, which was the highest
point since 1931, after allowance is made for the number of working days
and the usual seasonal variation. Compared with a year ago, the September index of production was almost 8% higher, owing primarily to
larger gains that occurred during the earlier months in the output of durable
or capital goods,since the production of merchandise which is sold primarily
to the ultimate consumers was at a lower level in September this year
than last.
With the exception of transportation equipment and foodstuff industries, all manufacturing groups failed to measure up to the usual seasonal
changes in the output of their products. Most of them, however, continued at appreciably higher levels than last year in spite of the fact that
productive activity in several industries has been hampered considerably
by strikes and lockouts.
The largest decline in September among the individual industries occurred in such important lines as iron and steel, silk, woolen and worsted
goods, cement, brick and motor vehicles. Among the most pronounced
Increases were those in the groups comprising electrical apparatus, automobile parts and bodies, ship and boat building, hosiery, sugar refining,
and paints and varnishes. Some of these increases were of seasonal character, while others resulted from gradual adjustments of labor difficulties.
Production of electric power Increased from August to September by
slightly more than the usual seasonal quantity, the seasonally adjusted
Index rising from 194.7 to 195% of the 1923-25 average; this was nearly
16% higher than a year ago. Total sales of electricity rose about 6% in
the month and were 18% higher than in September 1932. Industrial consumption of electrical energy, which constitutes by far the largest part
of total sales, increased about 12%, when computed on the basis of working
days; this gain was rather unusual and shows an improvement over August
by nearly 9%,when the normal seasonal change is taken into consideration.
Compared with a year ago local industries purchased about 22% more
Power In September this year.
New Business at Lumber Mills Increases—Production
Down to That of Last May.
New business at the lumber mills booked during the week
ended Nov. 4 1933 was the heaviest reported in four weeks
and production was down to May levels, according to telegraphic reports to the National Lumber Manufacturers'
Association from regional associations covering the operations of leading hardwood and softwood mills. The reports
were made by 1,362 American mills whose production was
159,367,000 feet; shipments, 155,383,000 feet; orders,
169,662,000 feet. Production of 22 British Columbia mills
also reported by the West Coast Lumbermen's Association
was 12,219,000 feet; shipments, 9,725,000 feet; orders,
18,259,000 feet. The hardwood report was for 683 mills,
the largest number ever reporting. The Association's
statement adds:
All except Southern hardwood mills reported orders above production
during the week ended Nov. 4. total softwood orders being 10% above OMput. Hardwood orders were 9% below hardwood cut. Total production
during the week was 31% above that of the corresponding week of 1932.
Total orders were 36% above those of a year ago, softwood orders
being
38% above their 1932 record and hardwood orders being 14% above their
volume of a year ago. All regions shared in the increases of production
and of orders over similar week of 1932. All but Southern pine and the
hardwoods showed shipments above those of corresponding week of last
year.
Unfilled orders at the mills on Nov. 4 were the equivalent of 15 days'
average production of reporting mills, compared with 15 days' a year ago.
Softwood stocks showed decline of 9% from tha previous week.
Forest products carloadings during the week ended Oct. 28 of 23,889,
cars wera 228 cars below the preceding week. 5,027 cars above the corresponding week of 1932 and 243 cars above the same week of 1931.
Lumber orders reported for the week ended Nov. 4 1933 by 700 softwood mills totaled 142,951,000 feet, or 10% above the production of the
same mills. Shipments as reported for the same week were 129.029.000,
feet, or 1% below production. Production was 130,099,000 feet.
Reports from 683 hardwood mills give new business as 26,711,000 feet,
or 9% below production. Shipments as reported for the same week were26,354.000 feet, or 10% below production. Production was 29,268,000 feet.
Unfilled Orders and Stocks.
Reports from 1,045 mills for Nov. 4 1933 give unfilled orders of 539,456,000 feet and 1,029 mills reported gross stocks of 3,857,968,000 feet.
The 561 identical mills report unfilled orders as 421,249,000 feet on Nov. 4
1933, or the equivalent of 15 days' average production, as compared with
434,120,000 feet, or the equivalent of 15 days' average production on,
similar date a year ago.
Identical Mill Reports.
Last week's production of 384 identical softwood mills was 123,419,000.
feet, and a year ago it was 98,578,000 feet; shipments were respectively
118,259,000 feet and 114,763.000; and orders received 136,850,000 feet
and 98,832,000 feet. In the case of hardwoods, 228 Identical mills reported production last week and a year ago 16,549.000 feet and 8.432.000;
shipments 14,396,000 feet and 16,142,000, and orders 15,280,000 feet and
13,415.000 feet.
SOFTWOOD REPORTS.
West Coast Movement.
The West Coast Lumbermen's Association reported from Seattle that
for 410 mills in Washington and Oregon and 22 in British Columbia shipments were 7% below production, and orders 17% above production and
26% above shipments. New business taken during the week amounted
to 98,078,000 feet (previous week 69,364,000 at 424 mills); shipments
77.730,000 feet (previous week 83.659.000); and production 83,928,000 feet
(previous week 84,220,000). Orders on hand at the end of the week at.
Financial Chronicle
Volume 137
410 mills
were 251,012,000 feet. The 172 identical mills reported an increase in production of 21%, and in new business an increase of 54%, as
compared with the same week a year ago.
Southern Pine.
The Southern Pine Association gave preliminary report from New Orleans for 85 mills whose shipments were 5% below production: orders 13%
above production and 19% above shipments. New business taken during
the week amounted to 22,772,000 feet (previous week 17.873,000 at 103
mina); shipments 19,165,000 feet (previous week 20,628,000); and production 20,146,000 feet (previous week 22.045,000). Production was 41%
and orders 46% of capacity, compared with 38% and 31% for the previous
week. Orders on hand at the end of the week at 83 nails were 54,341,000
feet. The 83 identical mills reported an increase in production of 2%,
and in new business an increase of 9%, as compared with the same week
a year ago.
Western Pine.
The Western Pine Association reported from Portland. Ore., that for
150 mills reporting, shipments were 1% above production, and orders
0.3% above production and 0.2% below shipments. New business taken
during the week amounted to 31.588.000 feet (previous week 38,543.000
at 179 mills); shipments 31,656,000 feet (previous week 40.546,000); and
production 31,456.000 feet (previous week 45,912.000). Production was
23% and orders 23% of capacity, compared with 23% and 19% for the
previous week. Orders on hand at the end of the week at 104 mills were
63.629.000 feet. The 102 identical mills reported an increase in production of 48%, and in new business an increase of 23%, as compared with
the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis. Minn., reported
production from 15 American mills as 978,000 feet, shipments 1.826,000
feet and new business 1,860,000 feet. Seven identical mills (including
four Canadian) reported production 258% greater and new business 91%
greater than for the same week last year.
California Redtdood.
The California Redwood Association of San Francisco reported
duction from 19 mills as 5,485,000 feet. shipments 5,753.000 feet and
business 5,603,000 feet. Production of 15 mills was 48% of normal
duction. Ten identical mills reported production 54% greater and
business 47% greater than for the same week last year.
pronew
pronew
Northern Hemlock,
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh. Wis., reported softwood production from 21 mills as 325,000
feet. shipments 2.624,000 and orders 1.309.000 feet. Orders were 11%
of capacity, compared with 33% the previous week. The 10 identical
mills reported an increase of 23% in production and an increase of 211%
In new business, compared with the same week a year ago.
HARDWOOD REPORTS.
The Hardwood Manufacturers Institute of Memphis. Tenn., reported
production from 662 mills as 28,161,000 feet, shipments 25.550,000 and
new business 25,016,000. Production was 33% and orders 30% of capacity,
compared with 38% and 33% the previous week. The 218 identical mills
reported production 89% greater and new business 8% greater than for
the same week last year.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh. Wis., reported hardwood production from 21 mills as 1.107,000
feet. shipments 804,000 and orders 1.875,000 feet. Orders were 21%
of Capacity, compared with 9% the previous week. The 10 identical mills
reported an increase of 214% in orders, compared with the same week
last year.
3389
Volume of wholesale financing in September was $52,234,146 (preliminary), as compared with $70,669,569 in
August and $18,676,535 in September 1932.
Monthly statistics on automobile financing, based on data
reported to the Bureau of the Census by 429 identical organizations,are presented in the table below for July, August,
and September 1933; for 282 identical organizations from
November 1932, to September 1933; and for 313 identical
organizations for 1932. Changes in the number of reporting
financing organizations between 1932 and 1933 are due
primarily to organizations going out of that business; the
increase in the number of reporting organizations for July,
August, and September 1933, resulted from the inclusion
of additional organizations. The changes in the number of
organizations included have not greatly affected the totals,
as is indicated by comparisons for the same months appearing in the two summaries.
AUTOMOBILE FINANCING.
Retail Financing.
Year
and
Month.
Wholesale
Financing
Volume
in Dollars.
Total.
No. of
Cars.
New Cars.
No. of
Cars.
Amount.
Summary for 313 Identical OM! nizations.
1932.
January
34.841.766 122.344
February......_ - _
33,276,393 123.574
March
34.121.364 140.779
April
33 903,704 155.691
May
38.608,439 164.721
June
43.682,471 177,961
26,016,028 132,467
July
August
22,104,084 131,069
September
18,676,535 111,189
October
97,922
13,131,603
November
11.774,473 82,161
December
20,130,580 82,110
Total
Amount.
44,628,529
44,829,138
51,148,285
56.415,652
58.435,573
63,169,095
44,716.907
45,068,741
38,837,225
33,623,573
27,727,369
27,025,018
41,375
40,780
46,234
57,661
63,885
74,205
45.816
46.416
39,513
31.241
24,666
26,194
23.475,671
23.623,496
26.887.515
31.835,792
33,590,555
38,329,334
24,149.326
24,644.532
21.551,246
17,644.406
13,980.978
14,090.821
535.625,105
537,986
293.863.672
81,114
81,763
26.879.830
26,830.514
24,382
26,047
13,417,769
13.855,843
30.133,915
92,083
27.514.664
87,512
27.706.336 101,456
40.840.508 132,088
55,005.590 168,328
56.937,616 185,286
57,866,453 182.244
69,613,121 198,911
51,121,428 al73,720
31.280,101
29,188,663
33.546,689
45.337,026
58,192.788
85,514,154
65,152,510
71.186,944
62,523,790
35,546
32,609
38,329
55.571
75,025
84,358
84,282
91,617
78,379
18,327.630
16,842,415
19.463,540
28.225.885
37.475.257
43.004,313
43,333,572
47,290,779
40,887,086
Summary for 429 Identical Ow nizations.
1933.
July
58,898,174 192,524
August
70.669.569 209,501
September
52,234,146 6182,881
68,052.972
74,283,295
65,15/.519
86,691
94,303
80,6E8
44.166,588
48,681,241
42,012.778
Total year
Summary for 282
1932.
November
December
330,267,440 1,521.988
menttaa orga nizations.
11,726,436
20,100,974
1933.
January
February.
March
April
May
June
July
August
September
Retail Financing.
Production of Lumber During the Four Weeks Ended
Oct. 28 1933 Increased 28% Over the Corresponding
Period in 1932
-Shipments Off 4%
-Gain of 4%
Reported in Orders Received.
We give herewith data on identical mills for the four weeks
ended Oct. 28 1933, as reported by the National Lumber
Manufacturers' Association:
An average of 605 mills reported as follows to the National Lumber
Barometer for the four weeks ended Oct. 28 1933:
Trade
Production.
(In 1,000 54. Ft.)
Softwoods
Hardwoods
Total lumber_
Shipments.
Orders Received.
1933.
1932.
1933.
1932.
1933.
1932.
568,186
74.289
468,752
31,955
523,052
68,102
552,235
62.218
495,906
65,795
480,820
58,198
642,475
500,707
591.154
614.453
561.601
639018
Production during the four weeks ended Oct. 28 1933 was 28% greater
during corresponding period of 1932. as reported by these mills and
3% below the record of comparable mills for the same period of 1931. 1933
softwood cut was 21% above that of the same weeks of 1932 and hardwood
cut was 132% greater than in 1932.
Shipments during the four weeks ended Oct. 28 1933 were 4% less than
those of corresponding weeks of 1932, softwoods showing loss of 5% and
hardwoods a gain of 9%.
Orders received during the four weeks ended Oct. 28 1933. were 4%
above those of corresponding weeks of 1932 and 15% below orders received during similar weeks of 1931. Softwoods showed gain of 3% as
compared with similar period of 1932; hardwoods, gain of 13%.
On Oct. 28 1933, gross stocks as reported by 355 softwood mills were
2.617.537.000 feet, or the equivalent of 97 days' average production of
reporting mills, compared with 3,065.062.000 feet on Oct. 29 1932. or the
equivalent of 114 days' average production.
On Oct. 28 1933, unfilled orders as reported by 588 mills (cutting hardwoods or softwoods or both) were 437,537,000 feet or the equivalent of
14 days' average production, compared with 475,230,000 feet on Oct. 29
1932. the equivalent of 15 days' average production.
than
Automobile Financing During September 1933.
A total of 182,881 (preliminary) automobiles were financed
in September, on which $65,157,519 was advanced,compared
with 209,501, on which $74,283,295 was advanced in August,
and with 111,189 on which $38,837,225 was advanced in
September 1932, the Department of Commerce reported on
Nov. 9.
Year and
Month.
Used Cars.
No. of
Cars.
Total
Amount.
Summary for 313 Identic at Organisat ions.
1932.
77.321
19.974,286
73.802
19,941,665
90,121
22,779,892
23,066,289
93.398
May
96,010
23.257.953
June
99,513
23,394,676
July
19,225,478
82,687
August
80,648
18,908.584
September
67,724
15.989,259
October
83,791
15,035,731
November
54,696
12,833.770
December
12,174,121
53,609
January
February
March
Unclassified.
No. of
Cars.
Total
Amount.
3.648
3.992
4,424
4,632
4,826
4,243
3.964
4,005
3,952
2,890
2,799
2,307
1,178,572
1,263,977
1,480,878
1,513.591
1.587,065
1.445.085
1,342.103
1.515.625
1,296,720
943.436
912,621
760,076
226,581,684
45,682
15,239.749
Summary for 282 Idontic at Organizat ions.
1932.
November
12,563.836
53.973
December
12,089.517
53,298
2,759
2,418
898.225
785.154
2.303
2.107
2.502
3.250
4,043
4,187
4,032
4,133
3,780
778.894
620.829
747,746
1,004.629
1,289.471
1,328,326
1.276.749
1,360,412
1,259,075
Total year
938.320
1933.
January
February
March
April
May
June
July
August
September
54,234
52.796
60.625
73,267
89.260
96,741
93,930
103,161
91,561
12,173,577
11.725.419
13,335,403
16.106,512
19,428,060
21,181,515
20.542,189
22,535.753
20,377,629
Summary for 429 Identic at Organize:Zion,.
1933.
July
101,761
22,19/,796
4,072
1,288,608
August
111.020
24,229,062
4,178
1,372.992
September
98,418
21.876,807
3,805
1,267.934
a Of this number 45.1% were new cars, 52.7% used cars, and 2.2% unclassified.
b Of this number 44.1% were new cars, 53.8% used cars, and 2.1% unclassified.
White Motor Truck Co. and Federal Motor Truck Co.
Announce New Models.
The White Motor Co. has introduced two six-cylinder
trucks, rated at 8,000 to 11,000 pounds and priced at $1,085
and $1,185, uspectively. This represents the first time that
the White company has offered a truck in the $1,000 price
field, its products heretofore having been all of a higher price.
The Federal Motor Truck Co. last month started production on four new models of six-wheel trucks, two of 3
-ton
capacity and two of 43/2-ton. Prices of standard wheelbase
3390
Financial Chronicle
Nov. 11 1933
chassis are as follows: 3
-ton, single drive, $1,320; 3-ton,
tandem drive, $1,570; 43/2-ton, single drive, $2,795; 4 2-ton,
tandem drive, $3,175. The new models incorporate a
patented basic six-wheel design, new and larger power plants,
heavier frames and various other improvements provide
stronger construction and better performance.
No Corn Loan for Indiana Farmers—State Unable
to Qualify Because of Lack of Law for Storage.
Indiana farmers will not be able to take advantage of the
corn loan plan because the State has no law providing for
storage of commodities under seal on the farm, officials of
the Indiana Farm Bureau said on Oct. 26, according to the
Indianapolis "News," which further said:
Corn Products Refining Co. Closes Plant at Argo, Ill.
Due to New Corn Processing Tax-2,000 Workers
Made Jobless.
In its issue of Nov. 3, the Chicago "Journal of Commerce"
stated that the principal plant of the Corn Products Refining
Co. at Argo (Ill.), would close Nov. 4 making about 2,000
workers jobless as a result of the decline in orders due to
imposition of the new corn processing tax of 28 cents a bushel.
The processing tax went into effect Nov. 4.
According to the paper quoted, an official of the company
said that "this action is in no sense a threat against the
Administration, but we simply can't operate without orders.
a
z flyers are not placing them since they became frightened
ed
,by
,,the announcement of the rate of the new processing tax."
Under the corn loan plan, announced Oct. 26 by George Peek, Federal
Farm Administrator, farmers would store their corn in the crib under seal,
and thus would be eligible for the loan.
Federal Funds of $150,000,000 Allotted for Loans on
Corn Stored on Farms—Advances at Rate of 45
Cents a Bushel Instead of 50 Cents as First ProThe setting aside of Government funds of $150,000,000
for loans on corn properly warehoused and sealed on farms
in States where there is a farm warehouse act, was announced
on Nov. 9 by the Agricultural Adjustment Administration
and the Commodity Credit Corporation. At the same time
it was made known that loans thereon will be at the rate of
45 cents a bushel, instead of 50 cents a bushel, as was announced on Oct. 25, and reported in these columns Oct. 28,
page 3048. In a dispatch Nov.9 to the New York "Times"
it was stated:
The alteration was made to establish a uniform rate among farmers in
corn-growing areas, the AAA said, permitting a higher average loan value
on farm-stored corn, and is comparable to the basis of the cotton loans.
Chairman Jones of the Reconstruction Finance Corporation, said first
disbursements under the plan probably would be made about Dec. 1.
Although the CCC is committed to $150,000.000 for the purpose, Mr. Jones
said it would be prepared to lend up to $200,000,000 should that amount
be called for.
This was considered unlikely by the AAA, which estimated the quantity
of corn to be tendered at about 300,000,000 bushels.
To be eligible to borrow on their grain growers must reduce their corn
acreage for 1934 by at least 20% and the litters of pigs farrowed and
marketed by 25%.
To be eligible for loans, corn must be warehoused under seal on the farm
where State farm warehouse laws exist and in other eligible States it must
be stored by producers in public warehouses. The warehouse certificate
Is to be the loan collateral. Loans will be made at 4% Interest.
Farmers will be eligible for loans in all of Iowa. Indiana and Illinois
and in parts of Kansas, Missouri, Nebraska, South Dakota, Minnesota.
Ohio and Wisconsin, where corn is a major crop.
Processing Tax on Corn Adjusted by Secretary of
-5 Cents a Bushel Effective
Agriculture Wallace
Nov. 5, and 20 Cents Effective Dec. 1.
Secretary Wallace on Nov. 4, with the approval of the
President, adjusted the rate of the processing tax on field
corn,as follows:5 cents per bushel effective Nov.5 1933,and
20 cents per bushel effective Dec. 1 1933. In announcing
this the AAA said:
The adjustment was made in consideration of testimony presented at a
public hearing in Washington on Nov. 2, and data obtained through Investigations by the AAA. The testimony and data indicated that the full legal
processing tax of 28 cents per bushel imposed on field corn or its products,
would cause a reduction in the consumption of corn and tend to build up a
burdensome surplus.
Floor stocks of corn products held by processing establishments, wholesalers, and others, will be subject to the initial tax on Nov. 5.
The Agricultural Adjustment Act exempts from the processing tax, corn
processed by or for a farmer for consumption by his own family, employees,
or household. Corn ground for feed purposes only also is exempt from the
tax.
The fixing of the processing tax at 28 cents a bushel of 56
pounds was noted in these columns Oct. 28, page 3047.
Laws of 11 States Qualify for Loans on Stored Corn
by Farmers from Commodity Credit Corporation.
Eleven States at least have farm storage and warehousing
laws under which their farmers may qualify for loans on
corn to be made by the Commodity Credit Corporation,
the Agricultural Adjustment Administration announced
Oct. 30, adding:
pl. Investigation thus far made by the Bureau of Agricultural Economics
shows Iowa, Illinois, Minnesota, South Dakota, Kansas, Colorado. Mississippi, Montana, North Dakota, Oregon and Nebraska. Legislation in
other States is also being checked to determine whether it conforms to the
requirements of the loan proposal.
The loans are to be made on the basis of 50 cents a bushel on No.2 December corn at Chicago, with interest at the rate of 4%, and conditioned upon
agreement of the borrowing farmer to reduce corn and hog production in
accordance with the corn-hog adjustment program which will begin soon.
Loss Cannot Be Estimated.
Just what this will mean to Indiana agriculturists in loss of spending
power cannot be estimated, Farm Bureau aids said, but their loss will be
other States' gain, where farm warehousing laws are on the statute books.
It would take a special session of the Legislature to enact a law that
would make Indiana eligible to the loan, and no such session is in prospect,
Farm Bureau officials asserted.
Questionnaire Regarding Grain Elevators Sent By
Federal Co-Ordinator of Transportation to Railroads.
In submitting on Oct. 27 a grain elevator questionnaire
to railroads serving grain markets and points at which grain
's stored or trans-shipped, Joseph B. Eastman, Co-Ordinator
Railroads, said:
t various times in the past questions have arisen relating to the ownerhib. operation and services of terminal grain elevators located at grain
accumulating points in the interior and on the seaboard.
In the attached questionnaire information is sought with respect to all
existing grain storage and handling facilities in their relation to the volume
of the grain traffic handled at points covered by the Inquiry. It is our
purpose to ascertain the results of leasing railroad owned facilities and to
determine, if possible, the relative advantages of operating such properties
under lease as compared with their direct operation by the carrier owner.
Your co-operation in furnishing the information sought will be appreciated. Prompt compliance with this request is necessary. Replies will
therefore be expected on or before Nov. 15 1933.
It should be understood that respondents are invited to make such supplementary statements as they may deem helpful in considering this subject.
Sale by Farmers National Grain Corporation of 25,000
Bushels of Corn to Great Britain.
The Farmers National Grain Corporation has just completed the sale of 25,000 bushels of corn to Great Britain,
according to information received on Nov. 4 by Henry
Morgenthau, Jr., Governor of the Farm Credit Administration. Announcement of this was made by the FCA, which
also said:
Sales of corn to the United Kingdom have been infrequent lately. Today's sale is regarded as largely due to the more favorable position of
pound and dollar exchange as a result of the President's new gold purchase
policy.
Brazil Plans Wheat Levy—Tax on Bags Is Urged to
Provide Experimental Stations.
Minister of Agriculture Juarez Tavora, speaking on Oct.
23 before the Brazilian Economic and Financial Commission,
suggested a tax of 2 cents on each wheat bag for the maintenance of wheat experimental stations. Advices from Rio de
Janeiro to the New York "Times" also reported him as
saying that within five years Brazil would cease to import
wheat.
Chile Lifts Wheat Export Ban.
United Press advices Oct. 23 from Santiago, Chile, stated:
The Government decided to-day to permit exportation of Chilean wheat
this year, in view of the fact that the 1933 crop will show an exportable
surplus.
Chile Has Wheat Surplus When Expecting Shortage—
Export of 20,000 Tons Ordered.
The unexpected disclosure that Chile's wheat harvest will
exceed national consumption by nearly 800,000 tons caused
prices to slump on Oct. 24, said a cablegram from Santiago
on that date to the New York "Times," which also noted:
The figures. supplied by the Statistical Bureau, are being checked by the
Finance Ministry and agricultural associations, which protested they were
false. Congress also will investigate the report because of the Government's
policy of importing much wheat from Argentina on the ground that the
local harvest would be insufficient for the population's needs.
The Government to-day authorized the immediate exportation of 20,000
tons of wheat, which will be followed by other shipments. The farmers were
assured that the Government would maintain price levels to prevent heaVY
losses In the wheat areas.
Chilean Government Guarantees Minimum Price for
Current Wheat Crop.
Advices as follows were made available under date of Nov.
4 by the U. S. Department of Commerce:
Wheat producers in Chile have been assured by the Government of a
minimum price of 60 Pesos per metric quintal for the entire crop of the
current year, according to a report to the Commerce Department from
Assistant Commercial Attache II. M. Randall, Santiago.
Apparently this assurance. Randall states, is aimed to counteract /MY
tendency on the part of growers to diminish their acreage in the belief that
there will be a heavy over-production and hence a lower price.
Estimates as to the extent of the current wheat crop very widely. it Is
pointed out. The General Statistical Office claims that there will be
Financial Chronicle
Volume 137
an excess while the Agricultural Export Board holds that there will be
a shortage.
In any case, the report states, it would appear that there is little danger
of the Government having to take any definite action toward the maintenance of the price equal to the 60 pesos per quintal announced, as it is unlikely that Chilean exchange will rise to the point that the price will fall
below that figure.
Nevertheless, it is the plan of the Government to authorize purchases
by the Agricultural Export Board at the fixed price of any surplus that
may occur.
(Par value of Chilean peso equals 12.17 cents, U. S. currency.)
(Quintal equals 220 Pounds.)
United States Names Neils I. Neilsen as Agricultural
Attache to Embassy in Paris—Will Collect Information on Agricultural World Conditions.
A wireless message from Paris Oct. 28 is taken as follows
from the New York "Times':
In accord with the French Government the United States State Department has appointed an agricultural attache to the Embassy in Paris. He
is Neils I. Neilsen,former Agricultural Commissioner of the Department of
Agriculture and recently at Marseilles in charge of the foreign agricultural
service.
Mr. Neilsen's work, which began to-day, will be to collect information
on world conditions of agricultural production, competition and demand
with a view to regulating production adjustments and marketing policies
in the United States. It will be more in the nature of an agricultural intelligence service than that of trade promotion.
Reported China Wheat Deal Made.
The following from Portland on Nov. 7 is from the New
York "Journal of Commerce":
Sale of wheat to the Chinese Government under the Reconstruction
Finance Corporation loan is reported here to have been completed in
Washington, D. C. It is understood that wheat bought up by the North
Pacific Emergency Export Association to relieve the Pacific Northwest
surplus is to be used to fill the Chinese purchase, which is to aggregate
some $10,000,000 in wheat and flour, but that the Chinese Government
is not to get the full benefit of the subsidy.
Whereas on ordinary commercial transactions, the spread (amounting to
around 20 cents at present) between the domestic buying price and the
world selling price Is paid to the exporter by the A. A. A. through the North
Pacific Emergency Export Association, on the Chinese Government deal
only about 40% of this subsidy, or 8 cents per bushel. Is to be allowed.
Norton, Lilly & Co., named by J. .1. Lavin, Chinese Government buying
agent, as chartering agents, are said to have had vessels offered them at
$2.25, Shanghai. Parcels are reported to have been booked at $2.
Flour Output Continues Below Last Year's Figures.
General Mills, Inc., in presenting its summary of flourmilling activities from figures representing approximately
90% of all flour mills in the principal flour-milling centres
of the United States, reports that in October 1933 a total of
5,326,905 barrels of flour were produced, as compared with
4,978,094 barrels in the preceding month and 6,199,179
barrels in the corresponding period last year.
During the four months ended Oct. 31 1933 production
by the same mills amounted to 20,357,154 barrels, as against
23,078,373 barrels in the same four months of 1932. The
summary follows:
PRODUCTION OF FLOUR(NUMBER OF BARRELS).
Month of October. 4 Mos. End. ou. 31.
1933.
Northwest
Southwest
Lake Central and Southern
Pacific Coast
Grand total
1932.
1,382,34011,564,280
1,819,206 2,156,457
1,838,133 2,149,834
287,226 328,608
1933.
5,298,126
6,941,313
6,952,631
1,165,084
1932.
5,747,313
8,098,654
7,991,075
1,241,331
5,326,905 6,199,179 20,357,154 23,078,373
Embargo on Importation of Black-Strap Molasses
Urged in Resolutions Adopted by Sioux City NRA
Committee.
An embargo on the importation of black-strap molasses
into the United States is urged on President Roosevelt by
the Sioux City (Iowa) NRA committee, which has adopted
resolutions favoring such a move. According to advices
from that city Oct. 13 to the Chicago "Tribune" which
further said:
it is estimated if importation of molasset is embargoed it will result in a
market for 75.000.000 additional bushels of domestic corn in the manufacture of industrial alcohol.
Cash corn in the Sioux City territory in the last few days has dropped to
around 22 cents per bushel, compared with 50 cents in July and the success
of the NRA program in agricultural regions, it Is said, will depend on what
farmers can secure for their crops.
From the St. Louis "Globe Democrat" of Oct. 14 we take
the following:
Grain houses yesterday lent their support to the movement inaugurated
in Sioux City,Ia., where a resolution was adopted by the NRA committee
calling on the Washington Administration to place an embargo against the
importation of black-strap molasses from the tropics in that it displaces a
market in this country for about 75,000,010 bushels of corn. Attention
was drawn by James E. Bennett & Co., to the pight of farmers with the
price of corn dropping under the circumstances.
The resolution of the Sioux City organization follows in part:
"This trade territory desires to co-operate enthusiastically with the
whole NRA program and the immediate requests expressed in the 'Buy
Now Campaign.' The principal buying power of this trade territory must
come from the price which the farmer receives for his crops, and the price of
3391
corn in this community at the country elevator has decreased from 50c.
per bushel in July to approximately 22 cents per bushel at present and the
market for corn is almost exclusively an American market, and the importation of black-strap molasses for use in the industrial alcohol industry displaces at least 75,000,000 bushels of corn in the American market. The
industrial alcohol industry formerly used corn exclusively for th manufacture of its products, and Congress as a part of the National Emergency
Relief Legislation delegated you the authority to place an embargo upon
Importation which would obstruct National recovery. The importation of
black-strap molasses is not only retarding the National Recovery program,
but is also unfair to the American raiser of corn and cane and beet sugar
in that it places them in competition with the peon labor of the tropics.
We, the Sioux City NRA committee, resoectfully request that you immediately use the power delegated to you to place an embargo against the
importation of black-strap molasses into the United St-tes."
Louisiana Objects to Idea of Restricting Molasses Use.
Advices from New Orleans, La., Oct. 27, to the New York
"Journal of Commerce" said:
Objection to the proposal advanced at a distillers' meeting in Washington
which asked for exclusion by regulation of beverage spirits distilled from
black-strap molasses was voiced in a telegram sent to-day to George Peek,
Agricultural Adjustment Administrator, by the Louisiana Manufacturers'
Association. The telegram said: "On behalf of Louisiana manufacturers of
alcohol affiliated with this organization we earnestly protest against the
suggestion we understand was made yesterday that distilled spirits for
beverages be manufactured exclusively from American grains, excluding
molasses, domestic or otherwise. Louisiana produces a large quantity of
black-strap molasses which is used in distilling alcohol. Effecting this
suggestion would be rankly discriminating against a Louisiana product
and most harmful to Louisiana industry as a whole."
Black-Strap Molasses Freight Rates Approved by New
York State Public Service Commission.
Under date of Nov. 7, Albany (N. Y.) advices to the New
York "Journal of Commerce" said:
The Public Service Commission has approved new commodity freight
rates of the New York Central (East) on black-strap molasses, including
final molasses and refiners' residual syrup, in tank cars, estimated weight
11 7 pounds per gallon,carload, minimum weight 90% of gallonage capacity
of sheel of tank, unless said minimum exceeds carrying capacity of car, in
which event minimum will be 90% of carrying capacity of car, from New
York, Brooklyn and vicinity to Utica on New York Central and to Utica.
South Utica and New York Mills on West Shore, 180. per cwt. Reduction
from class rates. Effective December 1. 1933.
Factors to Be Considered in. Drafting Cotton Policy
for United States—Views of Dr. Cox of Bureau
of Business Research of University of Texas.
Factors to be considered in drafting a cotton policy for
the United States have been summarized and analyzed by
Dr. A. B. Cox, Director of the University of Texas Bureau
of Business Research, in an article in the "Texas Business
Review," issued by the Bureau. Dr. Cox says in part:
A cotton policy for the United States to be at all adequate must comprehend all branches of the cotton industry such as manufacturing, cotton
growing, marketing, ginning and cottonseed industries. Inter-relations
between the various phases of the industry are so vital that it is futile to
make a policy for one branch of the industry without co-ordinating it with
requirements of sound policies of other branches of the industry.
The cotton industry is highly regional, it is true, but at the same time a
policy for the cotton industry may greatly affect the welfare of other regions
not engaged in any branch of the industry. A policy to reduce cotton
Production to a domestic basis might, for instance, upset corn belt agriculture as much as that of the South because it would cut off a large part
of the corn belt market and in the Southwest would create a serious competitor. The industrial East might also be forced to make adjustments
of far-reaching importance as a result of shifts of industry to lower cost
producing areas. Finally, no policy for the cotton industry of the United
States is likely to succeed which does not give due consideration to world
aspects of the cotton industry. Thus, instead of being merely a regional
problem, the cotton problem is both inter-regional and international.
Some fundamental facts which must be considered in developing a national cotton policy are the following: Cotton is grown on approximately
2,000,000 of the 6,300,000 farms in the United States. Cotton is strictly
a cash crop. It enters almost entirely into commerce because the cotton
farmer comes nearer selling all he produces and buying all he uses than any
other farmer. Cotton enters more freely and widely into export than any
commodity of consequence produced in the United States, there being about
57% of the United States production exported. It is the most important
raw material for the great textile industry which employs more people than
any other manufacturing industry. The United States produces over half
the world's supply of cotton, and that supply dominates world markets.
Costs of marketing are important factors in establishing the net price of
cotton to the farmer and volume is the biggest factor in determining costs.
Spinners are anxious to build up good-will for their product, but to build
up good-will the spinner must have a dependable supply of the same quality
at a competitive price year after year. The large constant supply of American cotton has given it a price advantage of no little consequence. Hazards
in cotton production are great because of the wide variations in both yield
per acre and price from year to year. Very pronounced shifts are taking
place from high to low cost producing areas, especially to the big, interior,
rich, level, sub-humid plains such as the Gulf Southwest in the United
States, the Choco in Argentina and the Punjab in India. The United States
is the best equipped of any country with experiment stations and trained
personnel for maintaining and improving the quality of cotton. The fact
that record supplies of raw cotton exist now with millions of people inadequately clothed indicates that a large part of the trouble lies somewhere
between the farmer and the ultimate consumer. Shifts of cotton manufacturing from high cost to low cost areas are even more pronounced than
the shifts in the areas of cotton production; for example, the increase of
cotton manufacturing in the Orient of 140% since 1914, the phenomenal
shift from New England to the Southeast in the United States, and rapid
Increase of the business in Italy are outstanding examples of this movement.
The foregoing facts make the following objectives essential to an adequate
cotton production program: A policy calculated to put and maintain
American cotton production on a high quality base; a policy calculated to
make profits for the farmer out of lower costs of production due to more
3392
Financial Chronicle
efficient operation and better quality product rather than artificially controlled prices; a policy to develop more cash enterprises to fit into a production program centered around cotton to secure greater net income as
well as greater security in income; a policy to bring about greater co-operation in the provision of services essential to an efficient cotton production
program; a policy designed to develop a cotton production program
intelligently responsive to changes in demand for quality or quantity, and
to shift from high cost to low cost producing areas. . • •
Recognition that the most vital relations between cotton growing, trade
and manufacture are co-operative and not competitive is essential in the
formation of a sound cotton policy. Cotton manufacturing is the copartner with cotton growing, linked with it through trade and transportation services. Cotton growers want markets and not bonuses, for in the
long run that means greater security and greater profit.
An adequate cotton policy requires the opening up of the channels through
which cotton passes to the ultimate consumers. Fundamentally this means
lower costs, not by reduction of standards of living but by such means as
decentralization of industry, better plant location with reference to labor,
and regional planning coupled with lowered costs, lower tariffs, elimination
of processing taxes and other costs and interference with the free flow of
cotton goods into consumption. Industry must be unshackled and encouraged to develop self-control, to eliminate waste and secure efficiency
through constructive group action, and above all be permitted to shift
from regions of high cost to regions of low cost to secure maximum consumption. . . .
Cottonseed production and the cottonseed processing industries are of
tremendous value to the South, cottonseed alone being about one-seventh
of the value of the lint. On the other hand,cottonseed crushing and cottonseed oil refining and manufacture constitute one of the most important
groups of industries in the country. A policy to permit the cottonseed
crushing industry to eliminate wasteful competition, to preserve the industry on an efficient basis and to develop local sideline enterprises which
in the long run will bring the greatest net gain to the farmer and the community is of prime importance.
A policy to eliminate prejudices and legislation detrimental to cottonseed
and cottonseed oil products is long past due.
Approximately 906,000 Bales of Foreign Cotton Consumed by World During September as Compared
with 791,000 Bales in September Last Year—Close
to Largest Amount Ever Consumed in September.
World consumption of foreign cottons in September was
close to the largest amount ever consumed in that month,
and the total foreign cotton consumption in August and
September, the first two months of the cotton season, was
the largest in that period in the seven seasons for which
records are available, according to the New York Cotton
Exchange Service. The consumption in September was
approximately 906,000 equivalent 478-pound bales, the
Exchange Service said, compared with 791,000 in the same
month last year and 915,000 two years ago. The total for
August and September was 1,819,000 bales, as against
1,543,000 in the same months last year and 1,809,000 two
years ago. Under date of Nov. 6 the Exchange Service
further said:
Since world consumption of American cotton is also running very heavY,
the total consumption of all growths of cotton is running well above the
average of recent years, although not equal to the maximum early-season
rate established in 1927. World all-cotton consumption in August and
September this year is estimated at 4,274,000 bales, compared with 3.778,000 last year and 3,769.000 two years ago. The maximum August
September consumption in 1927 was 4,303,000 bales. The AugustSeptember total this year was within 29,000 bales, or less than 1%, of the
all-time high record.
There are indications of a larger relative use of foreign cottons and a
smaller relative use of the American staple, but the trend in these directions
was not very pronounced in the August
-September period. American
cotton constituted 57.4% of the all-cotton total in the two months this year,
compared with 59.2 last year. The percentage for American cotton this
year is above those in three years prior to last year. Two years ago.
American cotton was 52% of the total for all growths, three years ago
49.9% and four years ago 57.1. But in the two preceding years American
cotton constituted over 60% of the total.
The all-cotton consumption in August and September was at an annual
rate well above the estimated world production of cotton this season, even
without allowance for the fact that consumption usually runs below the
season-average rate in the first two months of the season. Without allowance for seasonal variation, the consumption in August and September was
on an annual basis of 25,644,000 bales. With allowance for seasonal
variation, the consumption in August and September was at arlt annual
rate of between 27,000,000 and 27,500,000 bales. World production of
cotton this season is estimated at 24,755,000 bales. Present consumption
returns, accordingly, are interpreted as pointing to a reduction in the world
stocks of cotton this season.
The normal or average annual consumption of cotton in years immediately
preceding the world trade depression was about 25,000,000 bales. Accordingly, world consumption is running at present above the pre-depression
normal. This high rate of cotton spinning is attributed to the low price of
the staple and to the improvement in world trade, particularly in the United
States. The low point of world cotton consumption was reached three
years ago, in the first year of the depression. The revival of cotton spinning
has been stimulated by the fact that the bulk of cotton goes into con
consumers' goods of relatively short life and hence requiring frequent
replacement.
Improvement Reported in French Cotton Trade.
The French cotton trade has shown decided improvement
since the beginning of the current cotton year,according to
Vice-Counsul E. de W. Mayer, Havre, in a report made
public by the U. S. Commerce Department. In an announcement issued Nov. 2 the Commerce Department added:
The volume of cotton handled at Havre, It is pointed out, was quite
satisfactory and would have returned a good profit to merchants and agents
if prices had been higher. The financial situation of merchants also has
gradually improved as a result of dividends paid by debtor manufacturers.
Total imports of cotton into Havre from Aug. 1 to Sept. 29 amounted to
Nov. 11 1933
93,365 bales, including 84,197 bales of American cotton against 89,720 bales,
of which 78,540 were American, during the corresponding period of last
year. Total takings since Aug. 1 show an increase of nearly 20,000 bales
over last year while similar figures relating to American cotton show an
increase of 22,000 bales.
Demand for United States Cotton by Hungary Rises—
Need of 100,000 Bales During Current Year Expected.
Hungary's expanding textile industry will probably consume 100,000 bales of American cotton during the current
year, according to Consul Fletcher Warren, Budapest, in a
report made public on Oct. 28 by the U. S. Commerce
Department. Recent normal consumption of the American
staple, it is pointed out, is about 80,000 bales. The Commerce Department further announced:
High tariffs and present restrictions on banking, foreign exchange and
foreign trade have given impetus to the textile industry, it is pointed out.
Textile manufacturing is now considered the leading industry of Hungary.
Its remarkable growth is indicated by the fact that in 1929 it had only 6,000
workers, while to-day the number is around 45,000. Mills in Western
Hungary are working day and night, with three shifts of employees. It is
estimated, the report states, that work could be provided for 70,000
persons if Hungary consumed only textiles of domestic manufacture.
In 1932 Hungary was unable to make direct purchases of her requirements
of American cotton because of the lack of foreign exchange and was forced
to increase consumption of Egyptian cotton which was purchased on a
2
-year credit. Thus far in 1933 she has been able to purchase directly the
quantity of American cotton needed, foreign exchange being obtained from
the export of wheat set aside for this specific purpose. Furthermore, cotton
is now classed as an "essential import" for the nation, and as a consequence
there is put at the disposal of cotton importers additional foreign exchange
Silk Industry in France in Difficult Position—Many
Mills Working Under Unprofitable Conditions.
The French silk industry is operating under considerable
difficulty, according to a report from Consul Charles J.
Pisar, Lyon, made public by the U. S. Commerce Department. Most of the mills, it is pointed out, have been
working under such unprofitable conditions that unless there
is a material improvement in the near future, many of them
will find it impossible to retain their skilled labor. An
announcement on Nov. 1 by the Commerce Department
added:
During the last two years, the report shows, about 8,000 silk looms
have been removed from France to Great Britain, a development arising
from the fact that Great Britain has imposed high duties on silk goods
imported into that country. Increasing competition with French silk mills
is reported from Japanese activities in various markets, also causing concern
to French producers.
French exports of silk goods during the first seven months of the current
year were 10% below the volume of 1932 and 26% under the figure for
1931. Exports to Austria, Brazil, the United States and Italy showed
light increases, while shipments to Great Britain, Canada, the Netherlands
and Switzerland registered substantial declines.
Petroleum and Its Products—Sharp Rise in Refinery
Operations and Cut in Withdrawal Totals Indicate
Shortage of Crude May Develop—Texas Accepts
Federal Allotment—Dip in Demand for California
Crude Seen in Prospect.
Sharp increases in refinery operations in anticipation of
higher prices for both petroleum and petroleum products
under the Federal price-fixing program scheduled to become
effective Dec. 1 coupled with the restrictions on withdrawals
of crude oil from storage under the oil code promises to bring
forth a lack of adequate supplies of crude oil within the near
future.
Ircreased difficulty in filling crude oil requirements is
already being experienced by many major purchasers of
crude oil who normally obtain a large portion of their orude
requirements from the smaller units in the field and who,
under the crude oil storage regulations, have had to increase
their takings.
Trade circles explain this condition by pointing out that
many of the smaller refiners in the industry, because of the
storage rulings and reduction in current oil output allowables,
are running what is left of their previous heavy surpluses
through their own refinerries in anticipation of higher prices.
Whether this condition will continue after December is
problematical.
While refinery operations for the period since the oil code
became effective have held with a comparatively narrow
range, comparison with the like 1932 periods disclose a sharp
gain in operations. From Sept. 2 to Oct. 28, the percentage
rate of operations ranged from 72.1% to a low of 68%,leveling off in recent weeks to around 70%. Compared with last
year's range of a low of 53.6% to a high of 59.4% in the like
periods, the gain is clearly evident. Normally refinery
operations experi3nced a seasonal decline at this time of the
year.
In the week of Oct. 28, this demand for crude oil was
manifested in withdrawals of 725,000 barrels of crude from
storage in the United States, an average of approximately
120,000 barrels withdrawn for each working day.
Volume 137
Financial Chronicle
Yesterday (Friday) the Texas RR.Commission announced
the formal adoption of the new Federal oil allotment of
875,000 barrels daily allowable for Texas for the remainder
of November, off 90,000 barrels from the October allowable.
The Federal allotment for December will be received on
Nov. 20.
Stating that while he did not think that Texas was receiving a fair percentage of the National allowable, C. V.
Terrell, member of the Commission, said he believed "we
must stick by the President and his code for the recovery
of the oil industry, if we don't there is no telling what will
happen to Texas operators."
After stating that he had been informed that the Federal
Government will again ask the Commission to lower the
State's allowable output, Mr. Terrell cautioned against any
attempts on the part of operators to stop such action through
court appeals. He pointed out that even should the courts
sustain any appeal from the operators the Federal Government could stop the sale of oil by bolding up shipments.
Another subject discussed at the Statewide oil proration
meeting was the large totals of oil held in East Texas tanks.
According to the Texas Petroleum Council, there are approximately 3,500,000 barrels of storage oil still in the
field, which makes difficult an accurate check on "overproduction" as distinguished from "over-deliveries."
Speaking at a meeting sponsored by the Oil Producers
Sales Agency in Los Angeles to consider the supplemental
oil code for California, L. P. St. Clair, President of the
Union Oil Co. of California, warned the operators yesterday (Friday) that they faced more important problems
than methods of allocation of output. He favored leaving
the allocation problem to the oil umpire or any other unbiased person.
Mr. St. Clair warned the oil men of a prospective sharp
drop in demand, declaring that under the new administrative and proposed price-pegging program facing the oil
industry, California purchasers of crude oil, with the possible
exception of the Standard Oil of California, would, after
the first of next year, be unable to take the losses entailed
through gasoline shipments to the East Coast to maintain
the rate of production enjoyed by the California operators.
Speaking for his own company, Mr. St. Clair stated
that if it found it necessary to determine on this course,
instead of millions of gallons of gasoline shipped annually
to the Atlantic Seaboard at material losses, the decision
would "cut 8,000,000 barrels of crude out of our demands."
"This reduction of purchases," he continued, "would
be paralleled by the General Petroleum Corp., Associated
Oil Co., th4 Texas Co. and the Richfield Oil Co., all of
whom have been supporting East Coast shipments at
similar losses to themselves."
The proposed minimum oil price schedules announced
under the oil code and which will become effective Dec. 1
are subject to change and revision before that time, Nathan
R. Margold, Chairman of the Petroleum Administrative
Board, stated in Washington in calling upon the oil industry
for detailed material in support of views expressed in this
matter.
Protests reaching the board appear to indicate a wide misunderstanding of the entire situation, he said, and are not
supported by detailed factual material.
"The Petroleum Administration Board desires the reasons
and supporting data from all interested persons whether they
wish to have the price schedules go into effect, revised or unrevised and whether they oppose or favor any price control
at all," his announcement pointed out.
"Upon the completion of hearings which are to be held as
early this month as possible we shall make our findings and
submit our recommendations to Secretary of the Interior
Ickes, administrator, who will thereupon exercise his discretion in fixing the effective price order.
"The dates for the hearings will be announced as soon as
they can be fixed. Nov. 15 already has been fixed as the
final date for filing complaints and supporting statements
with the board and no extension is contemplated."
Incidentally, after the Petroleum Administrative Board
has settled the price-control question, it will have to decide
upon the use of the lease and agency, and lease and license
methods of distributing petroleum products, this investigation having been turned over to the board by the Federal
Trade Commission.
California producers received detailed schedules of production quotas for the State's fields Thursday from the oil
umpire's office. The schedule is based on methods of allo-
3393
cation proposed in the supplemental oil code as it now
stands.
The list provides for an immediate distribution of 442,680
barrels of production daily among the various fields and districts, while a reserve of 12,320 barrels remains of the 455,000 barrels daily State quota set under the code to care for
adjustments and for further distribution.
Nation-wide crude oil production dipped approximately
58,000 barrels last week, totalling 2,300,750 barrels daily,
the American Petroleum Institute reported. The total was
slightly under the Federal allowable of 2,338,500 barrels
daily, last week being the first in which production has been
held below the Federal allotment.
There were no price changes posted during the week.
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver
Gasoline Service Station, Tax Included.
8.156
8.185 Detroit
Minneapolis
$ 15 U
185
New Orleans
.1934 Houston
.193
Philadelphia
20
.203 Jacksonville
.14
14
185
San Francisco:
Kansas City
193 Louisville
Third grade
19
1534
Above 65 octane_ .18
Los Angeles:
165
Premium
21
Third grade
.125
.20
.21
Standard
.145 St. Louis
145
Premium
.165
.195
REFINED PRODUCTS—WEAK SPOTS IN WHOLESALE AND RETAIL GASOLINE MARKETS THROUGHOUT NATION INDICATE LIKLIHOOD OF FEDERAL PRICE CONTROL—MIDWEST BULK MARKET EASY—PRICE WAR CONTINUES IN
CALIFORNIA, SPREADING EAST TO RENO—ROCHESTER
SEES PRICE WAR ON THIRD-GRADE GASOLINE—LOCAL
MARKET QUIET TO FIRM.
With serious weak spots developing in the nation's wholesale and retail gasoline markets, the liklihood that the
Administration's price-fixing order will be invoked on Dec. 1
is growing stronger. While there is some possibility that
conditions will improve within the next two or three weeks
sufficiently to convince Administrator Ickes that an emergency does not exist, in which instance it is possible that
price-control moves would be abandoned, at least temporarily, present conditions are gravely unsettled.
Reports from the Chicago area are that trade circles are
considerably puzzled by the failure of the wholesale gasoline
market to show any improvement. With little distress
material seen overhanging the market and a fairly firm price
list, it is puzzling to try and analyze the situation. Buyers
are not taking stocks, however, despite the firm prices and
movements in the spot market are reported dull. Offerings
from major refiners are small with the bulk of the gasoline
moving in spot sales reported originating from small refiners who, having no retail marketing outlets, are forced
to push their stocks out promptly in the bulk market.
Towards the close of the week, however, activity in the
Chicago area improved somewhat when between 25,000 and
30,000 barrels of third-grade gasoline was purchased from
East Texas factors for export shipment and several hundred
cars were purchased for domestic use by one of the major
companies. While this was not sufficient to boost prices,
at least it stabilized levels and improved the general tone
of the market. After holding firm at 43 cents a gallon
for the past month or so, low octane gasoline slipped off to
4 cents a gallon in Chicago and was available in some instances at slightly below that level.
The current price war this week brought forth further
slashes in retail prices of gasoline in the Los Angeles area,
where it originated, spread during the week throughout the
greater part of California and as far east as Reno. Retail
prices in central and northern California, including San
Francisco and Sacramento, were slashed 13/ to 2 cents a
gallon, bringing the retail level in the San Francisco area to
20 cents a gallon for Ethyl, 18 cents for regular and 1534
cents for third-grade gasoline.
Further slashes in prices in the Los Angeles area, developing Thursday, brought prices below the levels prevailing
just prior to the issuance of the Federal proclamation stating
that price-fixing would be established on Dec. 1. Standard
and Ethyl grades of gasoline were cut 2 cents a gallon and
third-grade 2.4 cents a gallon by all major units operating
south of the Tehachapi in southern California. This established current gasoline prices at retail in Los Angeles at 1634
cents a gallon for Ethyl, 1434 cents a gallon for standard,
and 1234 cents for third-grade.
While spokesmen for the major companies joining in the
price war emphasized that the cuts are to meet local competitive conditions and do not reflect any changes in the
fundamental conditions of the industry, it is openly admitted that if the State's retail markets continue in thair
chaotic condition for any length of time repercussions must
inevitably be felt in California crude oil prices. Lack of any
3394
Financial Chronicle
steps by Secretary Ickes to cope with the situation is puzzling the trade.
In Rochester, N. Y., a gasoline price war is also raging
currently with a further reduction of 1-cent a gallon on
Monday bringing the retail price down 3 cents a gallon within
a week. The struggle for gallonage brought forth a cut
of 2 cents a gallon in third-grade gasoline prices by all
major factors operating in the area late last week. The
current price for the third-grade gasoline, subsequently, is
10 cents a gallon, contrasted with the 13 cent a gallon level
prevailing just a little over a week ago.
Further opposition of Secretary Ickes' plan for pricefixing developed from two different sources. The schedules
for gasoline, according to J. Mason Houghland, President
of the National Association of Trackside Filling Stations,
will result in an increase of from 2 to 3 cents a gallon in
the retail price, adding a burden of from $350,000,000 to
$400,000,000 to consumers.
From Denver came word that Governor E. C. Johnson,
of Colorado, has joined with Governor Leslie A. Miller, of
Wyoming, in a protest to Secretary Ickes against the order
fixing minimum prices of gasoline beginning Dec. 1 on a
Tulsa-plus basis for these States. The Governors of Montana and Utah, which with Colorado and Wyoming comprise Region 5, have been invited to take similar action.
These States will have representatives at the hearing in
November at which the Administrator will hear objections
to the schedule, it was reported.
In the local market, the unsettled conditions prevailing
in the refined products field throughout the nation brought
forth some uneasiness. Prices, however, are being adhered
to and the trade is looking forward to Dec. 1 when pricefixing will become effective. Quotations are expected to
show some improvement in coming weeks as buyers seek
to fill their requirements before price-fixing becomes effective, but on just how large a scale this activity may
develop depends to a great degree on conditions in the
refined field in general. Prices of other refined products
in the local market held unchanged, with the cold weather
bringing forth increased demand for heating oils.
Some action on the part of local heating oil factors to
bring about a revision in the proposed fuel oil prices under
the scheduled Federal set-up is expected to develop before
the Nov. 15 deadline, it was reported in the trade. Dissatisfaction with the present schedule has been voiced by
several factors and it is felt that every effort will be made
to convince Government officials that the present price
schedule for fuel oils under the proposed set-up could be
simplified.
Price changes follow:
-Gasoline prima in central and northern CaliSan Francisco, Nov. 9.
fornia were slashed 1% to 2 cents a gallon to 20 cents, 18 cents and 153i
cents a gallon for ethyl, standard and third-grade, respectively.
-Standard and ethyl grades of gasoline were
Los Angeles, Nov. 9.
cut 2 cents a gallon and third-grade 2.4 cents to 16% cents, 14% cents
and 12% cents a gallon. respectively.
Rochester, N. Y.
-Prices of third-grade gasoline were cut
-Nov. 6.
1 cent a gallon to-day by all trade factors to 10 cents a gallon. This
followed a 2 cent a gallon reduction posted late last week.
Kerosene,41-43 Water White, Tank Car, F.O.B. Refinery.
New York:
Chicago
$ 02%-.03% I New Orleans,ex_ _ __S.03
(Bayonne)
LOS% I Loa Ang.,ex__ .04%-.06
Tulsa
04-.033
%
North Texas
03
Fuel Oil, F.O.B Refinery or Terminal.
N. Y.(Bayonne):
California 27 plus D
Gulf Coast C
$ .95
Bunker C
8.75-1.00!Chicago 18-22 D.. .42%-.50
$1.10
Diesel 28-30
.80 Philadelphia C
1.95 New Orleans C
!
.85
Gas OM F.O.B. Refinery or Terminal.
N.Y.(Bayonne):
I Chicago:
I Tulsa
28 plus G 0-$.03%-.041 32-36 CI 0
$.015 I
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots. F.O.B. Refinery.
N. Y.(Bayonne):
N. Y.(Bayonne):
Chicago
$ 05-.0536
Standard Oil N.J.:
Shell Eastern Pet:8.0675 New Orleans, ex- .04-.0434
Motor. U. S.--$.07
New York:
Arkansas
04-.04%
62-63 octane-- .0625
Colonlal-Beacon_ .0650 California
.05-.07
vStand. Oil N. Y..07
:Tema
.0675 Los Angeles, ex_ .04%-.07
Tide Water 011 Co .07
Gulf
.0625 Gulf ports_ _ _ _ .06%-.07;If
xRichfield Oil(Cal.) .07
Republic 011
05-.05%
0650 Tulsa
Warner-Quin. Co_ .07
Sinclair Refining_ .08% Pennsylvania__
.053i
:Richfield "Golden." a "Fire Chief." $.07. •
Long Island City.
Crude Oil Output Again Declined During the Week
Ended Nov. 4 1933
-Total Is 37,750 Barrels Below
Quota Allowable by Secretary of the Interior
Ickes
-Inventories Show a Further Falling Off.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Nov. 4 1933 was 2,300,750 barrels, the smallest in several
months, and was 37,750 barrels below the allowable figure
effective Oct. 1 1933, set by Secretary of the Interior Ickes.
This compares with 2,358,150 barrels produced during the
week ended Oct. 28 1933, a daily average of 2,378,250
barrels during the four weeks ended Nov. 4 and an average
Nov. 11 1933
daily output of 2,103,700 barrels during the week ended
Nov. 5 1932.
Stocks of motor fuel fell off 735,000 barrels during the
week under review, or from 52,727,000 barrels at Oct. 28
to 51,992,000 barrels at Nov. 4. In the preceding week
inventories showed a decline of 25,000 barrels.
Further details, as reported by the American Petroleum
Institute, follow:
Imports of crude and refined oil at principal United States ports totaled
801,000 barrels in the week ended Nov. 4, a daily average of 114,429
barrels, against a daily average of 100,500 barrels for the last four weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 675,000
barrels for the week, a daily average of 96,429 barrels, against a daily
average of 76,036 barrels for the last four weeks.
Reports received for the week ended Nov.4 1933 from refining companies
controlling 92.4% of the 3,616,900 barrel estimated daily potential refining
capacity of the United States, indicate that 2.119.000 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, 28,783,000 barrels of gasoline
and 129,314,000 barrels of gas and fuel oil. Gasoline at bulk terminals. in
transit and in pipe lines amounted to 19,559,000 barrels. Cracked gasoline
production by companies owning 95.1% of the potential charging capacity
of all cracking units averaged 439,000 barrels daily during the week.
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures in Barrels)
:Federal
Actual Production
Age=
Allowable Week End Week End
Nov. 4
Effective
Oct. 28
Oct. 1.
1933.
1933,
Oklahoma
Kansas
495,000
116,000
Average
4 Weeks
Ended
Nov. 4
1933.
Week
Ended
Nov. 5
1932
471,050
111,750
481,850
110.650
394,100
95.250
45,250
57,150
23,750
120,500
44,700
467,850
65,950
44.400
Panhandle Texas
North Texas
West Centtal Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not Incl.
Conroe)
429,300
104,300
45,200
53,300
23.400
122,000
44,400
484,600
73,650
47,850
45,650
56.150
23,500
124.100
45.000
472,850
72,100
47,350
44,200
47,250
24,E00
150,800
49,450
349,100
23,100
52,850
105,650
965,000
112.250
110,400
109,650
975,200
986,850
997,100
851,000
26,250
49,350
Total Texas
26.250
48,200
28,100
48,150
29,550
35,400
North Louisiana
Coastal Louisiana
Total Louisiana
70,000
75.800
74,450
74,250
64,950
33,000
Arkansas
Eastern (not incl. Michigan) 94,200
30.000
Michigan
Wyoming
30,050
Montana
6,450
Colorado__.,
2,400
41.400
New Mexico
California
455.000
32,550
101,400
29,850
30,200
7,000
2,500
41,950
470.900
32,850
96,450
29,800
29,850
6.700
2,450
41,950
474,200
32.800
98,850
29,900
30,200
6,800
2,450
42,000
471,600
34,050
102,350
21,050
34,350
6,550
2.900
31,850
465,300
2,338,500 2,300,750 2,358,150 2,378,250 2,103,700
a These allows bles became effective Oct. I,subject to reduct on (1) by the amount
of such withdrawals from crude oil storage, the total not to exceed 95,000 barrels
per day, and definitely apportioned to various producing States, as are permitted
by the Planning and Co-ordination Committee and approved by the Petroleum
Administrator, and (2) by the amount that any given area may have over produced
the allowables in effect during the Sept. 8-30 period.
-The figures indicated above do not include any estimate of any oil which
Note.
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED NOV.4 1933.
(Figures in Barrels of 42 Gallons Each.)
Total
Daily Refining Capacity
of Plants.
Crude Runs
to Stills.
District.
Reporting.
Potential
Rate.
East Coast
Appalachian_
Ind., Ill., Ky...
Okia.,Kan., Mo.
Inland Texas...
TexasGulf
Louisiana Gulf._
-Ark..._
No. La.
Rocky Mountain
California
582,000
150,800
436,600
462.100
274,400
537,500
162,000
82,600
80,700
848,200
Total.
Daily OperAverage. Wed.
582,000 100.0 420,000
139,700 92.6
83,000
425,000 07.3 295,000
379.500 82.1 198,000
165.100 60.2
80,000
527,500 98.1 448,000
162,000 100.0
90,000
76,500 92.8
46,000
63,600 78.8
35.000
821,800 96.9 424,000
•Motor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
72.2 13,889.000 8,835,000
59.4 2,072,000
921,000
69.4 7,356,000 6,226,000
52.2 5,604.000 4,392,000
48.5 1,312,000 1,803,000
84.9 5,299,000 7,065.000
55.6 1,242.000 2,072,000
80.1
213,000
650,000
55.0
848,000
730,000
51.6 14,359,000 96,620,000
Totals week:
Nov. 4 1933. 3,618,9003.342.700 92.4 2,119,000 63.4 b51992000 129,314,000
Oct. 28 1933.. 3,616,900 3,342.700 92.4 2,380,000 70.6 52.727,000 128,613.000
a Below are se out estimates of total motor fuel stocks in U. S. on Bureau of
Mines basis for week of Nov. 4, compared with certain November 1932 Bureau
figures:
A. P. I. Estimate on B. of M. basis, week Nov. 4 1933
53,790,000 barrels
A. P. I. estimate on B. of M. basis, week Oct. 28 1933
54,520,000 barrels
U. S. B. of M. motor fuel stocks, Nov. 11032
50,919,000 barrels
U. EL B. of M. motor fuel stocks, Nov. 30 1932
51,054,000 barrels
b Includes 28,783,000 barrels at refineries, 19,559,000 at bulk terminals, in
transit, and pipe lines, and 3.650,000 barrels of other fuel stocks.
Minimum Oil Prices Subject to Change Before Dec. 1,
According to Chairman of Petroleum Board.
The tentative minimum oil price schedules under the
petroleum industry, which are to become effective on Dec. 1,
are subject to change and revision before that date, according to a statement on Nov. 8 by Nathan H. Margold, Chairman of the Petroleum Administrative Board. Mr. Margold
said that letters and telegrams to the Board appeared to
indicate a wide misunderstanding, and are not being supported by factual material, and added that he wished to
have the reaction of the industry to the proposed schedules.
His statement then continued:
The Petroleum Administrative Board desires the reasons and supporting
data from all interested persons, whether they wish to have the price ached.
Financial Chronicle
Volume 137
ules go into effect, revised or unrevised, and whether they oppose or favor
any price control at all. Upon the completion of hearings which are to be
held as early this month as possible we shall make our findings and submit
our recommendations to Secretary of interior Ickes, Administrator, who
will thereupon exercise his discretion in fixing the effective price order.
The dates for the hearings will be announced as soon as they can be fixed.
Nov. 15 has already been fixed as the final date for filing complaints and
supporting statements with the Board, and no extension is contemplated.
California Oil Receipts at Atlantic and Gulf Coast Ports
Increased in October.
Receipts of Califarnia oil (crude and refined) at Atlantic
and Gulf Coast ports during the month of Octobar 1933
totaled 1,901,000 barrals, a daily average of 61,323 barrels,
according to the American Petroleum Institute. This
compares with 1,308,000 barrels, a daily average of 43,600
barrels, during the month of September. The detailed
statement follows:
•
RECEIPTS OF CALIFORNIA OIL AT ATLANTIC AND GULF COAST
PORTS (CRUDE AND REFINED).
(Barrels of 42 Gallons.)
'with of-
October.
At Atlantic Coast Ports
Baltimore_
Boston
New York_ Philadelphia
Others
September.
August.
July.
56,000
105,000
822,000
232,000
686,000
103,000
48,000
427.000
349,000
312,000
77,000
54,000
426,000
466.000
301,000
538,000
747.000
470,000
Total
1,901,000
Daily avera e
61,323
At Gulf Cot:at Ports
Total
Daily averago
Al AUanZic & Gulf Coast Forts
Total
1,901,000
Daily average
111 323
S Fuel oil received at Port Neches.
1,239,000
41,300
1,324,000
42,710
1,872,000
60,387
1,324,000
42.710
1.872.000
60.387
117.000
x69,000
2.300
1,308,000
43.600
DISTRIBUTION OF TOTAL CALIFORNIA OIL RECEIPTS.
(Barrels of 42 Gallons.)
3f(min of
-
October.
September.
August.
July.
1,147,000
181,000
At Atlantic Coast Port Gasoline
Kerosene
Gas oil
Fuel oil
Lubricants
1,061,000
62,000
57,000
128,000
1,244,000
80,000
1,705.000
86,000
1.308.000
1.324.000
565,000
8,000
Total
1.901.000
73,000
8.000
1.872.000
Production and Shipments of Slab Zinc Increased in
October-Inventories Again Fell Off.
According to a compilation prepared by the American
Petroleum Institute, Inc., production of slab zinc increased
during the month of October 1933 to 35,195 short tons,
compared with 33,319 tons in the preceding month and 15,217
tons in the corresponding period last year. Shipments also
were higher during October, amour tang in that period to
38,277 tons, as against 35,347 tons in September 1933 and
19,152 tons in October 1932. Inventories declined from
98,219 short tons at Sept. 30 1933 to 95,137 tons at Oct. 31
1933. The latter figure also compares with 121,840 tons
on hand at Oct. 31 1932.
During the first 10 months of the current year there were
produced 262,174 short tons as compared with 178,800 tons
in the same period in 1932, while shipments amounted to
291,893 tons as against 186,802 tons in the first 10 months
of last year. The Institute's statement follows:
SLAB ZINC STATISTICS(ALL GRADES).
(Tons of 2,000 Pounds.)
Produced
During
Period.
1929.
Total for year. 631,601
Monthly aver_ 52,633
1930.
Total for year. 504.463
Monthly aver. 42.039
1931.
Total for year. 300,738
Monthly aver- 25,062
1932.
January
22,471
February
21,474
March
22.448
April
20,575
May
18,605
June
16,423
July
14,716
August
13,611
September
13,260
October
15,217
November
16,078
December_ _
18,653
Total for year. 213.531
Monthly aver_
17,794
1933.
January
February
March
April
May
June
July
August
September __..
October
19,828
20,076
22,095
21,449
21,730
24,027
30,905
33,550
33,310
35,195
Shipped
During
Period.
(a)
Retorts
Stock at Shipped Operating
End of
for
End of
Period. Export, Period.
Average Unfilled
Retorts Orders
During End of
Period. Period.
3395
World Zinc Output Increased in September.
World zinc production in September totaled 100,148 short
tons, against 99,895 tons in August and 65,718 tons in
September 1932, according to figures released by the American Bureau of Metal Statistics, and published in the "Wall
Street Journal" of Oct. 20. United States production in
September was 33,319 tons, against 33,550 tons in August.
The "Journal" continued:
World zinc production in September averaged 3,338 short tons a day
compared with 3,222 tons in August, 3,071 in July, and 2,191 tons in
September 1932. Average daily rate so far in 1933 has been 2,883 tons,
compared with 2,399 tons for first nine months of 1932.
The following table gives in short tons world production of zinc according
to primary metallurgical works unallocated as to origin of ore:
9
Month ofMor.End
Sept. 30
August. September 1933.
July.
June.
United States
Mexico
Canada
Belgium.z
France
Germany
Italy
Netherlands
Poland_z
Rhodesia
Spain
Anglo-Australian
Elsewhere_y
24,027
2,494
6,705
11,954
5,213
4,484
2,090
1,560
7,254
1,792
734
8,168
9,100
30,905
2,330
7,099
12,672
4,989
4,825
2,045
1,763
7,770
1,792
769
8,929
9,300
33,319
2,632
7,929
13,688
4,470
4,915
1,878
1,866
8,188
1,814
752
9,297
9,400
33,550
2,658
7,474
13,279
4,271
4,991
2,035
1,861
8,361
1,848
794
9,273
9,500
226,979
23,299
63.075
106,461
45.702
40.680
17,875
14,627
67,027
15,463
7,032
77,434
81,400
World's total
99.895 100,148 787.054
95,188
85,575
Foreign output
66,829 560.075
66,345
64,283
61,548
Stock at end
United States
98,219
123,924 109,140 100,247
Cartel report
145,333 141,244 138,314 142.264
z Includes salable zinc dust. y Partly estimated; includes Norway, Yugoslavia,
Czechoslovakia, Russia, Indio-China, and Japan.
September World Lead Production Higher.
World lead production in September totaled 116,368 short
tons, against 98,988 in August and 99,686 in September 1932.
according to figures released by the American Bureau of
Metal Statistics, and published in the "Wall street Journal"
of Oct. 27. Output in the United States in September was
28,021 tons, against 18,611 tons in August. The "Journal"
further reports as follows:
World production of lead in September averaged 3,879 short tons a day.
compared with 3,193 in August, 3,338 in July, and 3.323 in September
1932. World production for the first nine months of 1933 was 933,464
tons and daily average of 3,419 tons. This compares with output of975.385
tons and daily average of 3.560 tons in first nine months of 1932.
The following table gives lead production on a refined basis by the
various countries for the last few months with output accredited so far
as possible to country of origin of the ore.
9 Mos.
Ended
Month of
Sept. 30
August. September 1933.
July.
June.
United States
Canada
Mexico
Germany
Italy
Spain and Tunis
x Europe n. e
Australia
Burma
x Elsewhere
21,783
10,595
11,841
9,837
1,786
10,790
13,000
19,567
6,810
1,300
World's total
Foreign
:Partly estimated.
18,526
10,631
11,077
10,765
1,064
9.495
10,100
23,527
6,698
1,600
18,611
10,710
9,119
9.968
2.163
7,055
11,900
21,464
6,698
1,300
28,021
10,609
12.034
10.251
3,273
6,790
12,000
25,392
6.698
1.300
199.063
91,872
90,287
92,719
15,973
83,517
100,500
178,333
60,600
20,600
107.309
86,526
103,483
84,957
98,988
80,377
116,388
88.347
933,464
734.401
Imports of Petroleum Gained in October.
According to figures collected by the American Petroleum
InstituO, imports of petroleum (crude and refined) at
the principal ports in the United States in October 1933
amounted to 2,949,000 barrels, a daily average of 95,129
barrels, as compared with 2,712,000 bands, a daily average
of 90,400 barrels, during the preceding month and 5,295,000
barrels, a daily average of 170,806 barrels, during the month
of August 1933. The Institute's statement follows:
602,601
50,217
75,430
6.352
529
57,999
68491
18,585
436,275
36,356
143,618
196
16
81,240
47,769
26,651
314,514
26,210
129,842
41
3
19.875
23,099
18,273
IMPORTS OF PETROLEUM AT PRINCIPAL UNITED STATES PORTS.
(CRUDE AND REFINED OILS.)
(Barrels of 42 Gallons-)
22,404
21,851
22,503
18,032
18,050
14,971
12,841
16,360
20,638
19,152
15,970
15,745
129,909
129.532
129,477
132,020
132.575
134,027
135,902
133,153
125,775
121,840
121,948
124,856
31
22,044
21,752
22,016
20.796
20,850
18,742
18,295
14,514
14,915
17,369
19,753
21,023
21,001
20.629
21,078
19,469
20,172
19.670
17.552
15,067
13,809
15,901
17,990
20,372
24,232
23,118
23,712
20,821
19,837
16.116
16,949
18.017
16,028
10,333
8,640
8,478
At Atlantic Coast Ports
Baltimore
Boston
New York
Philadelphia
Others
218,517
18,210
15,040
15.280
16,156
19,381
27,543
36,737
45,689
42,443
35.347
38,277
2
3
2
2
2
2
17
1
120,644
134,440
140,379
142,447
136,634
123,924
109,140
100,247
98,219
95,137
40
0
0
45
0
44
22
22
0
44
Total 10 mos 262,174 291.893
217
a Export shipments are included in tota ishipments.
21.023 18,560
19,339, 18,560
8.478
17,190
22.660
23,389
22,375
22,405
23,569
24,404
25,836
27.220
25.416
26,820
6,313
8.562
8,581
18,072
21,056
27,142
35,788
25,594
27.761
23,366
21,970
22,500
21,683
21,526
22,154
22,590
24,127
25,968
25,019
25,819
Month of-
Total
Daily average
At Gulf Coast PortsTotal
Daily average
At AU United States Ports
Total
TIAlly ftwrnw4
October.
236,000
47,000
1,878,000
743,000
2,904,000
93,677
September.
2,712,000
July.
427,000
76,000
3,478,000
1.038,000
209,000
330,000
76.000
2,829,000
1,028.000
92,000
5,228,000
168,645
4.355,000
140.484
y67,000
2,161
230,000
1,552,000
832,000
98,000
August.
192,000
6,194
5,295,000
170 1108
4,547,000
14111178
90,400
x45,000
1,452
2,949,000
95.129
2,712,000
90400
x Received at Port Arthur. y. Received at New Orleans.
DISTRIBUTION OF TOTAL IMPORTS.
(Barrels of 42 Gallons.)
October.
September.
August.
July.
Crude
Fuel oil
1,838,000
1,111,000
1,957,000
755,000
3,760.000
1,535,000
3.172.000
1,375,000
Total
2.949.000
2.712 non
11 295 000
4.547.000
Month of-
3396
Financial Chronicle
Quiet Week in Major Non-Ferrous Metals
-Zinc Declines
-Tin and Silver Advance.
"Metal and Mineral Markets" for Nov. 9 1933 says that
activity in major non-ferrous metals in the last week was
of modest proportions, evidently reflecting continued uncertainty over the efficacy of the various measures designed
to bring about improved business conditions. Copper and
lead showed no important price changes, either here or
abroad; zinc was offered at further concessions, and tin
advanced on the uplift in London quotations and the fall in
the dollar. The domestic price of gold showed a net gain of
79c. per ounce for the week that ended yesterday. Silver
again was purchased in volume by speculators, and the
price settled at 41Y8c., the highest level attained since early
in 1930. In minor metals, bismuth was raised to $1.30 per
pound. Quicksilver was dull but unchanged on steadiness
abroad. The same publication added:
Copper Sales Light.
Demand for copper was particularly light last week, sales during the
period aggregating slightly less than 1,000 tons. All the business transacted
was on the basis of 8c., Connecticut, with the bulk of it for first-quarter
shipment. Rumors prevailed early yesterday that metal was available
under 8c., but no business below that level was reported. Toward the close
of the day a firmer tone developed in the market, with some business of
fair tonnage being booked at the 8c. level.
Sales abroad, in distinct contrast to the low volume of trading here,
were in good volume, with the price level only fractionally below the domestic
basis. Deliberations in this country in connection with the code for the
copper industry are said to have the close attention of foreign interests
and to be partly responsible for the steady demand abroad. Prices during
the week ranged from 7.75c. to 7.95c., C. I. f.
President Roosevelt has approved the code submitted by the copper and
brass mill products industry.
Copper producers, custom smelters,and NRA officials met in Washington
Nov.2and 3 to discuss the proposed copper code, but came to no agreement.
A committee of three was appointed to draft a compromise code: J. R.
Bobbins, of Anaconda; B. N. Zimmer, of American Metal Co., and A. E.
Peterman, of Calumet & Bede. The committee was instructed to have
the code ready for Deputy Administrator King this week.
Mr. King made'it plain that NRA did not want to impose a code on the
copper industry and urged producers and custom smelters to reconcile their
differences, pointing out that social unrest has been growing in the mining
regions. Though only between 14,000 and 16,000 men are employed in
copper mining and smelting, he told those present that more inquiries
have been received in Washington in regard to the copper code than for
codes for industries employing 500,000 men.
The important place that scrap holds in the copper industry was stressed
by custom smelters. F. H. Brownell, of Am3rican Smelting & Refining
Co., estimated that large consumers of copper have in stock about 100.000
tons of scrap copper and brass that is being held back for a 9 to 10c. copper
market. Mr. Brownell declared that no matter how much the industry
wishes to get higher prices for copper, it would seem, in face of the large
accumulation of scrap and the huge stocks of refined copper, unwise for
the industry to expect a price higher than 10c. a pound for many months
to come.
The code committee, it is believed, has developed some mutually satisfactory outline for a code, as far as the three members are concerned, for
submission to the various interests of the industry.
Lead Trade Inactive.
Though business booked in the last week was light in volume, lead producers seemed to regard the market as steady. Most sellers find themselves
in a comfortable position as a result of the heavy sales made in recent weeks.
Quotations were maintained on the basis of 4.30c., New York, the contract
level of the American Smelting & Refining Co., and at 4.I5c., St. Louis.
Sales of lead booked so far for November shipment amount to about 24,000
tons.
Shipments to fabricators are going ahead at a fair rate, according to reports in the trade, but the movement of lead products into consumptive
channels, appears to be spotty. Mixed-metal business is said to be holding
up well, and battery makers find sales satisfactory. Paint manufacturers
experienced less activity in October than earlier in the year. Cable interests
are not doing much.
Demand for lead has improved abroad. A strike at one of the leading
Australian mines has had little influence on the foreign market.
Zinc Quiet.
The zinc market was comparatively quiet last week, with a lower price
level accompanying the falling off in demand. At the beginning of the
7
-day period a range of 4.65c.@4.70c., St. Louis, prevailed, reflecting a
continuation of the unsettled condition of the market that developed toward
the close of the preceding week. On Friday eager sellers quoted 4.50c.,
and, although some metal was sold the following day at 4.650., the lower
level became firmly established by Monday. Little business, however,
has been transacted in the last few days, and quotations may be said to be
largely nominal. Much of the recent weakness in the market is attributed
to a threatening increase in production in the Tr -States district, where
concentrate output, it is feared, may advance to about 7,000 tons a week.
Sales of zinc during the calendar week, according to statistics circulating
in the industry, total about 1,350 tons. As shown in the following taole.
stocks of slab zinc declined about 3,000 tons in October.
The zinc statistics of the American Zinc Institute for August, September.
and October, in tons, follows:
Oct.
Sept.
Aug.
Production
33,319 35,195
33,550
Production, daily average
1,135
1,111
1,082
Shipments
38,277
42,443 35.347
Shipped for export
a44
a22
Stock at end
95.137
98.219
100,247
Unfilled orders
23,366
27,783
25.594
Retorts operating end of period
28.820
25,416
27,220
Retorts, average
25,819
25,019
25,968
a Export shipments are included in totals under "shipments."
Tin Moves Upward.
With London higher on rumors of forward buying of tin by American consumers, chiefly tin-plate manufacturers, and the steady depreciation in the
dollar, prices here advanced almost daily. Yesterday the market for
Straits tin opened around 50.750. per pound, but late in the day the prevailing quotation was 61.375c. The average for the day on business booked
was 51.125c., a net gain for the week of slightly more than 2c. Straits tin
is selling above 50c. per pound for the first time since 1929.
Nov. 11 1933
Chinese tin, 99%, prompt shipment, was quoted as follows: Nov. 2,
48.20c.; Nov. 3, 48.25c.; Nov. 4, 48.350c.; Nov. 6, 48.45c.; Nov. 7, Holiday; Nov. 8, 49.875c.
Steel Production in November Will Be Lowest for
Any Month Since April, Says the "Iron Age"
Finished Steel and Steel Scrap Prices Decline
Further.
The rate of decline in steel production has been retarded,
but no early recovery is in prospect, reports the "Iron Age"
of Nov. 9. It is now reasonably certain that average operations for November will be the lowest since April, when
only 25.08% of the country's capacity was employed, and
they may fall below that figure, adds the "Age", continuing:
The allotment of $135,000,000 of public money for railroad purchases
and the gradual expansion of the public works program are favorable
market factors, but are not likely to affect steel mill operations materially
until late in the year. The subsidence of labor disturbances in the Detroit
district is also regarded as a good augury, although no immediate effect
on steel demand is looked for. The Michigan tool and die strike, by delaying
work on new models, also delayed consumption of the heavy stocks of
steel in the hands of motor car builders. Other steel consumers also have
accumulations of material, bought under the stimulus of price advances,
and with the year-end approaching are more interested in reducing their
inventories than in further expanding them.
Steel ingot output showed recoveries of 14 points to 40% in the ClevelandLorrain area and of 16 points to 33% in the South. The rebound at Cleveland, however, was due entirely to the desire of producers to complete
water shipments to Michigan before the close of Lake navigation. In
other steel centers the trend is still downward. In Chicago, where the
ingot rate has receded only one point to 29%. output may be approaching
a resistance point. At Pittsburgh, operations have fallen four points to
21%; in the Valleys they have dropped 10 points to 25%; at Wheeling,
two points to 38%; in eastern Pennsylvania, four points to 18%. and in
Detroit, 36 points to 19%. The industry as a whole will probably have
difficulty in maintaining its scheduled rate of 25.2% through the week.
Indicative of the trend is the blowing out of three additional steel company
blast furnaces, one each in the Pittsburgh, Cleveland and Chicago districts.
Another index of the immediate future in steel production is the behavior
of scrap prices. The "Iron Age" composite price for heavy melting steel
has dropped from $10.17 to $10 a gross ton, registering its tenth consecutive
decline. The "Iron Age" composite for finished steel has receded from
2.023c. to 2.015c., reflecting the second reduction in rail prices.
The first steps toward rail and track accessory purchases under the
Governnlent allotment of $51,000.000 have been taken. The Milwaukee
Road has applied for a loan to cover orders for 50,000 tons of rails and
19.000 tons of fastenings. The Rock Island proposes to buy 20,000 tons
of rails and 6.400 tons of accessories, while the Burlington has ordered
5,000 tons of rails and 8,500 tons of track supplies from the Colorado mill.
The Reading company is reported ready to buy 5,000 tons of rails with
its own funds. Other carriers may decide not to take advantage of the
opportunity to borrow public funds, preferring to make their own plans
for expenditures without Government interference. The estimate that
400,000 tons of accessories will be bought is believed to be greatly exaggerated. even if 1,000,000 tons of rails are actually placed. The rolling
of rails, assuming that they are promptly ordered, would probably not
get under way until late in December or early in 1934, since no roads
outside of a few in the South will want deliveries before next spring. A
modification of the provision in the steel code prohibiting deliveries beyond
three months after the closing of a contract will probably be necessary.
The Government loan of $84,000,000 to the Pennsylvania Railroad will
be used partly to finance purchases already made. A considerable part
of the structural steel required for the railroad's electrification project
has been rolled and is awaiting release at the mills or is lying along the rightof-way. Likewise, close to one-half of the 132 electric locomotives to be
covered by the loan have been built. Mills are likely to benefit most from
the Pennsylvania's freight equipment program, which calls for the purchase
of 7,000 cars, requiring 87.500 tons of bars, plates and shapes as well as
35,000 tons of wheels and steel castings.
Steel producers are awaiting with interest the results of the Government's canvass of railroad locomotive requirements.
Automobile production in October is estimated at 115,000 to 120,000
cars, and output this month will range from 50,000 to 60.000 units. Sizable
orders for sheets and strip steel have been placed for bodies for the new
Chevrolet car, but practically all General Motors assembly work has been
suspended for the current month.
The "Iron Age" composite for pig iron is unchanged at $16.61 a gross ton.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Nov.8 1933. 2.0150.s Lb.
fBased on steel bars, beams, tank plates
One week ago
2.023e.j wire, rails, black pipe and sheets.
One month ago
2.0360.1 These products make 85% of the
One year ago
1.948e4 United States output.
High.
Low.
1933
2.036e. Oct. 3
1.867e. Apr, 18
1932
1.977e. Oct. 4
1.926e. Feb. 2
1931
2.0370, Jan. 13
1.9450. Dee. 29
1930
2.273e. Jan. 7
2.0160. Dec. 9
1929
2.317c. Apr. 2
2.273e. Oct. 29
1928
2.286e. Dec. 11
2.217e. July 17
1927
2.402e. Jan. 4
2.212o, Nov. 1
Pig Iron.
Nov. 8 1933. $16.61 a Grose Ton.
Based on average of baste Iron at Valley
One week ago
$16.61 furnace foundry Irons at Chicago,
One month ago
16.61 Philadelphia, Buffalo, Valley, and SirOne year ago
13.59 mingham.
High.
Low.
1933
$16.71 Aug. 29
$13.56 Jan. 3
1932
14.81 Jan. 5
13.56 Dee. 6
1931
15.90 Jan. 6
14.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Deo. 17
1928
18.69 Nov.27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap.
Nov.8 1933, $10.00 a Gross Ton.
Based on No. 1 heavy melting steel
One week ago
$10.17 quotations at Pittsburgh, Philadelphia.
One month ago
10.87 and Chicago.
One year ago
7.50
High.
Low.
1933
$12.25 Aug. 8
$6.75 Jan. 3
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan. 6
8.50 Dec. 29
1930
15.00 Feb. 18
11.25 Doc. 6
1929
17.68 Jan. 29
14.08 Dec. 3
1928
16.50 Dee. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
With the general demand for steel still shrinking, hope
for a reversal of the downward trend in steel works operations rests upon the promptness with which the program
of railroad buying and the requirements for public works
projects can be converted into rolling mill schedules, stated
the magazine "Steel" of Cleveland on Nov. 6. This publication further went on to say:
Agreement on a price of $36.375 for standard rails and the allotment
by Public Works Administration of $135,000,000 to the railroads for
the purchase of rails, track-work, rolling stock, power and equipment
would seem to clear the way for the placing of orders at an early date.
However, the expenditures may be spread over a period of many months.
For instance, the $51,000,000 nominally set aside for the purchase of
1,000,000 tons of rails and 400,000 tons of fastenings, is likely to extend
over the entire year of 1934.
At the moment, the allocation of $84,000,000 to the Pennsylvania's
electrification program seems to hold more promise of early, diversified
business than the track material deal. The announcement from Washington,stating that the PWA allotment provides for roadbed improvement,
and the building of 132 electric locomotives and 7,000 cars, is interpreted
to mean that early releases can be approved of certain orders placed more
than a year ago. About 40,000 tons of shapes on old contracts are expected to be released as a result of the plan to resume the Pennsylvania's
electrification project. Other Washington reports of contemplated purchases of 100,000 cars are discounted in the steel industry, where the
opinion is expressed that 50,000 cars may be the maximum resulting from
the Government's present efforts. On quotations for the 12 locomotives
for the Northern Pacific, some builders are reserving the right to revise
quotations should the equipment be purchased through Government aid.
Construction projects sponsored by PWA continue to furnish the principal impetus to the plate, shape, concrete bar and cast iron pipe markets.
Current awards are comprised of an unusually large number of small
contracts. Structural shape awards for the week total 15,595 tons, as
compared with 22,075 tons in the previous week. Several projects requiring large tonnage have been held up pending the settlement of disagreements. Bids for 14.000 tons of shapes for New York Central grade
' separation work at Syracuse, N. Y., will close Dec. 5. Tenders for 8,000
tons for the West Side elevated highway, New York City, were due Nov. 3.
The Eastern plate market has in prospect a fair tonnage for navy work.
Bids will be due in November for 12,200 tons of plates for cruisers. Cincinnati is asking for bids Nov. 8 on 32,450 feet of cast iron pipe and 82
tons of fittings.
Output of coke pig iron dropped sharply in October to 1,354,696 tons,
a decline of 10.2% from the 1.507,931 tons produced in September. The
number of active stacks on Oct. 31 was 80, as against 89 on Sept. 30.
In the two months of recession from the August peak, daily average production has suffered a decline of 26.2% and the number of furnaces in
blast has dropped from 98 to 80.
The pig iron market remains quiet, with shipments declining slightly.
Current speculation points to a price advance for first-quarter business,
but the difficulty of introducing higher prices unless consumption improves considerably is appreciated. The scrap market is listless, with
prices sagging slightly.
Steel works operations for the week ended Nov. 4 averaged 25%. a
drop of 5 points from the previous week. The rate in the Pittsburgh
district was 25%, a drop from 29; in Chicago, 31%, a decline from 36: in
eastern Pennsylvania, 19%, as compared with 2054, and in Youngstown,
32% from 38. Cleveland, New England and Detroit operations remained unchanged; in Wheeling the rate rose from 36 to 38%; in Buffalo
and Birmingham losses were registered.
"Steel's" iron and steel composite stands unchanged at $31.59; its
finished steel composite remains $49.20. and its scrap index continues
its decline, dropping 13 cents to $10.04.
Steel ingot production for the week ended Nov.6 is placed
at a shade over 25 2% of capacity according to the "Wall
Street Journal" of Nov. 8. This compares with 29% in the
previous week and with 331
4% two weeks ago. The
"Journal" further stated:
U. S. Steel is estimated at 24%,against 27% in the week before and 32%
two weeks ago. Independents are credited with a rate of slightly under
2654%,compared with 30% in the preceding week and 36% two weeks ago.
The following table gives the approximate percentage of production in
the corresponding week of previous years, together with the percentage of
change from the week immediately preceding•
tonnage reported as of March 31 1933 of 1,841,002 tons.
Following that date, reports were higher in each month up
to June 30 when the high for the year of 2,106,671 tons was
reached. The figures for subsequent months were successively lower.
Following is the text of President Taylor's announcement,
dated Nov. 9:
"In order to meet more completely the practices outlined in the Steel
Code of Fair Competition under the NRA, the United States Steel Corp.
will heraft,er on the 10th of each month, beginning to-morrow, announce
the total tonnage of Mashed products shipped during the preceding month;
such announcements taking the place of former announcements as to tonnage of so-called Unfilled Orders.
"Under the terms of the Steel Code contracts and orders for steel, aside
from those for definitive construction purposes and as to certain specified
products, may not be accepted for delivery beyond the expiration of the
calendar quarter. Accordingly, the tonnages of Unfilled Orders no longer
present a fair index of prospective activity in the industry as was formerly
more nearly the case. The publication of tonnage shipped monthly will
Indicate the degrees of activity of operations from month to month."
We publish in a separate item, elsewhere in this issue, the
monthly shipment figures referred to above.
Shipments of Finished Steel Products of Subsidiaries
of United States Steel Corp.
The United States Steel Corp. has this week issued, for
the first time, statistics showing the amount of shipments
of finished steel products of its subsidiaries, for each month
of the current year, including October. These figures are
offered in place of the figures, previously given out monthly,
of unfilled bookings, which, it is announced, will hereafter
be discontinued. (
) separate item above.)
See
The shipments for the month of October amounted to
572,897 tons, as compared with 575,161 tons in September.
In March shipments were at their lowest point, 256,793
tons, but increased in the following months, reaching a peak
in July of 701,322 tons. Below we show the figures since
Jan. 1 1933:
SHIPMENTS OF FINISHED STEEL PRODUCTS OF SUBSIDIARIES OF
UNITED STATES STEEL CORP.
Jan
Feb
March
industry/.
U. S. Steel.
1754+ Si
3434+2
4734-434
80 -234
85 -1
50 41
21-1
29 -41-3
75-234
87-1
64-1-1
Report of Unfilled Steel Orders Discontinued by
United States Steel Corp.
Stating that, as a result of the operation of the National
Recovery Administration code for the steel industry, the
backlog of steel orders on the books of the subsidiaries of the
United States Steel Corp., "no longer presents a fair index
of prospective activity in the industry," since the code
forbids the acceptance of orders or contracts beyond the
expiration of the calendar quarter, except in particular instances, Pres. Myron C. Taylor of the Steel corporation
announced on Nov. 9 1933 that hereafter, on the 10th of
each month, a statement of the amount of finished steel
products shipped during the previous month will be issued
in place of the report of unfilled orders which had previously
been issued monthly since July 311910; prior to that time
quarterly reports had been issued since Nov. 1 1901.
The last statement of unfilled tonnaged issued, which was
as of Sept. 30 1933, appeared in the "Chronicle" of Oct. 14
1933, page 2714. At that date the figure reported, 1,775,740
tons, was the lowest on record. The previous low was the
335,321 July
455,302 Aug
603,937 Sept
572,897
701,322 Oct.
668,155 Nov
575,161 Dec
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1932 TO
-GROSS TONS.
OCTOBER 1933
Reported for 1932 by companies which made 93.71% of the open-hearth and
Bessemer steel ingot production in that year and for 1933 by companies
which made 96.57% in 1932.
OpenHearth.
Independents.
195I
__
3034+ 54
43 -4
77S4-2Si
86 -1
AR 4- IX
285,138 April
275,929 May
256,793 June
Steel Ingot Production Lower.
The American Iron & Steel Institute calculates the total
steel ingot production in October at 2,111,842 tons, a reduction of 199,140 tons as compared with September when
the output was 2,310,982 tons. The output has declined
in each month since July when the high for the year,3,203,810
tons, was reached. The approximate daily output was
81,225 tons for the 26 working days in October and 88,884
tons for the same number of working days in September.
In October 1932, which also had 26 working days, the production was only 1,087,058 tons and the daily output approximated only 41,810 tons. Below we show tile figures
given out by the Institute for the months since January 1932:
Months.
1932
1931
1930
1929
1928
1927'
3397
Financial Chronicle
Volume 137
1932.
January- _
February_
March _-April
May
June
July
August
September
October
10 mos_
November
December
Total
1933.
January ._
February_
March _ _ _
April
May
June
July
August
September
October
'
1,230,907
1,230,970
1,149,193
1,036,163
950,838
755,1168
653,039
696,122
804,470
885,773
Calculated No.°, Approx. Per
Monthly
Cent.
Monthly Work- Daily
Output
Bessemer. Companies Output All ing Output OperaReporting. Companies. Days. All Cos. Hon.:
26
25
27
26
26
26
25
27
26
26
57,115
59,250
53,087
48,447
43,279
35,106
32,269
31,360
38,148
41,810
26.41
27.40
24.55
22.40
20.01
16.23
14.92
14.50
17.64
19.33
9,392,543 1,317,768 10,710,311 11,429,578 260
43,960
20.33
26
26
39,701
33.117
18.36
15.31
10,955,879 1,528,544 12,484,423 13,322,833 312
42,701
19.75
39,618
45,286
33,699
54,514
74,148
99,904
128,152
107,430
88,884
81,225
18.23
20.83
15.50
25.08
34.11
45.96
58.95
49.42
40.89
37.37
838,419
724,917
885,743
922,806
784,168
1,180,893
1,716,482
2,211,657
2,738,083
2,430,750
1,991,242
1,847,733
160,633
157,067
193,944
144,197
103,593
100,249
102,916
97,323
124,970
132,876
128,844
81,932
109,000
126,781
94,509
135,217
216,841
296,765
355.836
370,370
240,473
191,673
1,391,540
1,388,037
1,343,137
1,180,360
1,054,431
855,317
755,955
793,445
929,440
1,018,649
967,263
806,849
994,743
1,049,587
878,677
1,316,110
1,933,323
2,508,422
3.093,919
2.801,120
2,231,715
2,039,406
1,484,991
1,481,253
1,433,337
1,259,629
1,125,243
912.757
806,722
846,730
991,858
1,087,058
1,032,221
861,034
1,030,075
1,086,867
909,886
1,362,856
2,001,991
2,597,517
3,203,810
2,900,611
2,310,982
2,111,842
26
24
27
25
27
26
25
27
26
26
10 mos_ 16,709,557 2,137,465 18,847,022 19,516,437 259
75,353 34.66
x The figures of "per cent of operation" in 1932 are based on the annual capacity
as of Dec.31 1931 of 67,473,630 gross tons for Bessemer and open-hearth steel ingots,
and in 1933 on the annual capacity as of Dec. 31 1932 of 67,386,130 gross tons.
Pig Iron Production Declined 13.7% During October.
According to revised figures released on Nov. 9 by the
"Iron Age," production of coke pig iron in October totaled
3398
Financial Chronicle
1,356,361 gross tons, compared with 1,522,257 tons in
September. Output per day in October, at 43,754 tons,
dropped 13,7% from the September daily rate of 50,742
tons. The "Age" further reported as follows:
There were 78 furnaces in blast on Nov. 1, making iron at the rate of
39.585 tons a day, compared with 89 active stacks on Oct. 1 with a daily
operating rate of 48,215 tons. Fifteen furnaces were blown out or banked in
October, while four were lighted. The Steel Corp. showed a net loss of
seven furnaces, other steel companies a loss of three furnaces, and merchant
furnaces a loss of one.
Among the furnaces blown out or banked are the following: One Carrie,
two Duquesne, one Ohio. one Mingo and one Farrell furnace of the Carnegie
Steel Co.; one Monongahela furnace, of the National Tube Co.; one Gary,
Illinois Steel Co.; one Monessen, Pittsburgh Steel Co.; one Cambria.
Bethlehem Steel Co.; a Campbell and a Hubbard furnace of the Youngstown Sheet & Tube Co.; one Betty, Republic Steel Corp.; one Shenango,
Shenango Furnace Co. and one Woodward Iron Co. furnace.
Furnaces blown in include: a Susquehanna unit and two Weirton furnaces, of the National Steel Corp.; one Lorain furnace of the National
Tube Co.
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(GROSS TONS).
P12 /rcrn.x
1933.
Ferrontanyanese.y
1932.
1933.
1932.
January
February
March
April
May
June
568,755
554.330
542,011
623,618
887,252
1,265.007
972,784
964,280
967,235
852,897
783,554
628,064
8.810
8,591
4,783
5,857
5.948
13,074
11,250
4,010
4,900
481
5,219
7,702
Half year
July
August
September
October
November
December
4,441,003
1,792,452
1,833,394
1,522,257
1,356,361
5,168,814
572,296
530.576
592,589
644,808
631,280
546,080
47,063
18,661
16,953
13,339
16,943
33,562
2,299
3,414
2,212
2,302
5,746
7,807
Year
8,686,443
57,342
These totals do not include charcoal pig Iron. The 1931 production of this
iron was 46.213 gross tons. 3 Included in pig iron figures.
,
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1928
-GROSS TONS.
1928.
January
February
March
April
May
June
First six months
July
August
September
October
November
December
12 mos. averaim_
1929.
1930.
1931.
1932.
1933.
92,573
100,004
103,215
108,183
105,931
102,733
101,763
99,091
101,180
102,077
108,832
110,084
108,705
103.382
111,044
114,507
119,822
122,087
125.745
123,908
119,561
122,100
121,151
116,585
115,745
106,047
91,513
115.851
91,209
101,390
104,715
106,062
104,283
7,804
100,891
85,146
81,417
75,890
69,831
62,237
53,732
88.025
55,299
60,950
65,556
67,317
64,325
54,621
61,356
47,201
41,308
38,964
37,848
36,782
31,625
50_089
31,380
33,25i
31,201
28,430
25,276
20,935
28,412
18,481
17,115
19,753
20,800
21,042
17,615
23.772
18.348
19,798
17,484
20,787
28,621
42,166
24,536
57,821
59,142
50,742
43,754
Preliminary Figures for October 1933 Show that
Production of Bituminous Coal Was Slightly in
Excess of that for the Preceding Month, but Fell
Below October Last Year-Anthracite Output
Lower.
According to the United States Bureau of Mines, Department of Commerce, preliminary estimates show that during
the month of October 1933 production of bituminous coal
amounted to 29,656,000 net tons, as against 29,500,000 tons
in the preceding month and 32,677,000 tons in the corresponding period last year. Anthracite output totaled
4,711,000 net tons as compared with 4,993,000 tons in
September last and 5,234,000 tons in October 1932.
Average production of bituminous coal per working day
during October 1933 totaled 1,141,000 net tons, as against
1,175,000 tons daily in September 1933 and 1,257,000 tons
in October last year. The Bureau's statement follows:
Totalfor
No. of Average per Cal. Year to
Working Worry Day End of Oct.
Month
(Net Tons). Days. (Nei Tons). (Net Tons).
October 1933 (Preitmtnary)Bituminous coal
Anthracite
Beehive coke
September 1933 (Revised)
Bituminous coal
Anthracite
Beehive coke
October 1932
Bituminous coal
Anthracite
Beehive coke
29,656,000
4,711,000
42,700
26
25
26
1,141,000
188,400
1,642
29,500,000
4,993,000
59,500
25.1
25
26
1,175,000
199,700
2,288
267,758,000
40,164,000
644,900
1,257,000 243,925,000
39,990,000
209,400
595,500
2.600
Note.
-All current estimates ail later be adjusted to agree with the result of the
complete canvass of production made at the end of the calendar year.
32,677,000
5,234,000
87.800
26
25
26
Nov. II 1933
approach of the heating season as consumers prepare for
colder weather. But this year the accumulations during the
third quarter were clearly more than can be accounted for
by the seasonal influence alone, and a large part of the
increase must be ascribed to purchases in anticipation of the
higher price level that was expected to follow the adoption
of the code for the coal industry, continued the Bureau,
further adding:
In spite of the unusually heavy additions that were made to stock piles
during the third quarter, the tonnage on hand was not excessive, considering
the season. The total stocks were somewhat higher than a year ago but were
less than on Oct. 1 1931, and in fact, with the single exception of 1932,
were less than at the corresponding season of any year since 1922. In
making a comparison of stocks on different dates, however, it is necessary
to take into consideration the highly variable factor of consumption. For
this reason the best gauge of stocks is to express them in terms of the
number of days they would last at the prevailing rate of consumption.
Measured In this way, the reserves on Oct. 1 were sufficient to last 40
days, as compared with a supply equivalent to 38 days requirements on the
corresponding date of last year, and with 39 days on Oct. 1 1931.
In addition to the tonnage in the hands of commercial consumers, there
was 7,654,000 tons of bituminous coal in storage on the upper lake docks .
on October 1 and 1,207,000 tons standing in cars unbilled at the mines or
In classification yards. A year ago the stocks in the hands of the dock
operators amounted to 7,029.000 tons and unbilled loads stood at 1.555,000
tons.
SUMMARY OF COMMERCIAL STOCKS OF BITUMINOUS COAL, INCLUDING STOCKS IN RETAIL YARDS.
P. C. of Change
July 1
1933.a
Oct. 1
1932.
Sept. 1
1933.a
Oct. 1
1933.b
From
Prey.
Quar.
From
Year
Ago.
Consumers' Stocks:c
Industrial, tons
20,800,000 17,972,000 24,382,000 26,533,006 +47.8 +27.6
Retail dealers, tons_ _ 6.700,000 5,000,000 6,200,000 7,600,000 +52.0 +13.4
Total tons
27,500,000 22,972,000 30,582,000 34,133,000 +48.6 +24.1
Days'supply, total
37 days
31 days
38 days
40 days +29.0 +5.3
coat in Transit:
Unbilled loads, tons_ 1,555.000 1,466,000 1,399,000 1,207,000 -17.7 -22.4
On lake docks.tons
7.029.000 4.785,000 6.923,000 7,654,000 +60.0 -1-8.1)
a Revised. b Sub ect to revision. c Coal in the bins of householders is not
included. Figures for retailers es (mated from sample data.
During September industrial stocks of bituminous coal again increased
and on October 1 stood at 26,533,000 tons. In comparison with the amount
on hand on September 1, this is an increase of 2,141,000 tons, or 8.8%.
With the exception of the coal-gas works, all classes of industrial consumers
added to their reserves during the month. The heaviest additions, however,
were made at the general manufacturing plants whose reserves were augmented by more than a million tons during the month and on October 1
were reported at 7,880.000 tons, a gain of nearly 16%. For other classes
of consumers the increase was not so pronounced, ranging from 4% for the
electric utilities to 8% for the Class I railroads. In sharp contrast with the
general upward trend, stocks at coal-gas retorts show a small decline.
Judged by industrial consumption of bituminous coal, the September
business recession was not serious. The total industrial consumption of
soft coal for the month amounted to 19,809.000 tons, as against 20,800,000
In August. a decrease of 4.8%. Comparison between a month of 31 days
with one of 30 days, however, is misleading, If allowance is made for this
difference, the decline in industrial consumption in September amounted
to only 1.4%. The most important decline in industrial consumption occurred at the steel works and rolling mills, where the average daily rate
of consumption in September was 8.7% below the August level. Relatively
sharp reductions in the rate of consumption were also reported by the cement
Mills and coke ovens. These declines were partly offset by increased consumption by the railraods and by the coal-gas retorts. Moreover, there
was an abrupt seasonal advance in retail deliveries,so that total consumption
In September. including retail deliveries, was distinctly higher than in the
previous month, despite the decline in business activity.
INDUSTRIAL CONSUMPTION AND STOCKS OF' BITUMINOUS COAL,
EXCLUDING RETAIL YARDS(NET TONS).
Sept. 1933
August 1933
(Preliminary). (Revised).
Stocks, End of Month at
Electric power utilltles_a
By-product coke ovens.b
Steel and rolling mills.b
Doal-gas rotor ts_b
:.:ement mills.b
3ther industrial.c
Rallraod fuel (class I)_ci
4,910,000
5,797,000
1,217,000
458,000
281,000
7,880,000
5,990,000
Total industrial stocks
Industrial Consumption by
Electric power utillties_a
By-product coke ovens.b
Beehive coke ovens_b
Steel and rolling mills_b
Deal-gas retorts.b
:iement milLs.b
)ther industrial_c
lailraod fuel (class I)_d
4,710,000
5,485.000
1,153,000
483,000
262,000
6,800,000
5,529,000
Percent
ofChange.
+4.2
+6.1
+5.6
-1.1
+7.3
415.9
+8.3
26,533,000
7
Total industrial consumption
Additional Known Consumption
:10a' mine fuel
Bunker fuel, foreign trade
24,382,000
+8.8
2,530.000
3,927,000
93,000
890,000
195,000
244,000
5,890,000
6,040,000
2,742,000
4,235,000
111,000
1,007,000
189,000
393,000
6,130,000
5,993,000
-7.7
-7.3
-16.2
-11.6
+3.2
-37.9
-3.9
+0.8
19,809,000
20,800.000
-4.8
247,000
112,000
285,000
111,000
-13.3
+0.9
Days S upply.
Industrial Consumption of Bituminous Coal Off 4.8%
During the Month of September-Inventories
2,141,000 Net Tons Higher.
According to the United States Bureau of Mines, Department of Commerce, stocks of bituminous coal rose rapidly
during the third quarter of 1933, and on Oct. 1 the total
reserves held by commercial consumers and retailers stood
at 34,133,000 tons. Compared with the quantity on hand at
the beginning of the previous quarter, this represents a net
increase of 11,161,000 tons, or 48.6%. This increase was
in part seasonal, since stocks normally advance with the
Days Supply on Hand alMeettie power utilities
3y-product coke ovens
Steel and rolling mills
7.ioal-gas retorts
.1ement mills
)ther Industrial
laliraod fuel (class 1)
Total industrial
58 days
44 days
41 days
70 days
35 days
40 days
30 days
53 days
40 days
35 days
78 days
21 days
34 days
29 days
+9.4
+10.0
-1-17.1
-7.9
+66.7
+17.6
+3.4
40.2 days
36.3 days
+10.7
a Collected by the U. S. Geological Survey. b Collected by the U. S. Bureau
of Mines. c Estimates based on reports collected jointly by the National Association
of Purchasing Agents and the U. S. Bureau of 111ines from a selected list of 2.000
,
representative manufacturing plants. The concerns reporting are chiefly largo
consumers and afford a satisfactory basis for estimate. d Collected by the American
Railway Association.
At the rate of consumption prevailing in September, the stocks of bituminous coal in the hands of industrial consumers on Oct. 1 were sufficient to
Volume 137
Financial Chronicle
last 40 days, if evenly divided. Stocks are rarely evenly distributed, however, and there were wide variations in the reserves of individual consumers.
The largest reserves in terms of days' supply were held by the coal-gas
retorts with 70 days. Heavy reserves were also carried by the electric
public utilities which reported a supply equivalent to 58 days. For other
classes of consumers the stocks in terms of day's supply were generally
much lower. The stocks held by cement mills, for example, were sufficient
to last 35 days, while only 30 days' requirements were carried by the
Class I railroads.
Java Rubber Growers Cut Crop.
A eableggam, as follows (copyright), from Batavia
(Oct. 22), is from the New York "Herald Tribune":
A favorable move has occurred in the rubber trade through the acceptance
by native growers of the principle of restriction. There remain some areas
still that have not, as yet, given formal assurance on this matter, but hopes
of success are based upon the meetings being held in these areas and the
central meeting to be held on Wednesday, Nov. 22, to which all areas will
send representatives to discuss mutters with representatives of the Government.
Bituminous Coal Output During the Week Ended
Oct. 28 1933 Was 4.6% in Excess of Preceding
Week-Anthracite Production Off 1.6%-Former
Still Below Rate a Year Ago, While Anthracite
Shows an Increase.
According to the U. S. Bureau of Mines, Department of
Commerce, estimates show that the total production of soft
coal during the week ended Oct. 28 1933 was 7,355,000 net
tons, an increase of 325,000 tons, or 4.6%, over the preceding week. The current figure also compares with 7,475,000 tons produced during the week ended Oct. 29 1932 and
with 8,100,000 in the same period in 1931.
Anthracite production in Pennsylvania during the week
ended Oct. 28 1933 was estimated at 1,073,000 net tons, as
against 1,090,000 tons in the previous week and 1,001,000
tons in the week ended Oct. 29 1932.
During the calendar year to Oct.28 1933 production totaled
264,857,000 net tons of bituminous coal and 39,974,000 tons
of anthracite as compared with 240,543,000 tons of bituminous coal and 39,410,000 tons of anthracite during the calendar year to Oct. 29 1932.
3399
The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Calendar Year to Date.
Week Ended.
Oct. 28
1933.c
Oct. 21
1933.
Oct. 29
1932.
1933.
1929.
1932.
Bitum. coal
-a
Weekly total 7,355.000 7,030,000 7,475,000 284,857.000 240,543,000 435,028,000
Daily aver._ 1,228,000 1,172,000 1,248,000 1,041,000
948,000 1.708,000
Pa. anthra.-b
Weekly total 1,073,000 1,090,000 1,001,000 39,974,000 39,410,000 59,938,000
Daily aver... 178.800 181,700 200.200
158,300
158,700
237,400
Beehive coke
19,100
585,500 5,597,200
640.200
Weekly total
10,800
13,200
Daily aver_ _
2,491
3,183
21.779
2,278
1,787
2,200
a Includes lignite, coal made into coke, boa sales, and colliery fuel. b Includes
Sullivan County, waahery and dredge coal, local sales, and colliery fuel. c Subject
to revision.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES
(NET TONS).a
Week Ended.
Oct. 21
1933.
Oct. 14
1933.
Oct. 22
1932.
Oct. 24
1931.
Alabama
Arkansas and Oklahoma
Colorado
Illinois
Indiana
Iowa
ICansas and Missouri
Kentucky-Eastern
Western
Maryland
Michigan
Montana
New Mexico
North Dakota
Ohio
Pennsylvania(bituminous)
Tennessee
Texas
Utah
Virginia
Washington
West Va.-Southern_b
Northern_c
Wyoming
Other States
184,000
91,000
145,000
829,000
317,000
64,000
118,000
885,000
149,000
29,000
8,000
58.000
23,000
88,000
419,000
1,390,000
59,000
15,000
57,000
187,000
25.000
1,588,000
484,000
115,000
5,000
174,000
89,000
198,000
917,000
291,000
55,000
111,000
892,000
167,000
29.000
11,000
55.000
21.000
62,000
422,000
907,000
80,000
16,000
61,000
171,000
25,000
1,615,000
494,000
114,000
5,000
178,000
113,000
128,000
868,000
326,000
75,000
140,000
728,000
247,000
26,000
11,000
51,000
27.000
49,000
393,000
1,820,000
78,000
12.000
83.000
202,000
38.000
1,725,000
422,000
111,000
5,000
218.000
104,000
156,000
942,000
303,000
73,000
129,000
683,000
205.000
48,000
15,000
47,000
32,000
36,000
483.000
1,904,000
95,000
17,000
84.000
207.000
39,000
1,775,000
547.000
115,000
3,000
Total bituminous coal
Pennsylvania anthracite
7.030,000
1,090,000
6,710,000
1,232,000
7,850.000
1,387,000
8,230,000
1,711,000
State.
o ,on nnn
7 049 npn
0 217 nnn
9.941.000
a Figures for 1931 only are final b Includes operations on the N.& W. C.& 0.
Virginian; K.& M. and B. C.& G. c Rest of State, including Panhandle.
Tn. ^nal
al
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 Nov. 8, as reported by
the Federal Reserve banks, was $2,564,000,000, an increase
of $15,000,000 compared with the preceding week and of
$341,000,000 compared with the corresponding week in 1932.
On Nov. 8 total Reserve Bank credit amounted to $2,542,000,000, a
decrease of $8,000.000 for the week. This decrease corresponds with de-
creases of $13,000,000 in member bank reserve balances and $15,000,000
in unexpended capital funds, non-member deposits. A:c., and an increase of
$15,000.000 in Treasury currency, adjusted, offset In part by an increase of
$33,000,000 in money in circulation.
Bills discounted decreased $5.000,000 at the Federal Reserve Bank of
San Francisco and a like amount at all Federal Reserve banks. The System's
holdings of bills bought in open market show practically no change for the
week, holdings of United States bonds declined $2,000,000 and of Treasury
certificates and bills $1,000,000, and holdings of United States Treasury
notes Increased $13.000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
Bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board'sexplanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue of the
"Chronicle" on page 3797.
The statement in full for the week ended Nov. 8, in comparison with the preceding week and with the corresponding
date late year, will be found on subsequent pages, namely,
pages 3460 and 3461.
Beginning with the statement of March 15 1933, new
items were included as follows:
1. "Federal Reserve bank notes in actual circulation." representing the
amount ofsuch notes issued under the provisions of paragraph 6 of Section 18
of the Federal'Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund-Federal Reserve bank notes." representing the
amount deposited with the Treasurer of the United States for the redemption
of such notes.
3. "Special deposits-member banks," and "Special deposits-nonmember banks," representing the amount of segregated deposits received
from member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve bank notes outstanding, held by Federal Reserve banks,
and in actual circulation, and the amount of collateral pledged against
outstanding Federal Reserve bank notes.
Changes in the amount of Reserve Bank credit outstanding
and in related items during the week and the year ended
Nov. 8 1933, were as follows:
Increase (+) or Decrease (-)
Since
Not,8 1933. Noe. 1 1933. Nov. 9 1932.
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
112,000,000 -5.000,000
7.000,000
2,430.000,000 +10,000,000
-7,000,000 -14,000.000
TOTAL RES'VE BANK CREDIT2,542,000,000
Monetary gold stock
4.323.000,000
Treasury currency adjusted
1,903,000,000
Money In circulation
5,673,000,000
Member bank reserve balances
2,578,000,000
Unexpended capital funds, non-member deposit, &c
518,000,000
-199.000.000
-27,000,000
+579,000,000
-10,000,000
+15,000,000
+33.000.000
-13,000,000
+343,000,000
+53,000,000
-15.000,000
+22.000,000
+236,000,000
-15,000,000
+122,000,000
-8,000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
of waiting until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows a decrease of $10,000,0000, the total of these
loans on Nov.8 1933 standing at $739,000,000, as compared
with $331,000,000 on July 27 1932, the low record for all
time since these loans have been first compiled in 1917.
Loans "for own account" decreased from $641,000,000 to
$626,000,000, but loans "for account of out-of-town banks"
increased from $101,000,000 to $106,000,000, and loans
"for account of others" remained unchanged at $7,000,000.
Financial Chronicle
3400
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Nov.8 1933. Nov. 1 1933. Nov. 9 1932.
:
Loans and investments—total
6,778.000,000 6,822,000,000 7,044,000,000
3.428,000,000 3,425,000,000 3,420,000,000
Loans—total
On securities
All othe
1,657,000,000 1,666,000,000 1,570,000,000
1,771,000,000 1,759,000,000 1,850,000,000
U.S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
2,231,000,000 2,274,000,000 2,555,000,000
1,119,000,000 1,123,000,000 1,069,000.000
U. S. Government securities
Other securities
Due from banks
Due to banks
Reserve with Federal Reserve Bank..... 796,000,000
Cash In valut
44,000,000
969,000,000
41,000,000
859,000.000
36,000,000
Net demand deposits
Time deposits
Government deposits
5,169,000,000 5,283,000.000 5,476,000,000
775,000,000 761,000,000 910,000,000
446,000,000 453,000,000 214,000,000
Due from banks
Due to banks
82,000,000
84,000,000
7e.000.000
1,179,000,000 1,226,000,000 1,419,000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers:
626,000,000
For own account
For account of out-of-town banks__
106,000,000
For account of others
7,000,000
641.000,000
101,000,000
7,000,000
341,000,000
13,000,000
6,000,000
739,000,000
749,000,000
360,000,000
477,000,000
262,000,000
485,000,000
264,000.000
203,000,000
157,000,000
Total
On demand
On time
Chicago.
1,213,000,000 1,190,000,000 1,141,000,000
Loans and investments—total
681,000,000
On securities
All other
686,000,000
664,000,000
341,000,000
340,000,000
Loans—total
343,000,000
343,000,000
372,000,000
292,000,000
532,000,000
504,000,000
477,000,000
323,000,000
209,000,000
290,000,000
214,000,000
285,000,000
192,000,000
372,000,000
36,000,000
389,000,000
35,000,000
271,000,000
18,000,000
1,047,000,000 1,034.000,000
350,000,000 347,000,000
49,000,000
48,000,000
889,000,000
323,000,000
28,000,000
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash In valut
Borrowings from F. R. banks
5,164,000,000
2,992,000,000
+208,000,000
+24,000,000
+178,000,000
+4,000,000
1,911,000.000
200,000,000
—91,000,000
—7,000,000
+84,000,000
+33,000,000
10,653,000,000
4,470,000,000
1,012,000,000
—32,000,000
—2,000,000
+287,000,000
—110,000,000
—196,000,000
+529,00,1,000
+24,000,000
+40,000,000
—250,000,000
—344,000,000
24,000,000
+2,000,000
—53.000,000
Statement of Bank for International Settlements for
Oct. 31—Cash on Hand Totals 11,060,011.65 Swiss
Gold Francs, Compared with 40,766,033.91 Sept. 30.
The Bank for International Settlements had cash on hand,
and on current account with banks on Oct. 31 amounting
to 11,060,011.55 Swiss gold francs at par, as compared with
40,766,033.91 on Sept. 30, according to the Bank's statement
of condition as of Oct. 31, made public on Nov. 6. As
.
contained in Associated Press advices from Basle, Switzerland, to the New York "Times" of Nov. 7, the statement
follows:
Swiss Gold Franz.,
October.
Assets—
September.
I. Gold In bars
5,147,422.15
5,147,422.15
Cash on hand and on current account with banks 11,060,011.55 40,768,033.91
II. Sight funds at interest
12,897,432.25 14,310,943.13
III. Redlscountable bills and acceptances:
1. Commercial bills and bankers' acceptances_227,075,257.75 218,486,491.21
2. Treasury bills
145,991,587.58 139,861,486.99
188,000,000
261,000,000
223,000,000
308,000,000
Total
IV. Time funds at interest:
Not exceeding three months
V. Sundry bills and investments:
1. Maturing within three months:
(a) Treasury bills
(b) Sundry investments
2. Between three and six months:
(a) Treasury bills
(b) Sundry investments
3. Over six months:
(a) Treasury bills
(b) Sundry investments
373,066,845.33 3
58,347,978.20
Total
171,000,000
265,000,000
Due from banks
Due to banks
Increase (+) or Decrease (—)
Sines
Nov. 1 1933. Oct. 25 1933.
Nov. 2 1932.
s
8,156,000,000 +232,000,000
+182,000,000
1,236,000,000
2,715,000,000
Reserve with F. R. banks
Cash in vault
3,350,000,000 3,397,000,000 3,624,000,000
Investments—total
Net demand deposits
Time deposits
Government deposits
Investments—total
Nov. 11 1933
213,144,890.66 169,847,949.80
2,948,403.42
1,709,415.85
Borrowings from Federal Reserve Bank_
VI. Other assets
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
The Federal Reserve Board resumed on May 15 the
publication of its weekly condition statement of reporting
member banks in leading cities, which had been discontinued
after the report issued on March 6, giving the figures for
March 1. The present statement covers banks in 90 leading
cities instead of 101 leading cities as formerly, and shows
figures as of Wednesday, Nov. 1, with comparisons for
Oct. 25 1933 and Nov. 2 1932.
As is known, the publication of the returns for the New
York and Chicago member banks was never interrupted.
These are given out on Thursday, simultaneously with the
figures for' the Reserve banks themselves, and cover the
same week,instead of being held until the following Monday,
before which time the statistics covering the entire body of
reporting member banks in 90 cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with close of business on Nov. 1:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on Nov. 1 shows increases for the week
of $50,000,000 in loans, $208,000,000 in United States Government securities and $287,000,000 in Government deposits, and decreases of $32,000,000
in net demand deposits and $91,000,000 in reserve balances with Federal
Reserve banks.
Loans on securities increased $29,000,000 at reporting member banks
in the New York district and $20,000,000 at all reporting member banks.
"All other" loans increased 818,000,000 in the New York district and
$30.000,000 at all reporting banks.
Holdings of United States Government securities, incident to the
Treasury's recent financial operations, increased substantially in nearly
all districts, the total increase being $208.000,000. Holdings of other
securities increased $24,000,000 in the New York district and at all reporting
banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $24,000,000 on Nov. 1, an increase of $2,000,000 for the
week.
Licensed member banks formerly included in the condition statement
of member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of 8916,000,000 and net
demand, time, and Government deposits of $923,000,000 on Nov. 1,
compared with $895,000.000 and $919,000,000, respectively. on Oct. 25.
A summary of the principal assets and liabilities of the reporting member
banks, in 90 leading cities, that are now included in the statement, together
with changes for the week and the year ended Nov. 1 1933, follows:
Nov. 1 1933.
Increase (+) or Decrease (—)
Since
Nov. 2 1932.
Oct. 25 1933.
Loans and investments—total_ __ _16,749,000,000
+282.000,000
—228,000,000
8,593,000,000
3,604,000,000
4,989,000,000
+50,000,000
+20,000,000
+30,000,000
—410,000,000
—182,000,000
—228,000,000
Loans—total
On securities
All other
Total assets
LiabUtiles
1. Capital paid up
II. Reserves:
1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
Total
III. Long-term deposits:
1. Annuity trust account
2. German Government deposits
3. French Government guarantee
39,207,890.80 79,299,004.98
25,835,606.41 13,181,845.44
67,433,333.29 71,938,671.79
29,475,439.71 40,992,530.52
33,698.617.06 35,950,487.58
18,791,566.82
37,910,327.37
7,190,097.52
594,316.95
657,472,896.16 669,428,748.02
125,000,000.00 125,000,000.00
2,021,691.48
3,894,823.45
7,789,646.89
2,021,691.48
3,894,823.45
7,789,646.89
13,706,161.82 13,706,161.82
154,481,250.00 154,622,500.00
77,240,625.00 77,311,250.00
45,512,974.66 44,824,186.92
Total
277,234,849.66 276,757,938.92
IV. Short-term and sight deposits (various currencies):
1. Central banks for their own accounts:
(a) Not exceeding three months
106,741,339.85 110,641,625.95
(b) Sight
60,512,382.56 69.016,401.32
Total
167,253,722.41 179,658,027.27
2. Central banks for the account of others:
Sight
11,159,714.96 11,945,846.80
3. Other depositors:
Sight
3,190,443.84 3,247.329.36
V. Sight deposits (gold)
5,147,422.15 5,147,422.15
VI. Miscellaneous items
54,780,581.32 53,966,023.70
Total liabilities
657,472,896.16 669,428,748.02
Great Britain to Make $7,500,000 "Token" Payment
on War Debt Dec. 15—Plan Announced Simultaneously by President Roosevelt and Neville
Chamberlain—Negotiations at Washington Adjourned Pending Improvement in "World Economic
and Financial Conditions"—Debt Action Not
Regarded as Default.
The British Government will make a "token" payment of
$7,500,000 in American currency on Dec. 15 in lieu of the
$117,670,675 due on the British war debt to the United States
on that date, it was announced in Washington on Nov. 7,
after the adjournment of negotiations looking toward a final
adjustment of the debt. President Roosevelt, in a formal
statement, indicated that he would accept this payment as
evidence of good faith and would "not regard the British
Government as in default." A simultaneous announcement
of the arrangement was made to the British Parliament by
Neville Chamberlain, Chancellor of the Exchequer. The
White House statement stressed the fact that "the unprecedented state of world economic and financial conditions" had
prevented the reacbing of a final decision at this time on the
question of large international payments. In making the
token payment in American currency the British Government will be taking advantage of the low exchange rate for
the dollar. Congress had authorized the President to accept
silver in payment of the whole or any part of the principal
or interest on the foreign debts for a period limited to six
months after the approval of the Agricultural Adjustment
Act on May 12 1933. On June 15 the British Government
Volume 137
Financial Chronicle
made a payment of $10,000,000 in silver at an agreed price
of 50 cents an ounce. Great Britain was said to have purchased the silver at about 36 cents an ounce, or a total
amount of $7,200,000.
Neville Chamberlain, in his statement to the House of
Commons on Nov. 7, said that the British Government was
ready to resume the debt negotiations "whenever, after consultation with the President, it may appear that this can
usefully be done." He then read the final two paragraphs
of President Roosevelt's announcement. The President's
statement on the Anglo-American debt conversations follows:
For some weeks representatives of the British Government have been conferring with representatives of this Government on the subject of the British
debt to this country growing out of the World War. The conversations
were requested by the British Government in its notes of last June and
December, a request to which I gladly acceded in view of the policy which I
announced in November 1932, that a debtor may at any time approach a
creditor with representations concerning the debt and ask for readjustment
of the debt or its terms of payment.
The conversations, now concluded, have in no sense prejudiced the position
which either Government has taken in the past or may take in any subsequent discussion of the entire debt question. They have, however, given an
opportunity for a full and frank discussion of the representations which the
British Government has made.
These discussions have made clear the great difficulty, if not impossibility, of reaching sound conclusions upon the amounts of international payments practicable over any considerable period of time in the face of the
unprecedented state of world economic and financial conditions.
It has, therefore, been concluded to adjourn the discussions until certain
factors in the world situation—commercial and monetary—become more
clarified. In the meantime, I have, as Executive, noted the representations
of the British Government. I am also assured by that Government that it
continues to acknowledge the debt, without, of course, prejudicing its right
again to present the matter of its readjustment, and that on Dec. 15 1933
it will give tangible expression of this acknowledgment by the payment
of $7,500,000 in United States currency.
In view of these representations, of the payment and of the impossibility
at this time of passing finally and justly upon the request for a readjusttnent
of the debt, I have no personal hesitation in saying that I shall not regard
the British Government as in default.
The statement of Neville Chamberlain, Chancellor of the
Exchequer, addressed to the House of Commons, was made
public in Washington as follows:
The discussions in regard to war debts have been concluded.
It has unfortunately not proved possible to reach an agreement for a final
settlement. His Majesty's Government recognize, however, the difficulties
which exist at the present time by reason of the unsettled economic and
financial situation, and they have accordingly informed the United States
Government that they are prepared to make, on Dec. 15 next, a further payment of $7,500,000 in American currency in acknowledgment of the debt
pending a final settlement. His Majesty's Government have stated that
they are ready to resume negotiations on the general question whenever, after
consultation with the President, it may appear that this can usefully be done.
President Roosevelt is making a statement in Washington to-day in regard
to the discussions. After briefly referring to the origin and the result of
the conversations the statement concludes as follows:
[The Chancellor of the Exchequer then read from the statement issued
by the President beginning, "It has, therefore, been concluded," and continuing to the end.]
Commenting on the adjournment of debt negotiations, a
Washington dispatch of Nov. 7 to the New York "Times"
said, in part:
A further discussion of the debt problem will be left until the commercial
and monetary skies are clearer. The effect is again to delay a settlement
without precipitating an open break.
Officials expect some of the other debtor governments also will pay
"token" instalments in December. Italy, Czechoslovakia, Rumania and
Latvia followed Great Britain's example last June. Finland, which then
owed $148,592, was the only debtor to meet its obligations in full. France,
Poland, Yugoslavia, Lithuania and Estonia defaulted.
From the first the negotiations at the White House and Treasury during
recent weeks had indicated that disturbed economic conditions were proving
an obstacle to successful progress and that there was a wide disparity between
what Great Britain WAS willing to offer and what the United States would
consider accepting.
It is understood the negotiations never reached a stage where serious consideration was given to possible trade concessions by Great Britain to aid
American agriculture, an approach to the problem of which much was heard
when the debts were a point at issue in the last national political campaign.
President Roosevelt Directed C(YIripromise.
When it became apparent that an impasse had been reached, President
Roosevelt took direct charge of the negotiations. It was as a result of his
personal discussions with Sir Ronald Lindsay, the British Ambassador, and
Sir Frederick Leith-Ross, head of the debt mission, that the compromise
was reached to cover the December instalment and project the final settlement into the future without an open break.
Members of Congress who are in the capital, in such comment as they
would make, indicated the belief that the temporary arrangement with
Great Britain on the debt was about the best that could have been hoped for,
and would be acceptable to the American people.
Senator Harrison, Chairman of the Finance Committee, said:
"If the negotiations were concluded without prejudice, I think it will be
acceptable to the American people. I have so much faith in the President
that I am sure he tried to get all he could and had to accept a token payment so that negotiations might be resumed on friendly terms at a later
date."
"The token payment is perhaps the best that could be done in the situation now," said Senator Fletcher, Chairman of the Banking and Currency
Committee.
"I cannot believe that Great Britain will repudiate its debt," said Senator
Capper. "We ought to be lenient and give her every reasonable opportunity
to come through as soon as she can do it."
3401
After a meeting at the Treasury Department, on Oct. 26, a
Washington dispatch of that date to the New York "Times"
commented, in part:
From the time Under-Secretary Acheson and his experts first received the
British debt mission, of which Sir Frederick Leith-Ross is the head, the
disturbed status of international monetary problems haft stood in the way of
progress, and so far as could be learned there was no development at to-day's
conference which gave an optimistic turn to the conversations.
Another Obstacle Is Seen..
In some quarters the opinion has been expressed that the program adopted
by President Roosevelt further to depreciate the dollar by gold purchases
through the Reconstruction Finance Corporation would prove still another
embarrassing factor in the debt negotiations. It is understood, however,
that the subject was not even mentioned at the meeting to-day.
London Applauds "Token" Plan for United States
Debt Payment—Labor Opposition in Commons
Indicates Debate Later on Neville Chamberlain's
Statement—Saving for BritainkSeen.
The British House of Commons, crowded on the first day
of the session, heard without excitement or much interest,
said a cablegram, Nov. 7, to the New York "Times," the announcement by Neville Chamberlain, Chancellor of the Exchequer, that Great Britain would pay the United States
$7,500,000 on the Dec. 15 war debt instalment. Continuing,
the cablegram said:
The only applause came when Mr. Chamberlain said President Roosevelt
would accept the token in lieu of the full amount, without considering Great
Britain in default.
George Lansbury, the Laborite leader of the Opposition, asked whether
Parliament would have an opportunity to debate the matter before the token
payment was made.
The Chancellor suggested Mr. Lansbury might withhold his question until
he had had opportunity to read the White Paper on the subject which would
be issued to members later in the day. Then, added Mr. Chamberlain, if
debate were desired, a request for it should come through the usual channels.
Status Same as in Jane.
Sir Austen Chamberlain asked whether the Dec. 15 payment was to be
made on the same basis in all respects as that last June. His half-brother,
the Chancellor, replied affirmatively.
Explaining that the token payment has been agreed upon because the
recent negotiations had failed to produce anything more tangible, Neville
Chamberlain assured the Commons that nothing in the arrangement would
prejudice the British case for revision downward of the debt when the time
came for further parleys. He was not questioned further.
The token payment in December, at to-day's rate of exchange between the
pound and the dollar, would cost Great Britain £1,527,494. At the rate
two years ago, soon after Great Britain abandoned the gold standard and
the pound fell to $3.20, the amount would have cost £2,343,750.
England Sees Own Gain.
The White Paper, from the contents of which Chancellor Chamberlain
made his announcement, was issued simultaneously with the public statement
in Washington. It contains the text of the notes exchanged yesterday
between Secretary of State Hull and Ambassador Lindsay and the statement
by President Roosevelt dated to-day.
The reference in both the Hull and Lindsay notes and the President's
statement to existing "economic and financial conditions" as a cause of the
failure to reach an agreement at the present time, is considered in London
as applying to the point of view of the United States and not to England.
As a matter of fact, the British Government is pluming itself on having
done a very good job in improving "economic and financial conditions" in
this country and on being well on the way from the depression to better
times. Assertions to that effect were made yesterday by Prime Minister
MacDonald, Stanley Baldwin and Sir John Simon, and to-day in the House
of Commons by Neville Chamberlain.
Asked whether there was hope for a tax reduction in the next budget, the
Chancellor replied:
"The improved condition of the country, which is evidenced in many
ways, enables me to look with confidence to a favorable outcome for the
present.financial year. But r cannot now make a statement concerning
revenue or expenditures for the coming year."
Rumania to Offer "Token" for Dec. 15th War Debt
Payment—To Be on Same Basis as June 15th Payment.
Announcement was made on Nov. 9 by the Rumanian
Government, that Rumania would make her Dec. 15 war
debt payment to the United States on the same basis as the
June 15 payment, we learn from Associated Press advices
from Bucharest, Nov. 9.
Reference to the June 15 payment was given in our issue
of June 24, page 4370.
Great Britain Keeps Pound Sterling Independent of
Dollar or Gold Currencies—Neville Chamberlain
Explains Aims to Commons.
From London (Nov. 9) a cablegram to the New York
"Times" said:
While the dollar was tumbling to-day to $5.07, its lowest value in 20
years, Neville Chamberlain declared in the House of Commons that the
pound would continue to be independent of the dollar or gold currencies.
When asked what steps he is taking to preyent the pound from rising
further above dollar parity, the Chancellor of the Exchequer retorted:
"I think a more correct description of our position would be that the
dollar has fallen below parity with the pound. The circumstances in
which this has happened are well known. The general policy of the Government is to retain, for the present, the independence of sterling, as has
been explained on several occasions, particularly in resolutions passed
by the empire delegations at the conclusion of the World Economic Conference."
3402
Financial Chronicle
Josiah Wedgwood jumped to his feet to ask:
"Does the Chancellor mean independent of the dollar and tied to the
franc?"
Mr. Chamberlain quietly insisted, however, that "Independence means
what it says—independent of every other country."
Other Steps Not Ruled Out.
Mr. Chamberlain's statement was not interpreted as ruling out steps
for depreciation of the pound at some future date. But at the moment
there are practical reasons why the British authorities are willing to let
the dollar slide and not let the pound follow it down hill. They must
buy dollars—S7,500.000—by Dec. 15, with which to make the token
payment at Washington on the war debt, and it will be all the cheaper
for this country if the dollar continues to crumble.
There remains the danger to Great Britain that dumped American exports will push their way in with the help of the depreciated currency,
but this danger will be real only for another month. The British Government has renounced the tariff truce and after Dec. 7, when it lapses,
can Impose retaliatory tariffs at almost any height to protect its home
producers.
A flight from the dollar was clearly apparent in the financial markets
here, where holders of dollar securities were busy turning them into sterling
industrial shares.
The bulk of these operations came from Continental holders of dollar
bonds, but there also were indications that the flow of money from America
was growing. American deposits in London banks are known to have
increased sharply. The volume of dollar sales was still small, however,
considering the violent slump in exchange.
Held Too Early for Retaliation.
The financial community realizes that it is too early for the British
authorities to embark on retaliatory currency measures, especially since
silver was steady to-day in terms of gold. To make sterling depreciate
on a scale comparable to the fall of the dollar it would be necessary for
the British exchange equalization fund to buy dollars, which would involve
a risk the authorities are not willing to take. They might buy francs,
but even if they were to buy all the gold in the London market, it would
not be enough to bring about such a huge depreciation of sterling as the
dollar has undergone.
The City, therefore, approves Mr. Chamberlain's declaration to-day as
the only kind of statement possible now. Meanwhile, the City is increasingly worried by what it considers the growing imminence of inflation
In the United States. Fears of inflation, in fact, are thought to be more
responsible for the depreciation of the dollar than President Roosevelt's
gold-buying operations.
The "Financial Times," remarking that the dollar "continues to stagger toward the morass," makes this editorial comment:
"Bounded as they are for the present by San Frmcisco and the Statue
of Liberty, the President's visions are bringing only trouble in the international sphere, accompanied by a decreasing faith that, in the ultimate
analysis, any considerable measure of BUCCeSs will be his.
"This does not mean that England is antagon stic or contemplates punitive measures which would be within its power. 'Sympathetic interest'
still describes the British attitude, though it is combined with the utmost
watchfulness."
Great Britain is Urged to Defend Pound Sterling—the
London Economist Suggests an Aggressive Policy
With Equalization Fund—World Trade Peril Seen
—Views of Barclay's Bank.
In a long article under the caption "Gold Delusions" the
"London Economist" stated on Nov.4 that if the Americans
are seriously determined to depreciate their own currency
Great Britain should not put unnecessary obstacles in their
way, but should do what is necessary to prevent the pound
and gold currencies from falling in pursuit of the dollar.
The "Economists" views were thus indicated in wireless
advices from London to the New York "Times," from which
we quote further as follows;
"There is a point beyond which we cannot remain indifferent to an
artificial cheapening of the dollar," the Economist continues. "The nature
of the Roosevelt policy requires that the dollar should be continuously
depressed below purchasing-power parity.
"If we consent to this artifi la! stimulus. American exports might make
serious Inroads upon the precariously improved condition of our export
trades. Still less can we afford to have sterling driven up by an influx of
capital fleeing from the United States.
Aggressive Action Possible.
"Hitherto, the exchange equalization account has not attempted to
man pu ate the exchange value of stbriing except by neutralizing temporary d sturbance. But that policy, formulated without regard to the
Passibility of currency warfare, might be made an instrument of national
Policy, and in the changed circumstances the British Government might
reluctantly be forced to adopt a more aggressive policy.
"The new plan, if persisted in, involves a continued import of gold in
order to maintain its value at the artificial level and an abnormal exchange
situation until such time as the direct or indirect inflationary influences
within America itself justify this exchange relation by the movements cf the
price level.
"At the same time, its domestic success is, to say the least, dubious.
It Is consequently not far from the truth to say that the policy of gold
purchases Is calculated to do a maximum damage abroad with a minimum
benef.t at home. We therefore hope that press reports of overtures to the
Bank of England will prove the forerunners, firstly, of a willingness to
co-operate with the authorities of other countries, and secondly, of an
intention to recons.der the whole policy.
Inflation Held Preferable.
"If the President is committed beyond recall to securing a rise in prices
by monetary means, almost any method would be preferable. The Economist has never attempted to minimize the dangers of Cu rency inflation,
but they may prove a lesser evil than a policy which would still further
disrupt the normal processes of international economic relationships."
The Economist thinks that fears that American gold purchases may
drive France off gold are exaggerated, but that France's danger in that
respect lies in her own budget situation. Concerning the effect of America's
buying of gold, the Paris article says:
"The gold reserves of the Bank of France are large enough to provide
without difficulty such amounts as cannot be bought on the London
market. It is difficult to foresee a stampede of capital from Pars to London.
since if the dollar were falling the risk of a decline of the pound in its wake
would deter those seeking safe-keeping for their capital.
Nov. 11 1933
"In any case, the exchange equalization account would offset any purchases of pounds for francs which originated in purely capital movements.
It is by no means impossible that a rise of the franc in terms of the dollar
and, possibly, in terms of the pound as well, might cause an inflow of
capital and, possibly, gold into France."
•
The current issue of the Barclay's Bank Review asserts that it would be
disastrous for Great Britain to permit the pound to follow the dollar downhill. Such a policy would drag the remaining gold countries off the gold
standard, according to this review, and might cause "absolutely chaotic
conditions and an almost complete breakdown of international trade."
The alternative, the review declares, is for Britain to continue an independent currency policy, but at the same time to work in closer collaboration with the gold countries. Protective measures might be necessary, it is
suggested, in the event of a drastic depreciation of the dollar, "and, as the
history of the last few years has shown, such steps can be very effective,
especially when, as in case of Britain, a country is a large importer of goods
from abroad."
Sterling Group of Countries Leading in World Recovery
According to Midland Bank of London-1929
Trade Levels Predicted for Great Britain Within
Two Years,
The Sterling group of countries is leading the world in
recovery at the present time, according to a survey of
economic conditions in the current Midland Bank Review,
said London advices Nov. 2 to the New York "Times"
which went on to say:
Recovery is so far advanced in Britain, according to the writer of the
survey, that 1929 levels of business activity should be restored within two
years. Other sterling countries, notably Australia, New Zealand and
Sweden, also are found to be recovering strongly, and, in the opinion of the
Midland Bank writer, "Progress within the sterling area has been, on the
whole, more even and sustained than without it."
"Notwithstanding that sterling is a pure, managed currency, almost
completely divorced from gold for an indefinite period," he writes. "it
provides the only basis for our monetary stability in the world to-day.
Neither gold nor the dollar can at present provide the same degree of steadiness in purchasing power as the pound is showing and seems likely to
maintain.
"The general average of commodity prices in the sterling group as a
whole is now roughly the same as in September 1931. This taken by itself
is a disappointing result, since the average at that time was far too low and
is still below the level which can be designated as healthy.
"Yet how much more satisfactory is oven this record that that of the gold
countries, where prices have fallen by 10 to 20%, intensifying their difficulties in many directions."
Surveying conditions in each sterling country one by one, the writer says
it is probable that recovery began with Britain's departure from gold in 1931.
"There can be no doubt that our departure from gold has paid us already
a handsome dividend," he asserts. "It has enabled us to follow a monetary
policy well calculated to induce a steady revival of business; in consequence
it has facilitated recovery over a very large part of the world, and its
benefits must in time extend to every quarter of the globe."
Confidence Restored in United States by President
Roosevelt, Sir Robert Horne Says.
Sir Robert Horne, former Chancellor of the Exchequer,
returned from the United States on Nov. 3, declaring the
Roosevelt Administration had averted a collapse of America's
whole social order and had succeeded in "restoring to the
American citizen a belief in himself and his confidence in
the prospects of recovery." The foregoing is from London
advices Nov. 3 to the New York "Times", which went on
to say:
Admitting he could not judge American events after only a fortnight's
visit, Sir Robert said the National Recovery Administration would be
disastrous for a country like Britain, which depended on its export markets.
"But this is not to say America, with its vast enclosed market, may not
make it work," he said, "especially if the provisions of the National Industrial Recovery Act are modified as a result of experience in ways already
being suggested."
Sir Robert Horne Before Bond Club in New York Says
Great Britain Will Defend Pound Sterling If United
States Gold Policy Affects British Trade.
In an address before the Bond Club of New York, delivered on Oct. 27 at a luncheon meeting in New York City,
Sir Robert Horne, formerly Chancellor of the Exchequer of
Great Britain, warned of the attitude of that country in the
event that the gold policy of the United States interfered
with trade abroad. In the New York "Herald Tribune" of
Oct. 28 Sir Robert was quoted as follows:
The purchase of gold by your Government, so long as It is confined to
American-mined gold, would not greatly affect the position of sterling.
The first day the policy was announced there was a psychological effect,
but yesterday the dollar did not depreciate in the foreign exchange market
to the amount justified by the increased price of gold In dollars.
But if the policy of purchasing gold in the foreign market is adopted, in
accordance with tha announcement of last Sunday, then that undoubtedly
will in a very marked degree influence the other currencies, and particularly
sterling. If it went far you can readily see that it would be necessary for
us, from the trading point of view, to do something also. It would not be
done in any respect in the shape of retaliation.
But we have got to defend our trading position, and we cannot let it get
Into a condition of unreality. The ratio between sterling and the dollar
must be watched, and must not be permitted to get out of duo proportion.
I hope very much that the action will never be taken which would involve
anything like a competition in depreciation between our currencies. That,
In my view, would be one of the worst things that could happen to either
of us, and one of the worst things that could happen to the trade of the
world.
In the same paper he was further quoted as follows:
Sir Robert expressed the hope that some overt or tacit arrangement or
understanding will be reached for maintenance of a definite ratio between
Volume 137
Financial Chronicle
the British and American currency units. A rigid arrangement might be
undesirable, he pointed out, but certain limits could be set for exchange
movements.
Both the British and American governments are embarked upon experiments, which are inflationary in tendency, Sir Robert stated in the earlier
part of his address. It is necess iry to discriminate between different
forms of inflation, and if this is done some kinds of inflation are perhaps not
worse than deflation, he declared.
"I am inclined to say that this currency matter is very much like the
circulation of the blood." he continued. "If you have too much blood
you have apoplexy, while too little blood results in anemia. There is some
point in between where you are healthy."
Excessive inflation and deflation are similar maladies in a social sense,
he pointed out. It is necessary, according to Sir Robert Horne,to discover
the point described by one economist as "the solvency level."
The British authority confessed to extreme difficulty in keeping up with
events in the United States. He informed the bankers that he found the
whole day not long enough to read newspaper accounts of the promulgations
that have taken place and the policies that have been announced.
"These events are the last subjects in the world for premature pronouncements," he added. "They are better fitted for close consideration, for
intense study and mature reflection. Even the newspaper press of America
to-day is very reticent in its comments upon what is being done, and he
would indeed be a fool who would rush in where these angelic journals fear
to tread."
Bank of England to Retain Montagu Norman as
Governor.
The Bank of England announced on Nov. 9 that its
court of directors had agreed to recommend that Montagu
Norman be re-elected Governor in April for his 15th term.
A London cablegram to the New York "Times" noting
this stated that Mr. Norman's 14 years of service are by
far the longest of any Governor in the long history of the
Bank.
Stanley Baldwin and Sir John Simon See United
States Under Dictator—Warn of Peril to English
Democracy If Their Cabinet Falls—Prime Minister
MacDonald Urges Unity.
Both Stanley Baldwin, Lord President of the Council, and
Sir John Simon, Foreign Secretary, publicly referred to the
United States on Nov. 6 as a country in which democracy
has broken down. A cablegram from London on that date
to the New York "Times" indicating this added:
They made these criticisms at a political luncheon at which they and
Prime Minster MacDonald were guests of the National Labor Party
Executive Committee.
Their purpose was to warn Great Britain that unless her national government, of which they are both members, continued in power this country
may find herself in the same plight which they described as being the
condition in the United States and some European countries.
"The United States to-day is practically under
dictatorship," Mr.
Baldwin said. "Democracy has broken down in that country. The
National Government of Great Britain are the presenexuardians of Democracy. If it breaks down in our hands, it will pass from the world forever."
Sir John Simon Warns of Threats.
"This," said Sir John Simon, "is one of the few ancient countries of
the world in which parliamentary institutions still are actively operating
with success. Look abroad. In Russia the experiment of the Duma
has collapsed and Russia is in the hands of a dictatorial clique. In Italy
the emergence of a tremendous personality has meant the suppression of
active parliamentary institutions. In Germany parliamentary institutions
survive after a fashion, but only on the principle that nobody can vote
for anybody except the Government candidate.
"Even in the United States the Americans are putting their faith in
a man and not in institutions. Now look at home. Here the threat
to parliamentary institutions, by whatever name it disguises itself, is
the threat of dictatorship. That is the danger from which the national
combination of parties has to save Britain."
Neither Mr. Baldwin nor Sir John Simon developed his criticism of
the United States and other countries beyond the words quoted.
Sir John made no reference to international affairs, reserving what
he has to say on that subject for the parliamentary debate on disarmament
to-morrow.
Government Seeks Backing.
The luncheon was given by the executive committee of the MacDonald
faction of Laborites in celebration of the fact that his candidate was not
defeated in last week's parliamentary by-election in Kilmarnock. The
real purpose of the gathering, however, was an attempt on the eve of the
meeting of Parliament to revive enthusiasm in the present Government.
Prime Minister MacDonald declared at the luncheon that "it would
be a crime for Britain to return to partisan government at this time."
Most of the 300 politicians at the luncheon were Tory members of
Parliament and they showed no enthusiasm for Mr. MacDonald's remarks
and not much for the pleas from Mr. Baldwin and Sir John to remain
united for the sake of Britain's domestic prosperity and her influence on
the world at large.
Many of these listeners feared the luncheon was the first step toward
the formation of a new national party in which the Conservatives will
lose their party name and the Liberals and National Laborites will lose
their names and everything else.
Great Britain Withdraws from Tariff Truce, Effective
Dec. 7—Seen No Longer "of Practical Value"—
Action Believed Prompted by Depreciated Dollar—
Little Surprise Expressed in Washington.
The British Government on Nov. 7 announced its withdrawal from the tariff truce, to take effect Dec. 7. The
announcement was made in the House of Commons by Walter
Runciman, President of the Board of Trade, who had consented to Britain's adherence to the truce last spring. Mr.
Runciman said that the British Government had carefully
considered the earlier denunciations of the truce by the
3403
Netherlands, the Irish Free State, Sweden and Switzerland.
It was unofficially indicated that the British decision had
been prompted by the steady depreciation of the dollar, and
the wish to avert a possible flood of British markets by cheap
American exports through raising tariffs to whatever height
might be necessary. Describing Mr. Runciman's announcement, a London cable to the New York "Times" on Nov. 7
said:
"We have come to the conclusion in all the circumstances that the truce
is no longer of practical value," Mr. Runciman said.
The news was greeted with cheers from the Tory industrialists in the
House of Commons, who have disliked the truce ever since its inception
on the eve of the World Economic Conference.
As a matter of fact, the truce has never been a real deterrent to raising
Britain's tariffs. The British were careful to make a reservation last May
allowing them to raise tariffs if the application for the increase had been
filed before the truce was signed. Although Britain has adhered to the
letter of the truce, she has raised her tariff on at least 50 articles since it
became operative.
Officials in Washington were reported to be undisturbed
by the news of the British withdrawal from the truce.
Incident thereto, a Washington dispatch of Nov. 7 to the
"Times" said in part:
Great Britain's withdrawal from the tariff truce has been expected here
for some time. It was interpreted in official circles as meaning only that
Great Britain wished to preserve liberty of action in future economic upsets.
Secretary of State Hull said he understood the withdrawal applied
only to the United Kingdom,and that no intimation has been received of a
similar intention on the part of the British Dominions. The pressure on
the British Cabinet was attributed here to British industrial interests,
who feared a possible increase in competition from goods priced in depreciated dollars.
Little apparent increase of imports into this country followed Great
Britain's abandonment of the gold standard and the subsequent decline
in exchange value of the pound sterling. It was felt here that fears of floods
of cheap United States exports had been exaggerated in London.
In some British quarters it was held our gold purchases abroad were a
factor In the situation. Britain was pictured, not as openly declaring
economic warfare, but seeking to clear the way for action if developments
appeared seriously to disrupt her trade and finance. . . .
The United States has no intention of withdrawing from the tariff truce
Secretary Hull said to-day. In its original adherence reservations were
made wide enough to permit the imposition of compensatory tariffs made
obligatory by the AAA and the NRA. With these exceptions, which were
understood and accepted by all parties to the truce last spring, this Government expects to live up to the truce indefinitely, Mr. Hull indicated.
Since there is no immediate prospect of any country taking the initiative
in reconvening the World Economic Conference, which was adjourned
Indefinitely last summer, officials here would not be surprised to see a
tide of withdrawals set in. It is felt that the world is passing through a
period of increasing economic nationalism and that international cooperation will have to wait on the adjustments made in each country.
British Newspaper Correspondent in Germany Is Freed
After Being Accused of Treason—Ordered to Leave
Reich Within 48 Hours When Grounds for Prosecution Are Lacking.
Noel Panter, correspondent in Germany of the London
"Daily Telegraph," was arrested and imprisoned on charges
of treason, and later released after he had agreed to leave
Germany within 48 hours. He left for England on Nov. 2,
after he had been held in jail since Oct. 25 on suspicion of
espionage, following the writing of an article in which he
described a recent Nazi gathering at which Chancellor
Hitler spoke. A semi-official statement issued at Munich
on Nov. 1 said that the Reich prosecutor had found no ground
for prosecution, but that a continuance of his stay in Germany was "undesirable."
A charge of treason had been placed by the German Government against Mr. Panter, and his ease was referred to
the Supreme Court at Leipzig in order to determine whether
the British journalist must stand trial. It was said on Nov. 1
that after an investigation of the case the Reich prosecuting
attorney found no reason for filing formal charges. Mr.
Panter was arrested after, it is said, he had sent to his
paper a dispatch in which he described 20,000 Nazi storm
troops as goose-stepping before Chancellor Hitler at Kelheim, Bavaria. Joseph Ackerman, a German journalist,
was also arrested and is held under a similar charge. The
arrest of Mr. Panter caused some excitement in England
and even provoked some Cabinet discussion, although the
British Foreign Office took no action other than to instruct
the British Embassy in Berlin that Mr. Panter's rights
must be safeguarded. A Berlin dispatch of Oct. 30 to the
New York "Times" quoted an official German statement
which indicated that the charges against Mr. Panter were
based on allegations other than the newspaper article
mentioned. The dispatch said, in part:
The Reich Ministry of Propaganda, at the head of which is Dr. Paul
Joseph Goebbels, declared very definitely during the day that Mr. Panter
was not being held because of his dispatch to his newspaper, the London
"Daily Telegraph," about the Nazi storm troop demonstration at Kelheim,
but that the charges against him rested on alleged actions by him antedating the publication of that dispatch.
To the question of how a British subject could possibly be liable to a
charge of "treason against Germany," the Propaganda Ministry replied
by reference to the circumstance that Mr. Panter's case was bracketed
3404
Financial CIIi6nicle
with that of Joseph Ackermann. the German, who is alleged to have been
his accomplice in the acts of "espionage and treason," of which Panter
Is accused. Herr Ackermann is also in jail at Munich.
Canadian Postmasters Bar United States Curren
Associated Press advices as follows from Ottawa Nov.
are from the New York "Sun":
Because the American dollar has fallen below par in relation to Canadian
money, Canadian postmasters were instructed to-day not to accept United
States currency.
The order applies to the 13,000 post offices throughout the country.
The Canadian dollar to-day fluctuated at a premium of 1-16 to 3-16
over the American dollar.
NOV. 11 1933
anc's Stability Held Safe by Paris—Menace for
Sterling Now Seen There in American-British
"Currency War"—U. S. Gold Buying in France
Put at $320,000.
It was stated in Paris advices Nov. 4 to the New York
'Times" that all fears for the franc's stability have suddenly
evaporated, as well as charges in the French press that the
real object of America's purchases of gold abroad was to
deprive France of most of her great gold reserves. Con-'
tinning, the message said:
French economists and bankers to-day seem convinced that the pound
sterling, but not the franc, is seriously menaced, and that Washington's
foreign gold buying is only the latest development in a bitter currency war
between the United States and Great Britain.
Canada Profits on Loan as British Pound Rises.
The dollar receded to-day slightly from yesterday's final quotation of
Nov. 9 are taken from 16.54 and closed at 16.45 on the Paris Exchange, but a sharper drop in the
Advices as follows from Ottawa
pound sterling was noted here. The latter fell from 80.20 yesterday
the New York "Times":
to 79.82 to-day.
Canada floated a $75.000,000 loan in London three months ago. Owing
It was learned from reliable although unofficial sources that only $320.000
to the exchange, only a portion of this loan was transferred to Canada.
worth of bar gold was bought from the Bank of France yesterday and
Now, with the British pound at a premium in Canadian funds, the rewithdrawn by the Guaranty Trust Co. of New York, which, it is undermainder of the loan is being transferred to Ottawa.
stood, is acting as agent for the Federal Reserve. The opinion is held here
To-day several million dollars of the loan were exchanged into Canadian
now that American gold purchases in France will not reach in the near
funds with the pound at $5.02. This netted more than 3% premium
future any amount much more significant than yesterday's figures.
for the Canadian Government on the amount exchanged into Canadian . On the other hand, American purchases on the London free gold market,
currency.
it is believed here, may constitute a grave menace to sterling. Some
observers even predict that if the new American policy forces the pound
United States Money Order Rates Advanced—Exchange down to 73 francs on the Paris Exchange, the results will be disastrous for
sterling. It is pointed out that the pound's legal gold parity is 24 shillings
on Pound and Franc Again Increased,
pence, or 124 francs 21 centimes, at to-day's rate on exchange.
Nov. 9 released new and 10% the pound is forced down much more on exchange, it is thought here
The Post Office Department on
If
higher foreign money order exchange rates on the English that the premium on gold in sterling will be raised higher than the London
gold market can stand and that the high price paid for gold by Washington
pound, the New Zealand pound and the French franc. could wreck sterling and cause a wholesale exodus of capital from London./
'
The New York "Times" stated:
The new rates, effective Nov. 10, reached their highest point in the last
four months. The pound for Great Britain (England, Ireland, Scotland
and Wales). Northern Ireland, Irish Free State and the Union of South
Africa is valued at $5, while the New Zealand pound goes to $4.10. The
new quotation on the French franc is ex cents.
The new rates represent a rise of 20 cents on the English and New Zealand
pounds and 34-cent on the French franc over the former rates, which
have been in force only 10 days. This is the second rise in the foreign
money order exchange rates in the last 17 days, showing a jump of 40
cents on the English and New Zealand pounds and -cent on the French
franc over the rates as of Oct. 23.
Sarraut Cabinet Wins First Test Vote in French
Chamber of Deputies 306 to 32—Future Difficulties
Forecast by Abstention of Half the House.
Premier Albert Sarraut and his Cabinet survived the first
test vote in the French Chamber of Deputies when,on Nov.3,
the Chamber voted by 306 to 34 to sustain his program,
which included a stop-gap budget, in anticipation of a
business revival that would erase the deficit. Despite this
initial victory, little encouragement was found in the result,
since almost half of the Chamber voted against the proposal
or abstained from voting. Included in this latter group
were all the members of the Socialist party and a number of
Radical-Socialists, as well as the group led by former Premier
Andre Tardieu. The only votes actually cast against the
Ministry were those of the Communists of the extreme
right. We quote from a Paris dispatch of Nov. 3 to the
New York "Herald Tribune" regarding the vote on the
Chamber of Deputies:
Abandoning the policy of his predecessor, Edouard Daladier, of trying to
balance the budget at once, M. Sarraut proffered a program of partial
redressment through minor administrative economies, leaving the gap
between national income and expenditure to be filled by a presumptive
business pickup.
-Socialist Split Widens.
Radical
The unexpectedly critical attitude of the Chamber caused the Premier to
reverse his original intention of asking an adjournment until Tuesday and
put the Ministry's existence to test at once by inviting discussion and a vote
on interpellations on the general policy of the Government.
Signs of trouble appeared this morning when the Radical-Socialist
Deputies, who are the backbone of the Ministry's support, went on record
In party meeting as preferring M. Daladier's plan of immediate financial
redressment. They resolved, however, to support the Government for
the time being.
When the sitting of the Chamber opened, it speedily became apparent
that what the party objected to even more than the financial proposals was
the trend toward the Right seen in the admission into the Ministry of
Francois Pietri, who had been Minister of the Budget in the Cabinet of
Pierre Laval, and the dropping of all connection with the Socialists, as
indicated by the ommission from the program of all reference to the various
projects for Government monopolies, which had been prminent features of
M. Daladier's financial bill.
Foreign Policy Unchanged.
Premier Sarraut's program envisaged partial measures for reducing the
deficit—which M.Daladier's project admitted to be as high as 7,700,000,000
francs (currently $468,160,000)—in three stages. First there would be
immediate economies in administration, without, however, reducing the
salaries of Government employees. Following this a project would be
introduced to block leakage due to tax evasion. Thirdly, on the principle
that the present taxation Is uneconomically high, small tax remissions would
he effected, which,coupled with a large program of public works and colonial
development, might give impetus to a business pickup which automatically
would solve the problems of the deficit.
In foreign affairs Premier Sarraut expressed his determination to follow
the line marked out by M. Daladier of international co-operation based on
adequate security at home. "France. calm and strong, can act dispassionately. because she knows she is capable of making her rights respected."
he said.
French Lottery Creates 16 Franc Millionaires.
From Paris a wireless message Nov. 7 to the New York
"Times" said:
Fifteen winners of 1.000,000 francs each ($60,600 at the current rate)
and a winner of 5,000.000 francs (about $303,000) resulted to-night with
the first drawing in the national lottery held at the Trocadero Theatre.
The great theatre was packed and a large crowd thronged the neighborhood, but only the numbers of the winning tickets were revealed at to-night's
ceremonies. Holders of winning tickets will have to report to lottery
oMcials and have their numbers verified before the results will be official.
There were also prizes ranging from 500,000 francs down to 200.
French Public Revenues Increased in September.
Public revenues in September amounted to 2,858,000,000
francs, 348,000,000 above those in the corresponding month
in 1932, it was stated in Paris advices Oct. 28 to the New
York "Times" in which it was also stated:
Direct taxes increased 251,000,000 francs and indirect taxes 97,000,000.
each total being below estimates.
Revenues in the first nine months of the year were 26,222,000,000 francs,
a decrease of 314,000,000 from the corresponding period of 1932. Direct
taxes in the nine months rose 268,000,000 and indirect taxes fell 591.000,000.
while national property taxes went up 8.000,000 francs.
French Tax Collections Again Below Estimates.
French tax collections for September fell below the estimates, but showed improvement over those of the previous
two months, according to figures issued on Oct. 26. Advices
on that date from Paris to the New York "Times" added:
The total collections for September were 2,857,000,000 francs (about
$168,000,000), as compared with 2,509.000,000 in September 1932. Not
counting direct taxes, the deficit from the budget estimates was 63,000,000
francs for the month, whereas in August it was 153,000,000 and in July
274,000,000.
The deficit in collections as compared with estimates for the first eight
months of this year averaged 147,000,000 a month.
German Foreign Minister Calls League of Nations a
"Tool" to Perpetuate Versailles Treaty—Baron
von Neurath Declares It Executed Will of Former
Allies.
A charge that the former allied nations had used the
League of Nations as a tool to perpetuate the Versailles
treaty was made on Nov. 6 by Foreign Minister Konstantin
von Neurath in an address before a German club in Berlin.
He cited the attitude taken toward the League by the United
States and Soviet Russia as proof for his contentions explaining why Germany withdrew from the League. Many representatives of smaller Powers had sincerely sought to promote international co-operation, he said, but added that the
League failed because of those Powers seeking to use it as a
"moral blind" for their military steps. Associated Press advices from Berlin, on Nov.6,from which we quote,continued:
"The League was not externally made a part of the Versailles system," he
continued, "but its spiritual foundation was this system from the beginning.
It became a one-sided tool for executing the will of the victors."
Citing the history of the League, the speaker said: "The protection of
minorities is a sorry chapter. Since the League came into being 7,700
schools, 2,700 churches and 27,000,000 acres have been taken from Germany,
a minority."
Attacking the colonial mandate system, he charged that, "instead of being
a corrective for Versailles and leading into a new form of fruitful co-operation, this system retrograded into the old colonial system. Thus, as many
predicted, it became nothing else than a disguised form of annexation."
Financial Chronicle
Volume 137
Baron von Neuroth said Germany did not withdraw from the League because she was angry or feared the criticism of the League, but because the
League was in "flagrant contradiction to a spirit of real equality."
$155,500,000 Additional German Bonds Defaulted Nov. 1
-Total Now in Default Over $750,000,000 According
to Max Winkler.
Max Winkler, partner of Bernard, Winkler & Co., members of the New York Stock Exchange, announced on Nov. 1
that more than $155,500,000 par value of German State,
municipal, and corporate bonds outstanding in the American
market, would be added on that day (Nov. 1) to an already
unwieldy list of defaulted foreign bonds held by American
investors. The total of German dollar bonds in default is
thus brought up to the impressive figure of well over $750,000,000, Mr. Winkler said, adding:
State and municipal bonds, as well as issues guaranteed by German
political subdivisions which are scheduled to default this month, aggregate
well er $30,000,000, of an original amount of $38,750,000. the difference
having been repaid or refunded. Interest due is placed at $1,049,570,
while the sinking fund, if in force, would absorb slightly over a million.
Industrial bonds head the list of November defaults, the total amounting
to $56,218,000, with interest due placed at $1,719,200. Public utilities
are a close second, the amount involved amounting to $48,728,000, with
interest requirements totaling $1,563,415, and amortization absorbing
$915,000. Bonds of banking establishments total $20,000,000. with semiannual interest requirements amounting to $550,000.
Details aro presented in the subjoined table:
Original
Amount.
(a) State anti Muntcipals
(Direct and Contingent)Dldenburg is
Wuerttemberg 7s
Dresden 7s
Duisburg
Frankfort 64s
Elanover (City) 78
34unit'pal State Bk.of Hessen 7s
United Industrial 1334s
Total
(b) Industrials3erman General Electric 6s
Housing & Realty 7s
garstadt Os
Leipzig Trade Fair 7s
VIansfald Mining 7s
8'orth German Lloyd 6s
Ruhr Housing 634s
Total
(e) Public Utittliee5randenburg Electric Os
Iamburg Electric 7s
;elpzig-Overland 63is
rauneburg Power 7s
.omeranla, Electric 6s
thine-Westfalla Electric 6s_
thine-Westfalla Electric 7s
axon Public Works 13I45
Total
33,000,000
8,400,000
5,000,000
3.000.000
6,250,000
3,500,000
3.600,000
6,000,000
Amount
Outstanding.
32,364,000
5,880,000
3,420,500
1,950,000
5,837,000
3,374,000
2,340,000
5,490,000
382,740
205,800
124,715
68,250
189,700
118.090
81,900
178,375
Sinking
Fund Due
(Estimated.)
$150,000
420,000
150.000
46,875
22,500
180,000
40,000
$38,750,000 $30,655,500 $1,049,570 31.009.375
$15,000,000 315,000,000
1,267,500
1,500,000
15,000,000 13,793,000
1,842,500
2.000.000
2,213,000
3,000,000
20,000,C00 17,682,000
4,420,000
4,600,000
3450,000
44,360
413,790
64,485
72,455
530.460
143,650
3250,000
37,500
250.000
40.000
60,000
500,000
75.000
$61,100,000 $56,218,000 31,719,200 31,212,500
$136,500
99,535
78,095
33,725
97,050
421,200
282,870
414,440
$100,000
100,000
75,000
22,500
70,000
168,000
200,000
180,000
356.600,000 $48,728,000 $1,563,415
$915,500
35,000,000
4,000,000
3,000,000
1,100,000
3,500,000
15,000,000
10,000,000
15,000,000
34,550,000
2,701.000
2,403,000
965,000
3,235,000
14,040,000
8,082,000
12,752,000
(d) Private Banks)ommera & Privat Bank 530... $20,000,000 $20,000,000
Grand total
)efaults (July-October)
1
Interest
Due.
$550,000
3176,450,000 3155,601,500 34,882,185 33,137,375
727,485,000 608,376,100 19,505,730 12,025.470
Total defaults
$903,935,000 $763,977,600 $24,387,915 115,162,845
Although Germany maintains that, in accordance with a Governmental
decree of June 9, interest due American creditors is being deposited with
German institutions in marks to the account of foreign holders, for transfer
abroad as, when and if conditions allow, almost five months have elapsed
since the promulgation of the decree, with bondholders receiving nothing,
save vague promises.
Refusal on the part of Germany to meet contractual commitments is
especially puzzling in view of the recent official statement by the Reich
that foreign commerce has been expanding most gratifyingly, and that trade
figures for September showed a favorable balance of well over 32 million
dollars. One of two conclusions may be withdrawn from this: Either
statistics relative to Germany's foreign commerce are not altogether accurate,
or the Reich is willfully disregarding the rights and privileges of her creditors.
"Buy-German" Campaign Launched by Hitlerites.
Under data of Oct. 30 Associated Press advices from Berlin
said:
A wide domestic "buy German" campaign was launched to-day at the
first session of the Government's new Promotion and Advertising Council,
composed of 50 business leaders. Kurt Schmitt, Minister of Economics,
said foreign interests would not be jeopardized.
"The promotion campaign," he said, "does not have the purpose of
annihilating competitors. The foundation of the national economic promotion is the recognition that harmonious co-operation of competitors is
the best assurance for success."
"Germany's national economic and political aims are not directed against
abroad," he continued. "The Foreign Trade Council of the Ministry of
Economics and the German Promotion and Advertising Council will cooperate."
-Dr. Von Bohlen
Industry in Reich Bars Dictatorship
Says Leadership Principle Can't Be Taken Unconditionally.
Dr. Gustav Krupp von Bohlen und Halbach, who has
completed a plan to bring German industry under Government control, expressed the opinion on Oct. 18 that the
leadership principle cannot unconditionally be taken over
by industry. Associated Press advices Oct. 18 from Berlin
to the New York "Evening Post" added:
3405
The industrialists made this statement at the opening session of the new
committee for the economic and social policy of the German Industrialists'
League.
"I deemed it my duty, in consonance with the fundamental principles
of the new State," said the speaker, "to introduce the leadership principle
also into the organization of industry.
"On the other hand, I recognize, however, that business and industry
cannot simply take over the State's leadership principle, but that in the
economic life the greatest importance attaches to the advice of the men in
practical life."
For this reason, Dr. von Bohlen said, he organized the committee of 50
captains of industry. He also expressed the hope that private initiative
would be given the widest play, and warned at the same time against
theoretical experiments.
German Steel Units Draft Joint Work Agreement
Boards of Four Big Companies Submit Pact to
Holders.
Boards of four of the most important German iron and
steel concerns met in Berlin on Oct. 27 and resolved to
submit to respective shareholders' meetings in Essen on
Nov. 29 a project for a joint working agreement. Associated
Press advices from Berlin to the New York "Herald Tribune"
indicating this, added:
Industrial circles regarded this as the biggest deal of its kind in recent
years. The project was described in a circular as a combination of working
interests on the basis of financial concentration with, however, a "deconcentration" of production.
Each concern would confine itself in the future to producing its own
specialties. The concerns are the Vereinigte Stahlwercke, Gelsenkirchener
Bergwerks Gesellschaft, Phoenix Aktien Gesellschaft fuer Bergbau und
Huettenbetrieb, and Stahlwercke Vanderzypen wad Wissener Eisenhuetten
Gesellschaft,
German Industries Gain 32% Since Jan. 1-Export
Orders for Steel Rise, With Competition from the
Japanese Being Felt.
A wireless message from Berlin Oct. 28, is taken as follows
from the New York "Times":
The position of heavy industries in Germany is either improving or showing stability, while the consuming branches are duller.
It is officially estimated that the volume of industrial production is 32%
above that at the beginning of the year and the same as in September 1931.
The potash syndicate's sales in the first nine months of the year were
797.000 tons, against 734,000 in the same time in 1932. Export orders for
German steel increased slightly. Orders from Belgium were smaller,
although some increase was shown in those from South America, India and
the Far East. Japanese competition in steel lines continues to cause complaints. Sales abroad of Solingen cutlery in the first nine months of the
year were 12% above those in the same time last year judged by quantity,
but the value was lower.
The Institute for Studying Trade Fluctuations estimates the national
ncome from wages and salaries in the third quarter of the year at 6,800,000300 marks or 4% above that in the same time in 1932.
Germans Oppose Mark Devaluation-Public Fears
Government May Join World Plan to Cheapen
Currency.
From the Berlin correspondent Nov. 4, the New York
"Times" reported the following:
Financial experts are predominantly skeptical as to the effectivenesss
of President Roosevelt's latest measures. The press mostly confines itself
to asking what is really happening in America, professing to be unable
to discern a homogeneous Washington plan.
The financial experts hold that reaction of American industry as now
illustrated in the steel branch is foreseeable unless a continuous currency
depreciation is pursued as in Germany after the war. They are convinced.
apparently,that the President is aiming to give business a new and temporary
fillip that will drive depreciation further, but they predict a still more
serious setback when the depreciation terminates, as is inevitable at some
time. It is considered impossible to prevent this by State control, pricefixing or other expedients that have been resorted to by Soviet Russia
and Nazi Germany.
In particular, Washington's alleged plan to fix the price of agricultural
products generally is treated with skepticism. Germany already has
attempted this for cereals, but has been obliged to enforce it by severe
Punishments, and America, unlike Germany, has surplus land.
The policy of purchasing foreign gold is unwelcome from the German
viewpoint, as it may ultimately increase the number of gold embargo
countries, Holland. Belgium and Switzerland being intent upon preserving
or increasing their gold hoards. In general,the tendency in German circles
is to deprecate the American inflation policy, whereas debtor concerns,
which foresee ever lighter foreign debt service, are satisfied. The attitude toward possible domestic currency depreciation is similar. It is
realized that, according to the July bond agreement, under which the
Reichsbank and the conversion board rejected liability for any currency
depreciation, a decline in the mark's gold value would reduce the foreign
debt to trifling proportions. The public is emphatically against mark
depreciation and fears the Government may embark thereon as a partner
in a possible international agreement.
This apprehension is strengthened by the Government's supposed difficulty in carrying on financially through the winter as a consequence of
the growing public expenditure for purely party aims.
Germany Puts Curb on All Forms of Publicity-Agency
Given Power to Compel Truth in Advertising and
Control Rates.
From the New York "Herald Tribune" we quote the
following (copyright) from Berlin, Nov. 5:
Regulations for the recently inaugurated Advertising Council of German
Economy, published November, reveal the far-reaching power of this
organization which was established as a corporation operating under
public law. The president and the administration have the rights of Dutch
government officials. The council will state which persons and companies
will confer on general advertising permission and what kinds of propaganda
3406
Financial Chronicle
generally will be permitted. It can deny permission to certain advertising
methods; can cancel permissions granted at any time.
The council is to issue general directions on which the entire economic
propaganda is to be carried out and fix conditions to which all propaganda
—outside of special conditions for certain cases—shall be submitted. It
is the council's task to abolish abuses, to maintain truth in advertising and
control observation of the advertising tariffto eliminate circulation swindles.
It must counteract unreliability, and dishonesty. It is entitled to decree
what districts and in what places outdoor advertising is prohibited. It
can normalize publicity methods, order terms, and enforce the merging
of publicity agents into associations for the preliminary control of applications and levy a 2% advertising tax.
Publicity agents require special permission from the advertising council
to act professionally. Applications for permits are required under the
economic advertising act and executive regulations must be filed within six
weeks after enforcement.
According to the definitions given, a canvasser, under the act, is any one
carrying out propaganda for himself or another or acting as agent. Within
the scope of the general directions issued everybody is to be free as regards
exercising an advertising profession. Propaganda must be German; it
must not hurt the moral feelings of the German people; it must be tasteful,
and must not disfigure buildings, towns or the landscape.
Bill posting will not be allowed except in authorized places. A special
permit will be required for advertising in journals, which previously served
as advertising mediums, and for bill posting towns where the applicant
has not advertised since August 1 1933, and for joint advertising, with the
exception of regular fairs and exhibitions, beginning before December 31,
this year.
Budget Data Reported Hidden by Nazi Regime—
German Government Prohibits Analyses of Public
Finance by Newspapers.
The following wireless message from Berlin, Nov. 5, is
from the New York "Times":
The public's taxpaying capacity has been impaired by contributions to
numerous governmentally decreed private funds, ostensibly voluntary but
in practice compulsory.
Concerning the real condition of the Reich budget, the public's ignorance
is complete, as objective analyses by the press of revenues and expenditures
are not allowed. The Ministry of Finance's last detailed survey was
optimistic, the central thesis being that once former Chancellor Bruening's
deflation policy was replaced by the Nazi's liberal credit-giving, the budget
must automatically improve.
This thesis is questionable because the credit inflation policy, which,
taken by itself, tends to increase nominal revenues,simultaneously impedes
a reduction in expenditures
Germany Admits Soviet Russia Pays Bills Promptly—
Officlal Statement Regarding Premier Goering's
Words at Fire Trial.
The following Berlin cablegram, Nov. 7, is from the
New York "Times":
Referring to the implied animadversions on Russo-German trade relations by Premier Goering of Prussia at the Reichstag fire trial Saturday.
when he declared that he knew Russia paid with bills of exchange but
would like to know also that they would be redeemed, the official Wolff
News Agency to-day issued the following statement:
"In the face of incorrect reproductions and contentious interpretations
of Premier Goering's words that have appeared in some foreign newspapers,
it is declared that hitherto the Soviet Union has always punctually met its
obligations in Germany."
From the same paper we take the following (Associated
Press), from Berlin, Nov. 7:
The statement by Premier Goering of Prussia, who is also Reich Aviation
Minister, Saturday, in which he implied that Russia did not pay her bills,
may cost German concerns millions of marks and benefit American and
other sellers, Leo Chintschuk, the Soviet Ambassador, indicated to-day
in an energetic protest.
The envoy made a categorical demand upon the German Government
for a public disavowal of General Goering's statements that "I would like
our relations with Soviet Russia to be better" and that more German
workers could live because of Russia's orders "if Russia paid her bills."
He will confer with Foreign Minister von Newath to-morrow.
It was reported a broadcast from the Moscow station quoted the Russian
Embassy as indicating that Germany in the future would have no occasion
for doubting the validity of Russian notes,since the Soviet's orders probably
would be withdrawn.
Ambassador Zulueta of Spain visited Baron von Neurath to-day to ask
an interpretation of General Goering's remarks on the Spanish revolution,
which he described as more bloddy than the German revolution. The
Spanish envoy said he regarded the incident as closed when he obtained a
satisfactory interpretation.
German Consuming Industries Stagnant—Government
Levies on Population Blamed.
Stating that it is officially reported that industrial production in Germany in September rose to 72% of the output
in September 1928, which was a boom year, a wireless
account, Nov.4, to the New York "Times" added:
But the consuming industries are mostly stagnant, retailers complaining
that business is poor and getting worse.
The slackening in demand is attributed to the Government's levies on
the population, the enforced waste of worker's time as a result of proHitlerite demonstrations, the expenditures for uniforms, flags and badges.
The farmers' lack of cash as a cosequence of the suppression of forward
dealings in cereals is also a factor.
It seems that only the Nazi party and its specific industries benefit
from the officially reported increase in national income.
In September, for the first time since February, steel exports declined.
Exports of machinery in September amounted to 28,000 tons, against a
monthly average of 24.000 tons in the first eight months of the year.
Foreign trade in the third quarter of the year was relatively satisfactory,
however. Exports of steel, railroad materials, woodware, textiles, pottery
and glass were substantially greater than in the corresponding period of
1932. There was a corresponding increase in shipments of freight to
North Sea ports, but import shipments continued to decline.
Insolvencies in October numbered 250, against 218 in September.
Nov. 11 1933
Gains by Reich Post and Railroad Corporation.
In a Berlin wireless message Nov. 4 to the New York
"Times" it was stated that the Reich's Post and Railroad
Corporation finances are improving. Business in some
postal branches materially exceeds the corresponding period
of 1932. Receipts from railroad freight traffic in the first
nine months were 4% above the similar period o f 1932.
Holland Dubious of United States Gold Policy—Hold
Further Drop in Dollar Necessary to Maintain
Economic Activity.
Indicating that the American experiments are judged in
Holland with great mistrust, an Amsterdam wireless message
Nov. 4 to the New York "Times" added:
It is not doubted that the continued purchase of gold abroad will depreciate the dollar further, but the effect of the depreciation itself is questioned.
Dutch economists contended that the present depreciation is resulting
only from growing uncertainty and that further depreciation will be necessary to maintain economic activity.
A great contrast is drawn between the popular view of the American gold
policy of 1923-24 and now Then it was a question of the possibility, now
it is a question of desirability.
The outlook for European finances is more favorable than before as the
Governments of Western Europe, especially Holland, France, England,
Belgium and Switzerland are making serious efforts to balance their budgets.
Not much sign of trade improvement is seen, however. The national
income of Holland decreased in 1932 by 30% and a further decrease is
expected. The position of the Netherlands Bank remains strong, As of
Oct. 30 gold amounted to 893,000,000 guilders, against 1,035,000.000 last
year. The gold coverage is 96%. Bank-note circulation is 929,000,000
and private deposits 163,000,000.
Holland Loan Over-Subscribed.
In Amsterdam advices Oct. 18 to the New York "Times"
it was stated that the 200,000,000 guilder[about $118,500,000
at the current rate] 4% public works loan had been oversubscribed. It was added that the guaranteed portion of
73,000,000 guilders will be apportioned pro rata among the
whole number of subscribers, while the full amounts of subscriptions will be allotted on the remainder of the loan.
Public subscriptions to the loan, offered at 993, were opened
on Oct. 17.
Turnover Tax for Holland.
From The Hague Oct. 25 the New York "Times" reported
the following:
Passed by the lower Chamber some time ago, the bill establishing a turnover tax, which is expected to yield 85,000,000 guilder (about $51,850,000)
was voted to-day by the upper Chamber of the States General.
"Financial and Economic Review" of Amsterdamsche
Bank, N. V., of Amsterdam, Holland.
The 37th issue of the "Financial and Economic Review"
of the Amsterdamsche Bank, N. V., of Amsterdam, Holland,
was recently released by the Statistical Department of the
bank. A detailed report on all circumstances that have
been of influence on the financial and economic conditions of
Holland during the third quarter of 1933 is contained in
the "Review" which is issued quarterly by the bank. The
review is usually preceded by an article written by some
authority on the subject dealt with. This time an article
has been inserted written by J. B. Aug. Kessler, Managing
Director of the Royal Dutch Co.forth 3 Working ofPetroleum
Wells in the Netherlands Indies, entitled "Reduction in
Transport Charges as a Means of Overcoming the Crisis."
for Belgium Asked by Committee Headed by
George Theunis—Urges Government Trade Office
to Equalize Imports and Exports.
The Committee on Belgian Export and Import Trade
headed by Georges Theunis OD Nov. 3 issued its report,
which recommended centralization of foreign trade in a
Government office to insure through a barter system a
quantitative equalization of imports and exports. Brussels
advices Nov. 3 to the New York "Times" reporting this
added:
Barter
At present, says the report, Belgium buys 850,000,000 francs worth
of goods from the United States and sells her only 479,000,000 francs' worth.
Similar figures are given for other countries. The American estimates,
however, are not quite exact because American motor-cars coming to
Belgium are reckoned as American exports, but when leaving Belgium they
are counted as Belgian exports, since Antwerp is a European distributing
centre for American cars.
Belgium imports raw materials such as foodstuffs, wheat and fruits,
and desires to sell manufactured goods such as woolens, fertilizer, implements and rolling stock. According to the plan urged by the Theunis
Committee, the Government office would organize a system by which so
much fertilizer would be bartered for equivalent in other exchanges.
Company in Belgium Warns Steel Cartel—Threatens
to Quit International Group Because of Displeasure at Its Share of Quota.
In advices from Paris Oct. 27 the New York "Times" said:
A Belgian company has threatened to withdraw from the International
Steel Cartel but this is not expected to lead to withdrawal of the entire
Volume 137
Financial Chronicle
Belgian group. French steel interests point out that financial sacrifices
and severe penalties would be imposed on Belgium if, at any time before
June 11935, she refuses her fullest participation.
The Clabecq Steel Works, which, incidentally, supplies electric power
and gas to Brussels, Is dissatisfied with its share of the quota allotted
to the Belgium group by the cartel, and also believes the business improvement expected to result from new contracts drawn up by the cartel
and put into effect last June 1, has not materialized. Unless some improvement is noticed soon, Clabecq will withdraw from the cartel on Dec. 31.
Fre ich steel men, however, feel that the protracted depression in the
steel trade cannot be attributed to the cartel, nor to any of the conventions
it established last June for the control of production. The opinion is held
here that the cartel's dissolution now would utterly disorganize the market
and prolong indefinitely the uncertainty that at present is holding up buying.
It is generally conceded that the steel industry cannot get along without
the cartel to control international competition.
The Belgian group is legally bound to remain in the cartel until June 1
1935, and it is thought here that it will not be greatly influenced by the
withdrawal of the Clabecq Co., which, it is recalled, resigned from the
previous cartel a few years ago.
Poland Holding Its Currency Stable—Balancing of
Budget and End of Dollar Circulation Are Reported
to Sejm.
From Warsaw, Nov. 3, advices to the New York "Times"
stated:
The stability of the currency is the government's chief concern, Premier
Jendrzejewicz asserted to-day in a speech inaugurating the budget session
of the Sejm, or Diet.
The Premier said that owing to a big reduction of expenditures and the
success of the national loan the budget had been practically balanced and
the zloty put out of danger.
The Polish Government, he added, had always opposed artificial methods
to speed up business recovery. He emphasized that political stability was
a great aid in the struggle for economic recovery, and the man who had
ruled Poland since 1926 (Marshal Pilsudski) might be depended upon not
to give up power.
Professor Zawadzki, the Minister of Finance, reported that as a result
of the depreciation of the dollar Poland had finally got rid of her "auxiliary
currency." The zloty was now the only money in which business was done
here. (When the dollar was on a gold basis it had a large circulation in
Poland.)
Total revenues for 1934-35, including 175,000,000 zlotys from the national loan, were estimated at 2,117,000,000 zlotys (currently $374,667,500)
and expenditures at 2,165,000.000 zlotys ($384,287,500).
Holders of Defaulted Russian Government Obligations
To Seek Voice in Conversations Between President
Roosevelt and Emissaries of Soviet Government.
An announcement issued in New York on Nov. 6 stated
that holders of Imperial Russian Government obligations,
originally sold in this country to the amount of $75,000,000
and for many years in default, will seek a voice in the negotiations between President Roosevelt and emissaries of the
Soviet Government which will explore all questions now
standing in the way of American recognition of the Stalin
Government. The obligations were sold by the Russian
Government prior to the rise of the Soviets. The announcement also said:
The Protective Committee, representing holders of certificates of deposit
of $50,000,000 654% three-year credit, due June 18 1919 and $25,000,000
five year 5%% bonds due Dec. 1 1921, to-day notified security holders of
the Committee's effort "to have the claims of its depositors receive due
recognition" at the Roosevelt-Litvinoff discussions. The Committee
announced that approximately 86% of participation certificates representing the 63 % three-year credit of the former Imperial Russian Government
had been deposited with it and approximately 60% of the five-year 5 %
bonds.
The committee, for both the three-year credit and the five-year 53. %
bonds is composed of N. Penrose Hallowell. G. Hermann Kinnicutt, Joseph
P. Ripley, Harold Stanley and Joseph R. Swan with George J. Kenny as
Secretary and George Rublee of Washington, as counsel. Depositaries are
at the National City Bank of New York and Old Colony Trust Company
of Boston.
•
Italy Guarantees Return on Capital in Sound Industry
—Decree by Premier Mussolini Also Lets Government Help Float Bonds and Insure Principal—
Curb on Speculation Stressed—Measure in Behalf
of Electrical Concern.
According to the Rome correspondent of the New York
"Times" the Italian government made a totally new departure in Italian finance on Nov.9 by inviting the public to
subscribe to a State-guaranteed loan, the proceeds of which
will be used for relief of private companies which find themselves in difficulties because of the depression. The account
from which we quote went on to say:
Premier Mussolini, in fact, presented to-day a bill in the Chamber of
Deputies authorizing the recently founded Industrial Reconstruction
Institute to issue bonds to a total value of 400,000,000 lire ($33.680.000 at
the current rate), which will be used for the relief of the Societa Hydroelettrica Piemontese, one of the largest Italian electrical companits.
The situation of this company, which has been developed to great proportions by the absorption of many other companies in the same field,
represent one of the greatest setbacks in the history of Italian business. Its
capital has had to be reduced more than 500,000,000 lire, despite the intervention of the Industrial Reconstruction Institute to aid it.
Provisions of Decree.
Premier Mussolini's decree provided:
1. The Industrial Reconstruction Institute is authorized to issue bonds to
a total value of 400,000,000 lire.
2. The bonds will bear 4% interest and be repayable in 20 years.
3407
3. The bonds are guaranteed by the government, both as to capital and
interest.
4. The proceeds of the bond issue will be entirely applied to the financial
activities of the reorganized Societa Hydroelettrica Piemontese.
5. Bondholders, in addition to guaranteed 4% return on the bonds, will
receive 80% of any profit exceeding 4% earned by the society, provided
such profit does not exceed 6% and 50% of any profit exceeding 6%.
6. Bondholders may convert their bonds into shares of the concern,
receiving 100 lire nominal capital in the company for each 100-lire bond.
The Premier's Report.
The bill was accompanied by the following report by Premier Mussolini:
"In order to carry on the work ofreconstruction which the world economic
crisis has rendered necessary in the industrial field, and which is being
intensively pressed by the government, it appears to be of special interest
in the light of experience:
"1. To avoid the possibility that participation of the public in reconstructed industrial enterprise should be based on credit and not on actual
investment of money.
"2. To re-educate the investing public to participate directly by possession of shares in productive enterprises.
"3. To withdraw reconstructed industrial enterprises from speculative
manoeuvres.
"4. To avoid absorption of reconstructed industrial enterprises into units
of too vast proportions, exceeding the possibility of effective control on the
part of the management.
"The present decree is inspired by the above principles, inasmuch as it
authorizes the Industrial Reconstruction Institute to issue bonds to a total
value equal to the shares of the company to be reconstructed. It provides.
moreover, that the bonds shall be guaranteed, as to a small fixed interest,
and shall share in specified measure in the profits earned by the reconstructed
company above the guaranteed fixed interest.
"Bondholders, moreover, are empowered to convert their bonds into
shares of the reconstructed company on conditions to be fixed by the
board of directors of the company.
"On account of the exceptional public interest in the bonds that are to
be issued, according to the present decree, the bonds will be guaranteed by
the State, and will enjoy, moreover, other faciLitations permitted by
Italian law."
From Associated Press accounts from Rome, Nov. 9 we
quote:
In his report to the Chamber Mussolini said:
"The purpose of the decree is of exceptional public interest, namely, to
re-educate the public to canalize its savings toward the productive activities of the country. This is the purpose of bonds to be issued under the
decree. It is hereby decreed that these bonds shall be assisted by the guaranty of the State and that th re be applied to them other facilities, namely,
equality with land and mortgage bonds and the acceptability by the
Institute of Emissions as a guaranty for loans. &c."
National Bank
of Roumania to Exchange New Bank
Notes For Old Ones.
The National Bank of Roumania has decided to withdraw
from circulation its bank notes of 1,000 Lei, and replace
them with new ones of the same denomination, the Royal
Roumanian Legation at Washington announced.
Owners of the old bank notes should exchange them at the
headquarters of the National Bank of Roumania in Bucharest, before Dec. 31 1933, when they lose their circulating
power, the announcement said.
to Pay 25% of Interest Coupon Due Nov. 15
on 732% Stabilization Loan of 1928.
Speyer & Co. and J. Henry Schroder Banking Corp.,
as American fiscal agents, have been informed by the
trustees of the Kingdom of Bulgaria 7
Stabilization
Loan of 1928 that the Bulgarian Government has transferred sufficient sums in foreign exchange to provide for
the payment of 25% of the interest coupon due Nov. 15
1933. The balance due for the service of the Loan (interest
and sinking fund) has been paid in Leva to the League of
Nations Commissioner and invested by him in Bulgarian
Treasury bills in accordance with the recommendation of
the League Loans Committee in their communique of
Aug. 24 1933. An announcement issued Nov. 9 by Speyer
& Co. added:
Bulgaria
As directed by the trustees, Speyer & Co.and J. Henry Schroder Banking
Corp. will be prepared to make a part payment to the holders of the Nov.
15 1933 coupon of the dollar bonds on or after that date at the rate of
$9.38 for each $37.50 coupon, and $4.69 for each $18.75 coupon, upon
presentation of such coupons at either of their offices for the stamping
of such payment thereon. Such coupons will be returned to the bondholders to be reattached to their bonds in order that their claim for the
balance may be preserved.
Bill for New Zealand Central Bank Introduced—Not
Under Political Domination.
In its issue of October 19 the London "Financial News"
said:
A statement in connection with the proposed New Zealand
Central
Bank, In contradiction of certain rumors which have been circulating
recently, was received last night by the High Commissioner for New
Zealand, Sir Thomas Wilford, from the Prime Minister of the Dominion.
The Central Bank Bill is to be introduced into the New Zealand Parliament
to-day.
The memorandum states: In so far as the management of the bank is
concerned the only alteration is an increase in the directorate, apart from
the Governor and the Deputy-Governor, to eight, of whom four are to be
elected by the shareholders (two of whom are to have a knowledge of
primary industries, and two of industrial and commercial interests), and
three directors to be appointed by the Governor-General-in-Council,
while the Secretary to the Treasury is to be a member ex-officio and without
voting rights.
3408
Financial Chronicle
Not Under Political Control.
As,under the permanet provision,the Governor and the Deputy-Governor
are to be elected by the shareholders, subject to the approval of the Governor-General-in-Council, and four directors are to be elected by the shareholders. leaving only three votes for directors to be appointed by the State.
It is clear that the statement to the effect that the bank is being brought
under political control is not correct.
There is a strong feeling in the Dominion that some directors should be
appointed by the State to emphasize the bank's character as a national
Institution, but, in meeting that feeling, care has been taken to ensure
that the bank will not be dominated by political considerations, and the
action taken is in line with the recently proposed Indian legislation, and
also with the constitution of a number of other central banks.
The paper from which we quote added:
The Bill was first introduced over a year ago by Mr. Downie Stewart.
then FiLance Minister, on his return from Ottawa, but was withdrawn In
January,in view of the strong opposition it involved. Mr.Downie Stewart's
resignation accompanied its abandonment.
Offering in British Market of India Loan.
Canadian Press advices, Nov. 7, from London, stated:
It was announced to-day that the new Indian loan, for which thE British
market will be opened immediately by permission of the Treasury, will be
for .C10,000,000 in 34i% bonds, issued at 97 and redeemablE in 1954 and
1959. The new loan is to replace a 6% loan of similar amount maturing
on Dec. 15.
The Indian loan comes on thE heels of issues by Australia, Canada, the
British Government, New Zealand and South Airica, each of which had
warm welcome in the market here.
a
Earlier advices from London (Nov. 6), stated:
It was recalled that an announcement of Aug. 2 said /9,965,000 of the
6% bonds were outstanding. The issue, originally £10,000,000. was placed
on the market in May 1931.
The lists on the new loan are said to have closed at 9:25
a.m. Nov. 9, almost immediately after they were opened.
New Australian Loan.
Under date of Nov. 6, Canadian Press advices from
Melbourne, Australia, stated:
The Commonwealth Loan Council, which oversees all commonwealth
and state loans for Australia, to-day decided to issue a $50,000,000 internal
loan, the proceeds to be equally divided between relieving impending
treasury bills and for government works. The loan will be issued at 99
and will bear 334% Interest, being redeemable in ten years. The Australian
government recently successfully floated a $105,000,000 conversion loan
in the London market.
Revolt Again Breaks Out in Cuba—ABC Supporters
Seek to Restore de Cespedes Regime—President
Grau-San Martin Proclaims State of War—Threat
Made to Sack American Property in Order to Provoke United States Intervention—Washington
Denies Any Change in "Hands Off" Policy.
Another outbreak of civil warfare occurred this week in
Cuba, and although a revolt headed by the ABC revolutionary organization was temporarily checked on Nov.9 when
a fortress held during two day's battle by rebellious troops
finally surrendered, the ability of President Grau San Martin to maintain his regime in power again appeared doubtful
as the week closed. The revolt against the Grau San Martin
Government in an effort to restore Dr. Carlos Manuel de
Cespedes to the Presidency began early in the morning of
Nov. 8, and a few hours later President Grau San Martin
proclaimed a state of war throughout Cuba. His decree provided court martial for directors and editors of newspapers
which published alarming news.
The rebels opened the attack with an aerial bombardment
of the Presidential palace and at nightfall on Nov. 8 they
held three of the strongest Havana forts and had forced two
gunboats to retire under artillery fire. It was estimated
that between 60 and 70 were killed and more than 200
wounded during the day's fighting. On the following day
(Nov. 9) the Government forces, directed by Colonel Fulgencio Batista, succeeded after an all-day battle in forcing
the surrender of Atares Fortress in Havana after heavy
casualties. Previously leaders of the ABC society had broadcast a warning that they intended to sack American property and provoke intervention by the United States if their
battle for the control of the government did not meet with
success. They warned the public to remain indoors, and asserted that vehicles found on the streets would be dynamited.
Jefferson Caffery, Assistant Secretary of State, said on
Nov.8 that the United Stites has no intention of intervening
In Cuba. The violence on the Island, however, resulted in
cancellation of plans for Mr. Caffery to attend the PanAmerican Conference in Montivideo, and instead it was announced that he will remain in Washington to co-operate
with Ambassador Sumner Welles.
Describing the outbreak of the revolt on Nov. 8, a Havana
dispatch of that date to the New York "Times" said, in part:
All industry and commerce was paralyzed throughout the day. Civilians
feared to venture into the streets because of the heavy firing in parts of
the city. Snipers posted on roofs kept up a continuous fire on soldiers,
who returned the fire, shooting indiscriminately in all directions. Five
Nov. 11 1933
civilians were killed by stray bullets. Emergency Hospital treated sixteen
wounded.
American Club members asserted Negro soldiers stood in the centre of
the Prado promenade and deliberately fired with revolvers and rifles into
the club rooms. No one was injured, but it is understood United States
diplomatic officials protested to the Grau Government. Student supporters
of the Government, armed with rifles and revolvers, seized an automobile in
front of the American Club.
Few street cars, buses and taxicabs ventured out. Most of the private
cars on the streets were filled with ABC men, who carried on running fights
with soldiers, or with armed students who assisted the loyal troops.
Rebels in the Cerro police station repulsed three attacks, in which four
soldiers and one ABC man were reported to have been killed.
The ABC members are mostly youths who fought valiently against welltrained, experienced troops. They show great bravery in the face of overwhelming odds.
The attack on San Ambrosio, the largest military post in the hands of
the rebels, began at 5:45 P. AL The Government, after taking Police Headquarters, began a stronger offensive and moved up a large detachment of
soldiers to begin the attack. Two hundred reinforcements from Camp
Columbia later marched up the Pmdo in single file on their way to the
battle.
The Cuban gunboats Cuba and Patria moved into position in Havana
Bay and began shelling San Ambrosio, where 1,500 rebels were reported to
be under the command of Lieut.-Col. Cogical, who was wounded at the National Hotel battle last month. He escaped from a hospital in the morning
to join the rebels. San Ambrosio has large stores of ammunition. '
The Patria and Cuba were forced to suspend their attack and hastily
withdrew when a field piece in Atares Fortress, on a high hill overlooking
the bay, opened fire. One of the shells was reported to have hit the Cuba,
killing and wounding many sailors. The Cuba anchored near the United
States cruiser Richmond while the dead and wounded were removed from
the decks.
Two women were killed by a shell which is believed to have come from
one of the gunboats in the bay. Another shell destroyed the corner of a
building, but there were no casualities.
The Dragones military post, which had been held by the rebels all day,
received large reinforcements of ABC men and rebellious soldiers to-night.
A rebel plane piloted by Lieutenant Aristides' de Aguero fell into the
sea near Key West this morning. The United States flagship Richmond in
Havana Harbor received a message from the steamship Western Sword announcing that the pilot and his mechanic, Ramon Hernandez, had been
rescued.
Another plane was forced down near San Antonio de Las Vegas outside
Havana. The pilot and mechanic were injured. Although the
plane was
loaded with bombs they did not explode.
Lack of arms and ammunition precludes any chance of
success of the
revolt, but.fighting may go on for several days. A radio broadcast
this
afternoon from ABC headquarters urged all ABC men to
concentrate in
Havana and bring arms and ammunition. The strongly guarded
approaches
to Havana prevent much assistance from the interior.
Newspaper correspondents were informed that 2,000 ABC
members
tesponded to the call for reinforcements but there were arms
for only 100.
President Grau praised the loyal army and navy men to
-day, and said
It was a glorious day for Cuba because it had shown the
patriotism of the
nation. He said the Government could be removed only by
death.
Exchange Control Ended in Costa Rica—May
Fix a
Minimum Wage to Protect Workers.
A cablegram as follows from San Jose, Costa Rica,
Oct. 18,
is from the New York "Times":
p
The report of the majority of the Finance Committee
recommending
the abolition of exchange control was approved by
Congress to-day in s
special session called by President Jimenez.
A group of merchants who recently agreed not to pay
drafts until Oct. 31.
has published a notice relieving the signers of the
agreement of their
obligation.
indications are that Congress will retain control
of exports and
imports and possibly will fix a minimum wage to
prevent the exploitation
of workers by speculation in exchange.
Senate Inquiry Into Stock Market Trading—Senate
Banking Committee Directs Attention to Activities
of Reconstruction Finance Corporation—Gold
Buying Policy Discussed.
• Turning its attention on Nov. 8 to the activities of
the
Reconstruction Finance Corporation, a subcommittee of
the
Senate Banking and Currency Committee, called upon
Jesse
Jones, the RFC Chairman, for information as to the status
of its loans to mortgage loan companies; the $90,000,000
loan to the Central Republic Bank and Trust Co. of Chicago,
of which Charles G. Dawes was formerly chairman of
the
board, and also the $9,500,000 loan to the Fred F.
French
Co. for East Side slum clearance in New York City. In
making this known, a dispatch from Washington Nov.
8
to the New York "Times" went on to say:
The Committee's decision was reached after it had devoted two
hours
of an executive session this afternoon to a confidential duscission
with
Mr. Jones, particularly on the RFC loans to mortgage loan
companies.
Cold Buying Policy Discussed.
Chairman Fletcher, after the executive session, declined to go
into the
reasons why Mr. Jones has been asked to submit particulars regarding
Fred F. French Co. $9,500.000 East Side loan, beyond pointing out the
than
it was the only slum clearance loan made by the RFO, and that
other
slum clearance projects had been considered by the Public Works
Administration.
Chairman Fletcher said members of the subcommittee also
took advantage of Mr. Jones's presence to discuss with him in a general way
the
gold-purchasing program of the administration.
Those attending to-day's meeting of the subcommittee were Chairman
Fletcher and Senators Couzens, Townsend and Gore. They also are
members of the subcommittee investigating banking and stock-market
practices, but are acting as a separate subcommittee in looking into RFC
affairs.
Market Value of Listed Stocks on New York Stock
Exchange Nov. 1, $30,117,833,982, Compared with
$32,729,938,196, Oct 1-Classification of Listed
Stocks.
As of Nov. 1 1933, there were 1,212 stock issues aggregating 1,292,841,065 shares listed on the New York Stock
Exchange, with a total market value of $30,117,833,982.
This compares with 1,212 stock issues aggregating 1,292,528,228 shares listed on the Exchange Oct. 1, with a total
market value of $32,729,938,196, and with 1,207 stock issues
aggregating 1,290,307,508 shares with a total market value
of $36,669,889,331 on Sept. 1. In making public the Nov. 1
figures on Nov. 6 the Exchange said:
As of Nov. 1 1933, New York Stock Exchange member borrowings
on security collateral amounted to $776,182,033. The ratio of security
loans to market values of all listed stocks on this date was therefore 2.58%.
As of Oct. 1 1933 New York Stock Exchange member
borrowings on security collateral amounted to $896,595,531.
The ratio of security loans to market values of all listed
stocks on that date was therefore 2.74%.
In the following table, listed stocks are classified by leading
industrial groups, with the aggregate market value and average price for each.
November 1 1933.
Market
Value.
$
Autos and accessories
1,858,561,028
Financial
765,356,372
Chemicals
3,116,558,940
Building
257,719,929
Electrical equipment manufacturing
718,987,482
Foods
2,218,399,356
Rubber and tires
233,122,629
Farm machinery
369,785,914
Amusements
136,728,363
Land and realty
34,409.484
Machinery and metals
890,705,743
Mining (excluding iron)
1,118,317,036
Petroleum
3,507,347,449
Paper and publishing
165,645,996
Retail merchandising
1,373,227,384
Railways and equipments
3,321,221,771
Steel, Iron and coke
1,140,114,702
Textiles
192,846,948
Gas and electric (operating)
1,728,741,607
Gas and electric (holding)
1,049,297,397
Communications (cable, tel. de radio)- 2,485,001,484
Miscellaneous utilities
135,880,523
Aviation
158,719,656
Business and office equipment
213,986,711
Shipping services
9,122,013
Ship operating and building
25,222,376
Miscellaneous business
65,423,208
, Leather and boots
224,037,619
' Tobacco
1,358,531,558
Garments
14,319,488
u. S. companies operating abroad_
580,774,368
Foreign companies (incl. Cuba & Can.) 651,719,448
All listed stocks
30,117,833,982
Aver.
Price.
17.65
13.85
43.52
16.57
17.59
30.46
23.05
30.04
8.37
6.92
18.57
20.20
19.16
9.86
22.62
28.83
28.97
17.20
24.91
10.91
66.09
13.37
8.13
20.13
4.36
7.47
14.63
32.50
52.33
11.01
17.52
17.45
October 1 1933.
Market
Value.
$
2,044,874,119
840,751,821
3,281,499,913
270,367,435
794,637,060
2,415,618,027
264,572,954
378,666,517
151,833,083
40,354,171
976.784.696
1,185,711,396
3,708,370,834
185,419,439
1,488,943,921
3,742,923,042
1,324,186,447
213,129,052
1,836,104,633
1,124,385,025
2,675,765.136
159,871,436
186,336,088
234,094,020
10,653,344
27,246,343
69,662,503
231,748,561
1.517,383,338
15,273,479
640,451,261
692,319,102
Aver.
Price.
$
19.34
15.10
45.83
17.38
19.44
33.37
26.16
30.76
9.31
8.11
20.37
21.42
20.26
11.03
24.53
32.49
33.64
18.98
26.46
11.69
71.17
15.73
9.54
22.02
5.09
8.07
15.58
33.62
58.54
11.74
19.33
18.71
23.30 32,729,938,196 25.32
Armistice Day to Be Observed To-Day (Nov. 11)
Trading on New York Stock Exchange to Be
Suspended Two Minutes - Many Exchanges
Throughout Country to Be Closed.
Armistice Day will be observed to-day (Nov. 11) marking
the 15th anniversary of the end of the World War. In a
proclamation issued Nov. 8 Mayor O'Brien, of New York
City, requested that all business and traffic in the city be
stopped for two minutes beginning at 11 a. m. At a meeting
of the Governing Committee of the New York Stock Exchange held Nov. 8 the following resolution was adopted:
Resolved, that trading on the New York Stock Exchange be suspended
on Armistice Day, Saturday, the 11th of November 1933 from 11 a. m.
until two minutes past that hour, and that the Committee of Arrangements
notify all members of this action and request that no telephone messages
be sent to or from the Exchange during this period.
The grain markets on the Chicago Board of Trade as well
as other American grain markets will be closed to-day. The
Detroit Stock Exchange will also be closed. All Canadian
stock and commodity markets will observe Armistice Day
by remaining closed to-day. Those Canadian exchanges
which have announced the intention to remain closed include
the Montreal Stock, Montreal Curb, Toronto Stock, Toronto
Curb, Toronto Stock & Mining, Winnipeg Grain, and the
Standard Mining Exchanges.
Market Value of Bonds Listed on New York Stock
Exchange-Figures for Nov. 1 1933.
The following announcement was issued by the New York
Stock Exchange on Nov. 9 showing the total market value
and the average price of all bonds listed on the Exchange:
As of Nov. 1 1933, there were 1,564 bond issues aggregating $40,875,381,149, par value, listed on the New York Stock Exchange, with a total
market value of $33,651,082,433.
This compares with 1,564 bonds issued aggregating $41,581,061,424, par value listed on the Exchange Oct. 1, with
a total market value of $34,513,782,705.
In the following table listed bonds are classified by Governmental and industrial groups, with the aggregate market
value and average price for each:
3409
Financial Chronicle
Volume 137
Market
Value.
United States Government
Foreign Government
Railroad industry (United States)
Utilities (United States)
Industrial (United States)
Foreign companies
All bonds
Average
Price.
$15,509,169,600
4,579,728,239
6,900,021,279
3,183,285,494
2,088,562,197
1,390,315,624
$101.76
77.05
64.70
85.07
68.86
61.77
$33,651,082,433
$82.33
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
Average
Price.
537,848,488,806
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
$72.29
73.45
75.31
76.12
74.49
70.62
71.71
74.27
77.27
77.50
76.38
73.91
Market.
Value.
1933
Jan. 1_ _ __ $31,918,066,155
Feb. 1_ _ __ 32,456,657,292
Mar. 1_ _ __ 30,758.171,007
Apr. 1_ _ __ 30.554.431.090
May 1_ _ __ 31,354,026.137
June L___ 32,997.675,932
July 1..___ 33,917,221,869
Aug. 1_ _ __ 34,457.822,282
Sept. 1_ _ __ 35,218,429,936
Oct. 1_ _ __ 34,513,782,705
Nov. 1____ 33,651,082,433
Average
Price.
577.27
78.83
74.89
74.51
76.57
80.79
82.97
84.43
84.63
83.00
82.33
Senate Inquiry Into Stock Market Trading-Arthur W.
Cutten Testifies as to Profits of Syndicate Operating in Common Stock of Sinclair Consolidated
Oil Stock.
Inquiring into two syndicate accounts formed in 1928 to
underwrite and create a market for the common stock of
Sinclair Consolidated Oil Corp., the Senate Banking and
Currency Committee investigating stock market trading
revealed on Nov. 9 that profits aggregated in excess of
$12,000,000 were realized by the participants in the accounts.
Reporting this in Washington advices, Nov. 9, the New
York "Journal of Commerce" added:
Arthur W.Cutten, member of the Chicago Board of Trade and prominent
market operator in New York and Chicago, who was manager of the two
accounts, told the Committee that the first account was formed on Oct. 24
1928, to underwrite 1,130,000 shares of the oil stock at $30 per share, the
price of which later rose to as high as $43.25 a share during the operations
of the second account organized Oct. 25 of the same year. . . .
Harry F. Sinclair, head of the Consolidated Oil Corp., was unable to
appear for examination because of Illness. George T.Sanford, his attorney,
told the Committee that he probably would be able to come to Washington
next Wednesday or Thursday.
While he was on the stand, however, Mr. Stanford gave the Committee a
brief explanation of what he knew of the two accounts, pointing out that
Sinclair Consolidated Oil Corp. was organized in 1919 with authority to
Issue 5,500,000 shares of common stock.
Tells of Available Shares.
The 1,130,000 shares which were underwritten in the first account, he
explained, were available from the number not previously issued, amounting to 1,115,519 shares and from the 14,488 which were still held by the
corporation from previous issues.
Mr.Stanford said that he gave Mr. Sinclair an opinion before the account
was formed, upholding the legality of the sale of the stock to the underwriting syndicate without having first offered the new stock to the then
existing stockholders. Mr. Sinclair, he added, had two participations in
the trading account formed to create a market for the stock, the first of
50,000 shares and the second of 25,000.
Profits to the underwriting syndicate,it was disclosed through questioning
of Mr. Outten by Ferdinand Pecora, Committee Counsel, amounted to
$12,002,000. After commissions and other expenses had been paid the
aggregate of the profits was $11,702,056. Profits from the trading account
amounted to $464,870.
The profits of the underwriting syndicate were distributed as follows:
Blair & Co., $2,632,962; Chase Securities Corp., $1.755.308; Shermar
Corp., 8877,654; Cutten Co., Ltd., $2,632,962; H. E. Sinclair, $2,632.962;
Continental National Co.. $468.082; Arthur Reynolds, $117,020; A. M.
Andrews, $117,020; Famoth Corp., $204,785; Traywin Corp.. $204,785;
L. W. Hill and C. 0. Kalman, $58,510.
While Mr. Sinclair's profit amounted to $2,632,962from the account, Mr.
Stanford said, he had given sub-participations to 17 others, covering 118,733
shares, which reduced his profits 81.229,575 to a total of 81.403.387.
In the Washington account (Nov. 9) to the New York
"Times" it was stated that the purchasing syndicate which
operated in 1,130,000 shares of Sinclair Consolidated Oil
stock in 1928-29 realized a net profit of $12,002,109.41 without putting up any "real" money, according to Mr. Cutten.
From this account we also take the following.
Outten profits in this syndicate were $2,632,962.75, the Banking and
Currency Committee was told.
All of this sum was paid, however, to Cutten Sz Co., Ltd., a family
corporation in Canada, to which Mr. Cutten had transferred his 22%%
interest in the Sinclair purchasing syndicate when the latter was formed
on Oct. 24 1928.
Outten & Co., Ltd., paid no income tax to the United States Government
on the profit derived from its participation in the Sinclair purchasing
syndicate, because the Canadian company had lost $169,000 on all its
transactions for the year 1929, Mr. Cutten testified.
Senate Inquiry Into Stock Market Trading-Participants in Syndicate Dealing in Common Stock of
Sinclair Consolidated Oil Stock.
Participants in the "A" purchasing syndicate which dealt
in Sinclair Consolidated Oil stock in 1928 and 1929 with a
profit of $12,002,109.41 were listed (with percentages and
shares of profits), for the Senate Banking Committee by
3410
Financial Chronicle
Arthur W.Cutten as follows on Nov.9,according to a Washington dispatch to the New York "Times":
Participant—
Blair dc Co
Chase Securities Corn
Shermar Corp
The Cutten Co., Ltd
H.F. Sinclair
Continental National Co
Arthur Reynolds
A. M. Andrews
The Famoth Corp
The TraywIn Corp
L. W. Hill and C.0. Kalman
Percentage.
223.4
15
711
223.4
2234
4
1
1
13(
lli
35
Share
of ProfUs.
$2,632,962.75
1,755,308.50
877,654.25
2,632,962.75
2,632,962.75
468.082.27
117.020.57
117,020.57
204.785.99
204,785.99
58,510.29
Totals
100
$11,702,056.60
William S. Fitzpatrick received 3300.052.73. Cutten & Co. Ltd., granted subparticipations to three others, and upon the termination of the syndicate they
'
received the following share of profits:
Lawrence Fisher
$585,102.83
George Breen
292,551.41
Fred Bartlett
526,592.55
Distribution to Sinclair and Others.
The distribution of profits by the purchasing syndicate "A" to Harry F.
Sinclair and his 17 subparticipants were disclosed by G. T. Stanford as
follows:
Distribution
Participant—
Shares.
of Profits.
H. F. Sinclair
135,517
51,403.387.05
W.L. Connelly
333
3,448.48
R. Costello
333
3,448.48
Nellie Kline Crawley
1.000
10,355.80
Mason Day
3,300
34,174.14
Miss Josephine Farrell
2,000
20,711.60
J. F. Farrell
8,300
85,953.14
J. J. Larkin
1,500
15,533.70
.1. H. Markham, Jr
16,700
172,941.86
H. H. Rogers
8,300
85,953.14
E. W.Sinclair
8,000
82.846.40
Mrs. H. F. Sinclair
5,000
51,779.00
G.T. Sanford
6,667
69,042.12
It. W. Ragland
1,000
10,355.80
P. W.Thirtie
2,000
20,711.60
Frank Walls
1,000
10.355.80
A.E. Watts
3,300
34,174.14
.P. Whitney
50,000
517,790.00
Totals
254,250
32,632,962.75
Senate Inquiry into Stock Market Trading—Albert
H. Wiggin of Chase National Bank Tells of Selling
of Brooklyn-Manhattan Transit Stock Before
Dividend Was Passed—Operations of Syndicate
Formed to Deal in Common Stock of the Sinclair
Consolidated Oil Corp.
Testimony regarding the formation in 1928 of a syndicate
to deal in the common stock of the Sinclair Consolidated
Oil Corp. was presented on Nov. 2 by Albert H. Wiggin,
former Chairman of the Chase National Bank of New
York. Following testimony that the syndicate had made
net profits of $11,702,057, two participants, Harry F.
Sinclair, oil operator, and Arthur W. Cutten, Chicago
market operator, were subpoenaed to appear on Nov. 9
before the Committee, which had been told of a $30,000,000
syndicate which dealt in 1,130,000 shares of the Sinclair
common stock. The dispatch from Washington Nov. 2 to
the New York "Times," authority for the foregoing, further
reported:
The Committee's decision to call them for testimony on their participation was reached after Albert H. Wiggin, former Chairman of the Chase
National Bank, testified in the stock market inquiry that the Sinclair
syndicate closed operations on April 16 1929 with the net profit of $11,702,056.69, of which $877,654.25 went to the Shermar Corp. This
Wiggin family institution had a 734% participation.
Profited on B.
-M. T. Stock Sales.
Mr. Wiggin testified also that he and Gerhard M. Dahl sold large blocks
of common stock of the Brooklyn-Manhattan Transit company in the
summer of 1932 at a time when he was convinced that the company, because of its then financial difficulties, ought to pass a dividend on its
common stock.
Mr. Wiggin was Chairman of the company's Finance Committee and
Mr. Dahl Chairman of its board of directors when these holdings were
sold for them less than a month before the dividend on the common was
passed. Both made neat profits through these sales.
Mr. Dahl's stock was sold by the Chase National Bank, with which it
had been pledged as collateral for loans, and the proceeds of the sale were
credited by the bank to his loan account.
Mr. Wiggin further testified that Mr. Dahl was a heavy borrower from
the Chase National, his loans at. one time exceeding $4,000,000, of which
$3,176,016.69 was due and unpaid Oct. 13.
The Chase National also made large loans, including advances reaching
a maximum of $1,177,850, to other individuals on notes guaranteed by
-M. T. which gave him, or his
Mr. Dahl, who had a contract with the B.
company, the advertising rights in its subway.
Wiggin Income Figures Given,
Mr. Wiggin testified likewise that his personal net income in the last
five years was $5,881,620.21; a capital loss of $79,420.14 reduced it to
$5,802,200.07, on which he paid Federal income taxes of $1,365,234.74.
In addition, the Shermar. Murlyn and Clingston corporations, all Wiggin
family institutions, had in the same five-year period a net income of
52,798,786.77, on which they paid $924,814.51.
Comparison of figures submitted by Mr. Wiggin'to-day and yesterday
indicated that the other members of his family, Mrs. Wiggin and their
daughters, paid Federal income taxes of $1,203,978.55 for 1928 to 1932
inclusive, but their total net income was not disclosed.
The summonses to Messrs. Sinclair and Cutten were ordered because
the Committee was unable to obtain from Mr. Wiggin a complete picture
of the syndicate formed in 1928 to deal in Sinclair Consolidated common,
and after it was shown that Mr. Cutten, who managed the syndicate.
had sold 130,000 of Sinclair Consolidated common to Mr. Sinclair at $30
a share.
Mr. Wiggin testified yesterday that he had only a "vague" recollection
of the $30,000,000 trading certificate and insisted to-day that he had
Nov. 11 1933
no personal knowledge relative to the details of the transaction despite
the fact that his family-owned Shermar Corp. was a participant in the
profits to the extent of $877,654.25.
Letters Tell of Cullen Deals.
Letters produced by Mr. Wiggin showed that on Oct. 24 1928 W. E.
Watts, Vice-President of the Sinclair Consolidated Oil Corp., wrote to
Mr. Cutten agreeing to sell to him, or to buyers found by him, 1.130.000
shares of common at $30 a share, and that this agreement was confirmed
the same date for Mr. Cutten "by R. R. Cutten," his nephew in New
York City.
Under the same date Mr. Sinclair, in a letter to Arthur Cutten, confirmed an agreement by which he was to buy 130,000 shares of Sinclair
common on the same terms and conditions that Mr. Cutten was purchasing from the Sinclair Consolidated Oil Corp.
Also on Oct. 24 1928 an agreement was reached among Blair & Co.,
Inc.; the Chase Securities Corp., the Shermar Corp., Mr. Cutten and
Mr. Sinclair by which they were to participate to the extent of 3-12ths
each for Blair & Co., Mr. Cutten and Mr. Sinclair, while Chase Securities
was to have 2-12ths and Shermar 1-12th participation.
"Mr. Wiggin, have you not some recollection of the circumstances
under which Shermar was invited to participate in this syndicate?" asked
Ferdinand Pecora, the Committee counsel.
"I have not," was the reply. "I only judge by the management of the
syndicate that it must have come from Mr. Cutten."
Q—This syndicate operation meant a transaction involving upward
of $30,000,000? A—Yes.
Q—Have you forgotten the substance of any conversations that you
may have had with anybody in connection with the Shermar Corp. entering the syndicate? A—I do not remember any; but there may have
been some, and probably were some.
Q—What did you know about the Sinclair Consolidated Oil Corp.'s
common stock at that time that caused you to have your family corporation participate in this syndicate to the extent to which it did? A—I
think the participation was based more on the confidence that Outten
would handle the syndicate successfully than it was from knowledge of
the stock.
Q—What did you know about Cutten's ability to handle syndicate
operations successfully? A—Well, I knew Mr. Cutten and knew he had
handled other stock market operations successfully.
Participations in Stmdicate.
Mr. Wiggin produced from his records a duplicate of the original agreement, dated Oct. 25 1928, between Mr. Cutten and the other participants,
by which they agreed to subscribe to an interest in it represented by the
following number of shares for each:
Blair it Co., Inc. 282,500.
Chase Securities Corp., 188,333 1-3.
'
Shermar Corp., 94,166 2-3.
Mr. Cutten, 282,500.
Mr. Sinclair, 282,500.
When the syndicate wound up its deals, on April 16 1929, E. F. Hutton
& Co. of New York wrote to Shermar Corp. as follows:
At the request of the manager we have closed the Sinclair syndicate
with a profit of 512.002,109.41. After deducting 234% due Mr. Fitzpatrick per the group's agreement there remains a net profit of 811,702,056.68. Your 73.4% participation, therefore, amounts to $877,654.25,
for which we enclose our check. Please acknowledge receipt of this check
as final settlement of your interest in this account by signing the enclosed
duplicate form for our files.
The manager further requests that we state the Sinclair trading account, in which you have a 33,333 1-3 share participation, remains on
our books and will be extended for an additional six months. The position
of that account at last night's close of the market was long approximately
150,000 shares, and, figured at 39, had an approximate credit equity of
$700,000.
Options have been given on 100,000 shares which are expected to be
exercised by May 1; therefore, all selling pressure will be withdrawn from
the Sinclair market, and it is reasonable to assume that the stock will
advance in sympathy with the generally improved oil situation.
Two Trading Accounts in Sinclair.
"What is the selling pressure to which this letter refers?" Mr. Pecora
asked.
mr. Wiggin did not know. Reading from a memorandum, he said
that the Shermar Corp. paid $1,125,000 into the Sinclair syndicate account on Dec. 3 1928. and that Shermar's 1-12th participation was cut
down to 734%.
Mr. Pecora pointed out that the total purchase price which the syndicate agreed to pay to Sinclair Consolidated for the 1,130,000 shares
at $30 a share was $33,900,000, and that 734% of this would represent
a figure greatly in excess of the $1,125,000 cited by Mr. Wiggin, Mr.
Wiggin replied that he could not tell how the other payments were made
by Shermar.
"The other payments must have been made," he said, "the company
got its money."
Q—The syndicate which agreed to buy, for $30 a share, these 1,130,000
shares at the same time organized or formed a trading account to enable
It to dispose of those 1,130,000 shares, presumably at a profit? A—Apparently.
Q—Would you call that a pool account, Mr. Wiggin? A—We are
getting back to an old subject, are we not?
Mr. Wiggin understood that there were, in fact, two Sinclair Consolidated common trading accounts, the larger syndicate from which
profits of more than $12.000,000 accrued,and a smaller account. Referring
to this latter, Mr. Pecora introduced a letter written May 17 1929, by
E. F. Hutton & Co. to the Shermar Corp., which read in part:
"At the request of the manager of the above syndicate, we have to-day
closed the syndicate, showing a profit of $418,383.54. We are, therefore,
enclosing check to your order for $13,946.12, being your proportionate
share of this profit based on your 33.333 1-3 share participation."
After failing to get more complete information from Mr. Wiggin, Mr.
Pecora now said:
"I want to have subpoenaes issued for Harry F. Sinclair and Arthur
W. Cutten in connection with the syndicate operation in the stock of
the Sinclair Consolidated."
"Those subpoenaes will be issued." Chairman Fletcher ruled.
B.
-M. T. Stock Sales Related.
Shifting quickly to the holdings in the Brooklyn-Manhattan Transit
company which Mr. Wiggin and Mr. Dahl sold less than a month before
the June 1932 dividend on its common stock was passed, Mr. Pecora
suddenly asked:
-M. T. and at one time received a salary
"You were a director of the B.
of $20,000 from that corporation?"
"Not as a director, as the Chairman of the Finance Committee, yes,"
Mr. Wiggin replied.
Q—Do you recall in the early slimmer of 1932 engaging in heavy selling
transactions in the common stock as well as the preferred stock of the
B.
-M. T.? A—Yes,sir.
Volume 137
Financial Chronicle
Q—Do you recall the circtrmstances? A—The company had owned
the stock some time, and I realized that the company would probably
have to stop paying dividends on the common stock, so we sold it.
Q—You sold it before any public announcement that the dividends
would be passed? A—Before we knew positively.
Q—Before who knew positively? A—Before I knew.
Q—Before you as Chairman of the Finance Committee knew positively
that the dividend would be passed? A—Before anybody knew it.
Q—At about the time that Shermar commenced to make substantial
-M. T. common, did Gerhard M. Dahl also sell
sales of its holdings of B.
large blocks of the same common stock which he owned, which was in
possession of Chase Securities Corp. or the Chase National Bank as collateral for loans made to Dahl? A—My recollection Is that his sales
were one or two days later.
-M. T. Corp.?
Q—What position did Mr. Dahl hold at that time in the B.
A—Chairman of the board of directors.
Q—When for the first time did you definitely know or have reason to
-M. T. would pass the dividend on its combelieve the directors of the B.
mon stock? A—My judgment was based on the fact that they had notes
due, that the conditions were such that it was very difficult to
coming
finance.
-M. T. had notes falling due held by the Chase National
Q—That the B.
in part? A—In part.
Q—And was the Chase National preparing to bring out a note issue
for the B.
-M. T.? A—Not at that time, but they did later.
Stock Fellfrom 25 to 111.
-M. T.
Mr. Wiggin testified that the decision to pass the dividend on B.
common was reached at a board meeting held June 20 1932 and his deJune was based on the fact
cision to sell the B.
-M. T. common earlier in
that the company "had a maturity that market conditions made it very
difficult to renew."
Q--How long before June 20 did you know that? A—We knew it for
some time.
Q—And when did you first reach the conclusion that, from your judgment at least, the board should pass the dividend? A—I think at the
time I sold the stock.
Q—And it was about the same time that Mr. Dahl, the Chairman of
the board, sold large holdings of the stock? A—Yes.
Q—After the dividend was passed there was a marked depreciation of
the market value of the stock, was there not? A—Yes, sir.
Mr. Pecora said that data obtained from the Chase National and Shermar
files showed that on June 1 1932 Shermar Corp. owned 26,400 shares of
-M. T. common; that on June 3 1932 Shermar sold 8,700 shares of
B.
that stock; that on June 4 1932 the Chase National sold 50,000 shares
from collateral pledged to it by Mr. Dahl for a large loan which he was
then carrying at the bank, and that on June 6 1932 Shermar sold 17,700
shares. And on the same date the Chase National sold 5,000 shares from
the collateral which it held to secure the loan to Mr. Dahl.
The range of market quotation for B.
-M. T common stock was given
as follows:
June 4—High 25, low 23 Yi•
June 6—High 24(,low 17%•
June 7—High 183i low 15g •
.
June 8—High 15%.low 113..
June 9—High 14j,low 12.
"So," said Mr. Pecora, "in a period of five days the common stock
went from a high of 25 to a low of 113i ?..
"Our records do not indicate anything definite," replied Martin ConboY.
Mr. Wiggin's counsel.
Stock Selling Higher Now.
'rho prices at which Shermar on June 3 and 6 1932 sold its B.
-M. T.
common averaged about $24 a share and the Dahl 50,000 block was sold
by the Chute bank on June 4 for prices "ranging from $24 to $25," Mr.
Wiggin testified.
"And both of you got a good deal more than the public sold it at after
that day?" asked Mr. Pecora.
"No, because the stock is selling very much higher to-day."
Mr. Pecora read a memorandum from H. G. Freeman, then VicePresident of the Chase Securities, to Mr. Wiggin on June 4 1932 on the
question of refunding notes and which stated that "if the common dividend was passed there would be a saving of approximately $3,000,000
a year."
"The notes that were maturing on Aug. 1 were in the hands of the
investors—in the hands of the public," Mr. Wiggin testified. "It was
Impossible to sell a new note to the public. And largely by my efforts,
helped by my associates on the Committee, we placed the new issue in
amounts and divided it up in enough places so that we did prevent a de-M. T. company to continue its preferred
fault and did enable the B.
stock dividend.
"Hayden, Stone & Co. helped, and J. & W. Seligman—their representatives were on the board—helped. We also received assistance from
a number of the other banks who each took one-half a million or a million
of the notes. And in that way by real strenuous efforts we did prevent
the default."
Status of Dahl Loans Traced,
Mr. Wiggin's attention was invited by Mr. Pecora to a Clearing House
Examiner's report on the Chase National as of Sept. 24 1928 showing
there were loans of$4,340,576 on which Mr.Dahl was endorser or guarantor.
Mr. Wiggin said this was a loan for that amount to the Waubesa Corp.,
which was a Dahl "family corporation." Part of the collateral behind
-M. T. common stock,
this loan, Mr. Wiggin said, was 76,083 shares of B.
-M. T. preferred stock, 12,450 shares of Now York
0,636 shares of B.
Rya. stock and $447,000 of New York Rys. 6% bonds due in 1995,
"What is the status of the loan?" Mr. l'ecora asked.
"I am advised that there is no loan at the present time to this family
corporation of Mr. Dahl's, but that there is a loan to Mr. Dahl personally,"
Mr. Wiggin replied. "Apparently the loan to the corporation was paid
March 12 1930, and at the same time a loan to Mr. Dahl personally was
made for $4,244,114.91."
Q—What Is the status of that loan account? A—On Oct. 13 last the
amount due was $3,176,016.69.
Q—What Is the value of collateral held by the bank against that loan?
A—As I understand it, the value of the collateral on that date was about
$1,300,000. It was a perfectly good loan at the time it was made.
Security for Dahl Loans.
"Does your record show the estimated value of the securities that were
it was made?"
put up for that loan that you said was good at the time
asked Senator Couzens.
"The first Dahl loan," Mr. Wiggin replied, "was made Dec. 28 1927
amount fluctuated by increases
and was for $162,000. Then the original
$553,978.26, secured
and decreases, and on March 12 1930 the loan was
which on that date was $814,100.
by collateral the market value of
"Then on March 12 1930 Dahl took over the Waubesa Corp. loan of
$4,244,114.91, and made a total loan of $4,798,093.17, and the market
3411
value of the Waubesa collateral on March 12 1930, before the transfer
of the loan to Dahl, was $6,208,900, and the market value of the collateral to the Dahl loan March 12 1930, after the transfer of the Waubesa
loan to Dahl was $7,023,000. In other words, the collateral was worth
$7,023,000 and the loan was then $4,798.000."
Balance sheets of the Chase Securities Corp. and its subsidiary companies as of Dec. 31 1932 were introduced late this afternoon. On that
date the Chase Securities had total investments of $68,036.822.37 in
subsidiaries. $40,031,677.85 of this being given as the book value of American Express Co. stock pledged as security for loans.
The book value of its other investments in its subsidiaries was given
as follows:
Equitable Trust Co., $2,976,000.
Garfield National Corp.,$1.
Harris, Forbes Building, Inc.. $478,000.
Mepotan Securities Corp., $25,000.
Forty Exchange Place Corp., $150.
Pines Realty Co., $100,000.
Kobdo Securities Corp., $150.
Boardemere Corp., $1.
Chase National Executors and Trustees Corp., Ltd., $330,000.
Chase Harris Forbes Cos., $24,094.742.52.
The Senate Committee adjourned until Wednesday morning, when
examination of Mr. Wiggin will be continued.
Mr. Pecora and his staff and the Chase Bank officials left this afternoon for New York.
Senate Inquiry into Stock Market Trading—G. M.
Dahl, of Brooklyn-Manhattan Transit Corp., Takes
Exception to Testimony of Albert H. Wiggin—
Denies Responsibility for Stock Sales.
Gerhard M.Dahl, Chairman of the board of the BrooklynManhattan Transit Corp., issued a categorical denial on
-M. T. stock
Nov. 5 of any responsibility for sales of his B.
just before the dividend was passed up in the spring of
1932. The New York "Herald Tribune" of Nov. 6, in
reporting this, continued:
According to Mr. Dahl, the stock was sold against his will and over
his protest by the Chase National Bank, where it was deposited to cover
a part of his $5,000,000 personal loan.
In early June 1932. 55,000 shares of Mr. Dahl's common stock and
-M. T. were disposed of at average prices of $23.84
5,200 of his preferred B.
for the common and $39.15 for the preferred. At the same time Albert
H. Wiggin, former Chairman of the board of the Chase National Bank
-M. T. Finance Committee, disposed of 26,000
and Chairman of the B.
shares of common belonging to himself or his family-owned corporations
at comparable prices. A few days later the stock broke to $12, and in
July the company's dividend was passed.
All this was brought out in the examination of Mr. Wiggin before the
Senate Committee on Banking and Currency at Washington, and during
the testimony attempts were made to establish that Mr. Wiggin, and
therefore Mr. Dahl, were acting on inside information on the passing
of the dividend when they disposed of their stock. Mr. Dahl's statement
lays the responsibility for all sales of the stock at thak. time, both his own
and Mr. Wiggin's, at Mr. Wiggin's door. HIS statement begins with
an attack on the accuracy of the Washington testimony as given or reported.
Believes Reports Inaccurate.
"Either Mr. Wiggin's testimony in Washington is inaccurate, to say
the least, or the newspaper repons are inaccurate," it runs. "Not only
the inference or the implication, but the bald statement of fact in the
newspapers that I. while Chairman of the board of the Brooklyn-Manhattan Transit Corp., in anticipation of the suspension of the common
dividend, unloaded my stock. That is not true."
After a further attack on the inaccuracy of that inference Mr. Dahl
quotes a report published last Friday of testimony before the Senate
Committee. Mr. Wiggin was asked by Ferdinand Pecora if Mr. Dahl
-M. T. stock at the same time that Mr.
had sold large blocks of his B.
Wiggin's Shermar Corp. did so. Mr. Wiggin replied that so far as he
remembered "his sales were one or two days later."
"If this is a correct report of Mr. Wiggin's testimony," exclaims Mr.
Dahl in his statement, "it is a mild characterization to designate it as
inaccurate.
-M. T. common dividend
"In anticipation of the suspension of the B.
-M. T.stock, either preferred or common.
I never sold one single share of B.
"It was perfectly clear to me that the common dividend would have
to be suspended because of the inability of the company to sell securities
to the public, but I did not want to sell any of my stock for two reasons."
Gives Reasons for Sale.
The reasons are given. They were that he considered it poor business
ethics, and that ho believed the stock was worth more than it was then
selling at. He then tells his story of the sale, as follows:
"All of the stock which belonged to me and which was sold before the
dividend was suspended was actually sold by Mr. Wiggin as the then
head of the Chase Bank over my protest and over my objection.
"On June 4 1932 under instructions of Mr. Wiggin the Chase Bank
-M. T. common stock. This sale was made
sold 50,000 shares of my B.
on Saturday after I had had two conversations with Mr. Wiggin on Thursday and Friday preceding. At the moment it is not important what those
conversations were. At the moment it is not necessary to enter into any
controversy as to journalistic accuracy or the recollection or veracity of
Mr. Wiggin. The reason this is not necessary is that I have Mr. Wiggin's
written statement as to why the sales were made, and that written statement makes it perfectly clear that the sales were made over my objection.
That statement is contained in a letter from Mr. Wiggin to me under
the date of June 4 1932, of which the following is a complete and accurate
copy":
Referring to our various conversations in regard to your loan at the
bank I beg to advise that I have given instructions to sell securities out
of the collateral when it can be done without lowering prices too much.
I know how you object to having this done, but the collateral for the loan
is not only under margin but is under the face of the loan, and the bank's
interests require it.
The bank will keep you advised as to sales.
(The italics. are mine.)
"The next week, under Mr. Wiggin's instructions, the Chase Bank sold
an additional number of common shares and some preferred, which the
bank held as collateral to my loan. The total sales were 55.000 shares
of common at an average of $23.84 and 5,200 shares of preferred at an
average of $39.15.
Charges Du-service to Bank.
"Regardless of the .ffect of these sales upon me personally, they constituted a great dis-service to the bank. Since the time of these sales
3412
Financial Chronicle
the common sold on July 12 1933 at 41K and the preferred sold on June
13 1933 at 83%. The difference to the bank can be readily figured.
"The Committee at Washington has Mr. Wiggin's testimony as to when
he sold his stock—and when I say his stock I do not distinguish between
his personal holdings and his family corporations—and the price received.
I did not know whether Mr. Wiggin personally or any of his family corporations owned any B.
-M. T. preferred or common and, if so, how much,
so I did not know that Mr. Wiggin might have some personal motive for
selling out my stock which was held as collateral by the bank in order to
justify him selling his personal holdings."
Mr. Dahl's statement closes with the statement that he cannot complain
that the bank sold out the collateral on his loans, but is, however, glad
to have the opportunity publicly to explain that the bank did the selling
and a final denial that he has ever speculated at any time in the securities
of the B.
-M. T.
Mr. Wiggin, at his home at 660 Park Ave., yesterday, after listening
to Mr. Dahl's statement, dictated a short statement of his own, which did
no more than confirm the B.
-M. T. Chairman's claim that the stock sold
was stock deposited as collateral with the Chase.
"The sales of B.
-M. T. in June 1932 referred to in Mr. Dahl's statement," said Mr. Wiggin, "were sales made by the bank out of the collateral held for Mr. Dahl's loan."
Further amplification was refused.
Senate Inquiry into Stock Market Trading—Alfred E.
Smith, John J. Raskob Reported as Receiving Loan
from Chase National Bank Following Death a
President Riordan of County Trust Co.—Statement
by Former Governor Explaining Loan on Account
of Stock Purchase—Says Participation Was Issued
to Chase Without His Knowledge.
The Senate Committee inquiring into Stock Market trading
was said to have made known on Nov. 8, the submission of
information from the Chase National Bank of New York,
indicating that loans were made by it to Alfred E. Smith
and other participants in a syndicate stock account shortly
after the market collapse of 1929. On Nov. 8, Mr. Smith
issued a statement, which we give further below, indicating
that a loan was obtained from the Bankers' Trust Co. of
New York to finance the purchase of stock in the County
Trust Co., issued in the names of participants in the syndicate, on inquiry made Nov.8, said Mr. Smith,"I find that
the Bankers Trust Co. issued a participation in this loan
to the Chase National Bank, which fact was not known to
me, to the syndicate managers, or to any member of the
syndicate." Regarding the reports from Washington Nov.8
we quote the following from the dispatch to the New York
"Times":
Alfred E. Smith, John J. Raskob and other participants in a syndicate
account obtained a loan of $336,000, subsequently enlarged, from the
Chase National Bank soon after the stock market decline of 1929, according
to information submitted by the bank to the Senate Banking and Currency
Committee.
The other participants, it was stated, included Arthur Lehman, brother
of Governor Lehman of New York, and William F. Kenny. The synidcate
was organized in November 1929, and was managed by William H. English
and John J. Raskob.
Details of the transaction were not given by the bank, which set it
forth among syndicate loans approved by the banks' board of directors
between Jan. 4 1928, and Aug. 17 1933. The list was furnished at the
request of Ferdinand Pecora, Committee Counsel, who introduced it on
Oct. 31, a week before the Mayoralty election in New York, with this
statement:
"I ask that it be marked for identification until it has been checked
up, but not spread o. the record."
The statement issued by Mr. Smith on Nov. 8 follows:
With reference to the story appearing in this evening's newspapers,
which is presented in a way to lead people to believe that Mr. Raskob and
I. with certain other associates. secured a loan from the Chase National
Bank for the purpose of dealing in securities. I desire to say that there is
not a word of truth in that statement. The facts are as follows: Shortly
after the death of Mr. Riordan, President of the County Trust Co.,Mr.
Raskob was asked to take the Chairmanship of the Board and William H.
English the Presidency, with a view to allaying any fears with respect to
the condition of the trust company. We issued statements at that time
advising all of our depositors and stockholders that the County Trust Co.
was in A-1 condition.
It was, however, felt desirable to have a group ot our directors acquire
shares in the County Trust Co. In order to bring this about a syndicate,
composed only of directors, was formed, and William H. English and
John J. Raskob were appointed managers. They were authorized to
acquire the stock and empowered to borrow such money as was necessary
to finance payment therefor. These shares were purchased and the loan
was made by the Bankers Trust Co. The stock so purchased was finally
issued in the names of the respective participants in the syndicate. The
syndicate never traded in the stock in any way, shape or form. They
never sold any of the stock except 920 shares out of 11,176. These were
disposed of to even the account. The stock was eventually issued in the
names of the various members of the syndicate and the loan paid in full
with interest at the rate of 6% per annum.
On inquiry made this day, I find that the Bankers Trust Co. issued
a participation in this loan to the Chase National Bank, which fact was
not known to me, to the syndicate managers or to any member of the
syndicate.
There was a second syndicate formed by the directors personally for
the purpose of acquiring shares to be sold to the employees of the bank and
this syndicate likewise chose William H. English and John J. Raskob as
managers. The shares so acquired were held for account of executives
and employees and the loan of 357,150.000 referred to was paid off at
different periods, the last part of it was paid off on Oct. 5 1933. The loan
of the first syndicate was closed out on Nov. 5 1932.
The newspaper article was so written as to indicate that we had borrowed
money to gamble in the stock market. This is absolutely fable and without
foundation in fact. We simply borrowed money to buy the stock of our
own trust company. I still have the stock that I bought and I believe that
members of the syndicate, who are all directors of the trust
the rest of the
Nov. 11 1933
company, are in the same position. The papers further state that the
account is open and the syndicate still owes the bank $670,000. That is
absolutely false as the loans were paid in full on the dates above stated.
Senate Inquiry Into Stock Market Trading—John J.
Raskob Explains Loan Obtained by Group in
County Trust Company.
On Nov. 9, John J. Raskob appeared as a voluntary
witness before the Senate Committee inquiring into stock
market trading, to clear up reports concerning a syndicate
in which he, Alfred E. Smith, and others, had participated.
As to Mr. Raskob's testimony, we quote the following from
Washington advices Nov. 9 to the New York "Herald
Tribune:"
Mr. Raskob showed that the syndicate was not for the purpose of trading
in securities, but solely to buy stock of the County Trust Company of New
York after the suicide of its President, James J. Riordan,in November 1929.
Mr. Riordan was an intimate associate of Messrs. Smith and Raskob, and
they were directors of the bank. Mr. Raskob explained that they feared
a sharp drop in the price of the stock, which in turn might have encouraged
a run on the bank. So a syndicate was formed to buy the trust company
stock. The syndicate was financed with a loan from the Bankers' Trust
Company, which in turn passed the loan on to the Chase National Bank.
The syndicate bought 3,794 shares of the old stock (which has since been
split, four to one). It sold 230 shares. Mr. Raskob said he did not know
why it had sold even those 230 shares or to whom they had been sold. The
syndicate was dissolved on Nov. 15 1932, he said. A second syndicate was
formed, Mr. Raskob said, to buy 1,000 shares of the stock on which an
option could be given to One R. Kelly to induce him to take the presidency
of the County Trust Company.
Mr. Pecora and the Committee members seemed to be satisfied that the
syndicate was not of a speculative character, and dropped the matter,
Smith Bought One Hundred Shares.
The members of the syndicate and the participation of each were:
William H. English, 500 shares; John J. Raskob, 5C0 shares; Michael J
Meehan, 500 shares; Alfred E. Smith, 100 shares; John J. Pulleyn, 100
shares; William J. Fitzpatrick, 100 shares; P. D. Saylor, 100 shares; Peter
J. Carey, 100 shares; Arthur Lehman, 500 shares; Edward J. Kelly, 100
shares; Daniel J. Mooney. 50 shares; Ralph W. Long, 25 shares; G. Le
Boutillier. 25 shares; William F. Kenny. 500 shares; Vincent Astor, 500
shares; John J. Cavanagh, 100 shares. Total, 3,800 shares.
Senate Inquiry into Stock Market Trading Income of
Albert H. Wiggin and Corporations.
Schedules of the net income of Albert H. Wiggin and his
three family corporations for 1928 to 1932 were given by
him as follows on Nov. 2 to the Senate Committee inquiring
into the Stock Market trading according to a Washington
dispatch Nov. 2 to the New York "Times":
Mr. Wiggin.
Year—
1928
1929
1930
1931
1932
Total
•Loss.
Net Income,
Net Income,
Excluding Cap1Capital
Including Ca91tat Gain or Loss. Gain or Loss. tat Gain or Loss.
$1,609,433.80
1,563,689.98
1,308,588.11
940.679.66
459,228.66
35,881.620.21
$452.20
*79,872.34
*79,420.14
$1,609,886.00
1,563,689.98
1,308,588.11
860.807.32
459,228.66
Federal
Income
Tares.
$338,092.12
325,455.80
283,495.81
197,457.76
220,733.25
35.802.200.07 81.365.234.74
Shermar. Murlyn and Clingston Corporation.,.
Year—
1928
1929
1930
1931
1932
Shermar.
Marlyn.
$3,320,456.15
760,416.30
317,024.94
*602,918.51
*3,313,854.05
$1,881,044.10
17,858.68
256,107.96
6'302,747.88
0
a
Clingston.
Total.
$20,754.28 35.222,254.53
1,529,501.41 2,307,776.39
570,865.59
*2,267.31
*286,241.33 '1191907.72
*796,347.97 *4,110,202.02
Total
$4481,124.83 $1,852,262.86
$465,399.08 82,798.786.77
•Loss. a Merged. b To date of merger with Shermar on Feb. 4 1931.
Federal Income Taxes Paid.
Year—
1928
1929
1930
1931
1932
Shermar.
3395,926.24
67,647.97
37,332.26
Murlyn.
3225,725.29
1.293.14
27,502.27
Clingston.
82,150.51
167,236.83
Total.
5623,802.04
236,177.94
64,834.53
Total
3500,906.47
8169,387.34 8923,814.51
8234,520.70
Schedules submitted by Mr. Wiggin covered only the net income of himself and his three family corporations. They did not disclose the income
of his wife and daughters, on which, according to his testimony yester ay,
Federal Income taxes of $1,203.978.55 were paid for 1928 to 1932 inclusive,
Newly Formed New York Tobacco & Commodities
Exchange to Be Located in New York Produce
Exchange Building.
Announcement was made on Nov. 2 by the New York
Tobacco Sr Commodities Exchange, Inc., that it had selected
the New York Produce Exchange Building, at Broadway,
Beaver and Stone Streets, to house all of its activities,
including the trading floor, executive offices and the Clearing
Association. The announcement further said:
While New York's newest futures market thus becomes a neighbor of
one of the Nation's pioneer commodity exchanges, there is no connection
between them and the identities of each will remain separate. The site is
ideally situated in the community of New York's leading security and
commodity institutions.
The work of altering the Produce Exchange trading floor so as to permit
the inauguration of trading in tobacco futures will get under way immediately.
Volume 137
Financial Chronicle
The election of John C. Kelly as President and the election
of other officers of the Exchange was referred to in our issue
of Nov. 4, page 3229.
Commodity Exchange, Inc., Completes First Six
Months of Existence-Value of Trading During
Period $573,500,000-Silver Trading Exceeded All
Previous Records-Trading in Rubber More Than
Doubled World Production.
The Commodity Exchange, Inc., organized on May 1 as
a consolidation of four exchanges with facilities for trading
in futures of six commodities, completed its first six months
of existence on Oct. 31. Reflecting the increasing public
interest in commodities, an announcement in the matter
said, trading on the Exchange during the period has been
of record proportions, with total contracts traded in representing an aggregate dollar value of approximately $573,500,000. The announcement said that this is an average of
$95,500,000 a month, or $3,800,000 for each business day.
During this same period deliveries of the actual commodity
on contract has represented a total value of $40,333,300,
indicating the important position occupied by the Exchange
among the markets of the world. The announcement
continued:
Crude rubber futures traded in totaled 757,150, compared with 271,810
for the entire year 1932, and were more than double world production during
this six-months' period. During the month of July, a total of 263.090 tons
were traded in, representing 96.8% of the entire 1932 total. Prices, which
by May 1 had risen from the extreme lows of the previous summer, continued to advance. The December position, starting at 5.00 cents a pound
on May 1, climbed to 11.60 cents by July 18. Subsequently, values declined to 6.91 cents on Oct. 20 and closed on Oct. 31 at 7.81 cents.
Trading in silver futures exceeded all previous records with a total of
837,275,000 ounces traded in during the six months, comparing with 315,000.000 ounces during 1932, and production of 77.914,000 ounces for the
Six months ended Sept. 30. July proved to be the most active month,
with trading volume aggregating 169,775,000 ounces. By May 1, Prices
had already advanced about 40% from the lows of last December. This
advance continued during the early part of trading on the new Exchange,
reaching a high of 42.50 cents in the December position on July 18. This
compares with the opening level of 38.35 on May 1 and the all-time low of
24.44 cents during December 1932. Prices receded to 35.90 cents on
Oct. 16 and the close on Oct. 31 was 40.00 cents.
Trading in raw silk futures aggregated 238,500 bales, compared with a
world production of approximately 350,000 bales in the same six months
and trading of 265,310 bales during 1932. Trading has been of record
proportions, with June establishing a high of 64,780 bales, 22,100 bales
above the previous largest monthly total. Prices have ranged from $1.53
a pound on May 1, for the December option to a high of $2.27 on July 7.
They receded to $1.40 on Oct. 20 and closed out at $1.50 on Oct. 31.
During the same six months, trading in hide futures aggregated 185,200.000 pounds, compared with 322,360,000 pounds in 1932. Starting
at 10.50 cents a pound on May 1, prices had advanced about 73% from
the lows of 1932. Further advances carried the price to 14.90 cents on
July 18. The close on Oct. 31 saw the December position quoted at 8.70
cents.
Tin and copper futures trading was likewise active, particularly in the
latter commodity. Total business transacted in copper aggregated 63.600
tons for the six months, compared with 30,550 tons in the full year 1932.
Prices having risen prior to May 1 continued to do so, attaining in tin,
47.90 cents a pound on Sept. 20, and in copper, 9.00 cents a pound on
July 18 for the December position. The same options on Oct. 31 closed
at 48.15 cents for tin and 7.00 cents for copper.
Sales and Dollar Volume o" Sales of Silver Futures on
Commodity Exchange Reached New High Levels
Nov. 9.
Sales of silver futures on the Commodity Exchange reached
new high records on Nov.9, both in sales and dollar volume.
This was the second new high level reached by the dollar
volume of sales the past week; the previous high having been
recorded on Nov. 8. Sales on Nov. 9, the Exchange announced, amounted to 758 contracts or 18,950,000 ounces
a dollar volume of approximately $8,338,000. This compares
with the largest previous total of contracts traded in on one
day on Commodity Exchange (April 20) when 673 contracts
were sold, or a total of 16,825,000 ounces, and the dollar
volume compares with the high of Nov. 8 of $6,743,000 for
613 contracts, or 15,325,000 ounces. The July option traded
at 45.50, surpassing the previous high of 45.25 set for the
September option on Nov. 8, and new highs were recorded
for every month.
Annual Meeting of Northern New Jersey Clearing
House Association-D. E. Evarts Elected President
-Yearly Figures.
The annual meeting of the Northern New Jersey Clearing
House Association was held on Oct. 19 at the New Jersey
Title Guarantee & Trust Co., Jersey City, N. J.
The following figures, showing the year's operations, were
presented at the meeting:
$1,288,019.122.85
Total amount of exchanges for year
1,035.678,393.60
Balances for year
1932 to
Largest exchanges on any one day from Oct. 1
14,056.152.25
-Jan.3 1933
30 1933
Sept.
Largest balances on any one day from Oct. 1 1932 to
13,217,837.93
-Oct.22 1932
Sept. 301933
3413
Officers for 1933-1934, and committees were elected as
follows:
Officers 1933-1934.
-D. E. Evarts, N. J. Title Guarantee & Trust Co., Jersey
President.
City, N. J.
-William J. Field, Commercial Trust Co. of New Jersey,
Vice-President
Jersey City, N. J.
-W. A. Conway, Hudson County National Bank, Jersey
Secretary.
City, N. J.
Executive Committee.
One Year
-R. S. Carmichael. Commercial Trust Co.of New Jersey, Jersey City, N.J.
Joseph G. Parr, Trust Co. of New Jersey. Jersey City, N. J.
Two Years
F. A. Berenbroich, Weehawken Title & Trust Co., Union City, N. J.
C. A. Spoerl, First National Bank, Jersey City, N. J.
Nominating Committee.
Dr. H. J. Gordon, Weehawken Title & Trust Co., Union City, N. J.
Walter B. French, Trust Co. of New Jersey, Jersey City. N. J.
Edward Groth, Commercial Trust Co. of New Jersey, Jersey City, N.J.
W. M.Brown, N. J. Title Guarantee & Trust Co., Jersey City, N.J.
Irwin G. Ross, Franklin National Bank, Jersey City, N. J.
Clearing Committee.
A. W. Gilbert
It. M. Gidney
C. H. Coe
Title and Mortgage Guaranty Companies of New York
Accused by State-Superintendent of Insurance
Van Schaick Reports Grave Irregularities Among
Concerns He Took Over-Plans to Sue Some
Officers-Says Insiders Were Aided, Investors
Victimized.
Sweeping charges of "shocking" irregularities in the
business practices of some of the fourteen title and mortgage
companies he took over for rehabilitation last spring and
summer were made public Nov.9 by George S. Van Schaick,
New York State Superintendent of Insurance. So serious
are the irregularities, he says, that preliminary reports of
the investigation of the companies have been submitted to
the District Attorneys of New York, Bronx, Kings, Queens
and Nassau Counties for appropriate action. In addition,
he announced, he was preparing to bring legal actions against
certain officers of the companies to recover large sums of
money in instances where the officers' civil liability was
indicated. Four specific charges of improper practices by
certain of the companies have been disclosed to date by an
investigating bureau that he set up shortly after the companies were taken over, Mr. Van Schaick said. The charges
are as follows: "Properties were conveyed without ample
consideration to insiders. Securities were sold to innocent
purchasers while the issues were in default. Moneys received in trust were not treated as trust funds. Improper
substitutions were made in certificate issues of defaulted
mortgages." The statement issued by George S. Van
Schaick follows:
Important developments of the past few weeks in the guaranteed mortgage field are of interest and concern to the public. In order that there
may be full understanding of the developments as they occur and in conformity with the policy of the Insurance Department to give frequent
bulletins as to matters of public interest this statement is made.
Practices Disclosed Declared Shocking.
Shortly after the Department took over the fourteen title and mortgage
companies for rehabilitation I established a special bureau to make an
Inquiry into the practices of the various companies. A view from within
had become possible. Preliminary reports have been received as to some
of the companies. I intend to continue the inquiry into every company
and every department of every company. Every complaint is being investigated with painstaking care. The practices disclosed to date in some
of the companies are shocking. Properties were conveyed without ample
consideration to insiders. Securities were sold to innocent purchasers
while the issues were in default. Moneys received in trust were not treated
as trust funds. Improper substitutions were made in certificate issues
of defaulted mortgages.
Preliminary Reports Forwarded to District Attorneys.
As a result of the preliminary reports, many of the old employees and
officers of the companies have severed their relations with the companies
by direction of the Superintendent. The salaries of the necessary higher
officials who have been retained have been substantially reduced. The
scope of the investigation has been presented to the Insurance Board and
the preliminary reports have been forwarded to the District Attorneys of
New York County. Bronx County, Rings County, Queens County and
Nassau County for appropriate action.
Department to Commence Proceedings to Recover Money from Officials
Outside of indications of possible criminal acts contained in the reports
to the District Attorneys, this Department is commencing proceedings to
recover large sums of moneys from officials of the companies where civil
liability is indicated. The Department has already in one instance recovered for the mortgage and certificate holders and other creditors a substantial number of properties which were improperly conveyed by the
officials of one of the companies to a dummy corporation controlled by
favored outsiders.
Over 200 Witnesses Examined,
To date approximately 200 witnesses have been examined covering
thousands of pages of testimony. The special Investigator for the Department has on hand an additional list of a large number of witnesses who will
be examined shortly. The Insurance Department is not a punitive agency
of the State. Its primary aim is to protect and conserve the assets of the
certificate and mortgage holders. Naturally, however, the Department
has offered complete co-operation to the prosecuting agencies of the State.
3414
Financial Chronicle
Conditions Found by Department Outlined.
When the Superintendent took over the fourteen companies for rehabilitation it was obviously for the best interests of the creditors to provide
continuity in the operation of the properties on account of the involved
situations presented. To this end the old staffs and employees were of
necessity continued until from time to time investigation showed incompetence, improprieties or corruption. In the case of two of the companies
the personnel in charge of the companies prior to rehabilitation has been
so shattered by the charges indicated in the investigation that practically
no high officials are left in the companies' employ.
Superintendent Still Believes Substantial Value in Good-Will Left.
As a result the Superintendent is arranging to cancel the contracts under
which two new companies created pursuant to court order have handled
the properties involved in the rehabilitation. The Superintendent still
believes that there may be a substantial value in the good-will of the title
or mortgage business of these companies. Experience since rehabilitation
justifies this belief. To that end the new companies will be continued until
such time as the good-will is proven not to exist or is disposed of for the
benefit of creditors.
Reorganizing of Certificate Issues.
Hand in hand with the investigations the Insurance Department has
been endeavoring to untangle the affairs of the companies which have been
greatly complicated by the practices disclosed. The Department is inaugurating a short-cut method for reorganizing certificate issues and placing
them under the control of certificate holders without the waiver of any
rights against the companies.
Guaranties Outstanding Exceeded $2,500,000,000.
The situation which confronted this Department is unique in the annals
of insurance departments of the country. The total mortgages and real
estate involved in rehabilitation of these companies exceeds in dollars and
cents the total assets of the four big railroad systems now in receivership
and approximates in amount the total "trouble sum" of farm mortgages.
Half a million investors are involved, the number of properties exceeds
200.000, the total volume of the guaranties outstanding was in excess of
$2.500.000,000. In the main the companies and the properties affected
are located in New York City. The rehabilitation of these companies is
equivalent to the reorganization of an entire industry; in fact, a basic
industry in that the operations of these companies constituted a substantial
portion of the building program fund for the last decades in the City of New
York. Substantial progress is being made, but the size of the problem
prevents speed.
Aid of Reconstruction Finance Corporation Sought.
Many holders of the certificates are in want. The Superintendent has
sought throughout the summer the assistance of the RFC. A plan has
been devised to create a rediscount corporation, run not for profit but for
the purpose of lending to needy certificate holders limited amounts against
the deposit of their certificates. No definite reply has been received from
the RFC to date. The public is assured that every effort will continue in
order to provide some such temporary relief for certificate holders in distress. Without such loan facilities there are "loan sharks" in evidence
taking advantage of people's financial distress by charging exorbitant
rates or purchasing at fractions of real values.
Hearing on NRA Code for Savings, Building and Loan
Associations Scheduled for Dec. 4.
Deputy Administrator Arthur D. Whiteside will hold a
public hearing on the proposed code of fair competition for
the Savings, Building and Loan Associations on Monday,
Dec. 4 1933 at 10 a. m. in Washington, it was announced
by the National Recovery Administration on Nov. 7. The
code, which will be sponsored by the United States Building
and Loan League, of 104 South Michigan Ave., Chicago,
proposes a sliding minimum wage scale of from $15.00
per week in a city of more than 500,000 population to $12.00
per week in any town with less than 2,500 population. A
maximum 40-hour work week, averaged over a period of 13
weeks, with exceptions for executives, night watchmen and
emergency cases such as peak demands and Federal and
State examinations.
New
Draft of
NRA Grain Code Adopted By Chicago
Board of Trade.
A new draft of the grain exchange code was unanimously
adopted by the directors of the Chicago Board of Trade on
Nov. 3, according to the Chicago "Journal of Commerce"
from which we also quote:
It contained several important changes from the code previously submitted to the authorities at Washington.
Under the new draft the functions of the Business Conduct Committee
are clearly defined, and the regulation is to be made a part of the general
rules of the Exchange. It must conform to the exact text adopted by contract markets in 1926, when the Grain Futures Administration was created.
except that appointment to the Committee may be made from directors
of the Exchange and the Exchange Clearing House instead of their respective presidents serving.
Must Represent All Interests.
The personnel of the Business Conduct Committee under the new code
must be truly representative of the various interests of the Exchange.
such as the cash and speculative branches, and no more than two members
of the Committee shall represent the same class of trade intreests in the
Exchange.
Necessary investigations and reports for the Business Conduct Committee
must be made by a supervisor, who will act as executive representative
of the Committee. He is authorized and required to engage expert accountants and other employes, not members of the Exchange. necessary
to assist in making the investigations. The office of supervisor is to be
non-elective.
Another important departure from previous experience is that the Board
of Directors must, under the code, be truly representative of the membership and be a cross-section of the trade. The nominations may be made
either by Committee or by a petition of the membership.
Nov. 11 1933
Must Report Changes in Rules.
The Secretary of Agriculture must be notified when any changes have
been made in the rules of the Exchanges, and the directors of governing
body of the Exchanges must maintain strict supervision over public elevators when receipts of the grain are to be delivered on future contracts.
A minimum wage scale of $16 a week is called for under the new code,
compared with the $15 in the previous one. No mention was made of
trading in indemnities in the latest draft. If the AAA approves of the
code a public hearing will be held after ten days' notice.
It is also stated that uniform margin requirements, on
trades, are approved for as in previous code. Peter B. Carey,
President of the Board of Trade, who returned from Washington on Nov. 3, is reported as stating that the code had been
submitted to the Agricultural Administration.
NRA Code For Stock Exchange Firms Approved By
President Roosevelt.
The NRA Code for Stock Exchange firms was approved
by President Roosevelt on Nov. 4, and it is to become
effective Monday Nov. 13. Regarding its provisions we
quote the following from the New York "Herald Tribune"
of Nov. 10:
The brokerage code gives the employees the right to organize and bargain
and says that employees may not be forced to join a union or kept from
doing so. No person under sixteen may be employed. A forty-hour week
is established for employees, with the exception of guards, partners, outside
salesmen and executives earning more than $35 a week. Provision is made
for additional hours to meet contingencies. Employees, working
more
than forty-four hours a week for four months, shall be paid overtime at
the rate of 133 1-3% of their hourly rate. If employed for forty-eight
hours in any one week, the same overtimes shall be paid.
A minimum wage for New York is established at $16 a week. Minimum
wages in smaller cities vary, falling to $14 in cities of 2,500 to
250,000
population.
The code requires that all brokers be prepared to file with the administrators statistics covering the wages, number of persons employed, hours
of work of their personnel at any time.
Although all Stock Exchange firms must abide by the code regulations,
only those signing will have a voice in the administration. Provision is
made for amendment through the administrators and with approval of the
President.
Items bearing on the code appeared in these columns
Aug.26, page 1498; Sept. 9, page 1851 and Oct. 7, page 2548
Interpretation of Federal Reserve Act Making Capital
Notes and Debentures Issued to State Banks
Eligible as Capital of Such Institutions—Applications to RFC Requesting Purchase of Preferred
Stock in Non-Member Banks.
Interpretation of the Federal Reserve Act, making capital
notes and debentures issued to State banks eligible as capital
of such institutions, was announced on Nov. 8, in behalf of
the Non-member Preferred Stock Board by Harvey C.
Couch, director of the Reconstruction Finance Corporation
and head of that Division. The announcement says:
The liberalized ruling smooths the path for non-member banks in 20
States where preferred stock may not be issued and where capital notes or
debentures must be used to increase the capital s6ructure of financial institutions. Rulings of the Federal Reserve Board heretofore have specified
that non-member State banks wishing to qualify for membership had to
have an unimpaired capital equal to the capital required of National banks
located in the same city. The Emergency Banking Act specifically sets
forth that preferred stock should be regarded as capital. The Non-member
Preferred Stock Board, in conjunction with the Federal Reserve Board, has
now determined that it was the intent of Congress to give capital notes and
debentures the same standing.
The effect of the liberalized policy will be that non-member State banks
which avail themselves of the opportunity of selling capital notes
and
debentures to the Reconstruction Finance Corporation will not only
be
assisted in qualifying for Federal deposit insurance, which takes effect
Jan. 1 1934. but will at the same time prepare themselves for entrance
into the Federal Reserve System, which the Deposit Insurance Act provides
must be done by 1936.
It is the intention of the RFC,the Federal Reserve Board and the Nonmember Preferred Stock Board to suggest to the next Congress the advisability of clarifying the law to carry out the interpretation which has
just
been put into effect.
Applications requesting the RFC to purchase preferred stock in nonmember banks already are beginning to reach the Board of the RFC, as a
result of the work which the non-member preferred stock committees in the
various State capitals are doing The 12 district supervisors named by the
Corporation are actively engaged in a campaign to acquaint the various
clearing house associations with what the RFC and the Federal Deposit
Insurance Commission hope to do in preparing non-member State banks for
deposit insurance
Emphasis is being placed on the necessity for immediate action in order
to avoid any jam of such applications just prior to Jan 1 1934, when the
deposit insurance law becomes operative. The co-operation which the
Board is seeking to bring about between State Banking Supervisors, nonmember banks, the agencies of the RFC,the Federal Reserve System, and
the Deposit Insurance Commission has been increased by the acceptance
of the invitation to serve with the non-member preferred stock committees
of leading non-member bankers in all parts of the country.
A list of bankers in the various States (made public by the
RFC)who have thus far accepted the invitation to participate
in the non-member preferred stock campaign, includes the
following in New York State:
New York
Joseph A. Broderick, Superintendent of Banks, Albany, N. Y.
D. V. Penn, Federal Deposit Insurance Commission Supervisor.
George E. Merrill, Pres. Erie County Trust Co., East Aurora (Buffalo) N. Y.
George A. Barnewell. Vice-President, Brooklyn Trust Co., Brooklyn. N.Y.
1
Volume 137
Financial Chronicle
Members of New York Clearing House Association Act
on Procedure for Issuance of Capital Notes to Be
Sold to RFC—State Banks Approve Forms—National Banks Await Ruling of Comptroller of
Currency.
Plans for the procedure incident to the issuance of capital
notes by member banks were considered at a meeting yesterday (Nov. 10) of the New York Clearing House Association. Last month (Oct. 18) the Clearing House adopted
a resolution registering its support of President Roosevelt's
proposal that the banks sell preferred stock or capital notes
to the RFC. Yesterday the members of the Clearing
House approved the form of capital notes which will be
issued by State banks and trust companies in accordance
with the Federal Administration's plans.
From the Brooklyn "Daily Eagle" of last night(Nov. 10)
we quote:
The Association members decided that the notes should carry a threeyear maturity date and be callable at the option of the issuing institution
at any time. By thus placing an actual maturity date on the notes a
highly controversial point in this whole matter of expanding banking
capital, as far as the New York banks are concerned, was settled.
Up to this time bankers did not know whether they were expected to
let the RFC become "partners" in their banks for a temporary period or
permanently.
The question as to whether or not National banks may issue capital
notes has not yet been definitely decided. The matter is still being taken
up with the Comptroller's office.
From present indications it appears that the New York City banks
will issue not more than probably $100,000,000 in capital notes. Earlier
estimates were set at twice that sum.
Chicago Clearing House Association Endorses Administration's Plans for Issuance by Banks of Preferred Stock or Capital Notes.
The Chicago Clearing House Association on Oct. 30,
according to the Chicago "Journal of Commerce," adopted
a resolution approving the Administration's policy of
strengthening the country's banking structure through issuance of preferred stock or capital notes. The paper quoted
further said:
The Association recommended to its members and affiliated banks that
each bank "examine its own position and issue such preferred stock or
deferred capital notes, if any, as may be determined by it."
Following is the resolution:
"Whereas, the present National Administration desires to strengthen
the banking resources of the country, and
"Whereas, the Chicago Clearing House Committee is in sympathy with
such Program,
"Be it resolved, that the Chicago Clearing House Association approves
the Administration's policy of strengthening the banking system of the
country by having banks issue preferred stock or deferred capital notes
and recommends to its members and affiliated banks that each bank examine
its own position and issue such preferred stock or deferred capital notes,
if any, as may be determined by it."
Decline to Comment.
Heads of leading downtown banks declined to comment on prospective
plans of their individual institutions. However, it is anticipated that some
of the larger institutions will "go along" with the Administration in this
proposition. Early announcements along this line are anticipated.
Here, as elsewhere, the movement has been resisted but the bankers
state in most cases that definite consideration has not been given by directors. The Continental Illinois National Bank & Trust Co. already has
arranged with the Reconstruction Finance Corporation for that agency
to purchase $50,000,000 preferred stock. It was the first large bank in
the country to comply with the Administration's request.
Recommended in New York.
Following the Continental's action, the New York Clearing House
Association recommended to its members that they comply with the
Administration's urgings in this matter. Several New York institutions
have announced that they will issue preferred stock or capital notes, but
details have not been made public with one exception.
The recommendation of the local Clearing House Association was not so
"enthusiastic" or direct as that of the New York body. Whereas the
New York Association recommended "to its members their co-operation
in carrying out his (the President's) suggestion," the Chicago Association
recommended "that each bank examine its own position and issue such
preferred stock or deferred capital notes,if any,as may be determined by it."
Proposal of Governor Landon of Kansas for Regulation
of Banks Through Self-Perpetuating Board of
Bankers—Opposed by Former Senator Barnes.
In the Topeka "Capital" of Oct. 26 it was stated that
some opposition is being voiced against Governor Landon's
proposal to "take the banks out of politics" by turning the
regulation of banks over to a self-perpetuating board of
bankers, practically free of State control after the first
Board is named by Governor Landon. The account said
that a letter written by A. K. Barnes, former State Senator
from Wabaunsee, to Governor Landon probably marshals
some of the main objections to the measure in logical order.
In his letter Senator Barnes, according to the "Capital,"
said in part:
Recently I have heard considerable discussion of the proposed change
in bank legislation to which I desire to call your attention.
I find much opposition to the proposed new banking bill.
It is argued that under the present law that the State banks of Kansas
have passed through the worst depression in our history in better condition
than the banks of any neighboring States: and, therefore, there is no need
of a radical change. "Let good enough alone" is the prevailing thought.
3415
Relieves Slate of Power.
I think myself, in the consideration of so important a subject as banking
that the important industries, and the several classes of citizens should
have been consulted and the bill made to conform to the best interests of
the public in general, and not to incorporate the selfish interest of a single
class—and especially not of the interest gatherers.
The proposed bill is being strongly opposed because it relieves the State
of its present power of regulating State banks. At present the Bank
Commissioner being an appointee of the Governor, the administration is
held responsible for the regulation of banks under the laws enacted by
the Legislature. It seems unthinkable that the banking system of the
State should be turned over to the bankers alone, when it is conceded that
they perform one of the most vital functions in our complicated civilization
—more important, perhaps, than the railroad or other public utilities.
It is also contended that the proposed Board is given far too much power
—that the powers given to this Board should remain as they are, namely,
in the Legislature and the Executive Department of the State.
This bill, releasing State regulation, is exactly opposite to the tendency
during the last generation. As corporate interests increased and developed, it became apparent that more State and National regulation became
necessary in the public interest. To many people, it appears that banking should be no exception to the rule.
No Time to Experiment.
The Federal Reserve System was enacted to prevent panics. The
bankers were placed in control. If this depression through which we have
passed Is not the most severe panic that I have witnessed in 60 years. then
I do not know what a panic is. Leaders in agriculture generally attribute
most of their ills to the mismanagement of the Federal Reserve System—
controlled by bankers. These leaders aver that they are not wise enough
to manage the system they created and controlled, and which they claimed
approached perfection.
And now for the State to abandon all control and give the public over
to the tender mercies of the bankers' board of seven members seems to
many and to me to be contrary to our past experience and knowledge, and
seems like a wild and irridescent dream. It seems more like a nightmare
than a reality.
The popular opinion seems to me to be that the banks need more regulation, not less.
With the credit situation as it is—the machinery of the National Government exerting every possible effort to extend credit, with confidence
at the lowest ebb in my memory, it seems to me that this is no time to trY
experiments of this nature.
The interest which I have noted on this subject prompted me to write
you. I hope to be able to see you soon and hope no serious mistakes will
be made in the special session.
Clearing Houses Which Have Endorsed Proposal of
RFC for Issuance of Preferred Stock and Capital
Notes by Member Banks.
Under date of Nov. 6 Jesse H. Jones, Chairman of the
Reconstruction Finance Corporation, said:
To date,61 Clearing House Associations have responded to our suggestion
that they give consideration to the matter of issuing preferred stock and
capital notes by their member banks. Thirty-two of these Associations
have already adopted resolutions endorsing the plan, and the remaining
29 have the matter under consideration and slated for early action. Among
those already endorsing the plan are:
Birmingham,
San Diego
Duluth
New Havetv
Scranton
Bridgeport
Fort Worth
New York.
Spokane
Buffalo
Omaha
Grand Rapids
Tacoma
Chicago
Houston ,
Paterson
Trenton
Cleveland
Pittsburgh
Indianapolis
Tulsa
Reading
Dallas
Jacksonville
New Bedford, Mass
St. Paul
Denver
Memphis
Des Moines
Newark
Salt Lake City
Delaware County Regional clearing House Association, Delaware Cr, N.Y.
Indiana Commission Acts to Restrict Interest. on
Deposits
In the Indianapolis ,'News" it was stated that the Indiana
Commission on Financial Institutions on Oct. 27 sent to
the 482 banking concerns in its jurisdiction an order restricting the interest payable on the various classes of deposits.
The item continued:
Under the Financial Institutions Act of 1933 the department receives its
authority. effective Nov. 1. It prohibits the payment of interest on demand deposits: fixes 3% as the maximum interest on time and savings
deposits and requires all non-member State banks to be bound to a similar
ruling issued by the Federal Reserve Board affecting National and Federal
Reserve member banks.
Interest Code Set Out.
The ruling establishes a uniform interest code in Indiana. Letters with
the order urge banks to fix an interets rate less than 3% as a matter of
conservative banking practice and because of the reduced earnings. The
order also fixes regulations governing savings accounts withdrawals.
Federal Reserve Board in Survey of Banking and
Business Conditions in Monthly "Bulletin",1 Reports Marked Decline in Industrial Activity')in
Which Processing Taxes or Codes Have Become
Effective.
A statement in the October "Bulletin" of the Federal Reserve Board (issued Oct. 27), which has commanded attention, concerns a reference to the decline in industrial activity
during the past two months, which, says the Board, "has
come, in large measure, in the industries in which expansion
previously has been most rapid," the Board adding: "It has
almost been marked in industries in which processing taxes
or codes have become effective recently." These comments
by the Board have brought disclaimers, or interpretations,
from General Johnson. Administrator of the NRA, and Secretary.of Agriculture Wallace, both of whose views anent
the assertions of the Reserve Board are given in another item
Financial Chronicle
3416
in this issue. From the October "Bulletin" we take as follows the Reserve Board's statements contained in its review
of the month:
Recent Course of Business.
For the past two months there has been a reaction in industry from the
exceptionally rapid expansion of activity during the spring and early summer months. Notwithstanding this reaction, business was in considerably
larger volume in August and September than in March.
At the time of the banking holiday industrial activity was close to the
lowest level of the depression. Almost immediately after the reopening of
the banks there was an increase in activity. The increase Was accelerated
by the prospects of increased costs and price advances as a result of processing
taxes and code provisions and also by anticipation of inflation. In particular, industries making semi-finished, storable goods were influenced by
these prospects; some industries, notably textiles and shoes, advanced production rates in the early summer to the highest levels on record.
The decline in industrial activity during the past two months has come,
in large measure, in the industries in which expansion previously had been
most rapid. It has also been marked in industries in which processing taxes
or codes have become effective recently.
Value of construction contracts awarded has increased in recent months
from the extreme low level prevailing in the spring to about the level of a
year ago. There has been some increase in building material prices, but the
growth in contracts has reflected chiefly the larger volume of work undertaken.
Employment and incomes of wage earners have increased materially since
last spring, and this increase has continued in August and early September,
when industrial output showed a decrease. The continued increase in number of workers and in their earnings in August and September, while production in some basic industries was declining, is partly statistical, reflecting differences in report dates. It is chiefly, however, a reflection of the
Increase in wage rates, the decline in hours, and the spreading of work.
The Bureau of Labor Statistics reported an increase in average hourly earnings of factory workers from 42.7c. an hour in early July to 48.5c. in early
August, while the average hours worked decreased from 42.3 to 38.6.
Prices of commodities, after advancing rapidly last spring and early summer, have been fairly stable, on the average, since July. This stability has
reflected the net result of declines in prices of world commodities, which
had advanced with the earlier decline in the exchange value of the dollar,
offset by a rise in prices of finished goods. As the result of higher crop
prices the income of farmers for the year is expected to be more than
$1,000,000,000 larger than last year, though still below the level of other
recent. years.
Retail trade, as indicated by sales at department stores, increased from
57% of the 1923-1925 average in March to 77% in August, after allowance
for seasonal changes in buying, and then declined to about 70% in September. This compares with 68% of the 1923-1925 average in September 1932.
These figures represent dollar values and reflect rising prices as well as a
larger volume of purchases. Prices have advanced considerably during the
past two months. Trade reports for September attribute the fact that sales
increased by much less than is usual at this time of year to three principal
factors—the heavy sales in August, unseasonably warm weather, and buyers'
resistance to higher prices. Sales of chain stores continue to be in considerably larger volume than a year ago.
Increase in Reserve Bank Credit.
Volume of Reserve bank credit outstanding increased further in September
by about $125,000,000, reflecting additional purchases of United States
Government securities by the Federal Reserve banks. The growth of Reserve
bank credit was reflected in further increase in member bank reserve balances, and since there was little growth in deposits almost all the addition
to reserves was reflected in an increase in excess reserves. Excess reserves
of member banks rose during the month to about $775,000,000, the highest
that they have ever been. These developments are illustrated by the chart
(this we omit.—Ed.) which shows for the last five years changes in the
‘olutne of reserves held by the member banks, compared with changes in
their required reserves.
Money Rates.
Money rates, which have been at low levels for several months on all
classes of loans, showed a further slight decline in September. Open market
rates at New York on prime commercial paper declined from 1% at the
end of August to 114% at the end of September, the lowest level on record.
The prevailing rate on call loans continued at 14 of 1%, the rate on 90-day
bankers' acceptances at 1 of 1%, and the yield on short-term obligations
4
of the United States Government at a nominal figure below 1/10 of 1%.
Currency.
On Oct. 4 1933 the volume of money in circulation was at a level of
$5,652,000,000, indicating a decline of $1,929,000,000 from the all-time
peak of $7,581,000,000 reached on March 13 1933, but was still $1,200,000,000 above the average low level of the present depression reached in
the autumn of 1930. About one-half of the decrease from March 13 reflected
the return of currency from the public and the other half the return of
vault cash from banks. Money in circulation declined rapidly after the
reopening of the banks on March 13-15, and continued to decline from week
to week until September, notwithstanding the increase in the demand for
currency arising from enlargement of payrolls and increase in the volume
of retail trade. This indicates a continued return of money from hoards as
banking facilities were re-established.
Growth of Bank Credit.
Since March 15 loans and investments of all commercial banks in the
United States are estimated to have increased by about $1,000,000,000, reflecting chiefly the purchase by the banks of United States Government
securities and bankers' acceptances and an increase at New York City banks
in loans to brokers and dealers in securities. Holdings of other securities
and loans to customers have been reduced. The increase, as indicated by
figures for reporting member banks in leading cities, occurred for the most
part between March and July; since then there has been relatively little
change in total loans and investments.
Bank Deposits.
From March to June deposits at banks increased substantially, and this
growth continued at a slower rate from July to September.
Total deposits of all banks other than mutual savings banks in the United
States were about $36,000,000,000 on Dec. 31 1932. At the close of the
banking holiday, March 13-15, the deposits of open banks were about
$27,000,000,000, about $9,000,000,000 less than at the beginning of the year.
Since the holiday, deposits of licensed banks other than mutual savings
banks have increased by about $5,000,000,000, or 20%, to about $32,000,.
Nov. 11 1933
000,000, reflecting chiefly the licensing of additional banks (including reorganized and new banks) and the paying out, in part, of deposits of banks
placed in liquidation or receivership; the purchase of United States securities and acceptances by the banks; and the return of currency and gold to
the banks frotn hoards. In addition there was a considerable increase in
bankers' balances which are in the nature of a duplication. The important
factors in the growth of deposits of licensed banks between March and
September are summarized in the following table:
[Estimated figures in millions of dollars]
1,000
Return of currency and gold to banks
1,000
bank loans and investments
Growth in
2,000
Banks licensed, new banks organized, Sze
1.000
Growth of bankers balances
6,000
Total increase in deposits
The rate of turnover of deposits of reporting member banks in leading
cities, after having increased sharply between March and July, has been
decreasing during recent months, from about 22 times per year in July to
18 times in August and September. This decrease in velocity of deposits
reflected both a slowing down in the activity of organized exchanges, such
as the securities markets and the markets for basic commodities, and some
recession in the volume of business activity in general.
Movement of Bankers' Balances.
Between March 15 and June 15 the growth in bank deposits was accompanied by an accumulation of bankers' balances in the important financial
centers, chiefly in New York City. At reporting member banks in New
York City bankers' balances increased by $700,000,000, and at other reporting member banks they increased by $600,000,000. Following enactment in
June of the Banking Act of 1933, which prohibits the payment of interest
on demand deposits by member banks, to the middle of August, withdrawal
of bankers' balances from the reporting member banks in New York City
amounted to $400,000,000, and from the reporting member banks elsewhere
to $200,000,000. Between the middle of August and the end of September
bankers' balances at leading cities increased again by $100,000,000, reflecting in part proceeds from the marketing of farm crops.
Reopening of Closed Banks
Further progress has been made during recent months in the reopening of
closed banks, the return of banks to unrestricted operation, and the liquidation of bank assets in the hands of receivers or other liquidating agents. It
is estimated that since the end of the banking holiday the volume of funds
made available in one or another of these ways for the use of depositors has
approximated $2,000,000,000. This figure relates to both National and
State banks, whether members of the Federal Reserve System or not, excepting mutual savings banks. The number of member banks in unrestricted
operation has increased from about 5,075 in March to 5,750 at the end of
September, and the number of non-member banks (exclusive of mutual savings banks) from about 6,800 to about 8,300. The increase of about 700
in the number of member banks reflected in part the admission of about
130 additional State banks to membership. At the end of September there
were still more than 2,500 closed banks (exclusive of mutual savings banks
and banks in the hands of receivers) with total deposit liabilities approximating $1,750,000,000. About 800 of these were National banks, with deposits
of $730,000,000. Announcement has been made by the Comptroller of the
Currency that plans for the reorganization of about 375 of these National
banks, holding about $300,000,000 of deposits, have been approved.
General Johnson, Administrator of NRA, Denies
Statement by Federal Reserve Board that Decline
in Industrial Activity Has Been Marked in Industries in Which Codes Have Become Effective—
Secretary of Agriculture Wallace Interprets Reserve Statement as to Effect of Processing Taxes.
Both Secretary of Agriculture Wallace and General Johnson, Administrator of the NRA, have taken occasion to
answer a statement contained in the October "Bulletin" of
the Federal Reserve Board (issued Oct. 27), in which the
Board said:
The decline in industrial activity during the past two months has come,
in large measure, in the industries in which expansion previously had been
most rapid. It has also been marked in industries in which processing taxes
or codes have become effective recently.
The Board's statement, reviewing the month, is given elsewhere in these columns to-day. General Johnson's statement, relative to the Reserve Board's comments, was issued
as follows by the NRA.
Following a telephone conversation with E. A. Goldenweiser, Director of the Federal Reserve Board's Division of
Research and Statistics, concerning a statement which appears in the Board's "Bulletin" to-day (Saturday, Oct. 20),
General Johnson said:
I have been advised by Mr. Goldenweiser of the Federal Reserve Board
that the statement in the current "Bulletin" of the Board that a decline
"has also been marked in industries in which processing taxes or codes have
become effective recently" was inadvertent.
NRA, of course, has nothing to do with processing taxes, but as to the
effect of codes, the situation is the reverse of that pictured in the Board's
statement.
Practically every major industry has been operating under a code since
August. Those not under codes have been operating under Presidential
re-employment agreements in which the provisions were usually much stricter
than the codes. And yet, with the exception of the steel industry, every
report we have received from major industries shows a definite upward
trend.
The comments of Secretary Wallace were indicated as follows, on Oct. 27, by the Agricultural Adjustment Administration:
Interpreting the Federal Reserve Board's factual statement that "the
decline in industrial activity during the past two months has come in large
measure in the industries in which expansion previously had been most rapid.
It has also been marked in those industries in which processing taxes or
codes have become effective recently," Secretary Wallace said:
"The situation is that In efforts to anticipate processing taxes so as to avoid PI:
meat while possible, mills In both Hour and textile industries enormously Increase('
Volume 137
Financial Chronicle
their activity before wheat and cotton taxes and the Increased wage costs under
NRA went into effect.
"Then, when the taxes and higher wages became effective, mills slowed down
and in some Instances blamed the processing taxes for inactivity really due to their
efforts to beat the tax.
"In flour milling, the accelerated activity before the tax went into effect Increased
production as far above the normal for 1932 as It subsequently fe:I below that normal.
The climb back toward normalcy In flour milling now has begun.
"By July textile activity exceeded by more than 30% the level that could have
been Justified by any factor except an effort to beat the tax and make profits on taxfree goods and cheap labor before the NRA code and financing of the Agricultural
Adjustment Administration's big program to aid cotton farmers went into effect.
"It was simply physically impossible for the textile industry to remain at the
forced high levels which its mills attained in their peak in July."
Allotment of Cash Subscriptions Received to Offering
of $600,000,000 of Treasury Bonds of 1943-45—
Amount Allotted $500,421,650—Total Cash Subscriptions $1,989,024,000—Exchange Books for
Fourth Liberty Loan 43% Bonds Still Open.
Total cash subscriptions to the offering of $500,000,000
of Treasury bonds of 1943-45, dated Oct. 15 1933 amounted
to $1,989,024,000, Dean G. Acheson, Acting Secretary of
the Treasury, announced Nov. 8, according to the New
York "Herald Tribune" of Nov. 9. Of this amount, Mr.
Acheson said, $500,421,650 was allotted. Previous references to the bonds, which beath interest from Oct. 15 at the
rate of 43% per annum to Oct. 15 1934, and, thereafter,
bear a rate of 33.4% per annum until the principal amount
becomes payable, were given in our issues of Oct. 28, page
3077; Oct. 21, page 2909 and Oct. 14, pages 2737-2738.
The subscription books for the receipt of Fourth Liberty
Loan 4Y% Bonds, tendered in exchange for the Treasury
i
bonds as provided in the offering, are still open. Acting
Secretary Acheson announced Nov. 7, that up to the close
of business Nov. 6 a total of $867,500,000 of the Fourth
Liberty Loan Bonds had been refunded.
The cash subscriptions and allotments, (as given in the
Nov. 9 issue of the "Herald Tribune"), were divided among
the 12 Federal Reserve Districts and the Treasury as follows:
Federal Reserve District—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Totals
Total cash
Total cash
subs. rec'd. subs. allotted
$70,724,300
$281,976,700
869.949,000 217.928.800
115,109,650 29,036.300
104.919,650 26,554,150
13,607.850
53.382.300
94,479,650 23,713,800
176,694,950 44.668,900
9,839.550
38,070,150
5,217,850
20,464.500
5,914,250
22,033.450
8,137,750
32,169,000
179,210,100 45,050,150
28.000
65,100
$1.989.024.000 $500,421,650
New Offering of $75,000,000 or Thereabouts of 91
-Day
Treasury Bills—To Be Dated Nov. 16 1933.
Announcement of a new offering of 01-day Treasury bills
to the amount of $75,000,000 or thereabouts, was announced
on Nov. 8 by Dean G. Acheson, Acting Secretary of the
Treasury. Tenders to the bills, which will be dated Nov. 15
1933 will be received at the Federal Reserve Banks, or the
branches thereof, up to 2 p. m., Eastern Standard Time,
Monday, Nov. 13. No tenders will be received at the Treasury Department, Washington. The bills will mature on
Feb. 14 1934 and on the maturity date the face amount will
be payable without interest. They will be used to meet an
issue of $75,100,000 maturing on Nov. 15. Acting Secretary
Acheson said that the bills will be sold on a discount basis
to the highest bidders. His announcement continued in part:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000 $100,000, $500,000, and $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1.000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Nov. 13
1933 all tenders received at the Federal Reserve Banks or branches thereof
up to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the
following morning. The Secretary of Lhe Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those 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 Nov. 15 1933.
' The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
3417
United States Denounces Extradition Treaty with
Greece Following Refusal of Return of Samuel
Insull to This Country—Note Terms Pact "Entirely Useless."
The extradition treaty between the United States and
Greece, signed at Athens on May 5 1931, was denounced by
the United States, on Nov. 6, when Lincoln McVeagh, American Minister to Athens, handed a sharp note of protest to
the Director of the Foreign Ministry. This action followed
the refusal of the Greek courts to return Samuel Insull, former utilities magnate, to the United States for trial on
charges growing out of the collapse of several of his MidWestern utilities. The protest expressed astonishment at
the recent verdict of the Greek Court of Appeals in refusing
to allow Mr. Insull to be extradited, and asserted that the
Court was trying the case by entering into the substance of
the accusations. The United States said that the treaty was
"entirely useless" because of the "utterly untenable" action
of the Greek courts. The text of the note, made public by the
State Department on Nov. 5, follows:
I am instructed to inform your excellency that the United States Government has learned with astonishment that the Greek authorities have again
declined to honor the request of the United States for the extradition of
Samuel Insull, a fugitive from American justice.
My Government finds it difficult to reconcile this unusual decision with
the admission of the competent authorities that the fugitive committed the
acts with which he was charged and that these acts are illegal and fraudulent
both in the United States and Greece. Without going into the details of the
decision, it is evident that the authorities attempted actually to try the
case instead of confining themselves to ascertaining whether the evidence
submitted by the United States Government was sufficient to justify the
fugitive's apprehension and commitment for trial. There can be no doubt
that the question of criminal intent referred to by the Hellenic Government
would be fairly and judiciously passed upon by the courts in the United
States. I am to add that my Government considers the decision utterly
untenable and a clear violation of the American-Hellenic treaty of extradition signed at Athens on May 5 1931.
Inasmuch as the Greek authorities have now seen fit on two occasions to
deny the just requests of the United States, made under the provisions of
the above-mentioned treaty, it is apparent that this treaty, although similar
in terms to treaties which the United States has found effective in extraditing fugitives from other countries, cannot be relied upon to effect the
extradition of fugitives who have fled to Greece. My Government therefore
considers that from the American point of view the treaty is entirely useless.
Accordingly, I am instructed to give formal notice herewith of my Government's denunciation of the treaty with a view to its termination at the
earliest date possible under its pertinent provisions.
In Associated Press accounts from Athens, Nov. 6, it was
stated:
Premier Tsaldaris, in an interview, declared he had requested the Ministry
of Justice to go through the file in the Insull case and determine whether
anything important had escaped the Court.
He expressed his personal opinion that Greek justice stood as the highest
and expressed regret that the United States was so persistent and attached
so much importance to the Court's verdict.
Final 1932 Presidential Election Figures Show 22,821,858
Votes for Franklin D. Roosevelt and 15,761,841 for
Herbert Hoover.
Final figures on the 1932 Presidential election, compiled
by Simon Michelet, President of the National Get-Out-theVote Club, show that President Roosevelt received 22,821,858
votes against 15,761,841 cast for Herbert Hoover, or a plurality of 7,060,017, as against a Republican plurality of
6,423,484 in 1928. Advices to this effect were contained in a
Washington account, Oct. 22, to the New York "Times,"
which also had the following to say:
Norman Thomas, Socialist, polled 884,071, compared with 266,558 in
1928. Other parties, 12 in all, received 295,819 votes, as against something
like 100,000 four years ago.
"Roosevelt and Garner received 57.4% of the popular vote, the highest
Democratic percentage since Andrew Jackson," Mr. Michelet said. "They
received 472 electoral votes, against 59 for Hoover and Curtis, or the highest
electoral percentage since the Civil War. Such are the outstanding features
of the greatest reversal of party supremacy since the Republican party came
to the White House under Lincoln.
"Thirty-four States, or nearly three-fourths of the Union, swung from
Republican to Democratic allegiance. Eight States continued their Democratic allegiance with increased majorities. This makes 42 Democratic
States in all.
"Six States only, Connecticut, Delaware, Maine, New Hampshire, Pennsylvania and Vermont, remained under the Republican banner with reduced pluralities.
"The Electoral College, which seated Hoover and Curtis on March 4 1928,
by a majority of 357, seated Roosevelt and Garner on March 4 1933 by an
electoral majority of 413, a new record.
"Roth in number of voters and in percentage qualified, the outpouring
to the polling places passed all records since women were admitted to
suffrage.
"The net gain in vote for all States was 2,956,806 over the previous
record of 1928.
"Registration and town poll lists cn the morning of Nov. 8 1932 contained,
according to estimate, 47,457,102 names of legally qualified electors, including about 1,000,000 voters who went to the polls, but through sundry errors
failed to be counted for President. The returns indicate that 41,000,000
voters went to the polls, against 6,500,000 registered 'stay-at-homes,' a
better record by a million votes than even in 1928.
"This country is still far from the 100% mark of incorporating into the
voting electorate all citizens 21 years of age. The census of 1930 found
over 66,000,000 American native and naturalized citizens of voting age.
3418
Financial Chronicle
"Drastic State Registration Acts, restrictive election laws, are partly responsible for excluding about 19,000,000 citizens horn the poll lists."
The tabulation, as given in the same paper, follows:
VOTE FOR PRESIDENT IN 1932.
Electoral
Vote.
Mate-
Roosevelt.
(D.) (R.) (Dem.)
Popular Vote.
Hoover.
(Rep.)
Thomas Other
(Soc.) Parties.
Total.
Alabama
207,910
11 ____
34,675 2,030
739 245,354
Arizona
118,251
36,104 2,618
265
79,264
3 -___
Arkansas
220,562
28,467 1,269 1,224
189,602
9 ____
California
22 ____ 1,324,157 847,9C2 63,299 32,608 2,287,966
Colorado
457,696
189,617 13,591 3,611
250,877
6 ____
Connecticut
594,183
8 281,632 288.420 20,480 3,651
Delaware
57,073 1,376
133 112,901
54,319
3
Florida
69,170
206,307
66 1,043 276,586
7 -___
Georgia
19,863
234,118
12 ___
461 1,148 255,590
Idaho
71,312
109,479
4 ____
526 5,203 186,520
Illinois
29 ____ 1,882,304 1,432,758 67,258 25,608 3,407,926
Indiana
862,054 677,184 21,388 16,301 1,576.927
14 ____
Iowa
598,019 414,433 20,467 3,764 1,036,683
11 ____
Kansas
424,204 349,498 18,276
791,978
9 ____
Kentucky
580,574 394,716 3,853 3,920 983,063
11 ____
Louisiana
249,418
18,853
663 268,934
10 ____
Maine
417 298,494
166,631 2,489
5 128,907
Maryland
314,314 184,184 10,489 2,067 511,054
8 ____
Massachusetts
800,148 738,959 34,305 8.702 1,580,114
17 ____
Michigan
739,894 39,205 13,966 1,644,765
871,70C
19 ____
Minnesota
600,806 363,959 25,476 12,602 1,002,843
11 ____
MissLippl
146,034
686
5,180
140,168
9_
Missouri
15 ____ 1,025,406 564,713 16,374 3,401 1,609,894
Montana
78,078 7,891 3,224 216,479
127,286
4 ____
Nebraska
359,082 201,177 9,876 6,811 576,946
7 ____
Nevada
41,430
12,674
28,756
3_
New Hampshire _____ ____
947
103,629
264 205,520
4 100,680
New Jersey
806,630 775,684 42,998 4,751 1,630,083
16 ____
54,217 1,776
New Mexico
524
95,089
151,606
3 ____
New York
47 ____ 2,534,959 1,937,963 177,397 38,611 4,688,930
North Carolina
497,566 208,344 5,591
89 711,590
13 ____
North Dakota
178,350
4 ____
71,772 3,521 2,647 256,290
Ohio
26 ____ 1,301,695 1,227,679 64,094 16.620 2,610,088
Oklahoma
704,633
188,165
516,468
11 ____
Oregon
136,019 15,450 3,468 388,808
213,871
5 ____
36 1,295,948 1,453,540 91,119 18,414 2,8E9,021
Pennsylvania
Rhode Island
146,604 115,266 3,138 4,162 269,170
4 ____
1,978
South Carolina
102,347
4 104,411
82
8 ____
South Dakota
99,212 1,551 4,160 288,438
183,515
4 ____
11 ____
126,806 1.785 2,229 390,637
Tennessee
259,817
97,959 4,450
Texas
637 863,394
760,348
23 ____
84,795 4,087
Utah
947 206,579
116,750
4 ___
3
78,984 1,533
Vermont
197 136,980
56,266
89,637 2,382 1,944 297,943
Virginia
203,980
11 ____
Washington
353,260 208.645 17,080 35,829 614,814
8 ____
West Virginia
405,124 330,731 5,133 2,786 743,774
8 ____
Wisconsin
707,410 347,741 53,379 6,285 1,114,815
12 ____
3 ____
39,583 2,829
Wyoming
180
54,370
96,962
Total
472
59 22.82L858 15.761.841 884.071 295,819 39.763.589
"Other Parties" Includes Communists, Farmer-Labor, Liberty, Social Labor,
National, Jacksonian, Popu'ist, Nonpartisan, Prohibition, Jobless, Indus.trialLst.
Independent, dic., and scattering. Of the 12 -Other Parties" here named, the
Communist and Social Labor had tickets in a good share of the States and the rest
had tickets here and there without National organization. All States had more
or less "scattering," though not all States reported thereon in returns to the United
States Secretary of State's office.
Declarations on Gold Standard Adopted by New York
State Chamber of Commerce-Discussions Incident
Thereto-Substitute Resolution Voted Down
Views of L. F. Loree, Professor Kemmerer, Percy
H. Johnston, A. W. Benkert, &c.
Supplementing the item appearing in these columns,
Nov. 4 (page 3228) regarding the declarations of the Chamber of Commerce of the State of New York on the gold standard, we are referring here to the discussions incident to
the adoption of the four resolutions by the Chamber in which
it reaffirmed "its conviction that a gold standard is the most
satisfactory monetary system, from the standpoint of the
American people as a whole." As was noted in our issue of a
week ago, wherein we gave the resolutions and report in
full, the Chamber registered it as its belief "that it is of the
greatest importance to business recovery that the Administration clearly and unequivocally announce that it will not
adopt an automatic commodity dollar or a managed commodity dollar or similar currency expedients, but will adopt
a policy directed toward the return to a gold standard."
With 315 persons present at the Chamber's special meeting,
on Nov. 3, only two dissenting votes were registered against
the report and resolutions offered by the Chamber's Committee on Finance and Currency. Pointing out that a change
in one of the resolutions offered by the Chamber's Committee consisted in the elimination of a clause in the second resolution which had said: "In which it may be desirable to
Incorporate certain economies in the use of gold," the New
York "Journal of Commerce" on Nov. 4 stated:
This amendment was offered by Joseph F. Eastmond, who said, in pressing for the change:
Against Debasement.
"The adoption of the resolutions including this phrase will be quoted
throughout the country as an expression of approval on the part of this
Chamber, to the debasement of our currency, to the reduction of the gold
value of the dollar from the present figure given in weight to a lower
figure, probably 65%. This means the confiscation, or rather the destruction, of 35% of all accumulated savings as represented by savings bank
deposits, commercial bank deposits, life insurance policies, bonds, mortgages, notes or other obligations having a maturity, whether fixed or demand,
and in which the amount of the obligation is definitely expressed."
The only real opposition to the declaration in favor of prompt return to
the gold standard was made by A. W. Benkert, investment banker, who
offered a substitute for the first resolution which would have had the effect
of entirely superseding the resolution calling for the return to the gold
standard. It was voted dowa by a viva voce vote.
Nov. 11 1933
Kemmerer for Gold Basis.
A telegram was read from Professor E. W. Kemmerer of Princeton University, expressing the hope that the Chamber would stand for the early
return of the gold standard.
"I hope the Chamber of Commerce will recommend an early return to the
gold standard and an immediate commitment by the Government to do so,"
said Professor Kemmerer. "Our gold supply and credit situation are such as
to render a prompt return to the gold standard entirely feasible. The danger
of an uncontrolable inflation, which is already serious, increases with every
day of governmental delay in announcing a definite stabilization plan.
John S. Small, who presided in the absence of Edwin P. Maynard, banker,
Chairman of the Committee, presented the resolutions. . . .
The meeting yesterday represented a cross-section of the leadership of the
industrial, financial and general business life of New York. In the audience
were railroad presidents, bank presidents, officials of greet corporations employing thousands of workers, as well as small business men, all interested
in a sound money policy.
Bought Commodity Dollar,
Mr. Benkert's resolution, which was defeated, would, in effect, have pledged
the Chamber to a commodity dollar. It made reference to the Chamber "in
loyalty to its traditions of patriotic support of its Government, hereby indorses and pledges its utmost co-operation to the President in the execution
of his newly-announced policy of restoring the purchasing power of the
United States to normal, &c."
Percy H. Johnston, President of the Chemical Bank & Trust Co., objected
to the Chamber's loyalty and said: "I move that all the argument and all
the question about whether we vote for 'loyalty' be stricken from this resolution and that the resolution be voted upon in principle and not as a question of whether we vote for loyalty to the President." This statement was
greeted with applause.
Earl Harding, representing the Committee for the Nation, said that the
adoption of the Chamber resolution would antagonize perhaps 75% of the
population of the country.
Leonor F. Loree, l'resident of the Delaw4re & Hudson RR, received the
greatest ovation of the speakers. Holding a bill of small denomination in his
hand as he took the floor, Mr. Loree said he had lived through two major
depressions in which he had heard much the mune arguments as were being
presented. It is a curious phenomena, he declared, that when prices are
rising nobody feels in sympathy with the creditors. . .
William H. Williams, a security dealer, said that unless the dollar was
stabilized there was no possibility of a bond market, adding that it is upon
the future bond market or future mortgage market that the business of the
United States will depend. E. C. Riegel, not a member of the Chamber,
said the President was powerless to bring about inflation.
Mr. Loree's remarks follow:
Mr. Loree: Mr. Chairman and gentlemen: These periods of commercial
distress are in no sense novel. Four thousand seven hundred years ago
Joseph, who was an officer in the Court of the Pharoahs, was
permitted to
see 14 years ahead, and he saw seven fat years and seven lean years, and
being a competent administrator he took his steps accordingly, and
he built
granaries and he filled them with grain, and he carried the Egyptian
people
successfully through that trial.
We have had in my tinre two major depressions, and the
arguments have
run very much along the same lines as we are here discussing them to-day.
We had a depression in 1873, and I remember very well going down one
evening as a boy to buy an evening paper and hearing a violent discussion
in the store in which the advocate of greenback issues said,
"What we want
is elastic currency like the mercury in the thermometer."
That was his
idea of money. That is the idea of money in this resolution.
In 1893 we had another panic, and we proposed then, or
some people
proposed, to make silver the dominant currency of the
currency of the
country on a ratio of 16 to one with gold. That would
have brought the
gold price down to less than one-half.
Now it is a curious phenomena that when prices are
rising nobody feels
in sympathy with the creditors. The money that
he gets as interest on his
loan, or the money that he receives when his loan is
paid, won't buy anything
that he receives when his loan is paid, won't buy
anything like as much as it
would when he made the loan. But there is
not a sound goes up in the
whole community in sympathy with that position.
It is only when the
shoe is on the other foot that we get together in
these assemblies and hear
these remonstrances, and it gets down to the
point where the fellow who
Is in distress wants relief by cheating the
creditor. When you have gone
all through it it gets down to that simple
fact
-a man owes the other fellow
money and he proposes to cheat him out of it.
,Now integrity is not so common a thing
that it can be found on every
street corner. It is one of the most
serious and the most unique of human
possessions.
When the war broke out there was a
treaty between Germany and
Belgium, and Germany violated that treaty
definitely, and when her attention was called to it her spokesmen said
it was a mere scrap of paper, and a
great wave of moral indignation went up In
this country over that position.
They said the agreement had been entered into;
it was a binding agreement,
and that it ought to be observed.
Now here is a -bill of the United
States (indicating), and what is the
promise made in that issue? It says on the face of it that
it is redeemable
in gold on demand at the United
States Treasury. Now that is a mere scrap
of paper. We have violated that obligation
just as flagrantly as Germany
violated its treaty with Belgium. And what is discussed
here is to go
off a sense of integrity and moral obligation and get
down to a simple plain
proposition of cheating your neighbor out of what you owe him.
Therefore
I am against the resolution.
The President: Mr. Loree, do I understand you are against
the substitute
resolution?
Mr. Loree: Yes, sir.
The President: That is what I thought. All those against
the substitute
resolution please say are. Contrary-minded, no. It is lost.
Circular of RFC Offering Notes of Corporation Issued
for Newly-Mined Gold.
Under date of Oct. 26, the Reconstruction Finance Corporation issued a circular descriptive of the notes of the Corporation which are to be exchanged for newly-mined gold. The
proposed issuance of these notes were referred to in these
columns Oct. 28, page 3034. The circular was issued as
follows:
Financial Chronicle
Volume 137
PUBLIC ADVERTISEMENT REGARDING NOTES OF THE RECONSTRUCTION FINANCE CORPORATION, SERIES OF FEB. 1 1934.
I. Reconstruction Finance Corporation offers for subscription under the
authority of the Reconstruction Finance Corporation Act of Jan. 22 1932, as
amended and supplemented, an issue of notes, series of Feb. 1 1934, payment for which will be received in gold as hereinafter provided. The amount
,d the offering is $50,000,000, or thereabouts.
Description of Notes.
2. The notes will be bearer obligations of the Reconstruction Finance
corporation and will be fully and unconditionally guaranteed by the United
States. They will be issued on a discount basis, the discount being equal
0
/
to interest at the rate of 14 of 1c7 per annum on the purchase price from
the date of issue to Feb. 1 1934, the date of maturity; they will be issued
and dated as of the time certification of the gold offered in payment therefor
is received by the proper Federal Reserve bank from a United States mint or
assay office ; and they will mature on Feb. 1 1934, when the face amount
will be payable at the office of the Treasurer of the United States,
Washington.
3. As provided in Section 10 of the Reconstruction Finance Corporation
Act, the notes "shall be exempt both as to principal and interest from all
taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing
authority."
Application and Payment.
4. Application for the notes must be made on Reconstruction Finance
Corporation form N-1. and filed at the United States mints in Philadelphia,
San Francisco. or Denver, or at the United States assay offices in New York
or Seattle. Gold tendered in payment of the notes must be deposited at
the Mint or assay office where the application is made and must be accompanied by the affidavit and consignment agreement (form TG-7A or form
TG-8A) and any supplementary affidavits required by the regulations prescribed under the Executive Order of Oct. 25 1933. The United States Mints
tmd assay offices will receive gold tendered in payment for the notes only
If satisfied that such gold may be received on consignment therefor in
accordance with the Executive Order of Oct. 25 1933, and the regulations
prescribed thereunder.
Issuance and Delivery.
5. The Mint or assay office to which the gold is tendered, when satisfied
that the gold is receivable under the Executive Order of Oct. 25 1933, and
the regulations prescribed thereunder, and after assay of the gold and receipt
of the Mint charges, will certify to the Federal Reserve bank in the District
le which the Mint or assay office is located, the amount of gold so received.
The Reconstruction Finance Corporation, acting through the Federal Reserve
bank as fiscal agent, will issue to the applicant such an amount of notes as
may be purchased in accordance with the table appended hereto with the
amount of gold so certified at the'rate for such gold last announced by the
heconstruction Finance Corporation prior to the time certification by the
Mint or may office, is received by the proper Federal Reserve bank.
6. Upon receipt by the Federal Reserve bank of the certification of a
deposit of gold, such bank will forward to the applicant at the address given
in the application Reconstruction Finance Corporation form N-1 the notes
(or interim certificates) purchased with such deposit of gold. Thereafter,
ihe Mint or assay office will hold the gold with which the notes were purchased for the account of the Reconstruction Finance Corporation. Pending
the engraving of the notes delivery thereof will be postponed, but the Federal Reserve banks may issue interim certificates when request therefor
is made.
General.
7. The Reconstruction Finance Corporation reserves the right to withdraw, amend, or supplement this circular and the offer of notes made hereby
.
and all deposits of gold, and applications for notes hereunder will be received
-ubject to such right to withdraw, amend, or supplement.
H. A. MULLIGAN, Treasurer Reconstruction Finance
Corporation.
TABLE SHOWING FACE AMOUNT OF NOTE MATURING
FEB. 1 1934
PER ONE DOLLAR ($1 00) OF PURCHASE PR CE
Date1933Mt. 25
Xt. 26
Mt. 27
Mt. 28
Mt. 29
Mt. 30
let. 31
boy. 1
by. 2
boy. 3
boy. 4
boy. 5
joy. 6
joy. 7
boy. 8
Joy. 9
boy. 10
joy. 11
boy. 12
boy. 13
boy. 14
boy. 15
soy. 16
boy. 17
4oy. 18
joy. 19
NTOY. 20
goy. 21
gov. 22
goy. 23
goy. 24
gov. 25
goy. 28
Nov. 27
goy. 28
joy. 20
goy. 30
BM 1
Dec. 2
Bee. 3
Dec. 4
Deo- 5
Dec. 6
pee. 7
Dee. 3
Dee. 9
pee. 10
pee. 11
pee. 12
pee. 13
pee. 14
No. of
Days.
99
98
97
98
95
94
93
92
91
90
89
88
87
• 88
85
84
83
82
81
80
79
78
77
76
75
74
73
72
71
70
89
88
87
88
85
84
83
82
81
60
59
58
57
58
55
54
53
52
51
50
49
Value.
$10000780822
1.0008712329
1.0006643836
1.0008575342
1.0006506849
1.0006438356
1.0008389883
1.0006301370
1.0008232877
1.0008184384
1.0006095890
1.6008027397
1.0005958904
1.0005890411
1.0005821918
1.0005753425
1.0005884932
1.0005818438
1.0005547945
1.0005479452
1.0005410950
1.0005342466
1.0005273973
1.0005205479
1.0005138986
1.0005088493
1.0005000000
1.0004931507
1.1,004883014
1.0004794521
1.0004726027
1.0004857534
1.0004589041
1.0004520548
1.0004452055
1.0004383582
1.0004315088
1.0004248575
1.0004178082
1.0004109589
1.0004041098
1.0003972803
1.0003904110
1.0003835018
1.0603787123
1.0003898830
1.0003830137
1.0003561844
1.0003493151
1.0003424858
1.0003358164
No. of
Days.
Value.
1933
Dec. 15
Dec. 16
Dec. 17
Dee. 18
Dec. 19
Dec. 20
Dec. 21
Dec. 22
Dec. 23
Dee. 24
Dec. 25
Deo, 26
Dec. 27
Dec. 28
Dec. 29
Dec. 30
Dec. 31
48
47
46
45
44
43
42
41
40
39
38
37
36
35
34
33
32
31.0003287871
1.0003219178
1.0003150685
1.0003082192
1.0003013699
1.0002945205
1.0002878712
1.0002808219
1.0002739728
1.0002871233
1.0002602740
1.0002534247
1.0002485753
1.0002397280
1.0002328787
1.0002260274
1.0002191781
1934
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1.0001575342
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1.0000821918
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1.0000884932
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1.0000547945
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1.00(0342468
1.0000273973
1.0000205479
1.0000138988
1.0000088493
1.0000000000
Date-
3419
Leading Trade Associations Form National Advisory
Council to Support Sound Recovery Policies
Unite to Formulate Stand on Industrial Codes,
Monetary Schemes, Labor Relations and Other
Problems.
An advisory committee of the National Industrial Council
of the National Association of Manufacturers, consisting
of officers of 26 of the leading national trade associations,
has been organized to formulate policies on the problems of
industry resulting from the Recovery Program of the Federal
Government, it was announced in New York on Nov. 2
by the Association. In the resolution adopted by the officials
of the trade organizations, it was pointed out that industrial
codes, the uncertainty of monetary policies, the difficulty
of securing capital under the National Securities Act, and the
disruption of present relations of employees and employers,
are creating grave problems and that unified action by American industry is needed to support basicly sound policies of
recovery.
The National Labor Board is criticized by the resolution of
the trade association officials, it being held that "the policies
of the National Labor Board tend to prevent the prompt
and peaceful settlement of industrial disputes and to prevent
the development of sound systems of employment relations,
thus increasing the number of such disputes."
The resolution adopted by the trade association executives
under which the advisory committee was organized, follows:
Resolution of Organization to Support Sound Policies on Money, Labor,
Industry, Farming.
Whereas, the President's Recovery Program, with the objectives of
which we are in hearty accord, contemplates the maximum self-regulation
of industry, commerce, trade and agriculture; and
Whereas, recent rulings and instructions relating to the administration
of codes and agreements under the National Industrial Recovery Act, and
the Agricultural Adjustment Act provide for districting of the country for
governmental administrative purposes, thus involving threatened elimination of industrial self-government; and
Whereas, uncertainty as to the future monetary policies of the Government is preventing industrial activity and increased employment; and
Whereas, the provisions of the Federal Securities Act tend to unnecessarily
discourage the investment of private capital needed for the proper expansion
of industry and increased employment, this being particularly noticeable
In industries manufacturing durable or equipment goods, in which fields
the bulk of industrial unemployment now exists; and
Whereas, sound employment relationships must be established and maintained by mutual agreement between employer and employee in the light
of local plant and community conditions; and
Whereas, the policies of the National Labor Board tend to prevent the
prompt and peaceful local settlement of industrial disputes and to prevent
the development of sound systems of employment relations, thus increasing
the number of such disputes; and
Whereas, in the light of the foregoing there is demonstrated necessity
for greater co-operation between the manufacturers' trade associations of
the United States, in order to secure more unified action by industry in the
Interests of the whole people, in support of basically sound governmental
policies, and in constructive co-operation with the Administration in the
Interpretation of the NIRA. the AAA and other emergency legislation;
now therefore be it
Resolved, That there is hereby established an Advisory Committee of
the National Industrial Council of the National Association of Manufacturers, composed of the presidents and managing executives of National
Trade Associations of Manufacturers; this Committee shall consider and
take appropriate action upon matters outlined in this resolution and any
other national industrial problems which may from time to time arise,
future meetings to be held upon the call of the Chairman, who shall be the
President of the National Association of Manufacturers; and be it further
Resolved, That we solicit the adherence and affiliation of all manufacturers' trade associations of the country.
The following associations were represented at the conference which passed the preceding resolution:
Aeronautical Chamber of Commerce
American Bakers Association
American Iron and Steel Institute
American Paper and Pulp Association
Association of American Soap and
Glycerine Manufacturers
Associated Grocery Manufacturers
Association
Brick Manufacturers Association of
America
The Cement Institute
Edison Electric Institute
Glass Container Association
Lead Industries Association
Manufacturing Chemists Association
Millers National Federation
National Association of Hosiery
Manufacturers
National Association of Wool Manufacturers
National Automatic Sprinkler Assn.
National Coal Association
National Electrical Manufacturers
Association
National Fertilizer Association
National Lime Association
National Slate Association
Radio Manufacturers' Association
Synthetic Organic Chemical Manufacturers Association
Tile Manufacturers Association
Toy Manufacturers of the United
States
Underwear Institute
Professor Hayden Sworn In as Vice-Governor of
Philippine Islands,
Associated Press adviees from Ann Arbor, Mich., Nov. 7,
said:
Professor Joseph R. Hayden of the Political Science Department of the
University of Michigan, was sworn in to-day as Vice-Governor General of
the Philippine Islands. Approximately 100 associates, friends and sequaintances, including several Filipino students, witnessed the ceremony,
held in the university council office.
Professor Hayden after taking the oath said that it was his conviction
that "I cannot serve my own country well without also serving the Philippines."
3420
Financial Chronicle
He referred to the first University of Michigan scientific expedition to the
Islands in 1870.
Alexander Grant Ruthven, President of the 17niveristy, told the gathering
that the University "is not giving Professor Hayden to the Government.
but Is lending him to his country in its hour of need."
Professor Hayden plans to go to Washington soon and return here before
departing for Manila.
F( Continues Purchase of Newly Mined Gold While
C
Federal Reserve Banks Buy Metal in Paris and
London-Washington Price Nov. 10 was $33.20,
Advance of 63 Cents in Week-Dollar Falls to
New Lows Since 1914 in Terms of Pound-Buying
of Silver Stimulated by Currency Depreciation.
The official price at which the RFC will purchase newlymined gold, pursuant to President Roosevelt's policy announced on Oct. 22, advanced by 63 cents during the present
week. The price fixed yesterday (Nov. 10) was $33.20 a
fine ounce, as compared with $32.57 on Nov. 3. Successive
increases were recorded every day with the exception of
Nov. 7, which was a holiday in many cities because of
elections. Because of this fact, and because the Federal
Reserve Banks were closed, the official price on that day
was announced as $32.84, unchanged from the previous
quotation. On the following day, however, the price was
raised 21 cents to $33.05. It was reported from Washington yesterday (Nov. 10) that Jesse H. Jones, Chairman of
the RFC, said that the latest figures available showed that
213,000 ounces of domestic production of newly mined gold
had been acquired by the Corporation since the inauguration
of the gold-buying policy. The price paid for the metal
was more than $6,009,090.
The decision of President Roosevelt to establish a domestic
market for newly mined gold was noted in our issue of Oct.
28, page 3082. In our issue of Nov. 4, page 3236, the
President's decision to buy gold in world markets was reported. Yesterday Mr. Jones declined to reveal the extent
of the foreign gold purchases which have been canied on
simultaneously with the domestic program. On Nov. 6,
however, he confirmed reports that monetary purchases of
gold had been made in London and Paris, and said that
"substantial amounts" have been acquired through the
Federal Reserve Bank of New York. One of the features
of the gold transactions of the RFC this week is the fact
that until yesterday (Nov. 10) the price for newly mined
gold as fixed in Washington was in every case above the
world open market quotations. Yesterday (Nov. 10), however, the RFC price of $33.20 compared with a London
price which was equivalent in American currency to $33.26.
The Government's program to lower the purchasing power
of the dollar in an effort to raise commodity prices resulted
in an almost uninterrupted fall of the dollar in exchange
markets this week, and the consequent advance of foreign
currencies. At yesterday's high the exchange rate on the
pound sterling was around $5.16, OA compared with a rate
close to parity ($4.8665) a week ago.
Reports from London on Nov. 4 indicated that purchases
of gold for American account were small on that day, but
in Washington a 15-cent advance was recorded in the official
price for the newly mined metal. Associated Press Washington advices of Nov. 4 said:
/121.
The Government apparently eased up on its foreign gold buying to-day,
but advanced the price of the newly-mined domestic metal from $32.57
to $32.67, a new high figure. At the same time the London price of gold
decreased from $32.26 to $32.08.
London advices said that only one purchase of gold was made there
to-day, a comparatively minor one involving only L1,104 worth of the
metal.
Meanwhile, officials made no comment on the reported imminence
of private purchases of gold to be imported. They were not surprised,
however, for the RFC has offered to buy newly imported gold with no
limitation placed upon the amount. However, it has not divulged what
price it expects to pay for it.
Despite the drop in the gold price abroad, officials were gratified to
note substantial gains in the grain markets, despite a slump at the opening.
Stocks were irregular but inclined to respond to the upward movement
of commodities.
Analyzing the action of the foreign exchange market on
Nov. 4, the New York "Times" of the following day said:
Conflicting trends swept over the foreign exchange market yesterday.
,
The pound sterling rose to $4.8636, which is virtually par of exchange
and equals the highest price since July 1931; but the franc and other gold
exchanges weakened slightly so that the gold value of the dollar rose
0.06 cent to 64.60% of parity.
In the face of this moderate advance of the dollar in terms of gold currencies, the fixing of $32.67 an ounce as the RFC purchasing price for
newly-mined domestic gold indicated a valuation of 63.27 cents for the
dollar, or 1.33 cents under the value placed by the foreign exchange market
upon American currency.
The spread between the RFC's gold price and the world market price
for gold continued to widen. In London a price of 132s. Old. was fixed,
which, converted into dollars at the opening rate in London yesterday
morning of 114.843 , was equal to $32.13 an ounce. This was 54 cents
under the RFC quotation, compared with a spread of 31 cents on Friday
and one of 25 cents on Thursday.
Nov. 11 1933
The remarks of Jesse H. Jones, Chairman of the RFC,
which he discussed purchases of gold in London and Paris
by the Federal Reserve Bank of New York, were noted
asfollows in a Washington dispatch of Nov.6 to the"Times":
in
Reports that monetary purchases of gold have been made in London and
Paris were confirmed to-day by Jesse H. Jones, chairman of the RFC.
"Substantial amounts" have been acquired through the Federal Reserve
Bank of New York, he said, but it was emphasized that there had been no
change of policy and no intent seriously to disturb the finances of other
nations.
Meanwhile, the price at which the RFC will buy domestic newly mined
gold was advanced to $32.84 an ounce, or 17 cents more than the $32.67
of Saturday. The world market price converted into dollars was $32.17, or
67 cents below the RFC quotation.
Up to the close of business on Saturday the RFC had contracted to buy
about $2,800,000 of the newly mined gold.
The quantity bought in the world market and the price paid were not
made known. It was indicated, however, that the amount was moderate
In its relation to total purchases, and doubt was expressed that the operations were responsible for the drop in the dollar in terms of the pound to
$4.92 and a fraction, a new low level.
Mr. Jones said he did not know the exact price paid by the Federal
Reserve Banks for the gold. He expressed the opinion that gold Imported
by private interests for purchase with RFC funds would not be subject
seizure under the gold-hoarding order.
Mr. Jones deprecated the possibility, however, of any speculative operations being carried on in this manner, since the Federal Reserve Banks
probably would not pay more for such gold than the price offered in the
world markets.
Purchases made abroad up to this time, he explained, were at quotations "not far different from the domestic price." The spread between the
world price and that quoted for newly mined domestic gold has ranged
lately from 25 to 67 cents.
The RFC gold price was advanced another 17 cents an
ounce on Nov. 6, and the dollar sank to its lowest valuation
in terms of the British pound ever recorded in times of peace.
We quote from the New York "Times" of Nov. 7 regarding
the exchange fluctuations of the preceding clay:
Caught in the conflicting currents of the RFC's operations and the
flight of European capital into sterling, the dollar yesterday fell to the
lowest valuation in terms of the British pound since Oct. 24 1914, but
held its ground unchanged in terms of the French franc and gained slightly
against the other gold standard exchanges.
,
f
Sterling rose to $4.92 W in London, reached $4.913 here and closed here
at $4.89%. up 3 y, cents and nearly 3 cents above par of exchange. Not
since the tumultuous days of the beginning of the World War had the
dollar been so cheap in British money. But at the same time that the dollar
was depreciating in London, the French, Dutch, Belgian and Swiss exchanges were also weakening against the pound as their Nationals transferred capital to London for safekeeping
As a result the dollar-franc rate showed a tendency to move in favor
of the dollar. Francs tell to 6.03 cents and closed unchanged at 6.0634
cents. Guilders declined 1 point to 62.48 cents, belgas 3 points to 21.60
cents and Swiss francs 3 points to 30.04 cents.
Gcld Value of the Dollar.
The gold value of the dollar in foreign exchange, measured against
the franc, was unaltered at 64.60 cents. Nevertheless, the RFC continued to advance its price for domestic offerings of newly-mined gold.
lifting the rate 17 cents an ounce to $32.84 cents. This price, compared with
the statutory value of gold, $20.67 an ounce, indicated that the RFC
placed a gold valuation of 62.94 cents on the dollar, 1.66 cents less than
the value put upon it in foreign exchange.
The spread between the RFC's gold price and the world market continued to widen. In London. a price of 131s. 10d, was put upon gold
bullion, 63d. less than Saturday's price. Converted into dollars at
the opening rate in London, $4.88, this was equal to $32.17, or 67 cents
less than the RFC price.
As mentioned above, no change was made by the RFC
in the gold price on Nov. 7, and officials later explained
that this was chiefly because the Federal Reserve Banks
were closed on account of election day. Associated Press
Washington advices of that date said:
The upward price swing for newly-mined domestic gold was halted
at least temporarily to-day when an RFC) price of $32.84 an ounce was
set for the metal, representing no change from the previous quotation.
The local price came in the face of dispatches from London telling of
new gold weakness which had developed there.
pence, repreThe London opening slipped off to 129 shillings. 11
senting a drop of 1 shilling, 10% pence.
The United States equivalent of the London price was $31.84 on the
basis of sterling opening at $4.90.
Foreign dispatches said that the available supply of bar gold in London
amounting to 490,000 pounds sterling, was reported sold for the Continent.
To-day's disparity in the domestic and world gold price levels has been
exceeded on two previous occasions: On Oct. 28. when the spread was
$1.25 an ounce, and on Oct. 31, when it amounted to $1.07.
The American price, prior to to-day, has been hiked up consistently
since the domestic market was created on Oct. 25. The initial price
offered for newly-mined domestic gold was $31.36 an ounce.
As usual, Government officials refused to shed any light on to-day's
price-fixing. They have maintained an attitude of complete silence
throughout, on the ground that otherwise speculators in gold might reap
profits. . . .
Curb on Speculators.
Jesse H. Jones, Chairman of the Corporation, reiterated to-day that
he knows of no reason why individuals or corporations might not import
foreign gold and sell it to the Reserve Bank provided it was imported
after Nov. 1.
Reports reaching here that Reserve Bank officials had said they had
no authority to pay over the legal mint price for gold brought the comment that the President's proclamation specifically said "gold imported
after Nov. 1."
No interpretation of this language other than the statement Mr. Jones
has made several times was available here to-day.
A new high price of $33.05 an ounce was fixed by the
RFC on Nov. 8, an advance of 29 cents over the preceding
Financial Chronicle
Volume 137
day. The New York "Times" of Nov. 9 discussed the
movements of the dollar on the preceding day in part as
follows:
-sponsored depreciation of the dollar carried the curAs the Government
rency yesterday to the lowest value in more than sixty years, financial
markets responded with a sharp rise in stock and commodity prices and a
resounding fall in government and other high-grade bonds.
Under the spur of a further rise to $33.05 an ounce in the RFC's goldbuying price, the dollar sank to 63.40% of its former parity in foreign exchange. compared with a previous low of 63.71 cents on Sept. 20. It
closed at 63.60 cents, down 1 cent. This compared with a theoretical
gold value of 62.54 cents indicated by the RFC's gold Price.
The pound sterling soared to $4.98, the highest peace-time price ever
paid and a rate only exceeded in the panicky days of 1914, just after the
beginning of the World War when sterling went as high as $7. It closed at
$4.97%, up 8% cents. All gold standard exchanges rose to the highest
dollar prices in their histories. Foreign exchange dealers reported an active
and excited market with urgent demand for sterling on the part of foreigners
and others seeking to withdraw balances from this market in fear of the
money.
Franc 2.26e. Above Parity.
The franc rose to 6.18 cants, which was 2.26 cents above parity and
closed at 6.16 cents, up 9% points; the guilder went to 63.70 cents and
closed up 1.07 cents at 63.55 cents; the belga reached 22.05 cents and
closed at 21.96 cents, up 36 points, and the Swiss franc was up 46 points
at 30.50 cents.
The Canadian dollar rose above par for the first time in nearly three
years. reaching 100.06 and closing at exactly par, a net gain of 6 points.
Marks went up to 37.70 cents and closed at 37.45 cents, 45 points dearer;
lire reached 8.30 cents and finished up 15 points at 8.293. cents; Japanese
yen gained 38 points to 29.75 cents, and the Scandinavian exchanges were
40 to 45 points dearer.
The further advance of 21 cents in the RFC's gold price kept it well
above the world market, despite a rise of Is. 103d. in the London bullion
market to 131s. 10d. Converted into dollars at the opening rate in London
of $4.91, this was equal to $32.36, or 69 cents under the RFC price.
The progressive advance in the official quotations for gold
was reflected during the week in an increased demand for
silver and higher prices for the white metal. The New York
"Journal of Commerce" of Nov. 9 said:
Sales of silver futures on the Commodity Exchange yesterday reached
a new high record in dollar volume, transactions amounting to 613 contracts. or 15,325.000 ounces, a dollar volume of approximately $6,743,000.
The largest previous total on the exchange was 673 contracts, traded
on April 20, equivalent to 16,825,000 ounces, or a dollar volume of approximately 36,057,000, based on the price then prevailing, 36c. an ounce.
Active months registered a further advance of 100 points, and a new
high in the history of the exchange was established at 45.25c. per ounce, as
compared with the previous high of 43.85c. reached on July 18 1933.
Yesterday's record was made on the September contract At the close of
trading the whole list was 75 to 88 points net higher.
Commercial bar silver rose %c. in the outside market yesterday to
41%C. an ounce, the highest recorded here since May 1930. Notwithstanding, the futures weakened at the start and dropped 24 to 50 points.
ji unusually heavy buying movement developed shortly after on the
action of currencies and inflation reports.
On Nov. 9 dollar exchange dropped to a new peace-time
low, as described as follows in the "Times" of Nov. 10:
Under the unremitting "bear" pressure of the RFC's daily advance in
Its gold price, the dollar pitched headlong yesterday in a panicky foreign
exchange market. In terms of the French franc, it fell to 61.75 cents,
which was actually below the valuation of 62.35 cents put upon it by the
RFC when it posted a price of &33.15 an ounce for newly mined gold,
10 cents higher than Thursday's price, and $1.79 higher than the first
price quoted by the government agency on Oct. 25, when the new monetary
policy got under way.
Sterling whirled up to $5.15, a new high, except for the disorganized
quotations of the first few days of the war in 1914, and on the basis of this
price the London bullion market rose for the first time above the RFC's
price, confronting the RFC with a dilemma. If the government agency
intends to continue to keep its price above the dollar equivalent of the
London bullion market, it will have to raise it better than 56 cents this
morning, assuming that sterling does not advance further overnight.
Sterling Market Besieged.
Except for a brief period early in the day the dollar was below "parity"
with the RFC's gold valuation of it throughout the period of business. It
closed below RFC "parity" at 62.09 cents, off 1.51 cents net.
As foreigners withdrew their already shrunken balances from this market,
merchants hurriedly sought to cover their foreign exchange commitments
and others strove by roundabout means to flee from the falling dollar.
The market was besieged with a frantic demand for sterling. Bankers
and traders of long experience, not given to exaggeration, admitted that the
movement had taken on a panicky appearance. The view prevailed that
it was high time to throw the government's policy into reverse, at least
temporarily. A few more days of such depreciation in the currency, it
was felt, might work irreparable damage to confidence in the ultimate
safety of the dollar.
The RFC gold price of $33.20 fixed yesterday (Nov. 10)
was only 5 cents higher than on the preceding day. This
was the smallest advance to be registered OD any day since
the present Government gold-buying policy was begun.
Associated Press Washington advices of Nov. 10 said, in
part:
The administration fixed its price for newly mined gold at a point below
the world open market quotation for the first time to-day, an action interpreted in some quarters as indicating an effort to check the rapid decline
level.
of the dollar, which just previously had struck another new low
With London dispatches telling of an exchange rate ranging from $5.113
exchange
to $5.16% and a gold quotation there of $33.26 at the strongest
mined domestic gold
rate, officials here set the price to be paid for newly
yesterday.
at $33.20, an advance of only 5 cents since
Whether the easing off of its policy of almost daily increases in the
domestic price would be accompanied by some contraction of gold purchases abroad, administration officials would not reveal. They have
consistently declined to divulge the extent of their activities on the foreign
gold exchanges.
3421
The heaviness of United States Government bonds, which developed
simultaneously with the severe decline in the dollar, is known to have
caused Government officials some uneasiness, but they were reticent to
say whether or what steps would be taken to counteract the trend.
Opposition to President Roosevelt's Monetary Proposals Voiced By Professors of Mid-West Universities-Return to "Modernized Gold Standard"
Urged-Confidence in Monetary Unit a First Step
Toward Recovery-Maintenance of National Credit
And Assurance of Smooth Flow of Investment
Funds Further Steps.
Twelve professors connected with Mid-West universities
voiced their opposition to the monetary proposals of President Roosevelt, in a statement issued in Chicago Nov. 2
from the office of Frank Knox, publisher of the Chicago
"Daily News" and published as follows in that paper,
according to press dispatches from that city:
We have come to a critical point in our monetary history. Proposals
for radical experimentation with our currency are being put into operation
under the pressure of organized groups promoting the views of individual
economists who, whatever their general qualifications may be, do not
reflect the opinions of representative professional students in the monetary
field. Both time and issue call for a swift and public dissent.
It is now assumed in Washington that the price of gold and the prices
of other commodities move automatically in the same direction, and apparently that there is still too much gold in the dollar to get the benefits of
a higher price level. The relationship of gold to prices is complicated
and indirect.
It is a sobering thought that the 1926 price level was based on a gold
dollar of the old weight.
The high prices of 1926 were not due to a manipulation of the gold weight
of the dollar, but were dependent upon a broad use of bank credit. The
gold content of the dollar is relatively unimportant in general price restoration when compared with bank credit actively at work. Tinkering with the
monetary unit will not remedy deep-seated economic maladjustments.
Recovery can be achieved only through increased business and production
which at the same time increases National income. The fundamental
condition of recovery is one in which individual enterprise will again become
active.
Individual enterprise depends upon a reasonable expectation of profit.
It is a matter of competitive readjustment of particular costs and prices
and of a money in which agricultural and industrial producers can place
a long-run confidence.
Enterprise cannot be encouraged by erratic changes in fundamental
costs or by unpredictable fluctuations in the value of money. There is
no point in insisting to a return to old gold parity, but a scheme to depreciate
the dollar to uncertain limits by the deliberate use of government influence
does not inspire confidence.
If advantages can be derived from devaluation, we already should have
insured them by the present depreciation of the dollar. Successive doses
of the present monetary stimulant are likely to lead to even more doubtful
results. The peril of sheer greenbackism is real and not imaginary.
The distinction which is made between the traditional gold standard,
commonly considered automatic in its operation, and a "managed currency"
is based on a misunderstanding.
A gold currency instituted by governments and regulated by National
and banking policies is, in fact, a managed currency, and it is to be distinguished from the various proposals for "managed currency" largely
In the scope of latitude allowed in its management.
We should return to a modernized gold standard with explicit agreements
concerning the rules of management. With our former convictions in all
ranges of social and political life now shaken, the confidence value of an
established tradition with regard to the gold standard will be of major
significance.
With a return to gold, there is ample room for sound experimentation
with our monetary institutions and for constructive achievement under
their operation.
The establishment of confidence in the monetary unit is only a first
step toward recovery. The maintenance of National credit unimpaired
and the assurance of a smooth flow of investment funds to sat sty the
capital needs of enterprise are further steps in the restoration of business
and employment.
In all these matters the clamor of interested propaganda groups should
be resisted and public policy should not discard experience that has proved
its worth.
•••••••••••••im.
Those who signed the statement were:
James Washington Bell, Professor of Money and Banking, Northwestern
University,
Garfield V. Cox, Professor of Finance, School of Business, University
of Chicago.
F. S. Diebler, Professor of Economics. University of Chicago.
Harry D. Gideonse, Professor of Economics, University of Chicago.
Ralph E. Hellman, Professor of Economics, Dean of the School of Commerce, Northwestern University.
William H. Bickhofer, Professor of Economics, University of Wisconsin.
H. A. Mills, Chairman Department of Economics, University of Chicago.
Samuel H. Nerlove, Assistant Professor of Business Economics, School of
Business, University of Chicago.
Horace Secrist, Professor of Economics and Statistics, Northwestern
University.
J. Leo Scharfman, Professor of Economics, University of Michigan.
A. B. Wolfe, Professor of Economics, Ohio State University.
Ivan Wright, Professor of Money and Banking, University of Illinois.
New England Businessmen Oppose Inflation-Council
Head Tells President Roosevelt That Poll Gives
209 to 1 for Sound Money-Uncertainty Assailed.
Henry D. Sharpe, President of the New England Council,
on Nov. 2, advised President Roosevelt that New England
business leaders were strongly opposed to any currency
inflation. Of 210 business men responding to a questionnaire
on this question sent out by the Council on Oct. 18, all but
one were against inflation, said a Boston dispatch Nov. 2
to the New York "Times" from which we also quote:
3422
Financial Chronicle
The conclusions are also being transmitted to New England Senators
and Representatives.
The inquiry took the form of asking assent or dissent to a statement
setting forth views opposed to currency inflation. In a letter to the President
regarding the result, Mr. Sharpe stated:
"The intensity of concurrence in opposition to currency inflation expressed by the great majority is impressive.
"Never in the history of this Council have we received so prompt or so
unanimous an expression of opini m on any question submitted to so
representative a group of our business interests.
"I am convinced from the results of this sampling process that the
statement submitted does in a general way reflect the views and convictions
of New England business men."
In Its statement, almost unanimously endorsed, the Council said:
"Inflation of the currency in the forms proposed by Senator Thomas
of Oklahoma and his associates would be contrary to the best interests
of the American people and should be stoutly opposed by all citizens.
"There is abundant evidence in our own history and that of other nations
demonstrating that currency inflation is the great destroyer of savings and
all forms of income, whether derived from wages, salaries, or return on
invested capital.
"But we do not even have to read history to see the damage it would
do. In the last few weeks the uncertainty due to the renewed pressure
for such inflation is held responsible for:
"1. Slowing down business at the very moment when, through the
NRA, the AAA and other agencies, the Government is devoting all its
resources and energies to a quickening of business.
"2. Depreciating the market value of bonds. If this trend continues,
as is prealcted if inflation becomes imminent, our banks and insurance
companies will be threatened and our municipal credit will be weakened.
"Throughout the depression the demand for the necessaries of life has
held up remarkably well. It was expenditure for more lasting, or capital
goods,such as bulluings, machinery,&c.,thatshowed the greatest shrinkage.
"Washington is now seeking means to stimulate the industries producing
capital goons: or to put it in another way, to restore the flow of capital
into long-time contracts and investments.
"The quickest and surest way of reviving capital expenditures is to
make thse having dollars to invest, whether persons or corporations,
feel confioent as to the future of the long-time contracts they are asked
to undertake.
"As long as the investor—the loaner of capital—fears that the dollar
he is to get in return for his investment may be worth only a fraction of
the dollar he is asked to invest or loan, he will not risk his capital."
Sir Walter T. Layton Criticizes Gold-Buying Plan—
Editor of London Economist Says That it Will
Increase Exchange Instability—Banking Control
Urged.
Sir Walter T. Layton, editor of the London "Economist"
on Nov. 1 sharply criticized Roosevelt's gold purchase plan
as an "ill considered experiment." In indicating this a
cablegram from London Nov. 1, to the New York "Times,"
added:
Referring to the President's immediate plan to buy gold in the open
market, Mr. Layton told a gathering at the National Liberal Club that
if this was done it was quite evident that President Roosevelt could depress
American e cchange, but that "the purchase of gold in the world generally
is not a practical proposition for the United States."
"I fear the present scheme will bring disappointment to those who
believe that there is a short cut to prosperity," he continued, "and that it
will create fresh instability in exchanges and affect other countries."
He said he was very glad to see an indication that President Roosevelt
was going to seek co-operation with the Bank of England and that he was
anxious to avoid anything which might be called "exchange competition."
"Whether there is a possible basis of agreement between Great Britain
and the United States on this question remains to be seen," he said. "But
from a general point of view the first proposition to lay down is that nothing
Is to be gained by manoeuvring exchange."
First Private Gold Orders Placed.
The following is from the New York "Herald Tribune" of
Nov. 4:
E. A. Pierce, of E. A. Pierce & Co.. 40 Wall Street, stock and commodity
brokers, announced last night that his firm was in receipt of the first
private gold orders placed under the new ruling announced by Jesse H. Jones,
Chairman of the Reconstruction Finance Corporation.
Pursuant to the new rulinz, as announced by Mr. Jones, the Federal Reserve Bank of New York has been authorized to accept gold imported after
Nov. 1. In payment of RFC 90-day debentures, Mr. Pierce's firm received
orders to purchase 40,000 ounces of gold in the world markets. These orders
were received from American corporations and individuals. The bids are to
be placed on a scale up from the current London price and will probably be
placed in Canada, thereby saving the cost of transporting gold from Canada
to London and back.
Denver Bank Declines to Accept Gold Coin as a
Deposit—Federal Reserve Bank Officials Rule
that Gold Pieces Are Worth Only Actual Amount
of Gold They Contain.
Associated Press advices from Denver, Nov. 5, are taken
as follows from the New York "Herald Tribune":
Unsuccessfully attempting to deposit a $20 gold piece in a bank, Miss
Amy Miller, bookkeeper for an insurance firm, has learned that in Denver
only the United States Mint knows the value of a gold piece. It's because
of an order by Federal Reserve Rank officials, Nov. 1. They ruled that
gold pieces are worth only the actual amount of gold they contain.
"Up to Nov. 1 the Federal banks were willing to give $20 in currency for
any $20 gold piece, regardless of how much the coin was worn or abraised,"
.1 cashier at the Federal Reserve Bank told Miss Miller.
"On Nov. 1 the Reserve banks stopped absorbing the loss represented by
the wearing of coins."
She went to the Reserve bank to get currency for her coin after a teller
in a commercial bank had declined to accept it as a deposit. The Reserve
bank officials took the coin and told her they would send it to the Mint
to ascertain how much it is worth.
Gold May Be Bought from Any Country—RFC Purchases Abroad Not Yet Limited Geographically
or as to Bulk or Price.
The following, from Washington, is from the "Wall Street
Journal" of Nov. 3:
Official circles still withhold all information concerning foreign gold
acquisitions. It was emphatically stated that these operations by the United
Nov. 11 1933
States Government, working through the Reconstruction Finance Corporation and the New York Reserve Bank, would be kept a profound secret.
Officials here denied all knowledge of whether or not the New York bank
might have already entered the European market.
It was explained, however, that it would have been possible since 6 p.
Wednesday, when authorization was first given, for the New York bank to
have begun its foreign purchases.
It was also explained that the RFC had not placed any limitations on the
Reserve bank's foreign operations, either as to price which may be paid for
the metal or the amount which may be acquired. However, there are, of
course, practical limitations, and the official statement was regarded more
as announcing a fairly free hand for the New York bank than as any definite
4eclaration that the United States would purchase unlimited quantities of
gold.
The mechanics of the foreign gold purchases, it was stated, rest entirely
with the New York Reserve Bank, and high Washington officials avowed
complete ignorance as to the manner in which these transactions might be
carried through by the Reserve bank.
It is assumed that the New York bank will take RFC notes and dispose
of them to commercial institutions, thus securing funds with which to carry
on their gold operations.
It was also stated that gold from any foreign country was eligible for
purchase, dispelling reports that operations were limited to the French rind
English markets.
Government's Drive on Gold Hoarders Brings Further
Indictments—Boston Attorney Seeks Trial in
Court of Equity, Declaring President's Order
Represents "Unreasonable Search and Seizure."
Recent developments in the drive of the Federal Government against gold hoarding included the action of a Federal
grand jury at Trenton, N. J., on Nov. 6 in indicting two
residents of New Jersey for alleged hoarding of gold. Mrs.
Frieda Weisbrod of Newark was charged with hoarding
$2,800, while William Bastian of Irvington was charged
with hoarding $1,260. Meanwhile on the same day(Nov.6),
in Boston, Edward Spiegel, an attorney under indictment
for gold hoarding,filed a bill of complaint in which he charged
that President Roosevelt's order for making returns on gold
holdings and prohibiting ownership of gold coin without a
license "constitutes an unreasonable search and seizure
contrary to the provisions of the Fourth Amendment to the
Constitution." Mr. Spiegel asked the Federal Court to
restrain the United States attorney from prosecuting the
indictment until the proceedings could be heard in a court
of equity. Mr. Spiegel was indicted Oct. 26, charged with
holding $2,000 in gold coin. On the same date the grand
jury also indicted Gerald T. Driscoll of Boston for allegedly
holding $10,000 in gold. Both pleaded not guilty.
Legality of President Roosevelt's Bank Holiday
Proclamation Upheld by Supreme Court of District
of Columbia.
President Roosevelt's action in closing the banks of the
country on March 6 1933 has recently been sustained as
legal in a decision in the Supreme Court of the District of
Columbia, it was revealed at the office of J. F. T. O'Connor,
Comptroller of the Currency, on Nov. 3. This is the first
case, so far as is known, it is stated, wherein the legality
of the President's proclamation has been ruled upon. The
announcement issued by the Comptroller's office said:
The decision was made by Judge F. Dickinson Letts, holding an equity
court in the Supreme Court of the District of Columbia. The case was
Daly Bros., Inc., a corporation, 935 Hughes Court, N. W., plaintiff,
vs. Thomas P. Hickman, Conservator, Pennsylvania Ave. at 10th St.,
N. W., the Franklin National Bank, a corporation, Pennsylvania Ave.
at 10th St., N. W., defendants. The problem involved was whether
Liberty bonds ordered for a depositor in the Franklin National Bank
here before the bank holiday, for which the depositor endorsed a certificate of deposit, but not delivered until March 13, became the property
of the depositor, in view of the fact that a conservator was appointed for
the bank on March 14 and none of the depositor's funds actually were
used in the purchase of the bonds. The Court held against the depositorplaintiff.
Excerpts from Judge Letts' decision, indicating the
legality of the President's proclamation, were made public
as follows in the announcement from the Comptroller's office:
By proclamation of the President, dated March 6 1933,a banking holiday
was declared . . .
By further proclamation of the President, dated March 9 1933, the
proclamation of March 6 1933 was "continued in full force and effect
until further proclamation by the President."
By act of Congress entitled "To provide relief in the existing National
emergency in banking and for other purposes" dated March 9 1933 the
proclamation of the President, dated March 6 1933, was approved.
From the foregoing, it will be seen that all banking transactions of
the Franklin National Bank were suspended on March 6 1933 and that
it was prohibited from transacting any banking business whatsoever,
and that condition existed on March 13 1933, and still exists, and it is
urged by the defendant that the effect of the President's proclamation
on March 6 1933 was to maintain the status quo of the defendant bank
as of that date, until otherwise changed. The defendant contends that,
if this were not so, the very purpose and intent of the President's proclamation of March 6 1933 would be rendered of no force and effect, asserting
that the proclamation was for the purpose of protecting all depositors
of the bank and placing them on an equal footing.
If the President's proclamation of March 6 1933 did not have the effect
of fixing the rights of depositors and other creditors as of that date and
if the proclamation did not effectually close the banks of the country,
and did not prohibit the completion of pending banking transactions what
/
Volume 137
Financial Chronicle
/practical effect could the proclamation have with relation to the banking
/ situation throughout the country, which the President had In mind and
with which he intended to deal? By the Act of March 9 19.13 Congress
declared it a criminal offense for an official of any bank to transact business
except in the manner permitted by the Secretary of the Treasury, with
the approval of the President.
111 There was, In the proclamation, a direct and specific provision prohibiting the paying out of deposits. . . .
To hold otherwise would nullify the President's proclamation and defeat
is Onions and lawful purpose . . .
It was the purpose of the President's proclamation to preserve the
condition of the bank as it was on March 6 1933, and the appointment of
the conservator on March 14 1933 was merely an administrative act on
the part of the Comptroller of Currency to place In charge of the bank
a representative of the Treasury Department. The bank was officially
closed on March 6 1933. and from March 6 1933, and from that date no
transaction can be regarded as lawful except in recognition of the rights
of the general creditors which became fixed as of that date.
Assets of Banks in Washington, D. C., in Hands of
Receivers Not to Be Thrown on Market Indiscriminately, Comptroller of Currency States.
J. F. T. O'Connor, Comptroller of the Currency, stated
on Nov. 8 that the appointment of receivers for Washington, D. C., banks does not mean that the assets of such
institutions will be thrown upon the market indiscriminately.
An announcement issued by his office with regard to Mr.
O'Connor's views, said further:
His statement., made in response to many requests, pointed out that,
in the first place, it is obviously impossible to throw assets on the market
at once. Moreover, even could this be done, it would be poor policy,
since the Comptroller, acting in the capacity of trustee, has the duty of
realizing as much as possible for creditors. In this connection, the position
of the Comptroller was made clear in his speech to the American Bankers
Association last Sept. 7.
Mr. 0 nonnor also called attention to the fact that an orderly liquidation will be accomplished at a minimum expense The average cost of
of liquidation for liquidating national banks, he added, has been 3.9%
of book value and 6.65% of actual collections. These percentages are
much lower than found in ordinary receiverships.
Under the law, it was necessary to appoint receivers to replace conservators, in order that proper notice TO creditors could be given and the trust
/ finally liquidated.
The Comptroller in those cases has no option. He
must appoint receivers.
President Roosevelt Seen as Averse to Change in NRA
Program at Present—Will Give Current Methods
Chance to Show Results Before Adopting a Swope
or Similar Plan—Employment Increased 600,000 in
September but Index of Industrial Output
•
Dropped 137
0
'
.
The National Recovery Administration will be given a
complete opportunity to obtain desired results before any
changes are made along the lines suggested by Gerard Swope
on Nov. 1, according to statements at the White House on
Nov. 3. An outline of the Swope plan for reorganization
of the NRA was given in our issue of Nov. 4, pages 3238-9.
It was said at the White House, however, that the Administration intends to follow its present course, and the hope
was expressed that the NRA would develop into "something
permanent" as a stabilizing economic factor. The present
was not believed to be a propitious time for a change in
program, officials indicated. The attitude taken by the
President toward the Swope plan was reported as follows
in a Washington dispatch of Nov. 3 to the New York
"Times":
As for self-control in industry, a White House spokesman said that the
Administration would insist on development of a plan, if possible, which
would eliminate a condition Illustrated by the fact that the shoe industry
had built up facilities for making 900.000,000 pairs annually in the face of
a potential demand of only 300.000,000 pairs.
Equalizing of production and consumption without at the same time
preventing the improvement of industry and its products was said again
to be the basic problem.
Despite continued recession in industrial production through the first
three weeks in October. employment and payrolls in September Increased
for the sixth consecutive month, trade expanded and commodity prices
continued to advance, a monthly survey of current business by the Commerce Department showed.
As to the recession In industrial production, the survey said:
"The rate of decline in recent weeks has not been as rapid as In August
and September."
600.000 Workers Get Jobs.
More than 600,000 wage earners were estimated to have returned to
work in September. Factory employment and factory payrolls were higher
by 25 and 37% than in September last year.
"Distribution indexes fail to record the seasonal rise usually evident In
the fall, despite the continued growth of purchasing power," the Bur ey
stated. "Commodity prices have risen and recent increases appear to have
been more pronounced in retail than in wholesale quotations. Real income,
however, is considerably higher than In the early months of the year as
well as higher than a year ago.
"Output of mines and factories declined in September, contrary to the
normal movement, and the adjusted index dropped 8%. or at about the
same rate as in the preceding month. Manufacturing production declined
relatively more than mineral output. Decreases were general in all of the
major industries with the exception of food products. The widest declines
were in the iron and steel industry, 18%; in textiles, 13%, and in lumber,
"The principal consumers' goods industries, aside from textiles and food
products, recorded only moderate declines and all were operating at a
relatively high rate. The reduction In the mineral industry was due largely
to the drop in bituminous coal production, although output of crude
3423
petroleum reflects the efforts to bring the flow into line with current
requirements."
The Administration's decision to continue present recovery policies was
probably due in no small part to the fact, shown by the Commerce Department study, that although the recent lag in total industrial production
reduced the September increase over a year ago to 27%, production in
the third quarter was 49% greater than a year ago.
"Retail sales in September failed to extend the August gains," the
survey noted. "The increase in department store sales fell short of the
usual seasonal increase, and the adjusted index dropped 9%. Sales were
only 3% higher than a year ago, although prices were up about 17%."
Encouraging to Administration officials among the various indexes of
business activity was a September increase of 16%,in newspaper advertising
lineage, as compared with August. The September volume was 1% greater
than in September 1932. according to the Commerce Department's survey
of newspapers in 22 representative cities.
The Department survey said that prices continued to move upward
during September and the first three weeks of October. The movement
was irregular and price relationships had altered appreciably.
Retail prices had tended to advance faster than wholesale prices, a
reflection of the rising costa of distribution, as well as the increased prices
In primary markets.
Farm prices were unchanged between Sept. 15 and Oct. 15.
The cost of living had continued to mount.
"Trade continued to expand in September, but the gains were below
seasonal expectations," said the Department. "The Federal Reserve
Board's unadjusted Index of the dollar value of department store sales
advanced 22%. Adjusted for seasonal changes, the index declined 9%
and was less than 3% above the level of September a year ago.
"When allowance is made for the sharp increase in prices between the
two periods, the sales volume in September of this year appears to be
substantially lower than last year. Considering the wide gains in purchasing
power which have occurred in 12 months—wage payments to factory
workers are estimated to have been 37% higher this September than last—
and the efforts to stimulate consumer expenditures, the sales showing has
been relatively unsatisfactory."
William Green Declares Labor Will Not Accept Swope
Plan for Reorganization of NRA—A. F. of L. Head
•
Says It Does Not Provide Adequate Representation
for Workers.
Labor will not accept the principles involved in the Swope
plan for reorganization of the NRA, according to William
Green, President of the American Federation of Labor, in a
copyright article written for North American Newspaper
Alliance on Nov. 3. The proposals fail to provide adequate
labor representation, Mr. Green said, and declared that
successful recovery machinery must function "under Government supervision and with the Government as a full partner
with industry and labor." His article read as follows:
The Swope plan for a permanent business supervision and administration
of the National Recovery Act as published in the press is unacceptable
to labor.
In effect, this plan proposes that industry shall organize completely
and exercise monopolistic power without being subject to governmental
control. It stipulates that, through a continued suspension of the antitrust laws, employers' organizations, operating under a minimum of government supervision. may allocate production, perhaps engaged in pricefixing and control production.
• Labor insists now, as it did when the National Recovery Act was considered by Congress, that if machinery of this kind is to function it must
be under Government supervision and with the Government as a full
partner with industry and labor.
The people of the United States cannot delegate such broad powers to the
same management which failed under the old deal to relieve unemployment
and restore purchasing power.
Labor does not seem to be considered by the Swope plan except by
Implication where it provides that the President may appoint representatives
on the board of governors. Nowhere else in the plan is labor representation
provided for, and for that special reason labor cannot give it approval.
Another highly objectionable feature is the published fact that it is
proposed that the plan shall be administered by business men and business
organizations whose public and official utterances have shown them to be
opposed to the organization of workers into unions affiliated with the
American Federation of Labor—administered by men who represent
corporations which have organized company unions for their employees
and who represent employers that have discharged and locked out thousands
of workers because those workers exercised their legal rights to join a
bona fide trade union.
Finally, labor believes that if such machinery as embodied in the Swope
plan is to be created, it should operate as an instrumentality of the Government.
Gerard Swope Defends His Plan as Conforming with
NRA Idea—Says His Proposals to Organize Industry
Are Neither ."Startling or New"—Looks to Period
When Emergency Has Passed, He Asserts.
Gerard Swope, President of the General Electric Co. and
Chairman of the Business Advisory and Planning Council
of the Department of Commerce,in a radio address on Nov.4
defended the plan which he submitted to the Council on
Nov 1, as described in our issue of Nov. 4 (pages 3238-39).
Mr. Swope said that in many respects his proposals had
been misunderstood and misinterpreted. "I did not consider," he said, "that my address had anything in it that
was startling or new." He expressed the hope that the
business of the United States may continue to be governed
along the lines prescribed by NRA codes after the NIRA
has expired in June 1935. Mr. Swope's radio address was
reported as follows in the New York "Times" of Nov. 5:
He maintained that to mobilize all commerce and industry into more
effective organizations, as he had advocated, needed no increased authority
and no new legislation, approvals or sanctions other than are now combined
In the NRA and the policies being followed in its administration.
3424
Financial Chronicle
Sees "Splendid Beginning."
"The question of whether the splendid beginning of such codified trade
associations may continue after this Act terminates," he said, "depends
largely upon the conduct of trade associations themselves. It is essential
that they give due recognition to the rights of workmen and the maintenance
of a high standard of living, which can only be accomplished by an adequate
wage, with such hours as will spread employment to the greatest extent,
and with good working conditions.
"It is necessary that codes of fair competition and better ethics for the
conduct of business be established. The intelligent study of data of each
industry is necessary to stabilize it and make employment more regular.
Fair prices and more efficient service to the public is another objective.
It Is to be hoped that after the emergency has passed, the Congress will feel
justified by the results to enact enabling legislation for the future."
Says Progress Must Be Slow,
Mr. Swope said he realized the program he had outlined could not be
accomplished in a day, or a week.
"I never had that thought," he explained. "The NIRA expires by
limitation in June 1935. or earlier at the discretion of the President or
Congress. The foundation that has been laid by this act and the splendid
beginning of trade associations under it give me hope that after June 1935,
the essentials of operation under this act wlli be continued. It is none too
early, therefore, to begin to have consideration given by trade and industry
as to how it is going to organize itself to discharge its obligations."
Mr. Swope expressed his admiration for President Roosevelt and praised
General Johnson's leadership of the NRA. Under those leaders, he said,
this act "has accomplished wonders, more than any one would have believed
possible in the leas than five months it has been on the statute books."
Mr. Swope made it clear that while he believed Government management
and control of industry would "be disastrous to the initiative and aggressiveness that has been characteristic of American industry," he made a distinction between that and Government supervision.
"The forming of trade associations and self-government of industry with
Government participation," he said, "Is encouraged by the NIRA and has
been advocated again and again in statements made by General Johnson.
The act states that the trade associations must be representative. The
code must not promote monopoly or oppress small companies."
gg
Fear of Uncontrolled Inflation Regarded as Groundless
by Professor Seligman.
Fear of uncontrolled inflation is in large part groundless,
Edwin R. A. Seligman, McVickar Prefessor Emeritus of
Political Economy in Columbia University, declares in the
November issue of the "Independent Journal," published
by the Columbia School of Journalism. Prof. Seligman
asserts that repeal will bring to the Treasury over a billion
in revenue and wipe out the National deficit, "the real urge
toward inflation."
Even a larger issue of paper currency need not cause alarm,
according to Prof. Seligman, who sees higher prices and a
restoration of the economic equilibrium. The National
Industrial Recovery Act, he says, is leading America toward
a socialized individualism, and is here to stay. Prof.
Seligman points out that under the iurface of doubt and uncertainty the essential facts fit into a single pattern, which
"should set our mind at ease." This pattern shows:
That the depression is ending;
That, for the first time in history, recovery from the bottom of an industrial cycle is being speeded consciously and effectively;
That fear of uncontrolled inflation has little basis in fact;
That we are not on the way to Bolshevism, Fascism, or any other form
of autocracy; but
That we are in the midst of a social revolution, within the framework of
capitalism, which prmlses lasting benefit.
In all probability there will be no uncontrolled inflation,
Prof. Seligman holds, because, in the first place, as a result
of the natural life history of business cycldes, prices a year
hence will doubtless be higher than they are at present.
He adds:
They may indeed fall again in the interval, but because of the probable
restoration of the econmic equlibrium as well as of the effects of the NRA
they will almost inevitably advance in the end.
In the second place, the one great reason for uncontrolled Inflation does
not now exist in this country. For this we largely have the repeal of prohibition to thank. Were it not for repeal, a disastrous inflation might
even now be on the way.
But whiskey and beer alone can be expected to yield the Government over
a billion, thus augmenting the revenues so substantially over the expenditures that taxes can be lowered. As a consequence the real urge toward
Inflation which has appeared throughout history—a Government deficit—
will be removed.
What ordinarily happens is that fiat money,for whatever purpose issued,
soon becomes an adjunct to the public revenue. Inasmuch as the Government cannot collect enough taxes, it prints ever more money and collects
ever less real value in taxes, with a result that uncontrolled inflation soon
runs its sad course.
So it was in America during the Revolution, in France at the time of the
assignats, and in Germany and other European countries after the war.
But the urge to print currency for government revenue fortunately does not
at present exist in the United States.
It is true that there may be in store for us a larger issue of paper currency
and that too, before very.long. But this need upset no one. If it comes
about, it will be primarily in order to pacify the farmers oppresed by low
prices and the burden of debt.
The farmers will find, however, that while prices for their products rise,
the cost of the things they buy will also rise. Is it not probable that as
this fact comes home to them their enthusiasm will lag? Meanwhile the
opposition may be expected to gather strength so that, lacking the primary
urge to further inflation, the movement will in all likelihood be arrested.
Nor need any one fear budgetary inflation on the ground that the Government is spending huge sums and borrowing the money to do so. To do
otherwise is to deny the legitimate use of credit. So long as interest and
amortization on what the Government borrows can be paid out of current
revenue in the ordinary budget, the process is fiscally unexceptionable.
These, then, are the reasons why an economist may contemplate the
Nov. 11 1933
present scene in the United States without trepidation. A tremendous
effort is being made both to hasten recovery, and to engender a permanent
and profound social change. Although it is true that we find critics in our
"ten percentens." the striking part is that for the first time in history the
great leaders of industry have become conscious of their social responsibility.
They know that we must and will allow ample room for freedom, individual energy, and invention. But they know also that we must raise the level
of competition, and that we cannot have a balance between production and
consumption—in other words, a healthy economic society—without a
little more income for the under dog, even if that implies a little less for
those on top.
Although frightened little business men may have accepted the NIRA
only as an immediate way out of the crisis, it is leading us toward the socialized individualism that has long been adumbrated by scholars. And
now it is, I believe, here to stay.
NIRA Gives No Authority to License Press, General
Johnson Declares—Recovery Administrator Tells
Chicago Business Men that Press Freedom Is
Assured—Attacks "Witch Doctor Critics"—James
M. Beck's Charges of Unconstitutionality.
Objections to the NRA on the ground that it has jeopardized the freedom of the press were characterized as "synthetic dead cats" and "hobgoblins" by General Hugh S. Johnson, Recovery Administrator, in an address in Chicago on
Nov. 6 before about 3,500 members of the Illinois Manufacturers' Association and the Chicago Association of Commerce. The•speech was the first of several which the Administrator planned to deliver during the current week in a tour
which included Minneapolis, Des Moines, Omaha, Kansas
City, Tulsa, Fort Worth and Louisville. The trip was designed in an effort to reply to some of the recent criticisms
of the NRA and to mollify the agricultural Mid-West, where
the unrest of farmers has been exemplified by the farm
strike and by occasional rioting.
The Federal Government has no intention of attempting to
censor or to control the newspapers, General Johnson told
his Chicago audience. President Roosevelt and all the members of his Administration are receptive to fair criticism, he
said, but added that some newspapers have indulged in
"witch-doctor dancing" and have "incited the jitters with
headlines." With regard to fear expressed by some publishers that the licensing provisions of the law might be exercised over newspapers, General Johnson said: "In my
official opinion, there is no authority in the NRA to license
a newspaper. I think that the licensing sections of the
statute must be read with the free-press clauses of the Constitution. I think that, together, they clearly preclude the
idea of any intent of Congress to create any right in the NRA
to license the press."
President Roosevelt, General Johnson asserted,"has pulled
this country about one-quarter of the way out of the March
depths in six months." There is no dictatorship implied in
the President's policies, he declared, adding that Congress
might pass more radical legislation than the NIRA "If all
this hullabaloo continues." General Johnson admitted that
the NRA has made many mistakes, and predicted that it
would make many more, but he said thaVit has ushered in
an era of profit in industry and decent conditions in labor.
His address at Chicago, on Nov.6, is given below:
When T undertook this job I had an accurate vision of at least a small
part of the future. I said—publicly at the very outset—that to take it was
just like mounting the guillotine on a bet that the axe wouldn't work—that
the early applause would cease and soon the air would be full of dead cats.
There was no magic in these prophecies.
I had been through the same thing before. I knew exactly what was in
the law I had sworn to execute. I knew what it would do to a certain few
and I knew their methods of fighting back, because I know them—not by
repute or hearsay, but intimately and well. I knew that it was a law that
recognized the rights of the little fellow as well as the big fellow.
I knew that it stepped on a few toes—and some of the biggest, kickingest
toes in the country. I knew they had been used to trampling anybody
who
opposed them, and I knew that as soon as they dared they would turn on
NRA. I was deliberately threatened with this attack some months ago,
and
at least it is no surprise.
Since the beginning of time there has been a device of witch doctors.
As
our general counsel says, it is to set up a hobgoblin and then dance
around
the fire beating the tom-tom and screaming at it. It awes the
trusting
natives, and, nine times out of 10, it does the trick of misleading
people
into prejudices against their own interests.
There is no limit to which this trick may not go. The priests
of Moloch
even had the people sacrificing their babies on the red-hot sands
of an idol.
It is too late in the life of civilization to bring back
abominations of
Assyria, but exactly the same sort of witch-doctoring is being
to-day. Lacking any criticism of merit, the witch doctors are attempted
setting up
hobgoblins about the President's re-employment program.
Let me give you an old example of this art. For 40 years in
this great
Mississippi basin, men like Bob Ingersoll deluded farmers into
voting for
the tariff by waving the bloody shirt. Now every farmer knows
to-day that
the tariff was no more than a big subsidy of Eastern industry at
the expense
of Western agriculture, but this is a people of ideals. We of
this part of
the country voted against our own interest with our hearts
rather than our
heads because we did not like slavery, and then for 60 years we
voted because
blood had been spilled.
It is time to wake up and get rid of savage fetishes. If ever a
man went
into office on the promise to take care of the average business
and the average man—whether in industry or farming—that man was
Franklin
Roosevelt.
Volume 137
Financial Chronicle
I know this President of ours. During the last campaign, and ever since
I have seen him frequently. His guiding principle is to try to rescue
America for Americans, and in my opinion—regardless of the mistakes his
aides may make—your hope lies in a single man.
As far as I am concerned, I would follow him blindly—not because I
believe he cannot err, but because I believe in his purpose, aim and devotion.
There cannot be more than one general in a war.
This country, under the incitation of witch-doctors, has the jitters. We
are seeing things on the stairs.
In Washington I heard the President say the other day that he would
not censor any department of government. He wants the truth told. He
Insists on getting every point of view. Standing back of a great turmoil of
ideas is as cool and courageous a mind as we have in the country. In a crisis
like this you have got to follow a leader.
No matter how he did it—Franklin Roosevelt has pulled this country
about one-quarter of the way out of the March depths in six months. His
gospel was that government could contribute something and, on that theory,
this is what he has done--one-fourth out in six months. How did he do it?
I am enough of a Jesuit not to care. The fact is that he did it, and let the
heathen rage.
Their raging just now takes the form of dead cats and hobgoblins—that
NRA interferes with the freedom of the press—that it is unconstitutional—
that it coerces industry—that it interferes with individual initiative, and
so forth.
Freedom of Press.
Now, we do not mind really honest and substantial dead cats, and I have
some justly coming to me. My only complaint is that most of these dead
cats are synthetic. The biggest imitation dead cat is the one about the
freedom of the press.
I am as devoted as any of these critics of the constitutional principle of a
free press. Nothing will ever be done in or by NRA to impair it. When I
undertook this job I said it was going to be done in a gold-fish bowl. I am
aware of no complaint that any part of it has been done otherwise, although
under the law it might have been. Every hearing on every point has been
wide open. Opposition and criticism has not only been resented—it has
been invited on every decision and action. Every facility has been set up
to receive complaints and every constructive suggestion has been adopted.
Even in the formation of policies, responsible representatives of the press
have been taken into confidence.
Twice a week an open press conference is held, and in these conferences
journalists have been always urged not to temper their questions and not to
soften their criticism.
I still can say, I think, that I have never dodged, evaded or refused a
single question on any subject within the range of my responsibility or the
scope of my authority. I have acknowledged every mistake that I know
that I have made and moved promptly to correct it. Let me quote an open
critic on this point:
"Toward the press the attitude of the White House and many of the Government
agencies has been remarkably liberal. It must be said for President Roosevelt
that never in recent history have reporters found an important official more candid
and honest in his statements, less fearful of being asked pertinent Questions or
answering them. Newspaper conferences have erred on the side of liberality in
tests of admission."
I do not know what has been policy or method elsewhere now or in the
past. But—so far as I do know—if the press was ever invited to—and given
—more absolute freedom than in and about NIRA I atn not aware of where
and when.
Any system for licensing the press is wholly repugnant to me. Even as a
soldier in the war I did not believe in any suppression of news except such
as helped the enemy—news of projected military movements or conditions
of supply and transport. I do not believe in any restrictions whatever on the
press to-day. I am now going to take an official step which I think will
level this silly bugaboo forever:
In my official opinion, there is no authority in NIRA to license a newspaper. I think that the licensing sections of the statute must be read with
the free press clauses of the Constitution. I think that, together, they
clearly preclude the idea of any intent of Congress to create any right in
NIRA to license the press.
Until that statement is overturned by the courts that administrative
interpretation is the law. Since we shall not license, the question cannot
get to the courts. Licensing has not been done. It will not be done because
it cannot be done. When I said this to a good newspaper friend the other
day, he replied:
"That doesn't convince me. Suppose you died a year from now. We
stand on our constitutional rights."
•
I replied, "Well, you have convinced me that you are seeing hobgoblins.
I have given you an interpretation that covers the life of the license clause
which expires, not a year from now, but next June. You say you stand on
the Constitution, which can be tested in the shortest and most summary
procedure known to the law."
What NRA Has Done.
Another great hobgoblin is the alleged unconstitutionality of NRA and
all that it has done. All that it has done is to put no less than 4,000,000
hopeless, destitute people back to work and raise the wages of millions more
to something more than a subsistence level.
It has wiped out the sweatshop and child labor and nearly all the vicious
practices that have beset American industry for a generation, and it has
done so without impairing constitutional limitations that have prevented
these results for a generation.
Does anybody suppose that a revolting ancestry ever expected that, in
writing the Constitution, they intended to perpetuate these abominations?
It is ridiculous to suppose such a thing.
James Al'. Beck's Allegations of Unconstitutionality.
With all due respect for Mr. Beck, there is a precedent for his argument
and the Greeks had a name for it. They called it sophistry. An example
it this:
"I will prove to you that the hen is immortal. Her son is a rooster.
Everybody knows he never sets. Therefore the hen is immortal because her
son never sets."
The trouble with that argument is that it is based on a false assumption
and that is the trouble with Mr. Beck's argument. He says that NRA sets
up a dictator—and then he screams—just as the "freedom of the press"
reople scream.
The trouble with that argument is that the NRA does not set up a dictator.
If it did, it might be unconstitutional. But there is not one single power
that was not granted by the Congress and that cannot be taken away by
the Congress. If there is a dictatorship in this country, it is a dictatorship
of Congress, which is to say a dictatorship of the people of the United States.
There is one curious thing about these hobgoblins. One set of wizards
3425
says the Blue Eagle leaves too much power in the people. Another side
says we have a dictator. I wish we could keep our dead cats flying down
the same alley.
The fact is that NRA itself is a democracy where industry, labor and
consumers meet. Its field organization is made up of volunteer workers.
There is not a dictator in the lot. It is a vast public corporation for the
common good.
Perhaps this is wrong. In the beginning Alexander Hamilton said: "The
people, sir, are a great beast." In a frontier on the edge of a howling
wilderness perhaps be was right.
But maybe he would not say that to-day. The Constitution was no charter
guaranteeing such Wall Street freebooting as the Senate investigations have
disclosed. It intended a measure of freedom and control for everybody.
Mr. Beck has no copyright on our Constitution. It is a Constitution for
all people and—as far as NRA is concerned—we welcome the first test in
our courts.
Talk of Dictatorship.
The talk of a dictatorship is just another bugaboo set up by witch-doctors
for screaming purposes.
Let us get back to first principles. What is at the bottom of this Recovery
Act? The whole thing is relatively simple. First of all, no matter what
the industry may be it cannot sweat its labor. There is power in this Act
to see that this is not done. Who wants to do it?
Next: There are provisions in this Act requiring every industry which
wants to organize for its own protection to deal with representatives chosen
by its own labor. This does not mean any particular representative and it
does not require employees to choose any representatives at all if they do
not want to.
Beyond that, there is no compulsion on any industry. If there be an
industry that does not want to submit a code—it does not have to unless it is
abusing its labor.
The statement that any industry has been coerced into a code is simply
not true. But on the question of whether any of the larger industries wanted
a code—asked for it—are pleased with what they got—ask the cotton textile
industry—ask the bituminous coal industry—ask the steel industry and
many others.
We are entering a new era, an era of profit for industries and decent
conditions for labor. We are entering an era ushered in by the leading men
in industry and labor who are on our staff.
That is the new day and deal and the whole trouble with our few opponents
is that they are seeing things under the bed. Certain sections of the press
are inciting these jitters by headlines. My only request is that the gentlemen of the third estate give us a chance and not lend themselves to this
primitive witch-doctor dancing.
We have no protest against criticism. Nobody likes criticism, but any
public institution is a peril if it is shielded from just criticism. Why,
there are some things in a great experimental program like this which are
necessarily based on conjecture as to their effect, and the only possible way
to gauge that effect is to watch its results in public reaction.
Only if government remains fluid and flexible, and invites and acts instantly on criticism, is it possible to carry forward such a plan as the
recovery program.
This Government needs it, asks for it, could not get along without it. A
free and unrestricted press is an absolute necessity. It is a powerful, it
independent, part of the machinery of government.
With such power as resides in the press there always rides responsibility.
The press has a responsibility to be fair. It owes that responsibility not to
government, but to the people who rely on government at a desperate time
like this for their salvation. Public criticism deserves public discussion.
This Administration also has a responsibility to the public. I have a course
cf action to defend in the public eye. That public relies much on NRA.
Is it fair to try to disturb that reliance by telling the public that it
ought to fear NRA because it threatens a dictator or impairs the freedom
of the press when the facts are as I have stated them? Is that, or is it not,
setting up a hobgoblin and screaming at it?
Is it fair to say of every act of government which is misunderstood or
proves unpopular—"Oh, that is NRA?"
NRA and Farm Relief.
The newspapers know that NRA has nothing whatever to do with farm
relief, or public works, or monetary policy, or home or farm loans. It has
only to do with industrial self-government and fair-trade practices. Is
branding NRA as a cause of every dissatisfaction—or it is not—setting up a
hobgoblin and screaming at it?
Is that a discharge of the public responsibility that goes with the great
public power of the press?
I think the average American is not that easily misled. But I do ask him
to reflect on one thing. If, in order to drum up opposition to such a law
for the average man, it is necessary to dig up such an old device as this, if
that is all that can be said against it, then NIRA must be a pretty good law,
and the Blue Eagle a pretty good bird.
We are ready for the dead cats. We knew they were coming. But let's
have some real ones. Let the few powerful men who have opposed parts of
this law from the day it was introduced in Congress step out and give their
real reasons—not freedom of the press, not fear of a dictator—but their
real honest-to-goodness reasons.
They want the benefits of this Act, but none of its burdens. They want
to organize and combine and escape the inhibitions of the Sherman Act,
but they don't want to give anything in return for these benefits. They
don't want public safeguards against the exercise of these new rights of
theirs. They want to take everything and give nothing.
They have been asking for their benefits under this law ever since the
war. At the depth of the depression they filled Washington with their
clamors for them and acceded to most of the clauses to which they now
object. Well, it just can't be done. Congress will not permit what they
want. No honest public official can give them what they want. There must
be public safeguards. And continued hullabaloo in asking any such a onesided bargain can only result in a stiffer statute in the next session of
Congress.
Why do they not say now what fair criticism they have instead of crying
out about freedom of the press and dictatorships? What is the real
reason
for these complaints?
Is it that we have raised wages and reduced hours of work and
thus increased costs in order to relieve the despair of four million breadwinners—
with dependents, perhaps ten to twelve million people, and that
this is
contrary to the beet interests of the nation. If that is the reason, we are
ready and able to defend that, and would welcome the chance to do so.
Is the real reason that in permitting the great industries to organize and
co-operate for their own protection and welfare, we have insisted on pro-
Financial Chronicle
3426
visions for the protection of the public, and on the elimination and cutthroat trade practices and the unrestrained exploitation of the good old
days?
Those practices brought us up to the nightmare peaks of the 1929 mountains of foolishness and down into the depression depths of March 1933,
and drove twelve to thirteen million workers out on the streets and the
majority of all our people to the limit of suffering and despair. If that is
the true reason we are ready and able to defend that and we also welcome
the chance to do that.
Is the real reason that we have made some mistakes and changed some
directions of original approach, and will probably make more mistakes and
changes of direction, and will claim no ponderous infallibility and will
promptly concede mistakes and that we can make no definite promises and
will run into both ups and downs on the general upward pull and that we
have worked and can expect to work no sudden miracles.
If that is the reason we are ready to end the discussion quickly by freely
admitting and conceding that we have done all that and will continue to
do it and correct every error and iniquity we see regardless of any charge of
vacillation and irresolution.
What better have they to offer? How can they help us to do more?
What have they done and what are they. willing now to do to help?
These are not rhetorical questions. They are wholly sincere. There is
room in NRA for every bit of experience and assistance and guidance and
actual service that any responsible critic has to offer. Some of the foremost men of industry and commerce are on our staff. It is a liberal education for such men. It has made converts and zealots out of some who were
once highly critical.
To understand NRA it is necessary to get close to it and be part of it
for a little while. We will be glad to take on any of these gentlemen—no
matter how critical—and give them high responsibility for curing the very
things they now complain about. We have done that more than once and
we are developing a plan now to do it on a much wider scale by a system
of rotation.
Every man to whom the commerce and industry of this country have
given an opportunity to attain the stature of responsible criticism owes
some months of service to his country at a time like this, and if, instead
of sniping from incomplete knowledge and hurling such synthetic dead cats
as these moth-eaten ones about the freedom of the press and dictatorship,
we could induce yet more of them to come into the nonpartisan, impartial
organization we maintain, to show us how to correct our mistakes and to
put their ideas into execution, we should see the effect of criticism at its
highest and of manhood at its best.
Never in the history of our Government was there so much opportunity
for service and so little excuse for sterile sniping. NRA is neither a dictatorship nor a bureaucracy. It is a forum for National planning where every
opposing interest has a voice. There will always be controversy in NRA
because it is a balanced organization of industry, workers and consumers
trying to compose conflicting interests for the general good.
NRA Organism Far Action Voluntarily Proposed.
It is an organism for action voluntarily proposed—not Government—but
by the bulk of every economic group. There is no aspect of compulsion
save in support of the agreement of the bulk of an industry against the
chiseing few.
Who criticizes that? Who argues that a selfish minority in any group
ought to be permitted to frustrate the action of the rest and to destroy
the forward movement of a great nation?
Certainly they should not be permitted to do it by the selfish misuse of
any such sacred symbols as "individualism," "liberty," "the Constitution,"
"the flag" or "freedom of the press." These words belong to the average
man as well as to the chiseling minority.
It is the co-operation of the average man that is doing more to make
these words mean more to-day than was ever done by all the chiselers, great
and small, since the adoption of the Constitution of the United States.
There are always about 10% in any great movement who can be counted
on not to play the game. We have our 10 per centers, too. But they cannot stop NRA.
If it works unfairly anywhere, we will correct it. If it needs revision,
we will revise it. But the great fundamental principle is working, and
working as intended. The benefits of the great public works program are
beginning to pour forth. The Agricultural Adjustment Act has brought a
new day to the South and will progressively increase its effect throughout
this region. The Home and Farm Loan Acts are moving at an accelerating
rate, the move to liquidate frozen bank credits is on its way; all these forces
are about to centre with the increased purchasing power of 4,000,000 reemployed people.
It is no time for calamity howling. It is time to get ready to take care
of increased business and to carry on the excellent progress thus far gained.
General Johnson Asks Fair Play for Recovery Program
—Speeches in Minneapolis and St. Paul Defend
NRA and AAA—Recovery Administrator Attacks
Henry Ford as "Economic Dictator"—Finds New
Hope for Agriculture.
Fair play for the President's recovery program and an opportunity to prove its permanent benefits were asked by
General Hugh S. Johnson, Recovery Administrator, in an
address before a business men's luncheon meeting at St. Paul
on Nov. 7. Later in the same day General Johnson spoke
before an audience in Minneapolis, and threatened, if necessary, to club "chiselers and gougers under the Recovery
Act" with the Administration's "big stick." He advised
"patience and support" in order that the President can
"lick this ghastly farm disparity." In this same speech General Johnson attacked Henry Ford, without mentioning him
by name, and said that the Detroit automobile manufacturer
"has exercised the most ruthless economic dictatorship of
our time." We quote in part from Associated Press Minneapolis advices to the New York "Herald Tribune" on Nov. 7,
outlining the two addresses:
"Now the National Recovery Administration comes in for some attack,"
he said. "And from whom? From chiselers. yes, and that attack we are
going to repel with all the forces at our command.
Nov. 11 1933
Turns Fire on Ford Again.
"I was charged the other day with assuming the airs of a dictator." He
referred, obviously, to a statement issued at the Detroit plant of the Ford
Motor Company recently in which the code chief was target of a bitter fire
from that concern.
"The charge," he declared, "happened to come from a man who, intrenched in what he regards as an impregnable economic position of wealth
and power, has exercised the most ruthless economic dictatorship of our
time.
Pointing out the NRA has nothing directly to do with farm relief, General Johnson said this and other Government relief agencies are moving
fast. Replying to criticism of slowness where agriculture is concerned, he
said "the President cannot wave a wand and turn a condition created by
many years of Governmental neglect into rosy prosperity in a year."
"But what man can do he is doing and if, instead of making his task
harder, by misunderstanding, you continue to give him your patience and
your support, he will lick this ghastly farm disparity.
Cites New Hope in South.
"There is new hope in the South in cotton and in tobacco when the price
is the best in years. The wheat situation is not satisfactory, but compare
it with last March," he continued, reviewing what has been done to alleviate the situation in that and other farm commodities.
"What kind of support is it to the most militant friend that agriculture
has ever had to cavil about the use of six months time to clear the wreckage of a generation of neglect?"
Referring to the farm revolt, he said, "Well, these are the influences that
want you to revolt against NRA—against the President's entire recovery
program. What do they offer you in its place? They offer just what they
gave you before—nothing. Nothing but exploitation. They delight in glee
in the attitude of some farmers now.
"It helps them in their fight against any effort of this nation to act as one
man to pull itself out of this depression. It helps them in their cynical
belief that they can always play the farmers for a sucker.
Calls for Co-operation.
"That is not the way to support a great leader in a heroic fight against
the most dreadful enemy that ever beset a nation. The way to do that is to
follow a proved leader who has shown by every act his primary care for you
—to back him to the limit and let nothing happen to give aid and cons.
fort to his enemies and yours. Let's pull together, or it is certain as sunrise that we are all going to be pulled down separately."
Addressing 1,000 persons at the midday luncheon, General Johnson told
the Middle West it soon would feel the beneficial effects of the Federal farm
loan work. He said dairy and livestock prices were lagging, but that success of the NRA would mean success for the Agricultural Adjustment Act.
The code chieftain's address was well received by the crowd, which applauded him generously when he concluded.
Stresses Buying Power Rise.
He called attention to a recent 20% increase in purchasing power as
reported by the American Federation of Labor, and predicted this would
help increase farm product prices.
"It is certain to act in dairy, meats and poultry products," he continued.
"If you want prices of these products to go down, kill off NRA and let pay
rolls decline.
"Give the President a chance. Give the AAA a chance to work. Who
did as much for agriculture in as short a time as President Roosevelt?
When malcontents, cheap politicians, or professional agitators declare the
AAA is too slow, they are blocking recovery."
The NRA and AAA, he said, go hand in hand, and one can't succeed
without the other.
"Team work is the answer. If you want to get out of the depression, play
the game behind the President's leadership."
Replying to criticism in some quarters that prices of what the farmer
buys have increased more rapidly than farm prices, Johnson said, "You
can't put your million men back to work without increasing industrial
costs." He added this increased purchasing power would be reflected in
costs of farm products.
"Farm income and total pay rolls in this country go up and down together," he said.
Donald Richberg Declares NRA Seeks to Avoid Further
Interference with Business—General Counsel
Warns, However, that More Drastic Control Will
Follow Unless Industry Offers Co-operation—
Walter C. Teagle and Gerard Swope Also Defend
Recovery Program at Meeting of Academy of
Political Science.
Donald It. Richberg, General Counsel for the National Recovery Administration, in an address on Nov. 8 before the
annual meeting of the Academy of Political Science in New
York City, charged that "certain widespread criticisms" of
the NRA came either from "misunderstanding or misrepresentation of both the means employed and their objectives." In his reply to opponents of the Administration's
recovery program Mr. Richberg attacked "the Tories and
the ultra-radicals within our borders," who, he asserted,
"will do their best to make our efforts fail." He was supported in his defense of the NRA by Walter C. Teagle, President of the Standard Oil Co. of New Jersey, and Gerard
Swope, President of the General Electric Co., both of whom
were, until their recent resignations, members of the Industrial Advisory Board of the NRA.
Mr. Richberg said that it was neither the intention nor
the purpose of the Government to establish a dictatorship
over business and industry, and he said that the American
people were equally opposed to dictatorship by Government
and dictatorship by business. He warned, however, that
Government intervention in a more stringent manner was
Inevitable unless business and industry co-operate in the
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Volume 137
task of establishing a successful democratic control over the
Nation's economic existence. Both Mr. Teagle and Mr.
Swope also defended the NRA as a great and necessary experiment. Mr. Teagle said that while unavoidable mistakes
might have been made, the principle of the NRA, that of
democratic regulation of the Nation's economic life, had
come to stay. We quote, in part,from the New York "Times"
of Nov. 9 regarding the addresses given on the preceding
day:
"We can never go back to the positions we abandoned under the New
Deal," Mr. Teagle declared, saying that while modification of the NRA
policies may have to be made as the need develops, "our economic Humpty
Dumpty of 1929 has been pushed off the wall and all the king's horses and
all the king's men can't put it together again."
Mr. Swope's contribution to the day's program came at the academy's
dinner in the evening, devoted to a discussion of long-range planning, when
he declared that the time had come to consider the creation of a National
Economic Council, to act in a research and advisory capacity to industry
end government, with representation by industry, finance, agriculture, labor,
government and the public. Mr. Swope declared that such a council would
contribute materially toward reduction and elimination of unemployment
and the stabilization of the nation's economic life.
Self-Government Is Aim.
Speaking at the morning session of the academy,, at which Owen D.
Young presided, Mr. Richberg declared that what the Government was
seeking under the NRA was not "the exertion of a political control over
business," but the promotion of its own self discipline "that will provide
genuine self-government for industry."
"This program is now being subjected to certain widespread criticisms
which arise out of either misunderstanding or misrepresentation of both the
means employed and their objective," Mr. Richberg said. "Men who are
either ignorant or careless of the facts talk glibly about the `regimentation'
of industry and describe an essentially democratic and individualistic endeavor as the product of the socialistic doctrines of Karl Marx."
Characterizing the program of the Roosevelt administration as "a half
way house, a house of democratic co-operation and self-discipline, which
lies between the anarchy of irresponsible individualism and the tyranny of
State socialism," Mr. Richberg charged that "the extremists of either the
conservative right or the radical left who may sincerely believe that there
can be no permanent middle ground are not fair, and frequently not sincere, when they deny that the NRA has laid the foundation of its program
In that middle ground.
Teagle Sees Promise Kept.
Mr. Teagle, who presided at the afternoon session, dealt with what he
termed "some of the reason's for the public's confusion in its appraisal
of the NRA program." "No one can say that the promise has not been
fulfilled," Mr. Teagle said, referring to President Roosevelt's promise of
a new deal. He reviewed the steps taken by the administration in the
various fields of the nation's economic and industrial life and declared that
it was too early to attempt to give a final judgment on what is being done
and on what has been accomplished.
"No one can foretell the ultimate consequences of our venture into the
socialization of business," he added. "We are on a new road, a one-way
street by which we can never return. Fortunately, we are not bound permanently to those things which time may demonstrate have been mistakes.
We can modify policies and undoubtedly shall as the need develops, but we
can never go back to the positions we abandoned under the New Deal.
"Our struggle to reorganize production and distribution so that all men
may earn a living in agriculture, in the professions, in railroading, in finance
and industry, or in whichever of the countless activities the people engage
must succeed, and to succeed the recovery effort must command universal
support. If business is to run itself, as contemplated in the act, then business men must take the initiative in regulating their own affairs, to the
end that interference by Government may be restrained to the minimum.
"Those who are becoming impatient with accomplishments to date must
understand that the program is incomplete. General Johnson said at Chicago that the President had gone about 25% of the way in bringing us up
from the March 4 low. In the background of all of our troubles is the
need for a more equitable distribution of the rewards of industry. Our
productive capacity over the past three decades has run ahead of consumption because purchasing power has not broadened sufficiently to take in all
classes. Farmers and the lower paid wage-earners should have participated
more liberally in the enjoyment of benefits from the release of man power
by the machine.
"The President has the determination to drive ahead on lines that many
critics told him were dangerous. He will have the courage to recede from
positions that are untenable. It is apparent that President Roosevelt is
feeling his way by trial and error to a more equitable distribution of the
National income, and more power to him! It is the one ultimate insurance
of human welfare and community prosperity."
Swope Reiterates Plan.
Pointing out that under the NRA commerce and industry were organiz•
ing into compact units and drawing up codes of fair competition, under
which data will be collected as a step•toward better co-ordination of production and consumption, Mr. Swope argued that "it is here, in each of
these trade groups, that this study should start, not at the top of our fearfully large and complicated structure but at its base."
"Then mobilize these trade and industrial groups into the larger unit
which I outlined last week in the proposed organization of a National
Chamber of Commerce and industry—when such a program, or some other,
is accepted, to make permanent many of the essentials of the NRA, enabling
co-operative work on the part of competing units in commerce and industry, a first but a very important step will have been taken," Mr. Swope
explained in urging his proposal for a National Economic Council.
"But our vast social structure is not served only by industry—it requires labor in two principal directions. In addition to industry or manufacturing for clothing and shelter, perhaps its Most fundamental need is
agriculture for food and certain raw materials; then commerce and transportation for distribution, and finance to assist all of these activities. A
beginning has been made in their reorganization, and assuming that these
efforts will be fruitful of practical and beneficial results, it may now be
the time to consider the creation of a National Economic Council for long
range planning."
3427
New York Court Upholds Presidential Agreement as
Valid Contract—Restaurant Owner Ordered to
Pay $15 Wage Rate Under NRA Pact,
The President's Re-Employment Agreement was characterized as a contract binding upon an employer, in a decision
handed down on Nov. 1 in the Municipal Court in the Bronx,
New York City. This was the second time that a Court in
the United States had made such a ruling, the previous instance being in litigation in Denver. The action involved
the case of a waiter, Samuel Hoffman, against his employer,
Elias Zervos, who owns and operates a restaurant. Suit
was filed for payment of wages said to be due at the minimum rate of $15 weekly, with unpaid accumulations of $59.
The decision was noted as follows in the New York "Times"
on Nov. 2:
Justice James Fitzgerald, who heard Hoffman's case and decided in his
favor, ordering Zervos to pay the $59, ruled that in the case of the waiter
an agreement had been made between an employer and the President of the
United States and that Hoffman was the beneficiary.
"Although it may be true that to pay this man $15 a week may entail
a hardship upon the employer," the Court ruled, "this should have been
taken into consideration before the agreement was signed. Now that the
agreement has been entered into the defendant is liable for what he contracted to do."
In addition to affecting directly the city's restaurants, Justice Fitzgerald's decision was declared at the local National Recovery Administration headquarters, where the decision was welcomed, as having a bearing
on barber shops, beauty shops, hotels, taxicabs and such other enterprises
in which employees obtain their earnings entirely or in part through tins.
List of Companies Filing Registration Statements with
Federal Trade Commission Under Federal Securities Act.
Since the publication in our issue of Oct. 21 (page 2921) of
the list of registration statements filed up to Oct. 17 with the
Federal Trade Commission under the Federal Securities
Act, the Commission has made public some six or seven
additional lists. On Oct. 17 the Commission announced that
the value of securities registered up to that date was in
excess of $266,000,000. The practice since followed by the
Commission is to indicate the value of securities represented
in each new list made public.
Ten statements filed for the registration of securities were
made public Oct. 24 by the Commission. They involve a
total of more than $8,000,000 in securities issues. A list of
additional registration statements filed with the Commission was issued by it on Oct. 25. This list represents
securities totaling in amount close to $4,000,000. The list of
registration statements filed with the Commission Oct. 24,
follows:
Bell Rese Industries, Inc. (2-295), Dover, Del., a Delaware corporation
manufacturing fountain pens, proposes to issue common stock In the
amount of $125,000. Registration fee: $25. Otto React in President. and
John F. Weber, Secretary-Treasurer, both of Dover, Del.
Blumer Brewing Corporation (2-297). Monroe, Wis., a Wisconsin corporation manufacturing beverages and beer, proposes to issue 200.000 shares of
common capital stock in an amount not to exceed $2,000,000. Registration
fee: $200. F. J. Blumer is President, and A. E. Wells. Secretary-Treasurer, both of Monroe, Wis. W. C. Perkins, Chicago, is underwriter.
Gillet Realty Corporation (2-291). Baltimore, Md., a Maryland corporation engaged in purchasing, selling, owning and operating apartment
houses and office buildings, proposes to issue $221,375 in principal amount
of Interest coupons on bonds to guarantee payment of Adjusted Interest
Certificates of The Warrington Apartments Co., Baltimore. Fee paid
the Commission for registration, $25. Person authorized to receive service
and notices: Guy T. 0. Hollyday, Baltimore Trust Building, Baltimore.
Among officers and directors are: George P. Zouck, Director; William G.
Nolting, Director and Vice-President; Julius 0. Ziegfeld, Assistant Secretary, Assistant Treasurer and Director: Laurence V. Cochrane, Director.
Secretary and Treasurer; Henry B. Thomas, Jr., Director; Guy T. 0.
Hollyday, Director and Vice-President, and Charles B. Gillet, Director,
all of Baltimore.
Old Jordan-Old '76 Distillery Co. (2-294). Covington, Ky., a Delaware
corporation proposing to manufacture and distill whiskey and other distilled spirits, and to issue 150,000 shares of common stock in an amount
not to exceed $750,000. Registration fee: $75. R. L. Crigler Is President. and Henry W. Jenisch. Secretary-Treasurer, both of Covington.
Hy. Bolger & Co., Chicago, are underwriters.
Old Monroe Brewing Association (2-293), St. Louis, a Missouri corporation
manufacturing beer, proposes to issue 50.000 shares of capital stock for a
total of $225,000. Registration fee: $25. Officers: E. H. Gunlach.
Columbia, Ill., President; and Henry Eisenhart, Waterloo, Ill.. Secretary.
Republic Mortgage Co. (2-299), Albuquerque., N. M., a Delaware corporation engaged in making loans and investments secured by mortgages on
farm and city real estate. Amount of offering: $1,581,750 in corporate
stock and certificates and bonds. Registration fee: $158.18. Among
officers are: A. B. Williams, Denver, President, and J. L. McBeth, Albuquerque, Secretary-treasurer. Underwriters: A. B. Williams and T. E.
Green, both of Denver.
Suburban Electric Utilities Co. (2-296). Dunlap. Ill., an Illinois corporation operating electric light and telephone properties, proposes to issue
first mortgage ten-year 5% refunding bonds in the amount of $86,500; and
second lien ten year 5% refunding income bonds in the amount of $95,000.
Registration fee: $25. Officers: G. D.Thompson, President; and W. C.
Tegtmeler, Secretary-Treasurer, both of Davenport. Iowa, Underwriters:
Priester, Quail & Curdy, Inc., Davenport, Iowa.
Warrington Apartments Co. (2-290), Baltimore, a Maryland corporation
proposing to own, maintain and operate The Warrington Apartments. Baltimore, succeeding Gillet Realty Corporation. Amount of issue: Capital
stock. $77,120; Adjusted Interest Certificates, $67,375: and payment of
principal and interest of all first closed mortgage 25
-year 6% sinking fund
3428
Financial Chronicle
gold bonds (on The Warrington Apartments) of Gillet Realty Corporation
which are deposited under terms of the deposit agreement, of a face value
of $962,500, one-third of which. or $320,833 was used in calculating the fee,
which was $46.53. Person receiving service and notice, Guy T. 0. Hollyday, Baltimore Trust Building, Baltimore. Among officers and directors
are: George P. Zouck, director; William G. NoRing, director; Julius 0.
Ziegfeld, director and Vice-President; Lawrence V. Cochrane. director,
Secretary-Treasurer; Henry B.Thomas, Jr., director and President; Charles
B. Gillet, director; Guy T. 0, Hollyday, Vice-President and director; and
C. Leroy Muth, Assistant Secretary and Assistant Treasurer, all of Baltimore.
Williams& Co., Inc.(R C)(2-292), New York, a New York corporation
doing a wholesale grocer's business. Amount of offering: $700,000 in first
mortgage 6% real estate notes. Registration fee: $70. Officers: Arthur
P. Williams, President and William F. Vasseler, Secretary-Treasurer, both
of New York. Underwriters: Mercantile-Commerce Co., St. Louis.
Wright and Taylor Distilling Corporation (2-298), Baltimore, a Maryland
corporation manufacturing whiskey, proposes to issue 550,000 shares common stock in the amount of $1,275,000. Registration fee: $127.50.
Officers: William S. Simpson, President, and Stephen F. Downey, Secretary-Treasurer, both of New York. Underwriters: J. C. Willson, New
York; Edward B. Smith & Co., New York; Minca Corporation, New York;
and Staunton River Co., Inc., Brookmeal. Va.
The following is the list of stitements filed with the Commission on Oct. 25:
Chopaka Mining Corporation (2-301). Seattle, Wash., a Washington corporation engaged in mining gold, silver and other precious metals, proposes
to issue 250,000 shares of common stock at a total of $25.000. Registration fee: $25. Underwriter: Foye Cothrin, Seattle. Among officers are:
W. Don Starkey, President, and V. F. Beverly, Secretary-Treasurer, both
of Seattle.
Double Eagle Mining Co. (2-308), Baldy, N. M., a New Mexico corporation engaged in mining gold, silver, copper and other metals. Amount of
offering: 25,000 shares of common stock at a total of $25,000. Registration fee: $25. Among officers are: C. H. Anderson, President and Treasurer, and J. B. Levert, Secretary, both of Amarillo, Tex.
East Contra Costa Irrigation District Bondholders Protective Committee
(2-305), San Francisco, a committee of six members formed to act as the
committee under terms of a refunding plan and deposit agreement. Issue
comprises deposit receipts for bonds issued by Knightsen, Lone Tree,
and Brentwood irrigation districts. Amount of offering: $518,850. Registration fee: $51.89. Members of the committee are: Charles D. Bates,
Oakland, Calif.; H. C. Bottorff, Sacramento, Calif.; George E. Crothers,
San Francisco, Calif.; B. Burroughs, Knightsen, Calif.; R. L. Eberhardt,
Stockton, Calif., and J. C. Youngberg, San Francisco, Calif.
Edward M. Fitch, Jr.. and Others (2-306), Philadelphia, calling for deposits in the reorganization of Chicago Artificial Ice Co., Chicago, the
issue comprising 28,675 shares of common stock to note and bond holders
and to note holders at a market value of $123,200. Registration fee: $25.
Members of the committee are: Edward M. Pitch, Jr., N. H. Homer,
and Robert W. Rhea, all of Philadelphia. G. M. Long, Philadelphia, is
authorized to receive all notices which may be issued by the commission.
Goldfield Operators, Ltd. (2-302), Los Angeles, a Nevada corporation
engaged in exploration for gold, proposes to issue 250,000 shares of common stock at a total price of $250,000. Registration fee: $25. Among
officers are: Henry J. Korvin, President, and W. Nuangst, SecretaryTreasurer, both of Los Angeles.
Halifax Power & Pulp Co., Ltd. (2-304), Sheet Harbour, Nova Scotia.
Incorporated under the Nova Scotia Companies' Act and engaged in manufacturing and selling groundwood pulp. Amount of offering: $225,000
In participating certificates. Registration fee: $25. Among officers are:
D. Francis Dougherty, Sheet Harbour, N. S., President, and Isadore
Hookstein, Albany, N. Y., Secretary.
Maynard & Child, Inc. (2-300), New York, a New York corporation,
proposes to engage in importing and acting as distributing agent in the
United States for foreign wines and other liquors, and to issue 250.000
shares of capital stock at a total price not to exceed $1,500,000. Registration fee: $150. Underwriters: A. W.Porter & Co., inc., New York. Among
officers are: Herbert Maynard, Jr., Boston, President, and F. R. Gammon, New York, Secretary Treasurer.
Oakman Brewing Co. (2-309), Detroit, a Michigan corporation building,
constructing, maintaining and operating brewery. Amount of offering:
895,000 shares of common stock at a total of $895,000. Registration fee:
$89.50. Among officers are: Charles G. Oakman, President, and W. C.
Atherton, Secretary, both of Detroit.
Scottish Type Investors, Inc. (2-303), Jersey City, a Delaware corporation
dealing in securities, proposes to issue 5,000 shares class A capital stock
at a total price not in excess of $32,500. Registration fee: $25. Underwriters: British Type Securities Corporation, Newark, N. J. Among
officers are: Edward V. Otis, President, New York, and Curtis Franklin,
Secretary-Treasurer. Jersey City.
Southwestern Trading Co. (2-307), Denver, a Colorado corporation dealing
In stocks, bonds, mortgages and other securities, proposes to issue 400,000
shares of common stock at a total price of $237,500. Registration fee:
$25. Underwriters are: Hines & Co., Inc., Denver. Officers are: H. F.
Hines, Denver, President, Treasurer and General Manager; Helen L.
Lewand, Aurora, Colo., Secretary, and Geraldine A. Hines, Denver,
Director.
Twenty registration statements involving more than
$6,500,000 in securities issues were made public Nov. 1
by the Commission. In this group are six gold mining, two
distillery, two brewery, three machinery, a paper pulp and
a chemical company. There are also protective committees
for reorganization of two hotels, a theatre, and a public
works project for improvement of a levee in Kaufman
County, Texas. This list was made public as follows:
Berghoff Brothers Brewery, Inc. (2-321), Fort Wayne, Ind., an Indiana
corporation manufacturing alcoholic, cereal and malt beverages, proposes
to issue 50,000 shares of common stock at a total price of $275,000. Registration fee: $27.50. Underwriters: Central Securities Corp., Fort Wayne,
Ind. Among officers are: Gustav A. Berghoff, President, and Norbert G.
Berghoff, Secretary, both of Fort Wayne, Ind. Bondholders' Protective Committee, Hotel Strand Bond Issue (2-317), Los
Angeles, a committee calling for deposits of Louis Rothman, Jennie Rothman, Max Covalerchek, Elizabeth Covalerchek, Samuel Pollack and Anna
Pollack, all of Los Angeles, owners and operators of apartment houses and
hotels, the issue comprising first mortgage bonds secured by a trust indenture in the amount of $115,000. Registration fee: $25. Committee
members are: David Horwitz, W. Y. Teetzel, and Ralph G. Wolff, all of
Los Angeles.
NOV. 11 1933
Bondholders' Protective Committee, Kaufman County, Texas, Levee Improve.
-o. E. J. Flinn, Secretary,
meat District No. 1 Serial 6% Bonds (2-311), c.
Kansas City, Mo.,a committee calling for deposits of reorganization ofKaufman County, Texas, Levee Improvement District No. 1, organized for protecting land for agricultural purposes, the issue comprising all outstanding
bonds of the district in the amount of $245,000. Registration fee: $25.
Committee members are: L. R. Mott, Chicago, and Jay V. Holmes and
E. J. Flinn, both of Kansas City, Mo.
Carbon Dioxide & Chemical Co. (2-325), Seattle, Wash., a Delaware
corporation producing and manufacturing solid carbon dioxide (dry ice),
liquid carbonic gas, and filling shells with carbon dioxide, proposes to
Issue 219,485 shares of common capital stock at a total price of $219,485.
Registration fee: $25. Among officers are: H. B. Chessher, President, and
A. C. Bates, Secretary, both of Seattle, Wash.
Commonwealth Bond Corp. Committee (2-313), New York, a committee
calling for deposits of reorganization of the Fensgate Corp., Boston, owner
of Fensgate Hotel, Boston, the issue comprising first mortgage 13-year
income gold bonds in the amount of $354,000 face value, one-third of
which is 6118,000 on which is based the registration fee of $25. Members
of the committee are: N. B. Hersloff, West Orange, N. J.; C. J. Kerney.
Englewood, N. J., and E. A. Sauter, Brooklyn, N.Y.
Consolidated Chollar Gould & Savage Mining Co. (2-310), San Francisco, a
California corporation engaged in mining gold and silver. Amount
of offering: 46,481 shares of common stock at a maximum offering price of
$2 a share. Registration fee: $25. Among officers are: Sidney W. Fish,
Carmel, Calif., President, and William A. Boekel, San Francisco, VicePresident and Secretary.
Deadwood Mining & Milling Co. (2-324). Oklahoma City, an Oklahoma
corporation mining and milling gold, silver and other minerals, proposes
to issue 200,000 shares of reorganization syndicate interest certificates at a
total price of $200,000. Registration fee: $25. Officers are: M.E. Trapp
and E. S. Hausberger, co-syndicate managers, both of Oklahoma City.
(Statement withdrawn).
Fawn Mining Co., Ltd. (2-328), Vancouver, B. C., Canada, a British
Columbia corporation mining gold and silver, proposes to issue 1,500,000
shares of ordinary stock at a total price of $750,000. Registration fee:
$75. Underwriters: Reed, Henderson, Ltd., Vancouver, B. C. Among
officers are: Ivan McKinnon, President, and Elizabeth Lytle, Secretari,
both of Vancouver, B. C.
Golden Center Mines, Inc. (2-323), New York, a Delaware corporation
engaged in acquiring, exploring and developing mining properties. Amount
of offering not to exceed $1,942,700. Registration fee: $194.27. Underwriters are: Golden Center Syndicate, New York. Among officers are:
August Heckscher, President, and William P. Hammond. Secretary, both
of New York.
Hygienic Products Corp. (2-320), Albany, N. Y a New York corporation
dealing in pulp and paper products, proposes to issue sinking fund 5%
collateral trust first mortgage bonds, series A, due Jan.. 1 1963, in the
amount of $225,000. Registration fee: $25. Underwriters are: Halifax
Power & Pulp Co., Ltd., Sheet Harbour, N. S. Officers are: Dwight G. W.
Hollister, Babson Park, Mass., President; Roger W. Bell, Albany, N. Y.,
Treasurer, and Austin H. Fittz, Babson Park, Mass., Secretary.
Monex Corp. (2-312), New York, a New York corporation manufacturing
change-making machines, proposes to issue 100,000 shares of common
stock at a maximum offering price of $1.875 a share. Registration fee: $25.
Among officers are: Joseph B. Auerbach, Baldwin, L. I., President and
General Manager, and. Felix Renick, Vice-President and Sales Manager.
Underwriters: Lord, Abbott & Co., Inc., New York.
Nob-Lok Cabinet Co. (2-322), New York, a Delaware corporation distributing a patented product, proposes to issue 13,500 shares of common stock
at a total price of $135,000. Registration fee: $25. Officers are: H. R.
Langslow, New York City, President, Carelton Reynell, Flushing, N. Y.,
Vice-President, and Lewis Hatch, Brooklyn, Secretary-Treasurer. (Statement withdrawn).
Old Joe Distilling Co.(2-318). Lawrenceburg,Ky.,a Kentucky corporation.
proposes to issue 60,000 shares of cumulative participating preferred stock
at the market price, not in excess of $20 a share. Registration fee: $120.
Underwriters: Kerfoot, Leggott & Co., Chicago. Among officers are:
Gratz B. Hawkins, President, and Wilgus Naugher, Secretary, both of
Lawrenceburg, Ky.
Old Jordan-Old '76 Distilling Co. (2-315), Covington, Ky., a Delaware
corporation proposing to engage in the manufacture and sale of whiskey as
permitted by law. Amount of offering: 250,000 shares common stock at a
maximum offering price'of $5 per share. Registration fee: $125. Underwriters are: Bolger & Co., Chicago. Among officers are: R. L. Crigier,
President, and Henry W. Jenisch, Secretary-Treasurer, both of Covington.
Hy.
Protective Committee for Stanley Theatre, Bridgeton, N. J. First Mortgage
6% Gold Bonds, (2-329), Philadelphia, a committee calling for deposits of
reorganization of Mercantile & Theatres Properties, Inc., Philadelphia,
engaged in the construction and leasing of theatre and mercantile proparties, the issue comprising first mortgage 6% gold bonds covering an
original amount of $550,000, market value of which is stated as $137.500.
Registration fee: $25. Committee members are: Moncure Biddle, George
D. Lewis, William S. Johnson, Charles B. Lewis, and George V. Strong,
all of Philadelphia.
Quaker City Brewing Corp (2-314), Philadelphia, a Pennsylvania corporation manufacturing and selling malt beverages. Amount of offering: 110,000
shares common stock at proposed offering price of $6.25 per share. Registration fee: $68.75. Among officers are: George Ehret, President, and
Louis J. Ehret Jr., Vice-President and Secretary, both of Philadelphia.
Reed Co., Inc. (2-326), New York, a Delaware corporation engaged in
making both paper containers and the automatic machines which manufacture them, proposes to issue 1Q0,000 shares of common stock at a total
price of $50,000. Registration fee: $25. Among officers are: R. K. Reed,
President, and Garrick M. Spencer. Secretary, both of New York.
Seneca Plumas Gold Mining Co.(2-319), Reno, Nev., a Nevada corporation
engaged in placer gold mining, proposes to issue 200.000 shares of common
stock at a total price of $200,000. Registration fee: $25. Among officers are:
Charles S. Haley, Quincy, Calif., President, and E. S. Boalich, Burlingame,
Calif., Secretary-Treasurer. (Since withdrawn).
Wazona Mines, Inc. (2-327), Seattle, Wash., a Washington corporation
operating patented mining claims, proposes to issue 25,000 shares of mining
stock at a total price of $25,000. Registration fee: $25 Among officers are:
J. P. Holman, President, and C. B. Holman, Secretary-Treasurer, both of
Seattle.
Western Gold Exploration Co.(2-316), Dallas, Tex., an Arizona corporation
engaged in mining, proposes to issue 100,000 shares of common stock at a
maximum offering price of 50 cents a share. Registration fee: $25. Among
officers are: J. W. Crotty, President, and Paul S. Miller, Secretary-Treasurer, both of Dallas, Tex.
On Nov. 2 the Commission made public registration
statements involving securities totaling upward of $11,500,000. They proposed to finance such businesses as beer and
Volume 137
Financial Chronicle
wine, investment trust, personal loans, foreign bond investments, motor cars, and amusements. They include protective committees for a storage warehouse, a chocolate
company and an office building. The list follows: .
American Plan Credit System, Inc. (2-335), New York, a New York
corporation engaged in the reorganization, acquisition and management of
personal loan offices and companies, proposes to issue 100.000 shares of
preferred stock at a total price of $1,350,000. Registration fee: $135.
Underwriters: Jos. N. Davis Underwriters, Inc., New York. Among
officers are: Arnold Krimont, Croton-on-Hudson, N. Y., President and
Michael Cimbalo, New York City, Secretary.
Commonwealth Bond Corp. Committee (2-331), New York, a committee
calling for certificates of participation in bonds and mortgages of Hader
Realty & Holding Co., New York, covering premises known as Feuer's
Storage Warehouse, Yonkers, N. Y. Amount of issue: $171,900. Registration fee: $25. Committee members are: C. J. Kerney and E. A. Sauter.
Foreign Bond Associates, Inc. (2-337), Jersey City, a Delaware corporation
engaged in purchasing, selling, investing, trading and dealing in "foreign
bonds" and similar securities. Amount of offering: $5,000,000. Registration
fee: $500. Underwriters: Distributors Group, Inc., New York. Among
officers are: Robert S. Byfield, Scarsdale, N. Y., President, and R. Sherrard
Elliot Jr., Jersey City, Secretary.
Gold Operators, Inc. (2-339), New York, a Delaware corporation engaged
In the investigation, development and operation of gold mines, proposes to
Issue 100,000 shares of capital stock at $1.25 per share. Registration fee:
$25. Among officers are: Robert D. Hoffman, President, and Arnold
Hoffman, Vice-President, Secretary and Treasurer, both of New York.
Montgomery Building, Inc. (2-336), Spartanburg, S. C., issuing 7%
second mortgage gold notes, and notes payable to banks as securities to be
called for deposit by Montgomery Building, Inc., upon reorganization the
Issue to comprise $406,000. Registration fee: $25 based on these securities
valued at approximately 50 cents on the dollar. Person authorized to
receive all notices issued by the COMMIB131011 regarding this statement:
W. S. Montgomery, Spartanburg, S. C.
National Beer & Wine Importers, Inc. (2-330), New York, a New York
corporation, proposes to import wines, whiskeys, and beers and to manufacture and sell alcoholic beverages, after legalization in the United States.
Amount of offering: $2,500,000. Registration fee: $250. Underwriters:
Hammons & Co., Inc.. New York, and James E. Cairns Co., New York.
Among officers are: Otto B. Shulhof, President, and John W. White,
Secretary, both of New York.
Ocean Park Pier Amusement Corp. (2-338), Santa Monica, Calif., a California corporation conducting an amusement business. Amount of offering:
$180.000. Registration fee: $25. Among officers are: Adolph Ramish,
President, and Jefferson W. Asher, Secretary, both of Los Angeles.
Pacific Seaboard Foundation, Lid. (2-333), San Diego, Calif., a Nevada
corporation, an investment trust. Amount of offering: 96,032 shares of
class A preferred stock at a total price not to exceed $1,020,340. Registration fee: $102.03. Among officers are: Mark Fisher, President, and G. M.
Ford, Secretary-Treasurer, both of San Diego, Calif.
Protective Committee for Brewster-Ideal Chocolate Co. First Mortgage 6J %
Bonds Due 1937, (2-332), Philadelphia, a committee calling for deposits of
reorganization of Brewster-Ideal Chocolate Co., Lititz, Pa., (now Wilbur
Suchard Chocolate Co. by change of name) manufacturer of eating chocolate
and related products, the issue comprising first mortgage 6%% bonds due
July 1937, in the amount of $472.500. The market value as of Oct. 10
1933 was $189,000, which amount was used in calculating the registration
fee of $25. Committee members are: George D. Lewis, Edward M. Fitch
Jr., and Charles B. Roberts, all of Philadelphia.
Sterling Motor Truck Co., Inc. (2-334), West Allis, Wis., a Wisconsin
corporation manufacturing,selling and dealing in motor vehicles, principally
motor trucks. Amount of offering: $742,546. Registration fee: $74.25.
Among officers are: H. C. Keenan, President, and Oscar E. Hill, SecretaryTreasurer, both of Wauwatosa, Wis.
Four mining companies, a safety research organization, an
insurance company, an investment trust and an industrial
loan company were among those indicated on Nov. 3 as
having filed registration statements for securities issues
under the Securities Act. Included also were a motor
accessories company and a distillery. The securities of the
entire group total more than $3,000,000. The list of registration statements was announced as follows on Nov. 3:
Baranof Chichagof Gold Mines Co., Inc. (2-344), Ogden, Utah, a Delaware
corporation engaged in mining, milling and refining metals and minerals,
including mineral salts, proposes to issue 250,000 shares of common stock
at a total price of $250.000. Registration fee: $25. Underwriters: W. M.
Harvey of W. M. Harvey & Co., New York. Among officers are: Lester S.
Scoville, President-Treasurer, and Marwin L. Scoville, Secretary, Ogden,
Utah.
Beaver-Bethnal Gold Mines, Ltd. (2-340), Wilmington, Del., a Delaware
corporation engaged in mining gold and copper, proposes to issue 100,000
shares of common stock at a total price of $100,000. Registration fee: $25.
Underwriters are: W. M. Harvey & Co., New York. Officers are: Thomas
Hall, President; Dorothea Hall, Secretary-Treasurer; and J. Hay, McDonald, director, all of North Bay, Canada.
Como Mines Co. (2-342), Layton. Lyons Co., Nev., a Nevada corporation
engaged in developing and operating gold and other mineral mines, proposes
to issue 500,000 shares of capital stock at a total price of $500,000. Registration fee: $50. Among officers are: Charles Oster, President, New York;
E. S. McCurdy, Secretary, San Francisco, and W. Chester Smith, Treasurer, New York.
Gerben-llecht Rim Wheel Corp. (2-343), New York City, a New York corporation manufacturing and distributing an emergency spare wheel and
tire, proposes to issue 5,000 shares of 7% preferred and 500 shares of
class B common stock at a total price of $50.500. Registration fee: $25.
Officers are: Henry Hecht, President; Charles Gerben, Treasurer, and
Michael Hecht, Secretary, all of New York City.
Interstate Surety Co. (2-347), Newark, N. J., a New Jersey corporation
proposing to carry on an insurance business. Amount of offering: 50,000
• shares of common stock at a total price of $437,500. Registration fee:
$43.75. Among officers are: William E. Decker, Jersey City, President,
and William R. Conlong, Newark, Treasurer.
Lackner Safety Research Corp. (2-349). Brooklyn, organized to complete
research and produce safety devices. Amount of offering: 93500,000. Registration fee: $50. Ralph J. Lackner, Brooklyn, is Manager of the company.
but expects later to become President. (Statement withdrawn).
Little Pepper Distillery, Inc. (2-345), Lexington, Ky., a Kentucky corporation proposing to distill and market whiskey. Amount of offering:
$382.000. Registration fee: $38.20. Among officers are: C. W. Kraft.
President, and L. DeJellinea, Secretary, both of Chicago.
3429
National Unit Corp. (2-341), Pittsburgh, offering "National Unit Cumulative Investment Certificates" at a total aggregate offering price of $250,000. Registration fee: $25. Composition of the trust property 15 days
Prior to filing of registration statement was as follows: 2,900 shares common
Adams Express Co.; 2,800 shares common American International Corp.;
4,500 shares common Tr -Continental Corp.; and 2,300 shares common
United Corp. Trustee: Peoples-Pittsburgh Trust Co. Officers of the
depositor: W. C. Stevenson, Washington, D. C., President; David A.
Buckley, Washington, D. C., Vice-President; and Eugene H. Kipp, Pittsburgh, Secretary-Treasurer.
Pierce Metals Development Co. (2-348), Lewiston, Idaho, an Idaho corporation engaged in mining, proposes to issue 1,000,000 shares of common
stock at a total price of $125,000. Registration fee: $25. Underwriters:
W. M. Harvey & Co., New York. Among officers are: J. N. McPhail,
Lewiston, Idaho, President, and Thomas W. Nevitt, Clarkston, Wash.,
Secretary-Treasurer.
Public Finance Service, Inc. (2-346) Philadelphia, a Delaware corporation
engaged in an industrial loan business. Amount of offering: $553,300.
Registration fee: 355.33. Among officers are: Harry P. Gatter, President,
and LeRoy H. Keeler. Treasurer, Philadelphia.
On Nov. 4 the Commission announced that a manufacturer of both farm implements and industrial alcohol was
among the companies filing with the registration statements
for securities. Four gold or precious metals mining companies, two distilleries, a building construction company,
and committees calling for deposits of a general contracting
and cement company, were represented among the list of
registration statements made public that day. This list,
representing securities amounting to $13,935,200, follows:
Bailor Manufacturing Co., (2-355), Atchinscrn, Kansas, a Kansas corporation manufacturing farm implements and industrial alcohol. Amount of
offering: $121,200.00. Fee: $25. Underwriters: Industrial Sales Corp.,
Kansas City, Mo. Officers: W. C. O'Brien, President, and W. F. Guthrie
Jr., Secretary, both of Kansas City.
Carl if. Berets and Fred II. Mason, Agents, (2-352). 120 Wall Street.
New York, N. Y., a committee calling for deposits of securities in the
reorganization of readjustment of Fred T. Ley & Co., Inc., New York, N. Y.,
a Delaware and Massachusetts corporation doing a general contracting
business, the issue comprising secured serial 6% gold notes in the principal
amount of $340,000.00 face value. Market value is stated as 20% of face
value or $68,000.00. Registration fee: $25. Date of proposed call for
deposits: Nov. 7 1933.
Carstairs Rye Distilleries, Inc. (2-359). Baltimore, a Maryland corporation
proposing to manufacture and distill whiskey and other spirituous liquors,
and to issue 1,250,000 shares of common stock and option warrants. Registration fee: $460. Underwriters: Hedden, Farwell & Co., Inc., New York.
Among officers are: Charles M. Kahn, President, and Robert Friedberg,
Secretary-Treasurer.
Consolidated Natural Gold Mines. Inc. (2-351), Denver, Colo., and Wilmington, Del., a Delaware corporation engaged in mining and milling.
Amount of offering: $200,000. Registration fee: $25. Among officers are?
Nels G. Olsen, President, and Roy G. Olson, Secretary-Treasurer, both
of Denver.
Charles A. Criqui, and others, (2-354). Buffalo, N. Y., a committee
calling for deposits of reorganization or readjustment of the Federal Portland Cement Co., Inc., Buffalo, manufacturers of Portland cement, the
issue comprising first mortgage 6%% bonds due Sept. 1 1941 of a face
value of $588,000 one-third of which, or $196,000 was used in calculating
the fee, which was $25. Committee members are: Charles A. Criqui,
Ansley W. Sawyer, and Frank C. Trubee Jr., all of Buffalo.
Distillers & Brewers Corp. of America (2-358), New York, a Delaware
corporation doing business as a holding corporation, as well as making major
investments in all phases of the alcoholic beverage business. Amount of
offering: $6,325,000. Registration fee: $632.50. Underwriters: Emil J.
Roth & Co., New York. Among officers are: Edw. J. Whalen, Brooklyn.
President, and Samuel M. Goldman, New York City, Secretary-Treasurer.
Gold Standard, Inc. (2-353), Reno, Nev., a Nevada corporation engaged
in mining and milling. Amount of offering: $130,000. Registration fee:
$25. Underwriters: A. R. Paterson, No. Seattle, Wash., and Lawrence
Goldner, Reno, Nev. Among officers are: C. J. Ward, President and A. R.
Patterson, Secretary, both of Seattle, Wash.
Lambda Chemical Products Co. (2-350), Seattle. Wash., a Washington
corporation engaged in developing mining locations to produce gold, silver
and other metals. Amount of offering: $245,000. Registration fee: $25.
Among officers are: 0. Robert Dahl, President, and Mrs. Lulu A. Dahl,
Secretary-Assistant Treasurer, both of Seattle.
Red Arrow Mines, Inc. (2-356), Idaho Springs, Colo., a Colorado corporation mining and milling precious mineral ores. Amount of offering:
$50,000. Registration fee: $25. Officers are: V. C. Herrin, Idaho Springs,
Colo., President; George Light, Idaho Springs, Colo., Vice-President, and
W. E. Walthers, Georgetown, Colo., Secretary-Treasurer.
Truscon Steel Co. (2-357), Youngstown, Ohio, a Michigan corporation
purchasing, manufacturing and selling and dealing in materials for use in
building construction, proposes to issue 200,000 shares of common stock
at a total price of $2,000,000. Registration fee: $200. Among officers are:
Julius Kahn, Youngstown, Ohio, President; M. Goldenberg, Detroit,
Secretary, and H. W.Bulkley, Youngstown, Ohio, Treasurer.
Ten registration statements involving more than $2,500,000 in securities issues are made public Nov. 5 by the Commission. They proposed to finance such businesses as beer
and wine, gold mining, door manufacturing and real estate.
They included protective committees for a public utility
holding company and a real estate business. The list follows:
The Arizona Power Co. Adjustment Committee (2-362), Philadelphia, a
committee calling for bonds, notes and preferred and common stocks of
The Arizona Power Co., Prescott. Ariz., covering an aggregate offering
of $936,305. Registration fee: $93.63. Person authorized to receive all
notices issued by the Commission regarding this statement: D.P.Beardsley.
Secretary, Philadelphia. Members of the committee are: P. Blair Lee.
George H. Stuart 3rd, and Jonathan C. Neff, all of Philadelphia.
Fradel Car Door Corp. (2-361), Buffalo, N. Y., a Delaware corporation
manufacturing freight car doors, proposes to issue 12,250 shares of common
stock at $10 a share. Registration fee: $25. Underwriters: E. P. Gage &
Co., Jacksonville, Fla. Among officers are: Frank Eckert, President, and
George J. Herr, Secretary, both of Buffalo, N. Y.
Gulf States Development Co., Inc. (2-367), New Orleans, a Delaware
corporation purchasing, developing and selling property. Amount of offering: $250,000. Registration fee: $25. Underwriters: Rogers & Walker.
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Financial Chronicle
New York. Among officers are: W. E. Smith, President, and Stuart E.
Smith, Secretary-Treasurer, both of New Orleans.
Industrial Exchange Building Co. Bondholders' Protective Committee,
(2-364), Los Angeles, a committee calling for deposits of reorganization of
Industrial Exchange Building Co., Los Angeles. engaged in the financing
of an office building. Amount of issue: $426,500 face value, one-third of
which, or $142166.57 was used in computing the fee of $25. Members of
the committee are: C. H. Schimpff, Los Angeles; Garrettson Dulin, Los
Angeles. and Roger K. Williams, San Diego.
Maison Fiche', Inc. (2-363). New York, a New York corporation proposing to import and manufacture wines and liquors, and to issue 1.000
shares of preferred stock at $100 a share. Registration fee: $25. Among
officers are: Ralph Pickel, Hartsdale, N. Y., President; and Bernard
Pichel, Brooklyn, Secretary.
Protective Committee Trinity Court Building Burda Holding Corp. First
Mortgage 6% Gold Bond Certificates. (2-368). New York, a committee calling
for deposits of reorganization of Burda Holding Corp., New York. a real
estate business. Amount of issue: First mortgage 6% of gold bond certificates, of a face value of $1,471,000, one-third of which, or $490,333.33 was
used in calculating the fee of $49.03. Members of the committee are:
G. Arthur Hoermans, Corning. N. Y.; Thomas Johnson, Savannah, Ga.:
C. A. Neumeister, Auburn, N. Y.; George G. Shriver, Baltimore, and
Russell S. Tucker, New York.
Rainbow Mining & Milling Co., Ltd. (2-369), Medimont, Ida., an Idaho
corporation engaged In mine development, proposes to issue 100,000 shares
of common assessable treasury stock and 50,000 shares of preferred nonassessable treasury stock at a total price of $75,000. Registration fee:
$25. Among officers are: George Austin, Medlmont, Ida., President, and
E. H. Polworth, Spokane, Wash.
Schonbrunn Brewing Co.. Inc. (2-360), Sturgeon Bay, Wis., and Blue
Island, Ill., an Illinois corporation manufacturing beer and other cereal
beverages, proposes to issue 50.000 shares of common stock at a total price of
$62.500. Registration fee: $25. Underwriters are: Zaiser & Zaiser, Inc..
Chicago. Among officers are: Robert E. Seiter, Sturgeon Bay, Wis., President. and Ralph L. Gronwall, Blue Island, Ill., Secretary-Treasurer.
Standard Collateral Shares Corp. (2-366), Washington, D. C., offering
41,666 Standard Collateral Trusteed common stock shares at a total
aggregate offering price of $250.000. Registration fee: $25. Trustee: The
Empire Trust Co.. New York. Officers of the depositor: Kenzie W. Walker,
Washington, D. C., President; William H. Clopton, Chevy Chase, Maryland, Vice-President; Paul L. James, Washington, D. C.. Secretary'
Treasurer, and Marie L. Utley, Washington, D. C., Assista,nt SecretaryTreasurer,
Treasure Mountain Gold Mining Co. (2-365). New York, a Delaware
corporation developing and operating gold mines, proposes to issue 600,000
shares of capital stock at the maximum aggregate price of 8210.000. Registration fee: $25. Underwriters: Shannon & Co., Inc., New York. Among
officers are: Guy L. V. Emerson, New York. President; and Paul T. Barnes,
Chicago, Secretary.
Securities issues totaling more than 85,000,000 filed for
registration under the Securities Act were made public on
Nov. 8 by the Commission. The list follows:
Atascadero Oil Co. (2-373), Atascadero. Calif., a California corporation
operating an oil company, proposes to issue 20,000 shares of common
stock at $1 a share. Registration fee, $25. Among officers are: Oscar L.
Willett, Los Angeles, President, and W. E. Hanson, Atascadero, Calif.,
Secretary-Treasurer.
Bank Block Investment Co. (2-377), Parkersburg, TV. Va., a West Virginia
corporation operating the Chancellor Hotel and leasing store rooms and
other rooms contained in the building. Amount of offering, $235,000.
Registration fee, $25. Among officers are: E. A. Brest, President, and
A. P. Turley, Secretary-Treasurer, both of Parkersburg, W. Va.
Committee for the Reorganization of the Capital Reservation Land Trust
(2-378), Chicago, the committee calling for deposits consisting of Kent
Chandler, Francis F. Ferry and Ralph I. Farwell. Chicago, calling participation certificates issued under a trust deed dated June 4 1915. by the
Capitol Freehold Land & Investment Co., Ltd., and Francis C. Farwell,
Hobart C. Chatfield-Taylor and George Findlay. Present trustees of the
company: Francis C. Farwell, Farwell Winston, and John V. Farwell.
Amount of issue, $1,767,930 (market value). Registration fee, $176.80.
Congress Gold Mines, Ltd. (2-379), Vancouver, Canada, a British Columbia,
Canada, corporation developing, mining, and milling gold and antimony,
proposes to issue 1,200,000 shares of common stock at a total price of
$300,000. Registration fee, $30. Among officers are: A. Wells Gray,
New Westminster, B. C., Chairman of the Board, and Bruce Fraser,
Vancouver. B. C., Secretary.
Greenebaum Sons Investment Co., and others (2-375). Chicago, a committee calling for deposits of reorganization of 205 W. Jackson Building
Corp., Chicago, operators of a building. Amount of issue, first mortgage
building and leasehold bonds of a face value of $378.500. One-third of this,
or 3126,166.66, was the amount used in calculating the registration fee,
which was $25. Greenbaum Sons Investment Co. and Percy Cowan,
both of Chicago, are reorganization managers.
Liberty Loan Corp. (2-374), Chicago, a Delaware corporation engaged in
the business of making loans, proposes to issue 4,992 shares of preferred
$3.50 cumulative stock and 24.984 shares of class A common stock at a
total price of $561,900. Registration fee. $56.25. Among officers are:
I. H. Levy, President, and P. A. Reinertsen, Secretary-Treasurer, both of
Chicago.
Lynchburg Distillery Co. (2-370), Cincinnati, an Ohio corporation manufacturing and selling whiskey, proposes to issue 86,576 shares of common
stock at a total price of 8649,320. Registration fee, $64.94. Underwriters:
Andrew Scott & Co., New York. Among officers are: B. M. Markstein,
President, and Leonard Freiberg, Secretary, both of Cincinnati.
New Deal Mining Co. (2-372), Las Vegas, Nett., a Nevada corporation
proposing to carry on a mining business, and to issue 100,000 shares of
common capital stock at $I a share. Registration fee. $25. Officers are:
L. W. Dye, Los Angeles, President; Roy W. Martin, Las Vegas, Nev..
Vice-President, and Raymond Tremaine, Los Angeles. Secretary-Treasurer.
New York-Buffalo Trading Corp. (2-371), New York, a Delaware corporation proposing to operate as a stock, security and commodity trading
and Investment company of the general management type, and to Issue
50,000 shares of common stock at $20 per share. Registration fee, $100.
Among officers are: Ward W. Mundle, Eden, N. Y., President, and
Gilbert W. Kliuck. Buffalo, N. Y., Secretary-Treasurer.
Standard Finance Corp. (2-376). Denver, a Nevada corporation carrying
on a finance business. Amount of offering. 8250,000. Registration fee,
$25. Among officers are: W. E. McGarry. Denver, President, and
W. H. Miller, Denver. Secretary-Treasurer.
In making public the above lists the Commission said:
In no case does the act of filing with the Commission give to any security
the approval of the Commission or indicate that the Commission has passed
on the merits of the issue, or that the registration statement itself Is correct.
Nov. 11 1933
Repeal by Federal Trade Commission of Rule Exempting
Certain Classes of Real Estate Mortgages from
Registration under Federal Securities Act
-New
Rule Exempts, under Prescribed Conditions,
Securities Not in Excess of $100,000, and Notes
and . Bonds Not Exceeding $16,000 Secured by
First Mortgage on Homes.
The Federal Trade Commission announced on Nov. 1 its
repeal of a rule promulgated July 27 (Release No. 16) regarding exemptions from registration under the Securities
Act of certain classes of real estate mortgages. In its place,
it announced a new rule applicable not only to small issues
consisting of notes and bonds directly secured by first mortgage on real estate but also to any issue the aggregate offering price of which is under $100,000, providing that the issue
falls within certain prescribed conditions.
The issues exempted by the new rule are described as
follows by the Commission:
1. Notes and bonds comprising an issue the aggregate amount of which
does not exceed $15,000 which are directly secured by first mortgage or
first deed of trust on a piece of real estate used as the issuer's home.
2. Securities of any character comprising an issue the aggregate amount
of which does not exceed $100,000, subject to the following prescribed
conditions:
(a) That the issue shall not be sold otherwise than for cash ;
(b) That no other securities shall have been issued by the same issuer
in excess of $100,000, including the issue now to be offered, within the
year immediately preceding the issue;
(e) That no other securities of the same class shall have been issued
within the year immediately preceding for any other consideration than
cash;
(d) That the commissions charged in connection with the distribution
of the issue shall not exceed 10% of the offering price ;
(e) That the issue, if bonds, shall not be divided into units less than
$500, and if stocks, into units less than $100, and if any other type of
security, into units less than $500;
(f) That if the issue consists of notes or bonds secured by first mortgage
on real estate, the issue will also be exempt even if divided into smaller
units than $500, provided that a prospectus containing detailed information be furnished to the purchaser.
3. The third class of securities exempt by this regulation comprises issues
which are exchanged for other outstanding securities, including in such
terms extensions or renewals of outstanding obligations. These issues are
exempted when the par value of the securities to be exchanged does not
exceed $100,000. A prospectus containing a brief summary of the terms
upon which the exchange is to be effected is to be furnished to each person
to whom securities are sought to be exchanged for a new security.
Full text of the new rule is given as follows in the Commission's announcement:
Exemption of Issues Whose Aggregate Amount Does Not Exceed $100,000.
The Federal Trade Commission, in pursuance of the authority conferred
upon it by the Securities Act of 1933, finding that registration under the
Act with respect to the following securities does not appear to be necessary in the public interest and for the protection of investors by reason of
the small amount involved and the limited character of the public offering,
exempts from the requirements for registration securities of the following
classes:
I. Notes and bonds comprising an issue the aggregate amount of which
does not exceed $15,000, directly secured by first mortgage or first deed of
trust on real estate or on a leasehold under a renewable lease for not less
than 99 years (or such first mortgage or first deeds of trust on such real
estate or leasehold), upon which there is located a dwelling for not more
than four families occupied in whole or in part by the issuer as a home.
II. Securities (other than securities representing a fractional undivided
interest in oil, gas, or mining rights) comprising an issue no portion of
which is to be issued otherwise than for cash, which comply with the
following conditions:
1. That no securities of the same class as those herein exempted have
been sold otherwise than for cash within one year prior to the date of the
public offering of the securities herein exempted.
2. That the aggregate amount (being the product of the number of units
offered and the price per unit at which they are offered) at which the
securities herein exempted are offered to the public does not exceed $100,000,
exclusive of accrued interest and/or dividends. In case the securities are
offered at the market, the aggregate amount at which the securities herein
exempted are offered to the public shall be determined by the above method
save that the average price per unit at which the securities are sold on the
first day sold shall be regarded as the price per unit at which the securities
were.bona fide publicly offered.
3. That the net proceeds, after deduction of all expenses of distribution,
realized by the issuer from all other securities, except such as are described
in Section 3 (a) (3), issued by such issuer, within one year prior to the
offering of the securities herein exempted, together with the net proceeds
to be realized from the issue herein exempted, shall not exceed $100,000.
4. That if distribution be effected through an underwriter the net proceeds, after deduction of all expenses of distribution, to be realized by the
issuer from the securities herein exempted be not less than 90% of the
aggregate amount at which the securities herein exempted are offered to
the public, calculated in accordance with paragraph (2) above.
5. That if the securities be bonds or other evidences of indebtedness,
except as provided in Paragraph (6) and Section I hereof, they be in denominations of a face value of not less than $500; if shares of stock, the par or
stated value per share shall be not less than $100; if any other kind of
security, the offering price thereof per unit be not less than $500.
6. That if the securities be notes or bonds directly secured by first
mortgage or first deed of trust on real estate or on a leasehold (other than
oil, gas or mining leaseholds, provided that the grant of a right to remove
oil, gas or minerals shall not limit the exemption with reference to the
first mortgage on the surface) or be such first mortgage or first deed of
trust, that such securities also shall be exempted even though they be in
denominations of a face value less than $500 but not less than $50. But
no person who sells any security exempted by virtue of this paragraph shall
be immune from the liabilities imposed upon such person if the security
were not so exempted, unless such person shall prior to the time of such
Volume 137
sale give the purchaser (unless such purchaser be a financial institution or
insurance company and be under State or Federal supervision) a statement
briefly setting forth:
a. The location of the real estate or leasehold.
b. The number and total amount of securities issued under the mortgage
or deed of trust, and, if securities in addition to those actually issued are
authorized to be issued under the mortgage or deed of trust, a statement of
the total amount so authorized to be issued.
c. The amount of discounts, brokerage charges, fees (other than property
insurance) and all other expenses incurred by the borrower in connection with
the loan or charged for servicing such loan, briefly itemized.
d. The assessed value of the underlying property as of the time of the
issuance of the securities where the same is available, or, if not available,
then the assessed value nearest to such date.
e. The aggregate taxes assessed against the underlying property for the
latest year prior to the issuance of such security for which such assessment
has been made, together with a statement of any special assessments that
may have been made against such property but remain unpaid.
f. The amount for which the underlying property was appraised in connection with the mortgage or deed of trust, together with the name of the
appraiser and a statement of his interest in or connection with the issuer,
or, if no appraisal was made in such connection, the amount of any other
appraisal known to the seller and the date and circumstances under which
such appraisal was made.
g. The person or persons (not including agents of such persons) who
examined the title and/or guaranteed such title.
h. The names of the trustees, if any, under the mortgage or deed of trust,
and a statement as to their interest in or connection with the issuer, if any.
I. The rights of the security holder, summarized, upon default in payment
of the interest or any other payment required to be made under the terms
of such security or the mortgage or deed of trust.
i. The nature of any retirement, sinking fund, or amoratization provision.
k. The amount of the insurance outstanding upon the underlying property, its character, and the obligations of the mortgagor to maintain such
insurance.
1. The purposes for which the underlying property is used or is to be
used, with a brief description of the nature of such property.
m. In the case of a construction mortgage, a statement to that effect
together with a statement regarding the liability of the underlying security
for prior mechanics', materialmen's, and similar liens (the character and
nature of which shall be briefly described), if any such liability may exist,
and a statement as to the availability of funds to complete the structure.
n. In the case of a security guaranteed by a corporation other than the
issuer, a summarized balance sheet of such corporation of a date not more
than 90 days prior to the issuance of such security, which shall clearly set
forth the contingent liabilities of such corporation.
III. Securities comprising an issue which is exchanged for other outstanding securities, whether or not a partial cash payment be also requested
In connection with such exchange, which comply with the following conditions:
1. That the aggregate amount (being the capital amount or par value of
the outstanding securities sought to be exchanged, or, if there be no capital
amount or par value, the stated value of such securities) of the outstanding
securities sought to be exchanged does not exceed $100,000.
2. That the issuer shall not within one year prior to the exchange herein
sought to be effected have offered to exchange securities of an aggregate
mount, as defined in Paragraph (1) above, in excess of $100,000, inclusive
of the securities herein exempted.
3. That although the security be accorded an exemption under this rule,
no person offering such security for exchange shall be exempt from the
liabilities imposed upon such person if the security were not so exempted,
unless such person prior to the time of such offer of exchange shall give
the holder of the security to be exchanged (unless such holder be a financial
Institution or insurance company and be under State or Federal supervision)
a statement briefly setting forth:
a. In case the securities are called for deposit, a summary of the deposit
agreement (which shall expressly set forth the provisions of the deposit
agreement with respect to the circumstances under which the depositors will
become bound by any plan of readjustment or reorganization and with respect
to the rights of holders of certificates of deposit to withdraw their securities
and with respect to the terms and conditions upon which such rights may
be exercised, including all charges therefor, and the general purpose of
moil charges) accompanied or followed by a summary of the plan for
recognition, stating therein specifically in both instances, so far as applicable
in each instance, by whom the fees of the issuer and its members (including
within such term a committee), its counsel, the reorganization managers and
their counsel, and the depositary are to be determined and out of what
tunds such charges are to be met, and, if such fees are not to be determined
by an independent person, making a specific statement to that affect,
furnishing also, if available to the issuer, the last balance sheet and the
last profit and loss statement of the issuer of the securities sought to be
exchanged as published or reported generally to its security holders.
b. In case the securities are exchanged without calling them for deposit,
a summary of the terms upon which such exchange is sought to be effected
and if such issuer is other than an individual, furnishing also a balance sheet
of the issuer of the securities sought to be exchanged not more than 90 days
prior to the date of the original offering of the securities herein exempted,
together with a profit and loss statement of the issuer of the securities sought
to be exchanged for the latest year for which such statement is available.
Repeal of Rule of July 27 1933.
The rule promulgated July 27 1933, relating to notes and bonds secured
• by real estate mortgages, is repealed.
Ruling-on- Bonds
-of HOLC—United States AttorneyGeneral Cummings Advises President That United
States Would Not Be Entitled to Payment Until
Bondholders Are Paid in Full.
r In an-opinion made public Nov. 2, Homer S. Cummings,
Attorney-General of the United States, has advised President Roosevelt that "if the United States pays interest on
the bonds of the Home Owners' Loan Corporation under its
guarantee, the United States will not be entitled to payment
from the HOLC on account of that claim until the bondholders have been'paid in full." The opinion, addressed
to.the President _under date of Oct. 26, was given in response
to:a, requestifor a ruling made by the Chairman of the
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Financial Chronicle
Federal Home Loan Bank Board. In presenting his conclusions the Attorney-General said:
The statute is an emergency measure, highly remedial in character and
should be liberally construed to facilitate its purpose of extending the
greatest measure of relief to home owners. . . To hold that the United
States should share ratably would obviously greatly impair the marketability of the bonds and thus largely defeat the end which the statute was
plainly intended to secure. . . There is nothing in the Committee
reports of Congress which lends any support to a conclusion other than
the one I have reached.
The opinion follows in full:
DEPARTMENT OF JUSTICE.
Washington.
Oct. 26 1933.
The President.
The White House.
Sir:
I have the honor to reply to your request for my opinion upon the following question submitted by the Chairman of the Federal Home Loan Bank
Board in his letter to you of Oct. 19 1933:
If the United States pays interest on the bonds of HOW under its
guaranty of such interest, will the United States be entitled to a preference
for sums over the holders of bonds of the HMO.or will it be on a parity
with the bondholders,or will its claim be inferior to that of the bondholders?
Section 4 (a) of the Home Owners' Loan Act of 1933, c. 64. 48 Sta.. 128.
129, provides:
The Board is hereby authorized and directed to create a corporation to be
known as the Home Owners' Loan Corporation, which shall be an instrumentality of the United States. . .
Section 4 (b) provides than all capital stock of the HOLC shall be subscribed and paid for by the S3cretary of the Treasury on behalf of the
United States.
Section 4 (c) authorizes the HOLC to issue bonds in an amount not to
exceed 82,000,000,000 to obtain funds for carrying out the purposes of the
Act; such bonds shall mature within 18 years, shall bear interest at a rate
not to exceed 4% per annum, and shall be "fully and unconditionally
guaranteed as to interest only by the United States, and such guaranty
shall be expressed on the face thereof." This Section further provides:
In the event that the HOLC shall be unable to pay upon demand, when
due, the interest on any such bonds, the Secretary of the Treasury shall
pay to the HOLC the amount of such interest, which is hereby authorized
to be appropriated out of any money in the Treasury not otherwise appropriated, and the HOLC shall pay the amount of such interest to the holders
of the bonds. Upon the payment of such interest by the Secretary of the
Treasury the amount so paid shall become an obligation to the United
States of the HOLC and shall bear interest at the same rate as that borne
by the bonds upon which the interest has been so paid.
It is further provided in Section 4 (c) that; the bonds issued by the HOLC
shall be exempt, both as to principal and interest from all taxation (except
surtaxes, estate, inheritance and gift taxes) imposed by the United States
or by any State or local taxing authority and that the HOLC) and all its
assets (other than any real property of the HOLC)shall likewise be exempt
from such taxation.
With these provisions of the statute in view it will be convenient to consider separately the questions submitted. So far as the question of priority is concerned. I have no doubt that the United States will not be entitled to a preference over the holders of bonds of the HOLC on account of
interest advanced under its guarantee. This conclusion is required because
the guarantee of the United States would be almost wholly illusory if the
Payments gave the United States a claim against the assets of the HOLC
which must be satisfied before the bondholders could be paid. It is of
course, obvious on the face of the legislation that the purpose of Congress
VMS to increase the marketability of the bonds and not to impair them:
and this result would plainly not be reached if the United States was to
receive prior payment on account of advances of interest. The statute
provides that the interest on the bonds is "fully and unconditionally guaranteed" by the United States. A payment of interest made subject to
the condition that it was to be repaid before the bondholders received
anything on their principal would certainly not be a full and unconditional
payment within the meaning of the statute.
Whatever right the United States may have to priority does not depend
upon sovereign prerogative but exists only when express provision Is made
for it by statute. United States vs. Bank of North Carolina, 6 Peters 29,
35; Price vs. United States, 269 U. S. 492. 499-500. The only statute
providing for priority of payment to the United States of debts (other than
taxes) is the general provision contained in Section 3466 of the Revised
Statutes (U. S. C., Title 31, Sec. 191). But this statute, wholly general
In its terms, is not in my opinion applicable to the claim of the United
States against the HOLC for advances of interest, since, as has already
been observed, the effect of such application is wholly inconsistent with the
obvious purpose of the Act.
There remains the question whether the United States would be entitled
to be repaid for advances of interest to the HOLC on a parity with the
bondholders. While this question is not free from doubt, I am constrained
to believe that it was never in the contemplation of Congress, when it
provided that the Government should fully and unconditionally guarantee
the interest on the bonds, that the United States would be entitled to share
in the assets of the HOLC for the repayment of such advances before the
bondholders had been paid in full.
The question depends almost entirely on the meaning which Is to be
attributed to the sentence in Section 4(c)of the statute, which provides that:
Upon the payment of such interest by the Secretary of the Treasury
the amount so paid shall become an obligation to the United States of the
HOLC and shall bear interest at the same rate as that borne by the bonds
upon which the interest has been so paid.
A construction of the statute which would render these words meaningless should, of course, be avoided. The sentence might be given effect as
providing that the obligation of the HOLC to the United States shall be on
a parity with the claims of bondholders and of other creditors of the HOLC.
It may, however, also be given effect as providing that the claim of the
United States shall be subordinate to the claim of the bondholders but on a
parity with the claims of other creditors of the HOLC. There is, therefore.
an ambiguity in the statute which must be resolved.
An examination of the statute as a whole, including a consideration of its
obvious purpose and other relevant material, leads me to the conclusion
that the second of these possible constructions is the correct one. The
statute is an emergency measure, highly remedial in character and should
be liberally construed to facilitate its purpose of extending the greatest
measure of relief to home owners. It was an integral part of a comprehensive program enacted at the first session of the 73d Congress and intended as a broad grant of aid. To hold that the United States should
share ratably would obviously greatly impair the marketability of the bonds
and thus largely defeat the end which the statute WM plainly intended to
secure. If the United States were to share equally with the bondholders.
3432
Financial Chronicle
the effect would be that each time the United States made an advance of
interest under its guarantee, the bondholder's expectation of receiving his
principal would be correspondingly reduced (although perhaps in a smaller
amount). The conclusion seems clear that when Congress "fully and
unconditionally guarantee" interest on these bonds it did not intend its
guarantee either directly or indirectly to affect the security of the principal.
There i nothing in the Committee reports of Congress which lends any
support to a conclusion other than the one I have reached. See House
Report No.55, Senate Report No.91, House Report No.210. 73d Congress,
1st session. And an examination of the debates in Congress lends support
to this conclusion. It is well settled that in the interpretation of doubtful
provisions of a statute resort may be had to statements made on the floor
of Congress by the member in charge of the bill (Duplex Co. vs. Deering,
254 U.S.443, 475; United States vs. St. Paul. M.& M. Ry. Co.. 247 U.S.
310, 318); and the fact that throughout the consideration of the legislation
there was common agreement as to its purpose may properly be considered
in construing the statute. Federal Trade Commission vs. Raladam Co.,
283 U. S. 643. 650.
The fact that the guarantee was of interest only and not of principal was
frequently referred to in both Houses, but there was never any suggestion
that a consequence of the guarantee of interest should be an impairment
of the principal. That Congress intended That the Government was to be
a contributor to the security of the bonds, and was not intending to impair
that security, was made plain by Mr. Steagall, the Chairman of the House
Banking and Currency Committee, and the member in charge of the bill
on the floor of the House. In the course of the debate, Mr. Steagall said
(77 Cong. Rec., Part 3, p. 2500, April 27 1933):
Back of these loans not only is the interest to be guaranteed by theGovernment but the basic protection of these bonds is the security back of the loans,
pIns the additional protection of the $200,000,000 initial capital of the
HOLC.
This statement makes it plain that it was the intention of Congress to
contribute $200,000,000 to the security of the bonds by subscribing the
capital of the HOLC,and that, in addition to this contribution and without
affecting the security of the principal, the Government was to guarantee
the interest, That there was no purpose on the part of the Government
to impair the principal of the bonds was further made plain later on in the
same debate where Mr. Steagall said (ibid) that. . .
Every time you strike at•the security back of those bonds you have made
it more difficult to negotiate the exchange for a mortgage that will save
some citizen's home. That is the real object to be accomplished by this
legislation. (Italics mine.)
To construe the statute as entitling the United States to share ratably
with the bondholdt rs on account of a claim for interest advanced under
Its guarantees would obviously "strike at the security back of those bonds''
and thus tend to defeat "the real object to be accomplished by this legislation."
I conclude, therefore, that if the United States pays interest on the bonds
of the HOLC under its guarantee the United States will not be entitled to
payment from the HOLC on account of that claim until the bondholders
have been paid in full.
Respectfully,
HOMER CUMMINGS,
Attorney-Gen ral.
Req. No. 1310.
Resignation of W. F. Stevenson as Chairman of Federal
Home Loan Bank Board—Report of Activity of
Home Owners' Loan Corporation.
In our issue of Nov.4(page 3239) we referred to th resignation of William F. Stevenson as Chairman of the Federal
Home Owners' Loan Corporation and the appointment of
John H. Fahey to the office. In his letter of resignation
to President Roosevelt, dated Oct. 26, Mr. Stevenson said:
The Federal Home Loan Banks have just passed their first anniversary
and are operating successfully.
This has been a stupendous job, and it is now completed and is going
on to accomplish its purpose. I take the liberty of calling this to your
attention, and suggesting that it would be most acceptable to me if you
would now devolve the duties of Chairman on one of my colleagues, as it
will be in line with the policy of many of the boards to rotate the Chairman,
and can be done now with little tendency to disrupt the organization which
has been built up and is working loyally and industriously to attain the ends
for which the Corporation was created.
In his reply the President said:
In complying with your request. may I express to you my appreciation
of the very co-operative spirit shown in your letter and your constructive
suggestion as to the valuable effect of rotation of the Chairmanship.
I want you to know that I keenly appreciate the heavy responsibilities
and the great volume of work devolving on the Chairman of the Board
during your occupancy and want you to know that I am counting on your
continued assistance in the future as a member of the Board.
Soon after notice of the change, said a Washington dispatch
Nov.3 to the New York "Times," Mr. Stevenson announced
that the Corporation was tentatively approving applications
for refunding urban home mortgages at the rate of $5,500,000 daily. The "Times" account continued:
It has given "tentative approval" to about 20% of 500,000 refunding
applications received.
The phrase "tentative approval" was defined as designating action
including examination of applications and obtaining of agreements from
mortgage holders to accept the 18
-year 4% bonds issued by the Corporation
In exchange for home mortgages. . . •
The activity of the Home Owners' Loan Corporation was described in
a report for the week ended Oct. 27, In which period "tentative approval"
was given to 12,225 applications representing a dollar volume of$33,672,907.
A total of 98,445 individual mortgage applications representing urban
homes appraised at a total of $277,755,140 had been approved on this basis
to Oct. 27.
Details Misunderstandings.
In making the figures public, Mr. Stevenson said:
"Every one of the more than half a million applications has been acted
upon, but we have found that a substantial percentage has been submitted
under misunderstanding of the nature of the corporation. Many applications are submitted in the belief that Government money is available here
for building new homes; some show unmistakable signs of coming from
people who are perfectly able to pay their charges but are merely hoping for
some special consideration that will delay payment of a just obligation.
"Simultaneously, our reports show both a marked decrease in the number
and rate of new applications and a steadily national decrease in foreclosures.
Nov. 11 1933
These three factors, the status of tentative approvals and decreases in both
foreclosures and the rate of new loan applications, combine to indicate,
in every report we receive from field personnel, an increasing stability in the
real estate structure of the nation."
In the week ended Oct. 27 a total of 1,062 individual loans amounting
to $3,071,618 were made. A total of 3,390 loans amounting to $9.796,529
has been completed to Oct. 27. Of those 3,284 to a total of $9,727,726
were in bond transactions and 106 to a total of $68,803 were in cash. Foreclosures averted or postponed through the intervention of the Corporation
up to Oct. 27 numbered 25,266, amounting to $75,795,763.
$3,000,000 Additional Funds Advanced to the Federal
Home Loan Bank of Cincinnati by Other Regional
Banks—Bonds to Be Issued.
The issuance of bonds by some of the Federal Home Loan
Banks to obtain capital with which to aid needy homeowners
was indicated on Nov. 9 (said a Washington dispatch to the
New York "Times") by an announcement of the Federal
Home Loan Bank Board that a $3,000,000 loan, required for
expansion of its activities, had been made available to the
Home Loan Bank of Cincinnati by other regional Home
Loan Banks.
The dispatch continued:
No bonds have yet been issued by any of the Federal Home Loan Banks,
the operation of which are distinct from those of the Home Owners' Loan
Corporation.
The granting of the loan to the Cincinnati Bank was cited by the Board
as an illustration of the way in which the Federal HOMO Loan Bank system
may transfer funds from areas where there is a surplus to other sections
where additional funds are to be employed. The Cincinnati Bank has
advanced to its members its entire resources of about $16,000,000 and is
borrowing from the other banks in order to provide an uninterrupted supply
of credit for home loans.
Bonds which may be placed on the market by Home Loan Banks should
be entitled to high investment rank, by reason of their triple safeguards.
the Home Loan Bank Board said in a statement to-day.
"Home Loan Bank bonds," it said, "will be covered primarily by the
notes of borrowing member institutions to the full amount of loans advanced to them by the Federal Home Loan Bank and will likewise be secured
by the entire resources of the Federal Home Loan Bank system, involving
the joint and several liability of the 12 regional Home Loan Banks.
As further direct collateral behind the bonds,a diversity offirst mortgages
on homes will be deposited in trust on the basis of approximately $2 in mortgages for each $I of bonds issued by the Federal Home Loan Bank.
In addition, under the terms of the Federal Home Loan Bank Act providing for advances to member institutions, the mortgage collateral is
limited to mortgages which do not exceed the extremely conservative ratio
of 40% loan value against underlying property value, based on appraisals
at the time such advances are made.
Thus, under the act, there would be an absolute minimum of $2,500
In property value behind each $1,000 Federal Home Loan Bank bond.
G. V. McLaughlin Appointed Chairman of Special
Advisory and Appraisal Committee of RFC—Will
Aid in Releasing Deposits in Kings, Queens, Nassau
and Suffolk Counties.
Announcement was made on Oct. 24 that George V.
McLaughlin, President of the Brooklyn Trust Co., has
accepted appointment as Chairman of Special Advisory and
Appraisal Committee No. 7 of the Reconstruction Finance
Corporation, covering Kings, Queens, Nassau and Suffolk
counties. Mr. McLaughlin accepted the appointment at
the invitation of Mortimer N. Buckner, Chairman of the
Board of the New York Trust Co., who is serving as Chairman of the Special Advisory and Appraisal Committee for
the Second Federal Reserve District, under appointment
from the Deposit Liquidation Board. The announcement
added:
This committee has been organized as a part of the Deposit
Liquidation
Division of the RFC, recently created at the suggestion of
President
Roosevelt. Its purpose will be to assist the RFC in making
loans, as
quickly as possible, to liquidating agents of closed banks, so as to
release
funds for distribution to depositors.
It is expected that Mr. McLaughlin will appoint representatives for
each
of the four counties, to serve with him as a committee for District
No. 7.
The creation of the Deposit Liquidation Board was noted
in our issue of Oct. 21, page 2913; the appointment of Mr.
Buckner as committee chairman appeared on.page 2914.
Cash Advances of $3,234,762,178 Made by RFC During
Period from Feb. 2 1932 to Oct. 31 1933—Repayments Totaled $935,481,296—$1,308,123,879 Advanced to Banks and Trust Companies, of Which
$641,661,101 Has Been Repaid.
According to information made available on Nov. 4 by
the Reconstruction Finance Corporation, the Federal Government has made cash advances of $3,234,762,178.34,
through the Corporation since that agency began operations
on Feb. 2 1932. It was said that repayments amounting.to
$935,481,296.36 have been received. The report said that
excluding advances required by law to be made: (1) To
the Secretary of Agriculture for crop loans; (2) to the Secretary of the Treasury for purchase of stock of the Home
Loan Bank and the Home Onwers' Loan Corporation; (3) to
the Land Bank Commissioner for loans to Joint Stock Land
Banks and farmers; (4) to States and Territories for relief
purposes upon certificates from the Federal Emergency
Relief Administrator; (5) for capital and expenses of Re-
gional Agricultural Credit Corporations, and (6) to the
Secretary of Agriculture for the purchase of cotton, the
Corporation has authorized loans and other advances of
funds totaling $3,866,264,913.30 since it began operations.
Of this $300,328,834.20 was withdrawn or canceled and $824,091,879.43 remain at the disposal of the borrowers. Continuing, the report said:
Banks and trust companies were the largest class of borrowers. Loans
authorized to 6,340 institutions aggregated $1,656,103,210.93. Of this
amount. $196.313,815.55 was canceled or withdrawn. 3151.665,515.68
remain to the credit of the borrowers and $1,308,123,879.70 was disbursed
in cash, of which $641,661,101.04, or 49%, has been repaid. Last month
repayments were 47% of disbursements.
Since the passage of the Emergency Banking Act, the Corporation has
agreed to purchase $60.670,500 of preferred stock in 138 institutions, of
which $500,000 was canceled or withdrawn and $25.740,000 of capital
notes and debentures in 4 institutions to aid in the organization or reorganization of banks and trust companies. Under these authorizations. 852.568,000 in cash has been disbursed. The Corporation has authorized
loans, secured by preferred stock, aggregating $15,076.500 to 30 institutions. Of this amount, $1,548,000 was canceled or withdrawn, $13.528,500
has been disbursed in cash, of which $44,604.15 has been repaid. In
addition to these authorizations, the Corporation has made conditional
agreements to subscribe for $114,980,000 of preferred stock or capital
notes and debentures in banks and trust companies, and $11,025,000 of
preferred stock in insurance companies. Authorization of funds on these
conditional agreements is awaiting compliance with conditions.
Act of 1933 the
*Under Section 36 of the Emergency Farm Mortgage
RFC is provided with an appropriation of $50,000.000 for loans to refinance
irrigation districts. The Corthe indebtedness of drainage, levee and
poration has authorized loans to 10 districts. aggregating $4,245,445.81.
Cash advances, according to the report, were as follows
(figures as of close of business Oct. 31):
$135,000,000.00
To the Secretary of Agriculture for crop loans to farmers
To the Secretary of the Treasury for purchase of Home Loan Bank
63,345,700.00
stock
To the Secretary of the Treasury for purchase of Home Owners'
4,000,000.00
Loan Corporation stock
44,500,000.00
For capital of Regional Agricultural Credit Corporations
2,521,381.15
For expenses of Regional Agricultural Credit Corporations
To the Land Bank Commissioner to make loans to Joint Stock
Land Banks and to farmers under the Emergency Farm Mort20,000,000.00
gage Act of 1933
To the Governor of the Farm Credit Administration under the
12,000,000.00
Farm Credit Act of 1933
To the following classes of borrowers under Section 5 of the RFC Act:
$1,308,123,879.70
Banks and trust companies
386,955,308.81
Railroads
190,204,085.68
Mortgage loan companies
150,209,578.44
Regional Agricultural Credit Corporations_
111,763,475.88
Building and loan associations
86,936,641.20
Insurance companies
36,300,000.00
Federal Land Banks
12,568,733.05
Livestock Credit Corporations
12,505,540.35
Joint Stock Land Banks
9,250,000.00
Federal Intermediate Credit Banks
5,117.73605
Agriculture Credit Corporations
574,887.41
Credit unions
2,310,509,866.57
3,300,000.00
To the Secretary of Agriculture for the purchase of cotton
To aid in organization or reorganization of banks and trust com51,868,000.00
panies through purchase of preferred stock
To aid in organization or reorganization of banks and trust com700,000.00
panies through the purchase of capital notes and debentures_ _
To aid in organization or reorganization of banks and trust companies through loans secured by preferred stock
13,528,500.00
To States, Territories and political subdivisions of States for relief
purposes under the Emergency Relief and Construction Act of 1932 299,984,999.00
To States for relief purposes under the Federal Emergency Relief
Act of 1933 upon certificates from the Federal Emergency Relief
207.668.897.52
Administrator
To aid in financing self-liquidating construction projects (under
Section 201(a) ), including $2,222,058.11 for repair and reconstruction of buildings damaged by earthquake, fire and tornado 56,174,339.31
To aid in financing the sale of agricultural surpluses in foreign
markets (under Section 201(c))
4,000,202.57
To finance the carrying and orderly marketing of agricultural commodities and livestock produced in the United States (under
4,591,705.21
Section 20I(d))
To the Commodity Credit Corporation (under Section 201(d))
468,587.01
The report said that repayments were as follows (figures
as of close of business Oct. 31):
By the Secretary of Agriculture on crop loans
By borrowers under Section 5 of the RFC Act:
Banks and trust companies
Regional Agricultural Credit Corporations
Railroads
Building and loan associations
Mortgage loan companies
Insurance companies
Livestock Credit Corporations
Federal Intermediate Credit Banks
Agricultural Credit Corporations
Joint Stock Land Banks
Credit unions
20,00C.000.00
$641,661,101M
99,888,469.70
56,798,796.81
39,571,761.05
33,102,692.65
19,340,543.49
9,336,716.85
9,250,000.00
2,936,565.77
412,180.99
35,151.48
912,333,979.83
136,150.00
BY borrowers on self-liquidating projects
By borrowers for relief purposes
970,085.00
By borrowers to finance carrying and orderly marketing of agricul1,908,267.69
tural commodities (under Section 20I(d))
By borrowers on loans secured by preferred stock of banks and trust
44,604.15
companies
By borrowers to finance the sale of agricultural surpluses in foreign
88,209.69
markets (un .er Section 201(c))
The loans authorized to each railroad, together with the
amount disbursed to and repaid by each, are shown in the
following table (as of Oct. 31):
Aberdeen dr Rockfish RR. Co
Alabama Tennessee & Northern RR. Corp_
Alton RR. Co
Ann Arbor RR.(receivers)
Ashley Drew & Northern Ry. Co
Baltimore & Ohio RR. Co
Birmingham ez Southeastern RR. Co
Boston & Maine RR.Co
Buffalo-Union Carolina RR. Co
Carlton & Coast RR.Co
Central of Georgia Ry. Co
Central RR. Co.of New Jersey
Authorized. Disbursed.
$127,000
$127,000
275.000
275,000
2,500,000
2,500,000
634,757
634.757
400,000
400,000
71,625,000 69,552,378
41,300
41,300
7,569,437
7,569,437
53,960
405,267
549,000
3,124,319
3,124,319
464,298
500,000
5,916,500
5,916,500
Chicago & Eastern Illinois Ry.Co
35,094,133 34,434,133
Chicago & North Western Ry. Co
1,289,0001,289,000
Chicago Great Western RR
8,000,000
Chicago Milwaukee St. Paul & Pao. Ry.Co. 8,000,000
1,150,000
Chicago North Shore & Milwaukee RR.Co. 1,150,000
13,718,700 '13,718,700
Island & Pacific Ry. Co
Chicago Rock
3433
Financial Chronicle
Volume 137
Repaid.
*53,960
230,027
1464.300
,
1*35702
141,500
2,618,000
838
88,504
Cincinnati Union Terminal Co
Authorized.
10,398,925
Columbus & Greenville Ry. Co
Copper Range RR. Co
Denver & Rio Grande Western RR.Co__
Erie RR. Co
Eureka Nevada Ry. Co
Florida East Coast Ry.(receivers)
Fort Smith & Western Ry. (receivers)
Fredericksburg & Northern Ry. Co
Gainesville Midland Ry. (receivers)
Galveston Houston & Henderson RR. Co
Georgia & Florida Ry. (receivers)
Great Northern Ry. Co
Green County RR. Co
Gulf Mobile & Northern RR. Co
Illinois Central RR. CO
60,000
53,500
8,300,000
13,403.000
3.000
717,075
227,434
15,000
10,539
1,061,000
354,721
6,000,000
13.915
520,000
6,363,000
Lehigh Valley RR. Co
Maine Central RR.Co
Maryland dr Pennsylvania RR. Co
Meridian & Bigbee River Ry. Co
Minneapolis St. P.& Ste. Marie Ry. Co
Mississippi Export RR.Co
Missouri Pacific RR. Co
Missouri Southern RR. Co
Mobile & Ohio RR. Co
Mobile & Ohio RR. Co. (receivers)
Murfreesboro-Nashville Ry. Co
New York Central RR. Co
New York Chicago & St. Louis RR. Co---New York New Haven & Hartford RR.Co..
Pennsylvania RR. Co
6,500,000
2,550.000
100,000
600,000
6.843,082
100,000
23,134.800
99,200
785,000
1,070,599
25,000
27,499,000
18,200,000
700,000
29,500,000
Pere Marquette Ry. Co
Pittsburgh & West Virginia Ry. Co
Puget Sound & Cascade Ry. Co
St. Louis-San Francisco RR. Co
St. Louis Southwestern Ry. Co
Salt Lake & Utah RR. (receiver)
Sand Springs Ry. Co
Southern Pacific Co
Southern Ry. Co
Tennessee Central Ry. Co
Texas Oklahoma & Eastern RR. Co
Texas & Pacific Ry. Co
Texas South-Eastern RR. Co
Tuckerton RR. Co
3.000,000
3,975.207
300,000
7,995,175
18,790,000
200,000
162,600
23.200,000
14,751,000
147,700
108.740
700,000
30,000
45,000
Wabash Ry.(receivers)
Western Pacific RR. Co
Wichita Falls & Southern RR. Co
Wrightsville & Tennille RR. Co
15.731,583
4,366,000
400M00
22,525
Repaid.
Disbursed.
8,300,000 I 8,300,000
'2,098,925
14
*60,000
53,500
500,000
6,865,100
2,189
13,403,000
*3,000
*90,000
627,075
227,434
*10,539
1,017,500
354,721
6,000,000
13,915
520,000
6,346,333
5,500,000
2.550,000
100,000
6,000,000
915
520,000
f 33,333
'16,667
14
22,312
414.209
6,843,082
100,000
23,134,800
99,200
785,000
785,000
193,000
1,070,599
25,000
25,078,737
18,166.960 2,688,413
578,224
28,900,000 128.900,000
1 *600,000
3,000,000
3,975,207
300,000
7,995,175 2,805,175
790,000
18,672.250
200,000
162,600
10,200,000
14,751.000
147,700
'108,740
700.000
30.000
81
I
39,000
148,000
15,731,583
4,366.000 1,303,000
400,000
22,525
$411,701,426 $386,955,309 $56,798,796
(Total can*Denotes amount canceled or withdrawn instead of repayment.
cellations, $3,083,532.)
Deposit Insurance for State Banks in New Jersey
Held Unnecessary Now-Views of State Banking
Commission.
Deposit insurance for State banks in New Jersey is unnecessary for the present,in the opinion of the State Banking
a
Commission, which organized on Oct. 24, it was stated in
Trenton dispatch to the "Jersey Observer," which further
said:
chosen ChairColonel William H. Kelly, State Banking Commissioner, was
man, and Louis Cohen, Assistant Attorney-General, counsel.
methods for
The Commission was directed by the Legislature to devise
"thawing" frozen
strengthening the State banking structure and to assist in
three, includassets in closed or restricted institutions. A subcommittee of
publisher, was
ing Conunissioner Kelly, Cohen and David Stern, Camden
on a
selected to go to Washington to confer with Federal bank authorities
plan for liquidating frozen deposits.
reserve
Cohen pointed out it would be unnecessary to set up a State deposit
Federal
as the Legislature had authorized New Jersey institutions to join the
Federal plan for State
system. In order to gain the full benefit of the
Commisbanks, the subcommittee will go to Washington next week and the
sion will reconvene shortly thereafter.
solicited for
The Advisory Board of the State Bankers' Association will be
The Comsuggestions as to how best to improve the New Jersey structure.
mission hopes to submit its leport to the Legislature Nov. 14. Commissioner
liquidaKelly said about a score of banks were still closed or in process of
Altman Act,
tion, 16 had been removed from the restrictions imposed by the
and that 10 were awaiting Federal approval to re-open.
or
Approximately $160,000,000 of frozen assets remained in the closed
restricted banks, Colonel Kelly stated. Members of the Commission include
John A. Campbell, Trenton; Joseph A. Parr, Jersey City; J. H. Batcheller,
and Percy S. Young, Newark.
The appointment of the State Banking Commission was
noted in our issue of Oct. 28, page 3078.
New York State Savings Banks Association Acts to
Participate in Temporary Federal Deposit Insurance Plan-Reaffirm Intention to Seek Changes
in Bank Act in Interest of Depositors.
The savings banks of this State took steps, on Nov. 3, toward participation in the temporary Federal deposit insurance plan, but reaffirmed their intention to seek changes in
the. Banking Act in the interests of their depositors. This
position was taken at a meeting of the Savings Banks Association of the State of New York, held Nov.3 at the WaldorfAstoria, in New York City, adopting recommendations from
their special Committee of Deposit Insurance. According to
Henry R. Kinsey, the Association's President, the consensus
of opinion among the savings bankers is still strongly against
the principle- of deposit insurance as a permanent solution
to the nation's banking problems. Mr. Kinsey said:
We are planning to co-operate with the recovery program of the Government along the only lines now open to us, but we are dead against deposit
insurance as a permanent policy and hope to co-operate with the Adtninistration and with leaders in Congress in working out a better plan. We are
convinced that both in co-operating with the temporary plan and in urging
amendment of that permanent plan we are representing the best interests
of the nearly 6,000,000 depositors for whom we are trustees. Mutual savings banks differ from other types of banks in nature and structure, and
3434
Financial Chronicle
our status calls for special methods of treatment. The necessary haste with
which the Banking Act of 1933 was framed made such consideration impracticable, and we have every confidence that mature attention will enable
the Congress to take cognizance of our distinctive position.
The specific recommendations of the Association's Deposit
Insurance Committee, as adopted at the Nov.3 meeting, are:
(1) That each of the member banks of this Association should as rapidly
as possible, at meetings of the Boards of Trustees, pass the resolution forwarded to such savings bank by the Federal Deposit Insurance Corporation,
apply for membership in the Temporary Deposit Insurance Fund and submit
to the examination which such application entails.
(2) That your Committee be continued for the purpose of further study of
the entire question of deposit insurance and Federal Reserve membership,
with a view to seeking the amendment of the Banking Act of 1933 in accordance with the principles formulated in your Committee's preliminary report.
The preliminary report referred to was made by the Committee through Oliver W. Roosevelt, its Chairman, at the
annual meeting of the Association, on Oct. 17, and mention
of it was made in our issue of Oct. 21, page 2911. At that
time the Committee expressed the view that the unlimited
liability feature in the permanent insurance plan was "manifestly unsound." The final paragraph of the report stated:
If we are to join the temporary fund on Jan. 1 we should do so as a cooperative step in the interest of national recovery, because national recovery
cannot help but be beneficial to our depositors. But let us then spare no
time and no effort in co-operating with the Administration, Congress and
other bankers in the immediate development of amended legislation which
will, in fact, achieve the common objective of bankers and depositors alike;
namely, properly managed and properly controlled banks which will safe.
guard the interests of depositors and at the same time serve the common
welfare of the country.
Since the adoption of that report the matter has been discussed at regional group meetings throughout the State, and
the State Association Committee was represented in a delegation of the National Association of Mutual Savings Banks
which conferred on Oct. 30 with President Roosevelt.
The following is the report of the Committee on Deposit
Insurance, presented at the special meeting of the Association on Nov. 3:
Your Committee on Deposit Insurance begs to report as follows:
Since the presentation of the Committee's report to the Fortieth Annual
Meeting of the Association, held in New York City on Oct. 17 1933, your
Committee, pursuant to the mandate contained in the resolution adopted by
the convention, has been represented at meetings of the five groups of the
Association. It has further, in conjunction with a Committee of the National Association of Mutual Savings Banks, had the benefit of conferences
on the general subject of the Banking Act of 1933 with the President of the
United States, the Chairman of the Reconstruction Finance Corporation,
the Governor of the Federal Reserve Board, and the three directors of the
Federal Deposit Insurance Corporation.
As a result of such conferences and of deliberations had by your Committee
with representatives of mutual savings banks in other States, your Committee
recommends:
1. That each of the member banks of this Association should as rapidly
as possible at meetings of the Boards of Trustees, pass the resolution forwarded to such savings bank by the Federal Deposit Insurance Corporation,
and apply for membership in the Temporary Deposit Insurance
Fund and
submit to the examination which such application entails.
2. That your Committee be continued for the purpose of
further study
of the entire question of Deposit Insurance and Federal Reserve
Membership,
with a view to seeking the amendment of the Banking Act of
1933 in accordance with the principles formulated in your Committee's
preliminary report.
Membership in Temporary Federal Insurance Fund
Applied for by 4,537 of the 8,390 Non-Federal
ReserveMember State Banks in United States
137 Mutual Savings Banks in New York State to
Apply.
More than half of the non-Federal Reserve member State
banks in the country, to which applications have been sent,
have applied for membership in the temporary insurance
fund, Walter J. Cummings, Chairman of the Federal
Deposit Insurance Corporation, revealed Nov. 7. All
banks which are members of the Federal Reserve System
automatically become members of the temporary insurance
fund, which insures in full individual bank deposits up to
$2,500 after Jan. 1,and State non-member banks can become
members if they qualify. The workings of the Government's
insurance plan was described by Mr. Cummings in an address
delivered before the Savings Banks Association of the State
of New York, given in our issue of Oct. 21, page 2910. An
announcement issued by the FDIC on Nov. 7, said:
In addition to the State banks applying for membership, 137 mutual
savings banks in New York State, which have aggregate deposits of approximately $5,125,000.000, have signified their intentions of applying.
Up to noon Nov. 6, a total of 4,537 non-member State banks had applied
for membership, out of a total of 8,390 State banks which were sent applications to join, or over 54%.
"The fact that 137 mutual savings banks in New York State, with
aggregate deposits of around $5.125,000,000, intend to join the insurance
fund," Chairman Cummings pointed out, "indicates the recognition on
their part of the necessity for this deposit insurance. As soon as their
formal applications are received, FDIC examiners will immediately begin
examining these institutions as to their eligibility for membership."
The State of Minnesota led in the number of State banks applying for
membership in the fund, with 348 applicant-banks, followed by Indiana,
with 300 banks applying; Illinois, with 284. Pennsylvania, 238; Missouri,
263; and Ohio, 228. On a percentage basis, the State of Louisiana and the
District of Columbia were in the van, the former showing 113 out of 113
Nov. 11 1933
banks applying, and the District of Columbia showing 10 out of 10. Other
States to show a large percentage of applicants, in comparison with the
number of applications sent, were Wyoming, California, Montana, New
Jersey, the State of Washington and Michigan.
A force of 1,047 examiners of the FDIC is handling the work of
examining the applicant
-banks in the various States, directed by 47 Supervising Examiners in the State capitals. The Corporation's examiner, with
his assistants, goes to an applicant-bank, examines it and then forwards
his report to the Supervising Examiner at the capital of that particular
State. The Supervising Examiner then goes over the report, makes his
recommendation and forwards the report to the FDIC in Washington.
Here the three directors of the FDIC—Walter J. Cummings, J. F. T.
O'Connor (who is Comptroller of the Currency), and E.G. Bennett—make
the final decision as to the eligibility of a particular bank.
The names of all banks which qualify for the insurance fund will be
announced simultaneously just before the fund goes into operation of
Jan. 1 1934.
$84,545,633 Loaned by Organizations under FCA
During October as Compared with $62,324,912 in
September—Total Loans Now Outstanding Amount
to $1,870,444,217.
Loans made by the banks, corporations and offices under
the Farm Credit Administration during October amounted to
$84,545,633, compared to $62,324,912 in September, bringing
the total loans outstanding to $1,870,444,217, according to an
announcement made Nov. 8 by the Administration. Loans
by the 12 Federal Land Banks,including loans from the Land
Bank Commissioner's fund, the announcement said, totaled
$29,545,870 in October, compared to $13,067,652 in September.
Continuing, the announcement noted:
The Federal Intermediate Credit Banks advanced during October $33,521,686, a reduction from $38,178,853 advanced in September. During last
month, for the first time, the Intermediate Credit Banks discounted farmers' notes offered to them by farmers' production credit associations, organized with the assistance of production credit corporations. Loans by the
Central Bank for Co-operatives, also for the first time, recorded a sizeable
amount advanced, $7,161,540. Loans by the Regional Agricultural Credit
Corporations in October totaled $12,263,595 against $10,113,577 in September. Loans to Joint Stock Land Banks were $933,478 in October compared
to $195,711 in September.
AMOUNT OF LOANS AND DISCOUNTS ADVANCED DURING SEPTEMBER 1933, OCTOBER 1933, AND AMOUNTS OUTSTANDING ON
OCT. 31 1933 BY INSTITUTIONS.
Amount of Loans and Discounts.
Institutions.
Loans During Outstanding on
Loans During October 1933. Oct. 311933.
Sept. 1933. (Preliminary) (Preliminary)
$9,261,500
Federal Land banks
Land Bank Commissioner's loans to
3,806.152
farmers
Land Bank Commissioner's loans to
195,711
Joint Stock Land banks
038,178,853
Federal Intermediate Credit banks
Regional Agricultutal Credit corpora10.113.577
tions
Production credit associations
Emergency crop production and feed
276,967
loans
Agricultural Marketing Act revolving
307,809
fund
182,100
Central Bank for Co-operatives
1,843
Regional Banks for Co-operatives
$19,051,300 81,140,101,308
10,494,570
16,486,000
93374 8
:
a33,521 686
1,150,998
8133,014,760
12,263,595
1,600
146,806,000
1,600
373,046
106,584,616
695,093
7,161,540
49,725
318.903,844
7,344,040
51,051
862,324,912 884,545,633 81,870,444,217
Total
a Includes discounts outstanding for Regional Agricultural Credit corporations
Judge L. E. Birdzell, Former Chief Justice of Supreme
Court of North Dakota, Appointed General
Counsel for FDIC.
Directors of the Federal Deposit Insurance Corporation
announced on Oct. 31 that Judge L. E. Birdzell has been appointed general counsel of the Corporation. Judge Birdzell
resigned as Chief Justice of the Supreme Court of the State
of North Dakota on Oct. 21 to accept his new position, the
announcement said, continuing, in part:
He served as a Judge of the North Dakota Supreme Court for the past 17
wears, and was three times Chief Justice.
Probably few courts have dealt more extensively with receiverships of
closed banks, reorganization of banks, powers and liability of bank officials
than the Supreme Court of North Dakota. The State bank guaranty of deposits law was passed upon by the Supreme Court of North Dakota and the
decisions of all the Courts of the various States were reviewed by the
Supreme Court. In all of these decisions Judge Birdzell either wrote the
opinion or participated in it.
The North Dakota Supreme Court ranks high among the Supreme Courts
of the country, and its decisions, when reviewed by the Supreme Court of
the United States, have been almost uniformly sustained. Judge Birdzell
was long recognized as one of the strongest members of that Court. He is
the author of a coal rate decision and of an insurance decision, both of which
were reviewed by the Supreme Court of the United States, and the decisions
of the United States Supreme Court, affirming the North Dakota
decisions,
have become leading cases and are often cited.
No"Help" Needed to Apply for Farm Loans—Statement
by Farm Credit Administration.
Despite the fact that the Farm Credit Administration's
statements to the press, over the radio and in pamphlets
emphasize the fact that farmers should apply for loans
directly to Secretary-Treasurers of National Farm Loan
Associations, authorized correspondents of the Federal Land
Bank or to the Bank itself, a number of unofficial and
unauthorized individuals have sought to collect fees or
commissions from farmers for the so-called service of helping
Volume 137
Financial Chronicle
them to obtain loans, according to an announcement made
Oct. 30 by the FCA. The announcement further said:
These individuals told prospective borrowers that they could aid them in
obtaining loans or increase the amount which they would be able to borrow.
neither of which they could do. Some individuals have offered to perform
this so-called service for a commission or fee. The statement is repeated
by the FOA that no unofficial intermediary is necessary for farmers to
make applications for loans and no such person will have any influence
upon the amount of the loan which will be made.
The form of application adopted by the Land Banks some months ago
was very much simplified compared to the former application and an ample
supply of the blanks is always in the hands of the Secretary-Treasurers of
National Farm Loan Associations or authorized correspondents of the
Banks. The initial deposit which a farmer must make when applying for
a loan also has been reduced and only one deposit is required whether the
application is for a Land Bank loan, a Commissioner's loan or both. In
fact, the procedure has been so simplified that the borrower does not have
to designate whether he desires one type of loan or another. The property
which the farmer offers as security is so appraised that when the appraiser's
report is before the loan committee of the Bank. It can determine whether
one or two loans may be made and the applicant is so notified and told of
the amount or amounts.
A few weeks ago when applications were being received by the Banks
much more rapidly than appraisals could be made, farmers were notified
that, should they desire to have their initial deposits returned to them
pending the time when the appraisal of the property could be made, it
would be returned. Relatively few farmers requested returns. Recently
the number of appraisals has exceeded the number of applications. Last
week it exceeded the number by 5,500.
The initial deposit required of borrowers is $11 which includes the one
dollar charged by the Secretary of the National Farm Loan Association or
the authorized local correspondent of the Bank. If it appears obvious to
the Bank, after careful study of the farmer's statement, that no loan can
be made and if no appraisal of the property is made the $10 is returned
to the applicant.
If an appraisal is made any unused part of the
deposit Is returned to the applicant. If the loan is made the initial deposit,
of course, is applied on the cost of making the appraisal and other expenses
ncident to the farm mortgage loan.
Crop Production Loans for 1933 Crops Being Repaid
Before Due, According to Governor Morgenthau
of FCA.
Approximately 41% of 1933 crop production loans made
by the seed and crop production loan offices were repaid
before they were due, it was announced Oct. 31 by Henry
Morgenthau Jr., Governor of the Farm Credit Administration. Governor Morgenthau said that "about $53,843,000 was due on Oct. 31. Prior to Oct. 28 $22,000,000
of these loans had been repaid, mostly in the last several
weeks." He added:
The Regional Agricultural Credit Corporations report that their collections In the last several weeks have been running aheitcl of their disbursements of loans.
Collections from the crop production loans, including feed loans, exclusive
a Interest, for the last several weeks were as follows:
Collections.
Collections.
82,117,378
$2,462,789 Week ending—Sept. 30
Up to Aug. 26
2,580,395
Week ending—Sept. 2
Oct. 7
075,807
2,845,330
Sept. 9
Oct. 14
867,917
4,030,584
Sept. 16
Oct. 21
903.255
Sept. 23
1,288,818
Collections during the week ending Oct. 28 are estimated at around
$4,000,000, which will bring the total to more than $22,000,000.
Figures on repayments to the Regional Agricultural Credit Corporations
Include a small amount of renewals. The collections, exclusive of interest
and disbursements of loans by these Corporations for the last several weeks,
are listed as follows:
Collections or DisburseCollections or DisburseWeek Ending— RepaymIs.
Incn14.
ments. I Week Ending— Repayin'ts.
Sept. 13
51,789,000 $1,737,000 Oct. 4
84,328,000 $2,419,000
3,258,000 2,233,000 Oct. 11
Sept. 20
4,522,000 2,558,000
3,659,000 2,226,000 Oct. 18
Sept. 27
4,265,000 2,875,000
5,419,000 2,750,000
I Oct. 25
Since their organization the Regional Agricultural Credit Corporations.
In round numbers, have made loans in excess of $209.000,000. Repayments have amounted to approximately $01.000,000, and the amount outstanding about $148,000,000.
Loans to Small Farmers to be Made by Land Bank
Commissioner.
The Farm Credit Administration announced Nov. 8 that
loans will be made from the Land Bank Commissioner's
fund of $200,000,000 on small farm properties that will
not ordinarily qualify for regular Federal Land Bank loans
because they are not of sufficient area to produce an income
that will maintain the family of the applicant and pay the
instalments on the loans. The Administrations' announcement pointed out that the decision to make such loans was
arrived at in an effort to fill in the gap between loans which
can be made by Federal Home Loan agencies and those
of the Federal Land Banks. The gap appears generally in
suburban territory, the announcement said, where farms
are occupied largely by people who operate the property
for part of their income and work in the cities for the balance.
The announcement continued:
The new regulation issued by the FOA points out that to qualify for a
Commissioner's loan the farm does not necessarily have to be a complete
farm unit, meaning a property of sufficient sins to support the family
living on It and pay the necessary cost of operation, taxes, depreciation
and interest. "If the land has agricultural value." says the regulation,
"and the owner would be able to support his family and pay instalments
in normal times, although part of his income would be obtained from work
outside of his farm property, for instance, in neighboring factories or by
day labor of any kind, such loans may be made within 75% of the normal
agricultural value of the farm property if the individual is honestly striving
3435
to hold his property and could do so, meeting taxes and instalments under
normal conditions."
The Land Bank Commissioner's fund is being handled for the Commissioner by the Federal Land Banks but constitutes part of the assets of the
Federal Land Banks. Such loans are made principally for the purpose
of refinancing farm indebtedness. Usually they are made on the security
of second mortgages on the property refinanced, but first mortgages also
may be taken as collateral. Ordinarily the loans run for 13 years. bear
5% interest, and during the first three years, if the interest payments
are made promptly, no instalment on the principal is required. Thereafter, the loan must be repaid in equal annual instalments.
Land Bank loans, on the other hand, are made only on the security of
complete farm units. Such farms must be capabla under the management
of an average farmer of producing sufficient crops or livestock over a series
of years to repay the interest on the loan, amortize it and take care of the
taxes and afford the farmer a living. The basis of appraisal in all cases
is the normal value of the land for agricultural purposes and its earning
power for such purposes is a principal factor. Average prices of farm
commodities during the five years from 1909 to 1914 are used for a basis
for determining normal values, allowance being made for increased taxes
and other costs and any changes in the economic position of the commodities produced.
Bond Adjustment Plan Submitted to Bondholders of
Louisville Joint Stock Land Bank and Union Joint
Stock Land Bank of Louisville.
C. A. Mains, President of the Louisville Joint Stock Land
Bank of Louisville, Ky., and The Union Joint Stock Land
Bank of Louisville, Ky., is notifying bondholders of a bond
adjustment plan, the purpose of which is to preserve the
capital assets and enable the banks to continue their orderly
liquidation as "going concerns." Under the plan, bondholders are invited to tender for sale to the banks at least
one-half of their bonds at a price of 55 and accrued interest
to date of sale. Madison & Co., Inc., through its Louisville,
Ky., office, has been authorized to receive tenders of such
bonds and furnishlforms for tender thereof. The plan was
formulated, according to the notice, "inasmuch as the
present maximum earning capacity of these banks is not
sufficient 'to pay interest on the outstanding bonds and
current expenses."
President Roosevelt Rejects Price-Fixing Program for
Farm Commodities—Plan Presented by Five MidWestern Governors Regarded as Costly and
Impractical — "Regimentation" Considered a
Barrier and Legality of Proposals Is Doubted—
Governors Express Disappointment at "100%
Failure" of Conference in Washington.
President Roosevelt on Nov. 4 rejected an agricultural
commodity price-fixing program which had been presented
to him by the Governors of five Midwestern States, after a
three-day conference in Washington in which the State Executives sought to obtain a definite assurance of a scale of
prices that would cover both the cost of production and a
guarantee of profit to the farmer. Their plan had been disapproved, however, by Secretary of Agriculture Wallace and
by officials of the Agricultural Adjustment Administration,
while the President, in a formal statement, declared that
the project as outlined was impractical and that it would be
unacceptable to most farmers. The Governors thereupon left
Washington for their homes, saying that they could only
report "a 100% failure."
While it was said at Washington that President Roosevelt sympathized with the efforts of the Governors, the
White House statement remarked that their plan involved
virtual Governmental dictation of the sale of every agricultural commodity. This, it was declared, was a practical
impossibility, and raised "grave problems of legality under
existing law and questions as to raising the necessary funds."
The proposed program, the statement said, "amounts substantially to the licensing of every plowed field and marketing by a ticket punch system of all grain and livestock."
The Department of Agriculture also pointed out that such a
plan could neither be adopted nor enforced in such States as
Pennsylvania, New York and Ohio, which have large city
populations, or among "highly individualistic farmers," because of the fact that the proposal contemplated "complete
regimentation." The five Governors, in their program,
specifically sought to deal only with six products. The Department of Agriculture contended, however, that "the plan,
if once attempted, could not be confined to any limited number of commodities produced in the Middle West, but would
promptly be demanded by groups of producers of other commodities." It would then probably "mean complete compulsory regulation of production, time and method of marketing and price on every farm in America."
The statement pointed out that the AAA plan is based on
the payment of benefits to farmers who restrict production,
and said that there has as yet been no opportunity to send
checks to the wheat and corn regions of the Middle West
3436
Financial Chronicle
and Northwest. The wheat checks are now being distributed,
and the corn-hog benefit checks will be sent out about Jan. 1,
the statement said, adding that the President and Department of Agriculture both considered that the Governors "can
most promptly increase the money in the hands of their
farmers with the maximum of long time benefit by co-operating to the limit with the plans which have already been set
in motion." The White House statement, dated Nov. 5,
follows:
After three days of conferences between the Governors of the five Northwestern States, the President and the Department of Agriculture, the questiring involved were defined as follows:
The Governors wished the Federal Government immediately to license
all handlers and processors of agricultural products to pay fair exchange
value, a price which on the average is 70% above that now prevailing.
To enforce the immediate adoption of such a price, in view of the inability of the city consumers to take present quantities of farm products
at such a price, the Governors advocated compulsory control of marketing
so that each farmer would have a definite quota to sell each month, thus
backing up on the farm the products which could not be sold at fair exchange value.
The Governors declared their ability in their respective States to put
over a program which amounts substantially to the licensing of every plowed
field and marketing by a ticket punch system of all grain and livestock.
The Department of Agriculture examined with the greatest interest the
outlines of this plan but reached the conclusion that while the farmers of
these States, and possibly certain others of the Corn Belt, might be willing
to accept complete regimentation of this sort under the combined leadership of the States and Federal Government, there was, nevertheless, grave
doubt as to whether such a plan could be successful in such States as Ohio,
Pennsylvania and New York, where there is a very large quantity of food
produced, but where there is also a large city population which might make
it difficult for the Governors to deliver the co-operation necessary to make
a plan of this sort successful.
Moreover, there is still a very.real question as to whether the highly
individualistic farmers of the Eastern and Southern agricultural areas are
willing to submit to complete regimentation as to the time and quantity of
sale to the extent which the Governors proclaim on behalf of the farmers
of the Northwestern States.
It is the view of the Department that the plan, if once attempted, could
not be confined to any limited number of commodities produced In the
Middle West, but would promptly be demanded by groups of producers of
other commodities.
Therefore, it would be likely to mean complete compulsory regulation of
production, time and method of marketing and price on every farm in
America.
The effect of adoption of the Governors' plan, even if successful in the
Midwest, might be that the very States the Governors are trying to help
might be left holding the bag while other States expanded production.
These questions are wholly aside from grave problems of legality under
existing law and questions as to raising the necessary funds.
The AAA plan is based on the payment of benefits to those farmers who
voluntarily co-operate in adjusting production to the market. There has
been no opportunity as yet to send out checks to the corn and wheat regions
of the West and Northwest.
The wheat checks are now beginning to move and the corn-hog benefit
checks will begin to flow out into the country about the first of January.
Corn loan money will become available within a few weeks. The Department of Agriculture and the President believe that the Governors can most
promptly increase the money in the hands of their farmers with the maximum of long time benefit by co-operating to the limit with the plans which
have already been set in motion.
The President and the Department of Agriculture recognize the very
great difficulties which the farmers of the Northwest face during the next
several months and will exert every possible effort to bring about an increase in prices without exerting the compulsion of the individual farmers
which the Governors' plan apparently contemplates.
The Department expressed complete sympathy with the objectives proposed by the Governors, namely, raising farm prices, and invited the Governors to sit with the Department or to send their representatives at any
time, in order to explore every possible method to improve the situation in
respect to each agricultural commodity.
Those who participated in the conferences at Washington
Included President Roosevelt, Secretary of Agriculture Wallace, George N. Peek, Administrator of the Agricultural Adjustment Act, and Governors Schmedeman of Wisconsin, Olson of Minnesota, Herring of Iowa, Langer of North Dakota
and Berry of South Dakota. At the first meeting with the
President on Nov. 2 tthe'Governors discussed a tentative plan
for price-fixing on wheat, corn, rye and other products, and
also urged the adoption of a National Recovery Administration code for agriculture. This initial plan was outlined as
follows in a Washington dispatch of Nov. 2 to the New York
"Times":
The plan was said to call for a processing tax which would fix the price
of wheat at $1.03 and corn at 75 cents, with other prices of farm products
in proportion.
It was asserted at the conference that on the basis of 1926 prices, fixed
at 100, the farmer's price for what he now buys is at the index of 116 and
what he sells at 59.
Demands first presented to the President at the meeting, which ran more
than three hours, called for the fixing of prices at Chicago for basic farm
commodities at follows:
Wheat, $1.39 a bushel
Beef cattle, 10.99 cents a pound.
Corn, 94 cents,
Butter fat, 58 cents a pound.
Rye, 99 cents.
Eggs, 31 cents a dozen.
Barley, 79 cents.
Chickens, 24 cents a pound.
Oats, 50 cents.
Turkeys, 34 cents a pound.
Flax, $2.71.
Sugar beets, $8.91 a ton.
Hogs, 11.32 cents a pound.
Prices Would Allow Profit.
These prices are based on cost of production, plus a margin of profit to
the farmer, and the plan is similar to that proposed to Congress last Spring
Nov. 11 1933
by John Simpson of Oklahoma, President of the Farmers Union. The level
is considerably above that of pre-war parity—the goal sought in the Administration's farm relief program.
Summary of Pwyn. Plan.
The proposed farmers' code submitted by the Governors, after the customary preamble as to general purposes and definition of terms, contains
the following provisions:
Participants may include bona fide farmers; non-resident owners; mortgage holders; non-resident operators acting in a supervisory capacity;
"those who may from time to time be in a position of direction, service, organization or education within the industry itself," and bona fide organizations of farmers and their officers and representatives.
Administration of the code shall be limited to nine individuals elected
within the industry, not less than seven of the nine to be elected by bona
fide working farmers.
Farm laborers shall have the right to organize and bargain collectively
through representatives of their own choosing, and there shall be no discrimination based on membership or non-membership in any union. Accompanying this provision is the sort of "merit clause" thrown out of all
codes since that for the automobile industry.
Hour Limit Is 238 a MOith.
Maximum hours of labor shall be 238 hours a month, with the added provision that no laborer shall work more than ten hours in one day except in
emergencies beyond the control of the employer.
Minimum wage scales were indicated but were left to be fixed later, on
a sectional basis, with board, lodging and laundry included as wages paid.
The American Federation of Labor is invited to propose minimum wage
scales.
Minors shall not be employed, but the age limit was left to be set later.
One section reads:
The agricultural industry pledges that no action shall be initiated or supported
within its control for the arbitrary disturbance of restriction of production without
due respect to the well-being of the great human family of consumers, whose safety
In the essentials of life depends upon the adequacy of the supply of agricultural
commodities.
There has never been a sustained overproduction or surplus—no such condition
shall be created by the agricultural industry.
Selling below the average cost of production is designated as an unfair
method of competition. The average production cost would be determined
and published from time to time, but not be changed oftener than once a
year.
Provisions for Surplus.
The price of that portion of each crop necessary for domestic consumption shall be "regulated" according to the average cost of production plus
a profit. The annual surplus shall either be stored on the farm or turned
into export channels at world prices. The President shall limit or place an
embargo upon agricultural imports interfering with the code.
Provision is made for regulation of trade practices and for modification
or cancellation of the code "to conform to any act of the President under
the National Industrial Recovery Act."
The code concludes with this statement:
r The agricultural industry has been victimized through the setting up of fIctivous
farm organizations, sponsored and supported by ambitious bureaucrats affiliated
With the Federal Government or the chambers of commerce, by which the agricultural industry has been driven into a condition of blind, unchecked cut-throat
competition in production to the utter neglect of a controlled sales system.
Farmers have been urged and in Instances driven into commodity or project
groups, fighting each dther Instead of co-operating for mutual benefit. Having
these conditions In mind, the agricultural Industry declares itself opposed to such
Interference and tutelage.
The stationing or quartering of governmental, State or college agents on the
Industry, directly or through subterfuge, will be viewed as an overt act against
the best Interests of the agricultural industry.
After the State Executives had conferred with the President on Nov. 2, the following statement was issued at the
White House:
The Governors of Iowa, Wisconsin, Minnesota, North and South Dakota
met to-day with the President, Secretary Wallace, George Peek, AAA Administrator; Henry /iforgenthau Jr., Governor of the Farm Credit Administration, and Harry Hopkins, Federal Relief Administrator.
A tentative plan was worked out. Further conferences will be held tomorrow morning at 9 o'clock. It is hoped a final plan then will be agreed
upon. This plan when completed will be presented to the President for his
approval.
The suggestions offered by the Governors on Nov. 3 were
described as follows in Associated Press advices from Washington on that date:
The farmer would agree to curtail production in future years as found
necessary by the Department of Agriculture to fit the supply and demand
situation for each commodity.
Individual farmers would then be assigned quotas of products which they
would be entitled to sell at the fixed-price level. These quotas would be
based on statistics of their production in prior years.
Processors and distributors would be licensed to force payment
of the
prices and to prevent circumvention of the agreement.
When President Roosevelt had indicated his final
rejection of their program on Nov. 5, all of the five Governors expressed marked disappointment. We quote from a
Washington dispatch of that date to the "Times" regarding
some of
the comments made after the conclusion of the
conference
with the President:
One bit of encouragement was carried away by Governor
Schmedeman,
who said he had discussed with the President the possibility of
invoking
the embargo power embodied in the Recovery Act to protect the
butterfat
industry.
Otherwise the disappointment of the Governors was marked.
Governor
Langer, standing on the portico of the White House, said:
"It Is a 100% failure. I am very disappointed and disgusted.
The
farmer is the forgotten man. Everybody else has been here before him,
the
banker, the insurance man, the railroad man, and got all the money.
There
is nothing left for the farmer."
Unrest Disturbs Governors,
Governor Olson, official spokesman for the group, expressed the
same
sentiment.
Governor Schmedeman hurried out of Washington to cope with a
situation in Wisconsin involving the dynamiting of creameries there last
night
and resulting in heavy pressure upon him to invoke martial law.
Governor Herring was concerned by reports from his State that
irresponsible individuals had fired upon farmers attempting to take
produce
Volume 137
Financial Ch:onicle
to market, and Governor Berry of South Dakota, while silent, appeared
equally worried.
The statement was credited to the authorship of Secretary Wallace and
Mr. Peek. It was read to the Governors by the President before the conference adjourned.
Russian Market Is Sought.
Governor Olson, who presented the arguments during the conference,
asked the President to-day that recognition of Russia be qualified with a
request for a pledge that Russia absorb some of the surplus American products.
He declared that, in view of the Governors, the Administration had no
definite plan for agricultural recovery.
Governor Olson also urged that there be no stabilization purchases but
a definite program to "always keep the processing tax at an amount equal
to the difference between the market prices and parity."
He told Mr. Roosevelt that compulsory production control was just as
justifiable when there were surpluses as was compulsory consumption control in the face of a shortage.
Prior to the conference, Governor Olson posed for news reel protographs,
making the following brief speech:
"Whereas industry has known this depression only three years, the
farmers have known it for twelve years.
"In those twelve years the farmer has seen the prices for his goods go
down and down and the prices of the things he must buy go up and up.
All we are asking is parity price for him, a return to him of his purchasing
power so he can buy the goods of the factory.
"If you give him this he will buy all the paint you make, all the leather
goods you produce, and many other products, and then this depression will
end."
Signs Forecast Weakening of Farm Strike—Picketing
Abandoned at Sioux City, After Disorders Which
Included Burning of Railway Bridge and Shooting
at Freight Train—Head of Farm Federation Opposes Strike—Aide to Secretary Wallace Says
Farm Income Will Be 20% Above Year Ago—Secretary Predicts Recovery Program Will Aid Farmer
Soon—Drop in Livestock Receipts—Milo Reno
Says Holiday Is Not Waning.
The farm strike in the Middle West has continued this
week, but within the last few days there have been several
signs indicating some weakening of the strike. On Nov.9 it
was reported from Sioux City, Iowa, that picketing in that
territory had apparently been abandoned. On the preced
:
ing day Edward A. O'Neal, President of the American Farm
Bureau Federation, after a conference with President Roosevelt, attacked the farm strike as a hindrance rather than a
help to the farmers. Meanwhile, Secretary of Agriculture
Wallace prepared to begin a tour of the disaffected farm
areas and in a series of addresses to explain the efforts being
made by the Administration on behalf of the farmer and
the measures being taken to raise the level of farm commodity prices. The Administration has been aided in
combating the strike by a rise in the price of food staples
during the week, principally as a result of the progressive
depreciation of the United States dollar in terms of gold
and of foreign exchange.
Secretary Wallace in a radio address on .Nov. 6 rioted
growing disorder among adherents of the farm holiday movement when he said that "the great bulk of the people of the
United States do not belong to these warring factions, and
ip is in behalf of this vast, inarticulate majority that public
servants must continually be working." He asserted that
within a short time increased income for wage earners would
be reflected in larger revenue for farmers. Two days later
(on Nov. 8) Dr. Louis H. Bean, economic adviser to Secretary Wallace, issued a forecast that the farmer's cash income
for the period from August to December would reveal an
increase of 20% over the same period last year. On the
same day Mr. Wallace said that the Administration is convinced that its farm program will succeed and has no intention of abandoning it for substitutes because of Middle West
farm unrest. This unrest, however, had been clearly
demonstrated earlier in the week when, on Nov. 6, Mayor
W. D. Hayes of Sioux City asked for a full regiment of National Guard troops to assist in maintaining order. His
request had been prompted by the burning of a railway bridge
by farm strikers, the shooting at a freight train, and sharply
curtailed receipts of livestock as a result of effective picketing.
Milo Reno,leader of the strike, replied by a proclamation urging his followers to "strike with all the power we possess."
Evidence of the effect of the national farm strike was
found by the United Press in a compilation on Nov. 8,
showing a marked decline in receipts of cattle, hogs and
sheep at 20 large livestock centres. We quote from United
Press advices from Chicago regarding these figures:
Figures on receipts of the first two days of this week compared with the
first two days of last week showed:
. Last Week.
This Week.
Cattle
162,000
135,000
Hogs
240,000
150,000
Sheep
201,000
112,000
Aside from the farm strike, market experts said, farmers were shipping
less livestock as a result of the low prices. In the case of hogs the processing
3437
tax was considered a factor. Study of receipts at the markets in the heart
of the area where the farm strike has received greatest support showed
the effects of the movement to withhold all products.
The Sioux City. Iowa, market was most seriously affected. Hog shipments dropped from 12,000 last week to 1,300 this week.
At Omaha market specialists said the strike had little effect. However.
only 50,100 hogs were received in two days this week, compared with 81,600
last week.
Hog receipts at East St. Louis, Ill., dropped to 14,000 from 24,700.
There were little change in Kamm City, South St. Paul and St. Joseph,
Mo.. receipts, although all were lower.
Edward A. O'Neal, President of the American Farm Bureau Federation, in his statement on Nov. 8 opposing the
strike as a solution to the farmer's difficulties, said:
The agricultural program at Washington is our program and the success
of the whole proposition vrill depend upon the support which farmers give
In their co-operation to make it successful.
Any one must realize that farmers, during the last ten years and down to
this date, have shown a great patience in waiting for that fair treatment
which would place them on a parity with other industries. This patience
has now nearly reached the breaking point, and none of us can blame
farmers for expressing this rather strongly in the present emergency. All
of us who own farms and are trying to make both ends meet in operating
them know how farmers in all parts of the nation have suffered.
However, there are hopeful ways and hopeless ways to settle our present
farm troubles. The Farm Bureau believes that the hopeful way is to make
the best that can be made out of the Agricultural Act, the Farm Credit
Acts, and similar laws for agriculture. As they need amendment, change
them, but let us try them out before we become too impateint about their
success in remedying the farm price situation in all parts of the country.
The method of solving the farm situation by farm strikes is a less hopeful
way. In fact, it may be a hopeless way so far as real raising of prices of
farm commodities is concerned. These activities are likely to hinder the
successful operation of the present laws and might delay, rather than hasten,
the advent of the higher price level for farm crops. The Farm Bureau, to
use a common expression, is not "changing horses in the middle of the
stream."
The ills of agriculture require instant relief, but knowing that these
ills have accumulated for many years we should also realize that their solution may take more than a month or a year to accomplish. Patient as we
have been through the last decade, we still must practice patience. I am
asking our people on the Farm Bureau Federation to support President
Roosevelt in his broad program to aid agriculture, undoubtedly the broadest
and most comprehensive which has been undertaken by any Government
In recent times.
When that program has succeeded more than it has had time to do down
to this date, all of us on the farms and in the cities will be much better
off than is the case with us to-day. To try at this time conflicting and
confusing methods, such as farm strikes, disarranges the present program
and interferes with the policy of President Roosevelt relative to the rebuilding of agriculture.
The statement issued at the Department of Agriculture
on Nov. 8, predicting higher income for the farmer, said
that the sections of the country where incomes of producers
have been and are being "materially increased" are the cotton, wheat, tobacco, corn and hog belts. We quote further
from this survey, as given in an Associated Press dispatch
from Washington:
"In these sections millions of dollars have been paid or are to be paid to
farmers who make required adjustments in production," it said. "Other
areas are benefiting as a result of marketing agreements which,among other
things, are designed to improve prices paid to the farmers.
"The higher level of farm income, though spotty, has already been
reflected in increased farm buying.
"Mail order sales in general are at least 25% higher than they were a
year ago, and in the South the volume of farm purchases has risen much
more than this, because of the considerable rise in farm income, due to the
cotton and tobacco adjustment programs. Similar effects are being noted
as benefit payments reach communities in the wheat and corn and hog
belts.
The increase in farm prices has been uneven with price improvement, the
statement said, in general benefiting wheat, cotton and tobacco growers
most, dairy and hogs to some degree and a number of other farm products
very little.
The prices of livestock and livestock products "have not shared the
speculative effects accompanying the new monetary policies, but have
followed quite closely the expansion in factory payrolls, demonstrating the
great dependence of farming on consumer purchasing power."
"As the value of the American dollar abroad declined from 100 cents in
March to 72 cents in July," the statement continued,"the average of farm
prices advanced from 50% of the pre-war level to 76%. By the middle of
October the value of the dollar declined further to 69 cents: but prices
received by farmers declined to 68% of the pre-war level, as speculative and
Industrial activity subsided from the sharp peaks of June and July. Some
price improvement took place during the last part of October.
"In general, farm prices at the end of October had a purchasing power
about 22% greater than they had last March, when it was only half as
much as in the pre-war years. The general level of farm prices advanced
from 50% of pre-war parity last March to 61% as of Oct. 25. At the same
time there were greater increases in prices of some farm commodities and
smaller increases or even slight losses in others."
The outbreak near Sioux City early in the week, including the burning of a railroad bridge and the firing of shots
at a freight train, provoked a statement by Milo Reno,leader
of the farm holiday movement, in which he attacked the
Administration's farm relief measures and accused President Roosevelt of attempting "to bribe the farmers with
doles." Associated Press advices of Nov.6 from Sioux City
quoted Mr. Reno in part as follows:
Advised of the turn to violence at Sioux City, Reno, strike leader, said
at Des Moines:
"These acts of violence are regrettable. The people have been admonished to carry on by peaceful picketing in the strike. It would perhaps
be impossible, however, to prevent action of this kind in the present frame
of mind of the farmer.
"It's easy to counsel respect for law and order by those who are not in
dire distress. It's quite another matter, however, to the farmer who sees
3438
Financial Chronicle
the earnings and accumulations of a lifetime being taken from him and his
righteous requests ignored."
Earlier Reno said President Roosevelt "definitely and deliberately broke
his pre-election pledge to the farmers of the nation," by refusing the program
of five Mid-Western governors for fixed agricultural prices.
"The President," Reno asserted, "in aligning himself with the Wallace
program, has given his sanction to a contemptible attempt to bride the
farmers with doles." . . . Reno referred to the Administration's cornhog and corn-loan plans.
"As a consequence of the betrayal of the farmers by both the President
and secretary." Reno said. "the farmers have but one course left to pursue,
that is, to strike with all the power they possess.
"It will, perhaps, be a long, bitter struggle and no man can foretell the
end. One thing sure is that there can no longer be any doubtsin the minds
of the people as to the President's attitude, and millions of our citizens.
realizing the injustice of the Administration's attitude toward the farmer,
will rally and support the holiday movement."
Nov. 11 1933
A Washington dispatch of Nov. 8 to the New York
"Times" contained the following additional details of the
plan:
When the program was announced at the White House press conference
to-day, the following points were stressed:
1. The 2,000.000 men to be employed on Nov. 16 will automatically
become wage-earning, independent workers no longer dependent on charity.
2. These and those to be employed later will labor 30 hours a week at
the wage rate prevailing in their communities for such work.
3. Public relief rolls throughout the United States, now comprising
3,000.000 families, will be reduced by two-thirds.
4. Industry will benefit substantially under the program, for the civil
works divisions will use greater quantities of materials than have been
absorbed in ordinary work-relief programs.
Mr. Hopkins amplified the President's announcement to emphasize
that the administration was determined that American citizens should no
longer "be forced to live under the auspices of relief organizations."
"That means that investigations will stop and we need no longer pry into
the personal and private lives of these people, he added.
In making his estimate that average wages under the plan would approximate $50 a month he emphasized that there would be no question of labor
contracts, as the men employed would be engaged by and under the supervision of county and city officials.
It is not contemplated that the civil works program shall replace any of
the public works program planned or already undertaken. It will supplement that program, operating through work relief organizations already in
operation.
As for financing of the program, Mr. Hopkins divided it into two groups,
counting first the 2.000,000 men to be taken directly from relief rolls and
then the plan for recruiting of the other 2,000,000 unemployed.
For the first 2,000,000 to be put to work on Nov. 16, the Public Works
Administration would allocate $50,000,000 a month for about three months,
he explained, or a total of $150,000.000. Of the additional $65,000,000 a
month required $50,000,000 a month would be supplied by the Federal
Emergency Relief Administration and $15,000,000 a month by State and
local sources.
When the second group of 2,000,000 men was employed—for a two
and a half month period—the Public Works Administration would be
called upon to expend $250,000,000, with only $125,000,000 to come from
other sources for the complete civil works program as It affected this group.
Should the State and local agencies fall to make up this $125,000,000
fund, the shortage would be met from Federal Emergency Relief funds.
The Civil Works Administration hopes, however, that the new program will become sufficiently popular to make the raising of local funds
easy and thereby cut down the Federal relief commitment.
Mr. Hopkins has called for Nov. 15 a conference at which Governors.
Mayors of important cities and other officials will discuss operation of the
plan.
Coincident with publication of the civil works plan, it was announced
at the White House that the number of families on relief rolls had dropped
from a peak of 4,500,000 in April to the figure of 3,000,000 cited by the
President to-day.
A quarter of a million families, representing slightly more than 1,000,000
persons, were removed from those rolls in September. The 1,000,000
families who will remain on relief rolls after the civil works plan is in operation are those in which there is no male adult to whom work can be given.
President Roosevelt Announces Program to Give Civil
Works Jobs to 4,000,000 Unemployed—Half That
Number to Be Taken Off Relief Rolls Next Week—
Plan Calls for Expenditure of $600,000,000—H. L.
Hopkins to Head Civil Works Administration—
Four million men now unemployed would be put to work
this winter under a plan announced on Nov. 8 by President
Roosevelt, after conferences with Secretary of the Interior
Ickes and Relief Administrator Hopkins. Two million of
these men now on relief rolls, who have been receiving $20
or less monthly to support their families, will be transferred
to the civil works payroll on Nov. 16, while the other 2,000,000 will be put back to work as soon thereafter as possible,
probably by Dec. 1. The White House announcement
said that "by this one stroke at least two-thirds of the families in the country now receiving relief will be placed on a
self-sustaining basis."
The works program under which the men will be employed
will include park and playground construction; sanitation
projects, including drainage and clearing of creek beds and
of rural areas; reclamation of public land for roads and the
construction of "feeder" highways; the construction of
utilities and public structures not listed in the public works
program, and pest control. In order to support this program for the re-employment of 4,000,000, the Administration has set aside $400,000,000 from the original $3,300,000,000 public works fund, which is thus reduced to about $600,000,000. About $200,000,000 additional will probably be
provided by the Federal Emergency Relief Administration.
The 4,000,000 men under this proposal would probably be
Velvet Industry Offers NRA Code--Sets Minimum
paid about $50 a month each for the next three months.
Wage at $1.3—Richmond Protests • Limitation of
Both expenditure and employment will be directed by a
Equipment.
civil works administration created by the President, and
The velvet industry, reported as nearly ruined by the
headed by Harry L. Hopkins, Federal Relief Administrator. sudden vogue of the Empress Eugenie felt hat in
1931, and
The statement issued at the White House on Nov.8 concern- which still has on hand approximately 50% of its
product of
ing the civil works program follows:
that year which would normally have gone into the manuFour million men now out of employment will be put to work under
facture of women's hats, presented on Nov. 8 its proposed
a plan announced to-day by the President. Two million of these will
code of fair competition to Assistant Administrator Whitebecome self-sustaining employees on Federal, State and local public projects
on Nov. 16, and will be taken completely off the relief rolls. An additional
side at a public hearing in Washington. The code, sponsored
2,000,000 will be put back to work as soon thereafter as possible.
by the Velvet Manufacturers' Association, was submitted by
This plan will be administered by the newly created Civil Works AdminisFrank R. Wheeler, Chairman of the Code Committee.
tration, The President to-day appointed Harry L. Hopkins as Administrator.
Said advices from Washington Nov. 8 to the New York
The CWA will be financed jointly by funds from the Public Works
"Journal of Commerce," in which it was also stated:
Administration and the FERA. but States, cities and counties will be required to provide the funds to meet their share of the Civil Works program.
Secretary Harold L. Ickes, Public Works Administrator, was prepared
to make available an amount up to $400,000.000 to the CWA.
The 2,000.000 men comprise those now on work relief provided by local
relief administrations operating under the State and Federal Emergency
Relief Administrations. These will immediately be placed on regular pay
at the hourly rates prevailing for similar work in the community. The
program contemplates a 30-hour week for the workers.
Work relief divisions of the existing State and local emergency unemployment relief administrations will be modified to perform the expanded
employment activities and will be known as Civil Works Divisions.
Creation of the new agency constitutes a fundamental change in the
Federal program to deal with unemployment aspects of the depression.
It will remove from the relief rolls a major portion of those receiving the
necessities of life on the basis of public aid and place them on regular employment. It is designed to remove from relief all employable persons.
Those hired by the CWA will benefit by an immediate increase in income
over their former relief allowances.
The projects on which the workers will be used will include not only the
type on which work relief is now being given, but also a wide range of employment in activities bordering on but not covered in the province of the
PWA.
This expanded field will enable the local Civil Works DIAMIMS to undertake considerably more construction and to use greater quantities of con
struction materials. Work relief has been limited almost entirely to work
involving a minimum of materials, since expenditure of emergency relief
funds under this method was necessarily confined to relief allowances in
the form of work relief wages.
Approximately 3,000.000 families are now being cared for throughout
the country by public relief administrations financed in whole or in part
by Federal Emergency Relief funds.
Approximately 2,000,000 adult members of these families are earning
relief in the form of wages for part-time employment on made-work projects.
The total amount earned by the members of any one family is less than $20
a month in most of the localities.
By this one stroke at least two-thirds of the families in the country now
receiving relief will be placed on a self-sustaining basis.
In prosperous times, according to Mr. Wheeler, the industry
employs an
average of 6,000 workers and producers 10,000.000 yards of goods a
year.
There are 14 concerns in the industry with an invested capital as of
1929 of
about $18,000.000, which has decreased by about $5,00u,000 during
the
depression
•
The average wage paid in the industry has increased 15.40 cents
per hour
between June 1 and Sept. 15 of this year and the number of
employees between January 1932 and August 1933, has increased from 2,09 to
4,108.
The latter figure, according to Mr. Wheeler, should be compared
with
4,009 for August 1932 and 5,209 in August 1929.
Sets $13 Minimum.
The code, which is said to have the approval of more than
90% of the
industry, provides for a maximum 40
-hour week 8
-hour day, with a 56
-hour
week for watchmen. A minimum weeldy wage Is provided of
$13 Per week
with a 20% tolerance for learners not to exceed 5% of the
total number
of employees. Mr. Wheeler explained that very few of the workers
would
be paid the minimum wage, but that it had been
put at that figure to
conform to the general silk textile code, many of the manufacturers
also
operating under the latter's provisions.
•
Frank Richmond, representing the Crompton Co. of Crompton, R.
I,,
protested against the clause in the code restricting the installation of new
mechanical equipment, on the ground that it would tend to create a monopoly. Deputy Administrator Whiteside brought out through questioning
the fact that the Crompton Co. had recently ordered 24 now looms to
enable
it to manufacture velveteen, but Mr. Richmond insisted that it was
also
the principle of the thing.
Francis J. Gorman, member of the Labor Advisory Board and representing the United Textile Workers, read a brief in which he stated that he
was
chiefly interested in seeing the code so drawn that the work week was
actually limited to 40 hours, although he felt that a 30
-hour week was
necessary to re-establish employment generally and suggested that time and
one-half be paid for all overtime. He also urged a 383-6 cent per hour
minimum pay rate.
Alfred Appel, representing the Institute of Dyers and Printers, told the
Deputy Administrator that his organization was presenting their own code
and should not be included under the velvet code.
Financial Chronicle
Volume 137
3439
Walter Neale of the Duplan Silk Corp., gave it as his opinion that the
velvet manufacturers should come under the general silk code.
Several representatives of workers in various velvet factories spoke briefly
on the hours and wages clauses, urging that the one be shortened and the
other be raised. The hearing recessed subject to the call of the Administrator.
Zone No. 4,
C. F. Burroughs, F. S. Royster Guano Co., Norfolk, Va.
G. A. Holderness, Virginia-Carolina Chemical Corp., Richmond, Va.
Oscar F. Smith, Smith-Douglass Co.. Norfolk, Va,
Thomas H. Wright, Acme Manufacturing Co., Wilmington, N. 0.
Hearing
Zone No. 5.
J. Ross Hanahan, Planters Fertilizer & Phosphate Co., Charleston, S. C.
A. F. Pringle, Merchants Fertilizer Co., Charleston, S. C.
J. D. Prothro, Aiken Fertilizer Co., Aiken, S. C.
on
Nov. 16 on NRA
Industry.
Code
for
Trucking
The National Recovery Administration gave notice on
Oct. 31 that on Nov. 16 a bearing will be held in the auditorium of the Commerce Building on a code of fair competition submitted by the American Trucking Associations, Inc.,
claiming to represent 52% of the industry. Division Administrator Malcolm Muir will preside. The announcement
stated:
Subject to certain exceptions the code would establish 48 hours as the
maximum work week averaged over a period of six weeks. These maximum
hours may be extended to meet seasonal, emergency or other special demands. The maximum hours to not apply to employees engaged in a
managerial, supervisory, or executive capacity who receive $35 a week in
the North and $30 in the South, outside salesmen, sollcitors, station
managers, watchmen and drivers. A maximum of 16 consecutive hours of
employment in any one day is fixed for emergency work.
The following minimum wages for drivers are established: In the North
30 cents an hour In cities of 2,000,000 population; 45 cents an hour in cities
of between 2,000,000 and 200.000; 40 cents an hour in citis of between
200,000 and 2,500 population; 35 cents an hour in places of less than 2,500
population. In the South wages for drivers would be 40 cents an hour in
cities of 1,000,000 population; 35 cents an hour in cities of between 1.000,000
and 200,000 population; 30 cents an hour in cities of between 200.000 and
2.500 population; and 25 cents an hour in places under 2,500 population.
Office employees would be paid graduated sums of from $14 to $15 a
week, according to population. Minimum wages for all other employees
would be 35 cents an hour except that in the South this might be reduced
to 25 cents an hour in cities of over 2,500 and to 20 cents an hour in smaller
places.
NRA Fertilizer Code Approved by President—Will
Advance Wages 60% Above Present Levels.
The fertilizer industry's code was approved and signed by
President Roosevelt on Oct. 31. The code was formally
submitted to General JoInson, through General C. C. Williams, Deputy Administrator in charge of the chemical industries in the Recovery Administration, on Aug. 19. The
public hearing was held on Sept. 6. The code was drafted
by a committee of 30 members representing all sizes and types
of fertilizer manufacturing firms. This group, known as
the Fertilizer Recovery Committee, is designated as the
Code Authority. In addition, the President may appoint
three non-voting members.
"The first effect of operation under the code will be to
advance wages in the fertilizer industry about 60% above
present levels," it was declared on Nov. 2 by Charles J.
Brand, Executive Secretary and Treasurer of the National
Fertilizer Association. He added:
The average wage for common labor in all fertilizer plants is now 16.8
cents an hour. The code increases average wages to 27 cents an hour.
Most firms in the industry are already paying the wage scales required by
the code under the terms of the President's re-employment agreement.
The average worker has been working about 55 hours per week, and under
the code he will work only 40 hours, except in the rush season. The net
effect of the Increase in wages and the shortening of hours will mean that
the labor cost of making fertilizer will be practically doubled. It is estimated that, operating under the code, the industry will re-employ immediately approximately 4,000 workers.
In all but two or three years since the World War the fertilizer industry
as a whole has lost money, chiefly through the sale of goods below cost and
the inability of many farmers to pay for their fertilizer. One of the objectives of the recovery program is to restore reasonable profit to industry by
preventing ruinous competition. It is obvious that if the industry Is to
serve the farmer properly and to pay the higher wage rates provided by
the code, and if it is to be permitted to make a small profit instead of losing
money year after year. there must be some increase in the price of fertilizer
to the farmer. I feel sure, however, that this increase in price will not be
out of line with the increase in farm purchasing power during the past few
months.
In March of this year, when farmers were buying their fertilizer, the prices
of farm products at the farm were only 50% of pro-war. Fertilizer prices
at the factory were 71% of pre-war and fertilizer sales were far below normal.
Farm prices are now 70% and fertilizer prices at the factory 77% of prewar. These figures show that the relative cost of fertilizer, in terms of
farm products prices, has declined substantially since last March.
The Fertilizer Recovery Committee, which is the Authority
created to administer the code, is composed of the following
industry executives:
John J. Watson, International Agricultural Corp.. New York, N. Y.,
Chairman.
Charles J. Brand, the National Fertilizer Association, Washington, D. C.,
Secretary.
Zone No. 1.
L. E. Britton, Consolidated Rendering Co., Boston, Mass.
E. H. Jones, Apothecaries Hall Co., Waterbury, Conn.
Zone No. 2.
Horace Bowker,the American Agricultural Chemical Co., New York, N. Y.
T. E. Millman, Co-operative G. L. F. Mills, Buffalo, N. Y.
El. H. Westlake, Tennessee Corp., New York, N. Y.
Zone No. 3.
B. H. Brewster Jr.. the Baugh & Sons Co., Baltimore, Aid.
Cl. F. Hockley, the Davison Chemical Co., Baltimore, Md.
Price, Smyrna, Del.
W. W.
W. E. Valliant, Valliant Fertilizer Co., Baltimore, Md.
Zone No. 6.
H. B. Baylor, International Agricultural Corp., Atlanta, Ga.
J. E. Sanford, Armour Fertilizer Works, Atlanta, Ga.
A. D. Strobhar, Southern Fertilizer & Chemical Co., Savannah. Ga.
Zone No. 7.
0. T. Melvin, the Gulf Fertilizer Co., Tampa, Fla.
R. B. Trueman, Trueman Fertilizer Co.. Jacksonville, Fla.
Zone No. 8.
E. A. Brandis, Standard Chemical Co.. Troy, Ala.
J. W. Dean, Knoxville Fertilizer Co.. Knoxville, Tenn.
C. D. Jordan. the Southern Cotton Oil Co., New Orleans, La.
Zone No, 9.
P. H. Manire, Marshall Cotton Oil Co., Marshall, Texas.
C. D. Shallenberger, Shreveport, Fertilizer Works, Shreveport, La.
Zone No. 10.
J. A. Miller, Price Chemical Co., Louisville, Ky.
L. W. Rowell, Swift & Co., Chicago, Ill.
Zone No. 11-a.
Weller Noble, the Pacific Guano k Fertilizer Co., Berkeley, Calif.
Zone No. 11-b..
George R. Clapp, Swift & Co., North Portland, Ore.
A reference to the code appeared in our issue of Aug. 5,
.page 981.
Formation of Dairy Marketing Corporation to Act in
Co-operation with Secretary of Agriculture in
Handling Surplus Dairy Products—Butter Secured
by Corporation to Be Purchased by Secretary
and Distributed to Needy Through Surplus
Relief Corporation.
It was made known a few weeks ago that butter had been
selected by the Government as the first major farm product
which it would purchase in furtherance of President Roosevelt's program to cut down surpluses and feed the needy.
At that time (Oct. 11) Associated Press accounts from
Washington said:
After a conference with Harry L. Hopkins, Emergency Relief Director.
George N. Peek. Farm Administrator, announced that plans have been
completed for early purchase of"a substantial portion of the butter surplus,"
although some legal details remain.
The cost will be borne by both the Relief Administration and the Farm
Adjustment Administration, which is preparing to levy a processing tax
on butterfat at an early date.
Arrangements for purchases of beef and pork will be settled next. The
relief agency is now distributing about 100,000,000 pounds of pork acquired
by the Farm Administration in its recent emergency swine reduction program, under which about 6.300,000 pigs weighing up to 100 pounds and
225.000 cows were slaughtered.
The butter program contemplates that the Farm Administration will
bear a substantial portion of the cost. It is considering imposing a tax
of 1 cent a pound on butterfat and a compensatory processing tax on
oleomargarine, which together would net an estimated revenue of 330,000,000.
Recent Government statistics indicated that there were about 100..
000.000 more pounds of butter in storage in September than a year ago
and that the supply was about 45,000.000 pounds greater than the average
for the last five years.
The Farm administration proposes that only a portion of the butterfat processing tax be used to remove surpluses, contemplating a producion
control program which would be financed principally through the tax.
This program might include the purchase of low-producing dairy cows on
a national basis. These would be available as food for the needy.
The program worked out by Messrs. Hopkins and Peek embraces a
"dollar-matching" plan, under which the expenditure of a given sum for
surplus purchases by one group would call for a substantial outlay by
another. In some cases, the outlays would be equal.
On Oct. 20 the Agricultural Adjustment Administration
announced the filing of incorporation papers for the Dairy
Marketing Corporation, an industry-sponsored organization
set up under the laws of Delaware as a clearing house to
handle surplus dairy products in co-operation with Secretary of Agriculture Henry A. Wallace under an agreement
completed Oct. 19. The necessity for adjusting domestic
dairy production to meet domestic demand is recognized
by the industry in signing the agreement, it is stated. The
announcement of the AAA added:
The 10 directors of the Dairy Marketing Corporation, have elected officers
and selected Chicago as the headquarters, with H. C. Darger. former
creamery operator and recently manager of a large butter company, as
General Manager. The directors represent producers, processors and
distributors of dairy products. They are:
For the producers: John Brandt, President, Land O'Lakes Creameries.
Inc., Minneapolis, Minn.; A. H. Lauterbach, Manager of the National
Cheese Producers Federation, Plymouth, Wis.; L. A. Chapin, New York
Dairymen's League Co-operative Association; Don. N. Geyer, Manager
Pure milk Association, Chicago, and Chris L. Christensen, Dean, Wisconsin College of Agriculture. Madison.
For the processors and distributors: C. H. Haskell, H. S. Johnson,
J. L. Kraft, Dr. Fred Walmsley. Chicago, and Samuel Schlosser Sr..
Plymouth, Ind.
Officers of the corporation, chosen by the board, are John Brandt, President; Chris L. Christensen. Secretary-Treasurer, and C. H. Haskell, Vice-
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Financial Chronicle
President. These men, with Mr. Kraft, constitute the Executive Committee of the corporation. Their work will be subject to the approval of
the Secretary.
Secretary Wallace signed the agreement pursuant to a provision in
Section 12 of the Agricultural Adjustment Act, which states that the
proceeds derived from processing taxes are made available to the Secretary
for expansion of markets or the removal of the surplus of agricultural products. Processing taxes on milk and its products were discussed at a
hearing in Washington on Oct. 16.
Butter secured by the corporation will be purchased by the Secretary.
The Federal Emergency Relief Administration, in turn, will distribute it
to needy unemployed people through the Federal Surplus Relief Corporation. An advisory operating committee will be named at once. It will
include representatives of the Dairy Marketing Corporation, the Bureau
of Agricultural Economics and the dairy section of the AAA.
The quantities of butter or cheese and other dairy products to be purchased, the maximum and minimum prices to be paid, the terms of the
purchase and the places at which the products will be secured, either exchanges, producers' associations or manufacturers will be largely decided
by this operating committee.
Auditors of the Administration at Chicago will make daily examination
of the books and records of the corporation and keep check on the funds
expended,the amounts purchased and the disposition made of the products.
In authorizing the execution of the agreement Secretary Wallace stated
that it was not to be taken as a precedent, and that other commodities
purchased by the Secretary would be handled directly by the Surplus Relief
Corporation.
The declaration of policy in the agreement signed by
Secretary Wallace to accompany the filing of incorporation
papers states:
As the policy and purpose of the AAA may be effectuated through the
expansion of markets and the removal of such surplus of butter, cheese
and other dairy products, the Secretary of Agriculture intends to donate
all of the butter, cheese and other dairy products purchased by him under
this agreement to the Federal Surplus Relief Corporation or the Federal
Emergency Relief Administration, to be disposed of for public unemployment relief purposes.
Incident to the signing of the mutual agreement on which
the operation rests, several official representatives of organized branches of the industry, including some of the directors
of the Dairy Marketing Corporation, have themselves
signified their intention to co-operate with Secretary Wallace
in future programs for production control and adjustment.
It is further announced by the Administration:
The total cost of the dairy products to be purchased by the Dairy Marketing Corporation on the account of the secretary for relief includes the
actual cost of the products, plus out-of-pocket handling charges, such as
transportation incurred by the corporation, together with a commission
not exceeding one-eighth of a cent per pound of butter.
H. C. Darger, the manager of the new corporation, will open offices in
Chicago this week. Mr. Darger is a graduate of the Iowa College of Agriculture at Ames, where he served as extension worker, later operating
creameries and serving as Vice-President and Manager of the Blue Valley
Creamery Co. of Chicago.
Representatives of the dairy industry committee who helped set up the
Dairy Marketing Corporation signed the following statement to Secretary
Wallace, which is filed with the agreement:
"In your conference of Aug. 17 announcing your willingness to aid in
preventing a break in butter prices imminent at that time, you regarded
this assistance by the Government as necessary to meet the emergency
but inadequate to meet the long-time interests of the producers of milk.
You expressed a strong conviction that production control was necessary.
"With that statement we are in hearty accord and we pledge our support
to a production control program. We have appointed committees on
this matter and solicit such a conference at an early date."
Buying of Butter by Government for Relief Purposes
Under Way in Chicago and New York.
In its Oct. 27 issue, the Chicago "Tribune" said:
The Government started to buy butter yesterday in Chicago and New
York for relief purposes and also as a means of removing the surplus from
the market. Purchases were relatively small, as the amount offered was
not large.
A total of 77.000 pounds was purchased on the spot call on the Chicago
known.
Mercantile Exchange and 99,000 pounds in New York. As far as
o' Lakes,
there were no buying orders for futures. Since Sept. 1 the Land
pounds of butter,
the leading co-operative, has purchased about 6,000,000
which are available for the Government if required.
production,
The farmers' holiday strike is having some effect on butter
and the total last week was below that of the preceding week. Consumption
of butter is reported as fairly good. Little change was shown in Chicago
spot butter prices yesterday, except on centralized which advanced % to
3.5 cent a pound, the 90 score or better selling at 20 cents.
The following is from the "Wall Street Journal" of Nov. 6
The Dairy Marketing Corporation during the past week bought about
2,300,000 pounds of butter in the New York market on the New York
Mercantile Exchange.
In the most active trading in the history of the New York Mercantile
Exchange Saturday (Nov. 4), 10,744 tubs of butter changed hands in the
spot market, the Government agency being a large buyer.
Milk Marketing Agreement Backed by Governors of
Four New England States Signed by Secretary of
Agriculture Wallace-20,000 Producers Affected
by Pact.
A marketing agreement backed by the Governors of the
four northern New England States to stabilize the price of
milk in the Boston area was signed on Oct. 30 by Secretary
of Agriculture Wallace in Washington, and its provisions
affecting millions of eastern Massachusetts consumers and
20,000 producers became effective at 12.01 a. m. Nov. 3.
The Boston "Herald" of Oct. 31, from which we quote,
likewise said:
Intended to bring order out of the present disturbed conditions which
night as "almost as
an official close to the situation characterized last
Nov. 11 1933
many prices as there are consumers," the agreement seta maximum and
minimum prices and a flat rate of 6% cents a quart to the farmers.
This is an increase from the present 6.% cents paid the producers. The
price paid by the consumers for deliveries at the door will not be increased,
however, although the price of milk purchased in stores will rise a cent a
quart.
Price Scale Fixed.
Eleven and 12 cents have been set as the minimum and maximum prices
for fluid milk in the Metropolitan Boston area. The retail price for
"Grade A" milk in Greater Boston has been established at a minimum
of 14 cents. Those are approximately the present prices, which under the
earlier milk code amended by yesterday's agreement was nominally 12 cents
a quart of fluid milk delivered, and 10 cents in the stores.
Under the new agreement, the stores will be required to sell milk for at
least 11 cents. The same maximums and minimums were established for
the stores as for delivered milk.
The Boston area in which the agreement becomes effective is divided
into three districts for the purposes of the agreement. District 1 is Greater
Boston, District 2 the North and South Shore sections, and District 3 is
Cape Cod, Martha's Vineyard and Nantucket.
In District 2. the minimum is fixed at 12. and the maximum at 13 cents,
while the scale for District 3 will be 13 and 14 cents.
Farm Administration officials in Washington estimated that the farmers
send milk from the production area included in the agreement will be
benefited by about $45,000 monthly. The production area includes all
of 10 and part of two other Vermont counties, the entire State of Maine,
except Aroostook. Hancock and Washington counties, all of New Hampshire, all of Massachusetts except four townships, all Connecticut farms
supplying milk to Massachusetts cities and towns, and New York State
farms supplying western Massachusetts.
Teeth for Agreement.
"Teeth" for the agreement are provided in a clause calling for the election by the industry of a market director and a board of arbitration. These
officials will be chosen at a meeting in the American House at 2 p. m.to-day
of representatives of the producers and dealers who have signed the agreement.
About 80% of the producers affected, and from 75 to 80% of the distributors, signed the agreement while it was being pressed on the Department
of Agriculture in Washington, Attorney Reuben Hall, Counsel for the New
England Milk Producers Association, said last night.
The market director to be chosen at to-day's meeting will be a virtual
Appeals from his decision
dictator of the New England milk industry.
may be taken to the Board of Arbitration, also to be named to-day, which
producers and distributors. and
will consist of one representative each for
an impartial third member and Chairman chosen by these two. All nominations for responsible places in the marketing ipachinery are subject to approval by the Secretary of Agriculture. . . .
The agreement, proposed by Consolidated Dairies, Inc., and recommended by George N. Peek, Administrator of the Agricultural Adjustment
Act, was described by officials of the Agricultural Adjustment Administration
as one of the most complex and inclusive yet considered.
Governors Approve.
Governors Ely of Massachusetts, Brann of Maine, Winant of New Hampshire and Wilson of Vermont urged the agreement on the Administration.
In Washington yesterday Mr. reek included with his recommendation the
comment of the four Governors, which was: "We believe the agreement is
generally satisfactory and in view of the emergency condition in the New
England dairy industry we feel its immediate adoption is necessary."
The agreement brings the farmer 1Y., more cents a quart for his milk than
in July when it was filed, while he was receiving 534 cents. The price to
the producer and consumer was raised 1 cent a quart Aug. 10.
In the agreement, the established base price per 100 pounds for Class 1
milk. f.o.b., city plants, is $3.02 on standard family milk. The prices for
Class 1 milk paid producers at country receiving stations is $2.31. For
Class 2 milk the price to producers will be the average monthly quotations
for Boston 92
-score butter, plus 20%, f.o.b, country receiving stations.
The average consumption of fluid milk is estimated for the Boston
area at 1,300,000 pounds, or 65% of the usual daily supply.
Other Agreements.
Marketing agreements similar to that approved for Boston are being prepared for other New England sections. and will be filed in Washington for
a joint hearing.
These agreements propose two other areas, similar in set-up to the Boston
area approved yesterday. Each of the areas will have a deputy marketing
director and an arbitration board.
Pittsfield, Holyoke, Springfield and Worcester would comprise a western
market area, and a northeastern area would be made up of the following
cities and their suburbs: Brockton. Lowell, Lawrence and Haverhill in
Massachusetts; Nashua, Manchester, Concord and Portsmouth, N. H.,
and I'ortland, Me.
Wholesale Code Hearing Set for Nov. 13-14 Associa-Hour
tions Submit Agreement Providing Basic 40
Week and $12-$14 Minimum Wage—Misleading
Advertising, False Branding and Premiums Prohibited.
Hearings on a code of fair competition for the wholesaling
trade will be held in Washington, on Nov. 13, following
submission of an agreement by 14 trade associations. The
code covers all branches of the wholesale business, except
food and groceries, and provides for a basic 40-hour, six-day
week for general employees and minimum wage of from
$12 to $14 a week, based on population. In Southern States
the minimum is fixed at $1 less.
The 14 trade associations are:
Button Merchants Association of America.
Embroidery Merchants Association, Inc.
Hat and Cap Wholesalers of America.
Independent Theatre Supply Dealers Association.
National Association of Wholesale Floor Covering Distributors, Inc.
National Wholesale Hardware Association.
National Wholesale Jeweler's Association.
National Wholesale Men's Novelty Jewelry Association,
National Wallpaper Wholesalers.
Radio Wholesalers Association, Inc.
Upholstery & Decorative Fabrics Association.
Wholesale Dry Goods Institute.
Beauty and Barber Supply Institute.
National Association of Sheet Metal Distributors.
Volume 137
Financial Chronicle
Regarding features of the tentative code a Washington
dispatch Nov. 3 to the New York "Times" said:
That the plan will have to stand a fire perhaps as brisk as that directed
against the retail code is feared by many officials of the NRA.
In regard to the hours, the code stipulated that an employer may work
any employee in excess of the fixed basic week of 40 hours on either, but
not both, of the following plans:
1. Forty-four hours a week during a period of not exceeding 10 consecutive
weeks in any one calendar year, if the employee is paid time and one-third
for all hours in excess of 44.
2. Such hours as may be reasonably necessary in excess of 44 a week,
if the employee is paid time and one-third for all such additional hours in
any week.
No person under 16 years of age may be employed by any wholesaler or
distributer, or any one under 18 at occupations of a hazardous nature.
The code grants to employees the right to organize and bargain collectively.
It is stipulated that the code shall not supersede the laws of any State
which imposes "more stringent requirements on employers regulating the
age of employees, wages, hours of work or health, fire or general working
conditions than under this code."
Employers also agree not to reclassify employees or duties or occupations
"performed by employees so as to defeat the purpose of the Act."
The General Code Authority, as the administrative agency is designated,
will consist of one member from each of the subordinate code authorities
which are to function in 11 trade divisions.
The divisional administrative agencies may recommend changes which,
If approved by the administrator, would become parts of the code.
It is likewise provided that in the event the code works a hardship on
any wholesaler, he may apply for relief direct to the administrator.
The code prohibits as "unfair practices" the false marking or branding
of merchandise; misrepresentation or false or misleading advertising;
commercial bribery; interference with contractual relations; secret rebates;
giving of prizes, premiums or gifts; defamation; threats of litigation;
espionage of competitors; piracy of trade-marks and trade names; differentials, and such other practices regarded as of an unfair nature.
American Federation of Labor Survey Attributes
4,000,000 New Jobs to Codes and Presidential
Agreements—Analysis Finds Living Costs Up
8.5% with Only 6% Rise in Wages Under NRA—
Predicts Greater Business Advance in Next Few
Months, Aided by Public Works Program.
Approximately 4,000,000 persons have returned to work
in the United States as a result of the operation of industrial
codes and Presidential re-employment agreements, according
to the monthly survey of business by the American Federation of Labor, made public on Nov. 5. The Federation
declared, hoWever, that minimum wages specified in the
various codes have failed to raise the living standards of
the average worker. The analysis found that the wage
level has advanced 6% under the NRA, but that the cost
of living has increased 8% during the same period, with
the result that September incomes were 2.3% below March.
The better paid workers have actually lost under the codes,
the review continued, whereas the minimum wage group
has made some progress. We quote further from the survey,
as given in a Washington dispatch of Nov. 5 to the New
York "Times":
"We have only to look back to the chaos of February and March to see
how much progress has been made to date," the Federation said. "If
deflation had run its course half our population might be starving to-day.
It is well to remember that such basic changes cannot be completed in
a few months. We hear of five and 10-year plans for recovery in other
nations."
The review stated that the rapid business decline was checked in October, and although there was still a slight slackening, the drop was only
1.4% last month, as compared with 8.5% in September. Adjustment
for last spring's speculative boom, the Federation said, seemed to be
largely completed with business still close to 1931 levels and 27% above
March.
The review stated that the public building program was at last getting
under way with building contracts for the first three weeks of October
above the same weeks of the previous year for tha first time since the
depression began.
"According to October estimates," the report set forth, "over 1,000,000
persons were already at work from the $3,300,000,000 fund, including
NRA staff members and similar groups. In the next few months, when
a large volume of construction work will be released from the $2,107,000,000
already allotted, orders for materials will stimulate the heavy industries.
Orders for railroad equipment will also increase production in steel plants,
now that acceptance of the President's price compromise releases Government credit. Thus heavy industries which have lagged until now will
be more active, creating more jobs."
The Federation stated that heavy debt burdens were gardually being
refinanced through Government credit and that business firms were tend
ing toward a profitable basis of operation, with dividend payments in
October better than in any month since the depression began.
Unemployment was still decreasing in October, according to trade
union figures. which showed 21.9% of the membership out of work in
early October, compared with 22.5 in September. Retail buying by wageearners had increased and trade was well above the early part of the year,
although higher prices brought a decrease in September.
"When workers are sure of their jobs and when their debts are cleared,"
the report continued, "the new buying power will come into effect. Opening of closed banks and guarantee of bank deposits will release further
buying power.
"These developments mean far more for sound business progress than
the spectacular rise we had last spring, but do not make nearly such good
publicity. For these fundamentals will not appear in our business indicators until they have actually caused greater business activity. Expansion will coma when large numbers of business men see results in
increased orders and have confidence to go ahead.
At present they are skeptical and impatient because the promised In.
crease in business activity, which was to help pay the cost of higher wages,
has not matarialized; small businesses have been hard pressed; business
3441
indicators showed no rapid upturns to give hope for the future. Farmers
have seen their prices fall from the July level and their costs increase
until many are no better off than last year. People generally are impatient because closed banks have not opened more rapidly."
Total Cost of "New Deal" Including Contingent
Liabilities of Federal Government, According to
Estimates of National Industrial Conference Board
—If RFC Is Included Aggregate Is Figured at
$15,135,000,000.
The total cost of the New Deal, including contingent
liabilities of the Federal Government, may amount to
$11,735 million, according to estimates announced Nov. 10
by the National Industrial Conference Board. This figure,
it is stated, does not include most of the loans being made
by the Reconstruction Finance Corporation. If the RFC
is included as an agency of the New Deal, the total estimated liability of the Federal Government is raised to
$15,135 million.
The grand total of liabilities under the New Deal consists
of the following items:
Federal Emergency Administration of Public Works
Agricultural Adjustment Administration:
Treasury appropriation
Processing taxes, two years, estimate
Farm Credit Administration:
Government guaranteed bonds
Reconstruction Finance Corporation
Treasury appropriation
Home Owners' Loan Corporation:
Reconstruction Finance Corporation
Government guaranteed bonds
Federal Emergency Relief Administration:
Reconstruction Finance Corporation
Emergency Conservation Works Administration:
Estimated expenditures, one year
Tennessee Valley Authority:
Government guaranteed bonds
Federal Deposit Insurance Corporation:
Contingent liability
$3,150,000,000
100.000.000
1,000.000,000
2,000.000,000
300,000.000
185,000.000
200,000.000
2,000,000,000
500,000,000
250,000.000
50,000,000
2,000.000,000
$11,735,000,000
Reconstruction Finance Corporation:
Total lending ability, minus items stated above
Grand total
3,400,000.000
$15,135,000.000
$135,000,000 Grant Made to Railroads—Secretary Ickes
Allots Works Funds for Buying to Stimulate the
Heavy Industrues—$51,000,000 Goes for Rails—
Pennsylvania Gets $84,000,000 to Complete Electrification.
A fund of $135,000,000 was set aside on Nov. 2 by the
Public Works Administration for financing purchases of
railroad equipment under the Administration's program to
stimulate activity and re-employment in the heavy industries.
It is the first use of public works funds for this purpose. One
allotment of $51,000,000 is for the purchase of steel rails
and fastenings by all roads wishing to take advantage of the
temporary price recently arrived at by President Roosevelt
and heads of four large steel companies. The other, amounting to $84,000,000, is a loan to the Pennsylvania RR. to
complete electrification of its New York-Washington lines.
With the ground thus broken in a major line of its recovery
efforts, the Administration planned a thorough canvassing
of the railroad equipment situation to determine what
demand actually exists for materials and upon what terms
the carriers would be willing to borrow through the PWA.
Announcement of the allotments was made by Secretary
Ickes who issued a statement saying, in part:
These first allotments, totaling $135,000,000, were made in realization
of the vast importance of,quick spending of money in wages and the resultant widespread purchase of materials which may be accomplished
through the purchase of railroad equipment.
PWA wishes to expedite this work so that railroads, which are among the
country's greatest employers, will be able to finance such purchases with
reasonable interest and in this way recall a great number of men to jobs
in the fabrication of steel rails and other equipment and to aid the heavy
Industries in furthering re-employment in the large centres of unemployment,
Therefore it was declared the policy of PWA to buy qualified securities
of railroads desiring to purchase equipment now. This money almost
entirely will go into pay envelopes of the various industries involved and
add to purchasing power in the mine districts, factories, steel mills and shops
as well as to railroad payrolls.
Money will be advanced from month to month as may be necessary to
finance the purchase by the railroads of equipment. Interest will not be
collected for the first year. After the first year the interest will be at the
rate of 4%.
The New York "Times" Nov. 3, in a Washington dispatch further states:
20,000 Jobs Are Predicted.
It was predicted by H. M.Waite, Deputy Adminstrator for Public Works.
that direct and indirect employment of 20,000 workers within four weeks
would result from the $84.000,000 advance to the Pennsylvania.
Complete electrification of the road's lines between Wilmington and
Washington will be effected. the Wilmington-New York portion already
being electrified. For this purpose the road already had borrowed $27.500,000 from the Reconstruction Finance Corporation and repaid it.
Among the items making up the advance are $16,825,000 for the purchase
of 132 electric locomotives; $15,850,000 for the electrification, and $17,087.000 for more than 7.000 freight cars. It also covers $2,611,000 for a
two-track tunnel at Baltimore and $2,041,000 for a similar tunnel in Southwest Washington.
Various improvements contemplated at the Newark station will ue
financed independently.
3442
Financial Chronicle
The $51,000,000 for steel rail purchases is intended to cover 1,000,000
tons of rails and 450,000 tons of fastenings. The actual amount to be
ordered is being determined by Joseph B. Eastman, Transportation Coordinator, and carriers seeking to take advantage of the temporary base
price of $36.375 a ton for the rails are to notify Mr. Eastman, who will place
orders at rolling mills nearest the purchaser.
While no period was specified within which the loans w ere to be repaid
It was explained by Secretary Ickes that "maturities will be within the useful
life of the equipment." This is generally placed at 15 years.
Neither was it explained what would be required in collateral security,
but it is believed to be the intention to issue equipment trust certificates
for pledging with the PWA.
'
By providing for repayment of the loans within the useful life of the equipment, the PWA has apparently overcome an obstacle which stood constantly
In the way of similar advances by the RFC.
Although authorized to make so called work loans. the RFC was limited
under the act to advances of three years' maturity, with provision for an
extension to eight years at the election of the RFC. Few roads were willing
to take loans on this basis and few actually were made.
In connection with the statement issued by the PWA in
Washington that $84,000,000 has been alloted to the Pennsylvania RR., General W. W. Atterbury, President of the
Pennsylvania RR. said:
The statement of Secretary Ickes covers the whole ground. It means
that the Government has decided to include in its National Recovery
program, the completion of the Pennsylvania RR.'s electrification between
New York and Washington for freight and passenger service, and the purchase of some new equipment. The Government has taken the usual first
step by allocating the funds.
The next step requires the company and the Government to agree on
mutually satisfactory terms for financing the work, and the third step is
to release the funds as required when this work can proceed promptly.
It will provide much new employment on the railroad and in the industries.
I hope it is the beginning of a new broad-gauged policy by the Government
in dealing with the railroads of the country.
New Federal Body to Aid Rail Loans—F. C. Wright
Heads Public Works Division to Care for Equipment—Wide Employment Seen—Pennsylvania RR.
Alone Expected to Provide Wages for 50,000 ManHours.
A new organization within the Public Works Administration to facilitate loans to railroads for the purchase of equipment was set up on Nov. 4. The new division is headed by
Frank C. Wright, Vice-President of the Bangor & Aroostook
RR., who assumed his duties on Nov. 6. In addition to
passing on applications of railroads for equipment loans,
Mr. Wright has been directed to survey the rail transportation system with a view to the needs of the roads for new
materials and the terms on which they would be willing to
borrow for that purpose. The appointment of. Mr. Wright
was suggested by Joseph B. Eastman, Co-ordinator of Transportation.
Creation of the new division was in line with the Administration's program to stabilize employment in the heavy
industries, which have been lagging in the recovery drive.
Through making loans to the railroads for equipment, it is
felt that the slack in the production of steel, coal and other
industries can be taken up.
The New York "Times" in a dispatch from Washington
Nov. 5 states in part:
Confirmation of this is found in plans of the Northern Pacific RR.
to purchase about 100 new locomotives, provided approval of the InterState Commerce Commission can be obtained for borrowing public works
funds for the purpose. Enhancing the attractiveness of the 4% money
offered by the PWA is the provision that interest is not to apply for the
first year.
Settlement of the details of the $84,000,000 loan to the Pennsylvania
RR. for electrification is understood to be awaiting the return to Washington of Mr. Wright, although the PWA regards the plan as arranged.
In a recapitulation to-day the administration showed that wages for 50,000
man-hours of labor spread through 35 States would be released through the
loan.
"Direct and indirect employment will come to approximately 18,000
persons as a result of the Pennsylvania allotment alone," the administration announced. "Work can be started within two weeks after the
transfer of funds and it is anticipated that immediately thereafter 2,600
men would be directly engaged by the railroad. Within a comparatively
short time the full effect of 18,000 resulting jobs on the road and industry
will be reached and sustained throughout the full period of construction.
"Major expenditures will come this year and in 1934, with but $5,000.000 remaining to be expended in 1935. according to the preliminary schedule
worked out to comply with PWA policy of quick action. There will be
an even distribution of monthly expenditures throughout the next year
which may materially assist in maintaining uniform employment.
"The principal part of the work will be completion of electrification
of the road from New York to Washington with related improvements
involving tremendous equipment Purchases.
"In addition, approximately $16,000,000 of the allotment will be used
to finance construction of 7,000 freight cars of the most modern design
to supplant an equal number of old cars in bad order which will be dismantled. The construction of the freight cars can start immediately and
continue at a uniform rate until completed toward the end of 1934.
'All told the completion of electrification and related projects requires
an expenditure of almost $68.000,000.
"A schedule of proposed expenditures showed that for roadway equipment a total of $44,850,000 would be required, with $39,580,000 spent
during 1934. and but $5,000,000 carried over to 1935. This included
completion of work on the right-of-way freight and passenger yards, substations, switching stations, electrification equipment and material, contractors' materials and overhead, contractors' labor, telegraph and signal
systems, labor and supervision, electrification labor and supervision.
engineering and similar items.
"The schedule showed $16,525,000 would go for electric locomotives
with the money passing to many places throughout the country where
NOV. 11 1933
materials and parts are secured. Included were 16 passenger locomotives,
60 freight locomotives, 14 switching locomotives and conversion of 30
freight and switching locomotives from D. C. to A. C. current.
"A time schedule for expenditures indicated $2.500,000 would be used
before Dec. 1 on the previous types of work involved. The schedule
then steps up to $4,500,000 for December 1933, and goes forward to a
practically uniform rate of approximately $6,000,000 during the 12 months
of 1934, with slight variations caused by season and other conditions.
"The peak will be passed by New Year. 1935, with dwindling expenditures of approximately $1,000,000 a month during the early part of 1935
before the work is completed. This schedule is not rigid, but is based
on the best engineering estimates obtainable.
"At least 60 companies will receive orders, giving them increased payrolls for their staff in supplying materials and equipment for the work.
These companies are scattered all over the country and some will receive
orders that will give employment in several of their plants."
Bank Plan on Rail Equipment Rejected—Public Works
Officials Will Let Each Road Nominate Its Own
Trustee for Loans—Federal Buying Barred—
Wright Turns Down Proposal That Government
Purchase and Lease 100,000 Cars.
The Public Works Administration has rejected offers of
several large New York banking houses to act as corporate
trustee under equipment trusts to be set up in connection
with loans to railroads for finanding purchases of rolling
stock and other equipment, according to the New York
"Times" Nov. 10. The "Times" further states:
Instead of selecting a single institution to act as trustee, it has been decided to leave their designation to the borrowing railroads. The practice
will be for the roads to nominate banks to handle such transactions and the
PWA to pass upon the nominations.
This and other important matters of policy have been decided by the
railroad loan division of the administration, which was organized last week
by Secretary Ickes under Frank C. Wright. Vice-President of the Bangor &
Aroostook RR.
It had been believed that the PWA would select a single insthution to
act as corporate trustee as was done by the Federal Railroad Administration
during the war when the Guaranty Trust Co. was so designated.
The departure from this precedent was influenced in large degree by the
experience gained during the earlier period. At that time it was found
that the Government's claims in some cases had to be subordinated to those
of other creditors of the indebted roads in order to permit liquidation.
Interlocking Is Barred.
An important refinement of the administration's decision on corporate
trustees is the prohibition against interlocking directorates between the borrowing roads and the institution recommended to handle the equipment
trusts. No bank will be permitted by the administration to act in that
capacity where an executive of the borrowing railroad is a member of its
board of directors.
On the theory that it would tend to disrupt existing commercial relationships, the division has rejected plans advanced by various equipment concerns whereby the Government would purchase large equipment supplies
for subsequent leasing to the carriers.
It is the opinion of Mr. Wright that there should be the least possible
Interference with present relations of the railroads and suppliers of equipment, and that public work funds, if they are to be made available for
equipment, must be through direct loans.
It has been proposed by the American Car & Foundry Co. that the
Government buy about 100,000 freight cars and other heavy equipment
for leasing to the railroads, and it argued in support of the plan that similar
action had been taken by the Government during the period of Federal
control.
"But the Government, during that period of wartime control, was an
operator of leased lines," Mr. Wright said. "As operators, we were badly
In need of equipment, and the only thing to do was to go out and get it the
best way we could."
Eligibility Is Limited.
In the case of all equipment loans except those for rails, equipment trust
certificates will be bought from the applicant railroads by the Public Works
Administration.
Here also an important policy has been laid down in that the certificates
will be purchased by the administration at 100% of their face value instead
of 80% as is usual in equipment loans.
Receivers' certificates having priotity over all other claims on roads In
bankrupcy will be accepted by the administration as security for loans for
other than rails, provided that approval is obtained from the Inter-State
Commerce Commission.
Public works officials are doubtful whether railroads in the hands of
receivers will be able to borrow for purchase of rails. This is because the
collateral securing loans for rail purchases Is limited to bonds. Rails, being
a part of the land and right-of-way of a railroad, cannot be made the basis
for equipment trust issues.
A further limitation upon the lending powers of the PWA is the legal
provision that the Inter-State Commerce Commission may not approve
loans to roads which, in its opinion, are in need of financial reorganization.
General Johnson Reassures Labor Regarding Status
in NRA Hearings—Decisions of Code Authorities
Are Final Only if Workers Are Represented.
Labor was reassured that regardless of any changes to
be made in the machinery of the NRA, official supervision
of labor provisions in industrial codes will be continued,
in a statement issued on Nov.5 by General Hugh S. Johnson,
Recovery Administrator. General Johnson said that while
the function of code administration rests primarily with
the code authority provided for in each code, "nevertheless
it is the responsibility of the NRA that the code be administered." Code authorities, he added, have power to
settle labor disputes when labor is adequately represented
on the committees. It was indicated in Washington that
the statement did not refer to any pending situation, but
was made to clarify situations that might develop. It was
believed to have been prompted by protests which had
Volume
137
Financial Chronicle
been made by various labor leaders after the submission
of the Swope plan for reorganization of the NRA. General
Johnson was quoted as saying:
The function of code administration lies primarily with the code authority provided for in each code. Nevertheless, it is the responsibility
of the NRA that the code be administered. Whenever, as in the bituminous
coal code, an industry is organized for self-discipline that function will
be accorded it. But in many instances industries are not so organized
that they have machinery appropriate to the adjustment of complaints
of violations of the trade practice, and other provisions of their codes.
The organization of very few industries is at this time appropriate for
the adjustment of complaints of violations of the labor provisions of codes.
While in every case where the authority is organized adjustment of fair
trade practices will be left to the code authorities, as a general rule the
code provides no plan for the adjustment of their labor provisions. The
code authority will be permitted to function on labor disputes when provision is made for adequate representation of labor on all committees,
boards or other agencies set up to entertain and adjust complaints by
employees against their employers for violations of labor provisions.
3443
William A. Conway, Vice-President, Hudson County National Bank;
Jersey City.
John H. B. Coriell, Vice-President, Morristown Trust Co., Morristown.
Claude H. Meredith, President, Elizabeth Trust Co., Elizabeth.
H. Arthur Smith, President, Trenton Trust Co., Trenton.
A. G. Vautrinot, Cashier, Egg Harbor Commercial Bank, Egg Harbor.
Mr. Withers announcement continued:
The code under which the banks and trust companies of the State will
operate was approved by the Annual Convention of the American Bankers'
Association at Chicago in September; received the President's signature,
after little discussion but few changes on Sept. 28, and became effective on
Oct. 16.
In addition to the State Committee, each of the 20 County Associations
already have or will shortly appoint a similar committee representative of
each class of banking institution; State banks and trust companies; both
members and non-members of the Federal Reserve System; savings banks
and fiduciaries. It is thus expected that within the 60 days allowed for
compliance, every banking institution in the State will be operative under
the code.
The text of the bankers code was given in our issue of
William Green Charges "Influential Groups" Are Oct. 14 pages 2732-2735.
Using "Undercover Efforts" to Sabotage NRA—
President of A. F. of L., in New York Address,
Urges Organized Labor to Support the Recovery "Bankers' and Brokers' Committee" of United Hospital
Fund for 1933 Organized—James Speyer Again
Program to Prevent Its Failure.
Chairman—Appeal for Funds for Sick to be Made
An attempt by powerful influences opposed to organized
Shortly.
labor to sabotage the National Industrial Recovery Act
The "Bankers' and Brokers' Committee" for the 1933
from "undercover" was charged by William Green, President
of the American Federation of Labor, in an address on collection of the United Hospital Fund has been organized
Oct. 23 before the national convention of the Cloth, Hat, with James Speyer, as Chairman, and the following AssoCap and Millinery Workers International Union in New ciate Chairman representing various groups:
Banks.—Jackson E. Reynolds, President, First National Bank.
York City. Mr. Green appealed to workers to support
Curb Exchange.—Morton F. Stern, of J. S. Bache & Co.
the NRA and make it a success, and remarked that any
Investment Bankers.—Robert E. Christie, Jr., of Dillon, Read & Co.
delay in the progress of the recovery program may be
Savings Banks.—William L. De Bost, President, Union Dime Savings
ascribed to "powerful efforts to defeat those who are trying Bank.
Stock Exchange.—E. H. H. Simmons, of E. H. H. Simmons & Co.
to make it a success." In his plea to labor he declared:
Trust
"I shudder to think what would happen to this country if Bank & Companies.—George W. Davison, Chairman, Central Hanover
Trust Co.
this Act fails." We quote further regarding his address
Unlisted Security Dealers.—J. Roy Prosser. of J. Roy Prosser & Co.
from the New York "Times" of Oct. 24:
This Committee compose —f- -bankers and brokers, all
o '81
Asserting that from the beginning organized labor has co-operated fully
actively connected as Trustees with the management of our
with the Government in its recovery program and that "most of industry"
hospitals, will shortly make the usual appeal to "Wall Street"
has done the same, Mr. Green declared that he regretted to observe, however, that "there are strong evidences of failure on the part of influential
for funds to help the sick poor of our City, who are cared for
groups of industry and individuals to give to the NRA program the support
in the New York Hospitals, without regard:to creed, color or
which it should have."
nationality.
di
"Sabotage" Is Charged.
"Undercover efforts are being made to defeat the purposes of this Act,"
be said. "This is responsible for the failure to make more progress than
has been made. If we have not succeeded as far as we should it is because
of the counteractive efforts put forth against those who have tried honestly
to make the great experiment a success."
Mr. Green spoke with satisfaction of the achievements under the NIRA.
emphasizing in particular the abolition of child labor, elimination of sweatshop conditions, the raising of wages in many industries and reductions
in hours.
He assailed those employers who have criticized labor's widespread
organizing activities under the NRA.
"The facts are that the workers themselves have taken advantage of the
opportunity given them under the NRA and have come to us clamoring for
organization," he said. "They responded to the opportunity, they asked
to come in and we have helped them and intend to continue to help them
with all the resources at our disposal."
Mr. Green said that in the last three months the American Federation
of Labor has issued charters to 700 new Federation unions and that as a
result of this and the organizing campaigns conducted by affiliated internationals, the membership of the A. F. of L. is now close to 5,000,000.
He paid tribute to President Roosevelt for his efforts to lead the nation
back to prosperity, for his "willingness to try," contrasting this with what
he characterized as the do-nothingness of the preceding era.
"I want all workers to co-operate with our great President, our great
leader, and with those associated with him in their efforts to cope with the
distressing condition of the country," Mr. Green concluded.
Washington,D.C.,Selected for 1934 Annual Convention
of American Bankers Association.
The invitation of the Washington, D. C., bankers extended to the American Bankers Association to hold its
1934 convention in that city has been accepted and the dates
fixed at Oct. 22 to 25, it is announced by F. N. Shepherd,
Executive Manager of the Association. The Willard will
be the headquarters hotel where all committee and divisional
meetings will be held, but the general sessions will take
place in the National Theatre, which is a half-block away
from the Willard.
Mid-Winter Conference of New Jersey Bankers Association to Be Held in Trenton Jan. 18-19 1934—
Bankers' NRA Code Committee for New Jersey
Named.
Announcement has been made by Carl K. Withers,
President of the New Jersey Bankers Association, that the
mid-winter conference of the Association will be held in
Trenton on Jan. 18 and 19 1934. The conference this year
will cover both bank an trust matters and will be in charge
of Mr. Withers and George Letterhouse, Chairman, Committee on Trust Matters, of the Association.
In addition to the dates set for the New Jersey bankers
conference, Mr. Withers announces the appointment of the
following to serve as members of the Bankers' NRA code
committee for New Jersey:
Ernest L. Buten, President, West Jersey Trust Co.. Camden.
Howard Biddulph, Vice-President, Howard Savings Institution. Newark.
9,000 State Non-Member Banks to Be Aided to Meet Requirements for Deposit Insurance—Capital Structure to Be Strengthened Through Sale of Preferred
Stock and Capital Notes to RFC—Twelve Supervisors and Special Committee Named.
The creation of special machinery by the Reconstruction
Finance Corporation to carry out the task entrusted by
President Roosevelt to the Non-Member Preferred Stock
Board was announced Oct. 28 by Harvey Couch, director
of the RFC and head of that division. Twelve supervisors,
one for each Federal Reserve District, and special committees
—at least one in every State—have been named for the task
which is intended to reach all of the 9,000 non-member banks
throughout the country in the campaign to strengthen their
capital structure through the sale of preferred stock and
capital notes to the RFC. Mr. Couch's announcement said,.
continuing:
The 12 supervisors are specially trained men familiar with all aspects of
the preferred stock program. State supervisors have been designated for
every State capital, where they will co-operate with representatives of the
Federal Insurance Deposit Commission and examiners of the RFC in
informing banks of the preferred stock plan and assisting them in such
programs. At least two leading non-member bankers are being invited
to serve with these men in each State as a special committee. In larger
States two such committees will be set up.
Through these committees it is expected to obtain the closest possible
co-operation between all State and Governmental agencies in the purchase
of preferred stock by the RFC. The committees have been instructed to
co-operate to the fullest extent with State banking authorities and it was
to bring about this co-ordination that the State capitals have been selected
as the scene of operation.
Two purposes are included in the efforts of these committees. One is to
be of all possible assistance in the qualification of State non-member banks
for deposit insurance and the second is to strengthen the capital structure
of all banks so that they may have ample capital to meet the normal and
local needs of their communities in connection with the President's recovery
program.
District and State supervisors have been instructed to do everything in
their power to acquaint non-member banks with the possibility and desirability of the sale of preferred stock to the RFC in order that State banks
which wish to do so may avail themselves of Federal deposit insurance by
Jan. 1 1934.
The list of District Supervisors, State Supervisors, F. I. D. C. and RFC
representatives follows:
TABLE OF ORGANIZATION.
Non-Member Preferred Stock Division of RFC.
First District.
J. F. Kilbourne, District Supervisor.
Name of
Name of State
City in Which
F. D. I. C.
State.
Supervisor.
Located.
Supervisor.
Maine
Robert Baker
Augusta
A. W. Green
Vermont
New Hampshire Robert J. Saunders
Concord
D. F. Murphy
Massachusetts
William N. Scott
Boston
Michael J. Hurley
Rhode Island
Connecticut
Edward Barlow
Hartford
Thomas E. Dooley
Second District,
Warren Forster, District Supervisor,
New York
E. H. Watson
New York
D. V. Penn
Financial Chronicle
3444
Name of
State.
Pennsylvania
Pennsylvania
Delaware
New Jersey
Ohio
Michigan
Kentucky
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Tennessee
Illinois
Illinois
Indiana
Iowa
Mimosa I
Arkansas
Louisiana
Mississippi
Texas
Minnesota
North Dakota
South Dakota
Wisconsin
Kansas
Nebraska
Wyoming
Colorado
New Mexico
Oklahoma
Washington
Oregon
Idaho
Montana
F.D. I. C.
Name of State
City in Which
Supervisor.
Supervisor.
Located.
Third District.
Gee. A. Augherton, District Supervisor.
H.B. Davenport
Edwin C. Norcross
Harrisburg
Loren T. Swenson
Charles Smith
Pittsburgh
George L. Medill
M. Vaughn Mitchell
Dover
0. W. Beaton
C. Russell Arnold
Trenton
Fourth District.
H. J. Stoddard, District Supervisor.
J. L. Wadsworth
Columbus
Chas H. Hewitt
Lansing
Lovell M. Humphrey
Plankton
Fifth District.
T. H. Davis, District Supervisor.
W. Donnan
Baltimore
Richmond
A. H. Graham
Charleston
L. E. Johnson
Raleigh
Cecil H. Marriner
Columbia
V.D.Palmer
Sixth District.
W. E. Stroud, District Supervisor.
Atlanta
Benjamin Swan
Tallahassee
E. M. Thurston
Montgomery
Clyde Duncan
Nashville
Lee Davis.
Seventh District.
R. W. Berrett, District Supervisor.
Springfield
C. F. Mudgett
Chicago
C. P. Van Zante
Indianapolis
Jas. C. Smith
Des Moines
Lloyd Lowiy
Eighth District.
J. C. Wilson, District Supervisor.
Jefferson City
J. P. Myer
Little Rock
J. H.Stanley
Baton Rouge
S. McGaughY
Jackson
Justin Green
Austin
L. Showell
Ninth District.
R. S. Jones, District Supervisor.
St. Paul
J. G. Schutz
Hildnig E. Hultkrans Bismarck
Pierre
Walter J. Jacobsen
Madison
Oscar L. Hall
Tenth District.
H. Z. Persons, DIstiict Supervisor.
Topeka
Don Britton
Lincoln
Harold 0. Nordness
Cheyenne
Boyd R. Sims
Denver
H. A. Van Dusen
0. B. Mothersead
Oklahoma City
Eleventh District.
W.J. Johnson, District Supervisor.
John H. Ottmar
Olympia
Wm.Kennedy
Salem
William Mickelson
Boise
Helena
D. Ray Gregg
Twelfth District.
J. A. Fraser, District Supervisor.
Gerald L. Leaver
Salt Lake City
B. W.Luke
San Francisco
Thomas C. Scruggs
Los Angeles
Romaine L. Angell
Phoenix
A. A. Clarke
R. L. Hopkins
Vance Sailor
D. R. Wood
J. L. Bailey
Lewis H. Clarke
F. C. Ockeshausen
H.F. Stokes
Wilmer L. Moore
F. F. Cunningham
W.Clyde Roberts
James J. Byrne
B. J. Bleakley
Harry L. Brown
H. R. Fuller
Carl Trout
W. W.Kane
Hal Woodside
C. R. Kuchins
J. B. Luiken
W.A. Sandlin
L. J. Van Brunt
Walter W. Olsen
L. T. Stevens
M.R. Baty
C. W.Lyon
W.H. Donahue
G. F. Roetzel
Ross M.Burt
E. J. Becker
C. H. McLean
A. J. Cook
Robert E. Palmer
W. F. Huck
E. M. Wright
Utah
G. S. Coffin
California
California
W.P. Funsten
W.L. Sibley
Arizona
Nevada
A letter of instruction sent to all State Supervisors follows:
Dear Sir
In accordance with the recent pronouncement of the President, there has
been recently set up in Washington a board for the purpose of expediting
assistance to non-member State banks on the part of the RFC by the
purchase of preferred stock and(or) capital debentures and loans against
preferred stock. To that end, the duties of State Supervisors will be
changed to the extent as outlined in the enclosed memorandum.
The various District Supervisors are leaving the Washington office at
once for the purpose of visiting your office and instructing you in the
additional duties which are being imposed.
Having in mind that there are in excess of 9,000 non-member State
banks in the United States, of which a goodly number will desire to further
strengthen their position through the aid of the RFC, and that this task
must be accomplished prior to Jan. 1 1234. in order to assist such banks
In qualifying for deposit insurance, I am requesting that you bend every
effort in joining with me in bringing to a successful conclusion this stupendous effort.
Realizing that conscientious effort, intelligently directed, is all that will
be required to "put across the job," I am satisfied that your office will
more than keep pace with the stride that must be maintained during the next
two months. 1 am going to count on you.
Very truly yours,
HARVEL C. COUCH,Chairman,
Non-member Bank Division, RFC.
Reopening of Closed Banks for Business and Lifting of
Restrictions.
Since the publication in our issue of Nov. 4 (page 3267),
with regard to the banking situation in the various States,
the following further action is recorded:
DISTRICT OF COLUMBIA.
Nov. 11 1933
approximately 65%. The Washington "Post" of Nov. 8,
authority for the foregoing, went on to say in part:
A prior plan of Washington Mechanics' and Mount Vernon Savings Bank
for a merger will not be altered under the expanded agreement, it is understood. This plan provided for the release of 40% of deposits in the restricted
Mount Vernon Savings Bank and the trusteeing of 60% for the merger.
Sale of $200,000 additional stock for this merger also was necessitated.
These plans are progressing.
Although officials of the Franklin National Bank made efforts to reopen
this institution independently, and obtained agreements from depositors
representing 80% of deposits for this purpose, they have agreed to the wishes
of the Treasury Department and have abandoned their plan In favor of the
merger.
John B. Cochran, President of the Franklin National Bank, will be
Chairman of the Board of the Consolidated institution, while Ens. Gould,
President, Washington Mechanics Savings Banks, will be its President ...
Franklin National Bank was organized in 1914; Washington Mechanics
Savings Bank in 1906 and Mount Vernon Savings Bank in 1920. Franklin
and Mount Vernon Banks have been restricted since the national bank
holiday. Washington Mechanics Savings Bank has never been restricted.
Payment of a second dividend of 30%, amounting to $1,850,000, to depositors of the Commercial National Bank of
Washington, D. C., will begin Nov. 13, or two days earlier
than anticipated, according to an announcement made
Nov. 7 by the Comptroller of the Currency. In reporting
this, the Washington "Post" of Nov.8, continuing said:
The dividend has been made possible by a loan advanced to this bank in
receivership from the Federal Deposit Liquidation Board. This loan was
the first approved by the Board under President Roosevelt's program for
quick release of approximately $1,000.000,000 in closed banks.
Its payment will make a total of $2,880,601.70 released thus far to depositors of this bank, which closed Feb. 28 1933. The first dividend of
20% or $1.030,601.70, was paid Sept. 27. The second payment follows
examination of the bank's assets by the District of Columbia subcommittee
of the Fifth Federal Reserve District deposit llquidation committee of tho
national board.
The Commercial National Bank has 18,000 depositors. Approximately
3,000 of these have small, inactive accounts, many of them abandoned for
years. There are approximately 15,000 active accounts. Robert C. Baldwin is receiver of the bank. Col. Wade H. Cooper was its last President.
GEORGIA.
Washington, D. C., advices on Oct. 31, appearing in the
Atlanta "Constitution," stated that announcement was
made that night by Edgar B. Dunlap, attorney for the
Reconstruction Finance Corporation Agency in Atlanta, Ga.,
that plans had been perfected for liquidating upwards of
$2,000,000 in deposits of six closed State banks in Georgia.
The six institutions and the amount of deposits involved are:
Empire Trust Co. of Atlanta, $265,746.
Griffin Banking Co. of Griffin, $1,045,204.
Macon Savings Bank of Macon, $421,926.
Bank of Talbotton of Talbotton, $140,986.
Bank of Hapeville, Hapeville, $134,112.
Peoples Savings Bank of Thomasville, $133,384.
Continuing, the dispatch said:
Under the plan adopted, which was worked out by Senator Walter F.
George of Georgia, and Mr. Dunlap,in conjunction with the general counsel
for the RFC and the Bank Liquidation Board, the State Superintendent
of Banks in Georgia will sell the assets of the closed institutions to a corporation, either existing or to be organized, which will be eligible as an
applicant to borrow from the RFC. This corporation will then borrow
from the RFC an amount equal to the appraised value of the assets, the
loan to be paid to the State Superintendent of Banks in cash and participating certificates Tor distribution among the depositors.
Appraisal of the assets will be determined by special committees appointed in each of the cities where the closed banks are located. M. K.
Hunter of Macon, Chairman of the special Georgia Advisory and Appraisal
Committee of the Deposit Liquidation Board, of which Ryburn City,
President of the Fulton National Bank of Atlanta, is regional head in the
Sixth Federal Reserve District, will appoint the various committees.
Mr. Dunlap explained that the amount which the depositors can be paid
will be governed by the amount of money that can be loaned upon a fair
valuation of the assets of the bank, based on an orderly liquidation of such
assets over a period of three to five years, after reserving only what will
appear sufficient to pay taxes, expenses and interest during the liquidation
period.
All assets of the closed banks are now in the hands of the State Superintendent of Banks, who is not empowered to borrow on these assets. The
State Superintendent, however, can sell the assets of a bank in liquidation
on such terms as the Superior Court having jurisdiction may direct. Neither
has the RFC authority to buy the assets of a closed bank which gives an
idea Of the problem Mr. Dunlap, Senator George and the others had to
work out here.
It is contemplated that a liberal policy will be pursued by the various
appraisal committees formed for each of the closed banks, officials here
asserted. Mr. Hunter will act as Chairman of each of the committees,
whic4 will be made up of "experienced bankers, businessmen and farmers"
of the community served by the bank.
Preparations will be made immediately for setting up the several appraisal committees, Mr. Dunlap stated, adding that this would constitute
the next important step now that a definite plan for liquidating the deposits
have been approved by officials here.
J. F. T. O'Connor, Comptroller of the Currency, announced on Nov. 7 that Robert C. Baldwin, Receiver of the
Commercial National Bank, Washington, D. C., will commence distribution of checks in payment of a 30% dividend
to the 34,000 depositors of the Commercial National next
Monday, Nov. 13 1933.
When distribution of the 30% dividend is completed, it
will make a total of 50% paid to the creditors of this bank
in the aggregate amount of $3,000,000.
In regard to the Empire Trust Co. of Atlanta, the Atlanta
The Treasury Department at Washington, D. C., on Nov. "Constitution" added the following:
7 announced a new bank for that city. It will be known as
Hope that at least half the deposits of the defunct Empire Trust Co.
the new arrangement
the Mechanics-Franklin Savings Bank and have deposits of would be paid off on R. E. Gormley, State by the RFC was expressed
Superintendent of Banks for
31) by
Tuesday
$6,000,000. Its opening will release $3,300,000 now held in Georgia. (Oct.
explained that the first appraisal showed the Empire Trust
He
of its restricted components, the Franklin National as being within $20,000 of solvency and that an appraisal on the present
two
Bank ($2,500,000) and the Mount Vernon Savings Bank of market would likely be higher.
Henry B. Kennedy, former President of the Empire Trust Co., said he
Washington ($800,000). The plan involves the consolida- could make no prediction of what the arrangement would bring about.
but that "it had been hoped that the new appraisal would be at least 25%
tion of the Franklin National Bank, Washington Mechanics'
the
Savings Bank and the Mount Vernon Savings Bank. The higher than Mr.first."
Gormley's statement, a new appraisal of 25% more would
Based on
Franklin National Bank's release under the.mergeriwill be pay off the deposits of the trust company.
Financial Chronicle
•Volume 137
IOWA.
The following in regard to the closed Citizens' National
Bank of Charles City, Iowa, was contained in a dispatch
from that place on Oct. 31 to the Des Moines "Register":
The Citizens' National Bank of Charles City announced Monday (Oct.
30) that more than the required 75% of the depositors' waivers had been
obtained and that final arrangements are now being made to reopen the
bank.
Bank officials plan to reopen about Nov. 15, releasing about $400,000
to depositors. The other 40% of deposits will be placed in trust for liquidation.
KENTUCKY.
The Farmers' National Bank of Madisonville, Ky., which
has been reorganized since the closing of the institution at
the time of the banking holiday in March last,- opened on
Nov. 1, according to advices from Madisonville on that date
to the Louisville "Courier-Journal." The institution is
headed by D. W. Gatlin, former Mayor of Madisonville,
as President.
MARYLAND.
Thomas B. Finan, receiver of the Citizens' National Bank
of Frostburg, Md., which has been closed since the banking
holiday in March, unfolded a plan for a new institution,
which had been approved by Government officials, at a
meeting of 600 of the depositors on Oct. 31, according to
Frostburg advices on Nov. 1 to the Washington "Post,"
which went on to say:
The new institution, to be known as the Frostburg National Bank.
will have $75,000 capital and $15,000 surplus. The opening would make
available 40% of the deposits to the Citizens' Bank.
In order to do this, $90,000 must be raised by selling stock in the new
bank at $120 per share. This stock, if purchased by depositors, may be
paid for with money released to them, now In the Citizens' Bank.
Following the opening of the new bank, the receiver of the Citizens'
Bank will start proceedings to liquidate accounts, so that the remaining
60% on deposit may be turned over to the new bank and made payable
to the depositors, he said.
Stockholders in the old bank, it was stated, will be required under the
double penalty law to pay the receiver an amount equivalent to the stock
they held.
Emery Hitchins, President; Paul L. Ilitchens, attorney and director, and
Frank Watts, Cashier of the Citizens' Bank. were recently convicted of
violation of the National Banking Act.
MASSACHUSETTS.
We learn from the Boston "Herald" of Nov. 3, that
approximately $4,300,000 will be distributed in December
next among the 40,000 depositors of the savings department
of the closed Exchange Trust Co. of Boston through the
co-operation of the Union Savings Bank of that city. The
distribution will be made under a plan devised by the
Massachusetts State Banking Department and approved by
the Supreme Judicial Court. We quote from the "Herald":
Under its operation 30,000 depositors will be paid off in full, while the
remaining 10,000 depositors will receive 50%,of their deposits or a minimum
payment of $50, whichever is the greater sum. Payment to the group of
30,000 depositors will eliminate in full all small claims. The remaining
10,000 depositors maintained more substantial accounts.
Included in the group to be paid off in full are approximately 15,000
depositors maintaining Christmas and vacation club accounts.
These payment will be made on or about Dec. 18 and will represent the
first payment since the bank was taken over by the State Bank Department
on April 25 1932. No arrangements has been yet made to care for the claim
of commercial department depositors of the bank.
Under this plan the Union Savings Bank will lease the former offices of
the Exchange Trust Co. at 175 Washington Street as a temporary branch
for the convenience of the depositors. Club accounts will be paid by check
on the Union Savings Bank while the other depositors will receive deposit
books on this bank with the right to add to them or withdraw funds at
any time.
The Exchange Trust Co.savings department carried a total of $7,800,000
In deposits. These payments will result in the distribution of $4,294.000.
Those not receiving payment In full may have additional dividends from
time to time as the remaining assets are further liquidated.
In solving this savings department problem the Reconstruction Finance
Corporation will loan $3,700,000 against all the mortgages held by the
savings department. The Union Savings Bank will advance up to $700,000
on high grade bonds which are legal tender for investment by savings
banks. These particular securities have a current market value of $932,000.
In approvink the plan Governor Ely of Massachusetts
released the following statement:
The plan announced for the release of more than $4,000,000 to depositors
of the savings department of the Exchange Trust Co. and the contemplated
payment of 30,000 out of the 40,000 depositors in full and 50% to the
remaining savings department depositors should receive the full support
of all depositors of that institution as well as of the citizens of Boston.
The officials of the Reconstruction Finance Corporation are to be congratulated for their part in making this substantial release possible.
The willing response of the Union Savings Bank of Boston to the request
of the Commissioner of Banks that it assist in this plan is commendable.
The selection by the Commissioner (Arthur Guy) of the Union Savings
Bank to assist in this way indicates the confidence which the public of
Boston have in this bank. The Union Savings Bank. through its able
management and strong financial position, is well equipped to render
excellent banking service to the depositors of the Exchange Trust Co.
receiving these payments, through the branch to be established for the
immediate convenience of the depositors at the main office now occupied
by tile trust company.
The plan has been ably devised and prepared under the direction of
Commissioner Guy and Henry H. Pierce, supervisor of liquidations, in
co-operation with the officials of the Reconstruction Finance Corporation.
While an earlier distribution might have been made to depositors of the
savings department of the Exchange Trust Co. in a much smaller sum, the
plan, as announced, demonstrates the sound Judgment of Commissioner
Guy and his assistants in awaiting aid from the Federal Government in
order to effect the large distribution now made Possible.
3445
In conclusion, the paper mentioned furthermore said:
Commissioner Guy cited the substantial savings that will be made in the
cost oi handling the bank's liquidation by the procedure adopted in paying
off the 30,000 small depositors in full. The remaining assets, he said, will
be administered prudently for the benefit of the 10,000 depositors to whom
payment in full will not be made at present.
Commissioner Guy proposes to have an explanation of the plan mailed
to every depositor.with full instructions as to how they may take advantage
of the opportunity to collect their allocations.
The announcement of the Union Savings Bank's part in the plan follows
the paying off, under Bank Commissioner Guy's direcdon, of moneys owed
previously by the Exchange Trust Co. to the Reconstruction Finance
Corporation. Mr. Guy and his assistants, Mr. Pierce and Mr. Bonner,
turned to the Union Savings Bank, an institution established in 1865 and
now having deposits of over $20,000,000 with complete assurance that
these Exchange savings deposits were b.ing placed in the hands of a bank
of the highest calibre
MICHIGAN.
On Nov. 15, possibly sooner, 846,949 depositors in the
two large closed Detroit, Mich., National banks—the
Guardian National Bank of Commerce and the First National
Bank-Detroit—will be paid $53,674,563 by receivers of
those institutions, J. F. T. O'Connor, Comptroller of the
Currency, announced in Washington on Nov. 2. The
receivers of the two Detroit banks and their staffs are working
day and night, in an effort to pay these large dividends to
depositors as soon as possible. Present indications are that
the payments will be made the middle of the month, but
if the clerical work can be completed sooner, the date will
be advanced. We quote further from the announcement as
follows:
The dividend to be paid by the Guardian will amount to 20% on unsecured claims, or $19,374,563. and will bring the total paid to 60%, or
$58,338,958; while the First National dividend will amount to 10%, or
$34.300,000, bringing the total paid to 50%, or $169,992,357.
To make possible the present Guardian payment, a commitment for a
loan of $26,000,000 has been granted by the RFC to the Comptroller.
The next dividend will be distributed to 140,000 depositors, 134,000 of
whom had accounts with the bank of less than $2,000. They had on deposit at the time of the bank's suspension $96,872,815, which figure does
not include secured deposits or claims for borrowed money, all of which
have since been paid in full or will be finally disposed of before starting
the next distribution. There have been three previous dividends of 5%,
5% and 30% by the Guardian, totaling $36,496,651. Over 50.000 depositors holding claims aggregating $6,169,360 have not yet proven claims
or called for their dividends, and the receiver is holding in cash $2,467.744
with which to pay these previous dividends. Loans previously obtained
from the RFC to aid in these dividends have since been paid off.
At the time of previous dividend payments, Guardian depositors were
asked to sign a schedule of claims, and this will not have to be done again.
All work in connection with deliveries of Guardian dividend checks will be
from the old Commerce Bank on Fort Street, Detroit. The first notice
received by the depositor will be the receipt, through the mails, et the form
of receipt which he must execute. This can be mailed to the receiver,
whereupon a check covering the dividend will be sent out within 24 hours,
or brought to the office for cash. Receipts will be mailed to all commercial
(checking) accounts first. Savings accounts and other classes of liabilities
will follow, and the mailing will be done alphabetically. The receiver estimates that from 10,000 to 15,000 checks can be handled daily. Depositors
are asked to await receipt of the communication by mail, advising the receiver in event of change of address. All checks for Guardian dividends
will be drawn on the Manufacturers' Trust Co..*Detroit.
In order to pay the coming First National dividend, the Comptroller
obtained a $48,000,000 loan from the RFC. The distribution will be made
to 706,949 depositors, of whom 614,076 had accounts of under $500. At
the time of the bank's suspension total deposit liabilities were $398,763.166,
since reduced by allowance of offsets and payment of secured deposits and
claims. A reserve of $7,500,000 has been set up against possible real estate
liability losses. There have been three previous dividends by the First
National of 5%, 5% and 30%, totaling $133,310,695. To aid in these
distributions a loan was obtained from the RFC, while the bank was still
in conservatorship, on which there is still due $26,328,813 Previous dividends have been called for by some 500,000 of the 706,949 depositors only,
and there is still awaiting distribution to those who did not previously participate the sum of $2,381,662. Of previous dividends, $31,089,407 was
paid out in currency and $102,221,288 in checks.
In the distribution of the next dividend First National depositors will
be advised of the date and plans of the receiver by the Detroit newspapers.
They will be requested to call at the 32 branches and offices in groups of
about 15,000 daily, selected alphabetically, and they will be waited on,
night and day, by over 400 employees. Detroit depositors will be asked
to call at one of the offices, bringing evidence of their claims—passbook.
certificate of deposit, &c.—which will thereupon be canceled and returned
to the depositor, who must sign a schedule of claim, showing the amount
and the previous dividends paid. Necessary work on the claim will then
be done by the office force, and, within 72 hours of the iiling of the claim,
a check will be mailed to the claimant, drawn upon the National Bank of
Detroit.
B. C. Schram is receiver for the Guardian National Bank of Commerce,
and C. 0. Thomas is receiver for the First National Bank.
A subsequent announcement by the Comptroller of the
Currency, Nov. 8, stated that the payment date of the 20%
dividend to depositors of the closed Guardian National
Bank of Commerce had been advanced from Nov. 15 to
yesterday, Nov. 10. The later announcement by Mr.
O'Connor went on to say in part:
That the dividend will be paid earlier than was at first expected is due
to the fact that the Receiver, B. C. Schram, and his staff, have worked
night and day, in an effort to release the money to the people of Detroit
at the earliest possible moment.
The 20% dividend which 140,000 Guardian depositors will receive next
Friday will amount to $19,374,563, and it will bring the total paid by
this closed bank to 60%. or $58,338,958. . . .
The 10% dividend to 706,949 depositors in the closed First National
Bank-Detroit, will probably be made on Nov. 15, although Receiver.
C. 0. Thomas, is also making every effort to speed up the payment, and
will do so if it is physically possible. The First National dividend of 10%
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3446
will amount to $34,300,000, and will bring the total paid to 50%, or $169,992.357.
Checks for the First National dividend will be drawn on the National
Bank of Detroit, and the receiver will announce, in Detroit, before the
payment date the exact method to be followed whereby depositors may
secure their funds.
Concerning the affairs of the Mt. Clemens Savings Bank
of Mt. Clemens, Mich.,a dispatch from that place on Nov.7,
printed in the Detroit "Free Press" contained the following:
Stockholders of the reorganized Mt. Clemens Savings Bank met Tuesday
night (Nov. 7) to elect directors. The directors will elect officers later.
it Is hoped to reopen the bank by Nov. 15.
Later advices from Mt. Clemens (Nov. 8) printed in the
same paper stated that Henry 0. Chapoton, President of the
old Mt. Clemens Savings Bank on that date was named
President of the reorganized institution, while William Koehler, a Director, was named Vice President and Charles H.
Schultz, custodian of the bank during its reorganization, was
chosen Cashier.
The First National Bank of Monroe, Mich., which has
been closed since Mar. 6 last, will be formally reopened on
Nov. 18, when a 50% payoff, amounting to $1,000,000, will
be made available to the 8,000 depositors. Monroe advices
on Nov. 8, from which the above information is obtained,
went on to say:
A meeting of the old stockholders has been called Nov. 13 to authorize
reduction of the capital stock from $200,000 to $100,000. H. J. McGill,
Lansing, a former bank examiner, is the conservator. The old charter was
retained and the non-qualifying assets will be transferred to three trustees
who will proceed to liquidate them.
The bank was organized in 1863.
MINNESOTA.
Two Minnesota State banks have reopened recently, according to the "Commercial West" of Nov. 4, namely the
State Bank of Rogers at Rogers and the First State Bank of
Big Fork.
MISSOURI.
The St. Louis "Globe-Democrat" of Nov. 2 carried the
following with regard to the affairs of the closed Savings
Trust Co. of St. Louis:
Claims totaling $1,327,627.32 against the Savings Trust Co. 4915 Delmar
Boulevard, which closed Jan. 12 (1933) have been approved by Oa Deputy State Finance Commissioner in charge, it was shown yesterday by a
report filed with Recorder of Deeds Tamme.
Common claims approved aggregate $1,169,180.55. while claims approved
in which preference is asked total $158.446.77. The Deputy Commissioner. however, has not passed upon the question of preference, but will
leave this to be determined by the Courts.
Among the preference claims are those of approximately 8900 school
children who had deposits in the bank amounting to $81,596.69 when the
bank closed. Preference has been asked for these children, whose deposits
range from 15 cents to several hundreds of dollars, on the theory that
money deposited by a minor is held in trust.
The report shows rejected claims aggregating $82,338.31. Three of
these claims, totaling $40.237, were made by John J. Dowling, president
of the bank. One of Dowling's claims is for $30,000 and, according to a
notation on the report, was for a balance due on the purchase of the John J.
Dowling Real Estate Company. This claim was rejected, as were two
others, one for $274 salary from Jan. 1 to Jan. 12 of this year and the other
on a dividend account of $9,963.
Nov. 11 1933
The First National Bank of Belmar is ready to open. After working
since May, the depositors' committee and members of the board have sold
the last block of stock in the long campaign for a banking institution here.
The goal of $120,000 in stock subscriptions was reached late Tuesday
night, with other surplus accounts announced yesterday to complete the
quota with a reserve on hand.
"Our success is the result of the concentration of every effort by the
depositors' committee and various teams," E. Donald Sterner, Chairman
of the committee, said yesterday (Nov. 1). "With the total required
stock subscribed, the three phases of the Government plan have been
completed."
Sterner said he expected it would take a week or 10 days to check the
entire plan in Washington, but that the bank should be open soon.
Plans looking towards the reorganization of the First
National Bank of Branchville, N.J., closed since the banking
holiday last March, were outlined by the conservator of the
institution, Charles J. McCloskey, at a meeting of the depositors and stockholders held Oct. 30. In reporting this, a
dispatch from Branchville on Oct. 31 to the Newark "News"
furthermore said:
A proposed plan for reopening the bank brought out early in August
came to naught when nine of the directors of the old bank filed claims
totaling $19,000 for personal losses against the proposed new institution
after $75,000 had been raised. Three directors were induced to withdraw
their claims, but the six others refused. The Government felt the claims
might throw the new bank into litigation and refused permission for it to
open.
McCloskey and his legal adviser, William A. Dolan of Newton, told the
gathering last night the old plan provided for the conservator to turn the
assets of the closed bank over to three trustees, which would have enabled
the old directors to bring their claims into court. That plan, also, was to
distribute the losses equally among the stockholders and depositors.
The new plan, they said, was to have the conservator liquidate the assets
of the old bank over a period of one year and then declare a dividend. In
this way, they asserted, the claims of the old directors would have no status
In the new bank. The new plan is to assess the stockholders and pay the
depositors 65% of their deposits in the old bank. The $75,000 raised by
the sale of 1,000 shares under the first plan will be returned to the shareholders and a new issue of 1,000 shares will be sold. McCloskey said. Of
this new issue, he said. 521 shares were sold over the week-end. He said
he hoped the Comptroller of the Currency would approve opening of the
new bank three weeks after the entire issue of 1,000 shares have been
sold for $75,000.
McCloskey said 15 stockholders of the old bank have subscribed to stock
in the new institution. This, he said, represents holders of 124 shares of
the closed bank stock, for which they paid $12,400.
At a meeting held Oct. 31 of the depositors' committee on
reorganization of the Liberty National Bank of Guttenberg,
N. J., it was reported that the amount of waivers of deposits
was within 5% of the goal of 75% of the deposits necessary
to bring the remainder in automatically and insure, along
with the selling of new capital stock, the reopening of the
bank within a very short period for unrestricted banking.
The Jersey "Observer" of Nov. 1, in noting the above,
went on to say:
NEVADA.
The co-operation of other depositors and creditors of the bank to sign
up the articles of agreement was urged, and the sooner the 5% gap is bridged
omthe sooner will the bank resume unrestricted banking and danger of c
plete liquidation offset, the reorganization redounding far greeter to the
than liquidation, it is claimed.
credit and interests of the depositors
The stock is selling nicely, it was reported, and sure of completion.
The present plan is the second plan that will have been completed since
the bank holiday for reorganization. The first was dropped after the
legislation at Washington for Government guarantee of deposits and
then the waiver plan was adopted and the depositors in the institution
have been responding to it most enthusiastically.
The following in regard to the closed Wingfield chain of
banks in Nevada, was contained in a dispatch by the United
Press from Reno under date of Oct. 31 1933:
The Newark "News" of Nov. 2 carried the following in
regard to the closed New Jersey National Bank & Trust Co.
of Neptune, N. J.:
Transamerica Corporation will not assist in refinancing the Wingfield
Banks, closed one year ago to-day in the first bank holiday in the Nation,
"because of dissension among depositors," Lieut. Gov. Morley Griswold
said to-day.
Mr. Griswold, who, as acting Governor, declared the banking holiday
Oct. 31 1932 in an effort to save the tottering Wingfield institutions, returned early to-day from San Francisco where he conferred with San
Francisco bankers.
Transamerica, Mr. Griswold said, feels that "obstructionist sentiment"
among some depositors would make the move "inadvisable."
Forrest Eccles and Harry Sheeline, representing depositors in the closed
banks, remained in San Francisco to negotiate with Herbert Fleishhacker
and Standard Oil interests and the Crocker Banks.
The 10 State and two National banks controlled by George Wingfield,
cowboy gambler who became financial and political "czar over all the
Nevadans" after amassing a fortune in the mines of Goldfield, crashed.
it was said, because "Generous George" was too liberal in extending loans
to oppressed livestock men and miners.
Only one bank of Reno's five has remained open during the year's interval.
There are no banking facilities in most of the State's cities except Ely
and Las Vegas.
Chester P. Rogers, receiver for the closed New Jersey National Bank &
Trust Co., was authorized by Federal Judge Clark yesterday (Nov. 1)
to accept $13,381 to satisfy a judgment obtained by the bank against
Neptune Township.
Among assets of the bank, which closed June 10 1932, were Neptune
Township bonds valued at $185,000. Because of default on the bonds at
maturity in 1931, the bank obtained a judgment in February 1932 of $191,413 and $57.50 costs. The receiver obtained payment of $185.000, leaving
a balance of $6,413 and $57.50 costs.
The receiver's attorneys, Harrison & Roche, declared the township was
willing to pay the balance and subsequent interest if the interest rate on the
judgment were lowered from 6 to 4%%. On this basis the additional
n terest would be $6,910.
Judge Clark also signed an order permitting the receiver to sell property
at 231 Miller Street, on which the bank held a mortgage for $7,650.
Advices by the Associated Press from Carson City, Nev.,
on Nov. 2, stated that an order to show cause why receivers
should not be appointed for the nine Nevada State banks
in the closed Wingfield group was issued on that day by
Judge Clark J. Guild, on the first anniversary of the closing
of the institution last November. The dispatch added:
The action was interpreted by attorneys as meaning that Judge Guild
ntends to proceed with liquidation of the closed institutions.
NEW JERSEY.
That the First National Bank of Belmar, N. J., will
probably reopen shortly is indicated in the following dispatch
trom that place on Nov.2,appearing in the Newark "News":
The Pleasantville National Bank, Pleasantville, N. J.,
which had $400,000 in deposits when it closed on Feb. 3
last, announced Nov. 3 a 5% dividend to depositors, as
reported in advices on that date from Pleasantville, appearing
in the New York "Times," which also stated:
The dividend will amount to $25,000. The First National Bank of the
same place received word from Washington to-day, approving a reorganization plan and licensing the bank to reopen.
Concerning the affairs of the First National Bank of
Sea Bright, N. J., advices from that place to the Newark
"News" on Nov. 2 contained the following:
The opening plan for the First National Bank of Sea Bright having been
approved by the Treasury Department at Washington, a meeting of all
depositors and interested citizens will be called within the next 10 days
to put the plan into effect.
The plan called for a new bank with a new charter. The capital necessary
is $62,500, of which amount $37,500 will be raised by stock subscription.
The balance will be taken by the Reconstruction Finance Corporation.
Of the $37,500 to be subscribed, depositors will be allowed to subscribe to
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Volume 137
stock amounting to $17,500, with their deposits. The balance of $20,000
must be bought with cash. The stock will sell at $15 per share and will
be non-assessable.
The plan also stipulates that all notes of the Borough of Sea Bright in the
old bank, amounting to $43,282.94, must be sold for cash. . . .
The bank has been operating since March on a restricted basis, with
Raymond Fay as conservator. John P. Mulvihill, Chairman of the reopening committee, stated yesterday (Nov. 1) that when the bank is reopened it will have cash on hand representing 85% of the deposits at the
time the bank was closed, which were $201.000.
OHIO.
Associated Press advices from Columbus, Ohio, on Oct. 31
stated that the Spitzer-Rorick Trust & Savings Bank of
Toledo, Ohio, which had been operating on a restricted basis
since the March banking holiday, would open for normal
business on Nov. 1. We quote from the dispatch as follows:
All restrictions were lifted to-day when the bank received a new license
from Ira J. Fulton. State Superintendent of Banks.
Fulton stipulated that the bank reduce its capital stock from $600,000 to
$300,000, but the double liability of stockholders will continue to be figured
on capital stock of $600.000.
The amount of double liability will be reduced after the trustees have
issued participating certificates based on 513,4% of the deposits and other
cash assets.
The closed First-Central Trust Co. of Akron, Ohio, which
is in process of reorganization, has received the consent of
86.9% of its depositors to its proposed reorganization plan,
according to Akron advices on Nov. 3 to the "Wall Street
Journal," which furthermore said:
Agreement has been signed by 40,805 depositors representing deposits
of $26.318,689. Common Pleas Court approval must now be received.
After this is obtained the State Superintendent of Banks will file application
with the Reconstruction Finance Corporation for a loan of $25,000,000
previously agreed upon if 85% of depositors consent to plan.
PENNSYLVANIA.
The Board of Directors of the Reconstruction Finance Corporation has authorized the purchase of $50,000 preferred
stock in the Blairsville, National Bank of Blairsville, Blairsville, Pa., a new bank organized to succeed the Blairsville
National Bank.
The preferred stock authorization is contingent upon the
subscription of an equal amount of common stock by those
interested in the new bank.
The First National Bank of Freeport, Pa., successor to
the Farmers' National Bank of that town, was to begin
operations on Nov. 6, according to R. L. Briggs, Cashier of
the institution. Other officers of the new bank are H. B.
Brenneman, President, and R. W.Cramer and T. B. Young,
Vice-Presidents. The Pittsburgh "Post-Gazette" of Nov. 6,
from which the foregoing is learnt, added:
Assets of the Farmers' Bank have been sold to the First National to the
extent of 65% of the deposits of the former, Briggs announced, and 65% of
the total will be made available at once to depositors, payment being made
through the new First National, The Farmers Bank closed during the bank
holiday last March. A license for the new bank was granted Saturday
(Nov. 4).
According to the Pittsburgh "Post-Gazette" of Nov. 2,
plans for a new bank to take over the assets of the Union
National Bank of McKeesport have been approved by the
Comptroller of the Currency. The paper mentioned went
on to say:
The new institution is to be called the First National Bank at McKeesport
and will have capital of $200,000 and surplus of $25,000. This amount will
be raised by sale of common stock at $56.25 a share. Seventy percent of
deposits in the old bank will be made available to depositors when the new
bank is opened. The remaining 30% is in slow assets, which, according to
R. M. Baldridge, conservator, may eventually be paid in full.
More than one-fourth of the new stock in the McKeesport institution has
been subscribed by those who signed an application for a new charter.
The Lehigh National Bank of Philadelphia, Pa., which
has been operating on a restricted basis since March last,
closed its doors on Nov. 6 and Arthur Bressette of Philadelphia was appointed receiver, according to the Philadelphia
"Ledger" of Nov. 7. The institution was organized in 1929
and was capitalized at $200,000 with surplus of $50,000,
it was stated.
The Philadelphia "Ledger" of Nov. 3 stated that proposed
plans for the reorganization of two Philadelphia banks, the
Sixth National Bank and the Tulpehocken National Bank,
had been approved by the Comptroller of the Currency
according to an announcement in Washington the previous
night. The "Ledger" continuing said:
The banks have been operating on a restricted basis since the termination
of the banking holiday in March and the action of the Comptroller's department, in approving reorganization plans, means that their managements
are now in position to place before depositors, stockholders and other creditors plans, that if agreed to by interested parties, may result in the institutions obtaining licenses to resume normal operations.
The Sixth National has $3,358,000 of "frozen" deposits and $681,000 In
unrestricted deposits, while the Tulpehocken National has $127,000 of
frozen deposits and $18,000 of unrestricted deposits.
With reference to the affairs of the West End Savings
Bank & Trust Co. of Pittsburgh, Pa., the Pittsburgh "PostGazette" of Nov. 2 had the following to say:
A committee ofdepositors,formed to opposea proposed reorganization ofthe
West End Savings I ank & Trust Co., after a conferenct yesterday (Nov. 1)
with sponsors of the plan, announced its opposition had been withdrawn.
The reorganization plan calls for the formation of a new institution to be
known as the West End Bank.
Decision to continue the reopening drive was unanimous, according to
Dr. L. C. Daniels, one of the former objectors, who conferred with W.0.
White, Chairman of the reorganization committee, and H. S Hershberger,
President of the bank. The opposition ended when White explained the
plans already mapped out and said all depositors would be kept informed of
progress made.
VIRGINIA.
On Oct. 30, Judge Julien Gunn entered two decrees in
the City Circuit Court of Richmond, Va., designed to speed
the application of receivers of the American Bank & Trust
Co. of Richmond for a Reconstruction Finance Corporation
loan with which to make a payment to the depositors of the
institution. The Court instructed W. Kirk Mathews, Commissioner, to set a time limit for receiving claims for preference over general creditors, with notice to be published for
two weeks. The total amount involved must be ascertained
and a proper reserve set aside before any payment can be
made to depositors who are not filing claims for priority.
Judge Gunn also authorized the receivers, Sherlock Bronson, T. Justin Moore and the Bank of Commerce & Trusts,
the latter represented by John T. Wilson, President, to
effect settlement of amounts due on notes now pledged to
the Federal Reserve Bank of Richmond, and to make payments in cash to the Reserve Bank from time to time, in
order to wipe out an unpaid balance as of Oct. 25 1933 of
$858,767.
The Richmond "Dispatch" of Oct. 31, from which the
foregoing is learnt, continuing said, in part:
The security for a Reserve Bank loan to the American bank consists of
rediscountable paper, many of the makers of which are depositors in the
American bank in a sum approximately $173,000. The makers of these
notes, the receivers feel, should secure the benefit of their deposits by way
of offsets in order to induce liquidation of the notes held by the Reserve
Bank, particularly in view of the fact that these offsets eventually will have
to be applied when the paper is returned by the Reserve Bank to the American bank.
Judge Gunn also directed that banks which are depositories of the closed
American bank shall henceforth honor all checks drawn against such funds
by eittitr R. Latimer Gordon or Arthur W. Mann, provided these checks
are countersigned in the names of all the receivers by anyone of Sherlock
Bronson, T. Justin Moore and John T. Wilson. President, or W. A. Roper,
Vice-President of the Bank of Commerce and Trusts.
WISCONSIN.
The Board of Directors of the Reconstruction Finance
Corporation has authorized the purchase of $25,000 preferred
stock in the National Bank of Edgerton, Edgerton, Wis., a
new bank to succeed the First National Bank of Edgerton.
The preferred stock authorization is contingent upon the
subscription of an equal amount of common stock by those
interested in the new bank.
Additional Lists of Banks Licensed to Resume Operations in Second (New York) Federal Reserve
District.
The Federal Reserve Bank of New York, supplementing
its statement of Sept. 27 (noted in our issue of Sept. 30,
page 2403), has issued the following additional lists showing
banking institutions in the Second (New York) District
which have been licensed to resume full banking operations:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1291, Oct. 11 1933.1
MEMBER BANKS—NEW YORK STATE.
Margaretville—The Peoples National Bank of Margaretville.
Silver Springs—The Silver Springs National Bank.
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 1299, Oct. 25 1933.1
MEMBER BANKS—NEW YORK STATE.
Hudson—The First National Bank and Trust Co. of Hudson.
Montgomery—First National Bank in Montgomery.
Trumansburg—The First National Bank of Trumansburg.
NEW MEMBER BANK.
The following State bank, previously licensed to resume full banking
operations by the Superintendent of Banks of the State of New York, has
been admitted to membership In the Federal Reserve System:
NEW YORK STATE,
West New Brighton—West New Brighton Bank, Borough of Richmond.
New York City.
FEDERAL RESERVE BANK OF NEW YORK.
10ircular No. 1305, Nov. 8 1933.1
MEMBER BANKS—NEW YORK STATE,
Florida—The National Bank of Florida. (Newly chartered to succeed
The Florida National Bank.)
Haverstraw—The National Bank of Haverstraw and Trust Co.
Kingston—The National Ulster County Bank of Kingston. (Newly
chartered to succeed the National Ulster County Bank and Trust Co. of
Kingston.)
NON-MEMBER BANK—NEW YORK STATE.
South Dayton—*bBank of South Dayton.
*Reopening of bank which suspended business April 10 1933. bBank In
Buffalo Branch territory.
GEORGE L. HARRISON. Governor.
3448
Financial Chronicle
ITEMS ABOUT BANKS, TRUST COMPANIFS, &c.
Arrangements were made, Nov. 10, for the sale of a
New York Curb Exchange membership at $30,000, an
increase of $5,000 over the last previous sale.
A Chicago Board of Trade membership was sold Nov. 9,
at $7,250, the same price as the last previous sale.
Henry 011esheimer, formerly Vice-President and Director
of the Chase National Bank, New York, died in Paris,
France, on Nov. 6, of heart disease. Mr. 011esheimer, who
was 77 years old, will be buried in the United States. He
retired from the Chase National Bank on July 1 and sailed
for Europe on Oct. 1 to spend two months abroad on a
pleasure trip. Mr. 011esheimer was born in Furth, Bavaria,
but came to the United States in 1882. He obtained his
first position in the banking house of Seligmann Brothers.
He left after a few years to enter the importing business
but again returned to banking becoming associated with the
old Shoe & Leather Bank of New York. Later he founded
the Metropolitan National Bank, absorbing the Shoe &
Leather Bank, which in turn was merged with the Chase
National Bank in 1921. Following the latter merger Mr.
011esheimer became connected with the Chase.
Joseph S. Ulman, a member of the New York Stock
Exchange since 1897 and a specialist in securities, died in
his sleep Nov. 7, at the age of 75. Mr. Ulman had his
office with those of H. L. Horton & Co., 1 Wall Street,
although he was not connected with the firm. For many
years he had been a director of the Amalgamated Leather
Companies, Inc., New York, which formerly was headed
by his brother, the late J. Stevens Ulman. Previously to
becoming an independent stock specialist Mr. Ulman was
for many years:an executive of Bache & Co., wholesale glass
dealers, now Semon, Bache & Co.
Approval was given on Nov. 3 to the Bishop First National Bank of Honolulu, Honolulu, Hawaii, by the Comptroller of Currency, to change its name to"Bishop National
Bank of Hawaii at Honolulu," it is reported in the Comptroller's weekly bulletin.
The Chase National Bank of New York opened a branch
on Nov. 7, in San Juan, Puerto Rico. It is stated that
this step will enable the bank to participate more actively
in the development of trade between the United States and
its Caribbean dependency. Other branches of the Chase
National Bank in the Caribbean area are located at Havana,
Cuba; Panama City, Panama, and Cristobal in the Canal
Zone.
The new branch at San Juan is in charge of Charles J.
Schaer, Manager, and Ferdinand Zegri, Assistant Manager.
The branch will provide general banking facilities for business interests on the island and those serving its export
and import trade. It is pointed out that Puerto Rican
imports from the United States amounted to $53,000,000
in 1932 and $73,000,000 in 1930. Exports from the Island
to the United States were valued it $83,000,000 in 1932
and $95,000,000 in 1930. Sugar is the Island's most important product,followed by tobacco and fruit. Under date
of Nov. 7 a dispatch from San Juan, to the New York
"Times," said:
Upon the opening of a branch of the Chase National Bank here to-day,
Winthrop W. Aldrich, Chairman of the Governing Board, sent cabled
greetings to Charles J. Schaer, the local manager, saying the Puerto Rican
branch was an expression of the bank's confidence in the future of the
Island and its increasing business relationship with the United States.
Joseph C. Rovensky, a vice-President of the bank, came here for the
opening.
George H. Warren, Vice-President and a trustee of the
People's Savings Bank of Yonkers, N. Y., and a realty and
insurance broker in Yonkers for 53 years, died at his home
in that city on Nov. 8 at the age of 81 years. Mr. Warren,
who was born in New York City, went to Yonkers in 1880
and joined John Bellows in the firm of Bellows & Warren,
realty and insurance brokers, now at 30 South Broadway.
He was one of the last charter members of the New York
Society of Mayflower Descendants.
The National Ulster County Bank of Kingston, Kingston,
N. Y., with capital of $250,000, was chartered by the Comptroller of the Currency on Nov. 2. The new bank replaces
the National Ulster County Bank & Trust Co. Jay E. Klock
and Charles Snyder are President and Cashier, respectively.
Nov. 11 1933
Albert E. Spencer, Cashier of the North Adams National
Bank of North Adams, Mass., has terminated his association
with the institution and has been succeeded by Thomas E.
Dooley of Hartford, heretofore supervising examiner for
Connecticut, according to advices from North Adams on
Nov. 2, appearing in the Springfield "Republican." Mr.
Spencer joined the bank 35 years ago, it was stated.
The Codman Square branch of the First National Bank
of Boston, Mass., opened on Oct. 30 in new and larger
quarters, across the street from its former location, according to the Boston "Transcript" of Oct. 30, which continued:
The building at 592 Washington Street, Dorchester, has been completely
resnodeled to prepare these new offices, which will furnish spacious, well
lighted and convenient facilities for the bank's customers in the Codman
Square district. Charles D. M. Bishop, Branch Manager, was on hand to
welcome its many friends to the new quarters.
Clinton Prescott Knight, Chairman of the Board of
Directors of the National Bank of Commerce of Providence,
R. I., and former Vice-President of B. B. & R. Knight, manufacturers of cotton cloth, died suddenly of a heart attack
at his Quidnesset farm on Oct. 29. Mr. Knight was born in
Providence on Oct. 1 1861 and received his early education
at Mowry & Goff's School. Subsequently he entered Brown
University with the class of 1885, but never completed his
course. In 1886 Mr. Knight went to work in the mactine
shop of the Pontiac Bleachery, one of the many Knight mills.
There he rose to an office position and later was brought
into the main office of the firm in Providence. He was
Vice-President and this brother the late Col. Webster Knight,
President, when the firm was sold in 1920 to F. K. Rupprecht
of New York and associated interests. In 1927 Mr. Knight
retired as President of the National Bank of Commerce to
become Chairman of the Board, the office he held at his
death. Among other interests he had been a director of the
Anchor Insurance Co., Automobile Mutual Insurance Co. of
America, Factory Mutual Liability Co. of America, Knight
Realty Co., National Bank of Commerce, Providence, Washington Insurance Co. and Rhode Island Safe Deposit Co.
The Bankers Trust Co. of Hartford, Conn., operated under
a State charter since its opening April 19 1927 and owned
by the Hartford National Bank & Trust Co., of Hartford,
since 1930, will, on and after Dec. 11 be operated as a branch
of the Hartford Natoinal Bank & Trust Co., provided consolidation plans which have been approved by the trustees
of the institutions concerned are ratified by the stockholders
and then receive approval of the Comptroller of Currency.
Confirmation and approval is expected. This action will
launch branch banking in Connecticut, hitherto forbidden
under State statutes, although permitted by National banks
in such States permitting branch banking.
The trustees of the Hartford National Bank & Trust Co.,
the Hartford National Co., and the Bankers Trust Co. approved the consolidation plan at meetings held on Nov. 1.
Special meetings of stockholders have been called and will be
held on Dec. 8, when they will act on the acceptance of the
agreement. After the action by the stockholders the agreement will be submitted to the Comptroller of the Currency
and present expectations are the authorization to consolidate
will receive prompt attention so it can become effective Monday morning Dec. 11.
The Hartford "Courant" of Nov. 2, from which the above
information is obtained, went on to say:
The officers and trustees of the Bankers Trust Co. will become officers
end trustees in the Hartford National Bank & Trust Co.
The resources of the Bankers Trust Co. will be brought into those of
the Hartford National Bank & Trust Co.
Capital of the Hartford National Bank & Trust Co. will remain the same,
$4,000,000 and the surplus continues at $4,000,000.
When the Hartford National Bank & Trust Co. acquired the Bankers
Trust Co. in October 1930, payment was made by drawing on the undivided
profit account. The stockholders of the Hartford National Bank & Trust
were given beneficial interest by indorsement on their certificates.
Stock of the Bankers Trust Co. was trusteed in the Hartford National Co.,
a corporation formed for that purpose. The Hartford National Co. has
served this purpose. The plans for the future have not been determined.
The charter of the Bankers Trust Co. does not necessarily have to be
surrendered. The charters of the United States Bank, the Fidelity Trust
Co. and the Security Trust Co. acquired by the Hartford National Bank &
Trust Co. in the process of previous consolidations are still in existence. . . .
The Hartford National Bank & Trust Co. is one of the largest National
banks in New England. The charter under the present title is comparatively
recent, but the institution has a remarkable background, including as it
does the old Hartford National Bank, chartered in 1792. John 0. Enders
is Chairman of the Board and Robert B. Newell is President of the Hartford National Bank & Trust Co. The Hartford National Bank & Trust Cohas deposits of approximately $40,000,000 and total resources of approximately $50,000,000. Bankers Trust Co. has deposits of about $3,500,000
and total resources of about $4,200,000. '
Volume 137
Financial Chronicle
John C. Abbott Sr., Chairman of the Board of Directors
of the First National Bank of Fort Lee, N. J., died at his
home in that place on Nov. 2. Mr. Abbott, who was 86 years
old, was the first Mayor of Fort Lee and held that office
several terms. He was former head of the Abbott Piano
Action Co., which disbanded during the World War. Previous to becoming Chairman of the Board, Mr. Abbott was
President of the First National Bank since its founding in
1907.
Henry C. Steneck and his brother, George W. Steneck,
former President and Vice-President, respectively, of the
Steneck Trust Co. of Hoboken, N. J., which was closed on
June 27 1931 by Frank H. Smith, former Banking Commissioner of New Jersey, were acquitted on Tuesday night,
Nov. 7, on a charge of falsifying a statement of the bank's
financial condition. The jury deliberated more than five
hours. Associated Press advices from Jersey City, in noting
the matter, went on to say:
The brothers were charged with having submitted on Jan. 14 1930, to
the State Banking Department a statement, showing bills payable totaling
$1,300,000 as of Dec. 31 1929. The State alleged the total was $1,525,000.
The First National Bank of Wilkinsburg, Wilkinsburg,
Pa., with capital of $200,000, was chartered by the Comptroller of the Currency on Nov. 2. The new institution succeeds The First National Bank of Wilkinsburg. L. P. Noble
heads the new bank, while L. E. Huseman is Cashier.
Dr. William D. Gordon, State Secretary of Banking for
Pennsylvania, has announced advance payments to depositors of the following banks:
An advance payment of 5% or $219,065 to the 18,174 depositors of the
closed Washington Trust Co., Washington, on Nov. 20, including this payment, the bank will have paid 45% to depositors.
A payment of 5%, or $111,126, to the 9.878 depositors of the closed
Anthracite Trust Co., Scranton, on Nov. 21, was also announced. Including
this payment, depositors will have received 30% of deposits.
•
Col. John D. Coldouw, former Mayor of Annapolis, Md.,
on Nov. 1 assumed the Presidency of the County Trust Co.,
formerly the State Capitol Bank,local branch of the Eastern
Shore Trust Co. chain, according to a press dispatch from
Annapolis on Nov. 1, printed in the Washington "Post,"
which went on to say:
He succeeds W. Meade Holladay, who resigned last March to engage in
real estate business. Holladay held the post since the bank's organization
. .
15 years ago.
Coldouw has long been extensive stockholder in the bank, and until a
few years ego was a director.
The BancOhio Corporation has acquired a controlling interest in the Commercial Savings Bank at Marysville, Ohio,
through stock purchase, according to Columbus advices on
Nov. 4 to the "Wall Street Journal," which also said:
The bank's capital stock will be increased to $50,000 to enable Federal
Reserve membership. The bank will operate separately from the Bank
of Marysville, which was purchased by BancOhio more than a year ago.
The First National Bank in New Castle, New Castle, Ind.,
was chartered by the Comptroller of the Currency on Oct. 28.
The new bank, which succeeds The Farmers' & First National Bank of that place, is capitalized at $100,000, consisting of $20,000 preferred stock and $80,000 common stock.
William C. Bond and Ray Davis is President and Cashier,
tespectively, of the institution.
The Comptroller of the Currency on Oct. 28 issued a
charter to the Fort Wayne National Bank, Fort Wayne, Ind.
The new bank succeeds the Old-First National Bank & Trust
Co. of Fort Wayne and is capitalized at $820,000 of which
$500,000 is preferred stock and $320,000 common. Fred S.
Hunting and Frank J. Mills are President and Cashier, respectively.
Robert E. Gentzel, Judge of the Superior Court, on Oct. 28
allowed Louis J. Behan fees of $100,000 as attorney for the
receiver of the closed Northwestern Trust & Savings Bank
of Chicago, Ill., and authorized the making of a 5% payment
amounting to $460,000 to approximately 30,000 depositors of
the institution. The order brought the total of Mr. Behan's
fees to $180,000 and the total payment to depositors to approximately $3,000,000. The Chicago "Tribune" of Oct. 29,
authority for the foregoing, continued as follows:
Behan's fee request was opposed by Attorney Edmund J. Szumnarski, representing the depositors' committee of the closed bank. The attorney contended that thelee was exorbitant and not commensurate with services performed. He argued that allowance of the fee would work undue hardship
on the depositors of the bank, particularly at the present time.
3449
Attorney Behan argued that his request was reasonable, pointing that
he had three attorneys working with him on the affairs of the bank. He
had originally demanded $126,000, he said, but $26,000 was cut from his bill
Ly State Auditor Edward J. Barrett. The Auditor found $100,000 to be a
fair and just fee, Attorney Behan declared.
Behan has previously been allowed fees of $80,000. The additional $100,000 was awarded for _services to last May 31. A bill for legal work from
that date is to be presented later, he said.
The bank closed on June 10 1931. It was estimated that Attorney Behan
has been paid at the rate of approximately $90,000 a year. In addition he
has received $10,000 as attorney for the receiver of the closed Immel State
Bank and $15,000 in the same capacity for the Roosevelt State Bank.
Attorney Behan is a Master in Chancery of the Superior Court. He
was appointed by Judge Gentzel. Behan and Judge Gentzel are former law
partners. From 1915 to 1920 they were associated in the practice of law
with Homer K. Galpin, west side politician.
In the first six months of 1932 Behan heard 34 cases as a Master in
Chancery. These, according to a report in the Illinois Law Review on
Masters in Chancery, brought him total fees of $72,540. Several of these
fees were approved by Judge Gentzel.
One of Largest Outlying Banks.
The Northwestern Trust & Savings Bank was one of the largest outlying
banks in Chicago. At the time of closing its deposits totaled more than
$10,000,000, of which $8,869,000 was in savings accounts. Nearly 20,000
of the accounts were below $100. . . .
The bank's receiver is David E. Shanahan, former speaker of the Illinois
House of Representatives. He has received $12,000 for his services, according to the State Auditor's office.
The American National Bank of Kalamazoo, Kalamazoo,
Mich., was chartered by the Comptroller of the Currency on
Oct. 30. The new institution, which takes the place of The
Bank of Kalamazoo of that place, has a capital of $250,000,
consisting of $150,000 preferred stock and $100,000 common
stock. Dunlap C. Clark is President and Rudolph F. Friske,
Cashier of the institution.
The Comptroller of the Currency on Nov.3 issued a charter
to The First National Bank of Hubbell, Hubbell, Mich., which
replaces The First National Bank of that place. The new
bank is capitalized at $50,000 of which half is preferred and
half common stock. A. L. Burgan is President and Roland
31. Odgers, Cashier.
On Nov.1,the Comptroller of the Currency issued a charter
to The National Bank of Adrian, Adrian, Mich., an institution which replaces The National Bank of Commerce of
Adrian. The new bank has a capital of $120,000, made up
of $40,000 preferred and $80,000 common stock. Walter P.
Jacobs is President and W. M. Shepherd Cashier.
A dispatch from Manitowoc, Wis., on Oct. 29 to the Milwaukee "Sentinel" stated that plans had been approved by
the Wisconsin State Banking Department for a consolidation
of the Whitelaw State Bank at Whitelaw and the Maribel
State Bank of Maribel, both in Manitowoc County, about
the first of next year. For the present, it was said, the
Whitelaw bank, now closed for liquidation, would operate
as a "feeder" for the Maribel bank. We quote further from
the'dispatch, as follows:
Reports that both banks would be operated as branches of a Manitowoc
bank could not be confirmed. Several months ago vigorous attempts were
made to merge the Whitelaw and Cato banks, located only three miles
apart on Highway 10, but depositors of the two institutions could not agree.
Assets of the bank at Whitelaw will have to be stabilized before it becomes part of the Maribel bank, officers of both said. Both are capitalized
at $25,000.
The Tippecanoe State Bank of Milwaukee, Wis., has
changed its title to the Bay View State Bank and has moved
to 441 East Lincoln Ave., Milwaukee, according to the "Commercial West" of Oct. 28, which furthermore said:
Tippecanoe State had operated since May 1928. under the management
and supervision of C. B. Smith, and Mrs. Smith, Assistant Cashier. It VIM
decided last July to put the bank in a more profitable location and the recent move resulted. Hundreds of customers and friends greeted the opening
of the bank in its new location and congratulated Mr. and Mrs. Smith on
the move.
On Oct. 28 1933, The Citizens' National Bank of Boone,
Boone, Iowa, was chartered by the Comptroller of the Currency. The new bank, which replaces The First National
Bank of Boone, is capitalized at $100,000. John H. Goeppinger is President and H. A. Laird, Cashier.
Associated Press advices from Fremont, Neb., on Nov. 1
stated that a 25% dividend aggregating more than $110,000
was to be paid to the depositors of the Union National Bank
of Fremont as soon as checks could be drawn by the receiver
and approved by the Comptroller of the Currency in Washington. The institution was closed in February of this year.
James McClure, President of the First National Bank of
Paris, Ky., died on Oct. 30 after a long illness. Mr. McClure
was born in Nicholas County, Ky. and previous to becoming
3450
Financial Chronicle
Nov. 11 1933
associated with the First National Bank was for many years
engaged in farming and the insurance business. When the
First National Bank was established in 1902, Mr. McClure
was made Cashier, later Vice-President and ten years ago
elected President, the office he held at his death. The deceased banker was prominent in State and local politics, being a member of the Bourbon County Democratic Committee
and of the Bourbon County Board of Election Commissioners,
and having served two years ago as Treasurer for the State
Democratic campaign. He was 78 years of age.
than 65% since the bank was Nationalized on May 22 of
this year. Total resources which were $17,000,000 five
months ago are now $27,000,000. In spite of the exceptionally high degree of liquidity which the Oct. 25 statement
reveals, Hibernia National officials say that they are making
sound, self-liquidating loans to every applicant who is entitled to credit. A.P. Imahorn is President of the Hibernia
National, R. S. Hacht (Vice-President of the American
Bankers Association) is Chairman of the Board, and A. P.
Howard, Chairman of the Executive Committee.
Directors of the Citizens' National Bank of Trenton, Tenn.,
at their regular monthly meeting held recently, appointed
G. W.Everett, President of the institution, to fill the vacancy
caused by the resignation of W. L. Wade, according to
Trenton advices on Nov. 4, appearing in the Memphis "Appeal," which added:
On Oct. 26 the Whitney Central National Bank of New
Orleans, La., observed the 50th anniversary of its founding.
In noting this, the New Orleans "Times-Picayune" of that
date had the following to say in part:
Mr. Everett has been identified with banking interests in Gibson County
many years, has assisted in the organization of several banks and recently
purchased an interest in the Citizens' National.
Effective Nov. 3, J. Taliaferro Lane, heretofore Assistant
Cashier of the Atlantic National Bank of Jacksonville, Fla.,
was promoted to Cashier, while J. A. Cranford, an employee
of the bond department for a number of years, was advanced
to an Assistant Vice-President, in charge of the bond department. Mr. Lane succeeds as Cashier George E. Therry, who
resigned the post to accept the Vice-Presidency of the West
Palm Beach Atlantic National Bank of West Palm Beach,
Fla. The "Florida Times-Union" of Nov. 1, from which the
above information is obtained, furthermore said in part:
The son of Edward W. Lane, Chairman of the Board of Directors of the
Atlantic National Bank, Mr. Lane has been with the bank since Nov. 2 1930.
He has worked in each of the bank's departments and early this year was
elected Assistant Cashier. He went to the bank shortly after he graduated
from Princeton University, where he majored in economics. . .
Mr. Therry has been with the Atlantic National for 20 years working up
from a clerkship. He has been Cashier for five years. When he assumes
the Vice-Presidency of the West Palm Beach bank, to which he will be elected
at a forthcoming session of the institution's Board of Directors, he will
leave this city to make his permanent home in the Palm Beath section.
Merger of the Riverside Atlantic Bank and the Fairfield
Atlantic Bank, affiliates of the Atlantic National Bank of
Jacksonville, Fla., with the parent institution, effective at
the close of business Oct. 31, was announced on that day by
Edward W. Lane, Chairman of the Board of Directors of
the Atlantic National Bank. The Riverside Atlantic Bank,
of which Charles D. Wynne, Vice-President of the Atlantic
National Bank, had been President, was opened at Part and
Dora Streets, Jacksonville, early in 1926, while the Fairfield Atlantic, which had been headed by D. D. Upchurch,
Vice-President of the Atlantic National, was opened on
Talleyrand Avenue, Jacksonville, late in 1925. The "Florida
-Union" of Nov. 1, from which the above information
Times
is obtained, furthermore said in part:
The Springfield Atlantic, the third of the group of neighborhood banks
sponsored by the Atlantic National, will not be affected by the merger, it
was made clear in the statement. That bank is headed by W. I. Coleman,
also a Vice-President of the Atlantic National, and will be continued, Mr.
Lane emphasized, "as a separate unit as it has developed that there is a
growing need for a bank in that section of the city." The Springfield Atlantic is located at 1919 Main Street.
In the announcement relative to the merger of the Riverside and Fairfield banks with the Atlantic National, Mr. Lane said: "The deposits of
the two affiliated institutions have been assumed by the Atlantic National
Bank of Jacksonville, payable on demand, and of course any outstanding
checks drawn on either of the affiliated institutions will be honored by the
parent institution up to the amount of the balance shown to the depositor's
credit; therefore, there will be no inconvenience whatever to the depositors."
He said that the consolidation was made by authority of the stockholders
of each of the affiliated banks and the Board of Directors of the Atlantic
National. . . . Both banks were organized with capital stock of $50,000
each. The Sept. 30 1933 statement of condition listed the deposits at the
Riverside Atlantic as $281,603.23 ; those at the Fairfield, $226,451.84.
M. B. Belvin, Cashier at the Riverside Atlantic, and Charles B. Outen,
Assistant Cashier at the Fairfield Atlantic, will be at the Atlantic National
"for the purpose of contacting their customers and seeing that their wants
are properly cared for," Mr. Lane's announcement further explained. He
also said that the other employees of the merged affiliated banks would be
retained by the Atlantic National. Mr. Outen has been Acting Cashier at
the Fairfield Atlantic during the serious illness of Ralph W. Hoyt, who is
the Cashier.
"The merger is in line with the spirit of the times, as we are in a position to handle all of the business of the three institutions under one roof,
and therefore save considerable expense in operations," Mr. Lane pointed
out.
According to the statements of Florida banks, the Atlantic National is
the largest bank in the State from the standpoint of capital structure, deposit accounts and resources.
The Hibernia'National Bank in New Orleans, New
Orleans, La., in its statement issued in response to the call
of the Comptroller of Currency as of Oct. 25 1933, exhibits
deposits of $23,400,000, which represents a gain of more
A half century ago a group of New Orleans bankers received from John
Jay Knox. then Comptroller of the Currency of the United States Treasury,
permit to open an institution to conduct the business of banking in New
Orleans. . . .
It was on Oct. 26 1883, that the Whitney National Bank received from
Mr. Knox permit No. 3069, permitting the institution "to commence the
business of banking." During the 50 years that have intervened the bank
has become one of the South's leading financial houses.
As the largest bank in its territory, the Whitney National Bank on its
50th anniversary looks back over an interesting history. During its 50
years of existence it has seen its deposits grow to approximately $75,000,000.
The articles of association for the bank were drawn on Oct. 23 1883. The
first Board of Directors included George Q. Whitney, Charles M. Whitney,
James T. Hayden, who became the institution's first President; Pearl Wight,
John H. Maginnis, Isaac S. West Jr., and Edward D. White, who was the
bank's first attorney and who was later United States Senator from Louisiana
and finally Chief Justice of the United States Supreme Court.
The bank began business with capital stock of $400,000. To-day, 50 years
later, the capital, surplus and undivided profits of the institution are in
excess of $7,000,000.
During its 50 years of existence the institution has had six Presidents
who include, in addition to Mr. Hayden, George Q. Whitney, Charles Godchaux, Sol Wexler, John E. l3ouden Jr., and J. D. O'Keefe, who heads the
bank at present.
The name of the bank was changed on July 1 1905, to the Whitney Central National Bank when the Central Bank St Trust Co. and the Germania
National Bank became a part of the institution. The bank then had a
capital of $2,500,000 and a surplus of $725,000. Deposits then approxi•
mated $13,500,000. George Q. Whitney was acting as President when tiw
three institutions merged.
The First National Bank of Henrietta, Henrietta, Tex.,
was granted a charter by the Comptroller of the Currency on
Oct. 28. The new bank is capitalized at $50,000, made up of
$30,000 preferred stock and $20,000 common stock. C. H.
Melton is President and Charles Graham, Cashier.
The Comptroller of the Currency on Oct. 30 granted a
charter to the Lewiston National Bank, Lewiston, Ida. The
new bank, which is capitalized at $100,000, replaces The
Lewiston National Bank.
According to the Los Angeles "Times" of Nov. 3, the comto
mercial depositors of the First Exchange State Bank of
Inglewood (Los Angeles County), Calif., on Nov. 2 were
mailed a 20% dividend, amounting to more than $80,000, the
second dividend since the bank closed its doors in January
1932. The first dividend of 10% was paid Nov. 1 1932, it
was stated. The "Times" continuing said:
Liquidation of •"frozen" assets is being conducted at a minimum of expense, according to E. L. Durrell, Special Deputy of the bank, working
under Edward Rainey, Superintendent of Banks for California. No dividends are being paid as yet to sa% ings depositors, bank officials declared
yesterday.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
F The stock market was dull and prices irregular during the
fore part of the week due to profit taking, but manifested
a sharp upward tendency later in the week when practically
every group moved briskly forward. On Thursday, the
turnover was particularly heavy, and as the market soared,
many active stocks reached new highs for the movement.
Railroad shares have been in good demand at higher prices,
but most of the industrial group has been weak during the
greater part of the trading, though there were modest upswings in some of the more active members of the group.
Call money renewed on Monday at % of 1% and continued
3
unchanged at that rate during the rest of the week.
Opening quotations were somewhat lower on Saturday,
and while the decline was not extended, prices were irregular
during most of the session. Gold shares continued weak,
though they received more support than on the preceding day.
United States Steel opened about a point down and Amer.
Tel. & Tel. also reacted. Railroad issues,on the other hand,
were slightly higher for a time, but weakened before the
close. There was a somewhat better tone toward the end
Volume 137
Financial Chronicle
of the session, though stocks in the general list were sluggish
until the close. The changes were comparatively small
though a goodly proportion were on the side of the advance.
The gains included among others, Allis Chalmers, 1% points
3
to 17%;American Sugar Refining, 13.4 points to 553.4; Bethlehem Steel pref.,3 points to 49; Cuban-American Sugar pref.,
434 points to 2934; Hazel Atlas Glass, 4 points to 79; International Silver pref., 234 points to 61; Lima Locomotive
pref., 334 points to 253 ;Norfolk & Western,3 points to 85;
%
3
Owens Ill. Glass, 234 points to 75%; West Penn Electric
pref. (6), VA points to 4434, and Wilson & Co. pref., 13.4
points to 42.
Initial prices were irregular on Monday,though the general
tendency was toward slightly higher levels. As the day
progressed, trading turned dull though the market was
fairly steady at the close. The turnover for the day was
around 685,000 shares, the smallest since early in April.
The liquor stocks attracted a large part of the speculative
attention, though the gains were largely fractional. Most
of the pivotal issues among the rails and industrial stocks
were off on the day. Public utilities were heavy, particularly in the late trading when some of the prominent
issues registered losses up to 2 or more points. Some
buying was apparent in the metal group during the morning
trading, but the gains were not especially noteworthy.
Liquor stocks like National Distillers and a few others
yielded for small losses near the end of the session. Declines
predominated at the close, the losses including among
others, Allied Chemical & Dye, 234 points to 132; American
Can pref. (7), 534 points to 122%; Byers Co., 35 3 points
/
to 51; Colorado Gas & Electric, 53% points to 55; Pacific
Light & Power, 2 points to 77; United Corp. pref., 2 points
to 253/2; United States Leather prior pref., 2 points to 73,
and United States Smelting & Refining, 334 points to 99.
The stock market was closed on Tuesday in observance of
Election Day.
Prices moved sharply upward on Wednesday as the market
resumed its session following the Election Day holiday, and
as the buying wave increased, the gains among the trading
favorites ranged up to 6 or more points. During the first
hour, the market shifted upward and downward without
definite trend but around noon the prices moved sharply
upward, the buying wave soon extending to practically
every active group. Amer. Tel. & Tel., United States
Steel and American Can showed good gains and a long list
of popular speculative favorites closed with substantial
advances. Prominent among the stocks moving upward
were Allied Chemical & Dye,4 points to 136; Air Reduction,
234 points to 10234; American Can, 234 points to 9034;
American Commercial Alcohol, 2% points to 5434; Amer.
Tel. & Tel., 55 points to 1183 ; J. I. Case Co., 434 points
A
4
to 703 ; Columbian Carbon, 3 points to 57; Du Pont, 334
4
points to 80%; National Distillers, 334 points to 85%; New
York Central, 3 points to 36; United States Smelting &
Refining, 334 points to 10234; United States Steel, 234
points to 4234; Western Union Telegraph,234 points to 5134,
and Westinghouse, 234 points to 3834•
The substantial accumulation of buying orders due to the
late rally of the preceding day pushed prices up to new tops
(luring the early trading on Thursday. The advances
were not fully maintained, however, as the market reacted
later in the day due to profit taking and closed irregularly
lower. Metal shares and industrials were the trading
favorites and many blocks of stocks ranging from 1,000 to
5,000 shares appeared on the tape around midsession when
dealings were at their best. Railroad issues were prominent
in the transactions and moved forward under the leadership
of New York Central which broke into new high ground for
the movement. Oil shares also were strong as Standard Oil
of New Jersey slipped through 44 to a new top. Toward the
end of the session, brisk selling cut deeply into the early
gains though the market steadied during the final hour as
trading quieted down. The advances included, Air Reduction, 134 points to 104; American Hide & Leather pref.,
534 points to 3534; American Smelting (2) pref., 334 points
to 68; Johns-Mansville pref., 434 points to 102; Pittsburgh
Coal pref., 3 points to 39; Public Service of N. J., 434 points
to 7934; Wilson & Co. pref., 6 points to 47; Ward Baking
pref., 23 points to 325 ; National Supply pref., 6 points to
%
A
39; Monsanto (134), 33 points to 72; Central R. R.of N.J.,
4
2 points to 70; Armour of Delaware pref. (7), 234 points to
76, and American Water Works pref. (6), 23 points to 60.
4
Irregularity again ruled the market on Friday, and while
the list had a firm undertone throughout the sesson, price
3451
changes were comparatively narrow and the trading was dull
with gains and losses about evenly divided. Gold stocks
attracted considerable attention, being helped to some extent by the newtop in the domestic price of the metal. Some
of the pivotal issues were off on the day, particularly United
States Steel and Amer. Tel. & Tel., both of which lost their
gains of the preceding day. Among the declines recorded at
the close of the session were such prominent issues as Air
Reduction 234 points to 101%, Allied Chemical & Dye
4 points to 132, Detroit Edison (4) 3 points to 57, West
Penn Electric pref. 334 points to 40, Auburn Auto 2 points
(6)
to 41, Bethlehem Steel pref. 23 points to 49, Industrial
4
Rayon 234 points to 7234 and Hudson Manhattan 2 points
to 20. Selling was again prominent as the market closed.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY.
Week Ended
Nov. 10 1933
Railroad
State.
Stocks.
Number of and ditaxa. Municipal ck
Poen Bonds.
Bonds.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
703,910
685.220
1.803.311
2,902,625
1,365,930
United
Stases
Bonds.
$3,466,000 31,570.000
4,644,000, 2,627.0001
I HOLIDAY
3,936.500
7,448,000
3361,000
9,830.000
3,566,000
8,272,000
Total
Bond
Sales.
81,624.550
2,981,000
S6,660.550
10,252.000
3,223.500
7.421.500
7,764,8001
14.608.000
20.712.500
19.602.800
7,460,996 333,660,000 315.160.500 323,015.300 371.835,800
Sales at
New York Stock
Exchange.
Jan. 110 Nos. 10.
Week Ended Nov. 10.
1932.
1933.
-No,of shares_
Stocks
7,460,996
Bonds.
Government bonds_._ 323,015,300
State & foreign bonds_
15.160,500
Railroad & misc. bonds 33,660.000
Total
1933.
1932.
7,539,910
597,519,036
390,038,134
$3,569,010
9,925,000
21.182,000
3398381.900
658.680,000
1,826,381,900
3522.624.350
659.086.600
1338.394.000
371,835,800 334,676,000 32,883.543.800 32,620,104,950
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Nov. 10 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. wk. revised_
Baltimore.
Philadelphia.
Shares. Bond Sales, Shares, Bond Sates. Shares
16,541
$3,000
14,700
Roll day.
6,000
30,328
45.939
11,000
4,564
5,095
31.000
5.247
Holt day.
29,000
14,821
7,CCO
18,746
4,875
Bond Sala.
233
2,728
363
1,617
856
1,205
$1.000
22.000
5.000
1.000
112.072
320,000
48,784
337,000
7.00
$29,000
120.223
313.600
55.149
38.200
8.418
323.400
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show an increase as
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
,(Saturday, Nov. 11) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 16.0% above those for the corresponding
week last year. Our preliminary total stands at $3,657,850,388, against $3,412,757,231 for the same week in 1932.
At this center there is a gain for the five days ended Friday
of 16.0%. Our comparative summary for the week follows:
Ckarings-Returns by Telegraph.
Week Hutting Nov. 11.
New York
Chic,,go
Philadelphia
Boston
Kansas City
St Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1933.
1932.
Per
Cent.
31.997.320.810 31,721.431,728 + 16.0
96.975.470 +52.7
148.063.645
133.000.000 +24.1
165.000,000
120.000.000 +20.8
145,000,000
45,620,939
40.000.000 +14.1
43.700.000 - 7.8
40.300,000
73.649,847
43,487.000 +69.4
No longer will re port clearings.
37,201.142 +39.2
51,789.820
33,708,560
25.975,162 +29.8
30,794.381 + 13.9
35.065,112
29,891,584
28.610,143 + 4.5
23,805,497 - 5.9
22,409.000
Twelve cities, five days
Other cities,5 days
32,787.819,317
510,389.340
$2,344,980,523
372.426.185
Total all cities, five days
All cities, one day
33,298.208,657
659,641,731
32,717306,708 +21.4
695,350.523 - 5.1
Total all cities for week
33.957.850.388
33.412.757.231
+18.9
+37.0
+16.0
Complete and exact details for the week covered,by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous, the week ended Nov. 4. For
that week there is an increase of 14.5%, the aggregate of
clearings for the whole country being $5,321,721,247 against
$4,649,251,167 in the same week in 1932.
Outside of this city there is an increase of 2.2%, the bank
clearings at this center having recorded a gain of 21.9%.
We group the cities according to the Federal Reserve districts in which they are located and from this it appears that
in the New York Reserve District, including this city, the
totals record a gain of 21.2% but in the Boston Reserve
District the totals suffer a loss of 5.9% and in the Philadelphia Reserve District of 4.3%. The Cleveland Reserve
District has an increase of 0.3%, and the Atlanta Reserve
District of 15.5%, but the Richmond Reserve District shows
a decrease of 14.4%. In the Chicago Reserve District the
totals are larger by 3.5%, in the St. Louis Reserve District
by 27.6% and in the Minneapolis Reserve District by 5.7%.
The Kansas City Reserve District shows an improvement of
4.8%, the Dallas Reserve District of 18.7% and the San
Francisco Reserve District of 13.4%.
In the following we furnish a summary of Federal Reserve
districts:
CLEARINGS.
SUMMARY OF BANK
1932.
1933.
Week Ended Nov. 4 1933.
Ine.or
Dec.
111 cities
Total
Outside N. Y. City
29 Mtlan
5,321,721,247
1,799,506,900
gia NI naa
1930.
4,649,251.107 +14.5 6,112,854,351
1,760,526,188 +2.2 2,411.539,58
8,538,456,089
3,307,378,714
294.993.813
453.102.593
112 an 551 +1.3
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended Nov. 4.
Clearings as
1933.
1932.
-Boston
First Federal Reserve Dist act
464,636
517,576
Maine-Bangor__
2,115.314
1,712,426
Portland
220,910,153 238.160,044
Mant.-Boston
1,253,883
787,156
Fall River
686,672
544,725
Lowell
1,113,619
792,657
New Bedford_
5,120,397
3,573,279
Springfield. _
1894,186
1,303.094
Worcester
7.072,727
12,096.122
-Hartford
Conn.
3.914.306
3,446,347
New Haven_ _ _
7,597,600
8,239.500
-Providence
R.1.
404,002
398,632
N.H.-Manch'er
254,321,677
270,397,386
-New
Second Feder al Reserve D strict
5,542,205
7,777,491
-Albany_
N. Y.
723,180
835,806
Binghamton_ _
23,341,813
25,970,537
Buffalo
871,274
625,423
Elmira
544.410
452,658
Jamestown_ _
New York _ _ 3.522,214.347 2,888,724,919
7,075,560
6,724,706
Rochester
6,197,150
3.617,805
Syracuse
2,479,598
3,033,224
-Stamford
Conn.
450.525
394,398
-Montclair
N. J.
20,218.649
15,847,774
Newark
26.406.757
26,690,026
Northern N. J.
Inc. or
Dec.
1931.
580.171
+11.4
3,244,152
-19.0
-7.2 323,862,091
920,910
-37.2
938,324
-20.7
1,292,282
-28.8
6,142,995
-30.2
2.576,128
-31.2
10,923,749
+57.7
6,290,130
-12.0
11,954,300
+8.4
578,612
-1.3
-5.9
369,503,844
1930.
757,914
3,557.215
447.679,491
1,354,404
1,043,394
1,722,153
5,777.895
3,216,175
13,018,448
6,994,466
15,222,600
817,186
501,161,341
York
6,766,576
6,091,820
+40.3
1,151,028
1.000,692
+15.6
40,250,832
30,658,175
+11.3
1,241,571
781,872
-6.8
1,051.942
745,051
-16.9
+21.9 3,701,314,769 5.231,077.375
11,224,982
10,149,190
-5.0
8,680,591
4,762,383
-41.6
3,651,133
3,059,204
+22.3
804,020
694.589
-12.5
32,451,146
29,556.244
-21.6
35,245,661
30.290,508
+1.1
Total(12 cities) 3,614,184,195 2,982,376,040 +21.2 3,819,084,497 5,373,596,857
Third Federal Reserve Dist act-Philad elphla
513,934
303,864 +13.1
343,621
-Altoona___
Pa.
Bethlehem_ _
752,911
329,647 -6.5
308,357
Chester
2.307,962
779,858 -6.0
733,396
Lancaster
Philadelphia.
- 270,000.000 280,000.000 -3.0 321,000,000
3,238,769
1,923,647 -40.6
1,142,836
Reading
4,442,058
2,458,056 -25.8
1,823.009
Scranton
2,005,020
1,682,447 -4.5
1,607.343
Wilkes-Barre _ _
1,604,683
1,280,177 -11.0
1.138,987
York
2,959,000
3,382,000 -22.6
2,619.000
-Trenton._
N.J.
1,212,022
1,892,003
419,000,000
3,417,122
4,366,428
3,938.030
2,047,049
5,624,000
-4.3
338,824,337
442,833,861
Fourth Feder al Reserve D IstrIct-Clev elandc
Ohio-Akron....
Canton
34,687,010
36.440,819
Cincinnatl _ _ _
58,895.375 -8.0
54,161.532
Cleveland
6,795,500 +4.4
7.097,000
Columbus
659,579 +14.5
754,944
Mansfield
Youngstown__ _
80,806,475
83.996,899
Pa -Pittsburgh
50,132,569
81.389.582
9.031.804
1,080,505
54.285,897
111.874.559
14.081,700
1,422,902
97,392,038
208,790,260
+0.3
239,026,494
390.455,318
Fifth Federal Reserve Dist rict-R lob m ond377.105 -60.6
148.715
W.Va.-HuntIon
2,549,000 -13.5
Va.-Norfolk__
2,206,000
29,236,762 +5.0
Rlehmond _ _ _ 30,695,222
821,272 +21.5
S. C.-Chariest'n
997,985
55,938,528 -23.5
42,820,313
Md.-Baltimore _
17,454.260 -18.6
14,204,799
D. C.-Washlon
594,190
3,562,946
33,102,287
1,630.928
68,981.1111
24.641,035
1,021,338
4,455,949
45,780,000
2.741,450
82,358,753
28,714,510
106,376.927 -14.4
132,513,500
165,072,000
4.045,399
10.624,877
33,800,000
1,358,288
740,675
9,123,075
12,239.102
1454,706
3,589,249
21,268.878
42,046,927
2.002,523
1.334,671
10,662,333
17,838,487
2,444,605
165,232
36,282,030
20(3.983
49,818,809
109,833,384
151,213,465
Total(9 cities)_
279,716,549
292,139,697
f.5.1
Total(5 cities).
Total(6 cities).
182.451,194
91,073,034
181,843.939
Sixth Federal Reserve Dist rict-Atlant a2,391,020 +63.1
-Knoxville
Tenn.
3,900,687
9.149,053 +7.8
Nashville
9,860,752
25,600,000 +34.8
Ga.-Atlanta_ _ _
34,500,000
789,059 +37.3
1,083,616
Augusta
459,509 +35.6
623,148
Macon
6,792,770 +38.2
Fla.-Jack'nville_
9,390,000
9,559,112 +37.9
Ma.-Birm'ham
13,182,086
946.714 +2.4
969,689
Mobile
-Jackson_ _
Miss.
122.780 +31.2
161.036
Vicksburg
24,958,968 -21.5
19,583,977
-New Orleans
La.
Total (10015109)
93,254,991
80,768,995 +15.5
Week Ended Nov. 4.
Clearings at
1933.
1,337,207
1932.
Inc. or
Dec.
1931.
1930.
Seventh Feder al Reserve D 'strict-Chi cago173,314
230,814
98.804 --28.5
21,201
-Adrian_ _
Mich.
600,000
869,081
892,408 ---52.1
427,189
Ann Arbor
93,638,443 125.100,913
50.061,113 +2.9
51.488,725
Detroit
3,962.676
5.708,253
3.750,853 --59.8
1,508.405
Grand Rapids,
3,122,788
3,144,368
442,100 +57.7
697,114
Lansing
1.860,757
3.963,166
1,093,569 ---56.7
473,597
-Ft. Wayne
Ind.
18.683,000
21,713,000
12,090,000 --10.2
10,862,000
Indianapolis _
1786.155
2,706,880
1,278,857 ---52.8
604,028
South Bend_ _
4,638,769
4,634,012
2,958,703 -1F2.8
3,042,946
Terre Haute_ _ _
20,488,467
11,092,164 +1.0
25,267,173
11,203,371
Wls.-Milwaukee
1,208,991
2,973,596
750,321 --61.9
285,692
Ia.-Ced. Rapids
6,715,596
7,360,046
5,060,347 d-7.5
5.439,604
Des Moines_ _ _
3,982,354
5,445,574
2,198,012 ---9.0
2,000,127
Sioux CityWaterloo
1,356,008
1,632,142
871,082 --69.7
*263,700
Ill.
-Bloomington
206.487,276 191897.671 +7.6 314,087.312 478,140.273
Chicago
819,337
1,250,975
423,926 ---0.1
423,852
Decatur
2,914,663
4,485,188
2,196.402 +9.0
2,393,139
Peoria
1,377,579
2.873,501
470.255 +9.5
514,825
Rockford
2,003,900
2,877,765
1.260,165 --40.6
748,772
Springfield_
Total(19 cities)
1931.
8
$
%
$
$
Federal Reserve Dials.
501,161,341
369,503,844
270,397,386 -5.9
254,321,677
lit Boston ____12 Mks
3,614,184,195 2,9E2,376,040 +21.2 3,819,084,497 5,373,596,857
2nd New York__12 "
442,833,861
338.824,337
292,139,697 -4.3
279,716,549
3rd Philadelpla 9 "
390.455,318
239,026,494
181,843,939 +0.3
182,451,194
4th Cleveland__ 5 "
165,072,000
132,513.500
106,376.927 -14.4
91,073,034
.
5th Richmond 8 "
151,213,465
109,833,384
e0,768,995 +15.5
93,254,991
5th Atlanta____10 "
700,376,720
483,439.111
288,886,752 +3.5
298,885,563
7th Chicago ---19 "
173,210,672
117,114,443
84156,898 +27.6
112,498,448
4 "
Eli. Louts
6th
121,003,348
98,099,463
75,708,098 +5.7
80.018.441
Dth Minneapolis 7 "
168,348,731
126,286,753
84,538,935 +4.8
88,634,129
10th Kansas City 9 "
60,400,390
51,726,399
29,642,890 +18.7
47,037,405
5 "
11th Dallas
290,783,386
227,421,122
158,414,550 +13.4
179,645,571
12th San 2.'ran__13 .
Total(12 cities)
Nov. 11 1933
Financial Chronicle
3452
298,885,563
288,886,752
Eighth Federa 1 Reserve Die trict-St.Lo
Ind.
-Evansville
54,000,000
69,600,000
Mo.-St. Louis
19.678.596
20,774.887
14,021,696
21,784,611
-Memphis
Tenn.
11I-Jacksonville
456,606
339,000
Quincy
+3.5
483,420,115
700,376,720
77,800,000
19,986,987
18,620,466
114,300,000
35,883,680
21.744,832
uis+28.9
+5.6
+55.4
-25.8
706,990
1,282.160
88.156,898 +27.6
117,114,443
173,210,672
Ninth Federal Reserve Die trIct-Minn capons
4,897,436 -46.4
2,625,092
-Duluth..
Minn.
52,155,006 +6.7
55.660,035
Minneapolis_ _
14,316,196 +23.2
17,639,237
St. Paul
1,678,957 -6.1
1,577,012
N. D.
-Fargo _ _
520,206 -6.3
487,177
5.1)-Aberdeen.
341,598 -2.6
332,822
Mont.-Billings
1,798,699 -5.7
1,697,066
Helena
7,125,619
66,597,542
18,898,337
2,135.650
745,980
542,766
2,053,569
9,655,778
82,308,623
22,123,750
2,236,999
1,040,716
777,122
2,860,360
121,003,348
Total(4 cities).
112.498,498
+5.7
98,099,463
Tenth Federal Reserve Die trIct Kane as City
123,670 -61.3
47,908
Neb.-Fremont..
Hastings
1,752,285 -2.8
1,703.304
Lincoln
19,698,618 +12.5
22,151.945
Omaha
1,412,427 +6.1
1,498,294
Kan.
-Topeka...
3,528,731 -51.4
1,716,578
Wichita
54,653.709 +6.6
58.271.970
Mo.-Kan. City_
2,207.495 +11.5
2,481,828
St. Joseph_
569,160 -34.8
370,929
-Col.Spgs.
Colo.
592,840 -30.6
411,373
Pueblo
249,530
312,299
3,029,132
30,187,705
2,262,234
4,793,156
79,766,286
3,666,915
1,164,434
1,167,361
3.906,420
37,765,089
3,273,952
7,319,321
107,870,505
5,106,545
1,107,436
1,686,164
+4.8
126,286,753
168,348,731
-Da IlasEleventh Fede ral Reserve District
751,115 +8.8
816.897
Texas-Austin_ _
28,754,304 +24.2
35,712,524
Dallas
5,924,571 -6.9
5,514,184
Ft. Worth_
2,250,000 +49.6
3,365.000
Galveston
1,962,900 -17.0
1.628.800
-Shreveport.
La.
1,469,654
35,183,396
8,563,772
3,460,000
3,049.577
1,804,283
40,498,719
10,046.609
3,053,000
4.997,779
39,642,890 +18.7
51,726,399
60,400,390
Total(7 elties)_
Total(9 cities).
Total(5 cities).
80,018,441
88,634,129
47,037,405
75,708,098
84,538,935
Twelfth Feder al Reserve D IstrIct-San Franci SOO-19,494,113 +2.3
27,395,681
19,947,145
-Seattle _ _
Wash.
4,907,000 +8.2
9,157.000
5,308,000
Spokane
566,209 -8.0
921,195
520,766
Yakima
16.341,954 +20.6
29.389,427
19,707,434
Ore -Portland..
9.146,647 +4.3
13,037,276
9,539,277
Utah-S. L. City
2,510.191 -3.9
4,519,964
2,413,050
-14 Beach_
Cal.
Los Angeles.... No longer will report clearin gs
2,559,078 +30.0
3,500.000
3,327.957
Pasadena
5,031,578 -9.7
7,596,797
4,542,869
Sacramento..
No longer will report clearin
San Deigo._
93,607.659 +17.2 125,041,553
San Francisco_ 109,718,846
1655,658 +17.7
2.581,097
1,948,664
San Jose
874,966 +3.2
902,771
1,456,110
Santa Barbara_
607,955 +16.7
1,314,022
709,739
Santa Monica.
1,111,542 -4.7
1,511.000
1,059,053
Stockton
36,299,118
11,052,000
1,681,322
34,404,248
15,934,771
6,410.712
5,225,078
7,198,548
162,946.765
3.849,085
1,957,426
1,825,115
1,999,200
Total(13 cities) 179,645,571 158.414,550 +13.4 227,421,122 290,783.386
Grand total (111
5 321,721,247 4,649,251,107 +14.5 6,112,854,351 8,538,456,089
cities)
Outside NewYork 1,799,506,900 1,760,526,188
+2.2 2,411,539,582 3,307,378,71
Week Ended Nov. 2.
-Clearings at
1933.
1932.
Inc. or
Dec.
1931.
1930.
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
84.907,641
122,730,855
49,969,733
15,446,743
3,759,424
3,441,320
1,910,684
3,844,876
5,310,618
1,590,414
1,460,966
2,478,824
3,624,856
4,488,727
339,041
367,325
1,357,338
529,428
660,155
617,744
467,782
185.380
621,309
441,584
1,019,862
2,068,550
281,614
597,290
*475,800
436.396
343,053
628,754
$
95,535,990
104,438,821
48,081,711
14,300,975
4,405,757
4,903,686
2,169,667
3,779,343
6,513,837
1,758,365
1,411,632
2,777,711
4,281,778
5,127,474
441,561
415,084
1,800,719
716,976
809,943
548,249
494,374
261,956
610,602
588,308
1,014,972
2,303,373
266,224
706,717
585,709
476,939
340.157
594,941
-11.1
+17.5
+3.9
+8.0
-14.7
-29.8
-11.9
+1.7
-18.5
-9.6
+3.5
-10.8
-15.3
-12.5
-23.2
-11.5
-24.6
-26.2
-18.5
+12.7
-5.4
-29.2
+1.8
-24.9
+0.5
-10.2
+5.8
-15.5
-18.8
-8.5
+0.9
+5.7
125,502,110
107,693,642
77,528,859
16,883,537
8,710,581
6,634,438
3,011,007
5,633,188
7,935,720
2,586,178
2,060,755
3,391,854
4,948,805
6,415,521
493,314
590,458
2,367,087
964,200
775,147
739,715
058,648
353,500
870,091
747,655
829,302
2,817,189
467.705
823,460
910,676
563,801
518,901
585,869
$
162,630,456
133,993,297
56,687,484
20,311,350
9,164,885
7,203,626
3.886,727
6,667,131
8,446,180
3,095,820
1,933,314
3,944,215
5,416,374
8,202,705
899,300
679,191
2,885,008
1,455,732
1,136,202
962,545
837,727
483.759
1,003,040
915,072
1,416,062
3,519,206
579,645
991,328
1,334,482
646,426
780,431
994,235
Total(32 cities)
316,404,088
312,463,551
+1.3
394,093,813
453,102,953
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
b No clearings available. c Clearing House not functioning at present.
* Estimated.
Volume 137
Financial Chronicle
THE CURB EXCHANGE.
.
Movements of practically all groups on the Curb Exchange
were quiet and without noteworthy change during the fore
part of the week, but there was considerable improvement
apparent following the Election Day holiday wher prices
firmed up all along the line. Industrial shares led the upswing, though there was considerable activity apparent
among the aviation issues due to expected Government
allotments arranged for in the aviation program of the
Government. On Thursday, the trading was particularly
active and a much broader list of stocks were dealt in, the
gains ranging up to 3 or more points.
On Saturday, the market developed an easy tone in continuation of the small markets of the preceding days. Considerable irregularity was in evidence with a strong tendency
toward lower levels. Gold mining shares attracted a goodly
part of the speculative trading, though there was also
considerable interest displayed in the wet stocks and industrial issues.
Aviation shares were the strong stocks on Monday, the
interest in these issues being due to the expected Governmbnt
allotments arranged for in the aviation program. United
Aircraft pref. had a brisk advance of more than 5 points
to 543%, while Pan-American Aircraft jumped around 2
points. Alcohol stocks were practically unchanged, Distillers Corp. holding fairly steady at last week's prices,though
Hiram Walker and one or two others were fractionally down
on the day. In the public utility section, Electric Bond &
Share, American Gas & Electric and Niagara Hudson showed
fractional losses, International Petroleum made a small
advance, but Standard Oil of Indiana and Humble Oil were
off on the day. Industrial shares were steady and so were
the mining stocks. The Curb Exchange was closed all day
on Tuesday in observance of Election Day.
Curb market trading continued dull and within a narrow
range on Wednesday. Aluminum Co. of America was one
of the strong features and moved ahead about 2 points to 62
and then made a sudden jump of 12 points to 74, showing a
net gain of 14 points on the day. Public utilities made small
advances in such prominent stocks as American Gas &
Electric, Niagara Hudson, Electric Bond & Share and a
few others. Wet issues were irregular and oil shares were
slightly higher. New York Telephone pref. dropped more
than a point due to liquidation.
Industrial shares led the upturn on the Curb Exchange
on Thursday, and as the buoyancy extended to other parts
of the market, gains ranging up to 5 or more points were
registered by many prominent stocks. General Tire &
Rubber was the outstanding strong issue among the industrials as it moved forward about 4 points to 69. Aluminum
Co. of America also was strong and added about 2 points
to its gain of the previous day. Public utilities were firm
and many active stocks in the group showed substantial
. gains at the close. In the specialties list, the strong stock
was Parke Davis, which forged ahead about 3 points and
then dropped back 13/3 points and closed at 22 with a net
gain of 13/3 points. Investment trusts moved ahead under
the guidance of Selected Industries pref., which scored an
advance of 4 points to 42. Gold mining stocks were in
demand and moved sharply upward under the leadership
of Bunker Hill-Sullivan which improved 53/3 points to 50
and substantial gains were recorded among some of the
more active stocks in the aviation group.
Prices of a number of active stocks were somewhat lower as
the market opened on Friday though, on the other hand,
there were many important issues that started the day with
modest advances over the preceding close. Aluminum Co.
of America was one of the latter class, and, at one period of
the trading, showed a gain of about 6 points. Oil stocks
were fairly strong and moved forward under the leadership
of Standard Oil of Indiana which attracted considerable
speculative attention, as did Humble Oil, the latter closing
with a gain of about a point. General Tire & Rubber failed
to hold its gain of the previous day and fell back 4 points.
The range for the week was generally toward higher levels,
though there were a number of prominent issues that showed
slight recessions. Stocks showing advances included among
others, Aluminum Co. of America 573 to 75, American
%
%
Beverage 13 to 1%, American Light & Traction 12% to
13, Associated Gas & Electric A 4 to %, Atlas Corporation
3
3453
12 to 1234, Commonwealth Edison 38 to 39, Cord Corporation 75% to 8, Creole Petroleum 1034 to 11, Ford of Canada A
%
%
11 to 115 ,Gulf Oil of Pennsylvania 49 to 523 ,Hudson Bay
Mining 93% to 10, Humble Oil 87 to 883/2, InternationalPetroleum 20 to 2034, Niagara Hudson Power 53% to 53/s, Parker
Rust Proof.53 to 553/2, A. 0. Smith 22 to 223'2, Standard
Oil of Indiana 30% to 3134, Teck Hughes 6 to 63/s, United
Gas Corporation 25% to 23 , and United Shoe Machinery
%
51 to 54%.
A complete record of Curb Exchange transactions for the
week will be found on page 3480.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Nov. 10 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bales at
New York Curb
Exchange.
Blocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
$72,000
195.000
HOLIDAY
2,972,000
258,000
3,603,000
216,000
3,043,000
162,000
248,000 21,387,000
102,000 2,028.000
224,965
344,225
212,600
134,000
129,000
156,000
1,026.230 212,616,000
1933.
1932.
$14,086.000 $13,037,000
3,362,000
3,948,000
3,361,000
2569,000 $14,086,000
2901,000
Week Ended Nov. 10.
-No,of shares.
Stocks
903,530
1,026,230
Bonds.
Domestic
212,616,000 211,617,000
Foreign government_ _
654,000
901,000
Foreign corporate
766,000
569,000
Total
Total.
101,855 21,267,000
142,585 1,731,000
Jan. 1:0 Nov. 10.
1933.
1932.
90,946,140
50,650,218
2761,529,000
36,813,000
35,439,000
$747,982,100
27,981.000
53,193,000
2833,781,000
$829.156,100
THE ENGLISH COLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct. 25 1933:
GOLD.
The Bank of England gold reserve against notes amounted to L190,377,299 on the 18th instant, showing no change as compared with the
previous Wednesday.
During the week the Bank announced purchases of bar gold to the total
of £69,730.
In the open market yesterday about £620,000 of bar gold was disposed of,
otherwise the amounts available during the week were moderate. The
demand on Continental account continued to be keen and, in consequence
the premium over franc parity tended to increase.
Quotations during the week:
Equivalent Value of
Per Fine Ounce.
E Sterling.
Oct. 19
129s. Ild.
13s. 0.94d.
Oct. 20
129s. ;id.
13s. 2.00d.
Oct. 21
128s. 6d.
13s. 2.67d.
Oct. 23
129s. 2d.
13s. 1.853.
Oct. 24
1288. Id.
13s. 3.19d.
Oct. 25
130s. ld.
13s. 0.74d.
Average
1298. 1.58d.
13s. 1.900.
In connection with President Roosevelt's proposals with regard to the
United States Currency, it is intended that the Reconstruction Finance
Corporation shall buy gold newly-mined in the United States at prices to be
determined from time to time after consultation with the Secretary of the
Treasury and the President. An announcement is to be made to-day of the
price at which the first purchase has been made.
The following were the United Kingdom imports and exports of gold
regi.tered from mid-day Oil the 16th instant to mid-day on the 23rd instant:
Imports.
Exports.
Netherlands
£2,249 Netherlands
£452,635
France
42,866 France
173.283
Switzerland
55,940 Switzerland
20,178
U. S. A
508,461 Portugal
307,496
Brazil
99,670 U.S. A
49,375
Colombia
747,403 British India
91,145
Venezuela
12.362 Other countries
2,940
Peru
22,910
British South Africa
1.391,533
British West Africa
64.265
British India
857,134
British Malaya
81,426
Australia
359.740
New Zealand
48,239
Canada
642.770
China
98,648
Japan
365,510
Other countries
27,991
£5.429,117
£1,097,052
Gold shipments from Bombay last week amounted to about £253,000.
The ELS. "Corfu" carries £169,000 consigned to London and £3,000 to
Marseilles and the S.S. "Castalla" has £81,000 consigned to London.
The following are the details of the United Kingdom imports and exports
of gold for the month of September last:
Imports.
Exports.
Germany
£12,868
£2,962
Netherlands
63,564
1,200,190
Belgium
15,333
11,551
France
1,567,194
717.593
Switzerland
389,864
23,872
United States of America
898,311
Mexico
157,129
Central America and West Indies
45,569
Brazil
199,000
Peru
33,231
Venezuela
20.560
Union of South Africa, &a
5,996.042
West Africa
140,346
Rhodesia
317,333
Brhish India
3,519,862
British Malaya
146.639
China
270.319
Hongkong
500,470
Australia
627,253
New Zealand
33.842
Canada
1,309,148
Salvage from 8.8. "Egypt"
37,970
Other countries
48,771
3,539
£16.350.818
L1.959,707
Financial Chronicle
3454
SILVER.
The market has been fairly steady during the past week and movements
in prices have not been of Importance. The Indian Bazaars and China
have cont'nued to g ve support, offering more resistance to sales on account
of the Contiaent and America. On the whole New York and China rates
tend to remain close to London parity, so that little change may be anticipated at present. Although events in tne United States may have some
bearing on the market, the position in this respect is not yet clear.
Quotations during the week:
IN NEW YORK.
IN LONDON.
(Cents per Ounce .999 Fine.)
Bar Silver per Oz. Std.
Cash Deliv. 2 Mos. Deliv.
36%
Oct. 18
Oct. 19----18d.
18 1-16d.
363.1
183.g(1.
. Oct. 19
Oct. 20----18d.
37
Oct. 20
Oct. 21----18 3-16d.
183.d.
3711
Oct. 21
183.d.
Oct. 23____18 3-16d.
3711
Oct. 23
Oct. 24----18 1-16d.
18 3-16d.
383-1
Oct. 24
Oct. 25_._18 1-16(1.
18 3-16d.
18.177d.
Average__ _18.083d.
The highest rate of exchange on New York recorded during the period
from the 19th in..tant to the 25th instant was $4.79% and the lowest
$4.49%.
INDIAN CURRENCY RETURNS.
Oct. 7. Sept. 30.
Oct. 15.
In Lacs of Rupees17970
17972
17966
Notes in circulation
10477
10479
10429
Silver coin and bullion in India
2951
2951
2961
Gold coin and bullion in India
4542
4576
4542
Securities (Indian Government)
The stocks in Shanghai on the 21st instant consisted of about 155.200.000
ounces in sycee, 310.000.000 dollars and 6,080 silver bars, as compared
with about 155,600.000 ounces in sycee, 315.000.000 dollars and 6,080
silver bars on the 14th instant.
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, Sm., at London,
as reported by cable, have been as follows the past week:
Tues.,
Wed.,
Thurs.,
Frt.,
Mon.,
Sat.,
Nov. 7.
Nov. 8.
Nov. 9.
Nov. 6.
Nov. 10.
Nov. 4.
1841.
18 9-18d. 187-16(1.
1814d.
Silver, per oz._ 18 9-I6d. 1854d.
Gold. p. fine oz.1328.410. 1318. 10d. 1298.11%d.1318. 10d. 1308. lid. 1298. 8c1.
74
7314
74
7334
7311
Consols,2%%- 7334
British
%
10011
10011
10034
10034
War Loan...10034
10034
British 4%
11141
11134
11134
11134
•1113-i
1960-90
11144
French Rentes
(in Paris)
66.80
66.35
66.40
88.80
88.40
3% __fr. 67.10
French War L'n
(in Paris) 5%
106.90
107.20
107.20
1920 amort_107.20
107.80
107.00
The price of silver in New York on the same days has been:
Silver in N. V.,
per oz. (cta.) 4041
4134
4114
4134
4234
424$
Nov. 11 1933
Nov. Nov. Nov. Nov. Nov. Nn.
• 4.
6.
7.
8.
9. 10
Per Cent of Par
155
156
Reichsbank (12%)
156
155
156
157
81
82
Berliner Handels-Geselischaft (5%)
81
80
80
81
39
Commerz-und Privet Bank A G
39
39
39
39
39
41
40
40
40
Deutsche Bank mid Disconto-Gesellachaft- 41
40
50
50
50
50
Dresdner Bank
50
50
101
101
102
Deutsche Relchsbahn (Ger Rys) pref(7%)_101
101
101
10
16
16
16
Allgemeine Elektrizitaets-Gesell (A E
16
17
109
109
110
109
Berliner Kraft u Licht(10%)
110
111
99
98
101
102
Dessauer Gas (7%)
103
104
72
72
73
73
Gesfuerel(5%)
71
71
98
98
Hamburg Elektr-Werke (8%)
98
98
99
99
131
130
131
Siemens & Halske(7%)
130
129
128
115
116
115
114
I G Farbenindustrie(7%)
113
114
146
144
142 .141
Salzdetfurth (755%)
143 143
183
184
Rheinische Bmunkohle (12%)
184
184 ____
185
90
90
Deutsches Erdoel(4%)
90
99
90
90
48
48
48
47
Mannesmann Roehren
49
60
9
9
9
9
Hapag
9
9
9
10
9
9
Norddeutseher Lloyd
9
10
In the following we also give New York quotationsfor
German and other foreign unlisted dollar bonds as of
Nov. 10 1933:
Bid
Ask
Anhalt 78 to 1946
30
128
Argentine 5%. 1945, $100
176
pieces
Antioquia 8%, 1946
27
125
Austrian Defaulted Coupons 185
Bank of Colombia, 7%,'47 115
20
20
Bank of Colombia, 7%.'48 115
3712
f36
Bavaria634sto 1945
Bavarian Palatinate Cons.
24
/22
Cit 7% to 1945
Bogota(Colombia)634,'47 /2112 2312
8
Bolivia 8%. 1940
5
Buenos Aires actin
'5
15
Brandenburg Elec. 5s, 1953 146
50
Brazil funding 5%,'31-'51 39
41
British Hungarian Bank
714a, 1962
/5112 5312
Brown Coal Ind. Corp.
61
159
8528. 1953
15
Call (Colombia) 7%. 1947 113
Callao (Peru) 7%%, 1944
6
3
Ceara (Brazil) 8%, 1947._ 14
15
Columbia scrip
'5
Costa Rica funding 5%,'51 137
/37
Costa Rica scrip
City Savings Bank, Buda/4212 4512
pest, 78, 1953
Deutsche Ilk 6% '32 unst'd /73
33
Dortmund Mun Util 68.'48 /30
12112 2312
Duisberg 7% to 1945
28
Duesseldorf 76 to 1945_ 124
East Prussian Pr.(ts, 1953
36
38
European Mortgage & Inss
vestment 734s. 1966..
/56
150
FrenchGovt. 5348, 1937_ 145
135
French Nat. Mall SS.68.'52 132
Frankfurt 78 to 1945
f2712 29
44
German Ati Cable 75, 1945 42
German Bullding & Land29
32
bank 634%, 1948
72
German defaulted coupons_ /09
65
75
Haiti 6% 1953
84
Hamb-Am Line 634s to '40 81
Hanover Harz Water Wks.
/29
31
8%, 1957
45
Housing & Real Imp 75,'46 42
Hungarian Cent Mut 78,'37 135
37
Bid
Ask
Hungarian Discount & Exchange Bank 7s, 1963_. r2912 3112
Hungarian defaulted coupe /80
Hungarian Kai Bk 7l$5, 32 /72
78
Koholyt 6345, 1943
/40
44
Land M Bk, Warsaw 8$,'41 55
65
Leipzig Oland Pr.6345,'46 70
72
Leipzig Trade Fair 75, 1953 P21
23
Luneberg Power, Light dr
Water 7%, 1948
fel
64
Mannheim & Paiat 75, 1941 46
49
Munich 7s to 1945
/35
38
Munie 13k, Hessen,7810'45 128
30
Municipal Gas & Eleo Corp
Recklinghausen, 78. 1947 133
35
Nassau Landbank 6
'38 /51
53
Natl. Bank Panama Iliz%
1946-9
40
43
Nat Central Savings Bk of
Hungary 7345, 1962_ __ _ /50
52
National Hungarian & Ind.
Mtge.7%. 1948
149
52
Oberpfalz Elec.7%,1946_ 27
32
Oldenburg-Free State 7%
to 1945
/28
30
Porto Alegre 7%. 1958_ ,114
18
Protestant Church (Germany). 7s. 1946
138
38
Prov Bk Westphalia Os,'33 153
56
Prey 13k Westphalia Os,'36 /50
Rhine Westph Elec 7%,'36 /38
42
Rio de Janeiro 8%. 1933.. 118
20
Rom Cath Church 6148,'46 /54
68
C Church Welfare 78,'46 35
39
Saarbruecken M Ilk 8s,'47 84
69
Salvador 7%. 1957
/14
16
Santa Catharins (Brazil),
8%. 1947
.08
21
Santander (Colotn) 78, 1948
812 10
Sao Paulo (Brazil) as. 1947 /1612 1813
Saxon Pub Works 5%,'32 130
.-Saxon State Mtge. Os, 1947 /57
60
Slam & Haiske deb 65, 2930 1235
250
Stettin Pub Uttl 78, 1946_ J41
43
Tucuman City 78, 1951... /2212 24
Tucuman Prov 7s, 1950_
45
47
Vesten Elee Ry 78, 1947... /28
28
Wurtemberg 78 to 1945... 135
37
1 Flat mice
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Nov. 4 Nov. 8
1933.
1933.
Francs. Francs.
11,500
of France
Bank
1,480
Banque de Paris at Pays Ras
247
Banque d'Union Parisienne
220
Canadian P.teitto
19,590
Canal de Suez
2.455
Cie Distr d Electricitie
en. Generale d•Eleetrieltie
2,010
51
Cie Generale Transatiantique _
514
Citroen Li
1,070
Compton. Nationale d'Escompte
200
Coty Inc
3,235
Courrteres
730
Credit Commercial de France
4,530
Credit Fowler de France
2,090
Credit Lyonnais
2.450
Distribution d'Electricitie is Par
2,710
Eaux Lyonnais
733
Energie Eleetrique du Nord--943
Energie Eleettique du Littoral51
French Line
89
Gaieties Lafayette
Holl1,050
Gas le Bon.
640
R uhlmann
day
750
L'Air Llquide
Lyon (P L M)
920
Mines de Courrieres
320
Mines des Lens
420
Nord Ry
1,300
Orleans Ry
863
Paris, France
990
Pattie Capital
69
Pechiney
1,110
Rentes 3%
66.80
Rentes 5% 1920
107.20
Reines 4% 1917
77.40
Rentes 4 t$% 1932 A
84.10
Royal Dutch
1,800
Saint Gobain C & 0
1,341
Schneider & Cie
1,503
Societe Andre Citroen
510
Societe Francaise Ford
65
Societe Generale Fonder°
Societe Lyonnatse
2.715
Societe Marseillaise
548
Suez..
19,600
Tublze Artificial Silk pref
149
Union d'Electrleitie
820
Union des Mines
200
Wagon-Lita
95
Nov. 7
1933.
Francs.
11,450
1,462
248
240
19,490
2.460
1,992
50
510
1,055
202
3,150
750
4,520
2,075
2,450
2.710
731
940
50
88
1,030
625
741
911
315
413
1,281
858
980
69
1,087
65.30
108.00
77.30
83.70
1,780
1,320
1,470
` 512
64
111
2,710
548
19,480
148
807
200
94
Nov. 8
1933.
Francs.
11,400
1,460
250
241
19.930
2,485
2,020
50
500
1,055
205
3,180
760
4,540
2,085
2,480
733
942
50
89
1,030
624
750
917
320
420
1,281
864
970
70
1,108
66.30
107.35
77.00
83.40
1,800
1,328
1,485
510
62
113
2,890
546
19,900
148
808
200
96
Nov. 9 Nov. 10
1933.
1933.
Francs. Francs.
11,500 11,200
1,460
1,430
250
"iii
222
19,810
2,465
2,020 2:616
50
...490
I:646
1,060
200
200
3,210
-4,5- 6 4,556
4
2,110
2.070
2,480
2,450
2,710
2,680
731
937
50
--io
89
88
1,030
1,020
620
640
780
740
915
320
-526
420
410
1,300
1,290
850
960
960
71
1,110
1:656
66.60 66.40
107.80 107.00
76.80 75.70
83.80 83.20
1,790
1,810
1,335
1,485
"iifi
500
65
62
115
112
2,715
_546
19,900 197166
149
820
800
200
200
96
____
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Oct. 31 1933 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of Oct. 311933.
AssetsGold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES,
GOLD.
' LtablUttes$
802.880,974.43 Gold Ms.outstanding_ _1,177,077,449.00
2,393,984,190.44 Gold fund. Fed Reserve
Board (Act of Dec. 23
1913. as amended
June 21 1917)
1,787.342.985.70
Gold reserve
156,039.048.03
Gold in general fund_ _._
76,205.662.05
Total
3,196.665,184.87
Total
3,196.685,184.87
Note.
-Reserve against $346,681,016 o U. S. notes and $1.198,624 of Treasury •
notes 01 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
in the Treasury.
SILVER DOLLARS.
Assets$
I Ltabtlittes$
Sliver doilars
506,962,002.00 Silver etre. outstanding.11477,103.448.00
Treasury notes of 1890
outstanding
1,198.024 00
Sliver dolls. In gen. fund 28,681.930.00
Total
506,962,002.00
Total
506,962,002.00
GENERAL FUND
Assets
$
I Liabilities$
Gold (see above)
78,205,882.051Treasurees checks outSilver dollars (see above) 28,681,930.00
standing
552,438.81
United States notes
3,518,289.00 Depos. of Gov't officers:
Federal Reserve notes.. 17,672,310.00
Post Office Dept
3,486,380.94
Fed. Res. bank notes__ _
1,557,122.00
Board of trustees,
National bank notes
21,306,810.50
Postal Savings Sys
Subsidiary silver coin_
10,308,860.02
temMinor coin
5,478,532.53
5% reserve, lawSilver bullion
37,327,881.40
ful money
59.292.882.39
UnclassifiedOther deposits_ _ _
52,247,364.05
Collections &e
2,354.703.56
Postmasters, clerks of
Deposits in:
courts, disbursing
Federal Reserve banks 46,157,433.21
officers. dos
77,316,756.57
Special depositaries
Deposits for:
acct. sales of Treas.
Redemption of Fedbonds, Treas. notes,
eral Reserve notes
and Ws. of indebt. 911,159,000.00
(5% fund. gold)37,312,766.73
Nat. and other bank
Redemption of Fed.
deposharies:
Res. bank notes(5%
To credit of Treasfund, lawful money) 11,699,650.00
urer U. S
7,354,344.28
Redemption of Nat.
To credit of other
bank notes (5%
Govt. officers_ _ _
fund, lawful money) 39,085,539,11
20,872,094.49
Foreign depositaries:
Retirement of addl
To credit of Treascirculating notes,
urer U.
1,407,622.48
Act of May 30 1908
1,350.00
To credit of other
Uncollected Items, exGovt officers...
1,180,874.34
changes, &e
3,651,759.80
Philippine treasury:
To credit of Treas284.026.666.40
. 1,288,730.17 Net balance
urer U. S
909,161,293.61
Total
1,193,788,180.01
Total
1,193,788,180.01
Financial Chronicle
Volume 137
Note.—The amount to the credit of disbursing officers and agencies to-day was
$443,224,557.67.
Under the Acts of July 14 1890, and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding National bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made,
under the Acts mentioned, a part of the public debt. The amount of such obligations
to-day was 9113,035,313.
51,315,640 in Federal Reserve notes. $1.557,122 in Federal Reserve bank notes,
and $21,234,387 in National bank notes are in the Treasury In process of redemption
and are charges against the deposits for the respective 5% redemption funds and
retirement funds.
Preliminary Debt Statement of the United States
Oct. 31 1933.
The preliminary statement of the public debt of the United
States Oct. 31 1933, as made upon the basis of the daily
Treasury statement, is as follows:
Bonds
2% Consols of 1930
2% Panama Canal Loan of 1916-36
2% Panama Canal Loan 01 1918-38
3% Panama Canal Loan of 1961
3% Conversion bonds of 1946-47
2%% Postal Savings bonds (6th to 45th series)
5599.724,050.00
48,954,180 00
25.947,400.00
49,800.000.00
28.894,500.00
68,633,500.00
$821,953,630.00
$1,933,211.900.00
434% Fourth Liberty Loan of 1933-38 (called 5,622,650,950.00
and uncalled)
7,555,862,850.00
Treasury bonds:
4It % bonds of 1947-52
4% bonds of 1944-54
% bonds of 1946 56
334% bonds of 1943-47
336% bonds 01 1940-43
334% bonds 01 1941-43
3Si% bonds 01 1946-49
3% bonds of 1951-55
3%% bonds of 1941
4343.14% bonds of 1943-45
8753,983,300.00
1,036.834.500.00
489.087,100.00
454.135.200.00
352.993.950.00
544.915.050 00
819.497.000.00
759,494.200.00
835.043,100 00
645.465,800.00
6.696.449.200 00
Total bonds
Treasury Notes
-3% Series A-1934, maturing May 2 1934
23-6% Series II 1934, maturing Aug. 1 1934
3% Series A-1935, maturing June 15 1935
134% Series 13-1935, maturing Aug. 1 1935.
3I4 % Series A-1936, maturing Aug. 1 1936
2Si % Series 13-1976, maturing Dec 15 1936_
234% Series C-1936. maturing April 15 1936._
334% Series A-1937. maturing Sept. 15 1937_
3% Series 13-1937, maturing April 15 1937
234% Series A-1938, maturing Feb. 1 1538.,...
236% Series 13-1938, maturing June 15 1038
4% Civil Service Retirement Fund, Series
1934 to 1938
4% Foreign Service Retirement Fund. Series
1934 to 1938
4% Canal Zone Retirement Fund, Series 1936
to 1938.....„
815,074,265,680.00
$244,234,600.00
345,292.600.00
416.602.800.00
353.865.000 00
365,138,000 00
360.533.200.00
572.419.200 00
834.401,500.00
508,324,900.00
277.516,600.00
623.911,800.00
84,902,244.200.00
243,200.000.00
4% Adjusted Service Certificate Fund Series,
maturing Jan. 11934
2,507,000.00
2.221,000.00
$254,364,500.00
473.324,000.00
460.099,000.00
174.905,500.00
81.362,697,000.00
130,200,000.00
1,492,897,000.00
Treasury Bilis (Maturity Value)—
Series maturing Nov. 1 1933
Series maturing Nov. 8 1933
Series maturing Nov. 15 1933
Series maturing Nov. 22 1933
Series maturing Nov. 29 1933
Series matuthig Dec. 6 1933
Series maturing Dec. 20 1933
Series maturing Dec. 27 1933
Series maturing Jan. 3 1934
Series maturing Jan. 10 1934
Series maturing Jan. 17 1934
Series maturing Jan. 24 1934
$60.096,000.00
75,143,000.00
75.100.000.00
60.200.000.00
100.296,000.00
75,039,000.00
100,015.000.00
75,082,000.00
100.050.000.00
75.020.000.00
75.523.000.00
80,034,000.00
255,641.601 129,732.461
Expenditures—
General:
Departmental (note 1)
28,762,215
Public bldg. construction &
sites, Treas. Dept. (note 1) 9,233,174[194,399,220
River & harbor work (note 1) 8,045,237
National defense (note 13_
40.741.562
Veterans' Admin. (note 1) 42,496,807
Adjusted-service ctf. fund
Agricultural Adjustment Administration (note 1)
79.686.439
Farm Credit Administration (note 1)
29,421,180
Agricultural marketing fund
(note 2)
6.276,735
Distribution of wheat and
cotton for relief
Refunds of receipts:
Customs
852,246
1.074,520
Internal revenue
5.845,170
3,676.528
Postal deficiency
10,000.000
Panama Canal
770,534
508,200
Subscription to stock of
Federal land banks
Civil Service retirement fund
(Government share)
Foreign Service retirement
fund (Government share)._
Dist. of Col.(Govt.share),_
Interest on the public debt._ 152,225,032 139,529.685
Public debt retirements:
Sinking fund
Purchases and retirements
from foreign repayments
Received from foreign governments under debt
settlements
Estate taxes, forfeitures,
gifts. dm
July 1 to Oct. 31-1932-33.
1933-34.
173.058.038
531.926.121
57.986.301
123.502.493
187.775.977
247,870.356
93,672.190
179.595
11.188,063
5,478.629
7,170.543
17.153,343
9.256.469
6,223.461
22,085,315
927.643,126
566,883,768
119.180,007
35.221.650
31,304,00
152.863.106
182,545,879
50.000,000
794,605,939
100,000,000
116,660.735
24,304,921
a10.592,160
816.787
3.428,488
17.771.289
12.002.999
2.882,979
3,657.643
22.718.903
40.078.598
3,923,956
a191,000
a100.880
20.850,000
20,850,000
292.700
5.700,000
235,416.039
416.000
7.775.000
212.616,075
3.500
7,000
395.870,894 357,673.590 1,010.237,352 1,196,772.861
Emergency (note 3):
Federal Emergency Administration of Public Works
Administration for Industrial Recovery
Agricultural Adjustment Administration
Farm Credit Administration
Administrationof Emergency
Conservation Work
Reconstruction Finance Corporation
Tennessee Valley Authority_
Federal land banks (subscriptions to paid-in surplus, &c.)
Federal Deposit Insurance
Corporation (subscriptions
to stock)
Total
94,165.423
28,172,071
534,272
1,308.584
12,598.275
25,000,000
21.096.352
40.000,000
92,703.774
24,756.650
5.305.681 83,483.356
240,059
136.284.303
438.348
363,852.660
13,241,871
7,503,945
73,744
73,291
104,184,254 83,483,356
399,312.404
363.852.660
Total expenditures (note 4)- .500,055.148 441.156.946 1,409.549.756 1.560,625.521
Excess of receipts
Excess of expenditures(note 4)244.413,547 311,424.485
951,598.000.00
Total Interest-bearing debt outstanding
Matured Deot on Which Interest Das Ceased—
Old debt matured—Issued prior to April 1 1917
4% and 434% Second Liberty Loan bonds of
1927-42
434% Third Liberty Loan bonds 01 1928
334% Victory Notes of 1922-23
434% Victory Notes 01 1922-23
Treasury note., at various Interest rates
Ctfs. of Indebtedness, at various int. rates_ Treasury bills
Treasury Savings Certificates
General Funds.
—Month of October—
1932.
1933.
Receipts—
Internal revenue:
$
$
Income tax
9,888,191 13.627.862
Miscell. Internal revenue_ - -169,776,115 78.044,275
Processing tax on farm prod. 25,607,316
Customs
31.937.562 24,744,146
Miscellaneous receipts:
-owned sec.
Proceeds of Govt.
Principal—foreign obligInterest—foreign oblig
10.000.518
All other
3.732.718
8.068.560
Panama Canal tolls, dm_ .._ 1.876.099
1.193.115
4,054.503
2.823.082
Other miscellaneous
Total
5,150,172,200.00
Certificate* of Indebtedness—
Series TD- 1933, maturing Dec.15 1933_
434% Series T1)2 1033, maturing Dec. 15 1933
% series T51-1034, maturing March 15 1934
% Series TJ-1934, maturing June 15 I934__
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for October
1933 and 1932, and the four months of the fiscal years 19331934 and 1932-1933:
Total receipts
First Liberty Loan 01 1932-47:
3)4% bonds
81,392.227.350.00
4% bonds (converted)
5,002,450.00
535,982,100.00
43-4% bonds (converted)
3455
$°2 668,932,830.00
481,906,630
993.741.753
Summary.
Excess of expenditures
244.413,547 311,424,485
Less public debt retirements
481.906.630
3.500
993,741.753
7,000
481,903.130
993.734,753
17,275,046
5,729,133
Excess of expenditures (excl.
public debt retirements)._ .244,413,547 311,424.485
Trust and contributed funds,
2,736.181
excess of receipts
8,517,914
$1,508,030.2()
2,307.050.00
3,728.750 00
11,150 00
906,000.00
3,291,300 00
36,415,800 00
23.597.000.00
515.54)0.00
Total excess of expenditures 235895,633 308,688,304 464.628,034 988,005.620
Increase(-I-) or decrease (—)
In general fund balance..-236.393.470-107388 724 +46.956.073 +337.533,321
Increase (+) or decrease(—)
In the public debt
—497,837+201299 580 +511,584,157+1325 538,941
72,230,530.27
Debt Bearing No Interest—
United States notes
Less gold reserve
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes arid fractional currency
Thrift and Treasury 81iVillgtl StallIVS, unclassified sales,
Trust and Contributed
Funds.(Note 5.)
Receipts
17.105.009
Expenditures
8.537,095
8346.681.016.00
156,039,0 38.03
,
Excess of receipts or credits
Excess of expenditures
113,035,313.00
2,038,657.08
3,327,358.96
309.043,257.01
Total gross debt
623,050,256,717.27
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statements.)
Gross debt
Net b.31. In general fund
Aug. 31 1919
March 31 1917
When War Debt
Oa. 31 1932,
l're- War Debt.
Was at Bs Peak.
a Year Ago.
$1.282.044,346.28 826,596,701.648.01 $20,812,541,345.01
74.216,460.05
1,118.100.534.76
754.730.499.30
Gross debt less net balance in gen. thud-61,207,827,886.23 825,478,592,113.25 $20,057,810.885.71
Sept. 30 1933
Lau Month.
Oct. 31 1933.
Gross debt
$23.050.754,554.51 823,050.256,717.27
Net balance in general fund
1.145.554,763.41
909.161,293.61
Gross debt less net balance in gen. fund.--$21,905,199,791.10 $22,141,095,423.66
18,271.101
15.534,921
54.898.900
37.623.855
52.862.660
47.133.527
2.736.180
17,275,045
5.720.133
8100,641.927.97
8,517.914
a Excess of credits (deduct).
Note 1.—Additional expenditures on these accounts for this month and the fiscal
year 1934 are Included under emergency expenditures, the classification of which
will be shown in the statement of classified receipts and expenditures appearing on
p. 4 of the daily Treasury statement for the 15th of each month.
Note 2.—On and after May 27 1933 repayments of loans made from Agricultura
Marketing Fund—Federal Farm Board, and Interest thereon, are reflected as credits
In the expenditures of the Farm Credit Administration.
Note 3.—Emergency expenditures for the fiscal year 1933 (except Reconstruction
Finance Corporation) are Included in general expenditures, the classification of
which emergency expenditures Is not available for comparison with emergency expenditures for the fiscal year 1934. Therefore neither the totals of general expenditures nor the totals of emergency expenditures for the two fiscal years are comparable.
Note 4.—Total expenditures and excess of expenditures for the fiscal year 1933
Include expenditures made by the Reconstruction Finance Corporation, whereas
In last year's daily Treasury statements Reconstruction Finance Corporation ex( . 6
W31 11031,2 appeared on p. 3.
Note S.—The classification of receipts and expenditures on account of contributed
funds prior to the fiscal year 1034 is not available. Such receipts and expenditures
were classified as special funds and are included in the receipts and general expenditures under general and special funds for the fiscal year 1933.
Financial Chronicle
3456
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of August,
September, October and November 1933:
Holdings in U.S. Treasury Aug. 1 1933 Sept. 11933. Oct. 1 1933.
Nov. 1 1933.
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net National bank notes_
Net Federal Reserve notes
Net Fed. Res. bank notes_
Net subsidiary silver
Minor coin, deC
$
238,941,910
63,102,701
4,380,922
21,618,567
18,976.935
622,737
10,730,177
7,096,336
$
214,068,786
68,278,069
3,274,755
21.110.177
19,501.011
492,943
10,264,645
8,199,144
$
224,025,275
65,584,992
2,466,421
21,949,918
17,759,070
981,793
9,943,392
8,036,413
Total cash in Treasury_
Less gold reserve fund
365,470,285
156.039.088
345,209,530
156,039,088
350,747,274 •360,429,169
156,039,088 156,039,088
Cash balance in Treas'y 209,431,197 189,170,442 194,708,186
Dep. in spee'l depositories
account Treas'y bonds,
Treasury notes and certificates of Indebtedness 736,601,000 1,125,195,000 1,123,756,000
Dep. in Fed. Res. bank
45,170,948
90,384,929
60,335,423
Dep. in National banks
7,599,721
7,636,462
To credit Treas. U. S
7,496,259
17,948,121
18.930.434
20,868,224
To credit dish, officers_
Cash in Philippine Islands
960,461
1,281,180
1,403,508
2,454,254
2,339.106
Deposits in foreign depts_
2,638,323
Dep. in Fed. Land banks
$
232,244,750
65,989,791
3,518.289
21,306,811
17.672,310
1,557.122
10,308,860
7,831,236
204,390,081
911,159,000
46,157.433
7.354,344
20,872,095
1,286.730
2,568,497
Net cash In Treasury
and in banks
1,065,460,290 1.404,966.454 1,395,882,434 1,193,788,180
Deduct current liabilities_ 231.527,330 205,450.981 250,327,671 284,626.886
Available cash balance_
633.932.960 1.199.515.473 1.145.554.763
909.161.294
• Includes Nov. 1 637,327,861 silver bullion and $5,476,533 minor, &c., coin
not Included in statement "Stock of Money."
(5antinerciaiand BliscellanconsBuys
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
-The First National Bank of Henrietta. Henrietta, Tex. $50,000
Oct. 28
Capital stock consists of $30,000 preferred stock and
$20,000 common stock.
President. C. II. Melton; Cashier, Chas. Graham.
-First National Bank in New Castle, New Castle, Ind__ 100,000
28
Oct.
Capital stock consists of $20,000 preferred stock and
$80,000 common stock.
President, William C. Bond; Cashier, Ray Davis.
Will succeed The Farmers & First National Bank of
New Castle. No. 9852.
-The Citizens National Bank of Boone, Boone, Iowa___ 100,000
Oct. 28
President, Jno. H. Goeppinger; Cashier, H. A. Laird.
Will succeed The First National Bank of Boone, No.
3273.
-Fort Wayne National Bank, Fort Wayne. Ind
Oct. 28
820,000
Capital stock consists of $500.000 preferred stock and
$320,000 common stock.
President, Fred S. Hunting; Cashier, Frank 3. Mills,
Will succeed Old-First National Bank & Trust Co.
of Fort Wayne, No. 3285.
-Lewiston National Bank, Lewiston, Idaho
Oct. 30
100,000
Cashier, Harley R. Tucker.
Will succeed The Lewiston National Bank, No. 3023.
-The American National Bank of Kalamazoo, KalaOct. 30
mazoo, Mich
250,000
Capital stock consists of $150,000 preferred stock and
$100.000 common stock.
President, Dunlap C.Clark; Cashier, Rudolph F. Friske.
Succeeds The Bank of Kalamazoo, Kalamazoo, Mich.
-The National Bank of Adrian, Adrian, Mich
Nov. 1
120,000
Capital stock consists of $40,000 preferred stock and
$80,000 common stock.
President, Walter P. Jacobs; Cashier, W. M. Shepherd.
Will succeed The National Bank of Commerce of
Adrian. No. 9421.
-The National Ulster County Bank of Kingston, KingsNov. 2
ton, N. Y
250,000
President, Jay E. Klock; Cashier, Chas. Snyder.
Will succeed National Ulster County Bank & Trust
Co. of Kingston, No. 1050.
Nov. 2
-The First National Bank at Wilkinsburg, Wilkinsburg,
Pa__
200,000
President, L. P. Noble; Cashier, L. E. Husemen.
Will succeed The First National Bank of Wilkinsburg,
No 4728.
Nov. 3
50,000
-The First National Bank at Hubbell, Hubbell, Mich.__
Capital stock consists of $25,000 preferred stock and
$25,000 common stock.
President, A. L. Burgan; Cashier, Roland M. Odgers.
Will succeed The First National Bank of Hubbell.
No. 9359.
CHANGE OF TITLE.
Nov. 3
-Bishop First National Bank of Honolulu. Hawaii, to "Bishop
National Bank of Hawaii at Honolulu."
BRANCHES AUTHORIZED.
Oct. 31
-The First National Bank of Idaho, Boise, Idaho. Location of
branches: City of Rupert, Minidoka County; City of' Buhl,
Twin Falls County; City of Nampa, Canyon County; Village
of Meridian. Ada County; City of Caldwell, Canyon County;
City of Emmett, Gem County; City of Weiser, Washington
County. All of the above branches are located in the State
of Idaho. Certificates Nos. 916A to 922A inclusive.
Nov. 2
-Security National Bank of Greensboro, Greensboro, N. C.
Location of branch: City of High Point, Guilford County,
N. C. Certificate No. 923A.
Nov. 2
-Security-First National Bank of Los Angeles, Calif. Location
of branch: Intersection of Pacific Boulevard and Florence
Avenue, Walnut Park, Los Angeles County, Calif. Certificate No. 924A.
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 Barnes & Lofland, Philadelphia:
Skares.
Stocks.
18 FidePty-Philadelphia Trust Co., par 8100
5 City National Bank of Philadelphia, par $100
10 Philadelphia National Bank, par $20
25 Central-Penn National Bank, par $10
100 Patataeipais co. for Guaranteeing Mortgages
8 per Share.
300
36
4534
20
$5 lot
Nov. 11 1933
By Adrian H. Muller & Son, New York:
Shares.
Stocks.
$ per Share.
1,730.09 Building Products, Inc. (Del.). preferred. par $10
$50 lot
332.71 Building Products, Inc. (Del.), common, par $10
$15 lot
995 Central Utilities Service Co. (Ohio), common, no par
$1,200 lot
2 Cantilever Shoe stores Co., Inc.(N. Y.), par $100
$14 lot
347.331461 River House Holding Co.. Inc.(N. Y.), elf, of dep., par MO._ -8500 tot
500 The Panther Lumber Co., Panther, W. Va., par $100
830 lot
107 Farmers Fund of Illinois Trust (not incorporated)
$6 lot
20 Farms Co. (Mass.) class A common, no par
$6 lot
500 American certificates representing deposited participating debentures
of Kreuger & Toll Co
$14 lot
1,000 The Livingston Mines Corp.(Del.), par $1
$1 lot
25 American Beslin Corp.(Del.), pref., par $100: 70 common, no par
$3 lot
50 Credit Fonder International (Del.), preferred, par 880:75 common, no par.$11 lot
100 Harrison White Inc.(N. Y.), pref., par $100: 100 common, no par
$10 lot
20 Industrial Discount Co.of Amsterdam. Holland, par 1,000 guilders
$18 lot
100 Real Estate Equities, Inc. (N. Y.), par 510_
$5 lot
350 Union Guarantee 8: Mortgage Co.(N. Y.). common, par $100
$4 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
110,153 Texas Gulf Producing Co.(Del.) common, no par
$75,000 lot
20 United States Kings County Bond zlv Mtge. Corp.(N. Y.), 7% cum. pref.,
par $100; 40 United States Kings County Bond & Mtge. Corp. (N. Y.),
common, no par
te lot
15 United States Eastern N.Y. Bond dr Mtge. Corp.(N.Y.),7% cum pref.,
par $100: 30 United States Eastern N. Y. Bond & Mtge. Corp.(N. Y.),
common, no par
$5 lot
28,500 Republic Gas Corp, no par
$12 lot
50 D. & S. Patents Corp. (N, Y.), non-voting, no par; 100 The Advelope
Corp. (N. Y.). pref., par MOO; 50 The Advelope Corp.(N. Y.), class A,
no par; 3,500 Indian Creek Mining Co.(Nevada). par $1
817 lot
15 United States Eastern N.Y.Bond & Mtge. Corp.(N. Y.), 7% cum. pref..
Par $100; 30 United States Eastern N. Y. Bond & Mtge. Corp.(N. Y.),
common, no par
$4 lot
40 United States Kings County Bond & Mtge. Corp.(N.Y.),common,no par,
20 United States Kings County Bond & Mtge. Corp. (N. Y.). 7% corn,
pref.. par $100
$8 lot
5 Mineola Theatre, Inc.(N.Y.), pref.. par $100
$4 lot
Bonds
Certificate of Deposit for $195,000 Republic Gas Corp. (Del.), first lien collateral 6% cony, bonds, series A, due 1945
$5,060 lot
Demand note of Western Royalty & Development Co. (Dm.), dated Oct. 1
1931, for $100,000 to the oder of Moody-Seagraves Co. with interest at
6% per annum
$5,000 lot
By H. L. Day & Co., Boston:
Shares,
Stocks.
$ NT Share
2 Plymouth Cordage Co
100
2 Plymouth Cordage Co., par $100
5234
45 Public Indemnity Co. of New Jersey. par $234
$134 lot
17 Boston Chamber of Commerce Realty Trust 2d pref., par $100
$1 A lot
4 Columbia National Life Insurance Co.. par $100
102
30 Continental Shares cony. pref.. par $100
10c..
15 Lakey Fdy. Mach. Co.; 10 Nat, Leather Co. corn.. par $10; 2 Commonwealth Finance Corp. pref., par $100; 100 Federal Sulphur Devel.-Lettres
D'or: 50 Bolivian i etroleum Co.; 20 Colonial Mtge. Corp.: 120 Federal
Mtge. & Loan Corp., par $10; 100 Certified Industries Inc., and 10 U. S.
Gasoline Manufacturing Corp
$50 lot
20 Famous Max's Inc. $3 cum. prof
$11 lot
36 Gold Circle Consolidated Mines; 100 Betty O'Neil Mines
$37 lot
Bonds
Per Cent.
83,000 New York State Ky. 4345. Nov. 1962, elf. of deposit
% flat
By A. J. Wright & Co., Buffalo:
Stocks.
Shares.
5 The Como Mines
5 Angel International
Per Share.
$0.20
$0.50 lo
Corp
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
Share. Payable,
Books Closed
Days Inclusive.
Railroads (Steam).
Delaware & Bound Brook (guar.)
$2 Nov. 20 Holders of zee. Nov. 15
Greene(semi-annual)
$3 Dec. 19 Holders of rec. Dec. 15
Mobile & Birmingham,4% pref. (s.
-a.)$2 Jan, 2 Holders of rec. Dec. 1
Nashville & Decatur,7 A % gtd.(s.
-a.)
93Ac Jan. 1 Holders of rec. Dec. 20
Union Pacific, common (quar.)
$134 Jan. 2 Holders of rec. Dec. 1
Public Utilities.
Birmingham Water Wks.,6% p1. ONO__ $114 Deo, 15 Holders of rec. Dec. 1
Butler Water, 7% pref. (quar.)
$134 Dec. 15 Holders of ren. Dee 1
Central Ark. Pub.Serv.7% pt.(quar.)
$134 Dec. I Holders of rec. Nov. 15
Central Miss. Valley Elect. Prop.
Preferred (guar.)
$134 Dec. 1 Holders of roe Nov. 15
Chester Water Service, pref.(q uar.)_ _
$134 Nov. 15 Holders of rec. Nov. 6
Chicago Di'Wet Electric Generating,
Preferred (qu tr.)
Dec. 1 Holders of tee. Nov. 15
Clear Spring Water Serv., pref.(guar.).Nov. 15 Holders of rec. Nov. 6
E.St.
Interurb. Wat.7% pt.(qu.)
Dec. 1 Holders of rec. Nov. 20
6% preferred (quar.)
,
Dec. 1 Holders 0 roe. Nov. 20
Empire & Bay State Telep. 4% gtd.
Dec. 1 bidders of rec. Nov.20
(a)
Huntington Water,6% pre(.(quar.)
Dec. 1 Holders of roe. Nov. 20
7% preferred (guar.)
D. 1 Holders of rec. Nov. 20
Indianapolis Water Co.5% pref.(on.)..
Jan. 1 Holders of rec. Dec. 12
Industrial & Power Securities Co.(guar.)
Dec. 1 Holders of rec. Nov. 1
Extra
Dec. 1 Holders of rec. Nov. 1
Keokuk Electric,6% Pref.(guar.)
Nov. 15 Holders of rec. Nov. 10
Minn. Gas Light 7% pref.(guar.)
Dec. 1 Holders of rec. Nov. 25
6% preferred (quar.)
Dec. 1 Holders of ree. Nov. 25
Mississippi Valley Public Service,
7% preferred A (quar.)
$134 Dec. 1 Holders of rec. Nov.21
Monies Water Wks.,8% pt. (guar.).$2 Dec. 15 Holders of rec. Dee. 1
New Castle Water.6% prof. (quar.)$134 Dec. 1 'Holders of tee. Nov.20
Ohio Power,6% pref.(quar.)
$134 Dec. I Holders of rec. Nov. 9
Ohio Public Service Co.,7% of.
(mo)- 58 1-3c Dec. I Holders of rec. Nov. 15
6% preferred (monthly)
500 Dec. 1 Holders of rec. Nov. 15
5% preferred (monthly)
41 2-3c Dec. 1 Holders of rec. Nov. 15
Oklahoma Gas & Elec. Co.6% pt.(au.). $134 Dee. 15 Holders of rec. Nov. 29
7% preferred (guar.)
$134 Dec. 15 Holders of rec. Nov. 29
Pittsburgh Suburban Water Service
$534 preferred (quar.)
$134 Nov. 15 Holders of rec. Nov. 6
Pub. Serv. Co. of Colo. 7% ore.(no.)-. 58 1-30 Deo, 1 Holders of rec. Nov. 15
6% preferred (monthly)
50c Dec. 1 Holders of ree Nov 15
5% preferred (monthly)
41 2-3c Dee. I Ilolders of rec. Nov. 15
Savannah Elec.& Pow., pref. A (quar.).
$2 Jan. 2 Holders of rec. Dec. 8
Preferred series B (quar.)
$134 Jan. 2 Holders of rec. Dec. 8
Preferred series C (quar.)
$134 Jan, 2 Holders 01 rec. Dec. 8
Preferred series D (quar.)
$134 Jan. 2 Holders of rec. Dec. 8
Somerset Union & Middlesex Ltg.(5.-a.) $2
Dec. 1 Holders of rec. Nov. 14
$1 34 Dec. 1 Holders of rec. Nov. 21
Texas Utilities, 7% pref. (quar.)
Terre Haute Water Works,7% pt.(qu.)_
$134 Dec. 1 Holders of rec. Nov.20
Toledo Edison Co., 7% pref.(monthly). 58 1-3c. Dec. 1 Hakim; of rec. Nov. 15
50c Dec. 1 Holders of rec. Nov. 15
6% preferred (monthly)
5% preferred (monthly)
41 2-3c. Dec. 1 Holders of rec. Nov. 15
Utility Equities Corp., $534 prior stock_
$134 Dec. 1 Holders of rec. Nov. 15
Dec. 1 Holders of Me. Nov. 19
Wheeling Elect.,6% pref.(quar.)
Miscellaneous.
American Capital Corp.. $534 Pret•(qui
American Factors, I.td. (monthly)
American Investment 01 111.. B (quar.)_
$134 Dec. 1 Holders of me. Nov. 15
10c Dee. 10 Holders of rec. Nov. 10
734° Dee. 1 Holders of rec. Nov.20
Name of Company.
Per
When
Share. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Cont(nued).
American Thread Co., pref. (8.-a.)
12340 Jan. 1 Holders of rec. Nov.30
Atlantic Relining Co.(guar.)
25c Dec. 15 Holders of rec. Nov.21
Automotive Gear Works, pref. (guar.).- 41%c Dec. 1 Fielders of rec. Nov.20
Berghoff Brewing Corp.,common (guar.)
30e Dec. 1 Holders of rec. Nov. 15
Boston Wharf Co.(s.
-a.)
$134 Dee. 30 Holders of rec. Dec. 1
Brown Shoe Co., common (guar.)
75e Dee. 1 Holders of rec. Nov.20
Buffalo Ankerite Gold Mines (s.
Sc Feb. 15
-a.)-...Canfield Oil Co.. common (guar.)
$1 Nov.25 Holders of rec. Nov.20
Caterpillar Tractor Co.(special)
125ic Dec. 1 Holders of roe. Nov.21
Chicago Corp., pref.(guar.)
250 Dec. 1 Holders ot rec. Nov. 15
Chicago Jet.Ry.& Union Stk. Yds.(qu.) $2% Jan. 2 Holders of rec. Dec. 15
6% preferred (guar.)
$14 Jan. 2 Holders of rec. Dec. 15
City Ice & Fuel Co.(guar.)
50e Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
$1% Dec. 1 Holders oi rec. Nov.20
Coca-Cola Internat. Corp.,corn.(s.
-a.)_
$3 Jan. 2 Holders of me. Dec. 12
Class A (semi annual)
$3 Jan. 2 Holders of rec. Dec. 12
Collins & Alkman Corp., pref. (guar.)._ 134% Dec. 1 Holders of rec. Nov. 17
Compo Shoe Mach. (guar.)
1254c Dec. 1 Htdders of rec. Nov. 15
Consol. Gold Fields(S. Africa),ord.final 2s. 3d.
Crum & Forster Ins., A & B (quar.)___ _
100 Nov.29 Holders of rec. Nov. 18
7% preferred (guar.)
$134 Nov.29 Holders of rec. Nov. 18
Deposited Bank Shares, N. Y., series A
(semi-annual)
256% Jan. 2 Holders of rec. Nov. 15
Eastman Kodak Co., common (guar.)._
75c Jan. 2 Holders of rec. Dec. 5
Preferred (guar.)
$134 Jan. 2 Holders of rec. Dec. 5
Finance Service Co., pref.((Mari
17540 Dec 1 Holders of rec. Nov. 15
First Chrold Corp
$2.15 Nov. 18 Holders of rec. Nov. 10
First Common Stock Corp
3c Nov. 15 Holders of rec. Nov. 5
Garner Royalties Co.. A (8.-a.)
12340 Dec. 15 Holders of roe. Nov.30
Gates Rubber,7% pref.(guar.)
$134 Dec. 1 Holders of rec. Nov. 16
Geist (C. H.),5% pref. A (quar.)
$134 Jan. 1 Holders of reo. Dec. 12
6% preferred (guar.)
$154 Dec. 1
General Motors Corp., common
250 Dec. 12 Holders of rec. Nov. 16
Extra
25c Dec. 12 Holders of rec. Nov. 16
Preferred (quar.)
$154 Feb. 1 Holders of rec. Jan. 8
Gilmore Gasoline Plant No. 1 (monthly)
20e Nov.25 holders of roe. Nov. 12
Globe Democrat Publishing. pref. (qu.) $1% Dec. 1 Holders of me. Nov. 17
Great Northern Paper (quar.)
250 Dec. 1 Holders of rec. Nov. 18
Great Western Electro-Chemical1st preferred (guar.)
$14 Jan. 1 Holders of roe. Dec. 21
Hawaiian Commercial& Sugar Co.(mo.)
250 Dec. 5 Holders of roe. Nov.25
Hawaiian Sugar Co.(monthly)
20e Nov. 15 Holders of rec. Nov. 10
Hecht Mining Co
' 10e Dee. 15 Holders of rec. Nov. 15
Hires (Chas. E.) Co., com.. el. A (qu.) 50c Dec. 1 Holders of rec. Nov. 15
$1 Nov. 25 Holders of rec. Nov.20
Homestake Mining Co. (monthly)
Extra
$1 Nov.25 Holders of rec. Nov.20
Honolulu Plantation Co.(monthly)-250 Dec. 10 Holders of rec. Nov.30
International Milling Co., 1st pref.(qu.) $134 Dec. 1 Holders of rec. Nov. 18
1st preferred, series A (Wan)
$154 Dee. 1 Holders of rec. Nov. 18
Jantzen Knitting Mills, Pref. (guar.)
$1% Dec. 1 Holders of rec. Nov.25
Kaufmann Dept. Stores, pref. (qUar.)
$1% Jan. 2 Holders of rec. Dec. 11
Kekaha Sugar Co.(monthly)
be Dec. 1 Holders of rec. Nov.25
Kellogg Company
Nov. 1 Holders of rec. Oct. 25
Keystone Custodian Fund, ser.
8.062e Nov. 15 Holders of rec. Oct. 31
Series F
19.718c Nov. 15 Holders of rec. Oct. 31
Laura &cord Candy Shops (quar.)_.._
75e Dec. 1 Holders of rec. Nov. 15
Lincoln Stores, Inc., com.(guar.)
250 Dec. 1 Holders of me. Nov.24
Preferred (quar.)
$13' Dec. 1 Holders of rec. Nov.24
Manisehewitz (B.).7% Pre• (quar.).._. $1% Jan. 2 Holders of rec. Dec. 20
Mayflower Associates ((Mari
50c Dec. 15 Holders of roe. Dec. 1
Metal Textile Corp., preferred (quar.)_ 81%0 Dec. 1 Holders of roe. Nov.20
Mt. Diablo Oil, Min. & Develop. (qu.)
Sic Dec. 1 Holders of me. Nov.24
Mountain& Gulf Oil
25c Dec. 10 Holders of rec. Nov.20
Murphy (G. C.) Co., common (qua?.)...
40c Dee. 1 Holders of rec. Nov.21
NationalBond & Share Corp
250 Dec. 15 Holders of rec. Nov.29
National Dairy Products Co.,com.(qu) 300 Jan. 2 Holders of rec. Dec. 4
Class A as B preferred (guar.)
$1% Jan. 2 Holders of rec. Dec. 4
National Industrial Loan Corp.(quar.)se Nov. 15 Holders of roe. Oct. 31
National Sugar Refining Co.(quar.)---1 52.63c Jan. 2 Holders of rec. Dec. 1
Newmarket Mfg
$154 Nov. 15 Holders of rec. Nov. 8
Ogilvie Flour Mills Co., pref.(quar.).
$134 Dec. 1 Holders of roe. Nov.21
Ohio Oil Co., preferred (guar.)
$134 Dec. 15 Holders of rec. Dec. 2
Oshkosh Overall Co.. preferred (guar.).
500 Dec. 1 Holders of rec. Nov.24
Prentice-Hall, Inc., preferred (quar.)
750 Dec. 1 Holders or rec. Nov.20
Purity Bakeries (guar.)
25c Dec. 1 Holders or rec. Nov.20
Reliance International Corp.,53 pt.(qr.) 500. Dec. 1 Holders of roe. Nov. 21
Hike Kumler Co., com
500. Dec. 11 Holders of rec. Nov.25
Royalite Oil Co., Ltd., corn
50e. Dec. 20 Holders of rec. Dec. 5
Seaboard Oil Co. of Delaware (guar.).15c. Dec. 15 Holders ot rec. Dee. 1
Extra
100. Dec. 15 Holders of rec. Dec. 1
Second Investors(R.I.),6% pref.(qr.)
750. Dec. 1 Holders of rec. Nov. 20
Simon (Franklin), 7% pref. (quar.)__
$134 Dee. 1 Holders of roe. Nov. 17
Standard Oil Co. of Indiana (quar.)
25e. Dec. 15 Holders of rec. Nov. 15
Standard Oil of Nebraska (guar.)
25c. Dec. 20 Holders of rec. Nov. 27
Sterling Products,100.01Del.,Initial(gr.) 95e. Dee. 1 Holders of rec. Nov. 15a
Texas Gulf Producing
e254% Dec. 23 Holders of rec. Nov. 24
Tex-O-Kan Flour Mills,7% prof. (qr.)_
$134 Dec. 1 Holders of rec. Nov. 15
ThomsonElectric Welding (guar.)
25e Dec. 1 Holders of ree. Nov.24
Timken Roller Bearing Co. (guar.).--150. Dec. 15 Holders of me. Nov. 20
Trust Shares of America,coupon No.7_.
19c. Nov. 15
Registered
19c. Nov. 15 Holders of rec. Nov. 5
Two-Year Trust Shares, series B
20c. Nov. 15
Underwood-Elliott-Fisher Co. corn. (qr.)
25c. Dec. 30 Holders of rec. Dec. 12
Preferred (guar.)
$15/ Dec. 30 Holders of me. Dee. 12
Union Investment Trust Service, G (s-a)
$27 Nov. 15 Holders of rec. Oct. 31
Union Tank Car Co.(guar.)
30e. Dee. 1 Holders of roe. Nov. 17
United Dyewood, pref. (guar.)
$15/ Jan 2 Holders of rm. Dec. 20
United States Freight (guar.)
25e. Dec. 1 Holders of me. Nov. 18
United States Gypsum Co., corn.(qr.)
25c. Jan. 2 Holders of rec. Dec. 15
Preferred (guar-)
$1% Jan. 2 Holders of rec. Dec. 15
United States Petroleum (guar.)
be. Dec. 11 Holders of roe. Dec. 5
Ward Baking Corp,7% pref
500 Jan 2 Holders of me. Dec. 15
Western It. Est. Trustees (Boston).(s
$1 Dec. 1 Holders of rec. Nov. 20 •
-a)
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.
Vass of OnsPents
Railroads (Steam)
Albany & Susquehanna (sra)
Boston & Albany
dCatawlssa, pref. (s-a)
Chesapeakc Ohio. pref (s.-a.)
Louis, pref
Clev. Gin Chic &
Cleveland & Pittsburgh, guar. (guar.)._
Special guaranteed (quar.)
Delaware (s.-a.)
Elmira & Williamsport, pref.(5.-s.)
Elmira & Williamsport (13.-ai
Erie & Pittsburgh 7% guaranteed (guar.)
Guaranteed Betterment (guar.)
Grand Rapids & Indiana (5.-a.)
Green (semi annual)
Norfolk & Western, corn.(guar.)
Adj. preferred (guar.)
North. RR of New ,ler. 4% gtd.(guar.)
Ontario & Quebec(s-a)
Semi-annual
Philadelphia Baltimore & Washington
Pitts. Boss & Lake Erie. 8% prof (qtr.).
Pittsburgh Fort Wayne es Chicago (qui
7% preferred (quay.)
Pittsburgh Youngstown & Ashtabula
7% preferred (guar.)
Reading,Istpreferred (guar.)
United New Jersey RR.& Canal (quar.)
3457
Financial Chronicle
Volume 137
Per
When
Share. Payable,
$434
$234
81.13
$354
$1%
87340
50c
$1
$1.61
81.15
8740
80o
82
$3
$2
$1
$1
234%
$3
$154
134%
144%
134%
Books Closed
Days Inclusive.
Jan. I Holders of roe. Dec. 15
Dec. 31 Holders of roe. Nov. 30
Nov.24 Holders ot rec. Nov. 10
Jan. 1 Holders of roe. Dee. 8
Oes. 31 Holders of roe, Oct. 4
Dec. 1 Holders of rec. Nov. 10
Dec. 1 Holders of rm. Nov. 10
Jan. 1 Holders of roe. Dec. 15
Jan. 2 Holders of rec. Dee. 20
Nov. 11 Holders of rec. Oct. 20
Dec. 10 Holders of rec. Nov. 30
Dec. 1 Holders of rec. Nov. 30
Dec. 20 Holders of rec. Dec. 9
Dec. 19 Holders of rec. Dec. 14
Dec. 19 Holders of roe. Nov.29
Nov.18 Holders of rm. Oct. 31
Deo. I Holders of Fee. Nov.20
Dec. 1 Holders of rec. Nov. 1
Dec. 1 Holders of rec. Nov. 1
Dec. 31 Holders of roe. Dec. 16
Deo. 1 Holders of roe. Nov. 15
Jan. 2 Holders of roe. Dee. 9
Jan. 4 Holders of rec. Dee. 9
134% Deo. 1 Holders of recs. Nov.20
50a Dec. 14 Holders of rec. Nov. 23
824 Jan. 10 Holders of recs. Dec. 20
Name of CemPanii.
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Railroads (Steam)
-(Conclude/).
West Jersey & Seashore, cow or.-a.)--- $154 Jan. 1 Holders of roe. Deo. 15
6% special guaranteed (13.-a.)
14% Deo. 1 Holders ot roe. Nov. 16
Public Utilities.
200 Dec. 1 Holders of roe. Oct. 16
Hinman Electric Co., common
Blackstone Valley Gas de Electric
$3 Dec. 1 Holders of reo. Nov.14
6% Preferred (5.-a.)
$1% Jan. 2 Holders (1 roe. Dec. 1
Brooklyn Union Gas Co.(guar.)
Calif. Water Service, prof.(guar.)
$154 Nov. 15 Holders of rec. Oct. 31
Canadian Hydro-Electrio Corp.. Ltd.
r$154 Dec. 1 Holders of rec. Nov. 1
1st preferred (guar.)
$154 Dec. 1 Holders of rec. Nov. 1
6% preferred (guar.)
$236 Dec. 30 Holders of rec. Dec. 22
Carolina Tel. & Tel (quar.)
75e Nov. 15 Holders of me. Oct. 31
Cedar Rapids Mfg.& Pow.(guar.)
Central Kan Pow.,7% prof.((Mari-- $1% Jan. 15 Holders of roe Dec. 31
$14 Jan lb Holders of rec Dec. 31
6% preferred (guar.)
Central Mass. Lt. & Pow.,6% pf. (qu.) El% Nov.15 Holders of rec. Oct. 31
$136 Nov. 15 Holders of rec. Oct. 31
Central Vermont P.S..$6 pref.(quar.)
Cleveland Elec. ilium.6% prof. ((Mari - $134 Dee. 1 Holders of rec. Nov. 15
Columbia Gas & Elec.,common (quar.)_ j125io Nov. 15 Holders of rec. Oct. 20
$1% Nov.15 Holders of rec. Oct. 20
6% Preferred series A (guar.)
$154 Nov.15 Holders of rec. Oct. 20
5% cumulative preferred (guar.)
$1% Nov. 15 Holders of rec. Oct. 20
5% convertible cum. preference
$144 Nov.15 Holders of rec. Oct. 31
Concord Gas,7% pref.(guar.)
$1% Dec. 1 Holders of rec. Nov. 15
Connecticut Lt.& P..
% pf•(guar.)
$1% Dec. 1 Holders of rec. Nov. 15
554% preferred (guar.)
62540 Dee. 1 Holders of rec. Nov. 15
Connecticut Power (guar-)
$1.125 Nov. 15 Holders of rec. Oct. 31
Connecticut Ry.& Lt.(guar.)
81.125 Nov. 15 Holders of rear. Oct. 31
434% preferred (quar.)
Connecticut River Pow..6% pref.(qu.). $134 Dec. I Holders of rec. Nov. 15
75c Dec. 15 Holders of rec. Nov. 10
Consolidated Gas of N.Y.corn
Consumers Power Co., $5 pref. (guar.). $154 Jan. 2 Holders of rm. Dee 15
$134 Jan. 2 Holders of me. Dec. 15
6% preferred (guar.)
$1.65 Jan. 2 Holders of rec. Dee. 15
6.6% preferred (quay.)
7% preferred (guar.)
$IM Jan. 2 Holders of rec. Dec. 15
500 Dee. 1 Holders of roe. Nov. 15
6% preferred (monthly)
50o Jan. 2 Holders of me. Dec. 15
8% preferred (monthly)
550 Dec. 1 Holders of roe. Nov. 15
6.6% preferred (monthly)
55e Jan. 2 Holders of roe. Dec. 1g
6.6% preferred (monthly)
50o Dec. 1 Holders of rec. Nov. RO
Dayton Power & Light,6% pref.(mo.)._
Eastern Shores Pub.Sen.,$64 pf.(qu.) $1,4 Dec. 1 Holders of rec. Nov. 10
$1% Dec. 1 Holders of rec. Nov. 10
$6 Preferred (guar.)
18e Apr. 15 Holders of rec. Dee. 31
Eastern Township Telephone
25e Nov.15 Holders of rec. Oct. 30
Eastern Utilities Association
$1 Dec. 1 Holders of roe. Nov 27
kIllasbettitown Conseil. tias (extra)
$1 Jan. 2 Holders of roe. Dec 213
Quarterly
Dee. 1 Holders Of res. Nov.20
Empire & Bay State Tel .4% gtel.(qui- $1
Empire Gas & Electric Co.
6% preferred A & B (guar.)
$134 Dec. 1 Holders of rec. Oct. 31
$134 Dec. 1 Holders of rec. Oct. 31
7% Preferred, C (guar.)
Escanaba Pow.& Trac.8% pref.(qui_ _ 134% Feb. 1 Holders of rec. Jan. 27
100 Nov.15 Holders of rec. Nov. 6
European Elec. Corp., corn. A & B (qu.)
Federal Light & Traction Co.. pref.(qu.) $1.4 Dec. 1 Holders of roe. Nov.15a
Florida Power Corp., 7% pref. A (guar.) $154 Dec. 1 Holders of rec. Nov. 15
7% preferred (quar.)
87340 Dee. 1 Holders of recs. Nov.15
Georgia Pow.& Light $13 pref.(guar.).
- $14 Nov.15 Holders of rec. Nov. 1
75o Dec. 1 Holders of roe. Nov. 17
Hackensack Water (8.-a.)
15e Nov.30 Holders of roe. Nov.18
Honolulu Gas (monthly)
fllumlnatlng & Pow.Securities
7% preferred (guar.)
$134 Nov.15 Holders of res. Oct. 31
150 Dec. 1 Holders of rec. Nov. 1
Industrial de Power Securities.(quar.)
Sc Dec. 1 Holders of rec. Nov. 1
Extra
Kentucky Utilities Co., 7% pr. p1. (qu.) 8754e Nov. 20 Holders of rec. Nov. 1
Los Angeles Gas & El.6% pref.(qu.).
$154 Nov. 15 Holders of roe. Oct. 31
Luzeme County Gas& El.$7 1st pt.(qui $134 Nov. 15 Holders of reo. Oct. 31
gg, 1st preferred (guar.)
$154 Nov. 15 Holders of rec. Oct. 31
Milwaukee Gas laght, 7% pref.(guar.). $134 Dec. 1 Holders of rec. Oct. 25
Monmouth Consol. Water.7% pi.(qu.)- $134 Nov.15 Holders of rec. Nov. 1
Montreal Light Heat & Pow.(guar.)
$2 Nov. 15 Holders of rec. Oct. 31
Mutual Telep.(Hawaii)(monthly)
8o Nov.20 Holders of rec. Nov. 10
National Pow.& Light (guar.)
25e Dec. 1 Holders of rec. Nov. 6
New Rochelle Water Co..7% prof.(qu) $13' Doe. 1 Holders of rec. Nov.20
New York Steam Corp.,com.
550 Dec. 1 Holders of roe. Nov. 15
North Amer. Edison pref.(quar.)
$154 Dec. 1 Holders of rec. Nov. 15
Nova Scotia Light & Pow.,8% pf. (qu.) $134 Dee. 1 Holders of rec. Nov.15
Pacific Gas& Elec. Co..6% Pref.(qui
37540 Nov.15 Holders of rec. Oct. 31
5%% preferred (guar.)
34340 Nov.15 Holders of rec. Oct. 31
Pacific Lighting Co.. com.(guar.)
750 Nov.15 Holders of roe. Oct. 20
Peninsular Telep. Co.. 7% prof. (guar-) 134% Nov. 15 Holders of ree. Nov. 5
7% preferred (guar
% Feb. 15 Holders of me Feb. 5
Penn State Water Corp.. $7 pref. (qu.)
$154 Dec. 1 Holders of reo. Nov.20
Pennsylvania Power Co.,$13 pref.(guar ) $14 Dee. 1 Holders of me. Nov 20
55e Dec. 1 Holders of roe. Nov 20
13.60% preferred (monthly)
Peoples Tel.(Butler,Pa.),7% pre/.(qu.) $13.4 Dec. 1 Holders of roc. Nov.30
Philadelphia Suburban Water, p1. (qu.) $14 Doe. 1 Holders of reo. Nov 11
Potomac Elec.Pow.,6% met (guar.)
$13.4 Dec. 1 Holders of roe. Nov.13
.
$134 Dec. 1 Holders of roe. Nov.13
534% preferred (guar.)
Public Service Corp of N. J.6% preferred (monthly)
500 Nov.30 Holders of rec. Nov. 1
r25o Nov. 15 Holders of rec. Oct. 27
Quebec Power,corn.(guar.)
Rochester Gas & Elec., 7% prof. B (qui $1,4 Dec. 1 Holders of rec. Oct. 28
$134 Dec. 1 Holders of rec. Oct. 28
6% preferred C & D (quar.)
Shawinigan Wat.& Pow.Co.,coin.(qu.) r12c Nov.15 Holders of rec. Oct. 25
Shenango Valley Water Co.8% pt.(qu.) 154% Dec. I Holders of reo. Nov 20
87o Oct. 31 Holders of rec. Oct. 19
Southeast Mass. Power & Electric
2% Nov. 15 Holders of rec. Oct 20
Southern Calif. Edison Co..com.(qu.)..
134% Dec. 15 Holders of rec. Nov.20
Preferredserial A (guar.)
13.4% Dec. 15 Holders of rec. Nov.20
8% preferred series B (guar.)
Sou. Calif. Gas, $834 preferred (qua?).. $1% Nov.29 Holders of roe. Oct. 31
Southern Canada Power Co.. Ltd.
200 Nov. 15 Holders of reo. Oct. 31
Common
$2 Nov. 15 Holders of rec. Nov. 4
Stamford Water (guar.)
Susquehanna Utilities, 8% pref. (guar.) $1% Dec. 1 Holders of rec. Nov.20
Syracuse Lighting Co.,Inc..6% pf.(qu.) $134 Nov.15 Holders of reo. Oct. 31
$134 Nov. 15 Holders of rec. Oct. 31
654% preferred (guar.)
$2 Nov.15 Holders of rec. Oct. 31
8% preferred (guar.)
56o Nov. 15 Holders of rec. Oct. 31
Tampa Electric Co., cons. (qua:.)......
Preferred (guar.)
$1% Nov. 15 Holders of me. Oct. 31
200 Dec. 1 Holders of rec. Nov.20
Telephone Investors Corp.(monthly).
20e Jan. 1 Hiilders of rec. Dec. 20
Monthly
Tennessee Elec.Pow.Co..5% prof.(qu.) $154 Jan. 2 Holders of roe. Dec. 15
6% preferred (guar.)
$154 Jan. 2 Holders of me. Dec. 15
$134 Jan. 2 Holders of rec. Dec. 15
7% preferred (guar.)
7.2% preferred (guar.)
$1.80 Jan. 2 Holders of rec. Dec. 15
6% preferred (monthly)
50e Doe. 1 Holders of rec. Nov. 15
8% preferred (monthly)
50e Jan. 2 Holders of rec. Dec. 15
7.2% preferred (monthly)
600 Dec. 1 Holders of roe. Nov. 15
7.2% preferred (monthly)
60c Jan. 2 Holders of rec. Dee. 15
Tide Water Pow..$6 pref.(guar.)
$14 Dec. 1 Holders of rec. Nov. 10
United Gas Improvement, corn. (guar.)
80o Dee. 30 Holders of roe. Nov. 29
Preferred (guar.)
$154 Dec. 30 Holders of rec. Nov.29
United Lt.& Rya.(Del.),7% pf (no.). 58 1-fle Dee. 1 Holders of roe. Nov. 15
13.36% preferred (monthly)
53o Dee. 1 Holders of roe. Nov. 15
8% preferred (monthly)
50c Dec. 1 Holders of rec. Nov. 15
7% preferred (monthly)
58 1-3c Jan. 2 Holders of rec. Doe. 15
13.36% preferred (monthly)
53c Jan. 2 Holders of rec. Dee. 15
8% preferred (montlhy)
50o Jan. 2 Holders of me. Dec. 15
U.S.Elec. Light & Pow.Shares,err. B_ _
3o Nov. 15 Holders of rec. Oct. 31
Utica Gas & Elec., $7 prof. (guar.)
$154 Nov.15 Holders of rec. Nov. 4
Washington Ry.& Elec.(guar.)
$134 Dec. 1 Holders of rec. Nov. 16
5% preferred (guar.)
$154 Dee. 1 Holders of me. Nov. 18
West Penn Elec. Co.,7% cum. pref.(qu) 134% Nov.15 Holders of roe. Oct. 20
(l% cum. preferred (guar.)
14% Nov.15 Holders of me. Oct 20
8134 Dec. 1 Holders of rec. Nov. 12
Williamsport Water Co., $6 Df. (qu.)
WisconsinTelephone,common (guar.)._ $14
81%
Preferred ((Nor.)
Fire Insurance Companies.
American Re-Insurance Co. (quar.)
130e Nov.15 Holders of rec. Oct. 31
Fire Assoc.of Phila.(s.-a.)
$1 Nov. 15 Holders of roe. Oct. 25
North River Insurance (qua?)
15c no Ii Holders of roe. Oer. 1
153N Nov. 15 Holders of roe. Nov. 4
Seaboard Insurance Co. (quar.)
3458
Name of Company.
Financial Chronicle
Per
When
Share. Payable.
Books Closed
Days Inclusive.
eillseerlaneoris.
Abbotts Dairies, Inc., corn.(guar.)
250 Dec. 1 Holders of rec. Nov. 15
1st & 2nd preferred (guar.)
$14 Dec. 1 Holders of reo. Nov. 15
Affiliated Products, corn.(mo.)
Sc Dee. 1 Holders of rec. Nov. 17
Aluminum M fg. Inc., corn.(guar.)
,
trale Deo. 31 Holders of reo. Dee. 15
Preferred (guar.)
$14 Deo. 31 Holders of rec. Dee. 15
Amerada Corp.(guar.)
50e Oct. 31 Holders of rec. Oct. 140
American Arch (guar.)
25c Dec. 1 Holders of rec. Nov. 20
American Can Co., corn. (guar.)
$1 Nov. 15 Holders of rec. Oct. 250
American Chicle Co.(guar.)
500 Jan. 2 Holders of rec. Dec. 12
Extra
25e Jan. 2 Holders of rec. Dee. 12
American Envelope Co.7% Pf•(quar.)_
% Lice. 1 Holders of rec. Nov. 25
Amerienn Hardware (quar)
25, Jan. 1 Holders of me Dee. 10
American Home Prod.(monthly)
200 Dec. 1 Holders of rec. Nov. 14a
American Investor), $3 pref (guar.).-750 Nov. 15 Holders of rec. Oct. 31
American Mutual Liability Ins. Co
20%
American News (bi-monthly)
25e Nov. 15 Holders of rec. Nov. 4
American Optical Co.. 7.7 prof OM.). - $14 Jan. I Holders of rec. Dec. 16
American Smelting & Reoing 7% 1st pt. 53134 Dec. 1 Holders of rec. Nov. 3
American Steel Foundries, prof
50c Dec. 30 Holders of rec. Dec. 15
American Stores Co.(extra)
60e Dee. 1 Holders of rec. Nov. 15
Quarterly
50e Jan. 1 holders of roe. Deo. 15
Am. Tobacco Co.. corn. & corn. B (qu.) $14 Dec. 1 Holders of rec. Nov. 10
Archer-Daniels-Midland,corn.(qu.) -250 Dec. 1 Holders of rec. Nov. 20
Anloom Corp. pref
11314 Dee. 1 Holders of rem Nov. 15
Associated National Shares, A
8.411e Nov. 15 Holders of rec. Oct. 31
Austin Motors, Ltd.. ordinary
25%
Bonus
75%
Preferred
20%
Bamb's (L.) & Co.,64% pref.(guar.).- $14 Dec. 1 Holders of reo. Nov. 15
Bandinl Petroleum (mo.)
Sc Nov. 20 Holders of rem Oct. 31
Bankers National Investing, A & B (qu.)
24c Nov. 25 Holders of rec. Nov. 15
Quarterly
6c Nov. 25 Holders of rec. Nov. 15
15c Nov 25 Holders of rec. Nov. 15
Preferred (guar.)
Jun. 2 Holders of rec. Dec. 20
Barber(W.H.)& Co.,7% prof.(guar.). $1
Beacon Mfg. Co..6% prof. (guar.)
$14 Nov. 15 Holders of reo. Nov. 1
Beeeh-Nut Packing, 7% pref. A (quar.) $114 Dec.
Belding Corticelll Ltd., pref.(guar.)---- $14 Dec. 15 Holders of rec. Nov.30
Black clawson Co.. pref (guar )
Holders of rec. Nov. 25
$134 Dec.
250 Nov. 15 Holders of rec. Nov. 1
Blauner's, Inc., common (guar.)
750 Nov. 15 Holders of reo. Nov. 1
Preferred (guar.)
374e Nov. 15 Holders of reo. Nov. 11
Bloch Bros. Tobacco(guar.)
Preferred (guar.)
$14 Dec. 31 holders of reo. Dec. 25
n750 Dec. 1 Holders of reo. Nov. 6
Blue Ridge Corp., pref. (guar.)
250 Nov. 15 Holders of rec. Oct. 25
Bohack (H.C.) Co.(guar.)
$14 Nov. 15 Holders of rem Oct. 25
7% 1st preferred (guar.)
Bohaek Realty Corp., 1st pref.(guar.)._ $1 31 Nov 15 Holders of reo. Oct. 25
Bohn Aluminum & Brass Co.. corn.(qu.)
50o Dec. 27 Holders of rec. Dec. 12
40e Dec. 1 Holders of reo. Nov. 150
Borden's Co., corn. (guar.)
25o Jan. 12 Holders of rec. Jan. 12
Bornot. Inc.. clues A
$14 Nov. 15 Holders of rec. Oct. 31
Boss Mfg. Co., corn. (guar.)
Bouriols. Inc. prof. (guar.)
684e Nov. 15 Holders of rec. Nov. 1
Brach (E. J.) dr Sons (guar.)
'
10e Dec. 1 Holders of rec. Nov. 11
750 Nov. 25 Holders of rec. Nov.20
Brewer & Co.(monthly)
Monthly
750 Dec. 25 Holders of rec. Dec. 20
Bristol-Myers Co., initial (qua?.)
50o Dec. 1 Holders of rec. Nov. 15
100 Dec. 1 Holden of rec. Nov. 15
Extra
Buckeye Pipe Line Co. (guar.)
750 Dee. 15 Holders of rec. Nov.24
Buck Hills Falls (guar.)
12340 Nov. 15 Holders of rec. Nov. 1
Bulolo Gold Dredging, Ltd., corn.. int'm
r60c Dec. 4 Holders of rec. Nov. 9
Burroughs Adding Mach. Co. (quar.).
100 Dec. 5 Holders of tee. Oct. 31
Cabot 51.2. Co.(guar.)
$2 Nov. 15 Holders of rec. Nov. 2
Calarnba sugar Estates, corn.(guar.)_ _
40o Jan. 2 Holders of tee. Dec. 15
350 Jan. 2 Holders of reo. Dec. 15
7% preferred (guar.)
Canada Iron Foundries. pref. (s.
-a.)„... $134 Nov. 15 Holders of rec. Oct. 31
Canadian Converters, Ltd.(guar.)
50e Nov. 15 Holders of rec. Oct. 31
Ltd., corn. (guar.)._ 12Sio Nov. 15 Holders of rec. Nov. 1
Canadian 011
Cos..
Preferred (guar.)
$2 Jan. 1 Holders of reo. Dec. 20
Carnation Co..7% pref.(guar.)
$14 Jan. 1
Cartier, Inc., 7% met
87Sic. Jan. 31 Holders of rec. Jan. 14
Central Tube Co.(iM)
100 Nov.20 Holders of rec. Nov. 10
Centrifugal Pipe Line Corp.cap.stk.(qu.)
10e. Nov. 15 Holders of rec Nov. 8
Century Ribbon Mills, Inc.. pref. (qu.)_ $14 Dec. 1 Holders of rec. Nov. 18
Chain Belt Co., common (guar.)
100 Nov. 15 Holders of reo. Nov. 1
Champion Hardware (guar.)
75e Nov. 15 Holders of rec. Nov. 5
Champlain 011 Products. pref.(quar.)___
15o Nov. 15 Holders of reo. Oct. 31
Chartered Investors,$5 pref.(quar.)___ $14 Dec. 1 Holders of rec. Nov. 1
Chicago Yellow Cab (guar.)
250 Dee. 1 Holders of reo. Nov. 20
Chyrsler Corp.(guar.)
50o Dec. 30 Holders of reo. Dec. 1
Cincinnati holesale Grocery, pt.(au). $1.4 Jan. 2 Holders of rec. Dee. 15
Clorox Chemical Co.. Cl. A (quar.)
500 Jan. 1 Holders of rec. Dec. 20
$1% Jan. 2 Holders of rec. Dec. 12
Coco-Cola Co.,corn.(quar.)
Class A (semi-annual)
$1.4 Jan. 2 Holders of fee. Dec. 12
-Peet Co., pf.(qu.)._ $14 Jan. 1 Holders of rec. Dec. 11
Colgate-Palmolive
Columbian Carbon Co.(guar.)
50e Dee. 1 Holders of rec. Nov. 15
750 Dec. I Holders of tee Nov. 160
Columbia Pictures, pref.(guar.)
Confederation Life Assoc. (guar.)
$1 Dec. 31 Holders of ree. Dec. 25
Consol. Cigar Corp.. pref.(guar.)
$14 Dec. 1 Holders of rec. Nov. 15a
Consol. Diversified Stand. Securities
25o Dec. 15 Holders of rec. Nov. 25
Preferred (s.
-a.)
2% Nov. 15 Holders of rec. Nov. 1
Consolidated 011 Corp.8% pref. (qu.)..150 Dec. 1 Holders of ree. Nov.20
Consolidated Paper Co
Inc., common(qu.) 6240 Nov. 15 Holders of roe. Oct. 250
Continental Can
40 Nov. 15 Holders of rec. Oct. 31
Corporate Investors (quar.)
es Co.,
Cosmos Imperial Mills.7% pref
587340 Nov. 15 Holders of rec. Oct. 31
Jan. 1
Cottrell(C. B.)& Sons Co., 6% pt.(qu.) 114
Nov. 15 Holders of rec. Oct. 31
Cresson Consol Gold Mining & Milling
68o Dec. 15 Holders of rec. Nov. 300
Crown Cork St Seal Co., Inc. pf.(qu.)
Crown Zellerbach, cum. pf. A & B (qu.). 3740 Dec. 1 Holders of rec. Nov. 13
Crum & Forster, corn. (guar.)
100 Dec. 14 Holders of reo. Oct. 5
8% preferred (guar.)
$2 Dec. 30 Holders of reo. Dec. 20
Cuneo Press. Inc.,64% pref.(quar.)-- $134 Dec. 15 Holders of rec. Dee. 1
50 Deo. 1 Holders of rec. Nov. 15
Deere & Co.. prof.(qua?.)
DeMets, $2.20 preferred
650 Nov. 15 Holders of rec. Nov. 6
Denver Union Stockyards, pref.(guar.). 314 Dec. • 1 Holders of rem Nov.20
Deposited Bond Ctfs., set. 1938 (11q.)„9 .51010c
Dexter Co
200 Dec. 1 Holders of rec. Nov. 15
Diamond Match Corp., corn.(quar.)..,.
250 Dec. 1 Holders of rec. Nov. 15
Dictaphone Corp., pref.(guar.)22 Dec. 1 Holders of reo. Nov. 17
Diem & Wing Paper, pref. (quar.)
$14 Nov. 15 Holders of rem Oct. 31
Distributors Group,Inc.(guar.)
6.4o Nov. 15 Holders or reo. Oct. 31
Dominion Bridge Co., Ltd.,corn.(guar.) r5(to Nov. 16 Holders of tee. Oct. 31
Dow Chemical Co. (guar.)
50e Nov. 15 Holders of rem Nov. 1
Preferred (guar.)
1 Si% Nov. 15 Holders of rec. Nov. 1
Durham Sins. Mills(N. C.)6% pf.)__
h50o Nov.20 Holders of reo. Nov. 10
Eastern Theatres, Ltd., corn.(guar.)
50c Dec. 1 Holders of rec. Oct. 31
Eaton Mfg Co., common
20e Nov. 15 Holders of rec. Nov. I
Ecuadorian Corp. Ltd., pref. (s.-a.)---- 514% Nov. 15 Holders of rec. Oct. 25
Egry Register Co.class A
25e Dec. 1 Holders of rec. Nov. 15
Empire Capital Corp.. class A (guar.)._
,
2% Nov.2)Holders of rec. Nov 250
Employers Re
-Insurance (guar.)
400 Nov. 15 Holders of reo. Oct. 31
Ewa Plantation (qua?.)
600 Nov. 15 Holders of tee. Nov. 4
Farmers & Traders Life Ins. Co. (Syracuse, N.Y.)
624 Jan. 1 Holders of rec. Dec. 11
Quarterly
$24 Apr. 1 Holders of rec. Mar. 11
Federal Service Finance bluari
500 Nov. 31 Holder's of tee. Sept. 30
Ferro Enamel Corp corn
10e Dec. 20 Holders of roe. Deo. 10
Firestone Tire & Rub. Co..6% pt.(qu.). $14 Dec. 1 Holders of rec. Nov. 15
FltzSimons & Connell Dr. & Dock (qu.) 12Sio Dec. 1 Holders of rem Nov. 20
Freeport Texas Co. (guar.)
50e Dec. I Holders of rec. Nov. 15
Preferred (guar.)
$14 Feb. I Holders of tee. Jan. 15
General Cigar Co. pref.(guar.)
$14 Dee. I Holders of tee. Nov. 24
General Foods Corp. (guar.)
450 Nov. 15 Holders of red. Nov. 1
Glidden Co., common
250 Dec. 30 Holders of rec. Dec. 14
Prior preferred (guar.)
$14 Jan. 2 Holders of rec. Dec. 14
Goodyear Tire & Rubber Co., 1st pt.(qu)
50e Jan. 2 Holders of rec. Dee. 1
Gotttrled Baking Co., Inc., pref.(guar.) 131% Jan. 2 Holders of rem Dec. 20
Grace(W. R.)& Co.6% pref. (8.-a.)
3% Dee. 29 Holders of roe. Dec. 27
Grand Union, pref. (guar.)
75c Dee. 1 Holders of reo. Nov. 10
Great Atl. & Pac.Tea Co., Corn.(qu.)._ _ $14 Dec. I Holders of rec. Nov. 3
250 Dee. 1 Holders of rem Nov. 3
Extra
$14 Dec. 1 Holders of tee. Nov. 3
Preferred (guar.)
n
Name of Company.
Nov. 11 1933
Per
When
Share. Payable.
Miscellaneous (Continued).
Great Lakes Dredge & Dock Co. (guar.)
25o
Great Western Electra-Chemical
$1
6% preferred (quur.)
$14
Guggenheims & Co.,7% pref.(guar.)_
$14
Hale Bros. Stores, Inc. (guar.)
150
Hancock Oil Co. of Calif., corn. class A
and 13 (guar.)
100
Harbauer co., 7% pref.(Oust)
%
Hardesty (R.). 7% pre/ (guar.)
131%
Hartford Times, $3 pref. (guar.)
750
Hawaiian Sugar (mo.)
20e
Heileman (G.) Brewing (Wis.) (quar.).
200
Hercules Powder Co , pref. (guar.)
$14
Hershey Chocolate Co., corn. (guar.)._
75e
Preferred (guar.)
$1
Hibbard. Spencer, Bartlett & Co.(mo.).
100
Monthly
10e
Hobart Mfg. Co. (guar.)
25o
Hoover & Allison
$2
7% preferred (guar.)
$154
Hormel (Geo. A.) & Co., corn. (qua?.)..
25e
Preferred A (guar.)
$14
$7
Preferred B (annual)
Horn & Harder t Co. of N. Y., pf.(au.)_ _
$14
Imperial Chemical Industries, Interim _z ie2 %
150
Indiana Pipe Line Co
100
Extra
374c
Ingersoll-Rand Co., corn. (guar.)
International Harvester, pref.(qua?.)... $14
50e
International Shoe. pref. (goar.)
Kelvinator of Canada,7% pref. (guar.). $14
Kendall Co., cum. pref. ser. A (guar.)._ $14
Participating preferred set. A (guar.). $14
25e
Klein (D. Emil) Co., common (quar.)..
$14
Preferred (guar.)
25,)
Kroger Grocery & Bait,corn.(guar.).--1st preferred (guar.)
$134
$14
2,1 preferred (guar.)
3740
Landers Frary & Clark (guar.)
Landis Machine. 7% pref (guar.)
$14
$1
Lanston Monotype Machine Co.(qua?.).
20e
Lehigh Coal & Navigation (5.-a.)
• 50c
Lelm & Fink Prod. Co.(guar.)
40c
L fe Savers Corp., Initial (gust)
Liggett & Myers Tobacco Co., coin, and
$1
common B (quar.)
10e
Link Belt Co.common (guar.)
$14
Preferred (quar.)
Loblaw Groceterlas Co., A & B (quar.).. r20e
33e
Look Joint Pipe Co.(monthly)
34o
Monthly
$14
Loew's, Inc.. pref. (guar.)
Loose-Wiles Biscuit Co pref.(gust.).... $14
$14
Lord & Taylor, lot pref. (guar.)
Ludlow Mfg. Assoc. (guar.)
$114
250
Lynch Corp. (guar.)
2,50
Extra
50o
Macy (R. H.) & Co., common (quar.)..
Magnin (I.) & Co.. 6% pref. (gust.)... 14%
37140
Manufacturers Casualty Ins.(quarj_
750
Mapes Consolidated Mfg. Co.(quar.)...
75c
Quarterly
75e
Quarterly
25e
May Dept. Stores,coin.(guar.)
ri5c
McColl Frontenac 011,com.(guar.)
McClatchy Newspaper, 7% pref.(guar.) 434e
25e
McIntyre Porcupine Mines, Ltd.(qu.)..
25e
Extra
$14
McMillan, $6 preferred (guar.)
Mercantile Stores, Inc., 7% pref. (qu.)_ $14
Merck Corp., pref (guar.)
$2
40
Mercury Oils, Ltd., corn
Metro-Goldwyn Pictures, pref.(gust.).. 474o
h50c
Midland Royalty Corp 32 prof
250
Minneapolis Honeywell Reg., COM.(qu.)
500
Extra
75e
Moody's Investors Service, met.(qua?.).
$14
Moore (Wm.) Dry Goods (guar.)
%
Morris So. & IOC. CO $1 Ste.. 7% Pf.(go.)
Morris Plan Ins. Soc. (guar.)
$1
200
Motor Finance Corp.(guar.)
Muskogee CO..6% prof.(guar.)
$14
50c
Nashua Gummed & Coated Paper
$14
7% preferred (guar.)
$14
National Biscuit Co., pref. (guar.)
National Casket (8.-a.)
$1
50e
National Container Corp.. pref. (guar.)
National Lead Co.. class A pref.(guar.). $14
Natomas Co (guar.)
Newberry (J. J.) Co., pref. (guar.)
$131
Niagara Share Corp. of Md.—
Class A $6 preferred (quar.)
$14
Nineteen Hundred Corp., chum A (guar.)
600,
Northam Warren Corp.. Pref. (qua?.)..
75o
Norwalk Tire & Rubber Co., pref. (qu.) 87340
Novadel Agene Corp.(guar.)
$14
Oahu Ky. & Land (monthly)
150
Oahu Sugar, Ltd. (mo.)
Sc
Extra
300
Onomea Sugar (mo.)
2013
Owens Illinois Glass (guar.)
500
Extra
25e
Parker Rust Proof, Common (guar.)....
750
Extra
750
Preferred (8.-a.)
35o
Pender (David) Grocery Co.—
Cony. class A (guar.)
8740
Penninane. Ltd. eon'. (guar
750
Phoenix Hosiery Co., lot Prof.(guar.).-- 87%o
Pillsbury Flour Mills, Inc., corn.(guar.).
25o
Plate Glass Co (guar.)
Pittsburgh
25e
Pollock Paper Box Co., Prof. (guar.)._ __ $14
Procter & Gamble (guar.)
1374o
Pullman, Inc. (guar.)
750
Quaker Oats Co.,6% preferred (qttar.)... $14
Reynolds Metals Co.(guar.)
250
Inc.. corn.(guar.)
300
64% preferred (guar.)
$134
Rolland Paper Co.. 8% prof. (quar.)... $14
Rubenstein (flelena) (guar.)
2So
San Carlos Mill (monthly)
200
Scotten Dillon Co. (guar.)
300
Second Investor, Corp..6% pref.(guar.)
75e
Second Twin Bell Syndicate (monthly)
200
Selfridge, Provincial Stores, ord
24%
American deposit receipts
24%
Selfridge Provisron Stores, Ltd
234%
Sherwin-Willlams Co., corn. (guar.).--50e
Preferred (guar.)
$14
Sioux City Stkyde., $6 nf (guar.)
874o
Smith (A. 0.), prof. (guar.)
$14
Socony-Vacuum Corp. (guar.)
250
Solvay Amer. Inv. Corp.,5 ti % pt.(qu.)
%
South American Gold & Platinum Co...
10o
South Porto Rico Sugar, corn., special_
Sou. Pao. Golden Gate Co., A & It (qu.). 374e
Preferred (guar.)
$14
60e
Standard Cap & Seal Corp.. corn. (go.).
Standard Coosa-Thatcher (guar.)
1240
7% preferred (quar.)
Standard 011 Co. of Calif. (guar.)
250
Books Closed
Days Inclusive.
Nov. 15 Holders of rec. Nov. 4
Dec. I Holders of rec Nov. 20
Jan. 2 Holders of reo. Dee. 20
Nov. 15 Holders of rec. Oct. 30
Dec. I Holders of reo. Nov. 15
Dec. 1 Holders of rec. Nov. 15
Jun. 1 [Solders of roe. Dee. 21
Dec. 1 Holders of reo. Nov. 15
Nov. 15 Holders of rec. Nov. 1
Nov. 16 Holders of rec. Nov. 10
Dee. I Holders of rec. Nov. 10
Nov. 15 Holders of rec. Nov. 3
Nov. 15 Holders of me. Oct. 25
Nov. 15 Holders of me. Oct 25
Nov. 24 Holders of rec. Nov. 20
Dec. 20 Holders of rec. Dec. 22
Dee. 1 Holders of rec. Nov. 18
Nov. 15 Holders ot tee. Nov. 1
Dee. I Holders of roe. Nov. 15
Nov. 15 Holders of rec. Oct. 28
Nov. 15 Holders of reo. Oct. 28
Nov. 15 Holders of tee. Oct. 28
Dee. 1 Holders of rec. Nov. 10
Dec. 8 Holders of rec. Oct. 13
Nov. 15 Holders of rem Oct. 20
Nov. 15 holders of rec. Oct. 20
Dee. 1 Holders of roe. Nov. 6
Dec. 1 Holders of rem Nov. 4
Itee 1 Holden, of rec. NOV. 15
Nov. 15 Holders of tee. Nov. 15
Dee. 1 Holders of rec. Nov. 100
Dee. 1 Holders of rec. Nov. 10a
Jan. 1 Holders of rec. Dec. 20
Feb. 1 Holders of tee. Jan. 20
Dec. 1 Holders of rec. Nov. 10
Jan. 2 Holders of reo. Dec. 20
Feb. I Holders of rec. Jan. 19
Dee. 31
Dee. 15 Holders of reo. Dee. 5
Nov. 29 Holders of rec. Nov. 17
Nov. 29 Holders of rec. Oct. 31
Dee. 1 Holders of tee. Nov. 15
Deo. I Holders of rem Nov. 1
Dec. 1 Holders of reti. Nov. 15
!Sec. 1 Holders of rec. NOV. 15
Jan. 2 Holders of tee. Dee. 15
Deo. 1 Holders of roe. Nov. 11
Nov. 30 Holders of me. Nov. 30
Dee. 31 Holders of rem Dee. 31.
Nov. 15 Holders of reo. Oct. 26
Jan. 1 Holders of rec. Doe 180
Dee. 1 Holders of rem Nov. 17
Dee. 1 Holders of reo. Nov. 4
Nov. 15 Holders of rec. Nov. 6
Nov. 15 Holders of me. Nov. 6
Nov. 15 Holders of rem Oct. 20
Nov. 15 Holders of tee. Nov. 5
Nov. 15 Holders of reo. Nov. 1
Jan. 2 Holders of rec. Dee, 15
Apr. 2 Holders of rec. Mar. 15
July 2 Holders of roe. June 15
Deo, 1 Holders of tee. Nov. 15
Dec. 15 Holders of rec. Nov. 15
Dec. 1 Holders of tee. Dec. 1
Dec. I Holders of rec. Nov. 1
Dee. 1 Holders of rem Nov. 1
Nov. 15 Holders of rec. Nov. 15
Nov. 15 Holders of rec. Oct. 31
Jan. 2 Holders of roe. Dec. 16
Jan. 2 Holders of reo. Nov. 30 ,
Dec. IS Holders of rec. Nov. 24
Nov. 15 Holden+ of rec. Nov. 2
Nov. 15 Holders of rec. Nov. 4
Nov. 15 Holders of reo. Nov. 4
Nov. 15 Holders of rec. Nov. 1
Jan. 1 Holders of reo. Dec. 26
Jan. 2
Dee. 1 Holders of reo. Nov. 24
Nov.29 Holders of rem Nov. 22
Dec. 1 Holders of rem Nov. 20
tem 15 Holders of me. No-. 8
Jan. 2 Holders of roe. 13 3. 21
,
Nov. 29 Holders of reo. Nov. 15a
Nov. 15 Holders of rec. Oct. 28
Dee. 1 Holders of roe. Nov. 15
Dec. 15 Holders of rec. Dee. 1
Jan. 2 Holders of tee. Dee. 20
Dec. 1 Holders of reo. Nov. 16
Jan. 2 Holders of res. Dee. 15
Nov. 15 Holders of roe. Nov. 1
Dee. 1 Holders of reo. Nov. 15
Jan. 1 Holders of rem Dee. 21
Jan. 2 Ilolders of rec. Dec. 15
Nov. 15 Holders of rec. Nov. 11
Nov. 15 Holders of reo. Nov. 6
Nov. 15 Holders of reo. Nov. 6
Nov. 20 Holders of reo. Nov. 10
Nov. 15 Holders of reo. Oct. 30
Nov. 15 Holders of ree. Oct. 30
Nov.20 Holders of roe. Nov. 10
Nov.20 Holders of rem Nov. 10
Nov. 20 Holders of rec. Nov. 10
Dec. 1 Holders of reo. Nov. 20
Nov. 16 Holders of reo. Nov. 6
Dee, I holders of tee. Nov. 16
Dec. 1 Holders of tee. Nov. 15
Jan. 2 Holders of roe. Dee. 9
Dec. 15 Holders of rem Deo. 1
Nov. 15 Holders of rec. Oct. 25
Nov. 15 Holders of rem Oct. 24
Nov. 29 Holders of roe Nov. 1
Dee, 1 Holders of reo. Nov. 15
Nov. 15 Holders of rec. Nov. 1
Dee. 30 Holders of roe. Dee. 15
Dec. 1 Holders of roe. Nov. 15
Dec. 1 Holders of rem Nov. 10
Nov. 16 Holders of rem Nov. 2
Nov. 15 Holders of rem Nov. '6
Deo. I Holders of rec. Nov. 15
Dec. 5 Holders of tee. Nov.30
Nov. 30 Holders of reo. Nov. 14
Dec. 7 Holders of reo. Nov. 14
Nov 30
Nov. 15 Holders of rec. Oct. 31
Dec. 1 Holders of reo. Nov. 15
Nov. 15 Holders of reo Nov. 151
Nov. 15 Holders of rem Nov. 1
Dec. 15 Holders of tee. Nov. 17a
Nov. IS Holders of rec. Oct. 16
Dec. 12 Holders of me. Dec. 2
Nov. 25 Holders of reo. Nov. 10
Nov. 15 Holders of rec. Oct. 31
Nov. 15 Holders of rec. Oct. 31
Nov. 15 Holders of rec. Nov. I
Jan. 1 Holders of tee. Deo. 20
Jan. 1 Holders of roe. Dee. 20
Dec. 15 Holders of reo. Nov. 15
Financial Chronicle
Volume 137
Per
When
Share. Payable.
Name of Company.
MIseeilarrentr• (Concluded).
Standard 011 Co. of N. J., 525 par (8.-a.)
500
$100 par value (8.-a.)
52
Stanley Works 6% preferred (quar.)
3714c
Strawbridge & Clothier. pref. A (quar.). 511.5
Stromberg Carl Tel. Mtg.,6 ti% pf.(qu) $1.4
Sun 011 Co.. corn. (quar.)
25c
Preferred (quar.)
134%
Sutherland Paper Co., corn
100
Common
10c
Sylvania Industrial (guar
25c
Thatcher Mfg Co., cony. pref. (ouar )_
90c
Tide Water 011 Co., 5% pref. (quar.)
$1).4
Timken Detroit Axle Co.. pref. (guard_
5144
Toronto Elevators
51
Twin Bell oil Syndicate (monthly)
52
United Biscuit Co. of Amer., corn.(qu.).
400
United Grain Urowers
$1
United Milk Crate Corp., CIA.(quar.)
500
U.S. Pipe dr Foundry Co.,corn. (quar.). 12 tic.
1st preferred (quar.)
30c.
United States Playing Card (quar.)
250
United States Steel, pref
50c
United Stores Corp., pref. )quar.)
b81 SO
Van Ratite Co . 1st met (guar.)
$1 1.1
Vanadium Alloys Steel Co special
25e
Venezuelan 011 Control., Ltd.—
Common (interim)
5%
Vick Chemical, Inc., initial (quar.)
50c
Extra
100
Wesson 011 & Snowdrift Co., pref.(au.).
$I
Western Cartridge Co., 6% Pref. (qtr.).- 51t4
Westvaco Chlorine Products Corp.—
Common (quar.)
10c
West Virginia Pulp & Paper, pf. (guar.)) $11.4
Wirer()li(quer )
250
Wolverine Tube,7% pref.(guar.)
$154
Woolworth (F. W.) common (quar.)
60e
Worcester Salt, prof. (quar.)
5134
Wrigley (Wm.) Jr. Co.—
Capital stook (monthly)
I 260rte
Books Closed
Days Inclusive.
Dec. 15 Holders of rec. Nov. 15
Dec. 15 Holders of rec. Nov. 15
Nov. 16 1101th rsi of rec Nov 4
Dee. 1 Holders of rec. Nov. 15
Dee. 1 Holders of rec. Nov. 15
Deo. 15 Holders of reo. Nov 25
Deo. 1 Holders of rec. Nov. 10
Nov. 15 Holders of rec. Nov. 6
Dec. 15 Holders of rec. Dec. 5
Dec. 15 Holders of reo. Dec. 1
Nov. 15 Holders of rec. Oct. 31
Nov. 15 Holders of rec. Oct. 20
Deo. 1 Holders of rec Nov 20
Dee. 1 Holders of rec. Nov. 15
Dee. 5 Holders of rec. Nov. 30
Dec. 1 Holders of rec. Nov. 10
Dee. 1
Jan. 20
Jan. 20
Jan. 1
Nov. 29
Dec. 15
Dec. 1
Nov.20
tee. Nov. 15
roe Dec. 30
tee Dec. 30
rec. Dec. 21
rec. Nov. 2
rec. Nov. 24
rec. Nov. 18
rec. Nov. 10
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
3459
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, NOV. 4 1933.
Clearing House
Members.
*Surplus and
Undivided
Profits.
* Capital.
s
$
Bank of N. Y.& Tr. Co_
Bank of Manhattan Co__
National City Bank... _
Chemical Bk.& Tr. Co__
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Han. Bk.& Tr.Co.
Corn Exch. Bk. Tr. Co
First National Bank....
Irving Trust Co
6,000,000
20,000,000
124.000,000
20,000.000
90.000.000
32.935.000
21,000,000
15,000,000
10.000,000
50,000,000
$
9,595,000
31,931.700
44,768,500
47.147.400
177.962,600
20.297,500
61,203,500
17,567,710
073,105,000
62,320,200
Time
Deposits,
Average.
$
9,372,000
33.063,600
159,056,000
29,181.000
62.823.000
98,340.000
.52.773.000
21,533,000
24.190.000
48,103,000
1,424.000
95,396,000
2,736.000
64,686,000
287,000
4,564,000
15.081,000
2.414,000
30,436,000
726.262.400 5.730.145.000
614 165 000
78,408,000
262.882.010
a850.3.86,000
247.953,000
b845,831,000
204,557.000
476,493.000
173,716,000
316,891,000
300,199,000
4,587,000
26,587,000
58,813.000 01,095,689.0110
3,198,700
42,397,000
63,285,500 d468,130.000
10,560,800
24,149,000
40.772.000
5.269,900
22.204,200
190,343,000
7.846,200
46,315.000
4,597,000
38,447,00C
Continental Bk.lic Tr. Co
4,000.000
Chase National Bank __
. 148,000,000
Fifth Avenue Bank
500.00.)
Bankers Trust Co
25,000.000
Title Guar.& Tr. Co
10.000.000
Marine Midland Tr. Co_
10100,000
New York Trust Co....
12,500.000
Com'l Nat. Bk. dr Tr. Co
7,000,000
Pub. Nat. Bk.& Tr. Co.
8,250,000
Totals
Net Demand
Deposits,
A terage.
755.458.000
of
of
of
of
rec. Nov. 15
rec. Nov. 15
rec. Nov. 15
rec. Oct. 21
* As per offirtal report National Sept 30 1933: State, Sept. 30 1933: trust companies, Sept. 30 1933. e As of June 30 1933.
Includes deposits in foreign branches:(a) $213,329,000:(b) $63,810,000;(c) $72,843,000: (d) $22,398,000.
Dec. 1 Holders of
Nov. 15 Ilolders of
Jan. 2 Holders of
Dec. 1 Holders of
Deo. 1 Holders of
Nov. 15 Holders of
rte. Nov. 15
rec. Nov. 1
tee. Dec. 12
rec. Nov. 15
rec. Nov. 10
rec. Nov. 6
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 Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1030, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended Nov. 3:
Dec. 1 Holders
Dec. 1 Holders
Dec. 1 Holders
Nov.20 Holders
Dee. 1 Holders of ree. Nov. 20
t The New York Stock Exchange has ruled that stock will not be quoted exdividend on this date and not until further notice.
I The New York Curb Exchange Association has ruled that stock will not be
Quoted ex dividend on this date and not until further notice.
a Transfer books not closed tor this dividend.
d Correction. e Payable In stock.
f Payable in common stock. g Payable In scrip. 71 On account Of accumulated
dividends. J Payable in preferred stock.
Subject to the 5% NIRA tax.
m Commercial Invest. Tr. pays div. on convertible preference stock, optional
aeries of 1929, at the rate of 1-52 of 1 share of common stock, or, at the option
of the holder, in cash at the rate of $1.50.
ti The Blue Ridge Corp. has declared a quarterly dividend at the rate of 1-32
of 1 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 II received
by the corporation on or before Nov. 16 1933) at the rate of The per share in each.
P south Porto Rico Sugar special dividend from earned surplus of one share of
Marancha Corp. for each share held.
r Payable In Canadian funds, and in the case of non-residents of Canada, a
deduction of a tax of 5% of the amount of such dividend will be made.
t American Cities Power & Light pay a MY. of 1-32 share of class 13 stock on
the cony. class A optional series, or 75c. in cash.
U Payable In U. S. funds.
o A unit.
w Leas depositary expenses.
z Lees tax.
y A deduction has been made for expenses.
Weekly Return of New York City Clearing House.—
Beginning with March 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the Now York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, NOV. 3 1933,
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans,
Disc. and
Investments.
Res. Dep..
N. Y. and
Elsewhere.
Cash.
$
20,613,200
2,740,813
Brooklyn—
Pennies National
$
131,900
90,058
$
1,371,000
594,708
a Pea OM
Manhattan—
Grace National
Trade Bank
81000
321.000
Dep. Other
Bonita and
Trust Cos,
Gross
Deposits.
5
$
2,049,900 19,561,300
362,454 3,129,297
78.000
4.953.000
TRUST COMPANIES—AVERAGE FIGURES.
Loans,
Disc. and
Investments.
Res. Dep. Dep. Other
N. F. and Banks and
Elsewhere, Trust Co..
Cash.
s
Gross
Deposits.
$
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County....
United States
3
$
$
49.652,800 *2,459.700 12,769,500
359,425
54.693
6,207,593
303,982
*439,954
8,695,026
16,546,700 *2,579,400 1,452,300
26,672.900 *6,527,500 1,453,700
67,863,502 7,452,691 18,890,576
2,158,400 56,547,200
780,410 5.837,942
406,020 8.318,380
688,700 16,654.2(0
32,195,500
66,281,112
Brooklyn—
Brooklyn
Kings County
89,444,000
24.433.645
2,431,000 19,148,000
1.552.804 6,364,637
230,000 95,994.000
25,695.017
* Includes amount with Federal Reserve as follows: Empire, $1,515,400:
Fiduciary, $219,810; Fulton, $2,460,200: Lawyers County, 55.799.000.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank fo New York at the close of business Nov. 8 1933, in
comparison with the previous week and the corresponding date last year:
Nov. 8 1933, Nov. 1 1933, Nov. 9 1932.
Resources—
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
576,706,000
8,285.000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board
Gold and gold certificates held by bank_
Total gold reserves
Other cash's
Total gold reserves and other cash.
Redemption fund—F. R. bank notes_
Bills discounted:
Secured by It. S. Govt. obligations
Other bills discounted
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S. Government securities
Other securities (see note)
Total bills and securities (see note)... _ _
611,708,000
6,470,000
603,724,000
4,762.000
584,991,000
618,176.000
608,486,000
198.769,000
147,136,000
212.566,000
147,090,000
69.645,000
284,382,000
930,896,000
977.832,000
50,919.000
76,142,000
Nov. 8 1933. Nov. 1 1933. Nov. 9 1932
$
S
$
929.000
1,368,000
1,336,000
2.680,000
4,075,000
3,661,000
83,366,000
73,496,000 111,398.000
14.817,000
12,818 000
12,818.000
19,327,000
27,806.000
26,631,000
962,513,000
49,241,000
Resources (Concluded)—
Due from foreign banks (see note)
F. It, notes of other banks
Uncollected Items
Bank premises
All other assets
980,137,000 1,028,751,000 1.038,655,000
3,043,000
2,935,000
12,623,000
27,571 000
12,024,000
27,547.000
31,112,000
27,366,000
40,194,000
39,571,000
58,478,000
2,426,000
2,437,000
10,371,000
170,045.000
350,919.000
310,717.000
170.034,000
345,751.000
311.991.000
188,229,000
137,485,000
412,578,000
831,681,000
827,776,000
738.292,000
993,000
993,000
3,921,000
875,294,000
870,777.000
811,062,000
Total assets
Liabilities—
F. It. notes lo actual circulation
F. It. bank notes in actual circulation
Deposits: Member bank—reserve account
Government
Foreign bank (see note)
Special deposits—Member bank
Non-member bank
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of total gold reserve & other eash•
to deposit and F. It. note liabilities
combined
Contingent liability on bills purchased
for foreign correspondents
1,976,416,000 2.059.928.000 1.970,836,000
643,176,000 639,445,000 586,369,000
52,604.000
54.078,000
967.570.000 1.024,439,000 1,123,254.000
12,265.000
18,636,000
24,665,000
3,740,000
5.141.000
6,103,000
5,399,000
6,042.000
1,202,000
1,102,000
11.296,000
38,024.000
46,116.000
1,042.963,000 1,101,476.000 1,150.555.000
79,759,000 107.114,000
84.166,000
58.454,000
58.447,000
59,009.000
85,058,000
85,056,000
75,077.000
14,402,000
14,310,000
15,660,000
1 976,416,000 2,059,928,000 1,970,836,000
58.1%
59.1%
59.8%
3,574,000
10.271,000
11.866,000
•"Other cash" does not include F. It. notes or a bank's own F. R. ban notes.
NOTE.—Ileginning with the statement of Oct. 17 1925. two new item were added In order to show separately the amount of balances held abroad and amounts due
addition, the caption -Al, other earnings assets." Previously made up of Federal Intermediate Credit Bank debentures, was changed to
to foreign correspondents. In
"Other Securities.- and the caption. "Total earnings assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
discount acceptances and recurIties acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act. which It was stated are the only items Included therein,
3460
Financial Chronicle
Nov. 11 1933
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Nov.9, 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 NOV. 8 1933.
Nov. 8 1933. Nov. 1 1933. Oct. 25 1933. Oct. 18 1933. Oct.11 1933. Oct. 4 1933. Sept. 27 1933. Sept. 20 1933. Nov. 9 1932.
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U. S. Tress
$
$
$
$
$
$
$
$
$
2,637,126,000 2,638,561,000 2,675.331.000 2,677,599.000 2,661.809.000 2,679,077.000 2.713,026.000 2.732.226,000 2,228,469,000
36,569,000
37,313,000
37,419,000
37.313,000
36,273.000
35,723,000
39.266,000
36,162,000
42,040,000
Gold held exclusively agst. F. R. notes 2.676.392,000 2,675,874,0002.712,644,000 2,714,168,000 2,699,228,000 2,715,350,000 2,748,749,000 2.768,388.000 2,270,509,000
Gold settlement fund with F. R.Board
661,187,000 666,190,000 629,632.000 631,283,000 641,427,000 626,415,000 592,547,000 670,051,000 319,906,000
Gold and gold certificates held by banks_ 240,710,000 24o.841.000 248,512.000 246,633,000 249,560.000 250,020,000 250,503,000 252,527.000 419,230,000
Total gold reserves
Reserves other than gold
Other cash*
3,578.289.000 3,587,905,000 3,590,788,000 3.592,084.000 3.590,215,000 3.591,785.000 3.591.799,000 3.590,966.000 3,009,645,000
a
a
a
a
a
a
a
a
214,007,000 226,491.000 238,012,000 229,208,000 215,220.000 219,232,000 231,762,000 230,835,000 259,187,000
Total gold reserves and other cash
Non-reserve cash
Redemption fund-F. R. bona notes
Bilis discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,792,296.000 3,814,396,000 3.828.800.000 3,821,292.000 3,805,435,000 3.811.017.000 3.823.561,0003.821,801.000 3
,268,832,000
a
a
a
a
a
a
a
a
9,839.000
9,497.000
10.515.000
11,315.000
11,365,000
11,248,000
11.457,000
8,528.000
24.994,000
91,513,000
25,825.000
88,768,000
22.798,000
89,956,000
24,067,000
95,240,000
23,241,000
99.743,000
31.219,000
102,014,000
27,092,000
103,069,000
100,992,000
209,961,000
Total bills discounted
112,261.000 116,507,000
Bills bought In open market
6,644.000
6.737,000
U.S. Government securities
-Bonds--- 441,210.000 442.891.000
Treasury notes
1,020,979.000 1,007,587,000
Special Treasury certificates
Other certificates and bills
967,912,000 969,297,000
114,593,000
6,523,000
441,262,000
994,098,000
112,754,000
6,569,000
441.395,000
976,161,000
119.307.000
6.906,000
441,225,000
976,162,000
122,984,000
7,195.000
441.271.000
971,411.000
133,233,000
6,681.000
442.011,000
937,374.000
130,161.000
6,932.000
441,396.000
934.624,000
310,953,000
34,002.000
420,665,099
362,872,000
964,796,000
957,723,000
926.722,000
896,534,000
895,010,000
861,760.000 1,067,160,000
26,298,000
85,963,000
Total U. S. Government securities
Other securities
Foreign loans on gold
2,430,101,000 2,419,775.000 2,400,156,000 2.375,279,009 2,344,109,0002.309.216,000 2,274,395,000 2,237,780.000 1,850,697,000
1,559,000
1,559,000
1,559,000
1.559,000
1.737.000
1.837,000
1,729,000
1.789.000
5.427,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other resources
2,550,658,000 2.544,485.000 2,522,831,000 2,496,161.000 2.472,059,000 2,441,232,000 2,416.038,000 2,376.662.000 2,201,079,000
3.700,000
16,242.000
341.876,000
54,730,000
48.822.000
3.732.000
17.833,000
426.364.000
54,643.000
50,676,000
3,610,000
19,575,000
385.196,000
54,639,000
48,872,000
4,913,000
17.998.000
482,884,000
54,814,000
47.875.000
3,662.000
16.296,000
385,872,000
54,614,000
58,372,000
4,238,000
15,948,000
429.705,000
54,614,000
56.850,000
3.775.000
19,323,000
389,001.000
54,554.000
54,681,000
3.909,000
19,709,000
435.845,000
54,551,000
54.112.000
2,774,000
12,219,000
317,900,000
58,169,000
36,994,000
6,819.781,000 6,923,377,000 6,874,888,000 6,937,052,000 6,806,825,000 6,823,443,000 6,770.430.000 6.775,207,000 5
,897.967,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
2.982,997,000 2,967,302.000 2,960.748.000 2.993,917,000 3,008,430,000 2,999.389,000 2,972,782.000 2.986,781.000 2,715,299,000
F. R. bank notes in actual circulation- - 193,678,000 188.840,000 180,363,000 172.143,000 170.501.000 160,789.000 145,627.000 137.170.000
-member banks
-reserve acci- 2,577,552,000 2.590.551,000 2,693,121,000 2,655,343,000 2,567.360.000 2.523,409.000 2,595,634,000 2,543,328,000 2.342,333,000
Deposits
Government
98,045,000
17,634,000
90,926.000 115,597.000
56,062.000
63.117.000
27.758,000
59,123,000
28,322.000
Foreign banks
15,197.000
16,098,000
13.401.000
15,132.000
17.797.000
15.381.000
10.682,000
16.174,000
10,717,000
-Member bank
Special deposits
74.232,000
67.495.000
73,629.000
69.951.000
70,700.000
68,884,000
65,210,000
76,665.000
Non-member bank
15,238,000
14,954,000
15,315.000
15,858.000
14,704.000
14,237,000
14.193.000
16,214,000
Other deposits
51.942,000
53.128,000
65.718.000
66,088,000
80.962.000
69,800,000
55,372,000
65,118,000
23,086,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,829.124.000 2,884,179.000 2,887,885,000 2.839.231,000 2.785,059.000 2,780,150,000 2,807.779.000 2,766,622,000 2.404.458,000
354,583,000 424.910,000 385,779,000 471,035.000 384,498.000 425.678.000 387,711.000 428,340,000 322,983,000
145,301,000 145.456.000 145,527,000 145,549,000 145,617.000 145.605.000 145.862.000 145.858.000 1 )2.068,000
278.599,000 278.599,000 278,599,000 278,599.000 278,599.000 278.599,000 278,599,000 278.599.000 259,421,000
34,091,000
35,499.000
33,233,000
34,121,000
35,987,000
36,578,000
32.070.000
31.837.000
43,738,000
Total liabilities
6,819,781.000 6.923.377.000 6.874,888,000 6,937,052,000 6.806,825,000 6,823.443,000 6,770,430,000 6.775,207.000 5,897,967,000
Ratio of gold reserve to deposits and
F. R. note liabilities combined
d2.1%
61.5%
61.3%
61.3%
62.1%
61.5%
61.9%
62.4%
58.7%
Ratio of total reserve to deposits and
F. R. note liabilities combined
612.4%
Ratio of total gold reserve St 0th. cash* to
deposit & F.R. note liabilities combined
65.2%
65.2%
65.5%
65.5%
65.9%
66.1%
65.7%
66.4%
63.8%
Contingent liability on bills purchased
for foreign correspondence
40.549,000
36,030,000
10,700,000
33.798.000
38.469,000
42,407.000
30.750.000
46,701.000
37,916,000
Maturity Distribution of Bills and
Short-term Securities
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
$
$
$
$
$
$
3
$
S
80,877,000
7,951,000
15,445,000
6,534,000
1,454,000
87,037,000
9,217,000
13,796,000
5.133.000
1.324,000
84,056,000
8,268,000
15.061,000
6,028,000
1,180,000
81,632,000
9,456.000
11,988.000
8,660,000
1,018.000
87,541,000
9,057.000
9,730,000
12,023.000
956,000
90,204,000
8,699,000
10,699,000
12,503.000
879,000
99,041,000
9,969.000
10,979,000
12,317,000
927,000
95.693,000
10,907,000
11.430.000
10,838.000
1,293,000
221,935,000
26,786,000
34,283,000
18,325.000
9,624,000
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
112,261,000
293,000
616,000
1,045,000
4,783,000
116,507,000
639,000
325,000
863,000
4,817,000
114,593,000
285,000
737,000
899,000
4,602,000
112.754,000
3,408.000
475.000
2,118,000
568,000
119,307.000
3,645,000
559.000
1,986.000
716,000
122,984,000
996.000
1,903.000
386,000
3,910.000
133,233,000
1,110,000
2,118.000
565,000
2,888,000
130,161,000
3,207.000
863 000
2,018,000
844.000
310,953,000
5,957.000
8,517,000
8,698,000
10,830,000
Total bills bought In open market---1-15 days U. S. certificates and bills16-30 days U. S. certificates and bills34-60 days U. S. certificates and bills-61-90 days U. S. certificates and bills.-Over 90 days U.S. certificates and bills--
6,737,000
75,620.000
121,099,000
329,026,000
101,251,000
340,916,000
6,644,000
69,747,000
106,070,000
322,773,000
140.698,000
330,009.000
6,523,000
64,047,000
59.820.000
329,681,000
164.443,000
346,805,000
6,569,000
42,225,000
63,747,000
337,202,000
152,245,000
362.304.000
6,906,000
38.425.000
62.047.000
158.771.000
309,024.000
358.455.000
7,195,000
46,300,000
42,225,000
148.118,000
297,975.000
461,916.000
6,681.000
78,088,000
38.425,000
109,867.000
294,179,000
374.451,000
6,932,000
80,183 000
46.300.000
97,972.000
325,199,000
311:.10b,000
34,002,000
120,750,000
69,000,000
68,600,000
139,839,000
668,971,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
01-90 days municipal warrants
Over 90 days municipal warrants
967,912,000
1,439,000
47,000
31,000
42,000
969,297.000
1,439,000
47,000
31,000
42,000
964.796.000
1,449,000
957,723,000
1,449,000
37,Q00
73,000
896,534,000
1,717.000
10,000
37,000
31,000
42,000
895,010,000
1,650,000
51,000
59,000
926,722,000
1.617.000
10,000
37,000
31.000
42,000
861,760,000 1,067,160.000
1.710.000
3,921,000
1,257,000
50,000
37.000
199,000
42.000
1,559,000
1.559.000
1,559,000
1,559,000
1.737,000
1,837,000
Total municipal warrants
37,000
42.000
1.729,000
1,789.000
5,
427.000
Federal Reserve Notes
-Issued to F. R. Bank by F. R.Agent-- 3,239,532,000 3,230,352,000 3,239,636,000 3.262,380,000 3.281.247.000 3.259,873.000 3.250.979.000 3,279,097.000 2,932,116,000
256,535.000 263,050.000 278,888.000 268,463,000 272,817.000 260,484,000 278,197,000 292,316.000 216,817,000
Held by Federal Reserve Bank
2,982,997,000 2.967,302,000 2.960,748,000 2,993,917,000 3.008,430,000 2,999.389,000 2,972.782,000 2,986.781.000 2,715,299.000
In actual circulation
Collateral Held by Agent as Securtell
for Notes Issued to Bank
By gold and gold certificates
Gold fund-Federal Reserve Board
By eligible paper
U. S. Government securities
1,513,951,000 1,517,456,000 1,520,226,000 1.524,794,000 1,523,204,000 1,522,972,000 1,521.091,000 1.518,291.000 1,069,224,000
1,123,175,000 1,121,105,000 1,155,105,000 1,152,805.000 1,138.605,000 1.156.105,000 1.191.935.000 1,213,935.000 1,159,245,000
71,637,000
69,032,000
74.491,000
75.435.000
71,089,000
75.332,000
79.465,000 294,388,000
84,057.000
580,000,000 572,000,000 556,200,000 575,200.000 603.200,000 570.200.000 525,200,000 527,200,000 424,900,000
3.288.215.000 3.285.052.000 1,303,168,000 3.321.631.000 3.340.444,000 3.324.609.000 3.322.283.000 3.338.894.000 2047 7S7 nnit
* "Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. a Now included In "other cash." b Revised
Total
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE RANKS AT CLOSE OF BUSINESS NOV. 8 1933
Two Ciphers (00) Omitted.
Federal Reserve Bank ofTotal.
Boston. Nets York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louie. Minneap. Kan.City. Dallas. San Fran.
RESOURCES.
3
$
Gold with Fed. Res. Agents__-- 2,637.126,0 215,329,0
39,266,0 1,857,0
Gold red.fund with U. S. Treas.
S
3
$
3
$
576,706,0 170,000,0 216,770,0 127,075,0 95,115,0
8,285,0 4,488,0 4,687,0 2,116,0 2,639,0
S
$
3
$
3
3
735.972,0 124,578,0 69,354,0 92,390,0 42,074,0 181 7830
3,512,0 1,479,0 1,696.0 1,339,0
944,0 6:228:0
Gold held excl. agst. F.R.notes 2,676,392,0 217,186,0
Gold settlem't fund with F.R.Bd 661,187,0 33,887,0
Gold & gold ctfs, held by banks_ 240,710,0 22,143,0
584,991,0 174,488,0 211,457,0 129,191,0 97,754,0
198,769.0 15,606,0 34,727.0 30.955,0 16,502.0
147.136,0 12,344,0 4,675,0 1,418,0 3,107,0
739,484,0 126,057,0 71,050,0 93,729,0 43,018,0 167 987 0
180,057,0 33,663,0 13,461,0 32,196.0 29.856,0 41•808'0
2,401,0
298,0
377.0 12,035,0 3,854,0 30:922:4
_
921.942.0 180.018.0 84.666.0 137.960.0 76728 0 9lIn A t ••• n
erntni gold reserves
3.578.289.0 273.216.0
930.896.0 202.438.0 250.859.0 161.564.0 117.363.0
Financial Chronicle
Volume 137
3461
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) Omitted.
Total.
RESOURCES (Concluded)—
3ther cash.
New York.
Boston.
Cleveland. Richmond Atlanta.
Phila.
Chicago. St. Louis. Minneap. Kan.Citg. Dallas. San Fran.
$
$
214,007,0 18,860,0
Total gold res. & other cash-- 3,792,296,0 292,076,0
Redem.fund—F. R. bank notes_
11,457,0 1,050,0
Bills discounted:
Sec. by U.S. Govt. obligations
26,298,0 1,902,0
Other bills discounted
85,963,0 3,005,0
980,137.0 229,602,0 270,880,0 173,097.0 128,644.0
250,0
383.0
740,0 1,593,0
3.043,0
Total bills discounted
112,261,0 4,907,0
Bills bought in open market_ --420,0
6,737.0
U. S. Government securities:
441,210.0 24,402,0
Bonds
Treasury notes
1,020,979.0 68,690,0
Special Treasury certificates067,912,0 64,592,0
Certificates and bills
3
9,498.0
$
31,730,0
$
$
$
$
$
49,241,0 27,164,0 20,021,0 11,533,0 11,281,0
8
7,358,0
$
9.134,0
$
$
6,151,0 12,036,0
953,672.0 169.516,0 92,246,0 147,094,0 82,879,0 272,453.0
1,800,0
373,0
607.0
262,0
858,0
500,0
3.741,0
6,711,0
451,0
6,323,0
408,0
5,803,0
876.0
4,558,0
621.0
925,0
90.0
2.942,0
399,0
3.603,0
212,0
888.0
1,330,0
3,138,0
40,194,0 24.141,0 10,452.0
563,0
604.0
2,426,0
6,774,0
222,0
6,211,0
199,0
5,434,0
748,0
1,546,0
155,0
3,032,0
105,0
4,002,0
165,0
1,100,0
165,0
4,468,0
965.0
12,623.0 3,645,0
27,571,0 20,496,0
170,045,0 28,070,0 32.160,0 11,863,0 10,782,0
350,919,0 71.677,0 93,212,0 34.376,0 31.159,0
76.949,0 14,494,0 16.304,0 12.509,0 18.524,0 25,108,0
171,753,0 40,562,0 25,407,0 35,732,0 24,711,0 72,781.0
310,717,0 67,373,0 87,652,0 32,324,0 29.300,0
188.641,0 38,144,0 23,887,0 33.600,0 23.240,0 68,412:5
Total U.S. Govt.securities_ 2,430,101,0 157,684,0
Other securities
1,559,0
Bills discounted for, or with
(—), other F. R. banks
831,681.0 167,120,0 213,024,0 78,563,0 71,241,0
510,0
993,0
437,343,0 93,200,0 65,598,0 81,841,0 66,475,0 166,331.0
56,0
.
Total bills and securities
Due from foreign banks
Fed. RCA. notes of other banks
Uncollected items
Bank premises
All other resources
875.294,0 192,375.0 224,039,0 85,559,0 77,651,0
370.0
131,6
410,0
146,0
1.336.0
394,0
573,0 1,211.0 1,291,0
3,661,0
73,496.0 27,552,0 30,494,0 34,037.0 11,805,0
12.818,0 3,789,0 6,932,0 3,238.0 2,422,0
26.631,0 4,626,0 2,421,0 3,449,0 4,059,0
443,525.0 94,901,0 68,791,0 86,008.0 67740,0 171,764.0
108,0
108.0
261.0
15.0
22,0
508,0
311.0 1.862,0
695.0 1,219,0
3.537,0 1,171,0
44,311,0 18,693,C 9,484,0 20.814,0 15,070,0 17,176,0
7,609,0 3,285.0 1,747,0 3,559.0 1,797,0 4,254.0
957,0
601,0 1,081,0 1,797,0 1,211.0
1,536,0
2,550,658,0 163,011,0
285,0
3,700.0
317.0
16,242,0
341.876,0 39,544.0
54,730,0 3,280,0
48,822,0
453,0
6,819,781,0 500,016.0 1.976,416,0 459,488,0 537,302,0 300,987,0 226,386,0 1,456,498,0 287,982,0 174,321,0 261,099,0 169,972,0 469,334,0
Total resources
LIABILITIES.
F. R. notes in actual circulation- 2,982.997.0 215,678,0
F. R. bank notes in act'l &curl] 193,678,0 20,118.0
Deposits:
Member bank reserve account 2.577,552,0 186,108.0
Government
90,926,0 4,336,0
Foreign bank
502,0
10,682.0
Special—Member bank
65,210.0
798.0
Non-member bank
___
14,954,0
Other deposits
69.800,0 2,341,0
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Total liabilities
2 829.124,0
354,583,0
145,301,0
278.599,0
35,499,0
643.176,0 233,511,0 278,918,0 148,789.0 122.755,0
52.604,0 13,521,0 26,513.0 3,730,0 5,789,0
746,122,0 143,381,0 91.052,0 106,377.0 38,304,0 214.934,0
30,321,0 5,609,0 3,896,0 7,463,0 14,226,0 9,888,0
967,570,0 122,351,0 144,578,0 83,571.0 60,431,0
24,6650 4,121,0 3,847,0 2,586,0 2,108,0
268,0
6,103,0
681,0
241,0
722,0
5,399,0 8,138.0 6.627,0 2,608.0 2.324,0
171,0
352,0
745,0
1,202,0 1,922,0
423,0 2,132,0 4,254,0 2,894,0
38,024,0
511,219,0 87,593,0 54.372,0 106,285,0 81,557,0 171.917,0
32,384,0 1,722,0 1.727,0 3,692,0 2,498,C 7,240,0
481,0
199,0
199,0
158.0
234,0
894,0
387,0 2.534,0
28,320,0 4,380,0 1,365.0 2,330.0
660.0
167,0
4,260,0 4,240,0 1,235.0
567.0 1,793,0 10,189,0
281,0
1,733,0 5,169,0
194,085,0 1,042,963,0 137,677.0 158,036,0 94,032.0 68,350,0
79,759.0 28,405,0 30,224,0 36,907,0 11,578,0
38,149.0
58,454.0 15,756.0 12,360,0 4,925,0 4,581,0
10,780,0
85,058,0 29,242.0 28,294.0 11,616,0 10,544.0
20,460,0
988,0 2,789,0
14,402,0 1,376,0 2,957,0
746.0
578,810.0 103,338.0 59,138,0 113,240.0 86,434,0 193.021,0
44,220,0 20.368,0 9,191.0 20,748.0 16,790,0 18,244.0
13,008,0 4,004,0 2.865,0 4.243,0 3,709,0 10,616.0
39,497,0 10,186,0 7.019,0 8,263,0 8,719,0 19,701,0
765,0 1,790.0 2,930,0
4.520,0 1,076,0 1,160,0
6.819,781,0 500.016,0 1,976,416,0 459,488,0 537,302,0 300,987,0 226,386,0 1,456,498,0 287,962.0 174,321,0 261,099,0 169,972,0 469,334,0
Memoranda.
,
Ratio of total gold reserves and
other cash• to deposit & F. R.
note liabilities combined
71.3
72.0
62.0
67.3
61.9
58.1
71.3
65.2
Contingent liability on bills purchased for torn correspondents
1,391,0
417,0
375,0
3,574,0 1,124,0 1,059.0
781,0
10,700,0
•"Other cash" does not, Include Federal Reserve notes or a bank's own Federal Reserve bank notes.
68.7
61.4
67.0
66.4
66.8
364,0
246,0
310,0
310,0
749.0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at—
Boston. New York.
Total.
Two Ciphers (00) Omitted.
$
3
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt 3,239,532,0 235,192,0
Held by Fed'I Reserve Bank_ 256,535.0 19.514,0
—
In actual circulation
2,982,997,0 215,678,0
Collateral held by Agent as security for notes issued to bits:
Gold and gold certificates,— 1.513.951.0 7 .012
4
.0
Gold fund—F. R. Board
1,123,175,0 141,317.0
Eligible paper
71,089,0 3,070,0
U.S. Government securities
580,000,0 19,000,0
'Mtn! on.
.....,.......... .. on, nnr. .-.
Cleveland. Richmond Atlanta.
Phila.
Chicago.
$
$
$
8
$
St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
$
i
$
8
$
717,902,0 249.596,0 292,026,0 156.834,0 142.125,0
74,726.0 16,085,0 13.108,0 8,045,0 19,370,0
783,377,0 151,751,0 96.155,0 113,168.0 42,353,0 259,053,0
37,255.0 8,370,0 5.103,0 6,791,0 4.049,0 44.119.0
643.176,0 233,511,0 278,918,0 148,789,0 122.7.55,0
746,122,0 143,381,0 91,052,0 106.377,0 38,304,0 214,934,0
880 0
523 606 0 100, . 107.270,0 51,700,0 21,115,0
, .
53,100.0 69,120,0 99,500,0 75,375,0 74.000,0
27,093,0 10,208,0 8,895,0 4,762,0 3,898,0
140,000.0 70,000,0 80,000,0 26,000,0 44,000.0
445,972,0 28.378,0 29,854,0 19,590,0 20,574,0 91,000,0
290,000,0 96,200,0 39,500,0 72,800,0 21,500,0 90,763,0
1,914,0 1,148.0 1,519,0 3,097,0
949,0 4,536,0
77.000,0
50.000,0 28,000,0 26,000.0 20,000,0
,...2 ,nn n non ono n ono Rex n 1C7 557 11 14.5 ni9 n
757 555 n 155 7911
n
OR 575 A 11R 4870
43 023 n 263.299.0
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at—
Two Ciphers (00) Omitted.
Federal Reserve bank notes:
Issued to F. It. Ilk. (outstdg.)
Held by Fedi Reserve Bank_
In actual circulation
Collat, pledged amt.outst. notes:
Discounted & purchased bills_
U. S. Government securities
Total colistmo __
Boston. New York.
Total.
Cleveland. Richmond Atlanta.
Phila.
$
$
3
$
Chicago. St. Louis. Minneap. ICan.City. Dallas. San Fran.
$
$
$
i
i
3
$
$
$
218,494,0 23,671.0
24,816,0 3,553,0
63,597,0 14,798,0 27.532,0
10,993,0 1,277.0 1,019,0
4,600.0
870,0
6,353.0
564,0
31.920,0
1,599,0
5,833,0
224.0
4,127,0
231,0
9,930,0 15,716,0 10.417,0
529.0
2,467.0 1,490,0
193.678,0 20,118,0
52,604,0 13,521,0 26,513,0
3,730,0
5,789.0
30,321,0
5,609,0
3,896,0
7,463,0 14,226,0
2,024,0
239.274,0 30,000,0
1,545,0
64,274,0 15,000,0 30,000,0
5.000,0
196.0
9,000,0
36,000,0
233.0
7.000,0
50.0
6.000,0 10,000,0 16,000.0 11,000.0
5 000 n
0.196.0
38.000.0
7.233.0
6.000,0 10,000,0 16.050,0 11,000,0
941 9952
n on non n
Rd 974
n
in
non n
slug
n
9,888,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement" and Include
all real estate mortgages and mortgage loans held by the bank. previously acceptances of other banks and bills sold with endorsement were Included with loans. and some
of the banks included mortgages In Investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on securities
being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U.S. obligations and those secured by commercial
Paper, only a lump total being given. The number of reporting banks formerly covered 101 leading cities, but was reduced to 90 cities after the declaration of bank holidays
or moratoria early in March 1933. Publication of the weekly returns for the reduced number of cities was omitted In the weeks from March 1 to May 10. but a summary
of them is to be found in the Federal Reserve Bulletin. The figures below are stated in round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS NOV. 1 1933 (In Millions of Dollars).
Federal Reserve District--
Total.
,-
500
1,898
2,069
238
262
8,156
U. S. Government securities
Other securities
3,967
247
449
521
3,804
544
5,164
2,992
Investments—total
696
3,604
4,989
On securities
All other
Phila.
$
1,217
8,593
Loans and investments--total
Loans—total
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
—
Boston. New York
$
16,749
333
188
2,445
1,359
298
246
1,911
200
10.653
4,470
1,012
1,236
2,715
,..
112
23
726
379
101
129
158
903
46
5,670
1,187
488
129
1,277
..
77
11
556
313
90
93
156
$
$
7,771
1,044
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
1,129
$
$
340
335
459
182
182
227
232
65
117
56
126
670
158
153
467
203
113
45
101
52
79
16
528
436
57
60
126
A
28
9
190
128
9
64
66
21
5
142
131
36
57
55
8
1,509
478
334
509
393
$
1,690
865
236
183
212
217
894
402
463
86
150
48
135
55
157
60
157
222
672
644
242
151
297
176
796
385
259
140
102
93
58
189
108
123
53
477
319
417
43
1,213
463
67
237
317
48
9
283
159
26
72
93
27
5
199
124
4
58
73
58
11
339
167
14
115
163
48
7
237
121
36
88
104
95
15
570
862
84
134
127
$
8
8
8
Financial Chronicle
3462
ginanriat
U. S. Treasury Bills-Friday, Nov. 10.
Rates quoted are for discount at purchase.
Tniitiorfou
Bid.
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
6 Mos.
including Postage12 Mos.
$6 00
United States. U. S POSSOU101111 and Territories
$10.00
In Dominion of Canada
11.50
6.75
South and Central America, Spain, Mexico and Cuba7.75
13.50
Great Britain. Continental Europe (except Spain). Asia.
Australia and Africa
16.00
8.50
The following publications are also issued:
MONTHLY PTJBLICATIONIICOMPENDIUMS-.
PUBLIC UTILITY-(semi-annually)
BANK AND QUOTATION RECORD
RAILWAY I INDUSTRIAL-(fOUP a year) MONTHLY EARNINGS RECORD
STAIR AND MUNICIP•L--(111M2i-an11.)
The subscription price of the Bank and Quotation Record and the
Monthly Earnings Record is $6.00 per year each; for all the others is
$5.00 Per year each. Foreign postage extra.
NOTICE.
-On account of the fluctuations in the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
in New York funds.
Terms of Advertising
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert; Business Manager, William D. Rig=
Treas. William Dana Seibert. See.. Herbert D.Seibert. Addresses of all. Office of Co.
Wall Street, Friday Night, Nov. 10 1933.
-The Review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 3450.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales
for ,
Week. 1
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par Shares. $ per share. $ per share. $ per share.8 per share.
RailroadsOct 5134 July
600 20 Nov 10 22 Nov 9 20
Hudson & Mani] p1_100
34 Feb 334 July
500 134 Nov 8 134 Nov 8
100
Market St Ry
70 2 Nov 8 2 Nov 8 1
Jan 45 June
Preferred
100
New On Tex & Mex 100
Norfolk & West pfd_100
Indus. & Miscell.Am Mach & Mets ctfs.•
Art Metal Construct_10
Austin Nichols prior A *
30 10
40 85
Nov 6 10
Nov 4 85
Nov 6 534 Nov 31
July
Nov 4 74 May 8734 Sept
34 Feb 5% June
700 3 Nov 9 334 Nov 10
110 3% Nov 4 6 Nov 9; 334 Feb 9% July
July
210 36 Nov 838 Nov 6 13
Feb 38
Beneficial Ind Loan__' 3.100 13% Nov 6 1434 Nov 91 133.4 Sept 14% Nov
Bristol & Myers
5 5,300 33,1.4 Nov 4 3534 Nov 10 29
Sept 3834 Sept
20 4 Nov 6 4 Nov 6 134 Jan 13 June
Burns Bros pref___100
City Stores class A
*
Certificates
Collins & Aikman pt 100
Col Fuel & fr pref 100
Comm Cred pref (7)_25
Consol Cigar prior pref
X-warrants
100
Crown W'mette lot pt.*
120 2% Nov
% Nov
1,300
120 79 Nov
120 13 Nov
20 23 Nov
100 47
20 44
4 234
6 1
8 80
6 15
9 23
Nov 6 47
Nov 4 44
Nov 9 134 Jan 834
Nov 8
34 Mar 2%
Nov 8 6334 May 85
Nov 10 13
Nov 54
Nov 9 1834 Mar 25
4,400 78 Nov 4' 84
20,10534 Nov 16106
1
70,100 Nov 4 103
701 40
Laclede Gas
100
Life Savers
5 3,000' 18
MacAndrews & Forbes
50 9534
Preferred
100
Natl Distill Prod new. 62,500 3034
•
Outlet Co
Nov 9 65
Nov 10 105
July
Nov
July
July 85% July
Aug 06
July
Nov 4 100 rJune 10
Nov
Nov 8 96 Nov 4 74
Apr 96
Nov 10 3334 Nov 9 3034 Nov 33% Nov
Nov 1010534 Nov 10 101%
Nov 10 734 Nov 9
1.• Nov 9 1-P21
Nov 10
34
Nov 4 334 Nov 4
Nov 4 7 Nov 6 6%
Apr 42
Jan
May 111%
9%
ae
' %
c
Feb 934
Nov 734
Sept
Sept
Oct
July
Nov
July
Feb 60
10 40 Nov 10 40 Nov 10 7
2,000, 2454 Nov 6 2634 Nov 9 2434 Oct 26% Nov
,
Schenley Products___5 52,2001 3434 Nov 10 39 Nov
Oct 45% Aug
Sterling Products ..1O14,000, 53 Nov 8 5734 Nov ?) 144 Oct 60% SePt
United Drug Co
Sept
5 8,7001 734 Nov 4 834 Nov 9, 634 Oct 12
Apr 1163.4 Oct
Univ Leaf Tob pref_100
50115 Nov 811554 Nov 8' 96
Utah Copper
Mar 83 June
10
10 5234 Nov 9, 5234 Nov 9 35
Vick Chemical
5
Virginia It' Cl & C.100
White Rock MIS new*
3,000 2634 Nov 6 2834 Nov 0 261.1 Oct 31
70 834 Nov 9 10 Nov 4, 23.4 Feb 16
Oct 29
1,700 2334 Nov 4, 25 Nov 0 23
Sept
May
Oct
•No par value.
Quotations for United States Treasury Certificates of
-Friday, Nov. 10.
Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Asked.
Maturity.
Int.
(hue.
Bid.
Asked.
June 15 1934___
Dec. 15 1933.Mar. 15 1934._
Aug. 1 1935...
Aug. 1 1934___
Feb. 1 1938- _
Dec. 15 1936_ ....
Anr 15 1936___
34%
34%
34%
134%
231%
24%
234%
236%
99"ft
100.22
100.n
100.22
101.22
98"u
99112
2
1001.22
1002ft
100.22
100.22
100.22
101.22
98..22
991.12
1001.22
June 15 1938-May 2 1934_ __
June 15 1935___
Apr. 15 1937_._
Aug. 1 1936._
Sept. 15 1937...
Dec. 15 1933._
274%
3%
3%
3%
334%
314%
434%
982.22
101.22
102.22
99..1
1011.2t
100.n
1001111
99
101.22
102.421
99"1
101"22
100.32
100"Sl
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Bid,
Asked.
0.30%
0.30%
010%
0.30%
0.30%
0.30%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Asked.
0.30%
0.30%
0.30%
0.30%
0.30%
0.30%
0.3051
Jan. 3 1933
Jan. 10 1934
Jan. 17 1934
Jan. 24 1934
Jan. 31 1934
Feb. 7 1934
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in
Liberty Loan Bonds and Treasury certificates on the New
York Stock Exchange. The transactions in registered bonds
are given in a footnote at the end of the tabulation.
High 101 2022 101 1.22
First Liberty Loan
334% bonds 01 1932-47_ Low_ 101"ft 101 182
Close 101 2022 101"22
(First 334s)
10
71
Total sates in $1,000 unitsConverted 4% bonds ofIHigh
____
____
Low_
1932-47 (First 48)
Close
-----Total sales in $1,000 units_ __
Converted 434% bondsilligh 1021.22 102"ft
of 1932-37 (First 434s) Low_ 1021.22 102°32
Close 1028031 102.22
53
10
Total sates in 81,000 units_ __
------Second converted 4q% High
---_
--__
bonds ot 1932-47 (First( Low.
---_
---Close
Second 434s)
Total sales in 81.000 units_-_--(High 103122 103,
22
Fourth Liberty Loan
1023.22
434% bonds of 1933-38_ Low 103
Close 103
102..22
(Fourth 434,2)
50
132
Total sales in 51,000 units__
1 Higb 1013.22 101.122
Fourth Liberty Loan
434% bonds (called)..._ Low 101.022 101.22
Close
101"32
29
Total sales in 31.000 units._
Ill lei 109.22
Treasury
Low. 1041.32
434s, 1947-52
Close 109122
75
Total sales in $1,000 units...
(High 1001.22
343-334s, 1943-45
Low, 100.22
Close 100l.32
251
Total sales in $1,000 units__
{High
105.22
Low. 101.22
4s, 1944-54
022
Close 104.
122
Total sales in $1,000 units__
22
{High 1031.
1.ow. 1031.22
334s, 1946-56
Close 1031.22
55
Total sales in $1,000 units__
(High 100un
Low. 100.
22
3345, 1943-47
Close 100.
122
66
Total sales in $1,000 units___
{
High 96.°32
Low_ 06.722
3s, 1951-55
Close 06"ft
Total sales in $1,000 units___
128
III igh 100.122
334s, 1940-43
Low 1001.22
Close 100"22
128
Total sales in $1,000 units__
(High 100.122
33
4s, 1941-43
Lo w. 100.22
Close 100"22
Total sales in 51.000 units__
401
(High 981822
334s. 1946-49
Low. 08°.32
Close 981.22
Total sales in $1,000 units__
18
(High 100.33
334s, 1941
Low. 100,22
Close 100232
Total sales in 51,000 units__
258
10120n
101 1022 1000.22 100
100 8ft 9028n 99
101
99"ta 991.22
146
320
993
102
-.473; 102I T1; 10.;
102.32 101.°12 101.22
102.82 101"ft 101ft ,
63
812
933
'
____
-___
-------
-___
____
102..22
102y,,
102..32
345
101.42
101 l,
32
10222
102.22
102.31
559
101 1.22
101 "91
101,1
%
101"42
101":2
101.2t
101 l.st
522
101.11
101"n
101,,
,,
557
103'.13
105.22
105.ls2
266
99
98.22
982.32
2.190
1031.22
1022.22
103.32
417
101.22
100.22
101.31
105
99.32
08"92
09'n
45
psi...
94"22
95
243
99.22
98"n
99
254
99.2t
981.st
08"31
511
96.22
9511,1
955.32
177
98..22
98.32
982133
48
65
628
108.122
1081.22 107.523
108"32
107..32 100'.32
1081.22
1071°32 106..32
20 HOLI419
158
1001.22
100.22 100.22
100.22 DAY. 100
983.22
100.31
100°32
0942
419
442
1444
104.
022
100.22 1011.32
101.22
101.22 103.2,
101"32
104°.32 103.113
103
444
615
103.22
1022.22 1021.2,
102.°22
1021.22 101..2
2832 101..33
102"33
102
186
217
130
100°132
100.33 100
1001.21,
99..22 991.22
1001,12
100°,2
09.'3,
169
60
26
0623,, 061 ea
,
96932
96.°22
95"22
96
'n
962022
901.22 96
131
245
254
100"n
100.22 100
100",,
991.22 99.2,
1001.22
100 33
,
09'32
82
160
70
1002.22
100.22 100
1001.22
90.'32 09,133
100.22
100.22
09l.32
143
113
262
981.22
98.22
98
98
971.ft 969.22
98.2
98.22
97
160
283
82
100.33
091 32 910.32
.
992.22
98"sr 148",,
992'33
992.32 99 233
1.16
Al,
1246
tea
Jan
Nov 9 4034 Oct 80 June
Nov 8 1534 Oct 2234 Sept
10, 2834 Nov 0 2834 Nov 9 22
Pao Tell Tel pref _100
1010534
Pacif.c Western 011 •
900 7
Peerless Co rights
32,300 1-128
Penn Coal & Coke_50
900, 334
Pierce Arrow Co new..5 1,200, 634
Revere Cop & Br pf_100
Roan Antelope C M....1
Nov & 45
Nov 8 19
July
July
Sept
June
Sept
Nov
3834 Apr 6234 July
Nov 4 17 May 54
Aug
• 46,800 2934 Nov 6 3334 Nov 9 2434 July 49
Deere & Co
Devoe & Raynolds10, 99 Nov 8 99 Nov 8 7934 Jan 99
100
lst preferred
20 21 Nov 9 21 Nov 9 9
Apr 30
Filene's(Wm)Sons Co*
25
Hazel Atlas Co
Ingersoll Rand pref_100
Kansas City Lt & Pow
*
Preferred /3
Nov. 15 1933
Nov. 22 1933
Nov 29 1933
Dec. 6 1933
Dec. 12 1933
Dec. 20 1933
Dee. 27 1933
Daily Record of U. S. Bond Prices. Nov. 4 Nov. 6 Nov. 7 Nov. 8 Nov. 9 Noe. 10
45 cents
Transient display matter per agate line
On request
Contract and Card rates
CumAlm Orrics-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON Orrics-Edwards & Smith. 1 Drapers Gardens. London, B.O.
STOCKS.
Week Ending Nov. 10.
Nov. 11 1933
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
58 4th 434s
5 Treas. 434s
10 Treasury 334 1943-1947
12 Treasury 334s
033
101.12 to 102.
105.ss to 105.31
08.132 to 99 012
97.22 to 971.22
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 5.1034 @5.16
for checks and 5.1034©5.1634 for cables. Commercial on banks: Sight,
5.1034; 60 days, 5.10; 90 days, 5.0934; and documents for payment, 60
days, 5.1034. Cotton for payment, 5.09,4%
To-day's (Friday's) actual rates for Paris bankers' francs were 6.26@
6.313-4 for short. Amsterdam bankers' guilders were 64.65(1465.10.
Exchange for Paris on London, 81.43; week's range, 81.43 francs high
and 80.06 francs low.
The week's range for exchange rates follows:
Sterling ActualChecks.
Cables.
High for the week
5.16
5.1634
Low for the week
4.8534
4.8534
Paris Bankers' Francs
High for the week
6.35
6.3534
Low for the week
6.03
6.0334
Germany Bankers' Marks
High for the week
38.73
38.75
Low for the week
36.74
36.75
Amsterdam Bankers' Guilders
High for the week
65.46
65.50
Low for the week
62.08
62.09
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 3453.
A complete record of Curb Exchange transactions for the
week will be found on page 3480.
3463
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
1
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday
Nor. 4.
Monday
Nov. 6.
Tuesday
Nov. 7.
Wednesday
Nov. 8.
Thursday
Nov. 9.
Friday
Nov. 10.
Sales
for
the
Week.
$ per share $ per share $ per share $ per share $ per share Shares.
8
4958 5148 23,000
50
a183 51 18 5012 53
49
56
8
5712 57,
8 5712 5812 1.400
56
8 583 593
3112 323
31
4 3212 3412 32
333
4 7.400
3214
a2212 2414 2414 2512 23511 25
41,800
22 4 233
3
4
22
4,400
2412 2412 2512 243 25
23
8
2
312
3612 3312 3312
600
33
333,
3314 3314 *34
*96
96
97
*96
96
96
98
9812
190
*1012 1412 11
11
100
*11
.11
16
1712
53,
200
5
*512 512 *5
614 *412 614
.4414 48
.4414 45 8 4414 4414 4512 453
3
4
400
2934 3058 285 3018 2814 287 15,600
277 30
8
8
2
*743 77
4
*75
777 .6914 7778 *70
8
777
8
_
____
_
__ ......
127g 131s 133 133
--3T -- 1 -- i "II8
4 125 - 18 - 9,i00
8 13 1I 8 13 8 i 4
79
.____ 79 .____ 79 .____ 79
*70
•____ 79
70 .62
70
200
*50
68
70
70
74
.50
68
16,100
8 403, 4112 397 41
8
393 4014 3912 40,
4
393 407
4
2
*11g
212 .118 212 *118 212
•1 12 214 .1.18 212
*15
8 212 .1 18 212
*118 212
300
212 212
13
4
13
4
33,
3
.3
318 *3
314
800
312 312
312 318
714 712
.
4 63
7 4 73, *714 71
712 772
,
4 1,000
63
47
8 514
5 8 512
,
514 53,
514 53
2
512 53
8 5,100
8
812 9 22,200
812 83
812 912
8
8
87
8
8 14
78 8
5
8
814 6,400
7 8 812
5
814
8
814 83
4
15
•133 1512 •12
15
14
4
•14
153
8 14
15
300
4
4
34 4
3
3 8 37
7
8 1,100
38 4
7
533
4 4
461s 7
461, 7
63
4 67
618 612
4
8
600
054 63
514 514
8 5
514 514
5
47
5
1,100
5
5 14
21
4
215
8 213 213
4
23
273
4 25
243
280
4 24
26
19
21
19
*14
60
20
•17 4 19
21
,
20
17
•I2
19
*10
19
.10
25
40
*1914 24
19 4 1914
,
*27
8 3
200
3
4 3
*23
4 3
3
3
*23
3
*4
7
*4
.4
7
7
*4
7
7
*4
5534 12.000
50, 5212 5012 51
2
513 537
5614 53
4
8 54
23
2414 2314 233
4
2314 25
25
25'z 34.800
2612 24
53
4 53
4
3,000
53
53
4 53
4 57
54 6
3
4
53
4 5$4
1614 9,200
1512 157
8 15
1514 16
8 15
1518
153 165
4
153 163 •1514 163,
4
8
1,900
17
1612 1612 1738 1812 17
13
.8
•10
13
1278 127
200
*10
8 13
13
13
175 1814 175 18
8
8
21.300
Stock
4
183 193
01712 19
4
4 173 19
•5
618 *5
100
63
.5
2
63
8 *5
52 52
,
,
63*
1512 *10
*11
16 Exchange *10
16
16 .12
•12
16
•5
4
1
*3
4
1
200
.4 1
3
*3
4
3
4
1
7
2
10
10
11
10
10
10
10
1012 1012 11
Closed1.000
26
273
4 26
263
4
2514 2712 2718 2812 2618 2814 29,100
.34
40 .33
Election
40
•34
38
*35
38
38 .35
.4912 52 .4912 56
.4912 51
10
5018 5018
*5012 52
.16
20
*1612 20
Day
17
*1618 20
173
4 1714 1712
130
854 914
9
10
5,500
101 1
914 1014
9
9
10
11 18 11 12 1012 1012
12
1,800
11 12 1212 *11
11
11
•14l2 1712 1512 1512
300
8 1612 1612 .15
1712
•1618 173
1412 143
4 143 14,2
8
147 1514 15
8
16
8
1414 153 11,000
43 437
8 4214 43
4212 4312 5,000
4212 443
8 437 45
8
*1812 2412 *21
25
•19
247 *1912 25 .1912 25
8
16
163* 1612 1714
4
1712 183
8
8 1714 1712 163 173 10,900
4.312 511 4312 514 .312 514
.312 4
.312 4
.3,
*3
4
7
8
54
54
400
7
2
55
8
3
4
3
4
3
4
*118 21 1 •13
8 214
112 112 *13
100
8 214 .118 214
4
*2
.2
4
218 218
231 23
.2
4
200
4
.43
4
Vs
43
4 454
*43
4 57
8 .43
230
434 43
4 57
4
8
812 812
83, 812
83
8 9
834 91 1
83
4 854 3.300
1712 18,2 *1712 1814
18
1912 1812 19 4 *173 19
3
3,300
4
415 418
418 418
4
414 412
438 2,300
4
4
5
512 512
5
53
4 578 4,000
512 6
5
5 12
.27
34
.2512 33
.2512 34
3514 .2512 35
40
33
*5
8 114
55
8
1,
4
*5
8 114
55
8 114
.5
s
1,
4
3
3
3
2
*3
2
12
100
53
8
38
12
*3
8
12
12 .
4 323 333
8
323 333
8
8
323 36
8
353 373
4
8 3514 3718 148,700
153 157 *1412, 16
4
8
157 16
8
1714 1734 1618 163
8 2,100
163
4
17 .15
17
17
8 18
177
8 1814 193
183
8 2,400
•11312 116 *111 116
•114 11912.114 116
114 114
10
1614 165
1612
8 16
15
17
1678 183
8 17
18
23,500
25
2312 2412 25
25
26
2612 2634 1.900
26
28
*812 87
8,
4
2 *8
814 83
4
9
914
914 812 1,800
113,
*112
13
8 212
*218 214
218 218
2
2
4,500
•118 114
114
1,
.114
4
13
8
13
8
13
8 *114 13
200
8
150 150 .149 1497
8
1497 1497 150 15014 150 15212 1,20
8
8
4
2012 2112 203 2154
203 2214 2118 227
4
8 213 225 12,300
8
8
*212 3
.212 3
*212 3
•212 3
.212 3
271 1 2612 27
27
2612 277
8 2712 283
4 27
2818 35.600
.2
412 .23
8 3
•23
8 412 *23
8 412 .232, 42
.11
17 .1318 18
.11
18
.14
1614 *1118 16
•15
22
22 .15
•17
22
1818 1818 •15
100
23
•13
17 .13
17
*13
17
15
15
•1314 15
100
515
•15
21
.15
21
21
.15
21
*15
21
.43
46
.43
46
46
47 .43
47 .45
47
200
•33
3518 33
33
.2912 3518 *29
3518 .2912 35's
100
3012 3012 .30
31
.30
.30
31
.30
31
31
100
5714 123
5714 123
4 .714 123
4
4 .712 123
4 .712 1234
23
8 212
23
8 23
258 2s
8
212 23
s
23, 25* 2.200
278 27
8
272 278
3
3
3
3
3
3
900
•11
16
.9
111
*10
1412
•9
1412 .10
16
.13
35 .13
35
*13
35
•13
35
35 .13
114 114
1,
114
118 114
13
s
lls
4 13,
118 2,900
•15
8 17 .
•13
8 17
8
200
8
13
4 13
15
8 13
4
8
13, 17s
193 20 8 1918 2
4
,
1918 20$1 205 213
8
8
4 2018 213 44,100
0,8
2114 223
8 211 4 217
213 231, 223 2
8
8
4 4/2 2212 24
39.000
8
.233 2438 2312 24
24
25
25
2612 2414 26
6.800
*2312 44
*2312 44
.30
34
.2312 44 .2312 34
*73
8 73
4
712 73
65
712 712 .7
8 658
73
4
4 1,100
*112 218 •112 2
*112 2
*112 214 .112 214
.612 7
7
.65
8 7
7
50
s 82
• 3 8 2 *63
63
,
,
10812 109
111 112
10812 Ill
108 108
1103 1113
4
4 5.900
6912 6912 6912 6978 697
304
.68
70 8
.68
,
8
703, 568
212 23
8
23
4 23
4
800
23
4 23
*212 2 4 *252 23
4
4
3
.2
4
2 4
33
4 33
8 .33
4 •33s 37
300
531
4 37
8
9
918 .83
4 918
932 978
912 014
83
4 914 4,000
13
13 .11
*11
*11
13
*1212 13 .12
13
4
*3
•2 8 4
37
5
4
8 378 *3
312 4
300
43
4 43
4
514 512 1,200
.514 53
5
512
4
5
5
Lowest.
Par
Railroads
Atch Topeka & Santa Fe__100
Preferred
100
Atlantic Coast Line RR_ 100
Baltimore & Ohio
100
100
Preferred
Bangor & Aroostook
50
Preferred
100
100
Boston & Maine
Brooklyn & Queens Tr_No par
No par
Preferred
Bklyn Mash Transtt
No pat
$6 preferred series A_No par
Brunswick Ter & By SecNo par
Canadian Pacific
25
Caro Clinch & Ohio stpd..100
Central RR of New Jersey.100
Chesapeake & Ohio
25
Chic & East III By Co
100
6% preferred
100
Chicago Great Western
1C0
Preferred
100
Chic Milw St P St Pac__No par
Preferred
100
Chicago & North Western_ IGO
Preferred
100
Chicago Rock Isl & Pacifte.100
100
7% preferred
6% preferred
100
Colorado & Southern
100
4% 1st preferred
100
4% 2d preferred
100
Consol RR of Cuba pref
100
Cuba RR 6% pref
100
Delaware & Hudson
100
Delaware Lack & Western.50
Deny &Rio Gr West pref 100
Erie
100
First preferred
100
Second preferred
100
Great Northern prof
10
Gulf Mobile & Northern 10
Preferred
100
Havana Electric Sty Co No par
Hudson & Manhattan
10
Illinois Central
100
6% pref series A
100
Leased lines
100
11.12 Sec etfs series A__1000
lnterboro Rapid Tran v t 0.100
Kansas City Southern
100
Preferred
100
Lehigh Valley
50
Louisville & Nashville____100
Manhattan By 7% guar_ _100
Manh By Co mod 5% guar.100
Market St By prior pref_ __100
Minneapolis & St Louis.
..100
Minn St Paul & SS Marle_100
7% preferred
100
4% leased line ctfs
100
Mo-Kan-Texas RR..--No Par
Preferred series A
100
Missouri Pacific
100
Cony preferred
100
Nashville Chatt & St Louis 100
Nat Rys of Mex 1st 4% pf_ 100
2d preferred
100
New York Central
100
N Y Chic & Si Louis Co
100
Preferred series A
100
N Y & Harlem
50
NY NIX & Hartford
100
100
Cony preferred
N Y Ontario & Wostern...,_100
NY Railways pref
No par
Norfolk Southern
100
Norfolk & Western
100
Northern Pacific
100
Pacific Coast
100
Pennsylvania
50
Peroria & Eastern
100
Pere Marquette
100
Prior preferred
100
Preferred
100
Pittsburgh & West Virginia 100
Reading
50
1st preferred
50
2d preferred
50
Rutland RR 7% pret
100
St Louis-San Francisco_ 100
1st preferred
109
St Louts Southwestern____100
Preferred
100
Seaboard Air Line
No par
Preferred
100
Southern Pacific Co
100
Southern Railway
100
Preferred
100
Mobile & Ohio stk tr Ws 100
Third Avenue
100
Twin City Rapid Trans No par
Preferred
100
Union Pacific
100
Preferred
100
Wabash
100
Preferred A
100
Western Maryland
100
2d preferred
100
Western Pacific
100
Preferred
100
$ per share
343 Feb 25
8
50 Apr 3
1612 Feb 25
814 Feb 27
912 Apr 5
20 Jan 5
685 Jan 4
8
6 Apr 19
312 Mar 29
353 Apr 19
4
213 Feb 25
4
64 Mar 2
12 Jan 11
712 Apr 3
5014 Apr 4
38 Apr 4
245 Feb 28
2
12 Apr 18
12 Apr 5
13 Apr 6
8
212 Apr 5
1 Apr 6
112 Feb 28
114 Apr 5
2 Apr. 5
2 Apr 5
312 Apr 10
27 Apr II
8
1514 Feb 24
1212 Apr 10
10 Mar 2
1, Feb 24
4
212 Jan 6
373 Feb 25
8
1714 Feb 25
2 Feb 28
3
3 4 Apr 4
412 Apr 4
212 Apr 4
4 8 Apr 5
,
13 Mar 31
4
212 Mar 31
8June 3
3
612July 21
812 Apr 5
16 Mar 31
31 Mar 3
412 Apr 18
418 Feb 27
612 Feb 27
212 Mar 31
83 Feb 24
8
21 14 Jan 3
12 Mar 16
6 Jan 3
17 Mar 3
8
18 Jan 23
'2Mar20
3 Apr 11
4
33 Oct 25
4
53 Jan 3
4
1112 Jan 3
1 18 Apr 1
15 Apr 1
8
13 Jan 5
Is Mar 16
18 Jan 3
14 Feb 2,
218 Jan 25
23 Apr 11
8
100 Mar 31
Ills Feb 27
18 Apr 4
7 8 Jan 4
5
Is Mar 15
12 Apr 4
11112 Mar 2
93 Apr 5
8
1 Jan 25
133 Jan 3
4
7 Feb 17
8
37 Mar 3
8
6 Jan 3
412 Feb 28
612 Apr 19
2312 Apr 5
25 Apr 25
2312 Mar 31
6 Jan 6
7 Jan 30
8
1 Apr 17
514 Mar 15
12 June 7
14 Jan 3
3 Mar 25
8
1118 Feb 25
418 Star 2
57 Jan 3
8
8 Jan 5
418 Feb 25
112 Jan 10
57 Apr 19
8
6114 Apr S
56 Apr 6
112 Jan 4
Ds Apr 6
4 Feb 27
5 8 Jan 12
5
1 Apr 22
17 Mar 2
8
Industrial & Miscellaneous
37 .25
*30
Abraham & Straus
37
*2518 37
Vs par
818 83
8
77
8 918
4
818 85 16,900 Adams Express
No pa,
35
Preferred
8
6714 673 .6714 7014 *6714 7014
100
1318 Feb 23
3 Feb 28
39 April
$ per share
50'8
49
•55
5714
3214 33
23
237
3
4
2312 233
.33,8 3412
98
.96
.11
1712
*43
4 618
45
45
8
8
277 283
4
.7412 763
37
37 .25
.25
1
71
. 818
814 81 1
4
.6714 701 1 .1371. 703,
1
.
STOCKS
NEW YORK STOCK
EXCHANGE.
_
• TIM and asked prices, no sales on this day. a Optional sale. 2 Sold 15 days
PER SI1ARE
Range Since Jan. 1
-share lots.
On basis of 100
x Ex-divIdend.
y Ex-rights.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share
8018July 7
17is June 94
Jan
4June 3
35 July 86
Jan
793
93 May 44 Sept
59 July 19
4
377 July7
8
334.1une 213 Jan
3914 July7
6 June 4112 Jan
912 June 353 Aug
4
4114 Aug 29
50 June 91 Sept
110 Aug 30
193 Sept
4
4 July
30 July 1
27 July
918July 8
2
1014 Mar
2314 June 58 Mar
6018 July 18
11 18 June 50 4 Mar
,
41 14 July 12
3112 June 783 Mar
8
8312June 13
Is Apr
218 Aug
414 July 10
207
8July 7
714 May 203, Mar
39 July 70 Feb
7912July 19
25 June 101 Sept
122 July 6
93 July 3112 Jan
4914 Aug 29
4
33 Aug
4
12 July
8 July 10
12 May
5 Aug
812 July 10
73 July8
114 June
53 Aug
8
212 May 1512 Jan
14s July6
4July 19
412 Aug
113
3 June
4
118 Slay
8 Aug
1814July 20
1412 Aug
2 May
16 July 7
Jan
4 Dec 31
3434July 6
112 May
167 Jan
2
10'8 July7
_
..2-u4 7
214 Dec 2712 Jan
101 1 1 .
2 May 2412 Jan
15 July 7
4'2June 2912 Sept
51 July 13
8 Mar 30 Sept
423 July 19
4
5 Alar
18 Sept
30 July 21
1 Dec 1112 Jun
103,June 12
212 Dec 20 Aug
16 June 7
32 July 9212 Sept
933
4July 7
2
812 June 457 Sept
46 July 6
9 Jan
112 May
July 19
193
4
113 Sept
4
2 May
4July 20
253
157 Aug
2
23 May
8
29' July5
2314 July19
1012 Aug
2 May
333 July7
4
512 May 25 Jan
10 Sept
2 May
1112July 7
212 Dec 1512 Sept
2312July 19
13 Oct
8
4June 8
14 Oct
23
3034 Jan
8 May
19 June 13
S03 July20
8
43 June 247 Sept
4
918 July 38 Sept
6018July 20
1512 June 45 Aug
60 July 19
1412 Jan
4 May
34 July 19
8
214 June 145 Mar
115 Oct 16
8
247g July 18
214 June 1514 Sept
5 June 2514 Sept
3414July 19
2734 July 5
5 June 2914 Sept
712 May
3814 Sept
67'2 July 18
9 Sept 463, Mar
28 Oct 11
4
4 June 203 Mar
20 Oct 11
Jan
9
218 Dec
8 June 9
214 July7
5 Aug
8
12 Jan
57 July8
8
43 Sept
12 Dec
3, May
6 Sept
812July 8
5 Dec 2
1412July 8
012 Sept
13 Seed
114 May
1718 July 7
314 June 24 SePt
37'. July7
Jan
11
112 May
10'4 July8
Jan
212 May 26
15'4 July7
2
712 May 307 Sept
57 July 7
14 May
7 Sept
8
312June 27
7 Sept
2
18 Feb
13
8June 8
83 June 3652 Jan
4
5812July 7
9 4 Sept
3
112 May
275 Aug 28
8
5
2 June 15 8 Jan
3414July 20
8214 May 12712 Aug
4June 13
1583
8
6 May 315 Jan
8July 19
347
783 Jan
4
117 July
2
56 July 6
153 Sept
4
3
3 2 July
15 July 7
Feb
12 Dec
1
312July 7
47 July10
354 Sept
14 Dee
57 June 135 Sept
177 July 7
347 July7
3
8
512 May 253 Sept
312 Sept
1 Ma
7 July 11
8
4214July 7
612 June 233 Jan
7 May
2
514 Sept
9 July 11
I'4June 18 Aug
37 July 13
312 June 26 Aug
4412July 7
212 June 24 Aug
3812July 7
6 Dee 21 12 Aug
35 4July 7
3
9'tJufle 5214 Sept
6212July 6
33
13 July
Jan
38 July 12
15 May 38 Sept
37 July 6
3 May
1412 Sept
1812July 3
3 May
8
63 Jan
8
93 July 7
2
914 July 8
1 May
93 Jan
4
3 May
137 Sept
8
22 July 14
8July 18
83, Dec 2012 Jan
263
18 Jan
3 July 7
1 Sept
47 July7
15 Sept
8
14 Jan
4July 7
8
612 June 375 Jan
383
212 Slay
1812 Sept
36 July 19
49 July 17
4
3 July 233 Sept
312 June 25 Feb
40's July 10
3 7 May
1218June 3
2
14 Mar
43
4June 8
1 18 Dec
412 June
15 June 8
7 June 2412 Jan
273 July 9412 Feb
132 July 7
2
40 May
7512July 12
715 Aug
8
7 June
713 July 10
414 Aug
1 June
6
Jan
97s July7
16 July 13
1/2 May
113 Sept
s
1912July 7
2 May
1114 Sept
912July 3
12 June
48 Aug
4
16 July 8
3 May
4
87 Aug
2
4012July 20
1314Ju1y 7
71 June 20
10 June
13 May
8
22 June
24 s Aug
4
912 Sept
73 Sept
i
,
1
1
;
,
1
'
New York Stock Record-Continued-Page 2
3464
nr
Nov. 11 1933
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Nov. 4.
Monday
Nov. 6.
Tuesday
Nov. 7.
Wednesday
Nov. 8.
Thursday
Nov. 9.
Friday
Nov. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share $ Per share
173 173
8
8 17
174
818 818
8
8
*5
5 8 *5
3
54
*714 7 s
3
74 718
99 100
10014 10012
*13
*134 2
4 3
243 257
8
8 25
253
4
*4
512
512 522
34 34
312 3 4
3
714 714
713 712
74 718 *6
712
*622 712 *54 7
*1312 15
*1312 15
13414 13512 1313 133
4
*122 123 *122 123
163 18
4
1714 1814
*1412 15
*14
1412
434 43
4
43
4 43
4
*23
247 *23
3
2
54
423 43
4
423 4314
4
2238 2412 2312 2312
133 133
8
8 123 123
4
4
3812 3812 39
40
93 10
4
922
9
*48
4934 *48
49
3012 3012 *29
3012
*94
96
*94
96
8912 903
8 8812 8912
*122 127
12213 1223
4
223 233
4
8 2238 227g
*3314 38
*3314 38
*413 7
*418 7
*14
173
4 1612 1612
*4414 45
443 44 4
4
3
*214 43
4 *24 43
4
5112 5314 5112 53 8
,
*2
238 23
238
8
*5
512 *47
8 522
87
8 9
4
812 83
1818 1918 194 2014
11
11
11
11
14
14
1412 14
$ Per share $ Per share $ per share Shares. Indus. & Miscell. (con.) Par
173 173
8
8 174 18
4
173 174 2,900 Adams Millis
No par
8
814 812 *814 83
8
900 Address Multigr Corp No par
8
55
613 63
4
8 2,400 Advance namely
612 63
614
No par
8 1,900 Affiliated Products Inc.No par
714 7 8
3
74 712
713 73
100 10212 103 10514 1013 102N
7,200 Air Reduction Ine
4
No par
2
2
2
214 *13
8 1.000 Air Way Elec Appliance No par
4 23
254 263
8 2514 263
4 2518 2618 69,500 Alaska Juneau Gold Min_ 4_10
*4
578 *4
57
8 *4
100 A P W Paper Co
57
8
No par
38 4
3
4
38 4
7
8,500 Allegheny Corp
414
No par
714 7 8
7
74 812
Pref A with $30 warr_100
83
8 83
8 2,900
712 74 *6
712
300
*7
7
Pref A with $40 warr. _4100
4 712
7
7
73
*63
7
4
Pref A without warr___100
300
*1314 1414 1414 15
*1314 15
80 Allegheny Steel Co
No par
132 13714 136 1383 132 13612 9,600 Allied Chemical & Dye-No Par
8
*12218 123 *122 123
121 122
200 Preferred
100
177 20
8
8 19
19
203
203 49,300 Allis-Chalmers Mfg____No par
8
15
1414 1414 15
15
15
900 Alpha Portland Cement No par
8
5
44 47
5
4
800 Amalgam Leather Co__No par
412
*2312 247
2412 2412
24
8 24
200
7% preferred
100
4212 43 4 4312 44
43
3
44
4.900 Amerada Corp
4 No par
25
2314 2414 2412 253
4 24
4,100 Amer Agric Chem (Del) No par
137
8 1312 133
13
13
4 13
2,700 American Bank Note
10
40 4014 4112 411 *40
413
8
Preferred
110
50
10
8,700 American Beet Sugar__No par
1059 10
9,
8 94 10
8
3
545
493 54 8 *50
8 523 55
8
7% preferred
320
100
28
2912 2,100 Am Brake Shoe dr Fdy_No par
3114 3114 2912 313
*94
•94
94
96
96
94
Preferred
30
100
9012 9312 27,700 American Can
93
89
907
8 91
25
*1233 128
123 123
4
120 123
Preferred
800
100
247g 263 11,100 American Car St Fdy___No pa
2434 245 261
24
8
8
38
38
a3514 3514 38
383
4
Preferred
700
100
*412 7
*4
*412 7
7
American Chain
No par
1718 *1512 163
a153 161 *15
4
8
300
7% preferred
100
46
443 45
46
4
47
47
700 American Chicle
No pa?
*214 3 4
3
3
3
*23
3 43
100 Amer Colortype Co
s
10
563
5118 557
4 5212 5412 25.200 Am CO213M21 Alcohol Corp 20
3 53
8 23
238
*2
8
23
212 212
400 Amer Encaustic Tiling_No par
5
5
*5
5
500 Amer European See's__No par
513
5
3
83
3 98
94 1114 10
107 60,100 Amer & For'n Power_ __No par
8
20 20
24
21
21
4,600
23
Preferred
No pa?
8 123 143
1012 113
4
8 1314 1314 3,300
2nd preferred
No par
4 15
143 143
4
1814 1614 17 3 3,900
,
$6 preferred
No par
17
17
1712 1812 184 19
173 1814 4,500 Amer Hawaiian S S Co____10
163 1718
4
4
812 812 *712 812
*812 83
4
87
8 93
8 87
8
8 1,300 Amer Hide & Leather-No par
87
*3018 337 *30
*32
337
3314 3512 3414 35
8
8
Preferred
33
700
100
31
*30
*3018 307
3113 *30
8 307 3118 304 3114
8
90') Amer Home Products...No pa
3
8
74 8
3
818
74 8
No pa
74 8
3
712 77
8 3,400 American Ice
*44
447 *385 44
40 40
100
*384 441
8
*383 4412
6% non-cum prof
8
100
8
4
77
8 83
8
814
8
84 83
4
83
4 914
812 84 6,300 Amer Internet Corp___No par
*7
2 1
7
2
7
2
•78 1
*78
1
•78
100 Am L France & Foamite No par
1
*378 41
*378 41
*3
44 *34 412
*378 412
Preferred
loo
2512 26
26
2512 26
283
8 2812 303
8 293 294 3,500 American Locomotive__No par
8
4734 47
*4612 48
*4613 48
4712 47
47
Preferred
700
100
4714
8 1418 143
1412 143
8
14 8 148 1412 158 144 143
3
4 4,800 Amer Mach & Fdry Co_No par
*3
312 31
*3
312 *3
312
*312 4
34
200 Amer Mach & Metals__No par
1878 193
8 183 193
19
203
8 194 2l's 2018 21
4
16,400 Amer Metal Co Ltd___No pa
4
72
72
75
Stock
*71
75
83 •72
83
*72
200
100
90
6% cony preferred
•23
2514 *23
223 234 •23
4
243 *23
2514
240 Amer News Co Inc____No pa
243
4
712 7 8
3
74 7 8 Exchange
83
a718 77g
4
8
3
74 83 23,200 Amer Power & Light__No par
8
19
*1912 20
20
20
20
207
8 20
20
21
No par
1,500
66 preferred
16
1612 1612 16
Closed- *16
18
1612 17
17
No par
900
17
$5 preferred
123 1318 1214 123
8
4
1214 1314 13
8
133
4 127 1314 49.700 Am Rad 4.? Stand San'y No par
Election
157 163
8
3
4 153 16
1618 1714 17
1778 1612 173 22,700 American Rolling Mill
8
25
367 3678 .36
2
3713 3712 39
374
38
40
500 American Safety Razor No par
38
*214 212 *218 214
Day
218 218 *214 212 *214 212
200 American Seating vi e_No par
*14
114
118
114
118 114
114
1h
1,400 Amer Ship & Comm___No par
8
159 13
•1712 20
*1712 20
1934 19 4 19
3
197 *17
50 Amer Shipbuilding Co_No par
187
8
3
433 45 3 4413 4678
8
45
483
8 4713 487s 4614 48 151.000 Amer Smelting & Refg_No par
9114 90
9112 *88
9112
*88
9012 90
90
90
Preferred
1,500
100
•6314 66
*6314 6412
6412 6412 67
68
*63
600
65
2nd preferred 6% cum_ -100
49
49
*48
49
*48
49
49
49
49
700 American Snuff
49
25
112
•10812 112 *10812
*10812-- •10812 10912 *10812 10912
Preferred
100
18
18
18
18 1814 1812 1914
18
1823 19
3,100 Amer Steel Foundries__No par
.54
56
5612 5612 56
564 *55
8
5612 563 563
180
8
Preferred
100
354 3514 *3514 36
3518 3514 36
1,300 American Stores
36
353 36
4
No par
55
56
57
5778 55
5512 5513 5413 55
5634 5,100 Amer Sugar Refining
100
1047 1047 1053
s
10512 10512 10514 10514 *I04h 1053
*104
8
4
Preferred
500
4
100
14
1312
*13
*13
1312 14
8 143 143
8 1,200 Am Sumatra Tobacco__No par
8
1459 155
112 1193 11614 11912 116 118
11412 11512 11212 11314
4
47.900 Amer Telep & Teleg
100
73
713 713
4
714 7214 z72
4 72
5,200 American Tobacco
733
4 7118 72
25
4
z7313 757
Common class B
723 75
8 724 744 20,100
4
733 7414 733 7438
4
25
*11012 112 *10012 114 *110 112
112 112
11012 11012
Preferred
600
100
6
*6
6
614 *6
63
6
3
614 614
6 12
400 Am Type Founders____No par
812 914
912 10
10
Preferred
93
4 93
1018
914 914
290
100
19
183 194 1812 1914
204 2014 2112 20
4
203 13,300 Am Water Wks & Elec_No par
8
Common vot tr ctfe_No par
_ ...
1st preferred
200
.714 5ii4 iii 16 *1- 6 11
5
:iii" ii- i57 16
3
No par
113 1218 113 1218 1112 12
8
1112 1112 1114 113
4
5,700 American Woolen_-No par
8
3,900
100
Preferred
544 5212 544 524 54
53
53
8 52
53 4 547
3
•124
112 4
,114 112
*114
Am Writing Paper ctts_No par
112 *114
112 *14 14
Preferred certificates No par
210
8
6
613 67
6
8
*512 6
63
522 512
6
1,300 Amer Zino Lead & Smelt_ _ _1
63
4 7
73
8 *6
714
7
612 54
8
67
8 67
25
*3912 44
Preferred
*3912 50
*38
45
•39
46
6
*3912 4
1518 1618 109,000 Anaconda Copper Mining...450
1418 1512 1512 1618
143 147
8
8 1413 143
8
Anaconda Wire & CableNo par
*714 1018 *84 1018 *818 1018
*74 1018 *714 104
2,000 Anchor cap
No par
22
21
21
8
2112 204 2034
215* 213 2212 *19
120
$6.50 cony preferred_No par
8912 8912 *8518 87
*80
87
8912 87 87
87
*513 8
Andes Copper Mining No par
*53
*53
4 8
4 8
*512 8
*522 8
247 2473 2412 244
8
25
4 2612 2612 1,400 Archer Daniels MicIrd_No par
263 263
8
26
7% preferred
100
20
111 111 *105 114
*105 114 *106 114 *106 114
1,000 Armour & Co (Del) pref_4100
76
76
76
*7118 73
714 7312 75
7212 73
7,700 Armour of Illinois class A-25
33
4 4
37
8 4
7
4 38
23
3 4 37
3
34 34
3
1
3
Class B
25
212 23
8
8 5,000
212 23
21y 238
214 212
214 23
8
100
Preferred
447 12,900
7
444 45 8 43
8
393 4012 403 42
4
8
4113 44
500 Arnold Constable Corp_No par
22
*34 312 *314 312
3
34 3 4
33
8 4
312 3
530 Artloom Corp
No par
•43
8 512
*4
4 512 *43
8 512
5
5
5
8 14
500 Associated Apparel Ind No par
13
4 *13
8
15
14 113
13
4 13
4 *Ps 112
1213 1212 *1112 12
I
4 1,500 Associated Dry Goods
4
1212 123 1312 1218 123
12
*42
100
500
50
6% 1st preferred
4818
*42
474 47
46
50
*43
50
4412 4412 4412 4412
100
7% 2d preferred
800
46
45
45
4213 444 45
•3013 3512 *3012 3513
25
Associated 011
.3012 3512 *3012 3512 *3012 3512
•18
20
100 At 0 & W I SS Lines__No par
*17
18
21
21
*17
21
•17
18
*23
27
100
Preferred
*23
27
27
*23
27
*23
*23
27
2914 30
25
31.600 Atlantic Refining
293 297
8
2934 307
8
8 30% 3114 3018 31
*2214 25
No par
224 223
4 1,000 Atlas Powder
263 273
4
25
4
25
243 26
4
•76
78
100
*76
Preferred
130
79 4
78
3
79
78
79
77
77
3013 303
4 30 8 307
No par
3
3112 7,000 Atlas Tack Corp
313
304 307
8 31
8
8 31
38
39
3812 39
No par
19,300 Auburn Automoblle
455* 41
43
3912 44
43
3
77
8 74 *7
No par
400 Auitin Nichols
84
713 712 *74 8
3
74 74
7 8 84
3
712 812
84 44,400 Aviation Corp of Del (The)__5
814 84
8
713 778
1118 113
4 1118 1138
123
4 113 124 35,600 Baldwin Loco Works No par
4
113 1214 12
8
*29
343 *27
4
32
100
Preferred
343 *29
100
334
4
33 *33
33
*904 93 *9012 95
92
92
92
400 Barnberger (L)& Co pref 100
92
*9012 93
*23
8 312
33
No par
34 312
8 33
210 Barker Brothers
7
8
34 3 8
*33
8 312
*1712 1912 .1712 183
4
90
18
18
6Ii% cony preferred_ 4 __100
17
1618 1712 17
83
8 83
8
818 814
5
8
84 83 14,100 Barnsdall Corp
84 84
8 8 87
3
8
31
*28
*27
30
No par
31
29
*27
30
30
300 Bayuk Cigars Inc
*28
85
*8212 85 •83
*84
lot preferred
85
40
100
84
8712
85
84
123 124 *1218 123
4
8 133 1312 1,900 Beatrice Creamery
8
137
*1212 133
50
4
4 13
8
8
06612 693 06612 693
Preferred
8
8
*6612 693 *6612 693 *6612 695
100
8
55
*54
57
*54
200 Beech-Nut Packing Co
58
57
55
57 .54
55
20
9
4
1,000 Belding Heminway Co.No par
812 85
94 *8
812 9
8
9
87
3 87
8 9312 •9312
8
947 95
*974 -- -- 9712 9818
8
937 937
900 Belgian Nat Rys part pref ___
PER SHARE
Range Since Jan. 1
On hasty of 100
-share lots.
Lowest.
HWhest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share $ Per share
8 Apr 7 213
8July 12
12 June 303 Mar
8
518 Apr 15 1212June 19
812 Dec 14 Sept
93o July7
13 Feb 21
4
114 June
47 Aug
8
8July 21
5
3
113
4May 1
414 May 1612 Mar
4712 Feb 25 112 Sept 25
304 July 6312 Sept
12 Feb 28
4 May 23
12 June
312 Sept
114 Jan 14 33 Aug 29
7 4 June 163 Jan
3
8
1 Jan 5
93
8July 13
7 Dec
8
4 Mar
7 Apr 4
8
81a July7
4 May
359 Sept
1 Apr 5 217
8July 7
34 May
814 Sept
118 Apr 17 21 July 7
5 June
8
8 Sept
114 Mar 30 20 July 7
3 June
4
8 Sept
5 Mar 30 26 July 19
5 May 15 Sept
70 4 Feb 27 14513 Sept 18
3
4212 June 8814 Sept
115 Apr 21 125 Oct 26
9612 Apr 120 Dec
6 Feb 27 263
8July 8
4 June 153 Sept
8
53 Jan 10 24 July 17
4
412 July 10
Jan
4 Feb 21
914July 19
24 AV
228 Sept
5 Feb 23 40 July 19
4 Dec 10 Mar
1812 Mar 2 47 Sept 1
12
Jan 223 Sept
4
714 Mar 1 35 July 18
312 June 1512 Sept
8 Mar 2 2812July 13
5 May 2212 Sept
34 Apr 7 497
8June 2
28 June 47 Feb
1 Jan 30 163
4July 18
14 Apr
27 Aug
8
23 Jan 5 64 Sept 22
4
1 Apr
93 Aug
4
94 Mar 3 4212Ju1y 7
612 June 177 Sept
8
60 Mar 28 106 Aug 1
40 July 90 Feb
494 Feb 25 9814 Sept 18
293 June 737 Mar
8
8
112 Feb 27 134 July 19
9312 June 129 Mar
618 Jan 23 3934 July17
318 June 17 Sept
28 5934 July3
15 Feb
15 Dec 50 Aug
13 Mar 31 14 July 11
8
17 Apr
8
714 Sept
312 Mar 1 3112July 18
7 June 26
Jan
34 Mar 2 5114 July 7
18 June 38 Nov
2 Feb 24
618June 7
2 July
814 Sept
13 Feb 27 897
3July 18
11 May 27 Sept
1 Jan 5
6 June 20
3 Dec
4
5 Jan
37 Apr 1 13 July 3
g
23 Apr 153 Sept
4
4
8June 12
37 Feb 27 193
3
2 May 15 Sept
714 Apr 4 447
8June 13
5 May 3813 Jan
438 Apr 4 2714June 12
23 May 2114 Aug
4
614 Apr 4 353
8June 13
33 June 33 Jan
4
44 Jan 5 2112July 17
3 May
612 Aug
212 Mar 2 16 June 6
1 May
67 Sept
3
1312 Feb 14 5712June 13
47 May 27 Sept
8
29 Oct 20 4212May 31
25 Jun
513 Mar
3
3 4 Feb 24 1712June 29
3
34 Dec213 Mar
8
25 Feb 15 577
8June 29
35 Dec 68 Mar
414 Feb 27 1528 July3
212 June 12 Sept
312June 28
14 Apr 21
14 Jan
8 Aug
4
114 Jan 3 12 June 28
1 July
414 Aug
5 8 Jan 3 394 July 3
7
33 July 154 Aug
8
17 * Jan 3 63 July 7
4
17, Dec49 Sept
8
4
83 Feb 27 22.59 July3
712 June 2214 Jan
1 Jan 27
6 June 2
1 June
334 Mar
8July 18
318 Feb 24 233
914 Aug
1'2June
1512 Jan 4 75 Nov 6
6'2June 32 Aug
17 Jan 20 3012July 8
14 July 33 Jan
4 Feb 27 197
8July 13
3 June 1714 Sept
9 8 Apr 5 414July 17
7
1514 June 58
_Tan
9 Apr 1 35 July 13
10 July 493 Jan
4
43 Feb 27 19 July 7
8
318 Jun
124 Sept
3
5 4 Mar 2 314July 11
3 May
1812 Sept
201g Apr 6 4734 July 13
133 June z2914 Mar
8
%Mar 20
Ve July 13
5
*June
33 Sept
4
412June 2
18 Apr 8
18 Apr
7 Sept
2
1112 Mar 3 363
4June 1
10 June 2512 Jan
10 4 Feb 25 5312Sept 1
3
518 May 2714 Sept
31 Jan 10 93 Oct
22 June 85 Jan
204 Jan 2 73 July
15 July 55 Feb
3212 Jan 10 5114 Sept
213 June 364 Aug
4
10218 Jan 9 112 July 2
90 Jan 106 Sept
4 8 Feb 28 27 July
5
3 May 1518 Sept
37 8 Mar 28 85 July 1
3
34 July 80 Feb
30 Feb 27 477o July20 May 368 mar
4
2112 Jan 19 74 July 1
13 June 3914 Jan
80 Jan 19 1124 July 1
45 May 90 Aug
6 Jan 13 26 July 1
2 4 Apr 1024 Aug
3
8612 Apr 18 1343 July1
693 July 1373 Feb
4
8
49 Feb 23 907 July
8
4013 June 863 Mar
4
50 4 Feb 25 9484 July44 June 893 Mar
3
4
4
1023 Mar 1 120 July 1
9514 June 11812 Oct
34 Oct 5 25 July
4 June 25 Jan
7 Oct 5 37a July1
1012 July 70
Jan
8
107 Apr 7 4314 July1
11 May 3412 Mar
912 Apr 4 357
8June 1
11 May
31 Mar
35 Mar 24 80 June 1
26 June 75 Jan
312 Mar 2 17 July
1 May
10 Sept
223 Feb 16 617
8
8July 17
1512 Jan 397 Sept
8
3 Feb 8
8
418June 27
4 May
214 Aug
34 Feb 17 143
4July 8
2 July
8 Aug
24 Feb 28 107 July 10
8
114 May
67 Sept
8
20 Feb 24 66 July 17
10 June 35 Aug
5 Feb 28 227
8July 19
3 June 193 Sept
8
44 Jan 6 151 2June 8
3 Apr 15 Sept
8 Jan 20 3914July 18
54 May 1712 Mar
6212 Jan 11 90 June 18
40 May 75 Sept
23 Feb 7 1412June 3
3
13 May
8
9 Sept
9 8 Mar 3 2914July 20
4
7 Apr 1512 Sept
95 Feb 23 115 July 18
85 Apr 1004 Oct
41 Jan 3 90 July 15
24 May 61 Aug
14 Feb 28
7 4June 6
3
3 June
3
23 Sept
4
h Feb 20
5 July 14
2 Sept
4 June
7 Feb 27 93 July 14
34 May 157 Aug
8
14 Jan 19
7 July 17
1 May
33 Aug
8
2 Mar 27
912June 24
13 Dec
8
53 Sept
4
3 Apr 17
4
514June 6
3 Aug
3 June
3
312 Feb 20 20 July 17
3 May
11 Sept
18 Feb 23 6112 July 18
183 Dec 42 Sept
4
15 Jan 19 5t4 July17
124 Dec 35 Mar
63 Mar 24 3512July 14
4
64 July
1612 Aug
414 Mar 22 26 July 19
43 Dec 1224 Aug
8
44 Apr 11 337
8July 17
53 Dec 1512 Jun
4
123 Feb 28 317
8
8July 7
83 Feb 217 Sept
8
8
9 Feb 14 39's July5
7 Dec 2512 Feb
60 Apr 5 8318 Sept 12
4512 June 7912 Jan
112 Feb 27 3112 Nov 10
1 July
37 Aug
8
31 Oct 21 84'4 July13
283 May 1514 Jan
4
7 Feb 2 944 July 18
8
12 Feb
178 Sept
8
112 June
512 Feb 27 163 July 17
87 Dec
3
312 Apr 12 173
8July 7
2 May
12 Aug
912 Apr 4 60 July 18
8 Slay 3718 Aug
8
6814 Feb 28 997 Aug 7
62 July
99 Feb
ss Jan 4
714June 20
12 Apr
312 Aug
54 Apr 19 2414July 18
7 Dec 30 Jan
3 Mar 2 11 July 7
33 June
8
7 Sept
5223 July13
2 Dec 13 Feb
314 Jan 6
27 Jan 18 100 July 10
30 Dee 59 Jan
7 Mar 2 27 June 29
1012 Nov 4312 Jan
45 Feb 24 85 May 25
62 Dec 95
Jan
2914 May 453 Dec
45 Jan 5 7012June 27
4
312 Feb 20 1212July 6
23 Jan
8
83 Sept
4
624 Apr 7 9818 Noy 10
573 June 623 Dec
8
8
*Bid and asked prices, no sales on this day. a Optional sale. z Ex-dividend. y Ex-rights. c Cash sale.
.#
_
New York Stock Record-Continued-Page 3
3465
tar FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Nov. 4.
Monday
Nov. 6.
Tuesday
Nov. 7.
IVednesday
Nov. 8.
Thursday
Nov. 9.
Friday
Nov. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan.!
On basis of 100
-share lots.
Lowest.
Highest.
$ per share i per share $ per share 5 per share $ per share $ per share Shares. Indus. & Miscell. (Con.) Par $ per share $ per share $
131s 133
8 13
1318 147
131 1
8 1418 143
4 137 1412 29,000 Bendix Aviation
8
5
618 Feb 27 2114 July 17
24
2414 *237 2414
2414 2414 2512 2512 253 253
8
8
8 1,200 Best & Co
9 Mar 2 3318 Aug 25
No par
2914 3034 29
2912 317
30
8 31
325
1018 Mar 2 4914 July7
8 29% 3112 36,900 Bethlehem Steel Corp No par
49
4812
49
48
48
51
513 5212 49
4
52
3,600
100 2514 Feb 28 82 July 3
7% preferred
*2012 2112 2012 2012
21
22
2112 2214
1978 21
510 Bigelow-Sant Carpet Inc No par
618 Apr 5 2912June 30
1018 103
4 107 113
103 103 *1014 103
4
8
4
4
8 11
1114 1,900 Blew-Knox Co
312 Feb 28 1914July 19
No par
*1018 16
*1018 16
*1018 16
*1018 16
*1018 16
Bloomingdale 13rothers_No pay
65 Feb 28 21 July 18
8
8 45
467 467
8
46
4612 48
4612 477
8 4714 483
s 6,100 Bohn Aluminum & Br_No par
912 Mar 2 5412..hily 6
*68
7318 .67
6812 6812 *66
7218 *66
7318
7218
100 Bon And class A
No par 52 Feb 23 74 June 13
2218 2253 2218 227
8
213 2212 2212 233
4
4 223 23 4 22,800 Borden Co (The)
3
4
25 18 Feb 27 3712July 3
16
167
8 1512 16
1512 163
4 163 173
4
8 1614 163 11,400 Borg-Warner Corp
4
10
512 Feb 28 2l5 July 5
D•
•114 2
*114 2
*114
112 *114
112 *114
Botany Coos Mills class A 50
412July 5
5 Apr 27
8
87
s 87
812 918
8
812 83
9
4
8July 18
914
83
25 Feb 24 145
8
4 914 6. 0 Briggs Nlanufacturing_No par
20
*11 12 13
*1112 16
14
14
*1112 14
*1112 16
4July 19
100 Briggs & Stratton
No par
714 Feb 28 183
6114 61 14 *6112 63
6284 1,200 Brooklyn Union Gas
63
62
62
65
62
No par 61 Nov 1 8812June 12
43
4378 44
43
433 433
*44
4
46
4
47
47
600 Brown Shoe Co
No par 2812 Mar 3 53u July 18
87
8 9
912
*8
34 1,300 Bruns-Balke-Collender_No par
912
*9
9 2 91 2
,
4
912 9
13 Mar 3 1812June 26
63
8 67
6
8
8 *6
6
614 63
612 2,200 Bucyrus-Erie Co
514 6
8June 20
2 Feb 27 127
10
1018 1012
9
*814 912 .8 4 9
,
9
914 914
500
8June 20
23 Feb 23 195
4
Preferred
5
046
50
*46
*46
50
50
•46
50
*46
50
7% preferred
100 2012 Mar 31 72 June 26
514
97 July 3
5
47
8 6
8
8
51s 53
512 57
53
8 512 10,400 Budd (E G) Mfg
APr 15
No par
3
4
*225 24
8
*225 24
8
*2253 24
2418 2412 225 225
8
00
7% preferred
8
3 Mar 16 35 July 3
100
312 312
584 July 5
312 31
314 312
8
33
314 312 2,200 Budd Wheel
3 35
1 Feb 8
No par
*27
8 312 *274 31
*27
8 312 *27
8 314 *27
Bulova Watch
5 June 29
78 Mar 2
8 314
No par
614 614
614 638
63
7
4 77
75
8
8 5,100 Bullard Co
712 818
212 Feb 17 1314 July 3
No par
1312 133
8 13
135 1412 1418 1478 1414 1412 16,000 Burroughs Add Mach_ _No par
8
133
4
618 Feb 14 208 July3
*23
8 312 *238 312
238 23
8
212 212 *2
3
500 Bush Term
8 June 8
1 Apr 1
No par
612 *3
*3
*3
612
612 *3
612 *312 612
Debenture
912June 1
1 Apr 3
100
*714 93
4 *738 93
*71s 93
4 *73
3 9 4 073
3
Bush Term Bldgs gu pref 100
8 93
4
4
614 Oct 4 2312 Jan 5
•1 12 15
8
112 1 12
13
8 112 *112 15
8 *112 15
8
300 Butte & Superior Mining10
8June 2
27
1 Feb 10
*23
8 234
23
8 23
8
212
212
23
4 27
8
27
800 Butte copper & Zinc
8 27
8
414June 2
5
12 Mar 31
3
3
234 234
*23
3
4 3
314
314 314
700 Butterick Co
712June 13
No par
114 Apr 10
2212 2338 *2112 227
2234 2414 24
2512 237 243
8
8
8 5,800 Byers Co (A NI)
812 Feb 25 4314July 18
No par
*51
62
51
51
53 53
51
52
*42
130
52
Preferred
100 3018 Mar 2 80 July IS
205 207 *20
8
8
2014 21
213 223
1,300 California Packing_ _No par
8
20 4
3
4 2112 22
4July 17
7 4 Mar 2 343
3
•1
1 18
1
118
1
1 18
1 18
1
1
1
1.000 Callahan Zinc-Lead214June 5
10
14 Jan 19
412 4,,
47
8 47
8
43
4 514
5
512
514 514 9,900 Calumet & Hecla Cons Cop.25
918June 2
2 Feb 7
•
614 7
*6
7
*612 7
7
200 Campbell W & C Fdy_ _No par
7 18 *612 712
2 Feb 28 1614 July 15
2712 273
4 263 2714
2712 293
8
4 2812 30
2718 29
12,600 Canada Dry Ginger A1e__5
712 Feb 25 4112 July 19
*265 2718 *2612 27
8
2612 2612 2718 2818 283 283
4
4
800 Cannon Mills
14 Feb 2 35'2 July 18
No par
48 612 *43
5
4 512
*412 6
*514 9
*514 6
Capital Adminis cl A___No par
414 Oct 17 1212 July 13
*---.. 30 •____ 30
*__ 30 *__
2612 *____ 2612
Preferred A
50 2518 Jan 18 3512July 13
6512 675
8 643 661 1
4
65
7114 71
4 69 4 733 41,100 case (it) co
3
743
4
100 3012 Feb 27 10312July 17
663 67
653 6534
4
4
6514 6712 6712 68
6514 65'2
Preferred certificates_ _ _100 41 Feb 27 86 July 19
910
20
2013 193 1912
8
2184 13.300 Caterpillar Tractor___No par
20
211_ 21
2218 21
4July 7
512'Mar 2 293
4318 441
4212 4312
4318 453
8 443 48
4
443 47'o 105,800 Celanese Corp of Am._No pa
4
418 Feb 27 58o July3
•114 2
*114 2
114
D
*112 212 *13
200 Celotex Corp
8 2'4
8July 3
No par
57
12 Mar 15
•118
11
*118
•118
112
112 *1 18
114
Certificates
114
100
114
8July 5
No par
3 Feb 4
8
43
*312 5
35
8 35
8
33
378 4
4 33
4
*312 5
150
Preferred
112 Jan 5 1284 July5
10
.285 30
8
285 285
8
8
2812 2912 30
3112 3012 3012 1,400 Central Aguirre Asso__No par
14 Jan 3 41 July 17
14 *73
*8
8 85
8
8
*8
85
8
100 Century Ribbon Mills_No pa
8July 19
812 8513 *818 812
2 Apr 19 115
•75
90
*75
94
*75
90
85
Preferred
*75
*75
85
100 52 Feb 27 95 June 20
35
363
8 36
373
4
3612 4014 3914 41
385 4012 105,600 Cerro de Pasco Copper.No par
8
57 Jan 4 443 Sept 19
8
4
*314 312 *314 312
312 312
GOO Certain-Teed Products_No par
312 3 2
,
738July 3
314 3 4
1 Jan 9
,
*12
24
*10
24
24
•12
7% preferred
*12
24
*12
24
4 Mar 27 3014 July 18
100
153 1614
4
153 16
4
153 163
4
8 15 4 167
3
163
8 16
4 2,900 City Ice & Fuel
718 Mar 3 25 June 29
No par
647 65
8
6414 65
Stock
65 65
65 65
Preferred
65
65
100 45 Apr 7 72 July 17
. 400
*12
20
*12
20
*12
*16
20
187 *12
Checker Cab Mfg Corp
8
1878
5
712 Mar 23 2312 Oct 5
327 333
8
4 3312 3312 Exchange
3312 3412 3412 357
8 3338 3511
5,300 Chesapeake Corp
8
147 Jan 3 5212July 7
No Par
73
8 84
,
73
4 812
83
712 918
8
4 914
8 12 15,200 Chicago Pneumat Tool_No par
218 Mar 31
1238July 20
19
19
19
19
Closed1912 1912 19
1912 .18
Cony preferred
500
1912
No par
512 Feb 28 2514June 20
•1012 14
*1018 13
12 .12
12
14
*12
100 Chicago Yellow Cab_ No par
1512
618 Jan 4 2238May 31
•1912 20
*1912 20
Election
20
2012 21
21
1,000 Chickasha Cotton 011
22
21
10
5 Mar 2 34 July 18
.33
4 4
*33
4 4
8
312 312
4 37
300 Childs Co
*33
33
4 4
No par
2 Feb 28 1018July 5
•12
16
153 153
4
4
Day
•1214 17
*1414 17
*1414 17
20 Chile Copper Co
25
6 Apr 4 2112 July Di
4114 42
405s 4138
403 43 4 4318 4412 4214 433 203,500 Chrysler Corp
4
3
4
5
73 Mar 3 527 Sept 14
4
8
Ds
1
1
118
1
1 18
1
1
18
8.200 City Store
1
-3
1
No par
8July 7
35
14 Feb 28
.,
72
812
*712
•712
8
*712 8
812
5712 8
Clark Equipment
No par
5 Mar 24 1414June 22
*2312 2512 25
26
*2512 30
*26
281 *26
2812
300 Cluett Peabody & Co No par
10 Jan 27 4112July 17
•93
96
*93
96
*93
96
*93
*93
96
96
Preferred
100 90 Jan 4 100 June 2
973 973
4
4 9712 9713
9714 97'2 9714 or *9813 9714
1,500 Coca-Cola Co (The)___No par 7312 Jan 3 105 July 17
4818 4814 4814 4814
4812 481
4812 481 *483 49
300
8
Class A
No par 44 Apr 19 4812 Oct 10
1278 127,, 1212 1212
123 i3'4 135 137
4
8
137 14
4,900 Colgate-Palmolive-Peet No par
8
8July 19
7 Star 30 223
•78
795 .78
8
7812
7712 78
7712 771
'7512 7512 1,400
6% preferred
100 49 Apr 3 88 Aug 18
17
17 .16
17
1813 1814 193
17
8 1712 177
8 4,400 Collins & Alkman
No par
3 Apr 4 26 Sept 11
*6
9
6
738
*6
712 *6
712 *6
Colonial Beacon Oil Co.No par
712
514May 10 12 Jan 4
43
4 47
8
43
4 43
4
478 51 1
518 55
8
5
512 2.000 Colorado Fuel & Iron No par
8July 7
312 Apr 4 175
533 54
4
*51
54
543 573
4
4 5612 5814 56
573
4 5,400 Columbian Carbon etc No par 2318 Feb 27 7112 July 3
2214 2214 2212 2212
2218 23
2278 2318 2214 2212 1.700 Columb Pict Corps t c_No par
65 Nlar 27 2734 Sept 14
8
1212 1212 1134 1214
1218 13
13
1312 1212 1314 31,800 Columbia Gas & Elec No par
9 Mar 31 28'0 July19
*56
6012 55
6012
60
61
61
1,600
61
Preferred series A
60
60
100 55 Nov 6 83 June 12
1412 143
4
1412 147
8
1412 15
15
1512 1412 15
3,700 Commercial Credlt____No par
4 Feb 27 19 Sept 18
*3312 345 *335 345
8
8
8
3412 345
8 3513 3518 .3412 361s
Class A
400
50 16 Feb 27 3912 Aug 31
.23
2312 *23
2312
*23
2312 *23
2312 2312 2312
40
Preferred B
25 1818 Mar 21
2518 Sept 14
.91
93
*90
93
90
90 .90
93
*90
50
93
615% first preferred_ _ _ 100 70 Nfar 24 957 Sept 1
,
.
8
3312 34
323 3312
4
3314 3378 335 3478 3312 347
8
8 4,900 Comm Invest Trust___No par
18 Mar 3 4312July 3
*87
8984 8914 8914
*86
90
*8612 8918 *8812 89
100
Cony preferred
No par 84 Jan 4 977 Jan 31
8
3318 34
3254 333
4
325 3458 3314 353
8
8 327 3414 113,600 Commercial Solvents No par
8
9 Feb 25 57l July18
2
218
2
218
2
218
2
214
2
218 40,400 Commonw'Ith & Sou_ No par
13 Apr 1
8
618June 12
31
*30
31
31
*3012 31
31
32
30
31 18
$6 preferred serles
1.800
No par 21 Apr 4 6012June 7
*5
63
4 *5
63s
55
738 *518 67s .5 8 1 7
Conde Nast Publie'ns_No par
,
38
3 Apr 4 11 June 13
2212 2212
23
23
23
2418 233 243
4
4 23 4 2418 11,900 Congoleum-Nairn Ine_No par
3
8July 18
7 8 Jan 31 275
3
*812 12
*812 12
*812 12
10
10
83
200 Congress Cigar
4 83
4
No pa
812 Feb 24 18 June 7
*7
8
74
•7
712 71 2 *714 8
712 712
200 Consolidated Cigar
4June 7
312 Apr 6 193
No pa
*48
48
48
4812
•48
4812 *48
80
4812 48
Prior preferred
4814
100 31 Apr 5 65 June 8
3
3
3
3
3
318 *3
314
3
800 Consol Film Indus
3
534May 29
1
13 Jan 4
4
.93
2 95
8
913 93*
87
8 918
912 95
8
918 91s
1.700
Preferred
4May 29
No par
57 Mar 21 143
8
4 39 4 40
3914 393
,
3914 4118 x39 4 407
3812 40
3
39,600 Consolidated Gas Co
No par 3738 Nov 2 6418June 13
3
835 8334 83 8 84
8
84
84
85 8 8512 85
3
85
2,100
Preferred
No par 080 Apr 24 99 Jan 3
8 212
212 212 *23
212 212
25
8 284
23
4 23
4
600 Consol Laundries Corp_No par
2 Oct 19
512 Jan 10
1114 117
1118 1112
8
1114 1218 1 17 121
1112 12
8
71,800 Consol 011 Corp
No par
5 Mar 3 154 July6
•98 108
*98 108
*98 108
*98 103
•98 108
8% preferred
100 9512 Mar 1 108 Oct 9
1
114
l's
114
118
118
118
138
118
1 18 6,500 Consolidated Textile_ __No par
14 Mar 1
314July 5
71
8
71s 75
7
•7
714
714 72
67
8 678 1,100 Container Corp class A
20
118 Jan 10 10 4 July 18
,
23
8 2'3
8
23
8 23
23
8 25
8
212 23
4
212 25
8 1,800
Class 13
No par
14 Feb 15
412June 12
*912 103
8 *912 1033
1014 103
2 1014 1012 .912 1012
700 Continental Bak class A No par
3 Mar 1
1814 July 11
•13
8
8
112 •13
112
13
8
112
13
8
112
15
8
15
8 2,300
Class B
312July 11
No par
12 Jan ..,
*5912 6038 .59
6012
6018 6012 *593 61
4
*593 61
4
300
Preferred
100 36 Jan 3 64 July 10
6412 64
64
64
6412 6512 65
667
8 6514 663 14,400 Continental Can Inc
4
20 3514 Feb 23 69 Sept IS
8
8
8 8 818
,
*8
87
8
87
8 87
8 *8
812
300 Cont'l Diamond Fibre
5
312 Feb 25 1718July 7
26
2612 2512 2614
25
263
4 2653 267
8 255 263
8
4 3,500 Continental Insurance--2.50 1012 S1ar28 3612July 7
112
114
138
13
8
114
138
114
112
13
8
112 4.500 Continental Motors_ __No par
1 Mar 27
4 June 8
1712 175
8 17
1718 18
1712
173 1812 173 183 52,300 Continental 011 of Del_No par
4
4
8
478 Mar 3 195 Sept 18
8
6812 73
71 12 723
4
6914 72
7212 7414 72
733 17.500 Corn Products Refining____25 45 8 Feb 25 905 Aug 25
8
3
8
1367 1367 13634 1363
8
8
4
136 136
13618 137
136 136
230
Preferred
100 11712 Mar II 145 4 Jan 21
3
*3 8 334
312 Ps
5
312 334
314 33
4
33
8 312 2,800 Coty Inc
No par a2 Mar 24
712June 13
2812 29
2812 2812
28
287
8 2812 29
2818 287
8 3,200 Cream of Wheat etts
No par 23 Feb 25 39'2 July10
*1014 1012 .10 1014
10 10
1012 103 *1038 11
4
500 Crosley Radio Corp_
No par
214 Nlar 28 143
4June 8
33
33
3314 3412 3412 3638 3512 3614 6,300 Crown Cork & Seal
3338 32
No par
1414 Feb 27 65 July 13
*3314 3512 *3314 36 2
*3314 3512 3412 3412 3512 3512
,
200
$2.70 preferred
No par 2412 Feb 27 3812July 14
414 414 .418 414
414 43
8
438 43
8
414
438 1,800 Crown Zellerback v t c_No par
1 Apr 10
812July 17
1714 1714
167 17
17
8
1734 18
183
8 1712 173
4 2,600 Crucible Steel of America__100
9 Mar 2 3712July 10
•33
40 .33
40
•33
40 .34
38
*33
39
Preferred
100 16 Feb 27 603
8July 10
•llg
13
8 .114
114
13
8
114
13
2 13
8
118
1 18
700 Cuba CO (The)
12 Feb 21
No par
43
8June 7
414 5
412 478
45fi 43
412 45
4
8
43
4 434 3,500 Cuban-American Sugar _ ___10
118 Jan 16 1112May 29
2434 2914 29
*2412 29
29
*23
27
*23
27
140
Preferred
100 10 Jan 9 68 June 5
*39
40
•38
40
40
4112 40
4138 41
41
2,500 Cudahy Packing
50 2034 Feb 21 5912June /3
1634 1634
1612 17
1612 17
167/ 175
4
8 16
17
4,900 Curtis Pub Co (The)___No pa
612 Mar 3 3214June 12
*42
4214 42
423 423
2
4212
8 42
423 *38
4212 2.800
Preferred
No par 30 Feb 23 66 June 12
23
8 212
214
214
23
212
3
212 25
8
212 25s 8.900 Curtias-Wright
112 Feb 23
1
43 July 12
8
*412 43
4
434 43
43
4 518
5
4
514
5
53
8 4.300
Class A
1
2 Mar 30
8 July 13
1112 1214 *1014 1218
1213 1211; 1214 1212 .11
13
500 Cutler Hammer Inc___No par
414 Jan 6 21 July 14
*654 7
*654 77
*654 7 8
5
75
8 77
8
8 *712 8
400 Davega Stores Corp
8
5
15 Feb 23
84 July14
-
• Bid and asked prim, no sales on this day. a Optlonal sale. r Ex-dividend. c Cash sale.
y Ex-rights.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
per share $
412 May
53 June
4
714 June
1614 July
612 Dec
3 8 June
5
614 June
47 June
8
31 June
20 July
338 May
14 Apr
27 June
8
4 May
46 June
23 July
Ds July
112 June
212 May
per share
183 Jan
4
247 Feb
8
295 Sept
8
74 Jan
1512 Aug
10 Aug
14 Feb
2214 Jan
55 Nov
4318 Mar
1414 Sept
114 Sept
113 Star
4
1012 Jan
8912 Mar
36 Feb
412 Sept
714 Sept
1018 Sept
35 June 80 Sept
12 AD
318 Sept
14 Jan
312 July
58 May
412 Jan
118 Apr
312 Jan
218 May
8 Sept
614 June 1314 Aug
3 Dec213 Mar
4
7 Dec65 Mar
1214 July 85 Jan
12 Jttly
17 Sept
8
Apr2 Sept
12
13 June
57 Sept
8
8
7 May 245 Sept
8
3514 May 69 Sept
414 June 19 Sept
118 Sept
18 June
112 May
7 8 Sept
7
212 June
914 Aug
6 June 15 Sept
4
1018 June 233 Sept
218 Apr
912 Sept
19 June 32 Aug
3
163 June 65 4 Sept
4
30 May 75 Jun
43
oJune 15 Jan
127, Sept
8
114 Jun
78 Aug38 Jan
3
1 Dec2 Feb
8
14
l's Dec712 Nlar
7 8 June 2012 Sept
3
614 Jan
23 June
8
55 Dec 85 Jan
312 June 1512 Sept
3 8 Feb
3
5 Dec
8
45 Dec 1838 Aug
8
Oct 2812 Feb
11
433 Nov 68 Jan
8
1612 Aug 301s Sept
8
47 June x2034 Sept
1 May
63 Jan
4
212 June 1214 Sept
6 Dec 14 Mar
5 June 1212 Sept
8 Sept
112 June
5 DeC 16 Sept
4
5 June 213 Sept
218 Jan
14 Jul
834 Jan
314 July
10 Apr 22 Mar
90 June 96 Feb
6812 Dec120 Nlar
8
415 July 50 Nlar
3112 Star
1014 De
65 June 95 Slat'
8
107 Mar
4
23 May
1212 Oct
9 Jan
147 Sept
27 July
8
8
1312 May 4178 Mar
147 Aug
414 May
8
414 June 21 Sept
8
40 Apr 797 Aug
11 Mar
37 June
8
113 July 28 Sept
4
1012 June 21 Sept
40 June 75 Nov
8
107 June 277 Mar
8
5512 June 82 Nov
133 Sept
312 Slay
4
512 Aug
15 Jun
8
8
273 June 681 2 Mar
12 Sept
5 Slay
6tzJune 1214 Sept
11 Sept
4 Slay
8
35 Dec2412 Jan
17 June 60 Mar
53 Jan
1 June
8
113 Nlar
4
23 June
4
4
3112 June 683 Mar
7212 June 9918 Dec
8
4 Dec 107 Jan
4 June
9 Aug
79 Feb 101 Sept
15 Aug
8
14 Star
212 Feb
3 June
8
118 Jan
14 May
27 May
8 Sept
8
13 Aug
12 Apr
8
4
247 June 473 Mar
8
175 June 41 Mar
8
3 Apr
812 Sept
63 May
4
2514 Aug
5 May
8
33 Sept
4
35 June
93 Sept
8
8
243 July 553 Sept
4
8
9912 June 140 Oct
112 Ma
8
73 Sept
1312 June 2612 Oct
214 Slay
714 Sept
277 Slay 2378 Dec
8
3012 Nov
173 Jun
8
12 June
3 Aug
6 May 2314 Jan
8
14 Dec 497 Jan
312 Sept
12 June
37 Aug
8
3 May
3
312 May 26 Aug
20 May 3512 Mar
Jan
7 June 31
Jan
373 Dec 86
4
314 SePt
7 May
8
43 Sept
112 Mar
4
12 Sept
312 May
24 Oct 714 Sept
New York Stock Record-Continued-Page 4
3466
rff• FOR
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Nov. 4.
Nov. 11 1933
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING,
Monday
Nov. 6.
Tuesday
Nov. 7.
Wednesday
Nov. 8.
Thursday
Nov. 9.
Friday
Nov. to.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan.
-share lots.
On basis of 100
LOWS'.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share $ Per share $ Per Share $ per share Shares Indus. gc Miscell. (Con.) Par $ per share $ Per share $ per share $ per share
112May 20
5 June 12
30 Debenham Securities
.2
4
1 June
*2
312
2
2
2
2
238 Dec
8June 22
20
700 Deere & Co pref
614 June 1514 Jan
614 Feb 24 183
8 118 1112
11
.10 4 1138
3
111 113
11
100 48 Apr 3 9112 July 10 54 July 122 Jan
700 Detroit Edison
*55
60
57
58
60
5818 581s 60
7 Aug 9
400 Devoe & Reynolds A.....No par 10 Mar 1 33
.27
2912
7 May 163 Oct
*27
4
2914 *263 29
4
2912 31
1712 Feb 28 2912July 7
No par
12 Apr 1918 Sept
8 2,300 Diamond Match
2558 263
26
8 2614 2612 2538 253
26
Participating preferred -25 2618 Feb 27 31 July 19
2012 May 263 Dec
400
2912
*283 293
4
4 2878 28% *29
29
2914
No par 12 Feb 28 3912 Sept 19 . 712 Jan 1278 Dec
3612 3838 41,600 Dome Mines Ltd
38
3512 36%
35 4 3712 36
3
8July 18
1114 June 1812 Sept
203 2118 3,100 Dominion Stores Ltd No par 1012 Feb 27 263
4
2014 207
2012 2012
2038 21
8
5 June 185 Sept
1418 1418 6,500 Douglas Aircraft Co Inc No par 1014 Feb 14 1814 July 17
1318 14
137 1412 1418 148
64 Feb 27 18 June 12
100 Dresser(SR)Mfg cony A No par
5 July 23 Feb
10
10 .1018 1112 *912 1112
.912 1112
218 Mar 1 103
138 Dec 1212 Feb
4June 2
Convertible class 13 No par
300
.438 5
63
"5
6
6
5
5
10 29 Mar 31 6312.1une 29
Drug Inc
23 May 57 Feb
4
58 Dec
7 Apr 10 143 July 19
8
300 Dunhill InternatIonal_No par
*614 812
9
9
312 Sept
94
5rs 218 *2 - -3- *614 -1134
8June 30
912 Apr 22 283
No par
Duplan Silk
512 June 15 Sept
173 *16
.1514 173 *1514 173
*16
1753 .16
4
173
4
87 May 1015 Nov
20 Duquesne Light 1st pref _100 90 May 4 10218June 13
*9012 95
91
9014 9014 .91
91
.91
95
95
8
118 Mar 30 10 July 3
1 June
500 Eastern Rolling Mills_No par
43
.35
8 41
43
43
4
4 434
438 5
*4
414
612 Sept
3514 July 873 Jan
7212
4
713 74.4 743 7612 7412 7514 6.100 Eastman Kodak (N J).No par 46 Apr 4 894 July 14
4
7212 7312 72
4
100 110 May 2 130 Mar 20
99 Jan 125 Oct
6% cum preferred
80
•12618 1273 1273 1273
12712 1273 12618 12614 12618 12618
4
4
4
4
97 Sept
3 June
318 Mar 2 16 July 17
No par
113
4 4,100 Eaton Mfg Co
1114 1112 11
1214 11
1114 117
8 11
11
22 July 594 Feb
4
8114 71,200 El du Pont de Nemours____20 3218 Mar 2 853 July 17
76% 8112 8014 8214 79
7712 7812
78 787
80 4 June 10518 Aug
3
100 9712 Apr 20 117 July 7
6% non-voting deb
800
8
11214 11312 112 1137
•112 113
112 112
112 113
514 July 14
3 Feb 4
4
No par
18 June
13,400 Eltingon Schild
27
218 Sept
212 3
25
234
25
8 258
27a 318
3
214 May
1212 Jan
4 Mar 29 23 June 12
100
61.6% cony 1st prof
500
4
21
223 223 *2018 23
4
23
•19
21
2014 2014
812 June 3234 Mar
5 10 Apr 4 2712July 13
17,900 Elec Auto-Lite (The)
8 1518 16
14
1614 1534 165
8
14% 14% 1414 147
61 June 10014 Feb
100 75 Oct 26 88'2 July 18
Preferred
79
*70
79 .70
*70
78
79
*70
79 .70
814July 3
1 Jan 3
3
%June
212 Jan
33
4 4
33
4 33
33
4 3 4 2,000 Electric Boat
3
312 33
4
*3 8 33
3
4
414 July 15
33
33g 33
1 Feb 14
%June
4 Jan
12.800 Elec Ai Miss Ind Am shares_ __
4
4
33
4 418
338 33
3 4 334
3
8June 13
23 July
318 Feb 27 153
4
16 Sept
4
6
6 3 13,200 Electric Power & Light No par
5% 63
8
512 5 8
7
512 53
4
5% 538
103 July 64 Jan
712 Apr 4 3612June 12
4
No par
Preferred
4
4 3,300
1312 123 123
*123 133
4
4 13
113 13
4
125 121,
8
4June 13
87 July 5512 Jan
8
614 Apr 5 323
No par
8
8 2,100
10
10
$6 preferred
4 107 113
1038 113
93 1014
4
103 103
4
4
125 June 3314 Mar
4
8
4114 42
40 40
1,300 Elec Storage Battery_ No par 21 Feb 16 54 July 10
413 42
4
393 40
4
393 395
4
4 June 19
18 Jan 4
7
8
7
8
3,800 Elk Horn Coal Corp_No pat
118
114
1
114
1
1
3 Aug
4
% Jae
*3
4
1
6 June 7
5 Apr 29
8
112 214
15 Jan
50
1 Sept
112 218 .112 I% 1,600
6% part preferred
112
•112 138
ltz
16 July 374 Sept
50 26 Feb 27 627 July 18
*47
52
497
8 497 5018 *50
700 Endicott Johnson Corp
8
49%
497 *45
8
*45
98 May 115 Nov
100 107 Feb 17 123 Oct 4
Preferred
11618 11618 .115 120
*116 120
10
•115 120 *115 120
4June 12
4 Feb 23 143
.413 512
4 June 25 Feb
5
*43
4 512
100 Engineers Public Serv__No par
.43
4 53
8
5
'412 5
16 July 51 Feb
1518 Nov 6 47 June 13
•1414 1618 1538 153 *153 1812
$5 cony preferred___No par
4
4
400
•15.3 1538 1514 1518
18 July 57 Mar
8June 12
NO par 15 Apr 4 497
1712 1712
17
17
•16
17
400
3514 preferred
16
16
17
*15
1718 Nov 6 55 June 13
25 June 613 Mar
No par
17
•1714 1838 .1718 23 . 1a 2018
4
36 preferred
100
1718 1718
•1718 18
1012 Dec 19 Jan
612 Mar 27 1318July 7
600 Equitable Office Bldg.._No par
*918 914
914 914
9
914
9
9 14
9
914
2 June
3 Apr 4 1814 July 7
74 Mar
400 Eureka Vacuum Clean_No par
7
7
712 712
712 75
8
714
3
*715 7 4 *7
712June 28
*34 37
8 *312 312
7 Mar 1
8
5
600 Evans Products Co
33
4 37
8
37
8 4
*318 3%
12 May
212 Sept
518 518
*518 53
8
93 Jan 113 Jan
4
412 Nov 0 11l July 19
5
5
412 412
4% 412
4
240 Exchange Buffet Corp_No par
25
8June 8
1 Sept
8May 17
7
25
13 Sept
4
Fairbanks Co
.1
138 *I
I%
15
8
138 •1
.1
15
8 .1
814June 13
1 June
1 Feb 23
100
Preferred
*23
4 Aug
4 512 .314 512 *314 512
51
512 *3
.28
214 Dec
2I2Mar 23 1114June 2
200 Fairbanks Morse & Co_No par
6% 63
4 *5% 7
6
6
618 Aug
*512 6
.512 6
Feb 25 42 June 3
10 Dec 473 Mar
100 10
Preferred
'21
27 .24
27
4
27
27
150
27
35
27
27
13 June
3 June 8
Es Jan 26
No par
17 Sept
8
Fashion Park Asso
112 July
3 Feb 23 11 June 2
100
77 Jan
8
7% preferred
--- ----- ---------- ---- ---- ---814 Dec 22 Jan
4% Apr 6 1412June 12
15
Federal Light & Tree
*7 III
*7 To
.718 I()
.7
10
*7
10
30 June 64 Mar
No par 38 Apr 20 5912July 20
Preferred
•_ .. 4834 ._ _ 48% *
4
- 483
._ _ 483 "_ . 483
4
4
13 June 35 SePt,
Federal Min & Smelt Co_100 15 Mar 31 103 Sept 19
'85 100
*96 101 ;ii 101
. 100 °§8 101
,ii
4July 10
112 May
3 Mar 16 113
4
57
35 Feb
8
100 Federal Motor Truck__No par
.514 6
*53
4 57
.57
8 *534 57
8 '514 6
47 July 7
3 Feb 27
4
12 May
134 17e
•13
4 17
*114 2
23 Aug
8
700 Federal Screw Works_No par
17a
13
4 13
17
8
4
o
4June 12
214 Dec 10% Mar
63
138 Feb 25
218 214
214
212 212
700 Federal Water Serv A__No par
212 .2
212 212
*2
612 June 1534 Sept
712 Feb 27 30 July 18
•2014 2712 22
.
100 Federated Dept Stores_No par
22 .1812 2712
•1812 2712 1 18% 2712
A
a
Stock
26
4
26
27
.26
267 025
8
2612 27
- May 273 Jan
25
2614 1,200 Fidel Phen Fire Ins N Y__2.50 1014 Mar 27 36 July 1012 June 187 Aug
918 Apr 4 3112 July 18
1978 2118 2118 223
193 2014 19% 20
4 2118 223 15.000 Firestone Tire & Rubber___10
4
8
45 July 65 Aug
100 42 Mar 3 75 June 7
Preferred series A
700
71
71
72
7138 7138 72
.704 708 7112 7138 Exchange
35 July 5412 Dec
5212
par 43 Mar 3 704 July7
523 543
8
4 55
8 5212
5112 525
5614 5412 5512 3,800 First National Stores__No
414 Apr 10 Feb
712 Feb 7 18 July 5
1412 *13
1412 Closed- .12
Florshelm Shoe class A_No par
1412
1412 .13
*137 1412 *1'3
8
63 July 99 Nov
100 80 Apr 19 101 Sept 5
010614 _ __ .10614
.10614 - *106 _
6% preferred
- - .10614
- ___
2 June
*712 212 Feb 28 19 June 7
No par
912 .8
84 sent
•85
8 - 12 Election
i
400 Follansbee Bros
1.1
912 -912
*912 10
334 May 1014 Feb
612 Apr 19 16 July 13
.1114 1212 .1112 1212 *1112 1212
Food Machinery Corp_No pa?
*12
123 .12
4
1212
3 May 157 sent
412 Feb 28 23 July 7
No par
8
Day
141 16
8
155 163
1413 151* 14% 1412
15% 4.300 Foster-Wheeler
8 15
3
1 July
74 Aug
2 Feb 27 23 8 July 17
No par
•11
11
1112 113a 137
115 .10
*11
113 127
8 4.600 Foundation Co
8
1014 June 223 Sept
135 Mar 1 2614June 13
1
8_
19
19
19
1912 1918 1918 1938 2014 2.000 Fourth Nat Invest w w
•183 19
4
19 Sept 14
12 Oct 21
1414 15
1,200 Fox Film class A new__No par
14% 15
*1312 1434 *1334 147
2
148 147
15 Oct
.42
-Tan
4712
4712 4712 .42
10 Fkln Simon & Co Inc 7% pf100 12 Jan 24 50 Aug 15
4712 "42
4712
4712 *42
10 May z285 Nov
8
10 1618 Feb 28 473 Sept 20
3 461
8
4412 455
45
447
s
45 4 4638 13,000 Freeport Texas Co
3
'4438 4514 44
100 97 Apr 19 15118 Nov 9
*130 151
200 6% cony preferred
.145 155 '140 155
15118 15118 •148 158
2iit ii
9 Jan 9 31 June 13
Oct
•1318 20 .1318 23
13
13
20
.117 26
40 Fuller (0 A) prior pref _No par
.13
1341 1318
3 June 32 Feb
4 Jan 19 23 June 13
No par
11
'6
11
"7
11
$6 2d pref
.6
11
"7
*6
11
514 Aug 18
14 June
1 Feb 27
33
*212 3
312 Sept
3
3
.212 3
3
700 Gabriel Co (The) cl A No par
318 "3
8
512 Dec 17 Jan
612 Jan 20 207 Aug 25
*10
120 Gamewell Co (The). No par
13
1014 1014
13
11
13 .1118 13
*10
2% Feb 28 12 June 20
12 June
512 Sept
714 712
74 712
.7
712
712 814
78 838 7,200 Gen Amer Investors_ No par
26 June 71 Sept
No par 42 Feb 23 85 July 7
.643 70 .67
4
4
200 Preferred
6412 6412 .643 70
75
75 '67
912 June 353 mar
4
5 133 Feb 28 4314July 19
4
Gen Amer Trans Corp
2918 31
*29
3018 3112 2914 3012 8.300
30
293
4
29
434 June 1512 Jan
27 July 18
4% Mar 3
No par
1412 1513 155 1612 1538 16
5,800 General Asphalt
8
14% 154 1412 144
o
1012 June 1958 Mar
5 1112July 21 207 July 10
1318 14
133 14
13
1312 2,000 General Baking
*1314 1312 1312 1312
12 June
218 Feb 6 1012 July7
5
5 Aug
612 63
63
4 714 4,700 General Bronze
64 714
614 6%
*612 63 .
4
114 Mar 31 1112J150e 9
No par
5 Sept
14 May
4
5
*4
418
500 General Cable
418
.3 8 4
4
418 418
4
112 May
214 Feb 27 23 June 9
No par
1112 Sept
•712 818 *712 84
400 Class A
818 81
818 818
8
8
612 Mar 30 46 June 9
3 4 June 25 4,Sept
3
100
3
16
100 7% cum preferred
16
*1612 21
.1612 21
*1612 21
.1612 21
20 June 381 Mar
8June 23
No par 2812 Oet 20 485
2834 29
8
29
285 285
8
2912 29 2914 1.300 General Cigar Inc
29
29
75 June 106 Dec
100 90 July 28 112 Jan 25
60 7% Preferred
103 103
105 105 *103 108
*---- 018
•____ 108
8
812 May 2618 Jan
107 Apr 26 3014July 8
NO par
197 2114 208 22
8
8
8
1914 203
8 193 2014
2018 213 177.900 General Electric
105 July
8
10 1118 Apr 20 1214July 24
117 Sept
12
1218 12
12
1218
a 7,300 Special
12
4
12% 113 117
12
No par 21 Feb 24 397 Sept 18
195 May 40 4
3
8
Foods
14,100 General Foo
23%
35
361
3512
3434 347
8 35
3618 36%
36
37
5 Apr 1
8
July
27
8June 8
No par
7
8
1
MFeat.
78
1
.
7
8
1
1
% 1,600 Gen'i Gas & Elea A
1
%
3 June 243 Jan
3% Apr 3 1812June 6
4
Cony pref series A No pa?
500
•105 1112 1114 114 1038 1038
8
•1012 1318 .1012 1112
Mauna 20
7 Apr 20
614 July 30 Aug
No par
class A
$7 pref
30
"1134 15
.12
1412 14
15
•1114 1412 '1112 1412
5 Apr 6 20 June 10
No par
514 July 40 Feb
$8 pref class A
10
*1212 18
13
•I3
18
.1212 18
*1212 18
13
8
1818 Apr 25 Mar
2414 Jan 9 5112 NovCrp_
100 Gen Hal Edison Elea Corp
5112 511 *53%
__ *5212
-8
.50% 5112 '507 5112
28 May 4812 Sept
No par 3.512 Mar 3 71 June 28
2.000 General Mills
64
63 -6412 *6212 -62% 63
6314 6414 6312 6312
100 9212 Mar 28 10612 Sept 19 76 July 9612 Dec
Preferred
200
•103 1031 .103 1035; 103 103
.103 1043 .103 104
4
10 10 Feb 27 353 Sept 14
7 June 2438 Jan
4
5s
233 3038 03014 315* 3014 3114 267,800 General Motors Corp
8
2812
283 28% 23
8
No par 6512 Mar 3 95 July 15
5614 July 8714 Mar
$5 preferred
800
878 .87% 883
8812 864
.86
88
86
86's 87
4 June
518 Jan 9 24 June 13
No par
9 Feb
200 Gen Outdoor Adv A
912
•712 878 45'
10
10
*912 11
912 91
l
212 Mar 1
1018June 12
NO par
2% Nov
Common
4 Jan
1,400
43
4 43
412 43
4
4
4 18
*4
414
438
314 Jan 4 17 June 10
No par
212 July
14
30 General Printing ink
Jan
*1012 13
12
13 .1012 13
•1012 12 .1012 12
2712 June 60 Feb
No par 31 Mar 18 82 Aug 3
$O preferred
20
.7312 77
*7312 77
*7312 77
74
74
•7312 77
2 Apr 6
814June 12
1 May
No par
*312 31
718 Aug
500 Gen Public Service
312 312
318 33
314 314
34 312
1314 Jan 3 4912July 6
618 July 2818 Jan
1,400 Gen Railway Signal _ _No par
32
3312 32
32
31
2912 2912
30
30
31
8June 24
3 Feb 16
8
I
45
4 May
214 Sept
218 9,600 Gen Really & Utilities
17
13
4 17
8
15
8 1%
112
112
15
8 1%
4June 211
5 June 163 Sept
512 Jan 19 223
No par
$6 preferred
4
1512 1,400
•13
•13
1411 1414 1412 14
1418 •12
1414
4July 5
212 Feb 27 193
13 Jane 1518 Sept
4
91
600 General Refractories_No par
•9
*87
8 912
9
9
9% 10
8% 9
8 Mar 27 Aug
9% Feb 17 39's July 14
50 Gen Steel Castings pref No par
4
.1012 28
26
26
•1012 26 .104 26 .103 26
95 Apr 20 2014 Jan 11
1038 Jan 2414 Mar
13,300 Gillette Safety Razor__No par
4
8
113 1112 113 1112
8
11 12 1238 113 1218 1112 12
4
No par 473 Apr 19 75 Jan 9
45 June 7212 Aug
Cony preferred
800
5214 54
8
517 52
4 5212 55
'
•52
5.5
.5212 55
7 8June 27
5
es Feb 9
No par
3 4 Aug
%June
3
4 4 3,300 ()friable Brothers
3
418 414
45
412 438
414 413
414 414
33 July 7
63 Dec 31
514 Mar
100
8
Preferred
1.100
Jan
19
1812 .17
161z 17
16
•15
1714 *1314 1612
318 June 1018 Sent
3 4 Mar 2 20 July 18
3
No par
144 1538 1512 16% 154 158 9,400 Glidden CO (The)
1434 1478
15
15
100 48 Apr 22 9112 Aug 1
35 Apr 76 Sept
Prior preferred
85
"81
85
•80 4 851 •81
3
4
.803 8512 '803 86
4
2% May
3 Feb 16 18 July13
No par
9.900 Gobel (Adolf)
8 Aug
712 8
8
714 77
7
64 7's
63
4 71e
718
814 May 2038 Sept
No par 12 Feb 27 273 July18
8
4
17% 18% 173 173 10,400 Gold Dust Corp v t o
17
1758 1612 163g
163 173
4
70 July 101 12 Dec
$6 cony preterred_No par 97 Oct 17 105 July21
200
100 .99 100 .99 100
*97 10212 100 100
.97
214 May
3 Mar 2 2112July1.8
No par
1238 Sept
8
1518 1418 147 35.200 Goodrich Co(B F)
14% 14
127 1312 123 1338
,
13
4
7 May 3314 Sept
9 Feb 28 63 July13
100
Preferred
1,30.,
35
36
38
3413
36
.3412 347 *31
3412 38
512 May 293 Aug
94 Feb 27 4712July 17
7 363
4
343 3638 34,400 Goodyear Tire & Rubb_No pa
4
8 34
3212 3414 3212 335*
3112 353
193 June 6912 Aug
4
4
No par 273 Mar 2 804 July6
lot preferred
1,500
59
5812 57
57
57
7
7
573 58
4
.55
714 Jan 303 Sept
612 Oct 20 1712June12
No pa
4
812 838 1.000 Gotham oils Hose
4
812 83
814
814 814
'712
57 57
5014 Jan 7012 Oct
100 41 Apr 3 73 July 3
Preferred
__-- 66
s____ 66 •____ 66
•____ 66 •___- 66
55 JulyI2
8
1 May
1 Apr 3
I
45; Jan
211 218 5.800 Graham-Paige Motors
212 234
212 2%
212 238
212 212
37 Mar 2 155
8Junel3
2 8 June
3
91 105
115 Sept
5,700 Granby Cons M Sol & Pr__100
97 10
8
8
912 97
8
•9
918
912 912
314 June
3 8 Mar 2 1018June28
5
934 Mar
43
45
*412 43
4 1,600 Grand Union CO tr ctfs.No pa
412 5
412 413
*414 43
4
22 June 35t4 mar
No par 20 Sept 30 36 July3
Cony pref series
500
3
x2312 23 4 2314 2314
5 235
23
23
23
.223 24
4
6% June 17 scot
1112 Mar 24 3018 Julyll
No par
400 Granite City Steel
8
21% 21 18 2018 21% *2018 215
.2118 22 .2118 22
1412 May 3014 Mar
3
No par 15% Feb 28 36 8July 7
8
2712 2718 2814 277,3 2812 3,400 Grant (W T)
263 263
8
27
27
27
5 June 1314 Ian
518 Feb 27 164July II
8 7,200 Gt Nor Iron Ore Prop_No par
1014 104 103
10
9 8 938
5
10
1014
ag
10
314 Apr 12 Aug
8
67 Jan 19 41, Sept22
8
374 3812 29,800 Great Western Sugar-No par
39
38
368 38
4
3712
374 377
8 37
100 7212 Jan 3 110 Sept 6
48 June 83 Aug
Preferred
10
4
106 106 .106 10014 .106 1074
1074 .1053 108
•105 4
3
43 July13
8
234 Sept
% Mar 3
32 Apr
No par
134 134 Pa 14 4.100 GrIgsby-Grtuaow
15
8 134
15
13
4
I% 14
$ per share
.2
4
1118 11 18
"58
63
.26
2912
253 26
4
.29
2914
34
3618
2014 2014
1414 144
*912 1114
*438 6
iir,
•BM and asked
prices, no sabre on
Ms day. a Optional sale. x Er-4 Mend. v Ex-rights.
.
New York Stock Record-Continued-Page 5
3467
I e FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
'
.
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday
Nov. 4.
Monday
Nov. 6.
Tuesday
Nov. 7.
$ per share
•1,
2
"8
2014
.19
*35_
*2212 -2- -58
3
*2712 2814
514 514
.2018 2112
*312 412
*112 6
25
*15
7714 7712
*1212 14
Wednesday
Nov. 8.
Thursday
• Nov. 9.
Friday
Nov. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share 5 per share $ Per share $ Per share Shares. Indus. & Macon. (Con.) Pa
.112
17
8
400 Guantanamo Sugar_ __No par
1 12 112 .114
13
4
112 112
.1912 21
400 Gulf States Steel
1812 1812 2014 21
No par
.19
2014
*36
535
_ _ .39
_ _
Preferred
6112
*35
100
235
--8
23 8
*21 - 5 *2118 235 *2118 - - 8
Hackensack Water
.21
25
235
8
.2712 2814 .2712 2814 *2712 2814
7% preferred class A
.2712 2814
25
5
57
8
5 4 57
,
8
514 512 8.100 Hahn Dept Stores____No par
5
5
*2214 233
2214 23
2018 22
Preferred
4 1,600
2014 20 4
100
,
41. 5
*4
414
*312 518
200 Hall Printing
10
*312 412
.17
.17
*17
8 6
8 6
3 6
Hamilton Watch Co_No par
8 6
.17
25
*15
*1553 25
*15
25
Preferred
25
*15
100
7918 7918
797 80
90 Hanna (M A) Co $7 pf_No par
8
80
*77
80
.77
1,900 Harbison-Walk Refrac_No Par
1314 1212 14
1214 1212 13
12
12
_ _ _ _ ____ _ _ _ ____ ____ ____
Hartman Corp class B_No par
____ ____ ____ ____
____
Class A
No par
_ _
3
212
3
212
240 Hat Corp of America Cl A__1
23
4 23
212 212
4
B. 212
*11
*11
20
20
20
*11
61.6% preferred
20
*11
100
20
*11
112
13
112
8
112
114
400 Hayes Body Corp
.118
13
8 *11,3
No par
*118
112
*100 10212 *100 102 .100 102
100 Helme (G W)
100 100
25
*9914 102
9 4 *8
3
93
4 .8
*7
Hercules Motors
934
10
No par
*7
11
*7
5614 4.176 Hercules Powder
54
5614 55
54
51
No par
52
52
*50
52
10412 10412 1063 1063 *106 107
50
4
4
$7 cum preferred
107 107
100
*10414 110
49
1,000 Hershey Chocolate____No par
*47
4818 49
*4714 48
473 473 *4714 48,4
4
4
400
87
8714 8712 87
*86
Cony preferred
88
No par
8718
87
*86
87
8 1,50 Holland Furnace
*414 45
45
43
8 5
4 43
4
No par
43
4 5
45
8 434
Hollander & Sons (A)__No par
,
*512 714 *618 7 4 *514 618
*512 73
3 *512 PR
1,600 Homestake Mining
320 330 304 330 318 330
*330 335 .302 340
100
8 1,700 Houdaille-Hershey CIA No par
•1012 117
1012 1012 1012 11
10
*1012 11
10
314
312 37
31
'8 37
314 312
Class 13
8 2,200
8
No par
3'4 314
314 3l
•4312 4412 .4312 4412 *4312 443
Household Finance part p1_50
*4312 443 *4312 443
4
4
4
23
4
243
4 3.700 Houston 011 of Tex tern ctfs100
8 2414 2512 233 243
231 t 237 *22
8
2314
458 45
8 2,300
45
414 412
8 478
Voting trust ctfs new___25
43
8 412
4
4
44 43
335
8 313 323 19,000 Howe Sound v t c
3111 3318 32
4
4
30
313
3018 30
8
25
8
101 1 103
4
4 103 1114 103 1118 4,100 Hudson Motor Car___No par
103 1058 1018 103
8
8
8 3,000 Hupp Motor Car Corp
37
33
8 37
33
4 4
4 34
3
10
*33
4 37
8
35
8 338
__ ____ ____ ____
Indian Motocycle
No par
____
.21. 3
_
200 Indian Refining
3
.212 3
3
.
212 318
.212 3
10
7214 7412 10,800 Industrial Rayon
7214 7414 7414 76
723 737
4
8 7112 72
No par
573
5914 57
4 4,200 Ingersoll Rand
527 5612 56
8
53
54
5312 5412
No par
500 Inland Steel
2814 2814 *3012 333
3 14
4 29
*27
31
*26
33
No par
512 ,512
55
8 57
8
534 53
4 3,100 Inspiration Cons Copper_ _ _20
*53
3 512
514 512
300 Insuranshares Ctts Ine_No par
212 212
8 *218 212
•213 25
*218 234 .218 234
400 Insuranshares Corp of Del_ __ I
2
17
8
2
17
*178 2
8
17
8 178 •17
8 2
100 Intercont'l Rubber
*218 212 *212 212
23
*21 1 212
8 238 •218 212
No par
512 612
634 53
4
538 512
800 Interlake Iron
*512 612
No par
518 512
218 218 1,100 Internal Agricul
218 212
*17
8 214
2
2 14 .218 27
No par
8
*1112 20
59
16
Prior preferred
*10
*97 14
8
14
.9
15
100
.13212 139
8
135 13812 14014 1435 *140 14112 1,500 Int Business Machines_No par
132 13931
5
5
(2,5
512
512 512 7.500 Internet Carriers Ltd
518 5 4
,
5
1
514
3213 33
337
3318 33
8 323 3334 5,100 International Cement__No par
32
4
32
323
8
3712 383
4
8 3814 4038 36,700 Internal Harvester____No par
8 383 407
8 3714 377
3712 393
8
300
*116 1173 •116 11718
Preferred
1163 1163 •11612 11713 11612 11612
3
8
4
100
514 514
3.600 Int Hydro-El Sys Cl A_ _No par
512 512
4 614
57
53
8 6
512 512
3
3
314 4
3,100 Int Mercantile Marine_No par
4
*27
4
8 33
8 *278 3
193 20
8
207 213
1934 21
4
8
1912 20
8
8 203 21.3 161,300 Int Nickel of Canada_No par
400
.107 108 .107 109
Preferred
108 108 •106 108
108 108
100
*852 11
Internet Paper 7% pref___100
.1353 15
.853 15
*85 11
*85 11
8
8
*334 4
600 Inter Pap & Pow el A__No par
*418 414
Stock
3 8 358
3
3 4 334
3
312 4
•154 218
2
Class B
134 •17
300
2
134
8 2
13
4
13
4
No par
112
112
13
4 1,200
15
8
112 13 Exchange
Class C
4
•112 13
15
8 13
4
4
No par
*9
912
97
8 97,
4 3,400
Preferred
8 1012 1138 1018 103
100
67 103
S
.10
1144 .10
100 Int Printing Ink Corp_No par
8
105
11
1013 1018 *10
113 Closed- .10
4
*683
_ _ .683
170
Preferred
6512 6612 6712 6712 6712 6712
8 _ _
100
.2112 22
8- -14 2112 221 1, 2214 2314 25
24
1,200 International Salt
24
21-12 Election
No par
*40
41
*413 4212
4112 42
4
.40
41
400 International Shoe__No par
41
41
38
38
3812 4112
5.800 International Silver
3912 4312 3912 90
403 43
Day
4
100
597 61
8
6014 663
65
663
4 63
1,610
667
8 64
63
7% preferred
100
4
123 127
8
8
1214 123
8
121.4 1314 133 153
8 1418 1518 184,400 Inter Telep & Teleg_ __No pa
8
*3
41 1 •3
414
200 Interstate Dept Stores_No pa
4
8 47
8
4
8 .37
47
8 47
2138 2131 *19
215
2158 •19
8
.20
30
213 •19
Preferred
8
215
8
100
.53
8 512
512 512 .53
8 6
*Ws 513 *Ws 512
500 Intertype Corp
No pa
23
23
*22
.23
24
24
2312 2312 *227 233
8
4
300 Island Creek Coal
1
.27
31
*28
30
400 Jewel Tea Inc
2912 2912 30
30
3014 30
No par
5011 513
8 4938 5012
49
53
4 5114 5312 32,500 Johns-Manville
5212 543
No pa
9812 9
*9812 102
812 .97 104
190
Preferred
9712 9712 102 102
100
.47
50
•50
51
110 Jones & Laugh Steel pref _100
50
51
51
50
*50
.50
*57
8 6
51t 514
6
6
6
6 14
6
800 Kaufmann Dept Stores $12.50
6
.13
1312 *12
1338
133 14
4
2,300 Kayser (J) & Co
133 1312 133 1414
4
8
25
.212 3
23
4 23
4
3,900 Kelly-Springfield Tire
23
27
4 3
23
8 33
4 27
8
8
5
*10
.10
15
15
*11
1612
6% preferred
15
*1212 1612 .12
No par
.238 418 •258 418
*258 418 •3
Kelsey Hayes Wheel conv.clA I
418 .3
44
*1
3
3
*1
200
212 212 *I
*112 212
212
Class B
1
1058 1012 1013 1012
10
103
8 1012 107
4 7,300 Kelvinator Corp
8 10 2 103
,
No pa
60
60
60 .56
*58
.58
10 Kendall Co pt pf ser A_No pa
60 .58
60
60
201 1 2118 a2012 213
8
2012 2214 2218 23
213 223 84,200 Kennecott Copper
4
4
No pa
*9
•1314 15
15
400 Kimberley-Clark
12
12
8
1212 1212 1258 123
Na Pa
.214
27
8 .214 27
8
.21 t
278 .214 27
8
100 Kinney Co
214
214
No par
*1013 15
*12
15
•1018 15
r referred
*1018 15
*1018 15
No pa
4 1112 113
115 113
8
4
1138 123
8 8,200 Kresge (S S) Co
4 1214 125
4 1214 123
10
*10212 106 *10212 103
103 103
10212 103
10
7% preferred
*102,2 103
100
3018
30 .28
30
*29
34
34
*30
34 .30
100 Kress (S II) & Co
No par
2118 2214 217g 217
22
8
2212 2217 2258 22
2212 5,500 Kroger Groc & Bak
8
No par
297 30
8
30
80
295 30
8
30
3018 2914 293
4 4.000 Lambert Co (The)
No par
8
8 .413 47
.41s 47
.418 5
.418 5
*Vs 5
Lane Bryant
No par
711
712 *7
712
712 712
1,700 Lee Rubber & Tire
814 814
7 4 814
3
5
4
12
.113 1212 .1114 12
1212 13
1112 13
13
700 Lehigh Portland Coment___50
*7512 77
•7512 77
*7512 77
*7512 90
*7512 90
7% preferred
100
278 27
8
8
3
23
*23
4 27
4 3
312 .318 312
900 Lehigh Valley Coal _ _ No par
7
.6
•6
6
(1
714
714 714 .6
300
714
Preferred
50
643
8
8 63
64
6412 645
65 4 66
3
6812 6718 683
3 2,700 Lehman Corp (The)._ _No par
187 19
1834 19 .1812 183
8
4
1878 19
19
19
1.300 Lehn & Fink Prod Co
5
2834 297
283 2912 283 293
4
4
8
8 293 303
8
3 29
34 3014 22,200 Libby Owens Ford Glass No par
.8112 8212 8113 81,2
8112 8112 83
84
*8212 84
600 Liggett dr Myers Tobacco__25
8111 83
83
813 8414 843 863
4
82
4
8 8418 8512 8,600
Series II
25
•13214 135 .13214 135 *130 135
932'4 137 .13214 135
Preferred
100
15
.1412 16 .1412 1612 *1412 15
15
•141• 16
100 Lily Tulip Cup Corp__No par
2578 2712 2712 28
253; 2534 .2412 20
275 277
8
8 1,000 Lima Locomot Works_No par
14
•123 14
.12
4
•1214 14
.1218 14 .1214 14
Link Belt Co
No par
2514 2714 27
8
263
8 253 2512
26
2812 2712 2712 6,800 Liquid Carbonic
No par
2812 3012 2958 3114 281 2912 15,700 Loew's Incorporated_ _No par
2818 287
8 2818 281
'8
'8
.66
.
67
7212 .68
7212 •66
70
7212
*633 70
8
Preferred
No par
212 212
218 212
212 212
214 212
214 214
1,300 Loft Incorporated
No par
2
•11 1
13
4 .17
8 •114
8 2
13
3 13
2
2
200 Long Bell Lumber A...No par
39
4018 40
3878 39 .39
40
3914
40
40
2.200 Loose-Wiles Biscuit
25
*116 120 .116 120 *116 120
•116 120 .116 120
7% 1st preferred
100
163 173
3
4 1714 177
8
1712 167 173
2
17
1712 14,000 Lorillard (P) Co
17
3
No par
.10112 10513 10518 10518 105 105
•103 10518 *103 10513
200 .7% preferred
100
.112
13
4 .112 158 •112 15
•112
134
*112 13
8
4
Louisiana Oil
No par
•712 13
.8
13
.8
13
.7'4. 13
*712 13
Preferred
100
141 1518 15
'14
153 • 15 4 163
8
3
8 1,700 LouLsvIlle Gas & El A_No par
4
15
143 We 15
12
12
1212 .1012 117
12
12
12
12
1238
8 1,100 Ludlum Steel
1
64
64 .65
69
*65
69
69 .63
.62
69
100
Cony preferred
No par
*2512 273
8 273 27311 .2512 2712
8
.2534 273 .2512 273*
100 MacAndrews & Forbes
8
10
27
2918 2778 2912 28
2812 6,200 Mack Trucks Inc
2712 28
273 2734
4
No par
40
4814 4812 5012 49 49
5,000 Macy (R. II) Co Inc _No par
4612 47
46
4612
*212 3
212 212 • 4 3
.238 4
100 Madison Sq Gard v t c_No par
.212 4
23
8
.1512 163
8
8 163 163 *1518 1612
400 Magma Copper
•15
1612 1 514. 1618
No par
178
134
•13
17
8
4 218
134
400 Mallinson (II R) & Co_No par
4 214
4 214 .13
•13
151
1312 .8
1512 *8
.8
.8
15
.8
97
s
100
7% Preferred
134
4 3
13
4
•13
*131
3
100 Manati Sugar
.13
.2
4 3
Vs
100
*212 618 .212 6
*212 6
s
*Vs 6,
.218 6
Preferred
100
4
8
378 3 8
4
.4
63
20 Mandel Bros
8
8 63
7
8 *35
35
No par
" 8 63
1212 *1112 121z
4 12
400 Manhattan Shirt
113 113
4
4
4
. 112 113 .1112 113
1
25
218
211 •17
8 218 *112 218
.21s 214 *218 218
100 Maracaibo Oil Explor_No par
8 5,900 Marine Midland Corp
4
65* 65
63
Ws 63
s 63
612 612
3
6
10
53 631
PER SHARE
Range Sines Jan. 1
On basis of 100
-share lots.
Lowest.
*Bid and asked prices, no sales on this day. a Optional sale. e Cash sale. s Sold 15 days. x Ex-dividend. y Ex-rights.
I
$ per share
14 Jan 23
63 Feb 27
4
1614 Jan 16
15 Mar 18
25 Apr 8
118 Feb 28
9 Apr 1
31s Feb 27
212 Apr 5
15 Feb 11
4512 Jan 4
61.8 Feb 25
18 Apr 3
1.1 Mar 18
7 Mar 16
8
518 Apr 5
54 Feb 27
6912 Jan 16
3 Mar 20
15 Feb 27
85 Apr 5
3518 Mar 29
643 Apr 5
4
312 Jan 4
214 Mar 2
145 Jan 16
4le Apr 7
1 Mar 2
4312 Oct 13
814 Mar 13
17 Feb 28
8
512 Jan 3
3 Feb 28
15 Mar 3
8
14Mar 16
118 April
24 Apr 4
1914 Feb 27
12 Feb 27
2 Feb 25
114 Mar 29
13 Apr 5
4
5 Mar 21
8
218 Mar 1
7 Feb 17
8
5 Jan 3
753 Feb 28
4
27 Jan 16
8
618 Mar 2
135 Feb 28
8
80 Jan 5
212 Apr 4
114 Jan 4
63 Feb 27
4
72 Jan 11
212 Jan 4
12 Apr 21
14 Apr 1
14 Jan 6
2 Apr 5
312 Feb 28
35 Apr 18
4
133 Mar 28
243 Jan 3
8
93 Feb 25
4
2412 Mar 2
518 Feb 28
112 Mar 2
12 Apr 7
17 Jan 24
8
11 Feb 27
23 Feb 27
1214 Mar 2
42 Apr 5
35 Feb 1
25 Mar 15
8
67 Feb 27
8
7 Mar 2
8
6 Feb 28
2 Feb 27
2 Mar 27
318 Feb 28
30 Jan 10
73 Feb 28
8
5 8 Apr 6
7
1 Apr 3
8
45 Feb 14
512 Mar 2
88 Apr 4
27 Jan 17
1412 Feb 28
2218 Mar 2
3 Feb 8
33 Mar 2
4
57 Jan 5
8
34 Feb 9
1 Jan 13
213 Apr 10
3712 Feb28
14 Feb 27
43 Mar 1
4
49 Feb 16
4914 Feb 16
121 Mar 22
13 Apr 6
10 Jan 17
63 Apr 17
4
1014 Feb 25
812 Mar 22
35 Apr 4
134 Feb 24
12 Feb 28
1914 Feb 27
11312May 9
1018 Feb 16
8712 Feb 23
5 Jan 5
8
312 Feb 24
137 Apr 8
8
4 Feb 28
143 Mar 28
8
912 Feb 16
1312 Feb 27
2414 Feb 25
153 Mar 30
53 Mar 2
8
7 Feb 15
8
3 Feb 10
14 Jan 4
3 Jan 6
8
112 Jan 3
512 Apr 1
2 Jan 18
514 Mar 31
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
5 per share $ per share $ per share
4121lay 18
'8 Mar
1 Sept
38 July 13
212 June 2118 Sept
64 June 12
40
12 July
Oct
2512July 17
23 Jan
15 May
287 Jan 12
8
19 May
28
Apr
912 July 6
414 Aug
5 July
8
35 July 17
713 July 2
8 Aug
1012July 7
312 July
1118 Jan
9 July 14
2 June 12 Feb
35 July 17
20
Oct 30 Mar
85 Aug 28
33 May 70
Jan
2512July 11
7 May
18 Sept
13
4June 6
18 Dec
2 Sept
214June 6
%June
4 Mar
712June 21
12 Dec
3 Aug
30 June 21
5 Aug 20 Sept
312July 17
14 June
312 Sept
50 June 8158 Sept
10212Sept 1
17 July 6
812 Jan
43 June
4
63 July 1
137 Aug 2912 Sept
8
110 July 19
7012 June 95
Jan
72 July 18
4312 July 83 Mar
90 July 18
57 June 83 Mar
1012June 20
314 Dec 1212 Aug
1012June 7
2 3 Dec 103 Mar
8
4
373 Oct 5 110 Feb 163 Dec
15 June 8
712 Nov
6 Dec
I May
4June 9
412 Sept
63
5114 Jan 12
4214 June 5718 Jan
38 July 17
83 May
4
2814 Sept
73 July7
118 May
53 Sept
8
8
335 Nov 9
47 Dec
8
1612 Jan
27 May
8
113 Jan,
4
8July 17
163
112 May
53 Jan
3
4July 13
73
8June 6
218 Sept
23
58 June
1
Apr
23 Nov
4
412June 21
8212 July 17
71s June 40 Sept
4
143 Apr 447 Sept
8
78 July 18
457 July 7
10 June 277 Sept
8
3 May
4
754 Sept
91 2June 2
1 June
37 Jan
8
/
37aline 8
314 July
818 Sept
412 Jan 10
14 Apr
3's Aug 1
4 July 18
'2
12 July 13
714 Sept
13 July
8
8July 18
14 Apr
312 Aug
53
2712July 19
33 Apr 15 Aug
4
5212 July 117 Mar
153'4 July 18
114 May
512 Jan
107 July 7
8
183 Jan
35 June
4
8
40 July 17
3418 Aug
10 3 July
3
46 July 17
4
Jan
683 June 108
11918 Aug 15
115 Mar
25 June
8
8
137 July 19
8
78 June
414 Aug
sJune 20
67
312 May
1212 Sept
2238 Sept 19
50 June 86 Mar
1097 Sept 12
8
12 Sept
13 June
4July 11
3
213
12 June
10 July 10
4 8 Aug
3
2 Aug
4July 10
14 May
53
112 Sept
14 Apr
4 July 11
8
134 Dec 123 Sept
2212July 11
4
83 Mar
14 Oct 10
3 Dec
71 Aug 23 z2454 Jan 45 Nov
93 June 2312 Feb
4
4Ju1y 5
273
8
2014 July 443 Jan
8July 17
563
26 Sept
5912July 17
71 2 July
8July 17 26 May 65 Feb
717
153 Sept
2 8 May
4
5
4July 14
213
11
Jan
112 May
87s July7
40 8July 12 18 June 5212 Jan
3
7 Apr
2 12 Dec
1114July 7
32 July 15 1014 Apr 2012 Aug
45 July 7 1518 May 35 Feb
8
333 Sept
6038July 17 10 May
4
10614July 11 45 July 993 Jan
Jan
91 July 18 30 July 84
914 Mar
3 May
9 8June 9
3
143 Sept
8
43 July
4
1912July 5
O's July13 ____ ____ ____ ____
3118June 2
8 May 12 ____ ____ ---- ---_
43une 26 ---------------63
4
103 Feb
23 May
8
1558 Sept 14
73 July 8 17 July 38 Feb
,
47 June 19 4 Sept
8
26 Sept 19
612 Dec 1912 Jan
253 July 7
s
5 Sept
12 Apr
614June 7
3 June 19 Aug
30 July 7
19
63 July
8
Jan
8July 8
167
88 May 110 Mar
105 June 14
4414 July 3
37
Jan
18 June
187 Mar
8
10 May
8July 11
355
25 May 563 Jan
4
4118July 17
2 May
7 8 Aug
5
1012June 28
818 Sept
13 Apr
4
:4July 19
123
11 Aug
35 Apr
8
27 June 20
40 Dec 75 Jan
78 Sept 5
1 May
43 Aug
4
/
633 July 14
1112 Aug
12 June 19
114 July
8
793
3012 June 517 Sept
8July 7
6 May 2414 Mar
2314June 6
938 Sept
33
41klay
3July 18
373
32 June 6512 Oct
98 Sept 18
3418 May 6714 Sept
993 Sept 15
8
Oct
14018 Sept 18 100 May 132
2112May 16
14 June 21 Mar
812 Apr
313 July 3
4
193 Aug
8
612 June 14 Mar
4July 5
193
22 Mar
9 May
50 July 18
373 Sept
3612 Sept 18
1314 Slay
4
39 July 80 Sept
78's July19
5 Sept
414Juno 8
17 June
8
512June 19
4212July 12
120 Jan 14
2514 July 6
10518 July 8
4 July 12
29 July 21
253
4June 13
2018July 11
65 Nov 3
2918 Sept 23
463
3July 7
6584 July 7
7 June 26
195
8July 19
514June 29
2634 July 6
5 4July 10
3
97
8July 19
97
8June 10
23 July 18
4 June 12
1112 Jan 9
27 Aug
8
Is May
8
363 Feb
1618 July
Oct
96 July 118
May
183 Sept
9
8
73 3 Jan 10818 Sept
,
214 July
12 Jan
3 Dec18 Jan
8
8'zJune 233 Mar
8
112 Jan
113 Sept
612 Jan 26 Sept
912 Aug1514 Feb
10 Jung 2834 Sept
17 Jun
6012 Jan
412 Sept
213 Jan
133 Sept
412 Apr
4
I. Jan
4 Sept
4 Aug 1018 Sept
214 Sept
18 Mar
314 Sept
'4 Apr
43 Sept
4
1 Dec
9 Aug
312 June
112 Aug
3 June
3
8
612 June 143 Aug
New York Stock Record-Continued-Page 6
3468
_
Nov. 11 1933
riTFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Nov. 4.
Monday
Nov. 6.
Tuesday
Nov. 7.
Wednesday
Nov. 8.
Thursday
Nov. 9.
Friday
Nov. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share lots.
On basis of 100
Lowest.
Highest.
3 per share $ per share $ per share $ per share Shares Indus. & Aliscell. (Con.) Par 5 per share 5 Per Share
No par
4June 3
6 Feb 27 20,
800 Marlin-Rockwell
8
.1212 1314 1314 1312 137 14
Marmon Motor Car
No par
218June 6
14May 5
1212 1178 12
8Juno 3
414 Jan 30 183
8,900 Marshall Field & Co __ _No par
- 12- -- -58 1312 - 7
12
13 13 8 1314 133
14 Feb 27 433 Sept 20
4
40
3912 4012 3912 40,
403
8 3914 4012 4014 4118 11,500 Mathieson Alkali WorksNo par
8
93 Feb 24 33 Sept 18
4
25
25
*253 257
2578 2612 273
4
8 25
8 2,800 May Department Stores___25
8 2618 267
No par
412
1N Apr 10
400 Maytag Co
812July 10
412 412 *414 412
43
8 412 *4
412 412
318 Apr 4 1514 Aug 28
No par
Preferred
200
11
.912 107
8 *912 1014
912 912 *8
.
81.2 912
15 Apr 5 58 Oct 14
No par
Prior preferred
50
47
56
50
47
50
*46
50
50 .47
50
No par
13 Mar 3 303 Sept 15
4
300 McCall Corp
.2412 28
*2412 26
•25
*2412 28
26
2514 26
3 Apr 15
8
47
8June 8
1
118
114 2,600 McCrory Stores class A No par
1 18 IN
1
118
1 18
118
118
No par
6 Jan 5
Class B
114 Jan 13
100
8 2
4
17
8 17
.13
8 .13
8
13
*13
8
IN
*IN
IN
51e •418 5
roe
515 51,
100
Cony preferred
212 Mar 17 21 Jan 9
200
*4
514 •4
514
8NJune 12
3 Apr 4
100 McGraw-Hill Pub Co_No par
*43
043
8 45
8 5
8 *43
8 5
412 412 *43
8 412
8
405 423
8
4
4234 4514 4312 4514 423 45, 89,000 McIntyre Porcuptne Mines...5 18 Mar 16 483 Oct 25
4 41
4312
4
4
81
8112 81
813 82s 8114 8214 5,100 McKeesport Tin Plate_No par 4418 Jan 4 953 Aug 28
4
807 82
8
8112
5
13 Mar 2 1313 July 3
4
614 63
8 6,900 McKesson & Robbins
8
6
614
63
8
614 65
6
6
618
Cony pref series A
50
35 Mar 3 25 July 1
8
1,100
•14
14
14
15
15
14
1314 1412 15
14
33 July11
No par
1,400 McLellan Stores
'4 Feb 24
1
1
1
1 18
1
1
I
1
I
I
100
218 Jan 16 227 July11
8
8% cony pref ser A
50
812 .6
812 812 *6
812 812 *812 10
82
,
No par
4
83 Feb 27 283 Oct 10
4
265
8
200 Melville Shoe
8
*26
26
2678 *26
263 263 .26
8
26
263
8
20 July 19
1
2 Mar 1
1,600 Mengel Co (The)
8 4 83
9 4 914
3
,
, 912
8
4
91
83
4 93
Rh 83
4
100 22 Jan 28 57 July18
3112 34
*30
315
8
190
32
7% preferred
32
*30
3112 34
31 12
15
5
7 Feb 24 21 Sept 12
1512 15
500 Mesta Machine Co
1414 1414 15
*1414 1412 1414 1414
100 Metro-Goldwyn Pict pref _27 1312 Mar 1 22 Sept 1
.2018 22
*2018 22
2012 2012
*2012 21
*1818 2012
4June 2
93
514 2,200 Miami Copper
5
15 Mar 3
8
5
512
514
5N
5
*43
4 5.
33
45
8 514
33 Mar 2 16 July 7
4
123 1318 8.900 Mid-Continent Petrol_No par
4
1112 123
117 1214
8
4 1212 13
1112 115
8
3 Mar 2 173 July 7
4
1112 1212 1112 1212 1112 123
•11
12
8 1,800 Midland Steel Prod_ __No par
*11
12
100 26 Mar 3 72 Sept 6
100 *8% cum lot pre(
*62
70
*61
70
65
65
.58
68
*59
65
13 Apr 4 28'8 July19
600 Alton-Honeywell Regu_No par
2412 2412 2412 26
•243 26
8
*23
25 .223 2412
4
53 July 18
234 23
4
23
4 3
7 Feb 3
8
23
4 23
4 1,600 Minn Moline Pow Imp] No par
23
8 212 .212 231
6 Feb 7 30 July18
Preferred
19
No par
19
183 183 .17
4
200
19
4
16
.13
19
*13
7 Jan 23 22 July17
Mohawk Carpet MIlls_No par
13
1312 I3N .1212 133
300
13
.3
1312 1312 •12N 1312
70
72
72
7214 2,800 Monsanto Chem WksNo par 25 Mar 3 7412 Aug 10
6712 69
- 66 667
8 66
6714
8July 7
85 Feb 25 287
8
4
187 204 203 213
4 2014 21 106,200 Mont Ward & Co Inc_No par
8
19
19.4
1812 1918
Morrel (J) & Co
38 .3218 38
No par 25 Jan 6 56 July 3
.3018 38 .32
*35
38
*30
38
3
4
7
8
7
8
7
8
218June 22
18 Jan 9
1
7
8
7
8 2.700 Mother Lode Coalition_No par
7
8
7
8
4
3
634 Sept 14
418 4N
14 Jan 5
4
4
4
4
418 3.600 Moto Meter Gauge & Eq No par
33
4 4
4
2412 2512 253 2614 243* 2512 2,700 Motor Products Corp._No par
3634 Sept 14
4
73 Mar 1
4
237 2412 23N 24
8
1158July 10
1l Mar 1
718
No par
712
72 3
,
773 718 3.600 Motor Wheel
,
2 712 *718 712
7
412 412 *45
No par
8 514
112 Mar 21 104 July18
400 Mullins Mfg Co
45/
3 45
8
412 412
.41.2 5
*11 14 127
*1114 13
8 127 13
8
5 Mar 21 25 June 9
90
Cony preferred
No par
8
1114 1114 127 1278
8June 27
1114 1114 1214 1214 *12
1314
5 Mar 30 183
No par
400 Munsingwear Inc
11
'11
1212 11
512 57
47
8 55
514 512 5,500 Murray Corp of Amer
8
10 i 178 Feb 25 1112July 17
5
5
5
51/
1
*13
15 .14
•121.4 1412 *14
Myers F & E Bros
1514 *1214 1514
15
No par lo 8 Jan 25 2012July 10
1814 197
No par kills Apr 12 27 July10
8 2018 2178 1914 2018 17,800 Nash Motors Co
1814 185
185 1878
8
8
73
4July 7
414 41 3
10 44 118 Feb 28
45
8 43
800 National Acme
4
*4
45
8
4
*344 414
97
8July 18
4
418 4N
8
4
35
8 35
4
700 National Hellas Hess pref....100 • 114 Jan 27
4 18
4
33
4 33
41
4312 427 433
10 3112 Feb 25 6058June 28
8
4 4314 447 24,300 National Biscuit
8
42 427
8 41
42,2
100 118 mar 3 145 Aug 18
•13814 14118 .140 14118 140 140
7% cum pref
100
.138 141 .13814 14118
5
14N 1512 1514 1618 15
5ls Mar 2 23 8July 19
1514 6.500 Nat Cash Register A_ __No par
1438 1412 1414 1414
4July 19
1412 14
157
14
1514 153 32,000 Nat Dairy Prod
No par
1012 Feb 27 253
4
1414
14
143
8 14
•13
1
•1,1
212Juoe 26
18 mar 15
*5
8 1
Nat Department Stores No par
•s 1
5
*12
1
43
100
114 Feb 23 10 June 6
43
10
4 *412 5
Preferred
*444 5
4 514
514 *43
*43
4
8July 17
167 Feb 15 1247
9812 92
8
93
9112 957
9412 71,300 National Distil Prod_ _No par
923 953
4
95
93
40 24 Feb 8 115 June 28
$2.50 preferred
- ___
-- ----- ---------- ---- ---- ---14 -•13i2 1438 *1312 14
14 .14 143
4
5 Feb 2 183 Sept 18
8 14 -- 14
200 Nat Enam & StampIng_No par
8
Stock
100 4314 Feb 23 135 Nov 9
132 1335 134 135 .130 138
1315 1315 *12912 132
8
8
1.800 National Lead
100 101 Mar 1 12814 Nov 1
•128 13018 *128 13018 128 12814
Preferred A
•128 135 *128 13018
400
100 75 Feb 23 10918July 19
Preferred B
•110 115 .105 115 Exchange .110 115 *105 115 .110 115
67 Apr 1 2012July 13
8
11
8,400 National Pow & Lt__ _No par
10 4 1114
3
a
105 107
8
10, 11
4
1178 103 11
12 4013 3812 39
15 Feb 27 5518July 7
3914 397 ClosedNational Steel Corp....No par
393 40
8
7,600
397 41
*
38
8June 12
4 Apr 6 285
•I214 1312 13
11
11
1312 1314 1314
*107 12
8
900 National Supply of Del____50
Election
33
35
35
100 17 Feb 23 6014June 3
35
39 .33
80
*33
Preferred
36 .33
4012
10
114May 3
212 212
*23
8 212
81 2 Jan 6
25s 25
1,400 National Surety
23
8 212
8
3
3
1614 163
4 1714 18
612 Jan 4 27 July 18
16
1714 1814 5,300 National Tea Co
No par
1612 .
1513 164
2
Day
9
.5
1 12 Jan 16 1218June 26
*5
9 1.514 9
9
Neisner Bros
.5
•5
No par
9
8June 2
4 Feb 28 113
Copper_No par
Nevada Consol
4July 5
*57
6,
8 - -18
8
6
618
1
6
1,000 Newport Industries
13 Mar 29 113
6
8
6N
*6
6
-6
8
1412 15 .137 1412 013
8
618 Apr 4 2312July 7
141 1 1414 *137 1438
No par
15
500 N Y Air Brake
8June 23
47
8 47
117
43
4 434 *414 478
8 0512 53
100
312 Oct 21
40 New York Dock
4 *5
53
4
10
10
10
10
8
6 Oct 19 22 June 23
*67 11
Preferred
8
100
170
93
4 *712 912
234June 12
12 Apr 3
No par
3
4
3
8
3
4
3
4
N
N
3
4
*
53
53
5
8 2,600 NY Investors Inc
103 11
4
1114 113 *1014 1 114
4
1012 1012 *ION 1012
1,800 NY Shliabldg Corp part stk _ _1
13 Jan 4 2212 Aug 9
4
*6512 75 •65
75
7% preferred
100 31 Jan 9 90 June 19
75
75 .65
.6514 75 .65
8
•77
91
.7512 9012 •75N 9012
*7512 90
NY Steam $6 pref
No par 80 Mar 24 1017 Aug 8
*7512 91
*10012 104 .100N 104 .100 104
No par a9314 Apr 25 110 Jan 11
*10012 104 .10012 104
37 1st preferred
14 3312 341 2
337 347
8
8 34
3514 333 3412 13,600 Notanda Mines Ltd-No par 173 Jan 14 387 Sept 20
8
4
33l4 34
16
152 165
1718 17
8
8 1512 1678
18
No par 15 Nov 1 3612J11ly 13
17
1712 28,600 North American Co
3614 3614 .36
50 32 Feb 28 46 Jan 12
3714 3612 3612
200
3714
Preferred
3714 .36
*36
9 July17
512 57
8
5
55
8 614
4 Feb 27
5N 512
55
8 57 14,300 North Amer Aviation
8
51 4 512
.49
No Amer Edison pref No par 48 Apr 19 79 July 13
53 .49
53
*49
5212 *49
53
5212
*49
*33
8 4
.312 4
•338 4
3N Oct 16 410 June 7
4
4
.33
100 North German Lloyd
8 4
035
4
*35
38
35
35
10 Northwestern Telegraph _50 263 Apr 27 43 June 5
.34
38
373 *35
4
36
35
8July 18
.278 3
57
3
.253 3
1, Feb 23
8
3
3 18 1,100 Norwalk Tire & Rubber No par
.25
8 3
43 Feb 27 175
8July 6
145 1578 15
8
15 8 1514 153 34,700 Ohio on Co
5
No par
4
1412 147
I44 15
8
83
4July 7
43
8 47
43
4 5
118 Feb 27
43
No par
4 5
6,300 Oliver Farm Equip
418 453
412 412
4June 9
1418 1612 16
314 Feb 28 303
1712 .15
Prrferred A
No par
16
1,000
1418 1418 1412 141 2
4
84 July18
13 Mar 2
5
5
514 514
.47
412 43
8 578
4
43
500 Omnibus CorP(The)vto No par
43
4
212 Feb 28 15 Juno 2
612 7
1,000 Oppenheim Coll dc Co No par
614 614
7
7
*614 63
*614 7
4
7 June 9
13 Jan 30
8
.
_
Orpheum Circuit Inc pref. 100
131 -- 8 1378 - - 7
4 137No par
1018 Feb 27 2514 July18
1i g iiig -1518 1- .666 Otis Elevator
. 0
"HE. Iii "iii4 Ii14
- ... - 8 Preferred
100 9312 Apr 5 106 July19
.98 100
50
98
98
98
98
98
•44
98
.50
37
4
114 Mar 1
414
4
438 43
914Junel3
4
No par
8 3.300 Otis Steel
7
4
37
8 38
8
8
100
4June13
10
214 Feb 28 213
10
300
•912 97
Prior preferred
.818 912 .718 978
4
.
75
4 7612 773
753
4 763 773
4 6.300 Owens-1111nois Glass Co. _ _ 25 3112 Mar 3 963 July 13
4
75
7412 753
4 74
25 1753 Nov 1 32 July12
6,300 Pacific Gas & Electric
4
20
203
8 183 20
183 19
4
185 1914
8
19, 20
8
2712 2734 2714 2734 3,900 pacific Lig Corp
8
No par 25 Oct 21 433 Janl 1
2618 27
2512 2612 2618 2612
29 July 5
100
6 Feb 21
24
500 Pacific Mills
223 2312 23
4
*2212 2412
.217 225 *213 23
8
8
4
100 85 Mar 3 943 July14
4
90 Pacific Telep & Teleg
78
79
80
8053 8078
78
77
79
80
77
8
4
57 July14
4
35
8 37
13 Mar 24
8
312 3 4
312 33 15,200 Packard Motor Car___No par
3
35
8 33
4
312 3 8
5
0918 12
8 June 2 14 July10
Pan-Amer Petr & Trans new.5
0918 1212 .918 1212
.814 1212 .814 12
8
52712 29
No par
6 Jan 20 363 Oct 9
3
27
283
4 287 29 4 2814 2914 2,500 Park-Tilford Inc
8
2712 2712
3 July 1
h Mar 21
900 Parmelee Transporta'n _No par
114
114
1 14
114
1N
118
118
118
•Ila
114
3 Apr 18
8
414June21
15
8 153
300 Panhandle Prod & Ret_No par
13
13
4
*112 2
•
112 IN
1 12 112
212June 6
10
13
4 3,600 Paramount Publlx ctfs
18 Apr 5
1N
IN
13
4
15
8 2
13
4 2
13
4 13
4
414 July18
1
31 Jan 9
33
8 8,500 Park Utah C M
.27
3N
3
314 312
314 312
3
314
212 July10
14 Jan 4
No par
114 8,700 Patho Exchange
114
114
13
11
112
s
114
114
114
114
Preferred class A
No par
97 July18
8
2,000
114 Jan 25
812 85
8
8
8
8s 812
8
878 83
8
8
534 Jan 16 2218 July17
1914 2018 1912 20,
4
8
197 203
8
4 205 2112 203 2112 33,900 Patin° Mines & Enterpr No par
8
918 July17
3
3 Feb 16
4
4
4
4
4
412
412 4,700 Peerless Motor Car
43
8 43
4
4N
412
4
2.400 Penick & Ford
5112 5214 5212 5212
No par x2512 Feb 27 593 Aug29
53
52
53
8 52
5012 517
8Sept 18
13,800 Penney (J C)
46
NO par 1914 Mar 2 525
463
49
4 4412 4512
47
49 4 48
451. 463
3
200
•105 106 .105 107
Preferred
100 90 Jan 4 108 Aug 1
10512 10512 .10512 107 .105 107
454
4lg
413 458
4N
012June 19
8 1,900 Penn-Dixie Coment__No par
4
3 Jan 25
4
4
414
4
*10
100
Preferred series A
100
141
1112
, 10
418 Mar 2 32 July 5
14
*11
*10
10
14 .11
28
28
28
28
a2614 28
28
2812 2718 284 2.800 People's G L & C (Chic)_100 a2614 Nov 8 78 Jan 9
11
11
*1012 11
200 Pet Milk
*1012 1112
11
612 Feb 2 1514June 8
11
No par
•1012 11
11
11
1012 11
4 3,100 Petroleum Corp of Am_No par
45 Jan 3 15 July 3
8
8 113 113
4
105 1114 1112 117
8
1518 1512 15N 1512
-Dodge Corp
8
25
16
412 Jan 4 187 Sept 19
1612 153 1612 21,300 Phelps
1514 1614
4
*25
29
*25
Philadelphla Co 6% pret_50 25 Apr 11 36 July 7
.2514 2712 •2512 2712 *2512 26
2712
.40
46 .40
300
46
36 preferred
42
4112 4112 42
.40
46
No par 40 Oct 2 62 July 8
.412 453
45
8 45
8
3.000 Phila & Read C & I
912July 14
212 Feb 27
412 43
45
No par
8 5
4
47
8 5
1212
1212 .12
•12
8June 7
100 Phillip Morris & Co Ltd--_10
1234
8 Feb 23 147
•12
1212 1212 1212 *12
.812 12
*812 12
*8'2 12
100 Phillips Jones Corp__ No par
.10
12
11
4July 18
11
3 Feb 8 163
143 1518
4
147 15
1534 163 34,200 Philips Petroleum
8
8
4Sept 18
43 Jan 4 183
4
No par
147 1512 1512 16
8
8
.7
R
.7
70 Phoenix Hosiery
712
8June 7
7
*7
15 Mar 15 127
8
712
8
5
•7
34
34
1
3 Nov 4 10 June 26
4
78
3
4
h 17.100 Plerce-Arrow class A_ _No par
7
8
3
4
3
1
h
34
7
8
34
7
8
7
7
900 Pierce 011 Corp
15sJuly 12
14 Jan 3
25
31
3
4
7
8
7
8
37 Feb 27 13'4 July12
8
9
8
8
.7
8
758
9
758 1,500
*7
Preferred
100
13
8
13
8
114
114
900 Pierce Petroleum
23
4June 21
*13
8
No par
112
1 12
13
8
5 Jan 23
8
1,
2 *IN
1,300 Pillsbury Flour Alills
193
8June 7
•19
195
8 1914 2018 19
08 Feb 24 267
2
No par
s
19,2 197 •183 1912
800 Pirelli Co of Italy Amer shares 333 Apr 4 73 Nov 9
8
*6912 7012 697 7018
*7112 75
8
8
7018 7012 707 73
15
*912 13 .10
100
4 Feb 25 23 July18
*RP, 14
Pittsburgh Coal of Pa
*ION 13
*11
14
36
36
38
38
3912
900
36
36
38
39
*36
Preferred
100 17 Jan 25 48 July 14
and asked prices, no sales on t hls day. a Optional sale. 5 Sold 15 days z Ex-dividend. c Cash sale. y Ex-rights.
• Bid
$ per share
13
13
5 per share
13
13
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
S per share S per share
53 May
4
133 Sept
4
12 Apr
312 Sept
3 July
1312 Jan
9 June 207 Mar
8
912 June 20
Jan
1 July
6 Aug
3 Apr 1012 Sept
2218 Dec 3514 Jan
10 May 21
Jan
612 Dec 16 Apr
5 Dec 19
Jan
20 Dec 62 Feb
212 May
712 Jan
13 May 215 Dec
8
28 June 6214 Feb
118 June
612 Sept
318 May 23 Feb
4 Mar
N July
7 Dec 36 Mar
77 Dec 18
8
Jan
1 July
5 Aug
20 May 38
Jan
514 May
1912 Jan
14 June 2214 Jan
112 June
6 4 Sept
,
33 Apr
4
87 Sept
8
2 June 123 Sept
8
25 June 65 Sept
11 June 2312 Jan
58 June
33g Aug
4 Dec 145 Aug
8
512June 14 Sept
5 May 303 Mar
13
4
312 May
1612 Sept
20 May 3514 mar
Is May
3 Aug
4
14 Apr
1 14 Sept
73 June 293 Sept
8
8
2 June
65 Sept
8
2 June 133 Jan
8
5 June 2712 Sept
7 Aug 15N Sept
2N July
97 Mar
8
7N June 19 Feb
8 May 193 Sept
4
53 sent
lit May
18 May
6 Sept
2014 July 468 Mar
101 May 14214 Oct
x614 Dec 183 Sept
4
14.8 June 313 Mar
3
8
14 June
2N Aug
114 Dec 10 Aug
13 June 2714 Aug
2018 May 3212 Feb
33 July
8
818 Sept
45 July 92 Jan
87 July 125 Mar
61 July 105
Jan
65 June 203 Sept
8
8
1312 July
337 Sept
8
312 June 13 Sept
1312 May 39, Aug
8
, 197 Aug
412 J1113
8
312 May 107 Aug
s
112 1%. r . Jan
Apr
12
212
10 Sept
'14
112 June
33 Sept
4
414 June
1412 Sept
318 Dec 10 Sept
20 Apr 30 Aug
12 June
33 Aug
4
15 Dec
8
614 Feb
20 June 57 Mar
70 May 100
Oct
90 June 10918 Mar
103 May 2153 Sept
4
133 June 4314 Sept
4
2512 July x48 Sept
114 May
65 Dec
8
49 July 88 Sept
25 June
8
8
Jan
15 June 33 Aug
3 Feb
4
212 Aug
5
Jan
11 Aug
12 Apr
4 Aug
212 May
1078 Aug
112 Jan
43 Mar
4
3 June
97 Jan
8
314 June 15 Sept
9 May 2212 Jan
90 May 106 Nov
114 Slay
914 Sept
318 Slay
203 Sept
8
12 June 4214 Nov
167 June 37 Feb
8
203 June 4712 Aug
4
314 May
14 Aug
58 June 1043 Mar
4
112 July
514 Jan
2 -Apr
14 June
14 Dec
5g -Apr
14 May
114 June
318 July
34 Juno
10 June
13 May
60 Juno
12 Apr
3 Nov
39 hr uly
Jtay
ec
5 Dec
23
4
37 June
18 June
48 June
2 June
7 June
312 Apr
2 June
2 Nov
11 4 June
14 Jan
312 Jan
12 May
912 Dec
21 June
3 May
17 Dm,
10 Sept
2 Jan
14 Jan
_
2 Sept
114 Aug
534 Feb
012 Sept
434 Apr
323 Mar
4
3412 Mar
91 Mar
212 Aug
8 Sept
1271,8 SeptJan
1212 Ja
115 Sept
8
41 Mar
76 Sept
77 Sept
8
13 Aug
123 Sept
4
8N Sept
918 Aug
9
Jan
N Sept
9 Aug
15 Sept
8
2212 Jan
315 Mar
11N Sept
40
Jan
tar FOR
New York Stock Record-Continued-Page 7
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Nov. 4.
3469
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
Monday
Nor. 6.
Tuesday
Nov. 7.
Wednesday
Nov. 8.
Thursday
Nov. 9.
Friday
Nov. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Sliscell. (Con.) Par
•653 714 .
7
7
7
7
7
7
300 Pittsburgh Screw & Bolt No par
614 7
*15
2412 .15
*15
2412 '15
2412 *15
2412
Pitts Steel 7% cum pref _ _ _100
24,2
.13
4 212 *13
'13
4 212 '13
4 212
100 Pitts Term Coal Corp__No par
13
4
13
4 212
4
1414 *10
*10
1214 1214 *8
1212 '8
14 4
,
th,
100
1212
6% preferred
312 .214 412
*214 4
.214
.3
4
.214 4
Pittsburgh United
25
.37
38
8
.34
38
377 377
4
8
38
39
39
30
100
Preferred
278 27
s *218 312
214 214 '214 312 *214 312
200 Pittston Co (The)
No par
14
8
1418 137 1418
133 143
4
4 145 1518 14
8
1478 17,000 Plymouth Oil Co
5
10
800 Poor & Co class B
03 1014 10
4
914 914 *818 014
No par
314 014
"23
4 3
.23
4 3
"23
4 3
Porto Ills-Am Tob el A_No par
*254 3
'23
4 3
*114
13
13
8
8 *114
13
8
13
8
13
8 112
112 112 1,000
Class B
No par
2114 213
8
4 2058 213
20
2414 215 2338 14,600 Postal Tel & Cable 7% pre 100
223
8 22
8
*1614 22
*163 21
4
*17
*17
*1512 22
24
24
Prairie Pipe Line
25
2
*214 25
2
8
214 214
212 212 *214
212
700 Pressed Steel Car
No par
*6
'514 812 *514 8
8
*612 8
"6
8
100
Preferred
40
40:
38 40
4012 413
4 8,000 Procter & Gamble
403
8 4114 4214 4114 413
8
No par
*105 106
'105 106 *105 106
105 10512
105 1057
90
8
5% pref (8er of Feb 1 '29)100
3
4
3
*5
8 1
4
3
4
513 6.700 Producers & Refiners Corp__50
3
4
3
4
12
12
3
338 312 1,450
33
8
3
3
3
3
3 12
4
50
Preferred
36
36
347 3614 355 363
3514 36
8
4 337e 35
8
7,500 Pub Sec Corp of N J___No par
66
*67
66
6812 6812 6812
64
673 a68
4
66
1,600
55 preferred
No par
84
84
7912 81
*8418 87
8014 8014
a8312 8312
600
6% preferred
100
*8812 933 *90
92
94
94
9212 9212 92
.92
4
300
7% preferred
100
.10012 1097 .1047 1093
*1047 109 '1047 1093 .1003 109
8
8
8
8
8
4
4
8% preferred
100
86 86
*863 91
8
*86
8812
90
.86
200 Pub Sec El & Gas pf 35_No par
*85
90
4518 4614 4614 4614
45
46
8 45
5.900 Pullman Inc
453 467
4
46
No par
12
1212 115 117
12
4
125 29,500 Pure Oil (The)
8
113 1212 1238 13
8
8
No par
6111 60
*60
61
6112 61
250
6012 61
60
60
8% cony preferred
100
.135 1414 1312 1312
8
8
8 143 15
137 145
1312 143
8
8 7,600 Purity Bakeries
No par
8 738 91,600 Radio Corp of Amer
63
674: 714
4 7
714 73
63
4 714
4
71
No par
*2218 247 *2218 247
25
*233 27
8
8
2212 2314 24
3
2.500
Preferred
50
1514 157
1512
8
8 157 17lz 153 167 10,600
8 15
1412 163
4
8
Preferred B
No par
238 212 1,700 Radio-Keith-Orph
218 214
*214 212
8
214 23
218 214
No par
8
153 1718 1614 1614 5,100 Raybestos Manhattan_No par
4
*1412 153 .14 8 153
5
8
15, 16
4
914 912 10
"9
934 *9
8 10
1014
103
91
1,300 Real Silk Hosiery
10
.36
491
4912 .36
4912 *36
4912 *36
*36
4912
Preferred
100
.23
8 234
23
8 23
218
8
8
2321 212 *2
400 Reis (Robt) & Co____No par
2-5* 23
10
10
.9
'912 10
11
*1014 11
70
95 10
8
1st preferred
100
718 4,100 Remington-Rand
7
63
4 63
a67
8 738
4
614 7
63
8 63
4
1
*23
2434 *23
243 243 *2414 28
4
2431
4
*24
100
28
1s1 preferred
100
*24
26
.24
*24
26 '23
8
26
257 .23
25 preferred
257s
100
3
3
27
8 3
3
312
3
314 312 5,100 Reo Motor Car
3
5
1212 13
1212
12
123 1312 1312 1418 1318 133 17,100 Republic Steel Corp___No par
8
4
26
2638 25
263 28
4
26
2714 2918 2712 2812 3,600
6% cony preferred
100
*4
7
*4
7
Revere Copper & Brass.No par
*5
7
.
514
*514
7
7
'9
18
.9
12
18
200
*818 18
12
*818 18
Class A
No par
15
15
*1412 15
15
1514 1512 1,400 Reynolds Metal Co
1512 1512 16
No par
*012 7
.612 7
.714 8
100 Reynolds Spring
7
*612 7
7
No par
423 43 4 4238 433
4
3
8
4212 4418 4412 4512 443 4514 27.400 Reynolds(R J) Tob class B.10
4
'60
61
.60
61
607 61
80
607 607 *60
8
8
61
Class A
8
10
Richfield Oil of Calif _ __No par
12
*10
12
..13 li
*8
Ritter Dental Mfg
11
11
*ii No par
43
4 434 *412 5
100 Rossia Insurance Co
'412 5
'412 5
*412 5
5
373
4 7,000 Royal Dutch Co (N Y shares)
'3612 37
3618 363
8
37
3618 36 8 37
38
,
2612 2712 273 273
4
2778 283
277 '2812 8,000 St Joseph Lead
8
4 273 29
4
4
10
4214 8.200 Safeway Stores
3812 33
54 385* 39
s
3812 4012 4012 421.4 407
No par
*8114 85 .80
35
Stock
80 8 83
330
5
80
82
6% preferred
82
80
100
96
96
*96
9712
200
7% preferred
9318 948
95
96
96
95
100
8518 6
*518 6 Exchange
200 Savage Arms Corp____No par
*514 534
.518 6
518 6
.4 8 5
1
414 414
412 412 1,300 Schulte Retail StoresNo par
412 47
8
412 412
.19
215
8 20
20
20
Closed- .19
*16
20
20
Preferred
21
207s
100
*4012 4114 41
41
30 Scott Paper Co
4012 401 *4012 4112 4012 4012
No par
3418 343
8 3312 3312 Election
3312 353
8
8 3412 353 10,100 Seaboard Oil Co of Del _No par
8 35
357
'3
31„
3
3
8 3
200 Seagrave Corp
"27
3
3
'27
8 3
No par
385* 3912 3712 38
$ 393 413 57,700 Sears, Roebuck & Co No par
Day
8
4
3754 40's 4018 417
.2
214
2
2
17e
214
178 *2
2
2
400 Second Nat Investors
1
*2814 34 .28, 34
4
"3018 34 .3018 373 •305* 375
Preferred
8
8
1
•114
11
117
.15*
*13
8
112
112 112
700 Seneca Copper
1'2 153
No pa
418 41
414 45*
.414 41
41 4 45
8 3,700 Servel Inc
8
412 45
1
612 61
612 65
8
73
8 8,100 Shattuck (F G)
7
7
612 7
7 14
No par
43
8 5
.412 7
*412 5
6
•53
500 Sharon Steel Hoop
6
8 7
No pa
514
51
.514
512
514 5 8
3
55
512 53
8 53
4 1,100 Sharpe & Dohme
4
No par
.3614 38 .3614 37
.•363 38 '37
8
39
Cony preferred ser A_No par
38
200
38
8 83
8 9
4
83
83
18,500 Shell Union 011
812 9
83
85
4 0
8 9
No par
5914 591
Si)
59
5612 58
583 597
58
4
59
8 1,600
Cony preferred
100
163 1612 16
8
16N
16
18
173 183
4
4 1712 1814 16,800 S1MMOOS CO
No par
1012 1012 10 8 113-18
3
1018 107
1018 2,800 Simms Petroleum
8 10
8 10 8 103
,
10
81
8
's
8 8 858
5
83
8 83
4
85
8 87
8 2,300 Skelly Oil Co
8
87
:3 87
25
55
55 '54
5514
55
553
5518 '54
4
400
553 '54
4
Preferred
100
*812 24 .10
24
.10
24
24
24
.10
*10
Sloss-Sheff Steel & Iron_ _100
1612 1612 1612 1712
1512 1512 18
18
16
1818
100
7% preferred
100
512 512 .512 5 4
3
6
5,100 Snider Packing Corp_ _No par
6
57
8 612
53
4 6
13
1314
13
1314
1314 133
4 1358 1414 137r: 1414 111,000 Socony Vacuum Corp
25
"85
87
85
85
*85
87
500 Solvay Am Invt Tr pref__100
83
83
85
83
41
4218 41
4112
4012 42
423 433
8
8 4212 43
9,000 So Porto Rico Sugar_ __No par
.
115 11914 *114 11914
*118 11914 .118 11914 118 11818
20
Preferred
100
1614 163 a16511 17
8
163 1718 1718 1738 17
4
173
8 6,100 Southern Calif Edlson
25
'3
47
8 '3
47
8
47
8 .3
.3
47
8 .3
Southetn Dairies Cl B__No par
48
*5
714 .5
714
Spalding (AG)& Bros_No par
3512 9
.
514 9
'514 9
"35
45
835
45
'35
45 •35
40 .35
40
1st preferred
100
•_ _ __ 11 •____ 11
.____ 11 ..... 11 •__ 11
Spans Chalfant & Co Inc No par
"20
35 •____ 35
•__ 7.. 34 ...___ 25 ....„. 25
Preferred
100
414 41 3
414 4 4
418 412
,
412 5
8 2,400 Sparks Withington____No par
VS 47
*112 23
4 *11
. 23
4
*112 23
4 *112 234 *112 284
Spear 64. CO
No par
*1414 16
*153 16
;
16
16 .16
167 *16
8
200 Spencer Kellogg & Sons No par
16'2
512 55
55* 53
8
4
512 5 4
3
55
8 57
8
512 57 15,400 Sperry Corp (The) v t c
1
•612 10
"612 10
*6i2 9
.812 9
*612 9
Spicer Mig Co
No par
'2114 227
211:
8 21
21
21
21
21
*17
23
90
Cony preferred A _ No par
1514 1514 .15
1514
15
15 8 1512 16
3
1512 1513 1,300 Spiegel-May-Stern Co_No par
233 2412 23 8 2414
4
5
233 243
4
4 2412 253
8 2414 25
54,700 Standard Brands
No par
'1213 122 .1213 122
8
8
"1213 122
8
12112 1211 .1213 122
8
100
Preferred
No par
5
5
'5
55*
6 s 58
3
3
53
8 53
514
4
900 Stand Comm Tobacco_No par
514
9
93
8
8 4 612
3
913 1014
87
8 93
4
9 8 912 5,100 Standard Gas & El Co_No par
3
938 912
93
4 97
8
912 10
10
105
8
97 1012 6,600
8
Preferred
No par
.2312 24
24
24
22
23
23
24
23
2312 1,300
$6 cum prior pref
No par
3018 30'8 30
313
8
.2812 315* 30
30
30
800
30
$7 cum prior pret
No par
*114
13
8
114
11:
*118
13
8
138
154
114
114
400 Stand Investing Corp._No par
*102 10212 10212 10212
1013 102
4
10012 101
9978 100
1,200 Standard Oil Export pref__100
41
4112 4012 411 1
41
417
8 4218 425
4 4218 43
30,600 Standard 01101 Calif
. No par
34
34
3414 3414
3414 3414 '3312 3414 3414 3434
1,200 Standard 01101 Kansas_ __10
.
4234 4318 423 43
8
43
4334 4338 4418 4358 4414 59,500 Standard 011 of New Jersey _25
.6
7
.6
7
.6
7
.6
7
*6
7
Starrett Co (The) L S__No par
.138
13
4 *13
•138
134
8
17
8
17
8
13
4
Is
17
8
200 Sterling Securities cl A.No pa
412 412
418 412
4
'353 4
4
.
312 33
4
600
Preferred
No par
.20
3412
35 .28
.28
35 '283 35 '283 35
4
4
Convertible preferred_ ___50
53
4 6
512 618
5 4 554
3
6
63
8
53
4 618 4,500 Stewart-Warner Corp
10
712 753
73
8 814
7 8 7118
5
814 83
4
73
4 814 13,300 Stone & Webster
No par
4
41, 43
2
412 43
438 47g
47
8 5
47
8 5
5,200 Studebaker Corp (The) No par
'21
22 4 2014 21
5
21
211
213 227 '2018 2212 2,200
4
8
Preferred
100
4818 481 .48
483
48
48
48
48 '48
483
4
300 Sun Oil
No par
9914
.97
991 *97
9914 991 *9914 103
*9914 103
10
Preferred
100
*16
19
*16
19
*16
19 .16
19 '16
19
Superheater Co (The)__No par
212 272
212 25
214
8
214
214 25
8
212 212 2.700 Superior 011
No par
•103 11
4
10
10
1012 111
11
1214 1012 1114 3.900 Superior Steel_
100
412 42
412 41
414 434
412 41
412 4'z 1,000 Sweets Co of Amer (The)._ _50
114 *1
•1
114
•1
114
114
112
114
13
8
600 Symington Co
No par
*3'4 3 8 "318 314
5
312 37
8
4
414
33
4 4'e 2,300
Class A
Vs par
12
12 .11
12
1112 1 112 113 12 '1112 114
4
700 Telautograph Corp_ _ _ _No par
*43
4 47 .
8
414 45*
45* 43
4
5
518
518 518 1,800 Tennessee Corp
No par
243 2478 2418 24 8
8
5
24
25
2518 253
4 25
255 16,700 Texas Corp (The)
8
25
38% 30
3811 39
381e 40 8 4018 417S 403 42's 61,900 Texas Gulf Sulphur_ _ _No par
3
8
312 35
*3 2 3 4
,
8
3
35
8 33
4
33
4 37
8
33
3 33
4 4.100 Texas Pacific Coal & 011_ 10
7.5*
712
63
4
714 73
7'4
8
712 8
4 6,500 Texas Pacific Land Trust_ __I
712 73
•Bid and asked prices, no sales on this day. a Optional sale.
x Ex-dlyidend.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lora.
y Ex-rights. c Cash sale.
$ Per share
17 Feb 15
8
1014 Jan 6
12 Feb 8
4 Jan 18
3 Feb 6
4
15 Feb 27
34
3 Apr 1
8
63 Feb 24
4
13 Apr 3
4
15 Mar 23
8
5 Feb 27
8
4 Feb 27
7 Mar 22
5 Jan 21
8
3 Jan 27
195 Feb 28
8
97 Apr 18
14 Jan 3
2 Nov 1
3314 Apr 4
64 Nov 10
7912 Nov 9
89 Nov 2
107 Apr 25
86 Nov 8
812 Jan 4
212 Mar 2
30 Mar 3
57e Feb 24
3 Feb 23
1314 Feb 28
612 Feb 28
1 Mar 31
5 Feb 23
512 Feb 27
25 Jan 4
14 Jan 3
118 Jan 3
212 Feb 23
712 Feb 27
8 Feb 27
1311 Feb 28
4 Feb 27
9 Feb 28
114 Jan 10
214 Mar 2
6 Feb 27
112 Feb 28
2612 Jan 3
60 Jan 5
14 Feb 21
612 Feb 25
2 Apr 8
175 Mar 2
8
618 Feb 27
28 Mar 3
72 Apr 5
8014 Feb 15
214 Apr 3
3 Mar 3
8
318 Apr 29
28 Jan 24
15 Feb 13
118 Feb 25
1212 Feb 25
114 Feb 28
24 Feb 24
18 Mar 28
112 Feb 4
53 Apr 8
4
112 Feb 23
212 Feb 27
2114 Mar 2
312 Feb 17
2812 Mar 28
8
43 Feb 28
478 Feb 28
3 Feb 20
22 Feb 28
7 Jan 3
85* Feb 7
38 Mar 31
6 Mar 23
58 Feb 25
157 Jan 12
41
112 Jan 4
15 4 Oct 31
3
114 Feb 28
4 Jan 18
2518 Mar 28
412 Feb 18
1712 Feb 9
3 Feb 28
4
12 Jan 10
712 Apr 10
218May 3
5 Jan 3
113 Mar 21
4
1 Feb 28
4
133 Mar 2
120 July 11
1 Jan 3
518 Mar 31
8
83 Apr 3
17 Apr 4
20 Apr 4
12 Mar 31
9212 Mar 3
1912 Mar 3
1234 Apr 4
223 Nlar 3
4
4 Feb 16
3 Jan 11
8
112 Feb 10
20 Mar 2
212 Feb 24
5 4 Feb 27
3
112 Mar 20
9 Apr 3
35 Feb 25
89 Mar 16
712 Feb 17
54 Jan 4
2 Feb 28
1 Mar 22
18 Apr 6
14 Apr 11
818 Feb 17
13 Feb 28
8
103 Feb 28
4
1514 Feb 20
13 Mar 3
8
312 Mar 31
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share
113
4July 6
2 Apr
47 Aug
8
383
4May 26
912 June 243 Sept
4
6* July18
12 July
212 Aug
2312July 20
5 Dec 1212 Mar
612 July18
5 Dec
8
3 4 Sept
3
64 July 19
14 May 44 Sept
7 June 19
12 Dec
3 Sept
83 Nov
8
17-5* July7
1212 Sept
134 July7
112 May
658 Sept
8 June 6
114 May
65 Sept
8
4 May 17
5 May
8
23 Aug
4
403
4June 7
13 July
4
1712 Sept
22 July 6
.512 June 1214 Sept
512June 8
3 June
4
4 Aug
18 June 7
25 June 17 Sept
8
50 Apr 20
197 June 423 Jan
8
4
10612 Oct 26
81 July 10312 Dec
8June 21
27
18 May
15 Mar
8
13 June 21
1 May
9 4 Mar
3
5718June 13
28 July 60 Mar
62 June 907 Sept
8812 Jan 31
8
8
1013 Jan 24
7112 June 10218 Aug
11212 Jan 2
9212 May 114 Mar
125 Jan 9 100 July 13014 Mar
83 June 10312 Dec
10312 Jan 11
1012 June 28 Sept
SS's July7
27 June
8
153 Sept 20
612 Aug
8
697 Sept 19
50
8
Jan 80 Aug
43 May
8
157 Mar
8
2531: July 11
1214 July8
1312 Sept
212 May
40 May 31
10 June 327 Jan
8
8
27 July 8
33 May 235 Sept
8
734 Sept
112 June
4June 8
53
8
205 Sept 14
43 July 1123 Aug
8
4
8June 12
218 July
207
812 Sept
7 June 30 Sept
60 May 16
112 Sept
412 July 18
18 Apr
c1
Dec
1812June 22
7 8 Sept
5
1 May
1114July 17
712 Aug
4 June 29 Aug
37'2 July 19
5 June 3112 Aug
35'4 July13
37 Sept
8
112 Apr
8June 7
63
1378 Sept
17 June
8
23 July 13
5 June 287 Sept
8
5412July 13
614 Sept
1 July
12 June 2
2 Dec 1212 Aug
25 June 2
117 Sept
55 July
8
8
2112June 27
127 Sept
3
8
Feb
15 4July 12
3
15414 Sept 15
2612 June 4014 Jan
54 May 7118 June
623 Jan 24
4
13 July
8
3 June 8
14 June
Oct
12
4 July
4June 29
163
912 Aug
8June 8
112 May
107
1218 Apr 2334 Sept
38 Nov 9
173 Sept
4
4 8 July
3
313 Sept 19
4
3018 July 5914 Mar
8July 17
623
Oct
60 May 90
9412July 13
Oct
69 June 99
105 Sept 12
73 Feb
8
12 July 1
114 July
Jan
4
12 Dec
1014July 11
Oct30 Jan
5
35 4July 12
3
18 May 42 Feb
8July 19
447
3
65 Apr 20 8 Dec
8
4338 Sept 26
454 July13
234 Jan
1
Apr
8
97 June 373 Jan
8
47 July 17
5 June 7
48 July 6
3 8June 2
5
712July 18
1314July 8
12 July 14
85
8June 28
8July 13
417
115,.' July7
61 July 7
31 July 19
123
8June 2
8June 2
97
57'3 July 20
35 July 14
42 July 15
9 4July 13
3
1512July 7
92 July 3
8July 17
485
132 July 14
28 Jan 11
4June 10
73
8July 14
11,
61 June 27
1512July 19
50 June 13
8 June 12
5I2June 20
22 July 19
712July 18
16 June 12
3212June 12
17,4 Sept 16
375
8July 18
124 May 4
9 8 Aug 28
3
2212June 13
257
8June 13
61 June 13
66 June 13
27
8June 2
1023 Sept 15
4
447 Sept 20
8
35 Sept 26
4414 Nov 10
1112June 14
37
8June 13
73
4June 13
3614 July 3
1112July 19
194 July13
83
8June 6
3818June 5
50 July 18
103 July 26
27 July 19
412July 13
223
8July 13
10 July 19
3 June 7
5'4 July 3
163
8July 7
714 Aug 10
3018 Sept 18
4218 Nov 10
612May 29
1118June 12
3 Aug
12 July
2114 June 3618 Aug
1 Aug
Is May
5 8 Jan
3
112 June
123 Mar
4
5 May
73 Sept
4
112 July
7 Sept
17 June
8
1112 July 3014 Jan
83 Sept
212 Apr
4
18 Slay 6514 Sept
s
23 June 133 Sept
4
712 Aug
314 Apr
5 4 Sept
3
212 Feb
Jan 3312 Sept
12
1954 Sept
4
33 June
6 July 2912 Sept
712 Sept
17 Dec
8
1214 Sept
514 May
35 June 67 Sept
183 Sept
4
412 Apr
8612 May 11212 Dec
153 June 323 Feb
4
4
114 Slay
3 Feb
12
412 July
Jan
Jan
25 Dec 95
93 Mar
834 Mar
4
15 Nov 4812 Jan
5 Sept
1 May
13 Apr
4
12 July
11 Sept
8 May
87 Sept
3 Dec
8
912 June 18 Sept
5 Aug
3 May
8
8
83 June 177 Aug
8
110 June 123 Dec
Jan
2
7 July
8
7 8 June 3414 Mar
3
914 June 4114 Jan
21 July 6212 Aug
Jan
28 June 75
214 Aug
14 June
x81 June 10012 Dec
1518 June 317 Sept
8
1612 Aug
7 Apr
8
197 Apr 373 Sept
8
83 Sept
3 July
4
214 Sept
18 May
4 Sept
5 July
8
1312 June 26 Aug
17 May
8
812 Sept
45 July
6
73 Sept
8
213 May
133 Sept
4
30 Nov 1047 Mar
8
243 Apr 397 Oct
4
8
68 July 92 Dec
7 June
1418 Sept
2 Sept
14 Jan
214 May
914 Sept
15 July
Jan
11
8
1 Sept
14 Mar
23 Aug
4
12 May
6 July
4
133 Mar
3
4:8 Sept
1 May
914 June 1814 Sept
4
12 July 263 Feb
112 Apr
4 Aug
812 Sept
212 June
New York Stock Record-Concluded-Page 8
3470
Mr' FOR
1110.11 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Nov. 4.
$ per share
11
1114
•39
4018
.5 4 614
3
5018 5018
6
6
•1312 143
8
*74 812
12
12
318 314
*21
2114
10
10
5514 5514
*15
40
*72
80
34 34
2714 273
8
55
8 54
9
9
412 44
Nov. 11 1933
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
Monday
Nov. 6.
Tuesday
Nov. 7.
I Wednesday
Nov. 8.
S per share $ per share $ per share
*1114 1112
12
12
*39
4018
A39
404
5 g 55
5
8
*5 4 614
3
*____ 60
*___ _ 50
53
4 6
612
6
1418 143
8
*1312 1412
9
'7
714 73
4
1112 1214
1112 12
3
3 14
318 312
2114 2114
22
*21
95 10
8
9 4 1014
3
4
5612 563
563 563
4
4
40
*15
*15
40
75
7412 7412
75
3 s 44
7
3 4 33
3
4
2712 284
2718 2712
7
538 5 8
514 512
918 912
918 918
412 47
8
44 44
Thursday
Nov. 9.
Friday
Nov. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share lots.
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share Shares. Indus. & Miscell.(Cond.)Par $ per share 8 per share $ Per share $ per share
2 Apr 10 Nov
700 Thatcher Mfg
No par
12
1218 11 18 1112
5 Feb 15 2218July 19
2218 Apr 32 Dec
4018
4018 *39
83.60 cony pref
No par 275 Feb 6 44 July 18
'39
8
212 Dec
1212May 31
238 Mar 31
700 The Fair
No par
53
4 53
814 Sept
4 *5 4 6
3
38 July 85 Jan
7% preferred
50 *- --- 50
20
100 33 Feb 28 70 July 5
*35
7 June
8
No par
1 Feb 28 1012July 17
612 65s 5.500 Thermold Co
64 64
4 Sept
10 May
400 Third Nat Investors
8 154 154
*1514 157
1 10 Mar 1 2114July 18
1712 Dec
700 Thompson (J R)
8
712 Nov 164 Mar
85s 87
25
612 Oct 20 1512June 2
8
814 85
1214 1214 2,300 Thompson Products Inc No par
2 4 June 10 Feb
3
123 1318
8
5 8 Jan 6 2014 Sept 14
3
912June 19
3 June
8
214 Aug
12 Mar 3
312 35s 5,300 Thompson-Starrett Co_No par
3
312 3 4
22
22 '21
100
12 June 1712 Sept
*21
53.50 cum pref
No par 12 Jan 10 30 June 19
2 Apr
1014 20,900 Tidewater Assoc 011
8 10
No par
4
318 Jan 13 113 Sept 26
1018 105
55 Sept
8
1,800
20 Feb 60 Sept
567 59
8
4
Preferred
100 2312 Apr 6 59 Nov 10
563 57
014 Apr 20 20 Sept 29
Tide Water Oil
"15
5 June 10 Aug
40
*15
40
No par
"70
30 Feb 62 Sept
Preferred
80
80
200
100 45 Feb 2 77 Nov 1
*70
2 July
8 5,600 Timken Detroit Axle
814June 20
10
414 4e 544 43
63 Sept
112 Mar 22
4
73 July 23 Jan
4
8
2712 2812 277 2818 15,300 Timken Roller Bearing_No par 133 Feb 23 3512July 7
4
912July 13
258 Mar 2
24 Jan
5 4 614 18,400 Transamerica Corp__ __No par
3
538 618
74 Sept
24 July
9
9 4 1018
3
27 Mar 21 1712July 19
8
914 2,500 Transue & Williams St'l No par
812 Sept
112 May
514 8,800 TM-Continental Corp__No par
4July 7
5
83
43
4 54
23 Feb 27
4
512 Sent
42 Jan 72 Sept
200
5314 5314
"5118 55 "53
6% preferred
No par 41 Apr 8 x75 May 16
5318 5318 *5312 61
58
3114 313
4 1,200 Tile° Products Corp
31
193 May 3112 Mar
8
31
s
2912 30
No par 2018 Feb 25 387 July 17
*2712 2912 *2814 29
514 July 15
200 Truax Traer Coal
"112 2
*112 2
2
12 Apr 4
*112 2
2
*2
214
No par
34 Jan
14 May
2 Apr
4June 12
10
s 9.300 Truscon Steel
2 Mar 3 123
5
54 55
558
714 Aug
47
8 514
s
55
8 57
54 54
23
12 May
4 23
4
212 3
800 'Men & Co
2
*218 21, *2
2 14
614June 19
iis Jan 16
214
No par
34 Aug
28
3,800 Under Elliott Fisher Co No par
297
26
8 28
7 8 July 243 Sept
27
3
27
2514 26 - *2412 26
914 Feb 24 3913 July 7
8
2,600 Union Bag & Pap Corp_No par
4034 4212 4212 4312 4114 42
512 June 115 Aug
42
41
512 Jan 13 60 July 18
41
41
8
154 May 363 Mar
8July 18
8
40 4 424 423 4414 4234 4418 35,800 Union Carbide & Carb_No par 193 Feb 24 517
3
4
40
413
8 40
8
404
8July 7
10,400 Union 011 California
1918 2012 20 205s 1914 20
8 July 15 8 Sept
812 Mar 2 233
25
1914 19 8 194 1912
5
3
4June 2
1712 •1512 17
"15 4 1712 17
3
113 June 1914 Jan
4
500 Union Tank Car
No par 1012 Feb 21 223
"1612 1818 1612 1612
3334 141,400 United Aircraft & Tran_No par 1612 Mar 2 46,July17
4 32
3
612 May 3453 Sept
4 33 8 343
304 333
3014 313
4 3012 314
635
8 63 6318 5,100
304 May 58 Dec
627 6314 63
8
50 5112 Mar 1 68 June 18
6212
6% pref series A
6212 634 62
8July 10
2158 2212 x22
11 July 2812 Mar
2314 224 2314 3,500 United Biscuit
100 1312 Feb 24 275
214 22
203 2112
4
76 July 103 Mar
8
4
140
10512 1054 1063 1063 1067 107
4
Preferred
100 92 May 2 x110 July 14
10412 10412 105 106
27
8s June 18 Sept
283
8 2814 2912 2812 2918 12,700 United Carbon
No par 1014 Feb 25 305g July 17
26
263
8 2612 2714
14iaune 13
312 June 14 Sept
44 Mar 31
514 53
5541 54 34,600 United CorpNo par
4
57
8 61s
514 5 8
5
512 54
26
263
4 27
sJune 13
277
8 253 2712 8,600
20 June 393 Sept
8
g
Preferred
2712 2713 2512 2734
No par 247 Apr 1 407
8
*3l
312
2June 21
312 35
8 '3
7 Apr
8
4
140 United Dyewood Corp_ __100
67
3 Feb 17
4
*3
414 "3
318 Sept
414
5
'412 5
23 July
8
5
700 United Electric Coal_ No pa/
'414 5
87g July 14
1 Afar 31
67 Aug
8
*412 43
4
412 412
8 61
6112 6,000 United Fruit
4
Mk 6112 613 627
104 June 32 8 Aug
No par 2314 Jan 3 68 Aug 31
5
593
4
59
a6012 61
16
164 1618 165s 15 4 1614 16,000 United Gas Improve
3
914 June 22 Sept
No par 14 Mar 31 25 July 13
1618 1614 16
1614
86
*8512 86
"85
70 June 99 Dec
86
Preferred
86
300
No par 85 May 1 100 Jan 9
86
863 864 86
4
*112 212 *112 212 *112 212
34 Aug
United Paperboard
100
512July 13
12 Jan 23
*112 212 *112 212
12 Dec
312 Mar 3 217
3 8 June 1178 Sept
3
8July 19
10
10
103
4
9
900 United Piece Dye Wke_No par
*84 1212 *574 1212
912 912
6412 June 0312 Jan
70
'55
*55
6 M % preferred
70 "55
100 50 Apr 19 85 July 13
70
70
'55
70 '55
714 July 6
258 25
8
214 23
8 Feb 28
4
4
2521
3 May
4
25
8
700 United Stores class A__No par
3 Jan
*23
8. 23
4 *912 234
27 Jan 4814 Mar
*5112 60 "5112 60
*5112 60
Preferred class A____No par 45 Mar 21 66 July 20
*5112 60
*5112 60
404 404 40 8 413
11 May 31 Sept
7
4 40 4018 1,200 Universal Leaf Tobacco No par 2112 Apr 1 5112July 17
'40
4034
'364 41
4
•17
103 Dec 50 Jan
183
4
4 193 20 '19
27
50 Universal Pictures 1st pfd- 100 10 Apr 24 35 June 13
17
"13
183
4 17
14 Apr 4
•218 214
3 8July 13
3
12 Apr
24 212
2
24 212 1,000 Universal Pipe dc Rad__No par
2
218 Aug
*218 214
4
618 Mar 1 221s July5
14
8 153 1614 5.800 U S Pipe & Foundry
714 June 1818 Sept
1512 153 165
4
20
143
1418 144 "13
8
800
4
16
1112 June 1638 Aug
1st preferred
16
No par 123 Apr 10 19 May 26
16
16
*1512 1618
154 1534
'153 16
4
*112 27
6 June 13
US Distrib Corp
2 June
No par
8 "152 24 '15
1 Oct 24
8 23
4
SIB Dec
*112 3
*112 3
*7
4
1
*7
8
1
218June 8
1
1
.
1
8
1
100
3 Jan 30
8
200 US Express
14 Jan
1
114 Sept
1
21
No par
8July 7
7 Feb 16 295
1914 1912 2014 22
312 May 153 Sept
21
2,000 U S Freight
4
1812 1812 1812
18
712 77
8
4July 8
8
34 Feb 23 173
83
4
138 June
814 85
8 5,300 US & Foreign Secur_ No pa/
614 Sept
3
8
7 4 74
8
No par 3612 Mar 28 84 July 19
3
*593 66 '59 4 66
4
*593 66
26 June 64 Sept
Preferred
4
4
4
*593 663 *593 664
4
4412 4514 45 455
20 18 Feb 25 5312July 8
8 45 4514 2,400 US Gypsum
1012 June 27 Sept
Stock
4412
4412 4412 *44
'110 116 '110 116 '110 116
847 June 105 Oct
8
100 10114 Jan 9 121 Sept 20
7% preferred
"110 116 '110 116
8June 8
13 Apr 3 117
8
43
4 54
700 U S Hoff Mach Corp__No par
8 438
512 512 .45
3 Apr
4
6 Sept
8 614 Exchange
*47
5
5
1314 June 3614 Sept
6612 70
6914 717
8 6812 70 4 23,100 U Ei Industrial Alcohol_No par 1312 Feb 28 94 July 17
3
697
8 6712 69
69
1014 104 1014 103
Closed4 10
23 Mar 1 1714July 18
1,600 U S Leathery t c
8
No par
10
*93 10
4
93 10
114 May
8
714 Sept
15 4 1614 1612 17
3
4July 18
1512 1614 2,800
Class A v t c
No par
Cs Feb 25 273
314 June 16 Sept
1512
*1518 1512 15
Election
7212 7212 7012 7012 6912 7012
4414 June 7014 Sept
Prior preferred v t c
100 30 Feb 23 784 Sept 20
800
73
73
79
*73
212 Feb 28 1412July 7
65
8 714
2 June 113 Sept
7 4 77
3
8 5,500 US Realty & Impt___No par
712 84
74
7
4
65
8 7
Day
1512 163
4 163 1814 163 1818 59,800 U S Rubber
4
2
14 June 1014 Aug
No par
4
27 Feb 27 25 July 18
1512 161s 1512 1618
25
253
4 26
8July 18
285
8 2712 2914 14,700
100
2414 2412
512 Feb 23 437
314 June 20 4 Aug
1st preferred
4
243 25
3
4 99 1034 963 1003 48,200 U S Smelting Ref & Mln___50 1312 Jan 3 105 8 Sept 19
5
98 1033
4
4
10 June 2234 Aug
4
9818 9512 993
95
52
52
52 523 "513 53
1,900
4
31 July 454 Aug
Preferred
4
50 3912 Jan 4 58 Sept 20
5112 5112 *5112 52
40
424 414 4338 405 423 132,400 U S Steel Corp
8
8
8
2114 June 5258 Feb ,
100 233 Mar 2 6712July 18
8
404 4118 393 4014
77
795 8012 2,700
Preferred
7712 7912 81
8
100 53 Mar 2 10512July 17
4
764 767
5112 June 113 Feb
81
•80
98
97
9812 9812
98
98
500 U S Tobacco
No par 59 Jan 9 102 Oct 16
97
55 June 66 Apr
*94
97
*94
3
314
8 8June 13
33
7
8 4,100 Utilities Pow & Lt A _No par
314 312
3
17 Apr 18
s
34 314
14 May
103 Jan
8
318 318
114 11.1 *118 155 1,000 Vadsco Sales
vs . 114
3 Jan 6
8
No par
318July 19
118 Sept
114
114
'114
14 Mar
13*
24
24 '23
247
8
247 '23
100
8
Preferred
100 154 Jan 11 247 Sept 28
8
243
12 June 20 Jan
4
243 *24
4
*24
758 Mar 2 3614 July 19
1812 194 1914 2114 194 2012 13.100 Vanadium Corp of Am_No par
1812
514 May 233 Sept
187
8 18
18
4
No par
15
8May 5 10 July 6
60 Van Raalte Co Inc
*44 5
44 414 *414 5
2 Dec
*418 5
7 Feb
5
5
4712 '4112 48
sMay 11 4212 Nov 4
*4012 48 '41
30
7% 1st pref stamped_ _ _100 147
48
4012 4212 '44
ay Feb 23
34 314 1,000 VIrgInIa-CarnllnaChemNopar
35
8 35
8
34 318
74 July 19
23 Aug
8
314 314
314 312
12 Mar
3
14
400
'11
14
6% preferred
1512 14
100
1418
3 8 Mar 2 2612July 18
1512 '11
1114 Aug
1512
"12
34 Feb
5914 5914
100 35 8 Mar 31 6312July 18
3
594 5914 *5914 62
7% preferred
200
20 Apr 69 4 Nov
*5914 70
3
*5914 70
74
74
80 Virginia El & Pow $6 pf No par 6514 Apr 17 8555 Jan 25
7312 74
733 734
4
60 June 90 Sept
7414 7414 744
74
4
100 123 Feb 25 674June 8
4518 517
4 513 544 5114 527
8 1,990 Vulcan DetInning
8
714 July 347 Aug
s
*4512 4612 454 463*
No par
54 Mar 29 12 July 5
54 6
3
900 Waldorf System
6
5 8 57
6
7
8
Jan
718 May 19
57
2 53*
6
6
No par
4 Apr 5
414
4
4
4
412 3,900 Walworth Co
4
83
8June 27
4 4
*33
4 8 Aug
3
3 June
4
*33
4 4
218 Mar 15 20 July 11
100 Ward Baking class A No par
97
8
8
8
"8
97g "7
8
*7
"7
214 May 1014 Jan
8
Class B
No par
24 212
700
212 23
4
5 Apr 13
8
218 214
55
2
2
8July 10
238 Jan
*24 214
4 May
100 1112 Apr 17 447
32
700
Preferred
3
324 32 4 32
30
30
12 May 4012 Mar
8July 11
32
32
35
"31
5
8
612 67 41,900 Warner Bros Pictures
1 Feb 25
8
63
4 718
63
8 67
Cy Sept
94 Sept 15
612 63
4
63
8 658
12 June
No par
414 Feb 7 2412 Oct 6
"1812 .2012 "1812 2018 "1812 2018
$3.85 cony pref
4 June 20 Feb
"1812 204 *1812 204
No par
4 Mar 21
218
218 218 1,800 Warner Quinland
12 May
2.
178
17
8
214 Aug
47
8 *158 2
8June 10
15
155
No par
8 6,900 Warren Bros
8 4 914
3
212 Feb 25 223
812 87
84 Sept
74 8
3
114 May
8June 19
Ps
8
73
4 84
Convertible pref
80
1318 1318
No par
121s 17
712 Feb 14 355
15
"12
2 June 1712 Jan
8June 17
"12
15
*12
15
300 Warren Fdy de Pipe
_No par
4 1712 1712
4
5 Feb 20 2234 Sept 26
1714 1714 183 183
714 May 144 Sept
"17
1712 "1612 1712
300 Webster Eisenlohr
43
No par
gs may
8 5
47
8 5
2 Jan
1 Jan 16
"478 54
8 July 8
•47
8 518 *43
4 5
Wells Fargo & Co
13
1
4
4 *1
13 Sept
8
13
13
4 *I
18 April
•1
14 July
312June 9
"1
13
4 "114
134
3
8 5,900 Wesson Oil & Snowdrift No par
22 4 237
8
7 Mar 3 3711 July 18
2014 2214 223 24
818 July 20 Sept
203 2118 20 8 205
4
3
8
Cony preferred
1,400
No par 40 Mar 3 63 July 18
55
5412 55
55
54
54
423 July 5812 Sept
4
"5314 55 "5314 55
8
8 505 5338 35,300 Western Union Telegraph_100 1714 Feb 25 7714July 18
4
2
49
123 June 50 Feb
5212 513 547
49
50 4 4812 50
3
263 274 4,300 Westingh'se Air Brake_No pa
4
113 Jan 3 355 July7
8 2612 273
4
257 263
8
914 Apr 1818 Sept
2514 25 4 2518 26
3
35
3838 3834 374 3914 66.300 Westinghouse El dc Mfg__.50 1938 Feb 25 583
155 June 4312 Sept
8
3838
4July 14
34 8 367
3
3 3414 3614
260
1st preferred
81
50 6012 Feb 2 96 July 18
5212 June 82 Sept
8412 8018 801g *80
"80
79
79
80 80
818 1,800 Weston Elec Instruml_No pa
914 Feb
212 Apr
74 814 *7
312 Feb 27 1314July 8
612 718
"6
8
8
'5 4
3
Class A
1612
Jan
No par 10 Mar 31 2214Ju1y 20
1612 "12
1314 Apr 19
1612 .12
•12
"12
20 "12
20
West Penn Elec class A_No par 30 Apr 22 73 June 14
50
49 4 '43
3
26 May 80 Sept
50 "43
"43
"43
50
*43
50
Preferred
220
5212
Jan
"50
22 June 76
100 37 Apr 4 773
497 50
4June 14
2
5018
50
*5018 5212 50
50
40
6% preferred
404 41
20 June 70 Jan
100 3312 Apr 6 6912July 14
.40
45 "4012 45
4414 4414 *4012 45
60 West Penn Power pref _100 92 Apr 13 11018 Jan 19
Oct
.
8
8
80 June 111
8
1003 1003 *1003 103
*101 104
*100 102
100 101
130
6% preferred
89
4
89
6612 June 1013 Mar
100 81 Apr 3 101 Jan 11
89
874 873
89 '88
8 88
89
88
300 West Dairy Prod el A__No par
1612 Mar
312 Nov
312 312
4June 12
212 Apr 6 113
*33
8 438 *312 414
312 34
*33
8 312
Class B v t c
8
400
8
15
8
1 June , 43 Mar
15
No par
•138
112 112
s
15
8 •13
'is Mar 31
Vs 13
414June 12
8
112
200 Westvaco Chlorine Prod No pa,
8
3 June 125 Mar
14 '1312 1412
•14
15
5 Mar 3 2012July 13
*13
1414 14
143 144
8
100 Wheeling Steel Corp_ No par
1412 1412
5 June 15 Sept
71 Jan 4 35 July 3
"14
16 '14
*1412 16 '1418 15
16
White motor
8
1934 "16
67 June 274 Sept
193
4
4 •16
50 14 Jan 25 2612July 13
193
'16
'16
193 '16
4
193
4
11 July 2812 Mar
2612 1,500 White Rock Min Spr ctf No par 115 Apr 1 383 July 19
8
'23
24 4 2412 2412
3
8
243 2512 2512 2512 26
4
43 July 6
4
700 White Sewing Machlne_No par
2
2
14 Apr
24 Aug
17
8 2
*13
4 21
4
15
8
2 Jan 20
•15
158
8 13
Cony preferred
600
3 Apr
4
512 51
518 518
23 Sept
514 514
4
No par
512 512
118 Jan 14 1012July 6
5
5
23 May
4
814 Aug
512June 2
5
2 Mar 2
318 314
33
8 312 '35, 34 "314 312 1,200 Wilcox Oil & Gas
314 34
200 Wilcox-Rich el A cony_No par 15 Mar 1 2714 Sept 13
8
1312 June 2012 Mar
8
8
*2278 2514 *224 2514
•227 2514 •227 2514 227 227
8
1,500 Wilson .4 Come
5 June
8
13 Mar
4
47
s 5
No par
434 54
*5
514 54
7 Jan 3 11 June 7
8
53* *43
4 514
143 1514 2,100
Class A
4
Ds May
47 Sept
8
4 Jan 3 22 June 6
143 144 1412 144
No par
143
8
4 144 15
14
1,300
11 June 31 Mar
*454 47
Preferred
48
454
*3912 40
40
41
42
100 19 Mar 2 7212July 15
41
22 June 454 Mar
4
8 383 3934 20,000 Woolworth (F W) Co
8
10 2518 Apr 8 50s July 8
375 383
8
3814 387
8
3918 x385 397
38
3
2,800 Worthington P J2 W
5 May 24 Sept
23
22
2212 24
8 Mar 2 397 July 7
100
2012 22
2012 2012 2012 2012
1412 June 41
45
Preferred A
Jan
4112 *30
45
45 '30
45 '30
100 14 Mar 15 51 June 7
*34
*30
12 May 31 Sept
3212
'27
Preferred B
31
*27
8
313
8
100 14 Feb 28 47 June 6
"2412 33
*2414 243 '25
37 Apr 1812 Sept
8
16
Wright Aeronautical_ __No par
1712 "14
6 Apr 5 24 May 27
183 *14
4
'14
•135 183 *135s 183
8
4
2514 June 57
Jan
4
5338 5312 54
53
5412 5512 543 5514 5412 5412 6,100 Wrigley (Wm) Jr (Del)No par 3412 Feb 28 5512 Nov 8
612 July
101 Yale & Towne Mfg Co__ _25
15 Sept
7 Jan 20 23 June 17
*1312 15
1312 1312 '134 15 '1312 15
*1312 15
75 July 7
4
2
13 June
4,900 Yellow Truck & Coach el B.10
74 Sept
43
4 5
412 518
24 Mar 2
.
44 412
412 414
43
8 41
12 May 4018 Sept
40
31
Preferred
100 18 Mar 2 42 July 10
2712 2712 2712 2712 "25
271 *25
2712
"25
3 June
1178 Sept
1112 1112 1,400 Young Spring & Wire_No par
312 Mar 30 1918July 19
1114 12
11
11
104 101 "104 1114
4 May 2712 Sept
1812 6,600 Youngstown Sheet & T _No par
712 Feb 28 37S July 18
4 1812 1914 18
17
1712
183
17
1712 173
12 May
2
Jon
312July 18
Zenith Radio Corp_ _ _ _No par
517
8 2
•14 2
8 2
12 Feb 27
8 2
"17
*17
2
*17
8
4 Dec
97 Mar
8
812July 8
3 8 Feb 28
5
73 21.700 Zonite Products Corp
1
4
711
714
7
6
63
4
633 655
618 62
•Bid and asked prices, no Wes on this day. n Optional sale. $ Sold seven days. x Ex-dlyidend. y Ex-rights.
-.--
.
New York Stock Exchange—Bond Record Friday, Weekly and Yearly
3471
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"—except for income and defaulted bonds.
i...g.
Price
Week's
BONDS
,..,.
Range or
Friday
N. Y. STOCK EXCHANGE .r
,... a.
. Nov. 10.
Last Sale.
cp:
Week Ended Nov. 10.
—
High N o.
Bid
Ask Low
ment.
U.S. G
10120 1550
::
First Liberty Loan-311 of '32-47 .1 D 992°3: Sale 99
::
_ 101 20 Oct'33 ___
Cony 4% of 1932-47
.1 D
---- _-D 10121:: Sale ,101168:1021,32 1844
Cony 411% of 1932-47
J
2d cony 411% of 1932-47
J D --------102 Aug'33 __- Fourth Lib Loan 434% of '33-38 A 0 101.1: Sale 101°32 1031:: 1010
1011::2 Sole 101103:101:1,2 1296
434% (called)
:2
::
1947-1952 ;Co 10521:: Sale 10522 1092 972
Treasury 4345
Treasury 434s to Oct 15 1934.
::
0
1943-45 A 0 982°3: Sale 91 32 10012 4673
thereafter 334%
::
Treasury 48
1944-1954 .1 D 103.32 Sale 102,0 105h: 1762
::
1946-1956 M 9 1012 Sale 100324:103.n 688
Treasury 3%8
:2
1943-1947 J D 993 Sale 98u:210022n 267
Treasury 3145
Sale 94no 9630n 869
Treasury 3s___Sept 15 1951-1955 M 9 95
Sale 9820s:10031n 625
Treasury 3118 June 15 1940-1943.1 D 99
::
Treasury 331s Mar 15 1941-1943 M 5 9822 Sale 9811a:10021u 1431
:
Treasury 3345 June 15 1946-1949 J D 9528 Sale 951232 9812:: 730
Aug 1 1941 F A 9822s: Sale 98°:: 1002i, 4333
Treasury 3145
Since
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 10.
3?
,..
1
'
,
Z
Ns 0.
Price
Friday I
Nov. to. J
Week's
Range or
Last Sale.
b
,
rote
Range
Since
Jan. 1.
High
Illgh N o. Low
Bid
Ask Low
Deutsche Bk Am part ctf 65.1932
60
85
4
733
4 12
733 Sale 7212
Stamped extd to Sent. 1 I935__ ___
4212 62
533
4
5512 44
56
Dominican Rep ('eat Ad 5118'42 M 9 53
48 Nov'33 ____
354 59
1940 A 0 4314 56
let ser 511s of 1926
4314
3 a3414 56
4412
2d series sink fund 5348_1940 A 0 4314 53
353
27
3714 17
6512
Dresden (('ity) external 75_1945 M N 378 45
8
93 14714
1443 152
Dutch East Indies extl 6.5_1917 J .1' 144 Sale 138
14212 91
934 1461
1962 M S 14018 Sale 13718
4
-year external 68
40
135 Aug'33 ..___ 127 136
March 1962 coupon on _ __ __I _ _ ____
9212 141
23
983 101°.
::
N 13512 Sale 13212 136
30
-year extl 5%s____Nov 1953 M 913 14512
32
4
9924:107.::
30-Year ext 515s_ __Mar 1953 M B 13512 Sale 13212 136
____
_ _ 125 Aug'33 ___ 125 125
981°,1105"::
I __
March 1934 coupon on
.
26
64
37
Oct'33 __-12
48
I 97°3110222u El Salvador (Republic) as A,1948. .1 __-- - 8
323 55
4
931°,, 99u::
Certificates of deposit
J .1 --_- 427 43 Sept'33 ____
51
5212 45 Aug'33 __
45
45
98 10222
::
Certifs of dep coupon off._ _ ___
4212 55
5
5212
96",,102",, Estonia (Republic of) 75____1967 .1 a 5212 Sale 5212
791
24
5813 7 4
954
:00024: Finland (Republic) ext 65_1945 M 5 a7712 Sale 07712
93
594 85
8214 23
External sinking fund 75_1950 M 5 82 Sale 8112
9811:210124
::
57
8012
7612 41
External sink fund 6345..1956 M 5 7618 Sale 76
54
77
9
733
4
4
713 Sale 73
External sink fund 510_1958 F A
State & City—See note below.
k
557 76 2
28
70
73
,
Finnish Mun Loan 6115 A__1954 A 0 6812 71
Foreign Govt. & Municipals.
55
78
2
70
25
174 3714
23
Extern 116 345 serial B _ _1954 A 0 70 Sale 70
A 2012 2412 2012
Agric Mtge Bank s I 88
1947 F
2018 51
2812 15
2014 25
7
23
Frankfort(City of)81 631s_ _1953 MN a28 Sale 27
Feb 1 1934 subseq coupon-8
- 323 Sale 2112
,
2
23
174 361 French Republic exti 7345_1941 J D 15918 Sale 15512 16212 312 118 162 2
8
A0 2012 2412 23
Sinking fund& A_ _Apr 15 1948 -119 al1212 162
2012 28
23
10
23
2012 25
External 7s of 1924
1949 J D 160 Sale 156 \ 162
_
With Apr 15 1934 coupon__
63
1
8
7812 German Government Interne71
_1963 MN __ _ _ 707 71
Akershus (Dept) ext 55
3514 6414
9
812
7
8
451, 252
Mona! 35-yr 53.1s of 1930_ _1965 J D 4512 Sale 441,
201,
813 Sale
Antioquia (Dept) coll 75 A 1945 J .1
531, 86 4
3
7412 495
618 2012 German Republic extl 75_1949 A 0 7412 Sale 72
Oct'33 ____
10
712 8
Externals 1 78 ser B
1945 .1 J
75
65 207 German Prov & Communal Bks
7
e
4
73
75 Sale
External of 75 ser C
1945.1 J
2612 5512
3112 70
9
8
6
4
87
207
8
8
D 313 Sale 3012
71
(Cons Agile Loan)6345 A_1958 J
External 81 75 ser D
1945 J J
45
61
2
561,
54
5712 5612
1951 M N
6
1713 Graz (Municipality) 85
8 Nov'33 ---712 8
Externals f 7s 18t ser
..1957A 0
8
346 tOth 1217
4 121
18
Gt Brit & Ire(U K of) 514s 1937 F A a120 Sale 1183
5
a822 Oct'33 -_-External sec s 1 75 2d ser--1957,A 0
712 8
41, 1/37
10 10514 1211,
118
5
8 Nov'33 __-Registered
F A --------118
712 8
External sec 51 78 3d ser_ _1957 A 0
4
71
91 18
22
83
*4% fund loan £ opt 1960.1990 M N a11412 Sale a1083 11513 1278 a72 11512
Antwerp (City) external bs_ _1958 J D 81 Sale 81
297
9 016
29%
8
41
7512 Greek Governments!ser 75_1984 11 N
297 Sale 2712
523
8 17
Argentine Govt Pub Wks 68.1960,A 0 49 Sale 49
1
143 237
4
s
221,
Sinking fund sec 68
Argentine Nation (Govt of)—
1968 F A 22 ____ 221,
1
15
20
751,
11
18
41
5312 77
18 Sale 17
_
Sink funds 6801 June 1925-1959 J D a49 Sale 4812
August 1933 coupon
67
781,
7212 127
4012 75
11
Exti 8f 68 of Oct. 1925_ _1959 A 0 491,5 Sale 4914
527
Haiti (Republic) s f(isser A.1952 A
-0 7014 Sale 68
59
25
18
347
75 a4013 7512 Hamburg (State) 6s
53
1918 A 0 347g Sale 3312
Externals!6s series A _ _ _ -1957 M 5 49% Sale 4812
23
60
1
287
8
55314 21 0403 753 Heidelberg (German)extl 7115'50 .1 J 277 29
288
4
4
External 65 series B_ _Dee 1958.1 D 4914 Sale 49
75
47
3
7212
401, 7513 Heisingfors (City) ext 8345_1960 A 0 68 Sale 68
5212 28
Extl efts of May 1926,..,1960 M N a48 Sale a48
153 31
6
2612
26 Sale 2512
.5312 52 a4018 75
Hungarian Munic Loan 7115 1945 .1 J
External s f 65 (State Ry).1960 M 5 49 Sale 4812
2018 23
23 June'33 ____
4014 75%
a5218 15
Esti 138 Sanitary Works. _1961 F A 49 Sale 49
Unmatured coups attached.. J J ____ 25
19
291,
41
525
8 26
7
2914
7518
8
27%
40
External 5 1 75 (coun)_ _1946 J J 24
Ext168 pub wits May 1927 1981 M N 4914 5114 a485
1612 1622
4918 20
4618 Sale 4818
38
6912
Public Works extl 510-1962 F A
Unmatured coups attached. .1 ---------1612 May'33 _..-24
41
Oct'33 ____
20
77
497 92
7534
35
34
30
Hungarian Land M Inst 7115 '61 M N
Argentine Treasury bs £_ _1945 MS 7518 80
2312 11
3
3312
7114 90
3412 3312
Sinking fund 711s ser 13_ _1961 M N 30
874 308
Australia 30-yr 58JulY-- 1955 J . 86 Sale 85%
—
1
15
3114 45
27
39
Hungary (King of) s f 7345_1944 F A
3812 Sale a38
7214 90
203
88
e
External 5s of 1927--Sept 1957 M S 857 Sale 85%
7618 ill
44
Ill
68 8 8312 Irish Free State extl 51 5s__ _1960 MN 10813 115 1074
,
4
External g 434s of 1928__ _1956 MN 813 Sale 81
823 267
4
1027 207 08514 1043
e
4
Italy (Kingdom of) extl 7E4_1951 J D 10212 Sale 10112
85 a85 100
89 Sale 88
Austrian (Govt) s 1 78
90
1943 .1 D
894 101
647 Italian ('red Consortium 7s A '37 M 5 94
8
965 97 Nov'33 ___
4
464 20 a42
Internal sinking fund 7s 1957 J .1 a42 Sale a42
97
82
8
95
30
69
3714 26
Bavaria (Free State)610_1945 F A 3714 Sale 36
External sec s t 75 ser B_1917 M 5 9412 9912 941
49 07212 9512
93
8812 10212 Italian Public Utility extl 75_1952 J J 91 Sale 9012
47
Belgium 25-yr extl 6148
947
1949 11 5 90 Sale 90
4514 904
142
87
98
62
88
91
Japanese Govt 30-yr 516%5_1954 F A 86% Sale 81
External sits
1955.1 J 87 Sale 87
35% 81
921, 10812
8
7512 338
743 Sale 733
4
4
4
9512 30
Exti sinking fund 5348. _ _ _1965 M N
External 30-years f 78
_1955 .1 D 924 Sale 923
9514 46
93 10712 Jugoslavia (State Mtge Bank)—
93 Sale 93
Stabilization loan 75
1956 M N
30
12
9
30
30
65
88%
10
84
Bergen (Norway)58_ _Oct 15 1949 A 0 84 Sale 84
Secured,f g 7s
4
1957 A 0 293 35
29
3 84
1
314
313
4
903 Leipzig (Germany)s f 7e._..,.1947 F A 30
8
37
63
15
7214
External sinking fund 5s_ _1960 M 5 72 Sale 72
4914 6012
2512 60
Berlin (Germany)s 16118_ _1950 A 0 a32 Sale 30
Lower Austria (Prov) 7 Ms_ _1950 J D 49
5212 Oct'33 ____
60
324 19
241,3 57
3018 51
Lyons (City of) I5-year 65_1931 M N 152 Sale 152
41 al01 155
155
External at 65_ _June 15 1958 J D 3018 Sale 2812
15
30
Bogota(City) esti 5f 88
15512 29 010114 155%
Marseilles (City of) I5-yr 65_1934 MN 152 Sale 152
2414 51
1945 A 0 24 Sale 2112
7
53 23
10
62
84
9
4
15
618
8
Bolivia (Republic of) extl 85_1947 M N
Medellin (Colombia) 6125_ _ _1954 J D
9 Sale
8 Sale
45 Sale
5
17
218 612
2
414
312 1312 Mexican [trig Asstng 4115_1913 MN
412
External secured 75 (fiat)_J958 J J
31, 514 414
4
4
314 1314 Mexico (US) eat! 5s 01 1899 £'45 Q J -------- 4 SePV33 ____
43
4 18
412
43 Sale
4
External s f 7s WO
1969 M 5
318 1014
4
21 10114 155
8
Bordeaux (City of) 15-yr 65_1933 M N 153 Sale 152%
Assenting 5s of 1899
155
8
10
7
1945 ___
4
Brazil(U Sot) external 88_1941 J D 27 Sale 263
5 8 57
7
63
4
83
8 11
161, 43
4
Assenting 5s large
64 Sale
281, 39
------------3 Oct'33 _--7
Externals 1634,of !926._1957 A 0 24 Sale 234
153 39
4
44
214
14
25
Assenting 4801 1904
5
External,t 611s of 1927_1957 A 0 a223 Sale a223
5
Oct'33 ____
144 39
40
Assenting 45 of 1910
____ ____ 5
4
25
4
78 (Central Ry)
2% 8
6
434
1212 3612
19
24
43
4
Assenting 4s 01 1910 large
_
1952 J D 22% Sale 2212
---- --- 457 42
214 8
Bremen (State of) ext.' Th.__ _1935 M
3412 7212
26
42
43 120
4
43
Assenting 43 of 1910 small
414
6
414 _-_--_
Brisbane (City) s t 58
•
*
6412 75
11
72
Treas 6s of'13 assent (large)'333 J
1957 M S 72 Sale 71
Sinking fund gold 55
•
•
•
637 75
3
23
72
713 Sale 71
4
Small
1958 F A
7018 84
28
82
20-year s f 6s
74
90
Milan (City, Italy) extl 63481952 A 0 85 Sale 85
863
4 43
19503 D 8114 Sale 8114
2418 354 Minas Geraes (State) Brazil—
23
Budapest (City) extl s t 65_.1962I3 D 32 Sale 303
33
4
Buenos Aires (City)61182 B 1955J 3 41
37
64
5
41
41
42
External s f 6345
s 1932 1912 194 197 10 12 36
1958 M
External Sits ser C-2_ _ 1960i A 0 37
1112 36
8
20
36
571
Ext sec 6148 series A
3814 Nov'33 --- 40
1959 M S 19 Sale 19
12% 42
16
External sits ser C-3_ _19601A 0 37
3412 64
2
40
40
40
38
Montevideo (City of) 7s__--1952 J D 38 Sale 3712
3318
Buenos Aires (Prov) extl 138_1961 NI S 3018 ____ 3012
11
10
30
16
4212
5
3212
8
External sits series A
1959 MN 297 Sale 29
2012 417 New So Wales (State) exti 58 1957,F A 8414 Sale 8414
63
Stpd (Sep 1 '33 coup 00)1961 M 5 2912 Sale 273
7112 884
8
30
8514 56
8
External IS 1634
71
883
s
8514 23
4
1961 1r A 32 Sale 32
171, 393
32 14 31
,
External s f 55
____ 881 8414
Apr 19541A 0
t78
Stpd (Aug 1 33 coup on)19151 F A
8112 92
924 43
21
414 Norway 20
297
8 32
29 Sale 274
-year ext 65
1943 F A 8912 Sale 8818
Bulgaria (Kingdom)s f 7s_ _1967 J J
814 9814
31
917
14
234
3
4
164
163 Sale 163
4
20-year external 6s
1914 F A 8914 Sale 8914
Stabilin 51 7148_ _Nov 15 1968 MN
9012 42 0,012 96%
20
27%
2112 Sale 21
14
22
30-year external 6s
1952 A 0 8318 Sale 8318
Caldas Dept of(Colombia)7118'46 .1 J
50 0744 9/14
89
11
24
6
1218
1114 1214 12
40
-year s t 5%5
19653 D 081 Sale 80
8
32 a7212 925
Canada(Domin ot) 30-yr 48_1960 A 0 894 Sale 894
a86
92%
79
Externals t 55___Mar 15 1983 M S 80 Sale 80
9212 267
bs
1952 MN 104 Sale 104
744 8914
8812 Oct'33 ____
904 1054
10412 300
Municipal Bank extl s f 55.19871.1 D -___ 82
88
434s
1936 F A 10114 Sale 10114
9318 10212
8714 Nov'33 __-- a75
Municipal Bank extl s f 55_1970 .1 D ____ 88
1021, 178
5212
24
17
Carlsbad (City)s 188
1954 .1 J 67
32
30
3134 29
66
69
6418 86
Oct'33 -_-Nuremburg (City) exti 65_1952 F A
11:
8
72
12
5
Cauca Val (Dept) Colons 7115'48 A 0 1012 12
35
812 21% Oriental Devel guar 6s
684 70
1953 M 9 68 Bale 6735
Cent Agric Bank (Ger) 78...1950 M 5 5814 Sale 5612
3112 71
78
66
394 75
34
59
Sale 65
Extl deb 5315
1958 M N 65
787 91
8
24
433 Sale 43
4
Farm Loan s tes...July 15 1960 J J
81
3212 67
8
4414 53
Oslo (City) 30
-year at 6s__,.1955 M N 80 Sale 787
Farm Loans 1 6s_ _Oct 15 1980 A 0 4035 Sale 3912
85 1023
4
9612 11
3212 567 Panama (Rep) extl 5%s__ _1953 1 D 94 Sale 94
8
403
4 98
1814 46
Farm Loan 6s ser A Apr 15 1938 A 0 55 Sale 4912
3014 34
3518 7512
64
55
Ext.'sr 53ser A_ _May 15 1983M N 2512 Sale 2512
634 21
814 Sale
Chile (Rep)—Extls t 7s_ _ _ _1942 M N
7
5 4 21
3
85 Nov'33 ____
8
4 9
814 25
83
Pernambuco (State
MI 78'47I M S
914
7
87 Sale
a5
8
External sinking fund 135_1960 A 0
1612
835
712 26
5
1712 Peru (Rep of) external 7s__ _1959,M 5
814 9
8
718 Sale
312 14%
Ext sinking fund 6s_Feb 1961. F A
614 34
612
47 17,
8
4
74 24
614 Sale
Nat Loan extl s f 68 1st ser 1960.1 D
47 1714
Jan 1961 J J
74 Sale
3 4 1414
3
18
6
6%
712 47
Ry ref ext 5165
6
Nat loan exti s t 6s 2d ser_1961IA 0
612 5
714 Sale
5212 6211
7
Ext sinking fund 65._Sept 1961 M 5
5
5912
1714 Poland (Rep of) gold 6s
b
12
1910 A 0 5912 Sale 5935
714
7
5114 804
714 67
External sinking fund 68_1962 M 5
8
813 249
4
5
1712
3
714
Stabilization loans f 75_ _19 HI A 0 81 Sale 78
718 Sale
612
714 133
5
External sinking fund 6s_1963 M N
17
74 4
,
33 a 59
70
External sink fund g 8s._1950 .5 J 70 Sale 6912
93 11
s
912 30
21
714 18
9
938 19
Chile Mtge Ilk 6145 June 30 1957 .1 D
17
Porto Alegre (City of) 85
19611.1 0 17 Sale 1612
83 3012
4
10
1614
912 2015
13
13
9 t 611s of 1926__June 30 1961 J D 13 Sale 12
1418 1712 1418
Esti guar sink fund 7118_ _1966 1 J
91, Sale
Apr 30 1961 A 0
612 173 Prague(Greater City) 7143.. _1952 M N 79 Sal, 79
8
812
Guar 8 t 68
10
80
774 994
935 31
914 Sale
1962 M N
Gears 168
28
24
84
914 30
63%
39
612 16% Prussia (Free State) extl 6115 '51 M 5 39 Sal, 3612
57
1960 M 5
53
4 6
44 15%
3
6
Chilean Cons Munic 75
25
61,
2
3614 58
External s 1 65
1952 A 0 36 8 tis, a3412
_1951 J D 28% Sale 2735
Chinese(Hukuang Ry)
88 103
6
8
12 r314 Queensland (State) exti s f 78 1941 A 0 101 102 10212 1027
3
2812
bs.3
a81
95
80
Christiania (Oslo) 20-yr ,16s'54 M 5 80 Sale 80
78
16
90
93
25-year external 65
1947 F A 9214 Sale 92
8
4
25
31
2214 5735 Rhine-Main-Danube 78 A
354 7112
Cologne (City)Germany 63451950 M 9 297 303 2914
4312 20
1959 M 5 4312 Sale a36
34
12
Colombia (Rep)6s 01'28_ _0(1'61
7
Rio Grande do Sul exti s f 85_1946 A 0 2014 Sale 2014
22'4
2912 22
1612 19
Oct 1 1933 and sub count,s ol.. A 0 2812 Sale 28
818 31
223
4 68
External sinking fund 68_1968 1 D 2018 Sale 20
25 Sale 2412
.
sub cot /1 8 on _ _ _ _
8
27
2412 3612
9
31
Apr 1 1934 and
External 5 t 75 ot 1926_ _ 1966I M N
22% 15
201 Sal, 2018
2
1
28
164 4912
Exter 6s(July 133 coup onr61 J J 28 Sale 28
84 304
External s t 7s mutate loan_19671J D 20'8 9 als, 2018
3
2018
26 Sale 25
_
273
4 24
25
4014 Rio de Janeiro 25-year s t 85_1918 A 0 1412 Sal, 1312
With Jan 1 1934 coupon on__
9
28
15
2612
_-181s 36
Colombia Mtge Bank 6%s of 1947 A0 ____ 2114 2l7 Nov'33 ____
External s f6349
24
14
635 26
14 Sale 13
1953,F A
23
193 3712 Rome (city) extl 6145
8
Oct'33 ____
Sinking fund 7801 1926-1946 MN ____ 19
7812 925
26
4
0 853 87
1952A
8614
873
8
2214 Oct'33 _ _ _
11334 374 Rotterdam (City) exti 6s_ _.1961,M N 9912 SRI, 9913 104
Sinking fund 75 of 1927—.1947 F A -___ 20
4
50 a8812 1183
1952 J D 66 Sale 65
66% 29
59
7312 Roumania (Monopolies) 75_ _1959'F A
Copenhagen (City) bs
3434 9li3 3414
2812 45
5
343
4
82
58
27
1953 MN 62 Sale 8114
694 Saarbruecken (City) 65
25
-years 4148
19533 .7 6118 Sal, 5818
50
7212
17
62
1312 1434 14
1412 23
104 233 Sao Paulo(City)sf8s_Mar 1952.M N
4
Cordoba (City) extl a 178.._1957 F A
23 Sal, 23
1018 25
14
2314
3335 3412 3412
245 40
342 10
Externals f 6118 of 1927._1957 M N
Externals f 75.. „Nov 15 1937 MN
1814 Stls 152
714 24
8
184 20
243 56
4
35 Nov'33 ____
San Paulo (State) extl 51 75.193611 J
Cordoba(Prov) Argentina 781942 J J 3235 39
144 3214
1812 13
1535 Sals 1518
External sec s 1 as
Costa Rica(Republic)—
14
1950,3 .1 13 Sall 13
1212 274
13
4
2312 30
External s 1 7s Water L'n_1956IM 5 12
75 Nov 11932 coupon on_1951 MN 284 -.... 283 Oct'33 _ _ _
2 all% 26%
13
1335 13
14
194 Oct'33 ____
19 20
23
External s 1 6s
7s May 1 1936 coupon on_1951 ___
1968 J .1
17
12
12 Sale 104
94 2811
72% 14
6818 9812
Secured 3 t 7s
Cuba (Republic) 55 of 1904-1944 M S 70 Sale 6818
1940,A 0 624 Sale 624
64
60
5014 7414
4 57914 9314 Santa Pe (Prov Arg Rep) 75_1942,M 5 1918 Sal, 184
90
Sale 90
External 53 of 1914 ser A_.1949 F A 90
123 304
4
5
1935
3
697
8
62
90
1949 F A ____ 7012 695
Saxon Pub Wks(Germany) 75'45'F A 497 Sale 48
8
External loan 4148
5014 43
3812 773
4
61
8312
14
68
Gen ref guar 6345
4014 42
Sinking fund 534s Jan 15 19533 .2 61 Sale 61
1951.1 M N 404 Sale 39
3035 69 2
,
29
6914 Saxon State Mtge lost 75_ _ _19154 D 6212 Sale 6212
327
8 51
Public wks 5145 June 30 19453 D 30 Sale 29
52
2
6212
74 2
,
1018 223
4
6
13
12 Sale 12
Sinking fund g 6115_ _Dec 194&J D 8012 63
1959 MN
61 Nov'33 ____
52
68
Cundinamarca 6348
86
15
87
994 Serbs Croats & Slovenes 8s-1962 M N 24
23
26
Czechoslovakia(Rep of) 8s 1951 A 0 86 Sale 86
2514
133 287
5
/
5
854 100
8
8712
1952A 0 8712 Sale 8518
External sec 75 ser B
1962,M N 2112 Sale 2018
1212 2412
22
Sinking fund 85 ser 13
6
75
93
8612 109
All unmatured coupons on_ _1 -- 16
1912 2218
1912 Oct'33 ____
Denmark 20
-year WI6s__1942 J J 83 Sale 83
88
69
35
Silesia (Prov of) extl 75
80
a48 Sale 48
7614 Sale 7614
1958:3
1955 F A
External gold 5%8
40 a5014
9
49
2835 Sale 2835
58 4 77% Silesian Landowners Assn 6s 194 IF A
,
6814 163
External g 114s_ _Apr 15 1962 A 0 67% Sale 6612
254 504
4
30
r Cash sale. a Deferred delivery. 1 Accrued interest payab e at exchange rate of $4.8665. •Look under list of Matured Bonds on page 3476.
NOTE.—State and City Securities.—Sales of State and City securities occur very rarely on the New York Stock Exchange and usual y only at long intervals, dealings
In ouch securities being almost entirely at private sale over the counter. Bid and asked quotations, however, by active dealers in these securities will be found on a subsequent page under the general head Of "Quotations for Unlisted Securities."
Low
High
99 10313
::
101 1022211
992•11 1032n
101 1°1002
0012
:H0320a:
101..1024u
10314a:111 4u
3472
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 10.
New York Bond Record-Continued-Page 2
E3
Price
Friday
.4. Nov. 10.
11
Nov. 11 1933
sel
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 10,
Price
Friday
Nov. 10,
Week's
Range or
Last Sale.
Range
Since
Jan, 1.
ForaIgo Govt. & Municipals.
Bid
Ask Low
High
High No, Low
Bid
Ask Low
High No. Low
High
Soissons (City of) ext! 6s___1936 M N 153 Sale 1521s
153
Chicago & East III 1st65__1934 A 0 50- 58
7 100 153
Oct'33
32
58
Styria (Prov) external 75_ _1948 F A 4914 52
45
49
5718 C & E III Ry (new co) gen 55..1951 MN
49
2
8 / if
1
4
33 20
812
4
Cos 12
Unmatured coups attached_ _
F A
42
/ 4218 Chicago az Erie let gold 55...1982 M N 924 Sale 9218
1
4
421 May'33
/
4
/
1
9218
4 68614 99
Sweden external loan 5145_1954 M N
Sale 10318 110 iioti 88 110 Chicago Great West lot 45_1959 M
38 Sale 3612
84 58
20
501
38
/
4
Switzerland Govt esti 5Hs_ _1946 A 0 163 Sale 15412 183
Chic Ind & Loulsv ref 138___1947 J J 45__-_ 50
182 610212 163
28
Oct'33
601s
Sydney (City)8f 53s
1955 F A 80 Sale 7912
8214
66
81
Refunding gold 55
51
---- 53
53
44
Oct'33
53
Taiwan Elec Pow s f 5145_1971 J J a673 Sale 65%
3318 68
/
1
4
4
Refunding 45 series C
6812 20
1947 j j
947 ..T .1
-- 55 Aug'33
33
57
Tokyo City 55 loan of 1912_1952 M
26
70 Sale 66
70
70
1st & gen &series A
25
2712 14
26
9
48
6
2612
External s f 5 Ms guar_1981 A 0 6814 Sale 6414
33
/ 73
1
4
1st & gen 65 series B.May 19 8 11 27 Sale 26%
6612 18
96991 N
8
12
2
27
64
Tollma (Dept of) esti 7s_ _ _1947 M N
8
18
914 12
Chic Ind at Sou 50
10
Oct'33
-year 451958 J J 70
78
70
Oct'33
61% 78%
Trondhjem (City) let 5145_1957 M N 70
61
Oct'33
8412 Chic L S& East 1st 4 Ms_ _1989 J D _100 993
75% 75
4
993
4 10
941 10314
/
4
Upper Austria (Prov) 75
4,514 8212 Chl
1945 J 13 47
49
585
5
& St P gen 45 ser A_ _1989 J J E572 sale 55
5914 11
59
38
13
73
External of 8145..June 15 1957 J D 4812 47
4112 r58
Gen g 3145 ser B_May 1989 J J 55 Sale 5314
48
Oct'33
55
3
35
64
Uruguay (Republic) esti 85_1946 F A
2112 501a
39
33 Nov'33
33
Gen 41455erC
May 1989 J I 60 Bale 80
40
e 44
7712
607
Feb 1 1934 & subs coup alt...... 3212 36
34
34 Nov'33
31
Gen 4Msser E
May 1989 J J 62 Bale 6134
62% 20
40
77
External s f 135
1960MN
277
1512 4018
8
29
Gen 41 ser F
/
45
May 1989 J .1 635 674 66 Nov'33
58
5
38
79
External $ t 135_ _ _May 1 1964 M N 2812 Sale 28
183 401 Chic n vacu5s & Pao 55 A__1975 F A 35 5 Sale 355
4
: eo MilwSt P
29
27
5
5
39
11
478
591
/
4
Venetian Prov Mtge Bank is '52 A 0 10712 Sale a1057 1075
94 106
8
5 12
Jan 1 2000 A 0 133 Sale 125s
4
1414 529
314 304
Vienna (City of) esti a 1 65._1952 M N
53
5412
541/
681s Chic & No West gen g 3145_1987 MN 50 Sale 50
2
54
34
14
62
Unmatured coupons attache& M N
48% Nov'33
4312 531
: General 4s
5612 5914 54
5412 13
30
7012
Warsaw (City) external 75...1958 F A 4915 Sale 48%
35
50
Stpd 4s non-p Fed Inc tax 87 MN 563 Bale 564
50
61
97 M N
8
/
1
36
Ws
1
69
Yokohama (City) eat! 6s...._19131 J D 70% Sale 6812
72
357 74
s
Gen 4(s stpd Fed Inc tax 1987 M N 60
21
74
68
47
Oct'33
73
Gen 55 stpd Fed Inc tax__ _1987 MN 65 Sale 6314
65
4
40
8212
Railroad.
4145 stamped
1987 M N 57
/ 65
1
4
56 Sept'33
56
56
Ala Ot Sou let cons A 155._ _1943 J D 80
75
9412
82
15-year secured g 81:5_1938 M S 70
89% 82
3
77
81
Oct'33
43% 923
4
let COL1845 ser B
19431 D 734 80
/
1
60
Oct'33
83
1st ref g 5s
77
May 2037J D 44 Sale 4214
44
24
15
56
Alb & Snag let guar 310_1948 A 0 82
78
1st dt ref 414s nod_ May 2037 J D 39 Sale 39
87
/ 83
1
4
8312 21
90%
40
/ 48
1
4
15
4712
Alleg & West 1st gu 45
1996 A 0 70
65
lst & ref 4 Ms ser C-May 20371 D 3912 Sale 3914
7812 7712 Oct'33
771z
_
40
15
23
48
Alleg Val gen guar g 48
1942M S 9812 Sale 98
89
/
1
4
987
964
8
/
1
Cony 41:5 series A
1949 MN 30 Sale 293
7
/
1
4
4
312* 309
412 44s
Ann Arbor 1st g 45_ _ __July 1995 Q J 31 Sale 31
2212 45
32
4
Atch Top & S Fe
-Gen g 45_1995 A 0 87 Sale 87
91
823 9718 Chic R I az P Ry gen 45
4
520
1988 II 46 Sale 46
4812 13
48
7012
Registered
A 0 8514 Sale 8514
8514 94
8514
Refunding gold 45
1
1934 AG 19 Sale 1812
20
203
16
39
Adjustment gold 45_ _July 1995 Nov 75
833 8418
4
76
89
8612
Certificates of deposlt........
8
18% 17
16
18
18
16
25
Stamped
1995 M N 81 Sale 81
July
845 175 a751s 90
5
Secured 4 Ms series A
1952 MS 20 Bale 19
20
29
16
38
Registered
MN
_ - 85 Nov'33
73% 85
Certificates of deposit______
17
17 18 Nov'33
15
19
Cony gold 4s of 1909____1955 J D 79% 82
82
82
Cony g 4Ms
73
84
3
1980 MN
10 Isle
83
4
10
60
6
28
Cony 45 of 1905
1955 J D 79 Sale 79
82
Ch St L & NO 5s__June 15 1951 ID 78
72
86
12
841 8212 Nov'33
72
90
Cony g 45 Issue of 1910_1960 J D 80 --- a8014 Nov'33
73
Gold 314s
81
June 15 1931 • D 60
63% Sept'33
/
1
4
63
6312
Cony deb 414s
1948 J D 94 Sale 94
'
9512 32 a79 102
Memphis Div 1st g 45___ _1951 J O ____ 64
65% Oct'33
46
72%
Rocky Mtn Div 1st 45_1965 J J 83
8714 83
83
Chic T H & So East 1st 55._1960
78
87
1
54
47
54
54
3
38
734
/
1
Trans
-Con Short L 1st 45_1958 J J 9112 Sale 9112
9212 10
Inc gu 5s
89
9912
Dec 1 1980 M S 41 Sale 39
41
12
143 64%
4
Cal-Arb 1st az ref 45s A.1962 M S 92
95
92
941 25
/
4
Chic Un Sta'n 1st gu 4145 A.1983 J I 983 Sale 98
87% 99
4
100
78
91 102
Atl Knox & Nor lot g 55_1948 J D _ 10512 10312 Feb'31
1st 53 series B
105 Sale 10312 10614 18
95 106%
9114 Nov'33
Atl & Cheri A L 1st 4 Ms A 1944 J .1
91
71
75 III;
Guaranteed g 55
9812 Sale 9812
99
11
923 1031
4
:
1st 30
-year 55 series El_ _1944 J J 8812 92
90
92
let guar 6145 series C.--1963 ir
11
6712 96
964 J
43
11112 Sale 111¼
1131/ 144 1033 114
5
Atlantic City 1st cons 45_1951 J J 65
793 7412 Oct'33
4
65
Chic & West Ind con 45
7515
1952 J J 695 Sale 695
8
8
7512 37
59
% 80%
Atl Coast Line 1st cons 45 July '52 M S 74 Sale 74
1st ref 5145 series A
68
75% 79
91%
/
1
4
89
884 Sale 88
22
86% 95
General unified 4145 A...1964 J D 8312 Sale 63
84
51
36
8212 Choc Okla &Gulf cons 55_1 9 2 M N 51 Sale 51
19 2 M S
5
6
51
8 50 63
L & N coll gold 4/IL-Oct 1952 MN 6112 Sale 611s
64
45
69
743 Cin H & D 2d gold 410
4
19371 J 901 _--- 90% Aug'33
/
4
85
90%
Atl & Dan 1st g 45
19481 J 38
42
38
40
C I St L & C 1st g 45__Aug 2 1938 Q F 971 Sale 99475812
4
1314 52
/
4
2
g7313
9 2
92
99
/
1
4
2d 45
19481 J 31
34
Oct'33
30
Registered
8
50
Augu.st 2 1936 @ F
Aug
94% 94%
Atl & Yad 1st guar 45
1949 A 0 38
42
40
40
Cin Leb & Nor 1st con gu 45.1942 MN -8914 87
20
53
1
86
Oct'33
82
86
Austin & N W lat gu g 55_19 J I 75
41
77
79 Sept'33
75
84% Cin Union Term 1st 4 Ms._ _2020 J J 1004 Sale 100e 1002*
/
1
93 102
Bait & Ohio 1st g 45July 1948 A 0 8212 Sale 8212
1st mtge 55 series B
74
855 161
5
923
4
105
1023 Sale 10214
4
26. 9
6% 1073
4
July 1948 Q J
Registered
86
85% Nov'33
lat mtge g 5s series C
72
86
105
10214 Sale 10214
68
96% 107
(35
Refund & gen 55 series A.19951 D 62 Sale 62
104
3315 76% Clearrield &
let gu 55_ -219923j N 76 --__ 7812 Oct'33
70 .il 1
r J
10
9
4
72
7812
lot gold 5s
1948 A 0 91 Sale 90
July
96% 113 a791 101
Cleve Cin Chi az St L gen 4t19931 D
73
70
60
68
88
Ref az gen 6s series C
19951 D 71 Sale 70
723 125
4
General 55 series B
371 83
/
4
j 79 Ela518 93
1993 .1 D 6
9
Oct'33
8
85
96
PLE&W Va Sys ref 48_1941 M N
7812 Sale 781
/
4
834 25
/
1
Ref & IMpt 65 ser C
8112 87s
7
75
Oct'33
75
95
49
82
Southwest Div 1st 55....1950 J J 7614 Sale 7614
81
Ref & Impt 53 ser D
37
55
89
71
68
1981 1 .7 68
943
70
28
47
8212
Tol & Cin Div 1st ref 45 A_1959 J J a85 Sale 85
67
Ref & impt 4 Ms ser E
4512 74
17
1977 J J 60% Sale 80
61
39
37
7712
Ref az gen 55 series D2000 M S 63 Sale 617
5
63% 97
Cairo Dly let gold 45
343 75
4
93% 94
1939 1 J 88
Oct'33
85
95
Cony 43s
1960 F A
: 5512 254
53 Sale 521
254 67
/
1
Cin W & M Div 1st g 45_1991 J J 1321 877 64%
s
:
84%
5
60
77
Ref az gen M fueser F
1996M S 62 Sale 61%
64
St L Div 1st coil g 48.-1990 MN 7012 75
6934
59
88
74
7214
17
66
80
Bangor & Arooetook 1st 51943 J
9812 Sale 98% 10014 25
Spr & Col Div Sat g 4s
88 101
94
1940 M
901 Nov'33
:
65
90% 93
Con ref 45
1951 J J
78
75
75 Nov'33
W W Val Div lst g 45
84
65
1940 J J
__ 737 7312 Sept'33
5
72
76
Battle Crk & Stur 1st gu 3.1_1989 J D
60 Nov'33
62
CCC &I gen cons g 65---1934 .11 I 100's 100 4 10014 10014
60
3
3
9612 101%
Beech Creek 1st gu g 45_ _ _1936 J J
90
93
90
Cleveland az Mahon Val g Se 19381 J 87
80
1
Oct'33
99
90
8014 90
2d guar g 55
19381 .1
891 Sept'33
/
4
8912 9212 Clev & Mar let gu g 4443
99 Nov'33
1935 MN 96-97
99
Beech Creek ext 1st g 3145_1951 A 0
70 Sept'33
Ciev&Pgengu434sserBl942 A 0 96 101 8 98 June'33
66
71
-1
9614 98
Belvidere Del cons gu 3145_1943 J J
Series TS 354s
1942 A 0 864 - - - 88 Jan'33
86 86
1944 J D 90
Big Sandy 1st 45 guar
8714 97¼
991
; - -113
Series A 41:s
1i0
19421 J 99
10114 Sept'33
96 10112
Boston & Maine'lat 55 A C_I987 M
64 4 Sale 645
3
8
6614 12
Series C 3)4s
53
83
1948 M N 8312 ____ 91 Aug'33
84
91
1st M 51) series II
1955 M N 65 Sale 64
67
Series D 31,4s
Oct'32
25
5412 8312
1950A F
---- 83
-jet g 41:5 ser JJ
1961 A 0
67
68 Nov'33
Gen 4 Ms ser A
48
91 Sept'33
78%
977 F A
91
91
Boston & N Y Alr Line 1st 451955 F A 55
5712 58
Oct'33
Oct'33
8Os 83
54% 6812 Cleve Sho Line 1st gu 4145_19611A 0 76
70
87
Brune & West 1st gu g 45_1938 J J 88
90
93
Oct'33
843 9412 Cleve Union Term 1st 5Ms_ _1972,A 0 8412 Sale 84
851s 14
4
6012 90
9912 100
Run Roch & Pitts gen gs 55..1937 M
9912 100
1st s f Ss series 13
8
85 10012
1973'A 0 7912 Sale 791/
811i 13
54
96121
1957 M N 55 Sale 55
Consol 4145
5514 37
1st of guar 4145 series C...19771A 0 7214 Sale 7214
33% 67%
721
17
4914 7734
Burl C R dr Nor lst & coll 55_1934 A 0 27% Sale 27%
28
2712 70% Coal River RY 1st gu 4t._.1945 J D 90 -- - 924 Oct'33
3
/
1
884 9312
/
1
Certlficates'of deposit____________
24
_- 35
Oct'33
Colo & South ref & ext 4145_1935 M N 78 Sale a77114
35 35
80
25
6712 943
4
Canada Sou cons gu 53 A_1962
88 Sale 86
General mtge 4145 ser A-1980 M N 57
11
78% 97
Si
'x
607 61
2
61
2
47
77
Canadian Nat guar 4 Ms1954 M
99% Sale 9912 100
Col dc 11 V 1st ext g 4s
214
7914 100
9512
1948 A 0
95
/
1
4
5
851 97
/
4
30
-year gold guar 4145_1957 J J 100 Sale 99H 100 5 388
3
79% 100% Col az Vol 1st ext 45
F A
Oct'33
792* 9484 95
1955
90
95
Guaranteed gold ,4 Ms__ _ _1968 J
1033 Sale 015
s
8 10312 305
793 10312 Conn & Passum Riv 1st 45_1943 A 0 66 - - 77 June'33
4
77
77
Guaranteed e 55
July 19891 J 107% Sale 0612 1072* 177 68412 107% Consol Ry non-cony deb 45 1954 J .1 42 Bale 42
44
38
6014
Guaranteed g 54
Oct 1969 A 0 10718 Sale 1063 108
5
Non-cony deb 45
227
108
84
1955 I J ------ 53 Aug'33
40
62
1970 F A 107 Sale 0614
Guaranteed g 55
Non-cony deb 45
8
1073
4 95 a843 107
/
1
4
1955 A 0
4612 Sept'32
Guar gold 4 Ms_ _ _June 15 1955 J D 10412 Sale 035
5 105% 139
Non-cony deb 45
803 10518
4
1958 1 J __ 49
501s Oct'33
497 53¼
1956 F A 10314 Sale 101H 104
Guar g 41.0
418
Cuba Nor RY 1st 5145
80 104
19421 D 17 Sale 164
18
32
/
1
10
41
Guar g 414s
Sept 1951 MS 10314 Sale 02
104
Cuba RR 1st 50
326
793 101
4
17 Sale 17
-year 55 g_1952 J J
1712 17
15
413
4
Canadian North deb a 1 75_1940 J D 1041/ Sale 0412 1081
: 54
1st ref 7145 series A
963 107
4
19361 D 1518 17
163
4
175
5
9
15
41
25
-year 5 f deb 8115
1948J .1 111% Sale 105
9412 11112
5 11112 50
lot Ilea & ref (is ser B
19361 D 1515 25
17
Oct'33
11
34
10-yr gold 4 Ms_ __Feb 15 19351 J 102 Sale 02
10214
12
90 1021
/
4
Canadian Pac Ry 4% deb stock-5712 Sale 57
601 371
/
4
Del & Hudson lat & ref 45_1943 MN 76 Bale 74%
49 r70
78
/ 40
1
4
673 8912
4
Coll tr 4 Ms
1946
3
a741s Sale 73 4
75
Ss
159 a55
8312
1935 A 0 94
96
Oct'33
97
91
99H
1944J
55 equip tr cris
100
993 Sale 99
8
Gold 5145
128
8012 109
4
1937 M N 943 Bale 943
4
96% 23
79
9712
Coll tr g 55
4
4
79
83
5812 90% D RR & Bridge 1st gu g 45..1936 F A 95
Deo 1 19541 D 773 Sale 773
96 Sept'33
98
98
Den & R G 1st cons g 45___ _1938 J J 38 Sale 38
Collateral trust 4145...J960 J J 69 Sale 68
7112 83
53% 80
41
84 O2612 66
Car Cent 1st cons g 45
1949 J J 17
19 June'33 _
Canso! gold 4145
15
19%
50
1938 J J
45
Oct'33
27
syt2
9812
Caro Clinch &0lat 30-yr 55.1938 J D 9712 Sale 9712
4
80 10012 Den & R G West gen 55 Aug 1955 F A ___- Sale 21
2114
23
96
814 52
1st & cons g 85 ser A_Dec 15'52 J D 90
92
904
/
1
99
9214
Ref & impt 55 ser B__Apr 1978 A 0 25
2
68
28
293
8 20
31
11
60
Cart & Ad 1st au g 4s
19811 D 8715 75
68 'Oct'33 _
58
683 Des M & Ft D 1st gu 4s
4
1935
60
3912
Cent Branch U P 1st g 45_1948 J D 391 Sale 3912
:
1
24
cerwicatas of deposit
J J
215 Sept'33
22* 4
1
33
4
Des Plaines Val 1st gen 4145_1947 M S 56
Oct'33
Central of Ga 1st gIss_ _Nov 1945 F A 30
51
32
84
50%
Oct'33
697 68
5
45
69
/
1
4
Consol gold 55
22
231/ 24
23
1945 M N 21
94 4118 Bet & Mac 1st lien g 45
3
1955 J D 30
39
37 Sept'33
33
40%
Ref & gen 5)s series BI959 A 0
3
28
1112 10
Second gold 45
1995 J D
912 1112 10
30 July'33
25
30
Ref. & gen 55 series C___ _1959 A 0 10 Sale 10
212 27% Detroit River Tunnel 4145_1981 M N 884 Sale 88
101/ 10
/
1
8818 10
75
91
Dui Miasabe az Nor gen 55_1941 J J 1037
Chatt Div our money g 45_1951 J D 1812 32
3212 July'33 -_
33
15
8
103
/ Oct'33
1
4
10112 104
Mac & Nor Div 1st g 55_1946 J J
Dui & Iron Range 1st 55._ 1937 A 0 103 16 / 103 Sept'33
July'33 ___
35
35
35
41
4
99 1057
2
Dul Sou Shore & Atl g 53-1937 J J 27 Sale 26
Mid Ga & Atl Div pur m 55'47 J J 12
28 July'33 _
28
28
23
27
2
12
39
Mobile Div 1st g 55
Oct'33
35
1946 J J 28
24
- 28
Cent New Engl Ist9945_ _1961 J J _
4
55
741 East Ry Minn Nor Div 1st 4s'48. A 0 903 9112 9212 Oct'33
/
4
-6-i 67 Nov'33
84
93
Cent RR az Bkg of Ga coil 581937 M N &IT.' 52
52 Nov'33 _ - 25
81
87
683 East T Va & Ga DIY Ist 55_ _1958 MN
5
80
80
65
98
Central of N J gen g 55
82 102's Elgin Joliet dt East 1st g 55_1941 M N 92
941 96 Nov'33
19871 J 92 Sale 92
:
95
10
783 98%
4
Registered
El Paso az SW 1st 55
98 Aug'33 _ -98
1987 Q J
1985 A 0 63
83
61
Feb'33
61
72
General 4s
8512 Oct'33 -75 4 9112 Erie & Pitts g gu 3145 ser B 1940 J I 873 --- 91
3
____ 83
1987.7
Oct'33
4
90
91
Cent Par lot ref gu g 45_ 1949 F A 69 Sale 685
8312 88
/
1
4
Series C 314s
5
7314 195
1940 J I 874
- 90 Aug'33
88 5 90
3
Through Short L lat gu 48_1954 A 0
Erie RR 1st cons g 4s prior...1996 1 J 75% 76
87
7912 797 Oct'33 _- _- 664
76
9
76%
67% 85
Guaranteed g 5s
813
__-- 80
4 55
Registered
1960 F A 57 Bale 57
45
80
1998
78¼ Aug'33
78% 7814
Charleston az Say'h 1st 75_ _1936 J J 93
1st consol gen lien e 45...1996
__. 111 June'31
J 59 Bale 59
80 4 114
3
401 74
:
Chez; & Ohio 1st con g 55_ _ _1939 M N 10412 Sale 10412 10812 36 aitooia
Registered
J -oil- --- 57 June'33
9912
1996
41
57
Registered
Penn coil trust gold 45..1951 F A
1989 M N 103% 105 103% Oct'33
99
/
4
1011 105
99
7
99 100
General gold 414s
1013
4 53
50
-year cony 45 series A _ _1953 A 0 54
1992 M S 9812 Sale 9818
87% 104%
57
/ 56
1
4
5614 20
30% 68
Registered
9812 Oct'33 -M
Sale 56%
99
Series B
1953 A 0 5814
11
9012 9812
56%
30% 67
Ref & impt 4145
8912 26
Gen cony 45 series D
1993 A 0 87 Sale 87
40 Mar'33
1953 A 0
80
95 8
5
40
4015
Ref &(mot 4 Ms ser B_ _ _1995 J J 864 Sale 8812
891 47
/
4
Ref & impt 55 of 1927_ _1987 M N 523 Sale 523
4
96
/
1
79
4
55% 204
2014 6712
Craig Valley 1st 5.5_MaY 1940 J
96
Oct'33 __
100
Ref & impt 55 of 1930......1975 A 0 54 Sale 5314
90 100
55% 154
2012 6712
Potts Creek Branch 1st 43_1948 J J
_ 85 Oct'33 _ 81 89
Erie &Jersey 1st s f
99
1955.1 J 9712
-- 99
5
81 10215
R az A Div 1st con g 48..1989 1 J 901s 9312
3
91 9312
843 100
4
Genessee River 1st a f 65_195711 J 9618 Sale 9818
961
/
4
6
75 102
2d consol gold 45
Oct'33 _ -88
19891 J
83
9012
Warm Springy lat g 55._1941. M S
93 May'33
Fla Cent & Pen 1st cons g 55 1943 1 J 2812 Sale 2812
102
93 93
5
281/
15
40
4912 4912 Oct'33
51
Chic & Alton RR ref g 35_1949 A 0 51 Sale 51
7
30
5818 Florida East Coast 1st 4145_1959 J D 46
34% 63
877
8 49
Chic Burl & Q-Ill Div 3145_1949 J J 88 Sale 8512
91
9 Sale
1st & ref 55 series A
80
8
1974 M 5
9
21
3
2134
Registered
1 J ___ 88
861/ July'33 --8812 8812
Certificates of deposit......
3
72* 712
712
7
2
21
961 49
/
4
Illinois Division :45
1949,1 .1 94 Sale 93 4
3
871/ 99
Fonda Johns &Glov 1st 4 Ms 1952
General 45
97
/
4
89% 103
1958 M S 8812 Sale 861
Proof of claim filed by owner- M N
95%
78
5
912 Oct'33
41 912
/
4
1977 F A 83% Sale 8314
85 8 12
3
1st & ref 414s ser B
(Amended) 1st cons 2-45 1982
68
9214
9414 14
1971 F A 91 Sale 91
1st az ref 55 ser A
Proof of claim filed by owner MN
7814 10012
5 Nov'33
s
r Cash sale. a Deferred delivery. •Look under list of Matured Bonds on page 3478.
New York Bond Record—Continued—Page 3
Price
Friday
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 10.
Nov. 10.
Week's
I
Range or
Last Sale. ;251
Range
Since
Jan. I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 10.
3473
Price
Friday
Nor, 10,
Ga & Ala fly let cons 58 Oct 1995 J
Ga Caro St Nor let go g 5s 1929—
Extended at 6% to July 1 1934 J J
Georgia Midland 1st 3s_ ___1946 AO
Gouv & Oswegatchle lot 5s__1942 ID
Gr R & I ext 1st gu g 4398_1941 J J
Grand Trunk of Can deb 78_1940 AO
1936 M S
15-year s f 6s
1947 J D
Grays Point Term 1st 5s
A_1936 J J
Great Northern gen 78 ser
1961 J J
1st & ref 439s series A.
Stpd (without Jly 1 '33 couP)
1952 1-5
General 5395 series B
1973• J
General 5s series C
1976 J J
General 439s series D
1977 J J
General 439s series E
Green Bay & West deb ctfs A__-- Feb
Feb
Debentures ars B
N
1940
Greenbrier fly 1st gu 4s
Gulf Mob dr Nor 1st 539s B_1950 AO
1950 AO
lot mtge 5s series C
Gulf & S I lot ref & ter 5sFeb 1952 J
Stamped (July 1 '33 coupon on) J J
Hocking Vol 1st cons g 4398_1999 J J
1937 SIN
Housatonic fly cons g 5s
II dr T C 1st g 5s int guar__ _1937 J J
Houston Belt & Term let 58_1937 J J
Hud & Manhat 1st 5s ser A_ _1957 FA
Adjustment Income 5s Feb 1957 AO
Illinois Central 1st gold 48__1951 J J
J 2
1st gold 3398
Extended 1st gold 339s___19 AO
195511
1st gold 38 sterling
1951 MS
Collateral trust old 4s
1952 AO
N
Refunding 4s
J J
Purchased lines 3398
Collateral trust gold 4s
1 9555
9
119532 MN
SI N
Refunding Is
15
-year secured 6358 g_ __ J955 J J
1936
FA
40
-year 43/s
Cairo Bridge gold 4sug 1 19 6 J O
95
60
A
Litchfield Div let gold 38_1951 J J
Loulsv Div dr Term g 33981953 J
Omaha Div 1st gold 3s
1951 I'' A
St Louis Div & Term g 38_1951 J J
Gold 339s
Springfield Div Ist g 330_ 11995511
Western Lines let g 4s_ _ 1951 F A
III Cent and Chic St L dr N()—
Joint lot ref 5s series A___1963 J D
let & ref 4(9s series C_ _ _1963 J D
Ind Bloom & West lot ext 48 1940 A ()
Ind III & Iowa let g 48
1950 J
Ind & Louisville 1st go 4s_ 1956 J J
Ind Union Ity gen 58 see A 1965 J J
Gen & ref 53 series B
1965
Int & Grt Nor Ist 6sser A_ _ _1952 J
Adjustment 68 ser A_July 1952 A 0
lot Is series B
1956 J
1st g 5s series C
1956 J
Int Ity8 Cent Amer 1st 5813 1972_ MN
lot coil trust 6% g notes 1941 M N
lot lien Are? 1139s
1947 F A
Iowa Central lot gold 5s.
1938
Certificates of deposit _
_ 13
J
Ist & ref g 48
1951 M S
James Frank & Clear 1st 48_1959 .1
Kai A & G R 1st gu g 5s
1938 J
Kan dr M 1st gu g 4s
1990 A
K C Ft &
Ry ref g 48_ 1936 A
Certificates of deposit_ _____ A
Stan City Sou let gold 381950 A
Ref & Impt 5s
Apr 1950J
Kansas City Term 1st 4s__.._1960 J
Kentucky Central gold 48_1987 J
Kentucky & Ind Term 4 398_1961 J
Stamped
1961 J
Plain
1961 J
13
J
0
0
0
0
J
J
J
J
.1
J
Lake Erie & West lot g 5s
1937
2d gold 5s
1941J .1
Lake Sh & /inch So g 33921_1997 J
RegLstered
1997 J D
Lehigh & N Y let go g 48_ _1945 M S
Leh Val Harbor Term gu 58_1954 F A
Leh Val NY lot go g 4390_1940 J J
Lehigh Vol (Pa) cons g 4s..._21303 M N
Registered
M N
General cons 4(98
2003 M N
General cons 5s
2003 M h
Leh V Term sty let go g 5s1941 A 0
Len & East lot 50-yr Is gu_ _1965 A 0
Little Miami gen 40 series A_1962 M N
Long Dock consol g Os
1935 A 0
Long Island—
General gold 4s
1938 J I)
•Unified gold 4s
1949 M
Debenture gold Is
1934 J 13
20
-year pin deb Is
1937 M N
Guar ref gold 48
1949 M S
Louisiana & Ark 1st 5s ser A_1969 J J
!nide & Jeff lodge Co gd g 481915 M
Louisville & Nashville Is.. _1937 M N
Unified gold 48
1940 J .1
Registered
J J
let refund 53911 series A___2003 A 0
Ist & ref fht series B
2003 A 0
1st ret 4.39s series C
2003 A 0
Gold Is
1941 A 0
Paducah & Nlem Div 45_1946 F A
St Louis Div 2d gold 38
1980 M S
Mob & NIontg lst g 4398_1945 St S
South ICY joint NIonon 4s_1952 J J
AU Knox's & Cln Div 4s 1955 M N
,
Mahon Coal RR let 58
1934 J J
Manila RR (South Lines) 46_1939 MN
1st eat 48
1959 MN
Manitoba S W Coloniza'n 5s 1934 J
Man GB &N W 1st 339s
1941 J J
Mex Intermit let 48 asstd
1977 NI $
Michigan Central Detroit di Bay
City Air Line 9s
1940 J J
Jack Lane dr Sag 339s
1951 SI S
N
let gold 339s
1952
Ref dr !mot 4 39s ser C....1979• J
Mid of NJ 1st ext 58
1940A 0
Mil & Nor lot ext 430(1880)1934 1 D
Cons ext 4398 (1884)
110341 D
hill SPar dr N W 1st gu 4s1947 M S
r Cash sales. a Deferred delivery
A-
Range
Since
Jan, 1.
High NO, Low
Ask Low
High
Bid
Ask Low
High
1.010
Nigh
87 Nov'32
_
Milw & State Line 1st 3398_1941 IJ 51
703 6012 Oct'33
4
40
6012
9712 Oct'33
99
NIInn & St Louis 1st cons 55_1934
88
•
•
Ctfs of deposit
1
1934 NI N
514
4
818
514 Sale
514
lot dr refunding gold 4s_._1949 MS
414 Nov'33
12 612
3
4
1412 12 Nov'33
8
Ref & ext 50-yr Is ser A,1962 Q F
314 4
'8 27
5
314 Aug'33
118 11
Q F
Certificates of deposit
112 4%
3
4 314 312 Aug'33
2618 July'33
18
27
2618 51St P & SS NI COO g 40 int gu '38 J J
34 Sale 32
18
15
34
24
48
39 Nov'33
35
46
2312 50
lot cons Is
35
28
34
Oct'33
1938 J J
16
3912
100
Jan'31
lot cons Is gu as to int_
3918 Sale 39
1938 ▪ J
4012 14
2812 5412
-g9- 964
4
87
9314 913 Sept'33
26
1st & ref 65 series A
27
Oct'33
1946 J j 20
912 34
4
1063
104% Sale 1043
8 49
25
963 10612
4
-year 5390
3
18
19
1949 MS
a812. 31%
10414 52
10314 Sale 103
lot ref 539s ser B
933 10412
56 Nov'33
4
1978 J J 5512 69
37
71
96 Nov'30
90 July'33
1st Chicago Term s f 4s
1941 SI N
90
90
4514 V04 Mississippi Central 1st 5s
154
80
75
7612 Sale 7612
2
175
1949.21
65
85
13
7314
75
73
75
663 87
4
8612 July'33
66
8612 Mo-Ill RR let 5s ser A
1214 1514 1514 Oct'33 _
1959 J J
15
32
20
69
6812 8812
67 Sale 66%
39
8312 Mo Kan & Tex lot gold 4s 1990 ID a74 Sale a74
7512 13
6312 28
62 Sale 6112
4012 77% Mo-K-T RR pr lien 5s ser A_1962 .8 .1 64 Sale 64
71%
13
59
8714
3
60 Sale 60
40
37
74
6112
-year 45 series B
5
56
56 Sale 56
1962 J J
5118 73
41
61
59 Sale 59
7712
Prior lien 439s ser D
8
34
63
74
6318
1978 J J ____ 63
55
30
Oct'33
29
Cum adjust 5s ser A_Jan 1967 AC) 36 Sale 35
32
3814 39 03212 6512
314 10
5 Nov'33
6
10
2412 Sale 23
Mo Pay 1st & ref 58 ser A
2512 59
1965 FA
1812 44
90 Sept'33
89
4
General 40
8814 90
123 135
4
1975 MS 12 Sale 113
7
2412
6
58
142
2212 68
58
lot & ref 5s series F
25
1977 MS 2414 Sale 2212
18
44
5514 563 55
5512 14
4
23
2812 Oct'33
6612
Certificates of deposit
2812 2812
45 June'33
4212 45
lot & ref 55 ser G
1813 4412
24% 53
1978 F iii 2412 Sale 23
3
56 Nov'33
4014 56
Cony gold 539s
1949 M N
814
9 Sale
24
914 111
24% 54
lot ref g 58 series H
1980 A 0 2412 Sale 2212
1812 44
12
1981 F A 2412 Sale 23
84 10012
98 Sale 98
99
lot & ref 5s ser I
243 134
8
1814 4414
85 Nov'33
71
Mo Pac 3d 78 ext at 4% July 1938 MN 66
75
83
90
7418 7418 Oct'33
5012 7418
96% Oct'33
9612 100
8512 96% Mob d: Blr prior lien g 5s___1945 J J 65
46 June'33
91
46
46
6
Ii 60
91 Sale 90
44 Aug'33
91
78 100
Small
90
36% 60
657 Sale 6512
86
8
1st NI gold 45
65
4612 Oct'33
68
88%
4612
1945 J J
46
J J
33 Sale 3212
3512 85
4
Small
3312 593
65
Oct'33
44
55
65
Mobile & Ohio gen gold 4s__1938 NI S 93
9
28 r72
_ 9714 98
89
____ 91 Nov'33
7812 9112
Montgomery Div lot g 58_1947 FA
1613 16 20 Oct'33
71ti 37
7912 _
80
80
1
7612 80
8
Oct'33
Ref Sr !rapt 439s
414 21%
1977 MS
714 14
___ 80
Oct'33 __-78
72
80
Sec 5% notes
13 Nov'33
1938 MS 1238 13
414 25
73 Mar'30
____
Mob & Mal lot gu gold 48_1991 MS 72
_
62
753
4
8614 75 Sept'33
5
a6018 Sale- 607
9114
Mont C lot gu 68
50
8
78
6514 29
90
1937 II 8714 91
8714 94
45
64 Sale 64
lot guar gold 5s
2
80
82
8314
1937 S i 82 Sale 82
93%
5
__
55 June'33 _ 12
55
56% Morris & Essex lot go 3398_2000 J
7512 38
74 Sale 74
70% 80%
26
1
40
;5i' gil- 57
6
78
0
s eConstr NI Is ser A
837 Nov'33
8
691s
79% 84
1955 NI N
677 8618
8
52% 88
78 Sale 78
Constr 51 4399 ser 13
78 Nov'33
70% 76
60
82
1955 SIN
9414
5
89
89 89
85
6018
5512 Sale 5512
Nash Chatt & St L 4s ser A1978 F A
30
73
78
78
76
573 116
4
85
60
8618
9312
85 Sept'33 __-N Fla & 1st gu g 5s
5012 85
70
19378 A 9312 Sale 9312
85
97
58
73% Nat fly of Men pr lien 430_1957 J
738 Aug'33 -- -18 July'28
_
---67
Oct'33 __-Assent cash war rot No 4 on ---.58
2
73
2 Sale
2
118
68
Oct'33 ---0
__ _ _ 68
Guar 4s Apr '14 coupon_ _1977,A
58
123 July'31
4
6818
6112 Nov'33
53
61
65
Assent cash war rct No 5 on--- 112 Sept'33
7012
74 4
1
-3Nat RR Men pr lien 4398 Oct '261
64
74
64
2
62
6212 75
75 Aug'33 ---Assent cash war rct No 4 on'--- 75
218 Oct'33
75
621
2
3
1
5
1951,A 0
lot consol 40
66
22 Apr'28
85 4
3
4
---- i i- 80 Sept'33
2- 3
112 212 214
Assent cash war rct No 4 on 1 - -- 11
214
387 7412 Naugatuck RR 1st g 4s
7112 Nov'32
8
604 Sale 5812
1954 M N _
83
6112 36
61%697713
New England RR cons 5s_ 1945 J
__.69
5612 Sale 5612814 37
80 Sept'33
83
68
Consol guar 40
8912 927
1
68%
8
90
68%
il__ 8912 Oct'33
1945 J J
683 79
8
NJ Junction RR guar lot 48 1986 F A
1
85
75
92 Nov'30
78
78 Sale 78
70
82
27
Oct'33 _42
42
58 Sept'33
54% NO & NE lot ref&impt 439s A '52 1 J ____ 58
36
30
70
New Orleans Term lot 4s
85 101
Oct'33 -..58
1953
9612 101 100
6712 60 Nov'33
49
75
N 0 Tex & Alex n-c Inc 58_193.5A 0 14
100
85 100
Oct'33 ---Oct'33
35
193 18
15
1 A 0 1712 Sale4 1712
let 5s series 13
2
, 1814 5412
1954
3 12 42
-515i8 Sale- 30
,
2
18
1612 3512
3
25
lot Is series C
8
251_ 21
Oct'33
9 Sale
1956 I' A
163 38
4
1st 439s series D
16
50
26 Nov'33 - -24
1512 ni2 19
26
1956 F A
Oct'33
16% 36
1st 534s series A
16
195.1tA 0 1718 Sale 1718
49%
254
25
2612 25
6
19
17
3612
3314 6512 N & C Bdge gen guar 4;98_1945 5
5014
5014 5312 5014
85
1
__
9312 Aug'33
90
9312
6118 N Y B &
37
B 1st con g 5s__1935, 0 10114
;A
5212 533 5314
4
1013 Oct'33
4
535o
6
98 102
25
55
4814
46 Sale 46
7
1
NY Cent RR cony deb 6s.._1935 M N 75 Sale 7312
765o 66
92
46
Consol 4s series A
1998 F A _
2
10
5
63
4 712 Oct'33
7234 73%
75
5712 8418
6
312 312 Nov'33
1
Ref & impt 439s series A 2013
6
214
.A 0 g8.i2 Sale 5612
.
152
59
3412 74
Ref Sr impt Is series C__ _2013:A 0 62 Sale 613
6312 199
4
80
39
5
NY Cent & Ilud fly NI 3(45199711 .1 7812 Sale 7812
70
75
70
60
68% 73
81
128
4
683 83%
Registered
103 131ar'31
1997J J
77 Sept'33 _ _ _ _
70
80
7712
5
Debenture gold 4s
60 Voi"
73
73
74
1934 M N 57912 Sale 57912
833
66
60
93%
3134 6112 30-year debenture 4s
36% 13
363 Sale 36
8
1942iI J
76
77
3
75
64
8612
2
Ref &'mot 4198 ser A...2013
32
5712
383
____ 383 38%
8
8
5912 95
3412 74
58 Sale 5612
Lake Shore coil gold 3398_1998 F A 71 Sale 7012
106 a48
6712
a5512 Sale 55
59
7
77
71%
60
51
47
80
66 Sale 66
Registered
68
1998:F A
71
63
71% 6912 Sept'33
Mich Cent coil gold 3398_19981 F A 70
83
96
9112 89
877 Sale 87%
8
78
65
713 7118 Oct'33
4
1
7414 93
8812 Sale 8812
Registered
8812
69
1998 F A _
57
7212 69 July'33
N Y Chic & St L 1st g 4s
84 Aug'31
65
75
66
913
4
82
% 54
1937 A0 8112 Sale 7914
75 June'33
57
75
65
Refunding 5345 series A 1974 A0 49 Sale 49
80
28
14
6712
52
Ref 439s series C
4412 252
12
_- 89 Apr'30
56%
1978 NI S 42 Sall 4114
62
47
1935,A 0 45 Sale 45
3-Yr 6% gold notes
514 67
1
NY Connect lot gu 4398 A_1953 F A 96 Sale 96
82
58
93
82
6514 85
39
87 100
98
6218 Oct'33
55
7812
61
1st guar Is series 13
78
89 10318
1953;F A _
10318 10212 Sept'33 _
83
95
80
83
71% 8714 N Y Erie lot ext gold 45... 19471 M N
843
4 15
3
86
95
95
g'7i2 94
N Y Greenwood L go g 58_1946,M N 5314 76
7212 83
Oct'33 _
.___ 83% 82 Nov'33
513 65
4
63
46
5712 6214 65 Nov'33
2000;M N 85 Sale 85
88
3
84
703 N Y & Harlem gold 339s
4
8514
79
NY Lack & W ref 4398B
7
79
90
843 79
Oct'33
96
80
96
85
1973 M N
73
83 81
NY & Long Branch gen 4s.1941 SI S _
59% 87
Oct'33
76
76 June'33
76
4412 Sale 4212
25
62
NY&NE Bost Term 4s
9512 July'29 _
453 116
8
1939 A0 - _
45 June'33
28
S
N Y N II & H n-c deb 48_1947
45
45
70
65
Oct'33 _ _ - _ 65
483 Sale 48%
4
3214 6412
65
Non-cony debenture 3398_1917 MS 50
44
51
55 Nov'33
63
5418 58
5518
33
Non-cony debenture 3398_1954 AC)
44 a65
6812
Oct'33
5518
51
58
____ 95
Non-cony debenture 4s._ _1955 J J
82
82 10018
71
45
Oct'33
5112 28
5114 Sale 5114
71
53% 11
10
79 10012
Non-cony debenture 4s _1956 MN 51 Sale 51
85
95
45
95
71
_
8112 8112
Cony debenture 339s
8112 Sept'33
43
Oct'33
60
58
48
1956 J J
9012 101
Cony debenture 6s
9912 Oct'33
9912
99
57
7418 58
1948 II 72 Sale 72
Registered
J J
90
90 Aug'33 -80
73
9
9912
9512 993
98%
Collateral trust 65
95
993
4
4
59
7212 45
1910 A0 7012 73
7118
1
82 r9912
917
8
Debenture 40
917
8
N 46 Sale 46
8
47
2
347 65
91%
1957
1st dr ref 439s ser of 1927 1967 J O 543 Sale 54
1
97 10112
10014 Sale 100%
30
10014
56
45
75%
4
8
90 100
Harlem R & Pt Ches let 4s 1954 MN 85
9712
97 Sale 97
3
871
82% 90%
871 8712
11
76
95
90
87 Sale 87
NY 0& W ref g 4s____June 1992 SI S 5712 Sale 5712
20
57
55
44
4314 Sale 43
59
35
50% 67
1
85
General 40
70
8218 861 82%
8218
43
52
6
1955 ID 52 Sale 52
6118
963 104
4
N Y Providence & Boston 48 1942 AC) 81% 95
102 104 103
1037
8 15
85 Nov'32 _ _
8112 98
NY it Putnam lot con go 48_1993 A0 70
91% Sale 9114
.9212 64
64
78
721 7212 Oct'33 _
NY Susg & West lot ref 58_1937
77
85
82 Apr'33
95
'I 40
48
Oct'33 _
2312 65
48
26 gold 439s
2
6512 99
90
943 90
1937 FA
4112 June'33
33
4112
_ _ 70
6312 9212
General gold Is
1
88% 8814
1940 FA
8814
35
3214 357 35
2
1612 52
597 90
8
15
78 Sale 78
Terminal 1st gold Is
80
1943 MN 693 98
Oct'33
75
4
75
64
87 102% NY Westch & B lot ser 14 39s'96 II 42 Sale 4114
6
1013 Sale 10112 1013
4
4
60
31
427
4
6
56
70
50
_
8614 65 June'33
43
7
59%
62% Nord fly ext sink fund 6398_1950 A 0 13118 142 130
5912
6118 63
31
4
131
983 131
82
9312 Oct'33
9312 Norfolk South lot dr ref A 53_1961 FA
•
40
1
73
60% 62 a5S
a58
Certificates of deposit
4
5
13
5% 5 Nov'33 _ _
75
9214 Norfolk & South 1st gold 58_1941 M N
4
7512 84% 843 Nov'33
11
6
23%
19
15 Nov'33
Nod & Wait RR Imp ficext 681931 F A 10112 Sale 10112 10112
3 101 10412
1003 July'33
9514 10114
4
N & W Ity 1st cons g 4s___1996 A 0 9512 Sale 94
973 150
4
87 10012
a493 5514
8
493 09
4
5514 Oct'33
Registered
11,464
96
_ 9634 94% Jan'33 _
9418 94%
50
52
55
DWI 1st lien & gen g 4s
59
52 Nov'33
10018 Sale loo
101 lig 9312 101%
70
97
9612 9912 a9512 a953
8
Pocah C & C joint 4s
3
9812 Sale 9812
993
4 19
8912 100
47
Oct'33
50
50
North Cent gen & ref Is A 1974 MS
60
50
911j D
98
Oct'33
_
98 10012
___
218 2 Sept'32
_Gen & ref 4398 series A.,...1974 M S
-. 93
93
1
93
88
North Ohio lot guar g 5s.._1945 A 0 93-4012 4312 4212 Nov'33
17
45%
9314 9514 North Pacific prior lien 4s 1997 Q 1 77 Sale 77
__
98% 9514 Oct'33
81
55 73 89%
79 May'26
Registered
81
Q
7412 85
-'75" 16" Gen lien ry & Id g 3s Jan 2047 Q F 5512 Sale 8334 Aug'33 110 48 82
88 Sale 88
88
54
56%
61
75
75
75 Sale 75
Registered
547 55
Jan 2017 Q F _
Jan'33
5512 5512
40
6438
8
753
6614 71
Ref & Inapt 439s series A__2047 J J 60
643
4
69 65
6512
2
50 27819
50
76
Ref & impt 6s series B____2047 J .1 75 Sale 75
70 Nov'33
80
921z
101
60
68
70
Ref & impt Is series
_ _
67% 68 Sept'33
J J ____ 80
7212 Nov'33 _
_ 5918 84
3412 66
531
52
Ref &!mot Is series 13____2047 J J 6314 73
56
5312
74 Nov'33
56% 83
Nor fly of Calif guar g 5s_. _1938 A 0 _
a99
a99
7 a99 100
Bid
Fort St U D Co 1st C430_1941 • J
Ft W & Den C 1st g 539s____1961 ID
Frem Elk & Mo Val lot 6s__1933 AO
Week's
Range or
Last Sale,
z Optional sale Sept. 21 at 83
• Look under list of Matured Bonds on page 3476,
New York Bond Record—Continued—Page 4
3474
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 10.
t
Price
Friday
Nov. 10.
Week's
Range or
Last Sale.
cq4
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 10.
40-
Nov. 11 1933
Price
Friday
Nov. 10.
Week's
Range or
Last Sale.
14
Bid
High
Ask Low
High No. Low
Bid
Ask Low
High No.
Og & L Cbam Ist gu g 4s__1948 J .1 48
1
384 5814 Southern Ry 1st cone g 5.5....1994 Si 80 Sale 80
524 50
50
22
83
Ohio Connecting Ry 1st 48_1943 M S
Registered
J J
97 Mar'32 __ 84 85 July'33
1936 J D 86 100 90 Aug'33
Ohio River RR 1st g be
Devel & gen 45 series A__-1956 AO 52 Sale 52
80 90
533 163
4
1937 A 0 80
General gold 513
6
Devel & gen 65
70 91
87
1956 A0 6514 694 6912
87
7014 10
Oregon RR & Nav com g 48_1946 J D 87 Sale 87
Devel & gen 634$
8418 98
1956 AO 743 Sale 73
9012 35
8
753
4 41
Ore Short Line 1st cons g 58_1946 J J 10318 Sale a103 a10318
2 99 10712
Mem Div let g 5s
1996 5, 624 70 6212
6318
2
Guar stpd cons bs
1946J J 105 Sale 1043
St Louis Div 1st g 4s
'S
1951
4 10614 45 100 10712
_ 5978 60
2
60
Ore
-Wash RR & Nay 4s
1961 J J 7918 Sale 79
East Tenn reorg lien g 59_1938 MS 77
75 90
8514 120
so 91 Sept'33
Mobile& Ohio coil tr 4s.....1938 MS 51 Sale 51
8
523
4
Pao RR of Mo 1st ext g 48_1938 F A 86 9012 8612
734 9378 Spokane Internet 1st g 59_1955 Si
87
14 11
93 10 10
4
10
2d extended gold 58
1938 J J
2
75 90 Staten Island Ry 1st 430_1943 3D
90 88
88
60 May'32
Paducah & Ills 1st s g 4%3_1955 J J
_
93 9412 Sunbury & Lewiston 1st 4s__1936 J J
9414 9414 Aug'33
100 100 Oct'33
Paris-Orleans RR ext 5Hs_1968 M S 12418 ____ 120
15 a9612 124
124
Paulista Ry 1st ref s I 7s_ _ 1942 M S 54 Sale 53
14 36 54 Tenn Cent 1st 6s A or B_ _ _1947 A 0 4418 4978 434 Oct'33
54
Pa 01810 & Det lst & ref4Hs A'77 A 0 8018 Sale 8018
71
8314 32
9312 erm Assn of St L 1st g 4Hs_1939 A 0 100 102 10112 Oct'33
Pennsylvania RR cons g 4s-1943 M N 9912 Sale 9912 10018
3
1st cons gold 5s
9534 1014
1944 F A 1004 1033 103
6
103
4
Consol gold 45
1948 M N 99 Sale 9812 100
39
Gen refund s f g 4s
91 .1014
19533 J
8178 8114
8112 15
48 sterl stpd dollar May 1 1948 M N 99 Sale 99
90 10112 Texarkana & Ft S 1st 5Hs A 1950 F A 6612 Sale 661
10014 15
7
73
Consolsinking fund 4 Hs__1960 F A 10212 Sale 10212 104
38
9412 105 Tex & N 0con gold 5s
19435 J 60 6712 65 Oct'33
General 4 Hs series A
1965J D 83 Sale 83
734 9478 Texas & Pac 1st gold bs
20003 D 85
863
8 87
9114
8878 9114
1
Gereral 58 series B
1968 J D 934 Sale 9312
2d Inc 5s(Mar'28ep on)Dec2000 Mar
78 1003
4
964 85
95 Mar'29
15
-year secured 6s
1936 F A 1025 Sale 1025
Gen & ref 56 series B
1977 A 0 57 Sale 5512
95 1053
8
8
8 1047 155
s
17
57
40-year secured gold 5s_....1964 111 N 874 Sale 8712
42
Gen dr ref 5s series C
73
98
1979 A 0 57 Sale 5434
76
91
57
Deb g 434$
1970 A 0 72 Sale 72
57
Gen & ref bs series D
19805 D 67 Sale 55
77
56 8614
44
57
General 4Hsseries D
1981 A 0 79 Sale 79
82
56 68 904 Tex Pae-Mo Pac Ter 519e A.1964 M S
72
71
Oct'33
Peoria dr Eastern 1st cons 481_1940 A 0 58 69 6412 Oct'33
72 Tol & Ohio Cent 1st gu 58_1935 J J
30
9734 95 Oct'33
5 614 5
Income 4s
April 199C Apr
10
Western Div 1st g bs
6
134 1612
1935 A 0
53
9812 Sept'33
Peoria & Pekin Un 1st 5Hs_ _1974 F A 8312 ---- 874
2 69 4 90 4
General gold 55
1935 J D _ - 917 92 Aug'33
8718
3
,
8
Pere Marquette 1st set A 55 19565 J 6214 Sale 6214
28 2 76 Tol St L dr W 60-year g 4s 1950 A 0 55
,
637
8 19
65
6512 Oct'33
1956 J J 4918 5012 50
1st 45 series B
18
50
28 63 Tol W V &Ogu 4sserC____1942 M S 89
964 Apr'31
lst g 4y9s series C
1980 M S 5314 54 5312
12 28 684 Toronto Ham dr Buff 1st g 441 1946 J D 71 19 80 Feb'33
54
Phila Bait & Wash 1st g 48_1943 MN 100 Sale 100
31
94 10114 Union Pao RR 1st & id gr 48 19475 J 983 Sale 983
10114
4
4 10012 330
1974 F A 10014 Sale 10014 10012
General 58 series B
2
Registered
J J -99 9914 Nov'33
93 10212
General g 4j4$ series C___1977 J J
___ 9418 9412 Oct'33
1st Lien & ref 4s
81
96
June 2008 M S iiTs Sale 8418
883
4 93
.1 J -2112 Sale 2112
25
23
Gold 434$
1967 J .1 8538 Sale 85
PfilliPlOne Ry 1st 30-yr at 481937
19
353
8
8712 60
1st lien & ref 55
June 2008 M S 10138 Sale 100
36
102
1940 A 0 10218
PCC&StLgu414$A
40-year gold 4s
10218 1023
4 21 09334 1023
1968 3 D 804 Sale 8014
4
8314 63
1942 A 0
Series B 419s guar
1944M S 1004 ---- 10012 10114
_ 103 102
1025
8 47
94 1024 UNJ RR drCangen 4s
3
1942 M N
Series 4 Hs guar
102 101
1027
8 16
8
4
85 Apr'33
993 1027 Vandalia eons g 4s series A 1955 F A
1945 M N 9812
Series D 4s guar
98 Oct'33
COEU18 f 4s series B
1957 M N 9312 - - 85 June'33
a9418 984
Series E 43.9s guar gold...1949 F A 914 ---- 8912 Aug'33
1933 J J
894 8912 Vera Cruz & P east 4He
Vs - 12 218 Sept'33
.
3
1953 J D
Series F 4s guar gold
9718 Aug'33
9618 9718 Virginia Midland gen 5s____1936 M N 973 Sale 9734 100
4
10
1957 M N
Series G 4s guar
92 May'33
92 9212 Va & Southwest 1st gu 56_2003 J J
76 Sept'33
1960 F A 98
Series 11 cons guar 4s
9618 Sept'33
1st cons bs
1958 A 0
9618 9814
59 5812
605
8 13
Series I cons guar 4%EL__ _1963 F A 9918 ---- 995
Virginia Ry 1st 5s series A 1962 M N 95 Sale 9412
8 101
914 103
9612 103
Series J cons guar 4 Hs_ _ __1964 MN 101 ---- 1013 Nov'33
4
1st mtge &Hs series B__,..1962
,M N 87 88 88 Oct'33
944 10212
General M 55 series A__1970 J D 90 Sale 90
16
93
76 1004
B___1975 A 0 9018 Sale 9018
Gen mtge guar bs ser
7
1939 MN 50
904
761z 9934 Wabash RR 1st gold Ss
62 61
21
62
1977J J
Gen 4 Hs series C
8412
3 69 93
8518 8412
2d gold 5s
1939 FA 50
547 50
8
7
50
Pitts McK & Y 2d gu 6s____1934 J J 1003 ---- 101 Sept'33
Deb (Is series B registered _1939 J J
s
994 10114
984 May'29
1940 A 0
Pitts Sh & L E 1st g be
2 100 102
1st lien 50-year g term 4s__1954
'S
_- 100
100
70 3712 Apr'33
1943 J J 6
1st consol gold be
Det & Chic Ext let bs___ _1941 Si ior4 Sale 704
-8- 11114 100 Mar'33
100 10012
7014
1943 M N 911294 Oct'33
Pitts Va & Char lst 4s
Des Moines Div let g 48_1939 J J 30
94 94
60 55 Oct'33
Pitts & W Va 1st 4Hs set A_I958 J D
3 30 694
1-- 60
1
so
Omaha Div 1st g 3Hs_ _1941 A0 394 46 39 Oct'33
1958 A 0
1st M 434$ series B
59 61
Oct'33
Toledo dr Chic Div g 4s_1941 MS
30 685s
56 Aug'33
1960A 0 57 Sale 57
1st M 4y9s series C
8 30
6012
7012 Wabash Ry ref & gen 534s A.1975 MS 15 Sale 1334
37
15
Pitts Y & Ash ist 49 ser A 1948 J D 9258 ____ 95 Aug'33
Ref & gen 5s(Feb'32 coup) B'76 FA 144 Sale 14
95 95
1412 73
1962 F A 95 ---- 105 Sept'33
1st gen 5s series B
Ref & gen 434$ series C__1978 A0 1412 Sale 1334
105 105
20
15
1957 M N
Providence Scour deb 4s
4
Ref dr gen bs series D
- 713 July'31
1980 AO 144 Sale 1314
1478 32
Providence Term 1st 48
19581M S 35- 2 80 June'33
79
811
50 Feb'33
80 80 Warren 1st ref gu g 334s_ _ _2000 FA
Washington Cent 1st gold 4e 1948 QM 60
- 52 Feb'33
.
Reading Co Jersey Cent coil 4/3 511A 0 8014 Salle 80
7 66 904 Wash Term 1st gu 3Hs
833
4
1945 FA
16 9214 Oct'33
Gen & ref 434s series A_._1997,J J 8412 Sale 8412
8712 19
1st 40-year guar 4s
1945 FA -4T
_ 97 July'33
7684 96
Gen & ref 4 Hs series B___1997 J J -- - 85 11 86
18
5
87
0811 51
78 95 Western Maryland 1st 4s 195240 6614 15ide 061i
Rensselaer & Saratoga 6s__ _1941 M N
113 Oct'30
1st & ref 534$ series A____19775' 7412 Sale 7418
77
12
1948 MN
Rich & Merch 1st g 4s
40 July'33
8
"iii" 16" West N Y & Pa 1st g 53
1937 35 1013 Sale 1013
8 10314 20
Richm Term Ry 1st gu 5s__ _1952 J J 100 ---. 101
Oct'33
8718 8434
General gold 4s
fah 101
1943 AO 83
1
843
4
Rio Grande June 1st gu 5s_ _1939 J D 85 - - 83 Sept'33
M
32 Sale 3012
63 85 Western Pee 1st bs ser A....1946
32
57
Rio Grande Sou 1st gold 4s...1949 J J
114 114 West Shore 1st 49 guar
114 ---- 114 Oct'33
2361 J J 74 Sale 74
7712 30
Guar 4s (Jan 1922 coupon)1940 J J
212
314 July'33
314
Registered
2361'S 7014 75
1
734
2
7314
Rio Grande West 1st gold 46_1939 J .1 6514 80
8414 83
7114
7114
5
55 87 Wheel & L E ref 4Hs ser A_ _1966 MS
85
16
1st con & coil trust 45 A__1949 A 0 40
52 64 Oct'33
Refunding 59 series B
824 Oct'33
2512 8418
1966 MS
R I Ark & Louis 1st 4Hs__1934 M S 1312 1458 1414
1412
5
MS __— 863 8714 Oct'33 -RR 1st consol 45
14
387
8
1949
4
Rut
-Canada 1st gu g 4s_1949 J J 47 Sale 47
48
1942 3D 35
35 8 5712 WIlk dr East 1st gu 055
5
3714 374
2
3714
19415 J
Rutland 1st con 4 Hs
57 55
58
3 39 64
Will & S Flat gold 5s
86 Sept'33
1938 3D
8314 16'- 86
Winston-Salem S B 1st 4s1960
5
86
St Jos & Grand Isld lat 4s___1947 J J 89
91
89
90
70 93 Wis Cent 60-yr 1st gen 49_1949 Si 13 Sale 13
3
1314
1996 J J --- 75 6414 Oct'33
St Lawr & Adr 1st g be
Sup dr Dul die & term 1st 45'36 MN
64 643
93 Sale
4
4
93
1
4
93
4
1996 A0
2d gold 68
__ so
70 June'33
'5
Wor & Conn East 1st 410_1943
70
854 Sept'31
68
St Louis Iron Mt & Sou—
Div lst g 4s
1933 MN
Riv &
INDUSTRIALS.
St L Peor & N W lst gu 58_1948 J J
59 68 Oct'33
Abitibi Power & Paper let be 1953 J D
2812 65
St L-San Fran pr lien 4s A 1950Si 16
18
10
16
17
8 3012 Abraham & Straus deb 5398.1943
Certificates of deposit......
A 0 93
15 4 Sale 1312
3
With warrants
94 934
15
34 23
84 30
14
95
1950 Si 15
Priorlien be series B
18
1534'Nov'33
10
33 Adams Express coil tr g 4a_ _ _1948 M S 6512 6712 66
2
66
Certificates of deposit-----15 Sale 14
13
15
1952 A 0 98 Sale 973
4
4
93 303 Adriatic Elee Co extl 7s
4
98
1978 MS 1512 Sale 1312
Con M 434$ series A
1512 65
0638 2912 Albany Perfor Wrap Pap 69_1948 A 0 524 55 524
2
54
Cris of depos stamped
15 Sale 134
15
68
1944 F A 52 Sale 52
614 2612 Allegany Corp coil tr 5s
69
56
5714 47 49
Coll & cony 518
St L SW 1st g 45 bond cUs__1989 MN 56 Sale 56
19493 D a4512 Bale 41
7212
a4512 109
28 g 4s Inc bond ctfs__Nov 1989Si 44
_ 45 Nov'33
Coll & cony be
1950*0 28 Sale 27
334 5314
2938 123
1st terminal & unifying 5s_1952 is 4614 1771 4618
4712 19
19 8714 Allis-Chalmers Mfg deb 58..1937 MN 8714 Sale 8714
1
8714
1990 .1 .1 4618 Sale 45
Gen & ref g 5s ser A
483
s 12
12 56 Alpine-Montan Steel 1st 7s__1955 MS 50 Sale 50
7
52
St Paul dr K C Sh L 1st 4Hs_1941 FA 1812 2778
St P & Duluth 1st con g 49._1968 JD __ 90
J 95
50
St Paul E Or Trk 1st 4 Hs_ _1947
St Paul Minn dr Manitoba—
96 Sale
Cons M bs ext to July 1 1943-Mont ext 1st gold 4s
1937
91 Sale
Pacific ext gu 4s(sterling)_1940 ii 854 8912
St Paul Un Dep 1st dr ref 58_1972 is 100 Sale
S A & Ar Pass 1st gu g 4s__1943 J J
Santa Fe Pres & Phen 1st 50_1942 MS
Say Fla & West 1st g 618
193 AO
4
let gold be
1934 AO
Scioto V & N E Ist gu 4e_ ___1989 MN
Seaboard Air Line 1st g 48_ _1950 AO
Gold 45stamped
1950 AO
Centre of deposit stamped-- *0
Adjustment 55
Oct 1949 FA
Refunding 48
1959 40
Certificates of deposit
1st & cons 6s series A
1945 MS
Certificates of deposit-----Atl & Birm 30-yr tat g 4s_.1933 146
Seaboard All Fla 1st gu 69 4.1935
Certificates of deposit
40
Series B
1935
Certificates of deposit
FA
So & No Ala eons gu g 59_ _ _1936 FA
Gen cons guar 50-year 5s_ _1963 40
So Pac coil 4s(Cent Pee coil) 1949 JD
1st 4 Hs(Oregon Lines) 4_1977 MS
20
-year cony 59
1934 J0
Gold 434$
1968 MS
Gold 4 Hs with warrants_1969 MN
Gold 434$
1981 MN
San Fran Term 1st 4s____1950*0
So Pac of Cal 1st con gu g 58_1937 MN
So Pac Coast 1st gu g 4e____1637 Si
So Pac RR lat ref 4s
1955
J
Stamped (Federal tax).,. 195.5
J
28
2814
75 June'33
50
Oct'33
14
9512
97
91
91
88 Oct'33
8 101
997
44
2
60
60 Sale 58
90 100 100 Oct'33
100
100
1004
100
100 Sale 100
934
94
30
15
11
54 Sale
•
12
12
414 *
6
14
3
2
4
5
514 612
74 Sale
Bat 712
5 Oct'33
612
78
7
612
714
17
4
334 Sale
312
34
3
12
4 Sept'33
7
102 Oct'33
80- 94 Oct'33
5412 46
5012 gle 5612
6412 76
8
,
583 Sale 08 8
9012 10
895 93 8912
8
54
55
51 Sale 51
524 129
4912 Sale 4914
5214 174
49 Sale 4812
873
4 67
83 Sale 83
100 1014 10112 Nov'33
95 5 -- 95 Oct'33
3
7014 111
6614 Sale 6614
9212 May'30
6212 Amer Beet Sug cony deb 613_1935 FA
8012 American Chain deb at 6s___1933*0
5-yr 1st mtge Os
68
1938 A0
Amer Cyanamid deb bs
1942 AO
954 100 Am & Foreign Pow deb 5s2030
S
American Ice a f deb .58
75 96
1953 D
9018 Amer I G Chem cony 5199_1949 MN
70
89 104 Am Internet Corp cony 5348 1949 J J
Amer Mach & Fdy s f 6s
1939*0
64
8012 Amer Metal 634% notes_
1934 A0
82 100 Am Sm & R 1st 30-yr baser A '47_ AO
95 10012 Amer Bug Ref 5-year 6s
1937
'S
Am Telep & Teleg cony 4(8_1936 M
94 100
30-year coil tr 5s
90 98
1946 JD
35-years f deb 5,8
1960 is
20
-year s 539s
1943 MN
•
Cony deb 419s
3 2314
1939 J J
Debenture 58
1965 FA
4 113
4
Am Type Found deb Els
194040
2
1412 Am Wet Wks & El coil tr 59_1934 AO
Deb g(le series A
1975 MN
234 1712
13 18
4
'5
Am Writing Paper 1st g 69_1947
Anglo-Chilean Nitrate 7s....1945 MN
1
9 4 Ark & Mem Bridge& Ter 68.1964 MS
,
Armour & Co (III) 1st 4 Y99_1939 3D
1
712 Armour & Coot Del 5Hs_ _ _1943 is
Armstrong Cork cony deb be 1940 J D
994 102
Associated 0116% a notes___1935 MS
75 96
1947 3D
Atlanta Gas L 1st be
71
40
'S
Atl Gulf & W 1 SS coil tr 55 1959
53 80
6714 9312 Atlantic Refining deb 58....__1937Si
Baldwin Loco Works 1st 6s .1940 MN
3814 74
3714 7412 Batavia° Petr guar deb 4349_1942 is
1936 is
3614 7212 BeldIng-Hemlnway 6s
4
Bell Telep of Pass series B 1948 J J
a703 95
1960 A 0
9718 10212
1st & ref 58 serle9 C
95 95
Beneficial Indus Loan deb 6s 1946 M S
60 84 Berlin City Elec Co deb 6 Hs 1951.1 D
Deb sinking fund 6 Hs__ __1959 F A
1955 A 0
Debentures 69
Berlin Elea El & Underg 6348195 A 0
6
Beth Steel 1st & ref 58-guar A '42 M N
30
-year p m & Wept1815s-19361J J
28
70
45
r Cash sale. a Deferred delivery. • Look under list of Matured Bonds on page 3470.
72
Sale
Range
Since
Jaw. 1.
Low
bb
5812
17
20
207
8
40
36
60
20
9111
High
964
86
643
4
85
90
8114
76
91
665
8
30
985
ichi"
25 68
96 10212
914 103
9112
68
59 8618
60 65
85 2 10012
,
42's
4314
43
50
86
80
73
44
75
763
s
76
73
97 4
3
9812
93
71
80 163
4
903 10178
4
09112 9914
078
9312
075 95
95 10714
a6934 a9912
96 10112
85 86
85 85
14 b
80 100
60 85
364 70
84 10112
78 9414
43
33
.
88
70
-57F2 3712
62
76
35 66
274 47
41
86
5 4 32
3
54 32
4 3212
4 s 32
3
50 50
6513 52
4
87 9214
9212 97
53 74
52 8412
994 1033
8
794 93
2013 58
67 8512
6414 80
85 85
6212 8218
70 91
1834 45
85 87
764 92
834 2714
6 2112
80 99
5312 73
92 11412
2412 5612
2512 69
a1912 60
5 49
65
9412
60 62
9
71
72
60
9054
39
67
84
704
1064
974
99
10414
101
10258
10212
105
1094
102
21
9458
62
60
903
4
43
67
86
71
10618
9778
10018
10412
10212
1053
4
104
10612
112
1044
21
9658
66
2614 85
•
4
60 6014
4
7012 944
363 23 8 5812
5
7 52
72
ao
84 89
12 6611 864
1 10214 10618
38 60 99 4
3
108
78 10014
14 1023 10612
8
15 a9812r105
164 100 10712
361
93 10712
176
994 10912
44
99 119
631
9212 10714
3
21
67
34
744 9814
23
49
8912
42 39
39
63
4 54
518
79 Sept'33
82 Sale 82
86
81 Sale 8012
82
914 92 8934
90
103 Sale 103
103
9612 _ _ _- 9834 Feb'33
5514
5512 58 5514
103 Sale 103
104
100 _ _ 100
1001a
974 9978 a963
4
9834
9912 Sale 994 100
10518 Sale 10518 10612
105 Sale 105
10612
893 91
4
8918
91
4818 Sale 44
4818
40 Sale 39
41
38
38 Sale 374
3812 Sale 354
3812
100 Sale 994 1004
983
4
98 Sale 98
1 a2114 5618
2
24 1418
7818 85
14
77 924
28
7118 90
7 85 9412
1 10112 1044
9834 983
4
6
35 68
61
97 1043
4
4
7918 109
9 9014 1024
3
83 100
44 101 111
66 10012 111.4
26
75 934
35
33
7012
33
32 6912
19
284 644
27 a28 634
52
71 10434
62
79 10012
60 Sale
89
91
4112 Sale
6418 69
8434 Sale
07012 Sale
10618 Sale
974 Sale
100 Sale
1044 Sale
101 Sale
10314 Sale
10258 Sale
10512 Sale
112 Sale
10258 Sale
2318 2614
9458 Sale
6214 Sale
36
5
New York Bond Record -Continued-Page 5
BONDS
...'"
Price
h
N. Y, STOCK EXCHANGE. -S
. Friday
o
Week Ended Nov 10.
.., a. Nov. 10.
Week's
Range or
Las( Sale.
175
.1
oo
5n,
Range
Since
Jan. 1.
Bid
Ask Low
High N o. Low
High
Bing & Bing deb 6345
1950 M 9 27
3
32
8
2718
30
30
Botany Cons Mills 8348
1934 A 0 1018 143 10
4
Oct'33 ____
2712
5
Certificates of deposit
A 0
6
12
Oct'33 ____
12
418 2012
Bowman-Bilt Hotels lot 7s__1934
Strap as to pay of $435 pt red
M S --------412 May'33 ____
4
412
B'way & 7th Ave lot cons 55_1943 J D
*
*
Brooklyn City RR 1st 55..., 1941.2 J 7418 7612 75
75
6512 76
2
Bklyn Edison Inc gen 55 A....1949.1 .1 103 Sale 103
33 1003 108
106
4
Gen mtge 55 series E
1952 1 J 103 Sale 10212 10514 44 100 108
Bklyn-Manh It T sec 6s__ 1968 J J 883 Sale 883
4
241
91
4
8414 96
Bklyn Qu Co & Sub con gtd 55'41 MN
__ 59
59 Aug'33 ____
57
60
1st bs stamped
1941 J J____ _ __ 50 Nov'32 ____
___
Bklyn Union El 1st g 5s_
1950 F A
7618 80
8 ____7212 87
Bklyn Un Gas 1st cons g 55_1945 M N 10512 Sale 10512 10812 25 1013 112
4
1st lien & ref 65 series A 1947 M N 1085 Sale 1085
8
111
8
8 1043 11718
4
Cony deb g 5348
1936 J J
160 158 Feb'33 _
158 158
Debenture gold 52
1950 J D 95 Sale 943
9718 35
4
93 105
1st lien dr ref series B
1033
2 1037
2 53
1957 MN 10332 sale
977
8710734
Buff Gen El 4345 series B....1981 F A 997 Sale 997
8
8
1003
4 27
9712 10512
Bush Terminal 1st 4s
1952 A 0 44
46
45
437
8
7
39
6718
Consol 55
1955 1 .1
1318 16
11
15
1318
5
3314
Bush Term Bldgs 5s gu tax ex '30 A 0 39
53
30
4112 25
19
6412
By-Prod Coke 1st 5348 A
5712 63 .57
58
1945 MN
8
37
747
3
Cal G & E Corp unf & ref 58_1937 NI N
Cal Pack cons' deb 55
1940.2 .1
Cal Petroleum cony deb at 5s '39 F A
Cony deb at g 5345
1938 MN
Camaguey Sugar ars of deposit
for 1st 78
1942 _
Canada 55 L 1st & gen 68_1941 A 0
Cent Dist Tel 1st 30-yr 55_1943 J D
Cent Hudson G dr E 58_Jan 1957 51 5
Cent Ill Elec & Gas 1st 55
1951 F A
Central Steel 1st g 8 f 85-19 M N
41
Certain-teed Prod 5346 A
1948 M 5
Chesap Corp cony .5s May 15 '47 MN
Ch G L & Coke lot gu g 5s 1937 J J
Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
F A
Childs Co deb bs
1943 A 0
Chile Copper Co deb 58......1947 J J
Cln CI & E let M 48 A
1968 A 0
Clearfield Bit Coal 1st 45-19 J J
10
Small series B
19403 J
Colon Oil cony deb 6s
1938.1 J
Colo Fuel & Ir Co gen 5 f 55_1943 F A
Col Indus 1st & coil 58 gu
1934 F A
Columbia CV & E deb 55 May 1952 M N
Debenture 55
Apr 15 1952 A 0
Debenture 55
Jan 15 1961 1 J
Columbus Ity PAL let 4 Ms 1957.2 .1
Secured cony g 534s
1942 A 0
10478
86
8
963
9914
10518
Sale 1047
8
8 100 10634
Sale 85 4
9
86
,
623 9212
4
0613 9612 Oct'33 ___a81 a9712
5 a83 10018
.
9914
9918
100
314
17
106
105
49
10212
46
9818
10014
414
1814
Sale
Sale
50
Sale
Sale
Sale
Sale
•
34 Sale
5212 Sale
9112 Sale
45 ---45 ____
68 Sale
3812
34
2314 Sale
6712 Sale
69 Sale
8512 Sale
852
4
75
9714 .Sale
312 Oct'33 ____
Oct'33 ____
17
106
1065
8 18
105
8
10514
50
4958
4
10212
102
7
4718 47
4512
9512
983 307
4
10014
14
101
•
32
19
34
5312 40
52
9112
93
81
38 Apr'33 ____
____
_ ____
28
--7
68
0
4
3812
3512
22
8
2314
6612
6812 61
69
7
7012
85
673
4 90
8
8818
8512
10014 25
9714
Commercial Credit e f (15 A 1934 SIN --------10112
Collateral trust 6 f 5 M8_ _ _1935 J J 10114 Sale 10114
Conun'l Invest Tr deb 5358_1949 F A 101 Sale 10012
Computing-TabSt 65_ _1911 J 1 10512 10612 10512
Conn By & List & ref g
43451951 1 J 983 102 101
8
Stamped guar 414s
1951 J
100 Sale 100
Consolidated Hydro-Elec Works
of Upper Wuertemberg 75_1956
s
Cons Coal of Md 1st & ref 55..1950 J J--- 403 3918
.1 D -1018 14
12
Consol Gas(NY)deb
5348-1945 F A 10212 Sale 10212
Debenture 4345
4
1951 J D 903 Sale 903
4
Debenture 55
973 Sale 963
4
1957 J
4
Consumers Gas of Chic gu 55 1936 1 D 10118 Sale 101
Consumers Power lot 5s C 1952 AI N 103 Sale 10212
Container Corp let 6s
7012 Sale 69
1946.8
15-year deb 55 with warr_1943 J D 53
D
Sale 5218
Copenhagen Telco 5s Feb 15
1954 F A
s
723 Sale 7018
Corn Prod Refg let 25-yr s f 55'34
M N 102 Sale 10112
Crown Cork & Seal at 85
1947 j D 100 1001 99
Crown Willamette Paper 65_1951 J J
7614 Sale 75
Crown Zellerbach deb 55 w w 1940
65
Cuban Cane Prod deb 6s1950 M 5 6512 67
J J
Cumb T &'I' 1st & gen 5s
4
1937 J J 1033 Sale 1033
8
Del Power & Light 1st 4
345_1971 J .1
1st & ref 434s
1969.2 .1
1st mortgage 4345
1969.2 .1
Den Gas & El L 1st & ruts f 58'51
M
Stamped as to Penne tax.1951 M N
N
Detroit Edison 55 ser A
1949 A 0
Gen & ref 55 series B
1955 .1 D
Gen & ref 55 series C
1962
Gen & ref 4345 series D 1961 F A
F A
Gen & ref 55 series E
Dodge Bros cone deb 65._ 1952 A 0
1940 M N
Bold (Jacob) Pack 1st
65_1942 M N
Donner Steel 1st ref 75
1942
Duke-price Pow 1st 8e ser A_1966
M N
Duquesne Light let 4 358 A.-1967 A 0
1st Al g 4358 series B
1957 M S
____ 100
____ 951
____ 100
9214 9512
9214 961
9812 Sale
9712 Sale
97
98
88 Sale
94 Sale
973 Sale
e
7918 80
90
93
75 Sale
10014 Sale
100 Sale
East Cuba Sug 15-yr 5 f g 730'37 NI 5
•
Ed El III 13klyn let cons 45_ _1939 2 J 10118
10214
Ed Elec(NY) let cons g
Sale
58-1995
El Pow Corp (Germany) 6358'50 J -1 110's Sale
M S 415
8
1st Milking fund 634s
1953 A 0 413 Sale
4
Ernesto Breda Co 1st M 78 1954
With stock purchase warrants_ F A 8212 Sale
Federal Light & Tr lot 55
1943 M
let lien 5 t 55 starnped
1942 M
Ist lien 65 stamped
1942 M
30-year deb 65 series B
1954 J
Federated Metals s f 75
1939 .1
Flat deb 5 t g 75
1946 J
Framerican Ind Dev 20-Yr 7348'42 1
Francisco Sug 1st s t 7348
1942 M
5 60
S 60
S 62
D 47
D 100
.1 10012
1 9514
N
lb
Gannett Co. deb 65 ser A_ 1943 F A
Gas & El of Berg CO COnD g 551949 J D
Gelsenkirchen Mining Gs__ _1934 M 9
Gen Amer Investors deb 55-A1952 F A
Gen Baking deb at 5345
1940 A 0
Gen Cable 1st s f 534s A
1947 J J
Gen Electric deb g 334e
1942 1 A
3
Gen Elec(Germany) 75 Jan 15'45 J J
St deb 6345
1940.1 D
20
-year at deb 68
1948 M N
Gen Petrol 1st sink f'd Ls
1940 F A
Gen Pub Serv deb 5345
1939.9 J
Gen Steel Cast 5345 with warr'49 J J
Gen Theatres Equip deb 6s.1940 A 0
Certificates of deposit
Good Hope Steel & 1r sec 75_1945 A 0
Goodrich (13 F)Co 1s10 34s.._1947 J J
Cony deb 138
1945 2 D
Goodyear Tire & Bubb 1st 5s 1957 MN
Conant Silk Hosiery deb 85_1936 J D
Gould Coupler let 5 f &L....1940 F A
Gt Cons El Pow (Japan)78_1944 F A
1st & gen at 63411
1950.9 J
Gulf States Steel deb 5345_1992 J D
Ilackeiasack Water 1st 45_1952 .1 J
Oct'32 _ _ _
32
102
10310 74
1055
3
8
Oct'33
100
2
4
393
Oct'33
1033
4
9212
9912
10118
105
71
5318
7212
10214
100
7614
67
*
105
5
____
114
157
339
8
12
10
17
30
8
2
2
8
10
9912
9912
3
9512
2
9515
10112 Oct'33 ____
1
9214
9214
1
9614
9614
973
4
8
997 102
98
8
9712
9812
3
98
877
s
895
8 25
94
9812 45
967
8
9814 227
5
80
7918
Oct'33 ____
90
7518 48
7314
10018
112
103
52
104
993
4
•
1023
8
11018
4114
41
10238
11018
4212
4218
1
1
59
58
8212
8215
7
64
6512
6512
1
68
6312 Oct'33 ____
6512 62
Oct'33
54
5218 Oct'33 ____
Sale 100
100
1
Sale 1003
5
10012 13
Sale 9514
69
97
20
40
2
20
78 Sale
103
_ ___
4912 ____
79 Sale
1023 Sale
4
54 Sale
100 Sale
4212 Sale
4012 Sale
383 Sale
4
104 Sale
81
83
64 Sale
78
8
7812
1035 Oct'33 __
8
4818
15
50
79
8
82
1013
4
10234 39
533
4
16
55
993
4
100
12
4212
427
8 11
4012
40
8
3812
30
39
10312 10418
6
83
81
16
6
65
64
•
4
6
314 414 4
012 Sale 5578
571: 14
9212 Sale 9212
93
13
6712 Sale 8414
6712 77
8712 Sale 8712
88
51
8818 8812 8512 Oct'33 ____
e
•
69 Sale 6612
69
4
65 Sale 6312
19
65
5218 6412 50
5
55
9812 9914 983
4
9834
2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Nov. 10.
..'"
Price
Week's
Range
ta Friday
u t.
Range or
12_
1
Since
-.1
:. Nov. 10.
Last Sale,
54,
Z
. Jan. 1.
Bid
Ask Low
High N 0. Low
High
Flange SS Lines 68 with warr_ 1939 A 0 41 Sale a3912
42
36
29
81
Harpen Mining 65 with warr_l949 J J a593 Sale .58
8
a593
8
3
7212
39
Havana Elec consol g 5s____1952 F A
23
28
23
2312
6
18
4014
512 1212 612 Oct'33 ---Deb 5345 series of 1926_1951 M 5
314 15
Hoe(R)& Co let 634s ser A_I934 A 0
'
'
1
•
Holland-Amer Line 85 (flat).1947 M N 43 Sale 42
4314
177 4314
8
8
Houston 011sink fund 5945._1940 MN 703 Sale 68
4
7034 45
38
73
Hudson Coal 1st s f 55 ser A_1962 1 0 41 Sale 41
4278 43
2712 64
Hudson Co Gas 1st g 5s,..,,1949 MN 104 Sale 104
105
51 1013 10814
8
Humble Oil& Refining 55.__1937 A 0 10314 Sale 10314
10438 32 100 8 1041/
3
Illinois Bell Telephone 5s1956 J D 10412 Sale 10412 10614 58 1005 1077
8
8
Illinois Steel deb 434s
103
1940 A 0 1023 Sale 1015
8
70
4
95 105-s
3
Ilseder Steel Corp mtge 65_1948 F A
3712 Sale 37
4014 40
263 5812
4
947 June'33 -------Ind Nat Gas de On ref 58
1938 M N
3
947 971:
8
Inland Steel 1st 4 14s
1978 A 0 8214 Sale 82
83
46
66
90
8318 85
1st M 8 f 4345 ser B
1981 F A
8212
8212
8
65
90
Interboro Rap 'Fran let 5s..1966 J J 5712 Sale .5712
62
88
47
70
•
1932 A 0
•
10-year 6s
•
2014 Oct'33 ---Certificates of deposit
-,-f 2014 24
14
3012
:
10
-year cony 7% notes___1932 M 5
•
Certificates of deposit_.: 6112 Sale 60
15
52
63
7314
Interlake Iron lot 55 B
55
1
32
1951 MN55 Sale 55
70
Int Agile Corp 1st & coil tr 55
Stamped extended to 1942____ M N 82
6312 62
Oct'33 -- -3812 85
lot Cement CODY deb 581918 MN a7711/3 Sale 76
11 a50
a7738
84
1944 A 0 4214 Sale 403
4
2414 59
Internet IlYdro El deb 65
4212 63
:
Inter Mere Marine 5 f 65_1941 A 0 445 Sale 445
8
45
s
7 02912 581
Internet Paper 5s ser A dr B_1947 J J
51
25
39
Si) Sale 47
68
Ref s t 6s series A
29
37
49
10
1955 M 9 37 Sale 3512
Int Telep & Teleg deb g 43481952 J J 413 Sale 40
4314 240
1712 55
4
Cony deb 4345
5312 185
2018 67
1939 J J 51 Sale 485,
Debenture 50
4634 214
18
1955 F A 45 Sale 4312
593
4
Investors Equity deb 55 A 1947 J D 81
923
75
8
10
86
8
803
85
Deb 58 ser B with warr
Oct'33 _.-1948 A 0 803 88
80
92
85
8
Without warrants
925
75
8
Oct'33 ---87
1948 A 0 803 86
8
14 1314
103 27
4
10014 108
100 107
48
75
7012 105
26
5715
6312 110
97 1057 K C Pow & Lt 1st 4 H8ser Er 1957 1 J
8
1st mtge 4345
1961 F A
•
Kansas Gas & Electric 4348_1980 J D
25
5512 Karstadt (Rudolph) 1st 68-1943 MN
27
713
4
CerUficates of deposit
rf-90 100
Keith (B F) Corp 1st 6s____1946 10 S
38
38
Kelly-Springfield Tire 65_1942 A 0
_- Kendall Co 5345 with warr__1948 M 5
a32 --- Keystone Telep Co 1st 55___1935 J 1
71
33
6818 Kings County El L d: P 55__1937 A 0
53
17
Purchase money 65
1997 A 0
893 Kings County Elev 18t g 4s 1949 F A
86
8
6812 89
Kings Co Lighting 1st 5s.....1954 J J
877
85
8
First and ref 6348
1954 J .
11
84 0100
Kinney(OR)& Co 714% notes'36 J 0
97 106
Kresge Found'n coll tr 65
1936 1 D
Kreuger dr Toll class A ctts of dep
97 10314
for sec 5 f g 55
1959 NI 9
96 10214
953 10478 Lackawanna Steel 1st 58 A 1950 M 9
4
104 1081a Laclede G-L ref & ext bs
1931 A 0
Coll & ref 5345 series C
95 10112
1953 F A
95 102
Coll dr ref 5345 series D
1960 F A
Lautaro Nitrate Co LW 65._1954 J J
:
Lehigh C &Nav s f 4346 A...1954 1 J
301 66
Cons sink fund 434e ser C_1954 1 J
618 3012
981: 10714 Lehigh Val Coal 1st & ref s 1 5s'44 F A
8712 1017
s
let & ref 5 f bs
1954 F A
: 1st & re1 5 1 55
93 1051
1964 F A
97 1053
4
1974 F A
1st & ref e f 5s
97 107
Secured 8% gold notes
1938.
1
35
7814 Liggett & Myers Tobacco 75_1944 A 0
163 6312
4
55
1951 F A
a65
8014 Loew's Inc deb 8 f (15
1941 A 0
10012 10412 Lombard Eleo 75 ser A
1952 J D
79 10012 Lorillard (P) Co deb 78
1944 A 0
56
88
58
1951 F A
36
7514 Louisville Gas & El(Ky)55_1952 51 N
Lower Austria Hydro El 63481944 F A
100 107
McCrory Stores Corp deb 5345'41
: Proof of claim filed by owner__ 2: _,
94 1021
893 99
4
McKesson & Robbins deb 5345'50 1m -IN
9512 10210 Nlanati Sugar 1st 5 t 714._1942 A 0
88 100
Certificates of deposit
,..,
88 r963
4
Stamped Oct 1931 coupon 1942 ---0
A
8518 104
Certificates of deposit
863 103
4
5fanhat Ry (N Y)cons g 48 1990 -.A0
8418 10312
Certificates of deposit
-.- ...2
75 100
2d 4s
2013 3 -D
84 103
Manila Elec RR & Lt 51 55_1953 M S
4
703 99
Mfrs Tr Co cite of panic in
803
65
4
A I Namm & Son 1st (15._1913 1 D
57
92
Marion Steam Shovel at 13s_1947 A 0
8112 Market St RY 75 ser A-APrll 1940 Q J
43
9718 1053 Mead Corp lot 65 with warr_1915 M N
8
96 107
NIerldionale Flee 1st 75 A 1957 A 0
Nfetr Ed lot & ref 5s ser C 1953 J J
•
1st g 4345 series D
1968 M 9
95 10412 Metrop Wat Sew dr Dr 5349_1950 A 0
106 120
Met West Side El (Chic) 45_1938 F A
3118 683 Nliag 51111 Mach 101 s f 75
4
1958 1 D
30
88
Midvale St dr 0 colltr s f 55_1936 M S
Milw El Ry & Lt lst 5513
1961 J D
72
8312
1st mtge 55
1971 J -1
Montana Power 1st 58 A
1943 1 J
62
75
Deb 55 series A
1962 J D
6312 723 Montecatlni Min & Agrie
5
62
7712
Deb g 78
1937 2 J
48
6912 Montreal Tram lot dr ref 55_1941 .1 .1
81 101
Gen & ref 5 f 5s series A1955 A 0
93 10012
Gen & ref s f 55 series 13_1955 A 0
94 102
Gen & ret s 1434s series C _1955 A 0
1012 53
Gen & ref 5 f bs series D._1955 A 0
Morris & Co let 8 f 4348
1939 J J
66
80
Mortgage-Bond Co 45 ser 2_1968 A 0
103 105
Murray Body 1st 634s
1934 J D
3518 75
Mutual Fuel Gas 1st gu g 58_1947 SIN
76
87
Slut Un Tel gtd 68 ext at 5% 1941 M N
97 1033
4
36
7512 Namm (AX) dr Son__See Mfrs Tr
96 10314 Nassau Elec gu g 45 stpd
1951 J .1
2914 821 Nat Acme 101 s 1 6s
:
1942.1 D
2812 5712 Nat Dairy Prod deb 530._1998 F A
25
5578 Nat Steel lot colt 58
1956 A 0
101 105
Newark Consol Gas cons 58,1948.9 D
713 89
8
Newberry MB Co 534% notes'40 A 0
85
47
New Eng Tel & Tel 58 A
1952 .1 D
•
1st g 4348 series B
1961 MN
1
7 4 NJ Pow & Light 1st 4345.__1960 A 0
3
37
6518 New 00 Pub Serv 1st 55 A._1952 A 0
62
97
First & ref 5s series B.__.,1955 J D
a3312 75 4 N Y Dock lot gold Is
3
1951 F A
913
68
4
Serial 5% notes
1938 A 0
7418 891 NY EdLson let & ref 6345 A.1941 A 0
:
•
151 lien AC ref 55 series B 1944 A 0
375 75
8
1st lien & ref 55 series C__1951 A 0
86
31
NY Gas El Lt H & Pow g 58 1948 J D
42
82
Purchase money gold 4s__1949 F A
923 993 NY L E & W Coal ARK 5348'42 M N
4
8
NY L E & W Dock & Imp bei'43 J J
r Cash gale. a Deferred delivery. •Look under list of Matured Bonds on page 3478.
3475
95
99
78
16
14
46
4514
74
705
8
105
12712
68
104
993
4
16
100
61
9812 102
8
78
801z
10
16
16
9
14
14
46
464 15
4512 Oct'33 __-12
74
737
5
717 Oct'33 _-__
8
Oct'33 ---105
3
Sale- 12712 12712
11
68
Sale 8718
Oct'33 ___106 104
11018 Sept'33 -___
80 Nov'33 ____
77i2 15
73
4
7012 72
71
10072
Sale
Sale
4
163
Sale
Sale
46
Sale
7512
107 Sale
8
10
11
97
9612 105
96 105 4
3
72
95
133 4114
4
183
13
4
2913 61
32
6412
79
55
647 75
8
101 108
1153 135
4
771:
68
99 108
110 11411
a42
98
3114 831
:
10
183
4
49
75 1013
4
993 Sale 9812 100
4
7915 9714
8714 Sale 8714
11
8714
55
48
11
70
54 Sale 53
2
5.5
4
487 09
533 Sale .533
4
4
612 sale
8
212 147
31
6
7
1
:
7712 911
87
87
4
883 87
78
91
87 Sale 87
87'2 10
45
1
76
7038
8
703 Sale 703
8
55
20
6
41
40
3112 41
1
MI: 55
35
38
34
35
3412 39
50
22
Oct'33 -_-34
8112
8014
3
8112
57
793 85
4
31 1177 12612
124
8
12312 Sale 123
5 11012 36 102 111
1087 Sale 1087
8
89
10, 48
84
82 Sale 82
741 90 4
: 3
903
4 29
8814 8978 8814
120 Sale 11318
58 010212 120
120
90 1055
8
5
103 Sale 10112 103
90 10612
19
93
9018 Sale 90
42
1
53
4734
4
473 Sale 473
4
6
5
61
585
35
59
57
•
15 Aug'33 ---•
2712 July'3 __-51
411
39
3612 Oct'33-___
1
3212
3212
8
943 Sept'33 ---_
4812 61
3313 8518
3
60
60 Sale 60
8
48
5
477
47
26
6512 8718 6512
6512
2
23
53
50 Sale 49
2
95
a94 Sale a94
Oct'33 --- 88
90
82
20
77
78 Sale 7
6
5
80
79 Sale 7
9
133 1712 1114 Nov'33 ___
4
1
42 sale 42
42
955
8 95
95 Sale 94
14
72
71 Sale 71
3
6712 7114 7112
7113
6
8312
833 85
4
83
571 66
:
6212 Nov'33 ----
75
40
2514 59
57
757
8
30 rifS7
87 12018
99
82
7112 90
6518 81
19
11
6718
30
80
997
8
8718
63
82
85
93
60
78
45
593 62
8
59 Sale
•
1014 21
*
314 III,
403 Sale4
_ _ _ 38
3012 35
72
98
312 35
3
29
8
223
8
175
873
4
2712
:
441
4012
34
943
4
9014 29 tails 991s
8
a953 Sale a953
8
9612 sale 96
8
9612 11
785 9612
5914 7412
2
741
7412
__
7414- - 723 Oct'33 ____
7414 75
6858 747
8
4
573 6334
663
4
633 Oct'33 ____
4
__ 4-8g- 7414 Aug'33 ____
663 7414
4
8/ Sale 863
9114
4
78
7
88
2014
403 Dec'32 -----------8
80 151 89 Sept'33 __
-4
94
69
9014 1011, 97
94 8 1073
Oct'33 ____
5
8
80
98 - 893 Oct'33 ____
5
75
934
5434 57
55
Oct'33 ____
53
__ _ 70 Aug'33 ____
843 Sale 8418
4
8478 91
9018 Sale 894
903
4 75
1033
4
105
Oct'33 ---_
84
85
84 1 87
14
10514 Sale 10514
1063
4 18
1005 Sale 1005
8
5 1033
8 16
723 Sale 723
8
8
7312 17
48 Sale 48
49
29
49
4934 4812
36
497
44 ' 50
43
9
44
32 Sale 31
12
32
1105 Sale 1105
8
8
1113
8 61
103 Sale 103
10612 80
10334 Sale 10334
305
80
1075 Sale 1075
8
23
108
8
9912 Sale 9918
30
100
____ 88
75 May'33 ____
____ ____ 100 June'31 __--
51
593
4
70
53
7714 96
89
9512
10212 10714
65
883
4
100 1113
8
961 10712
:
723 95
8
4312 8412
4414 65
4112 63
4712
26
1083 115
4
10114 10878
101 10814
1017 1123
8
3
439314 103
75
75
---- ----
New York Bond Record-Concluded-Page 6
-
3476
BONDS"
N. Y. STOCK EXCHANGE
Week Ended Nov. 10.
..' "g
tt
...,c,
Price
Friday
Nov. 10.
Week's
;
Range org2i.
„
3
Last Sale.
c0cZ
Range
Since
Jan. 1.
Bid
Ask Low
814 97
8
8 97
563 65 6112
8
9612 Sale 9612
24 414 2
24
24 3
10114 Sale 10114
96 Sale 96
94 Sale 94
103 Sale 103
4502 48
46
9712 Sale 9712
563 Sale 537
8
8
4614 Sale 444
19
25
222
4
66 Sale 66
8218 64
63
63
6712 64
59
64
61
--------88
9612 Sale 0612
100 Sale 100
100 ____ al00
714 Sale 714
Nov. 11 1933
BONDS
N Y. STOCK EXCHANGE
.
Week Ended Nov. 10.
Price
...
`g
Week's
tt
Range or
Friday
Last Sale.
.... a. Nov. 10.
Bid
Ask Low
High
•
Studebaker Corp 6% g notes 1942 .1 D
Certificates of deposit
3518
-- - 3412 Sale 31
Syracuse Ltg Co. lot g 0s___1951 i b 010314 Sale 10318
1073
8
Tenn Coal Iron & RR gen 58_1951 J 1 103 ----1035
4
104
Tenn Coop & Chem deb 65B 1944 M S 6812 Sale 6812
6812
Tenn Elec Pow 1st 6s
1947 i D 614 Sale 61
6412
Texas Corp cony deb 5s
1944 A 0 9712 Sale 965
8
9712
Third Ave Ry 1st ref 45
1960 1 J 4014 Sale 4018
41
Ad)Inc 58 tax-ex N Y_Jan 1960 A 0 25 Sale 23
253
4
1937 1 .1 8618 873 87
Third Ave RR 1st g 58
8
87
Tobacco Prods (N J) 6545_2022 M N 10118 Sale 10118
10134
Toho Elec Power 1st 78_ _1955 M S 80 Sale 79,
8
8012
Tokyo Elec Light Co Ltd
1st 6s dollar series
633
4
1953 i D 6313 Sale 63
Trenton G dr El 1st g 5s_ _ 1949 M S 10318 ____ 103 Sept'33
Truax-Traer Coal cony 650_1943 M N
35 Sale a35
a35
Trumbull Steel 1st s f 6s.__1940 M N 65
73
6712
6814
Twenty-third St Ry ref 5s 1962 J J 25__ 28 Aug'33
Tyrol Hydro-Elec Pow 7548_1955 MN 47 19
47
48
Guar Secs 175
1952 F A 47 Sale 47
4712
1:q
ciiit
since
Since
Jan. 1.
High N 0. Low
1110h
N o . Low
High
11
4 1014
•
10
10
32
63
6512
8
31
45
9
9612 10514
9912
7 103 11014
412
Oct'33 _--1
7
97 105
113 412
Oct'33 --2
50
76
98 109
10312 12
17
61 10014
9912 49
90 10412
260
7714 9912
9914 30
90 104
18
36
5512
9812 106
1045 156
8
49
205 37
8
387 6714
8
4814 15
1
83
9412
947 105
99
8
17
223
89 10212
102
5112 74
58
13
41
8012
4712 167
2818 60
104 32
Oct'33 --=,
98
30
88
89
60
6812 60
____ 102 2 10614
,
1
64
87
63
4
1513 48
2
613 893
4
6518 12
3
3912 83
4
8478
6112 10
57
____
15
28
88 10714
13
94
6312
8
46
121
9018 1043
9858
4
2
4
6
6214
98 10612
1025
8 26
Uligawa Elec Powers f 75.._1945 M S 71
alp()
86 0100
7
73
72
71
7
3712 78
38
73
6314 8112 Union Elec Lt & Pr (Mo)1957 A 0 96 Sale 06
Gen mtge gold 5s
10012 58
94 1044
Ohio Public Serv1ce 71.45 A__1946 A 0 92
95
10
Un E L & P (III) 1st g 530 A 1954 i .1 102 Sale 102
90 105
4
943 94
10214 12 100 105
1st & ref 7s series B
Union Elev Ry (Chic) 5s_ __ _1945 A 0 153 20
94
1947 F A 85
86 104
90
20 Aug'33 _-- 6
4
94
145 20
8
Old Ben Coal 1st 68
Union 011 30-yr 65 A__May 1942 F A 10712 Sale 10712
20
35
20
18
1944 F A
14
2
20
109
24
9914 1.159
Ontario Power N F 1st 5s_ _1943 F A 104 Sale 10318
15
934 104
1st lien s f 5s ser C___Feb 1935 A 0 10112 Sale 10112
104
9812 102
10134 13
Ontario Transmission 1st 55_1945 M N a9912 Sale 994 a9912
Deb 55 with warr_ _-Apr 1945J D 9612 Sale 96
8
3
897 10014
9613 23
75
99
Oslo Gas & El Wks extl 5s_ _1963 M S 65
United Biscuit of Am deb68 1942 M N 102 Sale 102
84
64
Oct'33 ---744 79
10212 18
9512 103
Otis Steel 1st mtge 6s ser A..1941 M S 25 Sale 2212
25
18
United Drug Co (Del) 5s
912 46
1953 M S 57 Sale 56
57
7112
42
43
United Rys St L 1st g 4s _ __ _1934 J 1
18
1812 20
1838
9
14
2214
Pacific Coast Co 1st g 5s
US Rubber 1st dr ref 58 ser A 1947 J J 63 Sale 59
38
3212
1946 J D 324 45
23
3212
1
63
114
2914 75
Pacific Gas& El gen & ref 58A '42 J J 101 Sale 1003
10312 68
8
United SS Co 15-year 6s. _19371M N 94
9914 107
93
Oct'33 ____
96
93
75
Pacific Pub Serv 5% notes I936 MS 6618 Sale 664
3
607 8812 Un Steel Works Corp 6.50 A_195111 D 344 Sale 3312
664
8
3414 48
2612 604
Pacific Tel & Tel 1st 58
Sec. a 1650 series C
1937 .1 J 10512 Sale 1044
1951 J D
1053: 45 101 10734
3412 Sale 3234
343
4 27
2512 60
Ref mtge Os series A
Sink fund deb 6545 ser A 1947 J .1 03414 Sale 3212
1952 MN 1053a Sale 10514
343
8 31 10012 10834
1067
4 51
234 5912
•
Pan-Am Pet Co(of Cal)cony 65'40 J D
Un Steel Works(Burbach)7s 1951 A 0 10518 10838 10518
•
1054
12
•
9314 10512
Certificates of deposit
31 Sale 307
387 Universal Pipe & Rad deb Os 1936 J 11 ____ 24
27 Aug'33 _ _10 39
8
8
25
32
25
Paramount-Wway 1st 5545..1951 J J 30 Sale 2912
Unterelbe Power de Light 6s_1953 A 0 44 Sale 43
44
25 T42
30
9
E
30
664
Utah Lt ,k Trac 1st dr ref 55_1944 A 0 5612 Sale 54
Certificates of deposit
38
28 Sale 28
28
28
1
5612
9
5012 73
Paramount Fam's Lasky 65_1947
59 Sale 59
Utah Power & Light lot 58_1944 F A
6518 85
56
79
Proof of claim filed by owners_
•
•
Utica Elec L & P 1st a f g 58.1950 J J 100 1057 100 Nfay'33 ___100 105
•
•
8
Certificates of deposit
1012 3412 Utica Gas & Elec ref & ext 53 1957 J J 10512 ____ 1053
2722 11
J D 2612 Sale 2612
4
10534
2
9912 1084
Paramount Publlx Corp 530 1950 F A
Util Power dr Light 550
1947 1 D 2612 Sale 26
28
35
1318 41
Proof of claim filed by owner
Deb 55 with warrant8
____
•
245 Sale 24
8
8
•
1959 F A
25
115
12
37
Certificates of deposit __ __ _ _ ---- 2512 Sale 2512
Deb 55 without warr__ _1959 F A
712 35
24
38
255 June'33 _ _ _
8
2712 13
144 254
Park-Lex 650 etre
818 9
1953 812
3
8
812
18
Parmelee Trans deb 68
Vanadium Corp of Am cony Os'41 A 0 60
8
61
27
59
1944 A 0 265 27
64 35
5
27
344 81
6014 13
Pat & Passaic G & E cons 551949 M S 102 105 10322 Sept'33 ---- 101 10614 Vertientes Sugar 78 etfs
412 Oct'33 ___
44 6
1942 ,--,
112 1814
Pathe Each deb 7s with warr 1937 M N 85 Sale 84
Victor Fuel 1st a f 5.2
4712 87
10
15
15
3
1953.0 .1
15
85
2
1013 21
Pa Co gu 350 coil tr A reg 1937 3.1 5 9514
9514 Oct'33 ____
943 954 Va Elec & Pow cony 550_ _1942 NI S 995 Sale 994
4
8
10012
9
95 10558
813 Va Iron Coal & Coke 1st e Os 1949 M .S 4712 65
8
75
Guar 350 coil trust ser B.1941 F A
8158 juiy.33 ____
8513
50
Oct'33 __ _
...
474 65
8
Guar 3545 trust etre C__ _ _1942 J D 8412 ___ 844 Oct'33 ____
73
8434 Va Ry 84 Pow 1st & ref 5,s_...1934 J .1 997 Sale 994
8
10012 42
9712 103
Guar 354s trust etfs D
Walworth deb (354s with warr '35 A 0 10
1944 J D 83 ____ 82
85
18 Sept'33
18
Oct'33 ---78
10
35
Guar 48 ser E trust ctfe
Without warrants
A 0
5
1952 M N
8512
37
21 July'33 ____
8412 ___ 8512
80
98
1614 25
Secured gold 4548
743 95
1st sinking fund as ser A__1945 A 0 2212 Sale 2012
4
1963 M N 864 Sale 8612
8812 36
23
II
812 43
Penn-Dixie Cement 1st 65 A 1941 M s . 4 Sale 57
7534 Warner Bros Pict deb 65_-__1939 M 5 4114 Sale 40
3412
4134 121
573
17
58
12
48
Pennsylvania P & List 450 1981 A 0 7914 Sale 7914
14
18
14
9612 Warner Co 1st as with warr_1944 A 0 10
8534 92
76
1
10
3018
Peop Gas L dr C 1st cons 68_1943 A 0 105 Sale 103
A 0 11
Without warrants
18
16
105
6 102 114
Oct'33
1258 40
Refunding gold 58
194751 5 8712 Sale 87
Warner-Quinlan Co deb 14_1939 M 5 3314 Sale 3314
87 10712
88
34
32
3
1312 384
Warner Sugar Refla 1st 7s__1941 J D 10512 Sale 10512
10513
I 10212 106
Phlia Co sec 58 series A
Warren Bros Co deb (is
1967.0 D 69 Sale 69
91
1941 M S 4412 Sale 4412
68
45
42
70
10
30
754
Mile Elec Co 1st & ref 4545 1967 M N 102 Sale 102
97 10512 Wash Water Power 51 58 _1939 J 1 103 Sale 10112
15
104
102
22 100 106
1st & ref 48
Westchester Ltg 5s stpd ictd 1950 J D 106 Sale 106
1971 F A
9112 Sale 9112
90 100
9518 146
108
15 103 11013
PhIla &Reading C AS ref be 1973 1 J
7478 West Penn Power ser A 5,2_1946 M S 105 Sale 105
513 Sale 513
4
48
10512 13 10018 108
20
52
4
Cone deb 68
1st 51! series E
1949 M IS 42 Sale 42
1963 M 5 103 10514 10414
334 6912
434 39
106
15 1004 1094
Phillips Petrol deb 548___ _1939 J D 90 Sale 894
1st sec .5s series G
1956 J D 101 Sale 101
674 903
4
9012 102
1044
8
994 107
Pillsbury Flour MIlla 20-yr as '43 A 0 105 Sale 10413 106
Western Electric deb 55_1914 A 0 957 Sale 95
8
95 107
27
983
4 93
81 103
Pirelli Co (Italy) cony 78...._1952 MN 99 100 100
913 91 12
4
100
9112
1 a994 10212 Western Union coil trust 58_1938 1 J 90
2
52
9314
Pocah Con Collieries 1st 8 f be '57.0 J 62
Fundirg & real eat g 4.50_1950 M N 73 Sale 7234
60
7014
Oct'33 ____
705 61
3712 84
8
734 23
Port Arthur Can & Dk Cis A.1953 F A
15
61
-year 650
73
6612 66
1936 F A 97 Sale 0513
50
97
16
Oct'33 ---55 100
let mtge 65 aeries 13
66
73
25-year gold 5s
1953 F A
61
1951 J D
773
4 25
77 Sale 77
6712 66
Oct'33 3612 884
Port Gen Elec 1st 434s ser C 1960 M 5 45 Sale 44
582
30-year
703
4
1960 M S 7714 Sale 7612
40
4512 116
781
93
3634 8712
Portland Gen Eiee 1st 58_ _ ig35 J J
7713 84
84
7
84 10118 Westphalia Un El Power 65_1953 1 J 3714 Sale 35
84
2312 5712
3714 62
Porto Rican Am Tob cony 6s 1942.0 .1 32 Sale 31
Wheeling Steel Corp 1st 550 1948 J J
52
71 Sale 70
18
27
73
34
5
52
86
Postal Teleg dr Cable coll 56_1953 J J 41 Sale 4012
1st & ref 450 series B
1618 57
206
1953 A 0 6112 Sale 6112
43
63 4 13
3
413 75
8
Pressed Steel Car cony g 58.1933 1 J
•
White Sew Mach Os woth warr '36 J .0 431
•
___ a4212 Oct'33 __
027
45
Pub Sem El dr Gist & ref 450'67 J D 9914 Sale 983
,
Without warrants
1004 49
J J 4318 65
4
97 1054
434 Oct'33 ____
83212 60
Parties f deb as
1st dr ref 434s
1970 F A 09 Sale 983
1940 MN 4318 52
4612
4
974 10518
10118 67
47
17
224 50
Wickwire Spencer St'l 1st 7s.1935
1st & ref 48
1971 A 0 9113 Sale 9114
9512 81
9014 10012
Pure 011 s f 554% notes
Ctf dee Chase Nat Bank_ __ _ ____
1937 F A 92 Sale 8912
5
44 6
683 93
925
4
8 43
5
1
118 10
S f 554% notes
75(Nov 1927 coupon) Jan 1935
1940 M 8 897 Sale 88
8
634 90
57
90
Purity Bakeries a f deb 58_1948 1 J 80
Ctf dep Chase Nat Bank_ _ _ _ MN
80
80
5
81
7
55
57
8 5
Oct'33 ____
8512
4 1414
WIllys-Overland s f (38 A ___ _1941 M 5
•
•
•
Radio Keith-Orpheum part paid
Wilson dr Co. Ist s f 6s _ _1941 A 0 983 Sale 983
_
4
84
99
9912
19
4
ctfs for deb 68 & comstk_1937 MN
___ 60 Dee'32 ___ ___ ____ Youngstown Sheet & Tube Os '78 1 J 6512 Sale 6512
A52
6912 84
853
4
*
•
Debenture gold Os
1st mtge s f be ser 13
1941 J D ____1970 A 0 6512 Sale 6512
5214 85
6814 44
Remington Arms lot 5 f 6s_ _1937 M N 97 Sale 97
9812
9
58 10018
Rem Rand deb 550 with warr '47 MN 69 Sale 653
695
8 29 04114 7812
4
Repub I & S 10-30-yr 5s s 1_1940 A 0 8114 8512 82
83
3
55
92
Ref & gen 554s aeries A 1953 1 J 6312 Sale 6112
30
76
21
64
Revere Cop & Brass 6s ser A 1948 M S 75
493 90
4
85
80
Oct'33 ____
(Negotiability Impaired by Maturity)
Rhelnelbe Union s f 7s
2812 6618
1946 J J 37
387
8 27
397 374
3
2312 5712
333
4 21
Rhine-Ruhr Water series 6 1953 1 .0 324 Sale 32
11;
Rhine-Westphalia El Pr 75..1950 M N 65 Sale 647
77
10 a42
65
MATURED BONDS.
3
Price
Range
Direct mtge 65
31
7012 N. Y. STOCK EXCHANGE
36
41
1952 M N 41 Sale 3912
Friday
Range or
Week's.
1,.
Since
Cons mtge 68 of 1928-1953 F A 403 Sale 40
Week Ended Nov. 10.
303 70 4
4078 33
4
4
...,a., Nov. 10.
,
Last Sale.
n1 0
1
Jan. 1.
Cons M 68 of 1930 with wart '55 A 0 4012 Sale 394
3270
407
8 34
.
Richfield 011 of Calif 6s
Foreign Cost. & Municipals.
•
1314
1944 MN
Ask Low
•
High No. Low
High
Mexico Treas as assent large '33 1 J 618 8
1912 32
MN
31
2614 Sale 2614
Certificates of deposit
27
10
Sept'33 ____
334 1114
Rima Steel 1st a 1 7s
Small
3712 555
8
1955 F A 555 Sale 5218
5558 35
.1 J ____ ____ 613 Oct'33 ---8
34 1012
Roch G&E gen M 550 ser C '48 M S 100 101 104
9612 107
Oct'33 ____
Gen mtge 4548 series D 1977 M 5 9014 Sale 9014
4
894 993
Railroad.
4
9014
Gen l
'
ime 5 series E
e
1962 eg S 9812 sale 9812
96 10514 Frem Elk & Mo Val lot 6a_ _1934-- ____
993
4 28
__ 9818 Nov'33 -- -544 100
Roch & Pitts C & I pm 591946 M N 73
_
05712 May'33 ____ 05712 05712 Norfolk South lot & ref 55 A_1961 FA
518 _614 6 Nov'33 _--24 16
Royal Dutch 48 with wan'..1945 A 0 97 gale- 97
9914 5
4
83 1023 St Louis Iron Mt & Southern
0
Ruhr Chemical 8 t (31)
Ely & G Div 1st e 45
4
1948 A 0 453
2 3333 62
4
__ 47
4812 Sale 48
1933 MN
47
4813
9
3538 6112
NY Rya Corp Inc 6s___Jan 1965 Apr
Prior lien as series A
1965 J J
NY & Mehra Gas 1st 68 A 1951 MN
N Y State Rys 4 Ms A als 1962 ____
650 series B certificates-1962 _ _
NY Steam 68 series A
1947 Mist
1st mortgage Os
1951 114 N
1st mortgage 53
1956 M N
N Y Telep 1st & gen 8 1450 1939 M N
NY Trap Rock 1st 68
1946 J D
Nag Lock & 0Pow lot 58 A 1955 A 0
Nlagara Share deb 550
1950 MN
Norddeutsche Lloyd 20-yrat65'47 M N
Nor Amer Cem deb 650 A 1940 NI 5
North Amer Co deb 58
1961 F A
No Am Edison deb 5s ser A_1957 M 5
Deb 550 ser B___Aug 15 1963 F A
Deb Os ser C
Nov 15 1969 M N
Nor Ohio Trac & Light 68__1947 M S
Nor States Pow 25-yr 5a A__194I A 0
1st dr ref 5-yr Os ser B._ __1941 A 0
North W T 1st Id g 450 gtd_1934 .1 .1
Norweg Hydro-El Nit 5548_1957 1M N
Matured Bonds
St Joseph Lead deb 550_1941 M N
St Jos Ry Lt Ht & Pr 1s1 58_1937 M N
St L Rocky Mt dr P 55 atpd_1955 J J
St Paul City Cable cons 5*.,1937 J .1
Guaranteed 5a
1937) J
San Antonio Pub Sem 1st as 1962 J J
,
Schulco Co guar 6548
19465 J
Stamped (July 1933 coup on)- Guar 5 f 650 series B
1946 A -0
Stamped
Sharon Steel Hoops!534s....1948 FA
Sbell Pipe Line If deb 5a......1952 M N
Shell Union Oils!deb 55_1947 M N
Deb be with warranta____1949 A 0
Shlnyetsu El Pow 1st 650_1952 J D
Siemens & Halske a f 7s____1935 J J
Debenture s f 650
1951 01 5
Sierra & San Fran Power 68_1949 F A
Silesia Elec Corps f 6548_1946 F A
Silesian-Am Corp coil tr 78.1941 P A
Sinclair Cons Oil 15-yr 75_1937 M 5
let lien 6548 belles 13
1938 .5 D
Skelly 011 deb 5545
1939 M S
Solvay Am Invest ba ser A 1942 M S
South Bell Tel dr Tel let s I ba '41 J J
Erweet Bell Tel 1st & ref 53_1954 F A
Southern Colo Power Os A.._1947 J J
Stand 011 of NJ deb 56 Dec 15'48 F A
Stand 01101 N Y deb 4545 1951 J 0
Stevens Hotel 1st 65 series A 1945
1143
4 84
114 Sale 11212
1
713
76 Sale 76
2
42
____ 4212 40
48 Nov'33 ____
____ 50
____ 50
52 Sept 33 __- 17
77
7312 751, 75
30
41 - 40 July'33 --__
Oct'33....__
__ 35
30
40 Aug'33 ___
30 - 5
0
Oct'33 ___
35
35
58
i
35 Sale 35
35
9018 56
895 Sale 8814
8
a894 62
a897 Sale 88
8
8958 Sale 874
9014 42
10
8
63
63 Sale 615
75
9
78
754
75
25
56
56 Sale 54
4 10
943
943 9412
4
94
1
36
36
3518 39
3712
2
3712
8
355 40
10214 64
102 Sale 102
10112 40
10118 Sale 101
837
8 51
837 Sale 8312
8
Oct'33 ___
9618 9812 97
10312 Sale 10312
105
107
8
1063
4 91
105 Sale 1045
64 Sale 62
9
64
1043 175
4
10314 Sale 10318
99 Sale 99
135
101
•
81 116
7(i
93
307 50
8
61
42
50
61
7414 92
50
25
2012 50
50
28
0852
35
4
563
16
93
69
9214
65
6313 924
6573
28
703 95
4
46
8212
89 102
5913
26
32
4612
9014 10312
8812 102
597 8614
8
9912
87
99 107
100 10712
81
59
100 10513
8814 102
•
Seaboard Alr Line 1st g 48_1950 A 0
Gold 4s stamped
1950 A 0
Refunding 48
1959 A 0
All &131rin 30-yr 1st e 48_1933 1.1 5
Industrials.
Abitibi Pow & Paper 1st 5.9_1953 J D
American Chain deb 8 f 65_ 1933 A 0
B-way & 7th Ave 1st cons 5s_1943 J D
Chic Itys Os steal 25% part paid__ F A
Cuban Cane Prod deb 8s_ _1950 J J
East Cuba Sus 15-Yr s f g 750'37 M 5
Gen Theatres Equip deb 6s.1940 A 0
Could Coupler let 5 f
_ _1940 F A
Hoe(R)& Co 1st 650 serA_1934 A 0
6sInterboro Rap Tran 68
1933 A 0
1932 M 5
10-year 7% notes
Manati Sugar 1 a t 734s..1942 A 0
Stmpd Oct 1931 coupon_1942 A 0
Pan-Am Pet Co (Cal) cone as '40 J D
Paramount Fam Lasky 65_1947
Proof of claim flied by owner__ J D
Paramount Pubilx Corp 550 1950
Proof of claim flied by owner__ F A
Pressed Steel Car cony g 58_1933 1 J
Radio-Keith Orpheum 68_ _1941 J D
Richfield 011 of Calif 613
1944 M N
Stevens Hotels series A
1945 J J
Studebaker Corp 6% notes_1942 J D
WIllys-Overland a f 650
1933 M 5
15
277 31
8
15
15
19
514
612 6
10
14
11
Sept'33 ---1812 14
712 12
Oct'33 ....--
14
518
13
8
6
31
2612
1634
31
2314 Sale
99 Sale
__
5214 60
958- 3 Sale
8 Sale
4 Sale
1012 Sale
27 Sale
23 Sale
62 Sale
1014 16
314 15
3
15
24
224
46
99
99
3
90 Oct'33 _ -- 8
58 Sept'33 ---31, 50
24
74
9 - 21
35
8
43
8
19
1012
1013
4
27
2812
6
223
4
24
10
61
6334 69
103 Oct'33 --3
154 Oct'33 ---33
1
33
103
4
314
2
49
84
23
8
1
4g
127
4
12
514
5
2
2518
3314
99
11
70
13
3312
94
20
32
3312
75
34
297
8
397
8
27
26
26
34
27
3514
813
21
10
2014
30
35
65
30
323
4
284
4814
Ms
30
r Cash sale. a Deferred delivery. z Optional sale July 6, $ .000 at 3054. •Look under list of Matured Bonds on this page.
29
20
27 Sale 27
28
22
55
57 05512
56
6
12
24
23 Aug'33 _ -2714 Sale 2512
29
31
13
18
13
1512
7
3634 62
3412 Sale 3312
,
331 Sale 31
3312
3
Financial Chronicle
Volume 137
3477
Outside Stock Exchanges
Boston Stock Exchange.
-Record
of transactions at
the Boston Stock Exchange, Nov. 4 to Nov. 10, both inelusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
RailroadBoston & Albany
100 113
11254 114
Boston Elevated
100 5655 56
57
Boston Ac MainePrior pref stpd
100
26
24
Class A let pref stpd_100 13
17
13
Class B 1st pref stpd_100 16
15
16
Class C let pref stpd _100
10
10
Chic Jet Ry & Un Stk Y100 8734 8755 8734
100
Stamped stock
12555 12531
East Mass St Ry com 100
let preferred
100
•
Maine Central corn
NY N Haven& Hartford 100
Norwich & Worcester pf100
Old Colony RR
100
50
Pennsylvania RR
Vermont & Mass
100
1
555
9
1534
9955
90
90
2731 2655
101
1
9
134
555
10
1835
9935
92
28/s
7
101
MiscellaneousAmer Pneu Service pref_50
5
5
25
Common
114 235
134
Amer Tel & Tel
100 1163,1 11155 119
Amoskeag Mfg Co
651 7
Andes Petroleum
1
11c
9c
Bigelow Sanford Carpet__
20
1955 2135
Brown Co6% cum pref 100
455 455
East Gas & Fuel AssnCommon
535
554 55.5
6% oum pref
100 44
44
46
455% prior preferred 100 5534 5535 5655
Eastern Steamship com_ •
8
8
Preferred
100
45
45
Edison Elea Ilium
100 14455 14454 147
Employers Group
7
7
735
General Capital Corp__.
Gilchrist Corp
Gillette Safety Razor
MOBS Utilities Assoc v t o..•
Mergenthaler Linotype- --•
National Service
•
New England P Scorn_
•
New Eng Tel & Ted....100
FaelfiC Mills
100
Shawmut Assn tr °Us----•
Stone & Webster
•
Swift & Co
25
Torrington Co
•
United Founders com
•
U Shoe Mach Corp
25
Preferred
25
Venezuela Men Oil Corp.10
•
Waldorf system Inc
warren Bros Co
•
21
77
136
95
12
331 Apr
220 3555 Apr 69
Oct69
296 53
5
50
17
Jan
12 2634 Apr 46
572 133
Mar 183
387
5
Jan
1051
250
1.100
95
100
25
2,200
IlondsAmoskeng Man Co 68_1948
E Mass St Ry ser A4 558'48
Series 11 5s
1948
65
6355 65
38
38
38
38
July
July
Aug
July
July
July
July
Nov
635 July
Apr
Mar
231 July
Apr 13455 July
Feb 11
July
33c June
Apr
Feb 30 June
14
Jan
July
Nipissing Mines
5
255 255
255
North Butte
254)
43c 50c
Old Dominion Co
25
50c 500
Quincy Mining
25
154
151
Utah Apex
5 8755c 87531 8755c
Utah Metal At Tunnel.,.....l
98c
1
900
4
July
July
July
July
Aug
Nov
1
250.
8631
155
Sc
6
131
83
257
100
190
3
6
831
Feb 57
Feb 2955
Apr 33
Apr 30
May 9034
Oct 12555
45
120
2,231
365
4,800
237
20
554
4
155
334
25
25
25
25
40
154
54
July
Feb
3
Jan
Feb 10
Mar 10
let. 343,1
May 104
Mar 95
Jan 4
231
Feb 101
434
355
155
3
MiningCalumet & Hecla
copper Range
Isle Royal Copper
Mohawk Mining
1
Jan 121
80
5331 May 70
20c
2
355
1155
78
73
1334
89
8531
2155
8
755
1355
3951
155
5055
3234
2
6
755
88
2355
8
High.
25
115
1,010
593
o
102
1,133
53
60
10
241
1,157
195
10
40
473
575
207
626
355
152
1,002
2,718
139
190
50
730
231
24
Low.
53 17
109
6
23 10
25
8
10 75
10 125
21
555
1134
234
2634
750
1
88
24
8
855
1555
40
13,1
5455
3231
3
6
955
2031
554
1155
2
24
75c
Range Since Jan. 1.
317.000
1,000
1.000
1335
13.4
955
131
1531
40e
1
87
555
634
535
7
22
55
33
3034
25c
555
231
Mar 28
May
7
Apr 2031
Apr
354
3455
Feb
Mar
155
Nov4
June 102
Mar 2935
1055
Jan
Feb 1931
Feb 2455
Apr 43
Apr
3
Myi
Jan
Jan 33
Mar
855
Feb
1355
Feb
2231
13.4 Jan
I% Apr
yi Jan
Nov
3
June
July
Dec
July
Oct
Jan
June
July
June
Jon
June
June
May
June
July
July
July
July
July
Aug
July
July
Oct
Sept
June
June
955 July
7
Jan
July
3
13 June
850
20c
40c
300
310
25o
Jan
Jan
Apt
Feb
Jan
Jan
31
24
25
Feb 6834 July
Dec45
Aug
Jan 46
July
351
134
151
455
155
131
July
June
June
June
June
Sept
• No par value. z Ex-dividend.
Chicago Stock Exchange.
-Record
of transactions at
Chicago Stock Exchange, Nov. 4 to Nov. 10, both inelusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last 1Veek's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Abbott Laboratories Celn_•
Acme Steel Co
25
Advanced Alum Castings.5
Allied Products Corp cl A_•
American Pub Sery prof 100
Asbeetoe Mfg Co oom_ _ __ 1
Assoc Tel CBICommon
•
•
$6 cony 'Ref A
Automatic Products com_5
Automatic Wash cony pref•
BaatJan-BlessIng Co tom_•
Beatrice Creamery com_25
Dendli Aviation com____•
Berghoff Brewing Co _ _ _ _1
Milks Mfg Co class A conv•
Borg-Warner Corp oom_ 10
7% preferred
100
Bruce Co (h: 1.) cool
•
10
Butler Brothers
29
355
451
835
1331
93,1
16
15
1754
High.
50
250
950
100
40
1,300
2151
10
3
4
255
2
Jan
Feb
Nov
May
Apr
Am
40
3955
531
2434
1334
755
Sept
July
July
June
June
June
51
55
5
2
9
13
143.4
955
135
1734
88
1555
455
650
100
990
70
2,250
100
5,450
5,050
50
7,400
10
500
1,150
55 Nov
35 Nov
434 Nov
Apr
1
3
Feb
1035 Oct
655 Feb
855 Oct
1
Apr
554 Feb
70
Jan
451 Jan
134 Feb
131
455
5
2
1554
14
2134
1855
8
2131
9255
2454
655
June
Jan
Nov
Sept
June
Oct
July
June
June
July
July
Jab
,
June
160
1455 May
3355
Jan
Mar
Feb
Mar
Feb
Feb
Nov
Jan
Feb
Apr
Oct
Oct
Apr
Sept
Apr
2
8
1
1
5
24
51
5
3455
534
22
16
6755
22
June
May
June
June
may
June
May
June
JI119
June
July
July
July
May
55
35
a455
2
7
13
13
855
134
1531
88
1455
355
55
6
55
55
1
1
351
4
55
255
255
2255 2155
3
3
1431
755
855
60
60
1155
Cities Service Co cona.--•
Coleman Lamp & Strom.•
commonwealth Edison 100
congress llotel corn _ _ _100
39
3855
1731 19
55
Low.
3855 3831
25
29
351 37%
834 855
355 455
33.4 355
Central III PS pref
•
Central III Seeur Corp
1
Common
Convertlb`e preferred •
Cent Pub Serv class A_ __1
•
Central Pub UM A
•
Gent SW URI common..
*
Preferred
Cbio City & Con Ry com..•
.
G61011110 Corp Common .•
•
Preferred
Chicago Electric Mfg A
•
cliicago Mall Order corn_5
Chi & N W Sty cam__ __100
Chicago Towel cony pref...
Chicago Yellow Cab cap- •
2
Range Since Jan. 1.
55
55
55
134
755
55
255
2231
3
15
9
6055
12
500
150
350
50
1,550
310
100
3,300
1,550
40
900
2,45
20
250
55
5
34
55
1
sq
55
1
1234
3
10
155
5834
6
2
255
634 654
3855 4055
3834 3834
5,30
110
1,400
10
2
Feb
634 May
535 Oct8
July
Jan
3634 Nov 82
Oct 45
38
Sept
6
stocks (Concluded)
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Cord Corp
5
Crane Co
Common
25
Preferred
100
Dayton-Rubber Mfg pf 100
De Meta Inc pref
•
Dexter Co (The) com_....5
Eddy Paper Corp (The).
•
Elec Household Util Corp 5
FltzSimons & Connell Dock
& Dredge Co corn
•
Gardner-Denver Co corn..
Gen Household ULU com..•
Godchaux Sugar Inc cl B.•
Goldblatt Bros Inc corn •
Great Lakes Aircraft A___•
Great Lakes D & D_ _ _•
Grey hound Corp new com •
Grigsby Grunow co oons.•
Hall Printing eommon_10
Harnischfeger Corp corn...
•
Houdallle-Hershey Cl B_ •
Class A
•
Illinois Brick Co
25
Indep Pneum Tool v t c_ •
Jefferson Electric Co com •
Kalamazoo Stove com__•
Katz Drug Co corn
1
Kingsbury Brew Co cap_l
La Salle Ext Unly com.„5
Libby McNeill & Libby.10
Lindsay Light corn
10
Lion Oil Ref Co corn
•
Loudon Packing com
•
Lynch Coro corn
5
McGraw Elec corn
•
McWilliams Dredging Co •
Mapes Cons Mfg cap_ _•
Marshall Field common_•
Meadows Mfg Co corn_ •
Mickelberry's Food Prod
Common
1
Middle West ULU new_ •
156 cony pref A
•
Midland Util67 prior lien
100
77: prior lien
100
7% preferred A
100
Muskegon Mot Spec el A_•
Range Since Jan. 1.
Low.
High.
855 16,150
455
Jan
855
37
2455
163,1
455
6
10
550
160
20
20
110
100
250
3
15
1234
455
2
155
3
Feb
Feb
May
Jan
Jan
Feb
Feb
1155
59
2451
17
831
15
133.4
July
July
Nov
Oct
July
July
June
155
1434
2054
1455
6
21
55
20
651
151
200
140
1,300
300
50
1,000
7,100
2,250
3,150
455
755
10
51
1054
55
631
555
55
Feb
May
July
Mar
Mar
Feb
Feb
Nov
Apr
1455
21
2355
1455
2734
2
20
654
431
Oct
Aug
July
July
June
June
May
Nov
July
455
7
33,1
10
4
10
9
17
18
2031
755
8
%
331
255
23,1
6
6
1554
3335 z32
431
7
4
11
4
10
9
20
21
855
35
33-4
255
6
1555
34
100
50
400
250
200
50
100
200
200
1,200
10
800
50
350
20
1,750
355
234
1
334
334
631
355
4
1755
755
35
155
135
155
10
8
Mar
934
Mar 10
Feb
631
Mar 143,1
Jan
8
Apr 16
Mar 15
I. eu 3755
Mar 2751
Oct1631
Feb
13,1
755
Feb
455
Feb
Feb
855
Mar 18
Feb44
July
July
June
June
May
June
Aug
June
June
July
June
June
July
July
June
Sept
4
4
1431 1454
3355
33
1234 14
1
155
100
200
640
4,250
600
155 Apr
6
1655
Jan
7
May 36
30
434 Feb18
55 Jan
155
June
May
Sept
Jun"
June
731
751
555
5.51
35
2431
1635
455
6
935
14
18
1354
535
21
35
1855
551
1655
455
955
555
54
1955
531
ise
3355
1335
251
55
231
55
1
23,1
1
55
1
1
55
100
2,450
200
10
100
1531 July
231 Feb731 June
55 May
55 Jar'
55 Feb
355 May
134 May
Nov
55 Oct
155 Apr
Ise
474 June
8 June
May
4
10 Nov
54
55
855 10
30
910
31
114
2055
%
25
4
455
2
82
150
180
350
15
400
50
800
70
160
34
55
10
55
931
255
4
2
6055
Feb
Mar
Feb
May
Mar
Apr
Oct
Nov
Oct
1
155
25
3
2935
8
14
12
6355
June
July
June
June
July
May
June
Feb
Oct
Parker Pen Co corn
10
554 .555
555
Perfect Circle (The) Co_• 22
22
22
Pines Winterfront corn _5
114
115
Potter Co (The) corn
•
3
3
Prima Co common
• 1154 1035 1255
Public Service of Nor ID
Common
• 1755 1734 18
6% preferred
100
46
46
Quaker Oats Co
Common
• 119
112 120
Preferred
100 119
113 120
Raytheon Mfg Co
Common v t o
174
50e
184 2
6% prof v to
5
1
55
1
Reliance Mfg CoCommon
1131 12
10 12
Ryerson & Sons Inc com •
12
13
100
100
850
50
930
Apr
3
16
Jan
1
Feb
51 May
Nov
8
835
2731
5
455
3455
May
June
July
Sept
July
300
10
Apr
18
3735 Apr
48
85
Jan
Jan
Feb 145
Apr 120
July
Oct
Nati Else Pow A corn ____•
Nat Repub Inv Tr cony pf•
Natl Standard corn
•
Natl Union Radio com___1
Noblitt-Sparks Ind com_.•
North Amer Car corn...,_20
Northwest Bancorp corn_ •
No West Mil 7% pr lien100
Okla Gas& El Co 7% p1500
Sangamo Elec Co com__ __•
Seam. Roebuck & CO COM •
Standard Dredge cony pfd•
•
Common
Storkline Fur cony pfd_25
16
Irif
f
:Ir natier
"111
Co
215
Thompson , It) com_.25
.1
United Gas Corp com___ _1
U S Gypsum cam
20
Utah Radler Prod corn_ •
TIM& Ind Corp
•
CBI Pr & Lt corn (n v)__ .1
Viking Pump Co com_
•
l'referred
•
Vortex Cup Co
Common
•
•
Class A
Walgreen Co
__•
Ward (Montg) & Cool A.•
common_Waukesha Motor Co com_•
Wayne Purnp Co corn_
•
Western FL & Tel A_
•
Wieboldt Stores Inc cont.*
Wis Bankshares com
•
Zenith Radio Corp com.._•
10
I%
2455
455
54
1
20
%
24
4
431
2
6155
5
3735
255
1
434
2255
1355
754
3
4434
155
1
55
5
4131
255
280 83
90 106
350
550
1
Oct
Oct
May
8
655 June
400
200
Feb
6
734 Mar
1t36 June
May
20
1
455
27
137-4
855
3
1
1774
67
17,1
455
2855
153,1
855
3
4584
155
1
55
100
3,200
250
106
ioo
8,45
20,350
1,000
50
1,050
50
500
100
255 254
23
23
40
10
100
655
25
18%
6855
2954
55
35
1055
355
2
300
100
2,95
460
10
50
90
50
300
600
6
25
1755
5935
2955
55
55
1055
3
155
1
35
5
1331
55
55
3
1255
7
655
2
18
55
Jan
Feb
Mar
Mar
July
Feb
Feb
Mar
Jan
Mar
Jan
fi Feb
55
Oct
835
47
5%
4
8
3255
2455
1555
634
5255
355
355
255
June
July
MaY
May
May
June
July
June
July
July
Sept
June
June
2
20
Sept
Apr
631 June
2834 June
455
17
1134
4755
12
55
55
4
3
54
Feb
Mar
May
Feb
July
July
June
June
Apr
1074
2731
2134
Feb 8334
Feb 45
255
Mar
Nov1
Apr
1434
Apr 10
Mar
355
Juiy
June
Jan
July
Bond s
Butler Bros 5s
1938
60
58,000 60
60
Nov
Nov 60
Chicago Railways 5sCertificates of de poslt ___
52
5154 52
18,000 4855 Mar 673.4 July
North Amer Fund 555s '49 42
42
42
2,000 42
Nov
Nov 42
• No par value. z Ex-dividend. a Formerly the Warchel corp.; change
become
of ective as of Nov. 3 1933.
Toronto Stock Exchange. Record of transactions at
the Toronto Stock Exchange, Nov. 4 to Nov. 10, both inelusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High Shares.
Abitibi Pr & Pap com___ _• 1.40
1.35
6,3.5 preferred
190
554
531
13eattharnois Power com_ •
355
Bell Telephone
100 11055 109
Blue Ribbon Corp corn_ "
2%
6347 prelerred
0
50
22
Brantford Cord 1st pref _25
22
Brazilian T L & Pow corn _• 1234
1251
1.50
535
4
111
255
23
22
123,1
1,400
150
30
319
25
18
20
3.887
Range Since Jan. 1.
Low.
55
1
33-4
80
1
10
18
734
High.
Mar
4
10
Jan
Nov
7
Apr 118
Apr
6
Feb 23
Jan 22
Mar 19
July
July
July
July
June
Nov
Nov
July
Financial Chronicle
3478
Pruitt?,
bates
Lass Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Brewers & Distillers corn.• 2.45
2.35 2.60 9,990 550
1
•
210
13 C Packers corn
231 3
32 1439
13C Power A
• 2331 23% 24
•
3%
15
B
5
5
275 10%
Building Products A
•
16% 17
110 20
Burt(F N 1 Co com
3139 31%
25 31%
131
155
Canada Bread corn
•
331 4
lot preferred
20 30
30
30
100 36
231
1,565
Canada Cement com
635
6
635
•
105 13
Preferred
•
27%
26
2%
35
Can Steamship pref_ _100
3
3
5 25
Can Wile & Cable A
25
25
•
239
45
Canadian Canners com __•
6
534 6
3
645
Convertible preterred„•
834
831 9
55 46
1st preferred
78
78
100 78
3
665
5%
Canadian Car & Fdry com•
.5
934
65
11% 12
Preferred
25 11%
125 10
Can budge & Dock corn.*
17
17%
262 51
Can General Elec pref___50 5834 5839 .59
139
12,0IC
Can Indust Alcohol A____• 16% 15% 19
31
445
15% 1739
B
•
950
634
12%
11
Canadian Oil corn
• 12%
15 79
93
93
Preferred
100
9
1235 13% 4,114
Canadian Pacific Ry__ __25 12%
565
3%
7% 834
Cockshutt Plow corn
839
•
1,420
2
735 939
Consolidated liakeriee
839
*
35
20
2
2
Consolidated Industries_ •
.
2
129 136% 2,048 54
Cons Mining & Smelting 25 132
93 170
181 183
Consumers Gas
100 183
2
122
535 8
COMO/. Imperial Mills___• 8
135
2035 21
Dominion Stores corn_
•
4
65
65
Eastern Theatres pref_ _100
5
5
5
Easters Steel Prod com_ •
100
12% 1235
Fanny Farmer corn
•
Ford Coot Canada A__ _ _• 11% 10% 12% 3,324
75
104 105
Goodyr T & Rub pref_ _100
55
1
1
Great We.st Saddlery com_•
835
339 331
•
Gypsum Lime & Alabast.
334
25
5
531
Blade & Dauche Paper_ _.*
5
3
99
99
Internet' Mill lot pref_100
• 20.90 19.50 21.25 29,882
Internet' Nickel com
100
131
131
[Mural Utilities B
•
30
3
3
Kelvinator cf Can corn_ •
35
47
48
Laura Secord Candy corn.*
1,025
1431 15
Loblaw Groceterlas A _ _ _ • 1434
365
1439 15
•
B
10
60
60
100
Loew's preferred
5
a
431
Massey-Harris corn
45
Monarch Knitting pref_100
11
•
Moore Corp corn
A
100 96% 96
105
B.
100 110
1
Muirheads Cafeterias corn"
15
National Sewer Pipe A._ _• 15
39
Orange Crush corn
•
60
Page-Hersey Tubes corn_ •
14
Photo Engravers & Elec_ •
16
• 1834
Pressed Metals corn
19
Riverside Silk Mills A_
•
*
Simpson's Ltd B
Preferred
100
Stand Steel Cons com_ _ __•
Steel of Canada corn
•
Traymore Ltd corn
Traymore Ltd prof
20
•
Union Gas Co com
Walkers (Hiram)corn
Preferred
•
Western Can Flour corn...*
•
Weston Ltd (Geo) com
Bank
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
NO
100
100
1039
1
5
4
36%
15
639
45%
2
33
931
28
%
33-4
3%
35%
14%
5
43
13935 139
140
142
146
146
18634
278
285
138
•
190
Loan and Trust
Canada Permanent_ _100
Huron & Erie Mortgage 100
National Trust
100
539
45
11
96%
110
131
17
39
60%
14
19
19
3,925
15
16
41
51
75
75
100
10
65
530
1,155
5
2
34
68
5,060
11
195
28%
365
1
295
5
105
4
4134 17,302
15% 2,908
80
6%
740
46%
141
142
150
190
285
13839
190
147 147
80
80
18434 185
105
23
89
92
112
81
2
12%
65
5
839
6
80
54
131
2%
98
8.15
139
A
36
1035
10%
35
High.
3.85
Jan
Apt • 7
Apr 28
635
Feb
Apr 21
Feb 3834
9%
Mar
Nov 7634
Feb 10%
Apr 4531
9%
Mar
Nov 30
Mar 1031
Apr 14
Apr 80
Apr 11%
Apr 20
2239
Mar
Mar 60
Mar 40
Mar 38%
Apr 2039
May 97
Apr 21%
Feb 15%
Jan
16%
5
Apr
Mar 140
Jan 190
Apr 10
July
July
July
June
July
July
July
July
July
July
May
July
July
July
July
July
July
July
Sept
July
July
July
July
July
June
July
July
Sept
July
July
Feb 2731 July
Aug
Nov 70
July
Nov
14
July
15
Jan
July
Apt 21
Apr 10734 Sept
3 June
Jan
739 June
Feb
July
Mar
8
July
Oct 105
Mar 23% July
July
4
Nov
Mar
7% July
Nov
Jan 49
Apr
2134 July
July
Mar 21
Sept
Jan 65
Mar
Apr
Mar
Apr
Apr
g Feb
Apr
14
31 Oct
Apr
40
8
Apr
Apr
8
Mar
7
1135
50
17%
107
125
4
22
2%
70
1635
26
19
June
July
July
July
July
July
Aug
June
July
July
July
Nov
1
6
1
1431
39
1
2%
4
9%
4
1634
Oct
Mar
Jan
Feb
Nov
Sept
May
Mar
Mar
Feb
Nov
6%
52
1939
33
2%
5
7%
66
18
18
5935
June
July
July
July
Sept
Oct
July
July
July
July
Sept
120
124
123
151
228
12335
152
Apr
Apr
Apr
Apr
Apr
Apr
Apr
231
20
5
65
70
20 120
3 77
16 165
175
175
185
220
285
183
215
July
July
July
July
July
July
July
May 167
May 102
May 212
July
Jan
Jan
•No par value.
-Record of transactions at the Toronto
Toronto Curb.
Curb, Nov. 4 to Nov. 10, both inclusive, compiled from
official sales lists:
Stocks-
Sales
Friday
Last Week': Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares
•
Brewing Corp corn
Preferred
Canada Bud Brew corn...•
Canada Malting corn_ _ _•
Canada Vinegars com
*
Canadian Wineries
•
Can Wire Bound Boxes A •
Cosgrave Export Brew__ 10
Distillers Seagrams
•
Dominion Bridge
•
Dorn Motors of Canada.10
Dorn Tar & Chem pref.
_100
Dufferin Pay & Cr St COM •
Eng Elec of Can A
•
Goodyear T & Rub coin_ •
Honey Dew corn
•
Humberstone Shoe corn...
Imperial Tobacco ord. _5
Montreal L II & P Cons..
•
National Grocers prof._100
National Steel Car Corp_ •
Power Corp of Can com •
Rcgers Majestic
•
Service Stations corn A •
Fret
100
Shawinigan Wat & Power_•
Stand Pay & Mat corn. •
Preferred
100
Toronto Elevators corn_ *
Preferred
•
•
Waterloo Mfg A
oil
-
•
British MUCCI= 011
•
Imperial Oil Ltd
International Petroleum_ _•
McColl Frontenac 011 com•
100
Preferred
5
1039
30
22
5
21
26%
2%
950
3339
93
5%
33
13%
14%
20
10%
7294
4
12
10
2931
2035
4%
10
4
2031
26
1%
15
23.1
1435
1039
30%
22
5
10
4%
23%
2631
154
15
Range Since Jan. 1.
Low.
High.
July
July
July
July
July
July
Nov
July
51% July
July
33
531 July
July
27
Aug
5
930
1,090
2,205
1,215
145
728
185
110
4,640
172
110
15
15
39
31
539
1331
1335
1%
3%
1%
4
14%
1
10
1
Jan
Mar
Apr
Mar
Jan
Jan
Mar
Jan
Feb
Feb
Apr
Apr
Jan
5
40
39
14%
7
26%
85
535
6
3.1
July
19
Feb
Mat 114% July
July
Mar
Oct
Jan 25
1139 Sept
Feb
July
Apr 42
July
Aug 100
Mar 1839 July
Jan
1535 July
4
July
Mar
9%
19
18
40
26
9%
10
12
92%
95c
25
331
30
76
113
10
600
206
65
60
80
45
5
33
16
3
15
19
87
3
539
33
16%
3
15
20
88
3
210
12
220
5
35
35
42
100
2%
16
9%
%
15
12%
87
139
Apr
Apr
Feb
Apr
Nov
Feb
Nov
Feb
11
98
21%
6
21
27
96
8
July
July
July
July
July
May
Sept
June
12%
1234
1939
10%
72
5,821
14
19% 19,067
20)1 9,049
691
1139
75
73
7%
7%
10%
7%
54%
Jan
Apr
Mar
Mar
Apr
16
16
2039
15
8
July
July
Sept
July
June
11%
34
93
1034
Friday
&sues
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Not th Star Oil com
5
Preferred
5
Super tert Petroleum ord..•
Preferred A
100
Thayer; Ltd pref
•
194
1634
95
194
239 2%
1634 1631
95
95
22
22
50
30
25
20
30
Range Since Jan. 1.
Low.
Apr
Apr
Mar
Jan
Feb
A
1%
1135
93
9
High.
5
435
2239
99
22
July
July
July
June
Nov
• No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Nov. 4 to Nov. 10, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
of Prices.
'Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Bell Tel Coot Pa pref__100 113% 11394 114%
Budd (E G) Mfg Co
•
534 5%
13
Camden Fire Insurance„5
13
41
Electric Storage Battery 100
41
Fire Association
10 33% 31% 3331
Horn & Hard (N Y) p1100
8831 8831
125 106% Mar 116
400
39 Mar
9%
9
Apr 1434
200
100 2139 Feb 5394
Mar 38
300 18
10 8031 Feb 9434
Insurance Co of N A__ _ _10
Lehigh Coal & Nay
•
Lehigh Valley
50
Mitten Bank Sec Corp__25
Preferred
25
37%
6%
37% 37%
6% 7
1431 1431
39
%
1
131
100
400
50
100
600
25
539
835
A
31
Pennioad Corp v t c
•
Pennsylvania RR
50
Penna Salt Mfg
50
Phila Elec ot Pa 355 pref._ _•
Phila Elec Pow prof
25
Phila Rap Transit 7% p150
Phil & Rd C.cal & Iron__ •
Philadelphia Traction...50
3
95
331
2831
51
0631
32
4,900
4,800
175
140
900
200
110
100
25%
89
28%
3
234
15
Scott Paper ser A 7% pf100
Tarony-Palnpyra Bridge- •
Tonopah-Belmont DeveL 1
Tonopah Mining
1
Union Traction
50
United Gas Imp com
•
Preferred
*
Westmoreland Inc
•
5
10539 10554
35
21
2194
800
31
39
800
tits 1
639 6%
500
15% mg 1694 11,200
315
8535 85% 87%
50
7% 734
1
4%
231
2639
49
95
3131
4%
4%
1831
554
5
1834
31
BondsElec & Peoples tr ctfs 45'45
Lehigh Vali annuity 613____
Peoples Pass tr orb 45 1943
Mils, Elm Pow Co 539s '72
Mar
Mar
Feb
Feb
Feb
139 Mar
Jan
Mar
Sept
Apr
Feb
Feb
Mar
1331
99%
1894
Its
31
3%
14
8531
5
1831 19 $25,000 15
6,000 9131
99
99
3,000 2334
25
25
10639 106% 3,000 103
4539
1334
27%
1%
234
.1
631
42
51
10334
33
9%
9%
2339
Sept
July
July
July
July
July
July
Jury
July
July
July
ow
July
July
Oct
Jan
Jan
July
July
June
Jan 10534 Oct
June 3094 Jan
Jan
31 Oct
Jan
1% Sept
Mar 1239 Jan
Mar 2434 July
Nov 9934 Jan
Feb
13
July
Apr 2339 June
May 101
June
Aug 34
Jan
May 108
Feb
• No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Nov. 4 to Nov. 10, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low, High. Shares.
•
Arundel Corporation
Black & Decker corn
•
Ches&Pot Tot B pref_100
Commercial Cr pref B_ _25
7% preferred
25
Consol Gas EL & Pow...•
.534% pref w I ser E-100
5% preferred
100
Fld dc Guar Fire Corp_ __10
Fidelity & Deposit
50
Houston Oil preferred_ _100
Maryland Cas Co
2
Maryland Trust Co
10
Merch & Miners Tramp_ •
Nall Cent Bk of Balto__100
New Amsterdam Cm_ _ _10
Penne Water & Power__ _•
Union Trust Co
10
United Rya &Electric_ _50
US Fidelity & Guar____10
21%
22
6
116%
23
2335
5335
103
97
935
934 934
23
23%
439 431
2%
2
831 9
29
29
21
6
116
23
2394 23
5234 52
103
96
97
434
2%
130
939
4835
2
150
3%
334
10
4839
130
1035
50
2
150
334
Range Since Jan. 1.
Low.
950
939
130
1
27 112
15 1831
40 1834
169 43
10 97
153 9134
26
7
169
225
25
10
431 Mar
15
Mar
231 Mar
131 Mar
8
Nov
1939 Jan
4 130
1,067
7
110 40
140
134
300
8o
134
1,050
High.
Apr 33
July
Feb
834 July
Apr 11631 Feb
Mar 2459 Oct
Mar 24
Oct
Apr 70 June
Apr 107
Jan
Apr 102
Jan
15
3994
734
5
1034
3434
June
July
July
June
July
Juts
,
Nov 13()
Apr 1731
Apr 60
Aug
3
June 16o
Mar
7
Nov
Jan
Jan
Aug
Oct
June
Bonds
Baltimore City
45 Annex Improve--1954
45 Paving Loan_ _ __1951
4s 2d Water Serial_ _1949
Bait Sparrows Point &
Chesapeake 435 %..1953
97% 9734 $2,000
9734 9731
1.000
98
98
1,000
7,000
log may
16
North Ave Market 68_1940
United RydrEl 1st 65 flat'49
Income 4s (flat)_-_ _1949
32
ist 4a (thin
10441 _____
3334 3335 2,000
834 851 3,000
51
51 1,000
R
1144 1211410
3334 Nov
839 Apr
34 Apr
R
Nov
55
Jan
1434 Juno
13.4 Jan
1414 Jun
12
12
87
95
98
May 100
Jan
June 10031 Jan
Nov 98
Nov
Juno
* No par value.
Pittsburgh Stock Exchange.
--Record of transactions
at Pittsburgh Stock Exchange, Nov. 4 to Nov. 10, both inclusive, compiled from official sales lists:
Stocks-
12
84
950
25
11
33
92
1035
9
3
Nov. 11 1933
Friday
Saks
Last Week's Range for
Sale
of Prices.
Week.
Par Price. LOW. High. Shares.
Armstrong Cork Co
•
Blaw-Knox Co
•
Clark (D L) Candy
•
Columbia Gas dc Eieetrio_*
Devonian oil
10
Duquesne Brewing A.
...5
Electric Products
•
Fort Pittsburgh BrewIng_l
Harbinson Walker Ref___•
Lone Star Gas
•
Mesta Machine
5
Nat Fireproofing Corp_ •
Penn Federal pre
100
Pittsburgh Brewing
50
Preferred
50
Pittsburgh Forging Co- •
Pittsburgh Plate Glass-25
Pitts e crew & Bolt Corp,
RennerCo
Ruud Mfg
San Toy Milling
Shamrock Oil & Gas
1
•
1
•
17%
5
14
634
24
3539
1035
40
Range Since Jan. 1.
Low.
High.
1739
1139
5
13%
538
184
25
741
431
4
3
954
Feb
Feb
May
Mar
23
19
11
28
July
July
July
July
8,1
8
5
5
234 235
134
1339 14
6
6%
16
16
131 131
210
100
70
1,632
200
1,200
10
30
7
5
135
1%
6%
5
7
139
Apr
Oct
May
Jan
Feb
Mar
Feb
Nov
10
8%
539
239
2531
12%
20%
839
Oct
July
June
Mar
July
June
Sept
June
535 534
4
439
24
2535
4
4%
35% 36
6% 6%
10
420
30
45
275
500
5
334
10
1%
13
1%
Sept
Oct
Mar
Jan
Mar
Feb
539
10
40
5%
39%
11%
Nov
Mar
May
Jan
June
July
1
Oct
Mar
Feb
Feb
2%
12
6c
3
June
May
June
July
17
10
5
12
1%
200
10
1039 10%
40
50 11,000
200
134
134
6
lo
1
Financial Chronicle
Volume 137
Friday
Sales
Last Week-s Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Westinghouse Air Brake_ *
Westinghouse El & Mfg_50
Western Pub Service v t c.*
25% 27%
39%
35
5
4%
Unlisted
Gulf 011 Corp
25
Lone Star Gas 6% pref_100
52
52
68% 6951
68%
148
341
801
200
105
Range Since Jan. 1.
High.
Low.
1234 Jan
1934 Feb
455 Oct
3535 July
58% July
10 June
Jan
Apr
July
61
9134 June
26%
65
* No par value.
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, Nov. 4 to Nov. 10, both inclusive, compiled from official sales lists:
Stocks-
coisv
Friday
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
Aetna Rubber corn
Allen Industries corn
Preferred
•
Chase Br & Cop pf serA100
City Ice & Fuel
•
Cleve El 1116% pref.. _100
Cleve Railway cora_ _100
Ctfs deposit
100
Cleve Un Stkyds com_
•
Cleve Worsted Mills con.•
Corr McKin StI vtg com100
Non-vtg corn
100
Dow Chemical corn
Preferred
100
Foote-Burt corn
Fostoria Pressed Steel._ •
Greif Bros COOP CIA
*
Halle Bros pref
100
Hanna M A $7 cum pref. •
Interlake Steamship corn.*
Kaynee corn
100
RelleY Isld L & Tr com_ •
Mohawk Rubber corn. •
Myers F E & Bros
National Carbon pref._100
National Refining com__25
National Tile corn
•
Nestie-LeMur cl A
•
Ohio Brass B
Peerless Motor con
3
Richman Bros corn
•
Robbins & Myers pf v t c 25
Selberling Rubber corn- •
Selby Shoe corn
•
Sherwin-Williams com__25
AA preferred
100
Thompson Products Inc_ _•
Trumbull-Cliffs Furn pf100
Union Metal Mfg corn_
•
Youngstown S & T pref 100
• No par value.
6
14
2%
235
18%
82
16
106%
3655
37
9
10
12
12
30
170
50
130
145
93
17
232
573
189
30
10
66
105
7
6
2155
53%
77
10
2%
2
17%
82
16
10655
3655
37
8%
9%
10
12
72
105
7
6
24
53%
77
22%
6
10
3
14
22
6
10
3
14
134 13
6
6
135
1%
1%
13
,
1
12
39%
2
19
44
68
Range Since Jan. 1.
High.
Low.
6
65
934
9555
32
29
7%
4
355
255
Jan
3
6
Jan
1855
Jan
Apr 90
Apr 25
Mar 110
Apr 49
Apr 49%
Sept 12
15
Jan
Jan 24
Feb 25
Sept
June
Oct
Oct
July
Jan
July
July
July
June
July
July
67
10
10
100
75
45
10
30
96
554
3%
8
38%
48
Jan 78
Apr 105
9
Aug
7%
July
Mar 25
Jan 55
Apr 83%
July
Oct
Jan
June
Aug
Oct
July
148
50
19
15
20
14
3
6%
1
8
Feb
Mar
Apr
Mar
Apr
29
6
16
1
.
73
1934
120
225
84
4
275
18
100
57
1
10
1355
70
655
60
3
17%
Mar
Jan
Feb
Ma
Feb
Jan
Jun
Fe
7
2034
43
98%
20
75
3
53
June
June
July
July
Sept
Aug
June
June
•
100
•
•
•
Paragon B $13 paid
Procter & Gamble
5% pref
Richardson corn
U £5 PlayI ng Card
Waco Aircraft
•
100
•
10
•
1034
1855
2134
534 6
16
16
1034 1034
155
134
1834 1834
6734 6854
5
5
214 224
1055 1055
55
35
40
42
105 105%
8
8
1534
1534 1534
10
1434
1434
35
4134
• No par value.
Range Since Jan. 1.
Low.
High.
3
634
634
25
75
62
455
5734
634
2%
234 Feb
Jan
12
Jan
5
155 Mar
8%
20
2134
5
July
July
June
June
10
35
4
1534
8
Feb
Apr
Sept
Feb
Feb
27
70
10
35
1034
June
Aug
May
July
June
ONMOt."7
,
,
C[.• NCI
NN
NN
Hobart
Int Print Ink pref
Julian & Kokenge
Kroger com
Lunkenheimer
5%
35
1934
9754
4
9
234
34 Nov
NoV
Mar 4634 July
May 10534 Nov
Jan 13% July
Mar 2734 July
Not
13
Jan
Mar
Mar
Feb
Apr
June
Sept
May
May
May
Mar
16
19
3055
60
85
93
9
7555
1134
15
June
July
July
Aug
Sept
Jan
May
July
June
June
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, Nov. 4 to Nov. 10, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par ;Price. Low. High. Shares.
Brown Shoe pref
100
Columbia Brewing corn...5
Dr Pepper corn
•
119 119
355 4%
4%
8
8
Ely & Walker Dry Goods
let preferred
100
2d preferred
100
1
Falstaff Brewing
International Shoe cont.."
90
90
70
70
7% 7%
4034 41%
41%
17%
16
17%
National Candy
7
7
Rice-Stlx Dry Gds corn s
116% 117
So'weistern Bell Tel pref 100 117
834
8% 8%
Wagner Electric corn_ _15
100
90
90
Preferred
Bonds
United Rys 48
1934
• No par value.
19
19
19
4%
11%
5%
1
35
15
7%
335
83'(
Fe
Fe
June
June
Mar
Feb
Apr
Apr
May
14%
27
13%
6
1
7855
27
9%
20
July
July
Sept
Sept
June
Oct
July
Oct
July
20%
21%
19
2755
7755
%
2%
80
105
28%
34
4,61
6,21
2,43
1,27
13
120
125
55
47
572
25
17%
20
1855
24%
76
34
2
67
9955
834
X
Nov 32
Nov 25%
Nov 23%
Nov 43
Oct 9355
2%
Mar
6
Ma
Apr 94%
Apr 111
Feb 29
234
Oct
July
Jan
Jan
Jan
Jan
June
June
July
July
July
July
18
555
65
80
355
54
9x
200
270
80
7
25
2,229
13% 14
1955 2134
555
5
4
3
4035 4234
47
2,96
1,21
566
7,271
6
2
3754
75
255
4
53
6%
11%
454
3
20
Jan
Jan
Feb
May
June
Feb
Apr
Feb
Feb
Jan
Nov
Feb
20%
655
65
97
5
11%
66
15%
3834
835
6%
4455
Oct
June
Aug
Jan
July
July
July
July
July
July
June
Sept
Feb 1134
Mar
93,4
Feb 233,4
7%
Ma
Feb 46
Apr 220
Feb17
Sept
July
July
July
July
July
July
PacG&Ecom
19% 18%
6% lot preferred
20% 20
1855
534% preferred
1855
Pac Lighting Corp corn.... 27
26%
6% Preferred
7735 7751
Pac Pub Serv non-vot corn.
34
Non-voting preferred...
Pac Tel dr Tel corn
7955 79
6% preferred
105
105
Paraftine Cos corn
28%
Pig 'n Whistle pref
34
ONON
t....C4N
20
•
*
•
72
6234
1455
365
183
100
150
2,444
1,227
35
540
5
Sept
July
June
June
.0M-000.000.4 NO.0.1
000.
Oop...,
NNV
erD ,
M..
.
..
Eagle-Richer Lead
Early & Daniel
Formica
Gruen Watch
11
17
344
20
100
100
400
50
Mar 136
60 110
9
Apr
3
50
1
4%
Jan
305
34 Apr
3
400
3
19
44%
98
1355
68
3
3055
Range Since Jan. 1.
Low.
High.
Jan 120
Sept
5 109
355 Nov
555 Sept
550
25
Oct
Nov
6
8
10
6
225
42
67
55
7%
26
Mar
May
Nov
Mar
5% Mar
217
3
73
Feb
33 109% Apr
435 Apr
265
5 75
Mar
$2,000
15
Apr
Rainier Pulp dr Paper CO.. 18
Roos Bros corn
Preferred
65
San JL&Pi% pr pref.
SchIcsinger&Sons (BF)pref
Shell Union Oil corn
Sierra Pac Elec 6% pref
Socony Vacuum Corp
--14
Southern Pacific Co
2055
Sou Pac Golden Gate
5
Stand 011 Co of Calif
42%
Tide Water Assoc 011 corn_
Transamerica Corp
Union 011 Cool Calif
Union Sugar Co corn
United Air
Wells Fargo Bk & U T_..
Western Pipe & Steel Co__
5%
1934
12
Aug
Jan
July
July
July
July
July
Oct
Oct
July
July
July
Jan
Jan
July
June
July
July
July
July
July
July
July
July
June
July
July
May
July
Magnavox Co Ltd
Natomas Co
Nor Amer Invest 534% pref
Nor Amer 011 Cons
Occidental Ins Co
July
July
July
Oct
High.
834
61
16%
1055
355
3055
16%
1055
9
July
July
July
July
May
20
9%
53
24,
Low.
815 1155 Jan 32%
620
855 May 20
100
34 Apr
355
150
Feb
734
5 101
Feb 160
I% Feb
355
5%
1
148
Mar
634
8
2,573
Mar 24%
100 11
Mai 20%
400
55 Jan
560 12
Mar 22%
2,722
855 Ma
34%
116 13
Apr 31%
10 15
June 31
5% Feb 29%
7,206
209 13
May 2155
887 11
Ma
28
1
Feb
4,372
8%
7% Mar 4335
97
Ma
7
43
467
Feb
Ma
Jan
Apr
Ma
Apr
Feb
Fe
Mar
12%
24
935
4%
34
68%
17
34
66
17
Range Since Jan. 1.
255
3434
5%
355
35
18
8%
2
23,4
12
24
955
43
,
5
35
63%
17
8%
14%
5% Jan
134 June
22% Apr
Jan
1
834
11
1734
45
84
7354
434
65
11
1055
26
25
955 9%
134
1%
3% 3%
128 128
454 4%
34 355
23
22
23
2034 2054
34
34
1834 18%
20% 22%
-----1755
17
18
18
19% 22
2155
18% 18%
18%
24
24
24
454 435
4%
27% 29
27% 29
26
955
Langendorf Utd Bak A.
Leslie Calif Salt Co
Lyons Magnus Inc A
360
200
723
10
855
1034
1635
45
84
69
4%
6234
11
1034
Alaska Juneau Cold Mining
Anglo Calif Nati Bit or F_
Assoc Ins Fund Inc
Atlas Imp Diesel Eng A.
Bank of Calif N A
Bond & Share Co Ltd
Byron Jackson Co
Calamba Sugar corn
7% preferred
California Copper
California Ink Co A
California Packing Corp ....
Calif West Sts Life Ins Cap
Voting Plan
Caterpillar Tractor
Clorox Chemical Co
Cons Chem Indus A
Crown Zellerbach v t c_.
Preferred A
Preferred B
535
46
12%
655
155
2734
14
435
6
b=8
Friday
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
Aluminum Industries_
•
Amer Laundry Mach___20
Amer Rolling MIII
25
Carey (Philip) corn. _100
CNO&TPpref
100
Cin Gas& Eleo pref ---.100
Cincinnati Street
50
Cincinnati Telephone-..50
Cohen (Dan)Co
*
Crosley Radio A
•
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
535
44
12
6
155
2755
14
435
6
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Nov. 4 to Nov. 10, both
inclusive, compiled from official sales lists:
Stocks-
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Nov. 4 to Nov. 10,
both inclusive, compiled from official sales lists:
Emporium Capwell Corp_
Fireman's Fund Insurance_
4554
Food Mach Corp corn
12
Golden State Co Ltd
Haiku Pine Co Ltd corn.
Home F & M Ins Co
Honolulu Oil Corp Ltd... -----HuntBros A corn
Investors AS£00 (The)__-- ------
12
12
455 4%
38% 40
2
2
3
19
43
98
12
68
3
30
3479
18
5%
65
80
354
81
54
166
236
355
360
931 10
4%
53,4 655 30,186
1,904
2055
19
954
110
43,4 454
134
31
3434 3,035 17
142 165
200 200
5%
1,188
1034 12
---=
_
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Nov. 4 to Nov. 10,
both inclusive, compiled from official sales lists:
Stocks-
sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
34
Associated Gas & El A...*
2534
Alaska Juneau
8%
Barnsdall Corp A
5
335
35,4
Bohm Chico, Oil A
10
25
California Bank
25
Central Invest Corp___100
155
,
135
40%
Chrysler Corp
•
25
Citizens National Bank_20
1134
Consol 011 Corp
1134
1434
Douglas Aircraft Co Inc..* 1455
Farmers&MerchNat Bk100
285
2
Foster & Kleiser corn 0L10
33
Goodyear Tire
___
(Akron)____--6%
Hancock 011 com A
6%
•
Los Angeles0& E pref 100 ----.,Los Angeles Inv Co DD _10
Monolith Ptld Cem com_ •
Pacific Finance Corp com10
Preferred A
10
8%
Preferred C
10
Pacific G & E com
25 19%
6% 1st preferred
25 2054
Pacific Light6% pt DD..'
Pac Mutual Life Insur__10
Pacific Western Oil Corp •
Pacific Indemnity Co___10
Republic Petroleum Ltd_ 10
434
San Jbaq L & P 7% prpf100
6% prior preferred_ _100
Sec First Nat Bk of L A.25
Shell Union 011 Corp corn.*
Signal Oil & Gas A
•
July Socony Vacuum
95
25
July So Cal Edison Ltd com 25
72
Oct
9
Original pref
25
55
July
25
7% pref A
25
6% pre B
July 1
22
25
535% Prof C
10 June , So Counties Gas 6% pt 100
118
Sept Southern Pacific Co_ ___100
12% July Standard 011 of Calif
•
9255 Oct Title Ins & Trust Co_ .
_ _25
Transamerica Corp
•
Union Bank & Trust Co100
22
July TInInn Oil nt Calif
25
• No par value.
2755
8%
1454
1754
31
2155
18
1534
20%
42%
22
534
19
34
2534
834
354
26
13,4
44
25
1234
1434
285
2
35
6%
83
134
13,4
854
9%
8%
193.4
2034
78
2134
7%
8
4%
8334
1%
135
93,4
934
8%
2031
21
78
22
755
9
5
76
65
27
83-4
3%
13
1634
29
2155
18
1534
8036
1955
4034
22
93,4
100
19
76
65
28
8%
33,4
14%
1734
31
22%
1834
17%
803,4
21%
4234
22
6
100
2035
Range Since Jan. 1.
Low.
34
100
200 14
3%
200
900
134
150 25
1
167
9%
900
50 24
5%
4,800
100 1134
10 265
235
50
1,300 25%
334
100
70
200
100
2,500
400
100
800
700
104
150
400
300
1.400
82%
1
1
4
934
8%
173,4
2034
77
19
254
8
1%
5 78
2 6034
850 2635
500
434
200
13,4
1,200 1254
1,200 16
210 29
900 213,4
1,000 18
1,100 1534
51 8054
1,500 1155
4,200 20
10 20
MOO
434
50 100
2.800
955
High.
234
Nov
Apr 3234
Mar 11
534
Jan
Nov 38
Oct
6
Mar 51%
Nov 38
Jan
1534
Jan 18
Feb 310
3%
July
Oct 4234
Feb 1234
June
Aug
Sept
July
Jan
July
Sept
Jan
July
July
June
July
July
July
Apr
Jan
Jan
Mar
Jan
Apr
Nov
Nov
May
Mar
Mar
Nov
Feb
98
555
134
1155
954
8%
30%
253-4
923.4
3034
93,4
9
6
Jar
Juni
NOI
Jul3
Jar
API
Jul3
Jar
Fel
51113
Sep'
Nol
Oc
Apr 98
June 6055
Nov 4554
Mar 1135
Mar
6
Nov 1434
Nov 2734
Nov 4034
Nov 273,4
Nov 2454
Nov 2255
Nov 90
Feb 38%
Feb4455
Apr 31
9%
Apr
Apr 200
Feb 23
Jai
Jun,
.1 i
Jul:
Jul:
No'
Jai
Sal
Fel
.1a,
Ja
Fe
Jul
Set
Jul
Jul
Fe
Jul
3480
Financial Chronicle
New York Produce Exchange Securities Market.Following is the record of transactions at the New York
Produce Exchange Securities Market, Nov. 4 to Nov. 10,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Abitibi Power
•
Aetna Brew
1
Allied Brew
1
Altar Consol
1
Angostura Wuppermann_l
Arizona Comstock
1
154
134
454
1.25
Bancamerica Blair
Bear Exploration
Brewers at Disti v t c
Bulolo Gold
Carnegie Metals
Central Amer Mines
Croft Brew
451
I
1
•
5
1
1
1
Davison Chemical
*
Detroit ctr Canada Tun_ _ _*
Distilled Liquors
5
Dividend Shares
25c
Drug Inc
10
Eagle Bird Mine
1
El Canada Units
Elizabeth Brew
1
I
Fade Radio
Flock Brew
2
Fuhrmann ttr Schmidt_ _1
354
254
1.25
254
13-4
133.4
554
134
IA
Range Since Jan. 1.
Low.
High.
154
154
45.4
1.50
354
336
600
800
2,000
800
400
7,100
'4
1
354
1.25
251
1.15
Oct
Oct
Nov
June
Oct
July
354
2
11%
234
334
33.4
Aug
June
July
Aug
Oct
Nov
434 434
850 85c
234 254
2231
22
1.20 1.74
254 351
151
154
200
500
8,100
150
1,900
3,000
3,400
134
71c
151
15
1.00
50c
1
July
Sept
July
Aug
Oct
July
July
431
850
354
2234
1.74
351
251
July
Nov
July
Nov
Nov
Nov
Jul'
34
y,
10c 100
1354 14
1.08 1.08
45
45
1.25 1.75
5
554
154 2
131
134
136 2
154 1%
300
100
300
100
100
700
3,100
1,600
8,200
200
300
15c
10c
1334
840
4351
1.23
4
154
134
136
I%
May
Jan
Oct
Feb
Sept
Oct
Oct
Aug
Oct
Nov
Nov
251
20c
183.4
1.25
4634
3.75
854
434
355
53.4
3%
June
June
Oct
June
Sept
July
Aug
June
May
June
July
154
154
4
1.25
351
33i
Nov. 11 1933
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
General Electronics
Golden Cycle
Greyhound
Hamilton Mfg A
Harvard Brew
Hendrick Ranch
International Vitamin_
Kildun Mining
Kingsbury Brew
Milner Air
Kuchler Brew
Macassa Mines
Marancha Corp w 1
Marmon Motors
1
10
10
1
"
•
1
1
•
1
1
5
•
Paramount Publix
10
Paterson Brew
1
Petroleum Conversion
1
l'olymet Mfg
Railways N
1
Rayon Industries A
1
Rhodesian Selec Tr
5
Richfield Oil
•
Ross Union Dist!
3.50
Rustless Iron
Simon Brew
1
Siscoe Gold
1
Squibb Pattison Br Pr_
I
United Cigar N w 1
- 5
Van Sweringen
•
Willys-Overland
5
• No par value.
6%
2%
1
356
6
12c
154
154
1
3%
656
30e
2054
1.40
4
15c
Rance Since Jan. 1.
Low.
High.
256 2%
19% 2056
6% 6%
635 9
2% 2%
1
1
800
400
200
600
2,500
900
2%
8%
254
6%
2%
25c
Nov
Mar
Sept
Nov
Nov
June
4
2056
63-i
13
2%
1%
May
Nov
Nov
July
Nov
Nov
31
54
356 354
834 854
54
34
3
3
950 95c
6
6
120 16c
200
4,500
200
100
1,600
1,000
300
400
54
1
734
30c
3
190
6
120
July
Mar
Nov
Feb
July
Jan
Nov
Oct
1
5
1754
1.00
334
1.30
6
%
June
Jtpy
July
Aug
Aug
Oct
Nov
June
134 I% 3,600
151
800
154
Si
1
900
15.4
200
151
3
331
5.800
636 63 13,000
334
356
3,100
300 430
400
2051
20
450
2
100
2
120 Mar
131 Sept
38c
Apr
134 Sept
31 Apr
454 July
Jan
1
300 Nov
Jan
1
2
Oct
234
3
154
5
5
654
4
1
32
354
July
June
Feb
July
Oct
Sept
Sept
June
July
July
154 IN
1.40 1.40
4
454
751 7%
150 15e
15c 20c
154
1.01
4
7
12c
6e
.
4
1,200
100
500
700
100
5,900
Sept
Mar
Nov
Spet
Jan
Mar
134 Oct
1.80 July
651 Oct
856 July
In July
% June
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Nov.4 1933) and ending the present Friday,(Nov. 10, 1933). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
Week Ended Nov. 10.
Stocks-
Indus. & Miscellaneous.
•
334
Acetol Products Inc A-25 27
Acme Steel Co
Adams Millis 1st pref _ _100 70
•
1,34
Aero Supply class B
Ainsworth lk.Ifg com
•
234
Air Investors new
50 36
Ala Gt Sou RR ord
•
934
Allied Mills :no
Aluminum Co common_ • 74
100 65
6% preference
•
Aluminum Goods Mfg
• 30%
Aluminum Ltd corn
100 44
6% pref erred
6
Amer Beverage Corp
134
100
American Book Co_
.34
Amer Brit St Coat Corp--•
CapitalAmer
•
Glass B
$3 preferred
•
54
Amer Corp
Amer Cyanamid Class 13 • 10A
Amer Dept Stores CorD- •
A
Amer Founders Corp__I
Amer Laundry Mach_.20 11
•
Amer Meter Co
•
Anchor Yost Fence
236
Arcturus Radio Tube_ _I
• 1654
Armstrong Cork corn.....
5
Arundel Corp
Associated Else IndustriesLi
Amer dep rcts
•12
Atlas Coro corn
•
$3 preference A
534
Warrants
Atlas Plywood Corp
Auto-Voting Mach
Axton-Fisher Tob A_ _ _ _10 62
Babcock & Wilcox
100
Baldwin Locomotive WksWarrants
Bellanca Aircraft v t c___ I
4
Blue Ridge Corp1
Common
17-4
• 2954
6% opt cony Pre
Botany Consol Mills
•
•
Bourlois Inc
4
•
Brill° Mfg corn
British Amer Tobacco Ltd
Amer dep rcts forbearer.. 29
Amer dep rcts for reg El
British Celanese LtdAm den rcts reg sits
37-4
Burma CorporationAm dep rots for reg she _o ______
Butler Brothers
l
Cable Radio Tube v t c__•
Can Indust Alcohol A__ _•
Class 11 non-voting. ___•
Carnation Co
•
Carrier Corp
•
Celanese Corp of America
7% 1st panic pref. _100
7% prior pref
100
Celluloid Corp com
15
$7 dB preferred
,
2
Centrifugal Pipe Corp_
•
Childs Co pref
100
Cities Servloe common__•
Preferred
•
Preferred B
•
Preferred BB
*
Compo Shoe Mach ctts_ __I
Consolidated Aircraft_
•
Consol Auto Merch v t c_•
Cooper-Bessemer Corp..._
$3 preferred A w w_
•
Cord Corp
5
Corroon A.: Reynolds•
$6 prof A
Courtlauds LtdAmer deD retk or2----il
100
Crane Co pref
Crocker Wheeler Elec.-.
Crown Cork Internal A--•
El
Distillers Co Ltd
163-4
1434
1456
19
4034
10
234
1334
tir
73.4
531
7
2034
Low.
High.
334
27
70
134
654
254
36
954
5734
5554
10
29%
44
134
43
A
33-4
27
70
134
734
234
36
951
78
65
10
3334
44
2
43
Si
100
50
25
700
200
100
150
1.100
9,600
1,550
100
3,500
100
1,200
100
100
Si
10
56
934
1
Si
11
7
2
A
153i
2156
A
1034
54
1134
200
200
200
5,900
500
2,300
311
125
2,000
200
700
50
54
654
5
Si
A
43i
10
Apr
Feb
May
Feb
Feb
Mar
Feb
13.4
234
1854
20
3
234
24
31
June
June
June
July
Seat
July
July
July
431 434
COO
1054 1234 28,900
100
3934 3934
7,600
431 og
4
300
4
2
100
2
62
125
60
234
5%
33
234
154
114
2554
Apr
Apr
Mar
Feb
Apr
June
Feb
534
1854
4334
10
654
354
65
July
June
May
June
June
June
June
3636 40
25
8
4
In
nu
11
8
231
A
17
2156
50
234
13
60
Si
134
234
8
3
373.(
37
77-4
13A
20
IA
34
31
Feb
Apr
Apr
Feb
Feb
Nov
Jan
Apr
Feb
Mar
Apr
Mar
Feb
Mar
Mar
Jan
, Feb
is
4.4 Jan
3i June
5
3656
80
451
1051
256
55
15A
9554
7734
16
535;
65
54
55
1
June
June
June
June
June
Nov
July
Aug
June
July
June
June
July
Mar
July
June
134 June
16.5 July
A June
*34 Feb 1554 Juue
3.1 Jan
Jan
59
Aug
636 Oct
154 July
11
7
Aug
Sept
434
374
134
535
1131
June
June
July
July
Apr
8
434
200
500
131 136
2934
29
54
54
4
4
55-4 6
900
400
100
100
300
I%
214
%
23-4
534
Oct
Mar
Nov
Apr
Oct
2834 29A
28
28
2,900
100
1634
1634
Jan
Jan
294 Nov
28
Nov
336
314
1,000
1
Apr
434 June
34
4
334
4
1,200
100
1% Feb
1.34 Feb
$A July
63i June
Si
3-4
1654 183-4
14
1654
1454 1454
534 7
200
8,600
1,600
200
700
51
256
731
534
4
10434 105
225
8231 8234
75
1,400
1834 21
3934 463i
200
334 334
100
10
10
30
2
251 28,600
13
400
133-4
154 131
no
11
1136
130
1231 1351
1,600
83i 83i
500
Ii•
A
500
4
4
200
454
1754 1754
200
73i 836 8,600
27
51
2
20
231
654
z2
1034
1
5
1031
I
Ll.
1
6
436
10
113i
Range Since Jan. 1.
10
100
1054 1136 4.100
36
36
50
55$ 0
600
634
734
400
20
21% 16,70
6
44
36
234
2%
17'.-4
Jan
May
July
Mar
Feb
%
3834
34
18
17
June
July
July
May
July
Apr 110
Apr 90
Apr 264
May 584
Jan
434
Mar 30
Feb
654
Mar 30
Apr
334
Apr 25
Oct 135$
Mar 12
Si
Jan
Mar 11
Mar 20
Feb 1554
July
Oct
Oct
Oct
July
July
May
May
June
May
Oct
July
Juno
July
July
July
Mar
20
July
mar
Oct
Feb
Jan
July
113-4
5914
11
93.4
2134
Nov
July
July
July
Nov
Friday
Sales
Last Week's Range for
Sale
1Veek.
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Distillers Corp Seagrams_•
Doehler Die-Casting corn _•
Dow Chemical
•
Dublier Condenser com....1
Duval Texas Sulphur_
•
Easy Wash Mach B
•
Eisler Electric Corp
•
Elea Power Assoc com
1
Class A
1
Electric Shareholding
Common
*
56 cony pref w w
•
Emerson's Bromo-Seltzer •
•
Class B common
Equity Coop tom
10c
Fairchild Aviation
1
Falstaff Brewing
1
Fansteel Prod Inc
•
F E D Corp
•
•
Ferro Enamel Corp
Fiat Am dep rots
Fidello Brewery.
1
First National Stores
7% 1st preferred_ _100
l
Fisk Rubber Corp
36 preferred
100
Flintokote Co cl A
•
Ford Motor Co LtdAmer dep rcts ord reg-E1
Ford Motor of Can el A _ _ •
Class B
•
Ford Motor of France
Amer deposit receipts
Foundation Company
Foreign shares
•
2034
331
69
54
534
131
434
234
734
234
151
734
6
1154
Low.
High.
2031 2234 13.200
331 334
600
1.100
70
68
54
31
300
434 434
500
554 5%
300
IA
5,400
134
436 434 3,800
434 43-4
900
15
134
30
'ii
55
154
A
234
234
July
Feb
Mar
Feb
Feb
Jan
Apr
Apr
Apr
4954
5
78
2674
8
9
2
12%
1154
July
June
July
July
Aug
Sept
July
June
June
235 234
35
35
234
35
1851,
17
134
234
7
134
334
831
9
154
Mar
Apr
Nov
June
Nov
June
Nov
Apr
Mar
Oct
Mar
Oct
934
5934
29
25
234
614
854
434
834
15%
22
454
June
June
July
Aug
Aug
July
Oct
July
July
July
Nov
Aug
10 108% Mar 115
7,600
% Apr
934
100 18
Jan 61
100
154 Feb
73.4
July
July
Sept
June
issi isyl
2
Range Since Jan, 1.
18A 184
154 2
5
554
7
734
234
234
8
8
034 934
22
22
151
174
110
7
57
5
110
734
57
5
53-4 6
1031 12
15
15
1,000
100
25
25
3.300
200
1,000
100
400
500
100
3,100
6,200
3,000
25
2A Feb
434 Feb
954 Fob
634 July
1954 July
26
June
351
351
354
100
tar
554 July
634
6
634
2,100
231 Mar
634 Nov
Garlock Packing com_
•
1154 113-i
General Alloys Co
•
134
134
General Aviation Corp- --1
531 6
Gen Elec Ltd Am den rcts • 113-4
1034 113-4
Gen Investments Corp
Common
5
N
51
Gen Theatres Equipment
$3 cony preferred
•
itt
,
it
General Tire & Itu liner_ 25 66
.
6034 72
Glen Alden Coal
• 13
123-1 1451
Globe Underwriters Exch_•
651 654
Godchaux Sugars cl B. •
534 6
Gold Seal Electrical
I
Tie
iii
lii
•
Gorham Inc cam
134
134
Gorham Mfg corn v t o...• 2135
2034 2234
Agreement extended
20
20
Grand Rapids Varnish_.
.•
6
6 674
Gray Tel Pay Station. •
1634 2034
01 Alt & Pao Tea
Non-vot corn stook -__• 12774 1274 129
7% 1st preferred____100 1204 12034 12334
Greyhound Corp new____•
6
6
634
100
600
1,500
1,500
4
Hall Lamp Co
•
Ilanley l'age Ltd
American dep rcts
Happiness Candy Stores •
•
Helena Rubenstein
Heyden Chemical Corp _10 18
Horn & Hardart
• 163i
7% preferred cora__100
1
Rulers Co of Del
II ygrade Food Prof
5
Imperial Chera IndustriesAm dep rots ord reg
Imperial Tobacco of Can.5
Imperial Tob of Gt Britain
Zic Ire Am dep Ms_ . £1
._
287-4
Insurance Co of No Am 10 38
International Cigar Mach •
Interstate Equities
Common
1
Jones Az Laughlin Stee1.100 29
Klein ID Emil)corn
• 11
Kleinert Rubber Co
10
Kolster-Brandes Ltd American shares
Ll
11.4
Koppers 0 & C 0% pf 100 5734
Kretiger linswIna
14
1
Lakey Fdry & Mach
•
Lehigh Coal & Navigation•
67-4
Libby-McNeil & 1,Ibby 10
334
4
4
3
Mar
A Mar
24 Jan
63.4 Jan
100
N
200
775
3,100
300
200
1,100
300
3,500
200
200
900
56
23
634
4
25i
34
134
6
20
451
854
Oct
143.4
44
1054
1131
July
July
July
Nov
254 July
Feb
7.‘
Apr 140
Apr 2434
Feb
7
Apr 15
Jan
13.4
Nov
5
Jan 24134
Nov 20
June
934
Apr 29
June
July
July
July
July
June
June
Aug
Nov
Sept
July
200 12436 Oct 181% May
120 118
Mar 127
Oct
200
6
Nov
634 Nov
1.4 .•
100
1.34 Mar
734 June
251 23.4
31
34
A
3i
1756 18
1634 16A
89
89
1
I
dA
434
100
100
100
200
100
20
503
700
751 734
1134
11
100
400
2754 2874
353i 38
22
22
4,900
400
100
1
1
29
2934
11
1331
64 636
200
130
400
100
134
15-4
5734 5736
1234 1434
Si
Si
634 7
334 331
1,800
100
2,400
100
400
1,300
31
A
A
6
UM
834
I
254
Apr
Mar
Mar
Apr
3.k.t
Sept
N iv
Mar
Kf
474 May
631 Feb
2%
A
1,1
19
253i
95
4
9
Nov
Juno
June
Aug
June
July
July
July
75-4 Nov
1131 .Nov
15
25
15
Feb
Mar
Mar
2334 Nov
4544 /July
28
June
A
19
04
536
Jan
Jan
July
Nov
136 July
80
July
14
Oct
934 July
Si Jan
Mar
45
95.1 Oct
A Jan
ISfa Apr
13.4 Feb
134
67
2354
134
14
84
Nov
June
June
May
June
June
1
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Louisiana Land & Explor_•
4%
Massey Harris Co corn_ __•
134
MayIs Bottling class A__1
Mayflower Associates_ _ _ -• 4334
Mead Johnson & Co com_
Mergenthaler LinotYne-25
.
Merritt Chapman & Scott
14
kilehigan Sugar
.... •
Midland Royalty $2 pret_*
6%
Midland Steel Prod
Minneapolis Honeywell100
egulator prof
Mock Judson Voehringer_.
Molybdenum Corp v t c_ _I
Montgomery Ward & Co
• 6735
Class A
•
Nat American Co
34
• 10
National Aviation
1
Nat) Belles Hess com
234
Nat113ond & Share Corp-• 34
Natl Distillers new
National Investors com 1
National Leather corn_ •
*
Nat Rubber Mach com
1
35
Nat Service common
Nat steel warrants
•
Nat Sugar & Refin
New England Grain Prod *
New Mex & Ariz Land_.1
•
New York Auction
Niagara Share class B_ _5
Niles-Bement Pond
Nitrate Corp of Chile
Ctte for ord B shares-- -----Novadel-Agene Corp_ -• 4631
Outboard Motors coin B. •
434
43
4734
25
24
14
6%
7
131 3,500
1,200
534
14 20,000
200
434
400
49
25
25
2%
100
400
1%
400
7
100
7
784 80%
8%
335 334
60
68
82
400
34 Jan
9% 10% 2,400
4% Apr
2% 2%
45 Jar'
7,200
314 34
1,200 x20
Feb
30% 32% 20,000 26% Oct
14 1.4 2,000
Feb
1
1
1
Feb
100
Mar
200
234 24
400
Mar
34
%
34
200
4
34 Feb
37
100 224 Feb
38%
26% 26%
Feb
100 10
1
1
100
% Jan
100
% Nov
3-4
4%
Apr
3
600
4% Apr
9%
100
300
200
300
34 34
354 36%
23
23
234 231
54 6
1,200
1,70
45
500
20
• 119
Quaker Oats ,om
114 120
Railroad Shares
•
34
Rainbow Lumin Prod
Class A
•
%
34
A
Class B
31
%
Reeves (Daniel) corn
•
17
17
Reliance Internal A
1% 1%
•
134
Reybarn Co Inc
14 1%
10
134
Reynolds Investing
1
34
%
34
*
Itike-Kumler com
10
10
60
SOO
St Regis Paper coin
10
234 334
Schiff Co common
134 134
•
Scotten Dillon Co
10
17% 174
Scoville Mfg Co
25
214 214
Seaboard Utilities Shares.1
Ire
3i
311
Securities Allied Corp_
12
12
•
Seeman Bros torn
•
35% 364
Segal Lock & Hardware_ •
34
34
Selberling Rubber com
•
3
34
Selected Industries Rae
Common
1
1% 1%
1%
$5 3-5 prior stock
25
42
38
Allotment certificates_ __
45
42
46
Beton Leather Co
•
634 631
Shenandoah Corp
25
33 cony pref
174 1734
'Sherwin Williams com 25 4334 43
4434
.100 9734 97% 97%
6% preferred AA.
100 13934 13931 140
Singer Mfg
Singer Mfg Ltd £1.
Am dep rcts ord reg_
3
3
Smith (A 0) Corp com___ --2234 22
254
Sonotone Corp
334
34 3%
•
Southern Corp corn
134
1% 1%
Spiegel May Stern
100
634% preferred
48
4835
•
'Standard Brewing
134
1% 14
1
Starrett Corporation
7-8
%
%
10
6% preferred
1% 2%
•
Stein Cosmetics corn
34
M
Stinnes (Hugo) Corp
1
1
Stutz Motor Car
734
Sullivan Machinery
9
• 9
9
26 13% 13% 154
Swift & Co
16 274 224 2835
Swift Internacional
14
13%
4%
39
3534
4
34
534
24
144
454
304
1%
34
9
17%
July
June
Sept
July
July
Oct
June
May
July
May
June
July
Sept
July
July
June
June
Jan
3434 Feb
34 Jan
June
584 Aug
134 June
134
20
124
204
14
264
14
4%
5834
2734
69%
6%
8234
4%
Oct
Feb
Mar
Mar
Mar
Feb
Feb
'is Mar
94 Feb
13.4 Jan
2
13
8
%
3
Feb
Feb
Mar
May
Feb
June
Aug
June
Sept
July
Oct
July
34 June
25
Aug
634 June
54
3935
27
4
104
June
July
Sept
July
July
July
Ma 140
54
1% June
% Mar
34
3-4
15%
14
3i
4
4
Apr
Feb
Jan
Feb
Jan
Mar
Ma
134
34
254
435
334
1%
11
June
June
July
June
July
July
Aug
5,600
100
100
100
600
100
200
200
300
174,
934
firs
6
26
34
1%
July
Sept
Aug
Slay
June
164 June
Sept
40
134 June
735 July
,
200
150
1,000
100
Fe
Ma
33
264 Mar
14 Apr
434
65
70
14%
13-4 Mar
Feb
Nov
Feb
Oct
Feb
Jan
Jan
Apr
6%
200
3,025
10
40
12%
12%
80
90
100
2,000
1,500
300
134 Jan
114 Feb
Oct
3
34 Jan
150
700
300
400
300
100
2,00
75
8,300
7,600
5,20
3,70
200
214 214
3
34
400
1,800
15
1%
34
Si'
34
it
6
434
7
124
8%
154
204
24
June
July
July
July
May 264 July
M as 45
July
Oct
May 99
Mar 17535 July
Apr
Nov
Apr
Apr
Feb
Apr
Oct
Mar
Feb
Feb
34 June
524 June
3% Oct
234 May
55
3
2
6
34
131
20
124
24%
324
Sept
Sept
June
June
July
June
July
July
July
June
34 Apr
2% Feb
34 Jan
2% July
14
Oct
14 June
Jan
Oct
214 Nov
64 MAY
34 June
45-4 July
104
24
134
2
200
300
14 mar
34 AD
184 18%
124 124
12% 144
334 331
400
100
8.400
500
5% Feb
Jan
10
Apr
2
14 Jan
1814
15
284
914
Nov
July
June
June
United Aircraft & Transp
pref A ex-warrants 50 55% 5434
1535 all
Warrants
United Carr Fastener___ _•
5%
134
•
United Dry Docks
1
1
United Founders
United Molasses Co
34
334
Am dep rcts ord ref. _Ll
united Shoe Mach com..25 5435 51
1
1
U S Dairy Products IS
6
1
1.3 S Foil c113
U 14 & Internati Secur1
•
Common
let pret witn warr-----• 4335 434
1
•
1
U S Lines pref
13-4
U S Rubber Reclaiming....
134
2
Utility Equities common.•
36
*
Priority stock
Utility & Indus Corp
' •
1
Common
3
•
l'referred
• 13% 10
Waco Aircraft Co
84
835
Wagner Electric com _ _ _ _15
60
200
20
300
100
1,200
100
134
1035 114
1
34
14
2
1034
2%
48
09
34%
44
3%
74
12
May
July
July
Sept
May
June
July
July
Oct
June
464 Feb
14 1%
22
22
4% 4%
Tastyeast Inc class A._.
•
• 10%
Technicolor Inc com
Tobacco l'rod Export
..•
34
Tobacco Sec Trust Co
Am Den
214
ord
Tranacont Air Trans
•
Trans Lux Pict Screen
1
134
Common
Til-Continental warrants__ -----Ttriplex Safety Glass Co
18%
Am dep rcts ord abs ref £1
•
Truss Pork Stores
1
Tublze Chatillon Corp
1235
•
Tung-Sol Lamp Wks
334
Apr
Oct
Jan
Mar
Feb
Apr
Jan
Oct
May
Apr
380
1,100
9,400
2,000
300
8,300
120
400
35%
'ii
3
34
27
384,
20
34
1%
335
134
804 Nov
834 Nov
6
July
I% 2
46
52
2035 224
53
55si
2% 331
804
76
334 3%
22
434
High.
Low.
Apr
59
431 June
24 Oct
100
400
100
2
1034
2235
.53
231
7834
Range Since Jan. 1.
30
100
400
Si'
45% 464
35
4
Pacific Eastern Corp__.1
Pan-American Airways-10
•
Parke, Davis & Co
•
Parker Rust-Proof
1
Pennroad Corp v t o
100
Pepperell Mfg
10
Philip Morris Inc
Phoenix Securities
Common
$3 cony pref series A.-.__
Pie Bakeries v t C
I
Pitney-Bowes Postage
•
Meter
Pittsburgh Plats Glass__25
Powdrell & Alexander__ •
Propper McCallum Mills..
•
Prudential Investors
3481
Financial Chronicle
Volume 137
5534
1,200
16
900
200
634
100
134
1% 10,000
444
9
14
34
Si
July
June
Feb
Mar
Apr
55%
16
8
315
3
Nov
Nov
Sept
June
July
334 24,700
544
200
1
100
500
634
14
304
34
235
Feb
Mar
Nov
Apr
54
564
2%
11%
July
Sept
June
June
14
45
1
2
374
700
500
20
200
400
50
hi
17%
4
34
1%
25
Jan
Mar
Jan
May
Apr
Apr
3%
65
14
4
434
504
July
July
June
July
June
June
1
3
144
8%
1,300
200
7,700
100
34
134
8
734
Nov
Apr
Aug
May
334
7%
14%
12
June
June
Nov
June
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price, Low. High. Shares.
•
Walgreen Co
Hiram Walker-Gooderham
•
dr Worts Ltd corn
Cumulative pref •
•
Western Cartridge Co
100
6% preferred
Western Pipe & Steel___10
Wil-low Cafeterias
1
Convertible preferred.-.
Wilson-Jones corn
Woolworth (F W) Ltd
Am dep rcts ord abs
Public Utilities
Alabama Power $7 pref...
Am Cities Pow & Lt
New class B
1
Amer & Foreign Pow wart.
Amer Gas & Elsie corn-•
Preferred
•
Amer L & Tr cam
25
Am Superpower Corp corn•
lot preferred
Arkansas P & L $7 pref
*
Assoc Ga & Elec,
New common
Class A new
$1 preferred
Warrants
Assoc Telep Urn com__ •
Ctts of deposit
Range Since Jan. 1.
Low.
18
18
800
11% Feb
36%
354 40% 22,300
14% 15
1,200
3% Feb
7% Feb
684
68% 6834
1031 11
14 134
734
735
12
12
25
400
100
50
100
53%
10%
34
734
6
Apr
Nov
May
Feb
Jan
2134
2331 2535
2,500
11%
Jan
35
35
37
234
7
22
68
13
3
50
27
2%
551
21%
68
12%
3
50
27
600
2%
1,500
71.1
2334 12,100
100
68
1,500
13%
334 9,000
500
53
30
2834
7.%
184
30
700
2,500
2,100
3,700
100
200
3-4
7-1
2
is
1094 110%
Bell Telep Co of Can___100
Brazilian Tr & P ord...• 1234 12% 1234
1634
Buff Mae & East Pow.
.25 164 16
Cables & Wireless LtdAm dep rcts A ord shs Li
1% 14
335 34
Am dep rcts pref shs_£1
Am dep reta B ord
3-4
Centra l& S'west Util44 44
S7 preferred
14 1%
1%
Cent States Elec new tom
23
23
Cleveland Elec Ilium com* 23
106 1064
6% preferred
100 106
Columbia Gas dc Elea
Cony 5% Pre
100 804 804 82
38
41
Commonwealth Edison.100 39
Common & Southern Corp_
%
Warrants
.514 5334
Consol GE LAP Halt con3• 52
96
96
5% preferred A
100 96
50
2,500
600
38% 3915
100
300
100
1,000
High.
July
21
6434 July
1734 July
71%
13
3%
124
12
Aug
Aug
July
Jan
Sept
25
Nov
34
Sept
6534
Jan
1%
2%
17%
68
12
235
50
27
Nov
Apr
Mar
Nov
Apr
Mar
Nov
Nov
6%
1314
50
91%
26%
94
754
.12
June
June
June
Jan
June
June
June
July
/ Oct
54
Oct
Nov
2
in Apr
Mar
34 Oct
234
1.14
4
14
34
June
July
June
June
June
Nov
70
Feb 110% Aug
Feb 174 July
6
1534 June 234 Jan
1 14 Apr
,
2% Feb
5ot Feb
134 July
4.4 July
Ts July
100
4,000
20
70
4% Oct 244 July
4% June
Nov
July
20% Apr 37
Jan
99% May 110
SO
1,200
68
38
9,20
600
10
'is Apt
4311 Apr
Oct
95
July
Ap 138
Nov 824 Jan
14 June
704 June
99% Sept
37
Sep
76
July
125
5435 5634
150
45
43
134 4,200
135
50
15
15
100
24
15% 17% 49,700
500
35
364
1,400
3734 40
100
16
16
5434
39
11i
134
135
10
2234
25
6
No
Ma
Mar
Apr
Apr
Fe
Apr
Apr
Mar
68
68
4%
2634
6%
41%
59%
66
21
Jan
July
June
July
July
June
June
June
July
1334 14%
144 1435
19% 19%
6
64
175
2'
50
300
6
64
10
6
Apr
Mar
Mar
Sept
21
19
25
15%
May
June
June
June
7%
%
87
%
1
1,20
1,600
1034
29
45
4
5235
,
104
3035
45
34
524
15
10
10
200
2
3
18%
43%
4
4835
Apr
Mar
Apr
Jan
Mar
15
624
703.5
35
59
July
June
Jan
June
July
17
17%
27
17
Nov
27
July
134
8%
135
1,100
3
1,000
74 Feb
.5% Mar
35 Feb
,
34 June
2334 June
3 June
434
50
4% 4%
524
50
3714 374
4,900
220
100
Nov
4
Nov
50
374 Nov
16 June
824 Feb
Jan
74
2%
3
2% 234
34
A
51
1
1
80
80
3335 3335
1044 1044
3,500
100
400
9,700
100
10
50
20
34
135
23-4
34
34
75
2134
804
4434 46
National P & L $6 pref..• 44%
New England Pow Assn
• 4234 41% 4234
36 preferred
NY Telep 634% pre_ -100 115% 1144 116
20
20
NY Water Serv
p1100
Niagara Bud Pow54 5%
5%
16
Common
4
Clans A opt warrant....
11,1
ClassC opt ware
34
Ti
64 7
No Amer Lt & Pr $6 pref.•
23
22
Nor States Pow com A.100
700
Duke Power Co
100
East Gas & Fuel Amoo4 7 prior pref
0
100
6% preferred
100
East States Pow corn B •
•
East Utll Assoc coin
Convertible stock
•
Elea Bond Sr Share com__5
$5 cumul preferred__ __•
SIT preferred
•
Empire Dist El 67 pref100
Empire Gas & Fuel
6% preferred
100
635% preferred
100
8% preferred
100
Empire Pow l'art Stock_ *
European Electric Corp
Class A
10
Option warrants
3935
43
1634
3534
3834
16
144
194
8%
3-1
Gen GA E cony pref B.. •
Gen Pub Serv $6 pret_ •
Georgia Power $6 pret_ •
Hamilton Gas COM V t c...1
Hartford Elec Light_ _25
Internet Hydro-ElecPref $3.50 series
50
Internatl
1
Class B
Interstate Power $7 pref *
Italian Superpower A
•
Long Island Lug
•
Common
7% preferred
50
100
6% 13 prat
Marconi Wire! T of Can_l
Mass Util Assoc v t c._-•
6
Memphis Nat Gas
Middle West URI tom..•
•
SO cony pref A
Miss River Pow prof.. _100
Montreal Lt Mt & Pow_ *
Mountain Sts Tel & Tel 100
Pacific G & E 6% 1s1 pf 26
5357 lst pref
0
25
Pacific Ltg SO pref
•
Pa Pow & Lt 57 pref
•
Pennsylvania Water & Pr.•
Phila Elec $5 pref
•
Puget Sound P &
$5 preferred
•
Ry & Light Secur corn. •
Shawinigan Wat & Pow_ •
Sou Calif Edison
6% pref series Er
25
54% preferred C
25
Southern Nat Gas corn._ _•
Standard P & L coin
•
Preferred
•
Tampa Elec Co corn
•
Toledo Edison 7% pf A 100
Union Gas of Canada_
•
United Corp warrants
United Gas Corp cora____1
Prof non-voting
•
Option warrants
United Lt & Pow corn A_-•
$6 cony 1st pref
•
US Elec Pow with warr 1
Warrants
Utah Pr & Lt $7 pre
•
Util Pow & Lt new corn_ _1
7% preferred
100
1731
134
3%
1
8%
134
204
20%
79
4634
95
184
764
79
464
95
214
18%
77
7934
4933
95
1211 13
7
16
16
1834
16
4
28
14
2%
24
2%
34
34
731
235 Mar
4 Apr
34
290 2634
225 10914
25 16
8% Nov
14 July
Apr
34
May
614
Feb
M
Nov
334
Apr
Apr 91
Apr 36
Apr 108%
Apr
Sept
June
May
MitY
June
Sept
July
Sept
724 June
Apr 62% July
.1103
Apr 119
.
Jan 254 July
Jan
June
June
JIM
July
8,000
1,900
100
75
1,000
534
'1#
35
4
22
Oct
Apr
Feb
Oct
Nov
2,000
200
200
100
700
25
204
1831
763-5
7435
39
944
Nov 254 Jan
Nov 23% Jan
Jan
Nov 94
Sept 9534 Jan
Jan
Apr 60
Feb
Apr 102
50
100
100
Apr
12
534 Apr
Feb
8
163-4
2
34
13%
5334
June
28
144 June
2034 July
184
18
15% 164
34
34 4
2735 28
1,100
600
300
400
100
Nov244 Jan
18
153.8 Nov 224 Jan
June
1
'is Mar
Oct 1635 June
3
July
Apr 50
16
24%
63
4
234
234
24
34
315
124
35
iii
26%
1%
8%
200
10
200
3,300
9,200
1,200
3,900
4,900
1,100
1,200
100
12
3,200
45
1934
63
134
14
134
13
34
2
834
34
oi
20
34
5%
24%
63
3.35
14
235
22
%
2%
12
35
iii
26%
15
711
Apr
Nov
Apr
Mar
Feb
Feb
Feb
Mar
Apr
Sent
Apr
Mar
Nov
Apr
32
75
734
64
634
45
134
9%
414
13-4
34
42
24
274
June
June
July
June
July
July
June
June
June
June
June
June
Aug
June
Financial Chronicle
3482
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Former Standard 011
Subsidiaries Par. Price. Low. High. Shares.
Buckeye Pipe Line
50 36
150
35
36
25 8835 8631 8831 4,100
Humble Oil& Ref
Imperhd 011(Can) couv.-• 1414 12% 1414 25,400
•
Registered
700
1354 1334
National Transit._ _ _12 50
200
731 731
734
5
100
New York Transit
331 331
Northern Pipe Line
400
10
534
53.4 514
25
40
514
634
534
3
416
25
South Penn 011
10
Southern Pipe Line
So' West Pa Pipe Line_50
Standard Oil (Indiana). _25
10
Standard 011 (KY)
Standard 011 (Ohio) coal 25
Swan-Pinch 011Corp. __25
Other 011 Stocks
1
Amer Maracaibo Co
Arkansas Nat GA/ COM- •
•
Common clean A
100
Preferred
British Amer 011 coupon..
250
Carib Syndicate
•
Colon 011 Corp corn
Columbia Oil& Gas rtri •
10
Consol Royalty 011
Cosden 011 Co1
New common
5
Creole Petroleum
Crown Cent Petroleum_ _ _1
Darby Petroleum new_ __5
•
Derby 011& Ref com
Gulf(MCorp of Penns _ _25
•
International Petroleum..
0
Kirby Petroleum
Leonard Oil Develop_ _25
"
Lion on Refining Co
•
Lone Star GM Corp
*
Mexico Ohio Oil Co
M,ddle States Petrol*
Class A v t c
*
Class B v t e
Mountain & Gulf 011 Co 1
•
National Fuel Gas
New Bradford Oil Co_ _25
Ruropean Oil com---•
Nor
•
Pantepeo Oil of Venez_..
Petroleum Corp of AmerStock purchase warr___.
1
Producers Royalty
Pure Oil Co 6% pref___100
•
Reiter Foster 011
25
Richfield Oil pref
1
Root Refining corn
10
Cony prior pref
•
Ryan Consol Petrol
Salt Creek Consol Oil_ _1
Salt Creek Prod Assn___10
Southland Royalty Co-.5
5
Sunray 011
•
Teton 011 & Land Co_
5
Venezuela Petrol
1
Woodley Petroleum
3%
31
1534
1
13-4
14
4
13-4
131
3
11
5231
20
1
54
34
1334
34
1
34
43.4
534
5
lin
1
234
4
Kerr Lake MInes
Kirkland Lake G M Ltd_l
Lake Shore Mines Ltd___1
Mining Corp of Can
•
25
New Jersey Zino
Newmont Mining Corp_10
NY & Honduras Rosario10
Nlpissing Mines_
5
June
Nov
July
July
May
July
June
Mar
11
234
2434
17
834
1554
1
Feb
Apr
Mar
Mar
Mar
Mar
Jan
2254
6
43
34
19h
41
3
July
May
July
Sept
July
July
June
34 1
134
13-4
114
15-4
231 231
1334 14
334 431
131
131
1
1
131 1%
2,600
100
2,400
200
600
2,200
1,200
1,500
100
hi
134
sl
2
631
34
31
%
1
Mar
Feb
Mar
Feb
Feb
Feb
Feb
Apr
Jan
234
534
4
4%
1434
734
4
2%
234
July
June
June
May
Sept
July
July
June
May
2% 334 1,500
1031 1134 12,000
200
36
34
300
6
6
200
134
134
4834 5334 5.100
1934 2031 30,100
1
500
1
34
34
500
200
6
6
1,000
634
6
200
231 234
Oct
2
431 May
31 Feb
434
34
24
8834
31
34
134
434
2
Aug
Mar
Mar
Feb
Jan
Apr
Apr
Apr
Feb
331 Nov
1134 Oct
134 July
8
231
82
2034
2
154
934
1134
5
Oct
June
July
Nov
June
June
July
June
Apr
4
June
114 June
July
1
114
14
34
200
200
1,800
% Jan
% Jan
31 Jan
1334 1331
1% 114
14
14
% 1
300
1,500
400
4,000
10
Feb
34 Jan
Jan
114
h Mar
20
2
.34
334
May
Sept
June
July
34
134
57
134
23.4
134
8
434
June
June
Sept
July
June
June
July
June
Nov
June
June
June
May
June
July
114
gi
14
1n
1,000
.1,
'i
Ye"
4531 4534
1
131
if
34
131
131
434 431
134
134
1,700
10
800
200
100
200
100
lit
31
16
31
%
334
34
Jan
Mm
Apr
Apr
Jan
June
May
Feb
100
1,200
1,100
600
'200
4,200
1,000
%
3
3}4
31
634
34
134
Nov
Feb
Feb
Jan
Ayr
Jan
Mar
34
93-4
634
134
1334
I%
334
1434
Jan
5134
Oct
134
34 Jan
1
4 Apr
234
55
Jan 140
14
'I, Jan
31 Jan
154
June
June
Sept
June
June
Ili
14
534
434
111
.
634
%
231
34
6
5%
54*
7
13.4
234
1,000
100
1,900
14
14 3,100
634
1,700
1031
5,600
1034 10,600
400
1034
4
4,300
14
2%
'ii
lie
23-1
514
234
73-4
234
Feb
Feb
Apr
Jan
Feb
Jan
Jan
Aug
Aug
13-4
63-4
511
1 14
,
831
11
1234
1231
534
June
Oct
June
July
June
Sept
July
Oct
Sept
35
%
4731
2
5934
49
2831
214
500
31
200
14
51% 20,200
2
200
6231 2,400
533-4 5,300
3131 2,100
234 4,400
31
31
2514
134
2634
113-4
734
1
Jan
Jan
Mar
Apr
Mar
Mar
Feb
Jan
134
14
5131
231
6534
5754
3154
4
June
Feb
Oct
July
Sept
Sept
Nov
July
hi 7,400
14
93-4 1034 8,500
131 4,600
1
34 4,300
34
100
234 214
23,700
33.4 4
34 4,700
34
hi
834
'ii
lit
34
2
lig
Jan
Jan
Apr
Jan
Feb
Oct
Feb
34
1534
134
,i
454
4
14
June
July
June
June
June
Nov
Apr
631 6,500
500
1
33.4
700
200
1
li 3.100
834 41,400
600
34
334
31
154
36
111
854
11.
Feb
Mar
Mar
Jan
Jan
Jan
Feb
714
134
6
13-4
ris
854
1
July
Sept
June
June
JUDO
Sept
June
5934
5234
9534
60
70
62
67
5934
52
95
59
g
18,000
6,000
6,000
15,000
3,000
38.000
19.000
69
62
61
5834
52
80
4734
Sept 10034 Jan
Jan
Sept 97
Jan
Apr 95
Apr 8934 Jan
Nov 8134 Jan
Jan
Apr 99
Mar 80 June
7934
18
7031
1
1% 10,000
1,000
1
1
7.000
4
4
7931 7934 2.000
32.000
19
18
.51,000
7034 72
11
31
3
64
1234
69
Apr
Apr
Mar
Apr
Apr
Apr
514
534
e8
85
40
92
July
July
Jan
May
July
Jan
15,000
18,000
113,000
27,000
77,000
119,000
13
11
3234
83
33
65
Apr 42
Apr 3734
Apr 7354
Apr 102
Apr 81
Apr 105
July
July
July
Oct
July
July
31
50
6034
50.4
3031
34
10
131
54
1
Tack-Hughes Mines
Tonopah Mining Co
1
United Verde Extension 500
5
Utah Apex Mining
1Venden Copper Mining_ _1
Wright-Hargreaves Ltd_.
•
Yukon Gold Co
5
834
"
is
334
4
he
36
734
M
7034
82
6
31
334
A
36
715
,i
'In
5
73
67
6734
6031
54
96
80
23
Am Gas & Pow deb 6s..1939 24
Secured deb 58
1953 213-4 21
Am Pow & Lt deb 6s_ _2016 46% 44
100
Am Radial deb 4348_1947 100
Am Roll Mill deb 56_1948 6634 65
444% notes_ _ _Nov 1933 102
101
25
22
4774
10134
6734
102
Amer Seating cony 68-1936
Appalachian El Pr 58_1956
A ppalaChlan Power 56_1941
2024
Debenture 6s
Arkansas Pr & Lt 55- 1958
Associated Elea 43-48. 1963
7,000
43
81,000
80
1,000
10434
4.000
73
69
25,000
27 104,000
Mar
Apr
Feb
Apr
3934
8834
1534
15
10
4%
814
Jan
Mar
14
5
34
hi
53,4
1014
931
10
3%
36
34
'a
634
10%
10
10%
3%
1
Ohio Copper Co
Pioneer Gold Mines Ltd _ _1
Premier Gold Mining__ _1
Si Anthony Gold Mines_ _I
Shattuck Denn Mining.. _ _5
So Amer Gold & Platt newl
Standard Silver Lead __ _1
.
BondsAlabama Power Colet dr ref 58
1946
lot & net 55
1951
1st & ref 's
1956
1st dc ref Is
1968
lot dr ref 4348
1987
Aluminum Co s f deb 5s '52
Aluminum Ltd deb 58_1948
Amer & Com'wealths Pow
Cony deb 68
1940
5545
1953
Am Community Pr 5368'53
,
Amer & Continental 5.31943
Am El Pow Corp deb 66'57
Amer (.1 & El deb 58_2028
High.
900
300
100
8,300
3,500
550
200
Mining1,025
40
5035
Bunker 11111 & Sullivan_ _10 48
Bwana M'Kubwa Cop Min
American shares
100
134
134
134
134
1
1.300
Consol Copper Mines__ _5
280
132 135
Consul Min & Smelt Ltd 25 132
1
iii,
is,.
% 8,300
Cron Consol G M
13i 136 28,000
1
Cusi Mexican Mlning_50c
•
Evans Wallower Lead
100
7% preferred
1
Falcon Lead Mines
Goldfield Consol MInes_10
25
Hecia Mining Co
Hollinger Consol 0 M_ _ _5
Hod Bay Min & Smelt_ __•
Internet Mining Corp_ _ _ _1
Warrants
Low.
1714
4
43
3134
1534
28
23-4
17
33-4
40
30
1534
26
234
033
1/4
Range Since Jan. 1.
41
78
25
41
77
10434
7234
6731
25
July
Apr 51
22
7134 Apr 9734 Jan
Apr 10534 Nov
94
Apr 8534 Feb
63
Apr 9034 Jan
62
4734 Jan
Nov
25
Bonds (Continued)Associated Gas & El Co
1938
Cony deb 5348
Registered
1948
434s
1949
Cony deb 414s
1950
Cony deb 56
1988
Deb 6s
Cony deb 5348
1977
1950
Assoc Rayon 58
Assoc Telephone 5s_ _ _1965
Assoc T do T deb 5 348 ASS
Assoc Telep CBI 5144.1944
Certificates of deposit. _ _
1933
6% notes
Ctfs of deposit
Atlas Plywood 5%s_ _ _1943
Baldwin Loco Works
6s with ware
1938
6s without warr_ _ _ _1938
Bell Telco of Canada
1955
181 M 58 series A
lot M 58 series 13_1957
1960
1st M 58 ser C
Bethlehem Steel 6s
1998
Birmingham F.1ee 4348 1965
Birmingham Gas 5s. _ _1959
Boston Consol Gas 58_1947
Canadian Nat Ry 7s__1936
Canada Northern Pr 5s '53
Canadian Pao Ry 66- 2042
Carolina Pr & Lt Ee__ _1956
Caterpillar Tractor 58_1935
Cedar Rankle M & P 55'53
Cent Arizona Lt & Pr 5s'60
Central Illinois Lt 5s_1943
Central III Pub Service
1958
55 aeries E
lot & ref 4348 oar F.1967
1968
5s series 0
1981
434s series II
Cent Maine Pow 58 D 1955
Cent Ohio Lt & Pow Is '50
Cent Power Is ear D._1957
Cent Pow & Lt lot 58_1956
Cent States Elea 5s_1948
Deb 5345 Sept 15 1954
With warrants
Cent States P & L 53411 '53
ChM Dist E ec Gen 4%8'70
Deb 5348. _Oct 1 1935
Chicago Jet Rys & Union
Stock Yards 5s_ _1940
1927
ChloRYS 5s otfs
Cincinnati Street Ry1955
60 series Ii
1966
Cities Service 5s
1950
Cony (lob 55
Cities Service Gas 534s '42
Cities fiery Gas Pipe L '43
Cities Serv P & L 534e 1952
1949
5%5
Nov. 11 1933
solo,
Friday
Last Week's Range for
of Prices.
Week.
Sale
Price. Low. High.
$
1434
14
12
1334
14
16
423.4
4654
1134
1131
5034
1415
1434
14
12
1334
1334
1534
42
8234
4534
11
113.4
1634
16
50
17
1434
1434
14
1534
1434
1634
4531
8231
48
1134
113-4
1634
16
5034
10334 10334 49,000
106
7134 7035 7134 21,000
Low.
High.
18
1436
1234
1134
13
13
1434
33
75
15
5
1034
11
16
27
Mar
Nov
Mar
Mar
Sept
Mar
Sept
Apr
Mar
Feb
Mar
Oct
Apr
Nov
Mar
96
70
Oct 11734 Aug
July 8231 Aug
28%
2531
27
2634
28
27
3534
52
8934
48
2434
16
5334
16
53
July
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Nov
Jan
Nov
Jan
Nov
June
10134
10134
10134
107
5434
48
104
10554
10554
106
10/34
55
48
10431
127,000
169,000
41,000
2,000
4,000
2,000
16,000
87
8534
87
99
52
40
9934
Feb
Apr
Mar
May
Sept
Feb
Apr
10534
10534
106
112
80
66
105
Nov
Nov
Nov
June
Jan
July
Jan
102
83
10434
5,
100
10634
79
103
101%
7831
1024
57
100
104%
78
103
10234
8334
105
5936
100
108
79
10331
39,000
26,000
99,000
25,000
4,000
77,000
4,000
7,000
98
59
7034
54
88
8634
75
9834
Apr
Mar
Mar
Apr
Mar
Mar
Oct
June
102%
8334
11334
7931
100
108
9354
105
Oct
Nov
July
July
Oct
Nov
Apr
Jan
59%
53%
56
5734
5234
56
53
89
66
39
4134
32
10434
10434
104
107
48
89
39
42
5934 3,000 52
5614 62,000 4834
58
8,000 52
1,000 48
53
9034 9,000 85
1,000 5331
66
45% 12,000 39
45
54,000 4116
3316 9,000 8273(
Apr 80
July
Apr 7434 July
Jan
Apr 78
Apr 73
Jan
May 101
Jan
Apr 76
Jan
Jan
Nov 75
Nov 07
Jan
Apr 56
July
3214
3434
86,000
3134 34
3431 3734 44,000
84
69
84
7234 27,000
86
3,000
5854
74
5134
96
51
96
2,000
5231 17,000
9334 May 100
Oct
47
Mar 8834 July
543-4
3336
33
52
6314
32
3134
55
3531
3434
5234
6431
3334
3334
47
2414
2434
42
54
25
2554
5434
333-4
3334
52
3234
Cleve Elec Ill let 56.-1939 10131 10414 10854
1934 10331 10334 10654
Is series A
10634 107
1961
.58 series 13
Comment und Privet
5134
48
1937 48
Bank 534s
Commonwealth Edison94
973,4
jot M 58 series A_ .. _1953 94
9734
93
1954 93
18t M 55 series I5
8931
86
lot 4346 series C._1956 86
lot 51 4 368 series 11.1957 8834 8831 90
1960 8831 8831 8934
434s series E
78
74
1st M 48 series F.._ _1981 74
1962 9531 9531 9934
53is series G
Com'wealth Subsid 5348'48 5831 5831 62
3214
Community Pr & Lt 581967 3931 39
Connecticut light dr Power
106 106
1954
534s series B
10234 10235
1956
4358 series C
105 106%
1962 105
55 series D
92
95
Conn River Pow 511 A 1952 92
Consol G,E L dz P 4348'35
Consol Gas(ilalt City)
1954
Gen mtge 434s
Consul Gas El Lt &P(Ran)
1969
431s series G
1970
4345 series II
1981
let refs I 45
Consol Gas Utll Co
1st dr coil 68 ear A_ _1943
634s with warrants 1943
Consol Publishers Co
7.% btain ped_ _ _ _1936
Consumers Pow 4145._1948
1936
let & ref 5s
Cont'l Gas & El 5s-1958
Continental Oil 5146_ _ 1937
Crane Co 5s_ _ __A ug 1 1940
Crucible Steel 5s
1940
Cudahy Pack deb 5101937
Slaking fund 5s__1948
Cumb Cu)' & L 434E4_1956
118,000
1,000
14,000
218,000
156,000
133,000
25,000
26,000
1.000
78,000
44,000
2,000
5,000
1,000
3,000
Range Si see Ian. 1.
2,000
36,000
335,000
18,000
2,000
119,000
48,000
105
46,000
Dallas l'ow & Lt 68 A_1949
1043-4
5s series C
1952
101%
Dayton Pow & Lt 58._1941 100
100
Denver Gas & Elise 58_1949 9931 9934
Derby Gas & Elec 65_ _ 1946 65
6434
Del City Gas 68 sec A 1947 8531 84
55 lot series B
1950 77
77
Detroit Intl Bridge
Aug 1 1952
3
634s
3
Dixie Gulf Gas 6148 1937
With warrants
83
82
Duke Power 4348
1967
9334
106%
101%
10431
101
67
86
79
Oct
Mar
Mar
Feb
Jan
Apr
Apr
65
46
4534
67
7834
433-4
4334
Jan
Jan
June
may
may
July
dune
June
June
4631 June
6634
Jan
1.000 10234 Mar 11054 Jan
3.000 9731 May 105% Feb
22,00
9731 May 10734 Feb
39,000 89
May 10
034 Sept
3,00
3634 3914 45,000
834 931 2.000
50
5336
96
953<4 97%
102% 10214 103%
3934 3734 41
101% 10114 10134
8034 8034 81
6434 6434
97
97
98
10334 104
7731 7731 8134
Apr 8434
Apr 04
31,000 89154 Apr 10634 Jan
38,000 92
Apr 10534 Jan
37,000 88334 Apr 10234 Jan
27,00
8334 Apr 10134 Jan
32,000 82
Apr 101
Jan
94,000 74
Nov 9334 Jan
114,000 95
Apr 10631 Jan
47,000 57
Apr 873.4 Jan
30,000 3631 Apr 59 June
10234 10236
2,000
101 104
101
4,000
9015 9034 9534 46,000
37
5634 July
54
July
58,000 1134 Mar el 0716 May
17,000 10231 Apr 1083<4 Jan
7,000 102
Apr 110
Jan
10134 10131 10234 32,000
105
28
Apr
2314 API'
9934 Mar 105
973-4 Apr 107%
Sept
Jan
98
Apr 106
Jan
9534 May 10731 Jan
89
May 100
Aug
21
4
Jan
Apr
4834 July
16
July
10,000 30
90,000 9014
38,000 100
81,000 37
17,000 92
2,000 65
1,000 2.5
30,000 87
9,000 9914
9,000 72%
Mar
Apr
Mar
Apr
Mar
Apr
Apr
Mar
Mar
Apr
5334
10434
106
6534
101%
92
8131
10034
105
9134
19,000 100
4,000 9834
71,000 09
25,000 9634
27,000 60
7.000 75
15,000 68
Apr
May
Apr
Apr
May
Mar
May
10835 Jan
,
10354 Aug
10614 Jan
10234 Jan
83
July
9854 Jan
91
Jan
34 Mar
434 June
334
8,000
83
9335
8,000
1,000
70
88
Eastern Utfl Assoc 5.9_1935
9234 9234 5,000
Eastern Utilities InvestingIs ser A woe
1331 14
1954
4,000
Edison Elec 111 (Boetor02-year 55
1934 101% 10114 10234 43,000
5% notes
1935 10034 10034 10214 113,000
Elec Power & Light 55_2030 30
31
28
151,000
Elmira Wat L & RR Is '56
58
59
2,000
El Paso Elec Is A...,....1950 6914 6914 70
9,000
El Paso Nat Gas
Deb 6343
30
30
1938 30
5,000
Empire DIM El 55_ -_ _1952 50
50
5134 11,000
Empire 011 & Ref 554.1942 4534 45
463-4 42,000
Ercole Nlorelll El 6346_1953
With warrants
8231 84
8,000
Erie Lighting 55
85
1967
90
8,000
European Elea 8145-1966
Without warrants
7534 73
7534 35,000
European Mtge Inv 75 C'67 28
2514 2634 34.000
Fairbanks Morse 5s_ _ _1942
59
59
3,000
90
Apr 9434 July
Jan 102
June
May
914 Feb
9914
9534
21
57
65
Nov
Jan
Jan
dune
Oct
June
July
July
June
Feb
9834
Jan
23
Jan
Apr 10334 Jan
Apr 10314 Jan
Apr 59
July
Oct 88
Jan
Apr 863.4 Jan
25
Oct
87
Apr
2814 Apr
50
Jan
67
July
5814 July
63
88
June 84
Mar 104
80
23
40
Mar
Apr
Apr
Oct
Jan
80
Sera
3934 Aug
7234 July
Financial Chronicle
Volume 137
Bonds (Continued)-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High
5
Farmers Natl Mtge 75 1963
,
Federal Water Seri 64854
Finland Reeidential Mtge
1961
Banks 6s
Firestone Cot Mills &s.'48
Firestone Tire & Rub 55'42
First Bohemian Gass 75'57
Fla Power Corp 5345_1979
Florida Power & Lt 55 1954
254
72
87
9161
5534
56
9634
5534
954
Low.
Bonds (Continued)-
High.
40
1,000
40
254 2634 38,000
24
18
Mar
Apr
4534 Aug
July
43
36,000
34,000
12,000
1,000
37,000
86,000
38
68
71
60
44
68
Jan
Mar
Apr
Jan
Apr
Mar
7334
894
9234
6534
74
704
Oct
July
Aug
Jan
July
July
14,000 354 mar
84,000 5934 Apr
26,000 39
Mar
27,000 39
Mar
6,000 34364 Apr
72
833.4
734
73
74
Jan
July
Nov
July
Aug
7164
8634
91
61.14
5564
56
72
874
91%
6164
58
59
36
37
Gary El & Gas Meer A 1934 36
Gatineau Power 1st be 1956 8031 78
82
Deb gold 65 June 15 1941 7034 703 7334
4
1941 6834 6866 70
Deb 65 series B
General Bronze fis.-1940 5834 58% 59.35
_
Gen Motors Accept Corn
101
19
101 101
5% serial notes
1934
10264 103
5% serial notes
66
63
Gen Public Sem 5s_ _ _1953
28
Gen Pub Util 664e A.1926 2634
25
1933 34
33
36
2-yr cony 6348
1948 40
40
Gen Rayon Os
40
98
Gen Refractories Os_ 1938
983-4
Gen Wat Wks & El 58 1943 39% 394 404
Georg1a Power ref 55_1967 6234 6234 6634
Georgia Pow & Lt 5s...1978
4834 4864
1953 47
Gesturel deb 65
44
47
Gilette Safety Razor be '40
Glen Alden Coal 4s _1965
1935
Glidden Co 5345
Otobel (Adolf) 64e _A935
With warrants
Godchaux Sugar 7645_1941
Grand (F W) Prop 6s.1948
Grand Trunk Ry 6 As 1936
Grand Trunk West 4(3_1950
Cr Nor Pow 5:
1935
Great Western Power 55'46
Guantanamo & West 65'58
Guardian Investors 59_1948
Gulf 011 of Fa 5s
1937
be
1947
Gulf States Util 6s
1956
Range Since Jan. 1.
16,000 10034 Mar 10334 Aug
9,000 10034 Mar 10334 Aug
7.000 54
Oct75
Jan
16,000 12
Mar 38
June
15,000 1734 Mar 48
June
Mar 60
June
1,000 20
22,000 90
Oct 1084 Aug
15,000 384 Mar 60
May
113,000 60
Apr 9014 Jan
1,000 40
Apr 7066 July
40,000 3136 June 6964 Jan
9664 9634 22,000
5531 5734 35,000
944 954 34,000
89
45
75
Apr 102
Feb
Apr 7134 July
Apr 954 Oct
814 844
97
97
864 834
10134 10134
64
6534
9364 97
9936
98
16
17
41
41
100 10161
10034 101
6934
69
25,000
4,000
1,000
7,000
24,000
5,000
3,000
20,000
4,000
101,000
61,00
18,000
55
77
7
94
50
89
93
1234
2634
92
92
50
Apr 934
Feb 100
Apr 12
Apr 102
Apr 7564
Apr 10164
May 10634
Jan 36
Apr oll
Apr 10234
Mar 10266
Apr82
July
July
Jan
July
Sept
Sept
Jan
July
June
July
Aug
Jan
Hackensack Water 53_1977 99
99 100A
5s
1938
101 102
Hall Printing 548____1947 624 60
63
Hamburg Electric 76..1935
7034 72
Hamburg El & Und 534538 6934 68
6934
Hood Rubber 564s_ _ _1936
5834 58A
Houston Gulf Gas 69_ _1943
4634
46
nous L & P 1st 414e E 1981 85
85
884
let & ref 44e ser D.1978 85
85
88
Es series A
.1953 9664 9036 99
Hudson Bay Iti & S 68_1935 110
106.4 110
Hung -Italian Bk 7101963 504 504 504
Hyradulic pow 5s _ _ _1950
10564 10536
Ilygrade Food Prod 851949 424 4166 43
65 series 13
1049
43
43
10.000
21.000
9.000
3,000
8,00
0
3,000
3,000
75,000
6,000
12,000
87,000
11,000
1,000
9,000
1,000
9034
96
49
6234
40
3161
3134
794
7834
88
77
3514
9964
41
90
Apr 10334
Mar 10434
Mar 724
Apr 8631
Sept7264
Mar 68
Mar 61
Apr 9634
Apr 904
May 104
Apr 120
Feb 55
Apr 10766
Apr 65
Apr e61
Aug
Sept
July
Jan
Jan
July
July
Jan
Jan
Jan
July
July
Jan
June
June
Idaho Power be
1947 90
94
90
Illinois Central RR 446'34 68
6736 69%
III Northern IRO 5s_ _ _1957 _ _ _
904 9011
III Pow & List Os ser A '53 55
544 .574
let & ref 614e ser 11.19b4 54
524 55
1st ds ref baser C
1956 5261 5134 63%
E3 1 deb 5 As__May 1967 384 384 404
Independent0& G 65_1939
10111 10134
Indiana Electric CorpOs series A
1947 624 62
63
55 series C
5766
1951
57
Indiana Ilydro-Elec be '58 55
.55
5731
Indiana & Mich Elea
let & ref be
1966
854 8634
55
1957 9966 9931 10061
Indtana Service be
1950 274 274 2734
1st & ref Is
1963 2564 2566 2631
Indianapolis Gas 53 A 1942 71
71
723-4
Ind'polls P & L 55 ser A '57 7665 7663 81%
Intercont Pow Co... _ _1948
With warrants
234 364
International Power SeeSecured 84s sec C__196b 91
90
92
7s series E
1957 92
907-5 93.34
,
7s series 1.
1952
8364 85
International Salt 5e__1951
84
84
8434
International Soo 5s__1947 46)4 4664 4834
8,000
00
39,0
4,000
87,000
58,000
58,000
4.000
21,000
8564
33
85
52
60
4534
38
8464
May 10234 Jan
Apr 8564 July
May 10074 Feb
Apr 7764 July
Apr 74
July
Jan
Apr 71
Apr 604 Jan
Mar 10166 Sept
6,000
7,000
24,000
57
Apr 91
Feb
4834 Apr 57864 Jan
Jan
May 76
49
4.000
14,000
4,000
23,000
5,000
79,000
80
94
14
12%
65
7334
Interstate Ir & Stee154e'46
Interstate Power 5e_ _ _1967
Debenture 68
1952
Interstate Public Servicefle eerie* D
1956
44e aeries F
1958
Iowa-Neb L & P be_ _1967
58 series B
1961
Iowa Pub Bey, be----1957
Marco Hydro-Eleo 75.1952
Isotta 1 ranshini 75 _ _1942
Italian Superpower of Del
Debt' 69 without war '63
Jacksonville Gas be___1942
JarnalcaWat Supply5 As'65
Jersey C P & L 55 13_1947
414a series C
1961
Jones & Laughlin 55_1939
Kansas Gas & El 65 A.2022
Kansas Power 5s
1947
Kansas Power & Lightfe aeries 13
1957
Kentucky Utilities Colet M be
1901
6645 series D
1948
534s series F
1955
55 series I
1969
Kimberly-Clark 5a_ _ _1943
RolVere 0& C deb Be 1947
Sink fund deb 6%8_1960
Kresge(S S) Co 56_ __ _1945
Certificates of depoalt-1936
Laclede Gas 54e
Lehigh Pow Scour 65_2026
Leonard Tletz 715e__ _1046
Libby MaN & Libby Si'42
Long Island Ltg 65-1945
Loa Angeles Gee & Elise."
1961
1939
55
1947
5345 series E
1943
5.1e3 series 1'
5345 series I
1949
1942
65
Louisiana Pow & Lt 651957
Manitoba Power 510_19bl
Mansfield Min & Smelt75 with warrants___1941
8434
834
10165
6564
98
17
10034
10011
u69
2,000
27,000
29,000
13,000
10,000
26,000
Apr 99
Jan
May 105
Jan
Apr 44
July
Apr 40A July
Apr 833-6 Jan
Apr 954 Jan
14 Jan
74
70
45
7466
40
10
June
July
May
Apr
Mar
Mar
Nov
92
9616 Oct
8566 Oct
903-5 Oct
614 July
t,9
9634
35
55
46
34
14,000
61
4864 73,000
354 54,000
21
Apr
3834 API*
2034 Apr
6764 June
July
64
5334 July
5461
504
5364
504
6814
664
6334
82%
8434
56
524
C9.4
88
6734
8464
8461
26,000
28,000
18,000
8,000
12,01)0
8.000
2,000
4614
45
63
6364
6034
71
63
783-4 Jan
Jan
72
8434 Jan
84A Jan
8334 July
8634 Feb
Aug
86
6836 68% 66,000
3764
67
6364
8461
683-5
43
80
4134
101
8564
SO
10364
70
60
43
4,000 3034
101
1,000 98
89
8,000 8566
8261 30,000 80
10364 2,000 101
70
6034
7935 80
5175
62
53
91
76
814
564
68
584
90
36
3,000
3,000
3,000
504
62
61
50
90
7564
80
92
91
54
68
61
53
914
76
81%
92
91
563.1
67
294
574
74
5631 4.000
69A 63,000
294 2,000
61
34,000
804 5,000
90
10364
10064
101
100
101
70
3131
55
14,000
12,000
1,000
21,000
10,000
19,000
9,000
6,000
2,000
API*
Apr
Apr
Slay
Apr
Apr
Jan
Apr
72
Aug
Apr 5334 July
Slay 10235 Sept
Nov 10131 Jan
Nov 9664 Jan
Apr 104
Oct
68
60
Nov
Nov
8564 Jan
Feb
80
71
May
904 Aug
504
62
56
50
72
70
72
77
6666
Nov 774
Nov
93
Apr82
Nov80
Apr 92
Apr 84
Mar 874
Apr 96
Mar 93
June
Feb
June
July
Oct
Aug
July
Jan
July
Mar 8031 July
47
56
Apr 8864 Jan
25 June 6834 Jan
464.Mar 77
June
80
Apr 100
Jan
92
7,000 90
Nov 103A Jan
10314 5,000 10064 Mar 10666 Jan
10064
1,000 99
Mar 10414 Feb
101
1,000 9764 Apr 10366 Aug
100
6,000 9834 May 10666 Jan
102
2,000 100
Mar 105
July
75
8,000 70
Nov 9434 Jan
40
66,000 20
Apr
July
53
55
1,000
47
Apr
56
Nov
3483
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
$
Mass Gas Co
Sink fund deb be-1955
1946
5 As
McCord Radiator & Mfg
as with warrant8-1943
Metropolitan EcUson1971
4s series F
55 series F
_1962
Middle StatesPetro16%s'45
..__Middle West Utilities
1932
55 Ws of dep
5s ctfs of deposit_.._ 1933
5s etts of deposit_ _1934
58 cth; of deposit_ _ _1935
Midland Valley 5s_ _ _ _1943
84
Low.
High.
713.4 Apr
Apr
75
38
534
564
536
5834
38
3,000
866 Apr
71
83
54
Milwaukee Gas Lt 464e '67
Minneap Gas Lt 434e.1930
Minn Gen Elec 5s _ _ _ _1934
Minn P & L 55
1955
lot & ref 434s
1978 62
Mississippi Pow 55_ 1955 41
Miss Pow & Lt 58
1957 584
Miss River Fuel 6s_ _ _1944
With warrants
Without warrants____ ______
M155 River Pow 1st 55_1951
Missouri Pow & Lt 534s '55 82
Missouri Public Berl be '47 39
,
Monongahela West Penn
Pub Serv 5A 5 ser11.1953 62
Mon-Dakota Pow 564s '34 41
Montreal L H & P Con
let & ref be ser A __1951 10764
.
58 series 11
1970 10634
Munson S SLine 6 Ae_1937
With warrants
13
Narragansett Elea be A '57
55 series 13
1957
Nat Pow & Lt 65 A_2020
Deb 55 series B.....2030
Nat Public Service e 1978
Certificate( of deposit ..
National Tea 55
1935
Nebraska Power 4145_1981
Neisner Bros Realty 65.'48
Nevada-Calif Elm 58.1956
New Amsterdam Gas 5s '48
NE Gas & El Asen 65_1947
Cony deb 6s
1948
Cony deb be
1950
New Eng Pow Assn 65_1948
Debenture 5 A e__ 1954
744 754 22,000
84
83
15,000
Range Since Jan. 1.
71
8334
54
2,000
3.000
2,000
68
Apr
79
Apr
2766 Mar
531 6
17,000
2,000
534 534
534 6
5,000
a5
53.4 7,000
6,000
5834 60
334
334
336
464
37
Mar
Mar
Mar
Mar
Feb
944
99
Jan
Jan
July
47
Jan
86
97A Feb
July
60
18
18
18
1%
6016
July
July
July
July
Oct
9764
7766
10264
6634
62
41
59
12,000 91
98
78
3,000 7234
10231 11,000 100
67
4,000 65
63
5,000 57
41
1,000 41
594 23,000 50
Apr 10236 Aug
Jan
90
Apr
Mar 10334 Feb
Jan
Oct 87
Jan
Apr 81
Nov 7334 Jan
Apr 83
Jan
93
86A
10134
82
39
2,000
93
8664
1,000
103
19,000
1,000
82
39
1,000
Mar 9634 July
July
Feb 92
May 1054 Jan
Apr 9364 Sept
Jan
Apr 65
79
79
98
79
3734
62
18,000
4134
2,000
4%
27
Apr76
Apr 50
10434 10734 173,000
10461 1063-5 36,000
84
82
Feb10734 Nov
Fob 1063.5 Nov
61
41
1231 1334 36,000
8
Feb
Jan
June
31
96
96
62
5264
993.4
9864
6464
54%
58,000
47,000
43,000
41,000
943,4 May 104
Aug
Apr e10334 Aug
96
Jan
Mar 85
50
Jan
Mar 74
41
864
831
9764
9234
4134
60
9334
37
3731
377-5
55
57
10
9766
94
4161
61)4
9334
3974
3964
39
57
60
13,000
5,000
26,000
1,000
29,000
2,000
71.000
7,00
27.000
76,000
62,000
73.5
8364
88
17
4764
89
37
3766
3794
3534
40
9234
61
384
3834
55
57
Oct 233.4 Jan
Jan 9834 July
May 10234 July
July
Apr 50
Apr
7634 July
Apr 10214 Jan
Apr 5934 June
Jan
Nov 60
Apr 694 Jan
Mar 6834 June
Mar 7264 June
New Orl Pub Serv 44s'35 44
42.4 45
22,000 40
Apr 65
65 series A
1949
4,000 2534 Apr4964
31
29
NY Central Elec 53-4a 1950 5864 5834 5934 5,000 56
Sept82
NY & Foreign Investing
535a with warn
1948
553-4 5534 5,000 5534 Nov7814
NY Penns & Ohio 460 '35 93
Apr 9964
93
95% 30.000 88
NY P&L Corp 1st 43.4s '67
8314 35,000 803,4 Sept 99
81
N Y State 0& E 430_1980 63
67.64 130,000 63
63
Nov 9134
N Y & Weetch'r Ltg 4s 2004
9311 36.000 82
91
Apr 9734
Niagara Falls Pow 68_1950 106% 106 1064 5,000 1014 Mar 1084
5s series A
1959 10411 10434 10434 35,000 9614 May 106
Nippon Elec Pow 634s 1953 6534 544 6511 13,000 3534 Feb 6764
No American Lt & Pow
5% notes
1934 100)4 10061 10064 13.000 863.4 Apr. 10034
5% notes
1933
Apr 96
9534 9564 2.000 74
5% serial votes_ _ _ _1936 864 864 86% 2.000 68
May 9234
41Ze series A
1956 3266 3134 3364 67,000 2134 Apr 4764
Nor Cont Util 5148_1948 23
2334 7,000 22
23
May 43
Nor Indiana G & E 6s 1952
Northern Indiana PS5s series C
1966 59
58 series D
1969 58
5)45 series E
1970 56
Nor Ohio Pow & Lt bAs'51
Nor Ohio Trao & Lt 55 '56
No States Pr 5%% notes'40 79
Refunding 4 48_ __ _1961 78%
Nor Texas ULU 75_ _ _ _1935 9864
N'western Elect 6s_ ..J935
N'western l'ow 65 A_ _1960
Certificates of deposit_ _ _ __
_
N'weatern Pub Sera be 1957 59
___
Ogden Gas 5s
1945
Ohlo Edison let 68-.1960
Ohio Power let 55 B__1952
1st & ref 43.4s set D 1966
Ohlo Public Service Co
-1st & ref be ser D-1954
.53,s series E
1961
Okla Gas & Elea ba.- _1950
es series A
1940
Osgood Co 65 with warr '38
Oswego Falls 65
1941
July
96
9634
62
5436
7634 7664
1,000
18,000
15.000
26.000
16,000
2,000
9,000
26,000
10,000
5,000
3,000
2,000
8,000
Jan
Jan
Jan
Mar
Sept
Jan
Jan
Jan
Jan
Jan
July
Sept
Aug
Sept
July
Jul/
764 Nov 10264 Feb
59
58
M
80
77
70
75
8334
63
864
861
65
Nov 9031
Nov 91
Apr 85A
Apr 1034
May 10064
Mar 96
Apr974
99A
Jun
Nov 93
Oct 18
Sept 1631
Apr 7514
Feb
Feb
Jan
Jan
Jan
July
Jan
July
Jan
June
July
July
59
58
5536
8134
83
79
7834
9864
63
12
10 A
59
5974
60
58
85A
83
8066
8334
9866
65
12
10%
604
.
70
9536
8966
8236
70
9536
89
824 1,000
44,000
81
9764 60.000
9066 65,000
81% Oct 10136 Feb
Jan
Nov 98
70
9064 May 1044 Jan
81
Apr 9934 Jan
6966
6761
7334
7765
6634
3514
53
7134 17,000
7364 7,000
7931 17,000
6964 6,000
3534 10,000
54
3,000
64
70
7014
63
2536
36
784
6864
Pacific Coast l'ow 55..1940 70
70
70
Pacific Gas & El Co
1st Os series B
1941 104
104 106
1st & ref be ser C_ _ _1952 984 984 102
65 eerier) D
1955
964 987-4
lit & ref 414a E._ -1967 874 8731 904
1st & ref 44e F__--1960 864 86
9011
Pac Investing 5s
1948
7364
73
Pacific Lig & Pow 5s_ _1942
10661 10666
Pao Pow & Light be_ _ -1955 4234 4164 43%
Pacific Western Oil 64e '43
With warrants
754 754 7574
Palmer Corp of La 65_1938
90
9064
Penn Cent L & P 43.4s 1977 604 6061 64
Penn Electric 45 F__ _ _1971
6131 61%
Penn Ohio Edison
Deb 65 x-warr
1950
5264 54
Deb 5645 series B._1959 46
45
47
Penn-Ohlo P & L 58 1954 7911 7934 85
Penn Power 55
1956 98
98
9961
Penn Pub Serv 65 C
1947 7431 7464 7466
Penn Telephone 65 C 1960 911
90
93
PennW at&Pow44013_1968 93
93
9534
58
1940 10434 104 10464
Peoples Gas Lt & Coke
465% serial notes_ _ _1935
97
97
ets series 13
1981 6664 64
6664
fla series C
1957 78
78
81%
1,000
70
Mar
Apr
Apr
Mar
May
Apr
Nov
894
90
914
8334
40
5964
Jan
Jan
Jan
J1119
July
JulY
93
Feb
Mar
Apr
Slay
Apr
Mar
Apr
May
Nov
1123-4 Jan
1064 Jan
1054 Jan
10134 Jan
10135 Jan
81
JulY
z10836 lob
73
July
10,000
7,000
6734 Ap
7964 Apr
81
July
9434 Aug
29,000
11,000
Apr
00
5164 Apr
804 Feb
7434 Jan
25,000
56,000
24,000
16,000
3,000
3,000
20,000
15,000
50
44
7934
96
73
90
93
924
82
7564
10364
104
100
973%
101
10834
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Aug
1,000
4,000
78,000
9664 Apr 10034
64
Nov 9334
78
Nov 10614
Jan
Jan
Jan
30,000 101
46,000 983.4
25,00
94%
32,000 8694
48,000 86
4,000 64
1,000 103
67,000 4136
Oct
Sept
Nov
Mar
Nov
Mar
Nov
Apr
Phil& Electric Co 55_1966 10634 10661 107
33,000 1024 Mar 11034 Jan
Plana Elm Pow 646.-1972 10536 10534 10634 29,000 101% Mar 108
Feb
Phila Rapid Trans 65_1962 4834 4736 4934 4,000 4364 May 6066 Jan
Phila Suburban Counties
r.
Gas & Elec 4 As__ _1957
10064 10034 10,000 9564 May 1049.4 Jan
Plana Suburban \Vat ba '55
100 100
3,000 9561 Mar 10474 Jan
Piedmont Hydro El Go1st & ref 64e cl A__1960 78
78
80
Jan 803% Nov
19,000 65
Piedmont & Nor 55_.1954 74A
7414 7414
1,00
6034 Apr 83% July
Financial Chronicle
3484
Bonds (Continued)-
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Price. Low. High.
$
Range Since Jan. 1.
1534
294
4834
2854
97
534
4834
70
27
70
77
78
8454
77
15
6,000 13
16
2834 31
67,000 25
2,000 100
105 105
4634 4834 35.000 32
284 31
5,000 2314
9434 9431 4.000 8014
994 29.000 go
97
5
554 54 13,000
694 704 4,000 285
1034 10434 18,000 974
4834 9,000 3634
47
70
71
3.000 5544
30
26
68,000 26
2,000 4942
70
70
75
79
61,000 49
7434 7834 69,000 ,50
86
82
69,000 57
75
7734 239,000 4834
Sheffield Steel 548_ 1948
84
85
8,000 65
3934 3934 3,000 23
Sheridan Wyo Coal 6s 1047
46
46
.1957 46
Sou Carolina Pow Is.
1,000 46
Southeast P & L 6e___202a
514 5334 96,000 48
Without warrants
52
Sou Calif Edison 5e___1951 984 9634 9942 48,000 94
9942 25,000 943.4
98
Refunding be
1952
Refunding 68 June 1 1954 964 964 99
44,000 94
Gen & ref 54
1939 10334 1034 1054 32,000 101
8134 8234 11,000 73)
Sou Calif Gas Co 448_1981
1st ref 55
91
19.57 9042 90
17,000 80
Sou Calif Gas Corp 58_1937 8834 8834 8834 12,000 72
Southern Gas 634s_ __ _1935 96
96
96
3,000 914
Sou Indiana G & El 534e'57
t951
Sou Indiana Ry 4s_
Southern Natural Gas 6844
Unatamped
S'western Assoc Tel 5s 1961
Southwest G & E 58 A_1957
1957
Is series LI
Sou'west Lt & Pow 58_1957
Sou'west Nat Gas 6s__1945
Staley (A E) Mfg 68_1942
Stand Gas & Elec 8s._1935
Cony 69
1935
Debenture fle
1951
Debenture(is_Dec 1 1968
Standard investing55 exwarrants
1937
Stand Pow &Lt6s.-__1957
Stand Telephone 54s_1943
Stinnes (Hugo) Corp70 without wart' Oct 1 '36
7e without warr____1948
Sun Oil deb 544e
1939
5% notes
1934
Sun Pipe Line 56
1940
Super Power of Ill 4348.'68
1st 442s
1970
65
1961
Swift dr Co let met 58_1944
5% notes
1940
Syracuse Ltg 5348_1954
55 series 11
1957
Tennessee Elea Pow 661956
Tennessee Pub Serv 661970
Ternl Hydro Elec 614s 1953
Texas Cities Gas 5s_ __1948
Texas Elea Service 56_1960
Texas Gas Util 8e____1946
Texas Power & Lt 5s_1956
be
1937
fis A
2022
Thermold Cow w 6s__1934
Tide Water Power 66_1979
Toledo Edison 56
1982
Twin City Rap Tr 546 '52
9934
51
994 10134
51
524
5534
55
44
664
664
52
3654
90
57
5734
3714
304
6.000
9,000
38
90
6334
63
38
38
3631
56
45
6834
68.54
52
3834
9034
65
6534
39
384
37,000
3,000
9,000
8,000
3,000
9,000
2,000
166,000
60,000
46,000
36,000
6734 6735
684
6734
1,000
34
17
364 60.000
17
2,000
41
404
41
4234
39
4034
102 10242
101
101
101
10134 9954 10134
a67
6634 87
65
65
67
7734 7714 7731
103 10334
103
98
9942
98
10434 1044
102 10234
102
5534
68
78
5534
68
17
74
9444
63
45
5434
85
2254
98
34
39
35
60
52
50
28
694
85
35
284
2834
14,000 3034
18,000 29
5,000 9934
7,000 99
8,000 9554
15,000 59
6,000 60
1.000 75
19,000 9644
18,000 87
6.000 101
4,000 933
15
3734
32
9144
57
4734
Apr 10034 Jan
Apr 98
Jan
Apr 9042 Jan
Apr 9134 Jan
Jan
Apr 93
Apr 1074 Jan
Feb
Apr 100
Apr
Apr
Apr
Nov
Nov
Oct
Apr
Aug
78
July
81
8014 Jan
6734 Jan
Jan
66
Jan
63
July
96
Nov
87
Jan
Apr 2434 June
Jan
Mar 48
Mar 10834 Feb
Jan
Sept 67
May 604 Jan
July
Mar 96
Jan
Apr 102
Oct 1644 Jan
May 8434 July
Mar 105
Jan
Sept 41734 Jan
Apr 74
Oct
July
Oct 54
Jan 7642 Sept
Apr 804 July
Apr 804 July
July
Mar 87
Mar 81
July
Apr
Feb
Nov
Sept
May
Apr
May
Feb
Apr
May
May
Jan
Sept
92
48
July
7334 July
824
10534
1054
10514
108
95
0934
93
10034
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Sept
Aug
Apr 10534 Jan
Apr 64
July
Apr
Mar
Apr
Apr
Sept
Mar
Mar
mar
Apr
Apr
Apr
76
59
8234
82
7854
43
95
77
77
62
6034
July
July
Jan
Jan
Aug
May
Sept
July
July
June
July
Aug
79
874
97
9234
98
95
67
35
3631
2734
5442
2934
On Lt & RY 5444
1952
Os series A
1952
Os series A
1973
U S RubberBA% serial notes..._1934
61)4% serial notes...1016
64% serial note8__1938
Utah Pow & Lt 4348_1944
2022
68
V.Elea & Power fie_ -- Bibb
Va Public Serv 5348 A 1948
1950
1st ref 58 ear B
19441
68
July
Oct
Jan
JUDO
69
3214 Jan
19,000
47
5534
8834
2234
Apr 67
May 106
Apr 119
Apr
16,000
18,000
13,000
61,000
60,000
44.000
23,000
28,000
26,000
14,000
5,000
944
9954 Feb
65
Aug
AM'
Apr
Glen Co deb Se
1944 354 3334 3634
Union Elea Lt & Power
44.4s
1957 95
95
9534
5s series A
10,1 10234
1954 101
55 series B
1967 9454 9434 99
Un Gulf Corp 5e_July 1'50 10034 10034 10242
United Else (NJ)4/4_1949 994 9944 aloo%
United Elea Son 78_1956
,
7854 814
United Industrial 834.1941 4934 47
494
let 65
1945 4834 4534 4834
United Lt &Pow 68_1975 3334 3235 3434
let 548.___April 1 1959 5934 5955 60
deb g 635s
1974 3734 3334 3734
6934
17
Nov
Nov
July
Jan
July
Jan
Aug
July
Feb
July
3634
10
12,000
3,000
8,000
1,000
23,000
9,000
20,000
24,000
5,000
11,000
16,000
106,000
19,000
78
Apr 9534
May 5934
Apr 92
May 100
Apr 914
May 8634
Apr 10634
Apr 64
63
57
68
83
5534
7134
174
75
9844
63
47
5534
90
234
5534
High.
Low.
Pittsburgh Coal 68__1949
9034 904 1,000 82
Pomeran'a Elec 6s__.1953
334 3634 12,000 28
Poor Ar Co 6s
1939 81
81
81
6,000 41
Portland Gas & Coke 58'40
94
91
15,000 82
Po tomac Edison 5s.E 1956 83
8134 8334 19,000 74
434s series F
1961
76
794 6,000 65
76
Potomac Elea Pow 58_1936
10314 104
4,000 102
Power Corp(Can)4 4sB '59 58
56 a5834 13,000 28
Power Corp of N Y1942
614s series A
3,000 78
80
78
545
1947
50
1,000 50
50
Power Securities 6s_ __1949
American series
4934 494 494 2,000 44
Procter & Gamble 434.47 1054 10514 1054 29,000 9834
Pub Serv of NJ pet ctfs 105
105 1094 45,000 10314
Pub Seri of Nor Illinoislet & ref 5s
714 21,000 86
1956 69
69
58 series C
8,000 61
73
1966 72
72
414s series D
1,000 60
66
66
1978 66
let & ref 44s ear E.1980 67
6734 16,000 61
67
1st & ref 44s ser F.1981 6734 674 6834 21,000 804
634s series 0
1937 8834 8834 9014 81.000 804
6340 series II
19,000 7534
1952 8134 8134 82
Pub Serv of Oklahoma6834 694 4,000 5244
56 aeries C
1961
568er/est)
5.000 54
6934 70
1957
Pub Seri Sub 514s A_1949 534 5234 54
,
12,000 42
Puget Sound P & L 5340'49 524 4234 4634 117,000 4214
18,000 414
4134 44
lst & ref Sis tier C___1960 4234
404 44
let & ref 434s ser D_1950 41
66,000 384
Quebec Power be_ 1968 92
884 9242 48,000 71
Queens Borough G-8,E8234 6234 3,000 6234
1952
5343 series A
RepublicGas 6s otfs dp1945
Rochester Cent Pow be '53
Rochester Ity dr Lt 58_1954
Ruhr Gas Corp 646_1953
Ruhr Housing 6 tis_ -1958
Ryerson & Sons 5s_ __1943
4
Safe Harbor Wet Pr- !•-i a 79
St Louis Gas & Coke ils '47
San Antonio Pub Sen. 58'5R
,
1955
Sande Falls 55
Saxon Pub Works 8e-1937
Script)(E W)Co 5348_1943
Seattle Lighting 56___1949
Serve', Inc 5s
1948
Shawinigan W dr P Ots'67
1968
442s series 13
1970
1st 5a series C
1st 444e aeries D....1970
55
68
69
46
68
1134
70
90
63
2614
444
8034
19
July 85
July
5934
Apr 104q
Feb 102
June 10234
may 84
AM' 8314
Oct 9354
Apr 10544
Mar 10034
Apr z10834
Mar 10634
Jan
Jan
Sept
Aug
Oct
Jae
Jan
Jan
July
July
Feb
Jan
Sept 9554 Jan
Jan
Sept 94
Jan 86
Oct
Feb 60
July
Apr 90
Jan
Feb 33
Aug
Jan
Apr 92
Jan
Apr 104
Nov 8234 Jan
Apr 6734 July
Apr 69
Jan
Apr 994 Jan
Sept 344 may
Jan
43
July
Apr
Apr
Apr
Apr
Mar
July
May
May
API'
Mar
Apr
9954 Sept
106
Feb
Jan
106
Feb
103
Jae
103
Nov
84
Jan
66
Jan
88
June
60
July
82
65
July
3554 3834 80,000
.59
12.000
60
16,000
2934 32
3I34 Apr
Nov
59
254 Apr
81
July
8334 July
June
55
9634
683-4
8234
53
50
914
59
57
4734
50%
27
27
53
45
89
57
64
43
9834 6,000
2,000
70
624 3,000
1,000
53
1,000
.513
93
7,000
60
8,000
58
8,000
4834 10,000
Nov. 11 1933
Apr 99
Feb 81
Feb 80
May 70
Apr 6734
May 101
May 77
Apr 7154
Apr 71
Aug
July
July
June
July
Jan
Jan
Jan
July
Bonds (Concluded)Waidorf-Astorla Gore7s with warrants_ _1954
Ctfs of deposit
Ward Baking 6s
1937
Wash Gee Light 5s_..1959
Wean Water Power 58_1980
West Penn Elec 5s.,,_2030
West Texas CBI 56 A.1957
Western Newspaper Union
6s
1944
Western United Gas & Elec
let 514e ear A
1956
Westvaco Chlor Pro 5358'37
Wise Elec Pow 5s A___1954,
Wls Minn Lt & Pr 58_1944
Wise Pow & Lt 5s F___1958
5s series E
1956
Wisc Public Seri/ 6s_ _1952
York Railways 5s
1937
Foreign Government
And Municipalities
Agric Mtge Bk (Colombia)
78 with coupon
1947
Baden extl 78
1951
Buenos Aires (Prov)7348 stamped____1947
7 stamped
1952
Cauca Valley 78
1948
Cent Bk of German State &
Prov Banks 6e B___1951
series A
68
1952
Danish Is
1953
5345
1955
Danzig Port & Waterways
25
-year 6348
1952
German Cons Manic 7s47
1947
Secured es
Hanover (City) 78_ __ 1939
Hanover(Provi 634... 1949
Indus Mtge Ilk (Finland)
let roma can 0 I 7...1844
Lima (City) Peru 635s 1958
Medellin Municipal 78 1951
Mendoza 74s
1951
74s stamped
1951
3Itge Bk of Bogota 7..1947
7s issue of Oct 27
Mtge Bk of Chile 68-1931
Mtge Bk of Denmark 58'72
Parana 75
1958
Rlo de Janeiro 64s-1959
Russian Govt
63-45
1919
634. oertiricates__- _1919
1921
5411
54e certificates
1921
Saar Basin 78
1935
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Price. Low. High.
$
424
1154
44
97
814
79
56
424
1134 10,000
5,000
44
9734 27,000
82
6,000
6,000
84
5,000
56
65,000
46
274
27
2734
Range Since Jan. 1.
Low.
214
234
9054
78
79
4414
354
8,000 z22
7234 734 10,000
64
60
3011
5342
31
774
1014 1014
9934 9934
7134 7114
60
60
65
6514
8134 834
8114 8134
4,000 101
3,000 97
3,000 6814
2,000 59
7,000 624
4,000 80
3,000 78
n2734 n274
25
28
9954
1,000
6,000
27
21
Feb 13
Oct
Feb
10
May
Apr 9734 Aug
Mar 944 Feb
Nov 10214 Jan
May
71
June
Apr 67
July
Feb
35
Apr
894 Feb
Oct e27
Sept 574
324 6,000 30
Nov
314 11,000 z2934 May
9
13,000
7
Mar
4314 July
4514 July
194 July
5014
27
6614
7734
5334
31
68
7734
24,000
18,000
10,000
10,000
364 May
22
Sept
Jan
57
Jan
57
66
Jan
55
Jan
7414 Sept
784 Nov
1,000
65,000
69,000
3614 Oct
2651 June
26
May
54
Jan
624 Jan
6134 Jan
61
Mar
5434 Jan
35
4034
35
39
35
1,000 2344 Nov
4034 40,000 28
May
82
5.34
1134
32
30
82
14,000
534
1,000
1134
1,000
35
6,000
324 2,000
20
20
9
9
6814 89
6
15
534
4
442
3.14
Oct
Jan
30
30
8
42
42
3634 39
32
35
6834
June
Mar 1034 Jan
Mar 103
Jan
Oct 91
Feb
May 8914 Jan
May 89
Jan
Oct 97
Jan
Apr 92
Jan
3814
1/34
32
High.
1,000
1,000
19,000
59
4
1034
17
25
Mar
20
7% Sept
5734 Apr
734 13,000
15
2,000
734
4
334 534
654
4
34 534
98 103
85,000
211,000
153,000
110,000
7,000
Mar
Feb
Mar
Mar
Oct
5
7
2
134
2
14
0434
Jan
Jan
924
11
23
3954
3542
July
July
July
July
Oct
35
July
1514 June
75
July
164 July
2234 July
Apr
844
Mar
734
Mar
84
Apr
74
Nov 103
July
July
July
July
Nov
• No par value. a Deferred del very. so cl Certificates of deposit. eons Conmandated. cum Cumulative. cony Convertible. a See note below. vs kfort.
sage. a Sold under the rule. n-v Non-voting clock. r Sold for cash. v t e Voting
trust certificates.
w w With warrants.
WI When Issued.
s Ex-dividends
s is Without warrants.
s See alphabetical Bet below for "Deferred delivery. MIMI affecting the range
'
for the year:
American Manufacturing. pref.. Feb. 7, 30 at 4334.
Arkansas Nature) Gas, corn.. class A. March 15. 400 at 14.
Associated Gas & Elec 434s 1948 regls. May 22. $1,000 at 12; May 27, 82,000 at 16.
Associated Gan & Elec. fia 1968. reginternd. Mar 29. $1,000 at 13.
Buenos Aires 7s stamped 1952 Oct. 20, $1,000 at 29.
Central States Esecrric 58 1948, April 7, 516,000 at 2734
Cities Service, corn.. April 13. 100 at 114.
Commonwealth Edison 5e, series A, 1953. April 24. $5.000 at 91.
Commonwealth Edison 44s. series C 1956, April 24. $2,000 at 83.
Gen. Bronze Corp. Its. 1940o low, Apr. 10, 87.000 at 43.
Ilanover (City) 7s 1939, Oct. 30, $7,000 at 3134.
Indiana Electric 5e, aeries C. 1951, Feb. 1. $7,000 as 80.
International Petroleum, Feb. 2. 200 at 84.
Jersey Central Pow & Light 534 %
May 29, 25 at 8.
Lefcourt Realty Corp., pref. Apri 4, 100 at 23.4
pref.,
Niagara-Hudson Power class B option warrants March 21, 100 at 14.
Pacific Ltg & Pow Is 1942, Oct. 30, $2,000 at 110.
Peoples Light & Power Is, 1979, April 18, 82,000 at Si,
San Antonio Public Service 58, 1958, May 3. $1.000 at 84.
Syracuse Lighting 544s, 1954. Feb. 1. 31.000 at 1094.
Union American Inveetment 58 w. w. 1948. April 12. 81.000 at 72.
Valvoline Oil 7s, 1937, July 10. $LOW at 6034•
Western Newspaper Union 68, 1944. March 16. $1.000 at 21.
•See alphabetical het below for -under the rule" sales affecting the range for
the veer:
Agriculture Mtge Bk Is 1917 with coupon, Nov. 9. $1,000 at
Associated Telephone 81.50 preferred, Feb. 9, 100 at 1944. 273.4*
American Community Power 548. 1953, June 16, $1,000 at 10.
Chicago District Electric 542e, 1935, Feb. 2, 87.000 at 954.
Cleveland Electric Illuminating 55 1939, June 1, 81,000 at
107% •
Ilygrade Food Products (ls, mice 11, 1949, July 25. $1,000 at 624.
Narragansett Electric be, merles B. 1957, Jan. 17. $1.000.5 104.
New York & Westchester Ltg 58 1054, Mar. 27, $5,000 at 10634.
singer Mfg. Co. Am. dep. rcts. July 6. 12 at 334.
Tennessee Pitons Service 5e, 1970, Jan. 13. 31.000 at 954.
United States Rubber 6s, 1933, May 19. $8.000 at 10034.
CURRENT
NOTICES.
-Zimmermann 5: Forshay. 170 Broadway, New York, are distributing
their monthly circular on foreign currency, showing the normal gold parity
and present exchange rate for the currency of 123 foreign countries anti
political sub-divisions. This firm specializes in foreign currency, exchange.
coupons, stocks and bonds.
-Following the dissolution of the firm of Bleecker, Park & Greene of
this city by mutual consent as of Nov. 6, Theodore 13. 13leecker and
Joseph F. Park Jr., announce the formation of Illeecker, Park & Co., to
transact a general securities business In listed and unlisted stocks and bonds.
-Thomson, Wood & Hoffman of New York announce that George 0.
King and John 13. Dawson, who have been associated with them for many
years. have become members of their firm,
-Reinhardt, Daly & Co. announce the association with them of Herbert
Forsch, a brother of Sidney Forsch, resident partner of the firm.
-John Hanway has established an office at 120 Broadway, New York, to
specialize in the stock of the Massachusetts Investment Trust.
-Charles Charach has formed and will become manager of an unlisted
security department for Mortimer W. Loewl & Co. of this city.
-Sands, de Rham & Co., 115 Broadway, New York City, have prepared
a circular on the American Commercial Alcohol Corp.
-Camp & Co., Inc., has been formed to take over the entire Portland,
Ore., organization of Smith, Camp & Riley, Ltd.
3485
Financial Chronicle
Volume 137
Quotations for Unlisted Securities-Friday Nov. 10
Public Utility Bonds.
Port of New York Authority Bonds.
Arthur Kill Bridges 434s
series A 1934-46
M&S
Geo. Washington Bridge
413 series B 1936-50_ _ _J&D
434s ser B 1939-53M&N
Ask
Bid
•
Bayonne Bridge 4e series C
Jdu1 3 74
1938-53
75
85
Inland Terminal 434s ser D
M&S 70
1936-60
05.20 4.00 Holland Tunnel 4;,( series E
M&S 94
85.20 4.90
1934-60
Bid
Ask
84
80
98
U. S. Insular Bonds.
-Bid Ask
Philippine Government
97 100
411 1934
48 1946
90
94
93
97
43.4s Oct 1959
480 July 1952
97
03
95 100
be April 1955
95 100
be Feb 1952
101 104
53.4a Aug 1941
99 102
Hawaii 4%a Oct 1956
Honolulu 58
US Panama 38 June 1 1961_
2e Aug 1 1936
28 Nov 1 1938
Govt of Puerto Rico
444s July 1958
Es July 1948
Ask
103
10414
1007
8
1002
4
Bid
98
10314
10018
100
98
99
102
103
Federal Land Bank Bonds.
Bid Ask
8112 83
8112 83
8212 84
8212 84
8212 84
9212 94
997
8110014
48 1957 optional 1937_M&N
4s 1058 optional 1938_M&N
441s 1956 opt 1936____J&J
4818 1957 opt 1937__J&J
481s 1958 opt 1938___M&N
fis 1941 optional 1931_M&N
4848 1933 opt 1932___J&D
1942
1943
1953
1955
1956
1053
1954
opt 1932__Ni&N
opt 1933____J&J
opt 1933____J&J
opt 1935.......Jda
opt 1936____J&J
opt 1933__J&J
opt 1934____J&J
Bid
86
86
8412
8412
8412
86
86
Ask
8712
8712
86
86
86
8712
8712
Bid
04s
484s
434s
43s
48is
4%8
4S1s
Ask
New York State Bonds.
Bid
Ask
Canal & Highway
be Jan & Mar 1933 to 1935 53.25
be Jan & Mar 1936 to 1945 83.50
Is Jan ds Mar 1946 to 1971 84.00
Highway Imp 48is Sept '83 109
Canal Imp 448 Jan 1964.__ 109
Can & Imp High 4815 1965_ 106
World War Bonus
484s April 1933 to 1939__
484e April 1940 to 1949__
Institution Building
48 Sept 1933 to 1940
40 Sept 1941 to 1976
Highway Improvement
4e Mar & Sept 1958 to '67
Canal Imp 45J & J '60 to'67
Barge C T 48 Jan 1942 to'46
63.30
83.80
83.30
03.80
103
103
101
New York City Bonds.
Ask
83
83
83
83
83
86
86
86
86
Bid
Bid I Ask
81
a35 May 1935
91
9212 a4818 June 1974
43545 May 1954
81
75
77 84818 Feb 15 1978
81
a35521 Nov 1954
77 a4118 Jan 1077
75
a4e Nov 1955 & 1956
81
77
80 04345 Nov 15 1978
a4e Id & N 1957 to 1959W. 79
81
81 a4 Ste March 1981
ais May 1977
84
79
81 a491s M & N 1957
84
a45 Oct 1980
70 81 a41.411 July 1967
84
c43s Feb 15 1933 to 1940._ 7.00 6.00 a481s Dec 15 1974
a4148 March 1960
84
82 a4 he Dec 1 1979
80
a4815 Sept 1960
81
83
a484e March 1962 & 1964._ 81
97
83 GM Jan 25 1935
97
a48‘11 April 1966
83 a6s Jan 25 1936
81
a4)(5 April 15 1972
97
81
83 as Jan 25 1937
a Interchangeable. B Basis. o Registered coupon (serial). dCoupon.
99
99
99
New York Bank Stocks.
Par Bid I Ask
Bank of Manhattan Co__20 2312 2512
Bank of Yorktown
100 20
30
Bensonhuret Natl
100 25
34
Class
20 205 22 8
8
,
Citizens Bank of Bklyn_100
05
city (National)
20 - 4 2314
211Comm'l Nat Bank & Tr 100 101 111
Fifth Avenue
100 945
First National of N Y.--10 1 070
Flatbuith National
100 35
Fort Greene
100
Grace National Bank
100
Kingsboro Nat Bank_
100 18
995
1120
___
25
175
58
Par Bid
5
25
Lafayette National
50 23
Nat Bronx Bank
25 25
National Exchange
4
Nat Safety Bank & Tr_ _25
Ask
8
2812
28
8
25
Penn Exchange
100
Peoples National
Public Nat Bk & Tr new_15
5
9
80
2112 2312
Sterling Nat Bank & Tr__25
Textile Bank
100
Trade Bank
Washington Nat Bank 100
Yorkville(Nat Bank of)_100
133 1624
4
18
23
12 4
30
40
Trust Companies.
Par Old
Ask
Banca Comm Italiana__ 100 142
Bank of New York & Tr_100 301 31 --1
Bank of Sicily Trust
20 10
12
Bankers_
10 4714 4914
Bronx County
20
512 102I
Brooklyn
100 81
86
Central Hanover
20
Chemical Bank & Trust 10
Clinton Trust
50
Colonial Trust
100
Continental Bk &Tr
10
Corn Exch Bk & Trtuit
20
9912 10312
2918 3118
40
50
10
13
1138 123
8
4.13 404
4
Empire
Fulton
Guaranty
Irving Trust
Kings County
Lawyers County
Ask
Par Bid
152 1714
4
20
100 234 260
100 234 239
10 1412 16
100 1880 1980
25 3214 3414
20
Manufacturers
26
New York
Title Guarantee & Trust_20
Underwriters Truitt
United States
147 163
8
8
8114 8414
137 153
8
8
100 55
100 1660
65
1610
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Dividend
Par in Dollars.
Alabama & Vicksburg (III Cent)
100
Albany ds Susquehanna (Delaware & Hudeon)_100
Allegheny & Western (Buff Roch & Pitts)
100
Beech Creek (New York Central)
50
Boston & Albany (New York Central)
100
Boston & Providence (New Haven)
100
Canada Southern (New York Central)
100
Caro Clinchtield & Ohio(L & N A C L)4%._ 100
Common 5% stamped
100
Chic Cleve Cino & St Louis prof(NY Cent)
10
0
Cleveland & Pittsburgh (Pennsylvania)
50
Bettermtui stock
50
Delaware (Pennsylvania)
25
Georgia RR & Banking(L & N, A C L)
100
Lackawanna RR of N J (Del Lack & Western).100
Michigan Central (New York Central)
100
Morrie & Essex (Del Lack & Western)
ao
New York Lackawanna & Western(D L & W)_100
Northern Central (Pennsylvania)
50
Old Colony (N Y N II & IIartford)
100
Owego & Syracuse (Del Lack & Western)
60
pittsburgh Bees & Lake Erie(US Steel)
50
Preferred
50
Pittsburgh Fort Wayne & Chicago(Penn)
100
Preferred
100
Rensselaer & Saratoga (Delaware & Hudson) 100
St L0111/i Bridge 1st pref(Terminal RR)
100
2nd preferred
100
Tunnel RR St Louie (Terminal RR)
100
United New Jersey RR & Canal(Penns)
100
Utica Chenango & Susquehanna (I) I, & W) 100
Valley (Delaware Lackawanna & Weetern).....100
vicksburg Shreveport & Pacific (III cent)
100
Preferred
100
Warren RR of N J (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
50
• No par value.
d Last reported market.
6.00
11.00
6.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.60
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.60
3.00
7.00
7.00
0.90
6.00
3.00
3.00
10.00
5.00
5.00
5.00
3.50
3.00
e Defaulted
Bid.
Ask.
72
170
80
27
112
135
45
62
69
72
63
37
32
141
63
700
61
78
74
90
55
28
60
115
145
103
107
53
107
205
76
80
60
60
40
61
78
180
86
31
117
50
68
73
78
66
40
36
145
67
--ii
83
77
95
65
30
iii
150
108
111
56
111
210
82
__ -70
70
45
56
f Ex coupon.
Bid
Ask
Amer S P S 545 1948.M&N
4312
40
Atlanta 0 L Be 1947 __J&D 9712
Central Gas & Elec1st lien 0011 tr 5;0'48J&0 3413 38
1st lien coil tr 68 '413_M&S 3.512 39
Fed P 13 let 6e 1947._ _J&I) el5 4 2014
,
36
Federated Util 5 lis '57 M&S 31
.
III Wat Ser 1st be 1952_J&J 75
771,
.
4612
Iowa So Util 5
1950_J&J 43
Keystone Telephone 5.865 '55 5914 62
Louis Light 1st be 1963_A&O 10012 105
83
Newp N & Ham 55 '44.J&J 80
Nonf & Portsmouth Tr 5s'36 983 10014
4
N Y Wat Ser be 1951_M&N
Oklahoma Gas 65 1940 _ _ _ _ _
Old Dom Pow be _May 15.
51
Parr Shoals P be 1952_ _ A 340
Pennsylvania Elec 5s 1962__
Peoples L & P 58i5 1941 J.4.1
Public Serv of Colo 6s 1961_
Roanoke W W Is 105()_J&J
Sierra & San Fran 2d B 5849
United Wat Gas & E 58 1941
Virginia Power 5s 1942
Western PS 5815 1960.F&A
Bid
70
66
47
5713
65
32
79
6112
7612
7912
9912
48
As
7212
70
4912
6212
67
35
81
64
80
10114
_- 51
Public Utility Stocks.
Par
Arizona Power pref__100
Assoc Gas & El orig pref__•
$6.50 preferred
•
$7 preferred
•
Atlantic City Dec $8 pre!_•
Bangor Hydro-El 7% pf _100
Birmingham Lie° $7 pref *
Broad River Pow pt.__ 100
Cent Ark Pub Seri, pref..100
Cent Maine Pow 6% pt_100
$7 preferred
100
Cent Pub Seri" Corp preL•
Columbus Ry, Pr & Lt
1st $6 preferred
100
$6.50 preferred B
100
Consol Traction (N J) 100
6% preferred
100
6.60% preferred
100
Consumers Pow 5% met•
Dallas Pow & Lt
pref 100
Dayton Pr & Lt $6 prof..100
Derby Gas & Elec $7 preL•
Essex-Hudson Gas
100
Foreign Lt & Pow unite____
Gas & Elec of Bergen
100
Hudson County Gas......100
•
Idaho Power 6% prof
7% preferred
100
Inland Pow & Lt pret_100
Jamaica Water 8119163 p1_50
,
Ask
Bid
____ 10
113 3
2
1
3
1
8712
84
10012 104
4
203 23
25
20
40
62 ..
-58
6712
14
1
___
72
_
60-- 4
173 193
4
6012 6212
64
61
53
5512
95
833 86
4 _-45
50
144
___
4612 ___
93
___
___
144
55
66
69
--3
4514 4712
Par
Jersey Cent P & L $7 p1..100
Kansas City Pub Serv corn_ 0
Preferred
•
Kansas Gas & El 7% Pf 100
Kings Co Ltg 7% pref ___100
Memphis Pr & Lt 7% pref_'
Metro Edison $7 pref B...0
•
6% preferred ser C
Mississippi P & L $6 pref.._•
Miss River Power pret__100
Mo Public Seri prat_ _100
,
Mountain States Pr corn_ _ _*
$7 preferred
100
Nassau & Suffolk Ltg p1100
Nebraska Power $7 preL 100
Newark Consul Gas___ _100
New Jersey Pow & Lt $6 pt•
N Y & Queens E L & P pf100
Northern States Pr $7 p1100
Pacific Northwest P S____•
100
6% preferred
BYO
Prior preferred
Philadelphia Co $5 pret__50
Somerset Un hid Lt.._ __100
South Jersey Gaa & Elec_100
Tenn Elec Pow 6% pref _100
United
E(N J) Dref 100
Wash Ry & Elec com___100
100
5% preferred
Western Power 7% pref _100
Ask
6712
1,2
8
5
8 112
69
72
82
87
45
49
60
70
50
54
1812
17
83
78
612 912
3
--__
10
5
52
45
87
85
9514 99
6212
57
10012 105
52
50
713
112
5
1
312 5
35
70
7i147 154
32
35
37
40
265
8514 89 2
- -178
Bid
64
Investment Trusts.
Ask
Par Bid
A dministered Fund
1 14.09 16.29
Amer Business Shares
1.01 1.11
Amer Composite Tr Shares..
338 4
Amer & Continental Corp_ _
412 512
913 1312
Am Founders Corp 6% pf 50
7% preferred
50 10
14
Amer & General Sec Cl A__•
4
8
Clas.s B com
15 1
$3 preferred
35
45
Amer Ituturanstocks Corp_
134 212
Assoc Standard Oil Shares_
5
512
Bancamerica-Blair Corp _
4
438
Bancshares, Ltd
Participating shares 50C 1.06 131
Basic Industry Sharee
3.08
British Type Invest A
.45 .70
Bullock Fund Ltd
1114 1214
Canadian Inv Fund Ltd___
3.15 330
Central Nat Corp class A
2014 2214
Class B
12 2'2
Century Trust Shares
4
• 153 1712
Corporate Trust Shares ..
2.12 ___
Series AA
2.03 ___
2.03
Accumulative series
Series AA mod
2.20 2.27
Series ACC mod
2.20 2.27
Crum & Fruiter Ina Shares
Common 13
16
10 13
100 7712
7% Preferred
Crum & Foster Ins com___• 14
17
86
___
8% preferred
Cumulative Trust Shares __• 3,85
Depoelted Bank She ser A._
Deposited Insur She A
Diversified Tristee She B.__
1.1)3 2.15
2.79 3.10
7
2.90 3.20
412 5
Dividend Shame
1.12 1.17
26
Equity Corp. cv. pf
21
Equity Trust Shame A
2.70 3.05
Fidelity Fund Inc
• 46.98 50.61
First Commonstock Cor p_ _•
Five-year Fixed Tr Shares_ _
• 8.13 ___
Fixed Trust Shares A
• 6.84
4
4 12
Fundamental Tr Shares A_ _
37
8 ___
Shares B
•
Fundamental Investors Inc. 1.97 2.17
General Investors Trust •
Guardian Invest prof w war
Huron Holding Corp
Incorporated Investors____•
Independence Tr Shama .._•
& Power Security_ •
Internet Security Corp(Am)
64% preferred
100
6% preferred
100
Investment Fund of N J_ •
Investment Trust of N Y.•
Par
Low Priced Shares
•
Major Shares Corp
Mass Investors Trust
•
Mutual Invest Trust
National Wide Securities Co
Voting trust certificates_ _
N Y Bank & Trust Shares...
No Amer Bond trust ctfe_
No Amer Trust Shares.1953
Series 1955
Series 1956
100
Northern Securities
Pacific Southern Invest pf.•
•
Claw A
Class B
•
Quarterly Inc Shares
Representative Trust Shares
Royalties Management...._..
Second Internal Sec cl A....•
Class B C063113011
•
6% preferred
ao
Selected Amer Shares Inc__
Selected American Shares....
Selected Cumulative She__
Selected Income Shares____
Selected Man Trustees She.
Spencer Trust Fund
Standard Amer Trust Shares
Standard Utilities Inc
•
State Street Inv Corp
Super Corp of Am Tr She A
AA
BB
C
Supervised Shares
Trust Fund Shares
Trust Shares of America
Trustee Stand Investment C
D
Trustee Standard 011 Sits A
Trustee Amer Bank She A
Series B
Trusteed N Y Bank Shares..
20th Century orig series
Series B
Two-year Trust Shares
412
418
United Bank Trust
11
9
.25 .35 United Fixed Shares Fier Y
United Insurance Trust__ _
16.84 18.20 11 S & British International
•
1.92 2.18
Preferred
1118 123 US Elec Lt & Pow Shares A
4
B
14
Voting trust etre
9
14
Un N Y Bank Trust C 8
12 112 On Ins Tr She ser F
43
s 5
IJ S Shares ser H
Bid
AO
43
4
2
6
17.16 11. 4
1.06 1.16
3.00 3.10
1. 34 1.42
74 1 7.8
3
23
8
1.76
-1
2.25 2.<
2.25 2 45
45
55
1512
2
1
1.31
8.24
14
1
18
17
1.17
2.44
6.44
2112
5
l4
1.42
8.99
S
4
3
1
21
1.25
6.69
35' 35 4
14 8 15. 72%5
3712
.10
2 74 3 80
.0 .
.
59.98
_
2.83
2.03 ...._
2.98
2.03
543
5.44
1.28 1.35
318 35
8
212 3
2.00 2.35
1.95 2.30
53
1..76 .87
4;10
5 48
1.00 1.20
155
2.4' 2
.85
15
1612
388
21s
13
4
412
27s
---
6
10
1114 112
4
1.90 2.00
.72 .82
3 8 418
5
13
4
_
5
- 2
51-
Telephone and Telegraph Stocks.
Par Bid .45k
Par
Bid Ask
Amer Dist Teleg(N J) corn • 6112 65 New England Tel & Te1.100 86,2 88'2
Cincln & Sub Bell Telep__50 643 6718 Northw Bell Tel pt 654%100 10512 10714
4
Cuban Telep
pret___100 19
2512 Pac & All Teleg US 1%.._25
1312 17
Empire & Bay State Te1.100 3714
Rod h Telep $6.50 let p1_100 95 4
3
Franklin Teleg $2.50___100 30
So & Atl Tales $1.25......_25
1412
lot Ocean Teleg
12
_100 6612 i2 Tri States Tel & Tel $8___• 100
Lincoln Tel & Tel 7%
72
4 914
• 9018
Preferred
10
Mount States Tel & Tel_100 10312 106
Wisconsin Telep 7% pref100 107 109
New York Mutual Tel__100 15
20
Sugar Stocks.
Ask
Par Bid
Fajardo Sugar
55
Savannah Sugar Ref
100
Haitian Corp Amer
118
17
8
7% preferred
•
United Porto Rican
Preferred
8 Ex-Klock dividends.
s Ex-dividend.
Par Bid Ask
• 86
92
98
100 93
24
3
4
24 1
•
Financial Chronicle
3486
Nov. 11 1933
Quotations for Unlisted Securities-Friday Nov. 10-Concluded
Aeronautical Stocks.
Chain Store Stocks.
Par Bid
4ss
Bohack (H C) corn
• 1312 1712
7% preferred
100 74 84
1
Butler(James)coin
100
212
Preferred
100
34 7 4
,
Diamond Shoe pref
100 51
Edison Bros Stores pret_106 60
Fan Farmer Candy Sb pt__• 2112 12
1
Fishman(M H)Stores__•
6,
4 8
Preferred
100 58
70
FCobacker Stores pret
100 16
21
Kress (S II) 6% pref
10 10
11
60
Lerner Stores pref
100 50
Lord dr I aylor
100 10014
_
let preferred 6%
100 7812
100 781,,
Sec preferred 8%
Ask
Par Bid
100 9012
Melville Shoe pref
14
9
Miller (I) & Sone pref. _100
MockJuds&Voehringerpf 100 6012 70
Murphy (G C)8% pret_100 8612 93
1
•
Nat Shirt Shope (Del)
100 15
Preferred
Newberry (J J) 7% pref_100 78
N Y Merchandise let pt_100 80
Industrial Stocks.
Par
Alpha Portl Cement pt_ 100
•
American Arch 51
100
American Book $4
Amer Dry Ice Corp__
60
Bliss(E W)lst pref
10
2d pref B
Bohn Refrigerator pf___100
•
Bon Aml COB com
Brunsw-Balke-Col pref. 100
100
Burden Iron pre,
Canadian Celanese com___•
100
Preferred
•
Carnation Co coin
100
Preferred 57
Chestnut & Smith com____•
100
Preferred
Color Pictures Inc
Columbia Baking com___•
let preferred
2d preferred
Congoleum-Nairn $7 pf 100
•
Crowell Pub Co 51 com
100
$7 Preferred
De Forest Phonofilm Corp__
•
Doehler Die Cast pref
Preferred
$50 Par
Eiseman Magneto com__--•
100
Preferred
Flour Mills of America __*
pt_ _100
Gen Fireproofing
•
Graton & Knight corn
100
Preferred
Herring-Hall-Mary Safe_100
Howe Scale
100
100
Preferred
Industrial Accept corn____•
100
Preferred
Locomotive Firebox Co___•
Mactadden Public'ns com_5
Bid
60
1114
43
24
3
1212
2'2
163
8
30
4512
Ask
133
- 4
46
522
-- •
25
35
4612
2212
23
21
10114 104
1418 1512
92
2
- 2 10
415
4
22
8
112 33
1047
8 1812 22
82 88
22 114
1822 2212
12
9
----4
512 15
218 23
4
45
35
214 414
2312 2812
1412 18
2
1
512 812
4
28
30
322 5'2
214 3 4
,
Par
_•
Mactadden Public'n5
100
Merck Corp $8 pref
National Licorice com_ _ _100
National Paper & Type.100
New Haven Clock pref 100
New Jersey Worsted pt_ _100
•
Ohio Leather
100
Okonite Co 37 pref
Publication Corp corn
•
100
$7 let preferred
•
Riverside Silk Mills
Rockwood & Co_
•
100
Preferred
Rolls-Royce of America... •
Preferred
100
Boxy Irtestree units
Common
•
Preferred A
•
Ruberoid Co
100
standoff Beth Elec
•
Standard Screw
100
Standard Textile Pro..
.100
100
Class A
Class B
100
Stetson (J B) corn
•
Preferred
25
Taylor Milling Corp
Taylor Wharton lr&St corn •
Preferred
100
renn Products Corp pref .50
TublzeChatillon eu pf
100
Unexcelled Mfg Co
10
White Rock Min Spring
$7 let preferred
100
$10 24 pref
100
Woodward Iron
100
Worcester Salt
100
100
Young (2 S) Co corn
7% preferred
100
Ask
Bid
173 2012
4
101 12 10513
25
20
9
ii
20
40
1912 2312
35
20
63
4 913
76
19
10
46
40
1
4
8
At 13
At
1
14
28
25
3512 4412
7
8
__
4
1
312
83 11,
4
4
9,2 13
928 1212
114 224
524
13
4 414
5322 62
13a 218
93 100
135
1
473 5312
4
5712
83
Industrial and Railroad Bonds.
Ask
Ask
Bid
64'2 Merchants Refrig 6s1937___
8422 -NO Or No RR 58 '55_ F&A 62914 33
78
N Y A Hob Ferr 58 46 JAD 55 60
iE N Y Shipbdg 56 1940_34.1N 89
35
7812 Piedmont & Nor Ry 53.1954 72
78
Pierce Butler dc P 844s 1942 6112 413
78
Prudence Co Guar Coil
72
5545. 1961
473 493
4
8512
4
3
683 if 4
4
Realty Assoc Sec as'37_J&J e29
98
'50 Alci3 5612
15
20 81 Broadway 5
Stand Text Pr 634.'42 MatS 13
17
- -4914 50 4 Struthers Well. Titusville
3
Equit Office Bldg 551952___
36
el37 173
8
8 As 1943
8
4312
Haytian Corp 88 1938
50
58
Hoboken Ferry 53 1946
Tol Term RR 4545 57..M.AN 8012 8312
.
91
88
International Salt 5s__1951
Ward Baking 1st 6s------337 9512 98
Journal of Comm 8345_1937 56
Witherbee Sherman 85 1944
Karts City Pub Serv as 1951 2112 24
New
7
10
Loew's New Brd Prop
3522
JAD 6912 7412 Woodward Iron 58 1952...J&J e31
Os 1945
Adams Express 48 '47..J&D
American Meter as 1946...
Amer Tobacco 48 1951 F&A
Am Type Fdrs 68 1937 MAN
Debenture as 1939...MAN
Am Wire Fab 7s '42_ _MAS
Bear Mountain-Hudson
River Bridge 7s 1953 A&O
Chicago Stock Yds 55_1961
Consol Mach Tool 75_1942
Cons& Tobacco 4. 1951_
Consolidation Coal 454s '34_
Bid
6012
72
99
25
25
71
Chicago Bank Stocks.
Par Bid
Amer Nat Bank & Trust_100 70
2
Central Republic
100
Continental III Bk lc Tr.100 24
•
Central Airport
Kinner Airplane & Mot_ _1
212
25
84
412
•
Piggly-Wiggly Corp
Reeves(Daniel) pref____ 100 100
100 721,,
Schiff Co pref
1112
sayer (Isaac) A Bros pf_ Inn
18
100 14
U S Stores pref
Pal Bid 14.8k
AA
100 6612 6812
80 First National
231 Harris Trust & Savings_ _100 185 195
100 260 270
2.5 Northern Trust Co
Par Bid
Ask
A sk
2
10 Southern Air Transport___•
5
•
3 Swallow Airplane
2
United Aircraft Transport
3
1
Preferred x warr
54
57
7 Warner Aircraft Engine__.•
8
12
12 1
Par Bid
Alexander Indus 8% pf _100
Aviation Sec Corp (N Eh •
1
Insurance Companies.
Bid
Par
40
Pa' Bid
Ask
Aetna Casualty & Surety..10 4313 4512 Hartford Steam Boller_ _ _10 463 4934
4
Aetna Fire
5 1714 1834
10 3114 3314 Horne
Aetna Life
112 212
10
3
10 148 1638 Home Fire Security
10
Agricultural
25 483 533 Homestead Fire
812 10
4
4
American Alliance
4
4
10 123 143 Hudson Insurance
10
67
8
American Colony
8
47
8 77 Importers & Exp. of N Y.25 1012 i216
2
American Equitable
5 1214 1524 Knickerbocker
5
4
5
54 73
American Home
55
8 758 Lincoln Fire
5
10
114
24
,
American of Newark ..234
Maryland Casualty
9
8
2
2 s 4,8
,
American Re-insurance_10 353 383 Mass Bonding & Ins
25 1014 131 1
4
4
American Reserve
8
85 105 Merchants Fire A ssur com212 2812 3212
8
10
American Surety
4
4
25 143 163 Merch & Mfrs Fire Newark 5
43t
Automobile
10
4
23
8
4
10 173 193 Missouri States Life
10
Baltimore Amer
514 7,4
214 314 National Casualty
234
4
Bankers & Shippers
10 443 401
25 343 4414 National Fire
4
National Liberty
Boston
2
4 53i
100 390 415
43
8
Carolina
20 5412 6012
10 133 1538 National Union Fire
City of New York
63 113
8
5
8
100 123 133 New Amsterdam Cas
Connecticut General Life_10 2714 2914 New Brunswick Fire
10 1412 1612
8
Consolidated Indemnity_ _5
67 117
8
10
17
s 37 New England Fire
8
8
Continental Casualty
10 33 4 363
87 107 New Hampshire Fire
s
5
4
3
8
10 133 1638 New Jersey
20 153 183
Cosmopolitan Flre
4
4
3
2 8 3 8 New York Fire
3
Eagle Fire
212
9
12
Northern
21
48
Employers Re-Insurance_10 19
12.50
5
51
8
738 83 North River
6
2.50 1528 1718
Excess
Northwestern National_25 8412 8912
59
Federal
10 54
25 343 4434
4
4
Fidelity & Deposit of Md_20 223 243 Pacific Fire
4
16714 Phoenix
Firemen's of Newark10 523 5434
4
Preferred Accident
6 14631
5
5 10
Franklin Fire
12
•
10 Providence-Washington _10 2018 221s
8
General Alliance
Georgia Home
10
10 1212 1612 Rochester American
30
Olens Falls Fire
5 2522 2712 St Paul Fire et Marine....25 116 121
5
8
87 117 Security New Haven
8
Globe A Republic
10 23 25
Globe & Rutgers Fire_ _25 4912 5912 Southern Fire
10 1 13 133
4
4
Great American
5 1418 155s Springfield Fire & Marine_25 773 823
4
4
8
638 83 Stuyvesant
Great Amer Indemnity_
1
10
4
1414 1614 Sun Life Assurance
Halifax Fir.
10
100 380 430
35 Travelers
Hamilton Fire
25 25
100 337 352
8
8
Hanover Fire
10 247 267 U 9 Fidelity A Guar Co___2
318 418
Harmonla
4 273 2931
1422 1612 U S Fire
10
4
Hartford Fire
. _10 411 1 4314 Westchester Fire
2.50 1818 201s
Realty, Surety and Mortgage Companies,
Par Bid
112
Bond & Mortgage Guar-_20
Empire Title & Guar__100 22
Guaranty Title & Mortgage. 50
312
Home Title Insurance _25
15
International Germania Ltd
Ask
3
50
80
51 2
20
Par Bid
Ask
Lawyers Mortgage
20
lit 23
4
Lawyers Title & Guar -i00
73 10
4
National Title Guaranty 100
1
2
N Y Title & Mtge
10
112
New York Real Estate Securities Exchange
Bonds and Stocks.
Active Issues.
Bid
Home Loan Bonds
Home Owners' Loan Corp
1951
4s w 1
Bonds
Albany Metropolitan corp
1938
6145
Allerton 55th St Corp 5125'45
Central Zone Bldg ctfs
1948
Chrysler Bldg as
Dorset (The) tis ctfs_
1939
Drake (The) 0
8
1940
80 Fifth Ave Bldg 88
502 Park Ave Bldg ctf__
1958
40 Wall St Bldg lis
424 St & Lexington Ave
1945
Bldg Ems
Fox Theatre & Office Bldg
Certificates of deposit_ ___
1949
Fuller Bldg 534s
Harriman Bldg Corp 85.1951
Hearst Brisbane Prop as '42
Hotel Lexington as ctfs.-Hotel St George 5345_1943
1939
Kenmore Hall 63
Lincoln Bldg Certificates__
London Terrace Apts 6s '40.
Marcy (The) as 1940
Active Issue,.
Ask
Bid
Ask
Bonds (Concluded)Merchants National Prop
833 84
4
16
20
2722
44
2012
21
2812
10
38
20
6
6
40
45
5412
14
28
35
36
1512
2012
3114
48
26
___
___
1312
43
24
10
10
MCstgale Bond (N
or w y
5:5545
95
9
New Weston Hotel Annex
Os
N Y Athletic Club 68 1946
165 B'way Bldg 5!.4s...1951951
Park Central Hotel ctfs____
Pennsylvania lildg ctfs___
Penny (JC) Corp 514s 1950
Prudence Co 512s
Savoy Plaza Corp as ctfs 961
1 '45
10 E 40th St Bldg ctts
301 E 38th St Bldg etre_ 2480 Broadway Bldg 612s '37
Trinity Bldgs Corp 6128_1039
2124-34 Bway Bldg ctts_
2 Park Ave Bldg 6s_1941
West End Ave A 104th St
Bldg as
1939
52 -58
16
Stocks
32 Alliance Realty Co
: Beaux Arta Apt Inc units
- 39 Broadway Bldg Units
1712 City & Suburban Homes
_ French (F F) Investing....
17
2912 34
19
18
53 2
,
7
1922
97
48
9
2712
26
35
94
83
4
32
3312
14
19
20
56
9
23
50
if
612
812
6
12
8
4
7
1 4 222
,
Other Over-the-Counter Securities-Friday Nov. 10
Railroad Equipments.
Short Term Securities.
Allis-Chid Mfg 58 May 1937
Amer Metal 534s 1934.A&O
Amer Wat Wks 651934 A&O
Bid
87
9722
95
Bid
Ask
Ask
8712 Slag Pet 434s Feb 15'34-35 1001 1
-5973 Union 011 58 1935._ F&A 10112 161 4
4
96
Water Bonds.
Bid
Alton Water 58 1956__A&O 91
Ark Wat let as A 19513.AA0 8512
Ashtabula W W as'58_A&O 8012
Atlantic Co Wat 556.4 M&S 81
BIrm WW lets 34. A'54A&O
let m 55 195. ser B__JAD
1st 55 1957 series C. FAA
Butler Water 5s) 1957__A&C)
City of Newcastle Walls'41
City W (Chat) Is B '54 J&D
let 54 1957 series C_MAN
Commonwealth Water
FAA
151 58 1956 B
1s1 in 58 1957 ser C__ FAA
Davenport W As 1961.._J&J
ESLAIntWa8'42___JAJ
let in 65 1942 ser B__J&J
1st Ss 1960 ser D___F&A
Ask
92 Hunt'ton W 1st 611'54__MAS
1st m 58 1954 ser
87
as 1962
82
83 Joplin W W 5s'57 scr AMAS
Kokomo W WI. 1958.1&D
9513 97 2 Moon Con W 1st 5556 J&D
,
Monon Val W 534.'50 _ J&J
90
88
90 Mehra W W 1st 58'57.MAN
80 82 St Joseph Wat 55 1941..A&O
90
93 South Pitts Water Co
F&A
1st 58 1955
95
1st & ref 55 '80 ser A.J&J
94
91let & ref 5560 tier B.J&J
91
93 Terre Ine WW Os'49A J&D
_MED
91
93
1st in 55 1956 ser B.
88 8912 Texarkana W lot 55'58 FAA
75
80
Wichita Wat 1st 65 '49 MAS
79
82
let m 55 '56 ser B___ FAA
73
75
let m 58 1960 ser C_MAN
Bid
97
87
82
80
80
7612
88
85
95
Ask
100
89
85
82
82
78
90
87
99
93
97
97
82
73
98
90
87
95
100
100
84
75
100
Ask
Bid
4.90 4 50 Kanawha A Michigan 6s.....
Atlantic Coast Line Os
4.00 4 00 Kansas City Southern 5348_
Equipment 030
5 00 4 00 Louisville A Nashville Os__
Baltimore A Ohio Os
Equipment 4348 & 5,.... 5.00 4 00
Equipment 634*
BuffHoch & Pitts equip (ls_ 5.00 4.20 Minn St PASS M 434s A 58
Canadian Pacific 434s & 6s 5.50 4.50
Equipment 034s & 7s..-- Central RR of N J as
4.20 3.75 Missouri Pacific 034.
4.20 3.90
Chesapeake & Ohio tis
Equipment Os
Equipment 634s
4.20 3.90 Mobile & Ohio 55
4.20 3.90 New York Central 4348 & Si
Equipment Is
Chicago & North West 85
8.00 6.50
Equipment as
8 OD 6.50
Equipment 78
Equipment 8345
Chic 11 IA Pas 434s A 55-- 11.00 8.00 Norfolk & Western 43.4,.._ _
Equipment as
11.00 8.00 Northern Pacific 78
Colorado & Southern as
5.50 5.00 Pacific Fruit Express 7s
Delaware A Hudson Os
4.75 4.00 Pennsylvania RR equip S,...
Erie 434.5*
6.25 5.00 Pittsburgh de Lake Erie 034.
6.25 5.00 Reading Co 4 34s & as
Equipment (is
Great Northern (is
5.00 4.50 St Louis & San Fran as
Equipment 55
5 00 4.50 Southern Pacific Co 4 As-4.50 4.00
Equipment 75
Hocking Valley as
4.50 4.00 Southern Ry 434e & 58
Equipment Os
Illinois Central 43.45 & 55.
5 00 4.25
Equipment (is
5 00 4.25 Toledo A Ohio Central as
Equipment as
Equipment 75 A 6 As
5 00 4.25 Union Pacific 7s
• No par value. d Last reported market.
Bid
5.50
6.00
4.50
4.50
12.00
12.00
12.00
12.00
12 00
5 00
5 00
5 00
4.00
4.75
4 00
4.00
6.00
1.30
12.00
5.00
5.00
5.75
5.75
6.00
4.00
Ask
4.50
5.01,
4 00
4 00
8 00
8 00
8.00
8.00
8.50
4.00
4.00
4 00
3 00
4 00
3 00
3 70
500
3.50
8 00
4 00
4 00
5.00
5 00
5.00
3.00
e Defaulted, s Ex-dividend.
3487
Financial Chronicle
Volume 137
Current Earnings-Monthly, Quarterly, Half Yearly
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Previous Inc.(+) or
NameCanadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis....
Southern
St Louts Southwestern
Western Maryland
Current
Year.
Period
Covered.
1st wk of Nov
4th wk of Oct
4th wk of Oct
..4th wk of Oct
4th wk of Oct
4th wk of Oct
4th wk of Oct
Year.
3,088,316
3,528,000
20,238
204,241
2,613.720
393,261
337,422
3,166,619
3,683,000
23,300
153,422
2,623,885
401,800
377,124
Dec.(-1.
$
+78.303
+155.000
+3,062
-50,819
+10,165
+8,539
+39.702
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
1933.
1932.
Inc.(+) or
Dec.(-).
228,889.421
185,897,862
219,857,606
227.300,543
257.963,036
281,353,909
297.185.484
300.520.299
274,890,197
231,978.621
288,880.547
267,480.682
254.378,672
245.869.626
237,493,700
251.782.311
-46,000.776
--46.080.759
-69.022,941
---40,180.139
A-3.584.364
A-35.484.283
A-59,691.784
A-48,737988
1933.
1932.
Miles.
241,881
241.189
240.911
241,680
241.484
241.455
241.348
241,166
Miles.
241,991
241.467
241,489
242.160
242,143
242,333
241.906
242,358
(+) or Dec.(-).
Net Earnings.
Month.
1933.
1932.
AMOtila.
$
45,603,287
41,460,593
43.100.029
52,585,047
74.844.410
94.448,669
100,482,838
96,108.921
January
February
March
April
May
June
July
August
(Including All Leased Lines)
1933-9 Mos.-1932.
-Month-1932.
Period End.Sept. 30- 1933
$26,615,049 823.998,5136211,377.9428220,962,675
By. oper. revenues
18,879,379 16.736,854 152,702,075 172,312,066
By. oper. expenses
Net rev,from ry.oper. 87,735,669
1,922,857
By. tax accruals
5,590
Uncollectible ry. revs
Equip. & it. facil. rents_ 1,448,292
$
45,964,987
56,187,604
68,356.042
56,261,840
47.416.270
47,018,729
46.148.017
62.553,029
$
-361.700
-14,727.011
-25.256.013
--3,676,793
A-27,428.140
A-47,429.940
A-54.334,821
A-33,565.892
r Per Cent.
--A0.79
--26.21
---36.94
-655
A-57.85
A-100.87
A-117.74
A-53.64
New Earnings Monthly to Latest Dates.
Chicago & Eastern Illinois1930.
1931.
1932.
September1933.
Gross from railway- -- $1,157.640 $1,090.353 $1,265,418 $1,673.804
342.557
157,327
Net from railway_ _ _ 252,475
318,052
21,203
Net after rents
1,160 -114,927
103,532
From Jan 1
Grossfrom railway _ _ - 8,962,517
9,036.981 11,712.444 15.290,640
2,117.866
1,151.910
Net from railway_
924,491
1,832,261
Net after rents
-3,696 -1,208.350 -1,210,296 -551,375
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission:
$2,437d1'$3,885.831df15,452,211
$639.154
Net income
UPLast complete annual report in Financial Chronicle June 3 '33, p. 3898
Pittsburgh & Lake Erie RR. Co.
-Month-1932. 1933-9 Afos.-1932.
Period End. Sept. 30- 1933
By. operating revenues_ 81,468.946 81,027.194 810,960,320 39.129,160
8,373,757
8,753,039
902,324
By. operating expenses_ 1,171,089
6755,403
$124.870 62,207,280
Net rev,from ry.oper. $297,856
Railway tax accruals_
Uncoliect. ry. revenues_
Equip.& joint facil.rents
Total
'137.578
$89,170
1,354
*114.678
$844,756
45
*977,597
$795,273
1.375
*1,088,347
*624,152
*6132,795
*8291,698
$149,023 $2,340.076 31,047.101
605,941
591,140
56,374
Gross income
Deduct.from gross Inc
$205,398 82,931,216 81,653.043
818,983
999.623
91,115
$400.466
108.199
8834,059
8114,283 $1.931,593
Net income
8292,267
* Credit balance.
Financial Chronicle May 27 '33, p. 3712
larEast complete annual report in
Rutland RR. Co.
-Month-1932. 1933-9 Mos.-1932.
Period End. Sept. 30- 1933
$349,790 $2,566.632 $2,980,274
8335,977
By. operating revenues_
2.568,058
2,263.112
289,932
267,351
By. operating expenses_
$412.215
$303,520
859,857
Net rev.from ry. oper.
368,626
Railway tax accruals_
Uncollectible ry. revs_
Equip.& joint facil. rents
Cr4,499
821.404
58
Cr4,517
$20,640
$182,091
213
Cr105,242
$192,941
743
Cr31,555
$16,141
816.945
877,062
$162,129
Net ry. operating Inc_
Misc.,& non-oper. inc.__
$52,484
6.554
$42,912
8,017
$226,458
51,851
$250,086
67.048
Gross Income
Deduct.from gross inc
$59.039
35,236
850,929
36.094
$278,309
319,745
5317.134
328.056
Total
$14,835 def$41,435 def$10,921
Net income
$23,802
WLast complete annual report in Financial Chronicle May 13 '33, p. 3335
INDUSTRIAL AND MISCELLANEOUS CO'S.
Air-Way Electric Appliance Corp.
1933-9 Mos.-1932.
1933-3 Mos.-1932.
$660,389 $1,006.755 $2,015,460 $3.351,952
3,035,886
3,022.161
1,008,025
1,007,142
105,372
89,839
38.440k
46,540
Net loss
$39 711 $1.096,542 sur$210.692
$393.295
Earned Surplus Account.
-Balance at beginning of period, $4,785,380;
adjustment of 1932 nterest accruals, $16,248; total surplus, $4,801,628:
reserve In respect of interest on Missouri Pacific RR. Co. bonds, $102,227;
net loss for n ne months (as above), $1,096,542; balance earned surplus
Sept 30 1933, $3.602,859.
Paid-In Surplus Account.
-Balance at beginning of perlod. 87.449,063;
Prof t from sale of secur,t es. $1,041; balance Sept 30 1933, $7,450.104.
OrLast complete annual report in Financial Chronicle Apr. 22 '33, p. 2788
Chesapeake Corp.
1933-9 Mos.-1932.
Period End. Sept.3- 1933-3 Mos.-1932.
Div. & int. accruals_ _ _ _ $2,627,510 $2,545,759 $7,654.250 $7,641,597
1.649378
1,562,839
Int. on long-term debt._
488,794 • 546,203
1,361.008
451.025
1,143,187
300.621
Otherinterest
43,359
21,156
101,385
74,745
Other expenses
Net income
Common dividends
$81,579
*119,158
Net ry. oper. Income...8335,435
65.031
Misc. & non-oper. Inc
Alleghany Corp.
Period End.Sept.30Divs. and nterest
Interest pad
Other expenses
$7,261,659 $58,675,867 848,650,609
2,623.374 21,459,045 23.993,646
75,700
3,220
63.371
1,197,090 11.367.654 11,222,121
$3,376,741 $3,823,685 $32.890.071 $35,291,467
Total
3,437,973 25,785.796 13,359,141
Net ry. oper. income__ - 4,358.928
1,812,534 16,323,097 17,930.560
Miscall. & non-oper. inc. 1,731,340
$6,090.268 85,250,508 $43,108,893 $31,289.702
Gross income
5,248.070 45,994.725 46,741.913
Deduct, from gross Inc_ 5,451,114
Length of Road.
Gross Earnings.
Month.
January
February
March
April
May
June
July
August
The New York Central RR. Co.
x$1,763,350 $1,527,375 y84,846,839 84.587.852
3,149.554
2,699,617
899,873
899,873
$627,502 $2,147,222 $1,438,298
8863,477
Surplus
Shares capital stock out1,799,745
1,799.745 1,799.745
1,799,745
standing (no par)
$2.55
$2.71
80.85
$0.98
Earnings per share
sale of securities. $718,030 profit from
x Exclusive of $261,595 profit on
bond conversions, and $43,392 profit on bonds purchased all of which
were credited to surplus. y Excluding 893,796 loss from sale of securities,
$237,086 profit on bond purchases, and $718,103 profit on bond conversions.
all of which were taken into surplus account.
larLast complete annual report in Financial Chronicle April 1 '33, p. 2235
Indiana Harbor Belt RR. Co.
1933-9 Mos.-1932.
-Month-1932.
Period End.Sept. 30- 1933
8635,029 65.686.148 $5,414,123
$705.768
By. operating revenues_
3,346.350 3,507,169
323,800
430,978
By. operating expenses_
$311,228 $2,339,797 $1,906.954
395,555
442,017
57,296
339
44
45
465,156
491,890
57.399
16 1Vks.End.3 Mos.End. 40 Wks.End.9 Mos.End.
Oct. 7 '33. Sept. 30 '32. Oct. 7 '33. Sept. 30 '32.
PeriodNet loss after taxes, de$308,922
$124.774
$127.753
837,409
preciation,&c
rirLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2071
Alaska Juneau Gold Mining Co.
1933-10 Mos.-1932.
-Month-1932.
Period End. Oct. 31- 1933
$240,000 82.696.500 82.958.000
$280,000
Gross earnings
Profit after oper. exp. &
develop, charges, but
before depr. & deplet.
937,800
92,600 x1,154,500
109,100
& Federal taxes
x includes 8110,000 estimated premium on gold received during August.
gold was estimated by company. Income
This is only month premium on
in other months figured on price of $20.67 an ounce of gold.
p. 1888
r2P Last complete annual report in Financial Chronicle Mar. 18 '33,
American Agricultural Chemical Co. (of Del.).
(And Subsidiary Companies)
1933.
3 Months Ended Sept. 30$161.465
Gross profit from operations
205,166
General operating and administrative expenses
Provision for losses on time sales on shipments
26,526
made during period
134,126
Depreciation of plants and depletion of mines
27.557
Reserve for self insurance
1932.
$14,438
168,619
35,966
139.963
23,020
8353.132
$231,909
Net loss charged to earned surplus account
1ZPLast complete annual report in Financial Chronicle Aug. 19 '83 p. 1408
American Encaustic Tiling Co., Ltd.
1933-9 Mos.-1932.
Period End. Sept.30- 1933-3 Mos.-1932.
Net loss after taxes. de$559,177
8395,489
8193,013
8112,786
preciation. &c
PP r:8g•Last complete annual report in Financial Chronicle May 20 '33, p.3583
....sesameglar
American Telephone & Telegraph Co.
Net rev,from ry.oper.
By. tax accruals
Uncollectible ry. revs
Equip. & it. facil. rents.
$274,789
46,885
Total
Net ry. oper. income.
Miscall. & non-oper. inc.
8106,339
168,450
4,800
8114,740
196,487
2,203
3933,952
1,405,845
25,360
8861,052
1,045,901
35.479
Gross income
Deduct. from gross Inc_
$173,250
42,042
8198,690 $1,431,206
381,074
42,635
$1,081,381
384.931
Operating revenues-- $7.252,699 $7.123,604 664.589,785 867,778.977
5,864,991 51.157.920 56.771,300
5,601.084
Operating expenses
Net oper. revenues-- 81,651.615 $1,258,613 813.431,865 $11.007,677
4,756.503
178,968
556.763 4,378,566
Operating taxes
$696,449
$156,055 $1,050,132
6131,208
Net income
arLast complete annual report in Financial Chronicle June 3 '33, p. 3900
$701,850 $9.053.299 86,251,174
Net oper. income-- $1,472.647
tarLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1007
59.453
Operating revenues
Uncollectible oper. rev
-Month ofSeptember- -9 Mos.End.Sept.301932.
1933.
1932.
1933.
87.182,062 67,026.605 863.732,108 866,855,931
96,999
923,046
857.677
70,637
3488
Financial Chronicle
American Power & Light Co.
British Columbia Power Corp., Ltd.
(And Subsidiaries)
12 Months Ended Sept. 30Subsidiaries
Operating revenues
Operating expenses. Including taxes
$72,529,170 $76,505,649
35.841,332 36.093,899
Net revenues from operation
Other income
$36,687,838 $40,411,750
721,521
302,061
Gross corporate income
Interest to public and other deductions
Interest charged to construction
Retirement reserve appropriations
$36,989,899 $41,133,271
16.582,428 16,634,280
Cr119.091 Cr315,362
4,510,094
4,728.030
1933.
1932.
0
' Balance
$15,798,532 $20,304,259
Preferred dividends to public (full dividend require1 meats applicable to respective 12
-month periods
r whether earned or unearned)
7,112,856
7.162.403
Portion applicable to minority interest
120,758
86,638
Net equity of Am.P.& L. Co.in income ofsubs_ $8,549,491 $13,070.645
American Power & Light Co.
Net equity of American Power & Light Co. in
I. income of subsidiaries (as shown above)
$8,549,491 $13,070,645
1,015.224
Other income
267.165
$8.816,656 $14,085,869
228,289
176,542
3.107,251
3,106,161
Total income
Expenses, including taxes
Interest to public and other deductions
Balance carried to consolidated earned surplus__ $5,533.953 $10,750,329
IO"Last complete annual report in Financial Chronicle Aug.26'33, p. 1534
American Public Service Co.
(And Subsidiary Companies)
3 Months. 9 Months.
Period Ended Sept. 30 1933$1,238,217 $3,272,977
Gross earnings
744,644
2,027,607
Operating expenses and taxes
407.564
1,222,176
Interest and other deductions of subsidiary co's
5,873
19,589
General interest expense of Am. Pub. Service Co
80,136
3,605
x Net income
x Before providing for suspended cumulative dividends on pref. stock of
Am.Pub.Serv. Co.amounting to $418,667 for the 9 mos. end. Sept. 30 1933.
rU'Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2601
Art Metal Construction Co.
(Including Postindex Co., Inc.) .
Period End. Sept. 30- 1933-3 Mos.-1932. 1933-9 Mos.-1932.
$323,322
$669,887 $1,391,381 $2,540,221
Sales
264,074
375,187
Net loss after all charges
152,356
110.416
rErLast complete annual report in Financial Chronicle May 6 '33, p. 3165
Associated Gas & Electric System
(Consolidated ,Statement of Earnings and .Expenses of Properties)
-Decrease1933.
1932.
Amount. %
12 Months Ended Sept. 30$72,646,939 $75,416,916 $2,769,977
4
Electric
15.654.603
16.952,277
1,297,674
8
Gas
2,231,074
2,996,160
765,086 26
Ice
1.506.116
Transportation
1.840.786
334,670 18
1.437.228
1,511,851
Heating
74,623
5
1,217,216
1,288,862
Water
71,646 6
Total gross oper. revenues_ -$94,693,176 $100,006,852 55,313.676
47,417,849
Oper. expenses, maintenace, &c. 45,994.075
1.423.774
8,725,812
8,571,436
Taxes
5154,376
Prov. for retirements (deprec.) 7,897,025
9,737.287
1,840,262
5
3
x2
19
Operating income
$32,076,264 $34,280,280 $2,204,016
6
x Increase.
10 Last complete annual report in Financial Chronicle May 20 '33, p. 3523
-
Axton Fisher Tobacco Co., Inc.
Earnings for Six Months Ended June 30 1933.
Net profit after charges
$832.762
Earnings per share on class A stock (after preferred dividends)
$8.38
Earnings per share on class B stock
33.56
WLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1888
Baltimore Tube Co.
1933-9 Mos.-1932.
Period Ended Sept.30-- 1933-3 Mos.-I932.
Net profit after taxes &
$11,682 loss$46,358 loss$23.095 loss$152,119
reserve for depreciation
WLast complete annual report in Financial ChronIcle Feb. 25 '33, p. 1379
-Month of September- -12 Mos. End. Sept. 301933.
1932.
1933.
$184,403
$174.123 $1,994.977 $2,097,7'08
1832
Gross earnings
883,171
923.621
80,406
72,371
Operating exp. & taxes_
$103.997
27,675
$101,752 $1,111,806 $1,164,087
314,392
300,961
25,359
$76,322
Balance
Depreciation
$76,393
$797.414
307,907
$863,126
307,309
$489,507
127,086
Net income__ _
Preferred stock dividend
$555,817
138,780
$362,421
$417,037
Balance
n"'Last complete annual report in Financial Chroncile Feb. 25 '33, p. 1373
Berghoff Brewing Corp.
Earningsfor Period from Jan. 18 1933 to Sept. 30 1933.
Net profit after all charges including depreciation Fed.taxes,&c. $531,783
Earnings per share on 270.000 shares capital stock
$1.97
Briggs Manufacturing Co.
Period End.Sept. 30- 1933-3 Mos.-1932
1933-9 Mos.-1932.
Net profit after deprec.,
Federal taxes. &c---- $989,450 loss$397,233
$890.6451'41,003,266
Earns, per sh.on 1.979,Nil
000 shs. no par stock_
Nil
$0.45
$0.50
larLast complete annual report in Financial Chronicle May 20 '33, p. 3536
Net earnings
$464,510
$451,041 $1,348,652 $1,338,362
12U'Last complete annual report in Financial Chronicle Oct. 7 '33, p. 2633
Central & South West Utilities Co.
(And Subsidiary Companies)
Period Ended Sept. 30 19333 Months. 9 Months.
Gross earnings
$6,387,567 $17,843,074
Operating expenses & taxes
3,963,718 11,232,599
Interest & other deductions (net)
2,334,914
7,010,583
x Balance
$88,936 def$400.108
x Before providing for suspended cumulative dividends on prior lien
and pref. stocks of Central & South West Utilities Co. amounting to
$1,367,127 for the 9 months ended Sept. 30 1933.
re'Last complete annual report in Financial Chronicle April 15 '33, p.2603
Chester Water Service Co.
(Including Wholly Owned Non-operating Companies)
12 Months Ended Sept. 301933.
1932.
Operating revenues
$469,933
$495,012
Operating expenses
109,873
143,858
Maintenance
13,059
32,222
General taxes
15,976
16,336
Net earnings
Other income
$331,025
2,318
$302.597
4,077
Gross corporate income
Interest on long-term debt
Miscellaneous interest
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$333,342
149,710
1,490
1,326
12,727
35,477
2,104
$306.674
148.995
249
1,197
12,907
12,000
1,427
Net income
$130,508
$129,899
Dividends on preferred stock
66.000
66.000
Note.
-In order to show the financial position and results of operation
of the properties subject to the lien of the 1st mtge. gold bonds of Chester
Water Service Co.,the accounts of the Delaware Water Supply Co.,a wholly
owned subsidiary, have not been consolidated herein.
IC Last complete annual report in Financial Chronicle Apr. 22 '33, p. 2796
Chicago Yellow Cab Co.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net income after deprec.,
Federal taxes, &c_ _ _ _ $232,605
$89,145
$473,322
$536,357
Earns. per sh. on 400,000
abs. cap.stk.(no par)_
$0.22
$0.58
$1.18
$1.34
IO"Last complete annual report in Financial Chronicle May 13 '33, p. 3351
Cleveland Electric Illuminating Co.
1933.
1932.
12 Mos.End. Sept. 301931.
1930.
Operating revenues
$22,019,418 $24,337,131 $26,092,921 $26,966,912
Operating expenses
8.564,685
9,305,738 10,141,079 10,489.143
Taxes
2,753,000
3,077,500 3.332,973
3,064,100
Net oper. revenues__ -$10,701,732 $11,953.893 $12,618,869 $13.413,668
Non-oper. revenues---228,952
211.854
442,832
541.684
Gross income
$10,913,586 $12,182,845 $13,061,701 $13,955,352
2,000,000 2,291.667
Int. on funded debt__ -- 2,000,000
2,350,000
63,129
Amortiz. of bond disct._
63,130
86,153
90,758
18.721
Other interest charges
17,004
18,665
17,799
Depreciation reserve_ _ _ 3,516,000
3.461.000 3,424,000
2.912,000
Balance
$5,317.452 $6,639.994 $7,241,216 $8,584,795
916,902
916,902
Preferred dividends_
916,902
916,902
Bal. for corn. diva. &
surplus
$4.400,550 $5,723,092 $6,324,314 $7,667,8e3
larLast complete annual report in Financial Chronicle Feb. 18'33, p. 1198
Compo Shoe Machinery Corp.
9 Months Ended Sept. 30Gross profit
Net profit after depreciation, obsolescence, but
before taxes
Taxes
1933.
8691.619
1932.
$550,519
236,172
45,142
138.541
21,800
$191,030
$116,741
Continental Gas & Electric Co.
(And Subsidiaries)
12 Months Ended Sept. 301933.
1932.
Net profit after taxes, Interest, depreciation,
amortiz. subs. pref. dividends, &c
52,410.102 $3,890,936
Il2W Last complete annual report in Financial Chronicle April 15 '33, p. 2604
-
Curtiss-Wright Corp.
(And Subsidiaries)
Period End. Sept.30-1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net prof. after deprec.,
int. & taxes
$154,376 Ves$408,664
$582,450 loss$376,306
'Last complete annual report in Financial Chronicle April 8 '33, p. 2490
Davega Stores Corp.
6 Months Ended
Sept.30'33. Sept.24'32.
Net sales
$3,451,250 $3,043,565
Net profit from operations
168,436 1065173.570
Depreciation and amortization
40,693
54,341
Bonuses and expenses in connection with revision
4,064
of leases, &c
45,415
Federal income and State franchise taxes (net)
23.588
Excess reserve accum. in respect of deferred Fed.
income and State franchise taxes (net)
63.992
$100,091 def$209,334
Net income
Earns, per sh. on 219,700 shs. capital stock
Nil
Ia'Last complete annual report in Financial Chronicle June 24'33, p. 4466
Denver Tramway Corp.
Butte Copper & Zinc Co.
6 Mos.End. 3 Mos.End.
PeriodJune 30'33. Sept. 30'33.
Tons of ore settled for
Not operating
22,199
Receipts from lessee, operator of company's properties, being 50% of smelter returns on above ore
$20,086
Shut-down expense and preparation for resuming
operations
$33,481
29,690
Loss
Interest and dividends received
$33.481
2,916
$9,604
1,330
Balance
Administrative expense and taxes
$30,565
7,688
$8,274
4.401
$38,253
$12,675
Net loss
O"Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1020
-Month of Sept.- -3 Mos.End.Sept.301932.
1933.
1933.
1932.
$1,017,199 $1,059,379 $33.034,054 $33,172,889
552,689
608.338
1,685.402
1,834,527
Gross earnings
Operating expenses
Balance
Bangor Hydro-Electric Co.
Gross income
Interest, &c
NOV. 11 1933
(Including Denver & Inter-Mountain RR.)
1932.
1931.
1933.
9 Mos.End.Sept.30-1930.
revenue__... $1,860,933 $2,248,187 $2,658,904 $2,987,628
Total oper.
1,743,920 1,897.966
Oper.exp.(Incl. deprec.) 1,519.750
2,062,238
195.833
246,876
331,922
Taxes
365.165
Net oper. Income__....
Other income
$145,350
28,811
$257,392
35.938
$429.016
35,289
$560.225
34,369
Gross income
Interest on bonds
Amort. of disc. on fd. dt.
$174,161
314,607
10,760
$293.330
334.883
10,447
$464,305
348.319
11,840
$594,595
361,217
13,232
Balance avail,for pref.
div. requirement ___def.$151.206 de1352,001
$104,146
$220,145
10
-Last complete annual report in Financial Chronicle Feb. 4 33, p. 841
Financial Chronicle
Volume 137
Eastern Rolling Mill Co.
Period End. Sept. 30- 1933-3 Mos.-1932.
Operating loss
$24,600
$26,600
Depreciation
43,567
45,159
General Motors Corporation.
1933-9 Mos.-1932.
$237,948
$65,362
132,304
135.698
Net loss
$68,167
$71,759
$197,666
$373,646
Deficit Account Sept. 30 1933 follows: Earned surplus deficit, Jan. 1
1933, $233,739; loss, Jan. 1 to Sept. 30, 1933, $197,667; deficit after loss
for period, $431,406; extraordinary charges for period. $931: earned surplus
deficit. Sept. 30 1933, $432,337: capital surplus, Sept. 30 1933 (same as
at Jan. 1 1933). $185,358: net deficit, Sept. 30 1933, $246,978.
tar'Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1892
Eastern Steamship Lines, Inc.
Operating revenue
Operating expense
Operating income
Other income
Other expense
-Month ofSeptember- -9 Mos.End.Sept.301933.
1932.
1933.
1932.
$1,025.437 $1,079,452 $7,552,617 $7,716,760
730,828
748,172 6,182,321
6,420,245
294,609
331,280 1,370,296
1.296.515
2.442
8,846
43.141
69,781
66.236
75,937
655.060
608.791
Net income
$230,815
$264,189
$758,377
$757,505
10 Last complete annual report in Financiat Chronicle June 10'33, p. 4095
-
East Kootenay Power Co.
Gross earnings
Operating expenses
-Month of Sept.- -6 Mos. End.Sept. 301932.
1933.
1932.
1933.
$201.835
$217,760
$38,147
232,826
11.913
65,581
68,395
10,163
Net earnings
$26,234
$136.254
$149,365
$22,663
larLast complete annual report In Financial Chronicle June 17 '33, p. 4265
Electric Power & Light Corp.
(And Subsidiaries)
12 Months Ended Sept. 30Subsidiaries
Operating revenues
Operating expenses, including taxes
$68,526,016 274,450,961
35.842,504 36,686,812
Net revenues from operation
Other income
$32,683,512 $37.764.149
133.609
334.528
1932.
1933.
Gross corporate income
$32,817,121 $38,098,677
Interest to public and other deductions
15,872,352 16,394,877
Interest charged to construction
Cr14,516 Cr564,875
Retirement and depletion reserve appropriations
7,395,275 6,201,862
Balance
29,564,010 $16,066.813
Preferred dividends to public (full dividend requirements applicable to respective 12 month periods
whether earned or unearned)
7,908.600 7,915,788
Portion applicable to minority interest
79.857
157.233
Net equity of Electric Power & Light Corp. in
Income of subsidiaries
$1.575,553 $7.993,792
Electric Power & Light Corp.
Net equity of Electric Power & Light Corp. in
income of subsidiaries (as shown above)
$1,575,553 $7,993,792
Other income
262,668
64.243
Total income
Expenses, including taxes
Interest to public and other deductions
$1,639,796 28,256.460
504,460
438,419
1,591,498
1,592,061
Balance carried to consolldated earned surplus__ def$390,684 $6,160.502
krLast complete annual report in Financial Chronicle Aug. 19 '33, p. 1407
Fairbanks Co.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Gross operating profit__
$71.521
$27,631
$121,162
$126,010
Expenses
61.295
59.665
182.054
205.815
Int., depr., Fed.tax,&c.
46,640
47,313
140,913
144,671
Net loss
$36.413
$79,347
$201.804
$224,476
lei'Last complete annual report in Financial Chronicle Mar. 18 33, p. 1893
Falconbridge Nickel Mines, Ltd.
Period End.Sept. 30- 1933-3 Mos.-1932.
Net Inc. after deprec.,
taxes St other charges_ $256,534
$425,389
Earns, per sh. on 3,196.550 shs. coin. stock
$0.08
$0.13
3489
1933-9 Mos.-1932.
$722,566
$523,427
$0.23
$0.16
First Chrold Corp.
Period Ended Oct. 31 1933
Month. 10 Months.
Realized profits
loss$22,482
$133,011
Management fee reserve
Cr2,248
13.301
Taxes paid
1,100
Taxes reserved
Cr2,804
15.795
Expenses
27
1.186
Net profit after taxes
loss$17,457
2101,628
larLast complete annual report in Financial Chronicle Mar, 11 33, p. 1724
General American Transportation Corp.
(Formerly General American Tank Car Corp.)
Period End.Sept. 30- 1933-3 Mos.-1932,
1933-9 Mos.-1932.
Net profit after charges.
$502.000 $1,481.000 $1.270,000
deprec.& Fed. taxes_ - $621,000
Earns. per sh.on 745.708
shs cap.stk.(Par $5).
$0.83
$0.67
$1.98
$1.70
a/Mast complete annual report in Financial Chronicle Mar. 18 '33, p. 1894
Net profit from oper.
and investments__ - 39,828,925 def5,437,922 99,506,397 15.985,670
Less provision for:
Employees' savings &
Investment fund..
90,370
997,617 2,528.730
369,674
Guar. settle. of 1927
1,824,630
28,543
1.566,335
Invest, fund class
582,063
Deduct profit on inv.
fund stk. reverting
3,453 def213,900
to Gen. Mot. Corp.
172.901 def218.787
Empl. say. & inv.
fund-net
Payment to Gen. Mot.
Management Corp_
Special pay, to empl.
under stk.subs.plan
Total
778,836
337,700
2,818.794
4.308.965
2.875,000
683,000
48
1.461,836
21,112
36.130
337,748
5,714.906
4,345.095
Net Inc. before inc. taxes 38,367,089 def5,775,670 93,791,491 11,640.575
Less prov. for U. S. &
1.033,000
for income taxes
4,991,000 Cr1,340,000 12,298,000
Net income
33,376,089 def4,435,670 81,493,491 10.607,575
Gen. Mot. Corp. propor.
of net income
33,341,618 def4.464,229 81.409.794 10.555,175
Divs, on pref. stocks
35 series
x2,294,555 2,344,207 x6,884,290 7,032,622
Amt.earn,on corn.stk 31,047,063def6,808,436 74,525,504 3,522.553
Average no. of corn. shs.
outstanding
43.063.465 43,500,000 43,063.465 43,500,1300
$0.08
Earnings per share
$1.73
def$0.16
$0.72
x Includes dividends paid on stock held in treasury.
Summary of Consolidated Surplus.
1933-9 Mos.-1932.
1933-3 Mos.-1932.
Surplus at beginning of
period
260.183,493 278.972,471 238,231,744 301,266,482
Gen. Mot. Corp's propor.
of net income
33,341,618loss4,464,229 81.409,794 10,555.175
Earned surplus before
dividends
293,525,111 274,508,242 319.641,538 311.821,657
Pref. divs., $5 series_ _ _ _ 2,344,208 2,344,207
7,032,623 7,032.622
Common dividends
10,875,000 10,875,000 32,625,000 43.500,000
Amt. rec. or sect'. by
Gen.Mot.Corp.on can.
stk. held in treastu7
Cr481,208
Cr159,220
Earned surplus at end
of period
280,465,123 261,289,035 280,465.123 261.289,035
10"1.ast complete annual report in Financial Chronicle April 1 '33, p. 2231
and April 15 '33, p. 2595.
Hackensack Water Co.
(And Subsidiaries)
1930.
1931.
9 Mos. End. Sept.301932.
1933.
Gross oper. revenue_ _ _ _ $2,750,874 $2,783,793 52,780,397 $2,776.223
20,196
Other income
16,630
17,304
14,550
Total income
$2.765,424 $2.801,097 $2,797,027 $2,796,419
1,465,972
1,473,037
Net after expenses, &c
1,464,288
1,488,027
419.010
375.790
Interest
507,139
559,131
179,387
187.208
Depreciation
199.810
206,540
85,174
101,099
Federal taxes
96,025
75.268
$782,401
Net income_ _ _
$661.314
2808,940
$647,089
Earns. per sh. on 307.500
$2.29
$2.37
shs. com.stk.(par $25)
$1.89
$1.85
Net income for the quarter ended Sept. 30 1933, was $258,330, equal to
2243.375, or 71 cents a share
75 cents a share on the common stock against
In the third quarter of 1932.
ra 'Last complete annual report in Financial Chronicle Feb. 15 '33, p. 1374
i
and May 6 '33, p. 3159.
Hoskins Manufacturing Co.
9 Mos. End.
-3Mos. Ended
PeriodSept.3033. June 30'33. Mar. 31'33. Sept. 3033.
Net Inc. after expenses,
Federal taxes and depredation and other
267,511
charges
$3,711
$42,255
$21,545
Earns. per sh.on 120,050
$0.56
shares capital stock
$0.03
$0.35
$0.18
P"Last complete annual report in Financial Chronicle Sept.16'33, p.2110
Hudson Motor Car Co.
Period Ended Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after charges,
$
2
2
2
depreciation, &c
19,043 1oss1497,760 loss1307,422 1oss4630,010
tarLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2078
Grand Rapids Varnish Corp.
(And Subsidiaries)
Earnings for 9 Months Ended Sept. 30 1933.
Net income after deprec. & other charges
Earns per share on 143,500 shares capital stock
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Sales of cars & trucksunitsRetail sales by dealers
to consumers
-U.S.
245,128
104,773
450,347
644.892
Gen. Motors sales to
dealers
-U.S
244.783
78,792
672,545
420,543
Gen. Motors sales to
dealers,incl. Canad.
sales and overseas
shipments
285.680
97,408
784,302
492.323
$
$
2
2
Net sales-value
178,967.035 74.575,864 490,921,509 371,374.398
Profit from oper. & inc.
from inv.,after all exp.
Incident thereto, but
before prov. for depr.
of real estate, plants,
and equipment
47,894.958 3,841,766 122,533,714 43.842.194
Prov. for deprec. of real
est., plants & equipm't 8.066,033 9.279.688 23,027,317 27,856.524
$129,208
20.90
Great Lakes Power Co., Ltd.
Illinois Bell Telephone Co.
-Month of September- -9 Mos. End. Sept. 301933.
1932.
1933.
1932.
Operating revenues
$5.898,055 $6,146.457 $53.529,603 $59,609,182
Uncollectible oper. rev-..
43,626
53,649
536,479
583,900
3 Months.
$166.224
37.517
22,542
9 Ilonths.
$492,652
113,198
67,586
Operating income
Non-operating income (net)
2106.164
Dr1,384
$311,868
409
Net operating revs.--$2,051,543 21,704,160 216,404,520 $15,910,569
Operating taxes
886,403
645.311
7.165,428 7,193.444
Gross income
Deductions from gross income
$104,780
108.456
$312.277
318.761
Net operating income_ $1.165,140 $1,058,849 $9,239,092 $8,717,125
OrLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1014
$3.676
$6,485
Net loss
Preferred. dividends for Jan. and Feb. 1933, paid
See x
8,750
out of accumulated surplus
x Exclusive of cumulative preferred dividends from March 1 to Sept. 30
1933. amounting to $30,625 which have been suspended.
Vi"Last complete annual report in Financial Chronicle Apr. 8 '33, p. 2422
Period End.Sept.30-1933-3 Mos.-1932. 1933-9 Mos.-1932.
Net loss after deprec.,
$143,548
interest & other chgs__
21,123
$44,332
$49,098
131rLast complete annual report in Financial Chronicle May 13 '33. P.3356
"Period Ended Sept. 30 1933
Operating revenues
Operating expenses
Provision for retirement
Operating revenues__ _ $5,941,681 $6,200,106 $54.066,082 $60,193,082
Operating expenses_ __ _ 3,890,138 4,495,946 37,661,562 44,282,513
(Byron) Jackson Co.
3490
Financial
Chronicle
Nov. 11 1933
Interborough Rapid Transit Co.
Marlin-Rockwell Corp.
-Month of September- -3 Mos. End. Sept. 301933.
1933.
1932.
1932.
Gross operating revenue $4.370,528 $4,799,507 $12.600,478 $13,915,482
Operating expenses.._.._
2,841,388 3,286,260
8,607,491 10,167,948
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Gross earnings
$204,133
$52,005
$360,653
$240.014
Depreciation
58,716
58,965
176.146
176.895
Expenses, &c
79.499
86,048
234,853
279,867
Net operating revenue $1,529,140 $1,513,246
Taxes
231,666
188.289
$3,992,986 $3,747.534
578,010
557,008
Income from operation $1,297,474 $1,324,957 $3,435,978 $3,169,523
Current rent reductions
1,253,099
415,472
1,245,549
417,655
Balance
Used for the purchase of
assets of the enterprise, def
$882,001
Balance, city and co_ _
Payable to city under
contract No.3
$956,719
$945,397 $2,287,187 $1,945,363
Gross inc.from oper__
Fixed charges
$956,719
1,146,750
$945,397 $2,287,187 $1,945,363
3,368,343
1,046,160 3,441,941
Net income from oper.
def
Non-operating income_ _
$190,031
3,102
Net oper. loss
Other income
Net profits
Common dividends
$100,762 $1,154,753 $1,422,979
9,170
8,118
2,966
Bal. before deducting
5% Manhattan div.
rental, def_____
Amount required for full
div. rental at 5% on
Manhattan By. Co.
modified guar. stock,
payable if earned_ _ _ _
74,717
$907,301 $2,190,428 $1,916,423
96,758
38,095
28,939
$186,929
231.870
507,705 $1,146,635 $1,413,809
231,870
695,612
695,612
International Railway Co.
9 Mos. End. Sept. 30-1933.
Operating revenue
4,298,111
Operation and taxes_ __ _ 3,682.910
1932.
4,938.221
4,239,655
1931.
1930.
$6,281,449 17,489,381
6,376,202
5,294,907
3986.542 $1,113,179
77.398
25,915
Operating income_ _ _
Non-operating income
$615,202
11.202
$698,565
20,401
Grossincome
Fixed charges
$626.405
861,942
$718,967 $1,012,458 $1,190,577
946,560
896,425
926,510
$244,017
Netincome
$85,948
def$235,538 def$178.458
CN'Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2605
Kansas City Power & Light Co.
Period End.Sept. 30- 1933--Afonih-1932. 1933-12 Mos.-1932.
Net income after deprec.,
int.. Federal taxes, &c $261,695
$293,959 $33,384,478 $4,138,065
lOrLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1875
Kentucky Securities Corp.
(And Subsidiary Company)
Period Ended Sept. 30 19333 Months. 9 Months.
Gross earnings
$537.538 $1,554,618
Operating expenses & taxes
974,559
361,258
Interest & other deductions
412.465
137,192
x Net income
$39,089
$167,594
x Before providing for suspended cumulative dividends on preferred
stock of Kentucky Securities Corp. amounting to $94,527 for the 9 months
ended Sept. 30 1933.
Kentucky Utilities Co.
(And Subsidiary Companies)
Period Ended Sept. 30 19333 Months. 9 Months.
Gross earnings
$1,597.673 $4,545,918
Operating expenses & taxes
889,008
2,542,411
Interest deductions of subsidiary company
121,889
40.652
Int.& other deductions of Kentucky Utilities Co
413,316
1,263,283
Net income
Preferred stock dividends
$254,697
208,700
$618,335
626,097
Balance
$45,996 loss$7.762
ItN Last complete annual report in Financial Chronicle April 1 '33, p. 2241
-
Lexington Utilities Co.
(And Subsidiary Companies)
Period Ended Sept. 30 19333 Months. 9 Months.
$516,965 $1,493,421
Gross earnings
967.367
358,698
Operating expenses & taxes
90.923
30,094
Interest deductions of subsidiary companies
197,079
65,879
Interest deductions of Lexington Utilities Co
562.294
41,321
Balance
3238,051
124.339
$20,973
Net income
Preferred stock dividends of the Lexington Util Co..
$113,712
Lion Oil Refining Co.
1932.
3 Months Ended Sept. 301933.
$15,353
Net profits after all charges
$119,293
larLast complete annual report In Financial Chronicle Apr. 22 '33, p. 2807
McCord Radiator & Mfg. Co.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after taxes,
$11,345loss$368,717
depreciation, &c
$5.167 loss$39,352
ra"Last complete annual report in Financial Chronicle June 24'33, p. 4472
$88,868 1°88363,652
78,811
78,887
$216,748
109.370
$28,368 loss$107,378
236,434
260,959
Deficit
prof.$10,057
$142.539
$208,066
$368,337
Shs. corn. outst.(no par)
315.545
364.145
315,545
364,145
Earn. per sh.on com.stk.
$0.28
Nil
$0.09
Nil
110 Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2081
Period End.Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after deprec.,
but before Fed. taxes_ $341,632 loss$159.052
$664.991 10683434,137
10 Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1790
-
Mississippi River Power Co.
(And Subsidiaries)
12 Mos.End. Sept. 30-- 1933.
1932.
1931.
1930.
Operating revenues__ $33,359,642 $3,560.676 $3,359,646 33,664,564
Operating expenses
516.492
294,996
511.752
303,275
Taxes
464,886
494,228
385,212
377,714
Net oper. revenues__ _ $2,378,264 32,771.451 $2,462,682 $2,983.573
Non-oper. revenues_ ___
228.994
340,543
354,877
315,056
Gross income
$2,607,258 $3,111.994 $2,817,559 $3,298,629
Int. on funded debt
982,892
996,904
1,004,483
1,015,242
Amort. of bond discount
19,699
20,017
19.276
20,941
Other int. charges-not..
45.908
26,135
54,105
44,303
Approp. for deprec. res.
260,000
260.000
260.000
260,000
Balance
$1,298,759 31,808.937 31,479,697 51,958,143
Preferred dividends_ __ _
494,069
494,069
494,069
494,069
Balance for corn. dive.
and surplus
$804,690 $1,314,869
$985.628 $1,464,074
132 Last complete annual report in Financial Chronicle Feb. 4 '33, p. 842
-
Molybdenum Corp. of America.
Per. End.Sept.30-1933-3 Mos.-1932.
Operating profit
$94,789 loss$11,954
Int. on notes, bonds &
sundry items
6,490
2,617
Depreciation
9,479
9,479
Prov.for Federal taxes_
7,957
-Month of Sept.- -9 Mos.End.Sept.301932.
1933.
1933.
1932.
$924,204 51,012.264
5105,874
3103,213
205,845
234,052
27,069
24.777
$78,805
11,279
28,437
9.657
9,205
28,437
Motor Wheel Corp.
Period End. Sept. 30- 1933-3 Mos.-1932.
Gross profit
5375,58510583124,229
Sell., adv., adminis. exp.
123,0291
187,570
Depreciation
103.882)
1933-9 Mos.-1932.
$891,434loss$177,402
356.6051
615,359
312,613 f
Operating profit
Other income
5148,67310883311,798
11,801
25.145
3222.2161oss5792.851
49,817
99,101
Total profit
Interest, &c
Proport. of net gain by
Cleveland Welding Co
$160,474loss$286.653
51,468
3272,03310885693,750
145,669
Cr37,725
41,260
Net profit
$313,2931oss$839,419
5198,201 1°883338,122
Earns. per sh.on 850,000
shs. corn. stk. (par $5)
$0.23
Nil
Nil
$0.37
ItarLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1730
National Candy Co.
(And Subsidiaries)
Period End.Sept.30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after charges,
deprec.& Fed.taxes.._
3171.658 loss$1,601
$487,681 1088345,832
Earns. per sh.on 192,815
shs. com.st.(no par)_
$0.71
Nil
Nil
51.99
WEast complete annual report in Financial Chronicle Feb. 25 '33, p. 1387
National Power & Light Co.
(And Subsidiaries)
12 Months Ended Sept. 30-Subsidiaries
Operating revenues
Operating expenses, including taxes
$68,438.609 372.497.378
35,427.508 38.104,014
333.011.101 534.393.364
150.745
383.461
Gross corporate income
Interest to public and other deductions
Interest charged to construction
Retirement reserve appropriations
$33.161.846 $34.776,825
12.867,367 12,919.491
Cr4,711
Cr58.422
5.478.783
5,600,212
8718.359
5778.212
la'Last complete annual report in Financial Chronicle May 20 '33, p. 3533
1933.
1932.
Balance
514,820.407 516,315.544
Preferred dividends to public (full dividend requireeea
ments applicable to respective 12 month periods
whether earned or unearned)
6,058.871
6,026.365
Portion applicable to minority interest
26,359
43,403
Net equity of National Power & Light Co. In
Income of subsidiaries
38.735.177 510,245,776
National Power & Light Co.
Net equity of National Power dr Light Co. in
income of subsidiaries (as shown above)
38.735.177 310,245,776
Other income
179.810
361,604
Total income
Expenses, including taxes
Interest to public and other deductions
38,914.987 310.607.380
127.851
139.484
1,356.620
1,356,686
Balance carried to consolidated earned surplus__ $7,430,516 59,111.210
12ffMast complete annual report in Financial Chronicle Aug.26 '33. p. 1573
New Jersey Zinc Co.
Period End.Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
$896,642
x Income
$316.3291
Divs. from sub. cos
200,000
200.000
Not Stated
Proceedings from pat..esc
418,267
Total income
Dividends
Manitoba Power Co., Ltd.
378.436
1933-9 Mos.-1932.
$155,491 103832,935
Net prof. bet. deplet__
70,863 loss$24.050
$106.118 loss$40,577
Note.
-Figures subject to verification annual audit.
Mack Trucks, Inc.
1933-9 Mos.-1932.
Period End.Sept. 30- 1933-3 Mos.-1932.
3961,776
Net loss after deprec
$444,834 y$567,211
x$85,101
x After depreciation amounting to $161.382. y After depreciation
amounting to $443.294.
r:N Last complete annual report in Financial Chronicle May 4 '33, p. 1563
-
$50,346
78,714
Net revenues from operation
Other income
(G.) Krueger Brewing Co.
Earnings for Period .from May 1 1933 to Sept. 30 1933.
Net profit after depreciation. Federal taxes, &c
$375,386
$1.87
Earnings per share on 200,000 shares capital stock (par $1)
Net earnings
$93,008
29,356
Midland Steel Products Co.
Amount by which the full
5% Manhattan div.
rental was earn., def__
$418,799
$329,666 $1.842,248 $2,109,421
-The "Subway" and "System" balances as shown herein, fell
Note.
short of the full amount of the Subway preferential which the company is
entitled to collect from future Subway earnings.
'Last complete annual report in Financial Chronicle Sept. 16'33, p.2098
Gross earnings
Operating expenses
prof$65,918
22.950
51.514,909
981.632
3516.329 32,885,290 $1,595,329
981,632 2.944.896 2,944.896
Surplus
3533,277 def$465.302 def$59,606 df$1349,567
Shares cap, stock outstanding (par $25)..
1,963.264
1,963,264
1.963.264
1.963.264
Earnings per share
30.78
$0.26
$1.47
$0.81
x After deductions for expenses, taxes, depreciation, depletion, maintenance, repairs and contingencies.
3491
Financial Chronicle
Volume 137
National Supply Co. of Delaware.
(And Subsidiaries Incl. Spang Chalfant & Co., Inc.)
1930.
1931.
1932.
9 Mos.End.Sept.301933.
Gross inc. from opers--- $1,936,345 $1,664,895 $2,604,999 $11,293,800
Expenses
2,397.910 2,531,740 3.177.786 4.677,681
Panhandle Producing & Refining Co.
1933-9 Mos.-1932.
Period End.Sept. 30- 1933-3 Mos.-1932.
a Gross oper. income--- $544,574
$527,514 $1,300,999 $1,461.063
Oper. costs & exps.,taxes
1.279,209
1,431,531
485,181
504,606
& intang. devel. costa-
$866,845
432,003
$572,787 pf$6616.119
699,528
644,437
Operating profit
Other income
$59.393
36,147
$22.908
1,310
$21,790
15,923
$29,532
def12.080
Total income
loss$310,578 loss$434.842
Depredation
1,240,800 1,409,341
Interest, discount, &c
937,530
740,835
Federal taxes
Transf. to res.funds
Pref. diva, of Superior
30.091
Engine Co
25.074
Pt. diva. of Spang, Chal197,928
fant & Co., Inc
Loss applic. to Spang,
Cr8.249
Cr8,029
Chalfant & Co
$71,650 $7.315,647
1,446,0531
1.023,3501 2,556.874
572,172
10,288
72,500
Total income
Interest, bad debts &c
Deprec., depl. & amort _
$95.540
10,940
73,671
$24,218
11,540
75,272
$37,713
36.288
215,602
817,452
28.134
231,612
Operating loss
Other income
$461,565
150,987
35,108
40,122
593.784
600,036
Cr5,773
Cr747,774
$2,309,258 $3.001,483 $3.093,372 pf$2788,381
Net loss
For the quarter ended Sept. 301933, net loss was 8353,116 after Superior
Engine Co. preferred dividends, but before dividends on Spang, Chalfant
& Co. preferred stock not declared against a net loss of $782,487 in the
September quarter of 1932.
'Last complex annual report in Financial Chronicle Mar. 18 '33, p. 1898
$1.169,827
77.301
Gross income
General expenses
Interest taxes, &c
$1.247,128
308.931
598.123
Balance
Security profits of a wholly owned sub, credited to income
$340,074
54.021
Net income
Earned surplus, Jan. 1 1933
Miscellaneous adjustments applicable to prior years
$394,094
622,623
365
$1,017,083
181,279
$835,804
Earned surplus Sept.30 1933
laPLast complete annual report in Financial Chronicle Feb. 4 '33, p. 857
North West Utilities Co.
(And Subsidiaries)
Period Ended Sept. 30 19333 Months. 9 Months
,
$2,774,543 $8,309.975
Gross earnings
1,877.799 5.431,390
Operating expenses and taxes
1,108.902 3,332.396
Interest, &c., deductions
x Deficit
$453,811
$212.158
x Before providing for suspended cumulative dividends on prior lien and
pref. stocks of the North West Utilities Co. amounting to $657,963 for the
9 months ended Sept. 30 1933.
rLast complete annual report in Financial Chronicle June 3 1933, p. 3908
Oil Shares, Inc.
Earnings for 3 Months Ended Sept. 30 1933.
Gross income
Expenses
Litigation expense
Net Profit on securities sold
Net loss three months ended Sept. 30 1933
x Unrealized depreciation on securities held at Sept. 30 1933:
Depreciation at June 30 1933
Depredation three months ended Sept. 30 1933
$8,980
7,220
35.250
xCr701
$32,789
3,862
25,429
Total deficit
$62,081
Balance, June 30 1933
451,538
Adjustments arising from reduction in capital in accordance with
plan adopted at stockholders' meeting held July 28 1933:
Reduction in stated amount of capital stock from $1,698,755
to $82,940
Cr1,615,816
Accumulated deficit from operations to June 30 1933
Dr850,359
Excess of total cost of capital stock acquired over stated value
thereof
Dr23.342
Balance capital surplus
$1,193,654
Total surplus, capital and earned, Sept. 30 1933
81,131,572
x Based on the average of the quoted market price as at April 20 1931
and cost of subsequent acquisitions.
10
-Last complete annual report in Financial Chronicle Feb. 18 '33, p. 1214
Pacific Telephone & Telegraph Co.
-Month ofSeptember- -9 Mos.End.Sept.301933.
1933.
1932.
1932.
Operating reventu3s
$4.312,828 $4,493,725 $38,190,645 $42,342.017
Uncollectible oper. rev
29.100
381,965
470,400
52,200
Operating revenues:._ $4,341,928 $4,545,925 $38,572,610 $42,812,417
Operating expenses
2.970.363 2,991.586 26.662.541 29,279,382
Net oper. revenues - 51.371.565 $1,554,339 511.910.069 $13.533,035
Rent from lease of oper
property
71
71
634
634
Operating taxes
470,492
518,675 4.357.714 4.615,574
Net oper. income_ _ -901,144
1,035.735 7,552.989 8,918,095
IZ'Last complete annual report in Financial Chronicle Mar. 4'33, p. 1547
Paducah Cooperage Co.
Earnings for 4 Months Ended Sept. 30 1933.
Gross operating profit
Selling, general and administrative expense
$62,690
11,857
Net operating profit
Other income
850,833
2,227
Total income
Interest paid
Provision for bad debt losses
Reorganization expense
Miscellaneous expenses
Estimated depredation
Estimated Federal income taxes
$53,059
464
1,532
4,994
396
4,000
3.700
Net profit after all charges
Net profit per share (250,000 shares-$1 par value)
Working capital-Sept. 30 1933
Current assets-2.73 times current liabilities.
837,973
$0.15
159,617
Parmelee Transportation Co.
(And Subsidiaries)
1933-9 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
Net loss after interest de$794,951 $1,119,281
$218,597
$405,334
predation, &c
lairLast complete annual report in Financial Chronicle April 29'33, p. 2987
Penn Central Light & Power Co.
(And Subsidiaries)
Period End. Sept. 30- 1933-3 Mos.-1932. • 1933-12 Mos.-1932.
$1,178,314 $1,100,613 $4,628,567 $4,969,670
Operating revenues
400,514
394.282
94,917
117,206
Maintenance
1,380.743
324,094 1,279,210
325,132
Other oper. expenses
215,555
122.318
75,613
71,373
Taxes(incl. Fed.income)
325,443
230,905
58,074
Renewals & replacem'ts_
68,668
Net earnings
Non-operating income
$595,936
Dr.2,076
$547,914 $2,407.846 82,841,422
169,804
17.179 Dr.47,597
Gross income
Int. on long-term debt
Other int. & deductions_
Niagara Share Corp. of Maryland.
(And Subsidiary Companies)
Earnings for 9 Months Ended Sept. 30 1933.
Dividends and interest
Other income
Gross earned surplus
Class A preferred dividends
$10,929 loss$62,596 loss$214,177 loes$242,297
Net profit
a After gasoline sales taxes.
10 Last complete annual report in Financial Chronicle April 15'33, p.2625
-
$593,859
316.313
23.992
$565,093 $2,360.249 $3,011,226
1,262,649
1,265,250
316,313
129.016
109.888
35,202
$985,111 $1,619,561
$213,578
Net income
$253,555
33,
OPLast complete annual report in Financial Chronicle Aug.19, p.1413
Pennsylvania Water & Power Co.
1932.
1933.
9 Months Ended Sept. 3064,040,750 63,874.701
Gross income
658.853
809.745
Operating expenses
227.338
210.289
Maintenance expenses
291,191
313,168
Renewals and replacements expense
327.975
317.775
Taxes
796.425
793,631
Interest on funded debt
81,596,142 $1,572,920
Net income
12,087
Preferred dividends
967,158
967,158
Common dividends
$605 762
$616,897
Surplus
63.65
WM
Earns, per sh. on 429,848 shs. cap.stk.(no par)
Financial Chronicle Mar.11 33, p.1709
Wl..ast complete annual report in
Peoples Drug Stores, Inc.
(And Affiliated Corporations)
1933-9 Mos.-1932.
Period End.Sept. 30- 1933-3 Mos.-1932.
Netinc. after chgs,depr.,
$237,929
$251,142
$65,953
& Federal taxes
$80,813
122,737
118,837
122,737
Shs. corn. stk. outstand.
118,837
21.05
$1.25
$0.25
Earnings per share
$0.39
The detailed consolidated income account for the nine months ended
Sept. 30 1933 follows: Net sales, $11,294,983; other income, $176.767:
total income, $11,471,750; costs, expenses and depreciation, $11,168,490:
Federal taxes, $42,592; other deductions, less other income, $9,526; net
profit. $251,142; preferred dividends,$102,159; common dividends,$89,403;
surplus, $59,580.
tarLast complete annual report in Financial Chronicle April 1 '33, p. 2257
Pioneer Gold Mines of British Columbia, Ltd.
Oct. 1933. Sept. 1933. Aug. 1933.
Month of$202,150
$183.000
$187.300
Gross earnings
62.000
61,500
64,200
Expenses
Profit before deprec., depletion and
Federal taxes
$123.100
$121.500
$140,150
Pittsburgh Suburban Water Service Co.
1932.
1933.
12 Months Ended Sept. 30$338.505
$323,574
Operating revenues
106,913
96,393
Operating expenses
10,519
15.967
Maintenance
8,196
8.986
General taxes
$207,430
$207,675
Net earnings
363
438
Other income
$208,114
5207.793
Gross corporate income
96.481
94,457
Interest on long-term debt
232
Miscellaneous interest charges
3.154
3,541
Amortization of debt discount and expense, &c
9.329
7.469
Provision for Federal income tax
14.500
18,750
Provision for retirements and replacements
1,152
1,353
Miscellaneous deductions
$85,200
$80,287
Net income
27.500
27.500
Dividends on preferred stock
Chronicle Apr. 15 33, p.2608
W'Last complete annual report in Financial
Plymouth Oil Co.
1933-9 Mos.-1932.
Period End. Sept. 30- 1933-3 Mos.-1932.
inc. after deprec.,
Net
$142.344 $1,375,486
$501.900
depletion, taxes, &c-- $199,558
Earns. per sh. on 1.050,000 shs. capital stock
$1.31
$0.13
$0.47
(Par $5)
$0.19
W7..ast complete annual report in Financial Chronicle May 13 '33, p. 3559
(The) Pullman Company.
[Revenue and Expenses of Car and Auxiliary Operations.)
-Month ofSeptember- -9 Mos.End.Sept. 30
1932.
1933.
1932.
Sleeping Car Opers.:
1933.
Berth revenue
$3.498,091 $3,248.935 $24,948.180 $29,343,437
Seat revenue
344.462
367,916 2,715.850 3,507,446
666.645
498,943
Charter of cars
86.602
57.065
5,484
4,777
Miscellaneous revenue
419
3,693
1,754,558
Car mileage revenue._.,
93,785
151,347 1,250,996
810,252 1,234,761
207.312
Contract revenue-Dr-..
197,496
Total revenues
$3.797.702 $3,647,907 $28,608,495 $34,042,812
Maintenance of cars..... 1,518,552
1,485,610 13.927,455 15,497,892
309,384
All other maintenance
33,517
290,792
22.142
Conducting car opera..... 1,467,510
1.456.910 12,135,595 15,049,761
General expenses
218,113 2.015.380 2,109.056
232,672
Total expenses
Net revenue (or def.)_
Auxiliary Operations
Total revenues
Total expenses
$3,240.880 $3,194,152 $28,369,225 532,966.092
$556,722
5453.755
$77.860
81.493
565.054
63.234
Net rev. (or def.)._- def$3.633
5239.270 31,070,716
$635,135
667,943
1644,411
613.757
$1,819 def$32,808
$30,654
$206,462 $1,107,371
1,698,164
1.222,362
Total net rev.(or def.)
Taxes accrued
5553.089
110.061
$455,575
187,366
Oper. inc. (or loss)..
$443.027
$268.208def$1051,900 def$590,793
3492
Financial Chronicle
Purity Bakeries Corp.
(And Subsidiaries)
-12 Weeks Ended- -40 Weeks EndedPeriodOct. 733. Oct. 8 '32. Oct. 7 '33. Oct. 8'32.
Net income after charges
and taxes
$177,659 loes$34,562
$542,553
$203.196
Earns. per sh. on 771.476
shs. corn. stk.(no par)
$0.23
Nil
$0.70
$0.26
7W Last complete annual report in Financial Chronicle Feb. 4 '33, p. 838
-
Radio Corp. of Amenica.
(And Subsidiaries)
Period End. Sept. 30- 1913-3 Mos.-1932.
1933-9 Mos.--1932.
Gross income from oper_$13,988,114 $13,979,473 $41,137,938 $49,931,842
Other income
236,998
275,164
606,611
864,958
Total income
$14,225,112 $14,254,637 $41.744,551 $50,796,800
Cost of sales, gen. oper.,
devel.,sell.& adm. exp 13,662.260 13,589.440 40,377,380 46,533.094
Interest
328.197
983,452
57.189
173.425
Depreciation
880,822
2,537.116 3,372,976
999,128
Amortiz. of patents__
150,000
150.000
450.000
450,000
Prov. for Fed. inc. taxes
50.000
Deficit
Stu% at begin. of period
t
Total surplus
ivs. on A pref. stock_
$525.158
8.582.972
$812,128 $1,793,371
11,204.176
9,851,184
$592,723
11.327,789
$8,057,814 $10,392,047 $8,057.814 $10.735,066
343,019
Surplus at Sept. 30__ _ $8,057,814 $10,392,047 $8,057.814 $10,392,047
tW Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1541
-
Scranton-Spring Brook Water Service Co.
12 Months Ended Sept. 30
Water revenues
Gas revenues
1933.
1932.
53,798,630 $3,950,067
1,017,516
1,091.742
Total revenues
Operating expenses
Maintenance
General taxes
Reserved for contingencies
$4,816.147 $5,041,808
1,088,551
1,142,902
233,247
244,967
135,716
159,184
170.000
170,000
Net earnings
Total other income
I- Gross corporate income
Interest on long-term debt
Interest on gold notes
Miscellaneous interest
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$3.188,633 53,324,755
30,189
8,633
$3,197,267 $3,354,944
1,636,348
1,646,100
45,548
127,782
54,612
9,466
15,828
42.923
97,114
98.550
265.969
256,000
17.403
15.604
Net income before pref. stock diva. & int. on
special loan due Federal Water Service Corp.,
subordinated thereto
51,064.445 51,158.518
Dividends on preferred stock
51,516
Note.
-$1,896.500 principal amount of series "A" bonds and 5780.000
principal amount of series "C" bonds are held in treasury of company
and pledged as collateral for bank loans.
The payment of interest on the special loan due Federal Water Service
Corp. is subordinated to the payment of dividends on the company's cumulative pref. stocks. At Sept. 30 1933 the cumulative pref. dividends not
declared, and the subordinated interest on the special loan account not
reflected in the accompanying financial statement, were as follows:
Total at
Year Ended
At
Sept. 301933. Sept. 30 1933. Sept. 30 1932.
Preferred stock
$772,734.37
$412,125.00
$360,609.37
Subordinated interest
547,652.51
251,455.00
296,197.51
Total
$1.320,386.88
$663,580.00
$656,806.88
fast complete annual report in Financial Chronicle April 29 1933,
W'
p. 2975, and April 22 1933, p. 2799.
Sonotone Corp.
Earnings for 3 Months Ended Sept. 30 1933.
Total sales
Gross profit from sales
Net profit after all deduct. incl. advertising & other expenses
$216,462
149,694
38,520
Southland Royalty Co.
(And Subsidiaries)
9 Mos. End.Sept.30-1933.
1932.
1931.
1930.
Net income after deprec.,
depl. & Fed. taxes_ _ _ loss$8,852
$919,596
$198,307
377.193
Shares capital stock outstanding (no par)..- 967,190
989.970
929,418
989,970
Earnings per share
Nil
$0.21
$0.07
$0.93
1W-Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1902
Spang Chalfant & Co., Inc.
(And Subsidiary Company)
6 Mos.End. 9 Mos. End.
June 30'33. Sept. 3033.
$292,475
$690.948
512,807
769,225
PeriodGross profit
Depreciation
Loss
Miscellaneous income
3220,331
59,015
Profit
General, administrative and selling expenses
Bond interest
578,278
84,892
10883161,317
349.784
195,194
$6,614
532,111
290,266
Net loss
$706,295
$815,763
WI.ast complete annual report in Financial Chronicle Mar. 18 '33, p. 1902
Superior Steel Corp.
Period End. Sept. 30- 1933-3 Mos.-1032.
1933-9 Mos.-1932.
Net sales, less discounts_ 31,271.057
$352,597 52.350,619 51,449,534
Mfg. costs, selling, adm.
and general expenses_ 1,183,999
2.374.813
1,691,401
456.407
Balance, deficit
Other income
587,058
7.844
3103,810
8,662
Total deficit
Res.for Fed., &c.,taxes,
int., amortiz., &c_ _ _
$94.902
71,515
524,194
18.455
3241.867
26,711
$95,148
$5,739
217,982
235,593
Balance, deficit
$223,721
$174.977
prof$23.387
$450,749
IW-Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1735
Timken Roller Bearing Co.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after prey, for
depreciation, taxes &
all other charges _
- $970,3341°88$444.807 51,623.728 105427.286
1,Earns. per sh. on 2,41638 shares capital stk.
$0.40
(no par)
$0.67
Nil
Nil
a?'Last complete annual report in Financial Chronicle April 1 '33, p. 2260
Texas Pacific Coal & Oil Co.
PeriodGross earnings
Expenses
(And Subsidiary Companies)
Quarter Ended
9 Mos.End.
Mar.31 '33. June 30'33. Sept.30'33. Sept. 30'33.
$766,334
$752,945
$878,258 $2,397,537
849,473
737,043
724.362
2,310,878
Operating profit
loss$83,139
Other income and nonrecurring income
6,313
$15,902
$153,896
6,868
25,253
38,434
Gross income
loss$76,827
Deductions
61,111
Reserves for deprec'n,
depletion. &c
115,045
$22,770
84,252
$179.149
60,944
$125,092
206,307
$86,659
158.316
179,632
452,993
Deficit
$252,983
$219,798
$61,427
$534,208
Note.
-The above quarterly figures are not comparable with previously
published quarterly statements because latter did not include certain subsidiaries.
10 Last complete annual report in Financial Chronicle May 20 '33, p. 3555
-
Thermoid Co.
(And Wholly Owned Subsidiaries)
Period End.Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after int.,
deprec. and taxes_ __ _ x$106,128 loss$46,047
$106,5381°885127,017
x Net profit before interest, depreciation and taxes was $177,870.
Southern Asbestos Co., a 96% owned subsidiary, for the third quarter
ended Sept. 30 1933. showed a profit from operations after all charges including depreciation but before taxes of $9,377. This compares with a
profit of $136 on the same basis in the third quarter of 1932.
CZ"Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1392
Thompson Products, Inc.
(And Subsidiaries)
Period End. Sept. 30
- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Manufacturing profit __ _
5405,575
5223.722 $1,066,436
$772,538
Expenses, &c
191,256
193,060
572,683
588,821
Interest
6,253
5,664
19.291
16,357
Depreciation
33,102
66,918
93,414
180,398
Federal taxes
17.160
29.793
Other deductions
21,458
19,790
70,889
61,922
Net profit
$136,346 loss$61,710
$280,366 1088574.960
rW"Last complete annual report in Financial Chronicle May 6 '33, p. 3176
Union Electric Light & Power Co. of Illinois.
12 Mos. End. Sept. 301933.
1932.
1931.
1930.
Operating revenues
33,890,050 $3,889,593 $3,882,538 $3,873.036
Operating expenses
25,585
31.581
36,090
36,978
Net operating revs__ _ $3,864.465 $3,856.012 53.846,448 33.836,058
Non-operating revenues_
38,579
7,046
10,518
253
Gross income
$3.903,044 33,863.058 $3,856,965 $3,836,311
Interest on funded debt_
426,250
439,999
716,938
766,159
Amort. of bond discount
45,564
44.701
50.430
45.234
Other interest charges_
8,655
238,191
328,948
Depreciation reserve_ __ _ 1,008,531
1,008,413
1,006,584
1,004,120
Balance
$2,422,699 $2,361,288 $1,844,822 $1,691,850
Preferred dividends__ _ 480.000
480,000
480,000
480,000
Balance for common
dividends & surplus
31.942,699 31.881,288 51.364,822 31,211,849
Last complete annual report in Financial Chronicle Feb. 4 1933, p. 843
PW-
Union Electric Light & Power Co.(Mo.).
1932.
12 Mos. End. Sept. 301933.
1931.
1930.
Operating revenues
$26,882,573 $28,494,004 $31,651,817 332.403,480
Operating expenses.. _ _ _ 6.432,672 6,801.615
8.647,159 8,607,082
Maintenance
1,306,131
1,178,397
2,050,005
2,404,301
Taxes
3,546,274
3,752.724
3,591,474
3,422,040
Net oper. revenues---515.518,780 $16,839,983 517.363,178 317,970,057
Non-oper. revenues__ ._
25,927
20,675
258,904
265,943
Gross income
$15,544,708 $16,860,658 $17,622.082 318,286,000
Interest on funded debt.. 4,806,504
4.131,965
4,410.392
4.300,117
Amort. of bond discount
and expense
259,611
215,132
206,680
198,254
Other interest charges.._
187,412
712,201
489,286
329,887
Int. during construction
Cr11,666 Cr127,686 Cr1.731.299 Cr603,788
Pref. diva. of subsidiaries 1.020.107
1,020,125
1.020,440
1,021.104
Minority interests
4,743 •
7,891
6,171
10.175
Approp. for deprec. res.. 3,657,813
3,648,987
3.419,033
3,398,611
Balance
$5.620,185 57,252,044 59,801,380 59,581,639
Preferred dividends_ _ _ 870,000
870,000
870,000
870,000
Balance for common
divs. and surplus_ _ _ 34,750.184 56,382,044 $8,931.380 38,711,639
IW"Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1549
Union Water Service Co..
12 Months Ended Sep'. 30Operating revenues
Operating expanses
Maintenance
General taxes
1933.
5476,367
130,886
14,073
57,774
1932.
5495,087
140,332
15.279
55,101
Net earnings
Other income
5273,633
586
3284,735
1.875
Gross corporate income
Interest on long term debt
Miscellaneous interest charges
Amortization of debt discount and expense
Interest charges to construction
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$274,219
142.093
105
3,519
Cr183
10,78.3
32,500
1,883
$286,249
142,092
113
3.089
Cr341
12.087
33,250
2,111
Net income
$83,519
$93,848
Dividends on preferred stock
330.000
335,783
arLast complete annual report in Financial Chronicle May 27 '33, p. 3723
$215,156
79,829
Nov. 11 1933
United Carbon Co.
(And Subsidiaries)
Period End.Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Profit after taxes, deprec.
and deplet ou
3178,916
$34,039
$479,647
$138,675
'Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1569
United Chemicals, Inc.
(And Subsidiaries.)
9 Month.s Ended Sept. 30-1933.
1932.
1931.
Net loss after deprec., taxes & other
charges
5104,602
519,449 prof$229051
KW
-Last complete annual report in Financial Chronicle May 13 '33, p. 3363
3493 •
Financial Chronicle
Volume 137
United-Carr Fastener Corp.
Universal Consolidated Oil Co.
9 Mos.End.Sept.:30-Gross profit from oper'ns
Commercial expenses_ _ _
Net sundry charges
(And Subsidiaries)
1932.
1933.
$879,064
$555,540
358,154
336,474
103,158
53,740
1931.
$832.306
425.096
45,489
1930.
$782,154
448.606
30.475
Net Inc. before deprec.
Depreciation_
$417,752
141,209
$165,326
134,796
$361.720
144,440
$303,072
142,497
(And Subsidiaries)
1933-9 Mos.-1932.
Per.End.Sept 30-1933-3 Mos.-1932.
.
Net income after deprec.,
590.239 loss$34,960
$152,850
552,177
deplet. & other chgs__
Earns. per sh.on 358,103
Nil
$0.25
$0.15
shares ann. stock...,.$0.43
10 Last complete annual report in Financial Chronicle Sept. 16 '33, p. 2121
Balance
Profits applicable to minority interests
$276.543
$30,530
5217,280
$160,574
7
2.107
2,857
4,981
$276,536
67,342
$28,423
70,454
$214,423
87,806
$155,593
90,000
37,806
5,500
22,640
16,172
Net income before int.
and taxesDebenture interest
Federal, State and foreign Income taxes_ _ _ _
$49,420
$103.976
$171,387 def$47.530
Consolidated net inc__
Earns. per sh. on 250.000
$0.19
$0.41
Nil
$0.68
shs. capital stock
For the quarter ended Sept. 30 1933, net profit was $104,842 after taxes
and charges, equal to 42 cents a share comparing with a net loss of $49,716
In the September quarter of 1932.
1W-Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2087
United Gas Improvement Co.
(And Sub. Companies,excluding The Philadelphia Gas Works Co.)
Period Ended1933-3 Mos.-x1932. 1933-12 Mos.-x1932.
Oper. revs, of tall. subs.:
Electric
$17,215,978 $17,008,775 $72.336,780 $75.918,968
4,556,224 18,771.423 20.252,768
Gas
4,351,219
1.925,021
1.612,674
710,955
666,150
Ice and cold storage
1,769,032
1,532,230
355,489
368,137
Transportation
1,279,866
1,260,719
352,276
370.023
Water
584,416
668,126
23,805
25,512
Steam heat
134,171
117,358
41,461
39,043
Other
Total oper. revenues$23,036,062 $23,048,985 $96,299,310 5101864,242
8,365,865 32,469,627 36,285,361
7,695,064
Operating expenses
4,304.857
3,571,002
927,647
947,294
Maintenance
7.487,034
7,189,876
1,705,641
Renewal & replace. res 1,719,781
4,737,557
5,087,818
1,059,215
l'rov. for Fed. taxes
1,222,525
4,278,926
4,239,006
Prov.for other taxes
1,050,627
1,058,231
Operating income_ _ - _$10,393,167
Non-oper. income
436,221
59,939,990 $43.741,981 544.770.507
1.514,462
1,395,198
285.290
Gross income
$10.829,388 $10,225,280 $45.137.179 $46,284,969
Int. on fund.& unfunded
debt
3.197,343 12,811,538 12,685.233
3,103,264
Amortiz. of debt disct. &
461,517
475,704
expense
119,452
118,138
767,075
642,516
Other deductions
187,896
132,929
Net income ______
$7,475.057 $6,720,589 $31,207,421 $32,371.144
Divs. on pref. stocks &
4,630,054
other prior deductions 1,148,618
4,555,853
1,155,206
Ward Baking Corp.
131Vks.End. 15W1cs.End. 42Wks.End. 43Wks.End.
Oct. 21 '33. July 8 '32. Oct. 21 '33. July 8 '32.
Period$635.817
$118,2453647,101
$315.235
Net profit after all chgs_
-Last
I' complete annual report in Financial Chronicle Feb. 18 '33, p. 1226
West Texas Utilities Co.
Earns, of subs. applic.
to U. 0.1. Co
$5,948,984
Prop. of def. int. & dive.
on cum. pref. stocks of
subs. applic. to the U.
0. I. Co., deducted
above
42,163
Other inc. of the U.0.1.
Co
2,360,534
Total
38,351.681
Expenses
447.434
Int. & prov. for taxes __
3,372
$5,072,857 524,307,889 325,152,320
587,903
190,693
628.794
75,263.550 24,895,792 25.781,114
$255.088
273,797
$109,406 def$18.709
Surplus
x Exclusive of cumulative preferred dividends from July 1 to Sept. 30
1933 which have been suspended:
$37.475
On shares held by the public
On shares owned by parent company, American Public
17,28.5
Service Co
554,760
Total
-Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2611.
1W
Winnipeg Electric Co.
-Month of Sept.- -9 Mos. End.Sept.301932.
1933.
1932.
1933.
$429,672 $3,813,227 34,166.457
$396,911
2.948.601
2,728.046
307.448
281.468
Gross earnings
Operating expenses
$122,224 $1,085,181 31.217.856
Net earnings
5115,443
-Last complete annual report in Financial Chronicle May 27 '33, p. 3724
'&7
Wisconsin Electric Power Co.
1930.
1931.
1932.
12 Mos.End.Sept.30- 1933.
Operating revenues_ ___ $3,213,054 33,194,453 53,101.526 52,653,694
37,238
42.709
47,688
Operating expenses_ _ _ _
29.106
241.725
270,000
333.000
Taxes
354.500
Net oper. revenues... $2,829,448 $2,813,765 $2,788,816 $2,374,732
421,850
421.850
414,703
Int. on funded debt _ _ _ _
408,350
80,653
79,452
77,492
Amortiz. of bond disct__
77,051
89,819
150,589
32,188
Othex int. charges (net)_
10,049
618.381
726,924
860,202
Depreciation reserve_ _ _
930,728
Balance
51.403.271
Preferred dividends_ _ _ _
282.621
$1,429,179 51.410,001 51,164,030
271.616
283.754
294,100
Balance for com. divs.
$892,414
and surplus
31,120,650 $1,135,078 $1.126,247
KW Last complete annual report in Financial Chronicle May 6 '33, p. 3164
jaVeieditIrLe.
Wisconsin Gas & Electric Co.
1931.
12 Mos.End. Sept. 3019321933.
Operating revenues
$5.306,063 $5,714,671 $6,018,521
2.918,651
Operating expenses
2,747,706
2.701.516
813.551
Taxes
842,779
731,464
P
1930.
$6,230,221
3,150.500
825,690
Net oper. revenues_ _ _ 31.873.084 82,124.186 32.286,318 32,254,030
109.579
101.143
Non-oper. revenues_
59.748
53.929
41,479
167,620
123.484
3,154,389
10,928,285
12,957,069
$8,459.418 535,991,697 $38,861,667
2,176,153
1,850.249
491,741
679,057
626.734
152,594
Bal. applic. to capital
stocks of U.0.1.Co $7,900,875 $7,815,083 $33,514,714 536.006,457
3,826,069
956,520
3,826.076
Divs. on $5 div. pf.stock
956,516
Bal. applic. to corn.
stock of U. G.I. Co. 56,944,355 56,858,567 $29,688,638 $32,180,388
Earns, per sh., coin. stk.
$1.38
$..30
outstand. end of per
$1.28
$0.30
Note.-Tho above earnings, applicable to U. G. I. Co. capital stocks,
include earnings of sub, companies acquired during the period, only from
the date of acquisition. Non-recurring income of the U. G. I. Co. is not
included.
x 1932 figures restated and adjusted for comparative purposes.
1125."Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2957
United Light & Power Co.
(And Subsidiaries)
1933.
1932.
12 Months Ended Sept. 30Income after deprec., int. taxes, subs,
Consol. net
$2,079,824 $5,592,458
pref. dive., &c
Last complete annual report in Financial Chronicle April 15 '33 ,p. 2599
1W-
U. S. Distributing Corp.
(And Subsidiaries)
1933-9 Mos.-1932.
Period End.Sept. 30- 1933-3 Mos.-1932.
Net profit after deprec.,
$24,245 loss$5,553
$87,444
5280.153
depict., int., taxes, &c
8W Last complete annual report in Financial Chronicle April 29'33, p. 2990
Vulcan Detinning Co.
1933-9 Mos.-1932.
- 1933-3 Mos.-1932.
Period End.Sept.30
$416,294 31.241,988 31.493.286
$477,669
Sales
13,923 Dr.26,570
90,150 Dr.30,631
Invent'y offinished prod.
65,162
1,934
7,679
4.660
Other Income
$3387,597 $1,321,073 31.474,395
$572,479
income
Gross
Costs, general expenses,
1,109.181
1,354.095
346,218
483.750
depreciation, &c
Reserves and for taxes.
30.476
46.503
7.730
18,336
&c.. expenses
$89,823
$165,389
$33,648
$70.392
Net income
100,076
Dividends
stock
Shares of common
32.258
32,258
32,258
32,258
outstanding (par $100)
$0.22
$2.58
$0.19
$1.33
Earnings per share
farLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1394
$164,162
54,755
Net income
x Preferred dividends
Earns, avail, for corn.
stocks of util. subs_ $6,326,439 35,565,383 $26,651.568 527.741,090
2.588.770
Minority & former faits__
2,343.679
492,526
570,786
Bal. of earns. of utility
subs. applic. to the
U. G. I. Co_ __ $5,755,653
Earns, of non-util. subs.
applic. to U.0.1. Co
193,331
3 Months. 9 Months.
$1,240,717 $3,276,832
742.553
2,020.266
334.002
1,001.478
Period Ended Sept. 30 1933Gross earnings
Operating expenses and taxes
Interest, &c., deductions
31.927,013 52,183,933 52,387.462 52,363.609
517.082
520,000
520,000
520,000
17.642
17,683
18,537
18,180
Cr89.336
Cr23,142
1,596
54,023
599,062
612.280
630.532
596,236
Balance
$738,574 31,013,268 51,260,640 $1,319,159
293.217
292,876
272.029
Preferred dividends_ _ _ _
278,492
Gross income
Int.on funded debt
Amortiz. of bond disc_
Other int. charges
Depreciation reserve_
Balance for common
5967.764 51.025,942
$741,239
dividends & surplus $460,082
-L
122 ast complete annual report in Financial Chronicle May 6 '33, p. 3164
Wisconsin Michigan Power Co.
12 Months Ended Sept. 30Operating revenues
Operating expenses
Maintenance
Taxes
1932.
1933.
$2,707,008 $3,082,397
980.325
882.311
110,686
96,252
502,427
470.556
Net operating revenues
Non-operating revenues
$1,257,887 51.488.957
Dr4,075
Dr1,947
Gross income
Interest on funded debt
Amortization of bond discount and expense
Other interest charges
Liss interest during construction
$1,255,940 $1,484,882
475,000
474,999
13,744
13.388
4,666
5,068
Cr3,892
Cr654
Balance for deprec., divs. and surplus
Appropriations for depreciation reserves
$763.137
413,013
$995.363
415,925
Balance
Preferred dividends
3350.124
224,126
5579,437
224,690
5354.747
5125,998
Balance for common dividends & surplus
larLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1720
Wisconsin Power & Light Co.
(The income and expenses of subsidiary companies are not included below.)
Period Ended Sept. 30 19333 Mos.
9 Mos.
Gross earnings
$1,908,884 $5,655.092
Operating expenses and taxes
1,295,725
3,727,719
Interest, &c., deductions (net)
1,447,838
481,081
Net income
x Preferred stock dividends
$132.078
69,822
$479,534
356,724
Balance
$122,811
$62,257
x Exclusive of cumulative preferred dividends from Jan. 1 to Sept. 30
1933. amounting to $480,660 which have been suspended.
11WLast complete annual report in Financial Chronicle April 15 '33, p. 2611
Wright Aeronautical Corp.
Period End. Sept. 30- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net profit after deprec.,
Interest 5c taxes
5148,278
$77,936 loss$218,312
$508.418
-Last complete annual report in Financial Chronicle April 8 '33, p. 2445
1W
Financial Chronicle
• 3494
FINANCIAL REPORTS.
Atlantic Coast
Nov. 11 1933
General Motors Corp.
(Reportfor 3 and 9 Months Ended Sept. 30 1933.)
Alfred P. Sloan Jr., President, says in part:
Line Co.
Net earnings of General Motors Corp. including equities in the undivided profits or the losses of subsidiary and affiliated companies not
consolidated, for the third quarter ended Sept. 30 1933. were $33,341,618.
This compares with a loss of $4,464,229 for the corresponding quarter of
a year ago. After deducting dividends of 112,294,555 on the preferred stock,
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
there remains $31,047,063, being the amount earned on the common shares
outstanding. This is equivalent to $0.72 per share on the average common
Interest Received on1933.
1931.
1932.
1930.
shares outstanding during the quarter under review and compares with
A.C.L.RR.Co.of 8.0.48
$62.000
$62,000
$62,000
$62,000
a loss of $0.16 per share in the corresponding quarter of 1932.
A.C.L.RR.Co. cons. 4850.160
50.160
50,160
50,160
Net earnings for the nine months ended Sept. 30 1933, including equities.
A.C.L.RR.Co. den. uniwere $81,409,794 or the equivalent, after deducting dividends of $6.884.290
135,360
135,360
135,360
135,360
fYing 4s
on the preferred stock, of $74.525,504 or $1.73 per share on the average
Internat, Agric. Corp--78,375
78.375
78.375
78,375
common shares outstanding during this period. This compares with net
Miscellaneous
113,070
113,169
82.437
84.502
earnings of $10,555,175 for the corresponding nine months of 1932. which,
Dividends on Stocksafter the deduction of preferred dividends, amounted to $0.08 per share
West'h'se Air Brake Co_
9,072
9,072
7,938
4,536
earned on the common stock.
A.C.L.RR.Co.corn.& A
1.896,248 2,230.880
446.176
The above earnings do not reflect any provision for losses on cash balances
Other dividends
82,154
7.467
6.295
82.135
in closed banks, since the extent of these losses is not determinable at
this time. At Sept. 30 1933 cash balances in closed banks amounted to
Total credits_
$421,227
$869,913 $2,426.440 $2,761.151
$13,108,121.
Net sales of General Motors Corp., excluding interdivisional transExpenses
20,552
21,233
20.904
18,783
actions, for the third quarter ended Sept. 30 1933, amounted to $178,967,Taxes
18.087
19,526
22,669
Loss on sale ofsecurities_
035, as compared with $74,575.864 for the third quarter of last year. Net
78,465
Int.on 5% certificates_ _
sales f r the nine months ended Sept. 30 1933. amounted to $490,921,509.
247.678
250,000
250.000
250,000
Int. on 4% certifs. B..2,472
2,472
2,472 as compared with $371,374,398 for the corresponding period of 1932.
2,330
Cash United States Government and other marketable securities at
Sept. 30 1933 amounted to $232.566.172 (excluding cash balances in closed
$578,123 $2,133,890 $2,465,106
Net income
$73.971
banks), compared with S172.780,695 at Dec. 31 1932 and $209.098,832 at
Prey,surplus forward..._ 17,107,064 17,410,941 17,629,032 17,516,249
Sept. 30 1932. It will be recalled that the report dealing with the second
Sundry credits
19
quarter's operations stated that there had been an increase of $64,777.077
in cash and cash investments during the three months ended June 30 1933.
Total surplus
$17,181,035 $17,989,064 $19,762.941 $19.981,355
As a result of the third quarter's operations there has been a further increase
of $32,077,409 in these items.
Dividends paid
882,000 2,352.000 2,352,000
Net working capital at Sept. 30 1933 amounted to $285,292,313 (exRate per cent
(7)i%)
(20%)
(20%)
cluding cash balances in closed banks). This compares with $225,437,194
Add. IL S. income taxes
at Dec. 31 1932 and $240,411,639 at Sept. 30 1932. In other words.
and int. paid for 1927_
323
there has been an improved working capital position during the quarter of
4625.792.482 and a total improvement during the nine months of the year
Profit & loss surplus - -$17,181.035 $17,107,064 $17.410,941 $17,629.032
of $59,855.119.
Shares capital stock outFrom the above it will be recognized that both from a working capital
standing (par $50)- - 235,200
235,200
235,200
235,200
position as well as from a cash and cash investment position, the financial
Earnings per share
$0.31
$2.46
$9.07
$10.48
situation of the corporation has not only been maintained but has again
been importantly strengthened. As a matter of fact, notwithstanding the
BALANCE SHEET JUNE 30.
subnormal operations of the past three and three-quarter years of the
depression period and the payment of dividends in excess of earnings by
Assets1933.
1932.
1931.
1930.
approximately $53,000,000 during that period, cash and cash investments
Securities (see below).. _ _$33,513,564 i'584,586'84,585$32,5885
as of Sept. 30 1933 were greater by $105.214,642 than the corresponding
127,200
126,500
Polk Phosph. Co.(advs.)
111,500
95,500
items as of Dec. 31 1929. and working capital likewise by $34,004,531.
Deposited for int. divs.&
During the third quarter ended Sept. 30 1933, General Motors dealers
Income tax withheld_ 1,598
1,822
3,847
3,642
In the United States delivered to consumers 245.128 cars and trucks, comDividends accrued
780,808 1,115.440
pared with 104.773 cars and trucks in the corresponding quarter of 1932
262.071
Cash on deposit
1,226,823
765,612
666.643 -a gain of 140,355 units, or 134.0%. Sales by General Motors operating
divisions to dealers in the United States during this quarter amounted to
Total
$33,904,434 $33,939.729 $34,246,351 $34,465,809
244,783 cars and trucks, compared with 78,792 cars and trucks in the
corresponding quarter of 1932-a gain of 165,991 units, or 210.7%. Total
Liabilities-.
sales to dealers, including Canadian sales and overseas shipments, amounted
Capital stock
to 285,680 cars and trucks, compared with 97,408 cars and trucks in the
11,760,000 11.760.000 11,760,000 11,760,000
Certifs. of indebt.(5 ) 4,907,100
third quarter of 1932-a gain of 188.272 units, or 193.3%.
5,000,000 5,000,000 5,000,000
Certifs. of indebt.(4%)For the nine months ended Sept. 30 1933. General Motors dealers in the
61,800
54,700
61,800
61.800
Divs. on stock and int.
United States delivered to consumers 644.892 ca-s and trucks,compared
on certifs. unpaid, _ _ _
with 450,347 cars and trucks in the corresponding period of 1932-a gala
1,817
1,591
3.844
3,640
Income tax retained _._
of 194,545 units, or 43.2%. Sales by General Motors operating divisions
7
.
4
3
2
Reserve for income taxes
to dealers in the United States during this period amounted to 672,545 cars
9,043
9,763
11,335
Profit & loss surplus_
and trucks, compared with 420.543 cars and trucks in the first nine months
17,181,035 17,107,064 17,410,941 17,629,032
of 1932-a gain of 252.002 units,or 59.9%. Total sales to dealers. including
Total
Canadian sales and overseas shipments, amounted to 784.302 cars and
$33,939,729 $34,246,351 $34.465,809
$33.904,434
trucks, compared with 492.323 cars and trucks in the corresponding period
of 1932-a gain of 291,979 units. or 59.3%.
SECURITIES OWNED JUNE 30 1932.
In the report coverinz the second quarter's operations, attention was
called to the accelerating improvement in rate of activities that charac(A) Securities Deposited with Safe Deposit & Trust Co. of Baltimore to
terized the operations of that quarter. This improvement continued during
Secure 5% and Class B 4% Certificates of Indebtedness.
the quarter under review, although at a somewhat declining rate. It is
unreasonable to expect other than a curtailment during the balance of
Par.
Book Value.
A. C. L. RR. Co. of S. C. gen. mtge. 4% bonds,
the year in accordance with the usual seasonal falling off affecting retail
due 1948
sales, as well as by the yearly readjustment of models affecting manufac$1,550,000 $1,395,000
A. 0. L. RR. Co. 1st cons. mtge. 4% bonds,
turing schedules, the latter always having an important influence on the
due 1952
corporation's operations for the fourth quarter, and this year will form no
1.150,000
1,035.000
A. C. L. RR. Co. gen. unit. mtge., series A.
exception.
434% bonds, due 1964
3,008.000
2,616,960
For income statement for 3 and 9 months ended Sept. 30
Total securities deposited with trustee-book val.
$5,046,960
see "Earnings Department" on a preceding page.
(Annual Report
-Year Ended June 30 1933.)
(B) Securities in Treasury.
(1) United States Treasury Securities:
Certificate of indebtedness,
% due Dec. 15 1933
Treasury notes:
Series B, 2 yi %,due Aug. 1 1934
Series B.2%,due Dec. 15 1936
Series B,3%,due April 15 1937
Series A,33j%, due Sept. 15 1937
Par.
200,000
Book Value.
$200,000
400,000
145.700
100.000
250,000
400.000
145,700
100,812
250,000
Total U. S. Treasury securities
$1,096,512
(2) Bonds:
A. 0. L. RR. Co. cony. deb. 4% bond scrip.
P'klue 1939
20
C. L. RR. Co. 1st cons. mtge. 4% bonds,
'A'
due 1952
104,000
A.C.L. RR.Co.L.& N.coll.4% bonds,due 1952
140,000
The Col. Newb. & Lau. RR. Co. 1st mtge.3%
bonds, due 1937
318,000
Charleston & W. Caro. By. Co. 1st cons. mtge.
A,5% bonds, due 1964
791,000
International Agric. Corp. 1st mtge. & coll. tr.
5% bonds, due 1942
1,567,500
Northwestern RR. Co. of S. C. 1st cons. mtge.
4% bonds, due 1964
285,000
Northwestern RR. Co. of S. 0. 1st cons. mtge.
5% bonds, due 1964
75,000
16
93,600
105,975
190,800
474,600
1.097,250
228,000
67.500
Total bonds
(3) Certificates of Indebtedness:
A70: L. RR. Co.4% irredeemable
A.0. L. RR. Co. scrip 4% irredeemable
The A. C. L. Co. class A,5%,irredeemable
The Columbia, Newb.& Lau. RR,00.5% irred_
Total certificates of indebtedness
4..Stocks:
07L. RR. Co., class A
A. C. L. RR. Co. common
Atl. & North Caro. RR. Co. capital
Charleston & W. Caro. Ry. Co. capital
Nashville,Chattanooga & St. Louis Ry Co.capital
Northwestern RR. Co. of S. Carolina capital_ _
Polk Phosphate Co. capital
South Carolina Pacific Ry Co. preferred
Westinghouse Air Brake Co. capital
1
Total stocks
Total securities in treasury-book value.- -V.135, p. 3159.
L$2,257,741
$2001.
94 J
4,600
127,200
$290
2,605
1,272
$4,167
Shares.
5,018
218,070
11
12,000
768
550
5,000
1.046
4,536
$501,800
23,067,422
1,100
960.000
43,605
55,000
348,441
88,750
42.063
$25,108,183
$28,466,604
CONDENSED CONSOLIDATED BALANCE SHEET SEPT. 30.
1933.
19'32.
1931.
Assets
Real estate, plants, equipment.. 502,909,706 596157,706 605.102,015
Deferred expenses
7,809.863
12,096,674
20,475.103
Good-will, patents, &c
51,838,884
51.839,620
51,941,677
Cash
180.782.124 170,951,993 149,812,145
U. S. Government securities
26,003,170
36,246.922
99,388.682
Other marketable secures.(shortterm)
25,780,878
1,899,917
14,906.339
Nat'l Bank of Detroit cap. stk9,712,000
General Motors Management
Corp. serial 6s
7,000,000
Sight draft with bills of lading
attached,and C.O.D.items,..
5,294.487
2,488,912
4,972.421
Notes receivable
2.914,549
1,803.591
2,761.691
Accts.rec.& trade acceptances 30,062,000
23,254,313
26.837,647
Inventories
70.899,559
50,686,867
82.764.079
Prepaid expenses
2,665,120
3,574,637
3,455.672
()ash n closed bulks
13.108.121
Inv. In subs, and affiliated companies not consolidated
217,823,081 217,012,026 212,969.548
General Motors Management
Corp. serial 68
39,875,000
39,875,000
36,000,000
b Gen. Motors Corp.cap,stocks
held in treas.for corp.purposes 10,536,340
11,618,848
7,994,751
Total assets
1,198,014,882 1,219,907,026 1,328,381,770
Liabilities
$5 preferred stock
Common stock ($10 par)
Int. of minority stockholders in
subsidiaries with respect to
capital and surplus
Accounts payable
Taxes, payrolls and sundry accrued items
U. S. & foreign income taxes
Employees savings funds, payable within one year
Contractual liability to General
Motors Management Corp
Accrued diva. on pf.& deb.ado.
Reserves deprec. of real estate,
plants and equipment
Employees investment fund.._
Employees savings funds,
payable after one year Sundry contingencies
Surplus
187,536,600
435,000,000
187,536.600
435,000,000
187,536,600
435,000.000
2.576.543
22,241,352
2,389,235
13,679,967
2,573,311
17,527,879
22,102,652
12,954,494
15,343,136
4.995.567
22,697,073
18,288.779
7.085,271
14,914,038
9,609,583
2,875,000
1,562,805
195,971,849
66,174
13.061.737
14,515,282
280,465,123
' 5,686.000
1,562,805
1,562,805
260,092.142 237,793,622
1,057,151
5,648.070
14.224,643
36,378,845
7,822,707
8,215.413
261,289,035 339.863,790
Total
1,198,014,882 1,219,907,026 1.328.381.770
• a Less reserve for doubtful accounts in 1933, $3,175,980; in 1932,$2 582955.in 1931 $2,262.018. b Represented by 464,016 shares of common
stock: 39.722 shares $5 series no par preferred In 1933 and 536,539 shares
common; 38,222 shares preferred no par value, $5 series n 1932.-V. 137.
p.3333.
3495
Financial Chronicle
Volume 137
General, Corporate and Investment News
STEAM RAILROADS.
-October Traffic Lower Than a
Missouri Pacific RR.
Year Ago, But Exceeds Previous Month.
Surplus Freight Cars.
-Class I railroads on Oct. 14 had 376,818 surplus
freight cars In good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was a reduction of 3,270 cars compared with Sept. 30, at which time there
were 380,088 surplus freight cars.
Surplus coal cars on Oct. 14 totaled 110,826, an increase of 4.788 cars
above the previous period, while surplus box cars totaled 218,720, a decrease of 4.281 cars compared with Sept. 30.
Reports also showed 17,624 surplus stock cars, a decrease of 3,009 cars
compared with Sept. 30, while surplus refrigerator cars totaled 9.773. an
increase of five cars for the same period.
Matters Covered in the "Chronicle" of Nov. 4.-(a) Selected income and
balance sheet items of class I steam railways for August, p. 3263; (b)
Monthly statement of Railroad Credit Corp. for October. Loans outstanding Oct. 31 totaled $69,188,984, p. 3264; (c) Daniel Willard of Baltimore & Ohio RR. urges continuation of private ownership and operation of
ragroads-Country not ready for solution of railroad problem as proposed in
Prince plan, p. 3264.
Freight traffic.on this road in October totaled 100,861 cars, a decrease
of 3.8% compared with the same month last year. Both local loadings
and receipts from connections registered decreases compared with October
a year ago, loadings on Missouri Pacific rails in October 1933, totaling
68,359, a decrease of 2,340 cars compared with October a year ago, and
receipts from connections totaled 32,502 in October this year, a decrease
of 1,613 cars under October 1932.
October freight traffic on the Missouri Pacific showed an increase of
8.2% compared with September this year. the increase being 5,419 cars
loaded locally and 2,295 cars received from connections, a total increase
of 7.714 cars.
The International-Great Northern RR., the Texas subsidiary, showed
Increases in October, this year, compared both with October a year ago
and September this year, loading locally and receiving from connections
a total of 18,354 cars, compared with 16.301 cars in October 1932 and 18,191
cars in September this year. The Gulf Coast Lines reported a total of
13,302 cars loaded locally and received from connections in October this
year, compared with 13,739 cars in October a year ago and 12,135 cars in
-V. 137. p. 3324.
September, this year.
-Tenders.
Akron & Barberton Belt RR.
George H. Pabst Jr., Treasurer of the Pennsylvania RR. will until
Dec. 1 receive bids for the sale to it of 1st mtge. 4% goldbonds of the
above company to an amount sufficient to exhaust $41,519.-V. 135.
p. 3685; V. 120, p. 2007.
-Earnings.
Allegheny Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p.2458.
Department" on a preceding page.
Arizona & New Mexico Ry.-Abandonment.-The I.
-S. C. Commission on Oct. 31 issued a certificate permitting (a) the
company to abandon that portion of its branch line of railroad, known
as the Lordsburg-Hachita branch, extending from Hachita to a point
called Oil siding, in the vicinity of Lordsburg, approximately 37.6 miles,
all in Hidalgo and Grant Counties, N. M.; and (b) the Southern Pacific
-V. 118, p. 905.
Co. to abandon operation thereof.
Atchison Topeka & Santa Fe Ry.-Abandonment.-
The I.
-S. C. Commission on Oct. 28 issued a certificate permitting the
company to abandon a line of railroad extending from Colony in a general
southwesterly direction to Yates Center, approximately 24.74 miles, all in
Anderson, Allen, and Woodson Counties, Kans.-V. 137. p. 3323.
-Earnings.
Chesapeake Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
1)epartment" on a preceding page.
-V. 137. D. 2803.
•
Chicago Burlington & Quincy RR.
The company has placed an order with the Colorado Fuel & Iron Co.for
5,000 tons steel rails. This is part of an order for 25,000 tons rails and
8,500 tons of fastenings which Ralph Budd, President, says the road is
buying from several steel companies.
-V.137, p. 2458.
-Seeks
Chicago Milwaukee St. Paul & Pacific RR.
Loan of $1,818,750 from PWA to Purchase 50,000 Tons of
Rails.
The company on Nov. 8 asked the I.
-S. C. Commission to approve
$1,818,750 of notes to be given to the Public Works Administration for a
Joan to buy 50,000 tons of steel rails. This is the first application to the
commission under the Administration's program designed to increase employment in steel mills and on the railroads.
The applicant said the loan was to be for 10 years, without interest for
-V.137. P. 2803.
the first year and at 4% Interest for the next nine years.
Chicago Rock Island & Pacific Ry.-Plans on 20,000
Tons of Rail.
Officials of the company, it Is stated, will recommend to directors at
a meeting in New York next week the purchase of 20,000 tons of rail and
-pound
6,400 tons of fastenings. With the exception of 1,450 tons of 90
rail recommended,the purchase is for the 112
-V.137.
-pound size, it is said.
p. 3324.
German National RR.
-Earnings.
Calendar YearsPassenger traffic
t ;oods traffic
Various receipts
Ito millions of ReIchsmarks.)
1932.
1931.
900.7
1,150.4
1,729.1
2,307.5
304.5
390.8
Total receipts
1930.
1.345.5
2,839.2
385.6
1929.
1.423.2
3,485.4
445.2
2.934.3
3,848.7
4,570.3
5.353.8
1.849.8
744.9
406.4
2,236.1
906.5
479.9
2,406.2
1,089.7
594.4
2,418.3
1,415.4
659.5
Transportation expenses
Maintenance
Renewals
Grand tot. of op. pay4,493.2
4,090.3
3.001.1
3,622.5
x def.66.8
Operating surplus
860.6
480.0
226.2
Operating co-efficient- -- 102.27%
83.93%
89.50%
94.12%
x Before contribution to Government of 70.000,000 Reichsmarks
-Co-Receivers Named.
Mobile & Ohio RR.
Ernest E. Norris. receiver of the company since June 6 1932, on Oct. 26
filed b.s resignation with Federal Judge Robert T. Ervin, effective Nov. 1.
Judge Ervin appointed C. E. Ervin of St. Louis chief operating officer of
the company and Thomas M. Stevens, Mobile, as co-receivers, to succeed
-V. 137. p. 3324.
Mr. Norris.
-Tenders.
New York Chicago & St. Louis RR.
The Central Hanover Bank & Trust Co., trustee, is notifying holders of
1st mtge. 4% gold bonds, due Oct. 11937. that it will receive sealed proposals to sell not more than $100,000 of these bonds at not exceeding 102
and int. Proposals will be opened at 12 o'clock noon, on Nov. 27 at the
-V. 137. p. 2459.
bank's offices, 70 Broadway, N. Y. City.
-Rail Purchase.
New York New Haven & Hartford RR.
The directors have authorized the purchase of 25.000 tons of steel rails
and 10,000 tons of fastenings. The road had previously informed Coordlnator Eastman that it would buy only 20,000 tons of rails. Part of the
order, it is said, will go to the Carnegie Steel Co., a subsidiary of U. S.
Steel Corp.
-V. 137, p. 2459.
-To Receive $84,000,000 from PWA
Pennsylvania RR.
to Complete New York-Washington Electrification Program-See under "Current Events and Discussions" on a preceding page.
Directorate Approved.
-S. C. Commission has approved an application by Walter S.
The I.
Franklin to serve as a Vice-President and a director of the Pennsylvania
RR., but has reserved decision on the question whether he may remain
President of the Wabash Ry. and a director of the Lehigh Valley ER..
bothof which are in receivership. He was on the Pennsylvania's staff
before he went with the Wabash and Lehigh Valley roads. The Pennsylvania RR. controls both the two latter companies, but the Commission
is contesting this control in the U. S. Supreme Court.
After resigning from the Pennsylvania. Mr. Franklin was permitted
early this year to serve with the Lehigh Valley and the Wabash companies.
The Wabash has informed the Commission of its desire to have Mr.
Franklin continue to represent It with the Lehigh Valley RR.
New Jersey Terminal to Be Started.-
•
It was announced on Nov. 5 that work on the new Atlantic City terminal
under the plan of the New Jersey P. U. Commission probably would be
started "within the present month.'
-Orders 500 Box Cars.
Purchases 100,000 Tons of Rails
Collaborating with Joseph B. Eastman, General Co-ordinator of Transportation, in conformity with the President's plan to stimulate purchases
of steel rails by the railroads of the country, the company on Nov. 8 announced that it would purchase 100.000 tons of new rail. This is a year's
requirements and calls for three separate standard weights, as follows:
27,000 tons of 152-1b. section; 72,000 tons of 131-1b. section, and 1,000
tons of 112-1b. section.
The 152-1b. rail Is the heaviest used in the main high-speed running
tracks of the Pennsylvania RR.
All of this rail will be paid for by the railroad company out of currentfunds.
The company also announced on Nov. 8 that it had placed orders for 500
automobile box cars of large dimensions, to be constructed at the company's
shops. They will be similar to the 250 automobile cars which have been
built and gradually placed in service since last fall. A special loading device
will be installed in the cars which will permit the placing of four average
size automobiles in each car. Work of assembling material will be started
at once. Just as soon as it has been received, the actual construction of
-V. 137, p. 3324.
the cars will be started.
Seaboard Air Line Ry.-Plans Rail Purchase.
The receivers plan the purchase of 17,000 tons of steel rails through the
Reconstruction Finance Corporation, according to advices from Richmond.
-V.137, p. 135,313.488.
Approval of the U.S. District Court is necessary.
Southern Ry.-New Director.
Ernest E. Norris, Operating Vice-President, has been elected a director
of this company and the Alabama Great Southern RR. to fill vacancies
-V.137. p. 28154.
caused by the death of Henry W. Miller.
Balance Sheet Dec. 31(000 Omitted).
-Abandonment.
Texas & New Orleans RR.
[In Reichsmarks.]
-S. C. Commission on Nov. 1 Issued a certificate permitting the
The I.
1931.
1932.
Assets1932.
1931.
LtabilUtes-company to abandon a branch line of railroad extending from a connection
Ry. prop. acq.from
Common stock___13.0C0,000 13,000,000
with its main line at Nome in a general northerly direction to Sour Lake.
24,600,000 24,500,600 Preferred stock- 1,081,000 1,081.000
-V.137. p. 1936.
Reich
8.28 miles, all in Jefferson and Hardin Counties, Tex.
Additions & betterReserve on acct. of
deprec. of railments
1,786.873 1,741,082
Invest.In MM.cos.
way property ac21,000
21,032
Materials & suppl. 158,575
168,582 (mired from the
Cash
13,163 Reich
11.000,000 11,000,000
11,714
442,771 Res. on acct. of
Bank balances.,...
429,127
Matters Covered in the "Chronicle" of Xov. 4-Electric output shows little
deprec. of adCheeks In coursc of
change for the week ended Oct. 28 1933-Percentage gain over same period
dttional dr better9,330
collection
10,787
In 1932 slightly lower, declining to 5.8%, p. 3207.
421,200
ment of ry. prop. 432,900
Tax certificates _ _
36,912
766,942 ...."\ American Commonwealths Power Corp.
124,453 General reserves__ 823,376
77,449
Marketable secur.
-Removed
776,621
801.193
16,471 Loans
Traffic bal. reoelv.
7,118
from List.-/
174,584
62,275 Other liabilities
Other debtors.
118,216
132,266
109,500 Accts. In process of
Long-term reeely. 125,165
The New ork Curb Exchangs)has suspended dealings In the class A
settlement
118,168
133,034
Disc, upon the Issue
and B com
stocks, $7 1st pref. stock series A, 1st pref. $6.50 dividend
75,670
75,607
38,662 Surplus
of loans
36,836
-V.137.p.3146.
series and certificates of deposit for both classes of preferred.
Accts. in process ot
-Earnings.
American Public Service Co.
163,013
.162,512
settlement
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
-V. 137. p. 1411.
27,482,322 27,411,306
Total
27,482.322 27.411,306
Total
-V. 135, p. 1820.
American Water Works & Electric Co., Inc.-Output.
Output of electric energy of the company's electric properties for the
-Abandonment.
Louisville & Nashville RR.
week ended Nov. 4 1933 totaled 31,484,000 k.w.h., an increase of 6%
-S. 0. Commission on Oct. 31 issued a certificate permitting the
The I.
over the output of 29,752,000 k.w.h. for the corresponding period of 1932.
company to abandon its Prattville branch, extending from Prattville
Comparative table of weekly output of electric energy for the last five
Junction In a general westerly direction to Prattville, approximately 10
years follows:
-V. 137, p. 2100.
miles, in Elmore and Autauga Counties, Ala.
1929.
1932.
Week Ended1933.
1931.
1930.
Oct. 14
32.184,000 27.827,000 32.156,000 34,892.000 38,790.000
Maine Central RR.-Proposed Acquisition.
Oct. 21
32,869.000 28.011,000 31.789.000 34.915.000 38.609,000
-S. C. Commission for authority to
The company has applied to the I.
32,725.000 28,826,000 31,699,000 35.535.000 38.991,000
Oct. 28
acquire control of the Portland & Rumford Falls By. and the Rumford
Nov.4
31,484.000 29,752,000 30,119,000 34,745,000 38,428,000
Falls & Rangeley Lakes RR., now operated under lease, by purchase of
-V.137. p. 3325. 3147.
-V. 136. p. 4082.
through an exchange of securities.
stock
PUBLIC UTILITIES.
0
3496
Financial Chronicle
American Power & Light Co.-Earnings.-For income statement for 12 months ended Sept. 30 see "Earnings Department" on a preceding page.
Balame Sheet Sept. 30.
1933.
1932.
1932.
1933.
Assets5
$
Liabilities$
$
Inv.(book val.) 256,737,490 263,407,456 x Capital stock_214.645,637 214,645,637
U.S.Govt.secur_
182,687
6% gold debens_ 45,810,500 45,810,500
Cash
8,594,856 6,629,500 Southw. P.& L.
Time deposits in
Co. 6% debs_ 5,000,000 5,000,000
banks
56,400
3,650,000 2,100,000 Contract'l Bab_
Mimic. & other
603,353 2,413,358
Divs. declared__
short-term sec.
1,229,389
100,594
146,670 Contracts payNotes & loans rec.:
'64,953
Accts. payable_
54.668
Subsidiaries_ 1,102,000
314,552
274,552
801.000 Accrued acctsOthers
12,900
12,000 Long-term debt
Accts. reedy.:
127,036
matured intSubsidiaries
1,200,922 Liability to tie686,666
Others
21,422
55,944
liver securities 10,589,900
Special deposit_
298,611
Def. int. income
127,036
Contract'l rights 10,589,900
338,040
Reserve
Accr. int. rec. on
8,596,892 8,415.369
Surplus
contrac. rights
298,611
Reacq_. cap. stk.
29,934
Unantortiz. discount & exp__ 3,872,831
3,919,913
Sundry debits__
4,506
4,506
Total
286,011,434 278,277,911
286,011,434 278,277,911
Total
x Represented by: $6 pref. cum. entitled upon liquidation to $100 a
hhare); pan paean with 25 pref.; authorized, 1,000,000 shares; issued and
outstanding, 793,581 2-10 shares, inclusive of 42 2-10 shares of scrip; $5
pref. cum. (entitled upon liquidation to $100 a share); pani passu with $6
pref.; authorized 2,200,000 shares; issued and outstanding, 978,444 shares;
common, authorized, 4.000.000 shares; issued. 3.013,812 54-100 shares.
inclusive of 3.697 27-50 shares of scrip.
-V. 137, p. 3147.
Associated Gas & Electric Co.
-Receiver Sought for
Company.
Lindsey E. Bird of Brookline, Mass., owner of $10,000 of bonds of the
company,filed a petition on Nov. 9 in the U. S. District Court asking that
an equity receiver be appointed for the company. The petition estimated
the company's liabilities at $509.000.000. Assets, it said, were at par at
$694,843,704, but their fair value could not be more than $300,000,000.
Mr. Bird represented himself to be acting in behalf of holders of $180,000
of debentures bearing 5% interest and maturing in 1965.
The liabilities, it is alleged, are junior to obligations of subsidiary operating and sub-holding companies which are said to be in debt for $250,000.000, while the assets, according to the petition, have been transferred to
the Associated Gas & Electric Corp. (Del.).
A statement issued in behalf of the company on Nov. 9
stated:
At the office of the company it was stated that no papers had been served
In the suit of Lindsey E. Bird against the company and that the papers had
been filed in the office of the Clerk of Court so late as to prevent the company from having any knowledge of the allegations and any opportunity
to answer them at this time. So far as the company could learn, the suit
Involves the same questions that were decided in favor of the company on
motion for a temporary injunction in the New York Supreme Court in
July of this year. It was believed that the suit was another attempt to
hold up the plan of rearrangement of debt capitalization of the company,
now under way, the purpose of which was to avoid any possibility of a
receivership. It was further stated that until the papers in the suit had
been received the company was not in a position to eve out any statement.
Earnings.
For income statement for 12 months ended Sept. 30 see "Earnings Department" on a preceding page.
Weekly Output Up 4.70%.
0For the week ended Oct. 28, the Associated System reports net electric
output of 52,968.762 units (kwh.)an increase of 4.7% above the correspond-
ing week last year. This compares with the increase of 4.8% for the four
weeks to date.
Gas output, at 336.186,200 cubic feet was 0.7% above the same week
of last year.
Electric Output Up 5.6% for October-Increase Is 3.0%
for Year to Date.
For the month of October. Associated Gas & Electric System reports
net electric output of 231,323,093 units (k.w.h.), which is an increase
of 5.6% over October of last year. Electric output for the 12 months
ended October 31 was 2,598,764,260 units, an increase of 3.0% over the
previous 12 months period.
Gas output of 1,392,900,900 cubic feet for October was 3.0% below
last year's figures. For the year ended October 31. output totaled 16,601.-
962.200 cubic feet, which was 0.6% below the total for last year.
-V. 137.
p. 3325, 2633.
Associated Telephon
eytilities Co.
-Admitted to List
The New York C
Curb Exchange as admitted to unlisted trading privileg
the certificates of deposit repr
ting 5% secured gold notes, due April
1933. Transactions in the above mentioned certificates of deposit shall
be "flat."
-V. 137. p. 2805.
Broad River Power Co.
-Tenders.
-
The Chase National Bank of the City of New York, trustee, will until
Nov. 22 receive bids for the sale to it of 10
-year 63 % secured sinking fund
gold bonds due Nov. 1 1934 to an amount sufficient to exhaust 230.040
at prices not exceeding 100 and int.-V. 137, p. 1937.
Central & South West Utilities Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 1933 see
"Earnings Department" on a preceding page.
-V. 137. p. 1412.
-Earnings.Chester Water Service Co.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Balance Sheet Sept. 30.
Assets1933.1932.
1933.
Liabilities1932.
Plant,prop.,equip1st mtge. 440_ __$3,330,000 53.311,000
ment, &c
$6,025,398 $6,019,437 Due Fed. Wat.SerMisc. invest, and
98,300
vice Corp
157,500
special deposits_
72,750 Accounts payable_
67,384
4,535
25,892
Cash
56.594
22,266 Ater. int., taxes,
Unbilled revenue
40,625
39,750
90,822
101,580
dive., &c
Acc'ts receivable__
53,973 Consum. dep., &c.
56,766
50.504
Due to MM. cos__
149
Due affiliated cos.
932
2.708
Mat'ls & supplies_
33,303
32.779 Det'd liab. & unx Deferred charges
55,573
adjusted credits
& prepaid chgs_
161,926
158,192 Reserves
251,247
279,519
Y $5.50 pref.stock 71,200,000 1,200,000
Common stock.- x760,000
Capital surplus... 448,665 z1,306,963
167,115
Earned surplus_ _ _
Total
56.442,928 56,399,148
$6,442,928 $6,399,148
Total
x Including =amortized debt discount and expenses and committal n
on capital stock. y Represented by 12,000 shares (no par). z
sented by 12,000 shares (no par)
.-V. 137. p.
'-.Chicago Rapid Transit Co.
-Pia
Comm ttee.-
plan of financial reorganization and coMolidatlo# for the Chicago
Surface Lines and the Chicago Rapid Transit Oo. hasbeen pr
nted to
committees representing first mortgage bondholders of these dempanies,
Walter L. Fisher,special co-ordinator,appointed by Federal Judge James H.
Wilkerson, stated on Oct. 30.
While the plan is not in final form, it represents a definite skeleton of a
plan which may require further development, Mr. Fisher said. As pre-
sented, it is a composite drafted by him from suggestions made by the
various committees. ....
Nov. 11 1933
Only the first mortgage bondholders' committees have been asked to
pass on the plan in its present form. These committees are headed by
D. F. Kelly, representing Chicago Rapid Transit Co., Melvin A. Traylor,
representing Chicago City Rys., and Albert W. Harris, representing
Chicago Rys.
If these committeesfind the plan acceptable in regard to its main features,
revisions may be made, and then it will be submitted to the Junior bondholders, stockholders and the public.
-V. 137. p. 3147.
Cleveland Electric Illuminating Co.-Earnings.
For income statement for 12 months ended Sept. 30 see "Earnings Dope!tment" on a preceding page.
Comparative Balance Sheet Sept. 30.
1933.
1932.
1933.
Assets
Prop, and plant
Preferred stock_ 15,281,700
general sect,_127,674,379 127.500.979 x Common stock 51,089,400
Capital expend's 1,619,809
94,764 Funded debt- -- 40,000,000
Cash e.c sec. on
Accts. payable_
266,999
Sundry current
213,358
dep. with trim
Sundry invest__
765,990
liabilities_ _ _ _ 1,478,565
516,000
5,629,240 6,345,862 Taxes accrued__ 2,643,687
Cash
Notes & bills rec.
32,828 Interest accrued
7,358
350,099
Accts. receivable 3,576,912 2,578,715 Dividends acDue to affil cos_
crued
1,251,014
28,997
U.S.Govt.secur_ 2,045,234
Reserves
18.626,230
Dep. for pay. of
Surplus
16,589,041
maturint.,&c.
720,088
Mans & surto_ 2,828,173 2.179,096
Balance in closed
1,181,181
banks
3,054.453
Sund.curr.assets
57,514
138,738
Prepaid sects
Open accounts_
552,632
Bond & note disc
681,178
618,048
59,332
Special funds_
529,229
Other def. chgs_
1932.
15,281,700
51,089,400
40,000,000
98,879
749,072
2,860,937
343,413
1,251,014
15,815,943
16,162,998
Total
Total
147,576,734 143,653,355
147,576,734 143,653,355
x Represented by 2,554,470 no par shares.
-V. 137. p. 1937.
Continental Gas & Electric Corp.
-Earnings.
For income statement for 12 months ended Sept. 30 see "Earnings
-V.137. P. 2634. •
Department" on a preceding page.
-Earnings.
Denver Tramway Corp.
For income statement for nine months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 2634.
-Output.
Electric Bond & Share Co.
Week Ended Nov. 2American Power & Light Co
Electric Power & Light Corp
National Power & Light Co
-V. 137. p. 3325. 3147.
1933.
80,924,000
35,151,000
59,037,000
1932. % Change
67,666,000
+19.6
34,442,000
+2.1
62,172,000
-5.0
Electric Power & Light Corp.
-Earnings.
For income statementfor 12 months ended Sept.30 see"Earnings Department" on a preceding page.
-V. 137. p. 3147.
Great Lakes Power Co., Ltd.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
-V.137. p. 1412.
-Earnings.
Hackensack Water Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 864.
Department" on a preceding page.
International Power Co., Ltd.
-Earnings.
Earnings for Calendar Years (Company Only).
1932.
Divs. & int. from controlled cos. and miscellaneous income
Misc. exp. & int. paid
Int. on debentures
Writ, off disc, on secure..
Balance
Divs. on 7% 1st pf. stk.
Surplus for year
1931.
1930.
$962,299
77,632
283,797
$114,631
$568,828
420,000
$563,763
560.000
$603,870
560,000
$114,631
$148,828
$3.763
240,870
Balance Sheet Dec. 31 (Company Only).
1931.
1932.
1932.
AssetsLiabilities$
Bank loan
Investmls in stks.
3,500,000
Acc'ts payable._
az bonds of con27,814
12,296,058 Bills payable
trolled cos., &c_12,223.546
208,875
Advances to conAdvances by controlled cos
trolled cos
9,323,130 9,327,601
301,904
Cash
44,146 Int. accr. on debs_
68,444
109,408
Deferred charges &
6;5% gold debs 3,000,000
6% gold debs
discount on se2,000.000
curities
430,950 6% coll. notes due
422,062
June 1933
800.000
7% coll. notes due
Dec. 1934
59,500
7% cum. red. 1st
pref. stock
8,000,000
6% cum. cony. 2d
preferred stock- 2,000,000
x Common stock._ 1,622,750
Profit and loss....._ 406,931
Total
1929.
$883,271 $1,215,668 $1,099.083
359,543
327,204
220.320
319,636
359,097
315,000
50,000
22,037,182 22,098,753
Total
1931.
$
3,600,000
48,028
1,167,885
362,810
105,000
3,000,000
2.000.000
8,000.000
2,000.000
1,622,750
292,300
22,037,182 22,098,753
x Represented by 115,610 no par shares.
Earnings for Calendar Years (Company and Controlled companies).
1932.
1931.
1930.
1929.
Gross earnings of controlled companies- -- $4,418.039 $4,682,241 $4,578,618 $4,439,354
Oper. exp., maint. & tax 2,420,609 2,352,328 2,450,653 2,418.694
Int. on fund. debt, &c.,
of controlled cos. in
hands of public
509,964
502.119
449,327
411.142
Dive, on pref. & com,
stks, of controlled cos.
In hands of public_ _ _
100,452
101,878
99.341
116,723
Res,for deprec. at renew.
455,809
456,280
402,727
400,018
Other reserves
37,000
43.000
86,844
90,000
Min, int, in sur. for year
3,104
33,628
12,726
28,294
Net inc. avail. to Int.
du 1
Power Co.,
$891,101 $1,213.911 $1,056,09
$974,482
Misc. earns. of Int. Pow.
Co., Ltd
121,305
200,146
227,497 "132,047
Haps. and interest paid_ Dr.359,543 Dr.327,204 Dr.220,32,0, Dr.77,632
-Total income
$652,863 $1.086.853 $1,063.27P $1,028,897
Interest on debentures-359,097
319,636
315,000
283.797
Divs. on 1st pref. stock_
420,000
560,000
560,000
Surplus for year
$293,766
$347,217
3168,273
$185,099
Previous surplus
881,315
735,600
550.924
365,824
Adjustments
Dr.30.916
Dr.1,502
Dr.3,597
Writ, off disc, on securs- Dr.50,000 Dr.100,000
Res,for exch.on net cur,
assets in for'n currency Dr.100.000 Dr.100,000
Surplus, Dec. 31
$994,165
5881.314
$735.599
2660,023
Consolidated Balance Sheet Dec. 31 (Company and Controlled Companies).
1931.
1932.
1931.
1932.
$
Liabilities$
Assets$
$
634% 30-yr.g.debs. 3.000,000 3,000,000
Plants and proper32,112,21432,023,851 6% 30-yr. e. dohs- 2.000,000 2,000,000
LIM
3,010.965 2,863,534 6% coll. notes due
Investments
June 1933
800,000
127,276
290,798
Cash
1,847,868 1,903,747 7% coll. notes due
Accts. receivable
Dec. 1934
59,500
Materials and sup847,332 Bonds & debs. of
plies
707,380
controlled cos 7,709,123 7,931,223
25,000
Guarantee deposits
4,199,951 4,305,251
Bank loans
Reserve for exch.
462,841
Accts. payable... 535.762
on net current
217,161 1,211,641
Bills payable
assets in foreign
Cr200,000 Cr100,000 Empl. & consumcurrency
era' dep., incl.
Deferred charges
374,537
int. thereon_ __ _ 382,955
and discount on
10,740
3,586
663,235 Unclaimed dive_
634,810
securities
231.715
257,280
Interest accrued
22.567
17,500
Divs. payable_
Stks. of controlled
cos. outst'g:
1,000,000 1,000,000
7% pref.stock
Common stock_ 1,207,510 1,208,810
263,809
Min. int. in slurp_ _ 258,294
4,131,344 3,833,930
Reserves
7% cum. ref. 1st
8,000,000 8,000,000
pref. stock
6% cum. cony. 2d
2,000,000 2,000,000
pref. stock
1,622,750 1,622.750
x Common stock
881,315
Prof. & loss acct.. 994,165
38,404,036 38,353,976
Total
38,404,036 38,353,976
Total
-V.135. p.638.
x Represented by 115.610 no par shares.
If
-Earnings.
International Ry., Buffalo.
For income statement for 9 months ended Sept. 30 see "Earnings De-V. 137, p. 1413.
partment" on a preceding page.
-Earnings.
Pi Kansas City Power & Light Co.
For income statement for month and 12 months ended Sept. 30 see
-V. 137. P. 1764.
"Earnings Department" on a preceding page.
-Earnings.
Kentucky Securities Corp.
For income statement for 3 and 9 months ended Sept. 30 1933 see
-V.136, p. 3907.
"Earnings Department" on a preceding page.
-Earnings.
Kentucky Utilities Co.
For income statement for 3 and 9 months ended Sept. 30 1933 see
-V. 137. p. 1413.
"Earnings Department" on a preceding page.
Lexington Utilities Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 1933 see
"Earnings Department" on a preceding page.
-V.137. p. 1579.
-New Directors.
Long Island Lighting Co.
Arthur J. Baldwin of the law firm of Griggs Baldwin & Baldwin; Duncan
R. Linsley, Vice-President of the Chase Harks Forbes Corp., and George
Link Jr. of the law firm of McKercher & Link, have been elected directors
w fill unexpected terms.
-V. 137, p. 1938.
Manhattan Ry.-Elects Three to Board.
Charles Franklin, George A. Ellis, and John F. Russell Jr. were elected
directors of the company on Nov. 8 to succeed the late M. S. Burrill,
Herman Baruch, who resigned,and Lionel Straus, who was not renominated.
Darold Palmer. Chairman of the protective committee representing holders
of 7% guaranteed stock, asked that his committee be represented by the
election of two of the directors, but after much discussion, in which Nathan
L. Amster, President, refused to recognize the committee, no nominations
were entered in its behalf.
Mr. Palmer thereafter expressed his dissent from all actions of the officers
and directors, with especial reference to any proceedings which might
occur with respect to unification of city transit facilities.
In a letter given to the stockholders at the meeting, Mr.
Amster said in part:
Inasmuch as the Manhattan Ry. Co. is a non-operating company, its
directors have since the effective date of the 1903 lease, had the responsibility of safeguarding the legal rights and corporate interests of your
company; and it was in that direction that your board of directors, elected
last November, addressed itself. Your board was at once confronted with
an impasse, as the fact that the company had been manoeuvred into receivership made it necessary that all matters of importance should be
handled through the company's receiver. Your board's efforts were continually hampered, since the receiver was none other than the former
president of the company, who was ousted at the last stockholders' meeting.
The board therefore petitioned the court to replace the receiver (who
was no longer president, director or counsel) and to designate in his stead
the company's newly elected president. In this we met with much unreasoning opposition-not alone from the interests which planned the
receiverships, but also from an ill-advised group calling themselves the
bondholders' committee. It is difficult to understand why that committee
should have insisted upon retaining as receiver the company's ex-president,
who with open eyes not only permitted the serious deterioration and undermaintenance of the co.'s physical properties, but allowed the co.'s lines of
railroad to be used as a mere overflow transit unit to the Interborough system
instead of insisting-in accordance with the clear requirements of the
lease-that the company's properties be kept abreast of the times in order
to attract traffic so as to make the bondholders' security at all time safe,
adequate and unquestioned by the pledge of an up-to-date rapid transit
unit, instead of an under-maintained and poorly equipped line. These
grave omissions on the part of the Interborough, and the company's present
receiver, have not yet been explained.
-V.137, D. 3326.
Mississippi River Power Co.(& Subs.)
-Earnings.
For income statement for 12 months ended Sept. 30 1931 see "Earnhags
Department" on a preceding page.
Condensed Balance Sheet Sept. 30.
1933.
1932.
1933.
.1932.
$
AssetsProperty & plant__47,951,281 47,992,788 Preferred stock_ __ 8,234,475 8,234,475
2,022 Common stock_ _ _16,000,000 16,000,000
Capital expends__ Cr50,057
13,841 Funded debt
19,719,200 19,928,30J
Sundry Investm'ts 148,944
Accounts payable_
9,933
10,725
Due from MM.cos. 5,646,945
19,143
27,876
31,001 Sund. curr. MIA
5,578
Cash
143,086 Inter-co. accounts
636
Notes & bills reo_
153,837
139,714 Due to(Mil. cos.__
1,072
Accts. receivable
Taxes accrued_ ___ 385,070
419,570
Cash & ECC. on dep.
Interest accrued__ 268,579
145,302
273,229
with trustees_ _
Sund. accr. Habil__
47,593
48,013
Dep. for pay. cf
3.603,642 3,451,268
Reserves
12,550
in at'd int., Ste _
87,113 Surplus
6,096.232 6,331,541
88,749
Material & supply_
5,842,292
Inter-co. accounts
8,961
7,454
Prepaid accounts_
271,715
Bond & note dIsct.. 252,016
170,803
Iles. special fundsTotal
137.
54,384,937 54,703.337
Total
54,384,937 54,703,337
p. 1050.
-Adjustment Date
National Gas 8c Electric Corp.
Extended.
headed by Arthur H. Gilbert reports
The reorganization committee
that 58% of the 1st mtge. coll, trust bonds, 51% of the convertible notes
and 31% of the $6.50 pref. stock of the company has been deposited under
its plan of reorganization. The time for deposits has been extended to
Doc. 1. The Northern Trust Co., Chicago, is the depository. See V. 137.
p. 866.
-Earnings.
National Power & Light Co.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
3497
Financial Chronicle
Volume 137
Balance Sheet Sept. 30.
1932.
1933.
1933.
1932.
$
Liabilities-8
Assets$
Inv. (book val.)141,103,924 138,551,937 a Cap. stock (no
par value)___125,834,132 125,748,914
Cash & call loans 3,409,633 10,397,902
Time de ps bks 10,000,000 3,250,000 6% gold debens.
series A
9,500.000 9,5110,000
653,192
412,744
U.S.govt. secs
5% gold debens.,
State, mimic. &
series B
15,000,000 15,000,000
0th.short term
1,144,506 Accrued int. on
692,771
securities _ _
_
term debt_
312,500
Notes and loans
419.568
419,567
3,659.500 Divs.declared
roe., subs_
23.533
Accts. payable_
39,390
Accts.receivable
97,212
409,712
218,156 Accrued accts._
171,617
subs
281,378
Reserve
281,378
Accts.receivable
28,265 Surplus
7,553,254 9,390,477
29,337
others
trnamort'd debt 2,698.755 2,726,972
375.000
Special deposits_
143,651
143,653
Sundry debits
159,037,434 160.773,581
Total
159,037,434 160,773,581
Total
Sept. 30 '33.
Sept. 30 '32.
Represented by:
279.711 shs.
$6 pf.stk.(value in liquidation $100 ash.). 279,712 shs.
5.455,884 shs. 5.452.011 shs.
Common stock
-V.137. D. 2462.
-Receivers Named.
--sliational Public Utilities Corp.
Caleb S. Layton, Wilmington, and W. Findley Downs, Philadelphia,
on Nov. 3 were appointed receivers in Chancery Court, Wilmington. The
company was alleged to be insolvent in a suit filed by Harold Barr and
Richard M. Nevrnham, debenture and noteholders. The corporation
consented to the appointment of the receivers.
The bill of complaint alleged that on April 1 the corporation defaulted on
the interest payment on its secured gold notes; on May 1 defaulted on interest on its debentures, and on July 1 defaulted on interest payments on
-V. 132. D. 2104.
its sinking fund notes.
-Earnings.
North West Utilities Co.
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earn-V. 137. P. 1413.
ings Department" on a preceding page.
Ohio State Telephone Co.-Tenders.
The Bankers Trust Co., as sinking fund trustee will until noon on Nov.16
receive bids for the sale to it of consol. & ref. mtge. bonds, dated July 1
1914 at prices not to exceed the face value thereof and interest to an amount
sufficient to exhaust $30.799.-V. 136. p. 4267.
-Property Sold.
Oklahoma Natural Gas Corp:
Ft. M. Bellwood Jr., New York, on Nov.8 purchased the properties for
$500.000 at an uncontested auction. The bid was the lowest Federal
Judge Kennamer announced he would accept and does not represent the
value of the corporation, which serves more than 50 communities in Oklahoma, including Tulsa. Oklahoma City, Muskogee and Enid. The sale is
preliminary to carrying out the reorganization plan as modified. See
V. 137, p. 2807.
Pacific Power & Light Co.-Dividends Deferred.
At a meeting held on Oct. 24 the directors decided not to declare the
quarterly dividend due Nov. 1 on the $6 cum. pref. stock, no par value,
and on the 7% cum. pref. stock, par $100.
On the $6 pref. stock a distribution of 75 cents per share was made in
each of the two preceding quarters as against $1.50 per share previosuly.
On the 7% pref. stock a distribution of 87 cents per share was made on
Aug. 1 1933 and 88 cents per share on May 1 1933. as compared with
$1.75 per share in preceding quarters.
-V. 137, p. 3327.
-Earnings.
Penn Central Light & Power Co.
For income statement for 3 and 12 months ended Sept. 30see "Earnings
Department" on a preceding page.
-V. 137. P. 1413.
-Tenders.
Philadelphia Rapid Transit Co.
The Pennsylvania Co. for Insurances on Lives & Granting Annuities.
trustee, Philadelphia, Pa., will until 3 p. m. on Nov. 21 receive bids for
the sale to it of real estate 1st mtge. 6% bonds of C. Benton Cooper, to an
amount sufficient to exhaust $111,154 now in the sinking fund, at prices
-V. 137. D. 3327.
not exceeding 105 and interest.
-Earnings.
Pittsburgh Suburban Water Service Co.
For income statement for year ended Sept. 30 see "Earnings Department"
on a preceding page.
Balance Sheet Sept. 30.
1932.
1933.
LiabilitiesAssets1933.
1932.
$1,936,500 $1,894,500
Funded debt
Plant, prop.,equipment, tto
$3,458,842 $3,431,887 Miscell.defer.liab.
51,450
& =adj. credits
Misc, special dep_
58
50,010
36.065 Consumers deposits
Cash
22,144
146,880
48,788
Due affiliated cos_
Inv. In stock of
4,242
4,223
600 Accounts payable.
affiliated cos_
48,908
58,155
23,658 Accrued items_ _ _
Unbilled revenue_
24,596
45,521 Res. for retirem'ts
855,841
Accts. receivable_
366,983
& replacements_ 380,808
17.712
Materials & suppls
15,029
60,274
61,282
Contrib. for extens
b Deferred charges
500.000
cum. p1.81k 500,000
146,761 c $5.50
& prepaid accts. 141,463
d Common stock__ 525,000
18,296 d625,772
Capital surplus.-134,914
Earned surplus__
3,195
Misc. oper. res--_
$3,717,976 $3,702,206
Total
$3,717,976 $3,702,206
Total
a Includes notes receivable. b Inc uding unamortized debt discount and
expense and commission on capital stock. c Represented by 5.000 shares
.
-V. 137, p. 2808.
(no par). d Represented by 5.000 shares (no par).
-Earnings.
Porto Rico Power Co., Ltd.
Calendar YearsNet profit from operations after providing
for deprec. & taxes...
Interest on funded debtOther interest
Loss due to hurricane
Provision for income tax
Net profit
Divs, on pref. stock_ _ _ _
Divs, on common stockBalance, surplus
Previous surplus
1932.
1931.
1930.
y1929.
$694,873
199,746
43,434
147,781
$683,548
200,885
51.911
$552,310
161,061
/106,658
4465,147
.
163,813
38.221
$303,912
70,000
240,000
$430,752
70.000
240,000
$284,592
70,000
120,000
$250,203
70,000
120,000
def$6,088
811,707
$120,752
690,954
$94,592
596.362
$60.203
536,158
12,909
$596.362
Surplus carried forw'd
$811,706
$690.954
$805,619
x Before deduction for taxes. y Porto Rico Railways Co., Ltd.
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
Assets
$
Property account.11,781,890 11.778,122 7% preferred stock 1,000,000 1.000,000
Common stock_ _ _ 3.000.000 3,000,000
Company's first
mortgage bonds
24,904
3,643,833 3,815,833
71,960 Funded debt
Cash
44,535
12,407 Bank loan(secured) 675,000
800,000
Accounts receivAccts. & bills pay- 304,755
221,545
able
705,800
733,628 Employees' & conMaterials and supsumers' deposits 231,094
228,559
plies
111,885
132,398 Int. accrued on
Guarantee deconsumers' dep_
42,861
39,876
posits
25,000 Int. accrued on
Investments
2,972
1,245
funded debt..
32,817
31,763
Deferred charges
5,446
7,910 Dividend payable_
17,500
17,500
Deprec. reserves
2,614,437 2,530.779
263.752
Contig. & misc. res 310,568
811,707
Surplus
805,619
Total
12,677,431 12,762,670
-V. 135. p. 467.
Total
12,677,431 12,762,670
3498
Financial Chronicle
Pennsylvania Water & Power Co.
-Earnings.
For
income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
The company reported to stockholders the instalation in September of an
additional 42,500 h.p. unit at the hydro-electric development of the Safe
Harbor Water Power Corp., which company is owned jointly by the
Pennsylvania Water & Power Co. and the Consolidated Gas Electric Light
& Power Co. of Baltimore. The installed capacity of that plant is 212,500
h.p.-V. 137, p. 3327.
Radio Corp. of America.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 3327.
Rochester Gas & Electric Corp.
-Rate ScheduleApproved
The New York P. S. Commission has approved schedules of lower electric
rates of this corporation and has adopted an order closing a proceeding
initiated on the Commission's motion concerning the rates and rate structures of this company. The reductions will save consumers of the company
in Monroe, Wayne, Ontario and Cayuga Counties, N. Y., about $180,000
annually.
Commissioner Maurice C. Btirritt recently wrote an opinion recommending the acceptance of a reduction of $180,000 in electric rates and closing
the proceeding before the Commission. The opinion of Commissioner
Burritt was approved by the Commission and the lower rates have been
approved as the result of the acceptance of the lower rates. The reductions
become effective as of Oct. 26 1933.
The reduced rate for residential service in the Rochester, Hilton and
Parma districts which include the City of Rochester. and the villages of
East Rochester, Pittsford, Hilton and adjacent territory, is $1 for the first
12 kwh. or less, Sc. per kwh.for the next 48 kwh.,4c. per kwh.for the next
90 kwh. and 3c, per kwh. for excess use. The minimum charge is $1 a
month.
-V. 137, p. 3328.
Scranton-Spring Brook Water ServiceCo.-Earnings--
For income statement for 12 months ended Sept.30see "Earnings Department" on a preceding page.
-V. 137. p. 2809.
Stamford & Western Gas Co.
-Tenders.
The Guaranty Trust Co., as successor trustee, has notified holders of
1st (closed) mtge. 7% sinking fund gold bonds inviting tenders for the sale
to it, at a price not exceeding 102 and int., of as many of these bonds as
will be sufficient to exhaust the sum of $38,097 now held in the sinking fund.
Tenders must be submitted before 10 a. m. on Nov. 21, at the office of
the bank, 140 Broadway, N. Y. City. The bank reserves the right to reject any and all offers.
-V. 136. p. 3345.
-Production Gains.
Toledo Edison Co.
Month ofElectric output (in kwh.)
-V. 137. p. 315.
'
Oct. 1933. Sept. 1933.
35.457,752 34,956,301
Oct. 1932.
31,469,029
Union Electric Light 8c Power Co. of Illinois.-Earns.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Condensed Balance Sheet Sept. 30.
1932.
1933.
1933.
1932.
LiabilitiesAssets$
3
$
8
Prop'y and plant_ _35,974,117 36,008,983 Preferred stock__ 8,000,000 8,000,000
Capital expendit's
19,928 Common stock12,500,00e 12,500,000
30,547
Cash
122,063 Funded debt
7,625,000 7,875,000
Due from at res. 1,409,662
Sundry cure. nab_
4,224
5,158
Dep. for pay. of
Dividends accrued
120,000
mat. int.. &c__ _
4,005
Taxes accrued..._ 615,771
501,821
Inter-co. accounts
421,665 Interest accrued.. 104,844
108,281
Prepaid accounts_
7,687 Reserves
7,687
6,059,108 5,156,557
Bond and note disSurplus
3,369,876 3,208,427
894,919
852,805
count
38,278,823 37,475,245
Total
-V.137, p 1051.
:
Total
38,278,823 37,475,245
Union Electric Light & Power Co.(Mo.).-Earnings.-
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 1580.
Union Water Service Co.
-Earnings.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet Sept. 30.
Assets1933.
1932.
Liabilities
1933.
1932.
Plant, property,
1st Hen
% gold
equipment, &e.55,037,367 $5,051,115
bonds
82,583,500 52,583,500
Misc, special dep.
1,066
14,592 Consumers' dep._
88,982
89,411
Cash
117,395
68,015 Due Militated cos_
27,998
85,336
Notes & accts. rec.
80,496
90,009 Notes & accts. pay
5,815
4,773
Unbilled revenue_
19,246
18,934 Accrued liabilities_ 120,313
101,066
Mat'ls ar supplies_
34,228
36,122 Deferred Income
64,531
65,832
x Def. charges and
Reserves
751,896
737,682
prepaid accounts
61,326
61,746 $6 cum, pref. stock 600,000
600.000
Common stock_ _ _ y820,000
Capital surplus... 113,891 y1.072,934
Earned surplus_
164,199
Nov. 11 1933
separately on the customers' bill. Officials of the company will decide
within 20 days whether they will ask a rehearing on the rate order which
President Grover 0. Neff declared creates a serious problem.
-V. 137,
p. 1766.
Wisconsin Electric Power Co.
-Earnings.
-For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Condensed Balance Sheet Sept. 30.
1932.
1933.
1933.
1932.
AssetsLiabilities$
$
$
Property & plant.26.009,307 26,092,917 Preferred stock... 5,134,200 5,134,200
Capital expendiPrem,on pt. stock
1,284
1,208
tures
23,659 Cr87,728 Common stock.__ 8,000,000 8,000,000
Cash
27,910 Funded debt
64,766
8,167,000 8,167,000
Due from Mill.cos. 1,606,430
Sundry eurr. nab_
86,393
92,969
Dep. for pay. of
Due to attn. cos_ _ _ 294,826
mats.,Int., &c.._ 172,782
Accounts payable_
3,329
Open accounts_
Cr887 Inter-co. accounts
1,014,233
Bond and note disTaxes accrued.._ _ 378,891
330,749
count
1,201,697 1,274,625 Interest accrued__
68,058
68,058
Sund. cure. assets_
1,678,982 Dividend accrued_
9
Reacquired scour_ 716.800
517,300 Sund. ricer. nab_
14,150
Other def. chgs___
6,500
Reserves
6,130,109 5,212,511
Surplus
1,527.849 1.468,231
Total
29,791,940 29,503,319
-V. 137, p. 1052.
Total
29,791,940 29,503,319
Wisconsin Gas & Electric Co.-Earnings.
For income statement for 12 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Condensed Balance Sheet Sept. 30.
1933.
1932.
1933.
1932.
Assets
Liabilities-8
6,055.448 Preferred stock__ 4,742,500 4,742,501)
Property & plant_27.573,501 2
Capital expends_ _ Cr231,137
797,781 Prem, on pt. elk
93,782
93,782
Cash & sec. on den
Common stock-- 6,000,000 6,000,000
with trustees__ _ 433,919
Funded debt
10,400,000 10,400,000
Sundry investmls 294,421
303,379 Accounts payable_ 119,216
243,266
614.773 Sundry cum Bab_ 291,094
Cash
252,054
231,270
Notes & bi.ls rec_ _ 103,634
76,622 Inter-co. accounts 328,004
822,181
Accts.receivable
857,482
878,297 Taxes accrued _ _ .- 793,032
791,832
Mali & supplies
539,903 Interest accrued
704.475
171,250
171,250
Inter-co. accounts
14,373 Dividends accrued
13,642
69,612
69,454
Sund. CUR. assets_
7,011 Sund. accr. Bab
25,988
24,858
Prepaid accounts.
9.163
15,337 Open accounts_
123,569
Open accounts.
1,638,157 Reserve
6,268,518 5,683,030
Bond & note disc_
339,357
357,537 Surplus
1,692,027 2,382,811
Dep. for pay, of
mat. int., &c.._.
5,204
0th. def. chgs__
314.709
Reserve, sinking &
special funds_
393,387
Reacquired secur_ 324,600
87,800
Total
30,995,024 31,779,804
-V.137, p. 1052.
Total
30.995,024 31,779,804
Wisconsin Michigan Power Co.-'-Earnings.For income statement for 12 months ended Sept. 30 see "Earninge
Department" on a preceding page.
Condensed Balance Sheet Sept. 30.
1933.
1932.
1033.
1932.
Assets$
Liabilities$
$
$
Property & plant.21,915,570 21,975,961 Preferred stock- 3,890,200 3,890,200
Capital expend...., Cr216,716 Cr40,734 Prem,on pref. stk.
56,415
56,415
Sundry investmls
38.601
38.201Common stock_ 5,225,000 5,225,000
Cash
451.865
306,907 Funded debt
10,000,000 10,000,000
Accts. receivable_ 294,927
262,824 Inter-co. accounts
22,424
Mater. dc supplies_ 260,835
107,018 Due to 81111 cos.. _
1,664
Inter-co. accts.
24,930 Accounts payable_
1
84,820
- 5:68
Prepaid accounts_
9,439
233,475
11,470 Sundry cur. Habil_ 132,659
Due from Mill cos_
15,573
Taxes accrued.._ _ 463,621
495.753
Dep, for payment
129,166
Interest accrued__ 129,167
of mat. int.. &c..
12,148
18,729
Dividends accrued
18,674
Sundry current as86
Sundry accr. Habil
sets
13,064 Open accounts.
39,520
Open accounts_
715,421 Reserves
2,430,321 2,479,031
Reacquired scour. 155,500
142,300 Surplus
1,239,038 1,236,654
Discount and ex353,797
pense on secur__ 340,703
Other def. charges 393,133
Total
-V. 137,
23,671.579 23,912.160
Total
23,671,579 23,912,160
p. 2639.
Wisconsin Power & Light Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 1933 see
"Earnings Department" on a preceding page.
-V. 137, 1: 1766
1•
.
$5,351,125 $5,340,534
Total
Total
85,351,125 55,340,534
INDUSTRIAL AND MISCELLANEOUS.
x Including unamortized debt discount and expense and commission on
capital stock. y Represented by 9,900 shares (no par).
-V.137, p. 2464.
• Al-Oilers Covered in the "Chronicle" of Nov. •I.
; %
-(a) Steel output off nearly
United American Utilities, Inc.
-Reorganization
six points-Operations now at 26.1% of capacity-Rail agreement reached
A petition for reorganization of the company was filed in the Øhancery
at a time when general demand is falling sharply, says the "Iron Age"
Court in Wilmington, Del.,on Nov.3, and Dec.6 has been set for a hear ng.
lower, p. 3217:(b) Pig iron output off 14% in October, p. 3220; (c)
Prices
If the plan is approved by the Court, a depository will be appointed
Steel executives confer with President Roosevelt regarding captive mine
by the reorganization committee to permit holders of securities of the
strike-Promise to recognize union and meet other demands of coal workers
company and of preferred stock of the Pacific Freight Lines Corp., Ltd..
-Miners refuse to return to pits until former agreement is actually signed
to take part in the reorganization offered. Securities may be deposited
"Rockefeller Plan" to give way to United Mine Workers organization, p.
then without cost to their owners, it was announced. Compare also
3249;(d) Stabilization of newsprint prices termed beneficial to pubhshersV. 137, P. 3150.
International Paper Co. finds National Recovery Administration action a
constructive move
-General Johnson predicts steady rate of $40. p. 3258.
United Gas Improvement Co.
-Earnings.
For income statement for 3 and 12 months ended Sept. 30 see "Earnings
Abbott Laboratories.
-Buy St. Louis Branch Building.
Department" on a preceding page.
Announcement was made by the company on Nov. 2 of the purchase of
,
a branch building at 4455 Duncan Ave., St. Louis, Mo.,in which they have
Week Ended Nov.41933.
1932.
been located during the past four years.
Production ofelectricity(U.0.1 System)in kwh
67,189;512 66.143,999
The building contains two floors and basement and is of fire-proof con-V. 137, P. 3328, 3150.
struction with an area of over 18,000 square feet. A switch track from the
Wabash RR. serves the building.
United Light & Power Co.
-Earnings.
Adequate stocks of Abbott, D. R. L. products are carried at this branch
For income statement for 12 months ended Sept. 30 see "Earnings
to serve the City of St. Louts, as well as Missouri, Kansas, Oklahoma,
Department" on a preceding page.
-V. 137, p. 2638.
Arkansas, Texas, Louisiana, Mississippi, Southern Illinois, Western
Utilities Power 8c Light Corp.--English Properties Kentucky and Western Tennessee. E.F.Gillis is now the Branch Manager.
-V. 137, P. 3150.
Report Gain.
The Edmundsons group of electric properties in England generated and
purchased during the first nine months of 1933 a total of 334,062,000
British electrical units, an increase of 55,116,000 units, or 20% over the
volume of the corresponding period of last year. Harley L. Clarke, President
of the Utilities System, announced. This gain was considerably in excess
of that made by all authorized producers in England during the same
period, when the total generated by them from Jan. 1 1933 to Oct. 1 1933
was 9.352,000.000 units, as compared with 8.641,000,000 units, an increase of 8.2%
.-V. 137. p. 3150. 2638.
West Texas Utilities Co.
-Earnings.-
.
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
-V. 137, p. 2275.
Wisconsin Power & Light Co.
-Ordered to Cut Rates.,
A $300,000 annual reduction in gas and electric rates for this company
in 300 communities was ordered on Oct. 30 by the Wisconsin P.8. Commission.
Under the new schedule a basic charge of 60 cents a month is made
against urban residential customers to compensate the compny for equipment on the customers' premises, necessary to provide service meter
inspection, billing and collection. Charges for electric current are shown
Air-Way Electric Appliance Corp.
-Earnings.
--
For income statement for 16 and 40 weeks ended Oct. 7 see "Earnings
Department" on a preceding page.
-V. 137. p. 2275.
Alaska Juneau Gold Mining Co.-Earnings.
For income statement for month and 10 months ended Oct. 31 see
"Earnings Department" on a preceding page.
Company recovered 13.377 ounces of gold during October on which
premium received is estimated to have totaled at least $10 an ounce, or
$133,770. This would bring month's income before charges to $242,870.
against $235,900 in September when premium was estimated at $130,000.
Company's official estimate of earnings for the month does not consider
premium received on gold, but merely states that "In addition to profit
reported, there should be realized a net premium on the gold production
of the month, governed by current market and exchange quotations.
amounting to more than $10 per fine ounce."
-V. 137. D. 2640.
Allied-Distributors, Inc.
-Investment
Slightly Lower.
-
Trust Average
Investment trust securities registered a small 'decline during the week
ended Nov. 3. The average for the common stocks of the five leading
management trusts, influenced by the leverage factor, as compiled by this
Volume 137
Financial Chronicle
corporation, stood at 12.85 as of Nov. 3, compared with 13.32 on Oct. 27.
The low for the current year to date was 8.22 on March 31.
The average of the non-leverage stocks stood at 13.34 as of the close
Nov. 3, compared with 13.56 at the close on Oct. 27. The average of the
mutual funds closed at 10.14, compared with 10.24.-V. 137, p.3328,3150.
American Agricultural Chemical Co. of Del.
-Earns.
-
For income statement for 3 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137. p. 1408; V. 136. p. 4090.
American Encaustic Tiling Co., Ltd.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1766.
American Ice Co.
-New Treasurer.
-
Harry H. Kidwell, formerly Manager of the company's Washington
division, has been elected Treasurer,succeeding Wm.B. Johnson.
-V.137,
P. 3150.
American Stores Co.
-October Sales Up.
Period-Ended Oct. 28- 1933-4 Wks.
-1932.
1933-10 Mos.-1932.
Sales
$8,564,992 $8,305,828 $89,301,054 $95,651,912
137, p.2810,2276.
-%
••American Thread Co. -Removed from List.
-'g
The New York Curb Exchange as removed from unlis
trading privileges the 1st mtge. 53i% 10-y
gold bonds, due Nov. 1 1938.-V. 137.
p. 2466.
Architects Building Corp., Montreal.
-Unable to Meet
Interest.
Corporation has advised bondholders that it was unable to pay interest
due Nov. 1 1933, on the bonds, and that it proposes to take advantage of
the 60 days' grace provided under the trust deed, which makes interest
finally due and payable on Jan. 2.
In the letter to bondholders, company states that although the building
has reached a rental position of approximately 92% occupancy, revenues
have been greatly reduced as a result of lower rental rates and the serious
loss sustained by the company through bankruptcy of one of its tenants,
Corporate Steel Products.
-V. 130, p. 4420.
Art Metal Construction Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V.137. p. 1415.
\-Automatic Products 7
rp.-Admitted to List
The Chicago Stock Exchange as admitted to the list 15 00 shares
common stock. Company was ormerly known as Warchel orp.
Axton Fisher Tobacco Co.
-Earnings.
For income statement for 6 months ended June 30 1933 see "Earnings
-V. 136, P. 3349.
Department" on a preceding page.
-Earnings.
Baltimore Tube Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V.137, p. 1243.
Department" on a preceding page.
-Earns.
-Berghoff Brewing Corp.
-Dividend No. 2
The directors have declared a regular quarterly dividend of 30 cents
per share on the common stock, par $1, payable Dec. 1 to holders of record
Nov. 15. An initial distribution of like amount was made on this issue
on Sept. 1 last.
Earnings.
-For income statement for period from Jan. 18 to Sept. 30
1933 see "Earnings Department" on a preceding page.
-V.137. p. 2106.
(H. C.) Bohack Co., Inc.
-October Sales.
Period End. Oct. 28- 1933-4 Wks.
-1932.
-1932, 1933-39 Wks.
Sales
$2.358,211 $2,423,441 $22,175.307 $24,279,987
-V. 137. D. 2811, 2106.
4
".....Aoston Ground Rent Trust.
-Dividend Omitted.
e directors recently decided to omit the semi-annual dividend ordinarily payable about Nov. 15. Semi-annual distributions of $2 Per
share were made on the stock in May last and in Nov. 1932,_ prior to which
$3 per share was paid each six months.
-V. 135. P. 3360.
-Plan Regarding Interest
Brandram-Henderson, Ltd.
on Consolidated Mortgage Bonds Outlined.
Holders of the 6% 20
-year sinking fund consol. mtge. gold bonds have
just been forwarded a letter by the board of directors in which is outlined
a proposal for an arrangement regarding interest and sinking fund under
which these bonds will be placed on an earned income basis, rather than
a fixed basis, for a limited time. A meeting of the consolidated bondholders is being called for Nov. 16, at which they will be asked to pass
on the plan.
The letter to the holders of the consolidated bonds reads as follows:
"Due to adverse conditions which this company in common with many
other industrial concerns has had to face, the company is compelled to
submit to the consolidated mortgage bondholders a proposal for an arrangement regarding interest and sinking fund under which these bonds
will be placed on an earned income basis, rather than a fixed income basis,
for a limited time.
"Briefly, the situation is as follows:
"On the basis of a liability of $20,000 yearly since 1926 for sinking
fund on first mortgage bonds, the company is in arrears to the extent
of about $30,000 on that account. It is also in arrears to the extent of
$64.000 for sinking fund on its consolidated mortgage bonds, and on
March 15 and Sept. 15 of this year it had to default in the payment of
consolidated mortgage bond interest
approximately $50,000.
All the arrears amount to about $14aregating
es
.00 .
"The operations of the company during the 18 months' period ended
June 30 1933 resulted in a loss of $334,288 without provision for depreciation of fixed assets. In addition to this, the directors have, as a result
of the report of the auditors, considered it advisable to set up an additional
reserve of $20,000 for bad and doubtful debts and have also found it necessary to write off about $120,000 from the book values of investments
and inventories; this write-off being intended to bring the figures in line
with current market values.
"The first mortgage bonds, amounting to $155,000, constitute a charge
ranking ahead of the consolidated mortgage bonds and it is therefore
all important in the interest of the consolidated mortgage bondholders
themselves that these prior obligations be met. Under present conditions, it will tax the company's earning capacity to the utmost to provide sinking fund, interest and principal on these first mortgage bonds
which mature Oct. 1 1936.
"Substantial economies have already been and are being effected by
the management and no effort is being spared to reduce operating costs
and expenses and to increase efficiency. -While steady progress has been
made in this direction, nevertheless the continued decline in prices along
with the decrease in volume of sales makes it impossible to earn present
fixed charges and to maintain the necessary operating revenue.
"The company's products have a well-established position, and the
special efforts which are being put forward to stimulate sales have resuited in marked improvement, but the immediate prospects of betterment are not sufficient to provide for the heavy load of accumulated
obligations.
"It therefore seems imperative that the burden of fixed charges in the
shape of interest commitments on the consolidated mortgage bonds be
suspended until working capital can be built up and that sinking fund
payments be waived.
"The chief features of the proposed arrangement are:
"(a) That until after March 15 1936, shortly before the first mortgage
bonds mature, the consolidated mortgage bondholders restrict their demands for interest to the amount of income earned and available for that
purpose. While this will relieve the fixed burden it will give the consolidated bondholders the benefit in case available income should be
realized as a result of improved conditions.
'(b) The company is asking for a postponement and not for a cancellation of interest obligations. The proposal provides for the cumulation of any interest not paid by March 15 1936, and for payment of these
arrears beginning Sept. 15 1936, in six equal instalments at the same time
as current interest payments are to be made.
"(c) It seems obvious that all efforts must be directed towards wiping
out the prior charge of the first mortgage bonds and thereby automatically
3499
improving the position of the consolidated mortgage bonds. It is therefore proposed that past and future sinking fund payments on the consolidated mortgage bonds be waived and canceled, and, to further assist
in paying off the charge of the first mortgage bonds, it is proposed that
the sum of about $30,000 now held by the trustee of consAidated m,
,rtgage
bonds be made available for reduction of first mortgage bonds.
(d) The whole arrangement is subject to the condition that, in case
of liquidation, the rights of the consolidated mortgage bondholders as
they stand at present snail revive.
"(e) To further safeguard the consolidated mortgage nondholders
the company is to covenant that no dividends will be paid so long as any
part of the 6% interest on the consolidated mortgage bonds is in arrears,
or not provided for in cash, n3r until the next current instalment of interest
is available in cash.
"In view of present uncertain conditions, it is not possible to forecast operating results, but the directors are of the opinion that this arrangement will provide the foundation for success by, first, creating a
capital structure which will not involve burdensome fixed charges during
the recovery period, and secondly, by permitting the accumulation of
necessary working capital.
"The arrangement is designed to put the company in a position successfully to compete for all business obtainable. At the same time it
will remove the risk of forced liquidation which under present conditions
would seriously jeopardize the security of the consolidated mortgage
bonds and might even result in exhausting the property to pay current
loans and first mortgage obligations."
-V. 137, p. 3330.
Briggs Manufacturing Co.
-Earnings.- For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V.137, p. 1583.
Butte Copper & Zinc Co.
-Earnings.
For income statement for 3 months ended Sept. 30 1933 see "Earnings
Department" on a preceding page.
-V. 137, p. 2277.
Canfield Oil Co.
-Resumes Dividend.
The directors have declared a quarterly dividend of $1 per share on the
common stock, payable Nov. 25 to holders of record Nov. 20. Quarterly
distributions of like amount were made on this issue on March 31, June 30
and Sept. 30 last year; none since. Previously, the company made quarterly payments of $1.75 per share.
-V.135, p. 4038.
Caterpillar Tractor Co.
-Special Dividend of 123. Cents.
-The directors on Nov. 10 declared a special dividend of
123' cents per share on the capital stock, no par value,
payable Dec. 1 to holders of record Nov. 21. A distribution
of like amount was made on May 31, Aug. 31 and Nov. 30
1932; none since.
-V. 137, p. 2979.
Century Shares Trust.
-Liquidating Value, &c.
The Trust reports a liquidating value of $16.38 for each participating
share on Sept. 30 1933, as compared with $15.46 on Dec. 31 1932, and
$16.80 on June 30 1933. Net income from dividends and interest for the
nine months ended Sept. 30 1933 amounted to $55,993, equivalent to
50 cents a share. Loss from sale of securities amounted to $253,539.
Securities owned costing $3,375,361 had a quoted market value on Sept. 30
of $1.794.002.
The Trusts's stock investments are confined to shares of banks and
insurance companies. Principal changes in stock holdings since Dec. 31
1932, were as follows:
Additions.
CompanyShs.
Shs.
Company
2,500 Continental Ins.
2,400 Fidelity Phenix Fire Ins.
1,000 Hartford Fire Ins.
3,000 Home Insurance Co.
125 Travelers Insurance.
1,000 Prov. Wash. Ins.
Eliminations.
12 First Nat'l Bank, N. Y.
100 Bankers Trust, N. Y.
75 Guaranty Trust, N. Y.
2,100 Mfrs. Trust, N. Y.
10 U. S. Trust Co. of N. Y.
200 New York Trust Co.
50 First Nat'l Bank of Chicago. 200 Whitney Nat'l of Chicago.
The trustees have advised shareho ders that they have secured a ruling
from the Treasury Department that the 5% dividend tax imposed by the
National Recovery Act does not apply to the dividend paid on Aug. 1 1933,
on participating shares. This tax is being refunded to those shareholders
from whom the tax was withheld. The trustees state that the Treasury
Department has ruled that only a portion of the dividend paid Aug. 1 1931,
is subject to the Federal surtax and that all dividends paid in 1932 and
1933 are also exempt from Federal surtax. See also V. 137. p. 3331.
""Chain Store Stocks, Inc.
-To Liquidate.
A petition asking dissolution of this corporation has been filed in the
Circuit Court No. 2 at Baltimore, Md. This action was taken with the
consent of the stockholders so that pro-rata distribution could be made.
Judge Eugene O'Dunne signed an order requiring cause to be shown by
Nov. 28 why the petition should not be granted.
The petition stated the company has assets totaling $2,546,138, of which
$477,689 is in cash and $2,064149 in securities. After deducting rentals
and expenses the sum for distribution would amount to about $10.86 on
-V.136. P. 4273.
each 0(230,491 outstanding shares of stock.
-October Output.
Chevrolet Motor Co.
The company built 37,699 new cars and trucks in October, compared
with 59,357 in September and 1,205 in October a year ago, according to
M. E. Coyle, General Manager. October, this year, was the best since
1929, and brought production for the first 10 months of the year to 609,000
units, compared with 394,000 for all of last year and 782,000 for the full
year of 1931, Mr. Coyle stated.
The big increase in October over a year ago was due partly to an earlier
seasonal plant shutdown last year, he explained, but added that production
in October this year was considerably greater than the combined output
for the months of September, October and November of 1932.
For the six months ended Oct. 31, this year, output was Jreater than
for any comparable six months since 1929, he continued. Figures cited
cover world production of the company. Mr. Coyle added that all but
3,500 units of the October output were to dealers in the United States.
V. 137, P. 315
3•
--25 Cent Preferred Dividend.
Chicago Corp.
The directors have declared a dividend of 25 cents per share on the $3
cum. cony. pref. stock, no par value, payable Dec. 1 to holders of record
Nov. 15. A like amount was paid on this issue on March 1, June 1 and
Sept. 1 of this year.
-V.137, p. 3331.
Chicago Yellow Cab Co.-Ealnings.-For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V.137. p. 2467.
Chrysler Corp.
-Export Sales Gained in October.
About $30,000.000 is the overseas retail value of products shipped for
the first ten months of 1933 by the Chrysler Export Corp., according to
figures just compiled.
W. Ledyard Mitchell, Chairman of the board of the Chrysler Export
Corp., states: "In the past years, usually starting in July, we have encountered what has been looked upon as a seasonal decline, but the 1933
figures show gains during the late summer and fall periods.
"The total shipments for October 1933 are 1,071% over October 1932.
For the year to date our shipments of passenger cars and commercial
units combined are 91.8% ahead of the first ten months of 1932. The
rise in the sales curve of the Chrysler built cars in the lowest priced field
has been most outstanding. For instance, during the month ofSeptember
shipments of Plymouths overseas were 800% of the corresponding month
of 1932."-V. 137, p. 3331.
Columbia Pictures Corp.
-Sales 45.20% Ahead of
Same Date Last Year.
Citing the big increase of sales over last year as a trustworthy barometer
of the psychological attitude of exhibitors, Abe Montague, General Sales
Manager, declares that the industry definitely has "turned the corner"
and is making tremendous strides toward complete recovery and a truly
great year.
Mr. Montague stated: "In the face of all the handicaps with which the
year started, including six weeks' delay in getting under way, Columbia
Financial Chronicle
3500
stands to-day 45.20% ahead of the same date last year I n the volume of
sales. The whole story may be epitomized for Columbia in the fact that
we have 850 accounts to-day in excess, not only of last year, but of any
corresponding date in the history of the company.
"During the last three weeks especially, sales have broken all records
in the history of Columbia. These have represented not only the most
important circuits, but also many independent groups, and exhibitors
from the smaller towns-something very important, indeed, from our
viewpoint. And to add to the encouragement of the situation, last week's
business topped everything in the history of our organization."
-V. 137,
P. 2467.
Compo Shoe Machinery Corp.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 137, p. 3332.
Consolidated Gold Fields of South Africa, Ltd.
Final Dividend.
The directors have recommended the payment of a final dividend of
28. 3d. per share, less income tax, on the ordinary shares, par .01. On
March 16, last, an interim dividend of 9d. per share was paid, making a
total of 3s., equivalent to 15%. for the year ended June 30 1933. The
annual and general meeting will be held in Loudon on Dec. 5, at which
time the stockholders will consider the recommendation of the directors.
The company has extensive gold and other mining interests in South
and West Africa, Rhodesia, Australia, Venezuela and New Guinea.
-V.
136. p. 4275.
Consolidated Steel Corp., Ltd.
-Sells Elevator Business.
See Westinghouse Electric & Mfg. Co. below.
-V.137, p. 1246.
Continental Distillers & Importers Corp.-Organized
-To Sell Through Department Stores.
The corporation has been organized in Delaware to engage in the distillation and importation of wines and spirits. The company is completing a
distillery at Shrewsbury, Pa., with a capacity of 6,000 gallons a day. It is
stated that representatives and distributors have been appointed in all
parts of the country and negotiations are under way to establish liquor
departments on a leasehold or percentage basis in several of the larger
department stores where the laws of the State permit. Among the brands
of rye whiskey which the company will sell are Baltimore Club, Maryland
Club, Jockey Club, Shrewsbury Rye, Virginia Pride, Steeplechase Rye,
Berkshire Rye and Yorkshire Rye.
Daniel Reich, New York attorney, is President of the corporation;
Marion Butler, ex-United States Senator from North Carolina, VicePresident; James E. Beggs, Secretary and Treasurer, and Paul J. Robertson, Assistant Secretary. Directors, in addition to Mr. Reich and Mr.
Butler, include Harry E. Hull, former Commissioner-General of Immigration, and James F. Coupal, personal physician to the late President Coolidge. McCumber, Reynolds, Brand & Redmond, attorneys of Washington, D. C., are counsel.
Upon advice of general counsel, the importing department of the corporation has instructed foreign shippers to have 50,000 cases of goods delivered at Port of New York on Dec. 6. In these shipments are wines, champagnes, gins, Scotch whiskies and cordials.
Continental Motors Corp.
-Meeting Postponed:
-
The special meeting of stockholders, which was to have been held on
Nov. 8, was postponed to Jan. 17. The meeting was to vote on a proposal
to change the capital stock from Si par to no par, to increase the authorized
capital stock from 3,000,000 to 5,000,000 shares and to write down goodwill to $1. The original meeting had been scheduled to be held on July 6
1933, but had been postponed from time to time.
-V. 137, p. 2 0.
'...,.Continental Shares, 17,
-Removed from List.
he New York Produce Exchange as removedfrom the list th
stock (no par).
-V. 137, P. 496..-'
ommon
Crown Cork & Seal Co., Inc.
-Balance Sheet Sept. 30.1933.
1932.
1933.
1932.
Assets
Land, buildings
et equipment.. _
Cash
U.S.Treas. notes_
Notes es accts. roc_
Inventories
Prepaid ins., ere_
Inv.in sub. ar
companies
Env). stk. purch_
Pat. dr pat. rights.
Bond discount tic
deferred expense
Liabilities-y Preferred stock_ 6,180,355
6,622,416 6,860,653 Common stock_ _ _z1,921,185
942,318 1,478,753 Gold bonds
4,369,500
303,113 Accts. payable, ac2,057,798 1,400,339
cruals,&a
392,428
3,471,347 2,710,696 Federal tax reserve 168,305
122,369
99,224 Accts. pay. (not
current)
.771
2,379,721 2,231,000 Res.,incl. min.int. 376,786
267,532
317,948 Surplus
2,830,789
1
1
405,623
6,180,355
1,920,710
4,399,500
314,273
450,813
55,324
32,477
2,484,917
436,642
Total
16,269,119 15,838,369
Total
16,269,119 15,838,369
After depreciation
y Represented by 145,420 no par shares. z Represented by 384,237 no par shares.
-V. 137. p. 3332.
Cudahy Packing Co.
-Bonds Called.
There have been called for payment as of Dec. 1 next a total of $283,900
1st mtge. 5% gold bonds, dated Dec. 11916, at 10254 and int. Payment
will be made at the Continental Illinois National Bank & Trust Co. of
Chicago.
-V. 137. p. 1246.
Curtiss-Wright Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 3332.
Dome Mines, Ltd.
-Value of Production.
Period End, Oct. 31- 1933
-Month-1932.
1933-10 Mos.-1932.
Output (value of)
$350.906
$308,513 $3,753,001 $3,486,945
-V. 137. P. 2981, 2813.
Durham Hosiery Mills, Inc.
-50
-Cent Pref. Dividend.
-
The directors recently declared a dividend of 50 cents per share on
account of accumulations on the 6% cum. pref. stock, par $100, payable
Nov. 20 to holders of record Nov. 10. The last previous payment was
50 cents per share made on Feb. 211933. (See V. 136, P. 1207.)-V. 137,
D. 3333,
Eastern Rolling Mill Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
A. J. Hazlett says: "The plant was not operated during the third
quarter, but as the outlook Is now more favorable for a stabilized market
production will be resumed about the middle of this month."
-V. 137,
p. 1246.
Easy Washing Machine Corp.
-Adds Workers.
-
The corporation has added between 600 and 700 employees to its payroll
in the last few weeks, according to a Syracuse, N. Y., dispatch. The plant
now is working at capacity with the normal number of employees
-1.200
and it is said all will be retained on the payroll until the first of the year at
least. New models of washers and ironers are to be brought out within the
next few weeks, it was stated.
-V. 137. p. 1418.
Fairbanks Co.(& Subs.).
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. P. 1247.
Electrical & Musical Industries, Ltd.
-Earnings.
Year Ended Apr. 20'31 to
PeriodSept. 30'33. Sept. 30'32.
Income received
/82,648
E115,063
Salaries, wages, traveling, insurance, depreciation and sundry expense
79.738
95,971
Directors'fees
2,008
2,977
Total
£6,365,896 £6,353,010
-V.135, p. 3172.
Total
£6,365,896 £6,353,010
Eppley Hotels Co.
-New Vice-Presidents.
F. L. Andrews, Manager of the William Penn and Fort Pitt Hotels in
Pittsburgh, Pa., and W. E. Antrim of Chicago, have been elected VicePresidents.
The company operates 26 hotels in seven states.
-V.137, p. 147.
Fairchild Aviation Corp.
-Receives Order.
The corporation has received an order for six amphibian airliners from the
Pan American Airways Corp.
President Sherman M. Fairchild said that the successful bid for the
planes was $217,680, of which $150,000 will be spent for labor alone and
the balance will be expended through industries allied with aviation for
equipment and materials. The contract carries an option for Pan American
to order six additional ships of the same type and will immediately provide
employment for 100 men for one year at least, Mr. Fairchild asseretd.
Mr. Fairchild, who is a director of the Pan American Airways Corp.,
said that the purchase of the new ships is in line with Pan American's
announced program of buying more equipment with the purpose of providing employment and at the same time increasing operating efficiency.
-V. 137, p. 3333.
-Earnings.
Falconbridge Nickel Mines, Ltd.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137. p. 1418.
Department" on a preceding page.
Fidelity Title & Mtge. Guaranty Co., Ridgewood,
-Voting Trustees Picked.
N. J.
The joint committees representing im>estors in certificates and bonds
of the above company announce that J. J. Newberry and J. Blauvelt
Hopper of Ridgewood and Daniel Van Winkle of Patterson, N. J., are the
proposed voting trustees who will act if and when the plan of liquidation
proposed by the committees is approved and declared effective. A hearing
on the plan will be held in the Chancery Court in Jersey City, N. J., on
Nov. 13.
Duties of the voting trustees will be the selection of a board of directors
and to fill vacancies as they may occur. The board will actually manage
and direct the affairs of a new company which will liquidate the affairs
of the present company. The proposed board of directors will comprise
Alfred Daybill, M. J. Hartung, Milton C. Lightner, Harry S. Marx,
John Rugge Jr., Frank M. Stevens, Vincent Vandervoort and Edgar G.
Wandless of Ridgewood, N. J.; Philip C. Crew and William R. Hewitt
of Paterson, N. J. J. Gilbert Mearns of Hohokus, N. J.; William R.Paton
of Montclair, N. J.; Henry N. Stam of Pompton Lakes, N. J.. and S. B.
Van Dusen and James A. Van Valen of Hackensack. N. J.
More than 80% of the outstanding certificates and bonds representing
more than 87% of the holders, has been deposited under the plan, the
committees report. The North Jersey Trust Co. and the Paterson Savings
-V. 137, p. 3154.
Institution are depositories under the plan.
---Larger Distribution-Earns.
First Chrold Corp.
The directors on Nov. 3 declared a dividend of 52.2631578 per share.
pay. Nov. 18 to holders of record Nov. 10. After making allowance for the
Federal dividend tax of 5%, the stockholders will receive an even $2.15 per
share. This latter figure compares with $2 per share received by the stockholders on May 18 and Aug. 18 last. (See also V. 137. p. 1247.)
For income statement for month and 10 months ended Oct. 31 1933. see
"Earnings Department" on a preceding page.
Comparative Balance Sheet,
Oct. 31 '33. Dec.3I'32.
Oct. 31 '33. Dec.31 '32. LiabilitiesAssetsa$442,451 b$387,093
$656,510 $462,412 Capital stock
Cash
Undivided profit_ - 160,556
79,233
Speculative 10 n g
3,302 Surplus from sale
positions at mkt.
of treas. stock
3,624
24,407
Investment I 0 n g
33,208 Res. for managepositions at mkt.
ment fee
13,301
Reserve for Fed'I
Income taxes_ _ _
2,936
15,795
Accrued expenses.
21
Speculative short
26,015
posit'ns at mkt_
Total
$656,510 $498,923
$656,510 $498,923
Total
-V. 137, p. 2643.
a 4,391 no par shares. b 3,842 no par shares.
-To
First Security Co., New York.
See last weeks "Chronicle," page 3265.-V. 86, p. 549.
-Gross Salem.
(M. H.) Fishman & Co., Inc.
Increase. I 1933-10 M03.-1932. Increase.
1933-October-1932.
$70,975
$258.063
826,117 1$2,078,670 $2,002,695
$284,180
-V. 137, p. 2643. 1943.
-Stock Offered.
Foust Distilling Co., Glen Rock, Pa.
Davega Stores Corp.
-Earnings.
For income statement for 6 months ended Sept. 3 see "Earnings Department" on a preceding page.
-V. 136, p. 4466.
Balance carried forward
Nov. 11 1933
Balance Sheet Sept. 30.
Assets1932.
Liabilities1933.
1932.
1933.
Investments in subOrdinary shares_ _£5,805,749 £5,805,749
sidiary cos
£6,265,842 £6,265,842 Preference shares_ 460,000
460,000
Furniture,fist. and
Amounts due to sub
office appliances
companies
1,244
79,745
78,652
Amounts due from
Sundry creditors ec
sub. cos
451
accrued liabilities
17,185
6,293
928
Sundry debtors_ _ _
142 Profit and loss acct.
3,216
2,314
885
Deposits
20
20
Preliminary exp
5,340
5,340
Issue expenses__ _
75,185
75,185
Cash in bank
4,784
17,696
£901
E16,114
Plans for reopening and re-equipping the William Foust's Sons distillery
at Glen Rock, Pa., established in 1840 and operated continuously by
members of the Foust family for 79 years prior to prohibition, were made
known Nov. 9 with the announcement of public offering of 130,000 shares
of common stock of Foust Distilling Co., the successor company. Registration papers have been filed with the Federal Trade Commission. Underwood & Co., Inc.. 70 Pine St., New York, who have underwritten the issue,
are offering the shares as a speculation, priced at $3.50 each. Proceeds
will be used exclusively for working capital and the purchase ond installation of the latest type of distilling equipment. No stock options have
been granted by the company or by the management on their personal
holdings to the underwriters or any other individual or group.
The new company has no funded debt or preferred stock. Its authorized
capitalization consists of 300.000 shares of common stock, par value $2.
all of which are to be presently outstanding.
The company's properties consist of two plants located in and around
Glen Rock and, with the installation of modern equipment designed to
produce whiskey in a shorter time, at lower cost and with less fixed Investment per gallon of capacity, plant No. 2 will have a capacity of 500.000
gallons annually based on an eight-hour daily shift. It is expected to place
the plant in operation during December of this year. It is the intention
of the management in due course to devote plant No. 1 to the manufacture
of gins, brandies, cordials, &c.
Actively associated in the management of the company will be William
F. and Frederick C. Foust, who previously conducted the old company,
and Harry Foust. Grafton T. Maynard, as President, will have active
financial direction of the company in conjunction with Edward W. Stelling,
Treasurer. Mr. Maynard has been engaged in the banking business in
Baltimore for many years.
It is the intention of the company to make application at a later date
for listing on the New York Curb Exchange.
-Settlement of Claims Against General
Fox Theatres Corp.
-See, latter company.
-V. 136,
Theatres Equipment, Inc.
p. 1206.
-Earnings:
General American Transportation Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137. p. 3154.
Department" on a preceding page.
General Electric Co.-New‘Officer
Wayne H. Perry, attached to the office of J. W. Lewis, Assistant to
Gerard Swope, President, has been elected an Assistant Secretary of the
company.
-V. 137, p. 3154.
Volume 137
3501
Financial Chronicle
General Mills, Inc.
-Subs. Announce Changes.
J. L. Walker, Vice-President and General Manager of the Red Star
Milling Co., Wichita, Kan.. an associate company of General Mills, Inc.,
announces the resignation of A. B. Anderson as Vice-President and sales
manager of that company. Effective Dec. 1, 11. G. Attridge, now associated with the Gold Medal Flour Co. of Oklahoma, will become director
of sales of the Red Star Milling Co. and S. L. Knox, now associated with
the Great West Mill & Elevator Co. of Amarillo, Tex., will become sales
manager of the Red Star Milling Co.
T. C. Thatcher, President of the Red Star Milling Co., the Oklahoma
City Mill & Elevator Co. and the Great West Mill & Elevator Co., also
announces that A. C. Strong will succeed Mr. Attridge iii charge of sales
of the Gold Medal Flour Co. of Oklahoma City, and Clyde C. Smith will
succeed Mr. Knox as sales manager at Amarillo.
-V. 137, p. 1772.
-To Pay Extra Dividend of 25 Cents
General Motors Corp.
-The directors at their
on Common Stock-New Director.
meeting held on Nov.6 declared on the outstanding common
stock, par $10, the regular quarterly dividend of 25 cents
per share and also an extra dividend of 25 cents per share,
both payable Dec. 12 1933, to holders of record Nov. 16
1933. In addition the regular quarterly dividend of $1.25
per share was declared on the $5 pref. stock, no par value,
payable Feb. 1 1934 to holders of record Jan.8 1934.
Quarterly distributions of 25 cents per share were made on
the common stock from June 13 1932 to and incl. Sept. 12
1933, compared with 50 cents per share on March 12 1932
and 75 cents per share each quarter from March 12 1929 to
and incl. Dec. 12 1929. An extra of 30 cents per share was
also paid on this issue on July 2 1929 and Jan. 3 1930.
Albert Bradley, Vice-President, was elected a member of
the board and a member of the finance committee.
Commenting upon the payment of the extra dividend,
Alfred P. Sloan Jr., President, stated:
The directors, recognizing the unusually strong financial position of the
corporation, and giving weight to the earnings for the first nine months,
as already reported to the stockholders, felt it desirable to do all possible
to add to the purchasing power at this time and to support the efforts that
are being made towards national recovery. The extra dividend declared
will represent an additional disbursement of approximately $11,000,000,
which, with the regular dividends, means a distribution of approximately
$24,000.000 through approximately 350,000 stockholders distributed
throughout the whole country.
-The corporaGeneral Motors October Car Sales Increase.
tion on Nov.8 issued the following announcement:
held in the receivership estate of General Theatres Equipment, Inc.. to
certain unpaid notes in the amount of $64,856, representing a portion of
an unpaid dividend thereon, and to the repayment of $300,000, asserting
that the stock and cash were wrongfully obtained by General Theatres
Equipment, Inc., from Fox Theatres Corp. in settlement of an allegedly
invalid claim asserted by William Fox against Fox Theatres Corp., which
claim was assigned to General Theatres Equipment, Inc., in April. 1930.
The receivers of Fox Theatres Corp. also claim to be entitled to certain
collateral having a present estimated value of between $200,000 and S300.000. which collateral is pledged with National Theatre Supply Co., a substantially wholly owned subsidiary of General Theatres Equipment, Inc..
to secure an indebtedness to it of Fox Theatres Corp. in the amount of
$1,102,083, charging that the collateral was transferred to National Theatre
Supply Co. at a time when Fox Theatres Corp. was in imminent danger of
insolvency and that such transfer was in violation of the Stock Corporation
Law of New York.
The principal features of the proposed settlement which affect the receivership estate of General Theatres Equipment, Inc., are as follows:
The stock of Movietonews. Inc., and the unpaid notes of that company,
referred to above, are to be transferred to Fox Film Corp. The Fox Film
Corp. is to give Fox Theatres Corp. its promissory notes totaling $500,000
in amount. The claim of General Theatre Equipment, Inc.. and its receiver against Fox Theatres Corp. is to be released. The receivers of Fox
Theatres Corp. are to transfer to National Theatre Supply Co. the absolute
title to the collateral above mentioned. The receivers of Fox Theatres
Corp. are to release to General Theatres Equipment. Inc., or its receiver.
and to Utilities Power & Light Securities Co., the title to the stock of City
Theatres Corp. previously pledged with General Theatres Equipment, Inc.,
as security for a loan of $325,000 made to Fox Theatres Corp., and which
securities were repledged to Utilities Power & Light Securities Co. The
latter company is to assign to International Projector Corp. a substantially,
wholly owned subsidiary of General Theatres Equipment. Inc., its claim
-V,137, P. 1894.
against General Theatres Equipment, Inc.
-Earnings.
Grand Rapids Varnish Corp.
For income statement for 9 months ended Sept. 30 1933 see "Earnings
-V. 137. p. 2279.
Department" on a preceding page.
(W. T.) Grant Co. (Del.).
-October Sales.
1933
-Oct.
-1932.
$7.112.547 $6,961,901
-V. 137, p.2644, 1944.
Increase.
Increase I 1933-10 Mos.-1932.
$150,646 $58,297,956 $55,606,429 $2,691,527
Great Atlantic & Pacific Tea Co.-Sales.Period-
Sales
1933.
Five weeks end. Apr. 1_$74,981,144 $88,923,239
Four weeks end. Apr. 29 61.055,844 72.368,706
Four weeks end. May 27 61.524,707 72,447,440
Five weeks end. July 1 79,503,203 86,061,988
Four weeks end. July 29 63,444,884 64.239.169
Five weeks end. Sept. 2 76,004,958 79.323,824
Four weeks end. Sept.30 60,661,478 63.634,883
Tonnage Sales
495,19
'2
.
405,660
397,498
507,361
382,751
458.606
357,638
520,262
.
422,714
437.775
531,082
397,471
490,530
391,865
October sales of General Motors cars to consumers in the United States
3,004,706 3,191.699
Total. 31 weeks
$477.176,198$526,999,249
totaled 63,518. Corresponding sales in October a year ago were 26,941.
Four weeks end. Oct. 28 63,856,015 66,529.706
415,654
376,069
Sales in September this year totaled 71,458. Sales for the first ten months
of this year totaled 708,410, as against 477,288 for the corresponding
Total. 35 weeks
$541,032.213E593,528,955 3,380,775 3,607.353
ten months a year ago.
7
z,V. 137. r
.L.3334,_2815. _
Sales of General Motors cars to dealers in the United States in October
totaled 41,982. Corresponding sales in October a year ago were 5,810,
'Greyhound Corp.
-A milted to List.
Sales in September this year totaled 67.733. Sales for the first ten months
The Chicago Stock xchange has admitted to9st the 522.135 shares
of this year totaled 714,527,as against 426,353 for the corresponding ten
of new c9mitior_i_stocki_no_ par). See also V. 137.0. 2108. _
.
months a year ago.
October sales of General Motors cars to dealers in the United States
-October Majestic Radio Shipments.
Grigsby-Grunow Co.
and Canada, together with shipments overseas, totaled 53,054. CorreFor the fifth consecutive month, Majeatic radio shipments have shown a
sponding sales in October a year ago were 10,924. Sales in September this
year totaled 81,148. Sales for the first ten months of this year totaled
substantial increase over each 'Preceding month, according to a statement
837,356, as against 503,247 for the corresponding ten months a year ago.
by Vice-President Le Roi J. Williams.
General Motors October car sales to consumers in the United States, to
"Our October radio shipments of 66,543 sets have not been exceeded since
dealers in the United States and to dealers in the United States and Canada
February 1930," stated Mr. Williams, "and in spite of this volume we
plus overseas shipments were all larger than for any October since Octostill have infilled orders on hand for more than 39,000 radios. This will
ber 1929.
necessitate the continued employment of over 5,000 People in our plants
I
for some time to come.'
Sates to Consumers in United States.
Mr. Williams expressed the opinion that the Administration's recovery
1932.
1931.
1930.
1933.
program has helped the sales of the company's products.
-V. 137.
January
3155.
61,566
74.167
50,653
47,942
February
68,976
88,742
46,855
42,280
Hecla Mining Co.
-Dividend Resumed.
March
101,339
123,781
48,717
47,436
The directors have declared a dividend of 10 cents per share on the capital
April
142.004
81,573
135,663
71,599
stock, par 25 cents, payable Dec. 16 to holders of record Nov. 15.
May
131,817
122,717
63,500
85,969
From March 15 1931 to and incl. March 15 1932, the company made
June
97,318
103,303
101,827
56,987
-V. 137, P. 1249.
quarterly distributions of_10 cents per,
share; none since.
July
80.147
85,054
32,849
87,298
.
August
86,426
37,230
69,876
86,372
Homestake Mining Co.
-$1 Extra Dividend.
September
75.805
34,694
51,740
71,458
The directors on Nov. 8 declared an extra dividend of $1 per share on
October
57.757
49,042
63,518
26.941
November
the capital stock, par $100, in addition to the regular monthly dividend of
34,673
41,757
12.780
$1 per share, both payable Nov. 25 to holders to record Nov. 20. Like
December
19,992
53,588
57.989
-V.137, p. 2644.
amounts were paid on Sept. 25 and on Oct. 25 last.
Total
510,060
937,537 1,057.710
-Earnings.
Hoskins Manufacturing Co.
Sates to Dealers in United States.
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earnings Department" on a preceding page.
-V. 137. p. 2110.
1933.
1932.
1930.
1931.
January
72,274
94.458
65,382
76,681
February
-Earnings.
Hudson Motor Car Co.
50.212
52,539
80,373
110.904
March
118,081
45.098
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
48,383
98,943
April
74,242
69,029
132,629
Department" on a preceding page.
-V.137. p. 2984.
132,365
May
85,980
60,270
136,778
136,169
-Extra Dividend
June
Industrial & Power Securities Co.
99,956
46,148
100,270
87,595
July
92,546
31,096
78.723
70.716
Payable in Cash or Stock.
August
84,504
24,151
62.667
76,140
September
President Walter L. Morgan, in a letter to the stockholders, says:
67.733
23,545
47,895
69,901
October
The directors have declared a regular quarterly dividend of 15 cents
41,982
5,810
21.305
22,924
November
per share and an extra dividend of 5 cents per share payable Dec. 1 1933 to
2,405
23,716
48,155
December
holders of record Nov. 1 1933. The new Federal income tax on dividends
44,101
68,650
68,252
at the rate of 5% of the said dividend will be withheld from all stockholders
Total
other than corporations.
472,859
928,630 1,035,660
In accordance with the usual option privilege heretofore enjoyed, stockTotat Sates to Dealers in United States and Canada Pius Overseas Shipments.
holders have the option of electing to receive this dividend in stock. If
1933.
you elect to receive this dividend in stock, the dividend which you will
1932.
1931.
1930.
-V.137, p. 3157.
January
82,117
74.710
receive will not be reduced by the 5% tax.
89,349
106,509
February
59,614
62,850
96,003
126.196
-Bond
March
Inter-City Western Bakeries, Ltd., Montreal.
58.018
59,696
119,195
135,930
April
86,967
78,359
154,252
150,661
Committee Report.
May
98,205
66,739
153,730
147,483
The bondholders' protective committee for the 6 % first mortgage
Juno
113.701
52.561
111,668
97.440
bonds have advised bondholders that approximately 50% of the outstanding
July
106,918
36,872
87,449
79,976
bonds have been deposited, but point out the necessity of further deposits
August
97,614
30.419
70.078
85,610
in order that the committee may be effective in protecting bondholders'
September
81.148
30.117
58.122
78,792
interests.
October
53.054
10,924
25,975
28,253
The committee has advised bondholders of interim reports received
November
5,781
29,359
57,257
from the company, to the effect that earnings for the period ended Aug. 26
December
53,942
79,529
80.008
are running at the rate of approximately half bond interest requirements
before depreciation reserve, and that the company's net current position
Total
562,970 1,074.709 1,174,115
is somewhat improved, to the point that net working capital exclusive of
Unit sales of Chevrolet, Pontiac, Oldsmobile, Buick, LaSalle and Cadillac
accrued interest amounts to approximately $100,000.
and commercial cars are Included in the above figures.
passenger
-V. 137.
Efforts are being made to still further reduce expenses and to eliminate
p. 3333, 3154.
losses from operation of unprofitable properties.
-V.137 p 500
General Theatres Equipment, Inc.
-Hearings on Set''International Carriers, Ltd.
-Increases Capitalization.
tlement with Fox Theatres Corp.
The stockholders on Nov.8 approved a proposal to increase the authorized
All creditors and stockholders are notified that the receiver, Daniel
Hastings, has filed in the Court of Chancery at Wilmington, Del., his
petition praying tnat he be authorized by the Court to agree to a proposed
settlement of controversies between him, as receiver of General Theatres
Equipment, Inc., and William E. Atkinson and John 8. Sherman, receivers of Fox Theatres Corp. The petition has been set down for hearing
at Wilmington Nov. 17.
The receivers of Fox Theatres Corp. have made many claims against
General Theatres Equipment, Inc., alleging that the affairs of the two
companies were so intermingled that large sums of money are now due by
General Theatres Equipment, Inc., to the receivers of Fox Theatres Corp.
There are other specific claims made which may be stated as follows:
The receivers of Fox Theatres Corp. claim to be entitled to the return of
the shares of stock of Movietonews. Inc., constituting 50% of the outstanding common and 33.30% of the outstanding preferred stock of that company,
capital stock from 1,000.000 shame of the par value of $1 per share to
3,500,000 shares, consisting of 1,000.000 shares of pref. stock without par
value, to be issued' in series from time to time, and 2,500,000 shares of
common stock, par $1. For further details, see V. 137, p. 2644..
Interstate Department Stores, Inc.
-October Sales.
Sales for Month and Nine Months Ended Oct. 31.
Decrease. 1 1933-9 Mos.-1932. Decrease.
1933-Mortill-1932.
$1.687,580 $1.776.796
$89,215 I $12,545,994 $13,476,603
$930,609
Note.
-Above figures exclude sales from grocery and leased departments.
-V.137,P. 2816,2644.
(Byron) Jackson Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1063. _ - _
3502
Financial Chronicle
Island Creek Coal Co.
-Production.
-
Coal Output (Tons)January
February
March
April
May
June
July
August
September
October
November
December
1932.
285,245
274,145
327,707
244,243
246,172
224,635
228,989
286,321
319,195
427,664
323.917
296,390
1931.
375,078
285,901
332,220
300,349
336.362
372,228
374,349
393,015
419,101
461,061
343,055
336,404
3,484,623
4,329,023
1933.
279,116
292,116
249,143
215,856
315,919
334,352
396,209
417,208
376,352
362,803
Year's total
-V.137, p. 3157, 2816.
Jantzen Knitting Mills (Ore.).
-Larger Pref. Div.
The directors have declared a quarterly dividend of $1.75 per share
on the 7% cum. pref. stock, par $100, payable Dec. 1 to holders of record
Nov. 25. Distributions of 50 cents each were made on this issue on June 1
and Sept. 1 last. Previously, the company paid regular quarterly dividends
of $1.75 per share.
-V. 137, p. 1421.
-Dividend Omitted.
Johnson & Phillips, Ltd.
The directors have decided against the declaration ofan interim dividend
on the ordinary registered shares and on the American depository receipts
for ordinary registered shares, usually declared at this time. The last
payment on the former was 5% less tax, made May 5. The last payment
on the latter was 14 cents per share, made May 12.-V. 137, P. 151.
eo. E.) Keith Co.(Shoe MErs.).-Reduces Stated Value.
The stockholders have authorized a reduction in the stated value of the
common stock from $25 to $5 per share; in other words, from $1,012,300
to $202,480. The purpose of the reduction is to increase surplus and use
the addition or part thereof to write down fixed assets in order that they
-V.136. p. 335.
may conform nearer to present market values.
-Bonds Listed.
(B. F.) Keith Corp.
The New York Stock Exchange has authorized the listing of an additional
-year 6% gold bonds of series A, making
$50,000 1st & gen. ref. mtge. 20
the total amount applied for $8,050,000.
Comparative Consolidated Balance Sheet.
Liabilities
-May 31 '33. Dec. 31 '32.
May 31 '33. Dec.31 '32
Assets$90,992
$75,676
$587,561 Accts. payable$838,288
Cash
Accr'd taxes,int
.
Accounts reedy.,
318,553
40,687 & expenses_ _
312,612
59,363
less reserve_
2,871 Accts. payable to
3,170
Accrued interest
affil. co.'s_. __
164,879
191,938
18,396.724 18,774,487
Capital assets
Rent and other
Inv. in attn. &
deposits
32,169
33,567
3,657,813 3,847,041
other co.'s_
1st & gen. ref. Ss 6,477,000 6,612,000
Other investm'ts,
235,005 Mtges. on Ind
181,904
deposits, &c__
victual proper360,520
359,074
Deterred charges
ties
4,204,500 4,237,000
583,737
Reserves
645,846
Cap. stk. (400
000 sh. no Da
8,000,000 8,000,000
Capital surplus 2,364,374 2,532,677
Oper.surplus_
1,219,282 1,247,712
$23,496,338 $23,848,175
Total
-V.137, p. 1773.
Total
$23,496,338 $23,848,175
-To Change Par
Kinner Airplane & Motor Corp., Ltd.
Value and Increase Number of Shares.
The stockholders on Oct. 30 were asked by the company to assent to
an amendment in the articles of incorporation to change shares from no-par
value to a par value of $1 per share and to increase the authorized number
of shares from 399,868 (all outstanding) to 2,000,000.
In his letter to the stockholders, President Robert Porter states that It is
not the intention to issue any portion of these additional shares at present,
"but the directors consider it advisable to prepare for larger capitalization
at the same time the articles of incorporation are amended in order to save
expense and to place the company in a position to quickly secure additional
working capital which may be required to take care of a very substantial
Increase in 'business likely to result from plans now well under way."
Stating that the company has designed a series of engines ranging from
300 to 1,000 h. p., the letter says that the completion of the present development program will place the company In a position to furnish engines
for military, transport and private flyer use. During the past year, 60%
of 100-h. p. airplanes acid in the United States were Kinner Sportsters
and 70% of the engines in planes licensed in the United States in the 100
to 160-h. p. class were manufactured by the Kinner company, according
to the letter.
-V. 137, p. 1251.
-Tenders.
Koppers Gas & Coke Co.
The Union Trust Co. of Pittsburgh, Pa., trustee, vrIll until noon, Nov.20,
i% debenture gold bonds,
receive bids for the sale to it of sinking fund 5I
dated July 11929. to an amount sufficient to exhaust $1,000,077 at price.
-V. 136, p. 2797.
not exceeding 1033 and interest.
-October Sales.
(S. S.) Kresge Co.
Increased 1933-10 Mos.-1932. Decrease.
1933
-Oct.
-1932.
$991.865
$342.570 395,536,927 $96,528,792
$10.848,332 $10,505,762
At the end of October the company had 676 American and 44 Canadian
stores, or a total of 720 stores in operation, against a total of 722 at the end
of October 1932.-V. 137, P. 2644, 2281.
-October Sales.
(S. H.) Kress & Co.
1933
-October-1932.
$5,770,539 $5,151,473
-V. 137, p. 2645.
Increase. I 1933-10 Mos.-1932. Decrease.
$619,066 1E47,991,876 $48,595,952 $604,076
-Earnings.
(G.) Kreuger Brewing Co.
For income statement for period from May 1 1933 to Sept. 30 1933,
see "Earnings Department" on a preceding page.
Current assets as of Sept. 30 1933, including $414,751 cash, amounted
to $640,608 and current lianilities, including Federal tax reserve, were
$246773.
William C. Krueger, President, states that contracts have been let
for the erection of an ale plant costing approximately $175,000 to permit
the brewing of ale, stout and porter and also to and to the company's
beer aging capacity. "Because of the expenditure for this construction,"
,
he stated, "the management has recommended to your board of directors
that payment of dividends be deferred for the present.'-V. 137, p. 2112.
Lane Bryant, Inc.
-October Sales.
1933-October-1932.
$1,080,422 $1,023,341
-V.137. p. 2817, 2112.
Increase. I 1933-10 Mos.-1932.
$57,081 I $9,349,576 $9,801,593
Lion Oil Refining Co.
-Earnings, &C.
Decrease.
$452,017
In a letter mailed to stockholders Nov.4, Colonel T.II. Barton,President,
Informs them that profits for the third quarter, before depreciation and
depletion, were 8306,242, and net profits, after all charges $119,293.
This compares with a deficit of $23,390 for the previous quarter and a net
profit of $15,353 for the third quarter of 1932. The letter further states:
"All hank loans have been paid, ratio of current assets to liabilities improved and the value of your stock has increased. The present book value
per share is $19.86, and this is after depreciation and depletion charges
against plants and producing properties of over 60%.
"Practically our entire output of gasoline is now under contract or sold
through our stations. Through the same number of retail outlets, our sales
of gasoline and other products have increased approximately 20% over the
same period of 1932. This is a much better showing than the industry as a
whole has made. While the retail division of the industry has not been
profitable, the oil code now in effect provides that sales of refined petroleum
products shall not be made below cost of manufacture plus reasonable
expenses for management, and this fact should definitely place the marketing phase of the business in a very much improved position.
"The State of Texas shows our potential production in one field for one
hour to be greater than our total allowable production In all fields for one
Nov. 11 1933
day. Thirty wells are now producing on our East Texas properties and an
orderly drilling campiagn will be maintained. The oil reserve under these
properties is estimated at several million barrels, and it is felt that a splendid
Income will be derived from these holdings."
Colonel Barton told the stockholders that the industry is now feeling the
benefits of the oil code of the National Recovery Administration and that
when the code wasfully effective, the industry would be further improved.
V. 137, p. 3158.
McColl-Frontenac Oil Co., Ltd.
-Reduces Price of Stock.
The company has reduced the maximum price on the common shares
of tne company in connection with conversion privilege carried by the bonds
of the company to $46.37 a share from the original price of $50. This
action conforms with the requirements of the trust deed following any change
In issued capital. An additional 50,000 shares of common stock were sold
recently, increasing the issued amount to 550.000.-V. 137, P. 1422,
McCord Radiator & Mfg. Co.-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. P. 1063.
Mack Trucks, Inc.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1251.
ph Manhattan
Towers (Twenty-One Sixty-Six Broadway Corp.), N. Y. City.
-Bondholders Buy Property.
-
The Manhattan Towers, the 24
-story apartment hotel,in which is located
the home of the Manhattan Congregational Church, was sold in foreclosure,
Nov. 8, on a bid of 11200,000, made by William A. Seeds, acting as agent
for the Commonwealth Bond Corp., representing bondholders.
The structure was sold by Joseph P. Day, auctioneer, to satisfy a mortgage judgment of $1,779,527 obtained by the Bank of Manhattan Trust
Co., as trustee. Back taxes amount to $169.152.-V. 133, P. 2444, 2112,
1624, 1135, 812; V. 127, P. 419; V. 126, p. 423.
arancha Corp.-ffriffIltikk
he New York Stock Exchange has authorized the listing of 745,734
shares of common stock (par $5), upon official notice of issuancern
t
to
distribution to holders of,common sck'of South Porto Rico Sugar Co
The company was incorp'd in Delaware on Oct. 3 1933 as a bus
corporation with broad charter powers. Its principal purposes, described
In its certificate of incorporation, are as follows: To conduct every kind
of manufacturing, commercial, mercantile or mining business; to enagge
In agriculture and grow sugar cane and other products; to hold, deal In
and invest in Property, stocks, bonds, goods and commodities of all kinds.
The business of the company will, for the present, consist primarily
of the holding of the securities described below or of other similar securities.
Pursuant to a plan and agreement of reorganization dated Oct. 10 1933,
entered into between the company and South Porto Rico Sugar Co.(N. J.),
the company has received in exchange for 745,734 shares of its common
stock the following securities which had at the time of their receipt by the
company on Oct. 10 1933 a market value, including accrued interest, of
$4,474,927.40, viz.•. $1,000,000 4% Dominion of Canada bonds, due
Oct. 1 1934; $3,000,000 214% U. EL Treasury notes, due Aug. 1 1934:
8393,000 U. S. Treasury bills, due Oct. 25 1933. The company has no other
property except cash proceeds of U. S. Treasury bills, due Oct. 25 1933.
Of the consideration thus received by the company for said 745,734 shares,
$3.728,670 (being the aggregate par value of said shares), kas been determined to be capital and the balance has been determined to be paid-in
surplus.
Pursuant to said plan and agreement of reorganization the board of
directors of South Porto Rico Sugar Co. has ordered the distribution,
on or about Nov. 25, as a dividend. to its common stockholders of record
at the close of business on Nov.8 1933 of the 745,734 shares of stock of the
company, pro rata, at the rate of one share of said stock of the company
for each share of common stock of South Porto Rico Sugar Co. held of
record by that company's common stockholders at the close of business
Nov. 8 1933. This distribution will be made out of the earned surplus of
South Porto Rico Sugar Co.
South Porto Rico Sugar Co. has agreed that prior to the date of such
distribution it will make no change in or with respect to its common stock.
-See also V. 137, 11. 3336.
-Earnings.
Marlin-Rockwell Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 2114.
Department" on a preceding page.
-To Vote on Offers.
Mathews Steamship Co., Ltd:
-year 1st mtge. serial
The holders of the outstanding $1,700,000 6% 15
gold bonds series A will vote Nov. 28 on accepting or rejecting offers made
by Norris grain Co., Ltd. and Sarnia Steamship Ltd. for the assets securing
the bonds consisting of 13 ships and certain other assets.
Under the offer of Norris Grain a new compahy will be incorporated
-year prior lien bonds
having an authorized capitalization of $400,000 6% 7
($275,000 to be presently issued), $1,020,000 6% gen. mtge. 20
-year
-year unsecured notes and 30,000
sinking fund bonds, $100.000 6% 10
shares (no par) common stock.
The Norris company will cause the new company to carry out the purchase of the 13 ships and other assets and pay the following therefor:
(a) New company will assume and pay off all charges existing at the date
of the completion of sale ranking in priority to the outstanding bonds including the receiver's certificates issued by the receiver and manager, the
receiver's remuneration, and legal fees and expenses in connection with the
receivership and will also pay all costs and expenses in connection with the
carrying out of the sale and purchase by the new company, all of such
charges, costs and expenses not to exceed in the aggregate the sum of
$275,000 after deducting the amount of the receivables, if any, included in
the assets.
(b) The sum of $1,020,000 by the issue of $1,020,000 general mortgage
bonds.
(c) 6,800 common shares in the capital stock of the new company.
The ships and other assets are to be conveyed to the new company free
from all encumbrances, liens and charges (save and except such charges
as may be assumed by the new company under the above provisions).
(3) The prior lien bonds to the principal amount of $275,000 will presently
be issued and sold to realize the monies which will be necessary to pay off
the receiver's certificates, &c., above mentioned; and together with common
shares of the new company will be offered for sale to the holders of the
outstanding bonds at the price of $1,000 and int. for each $1,000 bond and
8 common shares of the new company. The Norris company will purchase
at the price all such prior lien bonds and common shares so offered and not
subscribed by the holders of the outstanding bonds.
(4) The Norris company will cause the $100,000 unsecured notes to be
subscribed and paid for so as to afford that amount of working capital
to the new company.
(5) The Norris company will cause to be Issued to the new company
fully paid shares to the extent of one-third of the total authorized capitalization of a company to be formed for the purpose of carrying on business as
vessel brokers in the City of Winnipeg and elsewhere, including the booking
of charter parties in connection with the new company's business.
(6) The Norris company will pay over to the new company the 60% of
the net operating profits, if any, for the navigation season of 1933 to which
It may become entitled under the agreement dated March 15 1933. between
the Norris company and the receiver and manager providing for assistance
by the Norris company to the receiver and manager in obtaining new business for the navigation season of 1933.
(7) The Norris company will agree to place in a voting trust all common
shares to which it becomes entitled under this offer, which voting trust
will continue until the prior lien bonds have been paid off, the voting
trust to provide for three trustees, two of whom are to be appointed by the
holders of the outstanding bonds and one by the Norris company, each of
such voting trustees to nominate his successor, and the voting trustees to
vote to secure the election of a majority of the directors to be nominated by
the two voting trustees appointed by the holders of the outstanding bonds
and of the remainder of the board of directors to be nominated by the
voting trustee appointed by the Norris company.
Under the offer of Sarnia Steamships, Ltd., a new company will be incorporated with the following capital structure:
(a) A sum not to exceed $275,000 to be secured by statutory ship mortgages on three of the vessels payable In five years, and bearing interest at
the rate of6% per annum,such statutory ship mortgages to be a first charge
-year sinking fund
on the three ships. (6) $1,190,000 6% 1st mtge. 20
bonds. (c) $100,000 6% 10
-year unsecured notes redeemable before ma-
Volume 137
Financial Chronicle
turity. (d) 50,000 common shares without par value, approximately 60%
of which will be issued to Sarnia company or its nominees.
(2) The Sarnia company will cause the new company to complete the
purchase of the 13 ships and other assets and to pay the following consideration therefor:
(a) The new company will assume and pay off all charges existing at the
date of the completion of sale ranking in priority to the outstanding bonds,
including the receiver's remuneration and the legal fees and expenses in
connection with the receivership and will pay all costs and expenses in connection with carrying out the sale and purchase by the new company, all
of such charges, fees, costs and expenses not to exceed in the aggregate as
of the date of acceptance of the offer the sum of $275.000 after dedutting
the amount of the receivables (including prepaid insurance) included In the
above assets.
(b) The sum of $1.190,000 6% 1st mtge. 20
-year sinking fund bonds of
the new company.
(c) 11,900 fully paid common shares in the capital stock of the new
company.
The ships and other assets are to be conveyed to the new company free
from all encumbrances, liens and charges (save and except such charges as
may be assumed by the new company under the above provisions).
(3) The Sarnia company will undertake that the sum of $275,000 will
be available for the new company or such sum as is required, such amount
as aforesaid to be secured by statutory first ship mortgages on vessels.
(4) The Sarnia company will make available as of the date of closing for
working capital the sum of $100,000 by procuring the sale or other disposition of the $100,000 unsecured notes.
(5) The new company will assume the obligations of the receiver and
manager under any agreements made by him in the ordinary course of
business in respect of said Ships and other assets.
-V. 132, p. 1236.
Melville Shoe Corp.
-October Sales.
-
Period End, Oct. 28- 1933-4 Wks.
-1932. 1933-40 Wks.
-1932,
Sales
$1.829.453 $1,505,323 $16,904,458 $17,187,097
-V. 137, p. 2817, 2114.
Metropolitan Chain Stores Real Estate Corp.-Distribution.The trust department of the Guaranty Trust Co. of New York is prepared
to effect a first and final distribution of 548.5781 per 31,000 Metropolitan
Investment Corp. (now Metropolitan Chain Stores Real Estate Corp.)
first mortgage leasehold guaranteed 6% sinking fund gold bonds, clue
Dec. 15 1945. This distribution is made as a result of a dividend received by
It from the trustee in bankruptcy of Metropolitan Chain Stores Real Estate
Corp. and is payable only on bonds which have not already received payment through the filing of claim direct with the trustee.
-V.134, p. 860.
Midland Steel Products Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. P. 3336.
Molybdenum Corp. of America.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1775.
Monsanto Chemical Co.
-Bonds Called.
-
Three hundred Monsanto Chemical Works 1st (closed) mtge. 5%%
sinking fund gold bonds, dated Nov. 1 1927, amounting to $300.000. have
been called for payment Dec. 30 next at 102 and int. at the Continental
National Dank & Trust Co. of Chicago, 231 So. La Salle St., Chicago,
111.-V. 137. p. 3336, 3158.
Montgomery Ward & Co.
-October Sales.
Sales for Month and Nine Months Ended Oct. 31.
1933
-Month-1932. Increase.]
1933-9 Mos.-1932. Increase.
$23.016 04 $19,805,497 $,3.211,207 4137.056,245$130,434,484$6,621,761
--V. 137. P. 2645. 2115.
W. Haller of Philadelphia, Pa., a stockholder, on Nov. 7 asked
the Chancery Court at Wilmington, Del., to call a spedal meeting of stockholders of this company for the election of directors. The Court directed
the corporation to show cause on Nov. 19 why the petition should not be
granted,
Mr. Haller contends that the by-laws provide for an annual election but
that no election has been held since April 1930. He alleges that in November 1930,the corporation went into receivership in St. Louis, Mo.. although
solvent, and that the reason was the management was not functioning.
V. 133, p. 4339.
Motor Wheel Corp.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
The corporation has on hand purchase orders from customers totaling
1,750.000 wheels for new model delivery during the next three months.
This is the largest number of wheel orders ever received by the corporation
at any one time and indicates that shipments for the next three months
will be greater than for the entire year 1932.
Orders for hubs, drums, various pressed metal parts and other products
of the corporation show corresponding increases.
Balance Sheet Sept. 30.
1933.
1932.
1933.
1932.
Assets5
$
Liabilities$
$
Land, buildings,
:
Common stock_ _
machinery, dm. 5,475,910 6,387,221 Accts, payable, dmz4,250,000 y8,500.000
624,610
161,748
Cash .4 call loans_ 737,841 1,282,749 Notes payable__ _ _ 200,000 1,000,000
Market. secur.,
119,323
882,023 Accr. taxes, royalNotes & accts. rec. 938,553
297,898
ties, dm
108,703
93,350
Inventories
1,349,182 1.248,497 Res. for conting.
173,616
com.& pref.
Federal tax prov.
stk.of Cleveland
and reserves_
97.635
Welding Co
495,659
715,632 Capital surplus
6,146,257
Other assets
708,879
650,856 Prof.& loss surp.def1,573,311 1,688,167
Deferred &Met& - 104,527
76,023
Total
9,929,876 11,540,000
Total
9.929,876 11,540,900
x After depreciation of $5,361.086 in 1933 and $4.505,793 in 1932.
y Represented by 850.000 no par shares. z Represented by shares of
$5 par value.
-V. 137. P. 2471.
Mountain & Gulf Oil Co.
-Resumes Dividend.
--
(G. C.) Murphy Co.
-October Sales.1933-0clober-1932.
Increased
1933-10 Mos.-1932. Increase.
$1,993,644 51,620,267
5373,3771516,277,750 $14,079,720 $2,198.030
137, p. 2646, 1948.
National Candy Co.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 1252.
National Dairy Products Corp.
-Dividends Earned.
-
The company has declared the regular quarterly dividends of 30 cents
ve share on the common stock and $1.75 each on the class A and B preferred stocks, all payable Jan. 2 to holders of record Dec. 4.
President Thema H. McInnerney stated earnings in the first nine months
covered the full year's dividend requirements of $1.20 a share.
-V. 137.
p. 882.
National Distillers Products Corp.
-Reclassifies Stock.
The stockholders on Nov. 6 voted to change the authorized capital
stock to 2,488,761 shares of no par common stock, from 153,672 shares of
$40 par pref, stock and 829,587 shares of no par common stock, each outstanding share of common to be exchangeable for three new shares of common. All of the pref. stock has been retired.
Listing of New Stock.
The New York Stock Exchange has authorized the listing of 1,884.083
shares of common stock (no par value) as follows: (a) 1.883,901 shares to
be issued in excnange for and upon surrender for cancellation of the certificates for the 627.967 shares of common stock (old stock) now issued and
outstanding, on official notice of issuance, on and after Nov. 9, pursuant
to a stock split-up and (b) 182 shares on official notice of issuance in exchange for outstanding scrip certificates of the corporation for fractional
interests in 181,761 shares.
The old common stock will be stricken from the list Nov. 20.
The Committee on Securities of the New York Curb Exchange has ruled
that contracts for the new common stock, when issued, must be settled on
Monday, Nov. 13. by delivery of permanent certificates. Settlement of
contracts may be enforced under the rule beginning Monday, Nov. 13.v. 137, P. 3337.
NationalGrocers Co., Ltd.
-Bonds Offered.
-An offering
is being made through a syndicate comprising Nesbitt,
Thomson & Co., Ltd.; R. A. Daly & Co., Ltd., and McLeod,
Young, Weir & Co., Ltd., of a new issue of $1,250,000 6%
15-year 1st mtge. (closed) sinking fund bonds. The bonds
are offered at 96 and int., yielding over 6.40%. This
offering constitutes the first financing of importance of corporation bonds to be undertaken in practically a year
and a half.
Company is the largest wholesale distributor of groceries and food
products in the Province of Ontario, selling to over 10,000 retail grocers
In Ontario, including a chain of 720 "Red and White" stores which are
under contract to the company.
Incorporated in 1925, the company has been singularly successful and its
earnings have been well maintained, having shown steady increase for each
of the past three years.
For the past five years earnings have averaged $431.975 per annum,
which is equal to approximately 5.7 times the annual interest charges of
$75,000 on tnis new issue of bonds. For the last fiscal year ended June 30
1933, earnings, after depreciation, of $460,144 amounted to more than six
times the annual interest charges on this issue, while during the first three
months of the current fiscal year net earnings, after depreciation but before
Interest charges, were about $35,000 in excess of the earnings for the same
period of the last fiscal year. During the past eight years the company has
effected a reduction, largely from earnings, in its funded Indebtedness and
preferred capital, of $1,750,000.
The bonds are secured by a first mortgage and charge on all of the company's fixed assets, having a book value of 11,882,740. The company's net
tangible assets amount to $4,959,829, which is equivalent to $33,968 for
each $1,000 bond now being offered.
A sinking fund is provided sufficient to retire the whole issue by maturity,
and the trust deed securing the bonds provides that net current assets
shall be maintained at an amount equal to 150% of the principal amount
of the bonds for the time being outstanding. Net current assets as at
June 30 1933, after applying in liquidation of existing bank loans as at that
date the entire proceeds of the bonds now being offered, amounted to
12.909,929, which is equal to nearly 235% of the total amount of bonds.
The proceeds from the sale of the bonds will be used for the purpose of
retiring bank loans incurred in redeeming at maturity, in August 1932, the
balance of 5991,500 of the company's gold notes and for liquidating other
current liabilities. Upon completion of this financing, the capitalization of
the company is as follows: 6% 15
-year 1st mtge. (closed) s'nlciz fund
bonds (this issue). Authorized, 11,250,000; issued, $1,250,000; 7 cum.
preference shares ($1 Par00). authorized, $33.500.000: issued, $2,953,200;
common stock (no par value), authorized 300.000 shares, issued 295.852
shares.
-V.137. p. 2817.
National Sugar Refining Co.
-Dividend.
-
Moon Motor Car Co.
-Seeks to Hold Election.
Charles
The directors on Nov.6 declared a dividend of 25 cents per share on the
outstanding 3,705,200 shares of common stock, par $1, payable Dec. 10
to holders of record Nov. 20, out of earnings in past years and partly out
of surplus. This is the first distribution since April 15 1931, on which
date a dividend of 1 cent per share was paid as compared with 1M cents
per share on Jan. 15 1931 and 2 cents per share previously each quarter.
The Argo Oil Co. owns about 95% of the stock.
-V. 135, p. 143.
3503
The directors have declared the regular quarterly dividend of 52.63c.
on the capital stock, no par value, which includes the Federal dividend
tax, payable Jan. 2 to holders of record Dec. 1. This is equivalent to
the quarterly payments of 50c. per share previously made.
-V.137. p. 2646.
National Supply Co. of Delaware.
-Earnings.
-
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Balance Sheet Sept. 30.
1933.
1932.
1933.
1932.
AssetsLiabtlitiesCash
3,383,834 4,594,178 Account6 payable_ 1,018,867
638,415
Notes receivable 1,019,203 2,095,716 Accrued taxes,
Accounts receivwages, int., dm_ 611,515
524.490
able
4,698,302 5,152,053 Reserves
1,952,005 1,848,793
Merchandise
16,967,959 17,918,216 Spang, Chalf. bds_ 7,552,000 8,336.000
Marketable seSpang,Chalf.pf.stk.12,994,000 13,195,203
curities
e2,468,427 2,468,428 Super.Eng.pf.stk. 557,200
668.700
Misc. investments 5,643,878 4,922,339 Minority interest
b122,422
130.626
Fixed assets__ a26,256,302 28,335,045 Preferred stock_ _16,615,600 16,799,600
Deferred charges.._ 142.708
124,398 Common stock___d9,564,775c19,567,650
Good-will
5,271,283
3,587.606 Capital surplus
4,320,944 7,488,505
Surplus
Total_
60,580,613 69,197,979
60,580,613 69,197,979
Total
a After reserve for depreciation of 110,877.066. b Represented by
7,382 shares of common stock of Spang, Chalfant & Co., Inc. c Par $50.
d Par $25. e Market value, 5709,084.-V. 137, p. 1591.
National Tea Co.
-October Sales Increase.
Period End. Nov.4- 1933-4 Weeks,
1933-44 Weeks
-1932.
-1932.
Sales
$4,717,324 $4,563,414 $52,978,250 $55,616,733
On Nov. 4 1933, the company had 1,311 stores in operation, against
1,425 a year ago. Five stores have been eliminated since Oct. 7.-V. 137,
P. 2987.
Neisner Brothers, Inc.
-October Sales.
1933-October-1932.
31.295.851 $1.250,925
-V. 137, p. 2647, 1948.
Increased 1933-10 Mos.-1932.
$44,9261511,349,851 $11,445.581
Decrease.
$95.730
Nestle's Milk Products, Inc.
-Obituary.
-Treasurer, Edward 0. Wunderlich died on Oct. 20.-V. 135. p. 3176
-October Sale8.(J. J.) Newberry Co.
1933-0dober-1932.
Increased
1933-10 Mos.-1932. Increase.
$2,990.111
632,7251526,141,716 $24,982,895 $1.158,821
12.957,386
-V. 137. P. 2647, 1949.
New Jersey Zinc Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 1253.
Niagara Share Corp. of Maryland.-Earnings.
For income statement for 9 months ended Sept. 30 1933 see "Earnings
Department" on a preceding page.
-V. 137. p. 2987.
'Nova Scotia Cold Storage Co., Halifax.-Pon4-46I
Dominion Government has authorized thH1ifax HarborCon-
private enterprise All dopety, asses a angeotfore free ttdaa
rtovartalaotots nd undertakings, We from lien
or encumbranct11 be exchanged for $1,700,000 in 5
-year 3% debenture
bonds of the Ilalifax Haroor Commission dated Nov. 1 1933. (Toronto
"Monetary Times.")
Oahu Sugar Co., Ltd.
-Extra Dividend.
An extra dividend of 30 cents per share has been declared on the common stock, no par value, in addition to the regular monthly dividend of
5 cents per share, both payable Nov. 15 to holders of record Nov. 6. Like
amounts were paid on this issue on Oct. 14 last.
-V.137, p. 2117.
Oil Shares, Inc.
-Earnings.
For income statement for 3 months ended Sept. 30 1933 see "Earnings
Department" on a preceding page.
Financial Chronicle
3504
Nov. 11 1933
Comparative Balance Sheet.
LiabilitiesSept.30'33, Mar.31'33.
Sept.30'33. Afar.31'33
AssetsAccts. payable dc
Cash in banks and
accr. liabilities_ $37,625
$89,751 $186,871
on band
$5,518
5,791
2,613 Accrued expenses.
Int. & dive. rec.__
330
339
253
252 Prov. for Fed. tax
Accts. receivable_
1 Reserve for adj. of
Note receivable_
585,264)
1,144,180 1,201,650
claims & accts..
Securities owned
1,647,862
$3 pref. stock_
Claims & accounts
y82,393
x70,440
Capital stock
subject to adj. or
585,260 Surp.(Cap.& earn) 1,131,572 def344,717
litigation
1
group B certificates is now available for distribution at either of the offices
of the company at 331 Madison Ave., N. Y. City, or 162 Remsen St.
Brooklyn, N. Y.:
1. Payment in full of all coupons due on or before March 1 1933.
2. Partial payment on account of the following coupons:
Date of Coupon.
Series.
Date of Coupon.
Series.
Aug. 1 1933
12
July 1 1933
AA
June 1 1933
13
Apr. 1 1933
5
July 1 1933
Aug. 1 1933
17
6
Group B
Sept. 1 1933
Aug. 1 1933
9
-V..137. p. 3159, 2820.
$1,239,976 $1,976,649
$1,239,976 $1,976,649
Total
Total
Represented by shares of $1 par value. y 44,440 shares (no par).
137, p. 2818.
V.
For income statement for 12 and 40 weeks ended Oct. 7 see "Earnings
-V. 137. p. 1067.
Department" on a preceding page.
-Reorganization
1420 Lake Shore Drive Bldg., Chicago.
Plan Completed.
Completion of the reorganization of the property is announced by Wirtz,
Haynie and Ehrat, Inc., reorganization managers, Chicago.
This property, originally financed with a $1,700,000 bond issue, went into
default prior to completion of the building. This reorganization required
several different types of financing and the co-operation of approximately
30 different interests.
The property was planned as one of Chicago's finest co-operative apartment buildings, containing apartments of from nine to 12 rooms. The receiver was appointed in August 1930, at which time there were only three
apartments completed out of a total of 36. The balance of the building was
practically a shell, with only a small part of the rough work completed.
Income was not sufficient to pay even half the current operating expenses
before taxes, and the receiver had no way of raising funds to complete
additional apartments. The receiver was forced to advise all interested
parties that he would be forced to close down the entire property unless he
received financial assistance.
Wirtz, Haynie & Ehrat, Inc., agreed with the bondholders' protective
committee,composed of Paul C. Mellander, Chairman: Maurice L. Mendenhall, Edwin L. Read, Charles Wadsworth and Lewis M. Watson, to coordinate various interests and to work out a plan of reorganization and
were appointed managing agents ot the property for the receiver. Authority
was secured from the court to issue $400.000 of receiver's certificates the
proceeds of which were to be used in paying back taxes and completing
additional apartments. These certificates were then sold by Wirtz, Haynie
& Ehrat, Inc., and tne work of finishing additional apartments was immediately commenced. As soon as additional apartments were completed
they were rented and the income was soon sufficient to carry the current
operating expenses.
The next step was to secure an agreement from approximately 20 mecnanic
lien holders,involving claims in excess of $100,000, that they would consent
to co-operate in working out a plan of reorganization. As soon as the lien
holders were merged into agreement, the foreclosure proceedings on the
$1,700,000 bond issue were carried through, with the liens and receiver's
certificates outstanding against the property prior to the bonds.
Early in 1933 a new corporation was formed, providing that three-quarters
of the equity in the property would be given to the bondholders and ono
quarter of the equity would be given to the parties furnishing the financing
and in settlement of various other claims.
In order to carry through the foreclosure sale and pay off the prior
liens, it was necessary to secure a reorganization loan in the amount of
$725,000. which loan was committed by Wirtz, Haynie & Ehrat, Inc. The
foreclosure sale was neld. the new loan placed on the property, and all
of the back taxes, including reserves for 1932 and 1933 taxes, were provuled for.
The building is now out of receivership, operating successfully, and with
the co-operation of the various parties the bondholders own the controlling
Interest in the building. If a plan of reorganization had not been consummated. the bondholders would have been entirely wiped out by the
prior mechanic liens and receiver's certificates.
George Lederer and Charles Weinfeld of Schuyler, Weinfeld & Hennessy,
attorneys, represented the bondholders' committee, and Herbert Campbell
and Frederick Carroll of Townley, Wild. Campbell & Clark, attorneys, re-V.127, p. 422.
presented the new corporation.
-Earnings.Paducah Cooperage Co.
For income statement for 4 months ended Sept. 30 1933 see "Earnings
-V. 137. p. 505.
Department" on a preceding page.
-Earnings.
Panhandle Producing & Refining Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137, p. 1424.
Department" on a preceding page.
--Earnings.
Parmelee Transportation Co.
For income statement for 3 and 9 months ended Sept. 30see "Earnings
-V. 137, P. 1065.
Department" on a preceding page.
-Sales Continue Gain.
(J. C.) Penney Co., Inc.
Increase.
1933-10 Mos.-1932. Increase,
-0c ober-1932.
1933
$18,642,746 516,758.628 51,884,11215133730,135 5121292,486 512437,694
-V. 137, p. 2820, 1949.
-Earnings.
Peoples Drug Stores, Inc.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 137. p. 2820.
Department" on a preceding page.
-87M-Cent Preferred
Phoenix Hosiery Co.
Dividend.
A dividend of 8734 cents per share has been declared on the 7% cum.
let pref. stock, par $100. payable Dec. 1 to holders of record Nov., 16. A
like amount was paid on June 1 and Sept. 1 last, compared with 8834
cents per share on March 1 1933 and 87 cents per share on Dec. 1 1932.V. 137, p. 1254.
-New Director.
Pierce-Arrow Motor Car Co.
Roy II. Faulkner. Vice-President in charge of sales, has been elected a
member of the board of directors.
President Arthur J. Chanter says: "Pierce-Arrow's distributing organization now comprises more than 600 retail outlets in the United States.
Because our 1934 plans contemplate a progressive expansion of our business,
the direction of sales assumes a greater Importance than over before and
for that reason we feel it should have representation on our board."
October Shipments Substantially Higher.
For the sixth consecutive month, Pierce-Arrow shipments in October
showed substantial increases over the corresponding month a year ago, it
was announced on Nov. 7 by Roy H. Faulkner, Vice-President in charge
of sales. The total shipments for the six month period were 55% ahead of
last year.
"It is interesting to note that increases were registered in our higherpriced groups of 12
-cylinder models as well as in the more moderately priced
-V. 137. p. 3338.
8
-cylinder division," said Mr. Faulkner.
Purity Bakeries Corp.-Earnings.-Quarterly Income Shares, Inc.
-Earnings.
Earnings for Period from Dec. 9 1932 to Oct. 15 1933.
Dividends (other than stock dividends)
•
,
Interest on hank balances
$223,341
832
Total income
Expenses (excl. certain expenses assumed by selling agents)
Fees collected from subscribers for issuing certificates in small
denominations
b224,174
52,051.
Net oper. income (excl. certain exps. referred to above)
Other amounts made available for distribution in accordance
with the certificate of incorporation
$174,785
Gross amount available for distribution (incl. amounts received during the period and receivable Oct. 15 1933)
Amount distributed in cash May 1 1933 (equivalent to 334 cents
a share on 3,953,061 shares of capital stock issued or issuable
as of April 15 1933, including 575,256 shares subscribed, less
fractional adjustments)
Amount distributed in cash Aug. 1 1933 (equivalent to 3 cents
a share on 8,463,919 shares of capital stock issued or issuable
as of July 15 1933, incl. 567.477 shares subscribed)
Funds available for distribution:
Amount appropriated for distribution Nov. 1 1933 under
declaration of distribution of 3 cents a share to stockholders
of record Oct. 15 1933 (11,044,564 shares issued or issuable
at 3 cents , incl. 197,581 shares subscribed) (subject to
withholding of excise tax under National Industrial Recovery Act)
Cr2,669
580.088
$754,873
Unappropriated balance of funds available for distribution_ _ _
Plymouth Oil Co.--Earnings.-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137, p• 1778.
Pond Creek Pocahontas Co.
-October Output.Month ofCoal mined (number of tons)
-V.137. p.2820. 2118.
Oct. 1933. Sept. 1933.
100,925
106,091
Oct. 1932.
175,755
-Again Cuts Prices.- '
Procter & Gamble Co.
The company has reduced the price of Its largest selling soap, Ivory, by
20 cents a case of 100 bars, a reduction of approximately 4%. It also has
reduced the price of Chipso, a soap flake, by 43 cents a case, or about 12%.
These reductions follow cuts made a few weeks ago by the trade of white
and yellow bar laundary soaps. The most recent reductions bring prices
about midway between the recent highs and the low prices of January,
this year -V. 137. p. 2988.
-Pays Interest Coupons.
Prudence Co., Inc.
It was announced on Nov. 8 that under and pursuant to regulations
Issued by the Superintendent of Banks of the State of New York the following payment on account of interest to the holders of Prudence bonds and
253,917
331,337
$31,274
Balance Sheet Oct. 151933.
Assets
Cash on deposit with trustee
$457,825
Interest, dividends and trust share distributions receivable_ _ _ _
42,698
Due from suascribers for capital stock:
Administrative St Research Corp. (selling agents)
151,621
Others
127,267
Securities sold but not delivered
156,163
*Investments at cost (based on the practice, where a part of a
holding of one security is sold,of crediting investment account
with the identified cost of certificates sold) (market value
13,873,842
$1 .806,88 )
1,076
Furniture and fixtures
50
Tax stamps
Total
$14,810,542
Liabilities
$2,468
Accounts payable
72,389
Commissions payable (Admin. & Research Corp.)
699,293
Securities bought but not received
25.798
Reserve for Federal income tax
15,990
Reserve for accrued Federal capital stock tax
Funds available for distribution
Appropriated for distribution Nov. 1 1933 (incl. approx.
to 5% of total distribution,
316.567 to be withheld, equiv.
representing approx. $12,287 payable as Federal excise
tax and approx. $4,279 to be held subject to claim by
331.336
stockholders)
31,274
Unappropriated
Capital stock (auth., Dec.9 1932, 30,000.000 shs., par 25 cents
each: issued or issuable, less 143 shs, in treasury. 11.044,564
2.761,141
shs.. Incl. 197581 shs.subscribed)
Reserve (of which $5.000 was received from selling agents as
part consideration for excl. selling rights, the remainder constituting funds received or receivable from subsequent subscribers for capital tock, credited to the reserve to equalize
the per share amount thereof)
552,228
Paid-in surplus (representing excess over par value of capital
stock of net mmsideratif•n received or receivable upon issuance thereof,after deducting selling commissions 01'51,286,822
-being approx. 934% premium on liquidating value-paid
(y) to Admin. & Research Corp., the company retaining in
cash the approx. liquidating value of its shares issued: not
incl. $28.3,772 representing accrued distributions at dates of
subscription paid in and credited to distribution account
and not incl. $547,228 paid in and credited to reserve, as
shown above)
10,235,445
x Unappropriated net profit from sales of securities
83,177
Total
$14,810,542
x The cost of investments includes an amount of approximately $100,198
from sales of securities includes a loss of approximately
and net profit
$68,912, which amounts, aggregating $169,111, represent dividends and
interest accumulated in trust shares, accumulated principally prior to
purchase by the company, which have been credited to distribution account.
y In accordance with its contract with the company, Administrative &
Research Corp. paid all initial organization expenses, including taxes
(other than issue stamp taxes) and counsel fees. and the expenses of initially
qualifying the company's shares for sale under the laws of the various States,
and of registering the shares of the company in accordance with the provisions of the Securities Act of 1933. and assumed certain other expenses
until the close of the first fiscal year ended Oct. 15 1933.
-Liquidating value of capital stock, Oct. 15 1933. computed
Notation.
on the basis of the ab3ve balance sheet, including market appreciation in
value of investments and exclusive of distribution payable I•lov. 1 1933
-V. 137, p. 3338.
was approximately 51.3216 per share.
"Radio-Keith-Orpheum Cor .-Receivers' Re
Pioneer Gold Mines of Brit. Columbia, Ltd.-Earns.
The second report of Irving Trust Jo,. receiver in equ ty for
For income statement for month of October 1933 see "Earnings Department" on a preceding page.
-V. 137, p. 2820.
138,344
R-H-O,
for the eight months ended Aug. 31. has been submitted to the court.
The report states in substance:
-By an order made Jan. 27
Appointment and Qualification of Receiver.
1933. Irving Trust Co. was duly appointed temporary receiver of RHO
and all its property. On Feb. 17 1933 Irving Trust Co. filed its report
as temporary receiver and was made permanent receiver.
-No ancillary receivers of
Receivership Proceedings in Other Jurisdictions.
RHO have been appointed. A petition for the appointment of an ancillary
receiver of R1{0 was filed in the U. S. District Court for the Southern
District of Ohio. Western Division, by Jack Silberman, as a debenture
holder, on Jan. 28 1933. On same day, Isaac Libson of Cincinnati and
Elmer Raugh of Dayton were appointed ancillary receivers for RICO
and were directed to take charge of the assets of RICO Midwest Corp. and
RHO Distributing Corp.. subsidiaries of RHO. On Feb. 1 1933 a motion
was made to set aside the appointment on the grounds that RHO did no
business and had no property within the State, or within the jurisdiction
of the Court. On Feb. 10 1933 an amended petition for the appointment of an ancillary receiver WAS filed, in which the plaintiff sought to
extend the receivership to the subsidiary companies. At the hearing on
the amended petition, which was opposed by the receiver and the defendant. the application was denied.
A bill for the appointment of an ancillary receiver of RHO was filed
in the U. S. District Court for the Northern District of Texas on Feb. 3
1933 by Silberman as a debenture holder. The corporation had no assets
and did no business within the jurisdiction of the District Court in Texas.
Volume 137
Financial Chronicle
or within the State of Texas. The application for such receiver was denied
on Feb. 13 1933.
A petition for the appointment of a receiver of RICO was filed by Doris L.
Charing, as a debenture holder, in the Court of Chancery in New Jersey
on Jan. 24 1933. On the same day the Court entered an order appointing
Arthur Walsh and Abe David receivers of the corporation. The order
was entered ex parte and the defendant was ordered to appear Jan. 21 1933
to show cause why a statutory receiver should not be appointed. The
time for the hearing was adjourned to Feb .14 1933, at which hearing
counsel for the plaintiff requested that the order appointing the receivers
be vacated and that the action be dismissed. The Court entered an
order accordingly.
In the first report Court was advised that on Feb. 7 1933, following the
appointment of Irving Trust Co. as receiver in equity of RICO, the Circuit
Court of Baltimore City, Md., appointed Morris A. Rome and Samuel J.
Fisher receivers of RKO in a proceeding entitled "John S. Beaker et. al
against Radio-Keith-Orpheum Corp., a body corporate."
The action pending in the Circuit Court of Baltimore City was commenced on or about Jan. 23 1933 by the filing of a stockholders bill by
Messrs. Rome & Rome and Edward L. Ward, all of Baltimore City, Md.,
as solicitors for the plaintiffs, owners and holders of a total of 635 shares
of the common stock of RICO, alleging, among other things, insolvency
of RICO, domination of RICO by Radio Corp. of America. and mismanagement of RICO. At the time that the bill of complaint was filed the Circuit
Court of Baltimore City, by Judge H. Arthur Stump, made an order
directing that a receiver be appointed for RICO unless cause to the contrary
be shown on or before Feb. 7 1933, provided that a copy of such order be
served on defendant on or before Feb. 2 1933. On Jan. 24 1933 a copy of
the complaint and such order was served on the United States Corporation
Co.. resident agent of RICO in the State of Maryland.
On or about Feb. 7 1933 the defendant RICO filed in the Circuit Court
of Baltimore City a demurrer to the whole bill of complaint and an answer
to each and all of the allegations made therein. The defendant's answer
also dented insolvency, denied domination by Radio Corp. of America.
denied mismanagement by its directors, and alleged the appointment of
Irving Trust Co. as receiver in equity of RICO by this Court on Jan. 27
1933. The defendant's answer further alleged that your receiver had taken
possession of all the assets of RICO, that the defendant RICO had no
property or assets of any kind or description in the State of Maryland
the
and that no interest of creditors or stockholders would be served
appointment of a receiver by the Maryland Court, but that such appointment would result in unnecessary expense, dissipation of assets and possible
conflict with the discharge of the duties of your receiver. The defendant,
accordingly, prayed that the stockholders' bill of complaint be dismissed.
Nevertheless, on the petition of the plaintiff by Messrs. Rome & Rome
and Edward L. Ward, as solicitors for the petitioners, verified Feb. 7 1933,
on Feb. 8 1933 Judge H. Arthur Stump made an entered an order in such
suit, appointing Samuel J. Fisher and Morris A. Rome receivers of RICO,
directing said receivers to take charge of the business, property and assets
Circuit
of the defendant corporation located within the jurisdiction of the counsel
Court of Baltimore City, Md., and appointing Edward L. Ward
to the receivers.
On April8 1933 said Circuit Court of Baltimore City, by Judge H.Arthur
Stump, authorized and directed said Maryland receivers to employ the
firm of Levy, Kraus & Lehman. attorneys in New York City, to represent
such receivers in opposition to the petition of Irving Trust Co.filed herein
March 31 1933, with respect to the petition of your receiver for the instructions of this Court and authority to adjust certain inter-corporate
indebtedness with Keith-Albee-Orpheum Corp.
On the petition of the Maryland receivers,said Circuit Court of Baltimore
City on May 31 1933 made and entered an order directing Maryland
Casualty Co. to retain in its possession certain Liberty bonds and cash
then in its hands which, prior to the receivership, had been deposited with
to indemnify It as
said Maryland Casualty Co. in New York by
surety upon the bond of RICO in an action brought by Joseph Plunkett
N. Y. Supreme Court, and further directing
against RICO, pending in the
said Maryland Casualty Co. to answer the petition of the receivers and
disclose all of the circumstances and conditions surrounding the deposit
of such collateral.
So far as known to your receiver, no further proceedings have been taken
In the cause pending in the Circuit Court of Baltimore City, Md.
-Pursuant to order dated
Foreclosure suit and Consolidation of Causes.
trustee
Al13. 3 1933 granting leave to Chemical Bank & Trust Co., as RICO
dated Dec. 1 1931 to bring suit against
under RK0's indenture
to foreclose the lien ofsuch indenture for alleged defaults by RICO in making
-year 6% gold debentures and of
payment of principal and interest on its 10
principal and Interest on 51,118.500 of its 6% gold notes, theretofore
matured,secured by such Indenture, the principal of said debentures having
theretofore been declared due by reason of the appointment of a receiver
or RICO and the default in payment of certain:of said 6% gold notes maturing
appointment of a receiver of RICO,
on Jan. 1 1931, and by reason of thelien was served upon the defendant
a bill of complaint to foreclose such
RICO and filed herein. Pursuant to said order dated Aug. 3 1933, on the
filing of the complaint said foreclosure suit was consolidated with the
prior suit for the appointment of a receiver of RKO brought by the complainant Alfred West and the two suits were ordered to proceed thereafter
under the above title as a consolidated cause. Since the filing of the bill
Trust Co.
foreclosure suit,
of complaint in said Bank & Trust Central Hanover Bank & indenture
Co. as trustee under RKO's
succeeded Chemical
dated Dec. 1 1931, and by an order made herein Aug. 24 1933 became the
substituted plaintiff in the foreclosure suit in place of Chemical Bank
& Trust Co.
-Upon its appointment the receiver
Operations During Receivership.
of
came into actual possession of only $2,846 cash in bank and the stock
subsidiaries.
certificates, bonds and notes
Its total receipts and disbursements to Oct. 15 1933 were $38,171.
Disbursements were 818,077. Balance, regular account, $20.092.
In addition to the foregoing receipts,the received collected certain monies
which it has deposited in a special account pending determination of contested rights thereto. Balance of special account, $19,152.
Prior to the appointment of the receiver a committee rof repesentatives
of various interested parties was constituted to consider the desirability of
discontinuing the operation of unprofitable theatres and to negotiate
reductions in theatre rents and mortgage interest and deferment of mortgage and other bond issue maturities o f theatre operating subsidiaries
po
Tiowing its appointment, the receiver and its counsel attended the
meetings of the committee and participated in its deliberations.
The committee made a complete analysis of RICO theatres and all
theatre operating subsidiaries and after thorough discussion made recommendations regarding the closing of specific theatres and such other action
as it deemed advisable. These recommendations were carefully considered by the receiver and the executives of RICO. In some instances
revealed that the
they were acted upon: in others further consideration In
expedient.
addition there
action recommended was not feasible or never
were
brought to the attention
were many operating problems which by
the receiver in co-operation with
committee and were handled
of the
RICO executives.
Fifty-eight of the 162 theatres operated by wholly owned subsidiaries
on Jan. 27 1933 were dropped. For those maintained reductions of rent,
taxes and interest and deferment of amortizations were negotiated with
considerable success.
Prior to the receivership. numerous reductions in rentals had been
secured. Negotiations for further reductions were concluded so that
of
basic theatre rents per annum have been reduced since the inception readdition, expiring
the receivership by approximately $250.000. In for
additional periods.
previously secured have been continued
ductions
the reduction agreements conit should be noted, however, that some of
profits or a percentage
tain Provisions granting lessors a percentage of the so that this reduction
above a fixed minimum rent,
or the gross receipts
$250,000 is subject to some modification depending upon receipts and
of
earnings.
Extensive efforts to reduce the cost of taxes on properties owned in fee
by RICO subsidiaries resulted in estimated
or leased with tax obligations properties still being operated.
savings of 5261.063 in taxes on
Reductions In interest rates, which will result in savings of $8,000 per
mortgages. Most of
annum, were secured on several individually held consists of mortgage
the indebtedness of RICO subsidiaries, however,
bonds in the hands of the public.
A number of extensions and deferments of principal were obtained,
particularly where the cash position of the debtor subsidiaries did not
accomplishment
warrant the necessary withdrawals. The most notableserial gold bonds
in this regard was the readjustment of the secured 6%
RICO Midwest Corp., a which 53.489,300 was outstanding and was
of
payable on
largely held by the public. Of these bonds 5436,900 was May 1 1935.
Nasty 1 1933,a like amount on May 1 1934 and the balance on
3505
New sinking fund bonds, due May 1 1940, were exchanged for all but
34,800 of the original bonds, including those maturing May 1 1933.
RKO Service Corp. pays all expenses, including salaries, incurred In
connection with the management service it renders to the theatre operating
and other subsidiaries, and allocates such expenses among the several
subsidiaries, charging theatre operating subsidiaries a home office fee
based upon a percentage of their gross receipts from theatres and a percentage of billings to tenants of commercial space. A portion of home
office expense is allocated to motion picture producing and distributing
subsidiaries. Since RICO Service Corp. is operated on a non-profit basis.
reductions in its expenses result in reduced home office fees to be borne
by theatre operating subsidiaries.
After careful study the receiver recommended reductions in salaries of
executives, reductions in personnel and savings in nearly all other items
of expense, including rent. The expense of RICO Service Corp. allocated
to theatre operating subsidiaries in 1932 was approximately $1,700,000.
an average of almost $142,000 monthly. For the seven month period
ended July 311933,the average monthly expense so allocated was $105,043.
Similar expense for August 1933 was $66,713. Since Aug.31 1933 additional
savings in rent,electricity, cleaning, &c., have been effected by consolidating
the RICO home office activities so that they are now housed in five rather
than 73.6 floors of the RICO Building in Radio City. The extent of the
savings in rent is hereinafter set forth under the heading "RICO Building
Leases."
Further savings will be effected wherever possible. It is hoped that
if the theatres currently in operation are maintained and theatre receipts
hold their present level, the present home office fee of 5% of the average
weekly gross receipts can be reduced to 3% or 3% by January 1934.
During the first six months of 1933 the motion picture and vaudeville
theatre business declined to its lowest level in many years. Nevertheless,
RICO theatre operations for this period show an improvement over the
corresponding period of 1932. This improvement is due to drastic reductions in operating expenses and the elimination of unprofitable theatres.
The following comparable table of operations for the 76 comparable
theatres operating during the first six months of1932and 1933 is illuminating:
% 1933
First Six
First Six
Months 1933. of 1932.
Months 1932.
94.72
36.773,879
38,782,188
Attendance
81.54
50.2994
Average admission price
30.3672
77.24
10,999.361.52
Total operating income
14,241,292.70
70.01
7,880,806.76
Total operating expense
11,256.075.33
104.47
3,118,554.76
Net profit before fixed charges_.. 2,985,217.37
Analysis of Operating Expense
41.81
51.061.987.89
$2,538,067.21
Vaudeville
82.94
FIlm
2,408,586.53
2.903,969.57
81.77
1,015.486.22
Advertising
1.241,873.40
74.27
3,393.646.30
Other expense
4,572.165.15
Despite lower gross operating income resulting from lower attendance
and average admission prices, the net profit (before fixed charges) was
greater during the first six months of 1933 than during the corresponding
Period in 1932. The substantial reduction of vaudeville expenses is due
more to the elimination of vaudeville in many houses than to reduction
In cost. The results of operations indicate that the policy of eliminating
vaudeville in order to reduce expenses, and so reduce admission prices during
the depression was sound.
Currently managed theatre operating subsidiaries (exclusive of the
two subsidiaries operating the Radio City theatres) show a net loss after
all charges for the eight-month period ended Aug. 31 1933 of S977.485.
This loss includes many non-cash and non-recurring items such as depredation of buildings, amortization of leaseholds, loss on sales of invest
manta and capital assets. &c. If the largest of these items, depreciation
and amortization, aggregating $1,278.697. is eliminated, current theatre
operations for the period show a cash profit of $301,212.
-When the
Operations of Radio City Music Hall and RICO Roxy Theatre.
receiver was appointed on Jan. 27 1933, the Radio City Music Hall and
the RICO Rory Theatre were being operated respectively by Radio City.Inc..
and Radio City Theatres Corp.. two direct subsidiaries of RKO, whose
stocks remained unpledged and came into possession of the receiver. The
Music Hall had been so operated since its opening Dec. 27 1932; the RICO
Boxy Theatre since its opening on Dec. 29 1932. Both theatres were
sub-leased from RICO with rentals and terms substantially equivalent to
those in the basic lease from Rockefeller Center, Inc., to RICO.
Operations of the theatres for the month preceding the receivership
were conducted at a substantial loss. Upon Its appointment, the receiver
Was advised that this loss was in part due to the failure of the Original
type of entertainment planned for the Music Hall; that the importance
of these theatres to the business as a whole was such that despite pros
of further loss in the immediate future, they should be continued
a
Fi operation: and that economies in overhead and operating expenses
were contemplated which would make profitable operation possible. In
view of these facts, the operation of the two theatres was continued under
the existing lease and agreements pending the making of the agreements
and leases hereinafter described.
The original lease from Rockefeller Center, Inc., (formerly known as
Metropolitan Square Corp.) to RICO called for a rental as finally adjusted
of $953,972 per annum ($79,497 per month) for the two theatres. Pursuant to the provisions of an agreement dated June 5 1930 as subsequently
amended between Rockefeller Center, Inc., and Underal Holding Corp.
on the one hand, and on the other, RCA and certain other corporations
which, through stock ownership or otherwise, are associated with RCA,
Including RICO, $1,000,000 in securities (later converted into cash) was
deposited with the Chase National Bank, New York. Said agreement
dated June 5 1930 provided, among other things, that subject to certain
conditions the landlords (Rockefeller Center, Inc., and Underel Holding
Corp.) might apply the proceeds from the sale of such securities to any
deficiencies in the rentals for the two theatres. Said original lease terminated automatically by its terms when the receivership was made permanent on Feb. 17 1933. As of that date a reserve was created on the
books of RICO and charged to capital surplus in the amount of $843,003
to cover the balance of said security deposit remaining after allowing
for accrued rent payable to Feb. 17 1933. This item is reflected in the
consolidated statement of capital surplus for the eight months ended Aug.31
1933.
Pursuant to order of the Court, Radio City, Inc., and Radio City
Theatres Corp. entered Into an agreement with Rockefeller Center, Inc.,
sod Radio Corp. of America, providing for a new lease of the two theatres
to Radio City, Inc., for a term beginning Feb. 17 1933 and ending Aug.31
1933, upon the following basis:
RCA was to advance to the two theatre corporations a sum not exceeding $250.000 to be used for the payment of their outstanding indebtedness as of Feb. 1 1933, and an additional $50,000 to be used for working
capital. All income from the theatres was to be paid by the subsidiaries
Into a special account in trust to pay the necessary operating expenses and
then to pay the balance at the end of each calendar month,one-half to RCA
to repay the amounts advanced and one-half to Rockefeller Center, Inc..
as rent (but not exceeding a maximum amount, the calculation of which
was based on the maximum rent provided in the original theatre lease to
R1(0). Any balance remaining at the termination of the agreement, after
full payment of the RCA advances and the maximum rent, was to be
returned to the theatre operating subsidiaries. Rockefeller Center, Inc..
was to recover from the $1,000,000 security deposit the rent and other
charges due on Feb. 17 1933 under the original theatre lease and thereafter, from time to time, was to recover from said deposit such sums as
might be necessary in order to make up any deficiency between the rent
provided In the original theatre lease and the rent received under the new
lease.
As a result of this arrangement, the two theatre operating subsidiaries
were able to pay off substantially all their current obligations; they were
assured that their obligation for rent would not exceed their income from
the theatre; and they were put in possession of working capital which
would not be subject to depletion for rent.
Pursuant to the agreement of Feb. 17 1933, a new lease was executed
and the operation of the theatres continued until kug. 31 1933. During
this period Rockefeller Center, Inc., and RCA received $98.378 and 598,378.
respectively, from the special account, so that $201,621 was still due
to RCA on Sept. 1 1933. During the same period Rockefeller Center,
Inc., withdrew the sum of $696,835 from the security deposit, leaving a
balance of $303,164.
Prior to the expiration of the leases made pursuant to the agreement of
Feb. 17 1933 the receiver and the executives of RICO negotiated a new
agreement dated as of Aug. 31 1933, which has been executed by Rockefeller Center, Inc., RCA and the theatre corporations, and approved by
the receiver, subject, however, in all respects to the approval of the court.
Providing for a new lease of the two theatres for one year (subject to earlier
cancellation by the landlord) upon the following basis:
3506
Financial Chronicle
The income from the theatres is to be placed in a new special account
to be applied, first, to the payment of operating expenses of the theatres;
second,to the maintenance ofa working fund of$100,000; third, to a reserve
fund not exceeding $25.000 for the payment of accrued operating expenses;
and fourth, to a rent payment of $50,000 per month to Rockefeller Center,
Inc. One-half of any balance then remaining at the end of each month
is to be paid to Rockefeller Center, Inc., as additional rent, one-fourth
to the theatre operating subsidiaries, and one-fourth into a special reserve
fund account. As under the earlier agreements of Feb. 17 1933, the new
agreement gives to Rockefeller Center, Inc., the privilege of recovering
monthly from the remainder of the $1,000,000 security deposit any
deficiency between the original lease rent and the rent under the new lease.
If it has not theretofore received $1,000,000 in rent for the year from
the new special account, Rockefeller Center, Inc., is to take down the
deficiency from the special reserve fund account, otherwise the money in
this account is to go to the theatre operating subsidiaries.
The receiver has prepared a petition to the Court for an order approving
the execution of the foregoing agreement, under which the theatre operating
subsidiaries will continue to enjoy the advantages of the agreement of
Feb. 17 1933 and will in addition have the opportunity to share in the
income remaining after payment of current operating expenses and $50,000
rent per month (instead of sharing after the payment of current operating
expense and $79,497 rent per month as under the earlier agreement).
The new agreement also makes provision for certain collateral benefits
to RKO Service Corp. and RKO Radio Pictures. Inc.
Operations of the two Radio City theatres for the period from Jan. 1
1933 to Aug. 25 1933, as expressed on the books of the operating subsidiaries,show a loss of $134,410. In addition to depreciation and amortization this loss includes $20,424 interest accrued on advances from RCA to
RKO. Rent on the two theatres was charged on the basis of $79,497
per month from Jan. 1 1933 to Feb. 17 1933, in accordance with the terms
of the sub-leases from RKO. Thereafter to Aug. 25 1933 only the actual
amount of cash paid Rockefeller Center, Inc. under the terms of the
agreement of Feb. 171933, amounting to $98,37g, has been charged as rent.
During the entire period the executives of RICO and the receiver have
devoted continual attention to the problems ofreducing operating expenses.
The result of their efforts is reflected in the statement of operations for
the four weeks in September 1933 which shows a profit of before rent
$90,580.
If this recent improvement in operations should continue, it is reasonable
to assume that the Radio City theatres can be conducted on a profitable
basis hereafter.
Organization of Stadium Theatres Corp. and Readjustment of Indebtedness
KAO to RKO.—Prior to the receivership. RKO controlled Keith-Albeerpheum Corp., which in turn controlled Orpheu!m Circuit, Inc. RICO
owned 21,674 of the outstanding 64,304 shares of preferred stock and
substantially all of the common stock of KAO. RKO also owned 9,462
of the outstanding 63,840 shares of Orpheuan preferred stock. The remaining shares of Orpheum preferred stock (except for 1,289 shares in
Orpheum's treasury) were in the hands of the public. KAO owned substantially all of the common stock of Orpheum.
From time to time during 1930 and 1931 RICO made loans to Orpheum,
of which $1,115,434 remained unpaid at Dec. 31 1931. As of that date
ICAO assumed the payment of this debt to RKO, in consideration of
Orpheum's agreement to pay a like sum to KAO. During 1932, KAO
made additional advances to Orpheum, so that when the latter filed a
voluntary petition in bankruptcy on Jan. 27 1933, its total indebtedness
to KAO (including interest) was $3,001,239. As security for the payment
of this indebtedness. Orpheum, by indentures dated as of April 1 1932
and Aug. 1 1932. had pledged with ICAO all of the capital stock of its
subsidiaries held by it as well as the notes and mortgages originally given
by them to Orpheum for advances made to them by it.
In order to obtain funds primarily to be used for making the loans to
Orpheum just described, ICAO borrowed from RICO from time to time
so that as at Dec. 31 1932 ICAO was indebted to RKO to the extent of
$2,394,656 (excluding interest) for which promissory notes had been
executed and delivered by KAO to RKO. These notes were pledged by
RICO with Chemical Bank & Trust Co.
Prior to, and after the appointment of the receiver, certain holders
of preferred stock of KAO challenged the validity of the notes executed
and delivered by KAO to RICO and threatened to institute suit to set
aside the entire indebtedness as an obligation of KAO, and to compel
RICO to accept instead the indebtedness of Orpheum to KAO. These
preferred stockholders asserted that the loans made to Orpheum by KAO
were in a large part more beneficial to RKO than to ICAO. They contended that RICO, through its subsidiaries, received substantial payments for the exhibition in the theatres operated by Orpheum subsidiaries
of motion picture films produced by R1CO's subsidiaries; that were it
not for the control of ICAO by RICO, a large part of the loans would not
have been made by KAO to Orpheum; and that it would not, therefore,
have been necessary for KAO to incur the large indebtedness owing to RICO.
In order to avoid such litigation and to effect an equitable adjustment
of the matter prior to the receivership negotiations were carried on by
RKO and attorneys employed by KAO with the attorneys for the complaining preferred stockholders of ICAO. On the appointment of the
receiver these negotiations were concluded and an agreement was entered
Into between the receiver. ICAO and Stadium Theatres Corp., a whollyowned subsidiary of the receiver of RICO, pursuant to an order made
and entered May 9 1933 providing for the following transaction:
Stadium was to execute its note for $2,394,656. dated as of the date
of the closing of the transaction and payable on demand with interest
at the rate of 6% per annum to Chemical Bank & Trust Co., as trustee
under the collateral note indenture of July 1 1931 and deliver this note
to the receiver. The note was to bear the notation that it was subordinate
to the obligation of Stadium to KAO arising out of the purchases of the
Orpheum notes under the terms of the agreement.
In exchange for this note of Stadium the receiver was to obtain from
Chemical Bank & Trust Co., as trustee, the notes of KAO aggregating
$2,394,656. On receipt of these notes the receiver was to mark them
•'paid" and deliver them so marked to ICAO on the delivery by ICAO to
Stadium of (1) Orpheum secured gold notes held by KAO aggregating
$2,394,656, and (2) an assignment of all of the Orpheum collateral held
by KAO as security for the payment of these Orpheum gold notes, together with an assignment of the rights of ICAO under the Orpheum indentures of April 1 1932 and Aug. 1 1932, as well as such other additional
Instruments of transfer as might be required by Stadium, subject to the
proviso that such assignments were not to impose upon KAO any obligation or warranty in respect to the validity, enforcement or collectibility
of the Orpheum notes or the Orpheum collateral assigned to Stadium.
With respect to the balance of $486,030 of Orpheum's notes retained by
KAO. KAO was to execute and deliver to Stadium an agreement subordinating this interest in the Orpheum collateral securing such notes
and agreeing to indemnify and hold Stadium harmless from any loss or
damage from any set-off or counterclaim interposed by and allowed to
Orpheum against the indebtedness of Orpheum assigned to Stadium.
in the event that the amount eventually paid or received on the Orpheum
notes prior to Jan. 1 1938 should be less than the sum of $2,394,656, plus
certain interest, KAO was to pay to Stadium on demand at any time
on or after Jan. 1 1938 the amount of such deficiency up to but not exceeding $894,656, such amount being the difference between the amount
ofthe indebtedness of ICAO to RICO ($2,394,656)and the sum of $1,500,000.
which is the extent of the indebtedness of KAO to RICO to be released under
the terms of the agreement. If the proceeds of the Orpheum notes should
exceed $2,394,656, plus interest, then Stadium on Jan. 1 1938 is either
to pay the excess to KAO in cash or in Orpheum collateral or the proceeds
thereof, or both.
This agreement, dated as of April 1 1933. was executed by the receiver
pursuant to an order of this Court made herein May 9 1933, and has since
bftn performed by the parties thereto. The net result is that RICO
releases KAO of its indebtedness of $2.394.656, subject to a contingent
liability of KAO to RICO not exceeding $894.656, which contingency
is vested to the extent that RKO (through Stadium) does not realize
$2,394.656 on the Orpheum collateral assigned to it by ICAO. The ex, 4
pense of a prolonged and difficult litigation was thus avoided.
Following the making of an order dated May 9 1933 Harrison Theatre
& Realty Corp., an unsecured creditor, applied for and obtained an order
granting it leave to intervene in the receivership suit for the purpose of
appealing from said order to the Circuit Court of Appeals of the Second
Circuit. Such appeal is now pending in that Court.
Bankruptcies and Receiverships of Subsidiaries.—A number of the threatre
operating and holding company subsidiaries of RICO went into receivership or bankruptcy at nearly the same time as the appointment of the
temporary receiver of RICO. As most of these subsidiaries were heavily
indeoted to RICO, the receiver has filed proofs of claim against their estates.
(a) Radio-Keith-Orpheum Western Corp., a direct subsidiary of RICO,
nterested in the operation of five theatres on the West&Coast,kwas_ad-
Of
Nov. 11 1933
judicated a voluntary bankrupt by the U. S. District Court for the District of Delaware on Jan. 27 1933. Herman Zohbel was appointed receiver in bankruptcy and on Fee. 1 1933 was elected trustee in bankruptcy.
(b) RICO Southern Corp., a direct suosidiary of RICO, interested in
the operation of eight theatres in the South and Southwest, was adjudicated
a voluntary bankrupt by the U. S. District Court for the District of
Delaware on Jan. 27 1933. Herman Zohbel was appointed receiver in
bankruptcy and on Feb. 1 1933 was elected trustee in bankruptcy.
_(c) Cleveland Hippodrome Theatre Co., a subsidiary jointly owned by
RICO and one of its subsidiaries, interested in the operation of the Hippodrome theatre in Cleveland, was adjudicated a voluntary bankrupt bY
the U. S. District Court for the Northern District of Ohio on March 31
1933. W. C. Thompson was elected trustee in bankruptcy on April 14
1933.
(d) Toledo Theatres & Really Co., a direct subsidiary of RICO, was interested in the operation of two theatres in Toledo. Stephen J. Balog
and William B. Welles were appointed receivers in equity on Feb. 11 1933
by the U. S. District Court for the Northern District of Ohio.
(e) Orpheum Theatre Co. (Ind.), an indirect subsidiary of RKO, was
interested in the operation of seven theatres in Indiana. Hugh G. Keegan
was appointed receiver by the Superior Court of Allen County, Ind., on
Feb. 21 1933.
(f) RKO Theatres Operaang Corp., a direct subsidiary of RKO interested
In the operation of seven theatres in New Jersey and Connecticut, was
adjudicated a voluntary bankrupt by this Court on Feb. 27 1933. Irving
Trust Co. was appointed receiver in bankruptcy and on March 9 1933
was elected trustee in bankruptcy.
(g) Orpheum Circuit, Inc., an indirect subsidiary of RICO, owning
stocks of 40 theatre operating, vaudeville booking and allied companies,
interested in the operation of 72 theatres in the West and Middle West,
was adjudicated a voluntary oankrupt by this Court on Jan. 27 1933.
Irving Trust Co. was appointed receiver in bankruptcy and on Feb. 17 1933
was elected trustee in bankruptcy.
Claims Filed Against RKO.—Pursuant to the order appointing the
receiver and the supplemental order dated May 5 1933 claims aggregating
$23,285.143 have been filed against the estate of RKO, in addition to
the claim of Rockefeller Center. Inc., which is undeterminate in amount
and is based upon (1) breach of lease covenants by RKO for the payment
of rent on the two Radio City theatres and office space in the RICO Building; and (2) breach of an agreement to pay the cost of the two threatree
(less certain adjustments for amortization, &c.) in the event of default
in the payment of rent therefor.
The following table indicates the nature of these claims:
Number of
Total Amount
Nature of Claims—
Such Claims.
of Claims.
Contingent claims based upon rent guarantees
of direct leases (excluding claim of Rockefeller Center, Inc.)
18
$17,395,990
Contingent claims based upon guarantees of
financial obligations
4,581,714
19
Claims founded on alleged breach of contract
82121:309391
8
Claimsfor goods and commercial services
rendered
14
Claimsfor other services rendered (legal.
banking, &c)
10
Income taxclaims3
25149,767636
Miscellaneous claims
8
199,567
Total
$23,285,143
In addition to the foregoing, it must be borne in mind that RICO has
a funded indebtedness of $16,239,708, consisting of notes and debentures
outstanding in the following amounts: $2,814,500 of 6% gold notes;
81,825,208 of 6% secured gold notes; $11,600,000 10
-year 6% sinking
fund gold debentures. Subject to further order of Court, holders of
these securities have been exempted from filing claims.
The time for filing claims having expired, the receiver intends to apply
to the Court in the near future for the appointment of a special master
or masters to hear and determine them.
Reorganization Plans.—No plan of reorganization has been formulated
to date to the knowledge of the receiver.
The consolidated income statement for the eight months
ended Aug. 31 1933 was given in V. 137, p. 3339.
Consolidated Statement of Capital Surplus for 8 Months Ending Aug. 31 1933.
Capital surplus at Jan. 1 1933
$2,953,88
3
Adjustments arising from the elimination from the consolidation of the accounts of the Orpheum Circuit, Inc.. RadioKeith-Orpheum Western Corp., RICO Southern Corp.,
RKO Theatres Operating Corp. Toledo Theatres and
Realty Co. and the Cleveland Hippodrome Theatre Co.
(Including their subsidiary companies and photograph and
Bureau, Inc.):
Consolidated capital surplus of Orpheum Circuit, Inc. and its
subsidiary companies at date of acquisition by Keith-AlbeeOrpheum Corp. and good will of Photograph and Press
Bureau, Inc. offset in consolidation against the investment
of Keith-Albee-Orpheum Corp. in those cos..
$9.593,625
Deficits of Subsidiary companies at date of eliminationfrom the consolidation:
Orpheum Circuit,Inc.and sub.cos. $3,190,873
Radio-Keith-Orpheum Walt. Corp.
and subsidiary Co
2,433,543
RKO Southern Corp
1,075,142
RICO Theatres Operating Corp..
346.423
Toledo Theatres and Realty Co706,534
The Cleveland Hippodrome Theatre Co
188,954
$7,941,470
Less: Operating surplus of Photograph and Press Bureau, Inc____
2.405
Surplus created by exchange of Orpheum Circuit,
Inc. preferred stock for Radio-Keith-Orpheum
Corp. common stock
7,939,065
15,120
$17,547,809
Deduct—Charges in respect of rehabilitation of
properties and revaluation of capital assets as
at Jan. 1 1932 and subsequently during the
year, charged to surplus on the books of the
subsidiary companies but transferred,on Consolidation, to appropriate reserves
9,383,934
8,163,876
Provisions for loss on security deposit (8843A:13)
and doubtful accounts receivable ($8,762) in
connection with Radio City leases
$851,766
Adjustments in the accounts of Radio-Keith-Orpheum Corp.
and subsidiary cos, to write down to nominal values the
investments in the subsidiary cos,in bankruptcy,as above,
and providing for other balances duefrom these companies,
and for their indebtedness, the payment of which is guaranteed by Radio-Keith-Orpheum Corp.:
Writing down to nominal values investments in capital stocks:
Orpheum Circuit, Inc.(corn. stock)$10,138.953
Orpheum Circuit, Inc. (pref. stock)
946,199
Radio-Keith-Orpheum West. Corp.
249,999
RKO Southern Corp
1,765,999
RICO Theatres Operating Corp
335,919
Toledo Theatres and Realty Co__ 380.318
The Cleveland Hippodrome Theatre
Co
173,367
13,990,755
Writing down notes receivable from Orpheum
Circuit,Inc
• 486.029
Setting up reserve for notes receivable from. Or,
pheum Circuit, Inc. (represented by probable,
future liaoility of Keith-Albee-Orpheum Corp.
Circuit, Inc. (represented by probable futurel
liability of Keith-Albee-Orpheum Corp. toj
Stadium Theatres Corp.)
jr 894,656
.
$11.117,758
Volume 137
Writing off interest recivable from Orpheum
Circuit, Inc
Setting up reserves for other notes and
accounts receivable:
Subsidiary companies of Orpheum
Circuit, Inc
$18,927
Radio-Keith-Orpheum West. Corp. 2,217,608
RKO Southern Corp
649.017
RICO Theatres Operating Corp_
203,843
Toledo Theatres and Realty Co
594,943
The Cleveland Hippodrome Theatre
Co
392,185
Providing for the payment of indebtedness of subsidiary companies in bankruptcy which is guaranteed by Radio-Keith-Orpheum Corp. including accrued interest to dates of bankruptcies:
Subsidiary companies of Orpheum
Circuit, Inc
$1,011,847
Radio-Keith-Orpheum West. Corp. 1,924,170
Toledo Theatres and Realty Co
265,633
Financial Chronicle
120,553
4,076,526
Reliance International Corp.
-50-Cent Preferred Div.
The directors have declared a dividend of 50 cents per share on the
cum. pref. stock, $3 cony, series, no par value. payable Dec. 1 to holders
of record Nov. 21. A like amount has been paid each quarter since and
including June 1 1932.-V. 137, p. 3159.
3,201,651
23,621,936
Capital deficit at Aug.31 1933
$12,504,177
Consolidated Balance Sheet Aug. 31 1933.
LiabtldiesAssets
Cash
$2,414,530 Notes payable and debens_
$3,360,698
Notes payable of affiliated
Subscriptions to debentures
and stock
286,527 companies. guaranteed_ __
69,430
Accounts receiv., less reserve
760,345 Accounts payable, sundry_-1,224,591
Accounts payable to subsiAccounts receivable from officers and employees
23,573 diary companies, not con•
Accrued Interest
27,834 solidated
228,079
Deposits on sales of investAdvances to outside proments
ducers, less reserve
258,374
50,000
Inventories
6,508.533 Accrued taxes, interest and
Scenarios and continuities, at
expenses
x2,068,872
cost, less reserve
789,993 Accrued int. on guaranteed
Land owned
20,472,749 indebtedness of subsidiary
Buildings and equipment on
companies not consolidated
92,220
land owned and on land
Deposits
403,295
partly leased, less reserve
114,684
16,683,031 Deferred accounts payable
Debentures and deferred notes
Leasehold improvements and
payable
13,722,000
equipment, less reserve- 8,408,513
Other funded debt
Leaseholds, goodwill and con27,317,884
contracts
6,501,684 Guaranteed funded debt of
subsidiary companies not
Investments in affiliated and
other companies
y3,040,000
2,982,397 consolidated
Other assets
2,030,642 Reserves
Deferred charges
For uncollected billings and
1,650,495
rents and deferred income_ 761.234
For taxes and contingencies
992,420
For abandonment of unnecessary properties and
rehabilitation of theatres 3,019,039
For revaluation of capital
11,584,772
assets
K. -O. Corp. 7% cumul.
-A.
4,263,000
cony. pref. stock
25,075,237
Common stock
Capital deficit
12,504,178
15,084,062
Operating deficit
Total
$69,799,219
$69,799,219 Total
Notes.
-In addition to certain of the capital assets, there have been
pledged as collateral to secure the payment of funded and other debt of
the companies, capital stocks of certain subsidiary and other companies.
notes and mortgages evidencing indebtedness of certain subsidiary companies to the parent company, and inventory of pictures.
No provision has been made for possible Federal tax liabilities resulting
from taxes provided by National Recovery Act of June 16 1933.
No adjustment has Peen made herein for any loss which may result from
the purchase and retirement of certain stock by the Radio-Keith-Orpheum
Vaudeville Exchange.
Interest accrued on obligations of Radio-Keith-Orpheum Corp. (sungequent to Jan. 27 1933) has been included as a liability although such
littaility has not been recorded on the books of the company.
y Does not include guaranteed debt of subsidiary companies not consolidated and not adjudicated bankrupt or placed in receivership.
z Represented by 2,557,5234 no par shares.
Balance Sheet (not Consolidated) Aug. 31 1933.
Assets
LiabilUiesCash
$47,174 Accounts payable
$23,876
Subscriptions to debentures &
Accounts payable to affiliated
stock unpaid at Aug. 31 '33
286,527 companies
147,238
Accounts reedy., less reserve
4,903 Accrued taxes, interest and
Notes and accounts receivable
expenses
263,033
other
from affiliated and
Accrued int. on guaranteed
companies, less reserve__ _ _ 20,611.305 Indebtedness of subsidLiry
Accrued interest
companies in bankruptcy or
26,678
Leasehold improvements and
receivership
92,220
equipment, less reserves for
Deposits on sale of investmls
50,000
depreciation and amortiz
85,655 10 year 6% sinking fund gold
Good-will and contracts
1,500,001
debentures
11,600,000
Capital stocks of affiliated and
6% secured gold notes
1,825,209
other companies
30,840,482 6% gold notes
2,814,500
Accounts payable--Parthenon
Advances to and bonds to affi430,789
liated companies
Realty Col p
80,000
Notes pay -Frances BuildOther investments and deing Co
posits and other assets:
40,000
710 Notes payable of affiliated
Deposits with trustee
company, guaranteed
Mortgages receivable from
69,430
4,163,869 Guaranteed funded debt of
companies
affiliated
43,753 subsidiary companies in
Sundry investm'ts & deposits
bankruptcy or receivership 3,040,000
Unamortized bond discount
106.632 Reserves:
and expense
For uncollected rents
29,767
Organization expense deferred
4,886
For taxes and contingencies
231,239
For abandonment of unnecessary properties and
rehabilitation of theatres 1,299,742
For revaluation of capital
assets
22,902.819
For investments in capital
stocss, not appraised_ _ _ 1,500,000
x Common stock
25,075,237
Capital deficit
14,689,173
Operating surplus
1,807,989
$58,178,245 • Total
$58,178,245
Total
Note.
-Interest on obligations accrued to Jan. 27 1933. Reserves have
been provided against investments in and advances to companies in
bankruptcy.
-V. 137. p. 3339.
z Represented by 2,557,524 no par shares.
-Creditors Accept
Realty Associates Securities Corp.
Plan.
Creditors on Nov. 8 voted to accept a plan of reorganization made by
officials of the corporation. The meeting at which the affirmative action
Was taken was held before Referee in Bankruptcy Eugene F. O'Connor Jr.
in the Federal Building in Brooklyn.
Under the terms of the agreement bondholders of the bankrupt corporation will receive 15% of their claims in cash and the balance in bonds
maturing In 1948. The agreement will have to be approved by a Judge of
the U. S. District Court. Referee O'Connor said he would report favorably
to the Court on the composition.
The corporation filed a voluntary petition in bankruptcy last July 10. It
listed assets of $16.135,000 against liabilities of $12.650,000. The petition
said the assets of the company were frozen because of the condition of the
real estate market. At the meeting Nov.8 holders of more than $9,000.000
of the bonds of the corporation voted for the agreement, while holders of
$70.000 of the bonds voted against the reorganization.
3507
Frank Fox, President of the corporation and one of its receivers, said
the agreement with the creditors was a very fair one and he believed the
creditors ultimately would be paid 100 cents on the dollar of their claims.
In addition to the cash and bond settlement the composition provides
that four persons chosen by the bondholders will become members of the
board of directors of the corporation and that the board shall not be increased to more than 12 members.
Federal Judge Robert A. Inch in Brooklyn on Nov. 3 filed an opinion
in which he refused to discharge Frank Fox as receiver for the corporation.
The dismissal had been asked by Archibald Palmer and Jacob R. Schiff,
representatives of minority bondholders of the corporation. In his opinion
Judge Inch said that Fox and Fred L. Gross, the other receiver, have served
faithfully and "so far as I can see they have performed well every duty that
the law imposes upon such receivers.'-V. 137, p. 2474.
-November Said Increase.
Remington Rand, Inc.
Preliminary figures for October indicate that net foreign and domestic
sales billed by Remington Rand Co. will exceed any month since January
1931. Estimated earnings for October will approximate the 7% preferred
dividend requirements for the month and will amount to about 50% of
the earnings for the entire preceding quarter.
Orders booked in the first nine days of November are showing a 20%
Increase over the corresponding period of October, whereas November
usually shows a decline of 4% from October. Orders in October were
40% In excess of October 1932, while those for November, to date, are
55% ahead of the corresponding period a year ago.
In the quarter ended Sept. 30 net profit was $203,656 after depreciation,
interest, &c., equal to $1.30 a share on 156,950 shares of 7% 1st pref.
stock. ("Wall Street Journal")
-V. 137, 13• 3338.
(The) Rike-Kumler Co.
-Dividend Resumed.
A dividend of 50 cents per share has been declared on the no par common
stock, payable Dec. 11 to holders of record Nov. 25. Distributions of
373i cents per share were made on Jan. 2 and April 1 1932; none since.
From Jan. 2 1930 to and incl. Oct. 1 1931 the company paid quarterly
dividends of 55 cents per share.
-V. 137. p. 2474.
Royal Dutch (Petroleum) Co.
-No Interim Dividend.
The company has decided not to declare an interim dividend on the
common stock for the year 1933. A year ago similar action was taken,
a final dividend of 6% for the year 1932 being declared in May this year.
V. 137, P. 705.
Schiff Co.
-October Sales.
.-1932. Decrease.
1933-October-1932
Increase. f 1933-10 Mos
.
$160,938
$742,088
$683.028
$59,060 1$7,136,520 $7.155,582
-V. 137. p.2820, 1951.
Scullin Steel Co.
-Ceases Operation.
Operations will be indefinitely suspended because of poor business conditions, it was announced on Oct. 31 by President Harry Scullin. The
company is one of the largest of its kind in the Mississippi Valley.
"We are not out of business, by any means," Mr. Scullin said. "Our
plant is one of the largest in the country and has been getting its share of
orders, but for months we have been operating at a large loss. We are
retiring from the field for the present in order to conserve the company's
assets.
"Most of our business is with railroads and they stopped buying several
months ago. To stop the drain on our resources we decided there was
nothing to do but close."
-V. 137, 11• 1779
.
Seaboard Oil Co. of Delaware.-Extra Dividend.
The directors on Nov. 8 declared an extra dividend of 10 cents per share
n addition to the regular quarterly dividend of 15 cents per share on the
common stock, no par value, both payable Dec. 15 to holders of record
Dec. 1. Quarterly distributions of 15 cents per share were made on June 15
and Sept. 15 last, as compared with a quarterly dividend of 10 cents per
share and an extra of 10 cents paid on March 15 1933.-V. 137, p. 3160.
Sears, Roebuck & Co.
-Sales Up.
Period End.Nov. 5---1933-4 Wks.
-1932 1933-40 Wks.
-1932.
Sales
$28,590,302 $23,652.111$205.656,826$210,988,705
-V. 137. p. 3339. 2820.
(Gordon) Selfridge Trust, Ltd., London.
-Report.
Years Ended Sept.30
Divs. rec. on ordinary
shares of Selfridge &
Co., Ltd
Add amt. rec. for int. &
transfer fee
Reserve for income tax
not required
1933.
1932.
1931.
£30,000
160,000
£75,000
1150,000
4,294
5,112
5.461
6.413
1930.
6,114
Total
Secretarial expenses, &c_
Income tax
£40,409
806
£65,112
812
975
£80,462
809
3,201
£156,413
851
17,835
Net income
Previous surplus
£39,603
27,813
£63,324
24.488
£76,452
30,537
£137,727
32.060
Total
Divs. paid and accrued
to Sept.30 on pref.shs.
£67,416
£87,813
£106,989
£169.787
60,000
60,000
60.000
60,000
Credit of rev. acct.__
From which directors
recommended pay. of
a div., less tax on the
ordinary shares which
amounts to
Transfer to reserve fund
£7,416
£27,813
£46,989
£109,787
Total surplus, Sept. 30
£7,416
(3%)22,500 (7%)54,250
25,000
£27,813
£24,488
£30.537
Comparative Balance Sheet Sept. 30.
Liabilities1933.
1932.
1932.
1933.
Assets1.000,0006% cum.
Purch. considerapref. shares_ _ _£1,000.000 £1.000,000
tion of the whole
1,000,000 ordinary
of the issued orshares
1,000,000 1,000,000
dinary sh. cap.
of Selfridge &
Reserve fund
50,000
50,000
Co., Ltd
£2,000,000 £2,000,000 Accr. div. on pref.
Investment
30,260
22,832 shares
18,750
18,750
Debtors
174 Revenue account_
7,415
27,814
Cash
45,905
73,556
Total
£2,076,165 £2,096,563
-V. 135. p. 4228.
Total
£2,076.165 £2,096,563
Shen Transport & Trading Co., Ltd.
-No Interim Div.
-
The directors have decided not to declare an interim dividend on the
common stock for the year 1933. Similar action was taken a year ago,
but the company declared in May, this year. a final dividend of 7A %
for 1932.-V. 137, p. 508. 328.
Simmons Co.
-October Sales.
Period End. Oct. 31- 1933
-Month-1932.
1933-10 Mos.-1932.
Net sales, excl. subsids_ $1,619.653 $1.319,331 $15,160,519 $12.206,117
Net sales, incl. subsids_ 2,280.410
1,967.973 21.178,585 16,322,421
-V. 137. p. 2821, 2119.
(L. C.) Smith & Corona Typewriters, Inc.
-Tenders.
The Equitable Trust Co. of New York, as success trustee. 11 Broad St..
,tr
N. Y. City, will until noon on Nov. 14 receive bids for the sale to it of L. C.
Smith & Bros. Typewriter. Inc.. 1st mtge.6% sinking fund gold bonds, due
Nov. 1 1939 to an amount sufficient to exhaust $65,426 at prices not ex-V. 137, is. 1068.
ceeding 102k and interest.
Financial Chronicle
3508
7
-Socony-Vacuum Corp.
-To Vote on Merger of Far
/Eastern Marketing Properties.*
A special meeting of the stockdolders has been called for Dec. 14 to
approve the sale of the corporation's properties in the Far East to the Standard-Vacuum Oil Co., a company incorporated in Delaware on Sept. 7
1933 by the Socony-Vacuum Corp. and the Standard 011 Co. of New Jersey.
It is desired to consolidate the operations of both companies in that part
of the world. The stated capitalization of the new company is *10,000,000.
Its assets will be between $150,000,000 and *200,000,000. Its stock will
be owned equally by the Socony-Vacuum Corp. and Standard Oil Co. of
New Jersey.
Properties of the Socony-Vacuum Corp. involved in the plan are chiefly
Its marketing and storage facilities in China, British India, Japan, Australia, New Zealand and South and East Africa. The Standard Oil Co. of
New Jersey will contribute its refining and producing properties in the
Dutch East Indies and the marketing facilities of the Union Atlantic
Co. in New Zealand and Australia. The Union Atlantic Co. was acquired
a few months ago by the New Jersey company from the Atlantic Refining
Co. and the Union Oil Co. of California.
The Standard Oil Co. of New Jersey and the Socony-Vacuum Corp. will
have equal representation on the board of directors of the new company.
William B. Walker, a Vice-President of Socony-Vacuum, will be President,
and George W. Walden. Managing Director of the Nederlandsche Koloniale
Petroleum Maatschappll, a subsidiary of the New Jersey company and the
principal property which that company will contribute to the joint enterprise, will be Senior Vice-President.
Herbert L. Pratt, Chairman of Socony-Vacuum Corp., in his letter to
stockholders said the directors of his company were unanimously of the
opinion that the terms of the agreement were fair and that its consummation
would result in increased earnings to both companies. Further pointing
out the advantages of the consolidation, Mr. Pratt said:
"The Socony-Vacuum Corp., either directly or through locally organized
subsidiary or affiliated companies, owns storage and distributing facilities
and maintains a marketing organization in every important market of
the Far East. It owns no producing properties and no refining facilities
in this area. On the other hand, Jersey, which has neither distributing
facilities nor marketing organizations in this area, through a locally organized subsidiary owns large proven crude oil reserves and modern refining
facilities. The business of the two companies in this territory is truly com-making the union
plementary
-what one lacks is possessed by the other
of the two a normal and logical business step growing out of the particular
needs of the two companies.
"During the early years of its operation in the Far East Socony-Vacuum
had but little competition. With the increase in demand for petroleum
products other companies entered these markets and competition became
keen. At the present time this competition is intensive, particularly on
the part ofcompetitors who have crude supplies and refining facilities advantageously located. With the passage of years it has become increasingly
evident that nearby sources of crude and local refining facilities are not
only desirable but necessary in order to enable our company to preserve and
protect its business and to maintain its marketing position in that part of
the world."
•
Srarir-Eos--Angeles..-
he Board of Governors of the Los Angeles Stock Exchange on Now, 2
roved the listing of 31.923,072 shares of common stock, par $25
ck,
V. 137, p. 3340.
Sonotone Corp.
-Earnings.
For income statement for 3 months ended Sept. 30 1933 see "Earnings
Department" on a preceding page.
Sales show a steady increase, it is reported. September sales of *97,924
being more than double the July sales of $46,583: The general balance
sheet as of Sept. 30 1933 shows current assets of *426,157, against current
liabilities of *69,063, leaving working capital of *357,094. Total assets
as of that date aggregated *924,012, of which surplus amounted to $145,038.
-V. 137, p. 3160.
Southland Royalties Co.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Current assets as of Sept. 30 1933, amounted to $314,153 and current
liabilities were $67,775. comparing with *584,321 and *104,489, respectively, on Sept. 30 1932.-V. 137, P. 1256.
South Porto Rico Sugar Co.
-Stock Dividend Ruling.
-
The New York Stock Exchange having received notice from this company
of the declaration of a dividend of one share of common stock of $5 par
value of Marancha Corp. for each share of common stock of South Porto
Rico Sugar Co. of record Nov. 10 1933, payable on or about Nov.25 1933;
the Committee on Securities on Nov. 8 ruled that said common stock be
not quoted ex said dividend until further notice and all certificates delivered
after Nov. 10 1933, be accompanied by due-bills.
At the annual meeting of the South Porto Rico Sugar Co. held on Nov.9,
the retiring directors were re-elected. Frank A. Dillingham, President,
told the stockholders that no decision had been reached as to what line of
business the new Marancha Corp. would engage In, but when a decision was
reached, probably within three months, they would be advised.
-V. 137,
p. 3340.
Standard Oil Co.(New Jersey).
-Merger of Far Eastern
Marketing Properties.
-See Socony-Vacuum Corp. above.
V. 137, p. 2989.
Standard Steel Construction Co., Ltd.-A-cguisition.Announcement was made last week that this company has acquired the
firm of Farand & Delorme, Ltd., of Montreal. This latter has been in
operation for over 50 years, specializing in manufacturing processing ma-V.137. p.3161.
chinery, as well as a varied line of welded products.
Sterling Products (Inc.) of Delaware.-Initial Dividend.-The directors on Nov. 6 declared an initial quarterly
dividend of 95 cents per share on the capital stock, par $10,
payable Dec. 1 1933 to holders of record. Nov. 15. See also
V. 137, p. 1781.
-Proposed Modification in the ,
(Hugo) Stinnes Corp.
-See Hugo Stinnes InTime for the Payment of Interest.
dustries, Inc. below.
Consolidated Income Statement (Hugo Stinnes Corp. & Subs.).
1929.
Calendar Years1931.
1930.
1932.
Gross earnings
$2,137,620 $2,449,095 *2,239.564 $2,427,303
•
Dividends from Mathias
Stinnes mines & other
notwhollyovrnedsubs.
and invests., int. rec.
and other income_ __ - 1,629,133
1,532,064
1.353,786
1,231,389
Total income
$3,766,753 $3,680,484 $3,593.350 $3,959,367
General and admin. exps 1,681,862
.
1.914,193 2.199,483
1,891,602
Mtges. and other int.
payable
231,378
191,558
304,766
261,012
Int. on 20
-year gold deb780,993
626,506
667.897
759.473
Int.on 10
-year gold notes
524,666
548,964
660,802
448,419
Int. on funds borrowed
for construction purposes-capitalized cr
29,243
Deprec. of properties._..
484,138
491.785
404,125
511,874
Deprec. of' investments_
10,422
8,398
14,415
154,382
exp. written offCapital
54,354
50,977
18,403
2,662
Amort. of financ. erns_
5,607
39,565
54,590
Lossesdueto each.variat.
139,612
Reserve for bonuses to
managers,profits,tax.,
statutory reserve, &c_
148,098
138,441
214,457
166.067
Trans. to res. against
Investment
721,633
Net loss for year
$775.582
$506,926
$560,582
*655.295
Nov. 11 1933
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
LiabilitiesAssets$
10-yr.7%gold notes 5,678,500 7,232,000
xLand,b1dgs.,mach
and equip.,&c-15,548,483 15,112,047 20-yr. 7% sink. id.
Deps, with trustee
g. debs. of Hugo
Stinnes Inds.Inc. 8,436,000 9,717,500
as guar,for payMtges. and deb.
ing of underlying
payable
1,359,299 1,150,721
mortgages
6,130
Other long-term
Invest. in & advs.
toaffil.&oth.cos.21,943,920 22,786,658 indebtedness_ _ _ 865,218
515,253
Bank loans & overPrepayments on
drafts
1,657,341 1,478,835
constructional
369,792
234,602
work in progress
2,762 Bills payable
3,577
Accounts payable_ 2,002,732 1,397,965
Long-termaccounts
receivable
6,880,693 8,844,828 Accts. pay.to MM.
companies
1,495,806 1,523,779
989,319
Inventories
1,116,857
Accounts recelv_
2,449,845 2,486,963 Adv.from minority
72,454
98,861
131,059
160,978 shareholders_ _ _
Bills receivable_
78,548
66,789
19,070
17,302 Insurance reserve_
Marketable scour80,952
80,952
325,336
293,556 Min.int. of subs_ _
Cash
Accrued liabilities_ 452,854
628,715
Deferred charges to
14,451
5,489
149,837 Adv.from custom_
operations
117,755
y Capital surplus_29,069,287 29,069,287
Surp, of cos. not
prey. consol
8,034
Earned deficit_ _
3,511,786 2,736,204
Licluidation acct- 387,113
380,140
Total
48,516,595 50,850,382
48,516,595 50,850,382
Total
x After depreciation of $2,664,988 in 1932 and $2,168.716 in 1931.
y Represented by 988.890 no par shares.
Note.
-Reichsmark transactions carried on the German books herein
converted at $1=R. M.4.20.-V. 137. p. 329.
-Earnings.
Spang, Chalfant & Co., Inc.
For income statement for 9 months ended Sept. 30 1933 see "Earnings
-V. 137, p. 1780.
Department" on a preceding page.
-Pays Feb. 1 1932 Int.Stavely Apartments, Toronto.
Distribution of interest due Feb. 15 1932, will be made to holders of
the 6%% 1st mtge. bonds. it is announced. The London & Western Trust
Co., which is acting as receiver and manager for the property, reports that
while very drastic reduction in rental charges have been made for the
different apartments it has been difficult to maintain any reasonable percentage of occupancy.
A statement of revenues and expenditures from Oct. 31 1931, to Sept.
30 1933,shows total revenues at $23,060, and total expenditures of$15,576.
The receiver has made, in addition, payments on interest coupons number
6, 7 and 8, and with the payment of coupon number 9 disbursements will
total $21,407, leaving a balance in the receiver's hands of $1,653.
Payment was to be made to bondholders on Nov. 1 and thereafter upon
presentation and surrender for cancellation of coupon number 9, which
matured on Feb. 15 1932. In the case of holders of bonds, the principal
of which matured on Aug. 15 1931, or prior thereto, payment of interest
will be made on presentation of the bonds themselves in order that the
fact of payment of the Feb. 15 1932, instalment can be endorsed thereon
after which the bonds will be returned.
-Proposed Modification
(Hugo) Stinnes Industries, Inc.
-Proposed Arrangein the Time for the Payment of Interest.
-Letters dated Oct. 31
ment for Reduction in Collateral.
1933, signed by P. H. Saunders (Chairman of the board)
and W. B. Barrett (Secretary and Treasurer) say:
This corporation (wholly owned subsidiary of Hugo Stinnes Corp.)
-year 7% sinking fund gold
had outstanding at Dec. 311932. $8,436,000 20
debentures, due Oct. 1 1946 (approximately $2,250,000 of which are
Mathias Stinnes Mining Co.), which were issued in 1926 in the
owned by
principal amount of $12,500.000. The Hugo Stinnes Corp. had outstanding
-year 7%
in the hands of the public at Dec. 31 1932. *5,678,500 of its 10
gold notes. which were also issued in 1926 in the principal amount of $12.500.000, and during the first 10 months of 1933, *759.000 of such notes
have been acquired for cancellation with the proceeds from the sale of
pledged assets. Under the terms of the indenture under which the debentures are outstanding, the company is required to provide annually for
interest and sinking fund the fixed sum of *1,250,000 in semi-annual
instalments, such amounts to be applied first to the payment of interest
on the debentures and the balance as a sinking fund for the retirement
of debentures by purchase or redemption. The present annual interest
requirement on the outstanding debentures is $590,520, and the balance
of $659,480 is required to be applied as a sinking fund to the retirement
of debentures. The amount of such sinking fund increases as the total
interest charge on the outstanding debentures decreases.
The assets of Hugo Stinnes Industries. Inc., and of Hugo Stinnes Corp..
both of which are Maryland corporations, consist of investments (stocks,
obligations and mortgages, for the most part held by the trustee as securitY
for the debentures and notes) principally in Germany but also to a minor
extent in other countries, such as Denmark, Sweden, Italy, France and
Holland. The income of these companies and the funds necessary for the
payment of interest and sinking fund on the debentures and interest on
the notes are derived principally from interest received on obligations held
by them.
Although some of the above countries have imposed restrictions upon the
acquisition and transfer of foreign exchange, the subsidiaries and (or)
debtors of Hugo Stinnes Industries, Inc., and Hugo Stinnes Corp. have
heretofore been able to transfer sufficient funds to the American companies to meet in full in dollars all interest upon the debentures, except
the instalment due Oct. 11933, all sinking fund on the bebentures, except
the payments due March 21 1933 and Sept. 20 1933 and all interest on the
notes, except the instalment due July 1 1933.
Under the terms, however, of the German law of June 9 1933 concerning
Indebtedness to foreigners, payments of interest and amortization by German debtors to foreign creditors are required to be made in Reichsmarks
into the Conversion Office for Foreign Debts (Konversions-Kasse) for
account of the respective creditors. According to statements which
have been made by the Reichsbank. the Conversion Office proposes to
pay out to such creditors on account of the amounts so deposited as interest
the equivalent of 50% thereof in dollars and the remaining 50% in non
Interest bearing scrip collectible only under conditions imposed from
time to time by the Reichsbank. The conditions for the collection of
the scrip at present fixed by the Reichsbank are such that such scrip can be
sold by the holders thereof only at a substantial discount and there is no
assurance that the institution which (as at present contemplated) is to
purchase such scrip, will continue to do so. No provision has been made
for payment by the Conversion Office of any amounts deposited with it
on account of amortization.
The result of this situation is that the American companies cannot so
long as such restrictions continue, expect to receive the funds required
to meet in full the interest on their debentures and notes or to meet the
sinking fund on the debentures. •
The payment by the subsidiaries and (or) debtors of the American companies into the Conversion Office of interest owned to the American companies, and the distribution to the debenture holders and noteholders of
the cash and proceeds of the scrip obtainable from the Conversion Office
is not, in the opinion of the American companies, a desirable procedure
from the point of view either of the companies or of their security holders.
as it means, in spite of the payment of interest in full by the subsidiaries
and (or) debtors of the American companies, a permanent sacrifice of a
substantial portion of such interest by the American companies and, as
a result, by their security holders.
Moreover, the continued decrease in earnings of the subsidiaries and
debtors of the American companies during the period of the depression
has already impaired their current position. This fact will be apparent
from a study of the annual report for the year 1932 (see below). Although
audited accounts are not available for 1933 to date, the results of operations
have closely approximated those for the same period in 1932. In view of
the decrease in earnings, the payment by such subsidiaries and debtors
of the full interest on their obligations into the Converison Office would
Involve a further impairment of the current position without corresponding
benefit to the American companies or their security holders.
• Under these conditions and in accordance with the provisions of the law
of June 9 1933 permitting exceptions to be made under the law, the subsidiaries and (or) debtors of the American companies have succeeded in
Volume 137
Financial Chronicle
3509
making an arrangement with the German Foreign Exchange Authorities
under which permission has been granted such subsidiaries and (or) debtors
to transfer interest on their indebtedness to the American companies at
the rate of 47 per annum until Oct. 1 1936 in the case of certain debts
and until April 1 1937 in the case of others, provided that the present
transfer regulations on the basis of the law of June 9 1933 shall continue
that long. Such permission has been granted in consideration of the
reduction by the American companies of the interest rate on such obligations
during the same periods from 7% to 4% per annum. It is believed by the
American companies that such interest payments, together with amounts
which such companies should receive from other than German sources
will be sufficient, under any exchange fluctuations which may reasonably
be expected, to enable the American companies at least to pay interest on
their debentures and notes at the rate of 4% per annum during the period
such payments are received,
For the reasons given above, it is necessary for the American companies
to obtain from holders of their debentures and notes a postponement in the
time for the payment of interest thereon In excess of 4% per annum becoming due on or before Oct. 1 1936 in the case of the debentures and on
or before July 1 1936 in the case of the notes, and from the holders of
the debentures a waiver of the sinking fund payable to and including
Sept. 20 1936, and a corresponding modification of the sinking fund for the
balance of the life of the debentures.
for the debenture and note holders. It offers to debenture holders a substantial payment (4% per annum) on account of interest at the present
time and the assurance of the German Foreign Exchange Authorities that,
provided the present transfer regulations continue, interest payments
made by the company's German subsidiaries and (or) debtors may be transferred into dollars during the 316-year period. The commitment to pay
,
the total deferred portion of the interest ($105) at the maturity of the
debentures provides for the ultimate full payment of principal and interest
at 7% per annum to debeneture holders who assent. The plan and the
proposed arrangement with Mathias Stinnes Mining Co., have been unanimously approved by the board of directors of both companies (certain
of whom are the holders or affiliated with the holders of a substantial maRatty of the stock of Hugo Stinnes Corp.).
No commission or other compensation is being paid by the company
to any banking house or security dealer for obtaining assents to the plan.
The debenture holders and noteholders will not be called upon to pay any
expense in connection with the plan.
•
Hugo Stinnes Industries, Inc., accordingly, requests the
holders of its debentures to assent to the following plan:
Interest on the notes is to continue to be payable at the coupon rate.
namely 7% per annum, and in United States currency. Such interest is
to be payable, to the extent of 4% per annum, on the interest payment
dates specified in the notes and coupons, and the balance, at the rate of
3% per annum, at the maturity date of the notes or at the time of their
earlier redemption. The indenture, however, contains the usual provision
under which payment of such balance is subordinated to the payment of
the principal of all of the notes and of all interest thereon the time for payment of which shall not have been extended.
Thus $20 with respect to the July 1 1933 instalment of interest will be
payable immediately on each $1,000 note and similarly $20 will be payable
thereon on Jan. 1 1934, and on each Jan. 1 and July 1 thereafter to and
including July 1 1936. Such instalments of interest will be payable against
surrender of the respective coupons as they mature. The balance of the
interest for the 314-year period ending July 1 1936, aggregating $105 per
$1,000 note, is to be payable to those noteholders who assent to the proposed modification, at the maturity date. Oct. 1 1936, or at the earlier
redemption of the notes. The coupons due Oct. 1 1936, covering the three
months' period beginning July 11936, and amounting to $17.50 per $1.000
note, are to remain unchanged.
The company plans (1) to pay interest during the 334-year period ending
July 1 1936 to all noteholders at the rate of 4% per annum, but only against
surrender of the respective coupons becoming due within such period, and
(2) to Pay the balance of interest for such period, at the rate of 3% per
annum, at maturity or earlier redemption only to the holders of notes which
are stamped as having assented to the proposed modification.
Consequently any noteholder who desires not only to receive such 4%
interest currently but also to preserve the right to receive the balance of
3% Per annum • t maturity should assent to the proposed modification.
Noteholders desiring to assent to the proposed modification are requested
to deposit their notes with the Central Hanover Bank & Trust Co., 70
Broadway, N. Y, City. Thereupon the notes and coupons will be stamped
to Indicate the modification th3reof as her in proposed, the coupons due
July 1 1933 will be surrendered to Halsey, Stuart & Co., Inc.. and A. G.
Becker & Co., paying agents under the plan, for payment ($20 for each
$1,000 note) and the notes. accompanied by checks representing such
instalment of interest, will be returned to the holders.
Postponement of Time for Payment of Interest.
Interest on the debentures is to continue to be payable at the coupon
rate, namely 7% per annum,and in U. S. currency. Such interest, for the
period from April 1 1933 to and incl. Oct. 11936, is to be payable, to the
extent of 4% per annum, on the interest payment dates snecified in the
debentures and coupons, and the balance, at the rate of 3% per annum,
at the maturity date of the debentures or at the time of their earlier redemption. The indenture, however, contains the usual provision under which
payment of such balance is subordinated to the payment of the prinicpal
of all of the debentures and of all interest thereon the time for payment
of which shall not have been extended.
The time for payment of the interest instalments becoming due after
Oct. 1 1936 is not to be changed.
Thus $20 with respect to the Oct. 1 1933 instalment of interest will be
payable immediately on each $1,000 debenture and similarly $20 will
be payable thereon on April 11934, and on each Oct. 1 and April 1 thereafter, to and incl. Oct. 1 1936. Such instalments of interest will be payable
against surrender of the respective coupons as they mature. The balance
of the interest for such 3%-year period, aggregating $105 per $1,000 debenture, is to be payable to those debenture holders who assent to the plan.
at the maturity date. Oct. 1 1946, or at the earlier redemption of the debentures.
Modification of the Sinking Fund.
The indenture securing the debentures (Article V) Is to be modified so
that sinking fund payments due on and after March 21 1933 and to and
including Sept. 20 1936 are to be waived and so that after Sept. 20 1936
the company is to be required to retire for the sinking fund, by maturity,
in equal semi-annual instalments, the entire amount of debentures of the
existing series outstanding on Sept. 20 1936, such retirement to be effected
either by purchase of debentures or by redemption by lot at the redemption
prices specfled in the indenture. The obligation of the company, now contained in the indenture, to apply the proceeds of the sale of property released
from the lien of the indenture to the retirement of debentures,is to continue.
Method of Effecting Modifications.
The modification in the time for payment of the interest instalments
becoming due between Oct. 1 1933 and Oct. 11936. both inclusive. is to be
made by the stamping of the debentures and coupons by Central Hanover
Bank & Trust Co. and will be binding only upon the holders of debentures
and coupons which are so stamped.
The company plans (1) to pay interest during the :3). -year period ending
Oct. 1 1936 to all debenture holders at the rate of 4% per annum, but only
against surrender of the respective coupons becoming due within such period.
and (2) to pay the balance of interest for such period, at the rate of 3%
per annum, at maturity or earlier redemption only to the holders ofstamped
debentures.
Consequently any debenture holder who desires not only to receive such
47a interest currently but also to preserve the right to receive the balance
o 3% Per annum at maturity should assent to the plan.
The modification in the sinking fund provisions is to be made by vote
of debenture holders at a meeting to be held for that prupose as provided
in the indenture. Such modification may,under the terms of the indenture,
be made only if approved by the vote of holders of at least 80% of the outstanding debentures at such meeting, but if so approved will become
binding on all debenture holders.
The modification in the time for payment of interest, on the other hand,
is not contingent upon the approval of the holders of any particular amount
of debentures but is to be binding upon all debentures holders who assent
to the plan.
Debenture holders are also requested to assent to the proposed arrangement for the acceleration of payment of a long-term note receivable, which
is described below. The company hopes to be able to effect such arrangewent, but the carrying out of the above plan is not contingent thereon.
Acceleration of Payment of Long-term Note Receivable.
Among the collateral held by Central Hanover Bank & Trust Co., trustee
for the debentures, is a promissory note of Mathias Stinnes Mining Co.
(Gewerkschaft Mathias Stinnes) in the amount of $5,000,000, due Sept. 30
1946, payable to Hugo Stinnes Industries, Inc. The note represents the
purchase price of certain mining shares sold to Mathias Stinnes Mining Co.
and is secured by the pledge of such shares. The trustee also holds as
collateral for the debentures 55% of the capital stock of Mathias Stinnes
Mining Co.
The above described $5,000,000 note is due on Sept. 30 1946: the due
date of the debentures is Oct. 1 1946. and Mathias Stinnes Mining Co.
has acquired debentures for the purpose of using them in payment of or
as a set off against such note when It becomes due.
In order, however, to accelerate the retirement of the debentures, the
company desires, in the event that the modification in the sinking fund
herein provided for is made, to obtain a partial or entire payment of the note
prior to its maturity, and Mathias Stinnes Mining Co. has, at the request
of the company, agreed to deliver to the company debentures for cancellation in a principal amount of at least $2,250,000. provided such debentures
are accepted by the company and by the trustee at their face value in
Partial payment of such note.
Although the debentures are at present selling at substantitally less than
their principal amount (the debentures were quoted in New York on Oct. 31
1933. at 40A % of their principal amount) the company believes it to be
in the interest of the debenture holders to accept the debentures offered
by Mathias Stinnes Mining Co. at their face value in partial payment of
such note and to permit Mathias Stinnes Mining Co. to deliver any addi
tional debentures it may hereafter acquire toward payment of the note on
similar terms, since thereby the amount of the debentures on which Interest
and sinking fund are payable and the amount of foreign exchange which the
company's subsidiaries and debtors are required to transfer, will be subUnder the proposed arrangement the amount of debenstantially reduced
tures outstanding will immediately be reduced by approximately 25%
and the value of the stock of Mathias Stinnes Mining Co. held as security
for the remaining debentures will be increased by reason of the reduction
of the amount of Its note.
The directors of the company have indicated their intention of effecting,
if possible,the foregoing proposed arrangement with Mathias Stinnes Mining
Co. for the partial or entire payment of the note prior to its maturity,
provided that such arrangement is approved, and the modification in the
sinking fund herein proposed is adopted, by the holders of 80% of the debentures.
Debenture holders desiring to assent to the plan and to the proposed
arrangement with Mathias Stinnes Mining Co., are requested to deposit
their securities with the Central Hanover Bank & Trust Co., 70 Broadway,
N. V. City. Thereupon the debentures and coupons will be stamped to
indicate the modification thereof as herein proposed, the coupons due
and A. 0.
Oct. 1 1933 will be surrendered to Halsey. Stuart & Co.,
Inc..
Becker & Co., paying agents under the plan, for payment ($20 for each
$1.000 debenture) and the debentures accompanied by checks representing
stlCh instalment of interest will be returned to the holders.
The companies believe that the plan represents the most advantageous
arrangement which, under all the existing circumstances, can be provided
The Hugo Stinnes Corp., has requested the holders
of its notes to assent to the following modification in the
time for payment of the interest due on their notes on and
after July 1 1933:
In connection with the letters to holders of Hugo Stinnes
Corp. notes and Hugo Stinnes Industries, Inc., debentures,
the following statement was authorized:
The Hugo Stinnes Corp. and its principal and wholly-owned subsidiary,
the Hugo Stinnes Industries, Inc., was organized under the laws of Maryland in 1926 by the owners of the estate of Hugo Stinnes of MuelheimRuhr, Germany. as a holding company for the purpose of taking over
and financing the varied interests of this estate.
Hugo Stinnes Corp.—In this connection, the Hugo Stinnes Corp. issued
$12.500,000 10
-year 7% gold notes. due Oct. 1 1936, secured by various
assets, such as hotels, office buildings, estates, farm, timber lands and
industrial plants and likewise the total capital stock of the Hugo Stinnes
Industries, Inc. Of this $12,500,000 gold notes issued in 1926, there
has been retired or purchased for redemption, up to Oct. 31 1933. a total
of $7,580,500, leaving outstanding in the hands of the public at this time
$4.919.500. This reduction of indebtedness has for the most part resuited from the sale of assets not regarded as essential to the main business
of the company, which is the coal handling and producing business segregated in the wholly-owned subsidiary, the Hugo Stinnes Industries,
Inc. The Hugo Stinnes Corp. at 11 holds in pledge the practical ownership
and control of two important hotels, the Atlantic in the city of Hamburg,
and the Nassau Hof in Wiesbaden, office buildings, dwellings, minor
industries and approximately 30,000 acres of valuable estates and farm and
timber lands in Germany and Sweden as well as a number of minor industries
and also the balance of unpaid notes for assets sold amounting to approximately $1,200,000.
Hugo Stinnes Industries, Inc.—This corporation issued in November
7
1926, $12.500,000 20
-year 70 sinking fund ol'debentures, due Oct. 1 1946.
There has been retired to date from the operations of the sinking fund
a total of $5,563.000 of these debentures. In addition thereto, the Mathias
Stinnes Mining Co. has purchased and holds a total of more than $2.250,000
of said debentures for the purpose of using then in payment of; or as an
offset agahuit, a note of $5.000,000 of the Mathias Stinnes Mining Co.
due Sept. 30 1946. which note was given to represent the purchase price
of certain mining shares bought from the Hugo Stinnes Industries. This
leaves outstanding in the hands if the public at this time a total of $6,186.000 of said debentures.
The total of the $8,436,000 of the Hugo Stinnes debentures outstanding, including those owned by the Mathias Stinnes Mining Company, is
secured by the pledge of various assets, such as the Hugo Stimses, Ltd.,
large coal handling business, 55% of the totally issued shares, or 62%
of the outstanding shares of the Mathias Stinnes Mining Co. and a $5,000.000 note of the Mathias Stinnes Mining Co. above referred to, due Sept.
30 1946. and various other assets, including a fleet of coal handling ships.
This liquidation in a period of seven years, as shown above in these two
Issues, which have likewise ipaid, until halted by the German law of June
9 1933. full 7% Interest on these obligations is indicative of both the value
and earning power of the assets of the companies as well as the efficiency
of their management. In addition to these retirements of obligations
above referred to, both the coal handling business and the mining interest
of the company have been maintained in a thorough manner and improvements costing approximately $3,000.000 ha‘e been made and the
business both of the coal handling and of the mines has been expanded
and foreign business of the coal handling has been especially developed.
Earnings.—The seven years in which these companies have been in
existence have been not only for Germany but for the world most unusual
and the worldwide depression of the last three years has necessarily affected the earnings of these companies. However, up to the year 1932
the consolidated earnings of the companies were such as to cover the full
interest at the rate of 7% before depreciation. The decrease in earnings
for this latter year was principally due to less returns from the office buildings and hotels. The coal -handling business, notwithstanding the depression, has made a most satisfactory showing, the volume in the year
1932 being greater than the volume for the year 1931, though the earnings
by this division were slightly less. Thus far, for the first 10 months of
1933. the earnings of the coal handling business were only slightly less
than for the same period of 1932. However, the sinking fund requirements of the 20
-year 7% debentures of the Hugo Stinnes Industries, Inc.,
have reduced the working capital of the company and therefore the Hugo
Stinnes industries, Inc. did not meet its sinking fund due on April 1
1933 not only on account of the exchange restrictions but also on account
'
of the active business of the company it was proper to retain and increase
its working capital.
Under the terms, however, of the German law of June 9 1933. concerning
Indebtedness of foreigners, payment of interest and amortization of German
debtors to foreign corporations are generally required to be made in reichsmarks into the Conversion Office for Foreign Debts for the account of
the respective creditors, and as a result of this situation the American
companies cannot, so long as such restrictions continue, expect to receive
the funds required to meet in full the interest on their debentures and
notes or to meet the sinking fund requirements, as the income of both
the Hugo Stinnes Corp. and the Hugo Stinnes Industries, Inc., is derived
principally from interest and dividends received on the obligations and
3510
Financial Chronicle
stocks held by them on their investments, which are, for the greater part,
located in Germany, though to a minor extent in other countries such
as Denmark, Sweden, Italy, France, Holland and Turkey. The German
Foreign Exchange authorities have realized the situation in connection
with American companies having outstanding notes and debentures secured
by obligations in Germany, and have under the provisions of the law
of June 9 1933 permitting exceptions to be made under this law, agreed
that the German subsidiaries and(or) debtors of these American companies
should not be required to pay into the Conversion Office in reichsraarks
the interest and amortization due by them, but that, in consideration
of the reduction by the American companies of the interest rate on the
obligations due them from 7% to 4% for a period of 3% years, have given
their permission to the transfer of the interest payments made by the
German subsidiaries and(or) debtors into dollars at the rate of 4% for
the period of 3% years, provided that present transfer regulations continue. The American companies in turn have issued letters to their
respective security holders requesting them to accept for a period of 3%
years a partial payment at the rate of 4% per annum on the 7% interest
due, the balance of the 77 to be paid at the maturity of the securities.
0
In this manner there will be no permanent reduction of full interest to
the American security holders and there will be no less of interest to their
German debtors through the full payment by said German debtors of 7%
into the Conversion Office while the American security holders would
have to sell the scrip which evidenced one-half of this payment at a material loss. In this manner, the full earnings of the German debtors,
less the 4% transferee, will be held by the German debtors and their current
position will be materially strengthened thereby, all of which is to the
advantage of the American security holders who hold the stocks of these
debtors, as well as their obligations as security for the notes and debentures.
Consolidated Income Statement(Company and Subsidiaries).
"Calendar Years1932.
1931.
1930.
1929.
Gross earnings
$2.054,557 $2.240,346 $1,992,849 $2,125,775
Other oper. and miscell.
income and credits_ _ _ 1,298,546
972.241
996,080
1,196.832
Total income
$3,353,103 $3,213,087 82,988,928 $3.322.607
Gen.and admin.exps1,510,400
1.683,763
1.630,294
1,900.581
Mtge.& other int. pay
215,125
187.719
158,685
117.280
-year de,
Int.on 20
642,236
667,897
759.473
780.993
Int. on funds borrowed
for construction purposes capitalized credit
29.243
Deprec. of properties_
420,945
419.634
408.666
383,395
Deprec. of investments_
10,889
11.090
154.286
5.656
Capital exp. written-off_
54,354
18,403
49,179
2.662
Losses due to exchange
variation (net)
110,341
Reserve for bonuses to
managers. amortiz. of
financing exps.,profits,
taxes,&c
207,515
152.419
.173,640
219,113
Trans. to res. agst.Inv
641.535
Net loss for year
$313,945
$74,132
$167,419
Conscsidated Batance Sheet Dec. 31.
1931.
1932.
1932.
Assets
tad., hidgs.,mach.
& equip., &a.- 8,490,313
Invests. in & advs.
to Mill. & other
companies
21,168,964
Prepay. on constr.
3,577
work in progress
Long-term sects.
receivable
5,123,938
Inventories
973,718
Accounts receiv- 2,170,315
Bills receivable.- 131,059
Curr. acct. with
Hugo Stinnes
1,098,900
Corp
Marketable secur,
18,804
at book values
310,605
Cash
Def. chgs. to opera 114,807
$235.703
1931.
Funded debt
8,436.000 9.717,500
8,850,744 Mtges. & debena.
payable
401,499
453,608
Other long-term
22,142,743
indebtedness _ _ 674,698
310,754
Accts. pay. with
Mill. cos
.2,762
1,493,124 1,528,779
Bank loans and
5,125,690 overdrafts
1,619,721 1,416,272
864,324 Trade bills parte_ 369,792
234,602
2,202,683 Accounts payable_ 1,780,152 1,249,510
160,433 MIn'ty int. of subs
80,952
80,952
Accrued liabilities_ 365.629
484,492
Advs. from cus448,872 tomers
14,225
5,321
Adv. from minor.
17,236
shareholders
72,454
98,861
243,001 Insurance reserve_
78,548
66,789
121,054 y Capital surplus.24.492,187 24,492,187
Earned surplus det273,981
39,964
Total
39,605,000 40,179,592
Total
39,605,000 40,179,592
Note.-Reichmark transactions carried in the German books have been
converted at $1=R. M.4.20.
x After depreciation of $2,315,146 in 1932 and 81,909,804 in 1931.
y Represented by 220,000 no par shares.
-V.135, p. 4399.
Superior Steel Corp.
-Earnings.---'
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Current assets as of Sept. 30 1933, including $326.993 cash and Government securities, amounted to $1.612,935 and current liabilities were $657.226. This compares with cash and Government securities of $449.899,
current assets of $1,341,200 and current liabilities of $91,630 on Sept. 30
1932.-V. 137. p. 1595.
Texas Corp.
-Committee Formed.
P.H.O'Neil of Los Angeles,and Warren G. Horton of Greenwich, Conn..
have accepted invitations to act as members of the committee of stockholders of the Texas Corp., of which A. L. Humesis Chairman. The committee of three will sift the charges of R. C. Holmes,former chief executive
of the corporation, alleging minority domination and mismanagement by
,
the"Lapham group" of directors. "I have chosen them," said Mr. Humes
with respect to Mr. O'Neil and Mr. Horton, "because of their ability and
also because they are impartial and are large stockholders in the corporation.
-V.137. p. 3340.
Texas Gulf Producing Co.-2 % Stock Dividend.The directors have declared a dividend of 2 % in stock, payable Dec. 23
to holders of record Nov. 24. A similar distribution was made on Feb. 25,
May 27 and Aug. 31 last.
-V. 137. p. 3161.
-Earnings.
Texas Pacific Coal & Oil Co.
For income statement for 3 and 9 months ended Sept. 30 1933 see "Earn-V. 137, p. 1430. '
ings Department" on a preceding page.
-Earnings, &c.
Thermoid Co.
-To Refund Notes
A special committee of the board of directors, appointed last spring to
study the refunding of a $2,800,000 issue of 6% sinking fund notes due
next February, has completed its report, says President, R. J. Stokes, in a
letter to the noteholders. Recommendations are now being considered and a
refunding plan will soon be proposed.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
October Sales Continue Higher Than a Year Ago.
Sales of this company and wholly owned subsidiaries for the month of
October showed a decrease of 13.7%, compared with September 1933. but
an increase of more than 147% over October 1932.
Sales of the 96% owned subsidiary, the Southern Asbestos Co., for the
month of October showed a decrease of 13.7%, compared with September
1933, but an increase of more than 241% over October 1932.-Y. 137. P.
2821. 1952.
Timken Roller Bearing Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. P. 886.
"Tomahawk Kraft Paper Co.
-To Be Reorganized.
The plan for reorganization of the company and consolidation of the firm
with Mosinee Paper Mills Co. has been abandoned, and the bondholders'
protective committee has worked out an independent plan of reorganization,
It is announced in a letter to the holders of the 1st mtge. 6s. The letter
says in part:
"For various reasons it was impossible to put the plan into effect; after
numerous conferences and considerable negotiation, the committee has
Nov. 11 1933
come to an understanding with equity owners and other creditors interested
In the situation.
A plan of reorganization based on this understanding has been formulated, but before it can be published it must be registered with the Federal
Trade Commission. Data for this purpose is being compiled and as 800n
as the necessary information is available, registration forms will be executed
and bondholders advised."
The company reported to the committee that since early spring it has
experienced increased business and greatly improved operating results,
which during the last few months have indicated a net profit after all fixed
charges.
The committee consists of Joseph A. Auchter, Chairman; Charles F.
Smith and P. C. Waite.
-Y. 117, p. 217.
Thompson Products, Inc.
-Earnings.
---
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Balance Sheet Sept. 30.
Assets1933.
Liabilities1932.
1933,
1 32.
Land, bldgs.& eq _$1,935,736 $3,500,553 J 7% pref.stock$365,400 $368,700
Cash
117,883 x Common stock__ 2,631,600 2,631,600
137,521
Notes & accts. rec_ 585,511
511,400 Contracts payable 240,012
293,645
Inventories
872,415
811,232Accts. & notes pay 247,898
141,265
Treas,stock at cost 114,372
107,267 Bank notes payable 219,076
275,000
Other receivables_
Accrued accounts..
59,285
41,161
not current
187,031
96,663 Res. for accrued
Affiliated cos
60,676
60,676
pref. dive
40,789
12,904
Gdwill, rights, dro. 824,492
827,434 Res, for emp. InPrepaid expenses__
68,646
78,112
surance
6,918
6,334
Res. for Fed. taxes
29,792
Capital surplus_
633,731
Prof.& loss surplus 945,630 1.706,880
Total
54.786,400 56,111,220 Total
$4.788,400 16,111,220
x Represented by 263,160 no par shares.
-V. 137, p. 3340.
Truscon Steel Co.
-To Offer Stock.
-
The company has announced it plans to issue 200,000 additional shares of
common stock to its stockholders in order to increase working capital.
Fractional warrants will be issued to all stockholders, giving them rights
to purchase additional stock. Unsold stock will be kept in the treasury,
"We are not predicting tnat the winter will see improved business,
ordinarily winter is our slow period," an official of the company stated for
on
Nov. 4. "However, the increasing number of inquiries we have received
recently leads us to believe that business is on the upturn for us. If
so, we want to have sufficient working capital to meet the increasedthis is
operating costs.
'
Operating capital has increased $400,000 from March, due to economies
in the plant, it was said. The company reported a net loss of $174,485 for
the quarter ending Sept.3.-V. 137, p.3340.
Tubize Chatillon Corp.
-To Vote on Bond Issue.
-
A special meeting will be held on Nov. 15 for stockholders to take action
on approving a proposed bond Issue.
-V.136, P. 3363.
Tyler Building (19 John Street Corp.), N. Y. City.
Plan Operative.Birger L. Johnson,chairman of the protective committee for the 1st
mtge.
6% sinking fund gold loan, dated Oct. 1 1925, announces that the plan of
reorganization dated Dec. 23 1932 has been constunmated and the
corporation, Ti/ter Buitdirig Corp., has acquired title to the property new
,
.
The new securities which consist of 20
-year general mortgage income
bonds and voting trust certificates for the capital stock,
ready for
distribution in accordance with the plan of reorganization and are exchangeare
able as follows: For each $1,000 certificate of deposit, there will
$500 general mortgage Income bond and a voting trust certificatebe issued a
representing rights in respect to 10 shares of the capital stock of the new corporation;
holders of $500 certificates of deposit will receive their proportionate shares
of these new securities. Holders of certificates of deposit are requested to
deposit their certificates with New York Trust Co.. depositary.
Howard Peterson, 120 Broadway, New York City is Secretary of the
committee.
-V. 137. p. 330, 510.
Tyler Building Corp.
-Acquires Building.
-
See Tyler Building above.
4`
'"Underwood Elliott Fisher Co.
-Dividend Rate Increased.
-The directors on Nov. 9 declared a quarterly
dividend of 25 cents per share OD the cotorron stock, no par
value, payable Dec. 30 to holders of record Dec. 12. This
compares with 1236 cents per share paid each quarter from
,
Sept. 30 1932 to and incl. Sept. 30 1933, 25 cents per share
on June 30 1932 and 50 cents per share paid on March 31
1932.-V. 137, p. 2991.
United Carbon Co.
-Earnings.
-For income statement for 3 and 9 months ended Sept. 30 see
"Earnings
Department" on a preceding page.
Current assets as of Sept. 30 1933, including $520,584 cash, amounted
to $3,523,837 and current liabilities were $567,974. This compares with
cash of $457,180, current assets of 63,320,106 and current liabilities of
$786,768 on Sept. 30, a year ago.
-V. 137, p. 1596.
United-Carr Fastener Corp. (8c Subs.).
-Earnings.
-
For income statement for 9 months ended Sept. 30 see "Earnings Department" on preceding page.
Consolidated Balance Sheet Sept. 30.
Assets1933.
1932.
Liabilities1933.
1932.
Cash
$378,455 $194,871 Accounts payable_ $143,744 $108,269
Accts., notes & soAccr. exps. & deb.
cept's receivable 429,880
320,106
Int
69,017
51,028
Invent's & goods In
Income taxes paytransit
654,796
736,512
able accrued.-37,465
12,014
Cash surr, val. of
Dividend payable_
24,998
Me Insurance_
14,375
9,997 10-year 6% cony.
U.S.Govt.°Wigs_
60,789
90,000 debentures
1,726,000 1,800,000
Other assets
323,776
276,358 Deferred
7,443
6,799
Prop., plant & eq. 2,097,148 2,099,820 Special income_
4,339
reservePatents, licenses &
Min. Mts. In subs.
good-will
3
3 companies
116,519
116,377
Prepaid expenses__
34,660
45,324 x Capital stock and
1,868,696 1,674,166
surplus
Total
$3,993,884 $3,772,9911 Total
$3,993,884 $3,772,991
x Represented by 250,000 shares of common stock of no par value
of an
authorized issue of 500.000 shares.
-V. 137, p. 2289, 2121.
United States & Foreign Securities Corp.
-Earnings--
For income statement for 9 months ended Sept.30 1933 see Chronicle,'
Oct. 28 page 3144.
Comparative Balance Sheet.
Se:S.30'33. Dec.31 '32.
sept.zo '33. Dec.31 '32.
Assets
LiabilttiesCash
636,645
258,082 a 1st pref. stock_ _21,089,000 21,401,000
Loans, accts. reb 2d pref. stock_ __
50.000
50,000
ceivable, &c.....
41,242
157,288 c General reserve__ 4,950,000 4,950,090
U.S. Gov. oblig's_
5,699,312 d Common stock_ 100,000
100,000
e Securs.(at cost)-30,879,619 28,098,290 Accounts payable_
89,747
23,563
f Inv.In U.S.& Int.
Capital surplus. _ 924,400
764,364
Securities Corp_
1
1 Operating surplus_ 4,354,359 6,924,u46
Total
31,557,507 34,212,973
Total
31,557,507 34,212,973
a 210,890 shares (no par) it)cum.div. In Sept. and 214.010 shares
b 50,000 shares (no par) $6 cum. d v. c General reserve set upin Dec.
35,000,000 paid-In cash by subscribers to 2d pref.stock. d 1,000,000 out of
e Including 15,000 shares of common stock of corporation under shares.
option
to the President until March 1 1936 at 825 per share. The aggregate
value
of securities owned based on available market quotations or estimated
fair
value in the absence thereof, was less than the above book value by approxi
Financial Chronicle
Volume 137
mately $4,842,160 in Sept. and $10,861,500 in Dec. f 93,700 shares of
2d pref. and 1,987,653 shares common stock.
Note.
-The corporation has an underwriting commitment of $108,000.
Cumulative dividends are in arrears on the 2d pref. stock from Nov. 1
1931.-V. 137, p. 3161.
United Chemicals,•Inc.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings Department" on a preceding page.
Current assets as of Sept. 30 1933 amounted to $1,264,618 and current
liabilities were $124,880, comparing with $1,361,460 and 8139,686, respectively, on Sept. 30 1932.-V. 137, p. 1430.
U. S. Distributing Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 137. p. 1596.
United States Freight Co.
-Resumes Dividend.
The directors on Nov. 8 declared a quarterly dividend of 25 cents per
share, payable Dec. 1 to holders of record Nov. 18. From Dec. 10 1927
to and incl. Sept. 10 1930, the company made quarterly distributions
of 75 cents per share on the stock; none since.
-V. 137, p. 3161.
-New Secretary-Treasurer.
United States Gypsum Co.
C. H. Shaver, formerly Assistant Controller has been elected SecretaryTreasurer to succeed the late It. G. Bear.
-V. 137, p. 1596, 1258.
United States & International Securities Corp.
Comparative Balance Sheet.
Sept. 30'33. Dec.31 '32.
AssetsS
$
Cash
149,610
184,407
Short-term credit_ 310,000
620,000
U. S. Govt. oblige.
5,099,384
Accts. rec., accrd.
36,775
interest, &c__
64,220
a Securities at cost43,421.164 37,836,233
Sept. 30'33.Dec.31'32.
Liabilities
6,018
Accts. payable_..59,842
Time loan payable 1,100,000
b 1st pref. stock__24,551,040 27,215,040
500,000
C 2d pref. stock_ _ _ 500.000
d Special reserve__ 9,475,000 9,475,000
24,855
24,855
e Common stock__
Capital surplus_ __10,316,146 9,049,548
Deficit
2,081,890 2,493,661
Total
Total
43,944,994 43,776,799
43,944,994 43,776,799
a The aggregate value of securities owned based on market quotations
was less than the above book value by approximately $20,036,450 in Sept.
and $26,562,400 in Dec. b Represented by 225,740 (283,490 in Dec.) 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.
Note.
-Cumulative dividends are in arrears on the first pref. stock from
Nov. 1 1930 and the 2d pref. stock from May 1 1930.-V. 137. p.316 .
..---AJnited States Rubber
o.
-Removed from List.
The New York Curb ExchangeJ has removed from unlisted'trading
privileges the 6% gold notes due J ne 1 1933.-V. 137, P. 1258.
United States Steel Corp.
-To Discontinue Unfilled
Tonnage Reports-Monthly Shipment Figures to Be Issued.
-
3511
Wesson Oil & Snowdrift Co., Inc. (8c Subs.).
-Earns.
Year End. Aug.311932.
1933.
1931.
1930.
Net sales
$30,552,445 $30,786,724 $45,442,357 $61,324,282
Cost of sales
28.057,955 27,940,827 42,129,810 57,2-03..676
Depreciation
675,855
713,369
964,516
933.875
Profit from operation- $1,818,635 $2,132,529 $2,348,030 $3,101,731
177,558
Other income
322.779
379.432
536,689
Total income
Interest
Federal taxes
$1,996,193 $2,455,308 $2,727,462 $3,638,420
23,421
4,795
356,621
338,584
180,600
430,000
Net profit
Previous surplus
$1,616,151 $2,111,928 $2,546,862 $3,208,420
3,634,366
3,555,207
3,639,612
3,167,462
Total
$5,250,517 $5,667,135 $6,186,474 $6,375,882
1,282,769
Divs. on $4 pref. stock
1.188,001
1,431,267
1,536,270
364,864
750,000
1,200,000
1.200,000
Common dividends
Res.provided for deposits
285.439
in bks. in liquidation_
$3,412,213 $3,634,366 $3,555,207 $3,639,612
Balance, surplus
600,000
584,154
600.000
600,000
Shs. corn. stock (no par)
$1.38
$0.73
$1.86
$2.78
Earnings per share
Consolidated Balance Sheet Aug. 31.
1933.
1932.
1932.
1933.
Liabilities$
$
$
$
Assets
x Capital stock_ _20,571,786 20,571,786
y Land, bldgs.,machin'y & equip_ _10,322,288 10,735,950 Accts. pay. sundry
accrued, &c_ ___ 1,212,787 1,175,190
189,278
Inv. in allied cog.... 176,013
304,235
Bank. ctfs. of dep_
500,000 Pref, dive. payable 295,655
150,000
Com, dive. pay_ __
76,863
U. S. Govt. Lib•ty
bonds
80,000 1,772,688 Reserve for Federal
507,500
456,919
income tax
Accounts and bills
672,800
receivable
2,228,947 2,369,596 Res.for fire ins.&c. 715,142
778,818 Sub. cos. purchase
Loans & advances_ 818,792
318,000
mon. notes pay_ 212,000
Empl. bal. for ac3,200,000 3,200,000
Paid-in surplus_
quisition of co.'s
Capital surplus-. 5,886,868 5,886,868
capital stock _ _
198,218
Earned surplus__ - 3,412,213 3,634,366
Deposit in bank in
liquidation
319,645
Co.'s common stk.
130,219
held for empl's
z170,793
14,987,334 13,158,524
Inventories
in pref.stock_ 8202,375
Cash
5,464,503 5,767,802
285,183
Miscell. investml. 461,163
109,214
Prepaid expenses_
63,853
572,894
Insur. fund invest. 596,893
36,090,815 36,370,165
Total
Total
36,090,815 36,370,165
x Represented by 300,000 no par pref. shares and 600,000 shares of no
par common stock. y After reserve for depreciation of $7,962,306 in 1933
and $7,307,949 in 1932. z Includes 15,846 shares at cost. a Includes
4,345 shares at cost.
-V. 137. P. 3162.
The monthly figures of unfilled orders of this corporation has been dis-Subs. Expands.
continued, it was announced on Nov. 9 by Myron C. Taylor, Chairman
Westinghouse Electric & Mfg. Co.
of the board of directors and of the finance committee. In their place the
The Westinghouse Electric Elevator Co., a subsidiary, has purchased
corporation will announce,on the tenth day of each month,the total tonnage
Corp., Ltd., at Los Angeles.
the elevator business of the Consolidated Steel
of finished products shipped in the preceding month. The first statement
Westinghouse offices are being established in Los Angeles to operate the
on these shipments was issued at noon on Nov. 10.
new business.
-V. 137, p. 3162.
Mr. Taylor issued the following statement concerning the new policy:
In order to meet more completely the practices outlined in the steel ...---Bondholders Seek Termination of
"
" -Willys-Overland Co.
code of fair competition under the NRA,the United States Steel Corp. will
Receivership.
hereafter on the tenth of each month, beginning Friday, announce the total
tonnage of finished products shipped during the preceding month; such
The bondholders represented by the National City Bank, New York. as
trustee, on Nov.6 asked Federal Court at Toledo to discharge the receivers
announcements taking the place of former announcements as to tonnage
of so-called unfilled orders.
who have been in charge of the plant since last February. The bondholders
"Under terms of the steel code, contracts and orders for steel, aside from
also asked that the property and business be restored to the company.
those for definite construction purposes and as to certain specified products,
This is an answer in the equity case brought by the Monroe Auto Equipmay not be accepted for delivery beyond the expiration of the calendar
ment Co. on behalf of creditors to preserve the property as a going concern
pending reorganization.
quarter. Accordingly, the tonnages of unfilled orders no longer present
a fair index of prospective activity in the industry as was formerly more
The National City Bank, as trustee, recently was made a party to the
equity case by the Court. It previously had filed a bill of foreclosure on
nearly the case. The publication of tonnage shipped monthly will indicate
behalf of the bondholders. John N. Willys and L. A. Miller are receivers
the degree of activity of operations from month to month.
In order that data for comparison may be made available, the shipments
in the equity case.
of finished steel products in each month of the current year were as follows:
To Shut Down.
January, 285,138: tons; February, 275,929; March, 256.793; April, 335,321;
The company's plant at Toledo, 0., will be shut down completely on
May. 455,302; June, 603,937; July, 701,322; August, 668,155; September,
Dec. 1 at the close of the truck contract with the International Harvester
575,161.-V. 137, p. 3341.
Co. Officials have so notified department heads following the refusal of
Universal Consolidated Oil Co.
Judge George Hahn in the U. S. District Court to allow the receivers to
-Earnings.
expend additional cash in developing new models. For the first time in
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
the company's long history it will not be represented at the New York
Department" on a preceding page.
-V. 137, p. 2121.
Automobile Show.
Utility Equities Corp.
Reorganization agreements between the bondholders and the creditors
-$1.75 Dividend.
and holders of pref. and common stock have not been worked out by
The directors have declared a dividend of $1.75 per share on the no
attorneys.
-V.137, p. 2992.
par $5.50 cum. priority stock. payable Dec. 1 to holders of record Nov. 15.
A similar distribution was made on this issue on June 1. Previously,
Wired Radio, Inc.
-Radio Patent Case Dismissed.
the company paid semi-annual dividends of $2.75 per share to and incl.
A bill in equity involving the grant of patent claims dominating the invenDec. 1 1932.-V. 136, p. 2990.
tion of the alternating current operation of radio receivers, filed in the
District of Columbia Supreme Court in 1932 by Wired Radio, Inc., subVulcan Detinning Co.
-Earnings.- '
sidiary of the North American Co.. against P. D. Lowell and F. W. DunFor income statement for 3 and 9 months ended Sept. 30 see "Earnings
more, licensors to Dubilier Condenser Corp., and defendants, A. S. BlatterDepartment" on a preceding page.
man and Westinghouse Electric & Manufacturing Co., has been dismissued
Comparative Balance Sheet Sept. 30.
Judge J. Dickinson Letts.
Assets1933.
1932.
1932.
1933.
Liabilities(F. W.) Woolworth Co.
-October Sales.
x Plant and equip.51,810,801 $2,034,696 Preferred stock_ _ _51,563,800 51,575,800
Pats.,good-will,&c. 3,288,869 3,288,869 Common stock_
3,225,800 3,225,800
1933-October-1932.
1933-10 Mos.-1932. Decrease.
Decrease.]
Cash
253,266
367,049 Accounts payable_
164,648
173,305
$22,034.919 $22,473,210 $438,2911$192,521,818 8196,574,07084.052,252
304,080
27,577
-V. 137, P. 2652, 1953.
Inventories
331,805 Dividends payable
27,367
Investments
7t0,588
347,749 Res. for taxes and
234,503
Wright Aeronautical Corp.-Earninos.Accts. receivable
189,210
185,945
232,561
conting. habil
1,423,403 1,342,941
For income statement for 3 and 9 months ended gent. 30 see "Earnings
9,422
Advances
15,155 Surplus
-V. 137, p. 2476.
Department" on a preceding page.
56,646,236 $6,571,268
Total
$6,646,236 $6,571,268
Total
Wright & Taylor Distilling Corp.
-Stock Offered.
x After deducting reserve for depreciation of $1,030,999 in 1933 and
$764,197 in 1932.-V. 137, p. 1597.
Public offering of common stock (par v$2) is being made by
Walgreen Co.
-October Sales.
Decrease.
1933-October-1932.
Increase.] 1933-10 Mos.-1932.
$8,956
$4,159,075 $3,662,570
$498,4051$38,251,061 $38,260,017
At the and of October the company had 471 stores in operation, exclusive
of four fair stores, against 470 a month earlier and 469 units a year previous.
-V. 137, p. 2824, 1953.
Warchel Corp.
-New Name.
-
See Automatic Products Corp. above.
-V. 137, p. 2992.
Ward Baking Corp.
-50 Cent Preferred Dividend.
The directors on Nov. 10 declared a dividend of 50 cents per share
on the 7% cum. pref. stock, par $100, payable Jan. 2 to holders of record
Dec. 15. A like amount was paid on Oct. 1 last. The company on
April 1 and on July 1 1933 made distributions of 25 cents each on this
issue, as against 50 cents per share paid on Jan. 3 1933, $1 per share on
July 1 and on Oct. 1 1932 and $1.75 per share previously each quarter.
Earnings.
For income statement for 13 and 42 weeks ended Oct. 21 see "Earnings
-V. 137, p. 1782.
Department" on a preceding page.
-Sales.
Western Auto Supply Co.
1933-October-1932.
$1,175.000 $1,119,000
-V. 137, p. 2824, 2122.
1933-10 Mos.-1932.
Increase.
$56.000 I $10.231,000 $9,620,600
Increase.
8610,400
-Div. Decreased.
Western Real Estate Trust, Boston.
A semi-ann. dividend of $1 per share has been declared on the capital
stock, payable Dec. 1 to holders of record Nov. 20. This compares with
$3 per share paid on June 1 last and on Dec. 11932. $4 per share on June 1
1932 and $5 per share on Dec. 11931.-V. 135, p. 3371.
James C. Willson & Co., New York, at $2.50 per share, the
bankers to receive applications for the purchase of not more
than 350,000 shares of the 550,000 shares issued and presently
to be issued. The stock has been registered. A total of
1,000,000 shares has been authorized. There are no other
securities.
Corporation was organized in Maryland last September to acquire the
whiskey business, brands, labels trade names and good-will formerly owned
by Wright & Taylor of Louisville, one of the oldest whiskey businesses in
the country and producers of such well-known brands as "Old Charter,"
"Kentucky Taylor," "Pride of Louisville" and "Old Logan." The company owns 1,189 barrels of Wright & Taylor whiskey distilled between
1930 and 1933, and owns an exclusive agency to sell under contract 20,500
cases of Wright & Taylor "Old Charter" distilled in 1916 and 1917 and
bottled in bond in 1929. The company also is entitled to receive during
1933, without further expense, 411 additional barrels of Wright & Taylor
whiskey, to be distilled at the Stitzel plant in Louisville.
Thomas B. Bullitt, President and director, who has been identified with
the management of the old Wright & Taylor company for 34 years, has
announced that the new company will erect its own distillery to be in
operation probably by March 1 next, with an annual capacity of 30,000
barrels, and at a cost estimated by Ford. Bacon & Davis at $475,000.
including machinery and equipment, warehouse, yard facilities, &c.
E. Leland Taylor, also of the old Wright & Taylor establishment, is a
director of the new company.
The company will receive $2 per share on the stock underwritten by the
bankers and now being offered publicly.
A certified pro forma balance sheet, giving effect to the financing, showsassets for the new company of $1,108,395, including cash of $654,945, and.
whiskey inventory valued at $275,000. Current liabilities are given.
as $3,450.
3512
Financial Chronicle
Nov. 11 1933
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-METALS
-DRY GOODS
-WOOL
-ETC.
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed INDICATIONS OF
BUSINESS ACTIVITY.
Friday Night, Nov. 10 1933.
COFFEE futures on the 6th inst. closed 6 to 9 points on
Santos contracts with sales of 5,000 bags and 2 points lower
to 2 points higher on Rio contracts with sales of 4,000 bags.
On the 8th inst. futures moved within narrow range and
the close showed irregularity, Santos contracts ending net
1 point lower to 2 points higher, while Rio contracts were
5 points lower to 4 points higher. A stronger stock market
caused a moderate amount of new buying of distant positions, but it was limited. Commission houses were buying.
Trade interests sold. In the Santos contract sales were
4,500 bags, :while in the Rio the turnover amounted to 38
lots. In the last half of October destruction of coffee in
Brazil amounted to 636,000 bags making the total since the
program was inaugurated in June 1931, 24,229,000 bags,
according to the Exchange here. Cost and freight offers
were small. For prompt shipment Santos 4s were held at
8.10 to 8.50c.; Victoria 7-8s, 6.75e. Spot coffee was quiet
but steady with Rio 7s, 7)4(3.; Santos 4s, 8% to 9c.; Victoria 7-8s, 7c. On the 9th inst. futures closed 6 to 10 points
higher on Santos contracts with sales of 20,000 bags and 10
to 12 points higher on Rio contracts with sales of 15,000 bags.
To-day futures closed 17 to 24 points higher on Santos contracts and 9 to 10 points higher on Rio. A rise in Brazilian
exchange rates against the American dollar was the principal
bullish influence.
Rio coffee prices closed as follows:
Spot (unofficial)
December
March
Ir.?"
6.13f
7
6.15 September
6.24
6.30
6.36
Santos coffee prices closed as follows:
Spot (unofficial)
December
March
9.00 May
8.43 July
8.61 September
8.67
8.69
8.89
LARD futures on the 4th inst. closed 7 to 10 points higher
on a good demand both domestic and foreign stimulated by
an estimate of 25,000 hogs at Chicago. Exports were 355,650 lbs. to Hamburg and Havre. Cash lard in tierces 5.17e.;
refined to Continent 634 to 63 c.; South America 6%c. to
A
6%c. On the 6th inst. futures closed 3 to 15 points higher.
On the 7th inst. prices closed unchanged to a shade higher
owing to the strength of grain and hogs. Hogs closed 10 to
20c. higher with the top $4.60. Cash lard in tierces 5.90c.;
refined to Continent 63.e., South American 6%c. On the
8th inst. futures closed unchanged to 5 points higher on active
deliveries owing to buying by cash interests. The steadiness
was attributed to the strength in grain. Liverpool closed unchanged to 3d. higher. Exports of lard totaled 580,460 lbs.
which were shipped to Manchester, Southampton, Glasgow,
Bremen and Rotterdam. Hogs closed 50. to 10e. lower with
the top $4.55. Cash lard in tierces 5.95c.; refined to Continent 63'2e.; South America 63c.
On the 9th inst. futures
closed 15 to 17 points higher owing to the strength in grains,
which attracted buying of general character, some of it by
packers and some for speculative account. A decline in the
dollar also caused buying particularly by foreign interests.
Liverpool closed unchanged to 6d. lower. Exports were 373,335 lbs. to Trieste and Palermo. Hogs were easier with the
top $4.40. Cash lard in tierces 6.120.; refined to Continent
63'c.; South American 6%c. To-day futures closed unchanged to 2 points lower. Many are inclined to mark time
pending the effect of the processing tax. Leading factors in
the West, however, are looking for higher prices for hog products. Final prices on lard futures show an advance for the
week of 35 to 42 points.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Wed. Thurs. Fri.
Sat.
December
5.27
5.30
5.35
5.40
5.57
5.55
5.95
6.00
January
5.95
5.85
6.17
6.15
6.40
6.40
May
6.27
6.42
6.57
6.57
Season's Low and When Made.
Season's High and When Made.
December..._ _8.87
July 19 1933 December----4.27
Oct. 16 1933
January
4.82
Oct. 16 1933
January
9.95
May
Nov. 3 1933 May
6.10
6.15
Nov. 1 1933
liabOCOA futures on the 4th inst. closed unchanged to
PORK was steady; mess $16.50; family $20.50; fat backs
4 points lower. Sales were 1,581 tons. Dec. ended at
4.11e., Mar.4.31c., May 4.45c., July 4.60e. and Sept. 4.75c. $13 to $13.50. Beef steady; Mess nominal; packet nominal;
On the 6th inst. futures ended 3 to 5 points higher on sales family $11.87 to $12.75; extra India mess nominal. Cut
of 2,211 tons. Dec. closed at 4.14c., Mar. at 4.35e., meats firm; pickled hams 4 to 6 lbs.; 73/243.; 6 to 8 lbs. 7%0.;
May at 4.50c., July at 4.64e. and Sept. at 4.80c. On the 8 to 10 lbs. 7c.; 14 to 16 lbs. 11c; 18 to 20 lbs. 10c; 22 to 24
/0.; pickled bellies, clear, f. o. b. New York, 6 to 12
8th inst. futures advanced 6 to 7 points. A feature was the lbs. 91
activity in the December position. Total sales were 5,494 lbs. 10%0.; bellies, clear, dry salted, boxed, New York,
tons. Nov. closed at 4.21c., Dee. at 4.21c., Jan. at 4.280., 14 to 16 lbs. 7%c.; 18 to 20 lbs. 73.c; Butter, creamery,
March at 4.41c., May at 4.56c., July at 4.71c., Sept. at firsts to higher score than extras 173/i to 250. Cheese,
4.86c. and Oct. at 4.95e. Stocks of cocoa beans in local flats 12 to 213'c. Eggs, mixed colors, checks to special
licensed warehouses rose 1,459 bags to a total of 931,770 packs 15 to 373'c.
bags. Arrivals for November to date equalled 18,615 bags,
OILS.
-Linseed was quoted by most crushers at 8.9e. in
or 14,382 more than a year ago. On the 9th inst. futures tanks, but it was intimated that 1 point better could have
closed 17 to 20 points higher with sales of 7,000 tons. Dec. been done. Yet one dealer was said to have been consistently
ended at 4.38c., Jan. at 4.48c., March at 4.60c., May at quoting tanks on the basis of 8.7e. on the inside. Cocoanut,
4.75e., July at 4.89c. and Sept. at 5.04 to 5.05e. To-day Manila, tanks, spot 29. to 2%c.; tanks, New York, spot
futures closed 6 to 9 points lower. Warehouse stocks were 3 to 3340. Corn, crude, tanks, f. o. b. Western mills 40.
932,354 bags, against 897,151 a month ago and 672,376 a China wood, New York drums, delivered 8 to 83Ic.; tanks,
year ago. Sales were 272 lots. Dec. ended at 4.32e., spot 7.4 to 7.5c.; Pacific Coast, tanks, spot 7.3c. Olive,
Jan. at 4.39e., March at 4.52c., May at 4.66e., July at denatured, spot, Greek 7204 Spanish 75 to 77e.; shipment
4.82e. and Sept. at 4.970.
carlots, Greek 720.; Spanish 75 to 77c. Soya Bean, tank
SUGAR:
-On the 6th inst. futures closed 2 to 3 points cars f. o. b. Western mills 5.8 to 6.0e.; cars, New York 7.10.;
lower under general liquidation. Sales were 7,300 tons. L. C. L. 7.50. Edible, Olive $1.80 to $2. Lard, prime
On the 8th inst. futures closed 1 to 2 points higher owing to 93.c.; extra strained winter 8c. Cod, Newfoundland 36
the breaking out anew of the revolt in Cuba and the strength to 37e. nominal. Turpentine 473. to 513je. Rosin $4.85
of other commodities generally. Sales were 17,750 tons. to $5.60.
The raw market was steady at 3.30e. delivered basis. In
COTTONSEED OIL sales including switches 24 contracts.
refined withdrawal demand continued light but there was a Crude S.E. 33'0. bid. Futures closed as follows:
better business in the resale market. Trading was done Spot
March
5.07-5.10
4.654.85 April
5.07-5.20
around the basis of 4.550. for refiners brands as compared November
December
4.75-4.79 May
5.24-5.23
January
4.88-4.90 June
with 4.60c. the basis price. On the 9th inst. futures closed February
5.20-5.45
4.90-5.05
unchanged to 1 point higher with sales of 31,700 tons. ToPETROLEUM.
-The summary and tables of prices forday futures closed 4 to 7 points lower on selling against the
expected arrivals from the Philippines. Raws were offered merly appearing here will be found on an earlier page in our
department of "Business Indications," in the article entitled
at 3.550. duty paid. Prices closed as follows:
"Petroleum and Its Products."
Closing quotations follow:
December
1.26 May
1.34
RUBBER futures on the 4th inst. closed 21 to 27 points
1.25 July
1.40
January
higher with sales of 4,800 tons. Dec. ended at 8.28 to 8.29c..
1.29 September
1.45
March
Volume 137
Financial Chronicle
Jan. at 8.43c., March at 8.71 to 8.72c., May at 8.98 to 8.99c,
and July at 9.19 to 9.20c. On the 6th inst. futures in fairly
active trading closed 6 to 15 points lower. Sales were 4,210
tons. Dec. ended at 8.17 to 8.20c., Jan. at 8.31 to 8.34c.,
March at 8.650., May at 8.91 to 8.94c., July at 9.05 to
9.12c. and Sept. at 9.25e. On the 8th inst. futures rose 32
to 42 points under the stimulus of a decline in the dollar,
inflation reports, a sharp further upturn in sterling and
restrictions preparations abroad. Sales were 5,790 tons.
Cable advices said that a new and important meeting of
Dutch and English rubber producers would be held on Nov.
21. Dutch and British committees which conferred recently
in London will meet in Amsterdam on that date. Futures
closed with Dec. 8.54c.; Jan., 8.68c.; March, 8.97 to 8.98c.;
May, 9.23c.; July, 9.47c., and Sept., 9.65c. On the 9th
inst. futures advanced 36 to 44 points on sales of 11,590 tons.
Demand was light but steady. Dec. closed at 8.90c., Jan.
at 9.07c., March at 9.39c., May at 9.67 to 9.690., July at
9.88c. and Sept. at 10.08c. To-day futures closed 20 to 33
points lower under profit taking. Favorable restrictions
news checked the decline. Jan. closed at 8.80c., March at
9.08 to 9.130., May at 9.42 to 9.45c., July at 9.68c. and
Sept. at 9.88c. Sales were 577 lots.
HIDES futures on the 4th inst. advanced after a weak
opening and ended 4 to 10 points higher with sales of 160,000
lbs. March ended at 9.09 to 10.050. On the 6th inst.
futures closed unchanged to 15 points lower with sales of
640,000 lbs. March ended at 9.08 to 9.90c. On the 8th
inst. futures displayed a weak appearance in the early
trading but the tone improved noticeably as the session
progressed and the closing was 25 to 40 points higher. The
decline in the dollar and the subsequent sharp rally in
securities and other commodity markets were the bullish
influences and caused a wave of new long buying and short
covering. Sales were 32 contracts. There was some scattered selling. Spot hides were quiet. The demand for
common dry hides showed indications of improving. New
York City calfskins were unchanged. Futures closed with
Dec., 9.100.; Mar., 10.20c.; June, 10.60 to 10.650., and
Sept., 11.050. Butt brands were 10c.; packer, native steers,
10c.; Colorados, 932c.; Chicago, light, native cows, 9c.
New York City, calfskins, 9-12s, 2.450.; 7-9s, 1.750.; 5-7s,
1.250. On the 9th inst. futures closed 25 to 45 points
higher with Dec., 9.50c.; Mar., 10.650.; June, 10.950. and
Sept., 11.30c. To-day futures closed 5 points lower io 25
points higher. The strength of hides was attributed to a
strong statistical position in spot hides where surplus stocks
are said to be largely depleted. Sales were 79 lots. Mar.
ended at 10.60 to 10.70c.; June at 11.050.; Sept. at 11.55c.,
and Dec. at 9.65 to 9.75c.
OCEAN FREIGHTS were in fair demand.
CHARTERS included: Grain; middle November, Montreal
-Sharpness, London is. 9d.; Monantic Range, one-half load Adriatic 11c. Nitrate; two prompt steamers, one a Treboat, Chile to United Kingdom
19s. 9d. Tankers; Gulf, clean, December 10-23, United
Continent
Kingdom-Continent 88. 3d.for 3,500 tons.
COAL was in better demand, owing to colder weather.
In October bituminous and anthracite coal and beehive coke
production totaled 34,409,700 tons, against 34,552,000 tons
in September and 37,972,000 tons in October 1932. For the
calendar year to Oct. 31 1933, bituminous production is
24,000,000 tons, anthracite production 200,000 tons and
beehive coke output 49,000 tons heavier than a year ago.
Western Kentucky reduced the price on 6
-inch lump 20c.
and on 3x2 nut by Sc. Screenings and smaller nut were
unchanged.
SILVER futures on the 4th inst. continued to advance
in fairly brisk trading. Sales were 7,600,000 ounces. At
the close prices were 35 to 50 points higher. November
ended at 41.15 to 41.19c.; Dec. at 41.250.; Mar. at 41.94c.;
May at 42.450., and July at 42.95c. On the 6th inst. futures
closed 95 to 105 points higher with sales of 13,925,000
ounces. There was a good demand stimulated by a stronger
spot market and reports of remonetization. Dec. ended
at 42.20c.; March at 42.90c.; May at 43.40c., and July at
43.90c. On the 8th inst. futures again moved into new high
ground. They closed at gains of 75 to 88 points with sales
of 15,325,000 ounces, which is within about 50 lots of the
record high for all time. The bar price here advanced
Mc.to 413/sc., to a new high for the past three years. London rose Md. to 183/2d. The strength in futures was attributed to a belief that the Government will do something for
silver as has been done artificially for other industries.
Higher silver prices, it is felt, will aid American exports by
creating greater buying power in silver-using countries.
Futures closed here with Nov. 42.90c.; Dec. 42.95c.• Jan.
43.2.• Feb. 43.55c.; Mar. 43.65 to 43.70c.; May 44.15c.;
5c
July 44.65c., and Sept. 45.150. On the 9th inst. trading
was of record proportions, aggregating 18,950,000 ounces.
At one time prices advanced 40 to 100 points, reaching
new high ground for the season, but heavy profit taking
near the close caused a reaction and the ending was 22 to
40 points higher for the day. Dec. ended at 43.350.; Mar.
3513
at 44.00c.; May at 44.40c., and July at 44.90c. To-day
futures closed 40 to 60 points lower under heavy profit taking,
which was only natural after the recent hectic advance. The
4
bar price was marked down Mc. to 423 c. London was
lower. It was rumored that the Government intends to buy
newly mined domestic silver at prices ranging from 55 to 600.
an ounce. Futures closed with Jan.at 43.00c.; Mar.43.500.;
May at 44.00 to 44.10c.; June 44.250.- July 44.00c.; Nov.
42.70c., and Dec. 42.75 to 42.80c. gales were 532 lots.
COPPER for domestic delivery was extremely dull, though
a good volume of business was done abroad at prices ranging
from 7.82 to 8.15c. c.i.f. European ports. A rise in foreign
currencies caused the strength abroad. Spot standard copper in London on the 9th inst. dropped 5s. to £31 16s. 3d.;
futures off 6s. 3d. to £31 17s. 6d.; sales 150 tons of spot and
550 tons of futures; electrolytic unchanged at £35 bid and
£36 asked; at the second London session spot standard advanced ls 3d and futures 2s 6d on sales of 75 tons of futures.
TIN was in good demand and spot Straits advanced to
A
523 c. a new high since 1928, when the high for that year
was 573c. In London on the 9th inst. spot standard advanced £2 2s. to £230; futures up £1 12s. 6d. to £228 15s.;
sales 150 tons of spot and 950 tons of futures; spot Straits
rose £35s to £235; Eastern c.i.f. London was up to £232 15s.;
at the second London session spot standard fell 2s 6d. on
sales of 30 tons of spot and 445 tons of futures.
LEAD was quiet and featureless with an occasional carlot
the extent of the business. Sales thus far in November were
estimated at approximately 24,000 tons. In London on the
9th inst. spot advanced is. 3d. to £12;futures unchanged at
£12 3s. 9d.; sales 150 tons of spot and 500 tons of futures;
at the second session prices dropped Is. 3d. on sales of 150
tons of futures.
ZINC was quiet butfirm at 4.50e. East St. Louis. October
statistics were favorable. They showed a decline of over
3,000 tons in surplus stocks whereas a gain had been expected.
The recent $5 decline was because of a fear of an increase in
zinc concentrates production to 7,000 tons a week. Actual
production last week was 4,350 tons. London on the the
9th inst. advanced is. 3d. to £15 17s. 6d. for spot and £16
is. 3d. for futures; sales 225 tons of futures and 25 tons of
spot; at the second London session prices fell is. 3d. on sales
of 25 tons of spot and 225 tons of futures.
STEEL operations dropped to 25% on the average.
Automobile requirements fell off and the tonnages required
by railroads and public works failed to materialize. Purchasing by the railroads, however, will probably occupy the
center of the stage over the next few weeks. The Pennsylvania Railroad has arranged for the construction of 500
automobile box cars to be built in its own shops and will
require over 100,000 tons of steel for its total car buying or
building program which involves 7,000 cars. It was also
officially announced that this carrier will buy 100,000 tons
of rails. Makers of cast iron pipe in the eastern district
marked up prices $4 to $5 a ton. The 6
-inch pipe is up $5
to $43.30 delivered to New York, and the 4
-inch size was
advanced $4 per ton to $46.30. Steel products quotations
were: Semi-finished billets, re-rolling, $26 to $27; billets,
forging, $31 to $32; sheet bars, $26; slabs, $26; wire rods,
$35; skelp, 1.60c.; sheets, hot rolled, 1.650.; hot rolled bars,
1.75c.; plates, 1.70c.; shapes, 1.70c. Shipments of finished
steel products in October according to the United States
Steel Corporation totaled 572,897 tons against 575,161 tons
in the preceding month and a 1933 high of 701,322 tons
reported for July. The decrease for the month was 2,264
tons.
PIG IRON has been dull. Consumers are not inclined to
buy and are apparently not worried over the threats of higher
prices. Quotations were: Foundry No. 2 plain Eastern
Pennsylvania $17.50; Buffalo $17.50; Birmingham $13.50;
Cleveland, Valley and Chicago $17.50. Basic-Valley $17;
Eastern Pennsylvania $17.84 delivered. Malleable, Eastern
Pennsylvania $18.84 delivered; Buffalo $18.
WOOL.
-Boston wired a Government report on Nov. 9,
saying: "Manufacturers are showing a keener interest in the
wool market, although practically all lines of domestic wools
continue to move very slowly and in only small quantities.
There is apparent among wool trade members a strongly optimistic feeling regarding prospects of an early resumption
of buying by manufacturers. Strong markets abroad this
week are believed to be stimulating buyers to take a more
active interest in domestic wools."
SILK.
-On the 6th inst. futures closed 5 to 6 points
lower with sales of 1,240 bales. Dec. ended at $1.44 to
$1.45; Jan. at $1.44; Feb. at $1.43M to $1.443'; Mar.,
Apr. and May, $1.43M to $1.44 and June at $1.44. On
Apr.,
the
inst. futures after opening quite weak on disappointing cables turned firmer in the later trading and ended Mc.
Lower to lc. higher. Sales were 2,200 bales. The strength
of the stock market, grains and silver caused good buying.
Nov. ended at $1.413/ to $1.423'; Dec. at $1.443/2; Jan.,
$1.44M to $1.45M; Feb., $1.443/a to $1.45; Mar. $1.44M;
Apr.,$1.4434 to $1.45; May,81.443/2; June,$1.44 to $1.44
On the 9th inst. futures closed 5 to 5 Mc. higher with sales
of 1,390 bales. Nov. ended at $1.443i; Dec. and Jan. at
$1.49; Feb. at $1.473/2; Max., $1.46; Apr. at $1.49; May
at $1.463/2 and June at $1.46. To-day futures closed M
3514
Financial Chronicle
to 23/i points lower. Stronger cables offset profit taking.
Sales were 12 lots. Jan. ended at $1.47 to $1.48M; Mar. at
4;
$1.481 Apr. and May at $1.48 to $1.49; June at $1.48;
Nov. at $1.45 to $1.463' and Dec. at $1.47 to $1.483"2.
COTTON
Friday Night, Nov. 10 1933.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
275,658 bales, against 313,111 bales last week and 348,464
bales the previous week, making the total receipts since
Aug. 1 1933, 3,861,402 bales, against 3,729,869 bales for
the same period of 1932, showing an increase since Aug. 1
1933 of 131,533 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Total.
Galveston
11,610 15,895 31,013 14.980 8,317 5,914 87,729
'Texas City
9.714 9,714
Houston
12.614 18,176 23,363 10,401 7,901 20,421 92,876
441 3,525
362
926
Corpus Christi
269
863
664
Beaumont676 ---676
6,532 10,294 10,313 19.942 4,757 3,828 55,666
New Orleans
Mobile
889
199 4.449 1,439
892 8,163
295
---- 1,364
Pensacola
1,364
Jacksonville ------------------------231
231
Savannah
633 3,538
541
498
440
387 1,039
--------3,347
3,347
Brunswick
392
542
Charleston
142
99 1,755 3,378
448
---____
Lake Charles
---- 2,653 2,653
------62
105
162
72
Wilmington
211
60
672
---463
Norfolk
191
267
318 1.596
357
Baltimore
530
530
Mett.lathinlynek
22 221 47(188 70.729 52.089 26.023 47.390276.058
The following table shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared with
last year.
From
Aug. 1 1933 to
Nov. 10 1933. Great I
Exports from- Britain. !France
1933.
Galveston
Texas City
Houston
Corpus Christ1
Beaumont
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick_
Charleston
Lake Charles
Wilmington
Norfolk
Newport News
New York
Boston
Baltimore
Philadelphia
1932.
This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
Stock.
1933.
1932.
87,729 992,332 111.065 885,961 792,997 859,465
9.714 101.761 16,768
85,440
56,576
53,672
92,876 1,355,610 153,638 1.270.647 1,542,282 1,558,632
3,525 291,343 5,085 247.355 112,125 100.829
676
6,327
13,351
---12,997
16,008
55,666 594,234 67,531 627.142 802,079 993,764
8,163
1,364
231
3,538
3,347
3,378
2.653
672
1,596
75,257
82.006
9.569
124.287
13,080
91,153
78,894
12,118
22,158
8,011
---130
2,522
823
4.359
4.200
1,712
1,989
120.574
79,806
5,600
93,932
26,901
99.494
114,552
23,205
26,199
122,195
37,644
7,647
135,283
145,111
29,714
19,961
187,154
67,669
64,265
19,772
25,216
91.658
93,619
22,990
56,569
Exported toJapan & .
Germany. I Daly. 1Russia China. I Other. I Total.
Galveston 72.648 99,997 85,451 51,177
203,776 96,518 609,566
Houston _ __ 107.865139.182 171,737 106,465
271,433122,159 918,841
Corp. Christi 82,722 47,471
101,729 28,572 297,235
21,935 14,806
Texas City__
4,940 14,047 17,090
5,426, 42,022
519
Beaumont_ __
1,442 3,900
750
804
6,896
New Orleans
71,500 46,210 85,398 71,15921,274 82.459 47,683 425,683
Lake Charles
3,325 10,549
12,022 2,200 8,950
11,844 8,837 57,727
Mobile
15,997 4,285 37,2781 6,635 -.5,475 4,408 74,078
Jacksonville792
4,828
300
5,920
Pensacola _- 13,201
18,724 10.716 -5,350
628 47.619
Panama City
"iii 11,341
17,60
2,500
300 31,932
Savannah ___
41,361
3
33,9271
11,848 4,069 91,507
Brunswick __
7,684
5,371
25 13,080
Charleston --25,845 -55 29,3544
951
56,529
Wilmington 4,825
500
5,325
Norfolk ___
3,694
24
2,264
300
306
6,588
New York__
8,193
2
1,148 2,955 14.594
2,296
Boston
968
1,018
Los Angeles_
1,55
81
1,474
14,977
823 18,910
San Francisco
93
5,035
:so
984
6,162
Seattle
• 80
so
itsTotal
473,031 366,358 553,549263,98130.224 716,873 327,296 2,731,312
Total 1932__
Total 1931._
416.654347,091 681,653 230,816 ---- 481,352 315,148 2,472,714
280,47 86,248 477,158 168,667 ---- 896,716 255,500 2,164,763
NOTE.
-Exports to Canada.
-It has never been our practice to include in the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view,
however, of the numerous Inquiries we are receiving regarding the matter, we will
say that for the month of September the exports to the Dominion the present season
have been 14,624 bales. In the corresponding month of the preceding mason the
exports were 8,842 bales. For the two months ended Sept. 30 1933 there were
32,039 bales exported as against 13,602 bales for the two months of 1932.
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
Nov. 10;at-
Receipts to
Nov. 10.
Nov. 11 1933
Other CoastGreat
GerBritain. France. many. Foreign wise.
Total.
Leaving
Stork.
Galveston
5,500 6,000 8,000 30,500 4,000 54,000 738,997
New Orleans
6.714 5.186 5,672 9,540 3,246 30.358 771,721
Savannah
Charleston_ -------67,669
Mobile
IL6 __ fig§ ____ 10,g56 111,559
2,Lo
Norfolk25,216
Other ports *
2
,606 1.500 4,500 46,000 1,000 55.000 1,920.315
Total 1933- 16,811 12,836 18,172 93,929 8,246 149,994 3,770,760
Total 1932- 28,366 12,571 18,587 103,262 14.097 176,883 4,267,244
Total 1931
30.864 8.714 21.019 135.270 7,819 203.686 4.405.651
*Estimated.
SPECULATION in cotton for future delivery was a little
more active, and after some weakness early in the week,
owing to pre-bureau liquidation, prices rallied and are over
$1 a bale higher than a week ago. The Government estimate of 13,100,000 bales, although larger than a month ago,
107,527 202,058
was smaller than was expected, and caused active buying
12,076
8,795
530
11.273
46
7,052
2,050
1.750
and a sharp rally in prices. Private estimates indicated a
5,389
crop of around 13,500,000 bales. On the 4th inst. prices
Totals
275,658 3,861,402 377,8793.729,869 3,920,754 4,444.127
ended 5 to 7 points lower, owing to a slight increase in hedge
In order that comparison may be made with other years, selling. There was some week-end liquidation. It was a
narrow and featureless market. On the other hand, there
we give below the totals at leading ports for six seasons:
was some trade demand and scattered new buying due to
the expectation of a cold wave in the western part of the
Receipts at1931.
1933.
1930.
1932.
1929.
1928.
belt, which would tend to check growth and picking, and
87,729 111,065 107,487
Galveston-89,929 115,754
79,023
there was other buying on the belief that some constructive
Houston
92,876 153,638 166,227 137,646 108,773
93,946
55.666
New Orleans_
67,531
73,226
56.320
news would come from Washington over the week-end.
87,858
66,705
8.163
8,011
21,961
32,051
Mobile
15,404
11,276
On the 6th inst. prices ended 18 to 22 points lower, under
Savannah........
6,485
3,538
18,385
2,522
10.480
15,048
pre-bureau liquidation. A decline in the dollar and an ad3,347
Brunswick1,190
823
435
Charleston_ __
3.378
16,130
4,359
13,078
2,756
6,090
vance in the Government price of gold had little or no
Wilmington__
672
2,722
1,712
4.019
2.956
8,338
influence. Buying was limited to trade price fixing on a
1.596
Norfolk
1,989
10,621
14,775
4,408
6,910
Newport News
scale down. The average of six crop estimates by prominent
18.693
21.902
All others.._
26,229
10.195
31,177
19.535
authorities indicated a yield of 13,026,000 bales against the
Totals this wk. 275.658 377,879 417,118 372,279 350,357 351,467
last Government estimate of 12,885,000 bales. The average
guess of 95 members of the Exchange was 13,254,000 bales.
Since Aug. I__ 3.881.402 3.729.889 4.227.207 5.198.261 4.946.825 4.916.449
Southern advices stated that offers from the interior were
The exports for the week ending this evening reach a total very meagre, due to the fact that more farmers were taking
of 239,949 bales, of which 38,913 were to Great Britain, advantage of the Government's 10c. loan, and also because
36,162 to France, 34,594 to Germany, 18,358 to Italy, nil to
of unfavorable weather with rains over portions of both
Russia, 82,516 to Japan and China, and 29,406 to other the Eastern and Western belts, and unseasonably cold
destinations. In the correspondign week last year total
weather in the West. The spot basis was firmer. Spot
exports were 220,238 bales. For the season to date aggre- demand was very small. On the 8th inst. the Government
gate exports have been 2,731,312 bales, against 2,472,714 estimate, indicating a yield of 13,100,000 bales, sent prices up
bales in the same period of the previous season. Below are
nearly $2 a bale. The market closed steady, with only a
the exports for the week:
slight reaction from the best for the day, and 32 to 36
points net higher. The Government crop figures were
Exported to
215,000 bales larger than the October estimate, but not as
Week Ended
Japan&
large as some traders had feared. Consequently, the feeling
Nov. 10 1933.
Great
GerExports from
- Britain. France. many. /way. Russia. China. Other. Toted.
of uncertainty that prevailed recently over the size of the
crop was removed, and this brought in a fairly active
46.437 10,615 71,903
Galveston
4,102
3,346 7,403
Houston
28,760 6,071 72,455
6,802 21:500 5,353 4,179
demand from the trade and commission houses. Trading
915 7.382
Corpus Christi_ _ 5,181
798
488
volume was small, as compared with many other Bureau
1,518 6,058
Texas City
2,146 2,394
7,633 44,512
New Orleans_
3,914 11,492 14,899 6,574
report days, but it was larger than recent operations. There
1,376 1,376
Lake Charles_
were moderate reactions at times under Southern selling
117 15,275
Mobile
7,982
"iii erioo
1,413
Pensacola
"iii
963
and profit-taking. A further advance in the price of gold,
1,364
1.364
Panama City
better Liverpool cables and a decline in the dollar conSavannah
"icia 4,836
3,694
202
840
3,347
Brunswick
3.347
tributed to the early advance. The firmness in wheat and
1,050
Charleston
1.050
stock markets led to Wall Street and commission house
100
Norfolk.
100
11
325
314
buying late in the day. The South sold at times, but offerNew York
200 5,124
4:560
100
so
474
Los Angeles
ings were small. Southern advices said that farmers were
2.579
850 3,429
Francisco_
San
holding, and that many had accepted the Government's 10c.
82,516 20,406 239,949
38,913 36,162 34.594 18.358
, Total
I
loan, and consequently were selling their cotton. At the
same time, lower temperatures over the belt, with killing
50,464 35,201 48,952 12,312
44,540 30.769 220,238
Total 1932
01,352 13,260 216,532
40,069 3,844 56,912 11,088
Total 1931
frost at many points, served to check the movement, and
Financial Chronicle
Volume 137
3515
the basis was very firm. Mills were good buyers of contracts, fixing prices against old purchases. Spot demand,
however, was slow. Mills showed little interest in the
market, as they were still having difficulty in disposing of
their finished product and were not inclined to buy cotton
177
I'URES- The highest, lowest and closing prices at
until they can sell more goods.
New York for the past week have been as follows:
The Government figures of 13,100,000 bales represents an
increase of 215,000 bales, or 1.7% from the 12,885,000 bales
Saturday, Monday, Tuesday, Wednesday. Thursday, Fri
Nov. 6.
Nov. 7.
Nov. 4.
Nov. 8.
Nov. 9.
Nov 10.
reported as of Oct. 1. It was about 154,000 bales under the
.
average of Cotton Exchange opinion. The final yield last Nov.(1933)
Range_ _
year was 13,002,000 bales. The indicated crop is 1,566,000
9.250
9.586
Closing _ 9.47n
9.73n
9.73fl
bales, or about 11% below the 1928-1932 average of Dec.
Range
9.55- 9.62 9.35- 9.50
9.37- 9.72 9.72- 9.95 9.83 9.95
14,666,000 bales. The average yield forecast as of Nov. 1
Closing _
9.68- 9.69 9.83- 9.85 9.83 9.84
is 208.7 pounds per acre, compared with 173.3 pounds in .Tan.(1934) 9.57- 9.59 9.35- 9.36
1932 and an average yield for the period 1922-1931 of 167.4
9.44- 9.79 9.81-10.03 9.93 10.03
Range__ 9.63- 9.88 9.41- 9.56
Closing _ 9.63 ---- 9.41 --9.77 ---- 9.91- 9.92
pounds per acre. The increase over last month is found Feb.
largely in Texas and Oklahoma, other States showing only
Range __
Closing
9.49n
9.84n
9.980
9.91
minor changes. The Bureau said that conditions continued March _ 9.710
generally favorable for harvesting during October and pickRange_ 9.75- 9.82 9.57- 9.71
9.57- 9.96 9.97-10.18 10.01i-10.19
Closing 9.79- 9.80 9.57- 1101.J.
9.91- 9.93 10.06-10.08 10.0K
ing and ginning have progressed rapidly with minimum field
DAY.
losses. The Foreign Agricultural Service made the world's April
Range_
Closing 9.8.56
9.636
9.986
acreage in cotton, including the United States, for this
10.13n
10.12 ts
season, 94.6% of last year's, and-the-indicated production May
Range.. 9.90- 9.96 9.70- 9.85
9.71-10.0 10.12-10.32 10.11 10.31
108.8% of last year's, or 18,224,000 bales for the reporting
10.05Closing 9.91- 9.92 9.7010.21-10.22 10.11 10.20
countries against 16,751,000 bales last year. The report June-- _
Range
said: "During the past month the Indian Government has
9.770
Closing 9.986
10.11n
10.28n
10.21
released its official estimate of the area planted to cotton July
Range _ 10.03-10.11 9.85- 9.99
9.88-10.23 10.24-10.43 10.3: 10.44
In India up to Oct. 1. The area planted to that date this
Closing 10.05- 9.8510.1810.35-10.38 10.3: 10.34
year was placed at 19,641,000 acres, which was 6.7% larger Aug.Rangethan plantings to the same date last year, about the same
Closing
as plantings to the same date in 1931, and 4.2% below the Sept.
Range _
acreage planted to Oct. 1 1930. The first official estimate
Closing
of the 1933-34 Indian production will not be released until Oct.
Range._ . 10.21-10.28 10.05-10.18
10.08-10.39 10.43-10.82 10.5 10.64
mid-December. In October the Bombay trade was estimatClosing 10.24n
10.0610.3810.53n
10.5: 10.55
ing that the 1933-34 crop would be considerably above that
n Nominal.
of the previous year. Little additional information has been
Range of future prices at New York for week ending
received on other foreign countries during the past month."
The Census Bureau report showed 10,361,404 running bales Nov. 10 1933 and since trading began on each option:
ginned to Nov. 1 against 8,607,555 running bales corrected
Range for Week.
Option for
Range Since Beginning of Option.
ginnings to Nov. 1 1932 and 9,496,965 bales two years ago
On the 9th inst. cotton advanced more than $1 a bale, on Nov. 1933
6.50 Feb. 21 1933 10.50 July 21 1933
9.35 Nov.
9.95
active commission house and foreign buying, inspired by a Dec. 1933__ 9.41 Nov. 6 10.03 Nov. 9 6.30 Feb. 6 1933 12.20 July 18 1933
Jan. 1934....
Nov. 9 8.35 Feb. 8 1933 12.25 July 18 1933
6
violent decline in the dollar. While part of the advance Feb. 1934
8.82 Feb. 24 1933 9.92 Aug. 28 1933
was lost late in the day under general liquidation and Mar. 1934__ 9.57 Nov. 6 10.19 Nov. 10 6.84 Mar.28 1933 12.39 July 18 1933
April 1934
8.91 May
1933 9.80 May
1933
Southern selling, the market closed steady with net gains May l934.. 9.70 Nov. 6 10.32 Nov. 9 ,,9.13 Oct. 22 1933 12.52 July 27 1933
16
18
of 14 to 17 points. Bullish factors predominated. Liverpool June1934
1934
cables were better than due, the Government gold price was July 1934 9.85 Nov. 6 10.44 Nov. 10 9.27 Oct. 16 1933 11.78 July 27 1933
Aug.
advanced, and there was a sharp rise in foreign exchange. Sept.1934
Commission houses, Liverpool and Continental interests Oct. 1934_ 10.05 Nov. 6 10.64 Nov.10 10.05 Nov. 6 1933 10.64 Nov. 10 1933
were buying. Wall Street bought, and there was also some
THE VISIBLE SUPPLY
outside demand. Mills were fixing prices on a fair scale. up by cable and telegraph, OF COTTON to-night, as made
is as follows: Foreign stocks as
The advance was checked to some extent by December well as afloat are
this week's
liquidation. Reports from Washington of an expansion all foreign figures are brought returns, and consequently
down to Thursday evening.
in the program to put more men to work, and the possibility But to make
the total the complete figures for to-night
of early recognition of Russia contributed to the strength (Friday) we add
the item of exports from the United States,
of the market. Towards the end hedge sales increased.
To-day prices, after advancing early on buying, supposedly including in it the exports of Friday only.
Nov. 101933.
1932.
1931.
1930.
by the trade, commission houses, Japanese Interests, Wall Stock at Liverpool
bales 743,000 626.000 560,000 651.000
Street and the Continent, eased under selling by the South, Stock at London
Stock at Manchester
89,000 101,000 109,000 127.000
New Orleans and liquidation of December, and part of the
Total Great Britain
early rise was lost. The ending was unchanged to 2 points
832,000 727.000 669.000 778,000
Stock at Hamburg
lower. Selling pressure was not aggressive, nor was buying Stock at Bremen487,000 431,000 201.000 421,000
vigorous. The weather was generally clear and cold, with Stock at Havre
241,000 205.000 201,000 261,000
Rotterdam
27,000
25,000
10,000
10,000
no rain except at Brownsville, Texas. Final prices show Stock at Barcelona
Stock at
75,000
65,000
59,000
97,000
a rise for the week of 21 to 25 points. Spot cotton closed Stock at Genoa
125,000
81,000
36,000
46,000
Stock at Von ce
18,000
at 10.05c. for middling, an advance of 25 points as com- Stock at Trieste and Mestre
6,000
pared with last Friday's quotation.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed.Thurs. Fri.
Nov. 4 to Nov. 10Middling upland
9.75 9.55
Hol. 9.90 10.05 10.05
Total Continental stocks
Staple Premiums
60% of average of
six markets quoting
or deliveries on
Nov. 16 1933.
15-18
inch.
1-Inch &
longer.
Differences between grades established
for deliveries on contract Nov. 16 1933
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
Middling Fair
White
.68 on
Strict Good Middling_
do
.58
Good Middling
do
43
Strict Middling
do
29
Middling
do
Basis
Strict Low Middling_
do
.36 off
Low Middling
do
.77
*Strict Good Ordinary_ do
1.25
do
*Good Ordinary
1.67
Good Middling
Extra White
.44 on
Strict Middling
do do
.30
Middling
do do
.01
Strict Low Middling- do do
.35 off
do do
Low Middling
.74
Good Middling
Spotted
.30
.10
.26 on
do
Strict Middling
.29
.10
Even
do
Middling
.09
.25
.38 off
*Strict Low Middling... do
.77
do
*Low Middling
1 25
Tinged
.10
Strict Good Middling _ __Yellow
.25
02 off
do do
.10
Good Middling
25 off
.25
do do
Strict Middling
.10
42
.25
do do
*Middling
77
do do
1.22
*Strict Low Middlingdo do
*Low Middling
1.66
Light Yellow Stained. .41 off
.09
Good MIdd lug
.24
do do
do
*Strict Middling
.78
do do
do _1.22
*Middling
Yellow Stained
.09
Good middling
.76 off
.24
do do
1.21
*Strict Middling
*Middling
do do
1.66
.09
Gray
Good Middling
.25 off
25
.09
do
Strict Middling
.51
.25
do
82
*Middling
Blue Stained
*Good Middling
78 Off
do do
1 22
*Strict Middling
*Middling
do do
1.68
*Not deliverable on future contract.
.10
.10
.10
.10
.10
.09
.08
.31
.31
.31
.31
.29
.25
.22
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
979,000 807.000 507,000 835,000
Total Continental stocks
1,811,000 1.534,000 1,176,000 1,613,000
India cotton afloat for Europe.-- 59.000
64,000
46,000 159,000
American cotton afloat for Europe 621,000 584.000 551,000 558,000
Egypt, Brazil,Stc.,siftfor Europe 105,000
77.000 189,000 109,000
Stock in Alexandria. Egypt
385.000 527,000 701,000 629,000
Stock in Bombay,India
562,000 544,000,395,000
Stock in U. S. ports
3,920,754 4,444,127 4,609,337 3,941,847
Stock in U.S.interior towns
2,080,851 2,201,601 2,052,038 1,684.197
U.S. exports to-day
57,436
37,030
38,576
Total visible supply
9,602,04110,012,758 9,782.951 9.089,044
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
399,000 303.000 220,000 265,000
Manchester stock
45,000
54,000
31,000
59,000
Continental stock
897.000 753,000 437.000 629.000
American afloat for Europe
621,000 584.000 551,000 558.000
U. S. port stocks
3,920.754 4,444,127 4,609.337 3,941.847
U. S. interior stocks
2,080,851 2.201,601 2,052,038 1,684,197
U. S. exports to-day
57,436
37,030
38,576
Total American
East Tndicin,
&c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt. Brazil, &c.. afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
8,021.041 8.376.758 7.938,951 7,137,044
344.000
323,000
340,000
386,000
44,000
82,000
59.000
105,000
385.000
562,000
47.000
54,000
64,000
77.000
527,000
544,000
78.000
70.000
46,000
189.000
701.000
420.000
68.000
206,000
159.000
109.000
629,000
395,000
1.581.000 1,636.000 1,844,000 1,952,000
8,021.041 8.376,758 7.938,951 7,137.044
Total visible supply
9,602,04110,012,758 9,782.951 9,089,044
Middling uplands. Liverpool5.31d.
5.60d.
5.06d.
5.98d.
Middling uplands, New York_,_ 10.05c.
6.70c.
6.55c.
11,15c.
Egypt, good Sakel, Liverpool
7.708.
9.094.
8.80d. 10.754.
Peruvian, rough good, Liverpool.
Broach, fine, Liverpool
4.38d.
5.30d.
4.884.
4.704.
Tinnevelly, good. Liverpool
4.984.
5.434.
5.21d,
5.70d.
Continental imports for past week have been 143,000 bales.
The above figures for 1933 show an increase over last
week of 219,372 bales, a loss of 410,717 from 1932, a
•
Financial Chronicle
3516
decrease of 180,910 bales from 1931, and a gain of 512,997
bales over 1930.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1-the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year, is set out in
detail below:
Movement to Nov. 11 1932.
Movement to Nov. 10 1933.
TO11113.
Receipts.
Week. Season.
Ala.,Birming'm
Eufaula
Montgomery
Selma
Ark.,Blytheville
Forest City
Helena
Hope
Jonesboro_ _
Little Rock
Newport_ _
Pine Bluff
Walnut Ridge
Ga., AlbanyAthens
Atlanta
Augusta
Columbus_
Macon
Rome
La., Shreveport
Mies..Clarksdale
Columbus
Greenwood
Jackson
Natchez
Vicksburg
Yazoo City
Mo., St. Louis_
N.C.,GreensiVro
Oklahoma
15 townse
S.C., Greenville
Tenn.,Memphls
Texas, Abilene _
Austin
Brenham__.
.
Dallas
Paris
Robstown_
San Antonio_
Texarkana_ _
Waco
Receipts.
Ship- Stocks
meals. Nov.
Week. 10.
Week. Season.
13,485
3,057 14,977 1,143 13,658 1,461
5,085
200
100 6,709
5,31
100
858 19,949
640 44,347
760 22,634
1,545 32,408 1,990 49,416 2,442 43,527
12,503 80,087 4,558 66,456 12,457 124,328
61 14,378 1,915 13,811
11,024
1,511
30.808 1,390 32,818 3,732 51.468
2.871
38,943
3,798 37,874 2,578 23,658 2,00
7,998
1,213 11,019 1,349
14,10
4,613
7,436 61.421 4,386 54,744 7,594 71,534
391 20,969 3,000 31,894
20,816
3,631
9,516 68,865 6,153 47,086 7,420 68,159
6,793 31,125 1,244 26,463 5,769 45,941
1,207
44
565 7,580
9,704
340
12,889
859
800 55,415
760 19,910
5,767 24,731 1,641 179,294 3,352 27,529
4,369 96.388 2,936 140,828 2,569 66,813
9,439
624
____ 14,551
6,600
_ __ _1
13,900
529
505 34,903
834 10,691
5,721
550 7,485 1,080
6,298
995
2,283 41,527 1,370 46,729 3,609 57,906
7,1071 89,622 5.306 68,056 8,226 82,359
7,430
141 12,092 1,082
10,915
2,030
7,505 114,853 5,634105,210 7,645 89,155
745 21,318 1,460 25,542
1,332 21,354
5,667
402
104 3,667
2,099
462
22,494
43 11,945 1,246
1,193 13,122
1,293 25,338 1,106 21,671 2,152 26,038
388 7,467 48,630
8,223 55,943 8,223
4,309
929
262 17,200
2,189
593
Ship- Stocks
merits. Nov.
Week. 11.
592 10,027
200 6,817
529 51,709
895 63,885
6,100 98,931
45 23,281
1,313 50,226
1,500 33,745
1,127 6,276
4,513 69,445
1,000 32,882
4,502 69,051
4,637 29,680
11 3,310
425 47,654
1,375137.191
1,857117,224
609 25,132
1,321 41,256
600 10,847
1,403 85,411
5,366 85,892
____ 10,731
2,788114,488
967 33,470
113 7,724
617 22,382
896 31,142
132
7,412
936 13,053
59,459 459,076 32.288191,396 56,823 422,441 40,423202,949
5,809 48,932 3,800 88.241 3,012 32,091 2,473 68,920
85,505 701,755 69,537546,515 75,76 720,259 68,24.495,95.
5,720 42,326 6,256 4,862 7,549 28,933 7,013 2,068
16,958 . 560 4,16
581
____ 4,995
772 15,761
306 9,787
13,268
504
281 8,729
24,356
308
3,025 62,806 4.624 18,414 4,663 54,108 3,217 20.755
34,756 1,984 16,532
4,435 40,439 1,602 16,418 1,996
68 1,093
6,204
9
197 1,511
4,984
88
857
252
9,306
286
557
69
8,948
194
31,000 1,460 26,737
718 17,775 2,849
18,844
2,759
2,813 69,393 2,602 21,773 3,519 52,747 1,986 18,825
Total, 56 towns 274.107 2.480,363178,0522081239 250,4392,465,2211181,628 220160
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
increased during the week 94,502 bales and are to-night
120,362 bales less than at the same period last year. The
receipts at all the towns have been 23,668 bales more than
- the same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Nov. 10 for each of the past 32 years have been as follows:
1933
1932
1931
1930
1929
1928
1927
1926
10.05c. 1925
6.70c. 1924
6.70c. 1923
11.80c. 1922
17.50c. 1921
19.55c. 1920
19.854. 1919
12.70c. 1918
29.10c. 1909
1 .30c. 1908
11.75c. 1907
1906
13.60c. 1905
12.20c. 1904
9.45c. 1903
14.80c. 1902
20.50c. 1917
24.60c. 1916
33.50c. 1915
26.30c. 1914
17.40c. 1913
20.05c. 1912
39.80c. 1911
31.154. 1910
15.10c.
9.35c.
10.90c.
10.10c.
11.654.
10.154.
11.15c.
8.40c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
SALES.
Futures
Market
Closed.
Spot. Contect Total.
200
200
Saturday__ _ Quiet,5 pts. dec_-- _ Barely steady_
Monday __ _ Quiet,20 pts. dec. - Barely steady_ _
HOLI DAY.
Tuesday _- Wednesday_ Steady,35 pts. adv_ Very steady -_
Thursday _- Steady, 15 pts. adv- Steady
Steady,ynchanged Barely steady
Friday
1933------Shipped-
Since
Week. Aug. 1.
-1932-Since
Week. Aug. 1.
8,223
7,326
300
408
3,530
10,241
55,795
43,786
300
3,818
53,772
78,092
7,412
55
49,287
841
607
3,140
3,000
3,631
48,797
75,959
30,028
235,563
14,214
178,515
Overland to N.Y., Boston, &c-_ _ 530
313
Between interior towns
5,920
Inland, &c.,from South
11,268
3,802
61,189
46
185
1,269
7,042
2,810
44,444
ik Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
-
Total to be deducted
Leaving total net overland *
6,763
76,259
1,500
54,296
23,265
159,304
12,714
Since
Aug. 1.
Since
Aug. 1.
Receipts at ports to Nov. 10
275,658 3,861,402 377,879 3,729,889
Net overland to Nov.10
12,714
159,304
23,265
124,219
Southern consumption to Nov.10- 90,000 1.585,000 93,000 1.374,000
Week.
Week.
Total marketed
388,923 5,605,706 483,593 5,228.088
Interior stocks in excess
889,375 68.318
94,502
852,896
Excess of Southern mill takings
over consumption to Oct. 1- *169,042
*128,329
Came into sight during week
Total in sight Nov. 10
483,425
551,911
---- 5.952.655
6,326,039
North.spinn's'takings to Nov.10. 48,416
351,757
23,815
278,618
* Decrease.
Movement into sight in previous years:
Bales.
Week-
1931
-Nov.14
1930
-Nov. 15
1219
-Nov. 16
Since Aug. 1-
Bales.
689,627 1931
555,003 1930
568,556 1929
6,826,563
7,585,299
8,421,454
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton one k Ended
Piot). 10.
saturaay. monaay. Auesaay. wea aay. inursa y. Friday.
Galveston
New Orleans...-.
Mobile
Savannah
Norfolk
Montgomery...Augusta
Memphis
Houston
LittletRock
Dallas
Fort Worth ......
.
9.40
9.45
9.37
9.57
9.57
9.25
9.58
9.30
9.40
9.22
9.20
9.20
9.20
9.28
9.15
9.35
9.35
8.95
9.35
9.05
9.20
9.00
8.95
8.95
9.20
9.28
9.15
9.36
HOL.
8.95
9.35
9.05
9.20
9.01
8.95
8.95
9.55
9.59
9.48
9.69
9.69
9.30
9.69
9.40
9.55
9.33
9.30
9.30
9.70
9.75
9.63
9.84
9.87
9.45
9.84
9.55
9.70
9.48
9.45
9.45
9.70
9.75
9.63
9.84
9.89
9.45
9.84
9.55
9.70
9.48
9.46
9.45
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Nov. 4.
Monday,
Nov. 6.
Tuesday, Wednesday, Thursday,
Nov. 7.
Nov. 8.
Nov. 9.
Fr
No . 10.
Nov (1933)
December_ 9.50 -- 9.32- 9.33 9.33- 9.64 --- 9.80- 9.7' - 9.78
Jan.(1934) 9.60- 9.40 Bid 9.41 Bid. 9.73 Bid. 9.88 - 9.81
bid
_
February March__-- 9.74- 9.52- 9.53 9.55- 9.88- 9.89 10.0510.0 -10.02
April
9.86 Bid. 9.67 - 9.67- 9.69 10.04-10.05 10.18-10.19 10.L
May
June
9.98 Bid. 9.82 Bid 9.83 Bid. 10.1910.33-10.31
July
August
-September
October _ 10.20 Bid 999B1002A 10.03 Bid. 1032b1034a 10.48 Bid. 10.41 b .47a
Tone
Steady.
Steady. Barely stdy Steady.
Spot
Steady.
St, ady
Steady.
Steady.
Steady.
St, ady
Options_ _ _ Barely stds Steady.
FOREIGN COTTON CROP PROSPECTS AS OF
NOV. 1 1933.-The Department of Agriculture at Washington, in giving out its cotton crop report on Nov. 8, also
issued the following comments regarding foreign cotton
crop prospects prepared by the Division of Statistical and
Historical Research largely from information received
through the Foreign Agricultural Service Division.
During the past month the Indian Government has released its official
estimate of the area planted to cotton in India up to Oct. 1. The area
planted to that date this year was placed at 19,641,000 acres which was
6.7% larger than plantings to the same date last year, about the same as
plantings to the same date in 1931 and 4.2% below the acreage planted to
Oct. 1 1930. The first official estimate of the 1933-34 Indian production
will not be released until mid-December. In October the Bombay cotton
trade was estimating that the 1933-34 crop would be considerably above
that of the previous year. Little additional information has been received
on other foreign countries during the past month. See acreage and production table below.
COTTON ACREAGE AND PRODUCTION IN COUNTRIES REPORTING
FOR 1933-34 WITH COMPARISONS.
1930-31.
1933-34.
Percentage
1933-34 is
of 1932-33
1931-32.
103233.
Acreage
Acres.
United States
42,454,000
India_a
20,506,000
Russia
3,911,000
China.5_
5,228,000
Egypt
2,162,000
Mexico
390,000
Syria and Lebanon
60,000
Bulgaria
14,000
Eritrea
6,000
Acres.
38,705,000
19,654,000
5,346,000
4,800,000
1,747,000
319,000
75,000
13,000
7.000
Acres.
35.939,000
18,415,000
5,139,000
5,630,000
1,135,000
188,000
20,000
20,000
5,000
Per Cent.
Ames.
30,036,000
83.6
19,041,000
106.7
4,858,000
94.5
5,945,000
105.6
1,873,000
165.0
421,000
223.9
14,000
70.0
79,000
395.0
12,000
240.0
Total above
. countries_ ___ 74,731,000
70,666,000
66,491,000
62,879,000
80,800,000
77,400,000
Estimated wort
total incl. Chin
84,100,000
94.6
Bales.
Bates.
Bales.
Bales.
Production
478 Lim. Net. 478 Lbs. Net. 478 Lbs. Net 478 Lbs. Net. Per Cent.
100.8
United States__ _
13,932,000 17,095,000 13,002,000 13,100,000
2,600,000
2,260,000
115.0
China b
1,785,000
2,250.000
1,642,000
1,005,000
163.4
1,317,000
Egypt
1,715,000
472,000
226,000
208.8
Brazil_ c
431,000
387,000
147,000
127,000
115.7
Chosen
101,000
149,000
95.000
223,000
234.7
Mexico
210,000
178,000
19,000
28.000
67.9
91,000
Turkey (Asiatic)_
74,000
21,000
8,000
262.5
5,000
4,000
Bulgaria
124,219
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 23,265 bales, against 12,714 bales for
the week last year, and that for the season to date the
1932
1933
In Sight and Spinners'
Takings.
AI
OS OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraph reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
Nov.10-
aggregate net overland exhibits an increase over a year ago
of 35,085 bales.
country.1
200
200
-28,0561 61,500 89,556
Total week_
Since Aug. 1
Nov. 11 1933
Total above
countries ____ 18,689,000
21,035,000
16,751,000
18,224,000
108.8
Estimated world
total incl. China ox onn nnn 27 6A 1 nnn 24 non NM
Compiled from o tidal sources International Institute of Agriculture and estimate
of the Bureau of Agricultural Economics. a Area planted up to Oct. 1. b Estimates
of Chinese Cotton Statistics Association except 1933-34 production which is the
estimate of the Bureau of Agricultural Economics. c The northern States which.
Financial Chronicle
Volume 137
during the 3 years 1930-31 through 1932-33. produced about 70% of the total
Brazilian crop.
AGRICULTURAL DEPARTMENT ESTIMATE OF
SIZE OF CROP.
-The Agricultural Department at Washington on Wednesday (Nov. 8) issued its report on cotton
production and condition as of Nov. 1. The probable yield
is now placed at 13,100,000 500-lb. bales, as against 13,002,000 bales harvested a year ago and 17,095,000 bales harvested
two years ago. The estimate a month ago was 12,885,000
500-lb. bales, or 215,000 bales less than the Present estimate.
The indicated yield per acre is placed at 208.7 lbs., compared
with 205.3 lbs. a month ago, 173.3 lbs. last year and an
average ten-year yield (1922-31) of 167.4 lbs. The present
estimate of the 1933 crop at 13,100,000 bales is 98,000 bales
more than the harvest a year ago. None of the figures take
any account of linters. The report in full is given below:
R The 1933 cotton crop in the United States is forecast at 13.100.000
bales by the United States Department of Agriculture, based upon indications as of Nov. I. This is an increase of 215,000 bales or 1.7% above
the Oct. I forecast. The indicated crop is 1,566.000 bales or about 11%
below the 1928-1932 average ot 14.666,000 bales. The average yield forecast as of Nov. 1 is 208.7 lbs. per acre, compared with 173.3 lbs. in 1932
and an average yield for the period 1922-1931 of 167.4 lbs. per acre.
The increase over last month is found largely in Texas and Oklahoma,
other States showing minor changes.
Conditions continued generally favorable for harvesting during October,
and picking and ginning have progressed rapidly with minimum field losses.
Reports on the portion of the crop ginned to date indicate that the average
weight of bales this season is considerably above average. This is an
Important factor in interpreting current ginnings, whicn are published in
running bales.
COTTON REPORT AS OF NOV. 1 1933.
The Crop Reporting Board of the United States Department of Agriculture makes the following report from data furnished by crop correspondents, field statisticians, co-operating State boards (or departments) of
agriculture and agricultural colleges. The final outturn of cotton will
depend upon whether the various influences affecting the crop during the
remainder of the season are more or less favorable than usual.
State.
Virginia
North Carolina
South Carolina
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
New Mexico
Arizona
California
Other
Production ((linnings).
Acreage
500 lb. Gross Wt. Bales.
for
Yield Per Acre.
Harvest
1933
1933.a ArerCroy
(Premdiage
Indilimin- 1922- 1932. ailed
1931
1932 cated
ary). 1931.
1933. Crop.b Crop.b Nor.).
1,000
Acres.
67
1,084
1,348
2,150
97
337
898
2,423
2,975
1,33
11,290
2,93
2,68
8
c11
20
1
Lbs.
270
272
201
172
128
254
197
172
192
101
136
143
188
307
315
350
208
Lbs.
233
252
206
154
78
362
216
150
147
173
162
167
188
307
293
503
393
Lbs.
278
306
257
248
143
316
245
194
198
180
185
2C4
202
473
334
460
301
1.000 1,000 1,000
Bales. Bales. Bales.
46
34
39
752
660
695
1.005
716
725
1,393
854 1.105
48
17
29
289
307
223
594
480
460
1,415
947
985
1,761
1,180 1,230
900
611
500
5,319 4,500 4,350
1,261 1,084 1,250
1,907 1.327 1,135
101
72
83
115
69
c81
177
129
200
12
15
10
U.S. total
30,036 167.4 173.3 208.7 17.095 13,002 13,100
Lower California_d
54 238
248
195
26
14
22
a Area In cultivation July 1 less probable removal of acreage reported Sept. 8
by the Agricultural Adjustment Administration,less abandonment on area not under
contract. b Allowances made for Inter-State movement of seed cotton for ginning.
c Including Pima Egyptian long staple cotton, 27,000 acres and 15,000 bales.
d Not included in California figures nor in United States total.
COTTON GINNED FROM CROP OF 1933 PRIOR TO
NOV. 1.
-The Census report issued on Nov. 8, compiled
from the individu tl returns of the ginners, shows 10,361,404
running bales of cotton (counting round as half bales and
excluding linters) ginned from the crop of 1933 prior to
Nov. 1, compared with 9,247,045 bales from the crop of
1932, and 12,124,295 bales from the crop of 1931. Below
is the report in full:
REPORT ON COTTON GINNING.
Number of bales of cotton ginned(rom the growth
1933, and comparative statistics to the correspondingof 1933 prior to Nov. I
date in 1932 and 1931.
Stale.
Running Bates.
(Counting round as half bales and ezcluding linters.)
1933.
Alabama
1932.
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
New Mexico
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other States
881,557
31,349
791,642
51.002
22,790
996,289
439,534
992,196
139,739
49,945
571,462
939.554
631,022
289,341
3,522,231
25,443
6.308
742,009
28.417
982,835
60,973
14,342
701,155
549,888
896,889
198,998
27,698
490,146
754,744
553,802
262,352
2,958,033
17,277
7.487
United States
•10.361,404
.9.247,045
1931.
1,178,855
35,962
1,034,712
94,414
41,443
1,178,371
667.550
1,139,719
135.213
39,622
597,826
746,129
830,020
337,304
4,034.351
28,300
4,504
12,495.
•Includes 171,254 bales of the crop 01 1933 g nned prior to Aug. 1, which was
counted in the supply for the season 01 1932 33, compared with 71.063 and 7.307
bales of Ur. crops of 1932 and 1931.
The statist.cs In this report include 428.046 round bales for 1933: 366,521
for 1932 and 401.083 for 1931. Included in the above are 2,209 bales of
American-Egyptian for 1933; 3,880 for 1932; and 5424 for 1931.
The statistics for 1933 In this report are subPct to revision when checked
against the individual returns of the sinners being transmitted by mail.
The corrected statistics of the quantity of cotton ginned this season prior
to Oct. 18, are 8,607,555 bales.
CONSUMPTION, STOOKS, IMPORTS, AND EXPORTS-UNITED
STATES.
Cotton consumed during the month of September 1933. amounted to
499.486 bales. Cotton on hand in consuming establishments on Sept. 30,
was 1,160,457 halos, and In public storage and at compresses 7.374.556
bales. The number of active consuming cotton spindles for the month was
26,002,148. The total imports for the month of September 1933, were
7,493 bales and the exports of domestic cotton, excluding 'intone, were
S69,244 bales.
3517
WORLD STATISTICS.
The world's production of commercial cotton, exclusive of linters. grown
In 1932, as compiled from various sources, was 23,774.000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption oi cotton (exclusive of linters in the United States) for
the year ended July 31 1933, was approximately 24,986.000 bales. The
total number of spinning cotton spindles. both active and idle, is about
158.000,000.
WEATHER REPORTS BY TELEGRAPH.
-Reports
to us by telegraph this evening indicate that rains interrupted
picking in some localities in the northwestern portion of the
cotton belt, but elsewhere the picking of remnants made
good progress. Cotton has been largely gathered. The
first killing frosts were reported from many localities.
Memphis.-There has been rain on one day and a killing
frost on November 8.
Rain. Rainfall.
Thermometer
2 days 0.75 in. .high 75 low 52 mean 64
1 day 0.01 in. high 62 low 26 mean 44
1 day 0.04 In. high 78 low 42 mean 60
3 days 0.08 in. high 68 low 34 mean 51
5 days 1.78 in. high 74 low 54 mean 64
3 days 0.18 in. high 72 low 54 mean 63
2 days 0.32 in. high 68 low 36 mean 52
2 days 0.14 in. high 74 low 42 mean 58
high 72 low 38 mean 55
dry
3 days 0.63 in. high 74 low 46 MC= 60
2 days 0.88 in. high 70 low 40 mean 55
2 days 0.14 in. high 78 low 48 mean 63
1 day 0.54 in. high 58 low 32 mean 45
1 day 0.82 in. high 56 low 32 mean 44
1 day 0.76 in. high 60 low 32 mean 46
3 days 0.12 in. high SO low 50 mean 64
2 days 0.73 in. high 69 low 40 mean 55
2 days 0.02 in. high 80 low 32 mean 56
2 days 0.02 in. high 72 low 38 mean 55
high 81 low 40 mean 60
dry
high 80 low 28 mean 54
dry
high 80 low 34 mean 57
dry
1 day 0.01 in. high 78 low 40 mean 59
1 day 0.02 In. high 82 low 54 mean 68
high 78 low 44 mean 61
dry
high 84 low 46 mean 65
dry
high 82 low 36 mean 59
dry
1 day 0.10 in. high 74 low 26 mean 50
1 day 0.08 In. high 78 low 30 mean 54
dry
high 80 low 34 mean 57
1 day 0.82 in. high 76 low 42 mean 59
2 days 0.30 in. high 74 low 20 mean 47
1 day 0.39 in. high 73 low 35 mean 51
3 days 0.86 in. high 78 low 28 mean 53
2 days 0.07 in. high 78 low 36 mean 57
1 day 0.95 in. high 57 low 33 mean 49
2 days 0.36 in. high 60 low 26 mean 43
high 60 low 24 mean 42
dry
Galveston, Tex
Amarillo, Tex
Austin, Tex
Abilene, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
El Paso, Tex
Houston
Palestine, Tex
San Antonio, Tex
Oklahoma City, Okla
Fort Smith, Ark
Little Rock, Ark
New Orleans, La
Shreveport, La
Meridian, Miss
Vicksburg, Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Ha
Pensacola, Fla
Tampa, Fla
Savannah, Ga
Atlanta, Ga
Augusta, Ga
Macon, Ga
Charleston, S. C
Asheville, N. C
Charlotte, N. C
Raleigh, N. C
Wilmington, N. C
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Nov. 10 1933.
Feet.
1.8
4.9
8.4
5.0
3.7
Nos. 11 1932.
Feet.
1.2
7.1
9.5
2.6
10.2
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
smee Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1932.
1933.
Week.
Season.
Week.
Season.
Visible supply Nov. 3
9.779.902
9,382,669
Visible supply Aug. 1
7.791.048
7,632.242
American in sight to Nov. 10_
551,911 5,952,655
483,425 6,326,039
Bombay receipts to Nov. 9..
292.000
7.000
142,000
9,000
Other India ship'ts to Nov. 9..
105.000
3,000
153,000
8,000
Alexandria receipts to Nov.8_
286.000
45,000
491.400
88,000
Other supply to Nov.8
167.000
14,000
157,000
19.000
Total supply
9,990.094 14,901.681 10.400,813 14.593.703
Deduct
-
Visible supply Nov. 10
9,602,041 9,602.041 10,012,758 10.012,758
Total takings to Nov. 10 a _ _
Of which American
Of which other
388,053 5,299,640
290,053 4,147,240
98.000 1.152,400
388.055 4.580.945
281.055 3.473.945
107,000 1,107.000
* Embraces receipts In Europe from Brazil, Smyrna, West Indies, stc.
a This total embraces since Aug. 1 the total estimated consumption by
-takings
Southern mills 1,5 5,000 bales In 1933 and 1.374,000 bales in 1932
,
not being available-and the aggregate amounts taken by Northern and
foreign spinners, 3,714,640 bales in 1933 and 3,206,945 bales in 1932. of
which 2,562,240 bales and 2,099.945 bales American.
b Estimated.
-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
, 1933. 1932. 1931.
Stocks at Interior Towns.
1933.
1932.
1931.
Receiptsfrom Plantations
1933. , 1932. 1 1931.
1
Aug.
I
1
11....1 77.524, 75,602 24,02311,151,524 1,313.467 755,510 51,108 56,075! 3.518
18._ 103.437 85,716 49,406; 213,973 1,293.783 743,005 82.275 66,032 36,901
25„,142,921 111,142 80,809 1,109,002 1.269,523 734,805 121,8501 86.8821 72,600
Sept. I
,
1_ 206,619 154,553 126,962I 1.111.525 1,261,495 725,430 209,142 146,5251117,587
8...188,484 183,676 167,44111,118.779 1,271,735 728,548 195.;38 193,91E070.559
15.2276.295 235,431 211.8001,152.214 1.344,300 749,994 309,710 307,999.263,246
22._ 328,745 255.127 322,69811.231.502 1,452,801 811,978 408.033 356,228 384.682
29_ _ 1406,645 322,464 445,906 1,366,589 1,571,911 945.683541.732441,574 579,611
Oct.
1
311,269 517,721 1,502,7651.695,492 1,141.662 538,013!123,5811713.700
13.... 3713,794347,025 519,398 1,687.587 1,802.899 1,349,792 531,616454,432 727,528
20... 376,859 395,485 380,980 1,785,278 1,889,862 1,559,483504,550 4R2,448 590.671
27__348,464 387.507453.2321,881,910 2.030.251 1,750,430,445.0961527,896 644.179
Nov.
I
I
I
1
3.. 313,111 404.069403,664 1.986,737 2,133,283 1,905.1081417,93407.101 559,202
10._1275.658 377,879417,118 2,081,239 2,201,601 2.052,038 370.160446,197 564,084
Financial Chronicle
3518
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 4,745,782 bales;
in 1932 were 4,527,487 bales and in 1931 were 5,428,041
bales. (2) That, although the receipts at the outports the
past week were 275,658 bales, the actual movement from
plantations was 370,160 bales, stock at interior towns
having increased 94,502 bales during the week. Last year
receipts from the plantations for the week were 446,197
bales and for 1931 they were 564,048 bales.
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:
Since
Aug. 1.
Week.
90001 142.000
Bombay_
Week.
1,000
Total all
1933
1932
1931
Since
Week. Aug. 1.
189,000
Since Aug. I.
Conti- Japan &
China. I Total.
neat.
Great
Great Conti- Japan&
Britain. nerd. 'China. Total. Britain.
Bombay1933
1932
1931
Other In
1933
'1932
1931
Sines
Aug. 1.
7,0001 292.000 19,000
For the Week.
Exports
from
-
1931.
1932.
1933.
Nov. 9.
Receipts al
-
I
6,000
6,000
5,000 17.000 22.000
4,000
3,
MI
8,000
7,000
3,000
2.000
8,000 ---- 8,000
_-_ 14,000
1,111 13,0001
7,000, 177000 25,000
.
12,000
11,000
1
96,000 50,000 156,000
69,000 165,000 240,000
62,000 316,000 384,000
10,000
6,000
6,000
42,000 111,000
27.000 78,000
32,000 73.000
153,000
105.000
105.000
52,111 207,000 50,000 309,000
33.000 147,000 165,000 345,000
38,111135,111316,000 489.900
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
2,000 bales. Exports from all India ports record a decrease
of 11,000 bales during the week, and since Aug. 1 show a
decrease of 36,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movemerts 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:
Receipts (cantars)This week
Since Aug. 1
1933.
1932.
1931.
440,000
2,455,595
Alexandria, Egypt,
Nov. 8.
225,000
1,531,606
420,000
2,650,665
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (Bales)-
18,000 65.668 - 23,567 10.000 54,047
To Liverpool
42,186 1,000 23,470 ---- 37,465
To Manchester, &c
To Continent & India- 12.000 19,736 16,000 119,487 14,000 151,899
15.464 ---- 6,580 ---- 4,300
To America
28.000 253.054 17,000 173,104 24,000 247.711
Total exports
Note.
-A cantor is 99 lbs. Egyptian bales weigh about 750 lbs.
pr This statement shows that the receipts for the week ending Nov.8 were
440.000 cantors and the foreign shipments128.000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
yarns is firm and in cloths is quiet. Spinners are considered
to be well under contract. We give prices to-day below and
leave those for previous weeks of this and last year for comparison:
1932.
1933.
83.i Lbs. Skirt- Cotton
32a Cop ings, Common Middrg 32s Cop
Uprds. Twist.
to Finest.
Twist.
d.
d.
85115)10%
834 @l0
934 0113i
2
3
7
5.60
5.38 1034 @1134
5.47 940101i
5.42 9%@11
5.60 934@10;I
7
5
3
3
3
5.44
5.44
5.51
5.54
914@ll
9 010%
834 ©10%
834 ig1034
3
3
3
3
5.43
5.31
8%@14M
8%01034
3
3
.d.
s. d.
5.90
5.66
5.53
V@ OVZIO COCO@ See
s. d.
s. d.
d.
Aug.
7 @91
11....... (4‘010%
4 @86
18.... 8,01310
4 @ 86
8;4010
Sept.
4 in 86
9 01034
3 in 85
8i@ 934
15._ __ 834 010
a in 85
4 in 86
8%@10
29____ 834 in 10
4 in 86
Oct.
4 in 86
834@10
4 in 86
SU@ 9%
Su@ 934
4 in 86
27___ MO 934
4 in 86
Nov.
4 @ 86
8@ 934
8h@l0
4 @ 86
834 Lbs. Skirt- Cotton
ings, Common Mtddrp
Uprds.
to Finest.
d.
5.51
5.76
6.45
2
Bales.
GALVESTON-To Barcelona-Nov. 2
-Mar Cantabrico, 7,788.
7,788
To Bremen-Nov,8-Augaburg, 3.348
3,346
To Oporto
-Nov.2-Prusa, 1,527
1,527
To Leixoes
-Nov. 2-Prusa, 650
650
To Bilbao
-Nov.2-Prusa, 200
200
To Passages
-Nov. 2-Prusa, 450
450
To Japan-Nov. 2
-Montreal Marc, 8,513; Portland Marc,
...Nov. 8-Kirishi Marc, 11,800__ _Nov. 7
6.535.
-Sheaf
Crown, 10.556; Hartlepool, 7,833
45,237
To Liverpool
-Nov. 3
-Governor, 2.900
2,900
To China-Nov.7
-Hartlepool, 1.200
1,200
To Manchester
-Nov.3
-Governor,1,202
1.202
To Venice
-Nov.3
-Lucia C, 2,707
2,707
To Trieste-Nov.3
-Lucia C. 1,770
1,770
To Genoa
-Nov.4
-Marina 0, 2,926
2.926
HOUSTON-To Lisbon-Nov. 3-Prusa, 290
290
To Leixoes
-Nov. 3-Prusa, 802
802
To Oporto
-Nov. 3-Prusa, 1.058
1,058
To Bilbao
-Nov.3-Prusa, 100
100
To Havre
-Nov. 2-Pendeen, 8,094
-Nov. 6-Homeside,
2,539_ _ _Nov.9--Cardonia,4.884
15,517
To Ghent
-Nov. 9-Cardonia, 637
637
To Genoa
-Nov.2
-Marina 0,4,179
4,179
To Japan-Nov.3-Kirishima Marc.4,000_ _ _Nov.2
-Hartlepool, 6,097; Sheafcrown. 7.657-Nov.3
-Montreal Marti,
7,171___Nov. 8-Nankal Maru,725
25,650
To China
-Nov.3-Kirishima Maru,500---Nov.8-Mulakai
Maru,2,800
3,100
To Antwerp
-Nov. 9-Cardonia, 27
27
To Liverpool
-Nov. 6
-Governor, 4,091
4,091
To Manchester-Nov.6
-Governor,2,711
2,711
To Bremen-Nov.6
-Augsburg, 4.8.51--Nov. 7-Wildenfels,
5,783
10,634
To Hamburg
-Nov.6
-Augsburg,502
502
To India-Nov.6
-Bessemer City, 500
500
To Gdynia
-Nov. 7-Wildenfels, 100.
..Nov. 7
-Delaware,
676
776
To Rotterdam-Nov. 7
-Delaware, 639-.-Nov. 9-Cardinia,
415
1,054
To Copenhagen-Nov.7
-Delaware,827
827
NEW ORLEANS
-To Hull
-Oct. 31-Narbo, 369
369
To unkirk-Nov. 7
-San Mateo, 700
700
To Havre-Oct. 31
-City of Omaha, 5,692-Nov. 3Grelhead, 4,100
-San Mateo, 1,000
-Nov. 7
10,792
To Barcelona-Nov.8
-Cody, 579; Mar Blanco, 100
79
To Ghent
-City of Omaha, 900
-Oct. 31
900
To Porto Colombia, Nov. 8
-Mar Blanco, 200
200
To Antwerp-Oct. 31
-City of Omaha, 50
50
To Cartagena-Nov. 8-Sixaola, 38
38
To Rotterdam-Oct. 31
-City of Omaha. 700
700
To Liverpool
-Oct. 31-Eglantine, 2.753
2,753
To Manchester
-Oct.31-Eglantine,792
792
To Bremen-Oct. 31-Cripple Creek, 8,834---NOv. 4Palatia, 5,680
14,514
To Hamburg
-Cripple Creek, 385
-Oct. 31
385
To Genoa
-Nov. 2-Monrosa, 4,925 ..Nov. 6
-Liberty Bell,
400. Nov. 8
-Cody. 600
5,925
-Bessemer City, 656
To India-Nov. 3
656
To Gdynia-Nov.4-Palatia,497; Delaware, 385; Topeka,840 1,722
To Norko ing-Nov. 4-Palatia, 700
700
To Riga
-Nov. 4-Palatia, 100
100
To Royal
-Nov. 4-Palatia, 200
200
To Hamburg
-Nov. 4-Palatia, 238
238
-Nov.6
-Liberty Bell. 250
To Venice
250
-Liberty Bell, 399
To Trieste-Nov.6
399
-Topeka,1,400
To Gothenburg-Nov.4
1.400
-Topeka, 50
To Stockholm-Nov.4
50
-Georgic, 314
-Nov. 3
-To Liverpool
NEW YORK
314
To Barcelona-Nov.3-Motomar, 11
11
-To Japan-(1)-2,579.
SAN FRANCISCO
2,579
To Australia
-M-200
200
To India-(1)-650
650
-Mercian, 4,656... Oct. 31
MOBILE
-To Liverpool-Oct. 30
Maiden Creek, 1.267
5,923
-Mercian. 1,076---Oct. 31-Maiden
To Manchester
-Oct. 30
Creek,983
2,059
-Liberty Bell,
To Bremen-Oct. 25-Berengar. 892--Oct. 27
691....-Oct.30-Lekhaven,1,565---Oct.31-Arizpa,3.652- 8,800
To Vardenburg-Oct, 31-Arizpa, 60
60
To Ghent-Oct. 31-Arizpa, 57
57
To Havre-Oct.31-Wacosta,378
376
-King City, 450
PENSACOLA-To Japan-Nov.6
450
-Nov.8-Kenowis, 100
To Liverpool
100
-Nov.8-Kenowls,863
To Manchester
863
-Noy. 3-Induna, 3,347
BRUNSWICK
-To Liverpool
3,347
-Nov.7-Kenowls, 1,000
PANAMA CITY
-To Liverpool
1,000
To Manchester-Nov. 7-Kenowis, 364
364
-Nov. 8-ShIckshinny, 700
CHARLESTON
-To Liverpool
700
To Manchester-Nov.8-Shickshinny, 350
350
NORFOLK
-To Manchester-Nov.8-Oranian, 100
100
-Nov.4
-Winston Salem,1,178.-- 1,176
-To Ghent
LAKE CHARLES
-Winston Salem, 200
200
To Rotterdam-Nov.4
-To Leixoes
-Nov. 1-Prusa,748
TEXAS CITY
To Barcelona-Nov.2
-Mar CantabrIco, 770
-Augsburg, 1.131; Wildenfels, 1,263
2,394
To Bremen-Nov.6
-Nov.8-HomesIde, 2,146
2,197
To Havre
448
6
-To Liverpool
-Nov.4
Shipper, 100.-- -Pacific
100
LOS ANGELES
-Los Angeles, 300
To Bremen-Nov.6-Witell, 174--Nov.3
474
To Dunkirk-Nov.9
-Oregon, 50
50
To Japan-Nov. 9-Chichibu Maru, 800_ _Nov. 3-Tokal
Marc, 1,000___Nov. 8
4,300
-President Van Buren, 2,500
To India-Nov.6
-President Van Buren,200
200
Total
239,949
6
6
6.57
6.38
5.88
6.07
5.73
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
6
8.70
5.64
5.46
5.62
Nigh
Density.
Liverpool .25o.
Manchester.25c.
Antwerp .350.
Havre
.234.
Rotterdam .35o.
Genoa
.40c.
Oslo
.460.
Stockholm .420.
*Rate Is open.
5.39
5.60
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 239,949 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
400
-To Rotterdam-Nov.3-Cardonia, 400 _--CORPUS CHRISTI
98
To Havre
-Nov. 3-Cardonia, 798
515
-Nov. 3-Cardonia, 515
To Ghent
488
Bremen-Nov.3-Cardonia,488
To
3,488
-Nov.8
To Liverpool
-Minnie de Larrinaga. 3,488
1,693
-Nov.8
-Minnie de Larrinaga, 1,693 __
To Manchester
772
SAVANNAH To Bremen
-Nov. 4-Holmdene, 772
1,218
Liverpool
-Nov. 7-Shickshinny, 1,218
To
2,476
-Nov. 7-Shickshinny, 2.476
To Manchester
68
To Hamburg-Nov.4-Holmdene,68
202
-Nov. 8-Monrosa. 202
To Genoa
100
To Rotterdam-Nov. 4-Holmdene, 100
Nov. 11 1933
Nigh
StandHigh
Stand
,
Density.
ord.
Density. ard.
.750.
.500.
.650. Piraeus
.234. Trieste
.234. Flume
.50o.
.650. Salonica .750.
.50o.
.500. Barcelona .35o.
.500. Venice
Copenh'gen.380.
.40o. Japan
•
•
Naples
.400.
•
.500. Shanghai
.534. Leghorn .400.
.550. Bombay a .400.
.50c. Gothenberg.42o.
.61o. Bremen
.35o.
.500.
.570. Hamburg .350.
a Only small lots
Standard.
.900.
.00o.
.65o.
.53o.
.55o.
.550.
.57o.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &e.,at that port:
Oct. 20 Oct. 27. Nov. 3. Nov.10.
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
48.000
752,000
404,000
46,000
26,000
166.000
108,000
53.000
758,000
413,000
58,000
46,000
166,000
98,000
51,000
733.000
392,000
34.000
20,000
233,000
147,000
54.000
743,000
399.006)
68,000
38,000
234,000
147,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Financial Chronicle
Volume 137
Spot.
Saturday.
Monday,
Quiet.
Moderate
demand.
Tuesday. Wednesday. Thursday.
Friday.
Market,
12:15 I
P.M.
Mid.Uprds
5.4Id.
Quiet.
5.34d.
Quiet.
5.29d.
More
demand.
Quieter.
5.36d.
5.31d.
5.25d.
Futures. Steady,un- Steady,
{
Market
opened
Market,
4
P.M.
Steady,
Steady,
Steady, Steady at
ch'ged to 13 to 4 pts. 4 to 5 Va. 2 to 3 pts. Ito 2 pts. 4 to 8 pts.
pt. adv.
decline,
decline,
advance.
decline,
decline.
Quiet but Quiet but Steady,un- Quiet but Steady. Steady at
steady, un- stutdy,9 to unch'ged steady,2to
1 pt.
3 pts. dec.
ch'ged to 1 11 pts.
advance. to 1 pt.adv
to 1 pt.
4 pts.
decline,
advance. advance.
pt. adv.
Prices of futures at Liverpool for each day are given below:
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Nov.4
to
12:15 12:30 12:15 4:0012:15 4:0012:151 4:0012:15 4.0012:154 4:00
Nov. 10.
p. m.p. m.p. m.p. m.p. m.p. m.p. m.lp. m.p. m.p. m.p.m.p. m.
New Contract,
d.
d.
d.
Dec.(1933)-------5.22 5.1
January (1934) .. _ 5.21 5.1
March
5.22 5.1
May
5.23 5.1
July
_ 5.2 5.18
October
.
_ 5.29
December
January (1935)-- -- 5.3 -- -..
March
May
July
d.
d.
d.
d. I d.
5.12.... _ 5.12 5.071
5.10...._ 5.10 5.05
5.11.... _ 5.10 5.061
-- 5.13 5.0
5.1
5,1 -- -- 5.1 5.08
5.18 --..-- _
5.2 _
d.
5.15 5.1
5.1 5.1,
5.1 5.16
5.1 5.1
5.18 5.19
5.21 _ ...
d.
d.
d.
5.16
5.1
5.1k
5.18
5.19
6.2
5.11
5.11
5.12
5.15
5.16
__
5.12
5.13
6.15
5.17
5.20
5.23
__ --... - 5.2 __ __ 5.2. __ 5.27
BREADSTUFFS.
Friday Night, Nov. 10 1933.
FLOUR business was still rather quiet, and the market
continued very uncertain. Orders on hand were heavy, but
shipping directions were very slow. Exports continue small.
Of late prices advanced with wheat.
WHEAT was moderately active and higher. Reports from
Washington that 39 countries which ordinarily account for
99% of the crops in the Northern Hemisphere except Russia
show a crop this year of 3,039,644,000 bushels against 3,236,000,000 last year had little effect. World's exports the past
week were 9,358,000 bushels against 14,491,000 bushels in
the same week last year. Of this amount North America
shipped 4,153,000 bushels, or less than one-half of the
amount shipped last year.
On the 4th inst. prices fluctuated within a range of 2%
to 2%c., and ended at a net loss of % to %c., despite some
active buying by leading operators. Washington news was
conflicting. Winnipeg ended % to %c. down. Liverpool
was % to %c. lower. Primary receipts were 473,000 budhels
against 485,000 bushels a week ago and 870,000 bushels on
the same day last year. Shipments were 604,000 bushels
against 417,000 bushels a week ago and 481,000 bushels on
the same day last year. On the 6th inst. prices ended 1%
to 1%c. lower, under scattered liquidation and selling by
Minneapolis and Southwestern interests. Pressure was not
heavy, but support was absent. A further advance in the
price of gold and the Administration's rejection of the pricefixing plan had little or no effect. On the 7th inst. the
volume of business was extremely small, due to Election
Day holiday in New York. After early weakness as a result of general liquidation, prices rallied later on and ended
%c. lower to %c.'higher.
On the 8th inst. prices closed 2 to 2%c. higher, under a
wave of Eastern and.local professional buying, owing to a
stronger stock market, higher sterling, and the announcement from Washington that 5,000,000 bushels of wheat purchased by the Government had been allotted to the drouthstricken areas for feed purposes. Commission houses were
good buyers. Inflation talk caused much of the buying.
The strength of outside markets was also a bullish factor.
Kansas City was 2% to 23c. higher; Minneapolis advanced
2% to 2%c., and Winnipeg was up 1% to 2%c. Exporters
were buying futures at Winnipeg, owing to an improved export demand for Canadian wheat overnight. Primary receipts continued small, and domestic mills were buying
futures on a fair scale in all markets. Liverpool closed %
to %c. higher, on buying inspired by unfavorable reports
from the Southern Hemisphere.
On the 9th inst. prices ended 3% to 4c. higher, or at the
best levels since late in September, under aggressive Eastern and outside buying, owing to extreme weakness in the
dollar and higher cables than due. Houses with Eastern
conenctions bought throughout the session. Primary receipts continued small, and bullish enthusiasm was fired by
talk of possible sales of United States wheat to Eastern
Siberia, following recognition of Russia. There was a better
feeling in the trade. Washington reports estimated
recent
purchases by the Government for relief purposes at approximately 1,000,000 bushels of cash wheat and about
11,000,000
3519
of futures. Only about 40,000 bushels, it was estimated,
would be required for relief purposes when the program
was first announced. Liverpool was id. higher, owing to
unfavorable Australian crop reports. There was only a
moderate export demand for Canadian wheat. Winnipeg
ended 1% to 2%c. higher.
To-day prices closed 1% to 1%c. net lower, under liquidation influenced by reports that two cargoes of wheat were
coming from Duluth. Monetary developments and fluctuations in foreign exchanges received little attention. Winnipeg was 1% to 1%c. lower, under hedge pressure and scattered evening up. There was more or less evening up for
over the two-day holiday. The primary movement continued
small, and marketings in Canada were only moderate. Final
prices here show a rise for the week of 2% to 2%c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tuts. Wed. Thurs. Fri.
No. 2 red
10231 10231 - - 104% 10831 106%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
December
87$ 85q st3% 8.831 91$ 891
May
88
89
88% 91
94
93%
July
87
86
86
883i 92
90%
Season's High and When Made.
Season's Low and When Made,
December_124
July 18 1933 December.- 67$
Oct. 17 1933
May
July 18 1933 May
12831
71
Oct. 17 1933
July
9331
70
Oct. 2 1933 July
Oct. 17 1933
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
63% 65% 63
623 62% 61
May
65% 65
66
67% 69% 67
July
67
67
664 6831 7031 68
INDIAN CORN for the most part followed wheat, and
shows an advance for the week. On the 4th inst. corn
showed independent strength as a result of an export sale
of 25,000 bushels of No. 2 white grain to the United Kingdom. This is the first important business in the domestic
cereal with Europe in many weeks, and was followed by
heavy buying of December, believed to have been for the
Farmers' National Grain Corporation, which had sold the
cash grain. Prices ended % to 2%c. higher for the day.
The corn loan plan was broadened so that as it stands now
14 base points beside Chicago are set up for loans, and
grades down as far as No. 5 are within the Government's
loan collateral requirements.
On the 6th inst. prices ended 7
4c. lower to 14c. higher.
/
The deferred deliveries were the strongest. Profit-taking
sent December down badly at the opening, but supporting
orders were uncovered on the dcline, and a small rally followed. The extension of the loaning plan to 14 marketing
points as a basis instead of Chicago only and a reduction
in the processing tax to 5c. a bushel until Dec. 1, when it
will be 20c. instead of 28c., caused some covering of shorts.
On the 7th inst prices declined early, but rallied later under
Government buying and ended 14 to %c. lower. Liquida/
tion and stop-loss selling caused the early weakness. Country offerings to arrive were small, and shipping sales light.
On the 8th inst. prices advanced 1% to 1%c., on a good
demand from commission houses, stimulated by the strength
of wheat. The Administration's plan for advancing 50c. a
bushel on corn to producers is expected to reduce country
offerings, and had a tendency to check selling. Receipts
were small, and cash corn was lc. higher. On the 9th inst.
prices advanced 1% to 2c., with wheat stronger. Commission houses bought, and shorts were covering. Country
offerings to arrive were large.
To-day prices closed %c. lower, with wheat Weaker. Good
buying on the new Government loan of 45c. a bushel on
farms checked the decline. Country sales were fairly liberal, but cash demand was good. Final prices show an
advance for the week of 3% to 3%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs, Fri.
No. 2 yellow
62
61
---- 6131 6331 6231
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
47
4631 4531 47% 48% 47
May
51
52Y 51
, 5331 55% 54
July
5331 53% 53
55
57
56
Season's High and When Made.
Season's Low and When Made.
December... 77
July 17 1933 December... 3731
Oct. 14 1933
May
82
July 17 1933 May
4331
Oct. 14 1933
July
5731
Nov. 9 1933 July
46
Oct. 14 1933
OATS developments were not very important. For the
most part the trend of wheat had its influence, and prices
are higher than a week ago. On the 4th inst. prices ended
unchanged to 24c. higher, in response to the strength
/
in
corn. On the 6th inst. prices declined % to %c., in
to the weakness in wheat. Trading was light. Onresponse
inst. prices ended % to 14c. lower. Oats followedthe 7th
/
wheat
downward in the early trading, and rallied with it
On the 8th inst. prices ended 1% to 1%c. higher,later on.
in sympathy with other grain. Cash interests were
buying,
light receipts. Selling pressure was light. On the due to
9th inst.
prices advanced 1% to 1%c., in sympathy with
wheat. Cash
interests were fair buyers. Selling pressure was
light. Today prices ended % to lc. lower, in response
to
in wheat. Final prices show an advance for the decline
the week of
1% to 1%c.
DAILY CLOSING PRICES OP' OATS IN NEW
YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
4331 4231 -___ 4331 45% 4431
DAILY CLOSING PRICES OF OATS FUTURES
IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
3431 33
33$ 35
36
35%
May
3731 36
36
38
39
38%
July
36
35
35
36% 3831 3751
3520
Financial Chronicle
Nov. 11 1933
Season's High and When Made.
Season's Low and When Made.
December-__ 5231
July 17 1933 December-- 25
Oct. 17 1933
May
July 17 1933 May
5631
Oct. 17 1933
2831
July
4031
Oct. 3 1933 July
Oct. 17 1933
2731
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
mg mg M
mg ug mg
May
3331 3231 3231 3331 3531 3331
The exports from the several seaboard ports for the week
ending Saturday, N ov. 4 1933, are shown in the annexed
statement:
RYE advanced sharply during the week, owing to expectations of an increase in consumption as a result of the vote
on repeal. On the 4th inst. prices ended unchanged to %c.
lower. On the 6th inst. prices ended 1% to 11 2c. lower, on a
/
poor demand. Local operators sold. Cash houses were
fair buyers on the decline. On the 7th inst prices ended
% to 1Y higher, owing to scattered buying by Eastern
2c.
interests. Early prices were lower. On the 8th inst. prices
advanced as much as 3c. a bushel, with the prdhibition repeal now a certainty. Some of the early gain was lost
later on, but closing prices were near the best of the day.
The ending was 2% to 2%c. higher. On the 9th inst. prices
rose sharply with wheat, and ended 3 to 3%c. higher. With
prohibition repealed, consumption is expected to increase
materially. Polish rye was said to have been offered freely
at the seaboard, but no actual business was reported. Today prices ended 1% to 1%c. lower, in sympathy with other
grain. Final prices, however, show a rise for the week of
3% to 4%C.
New York
Norfolk
Newport News
New Orleans
Galveston
Montreal
Sorel
Quebec
Halifax
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Pr
Sat. Mon. Tues. Wed. Thurs. Fri.
57
December
5531 5631 59% 6231 60%
May
63
6331 62
653, 6831 67A
July
5231 61
6231 6531 6831 6631
Season's Low and When Made.
Season's High and When Made.
July 19 1933 December___ 44
Oct. 17 1933
December___11131
41
May
July 19 1933 May
Oct. 17 1933
11631
Oct. 25 1933 July
b231
Oct. 17 1933
6931
July
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
4231 41
4131 4331 4531 44
December
May
4531 4431 4431 4631 4831 4731
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
4631 47
December
5031 488
4631 48
5131 5131 52
53
May
5531 53
5234 5234 53
54 4 5631 54
July
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
F
3531 3431 343' 3531 NA 3531
December
3831 3734 3733831 393
May
3834
Closing quotations were as follows:
GRAIN
Oats, New York
Wheat, New York
No. 2 white
44%
No.2 red, c.i.f.. domestic___10631
No. 3 white
43%
Manitoba No.1.f.o.b. N.Y. 7331
Rye,No.2,f.o.b.bond N.Y- 5231
Chicago, No.2
Corn, New Yorknom'l
6231 Barley
No.2 yellow. all rail
N. Y.,47% lbs. malting_
62
No.3 yellow.all rail
5934
Chicago. cash
45-73
FLOUR
$5 00 $5.25
Spring pats., high protein $7.00-87.30 Rye flour patents
6.80- 7.10 Seminola, 13b1.. Nos. 1-3 8.40- 8.90
Spring patents
6.35- 6 60 Oats goods
Clears, first spring
2.45
Soft winter straights-. 6 00 6.50 Corn flour
1.90
Hard winter straights__ 6.65- 6.85 Barley goods
6.85- 7.051 Coarse
Hard winter patents
4.00
5.95- 6.40 I
Fancy pearl.Nos 2.48e7 5.50- 5.70
Hard winter clears.
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by us
from figures col'ected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Flour. I
Wheat.
Corn.
I
Oats.
Rye.
Barley.
.
bbls.1911bs bush.60 Its. bush. 56 lbs bush. 321bs ush.481bs.bush.5616s.
147,000 2,642,000
97.000
338,000
65,000
188,000
Chicago
303,000
656,000
219,000
47.0001 474,000
Minneapolis
902,000
9,000
103,000
5.0001 123,000
Duluth
24.000
273,000
2,0001 223,000
7.000
12,000
Mllwaukee _ _ _
1,00
22,000
179,000
1,000
147,000
Toledo
4.000
6,000
16,000
27,000
6,0001
Detroit
142,000
74.000
437,000
Indianapolis..
122.000
9,000
384.000
336,000
136,000
St. Louis
48,000
3,000
52,000
448,000
21.000
47,000
Peoria
42,000
230.000
600,000
16,000
Kansas City..
49,000
267.000
210,000
Omaha
58,000
144,000
25.000
St. Joseph_
21,000
100,000
Wichita
1,000
1,000
43,000
6,000
Sioux City...
70,000 150,000 200,000
2,364,000 1,239,000
Buffalo
Total wk.1933
Same wk.1932
Same wk.1931
399,000
391,000
489,000
5,622,000
8.950,000
8,361,000
6,466.000
4,693.000
3,094,000
1,400.000
777,000
1,485,000
312,000 1,164,000
157,000 878.000
185.000 698,000
Since Aug.1
4,610,000 94,939,000 69,085,000 35,484,000 5,112,000 20,718,000
1933
5,514,000159,776,000 71,868,000 44,444.000 4,873,00016,261.000
1932
6.946,000151,584.000 40,860,000 31,183,000 2,941,000 16,711,000
1931
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Nov. 4, follow:
Receipts at-
Flour. I
Wheat. I
Corn.
I
Oats.
Rye.
Barley.
.
.
bbls.1951bs bush. 60 lbs bush. 56 lbs. bush. 32 lbs bush.48Ibs bush.56Ibs.
.
8,000
41,000
666,000
New York___
137,000
2,000
2,000
35,000;
Philadelphia.
28,000
I
3,000
8,000
7,000'
19,000
Baltimore....
13,000
0,000
Newport News
1,000
Norfolk
1,000
I
27.000
72,000
New Orleans *
27,000
,
Galveston_
6,000
71,000
17,000
94,000,
Montreal
81,000, 1,531,000
Sorel
485,000
1
1,000
2,000
35.000
105,000
1,000
Boston
1
Quebec
I
264,000,
I
1,000
7,000,
I
Halifax
331,000 3,066,000
Total wk.1933
Since Jan.1'33 12,745,000 87,556,000
133,000
5,381,000
174,000
4,141,000
28,000
371,000
76,000
690,000
78,000
224,000
775,000
314,000 4,668,000
711,000
Week 1932__..
Since Ja .1'32 13,724,000137,542,000 5,703,000 10,680,00011. 99,000 7,068,000
Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
Exports from-
Wheat.
Corn.
,
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
16,045
264,000
1,000
1,000
1,000
5,000
2,000
81,000
1,531,000
94,000
17,000
71,000
485,000
264,000
7,000
1,000
Total week 1933__ 2,544,000
1,000
Same week 1932__ 5.577.000 1.170.000
113,045
106.470
95,000
530.000
17,000
77.000
71,000
224.000
The destination of these exp,
‘rts for the week and since
July 1 1933 is as below:
Flour.
Exports for Week
Since
and Since
Week
July 1 toNov. 4 July 1
1933.
1933.
Wheat.
Week
Nov. 4
1933.
Corn.
Since
July 1
1933.
Week
Nos. 4
1933.
Since
July 1
1933.
Bushels.
Bushels. Bushels. Bushels.
Barrels. Barrels.
United Kingdom_ 59,770 1,194,755 1,263,000 19,514,000
19,900
332,649 1,010,000 27,254,000
Continent
21,000
79,000
So. and Cent. Am_
1,000
292,000
12,000
West Indies
20,000
22,000
Brit. No. Am.Col....3,000
271,000
426,000
1,000
Other countries
12,375
104,655
6,000
Total 1933
Total 1932
113,045 1,948.059 2,544,000 47,285,000
1,000
28,000
106,470 1,345,485 5,577,000 73,279,000 1,170,000 1,908,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Nov. 4, were as follows:
United StatesBoston
New York
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
afloat
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
" afloat
On Canal
GRAIN STOCKS.
Wheat,
Corn,
bush,
bush,
95,000
474,000
1,641,000
401,000
43,000
568,000
5,914,000
2,225,000
5,376,000
4,802,000
35,990,000
9,018,000
717,000
5,230,000
951,000
21,000
5,477,000
311,000
596,000
28,828,000
18.477,000
365,000
5,869,000
8,492,000
268,000
67,000
20,000
Oats.
bush,
5,000
246,000
62,000
40,000
Rye,
bush.
1,000
5,000
18,000
34,000
295,000
112,000
700,000
18,000
2,000
7,000
3,000
4,000
121,000
44,000
Barley,
bush.
2,682.000
3,169,000
6,814,000
587,000
2,128,000
1,837,000
367,000
18,912,000
1,242,000
338,000
2,803,000
3,404,000
4,033,000
18,000
9,242,000
1,117,000
768,000
73,000
486,000
5,000
20,000
618,000
81,000
62,000
2,881,000
192,000
77,000
510,000
7,000
16,000
524,000
17,000
15,000
889,000
348,000
25,000
5,156,000 3,674,000 1,483,000
1,276,000
3,612,000
32,000
769,000
17,917,000 3,564,000 8,696,000
11,013,000 2,755,000 2,923,000
32,000
30,000
33,000
1,613,000 1,618,000
938,000
157,000
92,000
396,000
128,000
Total Nov. 4 1933_141,881.000 60,276,000 47,067,000 13,407,000 15,536,000
Total Oct. 28 1933-144,140,000 58,710,000 47,118,000 13,091,000 15,675,000
Total Nov. 5 1932...181,751,000 26,904,000 26,810,000 8,425,000 7,255,000
Note.
-Bonded grain not included above: Wheat, New York, 1,102,000 bushels:
New York afloat, 391,000; Boston, 156,000: Buffalo, 3,160,000; Buffalo afloat,
2,602,000; Duluth, 24,000; Erie, 1,613,000; Newport News, 293,000; Canal, 528,000:
total. 9,869,000 bushels, against 17,274,000 bushels In 1932.
Wheat,
Corn,
Oats,
Rye,
Barley'
bush.
bush.
Canadianbush.
bush.
bush.
Montreal and other water
41,377,000
points
4,411,000 1,023,000 1,322,000
Ft. William es Pt. Arthur 64,608,000
4,128,000 2,185,000 4,523,000
Other Canadian
19,597,000
634,000
968,000
81.000
Total Nov. 4 1933_..125.582.000
9,507,000 3,289,000
Total Oct. 28 1933.._126.708,000
9,283,000 3,557,000
Total Nov. 5 1932_ __109,730,000
3,160,000 3,346,000
Summary
American
141,881,000 60,276,000 47,067,000 13,407,000
Canadian
125,582,000
9,507,000 3,289,000
6,479,000
6,888,000
1,955,000
15,536,000
6,479,000
Total Nov. 4 1933_267,463,000 60,276,000 56,574,000 16.698,000 22,015,000
Total Oct. 28 1933...270,848,000 58,710,000 56,401,000 16,648,000 22,563,000
Total Nov. 5 1932-291,481,000 26.904,000 29,970,000 11,771,000 9,210,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Nov. 3, and since July 1 1933 and July 2
1932, are shown in the following:
Wheat.
Exports.
North Amer_
Black Sea_ _ _
Argentina..
Australia _
0th. countr's
Total
Week
Nov. 3
1933.
Sines
July 1
1933.
Corn.•
Since
July 2
1932.
Week
Nov. 3
1933.
Since
July 1
1933.
Bushels.
Bushels. I Bushels.
Bushels. I Bushels.
89,000
4,153,000 77,682,000117,341,000
4,000
1,560,000 15,856,000 11,080,000 579,000 15,882,000
1,379,000, ,000 13,700,000 2,129,000 73,858,000
1,426,000 30,633,000 29,502.000
840, 00 10,032,000 14,437,000, 323,000 2,374,000
Since
July 2
1932.
Bushels.
1,984,000
10,519,000
96,313,000
13,305,000
9,358,000 178.728,000186,060.000 3,035,000 92,203,000 122,121,000
WEATHER REPORT FOR THE WEEK ENDED
NOV. 8.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Nov. 8, follows:
At the beginning of the week temperatures were unseasonably high over
the eastern half of the country, but much colder weather prevailed in the
more western States. The cool wave advanced slowly eastward, reaching
the central valleys by the 3d and the North Atlantic States on the following
day. The latter part of the week was moderately cool in the East and
decidedly cold in the West; the first zero temperatures of the season were
reported from first-order stations in parts of Montana and Wyoming on
Nov. 5.
Fair weather was the rule the early part of the week, but the middle and
latter parts had extensive rains, mostly of moderate amounts, over the
southern half of the country, and rain or snow in the North, the snowfall
being heavy in the far northwestern sections.
Volume 137
Financial Chronicle
3521
children. Sales of women's coats have been particularly
large, but there has also been a very good demand for men's
suits and overcoats, helped in part by a rather widespread
tendency to shade prices somewhat. The volume of department store sales in all districts for the month of October,
as released by the Federal Reserve Board, was about the
same as for October 1932. For the New York district alone
the Board's figures show a decline of 2% as compared with
a year ago. While it appears that the new retail code may
be expected to correct some of the evils of unbridled cutthroat competition, efforts on the part of some groups of
retailers are on foot which have as their aim a revision of
the code with respect to the use of the word "inaccurately"
in the section dealing with fair advertising. These groups
feel that the use of this attribute provides too much of a
loophole for possible transgression of the spirit of the code.
Wholesale trade as yet gives little indication of improvement. Re-orders by retailers are restricted to urgent requirements, since the stores appear to be anxious to reduce
their present inventories. Hand-to-mouth buying is again
being resorted to by many merchants, although the belief
prevails that any stiffening in prices would be likely to
bring a substantial volume of orders into the market. Silk
greige goods continue firm, with a fairly brisk demand for
future delivery. Finished silk goods are spotty, with crepe
de chine leading in sales. While larger producers of rayon
yarns are still behind on deliveries, demand for January
delivery has slackened somewhat, largely due to the hesitance of the knitting trade in view of the possibility of a
processing tax. Weavers, on the other hand, continue with
good buying and little doubt is expressed that the January
yarn output will be disposed of before the end of the
current month.
DOMESTIC COTTON GOODS.—The best that can be
said for the past week's cotton goods market is that prices
held fairly firm, although sales continued very light. The
Government crop report was slightly bullish in the sense
that its 'figures were below the trade's expectations, but
it failed to do more than cause a somewhat better feeling.
More inquiries developed, but actual orders have been few.
Nevertheless, the fact that speculative markets in most
The Weather Bureau furnishes the following resume of other fields at least began to react to the falling dollar,
was taken as an indication that an early revival of buying
the conditions in the different States:
in the cloth markets is a possibility. Evidence is not lackVirginia.—Richmond: Temperatures considerably above normal; no
further killing frosts. Rainfall very light until 5th when moderate amounts
ing that finished goods sales have been much better than
benefited late truck, particularly in Norfolk area, and drouthy conditions
has been generally believed, and that despite the wellsomewhat relieved. Open weather favored farm operations; husking corn
stocked condition of buyers, further covering must soon
active and now well along. Sowing small grains finished; wheat and oats
pastures generally very
revived and growing since rains. Late truck and
take place. Print cloth mills generally are said to be sold
poor.
six weeks ahead, and a good number is believed to be sold
North Caroltna.—RaleIgh: Fair and mild until Friday, followed by
colder, with beneficial rains latter part of week. Rainfall light and more
well into next year. Sheetings continued in slow demand,
needed. Good progress in harvesting and storing crops.
but prices held steady, although it was felt that concessions
-6th, but
South Caraina.—Columbia: Light rains in central and north 3
could be obtained if any important inquiries should develop.
amounts insufficient for current needs. First of week abnormally warm.
but closing rather raw. Winter cereal sowing active, with fair to good
Following evidences of weakness in the price sti ucture durgermination of early plantings. Sweet potato harvest continues. Cotton
ing the earlier part of the week, fine yarn goods showed a
ginning now slow.
Georgia.
--Atlanta: Mild week; light rains latter part favorable for farm
somewhat steadier undertone although sales were very
work. Corn mostly harvested. Considerable plowing and sowing winter
small. A little more interest existed for fancy fabrics for
grains.' Late crops continue coming up well in most places, but further
moisture needed, especially in southwest.
dress goods. Closing quotations in print cloths were as
Florida—Jacksonville: Week warm until Monday night; heavy rains
follows: 39 inch 80s, 9c., 39 inch 72x76s, 8% to 8%c., 39
on middle east coast, but light to moderate elsewhere. Potatoes fair to
inch 68x72s, 7%c., 38% inch 64x60s, 6% to 6%c., 38% inch
good. Truck backward. Strawberries late, but fair. Citrus ripening and
being shipped. Grinding cane in north; new cane in south in fine condition.
60x48s, 5% to 5%c.
Alabama—Montgomery: Warm for season, with light to moderate
rains general. Corn nearly picked and sweet potatoes and peanuts dug;
WOOLEN GOODS.—Trading in men's wear goods has
crops fair to good. Germination and growth of fall truck improved. Oat
shown a moderate improvement, largely owing to better
and cover crop sowing continues and, where up, stands fair to good and
reports received from retail clothing centers. Lower temgrowth satisfactory.
Mississippi.—Vicksburg: Mostly abnormally warm, with light to modperatures prevailed in some parts of the country and as
erate precipitation. Favorable for breaking ground and gardens and
a consequence sales of heavy apparel took a spurt in many
pastures. Picking and ginning cotton good progress and approaching completion. Good progress in housing corn and routine farm activities.
localities. Continuance of the colder weather should do
Louisiana—New Orleans: Warm,except cool at close; light to moderate
much to increase sales of overcoats, sweaters, etc. The
rains benefited winter grains and truck and softened soil for additional
plowing and seeding. Good progress in cutting cane and making sugar and
recent improvement in retail clothing sales served to
sirup.
stiffen the attitude of weak holders of piece goods who
Texas.—Houston: Slightly cool throughout State; light to moderate
general. Picking and ginning cotton completed, except in extreme
rains
were all but ready to unload their stock at price connorthwest. Winter wheat and oats benefited by moisture and weather
cessions. While women's wear garments also sold in good
generally favorable for truck and ranges. Cattle generally good.
Oklahoma.—Oklahoma City: About normal temperatures in extreme
volume at retail establishments, conditions in the women's
east, but cool elsewhere; moderate to heavy rains over entire State. Pickwear goods trade showed little improvement although the
ing cotton slow advance account rain and coolness; bulk of crop already
winter wheat fair and greatly benefited
outlook for Spring is believed to hold some promise for
gathered. Progress and condition of
by moisture. Little farm work accomplished. Livestock fair to good, betterment. Stocks of cloakings and suitings in mill hands
except poor in Panhandle counties.
are said to be very light and they would quickly be exArkansas.—Little Rock: Weather favorable for picking cotton and
of
gathering crops first two days of week, but unfavorable remainder by
hausted if demand should improve. Tweed suitings have
time due to cloudy, damp weather, with 1 to 4 rainy days. No damagefor
retained their popularity and continue to be the one
frost thus far, except killing at Wynne on Oct. 26. Very favorable
all truck.
winter crops and
bright spot in the fabric field.
Tennessee.—Naahville: Good progress in gathering corn, picking cotton,
threshing lespedoza. and plowing until stopped by rains latter part. Some
FOREIGN DRY GOODS.—Business in linens gave insmall streams flooded. Winter grains mostly sown and coming up well.
dications of slight seasonal expansion, particularly in
good.
Stripping tobacco progressing. Pastures continue fairlyincreased growth
Kentuckg.—Loutsville: Warm and dry weather first half
articles used for gift purposes, but the very Sharp advance
stripping comtobacco
of grass and fall grains and dried still fair.rapidly, with
in foreign exchange rates is hampering importers who
Rain moderate to heavy in
menced. Pastures on warm slopes southeast where badly needed. Favorlight in
are also somewhat disturbed by the agitation for placing
north and west last half, but
able for gathering corn.
a compensating tax on their product by reason of its competition with cotton. Mid-season Paris openings point to
a wider use of fancy linens for Spring. Exports of linens
THE DRY GOODS TRADE
from Northern Ireland to the United States in the first
Xmo York, Friday Night, Nov. 10 1933.
nine months of 1933 were valued at $7,400,000, compared
Election Day holiday the volume of
with $5,700,000 for the corresponding period of 1932.
While prior to the
Handkerchiefs, towels and plain woven linen fabrics were
retail trade left much to be desired, more seasonable low
temperatures on the holiday itself and the days following the leading items. Price movements in Burlap were entirely
dominated by the sensational uprush in the sterling rate.
have brought a real spurt in business. In most stores the
Buyers continued reticent, partly under the influence of
sales exceeded that of last year considerably, the possibility of placing a compensating tax on this article.
dollar value of
Most active sections have
Domestically lightweights were quotetd at 4.60c., heavies
In some instances up to 25%.
at 6.00c.
been those dealing in apparel, both for women and men and
The table shows that the weekly mean temperatures were much above
normal from the Mississippi Valley eastward,except they were near normal
in the Lake region and Northeast. The western half of the country had a
decidedly cold week, except along the Pacific coast where somewhat above
normal warmth obtained. In the Great Basin,the Rocky Mountain States,
and the Plains area, the temperatures averaged generally from 4 degrees to
as much as 12 degrees below normal,with the greatest deficiencies appearing
in the north. In the East freezing weather did not reach farther south than
Pennsylvania and the northern Ohio Valley. but farther west the freezing
line extended to Oklahoma City, Okla., and to southern New Mexico. The
lowest temperature reported from first
-order stations was 2 degrees below
zero at Sheridan, Wyo., on the 5th.
The table shows also that precipitation, mostly moderate to fairly heavy,
occurred in nearly all sections of the country. In general, the lightest falls
were reported in the Lake region, the Northeast, the Southeast, and the
section, including
far Southwest. Over a considerable area of the
south Pacific districts, there was very little rainfall.
While rains or snows of the week interfered somewhat with outdoor
agricultural operations, they were decidedly beneficial in many sections,
as the moisture content of the soil had become unusually low over large
areas. There are very few States in which some benefit was not derived
from the widespread precipitation of the week, though in many places the
falls were insufficient for actual needs, and good general rains or snows are
still needed. The moisture was especially helpful in the Northwest, extending westward to the Pacific Ocean, and also in the southwestern portion of
the Winter Wheat Belt.
The areas still most in need of misture include western New York.
southeastern Kentucky, many localities from Virginia southward to
Georgia, the upper Mississippi Valley, especially Iowa. and a large section
of the far Southwest. The cold weather and snows of the week were hard
on livestock in Northwestern States, with much yard feeding necessary, but
the snow cover was decidedly helpful to winter grains; in Montana there is
now a general covering of 1 to 6 inches. Otherwise, there was little or no
harm from frost or freezing weather. In south-central sections killing frost
this fall has not occurred as early as usual, with no general freeze, as yet,
over the lower Ohio Valley and southern Missouri; much pasture land is
still green in the Ohio Valley States.
Corn husking and cribbing made satisfactory progress and is now well
along in the principal producing sections. In Iowa light precipitation settled
the dust on corn fields which facilitated gathering; husking is about completed in the north and nearly half done in the south, with very little frost
damage.
Picking the remnants of the cotton crop was favored in most places,
except that rains caused considerable interference in the northwestern belt,
especially in Oklahoma and Arkansas. Cotton has been largely gathered.
SMALL GRAINS.—The most important feature of the week's weather
as affecting winter grains was the beneficial rains in the southwestern
portion of the Winter Wheat Belt and the general rains or snows in the
Northwest. In Kansas winter wheat was greatly benefited and is expected
to show general improvement with warmer weather; the crop has sufficient
moisture for present needs in most localities. Wheat was also helped in
Oklahoma. Texas, and the central and southern Rocky Mountain areas.
A general snow cover of one to six inches is of great benefit in Montana,both
as to moisture supply and a protective covering; the early sown grain has
well stooled out and is entering the winter in good condition. Generous to
copious precipitation in Idaho and the Pacific Northwest was very favorable
for fall plowing and seeding and this work is progressing rapidly, except
where some fields are too wet; growing grains were much benefited,' with
day temperatures high enough for satisfactory growth. In the Ohio Valley
progress and condition of winter wheat continue satisfactory, but moisture
is still needed in some trans-Mississippi States and the north-central Great
Plains. Considerable plowing and seeding were accomplished in the Southeast, with fair to good growth of early planted grains.
3522
Financial Chronicle
Nov. 11 1933
State and City Department
NEWS ITEMS
r Arkansas.
-Pennsylvania Granted Right by
U. S. Supreme
Court to Sue on Road Bonds.
-The following dispatch from
Little Rock on Nov. 7 to the New York "Journal of Commerce"reports a decision of the United States Supreme Court
to permit the State of Pennsylvania to enter suit against
the State of Arkansas for alleged breach of highway bond
contracts:
P Administration leaders obviously were taken by surprise when the
'United States Supreme Court granted leave yesterday to Attorney-General
William Schnader to file complaint in equity on behalf of Pennsylvania
against Arkansas for alleged breach of its highway bond contracts. Attorney
General Hal Norwood said the Court's decision apparently implied its purpose to give consideration to Attorney-General Schnader's demand that
Arkansas be compelled to advance its gasoline tax and motor registration
rates to produce a minimum of $7,500,000 annually, as stipulated in the
Martineau road law of 1927, and also by highway and toll bridge bond
contracts.
P.Assistant Attorney-General Walter Pope, who represented the State at
Washington, took S8,500 to be tendered Pennsylvania as past due interest
on its $200,000 of Arkansas bonds. At its special session in August the
Legislature appropriated $60,000 to pay on bonds held by Pennsylvania
and other States, for the announced purpose of blocking such suit as
Attorney-General Schnader has instituted. Interest on Arkansas bonds
held by Pennsylvania was due in May and November. The special session
nppropriation, however, was impounded Sept. 15 by the Federal District
Court's temporary order to restrain highway fund disbursements pending
final decision in the suit of the State of Arkansas Bondholders' Protective
Committee against State Treasurer Roy Leonard.
p Colorado.-Special Session on Relief Called for Dec. 4.
-
Governor Edward C. Johnson is said to have announced
on Oct. 28 that the Legislature will convene in special session
on Dec. 4. Denver advices state that the subjects to be
dealt with were not revealed but the Governor said the
most important work of the legislators will be to provide
unemployment relief. Calling this session is understood
to be in accord with a promise made to Harry L. Hopkins,
National Relief Administrator, that the special session would
be convened if the Federal Government would provide relief
funds for November and December.
Fargo, N. D.
-State Supreme Court Affirms Validity of
Sewage Construction Plan.
-The State Supreme Court on
Nov. 1 affirmed a decision of the Cass County District
Court upholding the constitutionality of a law under which
the City of Fargo has been proceeding in its plans to
finance the construction of a sewage disposal plant, according to Associated Press dispatches from Bismarck on
Nov. 1. Brought as a test case, the action is said to clear
the way for a loan from the Public Works Administration
for construction of the sewage project. This city is seeking
a loan of $385,000 and a grant of $127,000 from the Federal
Government
-V. 137, p. 2306. It is further stated that
Edward H. Foley Jr., assistant general counsel of the
PWA at Washington, asked that the test case be brought
to determine the validity of the said law.
Illinois.
-Special Session Adjourns After Approving $30,000,000 Relief Bonds.
-A United. Press dispatch from Springfield to the "Wall Street Journal" of Nov. 10 reported that
the special session of the Legislature adjourned sine die after
approving an issue of $30,000,000 bonds to provide relief
through the Winter.
Kentucky.
-Report on Municipal Defaults Issued.
-A
booklet has been prepared by John R. Lindsay, Secretary
of the Kentucky Municipal Bondholders' Protective Committee, entitled "Municipal Defaults in Kentucky." It
discusses at some length the present situation in that State
in regard to defaults by both cities and counties, analyzes
the conditions which have brought about these defaults,
and presents suggestions and recommendations for corrective action to be taken in order to overcome the financial
difficulties, citing instances where prompt and concerted
action by city officials and bondholders remedied the default
in short order.
Protective Committee Asks Co-operation from Counties and
-Excerpt from the minutes
Cities in Financial Difficulties.
of a meeting of the above-mentioned committee, held on
Oct. 26 1933:
"The Committee will not take any further steps to adjust
the financial condition of any county or city in the State
where bondholders have not co-operated nor evidenced
interest by deposit of a substantial amount of bonds. The
Committee's activities in the future will be confined solely
to communities where bondholders have co-operated to a
substantial extent.
"Where a nominal amount of bonds in any one community
has been deposited with the Committee, and where, through
its future efforts, the Committee is not able to secure additional deposit, these bonds will be returned to the depositor
without any expense being charged by the Committee or by
the depository.
Massachusetts.
-Special Legislative Session Convenes to
Enact Liquor Control Measures.
-The Legislature convened
in special session at 11 a. m.on Nov.8, at the call of Governor
Joseph B. Ely, to enact a law to regulate and control the
manufacture of hard liquor in this State, to become effective
upon repeal of the Eighteenth Amendment.
Minnesota.
-Validity of Mortgage Moratorium Law Being
-The modified
Considered by United States Supreme Court.
mortgage moratorium law that was passed at the 1933 session
of the Legislature and held valid by the State Supreme Court,
was brought up for hearing by the United States Supreme
Court on Nov. 6. The Nov. 4 issue of the "Commercial
West," published in Minneapolis, carried the following
article on the pending decision, which is considered to be of
widespread interest because of the similar laws that have
been enacted recently by various other States:
The validity of the Minnesota Mortgage Moratorium Law, passed by
the Legislature on April 18 1933, will be the question presented to the
Supreme Court of the United States in Washington on Nov. 6.
Alfred W. Bowen, who argued the Minnesota redistricting case before
that Court two years ago, and Karl H. Covell of the firm of Strong, Myers
& Covell. will present the argument challenging the validity of the Act, on
the grounds that it is in violation of the Constitution of the United States.
Their claim, on behalf of the Home Building & Loan Association of
Minneapolis, is that the mortgage moratorium law is a violation of the
contract between that company and the Blaisdells, the mortgagers. They
will present also the claim that the law takes the property of the Home
Building & Loan Association without the process of law and denies to it
the equal protection of the laws.
The Blaisdells are represented by the firm of Stiles & Stiles. They will
argue that the mortgage moratorium law is valid and does not violate the
Constitution, as claimed by the Association.
The case is considered one of the most important before the Supreme
Court of the United States in recent years and so far as it involves the
validity of contracts, the decision will affect practically everyone. The
real issue presented is whether or not the States, in the exercise of their
police powers, can,by reason of the economic depression, do things which
are admitted to be beyond the powers of the States under ordinary conditions.
The State Supreme Court, by a decision of six justices to one, held the
law to be valid. Judge Stone dissented. Judge Loring agreed with the
majority, but in a separate opinion stated that he did so only because the
Supreme Court of the United States in the rent cases, in 1921 and 1922,
held those laws to be valid in an emergency, consisting of shortage a
dwelling houses and apartments for rental. Judge Stone disagreed with this
statement, stating that the rent cases did net apply to the case involving
the Minnesota Mortgage Moratorium Law. The majority of the State
Supreme Court agreed with Judge Loring. The question thus presented
can be determined finally only by the Supreme Court of the United States
and in the present appeal, that Court will probably do so.
The decision in this case,it is said, may have an effect also on the National
Emergency Acts, such as the National Industrial Recovery Act, the
Agricultural Adjustment Act and the other emergency measures taken by
the last Congress and vesting in President Roosevelt the most extensive
powers, short of war periods, ever held by any President.
Banks,insurance companies,investment firms and business generally are
keenly interest in the outcome of the case because of the effect it is expected
to have on contracts and contractual rights.
Regardless of what decision the Supreme Court makes in this case, it is
considered of great value to the nation to have the decision made as early
as possible. Regardless of which way the decision goes, it will exert a
great influence throughout the nation and particularly with respect to
emergency legislation both by the States and the Federal Government,
and it will determine the wisdom and foresight of the framers of the Federal
Constitution and decide whether the limitations in that fundamental law
are superior to all laws or whether they were intended to be suspended or
otherwise not to impede emergency legislation.
New York City.-Fiorello H. La Guardia Elected Mayor
on Fusion Ticket.-At the general election held on Nov. 7
Fiorello H. La Guardia, Fusion candidate for Mayor, was
swept into office through the most pronounced political
upheaval since the Fusion victory of 1913. He carried with
him five members of the Board of Estimate; Samuel Levy,
Borough President of Manhattan, and James J. Lyons,
Democratic-Recovery candidate for Borough President of
the Bronx, being the only Tammany Democrats to survive
the landslide. The Fusion leader carried all five boroughs.
Of a total of 2,145,788 votes cast for Mayor, Mr. La Guardia
received 864,562; Mr:McKee, in second place, got 602,131
and Mayor O'Brien came in third with 586,271 votes. The
widespread Fusion victory assures Mr. La Guardia of control
of the Board of Estimate, when he takes office on Jan. 1,
with 13 of the 16 votes. In addition to this, it appeared on
Nov. 8 that although Tammany still retains control of the
Board of Aldermen, the Fusion followers apparently elected
17 Aldermen. The Tammanyites defeated included Dennis
J. Mahon, the majority leader on the floor.
The following is the complete recapitulation of the vote
,
for the major city offices, as it appeared in the New York
"Herald Tribune" of Nov. 9:
CountiesNew York
Bronx
Kings
Queens
Richmond
Recapitulation.
Solomon
-LaGuardia-O'Brien
Rep.
Fusion, McKee
Dem.
Jeff. Socialist.
112,195
90.508 122,344 187,760
11,196
4,8128
60.669
90,225 128,705 90,618
15.018
2,937
171.144 159,482 192,766 188,149
5,766
28.841
85.854 67.562 140,341
3,175
6.857
87.369
16.092
10,831
691
1,090
17,975
14,978
Party total- ---445.954 418.608 602,131
568.874
17.397
864,562
Candidate total_ 602,131
586,271
-Cunningham
Print
RepubFu- Demo- Law
Jef-be.
Taxsion. cratie. Pres. ferson. Fare. payers.
Counties- lican.
417
147
New York._ 96.688 84.066 201,112 3,776 4,747
299
49,511 82,824 100,296 3,778 3,451
99
Bronx
141,021 142,516 223,238 9,207 7,604 1.030
233
Kings
413
167
Queens.. _ _. 77.528 64.148 115.235 4,711 4,260
369
200
Richmond.- 13.753 10,185 19,979 761 1,197
Partytot-380,501 383.739 650,860 22233 21.259 2,528
63,002
63,002
Cuff
Re
covert/.
98,389
112.381
155,781
105,739
10,763
846 483,053
Candidate
706,726
764,240
483,053
total._
This table of segregated party vote, tabulated from police figures, shows
an increase of 6.011 votes for LaGuardia over the consolidated table
prepared by the co-operative newspaper tabulators and a small change in
the vote for other candidates. On the basis of police figures LaGuardia's
plurality was 262.431.
The following vote was shown for the other candidates for Mayor:
Robert Minor, Communist, Manhattan, 5.297,• Bronx, 9,333; Brooklyn,
10,314; Queens. 1,469: Richmond, 151; total, 26,564.
Hoary Fl. Klein, Five-Cent Fare and Taypayers. Manhattan, 1,258;
Bronx, 380; Brooklyn, 647; Queens, 248; Richmond, 84; total, 2,617.
Aaron M.Orange,Socialist-Labor, Manhattan, 81; Bronx,172;Brooklyn,
176; Queens, 70: Richmond, 14; total, 513.
Adolph Silver, Industrial Union, Manhattan,27; Bronx,38; Brooklyn,32;
Queens, 23; Richmond. 8; total, 128.
Volume 137
Financial Chronicle
City Charter Board Proposal Defeated.—Local Law No. 10,
authorizing the Mayor to appoint a commission to draw
up a new city charter—V. 137, p. 3354—was defeated by a
vote of 484,752 to 362,693, at the polls on Nov. 7, according
to complete returns from the five boroughs, appearing in
the press on Nov. 9.
-Cent
Supreme Court Decision Voids Recently Enacted 5
Taxicab Levy.—The recent ordinance requiring taxicab
operators to remit to the city 5 cents for each fare collected
was ruled illegal on Nov. 10 in a decision handed down by
Supreme Court Justice Albert Cohn. It was held by Justice
Cohn that the ordinance, which was enated as a means of
bringing in new revenue to the depleted city treasury
(V. 137, p. 2134), was in direct violation of Section 54 of
the State Vehicle and Traffic Law, which says in part that
"local authorities shall have no power to pass, enforce or
maintain any ordinance, rule or regulation requiring from
any owner of a motor vehicle or motor cycle, or from any
operator or chauffeur to whom this chapter is applicable,
any tax, fee, license or permit for the use of the public highways."
New York State.—Voters Approve $60,000,000 Relief
Bonds.—The proposed $60,000,000 State bond issue for this
winter's unemployment relief was approved by an overwhelming vote at the general election, according to press
reports on Nov. 9. This proposition had received the
indorsement of all political parties and private welfare and
philanthropic societies—V. 137, p. 3173. Appropriation of
the money permits the State to continue its present relief
policy, and the funds will be distributed by the State, special
provision having been made for aid to municipalities. The
interest rate on the bonds is not to exceed 5% and they are
redeemable within 10 years.
Comptroller Morris S. Tremaine will make no plans for
selling any part of the above bonds until next January,
according to Albany advices on Nov. 8. It is stated that
early in the session the Legislature will appropriate part of
the total authorization and the Comptroller probably then
will arrange for the sale of bonds.
Republicans Gain Seven Assembly Seats.—Republican control of the State Assembly will be continued for the 1934
session of the Legislature, the Nov. 7 election results having
shown that seven more seats had been added to the Republican roster, giving them a total of 84 seats, the largest
number in their control since the 1929 session. The Democrats will have only 66 members in the lower House during
the 1934 session. A total of only 76 votes are necessary
to control the Assembly. The Republicans are understood
to be bending every effort to capture a recently vacated
seat in the Senate and thus bring the entire 1934 Legislature under their control.
State Liquor Rules Issued.—The regulations under which
liquor and wine may be sold in this State when repeal of
the 18th Amendment goes into effect were made public on
Nov. 10 by Edward P. Mulrooney, Chairman of the State
Alcoholic Beverage Board. They will be in force until
April 1, when laws passed by the next Legislature will
supersede them. The Board has provided for the sale and
consumption of liquor in hotels, clubs and restaurants at
tables, retail sale in stores for consumption off the premises
and distribution by distillers and wholesalers. The saloon
and drinking at bars will be prohibited but service bars
will be permitted.
St. Petersburg, Fla.—Refunding Bond Issue Planned.—A
plan for refunding the bonds of this city, outstanding in the
amount of $21,074,000, into new 25-year obligations, was
announced on Nov. 4 by the Bondholders' Protective Committee, of which Kenneth M. Keefe is chairman. The
committee states that it has already received on deposit
$18,059,000 of the bonds. The refunding plan, already
agreed to by the city officials and the committee, provides
for the exchange of the old bonds for new ones bearing interest
at 3% to Oct. 1 1938; thereafter to Oct. 1 1940, at 4%,and
thereafter to Oct. 1 1943, at 5%, or the original contract
price if lower. The city agrees to establish a sinking fund
beginning with the fiscal year 1940-41, calculated to raise at
least $200,000 each year for retirement of the refunding
bonds. The new bonds are callable at par on any interest date.
Texas.—Bills Signed and Vetoed.—An Austin dispatch of
Oct. 30 to the "Dallas News" reports that on that day
Governor Miriam A. Ferguson signed H. B. No. 84, permitting counties to borrow funds from Federal agencies and
to pledge income therefor. The Governor vetoed a measure
to validate all ad valorem tax levies heretofore made by
incorporated cities and towns, and another bill to validate
all levies of ad valorem taxes heretofore made by independent
school districts. Also vetoed on that day was H.B.No. 116,
to validate all issuances of funding and refunding notes,
bonds, warrants, time warrants and treasury warrants heretofore issued or authorized to be issued and attempted to be
issued by all cities operating under charters adopted or
amended under the provisions of Article 11, Section 5 of
the Constitution. The fourth bill to be vetoed attempted to
validate the organization and creation of school districts that
heretofore were illegally created.
United States.—Prohibition Repeal Favored by Required
36 States Due to Nov. 7 BallotinF.—Of the six States that
voted on the question of prohibition repeal at the general
3523
election, three of them, Pennsylvania, Ohio and Utah, were
definitely in the wet column on the basis of returns up to
Nov. 10. A fourth State, Kentucky, was well on the way to
being the 37th State to ratify the Twenty-first amendment,
according to Louisville dispatches on Nov. 10, which gave
repeal a lead of 45,000 votes. Since only 36 States are
necessary to carry the amendment, it appeared that prohibition is definitely ended in the United States. It is said that
the thirty-sixth ratifying convention will be that of Utah
and that prohibition will be officially ended in New York
about Dec. 5, when the thirty-sixth State has officially completed ratification of the repeal amendment. It is further
stated that all wet States will be legally'able to sell liquor,
wine and beer upon the formal ratification of repeal by the
36 States.
BOND PROPOSALS AND NEGOTIATIONS
ABERDEEN, Grays Harbor County, Wash.—BONDS CALLED.—
It is reported that Floyd A. Vammen, City Treasurer, is calling for payment at his office from Nov. 1 to Nov. 25, various local impt, district
bonds and coupons.
ADRIAN, Bates County, Mo.—BOND ELECTION.—An election will
be held on Nov. 21. according to report, in order to vote on the issuance
of $35,000 in water works system bonds.
AKRON, Summit County, Ohio.—BONDS VOTED.—The proposed
bond issues aggregating $7,450.000 are reported to have been approved
by the voters at the general election on Nov. 7—V. 137, p. 1794. The
total includes $2,400.000 for grade crossing elimination. $3.000,000 for
paving, resurfacing and grading streets, $1,900,000 for sewers and $150.000
for parks and playgrounds.
ALAMEDA (P. 0. Pocatello), Bannock County, Ida.—FEDERAL
FUND ALLOTMENT,—The Public Works Administration recently
announced an allotment of $35,000 to this village for water works extension
0
purposes. The usual grant of 307 of the cost of labor and material on this
project was made by the PWA. The remainder of the allotment is a loan
secured by 4% general obligation bonds.
ALBANY,Albany County, N.Y.—MAYOR THACHER RE-ELECTED.
—Mayor John Boyd Thacher 2d, Democrat, was re-elected to the office
on Nov. 7 by a plurality of 25,067 over Captain Reynolds King Townsend,
Fusion-Republican.
ALEXANDRIA, Va.—FEDERAL FUND ALLOTMENT.—The Public
Works Administration has announced an allotment of 3300,000 to this
city for high school building construction purposes. In line with the customary procedure on projects of this type, the PWA made a grant of 30%
of the cost of labor and material, estimated at *239.000. The remainder
of the allotment is a loan secured by 4% general obligation bonds.
ALGONA SCHOOL DISTRICT NO. 188 (P. 0. Seattle), King
County, Wash.—BONDS SOLD.—It is stated by the County Treasurer
that the $16,000 issue of5% school bonds recently approved by the voters—
V. 137. p. 2666—has been purchased by the State of Washington.
ALLEN COUNTY (P. 0. Lima), Ohio.—BONDED DEBT TOTALS
$1,586,322.—The county had a total of $1,586,322 bonds outstanding on
Nov. 1 1933. according to a report filed with the State Relief Commission
by M. L. Meyer, Deputy County Auditor. This figure includes $844,444
Westwood Sewer District and $304.378 Lost Creek Sewer District bonds.
The County Commissioners plan to issue refunding bonds for the delinquent
sewer obligations, according to report.
ALPENA,Jerauld County, S. Dak.—BONDSVOTED.—At an election
held on Oct. 31 the voters approved the issuance of $4,000 in water supply
bonds by a count of 105 to 50. Due $250 from Jan. 2 1936 to 1951 incl.
BOND OFFERING.—It is stated by A. J. Brigham, Town Clerk, that
he will receive sealed bids until 2 p. m. on Dec. 1 for the purchase of the
above bonds. Dated Jan. 2 1934. Interest payable J. & J.
ARP SCHOOL DISTRICT (P. 0. Arp), Smith County, Tex.—BOND
ELECTION CONTEMPLATED.—It is reported that an election will be
held in the near future on the proposed issuance of $35.000 in high school
bonds.
ATHENS, Clark County, Ga.—BOND ELECTION.—It is reported
that an election will be held on Dec. 2 in order to vote on the proposed
issuance of $100,000 of 4% semi-ann. water works and school bonds.
(The preliminary report on this election was given in V. 137. P. 2135.)
ATHENS COUNTY (P. 0. Athens), Ohio.—BOND OFFERING.—
Maude Lowry, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m. on Nov. 27 for the purchase of $36,000 6% poor
relief bonds. Dated Sept. 1 1933. Denom. $4,500. Due $4,500 annually
on Sept. 1 from 1935 to 1942 incl. Interest is payable in M. & S. Bids
for the bonds to bear interest at a rate other than 69', expressed in a multiple of 1 of 1%, will also be considered. A certified check for 1% of the
bid, payable to the order of the County Commissioners, must accompany
each proposal. Previous mention of this issue was made in V. 137, p. 3355.
AURORA, Lawrence County, Mo.—BOND ELECTION.—It is said
that an election will be held on Nov. 21 in order to vote on the proposed
issuance of $25,000 in sewage disposal plant bonds.
FEDERAL FUND ALLOTMENT.—The Public Works Administration
announced recently an allotment of $33,000 to this city, to be used for
sewer construction purposes. The customary grant of 30% of the cost of
labor and material on this project was made by the PWA. The remainder
is a loan secured by 4% general obligation bonds.
BALTIMORE, Md.—PUBLIC WORKS PROGRAM READY.—Mayor
Jackson has stated that the municipality can start immediately its public
works program, which will cost about $1,721,500, as a result of the Public
Works Administration modifying its contract form to meet the city's views.
The PWA will make a grant of approximately $449,000 to the City, representing the Federal Government's contribution to the cost of the program.
BAY CITY, Bay County, Mich.—BOND ISSUE REJECTED.—C. C.
Lang, CitY Clerk, informs us that at the election held on Oct. 30—V. 137,
p. 3174—the voters defeated the measure providing for the issuance of
$850,000 sewer bonds.
BEAVERTON, Washington County, Ore.—BONDS OFFERED.—
Sealed bids were received until 7:30 p. m. on Nov. 6, by Lewis Smith,
Town Recorder, for the purchase of two issues of refunding bonds aggregating $9,110.31, as follows:
$5.500 5 % water bonds. Denom. $500. Dated Oct. 15 1933. Due
on Oct. 15 1943, optional after one year. Interest payable A. & 0.
3.610.31 6% impt. bonds. Denom. $500, one for $110.31. Dated Nov. 1
1933. Due on Nov. 1 1943, optional after one year. Interest
payable M.& N.
BELOIT, Rock County, Wis.—POWER PLANT BOND SUITS
APPEALED TO SUPREME COURT.—In V. 137, P. 2488, we carried
an item reporting that the Circuit Court had upheld the right of the above
city to erect a power plant and to issue bonds for that purpose. The Nov.4
issue of the -Electrical World" carried the following on the recent appeal
to the State Supreme Court:
"Two injunction suits filed by the Wisconsin Power & Light Co. seeking
to enjoin the city from building and operating a municipal street lighting
plant have been appealed to the State Supreme Court. The appeal has
been placed on the January docket. The city won a temporary victory
in Circuit Court when Judge George Grimm held that lighting of streets
was a purely governmental function and that laws regulating utilities
did not apply ('Electrical World,' Oct. 7, p. 459). At this time he recommended an appeal to the higher court."
BELOIT SCHOOL DISTRICT (P. 0. Beloit), Rock County, Wis.—
BOND ELECTION.—It is reported that an election will be held on Nov.14
to decide If the District is to accept a Federal loan of $415,000 and a grant
of $135,000 for the purpose of erecting a high school addition. (These
sums have already been allotted by the Federal Government.—V. 137.
p.3004.)
3524
Financial Chronicle
BENTON COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Prosser),
Wash.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m.
on Nov. 18, by Harry Forsyth, County Treasurer, for the purchase of a
$9,173.94 issue of school bonds. Interest rate is not to exceed 6%,Payable
semi-annually. Dated Nov. 11933. Prin. and int, payable at the County
Treasurer's office, the State Treasurer's office, or at the fiscal agency of
the State, in New York City. A certified check for 5% must accompany
the bid. (This report corrects that given under "White Bluffs Schobl
District" in V. 137, 1). 3362.)
BOONE COUNTY (P. 0. Boone), Iowa.
-BOND SALE DETAILS.
The $23,000 issue of refunding bonds that was purchased by the Boone
State Bank & Trust Co., as 43 s
-was awarded at par.
% -V. 137, P. 3355
Coupon bonds dated Nov.1 1933. Due from 1940 to 1944. Denom.$1,000.
BOULDER, Boulder County Colo.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration has announced an allotment
of $72,000 to this city for sewage treatment purposes. The customary
grant of 30% of the cost of labor and materials on this project, put at about
354,000, was made by the PWA. The remainder is a loan secured by 4%
general obligation bonds.
BRISTOW, Creek County., Okla.
-At the
-BONDS DEFEATED.
election held on Oct. 31-V. 137, p. 3005
-the voters rejected the proposal
to issue $69,200 in bonds divided as follows: $48,500 water main and
reservoir; $9,000 sanitary sewer; $6,000 fire engine purchase, and $5,700
storm sewer bonds.
BROOKINGS, Brookings County, S. Dak.-BONDS NOT SOLD.
The $36,000 issue of 4% semi-ann. water filtration plant bonds offered
on Oct.23-V. 137,p. 2837
-was not sold as no bids were received, reports
the City Auditor. Due $2,400 from Jan. 1 1935 to 1949 incl.
BROWN COUNTY (P. 0. Green Bay), Wis.-FEDERAL FUND
ALLOTMENT.
-An allotment of $300,000 to this county for the construction of a fire proof asylum was announced recently by the Public Works
Administration. Of the total allotment. 30% of the cost of labor and
materials on this project is the usual PA grant. The remainder is a
loan secured by 4% general obligation bonds.
F BUHL, St. Louis County, Minn.
-BOND ELECTION.
-An election
will be held on Nov. 14. according to report, to submit to the voters the
proposed issuancelof $25,000 in power plant bonds.
BURLINGTON, Des Moines County, lowa.-BOND SALE DETAILS.
-The $28,252.50 issue of refunding bonds that was purchased by
the J. J. Ransom Estate, of Burlington, as 40, at a price of 100.70-Is more fully described as follows: Coupon or registered
Vs137, p. 3355
bonds dated Nov. 1 1933. Denom. $1,000, one for $252.50. Due from
Nov. 1 1934 to 1942 incl. Interest payable M.& N. Basis of about 4.33%.
CALDWELL TOWNSHIP SCHOOL DISTRICT (P. 0. Caldwell),
Essex County, N. J.
-VOTE ON PROPOSED FEDERAL LOAN.
-At a
special election to be held on Nov. 13 the voters will consider the question
of applying to the Public Works Administration for a loan of $100,000
with which to finance the construction of an auditorium and an addition
to the school building. The plan provides that the PWA furnish the usual
grant;of 30%of the amount to be spent for labor and materials on the
project.
CALIFORNIA, State of (P. 0. Sacramento).
-GENERAL FUND
EXHAUSTED
-WARRANT REGISTRATION BEGINS.
-We quote in
part as follows from the San Francisco "Chronicle" of Nov.1,regarding the
report from Sacramento that the State general fund Is heavily in debt:
"Governor Rolph has been advised by Controller Ray L. Riley that
to-day, for the first time since the '708. warrants of 7,900 State employees
against the general fund must be registered because the fund is $9,500,000
'In the red.'
"The issuance of warrants also indirectly affects about 32.500 aged,
blind,and dependent children who receive support through State and county
co-operation.
"Interest and redemption on bonds will be met in full, but all other
charges against the State's general fund will be paid by registered warrants. Payment of University of California claims will also be met without recourse to warrant registration."
CAMDEN, Camden County, N. J.-100,000,000 UTILITY BOND
-The proposal to finance the construction of a municipal
ISSUE VOTED.
electric light plant through the issuance of up to $10,000,000 bonds was
approved by a vote of 22,383 to 9,130 at the general election on Nov. 7V. 137, p. 3005. The city is now being served by the Public Service Gas
& Electric Co.. subsidiary of the Public Service Corp. of New Jersey.
-The City Commissioners passed a resolution
SEEKS PWA LOAN.
on Nov.9 asking the PWA'to finance the cost of constructing the municipal
electric light system, on the basis of a direct grant of $3,000,000 and a
loan of the balance of $7,000,000.
CARSON SCHOOL DISTRICT (P. 0. Prentiss), Jefferson Davis
County, Miss.
-BONDS VOTED.
-At the election held on Oct. 28V. 137. p. 2837
-the voters approved the issuance of $10,000 in 4%
gymnasium auditorium bonds by a count of 122 to 22. It is stated that
these bonds will be offered for sale as soon as they are printed and approved.
CASS COUNTY (P. 0. Atlantic) Iowa.
-BOND SALE.
-The $65,000
issue of coupon court house bonds offered for sale on Nov. 6-V. 137, P.
3355
-was purchased by the Carleton D. Beh Co. of Des Moines. as
4%s, paying a premium of $250. equal to 100.384, a basis of about 4.67%•
Denom. $1,000. Dated Nov. 1 1933. Due from 1935 to 1943. Interest
payable M. & N.
CENTER TOWNSHIP SCHOOL DISTRICT (P. 0. Monaca), Beaver
County, Pa.
-BONDS NOT SOLD.
-No bids were obtained at the offering
on Oct. 30 of $4,500 5'%, coupon school bonds, dated Oct. 5 1933 and due
on Oct. 1 as follows: $500 in 1934 and $1,000 from 1935 to 1938 incl.V. 137. p. 3005.
-DECHICAGO SANITARY DISTRICT, Cook County, 111.
-A total of over
FAULTED INTEREST PAYMENT EXPECTED.
$300,000, representing bond interest due since April 1933, is expected to
be available for distribution within the next ten days, according to report.
-$6.000,000 IN
CHICAGO SCHOOL DISTRICT, Cook County, Ill.
-The
CASH AND TAX WARRANTS PAID TO SCHOOL TEACHERS.
Board of Education on Nov. 1 began the distribution of $6,000,000 in cash
and tax anticipation warrants to school teachers and other employees
in payment of salaries due for the last two weeks of February and the month
of March, 1933. Part of the cash was obtained through the sale of $668,000
of 1933 tax warrants to the Illinois Bell Telephone Co. The cash payment
amounted to $1,972,476. while the balance of the $6,000,000 consisted of
the tax anticipation paper. The distribution reduced the payroll obligations of the Board as of Nov. 1 1933 to approximately $316,000,000, it is
said.
-The Board of Education has
ADDITIONAL WARRANTS CALLED.
called for redemption, on or before Nov. 15, after which date interest shall
cease to accrue, a further block of $1,303,550 of its 1931 tax anticipation
warrants. The total includes $896.800 educational fund, $378,000 building fund and $28,750 playground fund warrants.
CINCINNATI, Hamilton County, Ohio.
-VOTERS REJECT MUNICIPAL UTILITY PROPOSAL.
-At the general election on Nov. 7 the
voters rejected the proposal, to acquire through condemnation proceedings,
the local electric power plant and gas and electric distribution systems
and continue to operate the facilities under municipal management. The
proposal provided for the issuance of bonds to finance the acquisition of
the properties.
CINCINNATI SCHOOL DISTRICT, Hamilton County Ohio.$2,100.000 BOND PROPOSAL DEFEATED.
-R. W. Shafer, Clerk of the
Board of Education, stated on Nov. 8 that although returns had not been
fully tabulated,figures on hand indicated that the proposal to issue $2.100,000 school building bonds had been defeated at the general election on
Nov.7-V. 137, p. 2136. The project was intended to be financed by the
Public Works Administration.
CLEVELAND, Cuyahoga County, Ohio.
-MAYOR ELECTED.
At the general election on Nov. 7 the voters awarded the office of Mayor to
Harry L. Davis, Republican candidate, who is a former Governor and
was Mayor of this city thrice before.
CLEVELAND, Cuyahoga County, Ohio.
-PROPOSED UTILITY
-Bay L. Lamb, Director of Finance,
BOND ISSUE NOT CONSIDERED.
states that the proposal to issue $2,000,000 municipal electric light plant
impt. and extension bonds was not submitted to the voters at the general
Nov. 11 1933
election on Nov. 7, as originally planned-V. 137. P. 2136, due to the
rejection of the plan by the City Council.
CLEVELAND METROPOLITAN PARK DISTRICT (P. 0. Cleveland), Cuyahoga County, Ohio.
-BOND OFFERING.
-W. A. Stinchcomb, Director-Secretary of the Boai d of Park Commissioners, will receive
sealed bids until 12 m. on Dec. 1 for the purchase of $500,000 4% Series
No. 5 bonds, issued in anticipation of tne collection of the levy a taxes,
authorized to be levied in said district for the fiscal years 1933 to 1940
incl, at the general election on Nov. 4 1930 for the purper.e of acquiring
and improving land for tne conservation of the natural resources of the
district. Bonds will be dated Oct. 15 1933. Denom. $1,000. Due as
follows: $31.000 April and Oct. 15 1934; $31,000 April and $32.000
Oct. 15 1935; $31,000 April and Oct. 15 1936; $31.000 April and $32,000
Oct. 15 1937; $31,000 April and Oct. 15 1938; $331,000 April and $32.000
Oct. 15 1939; $31,000 April and Oct. 15 1940; $31,000 April and $32.000
Oct. 15 1942. Principal and interest (A. & 0. 15) are payable at the
County Treasurer's office in Cleveland. Bich for the bonds to bear interest
at a rate other than 4%, expressed in a multiple of y, of 1%, will arso be
considered. A certified check for 1% of the bonds bid for, payable to the
order of the Treasurer of Cuyahoga County, must accompany each proposal. (It was announced during September that the Public Works
Administration had agreed to furnish $650,000 to the district, comprising
a direct grant of $150,000 and a loan of $500,000, secured by 4% bonds
-V. 1.17, P. 2304.)
COLESVILLE, FENTON, SANFORD, WINDSOR, GREENE.
AFTON AND COVENTRY CENTRAL SCHOOL DISTRICT NO. 1
(P. 0. Harpursville), N. Y.
-BOND ELECTION.
-At an election to
be held on Nov. 15 the voters will again consider the proposal to issue
$149,000 school building construction bonds. A previous vote on Sept. 23
resulted In disapproval of the measure.
COLUMBUS, Franklin County, Ohio.
-ALMOST ALL OF $10,-Samuel J. Willis, City Clerk
403,200 BOND ISSUES APPROVED.
reported on Nov. 8 that apparently all of the $10,403,200 propossd bond
Issues carried at the general election on Nov.7,except the $103,000 Calumet
Street Bridge measure. The total includes $824,000 bonds to finance
improvements to the municipally owned electric light plant. It was
originally planned to have the voters pass upon measures providing for an
-V. 137. p. 2136.
aggregate of $12,670.500 bonds
COLUMBUS, Platte County, Neb.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration recently announced an allotment of $75,000 to this city for sewage system extension purposes. The
customary grant of 30% of the cost of labor and material on such projects
was made by the PWA. The remainder of the allotment is a loan secured
by 4% revenue bonds.
CORPUS CHRISTI INDEPENDENT SCHOOL DISTRICT (P. 0.
-BOND ELECTION.
Corpus Christi), Nueces County, Texas.
-An
election will be held on Nov. 25, according to report,in order to vote on the
proposed issuance of $450,000 in school bonds.
-BOND ISSUE APPROVED.
COUDERSPORT,Potter County,Pa.
F. A. Stebbins, Borough Secretary, reports that the proposal to issue
$25,000 sewer and street imps. bonds, submitted at the general election on
favorable vote of 763 to 458. Bonds
Nov. 7-V. 137. p. 3006, received a
will be sold in March or April 1934, it is said.
COUNTY SCHOOL DISTRICT (P. 0. Heber) Wasatch County,
-The Public Works AdminUtah.
-FEDERAL FUND ALLOTMENT.
tration announced recently an allotment of $9,800 to this district for school
building improvements. The customary grant of 30% of the cost of labor
and material on these projects was made by the PWA. The remainder is a
loan secured by 4% general obligation bonds.
-BONDS DEFEATED.
DAYTON, Montgomery County, Ohio.
E. E. Hagerman, Director of Finance, reports that the two bond proposals
submitted to the voters at the general election on Nov.7-V.137, p.2838
were rejected as follows:
$100,000 incinerator construction issue was defeated by a count of 31.346
to 10,974.
70,000 fire department equipment issue was defeated by a count of
26,365 to 16,402.
DE KALB COUNTY (P. 0. Decatur), Ga.-BOND ELECTIONS.
It is reported that the County Board of Education has called elections
for Nov. 13 and 14 in order to vote on the following school bonds: $24,000
North De Kalb School District, and $6,000 Mountain View School District
bonds.
-BOND ELECTION.
DELCAMBRE, Vermilion Parish, La.
-It is
reported that an election will be held on Nov. 28 in order to vote on the
Issuance of $20,000 in water works bonds.
-BOND ELECTION.
-A special
DENVER (City and County), Colo.
election will be held on or about Dec. 15, according to report, in order to
vote on a proposed bond issue of $2,750,000 for Cherry Creek-Platte River
flood control and for the construction of a sewage disposal plant.
-BOND OFFERING.
DES MOINES, Polk County, Iowa.
-Sealed
bids will be received until 10 a. m. on Nov. 13, by Robert P. Bailey, City
Treasurer, for the purchase of a $10,000 issue of fire department equipment
bonds. All bids shall specify the rate of interest and, all other things being
equal, the bid of par and accrued interest or better for the lowest interest
rate will be given peference. Dated Nov. 15 1933. Due $2,000 from
Dec. 1 1937 to 1941, incl. Prin and int, payable at the office of the City
Treasurer. Open bids for these bonds will be received after all sealed bids
are in. The city will furnish the bonds and the approving opinion of
Chapman & Cutler of Chicago, and all bids must be so conditioned. A
certified check for $1,000 must accompany the bid.
DETROIT, Wayne County, Mich.
-$87.854.000 SUBWAY BOND
PROPOSAL VOTED.
-At tne general election on Nov.7-V.137. p.2868
the voters approved of the proposal providing for the issuance of$87,854,000
rapid transit system construction bonds. The vote in 904 out of 909
precincts was 145,128 in favor of the project and 67,753 in opposition.
A three-fifths majority vote was necessary for approval. Actual work
on tne venture is contingent upon the financing thereof by the Public
Works Administration. In submitting the measure to the voters, it was
specifically provided that no taxwould be levied to pay for the cost of construction or operation of the system.
A dispatch from Detroit to the "Wall Street Journal" of Nov. 9 reported
in part on the bond authorization as follows:
"Approval of the city's subway plan authorizes the Issuance of up to
$87,854,000 first mortgage bonds secured by the subway property and
revenue. The rapid transit commission considers the project eligible
for a 30% grant under provisions of the NIRA. Thus approximately
$26,000,000 may be advanced by the Government as an outright gift.
The remaining $62,000,000 would be sought as a Government loan at 4%
interest, secured by mortgage bonds to be retired in 30 years from revenues,
-year franchise in the event of default.
and a 20
"While Corporation Counsel Kelly has ruled that another election would
be necessary, if the Government approved the project, to give it the 20
year franchise to become operative if bonds are defaulted, the decision
Is disputed by the rapid transit commission. The commission's view is
supported by several prominent attorneys."
-BONDS VOTED.
DOUGLAS, Allegan County, Mich.
-At the
-the proposal to issue $5,600
election held on Nov. 6-V. 137, P. 3175
macadam pavement bonds was approved by a vote of 125 to 42. Funds
for the project will be sought from the Public Works Administration.
The bonds are to bear 4% interest and mature $700 annually on Aug. 1
from 1934 to 1941 incl.
DOWNEY, Bannock County, Ida.
-CORRECTION.
-It Is stated by
the Village Clerk-Treasurer that the amount of water works bonds to be
passed on by the voters at the election to be held Nov. 18, is 317,000, not
$70,000, as reported in V. 137. p. 3175. It is also said that the issue will
be self-liquidating inasmuch as the income from water rentals will more
than pay all charges.
EAST ORANGE, Essex County, N. J.
-ADDITIONAL $20,000
-City Treasurer Clapp announced on Oct. 31 the sale to
BONDS SOLD.
local investors of an additional $20,000 bonds of the original Issue of
$609,000. The balance unsold amounts to $240,000. A syndicate headed
by Lehman Bros. of New York purchased the greater part of the initial
Issue of 4609,000-V. 137, p. 3006.
EAST RUTHERFORD,Bergen County, N.J.
-RATE OFINTEREST.
-The $92,000 coupon or registered public improvement bonds purchased at
Volume 137
Financial Chronicle
par during October by the State Teachers' Pension and Annuity Fund-V.
137. p. 2668-bear 6% interest. They are part of an original issue of
$106,000, for which no bids were obtained on Aug. 21 1933.
EDMUNDS COUNTY (P. 0. Ipswich), S. Dak.-BOND OFFERING.
-It is reported that sealed bids wlil be received until 10 a. m. on Nov. 20.
by A. E. Herrboldt, County Auditor, for the purchase of a $61,000 issue of
court house and jail bonds. Interest rate is not to exceed 6%, payable
J. & D. Denom.$1,000. Dated Sept. 11933. A certified check for $6,100
must accompany the bid. These are the bonds that were offered without
success on Oct. 4-V. 137. la• 2839.
-The
-BOND SALE.
ELKHART COUNTY (P. 0. Goshen), Ind.
Issue of $22.500 6% poor relief refunding bonds offered on Nov. 8-V. 137.
p. 2838
-was awarded to Lewis, Pickett & Co. of Chicago at par plus a
premium of $355, equal to 101.57, a basis of about 5.64%. Dated Oct. 15
1933. Due $1,500 on May and Nov. 15 from 1935 to 1941 incl., and
$1,500 on May 15 1942.
Bids obtained at the sale were as follows:
Premium.
Bidder$355.00
Lewis, Pickett & Co. (Purchaser)
266.65
C. W. McNear & Co
10.00
Salem Bank & Trust Co
ELIZABETHTOWN, Hardin County, Ky.-FEDERAL FUND
ALLOTMENT.
-The Public Works Administration recently announced
an allotment of $90,000 to this city for sewer construction purposes. The
customary grant of 30% of tne cost of labor and material on such projects
was made by the PWA. The remainder of toe allotment is a loan secured
by 4% special assessment bonds.
ELLSWORTH SCHOOL DISTRICT NO. 21 (P. 0. Rolla) Rolette
-The $2,000 issue of
County, N. Dak.-CERTIFICATES NOT SOLD.
-was not
certificates of indebtedness offered on Sept. 20-V. 137, p. 2137
sold, according to the District Clerk. Interest rate not to exceed 7%.
Dated Sept. 21 1933. Due on Sept. 21 1934.
-BOND VALIDATING BILL
EL PASO, El Paso County, Tex.
VETOED.
-A bill passed at the recent session of the Legislature validating
a $781,000 refunding bond issue, has been vetoed by Governor Ferguson.
It was stated by the Governor that the language of the bill was so vague
that validation might extend erroneously to all parts of the State.
ENDERLIN SPECIAL SCHOOL DISTRICT NO.22(P.O. Enderlin),
-The $23.500
Ransom County, N. Dak.-BOND SALE DETAILS.
of school building bonds that was purchased by C. G. Bangert of
-V. 137, p. 3356
-was awarded as 64. Coupon bonds
Enderlin at par
dated Nov. 1 1933. Denom. $500. Interest payable J. & D.
issue
-In
-BONDS SOLD.
FANNIN •COUNTY (P. 0. Bonham), Tex.
connection with the report on the proposed issuance of 550,000 in bonds
-we are informed that
to take up deficiency warrants
-V. 137, P. 3176
the bonds were disposed of before their issuance.
-BONDS NOT SOLD.
-No bids
FANWOOD, Union County, N. J.
were obtained at the offering on Nov. 8 of $120,000 not to exceed 6%
interest coupon bonds, including $63,000 sewer assessment and $57,000
sewer issues-V. 137. P. 3356.
FARGO, Cass County, N. Dak.-ADDITIONAL INFORMATION.In connection with the report given in V. 137, p. 3357, to the effect that a
575,000 issue of certificates of indebtedness was offered for sale by this city
on Oct.27 without success, we give the text of a communication from Carl O.
Jorgenson, City Auditor, sent to us on Nov. 1:
"No bids were received for the $75,000 worth of certificates offered. Such
certificates are usually taken by local banks.
"Owing to a change in the old law governing certificates of indebtedness
by the 1933 Legislature the banks questioned the standing of such certificates, but in order to see warrants it was necessary to go through the
preliminary of offering the certificates.
"No sale being passible for the certificates the city then was in a position
to issue warrants against the current year's tax.
"Arrangments for the issuance of up to $90,000 of warrants to be repaid
from the collections of 1933 levy have been completed with the banks but
,
it is not going to be necessary to issue warrants until January 1934. March
collections will produce funds pa meet any warrants we will have to issue
from January to March 1934.'
FERGUS COUNTY (P.O.Lewistown), Mont.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. on Dec. 1, by R. W.Blake, Chairman of the Board of County Commissioners, for the purchase of an issue of
$100,000 refunding bonds. Interest rate is not to exceed 6%,payable.1. & J.
Dated Jan. 1 1934. Amortization bonds will be the first choice and serial
bonds will be the second choice of the said Board. A certified check for
$5,000, payable to the Clerk of the Board of County Commissioners, must
accompany the bid.
FLEETWOOD, Berks County, Pa.
-UTILITY BOND ISSUE AP-A vote of 431 to 266 was cast on Nov. 7 in favor of the proposal
PROVED.
to issue $110,000 bonds for the purpose of financing the erection of a
municipal electric generating plant and to acquire the distribution system
of the Metropolitan Edison Co. in the borough.
FOND DU LAC, Fond du Lac County, Wis.-BOND ELECTION.At a meeting of the City Council held on Oct. 31 it was decided to hold a
special election on Dec. 5 on the proposed issuance of $185,000 in bonds
for the construction of a municipal building to include a city hall, fire station and police headquarters.
FORT WORTH Tarrant County, Texas.
-FEDERAL LOAN APPLI-At a meeting of the City Council held on Nov. 1
CATION TO BE FILED.
it is said that two ordinances were passed making formal application for
$226,000 in public work funds for street improvement projects.
FOSTORIA, Seneca County, Ohio.
-BOND EXCHANGE NECESSARY-Gerald D. King, City Auditor, states that as no bids were ob-V. 137.
tained at the offering on Nov. 9 of $37,395 6% refunding bonds
p. 3176, the holders of bonds which matured on Sept. 1 1933 will now have
to exchange them for bonds of the refunding issue. The bonds to be
replaced should be sent to the City Treasurer, according to Mr. King.
The refunding issue is dated Oct. 1 1933 and due serially on Oct. 1 from
1935 to 1944 incl.
-BONDS AND NOTES
FREMONT, Sandusky County, Ohio.
-The City Council recently adopted ordinances providing
AUTHORIZED.
for the issuance of $205.500 notes and $33,500 sewer bonds. The notes are
to be dated Oct. 15 1933, bear 4% interest and mature on Oct. 15 1935.
They will be sold in anticipation of the issuance of bonds. The bond issue
will be dated Oct. 15 1933 and mature on Oct. 15 as follows: 41,000 in
1935 and 1936 12,000, 1937; $1,000, 1938 and 1939; $2,000, 1940; $1,000,
1941 and 1942 2.000, 1943; 51,000. 1944 and 1945; $2,000, 1946; $1,000,
1947 and 1948 • 2,000, 1949; $1,000, 1950 and 1951;$2.000, 1952; $1.000,
1953 and 1954 $2,000. 1955; $1,000 from 1956 to 1958, incl., and $2.500
in 1959. Rate of interest is not to exceed 6%.
-BOND PROPOSAL NOT
GLEN ALPINE, Burke County, N. C.
-It is reported that the $40,000 issue of school building
SUBMITTED.
bonds scheduled for submission to the voters at the election on Nov. 7-was not passed on by them.
V. 137, p. 2839
GRAFTON SCHOOL DISTRICT NO. 3 (P. 0. Grafton), Walsh
-It is reported that an election
County, N. Dak.-BOND ELECTION.
will be held on Nov. 24 in order to vote on the proposed issuance of $250,000
Public Works Administration is said to have offered
In seho:l bonds. The
to buy these bonds on its usual terms for public works projects. (See report
given in V. 137, P. 1969.)
GRAY COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 1
-FEDERAL FUND ALLOTMENT.
-The
(P. 0. Cimarron), Kan.
Public Works Administration is said to have announced recently an allotment of $101,400 to this district for school construction purposes. The
customary 30% grant of the cost of labor and material on such projects
was made by the PWA. The remainder is a loan secured by 4% general
obligation bonds.
-BONDS DEFEATED.
-At
GRAYLINC,, Crawford County, Mich.
-the proposal to issue $37.300
the election held on Oct. 30-.V. 137, p. 3176
general obligation water works bonds was defeated by a count of 134 to 81.
HALL COUNTY (P. 0. Gainesville), Ga.-ADDITIONAL BOND
DETAILS.
-The $78,000 issue of road bonds that was purchased by J. H.
-was awarded for a pre-V. 137,P. 3357
Hilsman & Co. of Atlanta as 5s
mium of $6,841.60, equal to 108.771, a laasis of about 4.03%. Denom.
3525
$1,000. Coupon or registered bonds maturing on Jan. 1 as follows: $8.000.
1943, and $10,000 from 1944 to 1950, incl. Int. payable J. & J.
HAMDEN, New Haven County, Conn.
-OBTAINS PWA ALLOTMENT.
-The allotment of $700,000 to the municipality to finance the
construction of a high school building has been announced by the Public
Works Administration. This includes the usual grant of 30% of the
approximately $550,000 to be spent for labor and material. The balance
of the advance consists of a loan,secured by 4% general obligation bonds.
HAMILTON COUNTY (P. 0. Cncinnati), Ohio.
-59,100,000
PROPOSED BOND ISSUES REJECTED BY VOTERS.
-E. J. Dreihs,
Clerk of the Board of County Commissioners, advises that the proposals
to issue $7,700,000 road and 51,400.000 library bldg. construction bonds
were turned down by the voters at the general election on Nov. 7. The
Public Works Administration was to provide the requisite funds and assume
part of the cost of the projects.
-BOND OFFERHAMILTON COUNTY (P. 0. Cincinnati), Ohio.
ING.
-E. J. Dreihs, Clerk of the Board of County Commissioners, will
receive sealed bids until 12 M.on Nov. 21 for the purchase of $408,364.76
431% bonds, divided as follows:
$401,877.98 sanitary sewer construction bonds. One bond for $877.98.
others for $1,000. Due Nov. 1 as follows: 820,877.98 In
1935; $21,000 in 1936 and $20,000 from 1937 to 1954 incl.
A certified cheek for $4,019, payable to the order of the County
Treasurer, is required.
6.486.78 sanitary sewer construction bonds. One bond for $186.78,
others for $300. Due Nov. 1 as follows: $486.78 in 1935;
$600 in 1936 and $300 from 1937 to 1954 incl. A certified
check for $50, payable to the order of the County Treasurer,
is required.
Each issue is dated Nov. 15 1933. Principal and interest (M. & N.)
are payable at the County Treasurer's lffice. Bids for the bonds to bear
interest at a rate other than 431%, expressed in a multiple of X of 1%,
will also be considered. Bids to be on blank forms furnished by the County
Commissioners.
-BONDS REHAMMOND SCHOOL CITY, Lake County, Ind.
OFFERED.
-The issue of $112,500 judgment funding bonds offered without
-is being readvertised for award on
success on July 18-V. 137, p. 1275
Nov. 23. Bids for the bonds will be received until 11 a. M. on that day
by the Board of School Trustees. Bonds are to be dated Nov. 15 1933
and mature in five years from such date. Rate of interest is not to exceed
531%. Interest is payable on M. & N. 15. The successful bidder will be
furnished with the opinion of Matson, Ross, McCord & Clifford of Indianapolis, as to the validity of the bonds.
-The
-BOND SALE.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-was
issue of $9,000 poor relief bonds offered on Nov. 6-V. 137, p. 3007
awarded as 5s, at a price of par, to the First National Bank & Trust Co.
of Findlay. Dated Sept. 15 1933 and due on March 15 as follows: $1,800.
1934; $1,650, 1935: 51.750, 1936; 51.850. 1937. and $1,950 in 1938. This
Issue was originally awarded, after a short delay, to Otis & Co.of Cleveland
as 64, at 100.29, a basis of about 4.90%.
-BOND SALE
HANLEY FALLS, Yellow Medicine County., Minn.
CONTEMPLATED.
-It is stated by the Village Recorder that the $4,000
-will be purchased
water tank bonds voted on Oct. 23-V. 137, P. 3357
by the State of Minnesota.
-NINE SCHOOL DISTRICTS
HARTFORD,Hartford County, Conn.
CONSOLIDATED.
-At the general election on Nov.7 the voters approved
of the proposal providing for the consolidation of the nine school districts
in the city, heretofore separately administered. At the same time,J. Watson
Beach. Republican, was elected Mayor of the City, defeating the Democratic incumbent, William J. Rankin, by nearly 2,000 votes.
-DA
Blackford County, Ind.
HARTFORD SCHOOL CITY
-H. Paul Kelsay, Superintendent
FAULTED INTEREST TO BE PAID.
of Schools, under date of Nov. 3 states that the $2,441.25 bond interest
which was defaulted on June 15 1933 will be payable in December 1933.
The interest is due on the 1928 school building issue.
-Mr. Kelsay further reports
BOND LEGALITY SUIT INSTITUTED.
as follows: "We have a gymnasium built by the Hartford City School
Building Corp. and leased to the School City for a period ef 25 years at
a yearly rental of $10.000. The law under which this building was constructed has been declared unconstitutional and there was no levy made
to take care of this payment this year. A suit has been filed to force the
payment or test the legality of the bonds. A date for a hearing has not
been set."
HARTFORD COUNTY METROPOLITAN DI STRICT (P. 0. Hartford), Conn.
-VOTERS APPROVE $3.500.000 SEWAGE PROJECT
A. D. Johnson, District Treasurer, informs us that at the general election
on Nov. 7-V. 137, p. 2839
-the electors authorized the expenditure of
53,500,000 for a sewage disposal plant. Mr. Johnson states that the
question of financing the project through the issuance of bonds is a matter
to be decided by the District Board rather than the voters.
-OUTHASTINGS SCHOOL DISTRICT, Barry County, Mich.
STANDING BONDS TOTAL $154,000.
-It was reported on Nov. 1 that
the outstanding bond indebtedness of the District consists of $154,000
bonds of the original school building issue of $170.000. Payments this
year included $8.000 on account of the principal and $7,290 in interest
charges.
-BONDS DEFEATED.
HAWTHORNE,Los Angeles County, Calif.
At an election on Nov. 1 it is said that the voters rejected a proposal to
394.500 in water system bonds.
issue
HILL COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Kremlin),
-MATURITY-The $1,060 6% coupon semi-annual funding bonds
Mont.
-V. 137.
purchased at par by the State Board of Land Commissioners
p. 3357
-is due in 10 years.
-BOND EXCHANGE EFFECTED.
HOBOKEN,Hudson County, N.J.
-It is reported that the issue of $300.000 5% coupon or registered funding
-was
bonds for which no bids were obtained on Sept. 18-V. 137, p. 2306
subsequently given in exchange for obligations which had matured. The
new issue is dated Oct. 2 1933 and due $20,000 annually on Oct. 2 from
1935 to 1949 incl.
-It is
-BOND ELECTION.
HOPKINS, Hennepin County, Minn.
reported that an election will be held on Nov. 16 to vote on the issuance
of $121,000 in bonds, divided as follows: $71,000 surface drainage; $20.000
well and pump house; $20,000 sewage disposal plant; $14,000 street impt.
and $5,500 street impt. bonds.
-It is
-BOND ELECTION.
HOT SPRINGS, Garland County, Ark.
reported that an election will be held on Dec. 5 in order to have the voters
pass on the issuance of $175,000 in sewer and sewage disposal plant bonds.
According to report, while the bond issue will not be more than the said
amount, the two plants, together with enlargement of present sewer facilities, would cost about $300,000. The Public Works Administration and
the Interior Department would contribute 45% of the cost.
-The report
ILLINOIS (State of).
-REPORT OF INDEBTEDNESS.
of John C. Martin, State Treasurer, covering receipts and disbursements of
the State Treasury for the month of October, includes the following:
Statement of Indebtedness of the State of Illinois Outstanding-Nov. 1 1933.
Called bonds outstanding which have ceased to draw
interest, viz:
New internal improvement stock
New internal improvt interest stock, payable
w internal improvement
ft 18n
$4"0
500
One old internal improvement bond
1.000
Twelve canal bonds
12,000
$17,500
State highway bonds
143.010.000
Soldiers' compensation bonds
34,685.000
Waterway bonds
7,000,000
20,000.000
Emergency relief bonds
Total bonded debt
Tax anticipation notes held by Motor Fuel Tax Fund
$204.712,500
9.450.000
5214.162,500
-At the
IMPERIAL, Chase County, Neb.-BONDS DEFEATED.
election held on Oct. 27-V. 137, p. 3177
-the voters failed to approve the
issuance of $15,000 in village bonds, the count being 105 "for" to 122
"against."
3526
Financial Chronicle
JACKSON, Jackson County, Mich.
-M0000 REFUNDING BONDS
PRINTED.
-The proposed issuance of $680,000 refunding bonds in payment of obligations maturing in the period from April 1 1933 to July 1
1935 will get under way soon, as the printed certificates have been received
by the city. The refunding program has been approved by the State
Public Debt Commission, according to report.
-V. 137, p. 177.
KANSAS CITY, Jackson County, Mo.-BOND ISSUANCE CONTEMPLATED.
-It is stated that the Bond Advisory Committee on Oct.30
recommended the issuance and sale of $3,600,000 in improvement bonds,
divided as follows: $3,350,000 municipal auditorium, $150,000 traffic
way and $100,000 hospital construction bonds. To mature serially in
10 years.
1
KENMORE, Erie County, N. Y.
-Walter
-BOND OFFERING.
Ducker, Village Clerk, will receive sealed bids until 8 p. m. on Nov. 20
for the purchase of $185,000 not to exceed 6% interest coupon bonds,
divided as follows:
$129.000 general bonds. Due Nov. 1 as follows: $24,000 in 1934 and
$35.000 from 1935 to 1937 incl.
56,000 general bonds. Due Nov. 1 as follows: $9,000 from 1938 to 1941
incl. and $10,000 in 1942 and 1943.
Each issue is dated Nov. 1 1933. Denom. $1,000. Bidder to name a
single interest rate for all of the bonds, expressed in a multiple of 3.1, or
1-10th of 1%. Principal and interest (M. & N.) are payable in lawful
money of the United States at the State Bank of Kenmore, or at the
Guaranty Trust Co., New York City. A certified check for $4,500, payable
to the order of the Village, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater of New York will be furnished the
successful bidder.
KENOSHA COUNTY (P. O. Kenosha), Wis.-BOND SALE NOT
CONTEMPLATED.
-In connection with the report given in V. 137. p,
2307, to the effect that the State Annuity Board had purchased $260.066
out of a total authorization of $500,000 county bonds and was prepared to
take an additional $80.000 of these bonds, we see it stated by the County
Clerk that the county has no bonds for sale at present.
KNOXVILLE, Knox County, Tenn.
-BOND ELECTION.
-We are
Informed that on Nov. 25 the voters will be called upon to pass on $3,255,000 in bonds, to be used as security for a Public Works Administration
loan of that amount with which to build a municipal light and power plant.
LAKEWOOD CITY SCHOOL DISTRICT, Cuyahoga County, Ohio.
-REFUNDING PLAN SUBMITTED TO BONDHOLDERS.
-A plan
providing for the Payment of bonds which matured on Oct. 1 1933 on the
basis of 50% in cash and 50% in refunding bonds has been offered to holders
of the bonds, according to George W. Grill, Assistant Superintendent of
Schools. The refunding has been made necessary as a result of accumulated tax delinquencies. Interest due on that date has been fully paid.
The refunding bonds are to be dated Nov. 15 1933, bear 6% interest and
mature on Oct. 1 as follows: $9,000 from 1935 to 1944 incl., $8,500 from
1945 to 1947 incl. and $8,000 in 1948. Callable in whole or in part at par
and accrued interest on any interest
-paying date on or after Oct. 1 1935.
The majority of the bonds will be in $1,000 denoms. although it will be
necessary to issue some in amount of 6500 each. Legality of the refunding
Issue has been approved by Squire, Sanders & Dempsey of Cleveland. Provision has been made for the adjustment of accrued interest on both the
old bonds and the refunding issue. Holders agreeable to the exchange are
advised to send their bonds to the Corporate Trust Department of the
Cleveland Trust Co. Cleveland, which institution will handle all details
with regard to the'
transmission of the refunding securities. Previous
mention of this arrangement was made in V. 137. D. 3358.
LANSING, Ingham County, Mich.
-PROPOSED BOND ISSUES
FAIL OF APPROVAL-Bertha Ray, City Clerk, reports that the voters
rejected the proposals to issue $1,675,000 bonds, which were placed on the
ballot at the general election on Nov. 7-V. 137, a. 2840. The total consisted of $900.000 sewage disposal plant, $300.000 sewerage extension,
$300,000 paving, $100,000 jail and court room and $75,000 incinerator
'MUM.
LATROBE SCHOOL DISTRICT, Westmoreland County, Pa.
BOND SALE.
-The &36,000 5% coupon school bonds offered on Nov. 3V. 137, p. 2840
-were awarded to S. K. Cunningham & Co. of Pittsburgh,
at par and accrued interest, plus a premium of $11, equal to 100.02, a basis
of about 4.99%. Dated Oct. 1 1933 and due on Oct. 1 1943. The successful
bid was the only offer received.
LEXINGTON, Fayette County Ky.-FEDERAL FUND ALLOT,
MENT.
-It was recently announced'by the Public Works Administration
that It had made an allotment of $147,595 to the Board of Education for
for school additions and alterations. The customary grant of 30% of the
cost of labor and material on such projects was made by the PWA. The
remainder of the allotment is a loan secured by 4% general obligation bonds.
LONG BEACH SCHOOL DISTRICTS (P. 0. Los Angeles), Los
Angeles County, Calif.
-BOND OFFERING.
-Sealed bids will be received
until2 p. m.,on Nov. 13, by L. E. Lampton,County Clerk,for the purchase
of three issues of 5% bonds aggregating $4,100,000, divided as follows:
$2,500,000 city school district bonds. Due $125,000 from Nov. 1 1934
to 1953 incl.
1,500,000 city high school district bonds. Due on Nov. 1 as follows:
$84,000. 1934 to 1936; $74.000, 1937 to 1943, and $73,000
from 1944 to 1953.
100,000 city junior college district bonds. Due $10,000 from Nov. 1
1934 to 1943 incl.
Denom. $1.000. Dated Nov. 1 1933. No bid for a lower rate of interest
than 5% will be considered, and all bonds shall bear the same rate of
Interest. Prin. and int.(M.& N.) payable in lawful money at the County
Treasurer's office or at the fiscal agency of the county, in New York.
A certified check for 3% of the amount of bonds bid for, payable to the
Chairman of the Board of Supervisors, is required.
(This report supplements the preliminary offering notice given in V. 137.
p. 3358.)
The follovring information is furnished with the official offering notice:
Long Beach City School District has been acting as a school district under
the laws of the State of California continuously since July 1 1900.
The assessed valuation of the taxable property in said school district
for the year 1933 is $150,734,715.00. and the amount of bonds previously
issued and now outstanding is $4,252,571.26.
Long Beach City School District includes an area ofapproximately 112.77
square miles,and the estimated population of said school district is 160.000.
Long Beach City High School District has been acting as a high school
district under the laws of the State of California continuously since July 1
1900.
The assessed valuation of the taxable property in said high school district
for the year 1933 is $153,153,125.00, and the amount of bonds previously
Issued and now outstanding is $2,976,000.00.
Long Beach City High School District includes an area of approximately
125.17 square miles, and the estimated population of said high school
district is 160,300.
Long Beach City Junior College District has been acting as a junior
college district under the laws of the State of California continuously
since July 1 1927.
The assessed valuation of the taxable property in said Junior college
district for the year 1933 is $153,153,125.00. and said district has no outstanding bonded indebtedness.
Long Beach City Junior College District includes an area of approximately 125.17 square miles, and the estimated population of said junior
college district is 160.300.
LOVELOCK, Pershing County, Nev.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration announced recently an allotment of$106,000 to this city for a water distribution system. Approximately
$82,000 represents the coat of labor and materials on this project, of which
the PWA made a grant of 30%. The remainder is a loan secured by 4%
general obligation bonds.
LOWER MILFORD TOWNSHIP SCHOOL DISTRICT (P. 0.
Hosensack), Lehigh County, Pa.
-The
-BOND ISSUE APPROVED.
Pennsylvania Department of Internal Affairs on Nov. 1 approved a $10,000
funding bond issue.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND OFFERING.
Sealed bids addressed to the Clerk of the Board of County Commissioners
will be received until Nov. 27 for the purchase of $526,240 refunding
bonds, of which $214,300 will bear 5 % Interest,$187,9406% and $124.000
at
%. The bonds will be due Nov. 1 1948, optional Nov. 1 1938.
Nov. 11 1933
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND OFFERING.
Adelaide E. Schmitt, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a.m. on Nov. 27 for the purchase of $261,000
refunding bonds, of which 6193.000 are to bear 43.5% interest and $68,000
at 4,d %. Each issue will be dated Nov. 1 1933 and mature in 15 years
from said date, subject to call in whole or in part on Nov. 1 1938 or on any
interest paying date thereafter. In the event that less than the entire
issue is called at any time, or from time to time, such bonds shall be called
In inverse order of their numbers. Prin. and in (m.& N.) on each loan
will be payable at the County Treasurer's office. Proposals must be
accompanied by a certified check for 1% of the bonds offered. Conditional bids will not be considered. Successful bidder will be required to
accept delivery and pay for the bonds at the Court House in Toledo on
Dec. 1 1933. A complete certified transcript of all proceedings, evidencing the regularity and validity of the issuance of said bonds, will be furnished the successful bidder in accordance with the provisions of Section
2293-30 of the General Code of Ohio. A complete transcript of all proceedings relative to the issuance of said bonds, up to the date of the sale thereof.
Is now on file in the office of the County Commissioners for inspection by
all persons interested.
LYMAN COUNTY (P. 0. Kennebec), S. Dak.-BOND ELECTION
POSTPONED.
-We are informed by the County Auditor that the election
scheduled for Nov. 8 on the $40,000 road bonds
-V. 137. p. 3358
-'-.has
been postponed indefinitely.
LYNCHBURG, Campbell County, Va.-BOND AWARD POSTPONED.
-It is stated by John M. Otey, City Auditor, that final action on
the award of the 1450,000 4% semi-ann. water supply conduit bonds offered
for sale on Oct. 28-V.137, P. 3358
-has been postponed from Nov. 4 to
Nov. 11. Dated Nov. 15 1933. Due from Nov. 1 1936 to 1962.
MADISON,Lake County,S. Dak.-BOND SALE POSTPONED.
-It is
stated by the City Auditor that the sale of the three issues of bonds aggregating $34.500, scheduled for Oct. 26-V. 137. p. 3008
-was postponed
until Nov. 13. The bonds are divided as follows:
$17,500 water tower bonds. Due in 20 years.
7.000 city garage bonds. Due in 10 Yearo•
10.000 swimming pool bonds. Due in 15 years.
Interest rate not to exceed 5%, payable semi-annually.
MAGNOLIA RURAL SCHOOL DISTRICT, Carroll County, Ohio.
-BOND ISSUE DEMANDED.
-The Wendling Brothers Co. of Dover
has filed suit in the Ohio Supreme Court to compel the Board of Education
to issue bonds before Jan. 1 1934 to provide for the payment of $16.056
outstanding debt, according to report.
MAHASKA COUNTY (P. 0. Oskaloosa) lowa.-BOND SALE DETAILS.
-The $7,000 coupon (M. & N.) refunding bonds that were purchased by Geo. M.Bechtel & Co.of Davenport,as 5s, at a price of 100.34V. 137. p. 3358
-are in the denomination of $500 each, are dated Nov. 1
1933. and mature on Nov. 1 as follows: $2,00 ,194 and 1941. and $3,000
in 1943, giving a basis of about 4.95%.
MALONE, Franklin County, N. Y.
-OBTAINS PWA ALLOTMENT.
-The Public Works Administration has announced the allotment of
$100.000 to finance the construction of a sewage treatment plant. This
includes the usual grant of30% of the approximately $70,000 to be spent for
labor and materials, while the balance of the cost consists of a loan,secured
by 4% general obligation bonds.
MAPLEWOOD TOWNSHIP P. 0. Maplewood), Essex County,
N. J.-$122.000 BONDS SOLD-OPTION GRANTED ON BALANCE OF
$250,000 ISSUE.
-The Township Committee on Oct. 31 approved of the
sale of $122,000 tag revenue bonds to Adams & Mueller of Newark and
granted the company an option until Nov. 17 1933 on the balance of the
original total of $250.000. The investment house obtained a 30
-day option
on the bonds after no bids had been submitted at the regular offering on
Oct. 17-V.137. p.3008.
MARBLEHEAD,Essex County, Mass.
-BOND SALE.
-R.B.Ramon.
mown Treasurer, reports that the issue of $45,000 coupon sewer bonds
offered on Nov. 3 was awarded as 3yis to Whiting, Weeks & Knowles of
Boston, at a price of 100.57, a basis of about 3.05%. Dated Nov. 1 1933.
Denom. $1.000. Due $9,000 on Nov. 1 from 1934 to 1938 incl. Principal
and interest (M. & N.) are payable at the Merchants National Bank of
Boston. Legality approved by Storey, Thorndike, Palmer & Dodge of
Boston. The following bids were submitted for the bonds:
BidderInt. Rate.
Rate Bid.
Whiting, Weeks & Knowles (purchaser)
33.100.574;
Brown Bros. Harriman & Co
3
x100.17
Whiting, Weeks & Knowles
33
101.40
E. H. Rollins & Sons
3
Kidder, Peabody & Co
Newton, Abbe & Co
3
1 1"
11E111
09
Tyler, Buttrick & Co
3
101.09
Arthur Perry & Co
100.84
Brown Bros. Harriman & Co
3
x100.83
Halsey, Stuart & Co
3
100.81
Blyth & Co
3
100.56
Estabrook & Co
3
100.26
F. S. Moseley & Co
00100.16
3
Jackson & Curtis
100.11
R. L. Day & Co
o
1.05
x Brown Bros. Harriman & Co. increased their original bids as follows:
For the bonds as 350, an additional premium offer of $135 was made,
while the bid for 334s was raised to include an additional premium of the
same amount.
MARINE CITY, Saint Clair County, Mich.
-BOND ISSUES
DEFEATED.
-At the election held on Nov. 1-V. 137. p. 2840
-the
proposals to issue $82,341.64 bonds for the building of a filtration plant and
$7,000 bonds to finance the purchase of a site for the project were defeated.
Although the measures received a simple majority, a two-thirds favorable
vote was needed for approval.
MARION, Linn County, lowa.-BONDS PARTIALLY SOLD.
-Of
the $16,000 sewer outlet and purifying plant bonds offered for sale on
Oct. 27-V. 137, D. 3178-a total of $9,000 were sold locally as 45 at par.
It is stated by the City Clerk that the remainder will be taken by the
Federal Government.
MARYLAND (State of).
-FINANCIAL DATA.
-In connection with
the proposed sale on Nov. 15 of $375,000 4% long-term Ocean City Inlet
certificates of indebtedness, notice and description of which appeared in
V. 137, p.3008, the following data have come to hand:
Financial Statement (Sept. 30 1933).
Funded debt
-Loans,serial annuity plan
$40,300,000.00
Offset to funded debt
-*Annuity mortgage
,
1500,000.00
Taxable basis
-Real & personal prop.(Sept.30 1933)- - _ 2,35 :2 9 5 6.9
3 20 :365 92
2 002 0 0
9
Securities (Sept. 30 1933)
Rate on real and personal property. $2.20 per $1,000•
Rate on securities, $1.50 per $1,000.
Floating debt
None
Tax anticipation notes
Bank loans
None
Population-Census of 1930, 1,631,526.
* Mortgage from Northern Central Railway Co. securing annuity of
$60,000.00 to State, proceeds in case of sale to be applied to reduction of
funded debt, this valuation being a capitalization of the annuity at 6%.
Record of Tar Collections (Oct. 1 to Sept. 30).
1928.
1929.
$6.432,947.41 $6.873.865.73 $6.949.298.65
ToFtaislclaelvyYearUncollected end offiscal year _ - 1,941,419.64 2,006,060.93 1,
983,551.94
Per cent
30.%28.
%
Uncollected Sept. 30 1932--20,060.38
62.766.
143,955.47
5
Per cent
.329'
Uncollected Sept. 30 1933
6,318.03
27.921'76
9
72,36 %
0
0
Per cent
.01%
l932.41%
1.05%
33.
Total levy
$7,129,355.61 $6.750,043.47 $6,349,272.16
Uncollected end offiscal year.. 2.145,737.87 2,221.870.50
Per cent
30.1%
Uncollected Sept. 30 1932
408. 61
32 0
, 2
5 454. 2,2213 9.5:8
9
8
271
_.0_. _4 _8;
4
Per cent
Uncollected Sept. 30 1933
307,471.62
587,081.30 2,570,258.53
Per cent
4.31%
8.70%
a
Volume 137
Financial Chronicle
-The
MARSHFIELD, Washington County, Vt.-BOND SALE.
$17,000 44% registered refunding bonds offered on Nov. 9-V. 137. p.
:3358-wOre awarded at a price of par to the National Life Insurance Co.
of Montpelier. Dated Nov. 1 1933 and due $1,000 on Jan. 1 from 1935 to
1951 incl.
-An allotMASSACHUSETTS (State of).-PWA ALLOTS FUNDS.
ment of $642,000 for additions to the Metropolitan State Hospital at
-Waltham has been approved by the Public Works Administration. The
Federal Government will assume. as its share of the expenditure, a sum
equal to 30% of the approximately $530.000 to be used for labor and
materials. The remainder of the money consists of a loan, secured by 4%
general cbligation bonds.
MEDFORD, Middlesex County Mass.-ADDITIONAL INFORMATION.
-The $250,000 5% tax anticipation notes mentioned in V. 137. 13•
3359, mature as follows: The issue of $200,000 purchased by the National
.Shawmut Bank of Boston is due $100.000 on May 10 and on June 16 1934,
while that of $50,000, taken by the Merchants National Bank of Boston, is
due on April 211934.
-FEDERAL FUND
MICHIGAN CITY, La Porte County, Ind.
-An allotment of $413,000 to the Department
ALLOTMENT MADE.
of Water Works has been announced by the Public Works Administration.
It is estimated that about $320,000 will be used for labor and materials.
30%, of which will be contributed by the Government as an outright grant.
The balance of the total expenditure consists of a loan to the city, secured
by its 4% revenue bonds.
-LOCAL REFUNDING BOND ISSUES
MICHIGAN (State of).
APPROVED -The State Public Debt Commission has announced its
approval of various local refunding bond issues as follows: $109,000 Muskegon City School District; $166.500 Indian Fields Township (Tuscola
County) School District No. 3; $81,000 principal and $12,465 interest for
Dowagiac Union School District No. 1; $7,292 Pleasant Ridge City, Oakland County; 110,000 Menominee City; $7,000 Covert Consolidated School
District No. 1, Van Buren County. New loans authorized included the
borrowing of $10,000 against uncollected taxes for the fiscal year ending
June 1934 by Erin and Lake Townships School District No. 3. Macomb
'County.
-Charles
MIDDLEBURY, Addison County, Vt.-BOND OFFERING.
E.Pinney, Town Treasurer, will receive sealed bids until 3 p• m•on Nov. 15.
dor the purchase of $40,000 4% coupon or registered refunding bonds.
Dated Nov. 11933. Denom. $1,000. Due $2,000 on Nov. 1 from 1934 to
1953, incl. Principal and interest (M. & N.) are payable at the First
National Bank of Boston. This institution will supervise the engraving of
the bonds and certify as to their authenticity. Legal opinion of Ropes,
Gray. Boyden & Perkins of Boston will be furnished the successful bidder.
Financial Statement Nov. 1 1933.
$2,316,010
Assessed valuation (1933)
40,000
Total bonded debt, including present loan
Outstanding selectmen's orders from which this issue should
47,000
retire $40,000.
Population (1930), 3.000.
The total bonded indebtedness of the Village of Middlebury, and the two
school districts is $223.000, of which amount $119,000 represents water
bonds.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND OPTION
ErERCISED.-In connection with the sale of the $600,000 block of the
total issue of $1,200,000 corporate purpose bonds to a syndicate headed
by the City Company of New York, Inc., as 4;is, at a price of 95.10. a
basis of about 8.32%-V. 137. p. 3178
-we are now informed that the
above syndicate has exercised its option on the remaining $600,000 bonds.
Due from Nov. 1 1934 to 1938 incl.
-BOND AND CERMINNEAPOLIS, Hennepin County, Minn.
TIFICATE OFFERING.
-Both sealed and auction bids will be received
at 11 a. m. on Nov. 22, by Geo. M. Link, Secretary of the Board of Estimate and Taxation, for the purchase of the following bonds and certificates
aggregating $522,481:
$500,000 public service bonds. Due $50,000 from Dec. 1 1935 to 1944 incl.
The proceeds to be used by the Board of Public Welfare and the
Division of the Public Relief.
22,481 certificates of indebtedness (current expense). Due on March 1
1934. $17,000 of the proceeds to be used to pay the expense of the
special election held on Sept. 12 1933, and the remaining $5,481
to be used by the City Assessor in the employment of additional
help on real estate valuation, the principal and interest to be paid
when due, from the current expense fund of the city. (These are
the certificates originally offered on Oct. 27, the sale of which was
withdrawn
-V. 137, P• 33 9.)
5
of 1%. Bids
Interest rate is not to exceed 6%,stated in multiples of
in an amount less than par cannot be accepted. The bonds will be accompanied with the approving opinion of Thomson. Wood & Hoffman of New
York. The certificates will be sold subject to the approving opinion of
the attorney for the purchaser, the cost of such opinion to be borne by the
purchaser. A certified check for an amount equal to 2% of the obligations
bid for, payable to C. A. Bloomquist, must accompany each proposal.
p• It was later stated by the above-named Secretary that the interest on
the certificates will be payable at maturity and will be issued in denominations of $1,000 each or multiples thereof, at the option of the purchaser.
j:a.With respect to the above bonds it was stated that the interest will be
payable semi-annually and will be issued as coupon bonds in the denomination of $1,000. Prin. and int. payable at the fiscal agency of the City
In New York or at the City Treasurer's office. Authority, Sections 9 and
10 of Chapter XV of the City Charter.
The following information is furnished with the official offering notice:
-Bonds and certificates offered by the Board of
Authority for Issue.
Estimate and Taxation are issued pursuant to the provisions of Sections 9
and 10 of Chapter XV of the City Charter, which provisions do not require
that the proposed issue be approved by popular vote.
-Money to be used to pay the interest and
Redemption Requirements.
principal of the bonds now offered will be included in succeeding levies
to be made by the city. Such inclusion is required by Section 10, Chapter
XV of the City Charter, which reads as follows: "The City Council shall
each year include in the tax levy for the city a sufficient amount to provide
for the payment of such interest and for the accumulation of a sinking
fund for the redemption of such bonds at their maturity." Redemption
requirements for the principal of all bonds are calculated on an amortization
basis of 4%.
Practically no tax settlements are made in January and February except
those on personal property, including money and credits, the final tax
settlement dates on real estate being one-half May 31 and the remainder
October 31.
-The maximum "net indebtedness" for Minneapolis
Net Indebtedness.
as defined by Minnesota Laws is 10% of the assessed valuation of taxable
property. (See statement below as to such assessed valuation and statement on the opposite page as to net indebtedness of the city.)
Tax Receipts.-Minneapolls received in 1932 from tax collections of
ad valorem levies 90.56% of the amount levied and payable in 1932. Corresponding figures for 1931 and 1930 are 97.96% and 97.64% respectively.
-Tax delinquency for levies and assessment for city
7'az Delinquency.
Purposes for the past three years were as follows:
1932.
1931.
1930.
YearAd valorem levies on real estate and personal
5.037 6.00% 11.58
property
13.94% 15.45% 25.13
Local assessments on real estate
6.06% 7.68% 13.23 0
Combined delinquency
No litigation has been threatened or is now pending affecting in any
manner the issue of these obligations. The city has never defaulted or
delayed payment of principal or interest on its bonds.
-The bonds held in the sinking fund are
Sinking Fund Investments.
3h.4. 4i,4i45,5A and 6% and are carried at their face value.
The City of Minneapolis was incorporated Feb. 6 1867.
Assessed Valuation.
1932.
1931.
$285,323,569 $275,891,095
Real property
42,364,309
45,530,071
Personal property
124,261.979 167,552,309
Money and credits
Total
$455,115.619 $485,807,713
Real property
Personal property
Money and credits
3527
Full and True Valuation.
$714,554,825 $689.721,540
134,356,352 123.518,644
124.261,979 167,552,309
$973,173,156 $980.792,493
Population.
301.408
Population-National census 1910
380,582
Population-National census 1920
464,753
Population-National census 1930
481.700
Population.Central Bureau estimate as of July 1 1932
Total
-RETIREMENT OF $60,MISSISSIPPI, State of (P. 0. Jackson).
-We quote in part
000,000 IN LOCAL ROAD BONDS HELD POSSIBLE.
-Picayune"
as follows from a Jackson dispatch to the New Orleans "Times
of Oct. 31 regarding the possible retirement of $60,000,000 in road bonds to
stop local defaults:
"When the credit of Mississippi has recovered sufficiently to permit the
sale of State bonds at the low rate of interest at which they were salable
In the past, 'it might be necessary,' for the State to buy up $60,000,000
county and road district highway bonds to stop local defaults and strengthen
the credit of the State government. Governor Sennett Conner declared
to-day.
"The Governor was giving 'an interview' on the eve of the scheduled
meeting of the State Highway Commission, which meets to-morrow to
consider the latest communication from the Governor, who again insisted
for full data regarding proposed expenditure of the $10,000,000 Federal
loan sought by the highway department."
-BOND AND NOTE
MONROE COUNTY (P. 0. Rochester), N. Y.
-James I. Morrell, County Treasurer, will receive sealed bids
OFFERING.
purchase of $189,000 not to exceed 6%
until 11 a. m. on Nov. 15 for the
interest series C. coupon or registered, tax revenue bonds and 1269,000
tax anticipation notes, including $197,000 series U and $72,000 series V.
both due on May 10 1934. The bond issue will be dated Nov. 10 1933.
Denom. $1,000. Due Nov. 10 as follows: $38,000 from 1934 to 1937 incl.
and $37,000 in 1938. Bidder to name a single interest rate for all of the
bonds, expressed in a multiple of 1-20th of 1%. Principal and interest(M.
& N. 10) are payable in lawful money of the United States at the Union
Trust Co., Rochester, or at the Marine Midland Trust Co., New York
City. A certified check for $4,000, payable to the order of the County, is
required. Legal opinion of Clay, Dillon & Vandewater of New York will be
furnished the successful bidder.
-NOTE RENEWAL
MONROE COUNTY (P. 0. Roche,ter), N. Y.
AUTHORIZED.
-The Board of Supervisors has authorized County
renewal of $269,000 tax anticipaTreasurer James I. Morrell to effect the
tion notes maturing on Nov. 25 1933. The total includes issues of $197.000
and $72,000.
-BOND OFFERMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-F. E. Treon, Clerk of the Board of County Commissioners, will
ING.
receive sealed bids until 10 a. m.(Eastern Standard Time) on Nov. 14 for
the purchase of $848,000 6% coupon refunding bonds. Dated Oct. 1
1933. Denom. $1,000, $500 and $100. Due $42,000 April and $43,000
Oct. 1 from 1937 to 1945 incl.; $42,000 April and $41,000 Oct. 1 1946.
Principal and interest (A. & 0.) are payable at the County Treasurer's
office. Bids for the bonds to bear interest at a rate other than 6%. exof 1%, will also be considered. A certified
pressed in a multiple of
check for $8,480, payable to the order of the County Treasurer, must
accompany each proposal. All bids shall be separate and unconditional,
except as to optional bids at fractional rates of interest as above specified.
Reputable attorneys have been employed to assist in the preparation of
legislation and the issuance and sale of these bonds and will certify as to
the legality thereof.
-At an
-BONDS VOTED.
MONTPELIER, Bear Lake County, Ida.
election held recently the voters approved the issuance of $56,000 in 4%
water works bonds. Due in 20 years. It is said that a Federal loan
will be requested on these bonds.
MUHLENBERG COUNTY (P. 0. Greenville), Ky.-PROPOSED
-The Fiscal Court is said to have
FEDERAL LOAN APPLICATION.
authorized and directed the County Judge to apply to the Federal Administrator of Public Works, through the State Advisory Board, for a loan of
$127,000 to be used for county highway work, the loan to be secured by
$127.000 county road bonds. dated Nov. 1 1933 and bearing 4% interest.
-BOND OFFERMUSKINGUM COUNTY (P. 0. Zanesville), Ohio.
-E.B. Schneider. Clerk of the Board of County Commissioners, will
ING.
receive sealed bids until 12 m.on Nov. 27.for the purchase of $79,500 5 %
poor relief bonds. Dated Dec. 15 1933. One bond for $500, others for
$1,000. Due as follows: $15.000 Oct. 15 1935; $16,000 April and Oct. 15
1936; $16.000 April and $16,500 Oct. 15 1937. Interest is payable on
A. tz 0. 15. Bids for the bonds to bear interest at a rate other than 54%,
of 1%, will also be considered. A certified
expressed in a multiple of
check for $2,000, payable to the order of the County Treasurer, must
Bonds are being issued pursuant to amended
accompany each proposal.
Senate Bill No.63 of the 90th General Assembly of the State.
-LAST OF INDEBTEDNF-SS
NAPOLEON, Henry County Ohio.
-Ray Gilbert, City Clerk, states that the $3,296.26 of
DUE IN 1934.
bonds outstanding on Nov. 1 1933 will be retired in 1934, thereby freeing
the city of debt. In addition to having fully discharged its debt obligations,
the city has met all payroll requirements, it is said.
-It is reported
NEOSHO, Newton County, Mo.-BOND ELECTION.
that an election will be held on Nov. 21 in order to vote on the proposed
Issuance of $32,000 in sewage disposal plant bonds.
-OCTOBER TAX COLLECTIONS.
NEWARK, Essex County, N. J.
As a result of the delinquent tax payment drive pursued by Reginald
Parnell, Director of the Department of Revenue and Finance, tax collections during October were more than double the collections for the same
month in 1932, according to an announcement on Nov.6, which continued
as follows:
"For the month of October, Newark, as a result of the tax drive,collected
a total of $1,663,905 in the form of real estate taxes, of which $881,324
represented payments on the account of current taxes and $782,581 on
account of tax arrears. These figures compare with collections of$1,080,125
in October 1932, of which $761,416 was for current taxes and $318,708 on
account of back taxes.
"Collections of all kinds,including water and miscellaneous taxes totaled
$2,224.875 for October, which was more than double the collections for
October 1932. In addition to actual collections, the Ditector of Revenue
and Finance collected over 15,000 pledges from taxpayers to pay some
$5,000.000 of their debt to the city in either monthly or quarterly installments, of which $1,170,195 is pledged to be paid before Jan. 1, and the
balance in 1934.
"Of the $18.489,560 of tax arrears carried on its books on Jan. 1 1933,
Newark had reduced this amount to $12,518,720 as of Oct. 1. As a result
of last month's tax drive this amount was reduced another $782.000 to
$11,736,178 as of Nov. 1. Of the $28,816,741 tax levy for 1933. a total of
$15,410,337 or 53.5% was collected up to Nov. 1. This amount is expected
to be further substantially reduced during the current month as the second
half of the current year's taxes will not be classed as dilinquent until Dec. 1."
-The city on Nov. 2 paid back an
$100,000 PAID ON BANK LOAN.
additional $100,000 of the $1,500,000 loan obtained several months ago
from the Chase National Bank and the Guaranty Trust Co.. both of New
York, thereby reducing the amount unpaid to $700,000. A further sum
of $103.000, representing interest charges on other loans, was paid on the
previous day. Director Parnell on the Department of Revenue and Finance
stated that a check for $100,000 would be forwarded on Nov. 3 as part
payment of the $2,433,000 in taxes owed to Essex County since June 15 1933.
-Mayor Ellenstein and the City
ADDITIONAL LOANS SOUGHT.
Commissioners were scheduled to confer with local bankers on Nov. 8
regarding the renewal of the city's application for a loan of 12,500.000 to
meet municipal payrolls and other current expenses. The Mayor stated
that a total of $6,000,000 is needed in order to meet all expenses during
the rest of 1933. City employees and teachers are owed $1,200,000 in
Nov. 1 salaries, while a further $1,500,000 is due local merchants for poor
relief supplies.
3528
Financial Chronicle
NEW BERN,Craven County, N. C.
-FEDERAL LOAN REQUESTED.
It is reported that the Board of Aldermen have requested a loan of $70,000
from the Public Works Administration for the construction of a school
auditorium.
NEW JERSEY (State of).-PWA ALLOTS $1,608,405.
-The Public
Works Administration has announced the allotment of $1,608,405 to the
State for the following projects:
$290,000 for the construction of a steel building at the State Hospital at
Trenton.
470,500 for the construction of an administration building at the State
Prison Camp at Bordentown.
95,000 for the construction of buildings at the State Village for Epileptics
at Skillman.
77,000 for the construction of a fire-proof dormitory building at the New
Jersey Training School at Totowa.
75,000 for the construction of a fire-proof dormitory building at the
State Reformatory at Annandale.
50,000 for the construction of a fire-proof detention building for the
North Jersey Training School at Totowa.
18,955 for the construction of a concrete block barn at the State Reformatory at Annandale.
26,000 for the construction of a gymnasium building at the State Home
for girls at Trenton.
47,250 for the construction of a fire-proof hospital unit at the Vineland
State School.
100,000 for the construction of a fire-proof dormitory building at the
Vineland State School.
15,200 for the construction of a tool shed at the Annandale State Reformatory.
144,500 for the construction of dormitories and office quarters at the State
Village for Epileptics. Skillman.
44,000 for the construction of a laundry building at the State Institution
at Woodbine.
155,000 for the construction of buildings and office quarters at the State
Village for Epileptics, Skillman.
The grant includes the agreement of the Federal Government to contribute, as its share of the expenditure, a sum equal to 30% of the approximately $1,295.000 to be used for labor and materials. The balance consists of a loan secured by 4% bonds.
NEW YORK (State ot).-$20,000.000 NOTES SOLD AT 1% INTEREST.
-State Comptroller Morris S. Tremaine sold privately, during the
early part of October, $20.000,000 notes bearing 1% interest, it became
known on Nov. 6. The Bank of Manhattan Co. and Ladenburg, Thalmann & Co., both of New York. participated equally in the transaction,
each taking $10.000,000. The notes, which were sold at a price of par in
anticipation of taxes and general revenues of the current fiscal year, which
ends on June 30 1934, bear date of Oct. 10 1933 and mature on June 8 1934.
The coupon rate of 1% compares with that of3% carried on the $75,000,000
one-year notes which were sold on May 1 1933 to various banks and investment banking houses. Previously. on Jan. 14, the State had borrowed
$50,000,000, also due in one year, at an interest cost of 1%. This recent
borrowing of $20,000,000 was followed by the public sale on Oct. 24 of
$29,500,000 long-term bonds to the City Company of New York and
associates, at a net interest cost basis to the State of3.437%. The bankers
quickly disposed of the issue to investors on a yield basis of from 0.75 to
3.50%, according to maturity. The State has appeared in the long-term
bond market on two occasions so far in 1933,an award having been made on
June 28 of$26,595.000 bonds to a group headed by the Chase National Bank
of New York at a net interest cost basis of 2.936%.-V. 137, p. 3178.
lir NEW YORK (City of).
-$35.020.000 FEDERAL LOAN PROJECTS
APPROVED-The New York State Advisory Board of the Public Works
Administration has approved a total of $42,487,670 applications, from
various civil divisions, for PWA public works allortments. This figure
Includes $35,020,000 applied for by the City of New York. of which $25,500,000 is for rapid transit works,it is said. The city also seeks $4,000,000
for Bellevue Hospital, $2,500,000 for Bayside High School, Queens, and
$2,020,000 for a shed for a Hudson River pier.
NEW YORK, N. Y.-$70.000,000 POOR RELIEF BONDS SCHEDULED FOR SALE.
-City Comptroller, George McAneny, has stated that
on Nov. 15 sale will be made of $70,000,000 4% 10
-year serial poor relief
bonds. As provided In the comprehensive 4
-year f nanc'ng arrangement
recently signed by both city officials and representatives of various banking institutions
-V. 137, P. 3359
-all of the savings banks and insurance
companies in the city will purchase, at par, $35,000.000 of the bonds.
while the balance of $35,000,000 will be taken, also at par, by the institutions participating in the four-year agreement. This latter amount.
however, will immediately be exchanged for a corresponding amount of
revenue bills held by the city's sinking funds and due in December 1933.
These bills, at maturity, will then be replaced by bonds bearing 4% Interest
and due in three years. The entire transaction is to be consummated
without profit or loss to either the city or those participating in the purchase.
ADDITIONAL $5,000,000 BORROWED-The city borrowed an additional $5,000,000 from local banks on Nov. 10, at 4% interest, due in
December 1933. Previous loans under the new credit arrangement consisted of $25,000,000 obtained in September at 4H% interest and a like
amount in Octber at 4%.
NICHOLS INDEPENDENT SCHOOL DISTRICT (P. 0. Nichols)
Muscatine County, Iowa.
-BOND ELECTION.
-It is reported that an
election will be held on Nov. 27 in order to vote on the issuance of $7,000
In school bonds.
NORTH ADAMS Berkshire County, Mass.
-TEMPORARY LOAN.The Merchants National Bank of Boston purchased on Nov. 8 an issue of
$200,000 revenue anticipation notes at 4% interest. Dated Nov. 8 1933
and due $100,000 each on March 15 and April 16 1934.
NORTH ADAMS, Berkshire County, Mass.
-OBTAINS PWA
ALLOTMENT.
-The Public Works Administration has made an allotment of $374,000 to the city for sewage treatment work. This Includes an
outright contribution of 30% of the approximately $273,000 to be used for
labor and materials. The balance represents a loan to the city, secured
k ,
general obligation bonds.
.OAK PARK, Cook County, Ill.
111
-BONDS PUBLICLY OFFERED.
Formal offering of $400,000 5Y working cash fund bonds was made at a
price of par on Nov. 6 by the H. C. Speer & Sons Co. of Chicago. The
sue, which was accepted by the investment house on contract on Nov. 1
-V. 137, p. 3360
-Is dated Aug. 1 1933 and due annually as follows:
$15,000from 1936 to 1944 incl.: $25,000from 1945 to 1949 incl., and $35,000
from 1950 to 1953 incl. The financial statement of the village, as of Oct. 3
1933. shows an assessed valuation for 1931 (37% of actual) of $61,644,552,
and a bonded debt, including the present issue, of $1,048,000. The 1930
census gave a population of 63,983.
OKLAHOMA CITY, Oklahoma County, Okla.
-FEDERAL LOAN
APPLICATION FILED.
-The following report on a proposed Federal
loan for this city is taken from an Oklahoma City dispatch to the 'Wall
Street Journal" of Nov. 4:
"The city has applied to the Public Works Advisory Board for a loan of
$1.300.000 to apply on the proposed water reservoir near Fort Reno and
has approved a plan to ask a loan on the proposed city-county building
which would cost $1,400.000. Total cost of the reservoir would be $8.400.000 and it would be built under supervision of the army, the city having no
part except to share in the benefits of flood control and be able to draw
from the lake created a water supply large enough to last Oklah oma City
until such time as its population more than doubles."
OKANOGAN COUNTY SCHOOL DISTRICT NO. 101 (P. 0.
Okanogan), Wash.
-BONDS VOTED-It Is said that at an election held
on Oct. 16 the voters approved the issuance of $1,400 in school bonds.
ORANGE TOWNSHIP (P. 0. Warrensville) Cuyahoga County,
Ohio.
-BONDS NOT SOLD.
-No bids were obtained at the offering on
Nov. 6 of $2,000 6% reufncling bonds
-V. 137, P. 3010. Dated Oct. 1
1933 and due on April and Oct. 1 from 1935 to 1941, Incl.
ORONO TOWNSHIP SCHOOL DISTRICT (P. 0. Conesville)
Muscatine County, Iowa.
-BONDS VOTED.
-At the general election
on Nov.7-V.137. p.3010
-the voters approved the issuance of the $10,000
In school building bonds by a wide margin.
OXFORD, Butler County, BONDS VOTED.
-The proposal to issue
$33,687.73 sanitary sewer system construction bonds, submitted for con-
r
Nov. 11 1933
sideration of the voters at the general election on Nov. 7-V. 137, P. 2842.
was approved by a vote of 841 to 142.
PATERSON, Passaic County, N. J.
-OBTAINS $100,000 LOAN.
City Controller A. J. Farrell on Oct. 31 borrowed $100,000 from local banks
at 5% interest. The institutions which joined in making the loan are the
First National Bank, Second National Bank, Paterson National Bank,
Paterson Savings Institution, United States Trust Co., Citizens Trust Co.
and the Hamilton Trust Co. Salaries due city employees on the same day
were paid in tax revenue notes, it is said.
PAYSON, Utah County, Utah.
-BONDS SOLD.
-It is stated by the
City Clerk that the $20,000 Issue of water works refunding bonds, mentioned
In V. 136, p. 4310, has been purchased by the First Security Trust Co. of
Salt Lake City.
PEKIN, Tazewell County, 111.
-BONDS DEFEATED.
-The electors
refused ti sanction the issuance of $163.000 sewage disposal plant bonds,
as provided for in a proposal submitted for their consideration at the general
election on Nov. 7.
PEMBERVILLE, Wood County, Ohio.
-BOND ISSUE APPROVED,
The voters are reported to have voted in favor of the $100,000 water works
bond proposition as the general election on Nov. 7.
PEMBINE SCHOOL DILSTRICT NO. 1 (P. 0. Pembina), Marinette
County, Wis.-DETAILS ON PROPOSED FEDERAL LOAN.
-In connection with the $24.500 school bonds that were favorably voted on Sept. 25
-V. 137, p. 2671-it is stated that the school is planned to cost $35,000
and the said bonds will be taken by the Public Works Administration
(V. 137, p. 3360). Under Federal regulations the balance of the money
or $10,500 will be a grant by the PWA to the district.
PHILADELPHIA, Pa.
-TAX COLLECTIONS.
-A dispatch to the
"Wall Street Journal" of Nov.6 contained the following with regard to tax
collections in October and during the first ten months of 1933:
"Tax receipts of the City of Philadelphia from all sources in October
totaled $3,825,926, compared with $4,147,329 in the like month a year
ago, a decrease of $321,403, Frank J. Willard, Assistant Receiver of Taxes,
reports. Collections of delinquent taxes, however, showed an increase of
$174,605, the October 1933 total being $1.319,000. compared with $1,144,396.
"For the first 10 months of this eyar tax receipts amounted to $82.062,828.
compared with $88.141,854 in the corresponding period of 1932. a decrease
of $6,079.026. Delinquent tax collections for the first 10 months totaled
$14,633,993, compared with $14,973,498. a decrease of $329,505."
PHOENIX, Maricopa County, Ariz.
-SPECIAL ELECTION.
-An
election is said to have been set for Dec. 9 in order to pass on a proposal
to apply to the Public Works Administration for a loan on projects aggregating $1,520,000.
PIERCE COUNTY (P. 0. Tacoma), Wash.
-BOND OFFERING.
Sealed bids will be received until 11 a. m. on Nov. 27, by H. J. Doten.
Clerk of the Board of County Commissioners, for the purchase of a $500,000
issue of coupon funding bonds. Interest rate is not to exceed 5H %,
payable semi-annually. The bonds will be issued in the denominations or
$100 each, or any multiple thereof, not exceeding $1,000, at the discreaon
of the Board; said bonds to mature and be payable in their numerical order.
lowest number first, on the annual interest dates; the various annual maturities of said bonds will commence beginning the second year in such amounts
as will with interest on the outstanding bonds be met by nine equal annual
tax levies. The Board of County Commissioners reserve the right to reject
any and all bids and to sell any portion of the bonds. Bidders are required
to submit a bid specifying: (a) The lowest rate of interest and premium, if
any, above par, at which such bidder will purchase said bonds, or (b) the
lowest rate of interest at which the bidder will purchase said bonds at par.
Principal and interest payable at the County Treasurer's office, the State
Treasurer's office, or at the State's fiscal agency in New York. A certified
check for 5% must accompany the bid. (These bonds were offered for sale
without success on Sept. 18-V. 137. p. 23090
PITTSBURGH, Allegheny County, Pa.
-NEW MAYOR ELECTED.
-William N. McNair, youthful attorney supported by Roosevelt Democrats, was swept into the Mayoralty on Nov. 7 over John S. Herron, the
Republican incumbent.
PLATTE VALLEY PUBLIC POWER AND IRRIGATION DISTRICT
(P. 0. Platte Valley), Neb.-FEDERAL FUND ALLOTMENT.
-The
Public Works Administration is reported to have announced an allotment
of $7,500,000 to this district for irrigation purposes. In line with its
customary procedure on projects of this type, the PWA is said to have made
a grant of 30% of the cost of labor and materials. The remainder is a loan
secured by 4% revenue bonds.
PLAUCHEVILLE, Avoyelles Parish, La.
-BOND ELECTION.
-It is
reported that an election will be held on Nov.21 in order to vote on the proposed Issuance of $20.000 in water works bonds.
PORTSMOUTH, Scioto County, Ohio.
-Wil-BOND OFFERING.
liam N. Gableman, City Auditor, will receive sealed bids until Nov. 24 for
the purchase of 548.500 not to exceed 6% interest refunding bonds. Dated
Oct. 1, as follows: $8,500 in 1938 and $8,000 from 1939
Nov. 1 1932. Due
to 1943 incl. Principal and interest (A. & 0.) are payable at the office of
the Director of Finance.
POTTAWATTAMIE COUNTY (P. 0. Council Bluffs), Iowa.
BOND SALE DETAILS.
-The $45,000 issue of funding bonds that was
reported to have been sold recently
-V. 137, P. 3361-was purchased
at par by the Council Bluffs Savings Bank.
PRINCETON, Green Lake County, Wis.-SPECIAL ELECTION.
It is reported that an election will be held on Nov. 14 in order to have
the voters pass on a proposition to construct a water works and sewage disposal system. The project is expected to cost about $100,000. to be paid
for by a bond issue. One-third of the cost is expected as a grant from the
Public Works Administration.
OUITMAN, Clarke County, Miss.
-At the election
-BONDS VOTED.
held on Oct. 28-V. 137, p. 3179
-the voters approved the issuance of the
$30,000 in water works and sewer system bonds by a substantial margin.
RAKE INDEPENDENT SCHOOL DISTRICT (P. 0. Rake) Winne.
bago County, lowa.-BONDS DEFEATED.
-At the election held on
Nov. 1-V. 137, p. 3010
-the voters rejected the proposal to issue $21,000
in school bonds by a small margin.
READING, Berks County, Pa.
-BONDS VOTED-At the general
election on Nov. 7-V. 137, p. 1971-the voters approved the issuance
of 51,850,000 water works and $2,000,000 school building construction
bonds. The Public Works Administration will be asked to purchase the
water bond issue and furnish an additional $650,000 as a grant toward
the cost of the project.
RICHLAND COUNTY SCHOOL DISTRICT No. 6 (P. 0. Sidney),
-FEDERAL FUND ALLOTMENT.
Mont.
-The Public Works Administration announced recently that it had made an allotment of $88,000 to this
district for school construction purposes. The customary grant of 30%
of the cost of labor and material on such projects was made by the PWA.
The remainder of the allotment is a loan secured by 4% general obligation
bonds.
RISING SUN, Cecil County, Md.-BOND ELECTION.
-At an
election to be held on Nov. 13 the voters will consider a proposal to issue
$30,000 sewage disposal plant bonds.
RISING CITY, Butler County, Neb.-BOND ELECTION.
-An
election Is said to have been held on Nov. 10 in order to vote on the issuance of $10,800 in not to exceed 5H % water works bonds. Due in 20 years,
optional in 5 years.
-BONDS VOTED.
ROSEVILLE, Placer County, Calif.
-We are
informed that the voters recently approved the issuance of $250,000 in water
system bonds by a wide margin.
Volume
Financial Chronicle
137
SAGINAW COUNTY(P.O.Saginaw),Mich.
-COVERT ROAD BOND
INTEREST PAID.
-The County Treasurer has announced the payment
of $12,826.88 Nov. 1 covert road bond interest to the following: Second
National Bank & Trust Co., Saginaw; Peoples American State Bank,
Detroit & Surety Trust
and the Peoples Wayne County Bank of Detroit. Payment was made from the weight tax money rceived from the
Co.,
State. Covert bond principal and interest charges amounting to 8280,293,13 and due on May 1 1934 will be paid as follows: 80% will be obtained from
the weight tax receipts, while the balance of 20% will be provided for in
the county tax rolls.
ST. JAMES, Watonwan County, Minn.
-It
-BOND ELECTION.
Is reported that an election will be held on Dec. 12 in order to vote on the
Issuance of $110,000 in municipal electric plant bonds. (This proposition
was rejected by the voters on Oct. 10-V. 137, p. 2842.)
ST. LOUIS COUNTY (P.O. Duluth), Minn.
-BONDS NOT SOLD.
The $500,000 issue of 4% semi-annual road bonds offered on Oct. 31V. 137. p. 3179
-was not sold as no bids were received, according to the
County Auditor.
BONDS RE
-OFFERED.
-Sealed bids will be received until 1.30 p. m.
on Nov. 20, by W. H. Bergen, County Auditor, for the purchase of the
above described bonds Denom.$1,000. Dated Nov. 1 1933. Due $50,000
from Nov. 1 1935 to 1944 incl. Prin. and int.(M.& N.) payable in lawful
money at the Irving Trust Co. or at any other place designated by the
purchaser. The bonds cannot be sold below par. Authority for issuance:
Chapter 10, Mason's Minnesota Statutes for 1927 and amendments thereof.
Blank bond forms will be furnished by the county at its own expense, and
no allowance will be made for the same, if furnished by the successful
bidder. The legality will be passed upon by Thomson, Wood & Hoffman
of New York. Said bonds shall be delivered and paid for as shall be agreed
upon between the purchaser and the county after notice that the same are
ready for delivery, and the said delivery and payment to be made at the
County Treasurer's office. If payment for or delivery of said bonds is
desired at any other place, it shall be at the expense of the buyer. A certified check for 2% of the par value of the bonds, payable to the County
Treasurer, must accompany the bid.
SALEM, McCook County, S. Dak.-BONDS VOTED.
-It is stated
that the voters recently approved the issuance of $10,000 in 4% swimming
pool bonds by a large majority. Dated Jan. 1 1934. Due from 1936 to
1953, incl. It is said that the bonds will be sold in about 30 days.
SALT LAKE CITY,Salt Lake County, Utah.
-BONDS DEFEATED.
-It is stated by the City Recorder that at the election held on Nov. 7V. 137. p. 2673
-the voters rejected the proposition calling for the issuance
of $18.000,000 in electric light and power plant bonds.
BOND ORDINANCE PASSED.
-The City Council is said to have
passed an ordinance authorizing a $715,000 bond issue, which will be used
to secure a loan of $899,927 from the Federal Government for public
troprovements.j. sis
Erie Cou7, Ohio.
-61,400.000 MUNICIPAL LIGHT
PLAN BOND
FAVORDED.-The electors are reported to have
voted in favor of the proposal,submitted at the general election on Nov.7V. 137. p. 1449, callhig for the issuance of $1,400,000 bonds to finance the
construction or the acquisition of a municipal electric light and power
plant system. The bonds are to be dated about Sept. 1 1934, bear interest
at not more than 6% and mature in from 1 to 18 years. .4 I
•rs
SAN FRANCISCO, San Francisco County, Calif.
-BOND ELECTION.
-It is reported that an election has been called for Dec. 19 in order
to have the voters pass on the proposed issuance of $3,000,000 in school
.
building bonds
-§ANDUSKYISSUE
SANGAMON COUNTY SCHOOL DISTRICT No. 186(P.O. Springfield), 111.
-BOND OFFERING -Louise Burtle, Secretary of the Board of
Education, will receive sealed bids until 7:30 p. m. on Nov. 13 for the purchase of $90,000 4'X % coupon school bonds. Dated Dec. 11933. Denom.
$1,000. Due 39,000 on Dec. 1 from 1934 to 1943 incl. Interest is payable
semi-annually. A certified check for 2% of the bid must accompany each
proposal. The bonds are being issued in accordance with the provisions
of an act adopted by the 58th General Assembly of the State. approved
June 30 1933. and entitled: "An Act authorizing School districts having
a population of200.000 or leas to issue bonds for the payment of legal claims,
and for the payment of orders issued for the wages of teachers, and to levy
taxes to pay the principal and interest ofsuch bonds.' ,
SCHENECTADY, Schenectady County, N. Y.
-BOND OFFERING.
-Leon G. Dibble, City Comptroller, will receive sealed bids until 12 m.
on Nov. 14, for the purchase of $410,000 not to exceed 6% interest coupon
or registered general municipal bonds, divided as follows:
$206,000 ieries A bilds- Due
.
-$25,000 annually ort'Nov. from 1935 to
15
-1944, inclusive.
135,000 aeries C bonds. Due Nov. 15 as follows: $16,000 from 1935 to
1938,incl.; $17,000 from 1939 to 1942,incl. and $3,000 in 1943.
F 75.000 series R bonds. Due Nov. 15 as follows: $9,000 from 1935 to
1938, incl.; $8,000 from 1939 to 1942, incl. and $7,000 in 1943.
Each issue is dated Nov. 15 19337Thenonina,000. Bidder to name a
single interest rate for all of the bonds, expressed in a multiple of 1-10th or
g of 17. Principal and interest (M. & N. 15) are payable in New York
City and Schenectady. A certified check for $8,200, payable to the order
of the city, must accompany each propmal. The successful bidder will be
furnished with the opinion of Reed, Hoyt & Washburn of New York City
that the bonds are valid and binding obligations of the city, for the payment
of which a general ad valorem tax may be levied without limitation of rate
or amount. Bonds will be delivered to the purchaser on or about Nov. 24
1933 at the Chase National Bank. New York City.
Financial Statement (November 4 1933)
Bonded debt,not including above listed issue
$11.25.6
1797
Bond anticipation loan notes (payable from proceeds of
present offering)
252,824.67
loan notes
Temporary
98,477.54
$11,605,481.37
Deduct:
Water bonds, included in above
$588.000.00
Sinking funds, other than for water bonds _ _ 130,390.17
Bonds other than water bonds, included in
above, maturing in the year 1933, tax for
payment of which is included in 1933 levy
of taxes
169.500.00
Total deductions
loss
woos oat...Wass
Net debt.
Assessed valuation for 1933 taxes as equalized:
Real estate
Franchises
$878,890.17
$10.726.591.20
$152,970,892.00
5,947,650.00
Total
$158,918,342.00
Population, 1925 State census. 92,786:1930 Federal census. 95.652.
Tax Collection Statement
Collected
Since
Collected to
Sold to
Sold to
Daze of UncolYear.
Date of Sale. Investors.
Lery.
cum,.
Sale
lected.
1927
$4,220,271.55 $4,170,773.99 $24,832.23 $24,665.33
None None
1928
9,490,423.65 4,439,750.61 34,510.56 22,172.48
None
None
1929
4 526,589.82 4,435,835.37 50,992.98 39,354.27 8407.20
None
1930
4,519,620.80 4,421,086.22 53,658.30 39,876.28
None
None
1931
4,531,921.12 9,388,791.77 52,578.96 89,388.17 500.70 $161.52
1932
5,055,593.78 4,744,585.41 49,093.75 266,701.82
None 212.80
The combined tax levy'for the year 1933 is $57306,746.09, including City
tax levy of $4,408,229.00, County levy of $676,340.76, and water rents and
bills $222,176.33. Total collections reported at the close of business November 3 1933, were 34,348,864,60, or 81.94% of the total.
The fiscal year is the calendar year; beginning with 1929 and including
1932 City taxes have been payable one-half January 1 and one-half July 1,
each installment becoming delinquent 30 days after due date. Beginning
with 1933 City taxes are payable in quarterly installments, due Jan. 1,
April 1, July 1 and Oct. 1. each installment becoming delinquent 15 days
after due date.
Penalty is
of 1% per month during period of delinquency. Property
on which taxes remain unpaid is sold in November of the current year to
3529
the bidder who will pay the taxes and incidental expenses of the sale and
accept a tax sale certificate to run for the least number of years.
Tax sale certificates bear interest at the rate of 10% per annum. The
owner of real estate may redeem it by payment of the amount for which it
was sold, plus 10% interest, at any time within one year from date of sale.
Property not bid for by other bidders at such tax sales is purchased by the
Corporation Counsel in the name and for the benefit of the City.
-BONDS NOT
SCIOTO COUNTY (P. 0. Portsmouth), Ohio.
SOLD.
-The issue of $83,000 5%% poor relief bonds offered on Nov.6obtained. Dated Nov. 15
V. 137.p. 3179
-failed of sale, as no bids were
1933 and due on March and Sept. 1 from 1934 to 1942, inclusive.
-BONDS AUTHSCOTT COUNTY (P. 0. Davenport), Iowa.
ORIZED.
-On Oct. 16 the Board of Supervisors is reported to have passed
a resolution providing for a 312,000 issue of refunding bonds.
SHADYSIDE EXEMPTED VILLAGE SCHOOL DISTRICT, Belmont County, Ohio.
-Clyde Sutton, Clerk of the
-BOND OFFERING.
Board of Education, will receive sealed bids until 12 M. on Nov. 27 for
the purchase of $2,380.48 6% funding bonds. Dated Dec. 1 1933. Due
as follows: $150 on June and Dec. 1 from 1934 to 1940 incl.: $150 June
and $130.48 Dec. 1 1941. Interest is payable semi-annually. Bids for the
bonds to bear interest at a rate other than 6%, expressed in a multiple
of X of 1%, will also be considered. A certified check for $200, payable
to the order of the Board of Education, must accompany each proposal.
SHAWNEE COUNTY SCHOOL DISTRICT No. 35 (P. O. Topeka),
-The Public Works AdminisKan.
-FEDERAL FUND ALLOTMENT.
tration recently announced an allotment of $93,500 to this District for high
school building construction purposes. The customary grant of 30% of
the cost of labor and material on these projects was made by the PWA.
The remainder of the allotment is a loan secured by 4% school district bonds.
-It is
SHERIDAN. Sheridan County, Wyo.-BONDS DEFEATED.
stated by Mayor Harry A. Loucks that on Oct. 24 the voters defeated a
proposal to issue from $600,000 to $1,000,000 in municipal light plant
bonds, the count being 1,035 "for" to 2,019 "against."
-At
-BOND SALE.
SHIPPENSBURG, Cumberland County, Pa.
the offering on Nov. 8-V. 137, p. 3011-the Valley National Bank of
Chambersburg, bidding for $100,000 coupon water bonds as 4s. was awarded
that amount at par plus a premium of $2,576.42, equal to 102.57, a basis
of about 4.80%. The Borough had asked for bids to an issue of either
4100,000 to $130,000. The amount sold is dated Nov. 15 1933 and due
as follows: $1,000 from 1934 to 1938 incl.: $2,000. 1939 to 1941;
and
1942 to 1948; $4,000. 1949 to 1954; $5,000 from 1955 to 1962
incl.'
$f, 102 .77 7
o4 $0 1 13 0.. Graham, Parsons & Co., of Philadelphia, named aPrice
0 0
96
-It IS
SIOUX CENTER, Sioux County, lowa.-BONDS VOTED.
stated that the voters approved the issuance of $23,000 in water works
337 to 140.
bonds at an election held on Nov. 1, by a count of
-BOND ORDER AMENDED.
SKOWHEGAN, Somerset County, Me.
-The order adopted on Sept. 16, providing for a loan of $3,000 for the
highway department and the issuance of $60,000 refunding bonds, was
amended by the Board of Selectmen on Oct. 25 to provide that the bonds
are to bear interest at not more than 4% and mature $4,000 annually from
1935 to 1949 incl.
-BOND INTEREST
SOMERS POINT, Atlantic County, N. J.
DEFAULT.
-James G. Scull, City Clerk, under date of Nov. 2 reported
that the initial default on city obligations occurred on interest which was
due on May 1 1933. Municipal deposits have been tied up in closed banks.
It is said.
SOMERVILLE, Fauquier County, Va.-FEDERAL FUND ALLOTMENT.
-The Public Works Administration is reported to have announced
an allotment of $32,000 for water construction purposes. It is said that
the PWA made its customary grant of 30% of the cost of labor and material
on this project, put at about $23,000. The remainder is a loan secured
by 4% revenue bonds.
-BOND OFFERING.
SOUTH DAKOTA, State of (P. 0. Pierre).
Sealed bids will be received until 2 p. m.on Nov. 21, by Geo. I. Gunnison,
Secretary of the Rural Credit Board, for the purchase of an issue of $1.500,000 4% refunding, series A of 1934, coupon bonds. Dated Jan. 15
less
1934. Due on July 15 1941. Interest payable J. & J. No bids for and
than par and accrued interest will be considered. Attorney's opinion
printing of bonds to be paid for by the purchaser. The Rural Credit Board
reserves the right to reject any and all bids, and to allocate to the successful
bidder such of the issue as they may deem advisable for the best interests
bid.
of the State. A certified check for $10,000 must accompany the
(An issue of $1,000,000 Rural Credit refunding, series A of 1933. bonds
for sale without success on Jan. 5-V. 136. p. 527.)
was offered
-BOND ISSUE DESOUTHINGTON, Hartford County, Conn.
-At a special Town meeting held on Nov.2 the voters refused to
FEATED.
of about $200,000 bonds to the Public Works
sanction the sale
Administration.
-BOND OFFERING.
SOUTH ORANGE, Essex County, N. J.
sealed
William Freiday, Chairman of the Finance Committee, will receive
bids until 8:30 p. m. on Nov. 22 for the purchase of $162,000 not to exceed
6% interest coupon or registered bonds, divided as follows:
$67.000 emergency relief funding bonds. Due Nov. 1 as follows: $7,000
from 1934 to 1942 incl. and $4,000 in 1943.
1950
49,000 water bonds. Due Nov. 1 as follows: $3,000 from 1935 to
incl. and $1,000 in 1951.
on Nov. 1 from 1935 to 1943 incl.
27,000 assessment bonds. Due $3,000
1953 incl.
19,000 improvement bonds. Due $1,000 on Nov. 1 from 1935 to interest
Each issue is dated Nov. 1 1933. Denom. $1,000. Principal and
States at the Con(M. & N.) are payable in lawful money of the United name the rate of
tinental Bank & Trust Co., New York City. Bidder to aforementioned
Interest for each issue in a multiple of % of 1%. The certify to the
Trust Co. will supervise the preparation of the bonds and seal impressed
genuineness of the signatures of the Village officials and thepayable to the
thereon. A certified check for 2% of the bonds bid for, proposal. The
order of the Village Treasurer, must accompany each
furnished
approving opinion of Caldwell & Raymond of New York will be
the successful bidder.
-Sealed bids addressed to
-BOND OFFERING.
SOUTHPORT, N. Y.
Mrs. Addle C. Knapp, Town Supervisor, will be received at 623 Yale St..
the purchase of $30.000 not
Elmira, N. Y., until 8 p. m. on Nov. 17 for
Nov. 15
to exceed 6% interest coupon or registered general bonds. Dated to 1937
1935
1933. Denom. $1.000. Due Feb. 15 as follows: $4,000 from single rate of
name a
incl. and $3,000 from 1938 to 1943 incl. Bidder to
PrinInterest for all of the bonds, expressed in a multiple of 1-10th of 1%.of the
cipal and annual interest (Feb. 15) will be payable in lawful money
A certified
United States at the County Treasurer's office in Elmira. Town, must
check for 2% of the bonds bid for, payable to the order of the Delafield &
accompany each proposal. The approving opinion of Hawkins,
Longfellow of New York will be furnished the successful bidder.
-BONDS
SPARTA SCHOOL DISTRICT, Randolph County, III. was cast
VOTED.
-At an election held on Oct. 30 a vote of 1,161 to 281 for the
provide funds
in favor of the proposal to issue $35,000 bonds to
operation of schools.
SPEARFISH, Lawrence County, S. Dak.-BOND OFFERING.
Sealed bids will be received until 7 p. m. on Nov. 16, by M. F. Driskill,
City Auditor, for the purchase of a $45,000 issue of 4% semi-ann. water
supply line bonds.
-OFFERSPENCER, McCook County, S. Dak.-BONDS NOT SOLD.
ING ADJOURNED.
-The 321000 issue of 4% coupon semi-ann, water
wasnot sold as no bids
works bonds offered on Oct. 30-V. 137, p. 318
were received and the meeting was adjourned to Nov.6.
We give the text of the City Auditor's reply to our questionnaire:
"No bidders were present and meeting adjourned to Nov. 6 1933.
"We did not expect any bidders as we did not think any one was buying
municipal bonds at this time, and made no effort to get the regular bond
houses to bid. We were merely going through the necessary advertising in
local paper to make the bonds legal and have applied to t7fe government to
take the bonds. We have not yet heard from them. Did not advertise anywhere only in local paper and do not suppose anyone outside knew we were
offering them."
SPOKANE,Spokane County, Wash.
-BOND ELECTION DETAILS.
-It is now reported that the bonds aggregating $2,725,000. to be passed
3530
Financial Chronicle
on at the election to be held Nov. 21-V. 137, p. 2843
-will bear 4%
interest and will mature annually commencing 2 years and ending 25 years
after date.
-STEUBENVILLE, Jefferson County, Ohio.-? WA MONEY ALLOTMENT.
-The City has received an allotment of $105,000 for a water
distributing system, according to an announcement by the Public Works
Administration. The Federal Government will supply a sum equal to
30% of the estimate of $85,000 to be spent for labor and materials as a
direct grant. The remainder of the fund consists of a loan to the City,
secured by special assessment and general obligation bonds.
-At the
STOCKTON, Cedar County, Mo.-BONDS DEFEATED.
special election held on Nov.2-V.137, p. 3361-it is stated that the voters
failed to give the required majority to the proposal to issue $28,000 in
water works system bonds.
STOCKTON SCHOOL DISTRICT, Jo Daviess County, Ill.
BONDS VOTED.
-At an election held on Nov. 4 a vote of 429 to 241 was
cast in favor of the proposal to finance the erection of an addition to the
school building through the issuance of $15,000 4% bonds, to mature,
$1,000 annually,from 1939 to 1953 incl. The Public Works Administration
will be asked to furnish the necessary funds.
-BOND
STRATFORD (P. 0. Stratford), Fairfield County, Conn.
OFFERING.
-William H. Shea. Director of Finance, will receive sealed
bids until 2 p. m.on Nov. 15 for the purchase of $438,000 not to exceed 6%
interest coupon general purpose bonds. Dated Nov.1 1933. Denom.$1,000.
Due Nov. 1 as follows: $44,000 from 1934 to 1941 incl. and $43,000 in
1942 and 1943. Bidder to name a single interest rate for all of the bonds,
expressed in a multiple of X of 1%. Principal and interest (M. & N.)
are Payable at the Stratford Trust Co., Stratford. This institution will
certify the issuance of the bonds as required by Section 71B, Cumulative
Supplement to the General Statutes of the State of Connecticut, revision of
1930. A certified check for 2%, payable to the order of the Town, must
accompany each proposal. Bonds will not be sold at less than par and
accrued interest. Approving opinion of Pullman & Comley of Bridgeport
will be furnished the successful bidder. The notice of sale contains the
following with regard to the enabling legislation: "These bonds are issued
pursuant to the authority granted to the town by the General Assembly
of the State of Connecticut at the session of 1933. and approved June 1
1933 (page 1073 of the Special Acts of 1933) under an Act entitled "An
Act Concerning the Fiscal Year of the Town of Stratford." The purpose
of this issue is to provide funds for the fiscal year from Oct. 1 1933, to
March 311934,in order to effectuate a change in the fiscal year of the town
of Stratford. Under this Act the town is given special authority to issue
these bonds In excess of the 5% statutory limit."
SUMMERHILL TOWNSHIP SCHOOL DISTRICT (P. 0. Beaverdale), Cambria County,Pa.
-Sealed bids addressed
-BOND OFFERING.
to C. M. Harriger, District Secretary, care of Evans & Evans, Ebensburg,
Pa., will be received until 12 M. on Nov: 25 for the purchase of $15,000
5% coupon school bonds. Dated Oct. 1 1933. Denom. $1,000. Due
$5,000 on Oct. 1 in 1935, 1936 and 1945. Interest is payable in A. & 0.
A certified check for $300, payable to the order of the District Treasurer,
must accompany each proposal.
-BOND ELECTION.
-An election
SUNSET, St. Landry Parish, La.
will be held on Nov. 28, according to report, in order to vote on the proposed issuance of $21,000 in water works bonds.
-The issue of
SWANTON, Franklin County, Vt.-BOND SALE.
-was
$48,000 4X% refunding bonds offered on Nov. 8-V. 137, p. 3361
awarded to the Lamoille County Savings Bank & Trust Co., Hyde Park,
at a price of 99.50, a basis of about 4.57%. Dated Nov. 1 1933 and due
$3,000 on Nov. 1 from 1934 to 1949 incl.
TACOMA,Pierce County,Wash.
-BONDS CALLED
.-C V.Fawcett,
.
City Treasurer, is reported to have called for payment at his office on Oct.
26 to 28, various bonds of certain local impt. districts, interest to stop on
dates called.
TEXAS, State of (P. 0. Austin).
-PARTICULARS REGARDING
VETOED MUNICIPAL BOND BILL.
-In connection with the report
given in V 137, p. 3174, regarding the recently vetoed Senate Bill No. 78
that proposed to validate municipal bonds and warrants in certain instances,
we quote as follows from the Nov. 4 issue of the "Electrical World":
"Veto by Governor Ferguson of the bill passed at the recent special
session of the Legislature which would have had the effect of requiring
all municipal projects to be constructed on loans or grants from the Federal
Public Works Administration to be first submitted to vote of the people
was based on the grounds that the bill would validate all illegal bond issues
of the past 30 years; that the caption of the bill and the body of the bill
are different in several places, raising grave doubts as to the validity of
the enactment, necessitating a court ruling, and that the Government
plans to get all municipal building projects under way by January 1 and
it would be physically impossible to get a court ruling on the law and
hold elections in that time."
THIBODAUX, La Fourche Pariah La.
-BOND ELECTION.
-It is
stated that an election will be held on Dec. 5 to vote on the issuance of
$170.000 in water works and light plant bonds.
TOLEDO, Lucas County, Ohio.
-$600,000 IN CASH AND BONDS
DUE FROM CLOSED BANK.
-In accordance with a settlement approved
by Common Pleas Judge James Martin on Nov.2.the balance of11574,163.25
due the city from the closed Ohio Savings Bank & Trust Co. will be paid
in the form of $400,000 in cash and $200,000 in bonds of the city.
-BOND ELECTION.
-It is
TULLAHOMA, Coffee County, Tenn.
stated that a special election will be held on Nov. 23 in order to have the
voters pass on a proposal to issue $75,000 in bonds to offer as collateral
security on a loan of like amount to be obtained from the Public Works
Administration, for the purpose of erecting industrial plants in the city.
TYRONE, Blair County, Pa.
-VOTERS REJECT MUNICIPAL
UTILITY OWNERSHIP.
-At the general election on Nov. 7 the electors
voted in disapproval of the measure to issue bonds in amount sufficient to
finance the construction of a municipally-owned electric light plant. Of
the votes cast, 1,057 favored the proposal, while 1.269 disapproved of it.
-FEDERAL FUND ALLOTUTAH,State of (P. 0. Salt Lake City).
MENT.
-The Public Works Administration recently announced an allotment of $36,000 to this State for improvements to State institutions. A
previous allotment for this purpose was made on Oct. 18 in the amount of
$1,515,000, but it was decided by the Special Board that the proper amount
should be $1,551.000, therefore a re-allotment of $36,000 is being made,
including a grant of 30% of the cost of labor and material.
The report on the Oct. 18 allotment appeared in V. 137, p. 3180.
UTICA, Oneida CountyN. Y.
-OBTAINS PWA ALLOTMENT.An allotment of $1,295,000 to the city for school construction purposes
has been announced by the Public Works Administration. The Government
will personally share in the cost of the work to the extent of 30% of the
approximately $1,010,000 to be spent for labor and materials. The balance
of the advance consists of a loan to the city, secured by 4% public improvement bonds.
VAN WERT, Van Wert County, Ohio.
-A
-BONDS APPROVED.
proposal to issue $125,000 sewage disposal plant construction bonds carried
at the general election on Nov.7.
VERGENNES, Addison County, Vt.-BONDS VOTED.
-At an
election held on Oct. 27 a vote of 720 to 28 was cast in favor of the proposal
to issue $100.000 bonds for water works purposes. The project will be
financed by the Public Works Administration.
VERMILION COUNTY (P. 0. Danville), III.
-NOTICE TO BONDHOLDERS.
-Fred R. Lloyd, County Treasurer, states that money is now
available to pay highway bonds of the series due June 1 1934. Interest
will be paid to the time of presentation at the County Treasurer's office.
VILLE PLATTE, Evangeline Parish, La.
-It
-BOND ELECTION.
Is reported that an election will be held on Dec. 5 in order to have the voters
pass on the proposed issuance of $145,000 in sewerage system and gas
plant bonds.
VIRGINIA, State of (P. 0. Richmond).
--GOVERNOR ELECTED.
At the general election on Nov. 7 the voters elected George C. Perry,
former Chairman of the State Corporation Commission, to the Governorship and John R. Saunders, Incumbent Attorney-General, to the office of
Chairman of the State Law Department.
Nov. 11 1933
VOLTAIRE SCHOOL DISTRICT NO. 26 (P. 0. Towner), McHenry
County, N. Dak.-CERTIFICATE OFFERING.
-It is said that sealed
bids will be received by M. 0. Knudson, District Clerk, until 2 p. m. on
Nov. 13 for the purchase of a $40,000 issue of certificate of indebtedness.
Interest rate to be named by the bidder. A certified check for 2% must
accompany the bid.
-FEDERAL FUND ALLOTMENT.
WALDRON, Scott County, Ark.
-It was announced recently by the Public Works Administration that it
had made an allotment of $51,000 to this town for a water supply system.
In line with the usual procedure on such projects the PWA made a grant
of 30% of the cost of labor and material The remainder is a loan secured
by 4% revenue bonds.
WASHINGTON SUBURBAN SANITARY DISTRICT, Md.-RE-An allotment of $560,000 for the
CEIVES ALLOTMENT OF FUNDS.
extension of primary water mains is announced by the Public Works
Administration. The Government will assume, as its share of the cost, a
sum equal to 30% of the amount spent on labor and materials. The balance
of the advance consists of a loan to the District, secured by 4% general
obligation bonds.
-BOND ISSUE DEWATSEKA SCHOOL DISTRICT NO. 250, III.
-The proposal to issue $107,000 school building construction
FEATED.
bonds was defeated by a vote of 1,284 to 120 at an election held on Oct. 21.
-The
-BONDS APPROVED.
WAVELAND, Hancock County, Miss.
city is said to have voted recently to issue $40,000 in paving bonds.
-BOND ISSUE REJECTED.
WAYNESBORO, Franklin County, Pa.
-the voters disap-At the general election on Nov. 7-V. 137, p. 1972
proved of the measure to issue $150,000 sewer system bonds, according to
A. S. Fitz, Borough Manager. Of the votes cast, 952 were in the affirmative and 1,485 in the negative.
-ASKS
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-Due to the inadequacy
STATE TO ASSUME $63,126,000 PARK BONDS.
of funds with which to meet $3,516.558 obligations maturing on Dec. 1
1933 and subsequent debt charges. T. Darrington Semple, County Treasurer,in a letter filed with the Board of Supervisors on Nov.:3, recommended
that the State of New York assume the entire $63,126,000 bond indebtedness of the County Park Commission. A dispatch from White Plains to the
"Herald Tribune" of Nov. 4 reported on the proposal as follows:
"T. Darrington Semple, Westchester County Treasurer, filed with the
budget and appropriations committee of the County Board of Supervisors
to-day a letter recommending that New York State take over the Westchester Parkway system and assume all the system's financial obligations.
The letter explained that this step would relieve the county treasury and
avert what might develop into a 'precarious financial conditions.'
"Although cities and towns owe the county $4,638,958 in tax arrears, Mr.
Semple said that there is only $290,000 now in the county treasury, leaving
the county with inadequate funds to meet obligations totaling $3,516,558.
which will come due on Dec. 1.
"Ordinarily these obligations would be met by the issue of tax lien certificates to bankers or investors, Mr. Semple said, but he expressed a
doubt that there would be any market for such certificates when the time
came to market them this year.
"The State could relieve the county of 60% of its total bonded debt bY
taking over the outstanding bonds of the Westchester County Park Commission, according to Mr. Semple's letter. These bonds total $63,126,000
and will require interest payments of $2,733,289 in 1934.
"In justification of his recommendation, Mr. Semple said that West
cheater was the only county in the State which has built such elaborate
roads at its own expense. The benefits of the county's expenditures were
shared by all residents of the State, he added, and the cost, therefore,
should be equally distributed among all taxpayers."
WESTMINSTER SCHOOL DISTRICT (P. 0. Santa Ana), Orange
-Sealed bids will be received by
-BOND OFFERING.
County, Calif.
J. M. Backs, County Clerk, until 11 a, m. on Nov. 14, for the purchase
of a $10,000 issue of 5% school bonds. Denom. $1,000. Dated Dec. 1
1933. Due $2,000 from 1937 to 1941 incl. Prin. and semi-annual int.
payable at the County Treasurer's office. A certified check for 3% of
the bonds bid for, payable to the Chairman of the Board of Supervisors,
Is required. The following information is furnished with the offering notice:
"The total value of taxable non-operative property within Westminster
School District in said county for the year 1932 was $1,045,240 and the
outstanding bonded indebtedness of said school district is $12,000."
-PROPOSED BOND
WILLIAMS COUNTY (P. 0. Bryan), Ohio.
-The question of issuing $37,000 poor relief bonds is being conISSUE.
sidered by the Board of County Commissioners.
-PROPOSED FEDERAL
WINSTON-SALEM, Forsyth County, N. C.
-Under an authorization given by the Board of
LOAN APPLICATIONS.
Aldermen on Nov. 3, it is expected that the city will make application to
the Public Works Administration for loans totaling $240,000, to finance
two public works projects. It is also said that the Federal Commission
is now holding an application of this city for a PWA loan of $250,000, to
be used in the construction of a sewage disposal system, and favorable
•
action is expected shortly.
-PROPOSED $500,000
YOUNGSTOWN, Mahoning County, Ohio.
-The proposal to issue $500,000
UTILITY BOND ISSUE DEFEATED.
municipal electric light plant acquisition bonds was defeated at the general
election on Nov. 7-V. 137, P. 3180.
YPSILANTI SCHOOL DISTRICT, Washtenaw County, Mich.
-Sealed bids addressed to Wesley M. Dawson, SecBOND OFFERING.
retary of the Board of Education, will be received until 4:30 p. m. on
Nov. 13 for the purchase of6% bonds Cr notes,in amount of $36,000, issued
in anticipation of the collection of 1932 delinquent school taxes. The
obligations are to be dated Nov. 15 1933 and mature on or before Nov. 15
1935.
CANADA, Its Provinces and Municipalities
-The issuance of $3,000 bonds for
DIGBY, N. S.
-BONDS VOTED.
water works construction purposes has been approved by the ratepayers.
ONTARIO (Province of).
-$38,000,000 PUBLIC WORKS PROGRAM
ANNOUNCED.
,
-Premier Henry recently announced a program of public
works providing for the expenditure of $38,000.000, to give employment
to 61,200 men. The projects contemplated were listed as follows:
Amount.
PurposeProvincial undertakings, including possibly Hydro building and
extensions to public hospitals
$2,500,000
Municipal undertakings-cities,towns and villages
7,500,000
Trans
-Canada Highway and Board Camps
5,000m0
Northern Ontario Development road construction and maintenance and settlers' road work
7,000.000
King's highways
8,000,000
County and township roads
8,000,000
Total
$38,000,000
-The Civil Service Mutual
ROCKCLIFFE PARK,Ont.-BOND SALE.
Association is reported to have purchased an issue of $2,299 53 %
Benefit
,
6
impt. bonds at a price of 100.07, a basis of about 5.49%. Due serially
in from 1 to 20 years.
-SCHOOL BONDS AUTHORIZED.ST. JOHN COUNTY, N. B.
Trustee of Silver Falls School District No. 4 has been authorized to issue
$10,000 bonds.
STORMONT, Dundas and Glengarry (United Counties of), Ont.-An issue of $50.000 5% bonds was awarded recently to
BOND SALE.
Harris, McKeen & Co. of Toronto at a price of 100.63, a basis of about
4.87%. Due in from 1 to 10 years. Bids for the issue were as fellows:
Bidder
Rate Bid.
Harris, McKeen & Co. (purchaser)
100.63
Wood, Oundy & Co
100.33
Matthews & Co
100.133
C. H. Burgess & Co.and J. L. Graham & Co.,jointly
99.39
Clairdner & Co. (10
-day option)
100.00
VANCOUVER, B. C.
--PROPOSED VOTE ON BONDS.
-A proposal
providing for an issue of $750,000 bonds to finance the construction of a
new city hall building may be submitted for consideration of the ratepayers.
@FedFRASER